December 14, 2010, 11:27 AM

Netflix to replace New York Times on S&P 500 stock index

The movie rental company increases subscriptions by 52% in Q3.

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Netflix Inc. will replace The New York Times Co. on the Standard & Poor's 500 Index of publicly traded companies. The movie and TV show rental company moves up from the S&P MidCap 400 index for mid-sized stocks, while the newspaper and media company was demoted to that index.

Netflix is No. 14 in the Internet Retailer Top 500 Guide.

 In October, the company reported a 52.3% increase in subscribers, to 16.9 million for the third quarter ended Sept. 30 from 11.1 million for the same period a year ago.  The company also said net income increased 25.9% year over year to $37.9 million from $30.1 million. Web sales increased 30.7% to $553.2 million from $423.1 million in the third quarter of 2009.

Netflix will move to the S&P 500 on Friday.

The company has a market capitalization today of $9.39 billion; all S&P 500 companies have market caps of at least $7 billion. The New York Times Co. today has a market cap of $1.36 billion; S&P MidCap 400 companies have market caps of between $1 billion and $3.5 billion.

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