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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,195.42 221.11 1.30%
Nasdaq 4,566.14 16.91 0.37%
S&P 500 1,994.65 12.35 0.62%
Treasuries 2.30 -0.02 -0.77%
Data as of 7:39pm ET
Company Price Change % Change
Facebook Inc 74.11 -1.75 -2.31%
Bank of America Corp... 17.03 0.04 0.24%
Intel Corp 32.58 -1.34 -3.95%
Avon Products Inc 9.97 -0.99 -9.03%
Apple Inc 106.98 -0.36 -0.34%
Data as of 4:03pm ET

Sections

'Chevy Guy' Rikk Wilde became a viral sensation bumbling his way through a World Series presentation Wednesday night. More

An annual federal government census found about 578,000 homeless individuals nationwide, down about 2% from last year. More

Microsoft's new Band smartwatch claims to make you a better human, and to know you better than you know yourself. More

San Francisco-based Tumml is an accelerator fostering 'urban impact start-ups' that aim to tackle civic problems -- and turn a profit. More

Amy Kukec thought leaving her abusive husband would be the beginning of a new life, but so far she's hit one debilitating financial roadblock after another. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.