Agreed. MS comes out with an upgrade and $200 price target today, and then files this:
On January 29, 2013, Netflix, Inc. (the "Company" or "Netflix") entered into a purchase agreement (the "Purchase Agreement") with Morgan Stanley & Co. LLC, as representative (the "Representative") of the several initial purchasers listed in Schedule 1 thereto (the "Initial Purchasers"), relating to the sale by the Company of $500,000,000 aggregate principal amount of its 5.375% Senior Notes due 2021 (the "Notes"), in a private placement to "qualified institutional buyers" in the United States, defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act (the "Notes Offering").
Are they concerned about finding "qualified buyers" of the Notes? You know, the ones that S&P gave a Junk Bond rating to??