Wire
States Set to Sue to Block Paramount Skydance-Warner Bros. Deal, Bloomberg Reports
States Set to Sue to Block Paramount Skydance-Warner Bros. Deal, Bloomberg Reports
$PSKY$WBD
$PSKY
66 stories mentioning PSKYUpdated 8d ago
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Wire
Market Chatter: Netflix, Other Media Companies Eye Letterboxd Sale
Netflix (NFLX) is in early talks to acquire film-focused social platform Letterboxd, which has been exploring a sale, Variety reported Friday, citing an earlier Puck report.The report said other potential suitors include Sony (SONY) Pictures Entertainment, Paramount Skydance (PSKY), private equity firm TPG (TPG) and Reddit (RDDT) co-founder Alexis Ohanian.Letterboxd, which has more than 30 million members worldwide, is reportedly being marketed at a valuation of about $250 million.Netflix, Paramount Skydance, Sony, TPG and Reddit did not immediately respond to' request for comment.(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: $73.18, Change: $-2.30, Percent Change: -3.04%
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Japan
US Equity Markets End Higher Amid Gains in Technology Stocks, US Attacks on Iran
US equity indexes closed higher Thursday after technology stocks saw big gains and the US continued to attack targets in Iran to fully reopen the Strait of Hormuz.* US Central Command overnight hit 90 Iranian military targets, according to its social media post on X, after striking 80 on the previous night following Iran's attacks on three commercial ships transiting the Strait of Hormuz* US initial jobless claims fell sequentially to 215,000 in the week ended July 4 from an upwardly revised 217,000, compared with expectations for 217,000 in a Bloomberg-compiled survey. The four-week moving average declined by 3,750 to 218,750.* August West Texas Intermediate crude oil fell $1.65 to settle at $71.87 per barrel, while September Brent crude, the global benchmark, was last seen down $1.93 at $76.09.* Sandisk (SNDK) shares were up 7.6%, among the top gainers on the S&P 500 and Nasdaq, after Wedbush raised its price target for the company's shares to $2,000 from $1,200 while keeping its outperform rating.* Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) could face lawsuits from US states to block the deal as soon as next week, Reuters reported, citing two sources familiar with the matter. Shares of Paramount dropped about 4.3%, the second-worst performer on the S&P 500.
Dow JonesNasdaq CompositeS&P 500$PSKY$SNDK$WBD
Sectors
Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 1.2%.In sector news, the US Senate Commerce Committee is set to vote July 15 on a bipartisan legislation that tightens the ban on China-made vehicles' sale in the country, Reuters reported. The legislation proposes to codify a rule imposed by the Biden administration to ban Chinese companies from selling passenger vehicles in the US, the report said.In corporate news, Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) may face lawsuits from US states to block the deal as soon as next week, Reuters reported. Paramount shares fell 4%.Levi Strauss (LEVI) shares declined 2% after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal Q2 results topped views.PepsiCo (PEP) reported fiscal Q2 results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. Its shares were down 3.6%.Simply Good Foods (SMPL) lifted its full-year sales outlook on Thursday as it recorded better-than-expected fiscal Q3 results. Its shares rose 2.7%.
$LEVI$PEP$PSKY$SMPL
Sectors
Sector Update: Consumer Stocks Mixed Thursday Afternoon
Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.8%.In corporate news, Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) may face lawsuits from US states to block the deal as soon as next week, Reuters reported. Paramount shares fell 4.1%.PepsiCo (PEP) reported fiscal Q2 results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. Its shares were down 2.9%.Simply Good Foods (SMPL) lifted its full-year sales outlook on Thursday as it recorded better-than-expected fiscal Q3 results. Its shares rose 1.9%.
$PEP$PSKY$SMPL
Asia Markets
Update: US Equity Indexes Rise as Washington Aims to Prevent Iran From Gaining Control of Hormuz
(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes rose amid gains in technology and as crude oil fell in the aftermath of Washington degrading Iran's capability to attack commercial ships transiting the Strait of Hormuz.The Nasdaq Composite advanced 0.9% to 26,109.6, the S&P 500 climbed 0.7% to 7,531.4, and the Dow Jones Industrial Average marched 0.3% higher to 52,498.1 after midday Thursday. Technology and financials led the gainers, while consumer staples and energy paced the decliners.US Central Command overnight hit 90 Iranian military targets, according to its social media post on X, after striking 80 on the previous night following Iran's attacks on three commercial ships transiting the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.On Wednesday, before the second round of strikes on Iran, US Vice President JD Vance said: "If Iran tries to close the strait down, there's going to be a response [from] the American military. That's the deal."Tehran on Thursday said it had attacked US military sites in Bahrain, Kuwait, and Qatar in response to the new US strikes on infrastructure, according to reports from Reuters and Al Jazeera, a Middle Eastern broadcaster. Iran fired 10 ballistic missiles at Jordan's Azraq military base, Al Jazeera reported, citing the Islamic Revolutionary Guard Corps. The IRGC launched the missile strike targeting the "US command-and-control center," Al Jazeera cited an IRGC statement carried by Iran's semi-official news agency, Fars."The question confronting traders is whether Iran is willing to return to large-scale kinetic war with the US and its allies if necessary to strengthen its claim of control over the Strait of Hormuz, something that it has apparently not been granted by way of any diplomatic negotiations so far," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie, said in a note Thursday.The front-month global benchmark North Sea Brent slid 2.1% to $76.35 a barrel, and the US West Texas Intermediate declined 2.1% to $72.00 a barrel.The CBOE Volatility Index, also known as the fear gauge, dropped 5.1% to 16.04.Most US Treasury yields fell, with the 10-year down 2.4 basis points to 4.54% and the two-year declining 3.1 basis points to 4.17%. Investors are weighing a worsening geopolitical environment and the Federal Reserve's meeting minutes released Wednesday, which showed diversity in views on the monetary policy path ahead.Gold futures advanced 1.5% to $4,142.3, and silver futures jumped 4% to $60.89.In economic news, US initial jobless claims fell sequentially to 215,000 in the week ended July 4 from an upwardly revised 217,000, compared with expectations for 217,000 in a Bloomberg-compiled survey. The four-week moving average declined by 3,750 to 218,750.In company news, PepsiCo (PEP) reported fiscal Q2 results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. Shares fell 3.3%, among the laggards on the Nasdaq.Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) could face lawsuits from US states to block the deal as soon as next week, Reuters reported, citing two sources familiar with the matter. Shares of Paramount dropped 4.8%, the worst performer on the S&P 500.
Dow JonesNasdaq CompositeS&P 500$PEP$PSKY$WBD
Research
Arete Downgrades Paramount Skydance to Sell From Neutral, Adjusts Price Target to $2 From $14
Paramount Skydance (PSKY) has an average rating of hold and mean price target of $12.15, according to analysts polled by FactSet.
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Sectors
Sector Update: Consumer Stocks Lower in Late Afternoon Trading
Consumer stocks declined late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.9%.In corporate news, Domino's Pizza's (DPZ) Q2 results are expected to reflect near-term pressure from macro headwinds, elevated promotional activity, and difficult comparisons, UBS Securities said. Domino's shares fell 3%.Tesla's (TSLA) expansion into Miami saw Robotaxis debuting with fewer drivers and without people acting as safety monitors in passenger seats during early rides, The Information reported. Tesla shares fell 2.4%.Paramount Skydance's (PSKY) $110 billion bid to acquire Warner Bros. Discovery (WBD) is facing a new hurdle after Oregon Attorney General Dan Rayfield said he will ask a local court to pause the merger for 60 days, Reuters reported. Paramount shares fell 2.9%.Estee Lauder (EL) approved an additional $197 million in restructuring and related charges, bringing total costs under a recovery and growth plan to $1.75 billion. The latest charges comprise $74 million in employee-related costs, $87 million in asset-related costs and smaller contract-termination and exit costs, the company said Tuesday. Estee shares fell 3.3%.
$DPZ$EL$PSKY$TSLA$WBD
Sectors
Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.2%.In sector news, Redbook US same-store sales rose by 10.5% from a year earlier in the week ended June 27 after a 10.0% year-over-year increase in the previous week. Redbook noted that there was an increase in demand for seasonal products such as air conditioners, fans, pool and beach equipment, swimwear, and other summer apparel.Separately, US retailers are placing China orders four to six weeks earlier than usual to build Black Friday and Christmas inventories ahead of potential US tariff hikes, Reuters reported, citing shipping executives. Frontloaded shipments have tightened container capacity on China-US routes, with spot rates from Shanghai to New york and Los Angeles rising week over week and year over year, maritime consultancy Drewry said.In corporate news, Allegiant Travel (ALGT) shares gained 2.8% after the company said it now expects Q2 adjusted earnings per share for the combined entity to be at least $1.25 following the acquisition of Sun Country Airlines, inclusive of Sun Country's results from May 13 through June 30.Patrick Industries (PATK) and LCI Industries (LCII) have entered into a definitive agreement to merge in an all-stock deal, the companies said Tuesday. Patrick Industries shares fell 3.1%, and LCI jumped past 6%.Philip Morris International (PM) shares were down 1.2% after it said Tuesday the US Food and Drug Administration issued Modified Risk Tobacco Product orders for 20 variants of ZYN nicotine pouch products.Paramount Skydance's (PSKY) proposed $110 billion takeover of Warner Bros. Discovery (WBD) might face regulatory intervention over media plurality concerns, British culture minister Lisa Nandy said Tuesday. Paramount shares were up 0.6%, and Warner fell 2%.
$ALGT$LCII$PATK$PM$PSKY$WBD
Sectors
Sector Update: Consumer
Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.2%.In corporate news, Paramount Skydance's (PSKY) proposed $110 billion takeover of Warner Bros. Discovery (WBD) might face regulatory intervention over media plurality concerns, British culture minister Lisa Nandy said Tuesday. Paramount shares were up 0.9%, and Warner fell 2%.
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Wire
Update: Paramount, Warner Bros Discovery Merger Might Face Potential UK Intervention
(Updates with quotes from Secretary Lisa Nandy and Paramount throughout the story.)Paramount Skydance's (PSKY) proposed $110 billion takeover of Warner Bros. Discovery (WBD) might face regulatory intervention over media plurality concerns, British culture minister Lisa Nandy said Tuesday.Nandy said her department has written to the current and proposed owners of Warner Bros. Discovery to inform them that she is "minded to intervene" on public interest grounds related to media plurality, and has invited further representations from the parties by July 6.Nandy also said she would bring forward secondary legislation, if she intervenes on that basis, to allow streaming and video-on-demand services to be considered in this and future media mergers.Paramount Skydance toldin a statement that it is confident that its proposed transaction does not pose any media plurality issues in the UK and also remains confident in its stated transaction timeline.Warner Bros. Discovery did not immediately respond to a request for comment from.
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Wire
Market Chatter: Paramount Skydance Prepared to Divest Universal JV to Address EU Concerns Over Warner Deal
Paramount Skydance (PSKY) is prepared to sell its film distribution joint venture with Universal Pictures to resolve EU antitrust concerns over its proposed $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported Wednesday, citing a person familiar with the matter.The proposed remedy, which follows a meeting with EU antitrust regulators on Tuesday, is expected to be submitted next week and would extend the European Commission's review deadline to July 21, according to the report.Reuters reported that concerns center on the distribution venture rather than Paramount's TV channels, which had previously been considered possible divestiture candidates.The US Justice Department cleared the acquisition last week, while several US states are preparing a lawsuit to block the deal, the report added.Paramount did not immediately respond to' request for comment.(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: $9.74, Change: $+0.02, Percent Change: +0.21%
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Wire
Market Chatter: Paramount Skydance Braces for State AG Antitrust Lawsuits Over Warner Bros. Discovery Deal
Paramount Skydance (PSKY) executives expect California and New York attorneys general to file suit challenging its $81 billion takeover of Warner Bros. Discovery (WBD) on antitrust grounds, the New York Post reported Wednesday, citing a person with knowledge of the matter.Executives wake up to the expectations every day that a lawsuit is being filed by California AG Rob Bonta, New York AG Tish James, and possibly other state AGs, according to the report.Paramount Skydance and Warner Bros. Discovery did not immediately respond 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: $9.74, Change: $+0.02, Percent Change: +0.21%
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Wire
Market Chatter: Paramount's Warner Bros. Takeover Set to Get EU Approval
Paramount Skydance's (PSKY) $111 billion acquisition of Warner Bros. Discovery (WBD) is set to receive the approval of the European Commission, provided the media company accepts certain remedies, the Financial Times reported Wednesday, citing two people involved in the discussions.The precise remedies are still being discussed between the companies and antitrust enforcers, and they could include a requirement for Paramount to exit a joint venture with Comcast's (CMCSA) Universal Pictures, the report said.Paramount declined to comment, while the European Commission didn't 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: $9.81, Change: $+0.09, Percent Change: +0.95%
$CMCSA$PSKY$WBD
Wire
Paramount Skydance's Warner Bros. Takeover Set to Get EU Approval, Financial Times Reports
Paramount Skydance's Warner Bros. Takeover Set to Get EU Approval, Financial Times Reports
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Wire
Update: Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal
(Updates with Paramount's response in the third and fourth paragraphs.)A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.Blocking the deal would harm consumers, creators and workers while handing an undeserved competitive edge to established players like Netflix, the very opposite of what antitrust law is designed to do, a Paramount spokesperson said in an email to."We will continue to fight against any attempt to derail a deal that plainly benefits consumers, creators, and the industry as a whole," the spokesperson added.The California Department of Justice and Warner Bros. didn't immediately reply to' request for comments.(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: $10.14, Change: $-0.55, Percent Change: -5.10%
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Sectors
Sector Update: Consumer
Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 2.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2%.In corporate news, Paramount Skydance (PSKY) is facing mounting legal pressure as a group of US states prepares a lawsuit to block its $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter. Paramount Skydance shares dropped 5.6% and Warner Bros. stock was down 3.6%.
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Wire
Market Chatter: US States Preparing to Challenge Paramount Skydance's Warner Bros. Deal
A group of US states is preparing a lawsuit to block Paramount Skydance's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD), Reuters reported, citing two people familiar with the matter.California Attorney General Rob Bonta said his office will decide soon whether to join the legal action, the report added.The California Department of Justice, Paramount Skydance, and Warner Bros. didn't immediately reply to' request for comments.(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: $9.85, Change: $-0.83, Percent Change: -7.82%
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Wire
US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports
US States Preparing to Challenge Paramount-Warner Bros. Merger, Reuters Reports
$PSKY$WBD
Wire
Paramount Skydance Seeks EU Approval for Warner Bros. Discovery Takeover
Paramount Skydance (PSKY) has officially requested the European Union to greenlight its $110 billion takeover of Warner Bros Discovery (WBD), according to a Tuesday case filing with the European Commission.The European Commission has set an initial deadline of July 7 to rule on the merger, according to the filing.Price: $10.76, Change: $-0.22, Percent Change: -2.00%
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