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U.S. stocks climbed on Tuesday, putting the S&P 500 on track for its first positive session of 2014 as equities rebounded following a three-day decline. The Dow Jones industrial average was up 0.72 percent at 16,543.05, the S&P 500 was up 0.62 percent at 1,838.09 and the Nasdaq Composite was up 0.93 percent at 4,151.957.
** NETFLIX INC, $340.49, -5.31 pct
** AMAZON.COM INC, $397.6, +1.01 pct
Amazon is teaming up with Samsung Electronics Co Ltd and major media corporations including Warner Bros and Lionsgate to popularize "4K" ultra high-definition television. The company did not outline specifics on the collaboration.
Netflix shares fell as the company competes with Amazon's Instant Video service that serves up thousands of movies and TV programs. Brokerage Morgan Stanley on Tuesday downgraded Netflix to "underweight", according to Benzinga.com.
Netflix also lost its cloud software engineer, Adrian Cockroft, to venture capital firm Battery Ventures, according to a Bloomberg Businessweek report. Cockroft had helped Netflix to develop its down data centers to reduce its reliance on Amazon.com's cloud service. (r.reuters.com/rab85v)
Netflix shares have more than tripled in value to $350 over the last year. Continued...