Caps big week for Netflix; shares down for Times
The S&P 500 has handed a gift-wrapped anecdote to the author of some future book about the changing face of media: The Associated Press reports that Netflix will displace the New York Times Company Friday in the Standard and Poor's index Friday.
The move caps a good week for Netflix, which just announced a deal to stream episodes from the ABC Television Network, Disney Channel and ABC Family.
New York Times shares were down 33 cents, or 3.39 percent, to $9.41. Netflix was up $2.24, or 1.17 percent, to $193.29.
Also joining the S&P 500 Friday was Cablevision Systems Corp. which will replace King Pharmaceuticals because Pfizer Inc., an S&P 100 & 500 constituent, is acquiring King Pharmaceuticals.
Cablevision shares were up $1.35, or 4.05 percent, to 34.71.
The reshuffle which will take effect after trading closes Dec. 17.