Shares of Netflix ( NFLX 11.87%) charged sharply higher on Wednesday, surging as much as 14.9%. As of 10:58 a.m. ET, the stock was still up 11.1%. The catalyst that propelled the streaming pioneer higher was the company's financial results, which were much better than investors had anticipated.

Netflix stock (NFLX) surged, after the streaming service reported the highest-ever level of quarterly subscriber gains and said it plans to [raise U.S. prices](

Wall Street’s subscriber expectations for the holiday quarter — just as it prepares to do away with the metric. The company on Tuesday reported 18.9 million paid net additions for the fourth quarter.

Netflix stock flirted with the $1,000 mark Wednesday, hitting all-time highs in the wake of the company's stellar earnings report.

Technically, the stock’s price is likely to drop back into a “normal” range around $930 over the next week of trading. From there, expect to see a consolidation that will lead to a robust trend towards a target price above $1,000.

Wall Street closed higher, with the S&P 500 index scoring an all-time high. Blowout Netflix results and plans for $500b AI investment fuel gains.