Netflix CEO challenges short-sellers
With its stock up 223% so far this year, Netflix has become a favorite target of Wall Street traders who believe the DVD- and online-video-subscription company is due to take a tumble in 2011.
On Monday, Chief Executive Reed Hastings took the unusual step of challenging such "short sellers" in a blog post, as Times staff writer Tom Petruno reported:
Hastings conceded that there were “many risks ahead for Netflix, that our valuation is substantial, and that it is possible that one could make money shorting Netflix today. But shorting a market-leading firm as it is driving a huge new market is a very gutsy call.”
Read the full story at our sibling blog Money & Co.