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Alibaba is not making an investment in Netflix, spokesman Bob Christie told Reuters late Friday.
Shares traded near $95 on Monday. Amid the rumor of an Alibaba investment on Friday, the stock closed at $97.03 per share, up from Friday's $93.77 open, rising in heavy trading volume.
The dispelled Alibaba tie-up could have pitted it more directly against Chinese competitor LeEco.
Entering China could have "tremendous" upside for the entertainment technology company, an analyst has told CNBC. Chief Executive Officer Reed Hastings has said trying to enter China, where Netflix faces hurdles with censorship.
Monday's losses paired with news about Netflix's competition. The Olympics might pinch the company over the next couple of weeks, an executive said in an earnings call. Meanwhile Hulu inked a deal with Yahoo and dropped its free service.
Netflix shares are down nearly 23 percent in the past 12 months.