Netflix stock has nearly doubled over the last 12 months to levels of about $1,270 currently. The rally has been driven by a crackdown on password sharing and the expansion of its advertising-supported tier.

Netflix beat easily on earnings last night, and barely edged out sales expectations as well. Operating margins improved mightily in Q2 versus a year ago, but management warned of smaller margins for the full year.

Netflix yesterday turned in net income that topped analysts' estimates and revenue, lifted by price increases, that came in right around them; it also lifted its sales forecasts f