Stocks Extend Rally: Vringo Inc. (AMEX:VRNG) & Netflix Inc.(NASDAQ:NFLX)
Vringo, Inc.(NYSEAMEX:VRNG) continued to gain and hit new highs for the year 2012 boosted by yesterday’s news that a judge refused to provide any sort of summary related to the company’s patent fight against Google Inc(NASDAQ:GOOG).
In early, Innovate/Protect Inc, which was acquired by Vringo, had sued Google stating on its patents for sorting ads based on click-throughs. Markets are estimating that the case’s value may be about $700 million in payment for past damages.
Will VRNG Hit $6 Before The case Date? Find Out here
The latest conclusion by the Judge will open door for Vringo’s to initiate a trial October 9, 2012.
Well whatever be the outcome, but seems like traders or investors going crazy about VRNG as the stock has more than tripled since late march this year.
This is not the first time VRNG is in news related to patent wars, in fact in June Vringo had favorably won four out of six positive construction Markman rulings in its cases against the defendant tech giants; AOL, Google, Target Corp.
Netflix, Inc.(NASDAQ:NFLX) is also up another 0.50% after soaring 12% in the prior session after a report from Citigroup had revealed about 3 months back that the video- subscription service was boosting the customer satisfaction rate at Netflix Inc. (NASDAQ:NFLX), pushed the stock higher by 10.84% to $62.58. This is a record for the highest intraday jump since July. Stock price had declined 19% through October.
Customer satisfaction rates had been troubling Netflix for quite some time ever since the prices were hiked in 2011 for users who both stream videos and get DVDs by mail. Later on the two divisions were separated and a survey of this quarter among 3,800 Internet users from US, has revealed that the percentage of “satisfied and very satisfied” customers adds up to 48%.
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Citigroup analyst, Mark Mahaney, who gave a buy/high risk rating, stated that Netflix is positioned favorably in terms of competition and respondents referring to the company’s name as a best destination have gone up from 25% to 35%. The selection of streaming content has been upgraded – 37% respondents have agreed to the quality being improved in one year.