Facebook has a new "friend" in the boardroom. Netflix (Nasdaq: NFLX) CEO Reed Hastings has been added to the social-networking giant's board.

The move may take some by surprise. Weren't some people touting Facebook as a Netflix killer three months ago? Time Warner (NYSE: TWX) began selling digital rentals of The Dark Knight through Facebook in March, but it was ridiculous to consider piecemeal rentals through a website app as any kind of legitimate threat to Netflix's model.

This week's board appointment pretty much confirms that Facebook and Netflix are friends, not foes. And it should be a symbiotic relationship. Facebook gets to pick the brain of the leader of a rare company that has excelled in premium digital distribution, and Hastings may be able to pick up a social-networking trick or two to help make his service stickier.

Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.

  • FedEx (NYSE: FDX) posted better-than-expected quarterly results to end fiscal 2011, and the midpoint of its bottom-line guidance for the new fiscal year was ahead of where the pros were perched. I guess FedEx knows a thing or two about delivering.
  • Dex One (NYSE: DEXO) shares soared 38% on Monday, after inking a local search deal with Google (Nasdaq: GOOG). It gave a good chunk of that gain back the following day, but clearly, local search is a good place to be these days.
  • JANCO Partners upgraded shares of Sirius XM Radio (Nasdaq: SIRI) -- from "accumulate" to "buy" -- this week. Looks like some good karma for Karmazin and company.  

Until next week, I remain,

Rick Munarriz

The Motley Fool owns shares of FedEx and Google. Motley Fool newsletter services have recommended buying shares of FedEx, Netflix, and Google, as well as buying puts in Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Longtime Fool contributor Rick Munarriz recommends windshield wiper fluid when trying to look back. He owns shares of Netflix and is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.