cellphoner

Filed under: Analysis / Opinion, Video, Apple Financial, iTunes, Apple
Blockbuster and Netflix's stocks both took big hits based on what we just heard Steve say at Macworld. Blockbuster has dropped a handy 15%, and Netflix "tumbled 6 percent" already this afternoon (although it's jumped back a bit since then), according to CNN Money. Apparently investors are convinced that movie renters would rather fire up iTunes than run out to the video store or wait for a movie to come in on their Netflix queue.

Apple, however, isn't doing that well either after today's announcement. On the day, they've dropped almost $11 as of this writing. But while this Keynote may not quite have met expectations (lots of people were expecting Cinema upgrades, or something a little less traditional than the MacBook Air), this very likely isn't an actual downturn in the ol' Apple hype -- anyone can see that iTunes movie rentals will very likely make them a lot of money. Rather, it's probably* the result of Keynote investors selling off the stock they picked up before the event. In short, it'll take a lot more than an afternoon to see what effect today's announcements really have on stock prices.

*All of this commentary and analysis is given by someone who has little to no experience in stock trading, and should not be taken seriously by anyone.

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