SAN FRANCISCO (AP) â¿¿ Netflix is more popular among couch potatoes than investors a year after its polarizing decision to raise U.S. prices for video subscription services.
The unexpected twist that Netflix unveiled a year ago Thursday triggered mass customer cancellations and a sell-off in its stock, which has wiped out more than $11 billion in shareholder wealth.
Netflix Inc. has bounced back this year to revive its subscriber growth. But even after a recent rally, its stock remains more than 70 percent below its peak price of nearly $305 per share about a year ago, largely because of concerns about what Netflix has been spending to attract and retain subscribers. The stock gained $3.33, or 4.1 percent, to close Thursday at $84.97.
___Nordstrom to launch Topshop in 14 stores NEW YORK (AP) â¿¿ Upscale Nordstrom Inc. has teamed up with Arcadia Group to launch shops under the British company's Topshop and Topman brands in 14 of its 117 full-scale department store locations. With this deal, Nordstrom will become the largest U.S. retailer to sell a broad assortment of the U.K. brands' fashions in its stores and online. Topshop offers women's clothing, while Topman is the menswear counterpart. The partnership comes at a time when Nordstrom, which has enjoyed strong sales since the recession, is looking for new ways to get shoppers in its store more frequently. Meanwhile, Arcadia aims to raise its profile of its Topshop and Topman in the U.S. among young customers. ___ By The Associated Press(equals) The Dow Jones industrial average closed with a loss of 31.26 points, or 0.3 percent, at 12,573.27. The S&P 500 fell 6.69 points, or 0.5 percent, at 1,334.76. The Nasdaq composite index fell 21.79, or 0.8 percent, to 2,866.19. Benchmark U.S. crude added 27 cents to end at $86.08 per barrel in New York. Brent crude, which sets the price for imported oil, added 84 cents to finish at $101.07 per barrel in London.