Shutterfly plunges on price competition from rival
Shutterfly, Inc. (Nasdaq: SFLY) shares are falling after its rival Snapfish, owned by Hewlett-Packard Co. (NYSE: HPQ), began offering 4x6-inch photo prints at $0.09 a piece. Shutterfly, an Internet-based photo publishing provider, charges $0.12 per print.
Snapfish announced its new pricing model on Dec. 26, saying in a press release that the new price options provide “more than 50% savings compared to those of other photo-sharing sites.”
In heavier than usual volume, SFLY shares are plunging 18.07%, or $4.64, at $21.06. Over the last 52 weeks, shares have ranged from $13.20 to $37.
