Netflix shares fall on HBO Now reveal

Shares of streaming giant Netflix fell on Monday following HBO’s announcement that its new standalone video service HBO Now would launch next month on Apple TV for $14.99.

Netflix shares, which opened at $454.93, fell to $441.20 immediately after the announcement. Shares remained down about 3 per cent for the day at $441.76 midday.

Meanwhile, shares of HBO’s parent company Time Warner rose slightly to $85.07, up from its $84 opening. Then it dropped slightly to $85.10, up about 1 per cent for the day.

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