I can already tell, this isn't going to end very well.
Anyone buying NFLX at these levels needs some serious counselling.
The longs like Icahn can gloat and boast all they want in the meantime. But this situation, is most likely not going to end very well to those who are long the stock in the end.
In the short term, the market will reward the speculators with paper profits. How many times can you watch these old re-run tv shows for? sooner or later, the company will have to pay the piper as the costs to stream all this stuff isn't going to go down. Are people that desperate for this very low level of entertainment that they will continue to sit there and be entertained by this horrible selection of movies and television shows?
Hopefully kids will start to go back to school and pick up some books, instead of the remote control. Maybe even some parents will get their #$%$ off of facebook and start to do something useful for a change. No leadership with parents these days. The kids are directing the show.