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STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Netflix seeks to raise share authorization in step to stock split

Reuters
An USB key with the logo of Netflix is seen in this illustration photo, in Paris September 15, 2014. REUTERS/Gonzalo Fuentes (Reuters)

(Reuters) - Netflix Inc is seeking to increase its share authorization by nearly 30 times, the video streaming service said in a filing with regulators. The company is seeking shareholder approval to increase the number of shares authorized to 5 billion from the current 170 million, a regulatory filing showed. The move by Los Gatos, California-based Netflix, whose stock has traded at above $300 for a year-and-a-half, indicates a first step toward a possible stock split. Netflix, whose shares closed at $454.57 on Friday on the Nasdaq, was not immediately available for comment. (Reporting by Sai Sachin R in Bengaluru. Editing by Andre Grenon)