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U.S. indices traded lower Monday amid continued weakness in tech stocks. Concerns over inflation and yields, as well as a rotation out of tech and software names, have continued to pressure stocks this year. The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ: DIA ) closed lower by 0.18% at $343.65. The SPDR S&P 500 ETF Trust (NASDAQ: SPY ) finished lower by 0.25% at $415.52. The Invesco QQQ Trust Series 1 (NASDAQ: QQQ ) also closed lower by 0.61% … Full story available on Benzinga.com
Walt Disney Co.'s (NYSE: DIS ) ESPN segment has been known as the top sports media network for years. In order to keep the crown, Disney continues to shell out billions of dollars to land and renew sports media deals. Will it continue to pay off for shareholders? What Happened: ESPN announced new deals for baseball, football and soccer last week, a continuation of a busy five months of deals signed by the sports network. ESPN announced a slimmed-down Major League Baseball (MLB) deal. The seven-year renewal keeps MLB content, such as Sunday Night Baseball, on ESPN through 2028. The deal includes a 30-game regular season, including 25 Sunday Night games, which is down from the current 90 games. ESPN will have the exclusive rights to Wild Card series for the MLB Playoffs. La Liga, the top soccer league in Spain, will come to ESPN with a new $1.4 billion eight-year deal , making it the most lucrative overseas soccer deal signed for the U.S. It becomes a swap … Full story available on Benzinga.
So much for “spillover.” Last week’s late recovery didn’t extend into Monday’s early hours, with overnight trading showing red. Caution, seen pretty clearly a week ago, appears to remain a factor, with bonds getting a slight lift and the 10-year Treasury yield slipping just a bit. Volatility also surged in the pre-market hours after relaxing into the weekend. There just isn’t the confidence of a few weeks ago, particularly in the Technology sector, and that’s what’s weighing. We’re at a fork in the road in terms of inflation, rates, and “back to work.” Can reality meet expectations when people go back to the office? Investors are afraid to commit, and who can blame them with so many question marks spinning around. For now, there’s caution and continued back and forth between value and growth. There’s no great catalyst at the moment. One other possible reason for initial weakness today could be some data earlier Monday out of China showing April retail sales rising less than some analysts had expected.
Cathie Wood-led Ark Investment Management on Friday bought 150,556 shares, worth about $26.15 million, in Walt Disney Co (NYSE: DIS ), marking its debut in the media and entertainment company as analysts pointed to benefits from the reopening of theme parks in 2021. DIS shares fell 2.58% at $173.70 on Friday. The company reported fiscal second-quarter earnings after market hours on Thursday. See Also: Walt Disney Shares Pull Back After Q2 Earnings: What Do Analysts Think? Walt Disney World Resort has announced that visitors are no longer required to wear masks in most outdoor areas. The Disney shares were purchased for the ARK Next Generation Internet ETF (NYSE: ARKW ). Shares of ARKW closed 4.14% higher at $128.60 on Friday. ARKW also sold 26,621 shares, worth about $13.1 million, in video streaming company Netflix Inc (NASDAQ: NFLX ). Ark also holds 23,226 shares, worth about $11.3 million, in … Full story available on Benzinga.com
Disney's parks division, one of the company's foundations since the opening of Disneyland in 1955, is trying to rebound after a challenging year that brought extended closures and significant layoffs. However, the unit received news Thursday that could give Disney's parks a much-needed boost.
Stocks that traded heavily or had substantial price changes Friday: DoorDash, Dillard’s rise; Disney, Poly fall
Disney's stock took a hit on Thursday following the news that its prized streaming service Disney+, notched fewer subscribers than expected. So the platform's rapid rise may have hit a snag — but it doesn't mean investors should panic.
Walt Disney Co (NYSE: DIS ) shares traded lower by 3% on Friday after the company’s fiscal second-quarter subscriber numbers fell short of Wall Street’s expectations . On Thursday afternoon, Disney reported second-quarter EPS of 79 cents on revenue of $15.61 billion. Both numbers exceeded consensus analyst estimates of 27 cents and $15.87 billion, respectively. Revenue was down 13% from a year ago. Disney reported 103.6 million paid Disney+ streaming subscribers, well short of analyst expectations of 109 million. However, management reiterated its previous guidance of between 230 million and 260 million Disney+ subscribers by 2024. Average monthly revenue per user dropped 29% to $3.99 in the quarter, which Disney attributed to the launch of Disney+ Hotstar. Disney said it now had 159 million total direct-to-consumer subscribers, which includes ESPN+ and Hulu. Related Link: Wendy's Analysts Break Down Q1 Beat: 'Further Upside Exists' Long-Term Subscriber Growth: CFRA analyst Tuna … Full story available on Benzinga.
Your vocabulary word for the day is “boing.” Definition: The sound the stock market makes when it’s bouncing. Early indications from the futures market this morning suggest stocks may end the week on a high note as investors continue to be in buy-the-dip mode. But there’s still a ways to go if the market hopes to erase the steep losses from earlier in the week. This seems to be another page in the narrative we’ve been seeing for a while where investors are trying to figure out valuations based on two main fronts. The first is a continued tug of war between reopening stocks and those that could benefit if something happens to derail the domestic COVID-19 recovery. The second is whether a spike in inflation will be a long-term thing or just temporary (or “transitory” in Fed-speak). Uncertainty about those issues seems to continue to inject some caution into the market. While risk assets like stocks and oil are higher and the Cboe Volatility Index (VIX) is falling, demand for relatively safe U.S. government debt is up.
Stocks moving in premarket trading Friday include DoorDash, Disney, Snowflake, Alibaba and Coinbase.
Upfronts week--during which the biggest media companies hold their upfront presentations for marketers--was a no-go last year due to the pandemic, but almost every presenter has returned for the annual May event. Monday will kick off three days of virtual presentations from NBCUniversal, Fox, Discovery, Univision, Disney, WarnerMedia and ViacomCBS (only The CW, which usually…
Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.
Disney+ had around 103.6 million subscribers at the end of April, the media giant said, but slowing international additions weighed on overall growth as the coronavirus pandemic continues to impact Disney's global business.
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