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Shares of Netflix Inc. jumped Wednesday June 6, 2007 amid a rumor the online video rental company could be acquired by Web retailer Amazon.com Inc.
Netflix shares gained $1.06, or 5 percent, to $22.45 in afternoon trading. During the past year, the stock has traded between $18.12 and $30.
Jackson Securities analyst Brian Bolan said he has heard buyout speculation from industry contacts, and noted it would make sense for Amazon to look at Netflix now, in part because Amazon's stock has been trading higher lately.
"They've got excess currency, if you will. Netflix, on the other hand, has been facing stiff competition from Blockbuster and everyone else, so they've seen their stock go lower," he said.
Blockbuster operates a hybrid in-store/online service called Total Access.
Amazon also has an online movie service, Unbox, that offers on-demand digital films. An acquisition of Netflix would almost be an overlap with Netflix's own on-demand service, Bolan said.
Bolan said that based on Netflix's current stock price, the company could fetch as least $1.5 billion, or maybe even 10 percent more.
Bolan thinks there may be something to the rumor.
"When the stock moves up that much on a down day with as much volume as it has, it does give it a bit of credibly," he said.
Netflix and Amazon representatives could not be immediately reached for comment.
Amazon shares lost $1.13 to $72.52 in afternoon trading.
As the saying goes...follow the money!
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