AAPL, Blockbuster and Netflix down following Macworld Keynote
Blockbuster and Netflix's stocks both took big hits based on what we just heard Steve say at Macworld. Blockbuster has dropped a handy 15%, and Netflix "tumbled 6 percent" already this afternoon (although it's jumped back a bit since then), according to CNN Money. Apparently investors are convinced that movie renters would rather fire up iTunes than run out to the video store or wait for a movie to come in on their Netflix queue.
Apple, however, isn't doing that well either after today's announcement. On the day, they've dropped almost $11 as of this writing. But while this Keynote may not quite have met expectations (lots of people were expecting Cinema upgrades, or something a little less traditional than the MacBook Air), this very likely isn't an actual downturn in the ol' Apple hype -- anyone can see that iTunes movie rentals will very likely make them a lot of money. Rather, it's probably* the result of Keynote investors selling off the stock they picked up before the event. In short, it'll take a lot more than an afternoon to see what effect today's announcements really have on stock prices.
*All of this commentary and analysis is given by someone who has little to no experience in stock trading, and should not be taken seriously by anyone.
Subscribe to Newsletter
Software Updatesmore updates
- Fantastical 2.1 for iOS adds new snooze, search and notification features
- ExpanDrive 4, more services and faster sync
- Apple adds iTunes Extras to Apple TV
- Spotify updates with new iPhone controls in time for summer BBQs
- iTunes U update will bring course creation and student discussion to iPad app
- Dropbox for iOS update adds new setup and file management options