Netflix shares fell Tuesday as investors weighed fresh M&A speculation against the company’s next earnings catalyst. The stock was down about 2.7% at $79.48, compared with a 1.5% drop in the Invesco QQQ Trust, a widely used exchange-traded fund that tracks the Nasdaq-100 growth-stock basket. The move came after The Fly, citing Semafor, reported that Netflix lost a bid for Roku to Fox and is among media companies interested in Lionsgate Studios, though no formal indication of interest has been made.