"Altruistica": Seeking a return to full financial disclosure and regulatory oversight. A financial market analysis blog for "entertainment purposes" only by an experienced CFA seeking new hedge fund engagements for investment writing and analysis. The author has experience investing internationally, running a hedge fund, making angel investments, and helping launch five startup companies. Investors should do their own due diligence.

04 January 2007

NFLX-Soaring churn at NFLX causes hedgies to close positions

Netflix-NFLX initiated with a Neutral@FACT (First Albany)
Firm cites valuation and SAC/churn trends for its rating.

This chart shows IMTO that this POS was propped while big players exited to position. CHURN has ALWAYS been an issue at NetFlix. Some people couldn't wait till year end to get out of this stock. Goldman was rumored to be OUT of the stock in the new year...unconfirmed, but the support began to unwind in late 2006 so someone was "aware" of a change in PERCEPTIONS.


Holder Shares % Out Value* Reported
TCS CAPITAL MANAGEMENT, LLC 3,064,944 4.48 $69,819,424 30-Sep-06
DAVIS SELECTED ADVISERS, LP 2,966,530 4.33 $67,577,553 30-Sep-06
JGE Capital Management, LLC 2,450,000 3.58 $55,811,000 30-Sep-06
SHUMWAY CAPITAL PARTNERS LLC 2,320,143 3.39 $52,852,857 30-Sep-06
GOLDMAN SACHS GROUP INC 1,963,169 2.87 $44,720,989 30-Sep-06
DELAWARE MANAGEMENT BUSINESS TRUST 1,713,280 2.50 $39,028,518 30-Sep-06
ALGER (FRED) MANAGEMENT INC 1,512,492 2.21 $34,454,567 30-Sep-06
DENVER INVESTMENT ADVISORS LLC 1,458,700 2.13 $33,229,186 30-Sep-06
TECHNOLOGY CROSSOVER MANAGEMENT IV,L.L.C. 10,522,187 15.37 $239,695,419 30-Sep-06
LEGG MASON INC. 7,574,512 11.06 $172,547,383 30-Sep-06


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