I believe it is still related to Bernstein's downgrade from yesterday. Gapped down yesterday morning, but recovered quite a bit. Netflix at the current prices is NOT regarded as one of the high quality stocks that people will "nibble" at to get back in. It has come too far too quick and will have to pause and take a breather. Could go further down tomorrow, depending on the overall market (although the overall market could not save NFLX today).