Red is the new black at Netflix, which went on a wild ride this week, losing around a quarter of its market cap and all of its 2014 gains on Thursday.

The stock closed down again on Friday, falling 1.3 percent, to $357.09, giving it a market cap of $21.6 billion.

As entertainment analysts wince at the sharp tumble, there are two schools of thought on this Wall Street darling of stocks.

The bear case: Netflix falls lower as an increasing number of TV programmers roll out their own à la carte streaming services.

The bull case: Netflix owns the Internet-on-TV space. It will retain its sizable lead and can flip any number of switches (including advertiser-funded originals, if it wants to). Netflix is in 37 million US homes and 26 million homes outside the US.

Dallas Mavericks’ owner, billionaire Mark Cuban, is in the bull camp, and tweeted Friday, “I’m buying NFLX stock. At half of YHOO, 10B < Twitter and small pct of major media companies, someone will try to buy them.”

Perhaps Cuban is trying to pump up the stock, but the tweet got Netflix watchers spinning about who might step in.

Richard Tullo, an Albert Fried & Co. analyst, no longer covers the stock, but quipped to us, “The price needs to go lower. Who would be stupid enough to buy it? Maybe Yahoo!? Maybe John Malone buys it at $180.” He points out that any buyer would have to take on Netflix’s $8.9 billion in content costs.