Why Roku Stock Tumbled on Monday

Early in the trading day on Monday, shares of Roku (NASDAQ: ROKU) turned sharply lower, declining as much as 6.7%. By 12:46 p.m. ET, the stock was still down 3%.

The catalyst that sent the streaming pioneer tumbling was a report that a big player was entering the streaming device and connected-TV space.

Microsoft (NASDAQ: MSFT) is working to expand is Xbox Cloud game-streaming platform. Over the coming year, the company plans to release a dongle or set-top box that will allow users to connect directly to the platform, while also providing access to a variety of streaming services, according to VentureBeat. Microsoft is also partnering with Samsung to provide access to its cloud gaming platform via the company's smart TVs.

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Source Fool.com