Netflix Inc (NASDAQ:NFLX)
Netflix News & Technicals
On Monday morning before the market opened, Netflix (NFLX) announced that they will be partnering with Phantom Films to create their first original series from India based on the critically acclaimed novel Sacred Games by Vikram Chandra. The film will be shot in India and will be available to all Netflix users when completed. This is a big move for Netflix and with such a large market in India it should help their bottom line and increase their exposure there. Currently analysts have an average price target of $117.36.
Looking at the chart you will see that shares have come to life over the past couple weeks after bouncing off the $88 level and making a solid run into the 200-day moving average where it found some resistance. Shares have since pulled back a little but are setting up to make another try at that important level again that is currently sitting at $103.93 where it will also meet some descending resistance just below it. Ideally we will want to see shares make another push on volume with a close over the 200-day moving average to confirm that buyers are in control. If we do get a further pull back look for $98 and 97.75 to act as support with $96 being a level bulls will want to hold because after that we have a nice window back down to the low $90s.
Comments
“Over the last few years, I’ve watched with great excitement and pleasure as Netflix has transformed narrative television with its ground-breaking, genre-bending shows,” commented Mr. Chandra. “I’m confident that all the colour and vitality and music of the fictional world I’ve lived with for so long will come fully alive on the large-scale canvas provided by Netflix. I’m thrilled to be working with Netflix and Phantom Films.”
“We are very happy to start this journey with Netflix by producing Vikram’s outstanding story, set in Mumbai,” said Madhu Mantena of Phantom Films. “And we are extremely confident that, together we will create some exciting and groundbreaking Television content from hereon.”
“We are delighted to partner with creative powerhouse, Phantom Films, to bring Vikram Chandra’s epic novel to life with the best Indian and global film talent available today,” said Erik Barmack, vice president of international original series at Netflix. “Sacred Games reinforces our commitment to bring the authenticity of local stories to Netflix members across 190 countries worldwide.”
NFLX Profile
Netflix, Inc., an Internet television network, engages in the Internet delivery of television (TV) shows and movies on various Internet-connected screens. The Company operates in three segments: Domestic streaming, International streaming and Domestic DVD. It offer members with the ability to receive TV shows and movies streaming content, including original series, documentaries, and feature films through a host of Internet-connected screens, such as TVs, digital video players, TV set-top boxes, and mobile devices. The company also provides DVDs-by-mail membership services. It serves approximately 75 million members in 190 countries. Netflix, Inc. was founded in 1997 and is headquartered in Los Gatos, California.