Reed Hastings, co-founder and CEO of Netflix attends the inauguration of Netflix new offices in Paris, France, January 17, 2020.
Gonzalo Fuentes | Reuters
Shares of Netflix rose to $395.88 per share on Monday, a new 52-week high, in an otherwise red day for stocks as concern around coronavirus‘ impact on the market continues. The Dow Jones Industrial Average was down around 2.3% mid-day, while the S&P 500 was off by 1.8% and the Nasdaq Composite was down by 0.7%.
Investors have been flocking to stay-at-home stocks. Investment bank William Blair said in late March that Netflix may see an increase in subscribers because people are stuck at home spending more time watching video services. Needham has suggested coronavirus could be bad for Netflix, however, since it’s seen as a luxury good for people who may be cutting back on expenses.
Similarly, Amazon was less than 5% from its 52-week high in early afternoon trading.
Amazon has seen a surge in shoppers looking for supplies and groceries to get them through the emergency, evidenced in part by its increased hiring in warehouses. It’s seen high demand for Amazon Web Services from companies such as Slack and Zoom, who rely in part on Amazon infrastructure while experiencing their own surge in users.
As of Monday, there are more than 558,526 confirmed cases and at least 22,146 deaths in the U.S., according to data from Johns Hopkins University.