It's a loss for Netflix whose heavy bandwidth consumption has drawn the ire of numerous ISPs (many of whom it directly or indirectly competes with), as well as other major Web traffic sources.
And if you look at their earnings numbers, every number has a Madoff-like or Enron-like unrealistic feel to it, every number is perfectly doctored by a little bit just to beat analyst consensus in each category. $7.3 billion of liabilities is hidden off balance sheet, and when the analyst asked about it, CFO said it increased by $700 million (but if you do the math, it actually increased by $900 million, from $6.4B to $7.3B ).
Why was he lying? $200 million is not an insignificant rounding error.
Most likely it will open around $392, but as soon as it opens, the stock and calls will be sold aggressively.
Heavy selling of calls (people will want to lock in profits) will force the market makers to short the stock to hedge their books. The short interest is at a record low level, not many shorts to support the stock at these levels.
In OC California, Cox is the only option for high speed internet. Cox can charge Netflix anything they want. There are no other high speed ISPs in my area.