Netflix stock sinks on mixed reviews of 'Arrested' (Update)

May 28, 2013

(AP)—The hoopla surrounding the return of "Arrested Development" on Netflix's Internet video service has dissolved into a letdown on Wall Street.

Netflix's stock fell more than 6 percent Tuesday as investors reacted to critics' mixed reviews of the first new "Arrested Development" episodes since the Fox broadcast network canceled the series seven years ago.

Netflix Inc. released all 15 episodes of the resurrected "Arrested Development" at the same time early Sunday.

Analysts insist it's still too early to tell whether "Arrested Development" will be a hit or a flop.

Netflix had 29.2 million U.S. subscribers in March. The Los Gatos, Calif., company is hoping positive buzz about "Arrested Development" will help add as many as 880,000 more customers by the end of June.

The stock closed at $214.19, down $14.55.

Explore further: Microsoft drops Nokia name from smartphones

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Netflix shares soar as ranks of viewers surge

Apr 23, 2013

Netflix shares jumped 24 percent in after-hours trade on Monday on earnings figures indicating that original programs and other tactics are luring viewers to the streaming Internet video service.

Recommended for you

Microsoft drops Nokia name from smartphones

1 hour ago

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

2 hours ago

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

Ericsson profit down 10 pct despite higher sales

6 hours ago

Wireless equipment maker Ericsson says its third-quarter earnings slumped 10 percent despite higher sales due to increased operating costs and negative effects from currency hedging.

Glass maker deals to exit Apple, Arizona plant

9 hours ago

Nearly 2,000 furnaces installed in a factory to make synthetic sapphire glass for Apple Inc. will be removed and sold under a deal between the tech giant and the company that had been gearing up to produce huge amounts of ...

User comments : 0