Rumor of the day: Is Amazon looking to gobble up Netflix? |
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Rumor of the day: Is Amazon looking to gobble up Netflix?
Here's a hot rumor. Shares of Netflix jumped seven percent today after rumors spread that Amazon.com was looking to buy the online movie rental service.
“There’s heavy call buying and the stock is up on renewed takeover talk, with Amazon being mentioned specifically,” Fred Ruffy, a senior options strategist at WhatsTrading.com, tells Bloomberg News. “It’s pretty typical of speculative call buying.”
Neither company is commenting. And these rumors have circulated in the past, with the last set of rumors back in 2007. Obviously, nothing came of those rumors.
Amazon.com offers its own video on demand service, which competes directly with Netflix's online video streaming service.
TechCrunch notes that the rumors are pretty thin, but points out that a combination could make for a "very formidable combination."
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