HNHPF - Why Roku Stock Jumped 5% Today
Shares of media-streaming technology expert Roku (NASDAQ: ROKU) traded 5% higher as of 1 p.m., EDT. A household name in consumer electronics is getting back to the American TV market after a six-year hiatus. It has tapped Roku to provide the smart TV software platform for its upcoming living room products.
Japanese electronics veteran Sharp exited the U.S. television market in 2015, selling its North American manufacturing plants and licensing its brand name to the Chinese sector peer Hisense. The following year, the Chinese electronics manufacturing giant Hon Hai Precision Industry (OTC: HNHPF) picked up the company in a $3.5 billion buyout.
Well, the reformed Sharp is getting back to making American TV sets. A Nikkei report says that Sharp will make LCD televisions with 50-inch to 75-inch liquid display screens, made in Hon Hai's Foxconn-branded Mexican plants with Roku's smart TV software installed. Hisense's use of the Sharp brand ended in 2019, following a heated courtroom battle where Sharp claimed that Hisense was damaging the brand.
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Why Roku Stock Jumped 5% Today