|Bid||106.75 x 1000|
|Ask||106.78 x 1400|
|Day's Range||103.62 - 127.41|
|52 Week Range||26.30 - 176.55|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 5, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||133.07|
Shares of Roku Inc. plunged Friday, putting them on track for their worst-ever weekly performance, as investors continued to express concern over increasing competition and an extreme valuation.
It was a quadruple witching day on Wall Street, leading to extra volatility on Friday. Some late-session trade headlines didn't help matters. Let's look at a few top stock trades in deep detail. Top Stock Trades for Tomorrow 1: ROKUWe covered Roku (NASDAQ:ROKU) earlier this week, but given the drumming that it took Friday -- down more than 20% at one point -- I thought it was worth looking at again. InvestorPlace - Stock Market News, Stock Advice & Trading TipsShares bounced on Thursday following a test of the 50-day moving average. However, they began Friday under pressure after Pivotal Research initiated the stock with a sell rating and $60 price target. * 8 Dividend Stocks to Buy for a Recession Where are we now? The 100-day is at $109.70, while the gap-fill from the post-earnings surge is down at $100.97. Near there is the 50% retracement for the one-year range at $101.43. In between the downside levels (the gap fill and the 50% retracement), and the upside (the 100-day moving average), is Roku stock price. When shares were trading at $105.93 -- which they were at one point on Friday -- it was down 40% from its highs. From its peak, Roku stock fell about 60% in Q4. So this name has a tendency to shed some weight, but it has given investors an opportunity to get long too. A few lucky ones did. With 45 minutes to go in the session, Roku stock already surpassed 57 million shares traded. It feels greedy, but I would love to see Roku fill its gap back down to ~$101. A lower open on Monday that reclaims Friday's close would be the reversal that short-term traders need to get long this one again. Over the 100-day moving average could get a squeeze going up to the 38.2% near $119 and possibly the 50-day near $128. If the gap-fill level and the 50% retracement doesn't hold, the August lows near $96 are on the table. A flush lower from there would be possible if buyers don't step up and defend Roku. Top Stock Trades for Tomorrow 2: AmazonWith the stock market near its all-time highs and with several mega-cap tech companies back in favor -- like Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) -- it's interesting to see Amazon (NASDAQ:AMZN) act as a laggard. Shares are down almost 12% off the July highs, when it looked like Amazon stock was going to breakout. The stock has spent 2019 putting in a series of higher lows (blue line), although AMZN is threatening to break that trend should it continue much lower. Adding more weight to the current price action, the 200-day moving average is about $20 per share below current levels. Should AMZN lose uptrend support and the 200-day moving average, range support at $1,750 will almost instantly be on the table. Further, the 61.8% retracement is in this area too, at $1,757. If this area fails, then the June lows near $1,672 will be in the cards as Amazon stumbles into no man's land. On the upside, look to see how the stock does with the $1,850 area. There it has range resistance and the 50-day moving average. At $1,879 is the 78.6% retracement. Over this area puts $2,000+ back on the table. That's a lot of detail to absorb. So try to keep it simple. Below the 200-day moving average, and range support at $1,750 is on the table. Below that mark is bearish. If the 200-day holds, $1,850 resistance is on the table. Above that is bullish and over $1,880 puts $2,000+ in the realm of possibilities.In between is chop. Top Stock Trades for Tomorrow 3: S&P 500 (SPY)Many equity traders prefer to use the SPDR S&P 500 ETF (NYSEARCA:SPY) instead of the S&P 500. So let's take a closer look at the SPY. Interestingly, the SPY made a new 52-week high this week, while the S&P 500 did not. And while it hovers just below all-time high resistance between $300 and $301, investors having to digest a Fed day. That's shown on the charts via a blue box. I tweeted earlier on Friday that, once the SPY went below the Fed-day highs, it put the Fed-day lows on the table. So long as we remain beneath that mark, those lows remain on the table. Below the lows could create selling pressure. In short, above the box is good, below the box is bad. Should the SPY reclaim the Fed-day highs and push over $300, then the recent highs at $301.24 are on the table and above that is blue sky. If the SPY takes out the Fed-day lows, we'll have to consider downside levels. The first downside mark is the 20-day moving average currently near $296 and below that is the 50-day at $239.65. Should the SPY fall below those levels, prior range resistance from August will be a key level to watch, between $292.50 and $293. Below that mark and we could really get some downside follow through. * 7 Triple-'F' Rated Stocks to Leave on the Shelf So again, to keep it simple: Over the Fed-day highs and upside can continue. Below the Fed-day lows and we have to be on guard. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AAPL, AMZN and ROKU. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Triple-'F' Rated Stocks to Leave on the Shelf * 10 Excellent Stocks to Watch for 2020 and Beyond * 7 Consumer Stocks to Buy in an Uncertain Market The post 3 Top Stock Trades for Monday: ROKU, AMZN, S&P 500 appeared first on InvestorPlace.
Roku (NASDAQ:ROKU) news for Friday about a "Sell" rating for the stock is hitting ROKU hard.Source: Michael Vi / Shutterstock.com The sell rating for Roku stock comes from Pivotal Research analyst Jeffrey Wlodarczak. Wlodarczak only just initiated coverage of ROKU stock today and that "Sell" rating isn't doing it any facors. In that same line, a price target of $60 per share is also ill Rokus news. It sits 55% below the stock's closing price on Thursday.So why exactly is Wlodarczak so pessimistic about ROKU stock? It all comes down to competition. Roku is going to be dealing with much more of that in the near future as more and more companies announce plans for their own set-top boxes.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe problem for Roku is that is has strong competitors in the market all making announcements recently. That includes Comcast (NASDAQ:CMCSA) offering free Xfinity Flex streaming devices to internet customers. There's also concerns from recently-announced streaming efforts being made by Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB), reports CNBC. * 7 Triple-'F' Rated Stocks to Leave on the Shelf While these concerns aren't helping ROKU stock, it's worth noting that this isn't the general consensus among analysts. An average of 17 analysts are carrying an "Overweight" rating for the stock. They also have an average price target of $130.69, which is 2% below yesterday's closing price for ROKU.ROKU stock was down 18% as of Friday afternoon, but is up 311% since the start of the year.As of this writing, William White did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Triple-'F' Rated Stocks to Leave on the Shelf * 10 Excellent Stocks to Watch for 2020 and Beyond * 7 Consumer Stocks to Buy in an Uncertain Market The post Roku News: Why ROKU Stock Is Falling Today appeared first on InvestorPlace.
Roku Inc (NASDAQ: ROKU) shares have experienced a steady sell-off this week, culminating in a 20% drop on Friday. On Wednesday, The Verge reported that Facebook, Inc. (NASDAQ: FB) is preparing to launch a clip-on camera for use in video calling, content co-watching and AR gaming. Facebook’s Portal TV could be a major threat to Roku devices.
(Bloomberg) -- Roku Inc. shares suffered their second double-digit percentage drop of the past three trading days on Friday, as concerns over competition once again pressured a stock that has quadrupled since December.Shares of the the video-streaming platform company sank as much as 18% in midday trading, its biggest one-day percentage loss since November, dropping on volume that already eclipsed its daily average volume over the past three months. The stock was trading at a six-week low, and on track for a weekly drop of more than 25%.With the decline, Roku has lost about 35% of its value since a record close hit earlier this month. Even with the drop, however, shares remain up more than 300% from a December low as investors see the company as a major beneficiary to a shift toward streaming video.Friday’s decline was sparked after Pivotal Research Group started coverage on Roku shares with a sell rating and Street-low price target of $60, a target that represents downside of more than 55% from the company’s Thursday close.Analyst Jeffrey Wlodarczak wrote that shares were “dramatically overvalued” after the 2019 rally, and that he sees “dramatically more competition emerging.”Pivotal’s comments spoke to an issue that also weighed on Roku on Wednesday, after Facebook Inc. debuted a new model of its Portal video device that will have access to some streaming services, and Comcast Corp. said its Xfinity Flex box would be included with Internet-only subscriptions.Wlodarczak sees such developments as a harbinger of things to come. He anticipates “dramatically more competition,” including from “big boys” like Comcast, whose plan “will inevitably be copied by other distributors”, and “likely drive the cost of [over-the-top video-streaming] devices to zero.”These rivals have “massive leverage,” he wrote, and are likely to make growth “much more difficult.”This bearish view is a minority opinion. Pivotal is only the second firm to recommend selling Roku shares, according to data compiled by Bloomberg, compared with the stock’s nine buy ratings and the five firms with a neutral view on the stock.As occurred following the week’s previous drop, Roku bulls defended the name as shares declined. Needham analyst Laura Martin called it “the gold-standard pure play” of video streaming, one that was “underscored by flawless (our word) execution” and a continually expanding total addressable market.The firm reiterated its buy rating and $150 price target in a note to clients. “Even if Roku’s hardware sales went to zero TOMORROW,” the financial downside “would be minimal” as it accounts for just 5% of its gross profit, Martin wrote (emphasis in original).Separately, Oppenheimer on Friday affirmed its outperform rating despite the “pending SVOD war,” referring to streaming video on demand. “Roku’s U.S. strategy play-book should allow fast international market share,” the firm wrote. “Many new services are playing catch-up in a crowded market, with limited scaled platforms to add [subscribers].”The firm raised its price target to $155 from $120, and was at least the second firm this week to boost its view on Roku’s international potential, following a similar move from Guggenheim on Wednesday.Currently, analysts expect full-year revenue growth of about 48% for 2019, and 36% growth in 2020, according to data compiled by Bloomberg. According to a Bloomberg MODL forecast, Roku is expected to have about 36.2 million active accounts at the end of 2019.To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven Fromm, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Roku Inc (NASDAQ: ROKU ) will have a tough time competing in the streaming video landscape, as growing competition will push the cost of devices to "zero," according to Pivotal Research. The ...
Two factors increasing the chance of that were the overall reaction from the Fed's action, a buyback from Target Corporation (NYSE: TGT) and a dividend raise and buyback by the S&P 500 index top component Microsoft Corporation (NASDAQ: MSFT). The impact of the former CEO of Overstock.com Inc (NASDAQ: OSTK) dumping all of his shares was discussed. United States Steel Corporation (NYSE: X) followed the lead of Steel Dynamics, Inc. (NASDAQ: STLD) in lowering third-quarter guidance, and it was deep in the red in premarket trading.
Don’t wake a sleeping giant — or else face the repercussions. Roku (ROKU) is learning that lesson the hard way right now. While the maker of popular streaming players is considered a giant in its own industry, it’s still a relatively small company and is competing with some of the largest in the world, including Amazon, Google and Apple. And now, with Facebook and Comcast announcing their answer to the streaming business Wednesday, Roku’s stock plummeted nearly 14%.4-star Rosenblatt analyst Mark Zgutowicz believes the selloff was an "overreaction," as he reiterates a Buy rating and $134 price target on Roku stock. (To watch Zgutowicz's track record, click here)A major reason for Roku’s drop Wednesday came after Comcast announced it would give Internet-only customers a free Xfinity Flex streaming box. The streaming box works similar to that of a Roku, allowing users to access HBO, Netflix and other streaming services, as well as over 10,000 free movies, and was previously offered to customers at $5 per month. But while Comcast’s device works similar to that of a Roku and is free (compared to Roku, which starts at $29.99), Żgutowicz says “the potential impact to Roku looks modest.” The analyst explains, "We estimate Comcast has ~8M broadband-only homes in the US growing at 1.5M annually. If we assume Roku’s estimated 35% US broadband household penetration is representative in Comcast broadband households (or ~3M), that leaves only ~5M homes open to consider a Comcast or Roku streaming service (or any other) today." Furthermore, the analyst believes that “Roku has a significant customer acquisition advantage to Comcast via...Roku TV,” while the company's “top streaming brand status carries significant clout in streaming TV purchase decisions.”Aside from Comcast, competition is rising with Facebook coming into the mix. While not viewed as a major threat, Facebook’s new streaming device also closely resembles Roku’s. Called Portal TV, the new device will allow users to video call others via Whatsapp or Messenger, while also providing access to Amazon Prime Video, Showtime and other video channels. But Facebook’s device is more similar to a tablet as it is a 10-inch screen. Consensus VerdictAll in all, despite recent weakness in Roku stock, the Street largely seems to echo Żgutowicz’s positive sentiment, considering TipRanks analytics showcase ROKU as a Buy. Out of 14 analysts polled by TipRanks in the last 3 months, 8 are bullish on ROKU stock, 5 remain sidelined, and only one is bearish on the stock. With a loss potential of 4%, the stock’s consensus target price stands at $126.62. (See ROKU's price targets and analyst ratings on TipRanks)Crowd InsightsROKU's big ambitions have clearly struck a chord with investors. This streaming-video device maker boasts a “Very Positive” investor sentiment on TipRanks. Over the last 30 days, the best-performing investors have increased their ROKU exposure by 6.6%.
Roku Express Features New, Smaller Form Factor; Roku Ultra Delivers Powerful 4K Streaming with New Personal Shortcut Buttons and Fast Channel Launch
Media giant Comcast Corporation (NASDAQ: CMCSA ) will begin offering internet customers a free over-the-top box set, but one Roku Inc (NASDAQ: ROKU ) analyst isn't worried about the new competitive landscape. ...
Video-streaming space gets increasingly crowded as Comcast and Facebook join the bandwagon. However, intensifying price war and fight for exclusive rights are threats.
Shares of Roku (NASDAQ:ROKU) officially entered bear market territory yesterday, dropping over 20% from the recent highs at the $170 area. But the red-hot rally that took ROKU stock to such lofty levels was arguably way overdone. And in a similar fashion, the unrelenting selling in ROKU stock is getting a little overdone as well.Source: Michael Vi / Shutterstock.com What all that means is that it's time to position to be a buyer of Roku on any further weakness.The competition in the fiercely competitive streaming space just got taken up a notch yesterday, leading to yet another plunge in the ROKU stock price. Comcast (NASDAQ:CMCSA) announced it will give a free streaming box to current subscribers, while Facebook (NASDAQ:FB) introduced Portal TV.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis follows on the heels of such heavyweights as Apple (NASDAQ:AAPL), Disney (NYSE:DIS) and Amazon making a move into internet media. While competing with the big boys can certainly crimp margins, ROKU does have the first mover advantage. Over 1/3 of all smart TVs now come with ROKU already installed.Michael Morris of Guggenheim upped his price target yesterday from $119 to $180, citing under-appreciated international growth opportunities. He also noted that ROKU is in a rare win-win-win-win arrangement with hardware manufacturers, consumers, content providers and advertisers. Although the upgrade was ill-timed given the massive drop in ROKU stock, the long-term thesis still remains valid.It's important to also remember that ROKU had a huge earnings beat last quarter. The company reported an earnings loss of 8 cents, much better than expectations for a loss of 23 cents. Revenues were also presentable, coming in at $250 million versus the $225 million analyst consensus. ROKU also raised its full-year guidance. The recent carnage in ROKU stock, however, has all but wiped out the gains made post earnings. ROKU Stock ChartsROKU is looking decidedly oversold from a technical perspective. Its 5-day RSI is now below 20 and at levels that have signaled a significant low in the past. Its MACD just reached the lowest reading of the year. Downside momentum is getting extremely bearish, while Bollinger Percent B is nearing negative. Meanwhile, ROKU stock held the 50-day moving average, while the 100-day average of $108.58 should provide additional downside support.ROKU saw some unusual option activity as well yesterday. Nearly 4,500 Sep 27 $140 calls traded versus only 261 open interest. This type of aggressive call buying likely means some big-time player is positioning for a pop in the ROKU stock price.The huge drop in ROKU yesterday -- nearly 14% -- also drove up implied volatility. This means option prices are more expensive, favoring selling strategies when constructing trades. So to position to be a buyer of ROKU at even lower levels, an out-of-the-money bull put spread makes strategic sense. Trade Idea for ROKUBuy the ROKU Nov $95 put and sell the ROKU Nov $100 put for a $1 net credit.The maximum gain on the trade is $100 per spread with maximum risk of $400 per spread. Return on risk is 25%. And the short $100 strike price provides a 23% downside cushion to the $123.98 closing price of ROKU stock.Tim may hold some of the aforementioned securities in one or more of his newsletters. Anyone interested in finding out more about Tim and his option-based strategies can go to https://marketfy.com/item/options-and-volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 8 Dividend Stocks to Buy for a Recession * 10 Companies Making Their CEOs Rich * The 7 Best S&P 500 Stocks of 2019 So Far The post Trade of the Day: Roku Stock Is More Attractive After Latest Rout appeared first on InvestorPlace.
Roku Inc. on Thursday announced new Roku Express and Roku Ultra streaming devices, a day after the company's shares tumbled amid competition concerns. Roku's Thursday announcements included the unveiling of the new Roku Express, which is 10% smaller than the older model and costs $29.99. The new Roku Ultra will sell for $99.99 and let users personalize their remotes. Comcast Corp. on Wednesday said it would be giving away its Xfinity Flex streaming box for free to those on the media giant's internet-only plan, helping to send Roku shares more than 13% lower in the session. Roku's stock is off another 2% in premarket trading Thursday. The shares are up 324% so far this year, as the S&P 500 has risen 20%.
U.S. stock futures are circling unchanged this morning after a quiet reaction to yesterday's Federal Reserve announcement. The central bank cut its target rate by a quarter-point as expected, and the market is taking the news in stride. With the uncertainty of the meeting out of the way, it looks like the uptrend carrying stocks into this week is poised to continue.Source: Shutterstock Against this backdrop, futures on the Dow Jones Industrial Average are up 0.05%, and S&P 500 futures are higher by 0.05%. Nasdaq-100 futures have added 0.04%.In the options pits, put trading outpaced calls for the first time in weeks, even as overall volume climbed slightly above average levels. Specifically, about 18 million calls and 18.4 million puts changed hands on the session.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe return of put demand pushed the CBOE single-session equity put/call volume ratio up to 0.70 -- a three-week high. Meanwhile, the 10-day moving average held its ground at 0.60.Options traders zeroed in on three big names. Roku (NASDAQ:ROKU) was flooded with volume after two new players entered the streaming industry. AT&T (NYSE:T) continued to digest last week's huge gains after news of a $3.2 billion stake taken by Elliot Management Corp. Finally, Netflix (NASDAQ:NFLX) shares are attempting to bottom but were rejected once more by overhead resistance.Let's take a closer look: Roku (ROKU)Roku shares crashed 14% Wednesday and are down another 4% premarket after news hit that competition is heating up in the streaming space. Facebook (NASDAQ:FB) unveiled a new line of Portal TV devices that includes streaming and video calling. Adding insult to injury, Comcast (NASDAQ:CMCSA) announced they would provide a free Xfinity Flex streaming box to its internet-only subscribers. * 8 Dividend Stocks to Buy for a Recession The meteoric ascent for ROKU stock was bound to succumb to gravity, but this certainly isn't the type of mean reversion shareholders were hoping for. This month's descent has been vicious and will take time to heal. With today's down-gap, ROKU will open below its 50-day moving average and could soon test its earnings gap area at $117.Thursday's freefall lit a fire under options trading. Activity rocketed to 278% of the average daily volume, with 390,701 total contracts traded. Calls actually led the way, despite the drubbing, with 54% of the day's take.The increased demand drove implied volatility higher to 65%, placing it at the 29th percentile of its one-year range. If you're looking for a knife catch play, selling bull put spreads is attractive here. AT&T (T)AT&T has one of the prettiest charts on the planet heading into today's session. It's uptrend scored increasing momentum during last week's ascent, and the five-day pullback that has since formed is textbook. Volume has been light, and the size of the candles has been average, signaling garden-variety profit-taking instead of trend-ending distribution.Two narratives driving the stock this month were the recent disclosure of a $3.2 billion investment in AT&T by activist investor Elliot Management Corp., and yesterday's Wall Street Journal article revealing AT&T was "exploring parting with its DirecTV unit."As far as options trading goes, calls outpaced puts by a wide margin, accounting for 70% of Wednesday's tally. Total activity grew to 185% of the average daily volume, with 224,808 contracts traded.Implied volatility remains subdued at 21% or the 20th percentile of its one-year range. * The 7 Best S&P 500 Stocks of 2019 So Far Netflix (NFLX)July's disappointing earnings release sparked a downtrend in Netflix, and it has yet to reverse. Signs of slowing momentum are beckoning to bottom fishers, but patience may be needed. Yesterday's drop reaffirmed resistance at $300 and gave traders a clear level to trade around. Get bullish above, but stay bearish below.The news was light Wednesday, but that didn't prevent options traders from landing NFLX stock on the most-actives leaderboard. Calls proved more popular than puts by adding 57% to the session's sum. Activity climbed to 135% of the average daily volume, with 199,999 total contracts traded.Implied volatility has been steadily creeping higher and pushed to 48% yesterday. That lands it at the 37th percentile of its one-year range and means premiums are now pricing in daily moves of $8.80 or 3%.As of this writing, Tyler Craig held bullish options positions in ROKU. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 8 Dividend Stocks to Buy for a Recession * 10 Companies Making Their CEOs Rich * The 7 Best S&P 500 Stocks of 2019 So Far The post Thursday's Vital Data: Roku, AT&T and Netflix appeared first on InvestorPlace.
Roku, Inc. (ROKU) today unveiled its 2019 streaming player lineup for Canada, consisting of three models. Roku® launched a redesigned Roku Express, offering easy HD streaming in a sleek new form factor. Brand new to the Canadian line-up is the Roku Premiere which delivers 4K streaming with HDR, starting from CAD 49.99.
Roku, Inc. (ROKU) today unveiled its 2019 streaming player lineup for the United Kingdom, consisting of three models. Roku® is launching a redesigned Roku Express, offering easy HD streaming in a sleek new form factor. Brand new to the UK line-up is the Roku Premiere which delivers 4K streaming with HDR, starting from £39.99.
Roku, Inc. (ROKU) today announced Roku® OS 9.2 will start rolling out to Roku devices in the coming weeks. The new “Roku Tips & Tricks” channel features videos to help Roku users get the most out of their Roku devices. Roku Voice enhancements provide new voice control options while new channel performance improvements enable smoother streaming experience.
Roku (ROKU) shares closed down almost 14% on Wednesday as social media giant Facebook (FB) announced that they would be jumping on the streaming bandwagon.
After a couple of quiet days for equity investors, we finally got some action in the stock market today. The move comes after the Federal Reserve announced a 25 basis point reduction in the Fed Funds rates.Just the day before, we had noted that the likelihood went from a sure-fire rate cut a few weeks ago to a coin toss. Well, the Fed delivered with lower rates and Fed Chair Jerome Powell said the Fed will be accommodating in the future.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe SPDR S&P 500 ETF (NYSEARCA:SPY) climbed 0.1%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) rallied 0.2% and the Invesco QQQ Trust (NASDAQ:QQQ) slipped 0.04%. Fed CutsWhile the Fed statement says it will be accommodating, the group does not seem interested in a spree of rate cuts. That's according to the voting members and where they stand in regards to cutting rates both this month and throughout the rest of the year.That's not to say they will not cut rates -- the Fed overall sees at least one more rate cut this year -- but the group's stance caused some dovish investors to recoil initially. * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars Have no fear, though. While Powell said he doesn't anticipate negative interest rates, such as in the European Union, he also said the Fed may have to raise its balance sheet sooner than expected. Further, the Fed will only stop taking accommodating action once it is warranted.If anything, it was a reassuring meeting where equity investors got the rate cut they wanted and heard the Fed has their back. Powell called it an "insurance" move, and that's exactly what it was. Roku WreckedDespite the accommodating stance of the Fed, Roku (NASDAQ:ROKU) was smashed on the day. Shares had already declined notably from its highs near $176, but they were holding up pretty well between $140 and $150 as the 20-day moving average was buoying the stock.That is, until today.Despite Guggenheim analysts maintaining their "buy" rating and moving their price target from $119 to $170, the stock plunged more than 14% at one point. The stock came within this close of hitting its 50-day moving average on the decline.From a trading perspective, it's got some investors wondering if ROKU will test and hold this mark, or if it will knife right through it like so many other red-hot tech stocks did earlier this month.In any regard, the decline comes as both Facebook (NASDAQ:FB) and Comcast (NASDAQ:CMCSA) announce over-the-top products and platforms. Increasing competition, especially from these juggernauts, dealt a blow to Roku today. Let's see where it ends up finding support. Movers in the Stock Market TodayAdobe Systems (NASDAQ:ADBE) initially took a tumble after reporting earnings. The company beat on earnings and revenue expectations, but provided lower-than-expected guidance for next quarter. As such, shares sank 1.8% on the day.(Here's how to trade Adobe stock now, by the way).Shares of FedEx (NYSE:FDX) were creamed on Wednesday and deservedly so. Revenue was flat year-over-year and in line with expectations, while earnings missed analysts' expectations. Worse, the company cut its full-year revenue and earnings outlook, with the midpoint of the latter coming in roughly 16% below consensus estimates. Shares fell almost 13% and hover just above its 52-week lows. The result is also ushering in a slew of Wall Street downgrades.Chewy (NYSE:CHWY) fell 6.2% after the company reported earnings. Revenue grew 43% year-over-year and topped expectations, while earnings missed estimates. However, margins expanded and EBITDA topped estimates. Let's see how this recent IPO does in the coming days and weeks.General Mills (NYSE:GIS) slipped 0.9% after beating earnings and missing on revenue expectations. Management reaffirmed its full-year outlook and while the quarter wasn't great, it wasn't terrible either. With that 3.6% yield and the Fed cutting interest rates again, it may be enough to keep investors going to GIS.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars * 5 Stocks to Buy With Great Charts * 5 Goldman Sachs Stocks to Buy with Over 20% Upside Potential The post Stock Market Today: Federal Reserve Cuts Rates; Roku Tumbles appeared first on InvestorPlace.
A trio of earnings announcements set the tone at the top of Wednesday's PreMarket Prep show. After the close on Tuesday, FedEx Corporation (NYSE: FDX) disappointed the Street with a third-quarter miss along lower guidance for 2020 EPS and sales. The next issue on the hit parade was Chewy Inc (NYSE: CHWY).