The reaction to Netflix's announced (then retracted) split of its streaming and DVD by mail services, combined with price increases, continues to impact Netflix, hard.
Netflix's third quarter reports indicated that subscription levels had dropped by 800,000 (down 3.25%). The number was higher than expected, and Netflix indicated that they expect to continue to lose subscribers as a result of the price increases. The report also indicated that Netflix expects business losses to continue throughout 2012 as a result of start-up costs related to its expansion into Ireland and the UK. As a result Netflix stock prices have lost two-thirds of their value since peaking at $298.73 on July 13, 2011.
Source - Netflix drops most since 2004, Bloomberg.com News