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Netflix up on earnings news
Shares of Netflix jumped 13% on Tuesday to $26 on higher-than-expected earnings, making the stock the biggest gainer on The Hollywood Reporter Showbiz 50 stock index. The online DVD rental service Monday also raised its fourth-quarter outlook. Several analysts raised their price targets for the stock Tuesday, but some expressed longer-term concerns. Lehman Bros. analyst Douglas Anmuth increased his price target from $17 to $24. Banc of America Securities analyst Brian Pitz worried that an increase in video-download technology and development spending might put pressure on Netflix’s 2008 results, so he kept his “neutral” rating for the stock but raised his target price from $17 to $22.
Image shareholders clear sale
Image Entertainment said Tuesday that its shareholders voted to approve the company’s sale to BTP Acquisition. The deal is expected to close by Nov. 6. At a special meeting in Los Angeles, stockholders voted to adopt an amended agreement that will give them $4.68 per share in cash. In March, Image agreed to be acquired by BTP for $95 million, or $4.40 per share. BTP is known as the owner of ThinkFilm as well as U.K.-based Capitol Entertainment. Image shares rose fractionally Tuesday to $4.45 after going as high as $4.47, a 52-week high.
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