Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Netflix surges to all-time high

Netflix stock surgeClick chart for more Netflix data by Ken Sweet, contributing writer


NEW YORK (CNNMoney) -- Shares of online movie rental company Netflix (NFLX) surged to an all-time high Monday after an analyst upgraded the stock and Qualcomm said it was working to bring Netflix onto more mobile platforms.

Netflix's stock gained 6% to $245.82 near the close of trade, after earlier hitting $247.37 -- its highest level ever.

The 6% jump adds to what has already been a stellar year for the stock, which has gained 40% since the start of this year.

At the Mobile World Congress in Barcelona, chipmaker Qualcomm (QCOM, Fortune 500) said it was developing a new version of its Snapdragon chip platform to bring Netflix and other video streaming services onto Google Android-enabled smartphones.

The new Snapdragon chip is not only designed to meet Netflix's security standards, Qualcomm said, but also handle the battery performance requirements that streaming content needs.

The new chip would give Netflix access to the growing market of Android-powered cell phone users, a market that is estimated be the second-largest behind Apple's (AAPL, Fortune 500) popular iPhone. It's part of Netflix's long-term move to get more consumers watching streaming video instead of traditional DVDs.

Meanwhile, Caris and Co. analyst David Miller upped his price target on Netflix to $316 per share from his previous price target of $224. Miller also kept his "above average" rating on the company.

Netflix's shares have both stunned and frustrated investors for months now as the company's stock continues to strike new highs. Hedge fund manager Whitney Tilson, who had been shorting the stock since mid-December, said in a letter last week that his firm was covering their short and believes it was "no longer wise to bet against Netflix." To top of page

Search for Jobs

Index Last Change % Change
Dow 17,816.40 -35.11 -0.20%
Nasdaq 4,895.40 0.51 0.01%
S&P 500 2,088.31 -2.23 -0.11%
Treasuries 1.85 -0.02 -1.28%
Data as of 11:12am ET
Company Price Change % Change
Bank of America Corp... 14.76 -0.16 -1.11%
Chesapeake Energy Co... 4.30 -0.05 -1.15%
Apple Inc 99.04 -0.58 -0.58%
Freeport-McMoRan Inc... 11.43 -0.22 -1.89%
HP Inc 12.84 0.64 5.25%
Data as of 10:58am ET

Sections

More bad news for Sears. The iconic retailer may sell storied brands Kenmore and Craftsman as sales continue to plunge at Sears and Kmart and losses pile up. More

Andrew Crider lost his welding business and his home when the real estate market crashed. Now the Nevada man is offended by comments Donald Trump made showing the billionaire rooted for the housing collapse. More

A jury is currently deliberating a landmark court case between Google and Oracle that has broad implications for the software industry -- and could force Google to pay Oracle billions of dollars. More

When so many families are stuck having to borrow money to send their kids to college, these middle class students were able to graduate debt-free. More