Having already been hit by Andrew Left and the Citron gang, Netflix shares took another dip after Apple confirmed that it "would rather

As Forbes reported in January, Citi analysts sent a note to clients saying there is a 40% chance that Apple will buy Netflix, which garnered endless headlines and was discussed ad nauseam on the financial news networks.

The basis for the analyst's argument is that Apple will have $252 billion in overseas cash available to repatriate, and they need to do something with it.

But today, that rumor is crushed as Apple services head Eddy Cue said in comments at the South By Southwest conference in Austin:

"We don't know anything about making television," Apple "would rather build a studio than buy Netflix."

And Netflix is extending its early losses...

And given that Apple is the only one big enough to swoop up Netflix (at this price), one wonders just how big an acquisition premium is priced-in to the streaming media service.