Stocks making the biggest moves midday: Roku, Tesla, AMC, AeroVironment and more
Roku's shares rose 3% after announcing layoffs and office space consolidation, while Tesla, Apple, and AMC Entertainment experienced declines in midday trading.
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Posted 9/6/2023, 5:01:23 PM
cnbc.com
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Summary: Roku, the streaming platform with the largest market share in North America, is poised for significant growth as the cable TV industry continues to decline and more viewers turn to streaming video, leading to an opportunity for investors to buy the stock at its current discounted valuation.
Shares of Netflix Inc. rose 0.49% as the stock market had a positive trading session, although it underperformed compared to some of its competitors.
Shares of Tesla Inc. rose 2.7% to buck the trend of weakness in the electric vehicle market, as the stock looks to rally over 20% above its recent low.
Roku is cutting 10% of its workforce, removing certain content, and implementing other cost-cutting measures in an effort to control expenses and reduce operating expense growth.
Roku's stock surged 12.5% after announcing layoffs and raising its revenue guidance for the third quarter.