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Netflix Is Driving the S&P 500 Up, Despite News of a New Rival

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Plus, Seagate Technology is down after a downgrade from JPMorgan

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MINYANVILLE ORIGINAL The S&P 500 (INDEXSP:.INX) is up .41% to 1,433.71 as of 2:45 p.m. today. Leading the rise is Netflix (NASDAQ:NFLX) which gained 7.98% to $92.95 a share, despite the recent announcement that Verizon (NYSE:VZ) and Coinstar (NASDAQ:CSTR) are teaming up to enter the streaming business. Joy Global (NYSE:JOY) is also in the green today, rising 5.01% to $60.77 a share after reporting positive earnings for the quarter. On the other hand, Seagate Technology PLC (NASDAQ:STX) is down 3.55% to $28.00 a share after JPMorgan (NYSE:JPM) downgraded the company to underweight.
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