Netflix Could Crash -- Hard -- Next Week

NEW YORK (TheStreet) -- The article I published Friday on Best Buy (BBY) got me thinking about a Netflix (NFLX) question more than a few people have asked me over the last few weeks.

Where has Netflix management been?

We have become so accustomed to seeing Netflix spewing news the media just can't wait to regurgitate with the guy who Reed Hastings has expertly set up to take the fall -- Ted "Sure You Can Call Me Hollywood" Sarandos -- out in front.

But they've been relatively quiet of late. Maybe Sarandos is busy decorating the multi-million dollar beach house he bought in Malibu.

Or maybe it's something else all together.

The BBY piece got me thinking because, intuitively, it led me to give Reed Hastings some credit for admitting something Wall Street analysts lack the guts or conscience to do:

In calendar year 2003 we were the highest performing stock on Nasdaq. We had solid results compounded by momentum-investor-fueled euphoria. Some of the euphoria today feels like 2003.
Despite the huge swings in our stock price since our 2002 IPO ($8 to $3 to $39 to $8 to $300 to $55 to $330), weve continued to grow our membership every year fairly steadily. We do our best to ignore the volatility in our stock. The progress weve made over the last 10 years is stunning. We want to make the next 10 years even more remarkable.

That's Hastings (and Netflix CFO David Wells) in the company's Q3 letter to shareholders.

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