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Update: Netflix - Subscriber Retention Issues Flagging The Troubles Ahead

Like many other authors here on Seeking Alpha, I have been wrong with my bearish call on Netflix (NASDAQ:NFLX) since early spring last year. The stock defied the fundamental valuation boundaries, as growth prospects continue to fuel investor optimism. But the ratings cut this morning from the Standard & Poor's Ratings Services should mark an inflection point in the stock moving…