Why David Einhorn Doesn't Like Netflix

As we come to the end of the year, Netflix, Inc. (NASDAQ: NFLX) rose higher on Tuesday, and came out as S&P 500's top-performing stock of 2015, with a 142 percent gain so far, however Wall Street's best David Einhorn, founder of Greenlight Capital, isn't so fond of the on-demand Internet streaming media service.Technology shares were mixed in pre-market trading.David Einhorn commented in a Valuewalk report, on Tuesday, that Netflix shares have soared while earnings estimates have been declining. He also noted that investor Carl Icahn sold all of his shares earlier this year and turned a handsome profit. Einhorn also pointed in a chart he sent out to Business Insider, that Netflix share price plotted along with estimates for earnings at the S&P 500 in 2015, 2016, and 2017.The chart reveals that the company's shares are rallying. Netflix earnings per share estimates have been falling. Einhorn also indicated Netflix surged all year every time results were reported, despite lowered expectations for its short-term and intermediate performance by analysts.Could the market be that out of touch from reality?Investors had many opportunities to express concerns of Netflix's revenue, US subscriber additions, and cash burn. Still, Netflix managed to outperform the rest of the S&P 500 by afar.Netflix shares were up 0.2 percent at $116.90 in pre-market trade, at the upper end of the 52-week range of $45.26 - $133.27.