Amazon leads new-media stock surge
Netflix, TiVo also post big gains as other sectors dropSome new-media stocks were partying on Friday like it was 1999 again, even while the rest of the markets tanked.
Amazon.com leaped 27% to $118.49, a price higher than where it was in the heady days of the Internet bubble.
Netflix also scored, rising 11% to $54.89, the highest it has closed in its six-year history as a public company. That's particularly good news for investors, considering the stock was down significantly in after-hours trading the previous day.
And TiVo closed at a 52-week high on Friday, rising 10% to $12.58 on 10 times the normal volume.
At least Netflix and Amazon are reacting to positive quarterly financial results. TiVo, though, surged on no discernible news.
A couple of other new-media firms also received a stock jolt Friday: Take-Two Interactive Software rose 7% on big volume to $11.86, and Dolby Laboratories was up 9% to $45.05, a 52-week high.
As with TiVo, there was no publicly disseminated news propelling shares of Dolby and Take-Two higher.
The massive gains made by the five new-media firms came despite a 1.2% decline on the S&P 500. However, media stocks in general held up fairly well, with The Hollywood Reporter Showbiz 50 index declining just fractionally.
Netflix was the Showbiz 50's biggest gainer (Amazon is not a member), while the decliners were led by Avid Technology, down 14% on Friday.
Avid reported strong financial results on Thursday but also said its auditors are probing some revenue-recognition issues from previous quarters.