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Fox (FOXA) has an average rating of overweight and mean price target of $71.53, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
The Standard & Poor's 500 index rose 1.8% this week, led by gains in communication services and financials ahead of the holiday weekend.The S&P 500 ended Thursday's session at 7,483.24. This marks the end of the trading week as the US stock market will be closed on Friday in observance of Independence Day.Earlier this week, the S&P 500 closed out June with a 1.1% loss, its first monthly decline since March. Still, it gained 15% in the second quarter and 9.6% in the first half of 2026.On Thursday, US jobs data for June came in mixed. The data showed the US economy added fewer jobs than expected in June, yet the unemployment rate came in lower than forecast.Total nonfarm payrolls rose by 57,000 last month, representing the weakest tally since February and a notable miss versus the consensus estimate for an 113,000 increase. Also, May's gain was downwardly revised to 129,000 from an initial 172,000, while April's tally was lowered to 148,000 from 179,000.Nevertheless, the unemployment rate ticked down to 4.2% from 4.3%. The rate had been expected to remain at 4.3%.Communication services was the best performing sector this week, climbing 4.9%, followed by a 3.7% advance in financials, a 2.8% increase in consumer discretionary and a 2.1% rise in health care. Industrials and materials also rose by more than 1% each, while technology and consumer staples edged higher.Fox (FOXA, FOX) had the largest percentage gains in communication services for the week, with its Class A shares jumping 13% and Class B shares rising 10%. A regulatory filing showed the company entered into a $1 billion senior unsecured term loan credit agreement to help fund a portion of the cash consideration for its pending acquisition of Roku (ROKU). The two-year term loan facility will be available upon completion of the acquisition, with Fox also able to borrow up to an additional $1 billion, it said.Robinhood Markets (HOOD) led the climb in financials, gaining 14%. The company launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported.Real estate declined 1.5% while utilities and energy shed 1% each.Digital Realty (DLR) was among the hardest-hit stocks in real estate, falling 10%. The company said on Tuesday that it priced a secondary public offering of 12.3 million shares by affiliates of Blackstone (BX) at $185.00 each, representing a discount to its Monday closing price of $190.58.Quarterly earnings reports next week are expected from companies including PepsiCo (PEP) and Delta Air Lines (DAL).Economic data will include May consumer credit, June existing home sales, and the June Services Purchasing Managers' Index or PMI.
Fox (FOXA) is expected to have a strong performance in fiscal Q4 as the World Cup boosts advertising revenue and FOX One subscribers, UBS Securities said.The analysts forecast total advertising revenue to increase 31% for the quarter year over year versus 28% in the previous period. Stripping out the impact of the World Cup, Tubi, and other one-off items, the analysts' estimate is an advertising revenue decline of 1%.Distribution revenue is expected to grow 3.1%, slightly below 3.3% from the last quarter, according to the note Tuesday.With this year's World Cup generating higher TV ratings than the previous tournament, the analysts raised their estimate for World Cup advertising revenue. They now expect the tournament to generate about $500 million in advertising revenue across fiscal Q4 and the following quarter, up from their prior estimate of $350 million.The investment firm expects fiscal Q4 earnings before interest, taxes, depreciation, and amortization to increase 9% year over year. UBS said this would help drive a record full-year EBITDA of about $3.7 billion for Fox despite fiscal 2026 being a non-election year.UBS' rating on the company's stock is buy with a price target of $78.Shares of Fox were up nearly 4% in Wednesday trading.Price: $50.60, Change: $+1.81, Percent Change: +3.71%
Roku (ROKU) remains worth at least $155 a share on a standalone basis, but its proposed acquisition by Fox (FOX, FOXA) has limited the stock's near-term upside by tying returns to Fox's share performance and the deal process, Wedbush Securities said in a Tuesday note.The firm said its view of Roku's fundamentals remains unchanged following the deal announcement.Wedbush pointed to Roku's "exceptional" Q1 results, including 28% growth in platform revenue, 27% growth in advertising revenue and 30% growth in subscriptions, along with raised 2026 guidance.Wedbush said the transaction's headline value of $160 per share was based on a reference price for Fox shares and that the real-time value had fallen to about $149 as of Monday because of declines in Fox stock.The firm noted that the exchange ratio is fixed, leaving Roku shareholders exposed to movements in Fox shares before closing. Key variables for investors now are Fox's share performance, shareholder approval and regulatory clearance, according to the note.Wedbush downgraded Roku to neutral from outperform and maintained its $155 price target.Price: $138.68, Change: $-2.22, Percent Change: -1.58%
(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes surged after Washington and Tehran reached an interim agreement that sets the stage for a reopening of the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite surged 3.1% to 26,683.94, with the S&P 500 up 1.7% to 7,554.29, and the Dow Jones Industrial Average higher by 0.9% to 51,671.0 on Monday.Technology, communication services, and consumer discretionary led the gainers, while energy was the standout decliner.President Donald Trump and Vice President JD Vance both virtually signed the agreement to end a US blockade of Iranian ports, reopen the Strait of Hormuz, and start 60 days of nuclear negotiations, CNN reported, citing a senior US official.No text of the memorandum of understanding between Washington and Tehran has been released yet, with Trump saying it will likely be publicly released after the signing ceremony, the news report said. Both sides have offered differing accounts on key issues, including Hormuz. Iran intends to collect certain "fees" in the critical waterway, while Trump said it would fully reopen on Friday without tolls, according to the news report.The ceasefire in Lebanon - one of Iran's preconditions for a negotiated settlement - has been observed in the memorandum of understanding, Al Jazeera reported, citing Iran's Foreign Ministry spokesman, Esmail Baghaei. Tel Aviv won't withdraw from land seized in Lebanon, where it is fighting the Iranian-backed Hezbollah militant group, the Associated Press cited Israel's defense minister as saying on Monday.Crude oil futures extended declines. Front-month global benchmark North Sea Brent fell 3.6% to $83.75 per barrel, and US West Texas Intermediate slid 3.4% to $81.48 per barrel.Most US Treasury yields fell, with the 10-year slipping a basis point to 4.48% and the two-year down by 1.5 basis points to 4.07%.In precious metals, gold futures jumped 2.4% to $4,341.52, while silver futures climbed 3.3% to $70.21.In economic news, US industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.The National Association of Home Builders' monthly housing market index fell to 35 in June from a revised 37 in May, compared with expectations for a 37 print in a Bloomberg-compiled poll. The index was still above 32, as reported a year earlier.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US. Shares of Fox slumped 17%, the worst performer on the S&P 500 and the Nasdaq.Western Digital (WDC) shares jumped 16%, the top gainer on the S&P 500 and Nasdaq, after Morgan Stanley raised the company's price target to $650 from $488 while keeping its overweight rating, citing rising demand for Hard Disk Drives.
(Updates with market moves at the end of the day.)The Dow Jones Industrial Average notched a new all-time high on Monday as a framework between the US and Iran to reopen the crucial Strait of Hormuz sent oil prices tumbling.The Dow rose 0.9% to settle at 51,671, topping its previous closing high recorded on June 4. The Nasdaq Composite jumped 3.1% to 26,683.9, while the S&P 500 climbed 1.7% to 7,554.3 -- both indexes advancing for a third consecutive session.Most sectors were in the green, led by technology's 3.4% gain, while energy saw the steepest drop.US markets will be closed Friday for the Juneteenth National Independence Day holiday.The US and Iran have reached an agreement to end their war and reopen the Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.The strait -- the world's most important chokepoint for crude flows -- has remained effectively closed since the US-Israel war with Iran began at the end of February.West Texas Intermediate crude oil was down 4.1% at $81.39 a barrel in Monday late-afternoon trade, while Brent fell 4.1% to $83.73.In the US, gasoline prices averaged $4.065 per gallon on Monday, compared with $4.164 a week earlier and $4.528 a month ago, according to AAA, a travel organization that tracks fuel prices in the country.While the US-Iran agreement lifts sentiment, analysts flagged potential implementation risks.US Treasury yields were lower, with the two-year rate last down 1.4 basis points at 4.08% and the 10-year rate falling 1.1 basis points to 4.48%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday, with Chair Kevin Warsh at the helm for the first time. Policymakers are widely expected to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool."We expect the Warsh Fed to move slowly on interest rates, especially with expectations for an end to the war," D.A. Davidson said. "The Fed, however, could remove its easing bias (a view that rates will be lower over the medium term)."The central bank's so-called "dot plot" may signal no interest rate cuts until 2028, said UBS Securities, which flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Fed data showed.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said.SpaceX (SPCX) surged 20%, after the Elon Musk-led company finished its trading debut on Friday up 19%.Nvidia (NVDA) rose 3.5%, the second-biggest gainer on the Dow. Nvidia is looking to raise at least $20 billion from its first corporate bond sale since 2021, Bloomberg reported, citing people with direct knowledge of the matter.Micron Technology (MU) shares deserve a higher valuation amid a stronger memory cycle driven by artificial intelligence demand and tight industry supply, RBC Capital Markets said. The brokerage raised its price target for Micron to $1,200 from $525 and maintained an outperform rating.Micron's stock rallied 11%.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox's class A and B shares slid about 17% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.9%.Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash transaction valued at about $2.75 billion, creating a global platform for local and cross-border commerce. Payoneer climbed 4.2%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week.Gold was last up 2.5% at $4,342.80 per troy ounce, while silver rose 3.4% to $70.29 per ounce.
Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.7%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 1.5%, and Fox Class A and Class B shares fell 16% and 15% respectively.The request by Amazon's (AMZN) Whole Foods for a review of the January 2025 vote by workers at a Philadelphia store location to unionize was denied Monday by the US National Labor Relations Board. Amazon shares were up 3.1%.Anheuser-Busch InBev (BUD) plans to invest over $20 million in its St. Louis and Arnold, Missouri, operations. Anheuser-Busch shares were down 1.5%.China's market regulator has ordered Walmart-owned (WMT) Sam's Club to strengthen food safety controls across its supply chain following the discovery of food safety issues, Reuters reported. The report said the State Administration for Market Regulation held talks with a Sam's Club executive and instructed the retailer to eliminate risks and safeguard consumer food safety. Walmart shares were decreasing 0.3%.
(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices sank as markets cheered an agreement between Washington and Iran to end their war and reopen the crucial Strait of Hormuz.The Nasdaq Composite was up 3.1% at 26,677.8 after midday Monday, while the S&P 500 rose 1.9% to 7,569.3. The Dow Jones Industrial Average gained 1.3% to 51,878.1. Most sectors were in the green, led by technology's 3.3% advance, while energy saw the steepest drop.On Sunday, US President Donald Trump said that a deal with Iran was "complete" and that he authorized the immediate removal of the US naval blockade of Iranian ports. In a separate social media post, Trump said the Strait of Hormuz will reopen for mine removal upon the signing of the peace agreement, scheduled for Friday in Switzerland.The strait has been effectively shut since the end of February, when the US and Israel launched joint strikes on Iran.West Texas Intermediate crude oil was down 5.3% at $80.41 a barrel intraday Monday, while Brent fell 4.9% to $83.02."The market driver is an alleged peace framework between the US and Iran that does have the advantage of getting oil flowing through the Strait of Hormuz, at least for now," Scotiabank said in a note.Separately, Rystad Energy said the US-Iran peace framework has lifted sentiment, but it will take time for oil supply to improve meaningfully.US Treasury yields were lower intraday, with the two-year rate down 2.5 basis points at 4.06% and the 10-year rate falling 1.5 basis points to 4.47%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday. Policymakers are widely expected to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool.The central bank's so-called "dot plot" may signal no interest rate cuts until 2028, said UBS Securities, which flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict."We have been saying since early March the energy price increase and potential supply disruptions (amid the Iran war) widened the potential outcomes for the future path of the funds rate, including rate hikes," UBS said in a note.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Fed data showed.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said."Costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply," NAHB Chief Economist Robert Dietz said. "Easing permitting bottlenecks, density limits and inefficient zoning rules would help reduce costs and support the housing growth the nation needs."SpaceX (SPCX) was up 14% intraday, after the Elon Musk-led company finished its trading debut on Friday up 19%.Certain other big tech names were also higher intraday Monday, with Nvidia (NVDA) up 3.5%, among the best performers on the Dow. Microsoft (MSFT) rose 2.3%.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox's class A and B shares were down 16% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.8%.Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash transaction valued at about $2.75 billion, creating a global platform for local and cross-border commerce. Payoneer shares were up 4.1%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week, along with others.US markets will be closed Friday for the Juneteenth National Independence Day holiday.Gold was up 2.9% at $4,360.80 per troy ounce, while silver climbed 3.6% to $70.42 per ounce.
Elicio Therapeutics (ELTX) said Monday its Phase 2 clinical study evaluating the experimental pancreatic cancer therapy ELI-002 7p failed to meet the pre-specified primary endpoint of disease-free survival.Shares sank 72% after a surge in intraday trading volume to over 7.10 million from a daily average of about 131,000.Comtech Telecommunications (CMTL) agreed to sell most of its Satellite and Space Communications segment to Gilat Satellite Networks (GILT) for $157.5 million, the companies said in separate statements Monday.Shares of Comtech Telecommunications plummeted 43% as intraday trading volume climbed to more than 3.72 million, versus a daily average of about 297,000.Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox shares dropped 16%, with intraday trading volume rising to more than 4.48 million from the stock's daily average of about 1.33 million.Price: $4.09, Change: $-10.77, Percent Change: -72.49%
(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes jumped while crude oil and government bond yields slumped after the US and Iran reached a framework agreement to end the war in the Middle East.The Nasdaq Composite surged 3% to 26,669.5, with the S&P 500 up 1.9% to 7,571.2, and the Dow Jones Industrial Average higher by 1.4% to 51,920.8 after midday Monday. Technology, communication services, and consumer discretionary led the gainers, while energy was the standout decliner.Iran's Supreme National Security Council confirmed on Sunday that a memorandum of understanding had been reached, with military operations on all fronts set to cease immediately. No text of the MoU has been released, and the duo has offered conflicting accounts of what will follow a signing ceremony in Switzerland on Friday, CNN reported.The peace deal will end the US blockade of Iranian ports and reopen the Strait of Hormuz, according to multiple media reports. Iran's Foreign Ministry spokesman, Esmail Baghaei, said the ceasefire in Lebanon - one of Iran's preconditions for a negotiated settlement - has been observed in the memorandum of understanding, Al Jazeera reported.Israel's defense minister said Monday that the country wouldn't withdraw from land seized in Lebanon, where Israel is fighting the Iranian-backed Hezbollah militant group, according to a report from the Associated Press.If Iran abides by its commitments to reopen the Strait of Hormuz and not develop a nuclear weapon, then it will be "reinvited into the world economy," and US sanctions in the region will be loosened, a Stifel note cited US Vice President JD Vance as saying on CNBC on Monday.Crude oil futures slumped. Front-month global benchmark North Sea Brent slumped 4.3% to $80.61 per barrel, and US West Texas Intermediate slid 4.1% to $83.28 per barrel."Whether prices, currently around $13 above pre-war levels, can fall further will depend on several factors, including the pace at which commercial and strategic stockpiles are replenished, how quickly shut-in production can be brought back online, and the extent of any lasting demand destruction caused by a prolonged period of elevated energy prices," Saxo Bank said in a note.Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.47% and the two-year lower by 2.5 basis points to 4.06%.In precious metals, gold futures jumped 2.8% to $4,355.51, while silver futures climbed 3.3% to $70.22.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US. Shares of Fox slumped 16%, the worst performer on the S&P 500 and the Nasdaq.In economic news, industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.The National Association of Home Builders' monthly housing market index fell to 35 in June from a revised 37 in May, compared with expectations for a 37 print in a Bloomberg-compiled poll. The index was still above 32, as reported a year earlier.The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to 13.5 in a survey compiled by Bloomberg. The Empire State index is the first manufacturing sector reading for June and suggests a slower pace of expansion.
Consumer stocks were mixed 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) rising 1.9%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 0.9%, and Fox Class A and Class B shares fell 16% and 15% respectively.Anheuser-Busch InBev (BUD) plans to invest over $20 million in its St. Louis and Arnold, Missouri, operations. Anheuser-Busch shares were down 1%.China's market regulator has ordered Walmart-owned (WMT) Sam's Club to strengthen food safety controls across its supply chain following the discovery of food safety issues, Reuters reported. The report said the State Administration for Market Regulation held talks with a Sam's Club executive and instructed the retailer to eliminate risks and safeguard consumer food safety. Walmart shares were decreasing 0.2%.
Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.9%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 0.7%, and Fox Class A and Class B shares fell 16% and 15% respectively.
Fox (FOXA) has an average rating of overweight and mean price target of $71.87, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $54.94, Change: $-10.91, Percent Change: -16.57%
Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox will pay $160 per Roku's share, comprised of $96 in cash and 0.9693 of the media company's class A shares, the companies said in a joint statement on Monday.Roku's shares declined 2.2% intraday, while Fox's class A and B stock plunged 18% and 17%, respectively.Roku serves more than 100 million global streaming households through its streaming players, TVs and The Roku Channel. The combined company is expected to become the third largest entity in US television by share of viewing, the companies said. Fox owns the Tubi streaming service."This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile," Fox Chief Executive Lachlan Murdoch said.The acquisition offers Fox "a wider entry" into the high-growth connected TV segment, especially advertising and streaming subscriptions, the company said. It boosts the media giant's long-term growth and accelerates its digital strategy.Fox anticipates the deal to generate run-rate cost synergies of $400 million, with revenue upside."The combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers," Roku CEO Anthony Wood said. "This transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company."The transaction, which requires approval from both companies' shareholders and clearance from US and non-US regulators, is expected to complete in the first half of next year. Wood and certain trusts and entities that collectively holding a majority of the voting power at Roku, have agreed to vote in favor of the deal.Following completion, Fox shareholders are expected to own about 73% of the combined company, with Roku's investors holding the remaining 27% stake. Wood is set to have an "ongoing role" at the combined company.At the end of April, Roku reported first-quarter net income of $0.57 a share, swinging from a loss of $0.19 the year before. Overall revenue improved 22% to $1.25 billion. At the time, the company said it expected revenue of $5.5 billion for 2026.Last month, Fox recorded a surprise increase in fiscal third-quarter earnings, while its revenue topped estimates amid distribution growth.
Seaport Global Securities Adjusts Fox Price Target to $72 From $71, Maintains Buy Rating
Fox's (FOXA) fiscal Q3 results outperformed as the company continues to benefit from its sports and news focus, but the NFL renewal remains an overhang on the stock, UBS Securities said in a note emailed Tuesday.Cable distribution revenue grew 5.5% in fiscal Q3, and UBS expects growth of 4.7% in fiscal Q4 amid stable linear trends and continued year-over-year boost from the launch of FOX One, according to the note.UBS estimates nearly 3 million subscribers by fiscal 2030, in line with management's prior commentary for low- to mid-single-digit millions of subscribers over 3 to 4 years, according to the note.The brokerage expects corporate losses to remain high in fiscal Q4 due to the FOX One investment, driving losses up about $180 million for the full fiscal year. However, it expects improvement in fiscal 2027 and beyond, according to the note.UBS expects a sizable working capital headwind from the World Cup in fiscal 2026. It now estimates free cash flow of $1.6 billion for fiscal 2026 and $3.5 billion for fiscal 2027, versus the prior estimates of $1.47 billion and $3.43 billion, respectively.UBS kept a buy rating on Fox with a price target of $78.Price: $66.29, Change: $-1.43, Percent Change: -2.11%
Fox (FOX) has an average rating of overweight and mean price target of $70.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $60.09, Change: $-1.09, Percent Change: -1.78%
The S&P 500 and the Nasdaq Composite hit fresh highs on Monday as traders continued to track developments in the Middle East that sent oil prices rising.The S&P 500 rose 0.2% to 7,412.8, while the Nasdaq added 0.1% to 26,274.1 -- both logging new closing highs. The Dow Jones Industrial Average climbed 0.2% to 49,704.5.Six of the 11 sectors ended in the green, led by energy, while communication services saw biggest drop.West Texas Intermediate crude was last up 3% to $98.25 a barrel, while Brent advanced 2.9% to $104.23.US President Donald Trump on Sunday rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.The US-Iran ceasefire is on "massive life support" and "unbelievably weak," news outlets reported Monday, citing Trump.Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency.Trump is scheduled to arrive in China Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday."The US will want China to use its influence with Tehran, especially because China is a major buyer of Iranian oil," Saxo Bank Chief Investment Strategist Charu Chanana said in a report Monday. "China, meanwhile, wants energy security and stable shipping lanes, but it is unlikely to appear as if it is acting under US instruction."US Treasury yields were higher, with the 10-year rate up 5.6 basis points at 4.42% and the two-year rate rising 6.7 basis points to 3.96%.Some 89% of S&P 500 companies have reported quarterly results in the latest cycle, with earnings up about 25% from a year earlier and revenue rising 10%, Oppenheimer Asset Management said in a note. Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year."Notwithstanding the recent powerful rallies in stocks driven by earnings growth and better than expected US economic data over the past week, challenges remain to finding resolution to the conflict in the Middle East," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Cisco Systems (CSCO) and Applied Materials (AMAT) are among the major names scheduled to report this week.Nvidia (NVDA) rose 2%, among the best performers on the Dow, while Qualcomm (QCOM) jumped 8.4%, among the biggest gainers on the S&P 500.Lumentum (LITE) shares surged nearly 17%, the top gainer on the S&P 500, after the company said it is set to join the Nasdaq-100 index, effective May 18.Trade Desk (TTD) shares slumped 6.8%, among the worst performers on the S&P 500, after HSBC downgraded the stock to reduce from hold while adjusting its price target to $20 from $31.Fox (FOX, FOXA) reported a surprise increase in quarterly earnings, while the media company's revenue topped estimates amid distribution growth. Fox's class A and B shares rose 7.6% and 8.1%, respectively.In economic news, US existing home sales increased less than projected in April, data from the National Association of Realtors showed."Despite mixed macroeconomic signals -- including a record-high stock market and historically low consumer confidence -- home sales were modestly boosted by the continued improvement in housing affordability," NAR Chief Economist Lawrence Yun said.Gold was last up 0.3% at $4,744.50 per troy ounce, while silver jumped 7.1% to $86.61 per ounce.
Consumer stocks fell late Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.6%.In corporate news, General Motors (GM) plans to cut hundreds of jobs in its information technology department in an effort to reduce costs, Bloomberg reported. The cuts will impact around 500 to 600 workers, the report said. GM shares were down 4.6%.Texas Attorney General Ken Paxton said Monday he has sued Netflix (NFLX) for allegedly spying on Texans by collecting users' data without their consent or knowledge. Netflix shares fell 2.6%.Walt Disney's (DIS) ABC network has been the victim of "sustained, coordinated" censorship by the Trump administration, Federal Communications Commissioner Anna Gomez said in a letter to Disney CEO Josh D'Amaro, The Wall Street Journal reported. Disney shares were down 3.2%.Fox (FOXA, FOX) reported a surprise increase in quarterly earnings on Monday, while the media company's revenue topped estimates amid distribution growth. Its Class A shares rose 7.7%, and the Class B shares climbed 8.3%.
Fox (FOX, FOXA) has an average rating of overweight and mean price target of $69.38, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $60.10, Change: $+3.50, Percent Change: +6.18%
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