I wonder if they really vetted this name before the CEO going 'mea culpa'

Netflix now trading at 139 (premarket) dropped another 20 points from when I exited my tiny bearish bet last Thu.  Yesterday the CEO issued a mea culpa letter to the customers and announced that they will spin off their DVD business as “Quickster!”

I messed up. I owe everyone an explanation.

It is clear from the feedback over the past two months that many members felt we lacked respect and humility in the way we announced the separation of DVD and streaming, and the price changes. That was certainly not our intent, and I offer my sincere apology. I’ll try to explain how this happened.

…… (full letter here)

Talk about comedy writing itself in this unfolding tragedy called Netflix. Sure, at the outset it read like a heartfelt apology. But, I also see a lot of desperation in it. Netflix has no content rights and it is in a business where content owner is the king. They are not in a position to dictate terms to the content owners. Period. (I know the business, folks). Here is a gem from today’s AP article on Netflix:

The DVD service will be called Qwikster, a name that is supposed to signify a commitment to fast service but quickly became an object of ridicule Monday on the Internet. The streaming service will keep the Netflix name.

I wonder if any of those MBA types who came up with this re-branding idea cared to check how the word “Quickster” will be interpreted as! LOL.

Update: 9/20/2011 – Netflix stock set a fresh new 52 week low:  down to 130. Here are some of the “best and the brightest” hardworking money mangers who also happen to be some of the biggest losers in this stock (courtesy: ZeroHedge)