The fourth quarter earnings report of the streaming industry leader looks good—revenue reached $120.5 billion, surpassing the market expectation of $119.6 billion; earnings per share were $0.56, slightly ahead of the forecast of $0.55. However, the market's reaction was unexpected; the stock price not only did not rise but continued to decline.

Even more interesting is that the company made a major adjustment in its merger and acquisition plans for Warner Bros. Discovery Channel. The original plan was a $82.7 billion hybrid deal (cash + stock), but it has now been changed to a full cash transaction. The purpose of this move is very clear—speed up the transaction process. But judging from the stock price performance, investors do not seem to be impressed by these good news. As of the latest quote, the stock price is at $87.26, approaching the lowest level in the past 52 weeks.