There is some cause for worry. Netflix's earnings through the first nine months of this year have fallen by 95 percent from last year. The company also issued a fourth-quarter forecast that indicated the company might end up with a loss for the full year. This would be Netflix's first annual loss in a decade.
The rights plan expires on Nov. 2, 2015. In a regulatory filing Monday, Icahn called the adoption of a poison pill without a shareholder vote "an example of poor corporate governance."
Netflix shares fell 35 cents to $76.55 in midday trading. The stock has traded in the 52-week range of $52.81 to $133.43. The stock peaked at close to $305 nearly 16 months ago.