(NASDAQ: NFLX) stock skyrocketed more than 15% after the company's stellar third-quarter earnings results, but investors still have a worthwhile opportunity to buy.

That's the message the top brass is sending, anyway. The board just approved a $10 billion share repurchase program, and that's on top of the $1 billion remaining in its old program. Last quarter, management used $2.5 billion of its authorization to buy back shares. And it sounds like it intends to make good use of its new authorization.

Here's why Netflix leadership thinks the stock is worth buying back at this price -- and why investors should follow suit.

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Source Fool.com