Netflix stock surges after breaking key resistance levels
In a recent series, we discussed how Netflix (NFLX) still has some headroom. On May 23, the stock surged 4.0% to close at an all-time high of $344.70. For nearly three months, the stock had faced resistance at $330 and $336, which it broke past on Wednesday. The rise doesn’t seem to have been prompted by any key updates. We expect the stock to continue its run now that it’s broken those resistance levels. Netflix now has a market cap of over $150 billion.
Netflix is now worth more than Comcast and could eclipse Disney soon
Netflix’s surge means it now has a higher market cap than Comcast (CMCSA). Comcast had a market cap of ~$148 billion at the end of May 23, after having fallen 2.0%.
In terms of market cap, Netflix might even soon surpass Disney (DIS), which has a market cap of ~$154 billion. Netflix stock has soared by 118.3% in the last 12 months and a whopping 79.6% this year alone, as it has seen tremendous growth in its domestic and international subscriber base. Comcast, on the other hand, has seen its stock fall 22.4% this year as customers are shifting from traditional pay-TV providers to streaming services such as Netflix.