Netflix and Disney shares also dropped as Apple unveiled its streaming service plans Tuesday.
Shares of Roku were taking it on the chin Tuesday as investors reacted to news that Apple will launch its long-awaited streaming service for justIn midday trading, Roku was off 9 percent while Netflix and Disney were down about 3 percent each. Apple TV+ is set to launch Nov. 1 while Disney+, at $7 monthly, has a Nov. 12 target date, and each are gearing up for competition with Netflix, the worldwide leader in premium, subscription streaming that costs about twice what Disney will charge.
While Roku offers its own streaming content, it also serves as a gateway to other services, including Netflix and, eventually, Apple TV+, which makes the falling stock a bit of a head-scratcher, though investors may simply be looking for an excuse to take profits since Roku shares have surged 60 percent since its earnings report a month ago.
Analysts have speculated for months that Apple would launch its product at a low price, given it has lots of catching up to do and it will be doing so with a relatively small amount of original content. On that front, Apple will have
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