{"id":52336,"date":"2017-11-14T08:57:09","date_gmt":"2017-11-14T08:57:09","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=52336"},"modified":"2017-11-14T08:57:09","modified_gmt":"2017-11-14T08:57:09","slug":"roku-hits-record-high-on-philips-licensing-deal","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/roku-hits-record-high-on-philips-licensing-deal.html","title":{"rendered":"Roku hits record high on Philips licensing deal"},"content":{"rendered":"

Roku hits record high on Philips licensing deal<\/span><\/strong><\/span><\/h2>\n

Roku hits record high on Philips licensing deal: Roku Inc\u2019s shares surged nearly 43 percent to a record high on Monday after the streaming device maker said it signed a licensing deal that would put its technology on Philips-branded televisions in the United States this year.<\/span><\/p>\n

The company said the licensing partnership with Japan\u2019s Funai Electric Co Ltd, which manufactures Philips N.V. televisions for North American, would place its operating system on Philips\u2019 smart TVs.<\/span><\/p>\n

Roku also said that it would give a $20 discount on its $69.99-priced streaming stick for the Black Friday weekend, and separately said its customer would get a free one-month trial of AT&T Inc\u2019s streaming service DirecTV Now.<\/span><\/p>\n

The barrage of news was well received by investors, who sent Roku\u2019s shares jumping 28.5 percent to close at $42.71 on Monday. The stock hit a high of $47.49 earlier in the session.<\/span><\/p>\n

The stock has gained 127 percent in heavy volumes over the past three days in a rally that was spurred by the company\u2019s strong third-quarter report late on Wednesday.<\/span><\/p>\n

\u201cThe price move was solely due to long shareholders bidding up ROKU\u2019s stock price\u201d and not due to investors covering their short positions in the stock, financial analytics firm S3 Partners said in a note.<\/span><\/p>\n

S3 Partners said while the short interest in Roku has risen since its initial public offering (IPO) in late September, it has stayed relatively flat in November and isn\u2019t likely to go up further due to the limited number of shares available to borrow.<\/span><\/p>\n

Investors who sell securities short first borrow shares and then sell them, expecting the price to fall so they can then buy the shares back at the lower price, return them to the lender and pocket the difference.<\/span><\/p>\n

Roku, one of the first to make a device to stream content such as from Netflix Inc onto TVs, is now combating deeper-pocketed entrants such as Apple Inc, Alphabet Inc\u2019s Google and Amazon.com Inc among others.<\/span><\/p>\n

Still, up to Monday\u2019s close, Roku\u2019s stock has now more than tripled from its IPO price of $14 on Sept. 27. The stock debuted at $15.78 on the Nasdaq on Sept. 28.<\/span><\/p>\n

Los Gatos, California-based Roku\u2019s success in the stock market is in stark contrast to the fortunes of other technology companies to make their market debuts this year.<\/span><\/p>\n

Snap Inc\u2019s shares have fallen 26 percent since its February IPO, while Blue Apron Holdings Inc has lost about 70 percent since its IPO in June.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-roku-stocks\/roku-hits-record-high-on-philips-licensing-deal-idUSKBN1DD2NT<\/span><\/p>\n

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