Netflix's stock hits highest price in 16 months as robust rally extends into 2nd day

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SAN FRANCISCO - Netflix remains a hot ticket on Wall Street.

The Internet video service's stock climbed another 14 per cent Friday to reach its highest price in 16 months. The latest surge followed a 42 per cent leap on Thursday that marked the stock's biggest single-day gain since Netflix Inc. went public in May 2002.

Netflix's fourth-quarter earnings spurred the stampede to buy the company's stock. The results released Wednesday were highlighted by an unexpected profit and accelerated customer growth that left Netflix with 33 million worldwide subscribers to its service that streams movies and TV shows to Internet-connected devices.

The stock is up $21.20 to $168.06 in afternoon trading. Earlier, Netflix traded as high as $169.99.

Despite the recent rally, the stock remains below its peak of nearly $305 realized 18 months ago.

Organizations: Netflix Inc.

Geographic location: SAN FRANCISCO

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