The AlwaysOn X portfolio dropped 2.9% for the week, while the NASDAQ was down 5%, and the S&P 500 was down 3.8%. For the year, the AO X Fund portfolio is up 2.5%, the NASDAQ is down 4.2%, and the S&P 500 is down 3.2%.

Netflix reached a deal to add movies from Paramount Pictures, MGM, and Lions Gate, increasing the company's competitive strength vs. cable companies and traditional TV providers. For the week, NFLX advanced 11.8%.

Google also announced a partnership with cable provider DirectTV, allowing GOOG to place ads on DirectTV's platform. This product does not really have anything in common with GoogleTV (expected to launch soon), but it reaffirms that Google is looking to find ways to enter the TV space. For the week, the stock dropped 2.8%.

Staying in the TV space, rumors about an Apple TV product came up again (which apparently will be called "iTV") in a report on Engadget, stating that the expected product will not be capable of handling 1080i or 1080p video, but rather 720p clips. For the week, AAPL dropped 4.2%. www.nextupresearch.com.

Michale Moe is an AlwaysOn contributing editor and a former co-founder of ThinkEquity.