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

Index Last Change % Change
Dow 17,598.20 -91.66 -0.52%
Nasdaq 5,115.38 -12.90 -0.25%
S&P 500 2,098.04 -5.80 -0.28%
Treasuries 2.15 -0.06 -2.49%
Data as of 3:26am ET
Company Price Change % Change
Apple Inc 118.44 -2.86 -2.36%
Bank of America Corp... 17.77 -0.11 -0.62%
Frontier Communicati... 5.15 0.43 9.11%
Micron Technology In... 19.00 0.49 2.65%
General Electric Co 25.87 -0.23 -0.88%
Data as of Aug 3

Sections

Five major retailers have agreed to stop selling realistic-looking toy guns in New York state, attorney general Eric Schneiderman said Monday. More

The island's economy is a mess. Now its people are suffering from a major drought and water rationing. More

Represented by Teamsters, workers servicing some big Silicon Valley firms demand higher wager and better benefits. More

Candle-Lite is committed to manufacturing in America -- which is a good thing because it contributes more than $300 million to Ohio's economy. More

You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More