Back in November we talked about Carl Ichan boosting his share in Blockbuster (NYSE: BBI) and how it might be a sign of good things to come.

At that time, Blockbuster was trading at $3.88. Today, it closed at $2.42. Not exactly going the right way.

So what’s wrong with this stock? Is there any hope?

Blockbuster feels like that stock you just hope for hope’s sake. The numbers and industry conditions tell you one thing, but you still hope.

At the end of the day, one is left asking just what is there to love about this stock. Where’s the upside?

And Netflix (NasdaqGS: NFLX) may be set for another subscriber boost. At the recent E3 video game conference, Microsoft announced an exclusive partnership with Netflix that will allow Xbox 360 owners stream Netflix movies directly to their TV. All that’s required is a Netflix account.

Even though only about 10% of Netflix’s library is part of their streaming service, there’s been talk about increasing their offerings quickly. Either way, it’s still more than Blockbuster is doing.

Amazon.com (Nasdaq: AMZN) is also beta testing their new video streaming service called Amazon Video on Demand, which will apparently stream 40,000 movies and programs to select TVs. It is being reported that Sony Bravia owners are first in line.

Does this leave Blockbuster out in the cold?

I think the writing is on the wall for Blockbuster.