Netflix Announces iPhone and iPod App (NFLX, AAPL)

Netflix, Inc. NFLX announced a new application for use on Apple's AAPL iPhone and iPod Thursday. The app provides the company's vast selection of TV episodes and movies to users' iPhone or iPod touch at no additional cost. The app is available via both Wi-Fi and 3G networks. TV episodes and movies are organized into a variety of categories based on members' personal preferences. Further, the user can fast-forward, rewind, and stop streaming at any time. "Apple has changed the game for mobile devices," said Reed Hastings, Netflix co-founder and chief executive officer. "We're excited that our members can now carry Netflix around in their pockets and instantly watch movies and TV shows streamed from Netflix right to their iPhone or iPod touch." Netflix, Inc. is the world's largest subscription service streaming movies and TV episodes over the Internet and sending DVDs by mail, with 15 million members. The Netflix App is available for free from the App Store on iPhone and iPod touch or at www.itunes.com/appstore/. Netflix shares are up 1.6% this afternoon, to $126.35. Apple shares are down 0.85%, to $240.91.