Why Disney, Roku, and fuboTV Stocks Surged Today
In the midst of a far-reaching market rally on Wednesday, a subset of stocks shot even higher. Disney (NYSE: DIS) climbed as much as 4.7%, Roku (NASDAQ: ROKU) jumped as much as 8.9%, and fuboTV (NYSE: FUBO) surged as much as 12%. As of 3:04 p.m. ET, the trio were still trading higher, up 4.2%, 7.1%, and 7.6%, respectively.
While there was little in the way of company-specific news for the threesome, it appears the catalyst that sent these stocks surging was positive earnings results by Netflix (NASDAQ: NFLX). The streaming pioneer also enjoyed a stock price rebound, with its shares recently up 6.7%.
Netflix has assumed the role of bellwether for the streaming space, with investors looking to the company for hints of overall strength or weakness within the industry. After the market close yesterday, Netflix revealed that it lost 970,000 subscribers in the second quarter. While that might not seem like something to write home about, it was far better than the loss of 2 million subscribers the company had forecast. Perhaps more importantly, Netflix sees a return to growth and is expecting to add 1 million subscribers in the third quarter.
Source Fool.com
