Analyst Bill Lennan of W.R. Hambrecht is making news today for calling Netflix "fatally flawed," issuing a price target of $4 and putting a sell tag on the stock. Fine. In the post-Henry Blodget era, it's nice to see someone doing something other than screaming "buy."

But a look at the Hambrecht Web site shows that only 4 months ago, the firm was rating Netflix a buy with a price target of $40. So according to Hambrecht's analysis, Netflix has lost 90% of its value in 4 months.

This nonsense makes a Tim Wakefield knuckeball look as straight as an arrow.