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Netflix Gains as Online Viewing Surges: San Francisco Mover - Bloomberg

Netflix Inc. (NFLX), the online and mail- order video service, rose after saying that Internet viewing topped a record 1 billion hours in June.

Netflix, based in Los Gatos, California, climbed 6.2 percent to $72.04 at the close, its biggest gain since May 23. The shares have gained 4 percent this year.

Chief Executive Officer Reed Hastings, in a posting on his Facebook page today, said that customers watched more than 1 billion hours of movies and TV shows online last month, a record for the company. The stock also climbed after Mark Mahaney, an analyst at Citigroup Inc. (C) in San Francisco, reiterated a buy recommendation on Netflix shares, calling the price “highly reasonable.” His target is $130 a share.

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