Shares of Roku (NASDAQ: ROKU) initially gained ground on Wednesday, jumping as much as 2%, before losing their momentum and heading southward. As of the market close, the stock was down 4%.

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. The service added 2.4 million subscribers, sailing past its own forecast (and Wall Street's consensus estimates) of roughly 1 million.

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Source Fool.com