Thursday, October 21, 2010
3 Cheers for Netflix
As mentioned, I bought this stock a few weeks ago when Blockbuster filed for bankruptcy - and only for that reason. Netflix (NFLX) rose 13% today. Not this week. TODAY! All I can say is wow. Didn't see that coming, but happy I was standing in front of the train when it did. Coincidently, their website went down today too. What caused the gain? They had 3rd quarter earnings rise 26%. Still, that's crazy. But I'm glad to be on that side of crazy. Still keeping my eye on Fannie Mae and Freddie Mac. They're up to $.40/share each, but I don't think they're going to stay there long. I see $.30/share in their futures. When/if they get back down there, I'll consider buying them again. Why? Because they are still backed by the government and they recently sold at $60/share. As The Terminator said, they'll be back....
Posted by Tyrone Griffin at 5:53 PM