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Netflix shares fall on Comcast-Apple report

24
Mar
2014

(Reuters) – Netflix shares slumped more than 7 percent on Monday after a report about a new television streaming product that Comcast and Apple were working on together. Netflix shares fell $31.49 or 7.78 percent to $374.67. The drop came a day after a story that first appeared in the online edition of The Wall Street Journal said Comcast and Apple were in talks about teaming up for a new TV product that stores programming in the cloud and would replace clunky cable boxes in peoples homes. Apple and Comcast have declined to comment on the report but a source familiar with the matter told Reuters the discussions were at an early stage and there are a lot of hurdles to be crossed before any agreement is reached.

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