Philadelphia-based Comcast, which is the parent company of CNBC, plans to call the new service Xfinity Streampix, according to a Wall Street Journal article. It launches Thursday.
Earlier this month, Verizon and Coinstar announced a joint streaming-video venture.
Joe Terranova of Virtus Investment Partners thought there might be opportunity in shorting Netflix stock.
“The shorts, they are now no longer loaded up, which gives them plenty of ammunition if they want to press the downside, which I think they’re going to begin to do here,” he said.
Brian Kelly of Shelter Harbor Capital wasn’t a buyer.
“I’m still not a believer in the Netflix story,” he said. “When you have to pay more for a product and you have something that’s very popular and competition comes into that space, your margins automatically contract, and that’s not a stock I want to buy.”
With increased competition, first from the joint venture from Verizon and Coinstar’s Redbox division, and now from Comcast, Patty Edwards of Trutina Financial also thought to look elsewhere.
“If you want to play this, what you want to play is someone who has something that no one else does,” she said. “That’s the Redbox, that’s Coinstar, and it’s a heck of a lot cheaper.”
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Trader disclosure: On Feb. 21, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS; Terranova is long IBM; Terranova is long HPQ; Terranova is long MCD; Terranova is long EMC; Terranova is long OXY; Terranova is long SBUX; Terranova is long SWN; Terranova is long MSFT; Terranova is long YUM; Terranova is long TBT; Terranova is long FXE; Terranova is long LPX; Terranova is long LQD; Weiss is long MDRX; Weiss is long DMND; Weiss is long CHK; Weiss is long EUO; Weiss is long CSC; Weiss is long F; Weiss is long BKU; Weiss is long QCOM; Weiss is long NS; Weiss is long POT; Weiss is long SNDK; Weiss is long WLP; Weiss is long VZ; Weiss is short MT;
For Brian Kelly
Shelter Harbor Capital is long gold futures
Shelter Harbor Capital is long SLV
Shelter Harbor Capital is long SPY calls
Shelter Harbor Capital is long SPY puts
For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long GLD
Trutina Financial is long PGM
Trutina Financial is long INTC
Trutina Financial is long QCOM
Trutina Financial is long COST
Trutina Financial is long HLF
Trutina Financial is long JOY
Trutina Financial is long CBI
Trutina Financial is long VZ
For Dennis Gartman
Gartman is short the Euro, Swiss Franc, Yen
Gartman is long Canadian dollars, Australian dollars & Gold
Gartman owns gold in Yen terms
Gartman owns gold in Euro terms
For Dan Dicker
Dicker is long APA
Dicker is long TOT
For Tim Shea
For Shaw Wu
Sterne Agee makes a market in shares of Dell
For Todd Gordon