Netflix jumps 12% to two-month high
7/5/12 11:58 AM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Shares of Netflix Inc. jumped nearly 12% to $80.40 by midday Tuesday -- putting the stock over the $80 mark for the first time since early May. The move came after CEO Reed Hastings disclosed on a Facebook post on Tuesday afternoon that viewing on the company's streaming service exceeded 1 billion hours for the first time ever during the month of June. More than 7 million shares had traded hands by midday compared to the stock's normal daily average of 4.75 million over the last three months. Netflix will report full results for its June quarter on July 24 after the closing bell.