Retailers have teased and rolled out online deals for days, even weeks, but the real Black Friday is here.
The web-only movie and TV show rental company replaced the venerable New York Times on the Standard & Poor’s 500 Index of publicly traded companies, as the newspaper and media company was demoted to the S&P MidCap 400.
Online retailer Netflix Inc. has grabbed a coveted spot on the Standard & Poor’s 500 Index of publicly trade companies. The movie and TV show rental company replaced the venerable New York Times Co. in the S&P 500, as the newspaper and media company was demoted to the S&P MidCap 400.
As of mid-December, Neflix had a stock market capitalization of $9.39 billion; all S&P 500 companies have market caps of at least $7 billion. The New York Times Co.’s market cap last month was $1.36 billion.
Netflix is No. 14 in the Internet Retailer Top 500 Guide with $1.67 billion in 2009 online sales.The e-retailer’s net income increased 25.9% year over year to $37.9 million from $30.1 million for the third quarter ended Sept. 30, 2009, as web sales increased 30.7% to $553.2 million from $423.1 million. Netflix also reported a 52.3% year-over-year increase in subscribers, to 16.9 million from 11.1 million.