Roku shares slammed by Amazon, Best Buy's smart-TV deal

Roku shares slammed by Amazon, Best Buy's smart-TV deal

There are more than 10 models to choose from at launch, available at Best Buy's online and Amazon stores.

"Amazon and Best Buy have a long history of working together, and today we take our partnership to a new level", Amazon founder and CEO Jeff Bezos said in a statement, adding that Amazon "could not have a better partner". "These Fire Edition smart TVs by Insignia and Toshiba deliver attractive visuals and all the movies and TV shows you love, with an experience that gets better every day with Alexa". Investors seemed to like the partnership: Best Buy's stock rose 4 percent Wednesday.

The new Fire TV Edition televisions are 4K sets that have Amazon's Fire platform built in. The company sells devices like its Echo speakers and Fire TV sticks from its small cluster of bookstores, kiosks at Amazon-owned Whole Foods Market stores, as well as pop-up stores in malls and Kohl's locations.

The announcement marks another collaboration between the two rival retailers, with Best Buy already selling many Amazon devices in its stores and bringing a limited set of its inventory for sale via voice shopping on Amazon's Alexa. It also will become a third-party seller on Amazon.com as part of the deal.

Amazon (NASDAQ:AMZN) and Best Buy (NYSE:BBY) are in a new partnership to sell different TV models powered by Amazon Fire.

US Commerce Department bans selling China's ZTE
Other optical component companies also slid, with Lumentum Holdings Inc falling 8.9 percent and Finisar Corp dropping 4 percent. It has relied on USA companies including Qualcomm Inc, Microsoft Corp and Intel Corp for some components.

That "incredible user experience" that Fire TV Edition delivers, as Joly referenced, includes the ability to use one's voice to shop right from their couch. But this move feels bigger, if only because consumers often go to physical stores to look at a TV before making a purchase. Retail availability will extend to Canada "later this year".

The bundled Alexa-compatible remote will allow voice commands for launching apps, searching for TV shows, playing music and switching inputs, among others. The highlight feature of the Smart TVs is, of course, the Alexa integration.

The newly designed TVs will come with a built-in Fire TV interface.

Best Buy and Amazon have been fierce competitors over the years.

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