JPMorgan Downgrades Roku to Neutral on Fox Deal. Stock: "Watch Me Rally."

On the morning of June 16, JPMorgan, Piper Sandler, Citizens, and KeyBanc all downgraded Roku in response to the Rupert Murdoch-backed Fox acquisition ($22B). The thesis: the deal was a minefield of complexity, liability, and strategic mismatch. JPMorgan cut from Overweight to Neutral, while others followed suit. Meanwhile, the market yawned and sent ROKU higher overnight. Wall Street's thesis: this deal is a disaster. Retail traders' thesis: free money. Guess who won? Spoiler: not the analysts.