Sep 09, 2015 Uncategorized Comments Off on Netflix Leaves Apple Behind As Internet Stocks Rally (Investor's Business Daily)
September 9, 2015
By NANCY GONDO
INVESTOR’S BUSINESS DAILY
Internet and housing-related industry groups have stood out as the market attempts to recover from the late-August rout. Groups showing some bursts of leadership in the past week include Internet content, No. 31 in Wednesday’s issue, movies (64), Internet retail (8), online travel bookers (26) and furniture (16).
Among Internet content providers, Facebook (NASDAQ: FB) climbed 1% and regained its 50-day moving average intraday. The social network’s Instagram photo-sharing app will have new ways to display ads.
LinkedIn (NYSE: LNKD) gained 2%. The stock is still below its 50-day and 200-day lines. MKM Partners last week reiterated a buy rating and 285 price target; Citigroup said it likes the career networking site’s new messaging service but kept a neutral rating.
Google (NASDAQ: GOOGL), up 2% intraday, reversed slightly lower as it shapes a potential new base. Bloomberg reported Tuesday that the search giant will begin testing a grocery delivery service in two U.S. cities this year, which may fuel competition with Amazon.com (NASDAQ: AMZN).
Amazon also reversed a tad lower but remains above its 50-day line. On Tuesday, the online retailer launched a restaurant food delivery service for its Prime Now subscribers in Seattle. It also plans to sell a $50 Kindle Fire tablet.
Netflix (NASDAQ: NFLX) rose 4% in heavy volume amid reports that the video streamer will expand service to Hong Kong, South Korea, Singapore and Taiwan next year. Oppenheimer reiterated an outperform rating before Apple‘s (NASDAQ: AAPL) Wednesday event, citing Netflix’s first-mover advantage and global footprint.
Priceline Group (NASDAQ: PCLN) reversed lower. The online travel booker’s stock is back above a 1,265.09 buy point of a cup-with-handle base.