Disney, Warner Bros. shares rise as part of broad rally in streaming stocks

The stock has now soared 14.8% amid a four-day win streak.

Walt Disney Co., the parent of the Disney+ and ESPN+ streaming services, saw its stock
DIS,
+2.74%
climb 2.5%. It was among the top gainers in the Dow Jones Industrial Average
DJIA,
which powered up 491 points, or 1.5%.

And Netflix Inc.’s stock
NFLX,
+1.08%
traded 1.1% higher toward a seven-week high. The streaming giant’s shares have tacked on 6.7% amid a four-day win streak.

Elsewhere, Paramount+ and CBS parent Paramount Global shares
PARA,
+10.37%
leapt 9.0% toward their best day in nine months. The stock has now gained 10% since it closed at a 14-year low of $10.70 on Friday.

The streaming sector had endured a rough couple of months, as stubborn inflation, higher interest rates and worries about a slowing economy prompted consumers to cut back on spending. But an indication that interest rates may have peaked helped fuel buying in beaten-down stocks.

Meanwhile, Roku’s stock
ROKU,
+30.74%
blasted 31% higher toward a seven-week high.

While the streaming platform provider for TVs reported late Wednesday a wider-than-expected loss, it easily beat revenue projections, reported a surprise profit by one adjusted financial metric and provided an upbeat outlook, amid a “solid rebound” in video ads.

D.A. Davidson analyst Tom Forte reiterated his buy rating on Roku’s stock, but lifted his price target to $101 from $90.

“[W]e were encouraged by the stabilization in the digital ad market despite an uncertain macroeconomic environment,” Forte wrote in a note to clients.

Shares of FuboTV Inc.
FUBO,
+14.64%,
which operates a sports-first TV streaming company, soared 12.4%.