Netflix Says Goodbye To Qwikster, Stocks Reach 52 Week Low!

netflix reaches 52 week low on wall street


While it was definitely a good move on Netflix’s part to backtrack and NOT split into two companies, let’s not forget that they STILL totally screwed their customers by raising prices by 60%!

Tell us, Netflix! Was this whole Qwikster thing some sort of diversion to take the focus off the price hike, so that when you decided to remain as one single service, we’d be so relieved that we’d forget we’re paying WAY too much money for your service??? If so, we’re sorry but it didn’t work.

Netflix stock prices hit a 52-week low yesterday, and they closed down 4.8%, once people realized they were still being charged absurd prices by the formerly awesome company.

Here’s what Janney Montgomery Scott analyst Tony Wible had to say about it:

“There is broken credibility and no asset sale – two pillars bulls lean on. We believe today’s announcement signals an end to the possibility of acquiring Netflix’s streaming business.”

More from Barclays Capital analyst Anthony DiClemente:

“With today’s announcement, we are pleased to see management reverse course with this strategy and importantly listen to its users. But given the amount of negative news flow around recent company initiated actions – including the pricing change, which remains in effect -we believe it could take some time for consumers to come back to Netflix.”

We agree it will take quite a bit of time for Netflix to gain customers back IF they do at all! Blockbuster is making a strong effort to grab disillusioned Netflix customers!

Hurry over to IMDB! Blockbuster ads are all over the site! Netflix is in trouble!

What do U think? Will Netflix ever recover???

Oct 11, 2011 7:45am PST

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