Netflix Sinks Following HBO NOW Streaming Service Announcement

Shares of Netflix fell on Monday following the announcement of HBO's (TWX) newest online streaming service called HBO NOW, making it TheStreet's Move of the Day.
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Shares of Netflix fell on Monday following the announcement of HBO's (TWX) newest online streaming service called HBO NOW, making it TheStreet's Move of the Day. Time Warner's HBO announced its new streaming service at Apple's (AAPL) Spring Forward event. Under the current Netflix streaming service, HBO shows are unavailable. HBO NOW will allow users stream HBO TV shows and movies for $14.99 per month. The service is the network's first ever standalone streaming package without a cable or satellite subscription. Also, Apple TV which is a digital media player used to stream videos from iTunes and Netflix, will be cheaper. Shares of Netflix ended the day down on heavy trading volume. TheStreet's Kurumi Fukushima reports in New York.