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Wire

Top Midday Stories: SpaceX Shares Fall After Inaugural Results; AMD Drops Despite Strong Q2 EPS, Revenue

US equities were mixed and crude oil eased in late-morning trading Wednesday as investors remained hopeful that a deal to reopen the Strait of Hormuz may be reached soon by the US and Iran.In company news, Space Exploration Technologies (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from the loss of $0.34 a year earlier. Analysts surveyed by FactSet expected a loss of $0.23. Revenue rose to $7.81 billion from $4.07 billion, topping the $6.83 billion consensus. CEO Elon Musk said SpaceX will build its AI services exclusively on Nvidia's (NVDA) systems. SpaceX shares fell 8.6% around midday, and Nvidia rose 3.4%.Advanced Micro Devices (AMD) reported fiscal Q2 adjusted diluted EPS late Tuesday of $1.66, up from $0.48 a year earlier, above the $1.62 consensus. Revenue rose to $11.64 billion from $7.69 billion, exceeding the $11.31 billion market estimate. The company expects Q3 revenue of $13 billion, plus or minus $300 million, compared with the $12.54 billion consensus. AMD shares fell 6.8%.Shopify (SHOP) reported Q2 EPS of $1.16, up from $0.69 a year earlier and above the $0.30 consensus. Revenue rose to $3.58 billion from $2.68 billion, exceeding the $3.43 billion estimate. The company expects Q3 revenue to gain more than 30%. Shopify shares jumped 17%.Walt Disney (DIS) reported fiscal Q3 adjusted diluted EPS of $2.06, up from $1.61 a year earlier and above the $1.86 consensus. Revenue rose to $25.25 billion from $23.65 billion, trailing the $25.39 billion estimate. Disney shares rose 1.9%.Eli Lilly (LLY) reported Q2 non-GAAP EPS of $8.38, up from $6.31 a year earlier and above the $6.01 consensus. Revenue rose to $22.97 billion from $15.56 billion, topping the $20.69 billion consensus. The company expects full-year non-GAAP EPS of $35.50 to $36.50, compared to previous guidance of $35.50 to $37. Revenue is expected to be $85 billion to $87 billion, up from the prior forecast of $82 billion to $85 billion. Analysts expect EPS of $35.04 on revenue of $85.28 billion. Separately, CVS Health (CVS) is revamping its direct-to-consumer weight management program, lowering the cost of virtual visits and expanding access to GLP-1 medications through a collaboration with Lilly. Shares of Lilly rose 2.8%, and CVS dropped 5.8%.Uber Technologies (UBER) reported Q2 non-GAAP EPS of $0.81, up from $0.60 a year earlier and matching the consensus. Revenue rose to $14.19 billion from $12.65 billion, trailing the $14.24 billion consensus. The company expects Q3 non-GAAP EPS of $0.84 to $0.88, compared with the $0.87 market estimate. Uber shares fell 6.6%.Price: $114.57, Change: $-10.77, Percent Change: -8.59%

$AMD$CVS$DIS$LLY$NVDA$SHOP$SPCX$UBER
Disney's Quarterly Earnings Top Views, Revenue Falls Short Despite 'Toy Story 5' Boost
Wire

Disney's Quarterly Earnings Top Views, Revenue Falls Short Despite 'Toy Story 5' Boost

Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates on Wednesday even as revenue fell short of expectations despite a boost from "Toy Story 5."The media and entertainment giant's adjusted earnings rose to $2.06 a share for the quarter ended June 27 from $1.61 the year before, topping the FactSet-polled consensus of $1.86. Revenue improved 7% to $25.25 billion, but trailed the Street's view for a larger increase to $25.39 billion.Disney's stock rose 3.1% in Wednesday trade, cutting its year-to-date loss to 11%."Our accelerating global guests growth at experiences, Toy Story 5's theatrical and consumer products success, and strong ESPN viewership gains all helped expand our consumer reach this quarter," Chief Executive Josh D'Amaro and Chief Financial Officer Hugh Johnston said in prepared remarks.The "Toy Story 5" film has surpassed $1 billion in global box office, bringing the franchise's total haul at more than $4 billion, D'Amaro and Johnston said. The hit movie fueled sales of Toy Story merchandise and bolstered engagement on the Disney+ streaming service.Last month, UBS Securities said Disney was likely to post third-quarter earnings above expectations, driven by gains in its subscription video-on-demand, or SVOD, service and the experiences business.Revenue in the entertainment business advanced 6% to $11.35 billion as subscription and affiliate fees rose 12%. Advertising revenue slipped 1%. Entertainment SVOD sales grew 11%, driven by 15% subscription growth amid rate and volume gains, D'Amaro and Johnston said.For the fourth quarter, the entertainment segment's results will reflect Moana's weaker-than-expected performance at the box office, "along with a softer than expected advertising environment, particularly in domestic SVOD," according to D'Amaro and Johnston.Experiences revenue climbed 10% to $9.97 billion amid broad-based gains.Domestic park attendance rose 3% on a yearly basis, although the company faced continued headwinds internationally, according to the two executives. However, those headwinds moderated from the second quarter.Global guests across the experiences segment were up 4%, with Disney forecasting growth in the ongoing three-month period too, despite consumer softness in Asia, D'Amaro and Johnston said.For fiscal 2026, the company continues to project 12% growth in adjusted EPS, excluding the impact of the 53rd week, and a 16% rise including that week. The Street is looking for $6.80, compared with $5.93 reported last year.In July, streaming giant Netflix (NFLX) reported lower-than-expected second-quarter revenue, while media and connectivity giant Comcast's (CMCSA) earnings per share declined year over year.Price: $101.22, Change: $+3.04, Percent Change: +3.10%

$CMCSA$DIS$NFLX
Sectors

Sector Update: Consumer Stocks Edge Higher Premarket Wednesday

Consumer stocks were edging higher premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.7%.Walt Disney (DIS) stock was up more than 3% after the company reported higher fiscal Q3 adjusted earnings and revenue.Shopify (SHOP) shares were up over 22% after the company posted higher Q2 earnings and revenue.Booking (BKNG) stock was up more than 6% after the company reported higher Q2 adjusted net income and revenue.

$BKNG$DIS$SHOP$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were edging higher premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.6%.Walt Disney (DIS) stock was up more than 3% after the company reported higher fiscal Q3 adjusted earnings and revenue.

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Asia Markets

Update: Potential Strait of Hormuz Deal Buoys US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Wednesday on optimism for a potential deal to reopen the Strait of Hormuz.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.2% higher.President Donald Trump said that the US had "very good discussions" with Iran, with the agreement to reopen the Strait of Hormuz potentially happening soon. An Axios report citing two regional sources said that the US, Iran, and Oman were nearing an interim agreement regarding the waterway.Meanwhile, US Central Command said in a post on X that the strait "remains free and open for all commercial vessels seeking to transit."Traders digested the latest round of earnings, with SpaceX (SPCX) reporting a narrower loss and higher revenue for Q2.Sandisk (SNDK) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect earnings of $34.96 per share on revenue of $8.48 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.2% at $80.31 per barrel and US West Texas Intermediate crude 0.7% higher at $76.26 per barrel.ADP's national employment report showed that private sector employment increased by 44,000 in July, below expectations for a 65,000 gain in a survey compiled by Bloomberg.The S&P Global purchasing managers' index composite final report for July is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Lisa Cook and San Francisco Fed President Mary Daly are slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 3.7% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 1.5% higher. Meanwhile, the UK's FTSE 100 was up 0.5%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, SpaceX shares fell 11% after the company reported Q2 total capital expenditures of $18.37 billion, up from $2.83 billion in the year-ago quarter. Advanced Micro Devices (AMD) stock was 8.5% lower despite posting better-than-expected fiscal Q2 results and issuing Q3 revenue guidance above consensus estimates. Uber Technologies (UBER) shares dropped 3.1% after the company reported lower-than-expected Q2 revenue.On the winning side, Eli Lilly (LLY) stock was up 4.9% after the company reported better-than-expected Q2 non-GAAP earnings and revenue, as well as increased its 2026 EPS outlook. Walt Disney (DIS) shares rose 3.1% after the company posted fiscal Q3 adjusted earnings that surpassed analysts' consensus. Shopify (SHOP) stock soared 21% after the company reported a Q2 earnings and revenue beat.

Dow JonesNasdaq CompositeS&P 500$AMD$DIS$LLY$SHOP$SNDK$SPCX$UBER
Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings
US Markets

Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings

The benchmark US stock measures were trending higher in Wednesday's premarket activity amid growing optimism over a potential deal to reopen the Strait of Hormuz, while investors await the latest batch of corporate earnings.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each before the opening bell, while the Nasdaq edged up 0.1%. The S&P 500 and the Dow recorded fresh all-time highs on Tuesday, while the Nasdaq advanced for a fourth consecutive session.President Donald Trump reportedly said late Tuesday that an agreement to reopen the Strait of Hormuz, the world's most important chokepoint for crude flows, is imminent, following "very good discussions" with Iran, according to CNBC.Treasury Secretary Scott Bessent told CNBC on Tuesday that a potential deal to open the crucial waterway could be reached this week. Qatar's Foreign Ministry spokesperson Majed al-Ansari reportedly said that efforts to resolve the US-Iran conflict are "in very progressive stages."West Texas Intermediate crude oil increased 1.1% to $76.58 a barrel in premarket action, while Brent gained 1.7% to $80.73.Yemen's Iran-aligned Houthis reportedly claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a separate CNBC report.Treasury yields were mixed before the open, with the two-year rate rising 1.2 basis points to 4.21% while the 10-year rate retreated 1 basis point to 4.62%.Eli Lilly (LLY), Walt Disney (DIS), Shopify (SHOP), Uber Technologies (UBER), CVS Health (CVS), Phillips 66 (PSX), Kraft Heinz (KHC) and Global Payments (GPN) are scheduled to report their latest financial results before the bell, among others.Sandisk (SNDK), AppLovin (APP), McKesson (MCK), DoorDash (DASH), eBay (EBAY) and Expedia (EXPE) post their earnings after the markets close.Shares of SpaceX (SPCX) dropped 12% pre-bell after the rocket and satellite company reported quarterly results for the first time since going public. Advanced Micro Devices (AMD) fell 8.6% even though it recorded fiscal second-quarter results above market estimates. Arista Networks (ANET) jumped 16%.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for July at 8:15 am. The purchasing managers' index composite final report from S&P Global (SPGI) for July is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The domestic EIA petroleum inventories report is due at 10:30 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 4:05 pm, while San Francisco Fed President Mary Daly speaks at 8:35 pm.Gold gained 1.5% to $4,215 per troy ounce, while bitcoin slipped 0.2% to $64,146.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$APP$CVS$DASH$DIS$EBAY$EXPE$GPN$KHC$LLY$MCK$PSX$SHOP$SNDK$SPCX$SPGI$UBER
Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes
US Markets

Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average hit an all-time high on Monday as Wall Street extended its rally into the third day, while hopes for a US-Iran deal sent oil prices lower.The Dow rose 1.3% to 53,178.41, notching a record closing high. The Nasdaq Composite advanced 2.1% to 25,913.90, while the S&P 500 climbed 1.5% to 7,600.50. Most sectors were in the green, led by communication services' 4.3% jump, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.2% to $80.29 a barrel in Monday late-afternoon trade, while Brent dropped 4.7% to $83.80.President Donald Trump said Monday that the US is in talks with Iran. He previously called off a planned attack against Tehran."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower, with the 10-year rate down 6.1 basis points at 4.68% and the two-year rate falling 3.7 basis points to 4.25%.In company news, Boeing (BA) shares jumped 8%, the best performer on the Dow. The planemaker has received the US Federal Aviation Administration's clearance for its 737 Max 7, paving the way for the model's launch after nearly a decade of regulatory review.Atkore (ATKR) jumped 28% after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Marriott International (MAR) was the worst performer on the S&P 500, down 7%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.In economic news, the US manufacturing sector continued to grow in July, with Institute for Supply Management data indicating the fastest expansion rate in more than four years and S&P Global (SPGI) signaling steady growth pace.Spot gold edged up 0.2% to $4,052.94 per troy ounce, while silver rose 1% to $58.34 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$BA$CAT$DIS$LLY$MAR$MCD$MRK$SHOP$SPCX$SPGI$UBER
Update: Equities Rise Intraday, Oil Slides Amid Middle East Deal Optimism
US Markets

Update: Equities Rise Intraday, Oil Slides Amid Middle East Deal Optimism

(Updates with latest market prices and developments.)US stocks climbed intraday as oil prices fell after President Donald Trump renewed hopes for a diplomatic breakthrough in the Middle East conflict.The Nasdaq Composite was up 2% at 25,877.1 after midday Monday, while the S&P 500 rose 1.3% to 7,586.4. The Dow Jones Industrial Average climbed 0.9% to 52,962.1. Among sectors, communication services paced the gainers, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.8% to $79.77 a barrel, while Brent dropped 4.8% to $83.70.Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing venue details, news outlets reported. In a social media post, Trump said that he called off a planned attack against Iran because the "perimeters of a deal has been agreed to.""Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower intraday, with the 10-year rate down 5.5 basis points at 4.69% and the two-year rate falling 3.1 basis points to 4.26%.In company news, Atkore (ATKR) jumped 28% intraday after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Lantheus (LNTH) will become a private company following the completion of an up to $8 billion deal with Curium. Lantheus shares were up 2.7% intraday.Integer (ITGR) agreed to be acquired and taken private by investment firm KKR (KKR) in an all-cash deal with an enterprise value of about $5.7 billion. Integer rose 2.7%, while KKR advanced 2.1%.Marriott International (MAR) shares were the worst performer on the S&P 500, down 7.1%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.Palantir Technologies (PLTR) is scheduled to release its latest quarterly results after markets close Monday.Spot gold fell 0.2% to $4,038.48 per troy ounce, while silver was up 0.1% at $57.83 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$CAT$DIS$ITGR$KKR$LLY$LNTH$MAR$MCD$MRK$PLTR$SHOP$SPCX$UBER
Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck
US Markets

Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck

The benchmark US stock measures were pointing higher before the opening bell Monday as President Donald Trump said he called off a planned attack on Iran, while traders await fresh labor market data and more corporate earnings later in the week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.4% in premarket activity. All three main indexes finished Friday trading in the green.In a social media post over the weekend, Trump said he canceled a planned attack against Iran after being asked by Tehran and other Middle Eastern countries to hold off because the "perimeters of a deal has been agreed to." The proposed deal would include the "immediate, complete, and total opening" of the Strait of Hormuz, Trump wrote."I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal," Trump said. Media reports last week said Trump was preparing for a fresh round of strikes against Tehran.West Texas Intermediate crude oil dropped 5.8% to $79.77 a barrel before the open, while Brent fell 4.7% to $83.82.On Sunday, seven members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said they agreed to raise combined oil production by 188,000 barrels per day next month.Fresh labor market data is scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for June on Tuesday. Last month's ADP employment and Challenger Job Cut reports are due on Wednesday and Thursday, respectively. The government's nonfarm payrolls data for July is out on Friday.Treasury yields were trending lower in premarket action, with the two-year rate retreating 4.7 basis points to 4.24% and the 10-year rate declining 6.1 basis points to 4.68%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for July at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their latest quarterly results this week.Palantir Technologies (PLTR), Williams (WMB) and Snap (SNAP) post their earnings after the markets close Monday, while Marriott International (MAR), EchoStar (ECHO) and Tyson Foods (TSN) are expected to announce their financial statements before the bell, among others.AstraZeneca's (AZN) US-listed shares slipped 5.1% pre-bell following media speculation that the company is in talks with Bristol Myers Squibb (BMY) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. Bristol Myers' stock gained 6.4%.Atkore (ATKR) jumped 27% early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Gold inched 0.1% higher to $4,109 per troy ounce, while bitcoin was down 1.2% at $62,596.

Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$AZN$BMY$CAT$DIS$ECHO$LLY$MCD$MRK$PLTR$SHOP$SPCX$TSN$UBER$WMB
Equities

S&P 500 Posts Weekly Gain Amid AI Monetization Optimism

The Standard & Poor's 500 index rose 1.1% this week as hyperscalers showed the mega spend on the artificial intelligence buildout is being monetized.The market benchmark ended the week at 7,489.72. The index is now down 0.1% quarter-to-date but up 9.4% year-to-date.Microsoft (MSFT) and Amazon.com (AMZN) rose this week as quarterly results from the tech giants showed revenue growth in areas related to AI products and services, helping calm worries surrounding hundreds of billions of dollars of investments earmarked for the AI buildout.Microsoft reported triple-digit AI annual recurring revenue growth and an accelerating Azure trajectory into the end of 2026, Dan Ives, global head of technology at Wedbush Securities, said in a note to clients. The software behemoth's quarterly results, which included Azure's full-year revenue surpassing $100 billion for the first time, reinforced the idea that "any knee-jerk reactions to the elevated capex framework represent strong buying opportunities," Ives said.Shares of Microsoft were up 22% this week.The consumer discretionary sector in the S&P 500 had the largest percentage gain of the week, up 8.3%, followed by a 5.4% advance in communication services and a 1.2% rise in consumer staples.Sales at Amazon's cloud computing unit delivered the fastest growth in 18 quarters, helping the e-commerce giant exceed market expectations for Q2 earnings and revenue. Shares jumped 17% this week even as the e-commerce behemoth expanded its capital expenditure by about $20 billion to $220 billion.A consortium of banks led by Morgan Stanley (MS) is in talks to lend $15 billion to a data-center developer to build a campus and power plant for Anthropic in Texas, The Wall Street Journal reported Thursday, citing people familiar with the matter. Alphabet's (GOOG, GOOGL) Google would provide financial guarantees and chips for the project. Shares of Alphabet are up 12% this week.The three worst-performing S&P 500 sectors this week were utilities, real estate and materials, down 4.2%, 2.2%, and 1.7%, respectively.C.H. Robinson Worldwide (CHRW) said a jury in Texas issued a $604 million advisory verdict against the firm and two other defendants in a lawsuit stemming from a trucking accident involving an independent motor carrier. Shares declined 21% this week.Edison International (EIX) said Thursday that Southern California Edison believes it is likely its equipment was associated with the ignition of the 2025 Eaton Fire, according to a Thursday quarterly filing. Southern California Edison recorded $1.6 billion in settlement-related losses and said it expects to incur additional material losses related to the fire, per the filing. Shares of Edison slumped 8% this week.Palantir Technologies (PLTR), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Walt Disney (DIS), SanDisk (SNDK), Uber Technologies (UBER) and Take-Two Interactive Software (TTWO) are among the companies reporting their quarterly results next week.Economic data due next week includes non-farm payrolls, job openings and labor turnover survey, and ISM manufacturing and services purchasing managers' indexes.

S&P 500$AMD$AMZN$CAT$CHRW$DIS$EIX$GOOG$GOOGL$MS$MSFT$PLTR$SNDK$SPCX$TTWO$UBER
Wire

Market Chatter: ESPN Conducting New Wave of Layoffs

Walt Disney's (DIS) ESPN has commenced a new round of layoffs, with most of the impacted jobs tied to its acquisition and integration of NFL assets, including NFL Network, Business Insider reported, citing an internal company memo it viewed.ESPN did not immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $96.24, Change: $-0.17, Percent Change: -0.18%

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Wire

Disney's ESPN Plans New Wave of Layoffs, Business Insider Reports

Disney's ESPN Plans New Wave of Layoffs, Business Insider Reports

$DIS
Disney Poised for Third-Quarter Earnings Beat on Experiences, Entertainment Strength, UBS Says
US Markets

Disney Poised for Third-Quarter Earnings Beat on Experiences, Entertainment Strength, UBS Says

Walt Disney (DIS) is likely to post fiscal third-quarter earnings above Wall Street's estimates, buoyed by gains in its experiences business and subscription video-on-demand services, UBS Securities said Monday.The brokerage projects the media and entertainment giant to log earnings of $1.91 a share for the quarter when it reports results Aug. 5. The Street is looking for $1.85, according to UBS."We expect (third-quarter) results to reflect accelerating EPS growth as (first-half) headwinds are lapped, supported by (high-single-digit) growth in experiences and (double-digit) growth in SVOD," UBS analysts, including John Hodulik, said in a note to clients. Sports earnings before interest and taxes are seen dropping by mid-teens amid higher sports rights costs, and as box office "remains soft," the analysts said.The brokerage lowered its price target on the Disney stock to $133 from $138 with a buy rating.The company's shares were down 1.1% in Monday afternoon trade, bringing its year-to-date losses to nearly 15%.For Disney's experiences business, UBS projects revenue to rise 8.7% for the quarter, as upfront cruise costs and pre-opening costs for World of Frozen-themed land are lapped. Domestic attendance improved sequentially in the third quarter, while international visitation was "partially lapped," the analysts said.UBS expects overall revenue in Disney's entertainment business to grow 8.7%, buoyed by the consolidation of live-sports streaming company Fubo. The company's subscription services include the Disney+, Hulu and Disney+ Hotstar streaming platforms.Third-quarter SVOD revenue is expected to increase by 11%, compared with growth of 13% in the prior quarter, as foreign-exchange tailwinds fade and the company's pricing actions from last year continue to filter through, UBS said.For fiscal 2026, the brokerage projects EPS of $6.90, compared with the Street's $6.83 views, amid "solid" performance in the experiences segment, improving operating income in the sports business and SVOD above 10%.Price: $96.88, Change: $-0.79, Percent Change: -0.81%

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Wire

Walt Disney Q3 Likely to See Double-Digit EPS Growth, UBS Says

Walt Disney's (DIS) fiscal Q3 results are expected to reflect accelerating EPS growth as H1 headwinds are lapped, UBS said in a Monday report. The results are due Aug. 5.The note said the experiences and subscription video on demand segments are likely to drive growth while sports EBIT decline due to higher sports rights costs and box office remains soft.The company is expected to report Q3 EPS of $1.91, up about 18% from a year ago, on revenue of $25.4 billion, the report said. The consensus is for EPS of $1.85.The note also said domestic attendance is expected to have improved in Q3 as headwinds from last year's Epic Universe opening and global visitation were partially lapped.UBS kept its buy rating while lowering its price target to $133 from $138.Price: $96.71, Change: $-0.96, Percent Change: -0.98%

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Wire

Market Chatter: FCC Close to Rulings Against Disney Over TV Licenses, 'The View'

The Federal Communications Commission is expected to rule against Walt Disney (DIS) in two separate investigations regarding its broadcast TV licenses and the designation of its show, "The View," Bloomberg reported Wednesday, citing people familiar with the matter.The FCC is preparing to send a probe into Disney's broadcast licenses to an agency hearing, the next step toward possible license revocation, the report said, citing the people. The agency is also expected to determine that The View is not a "bona fide" news show, the people reportedly told Bloomberg.The FCC and Disney didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $97.62, Change: $+1.74, Percent Change: +1.82%

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Wire

FCC Close to Rulings Against Disney Over TV Licenses, 'The View,' Bloomberg Reports

FCC Close to Rulings Against Disney Over TV Licenses, 'The View,' Bloomberg Reports

$DIS
Research

Benchmark Initiates Walt Disney at Buy With $115 Price Target

Walt Disney (DIS) has an average rating of buy and mean price target of $129.67, according to analysts polled by FactSet.

$DIS
June Domestic Box Office Likely to Set Up Best Second-Quarter Post COVID-19, B. Riley Says
US Markets

June Domestic Box Office Likely to Set Up Best Second-Quarter Post COVID-19, B. Riley Says

US box office revenue in June is likely to come in higher than previously projected, potentially setting up the best second-quarter performance after the COVID-19 pandemic, according to B. Riley Securities.Figures for the current ending month show box office collections are likely to come in at $1.05 billion, climbing 27% year over year and ahead of the brokerage's prior forecast of $1 billion, it said in a client note emailed Tuesday.B. Riley cited ongoing momentum for certain releases in May, such as the Comcast (CMCSA)-owned Universal Pictures' "Obsession" and the A24-distributed "Backrooms," behind the upgrade.The performance is expected to result in a quarterly domestic box office of around $3 billion, representing an annual gain of 10% and the "best (second quarter) post-COVID," B. Riley Managing Director Drew Crum said in the note. This would be a "positive for all names across our universe," especially AMC Entertainment (AMC), Cinemark (CNK) and Marcus (MCS), according to Crum.AMC shares edged down 0.3% in Tuesday trade, while Cinemark and Marcus declined 2% each.Box office collections totaled $155.2 million over the weekend, led by Walt Disney's (DIS) "Toy Story 5" with $70.8 million, according to BoxOfficeMojo, owned by Amazon (AMZN) company IMDb. Momentum for the film was "muted by an equity offering" by AMC, B. Riley said.Last week, AMC closed its registered direct offering of 95.3 million common shares for gross proceeds of around $200 million.Warner Bros.' (WBD) "Supergirl" raked in an estimated $37.1 million, which the brokerage views as "underwhelming" when compared with its reported $170 million production budget. Imax (IMAX) took in nearly $8 billion of the film's domestic box office, or roughly 20%, "representing its highest domestic opening weekend index of any superhero title" in the theater company's history, according to B. Riley.Price: $2.01, Change: $-0.02, Percent Change: -0.99%

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Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.6%.In corporate news, Carnival (CCL) is under investigation following an April data breach that compromised personal information of about 6 million people, Texas Attorney General Ken Paxton said in a statement Monday. Carnival shares fell 2.8%.Uber (UBER) was sued Monday by shareholders who accused the ride-sharing company's board of ignoring warnings about compliance failures that allegedly contributed to thousands of sexual assault and harassment lawsuits, Reuters reported. Separately, Uber is expected to invest a "meaningful" amount and be named as an anchor investor for Lime's IPO, The Information reported. Uber shares were down 0.3%.Lucid (LCID) shares fell 3.9% after the company said Monday it plans to cut 18% of its workforce as part of a plan to streamline its structure and boost profitability.Walt Disney's (DIS) ABC broadcast network launched an on-air commercial campaign urging viewers to submit comments to the Federal Communications Commission as the agency reviews ABC's petition regarding "The View," its daily talk show. Disney shares shed 1.7%.

$CCL$DIS$LCID$UBER
Sectors

Sector Update: Consumer Stocks Decline in Afternoon Trading

Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.3%.In corporate news, Lucid (LCID) shares fell 5.2% after the company said Monday it plans to cut 18% of its workforce as part of a plan to streamline its structure and boost profitability.Walt Disney's (DIS) ABC broadcast network launched an on-air commercial campaign urging viewers to submit comments to the Federal Communications Commission as the agency reviews ABC's petition regarding "The View," its daily talk show. Disney shares were down 2.2%.Getty Images (GETY) said Sunday it has entered into a display agreement with OpenAI under which Getty content will be displayed within ChatGPT. Getty shares surged almost 105%.

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