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Why Roku Stock Popped Then Dropped on Wednesday

Why Roku Stock Popped Then Dropped on Wednesday

Shares of Roku (NASDAQ: ROKU) initially gained ground on Wednesday, jumping as much as 2%, before losing their momentum and heading southward. While there wasn't any company-specific news, results from a streaming rival and partner at first provided a boost for the streaming pioneer, before the prevailing negative market sentiment dragged the stock lower. Netflix (NASDAQ: NFLX) reported its third-quarter results after the market close on Tuesday, and the unexpectedly robust performance took investors by surprise.