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Netflix Shares (NFLX) surged on Wednesday after the Internet TV network set a date for the premiere of the classic NBC sitcom “Seinfeld” on its platform. Netflix stock has approached a news buying point.
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The Los Gatos, Calif., Based company has announced that all 180 episodes of “Seinfeld” will begin airing on Netflix starting October 1. Netflix acquired the worldwide rights to the show two years ago as part of a five-year, $ 500 million deal with the distributor. Sony (SONY). For the past six years, “Seinfeld” has been on rival service Hulu.
“Seinfeld,” starring comedian Jerry Seinfeld, originally aired for nine seasons on NBC from 1989 to 1998.
Netflix closed the deal in September 2019 shortly after WarnerMedia and NBCUniversal took over the streaming rights to the sitcoms “Friends” and “The Office” for their respective streaming services, HBO Max and Peacock.
Netflix stock soars
In the stock market today, Netflix stock rose 2.3% to close at 582.07. Earlier in the session, it climbed to 591.
Netflix stock has consolidated over the past 32 weeks with a buy point of 593.39, according to IBD MarketSmith charts.
The leader in streaming video has disappointed investors with its last two quarterly earnings reports. Netflix stock fell sharply after its first and second quarter reports.
Subscriber gains have slowed from last year’s skyrocketing growth in door-to-door orders at the start of the Covid-19 pandemic.
Busy posting the coming slate
But Netflix expects subscriber additions to pick up again this fall thanks to a busy release schedule of new movies and TV series. New content in September includes new seasons of hit shows “Money Heist” and “Lucifer” and the action movie “Kate”.
On September 25, Netflix is hosting an online fan event to preview upcoming shows. More than 70 films and series will be presented throughout the three-hour event. They include the highly anticipated next seasons of “Stranger Things” and “The Witcher” and big budget films like “Red Notice”.
Tudum, the fan event named after the sound Netflix users hear when they press “Play,” could be the next catalyst for Netflix stock.
Follow Patrick Seitz on Twitter on @IBD_PSeitz for more articles on consumer technologies, software and semiconductor stocks.
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