NEW YORK (TheStreet) -- Shares of Netflix Inc. (NFLX) are slightly lower by -0.15% to $480.19 today after two Canadian companies, Rogers Communications (RCI) and Shaw Communications (SJR) , announced they will launch a streaming video service in Canada.
They will provide a subscription-based TV show service called Shomi which will cost roughly the same as Netflix's service.
The Canadian Media Producers Association has estimated that Netflix generates annual revenue of $650 million a year in Canada.
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Also, Netflix failed to win any Emmy awards last night, even though its shows were nominated for 31 awards.
Separately, TheStreet Ratings team rates NETFLIX INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETFLIX INC (NFLX) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."