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Price Cuts Bloody Netflix
Updated from 11:48 a.m. EDT
Shares of Netflix (NFLX Quote) plunged Monday after the online DVD-rental service cut its prices -- a move that signals that rival Blockbuster (BBI Quote) may be winning a price war and luring away customers.
Netflix lowered the monthly subscriptions rates for two of its most popular plans by $1 on Sunday. The company's shares recently were trading down 11% to $17.45, after earlier hitting a 52-week low of $17.17.
Wedbush Morgan Securities analyst Michael Pachter says the price cut is a sign that Netflix is bleeding subscribers. ...
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