NEW YORK (

TheStreet

) --

Netflix

(NFLX) - Get Report

stock is surging following the unveiling of

Apple's

(AAPL) - Get Report

new streaming TV box that will allow users to watch Netflix content.

The new Apple TV system is a fourth of the size of the original and can be held in the palm of the hand. It also has built in Wi-fi. It is priced at $99, down from $299.

Apple TV will also stream content from Netflix, as well as allow access to

Google's

(GOOG) - Get Report

YouTube and

Yahoo's

(YHOO)

Flickr.

Apple TV has been around since 2007, but it hasn't caught on with the mainstream consumer. Apple CEO Steve Jobs said the original version was too complicated for most consumers.

Shares of Netflix are spiking 8.4% to $135.48 in midday Wednesday trading.

--Written by Jeanine Poggi in New York.

>To contact the writer of this article, click here:

Jeanine Poggi

.

>To follow the writer on Twitter, go to

http://twitter.com/jpoggi

.

>To submit a news tip, send an email to:

tips@thestreet.com

.