Ronald Boire, CEO of Sears Canada, will take the top post at the bookseller in September, and current CEO Michael Huseby will become executive ...
The movie rental company increases subscriptions by 52% in Q3.
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.