Why Netflix, Spotify, and Roku Stock Crashed Today
Shares of many high-flying stocks in the media-streaming industry saw sharp corrections on Friday. Video streaming veteran Netflix (NASDAQ: NFLX) fell as much as 5.7%, streaming music and podcast specialist Spotify (NYSE: SPOT) took a 9.7% hit, and media-streaming technology expert Roku (NASDAQ: ROKU) bottomed out 6.9% lower.
None of these companies had any bad news to share today and they should normally have jumped upward instead. Spotify reported strong third-quarter results on Thursday morning, followed by a bevy of bullish analyst updates on Friday. Netflix set the stage for stronger revenue collections on Thursday afternoon by raising subscription prices in the U.S. market, also triggering a handful of positive analyst reports. And when streaming service providers like Netflix and Spotify are doing well, Roku's sales of streaming hardware and software licenses should follow suit over time.
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Source Fool.com
