Shares of Netflix Inc. NFLX powered up 9.1% in midday trading Thursday, enough to pace the S&P 500’s gainers, and putting them on track to close at the highest price for the month. The video streaming giant stock was also headed for the the biggest one-day gain since it ran up 13.1% on Oct. 19, 2022. While the stocks of other companies with leading streaming services were also rising, Netflix’s stock outperformed them by a wide margin. Shares of Apple Inc. AAPL advanced 1.7%, Walt Disney Co. DIS climbed 1.8%, Amazon.com Inc. AMZN rallied 1.6% and Paramount Global PARA gained 2.6%. However, they all outperformed the S&P 500 SPX, which tacked on 1.4%. Separately, The Wall Street Journal reported that New York lawmakers are considering a sales tax on streaming services, such as Netflix, to raise money for the Metropolitan Transportation Authority so fares on New York City subways wouldn’t have to be raised.
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