Roku stock rockets after company announces Shopify partnership for shoppable TV ads

Shares of Roku Inc.
ROKU,
+11.43%
were surging more than 10% in Tuesday trading after the company said it would partner with Shopify Inc.
SHOP,
+1.66%
on an initiative that would let consumers shop from their television sets. Shopify shares were up about 1%. Viewers who see ads for Shopify merchants while watching Roku content will be able to use the Roku remote to learn more about the product and buy it directly within the TV interface, Roku said in a Tuesday release. They can use Roku Pay for their purchases and then continue streaming once they’re finished. “This is a great example of Roku’s unique platform position to make advertisers unmissable across the streamer’s journey, from power on to purchase complete,” Peter Hamilton, the company’s senior director of ad innovation, said in the release. Roku’s stock is up 84% so far this year as the S&P 500
SPX,
+0.41%
has advanced 15%.