If you think it won't keep dropping buy all you want. I don't see how this company survives long term.
The valuation should have NEVER been at $300/share. This stock is worth about $70/share in my book. Who would buy a company with a mail order DVD service and internet streaming service who has been profiting off of a near monopoly. Unfortunately, not much capital is needed to compete against Netflix... as a result the margins will quickly be cut to next to nothing.
Long term they will be bought out by a larger competitor with better media infrastructure the only question is how much will they pay for the reminants of netflix?