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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%

$PSKY$WBD
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%.

$PSKY$WBD
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%

$PSKY$WBD
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%

$PSKY$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) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In sector news, Redbook US same-store sales last week rose 8.1% from a year earlier after a 9.6% increase in the previous week. "Coming off last-minute Mother's Day shopping on Sunday, sales and traffic slowed across the board in the middle of the week, but picked up during the weekend as graduation, BBQ season, and warm weather approached," Redbook said.In corporate news, Estee Lauder (EL) remains in talks with Puig over a potential business combination, though there's no announcement to make yet, Reuters reported, citing Estee Lauder CEO Stephane de La Faverie. Estee Lauder shares fell 5.4%.Home Depot (HD) reported fiscal Q1 results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook.The shares rose 0.7%.Wall Street banks started a debt sale on behalf of Warner Bros. Discovery (WBD) comprised of a $5 billion dollar loan and a 1 billion euro ($1.16 billion) loan, Bloomberg reported. Warner Bros. shares were little changed.Amer Sports (AS) raised its full-year guidance after the Finnish sports equipment company reported better-than-expected Q1 results. Amer shares climbed 1.8%.

$AS$EL$HD$WBD
Wire

Update: Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

(Update with Paramount's response to a request for comment.)Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount declined to comment to.(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: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Wire

Market Chatter: Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover

Bankers are expected to launch a premarketing process as soon as the next couple of weeks to sell $49 billion of debt to back Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported Tuesday, citing people familiar with the deal.Paramount is looking to use bonds and loans to refinance its existing bridge loan into longer-term debt, a critical step in its takeover of Warner Bros., the report said.Paramount 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: $9.82, Change: $-0.01, Percent Change: -0.05%

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Mixed Tuesday Afternoon

Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1%.In sector news, Redbook US same-store sales rose by 8.1% from a year earlier in the week ended May 16 after a 9.6% year-over-year increase in the previous week. "Coming off last-minute Mother's Day shopping on Sunday, sales and traffic slowed across the board in the middle of the week, but picked up during the weekend as graduation, BBQ season, and warm weather approached," Redbook said.In corporate news, Home Depot (HD) on Tuesday reported fiscal Q1 results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. Its shares rose 0.5%.Amer Sports (AS) raised its full-year guidance on Tuesday after the Finnish sports equipment company reported better-than-expected Q1 results. Amer shares jumped past 4%.Wall Street banks started a loan sale Tuesday on behalf of Warner Bros. Discovery (WBD) comprised of a $5 billion US dollar loan and a 1 billion euro loan, Bloomberg reported. Warner Bros. shares added 0.5%.

$AS$HD$WBD
Wire

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

Bankers Prepare Paramount's $49 Billion Debt Sale to Back Warner Bros. Takeover, Bloomberg Reports

$PSKY$WBD
Sectors

Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.1%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed 5%.DraftKings (DKNG) faces a positive catalyst path from the FIFA World Cup driving incremental wagers during a low period over the next few months, Morgan Stanley said in a note. DraftKings shares rose nearly 1%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were down 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 3.1%, and Warner Bros. was decreasing 0.5%.

$DKNG$PSKY$TSLA$WBD$YETI
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.In corporate news, Yeti (YETI) lifted its full-year earnings outlook on Thursday as the outdoor products company recorded better-than-expected fiscal Q1 results. Its shares climbed past 6%.Tesla (TSLA) Chief Executive Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported. Tesla shares were up 0.3%.Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed. Paramount shares fell 1.5%, and Warner Bros. was down 0.4%.

$PSKY$TSLA$WBD$YETI
Wire

Update: Market Chatter: Paramount's Warner Bros. Acquisition to Draw EU Scrutiny

(Update with Paramount Skydance's response to a request for comment.)Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD) will be carefully scrutinized by European regulators, CNBC reported Thursday, citing a letter sent to Paramount Skydance Chief Executive David Ellison from a group of US and European lawmakers it viewed."Paramount has been engaging constructively and proactively with regulatory agencies which are rigorously reviewing the transaction," a Paramount spokesperson toldvia email. "We have proactively made clear output-enhancing commitments: to increase output to an annual 30 high-quality films released in theatres, to continue licensing content, and to preserve iconic brands with independent creative leadership."(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: $10.44, Change: $-0.04, Percent Change: -0.33%

$PSKY$WBD
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Warner Bros. Discovery, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our $30 target price uses a forward TEV/EBITDA of 11.8x our 2026 EBITDA estimate as a going concern. Due to merger costs in Q1 2026, we lower our 2026 estimate to a loss per share of -$1.00 from prior -$0.06 and reduce 2027's by $0.05 to $0.05. Our revenue projections are $37.0B in 2026 and $38.0B in 2027. Netflix declined to raise its offer for WBD, and WBD's Board of Directors determined that PSKY's offer was a "superior proposal." Thus, WBD will be moving forward with getting the necessary approvals from regulators after shareholder approvals. We think the path to getting antitrust approvals from the DoJ and the EU provides deal risk due to a lengthy approval process, but one that we think is more doable than NFLX acquiring WBD. So, PSKY's approved acquisition of WBD could either transform PSKY into a media powerhouse or burden it with unsustainable leverage and integration challenges. The timeline to close before October 1 and obtain the necessary regulatory approvals remains uncertain, in our view.

$WBD
Wire

UBS Adjusts Price Target on Warner Bros. Discovery to $31 From $30, Maintains Neutral Rating

Warner Bros. Discovery (WBD) has an average rating of hold and mean price target of $30.09, 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://www..com/contact-us)Price: $27.14, Change: $-0.06, Percent Change: -0.24%

$WBD
US Markets

Stocks Rise Pre-Bell as Traders Monitor Developments on Potential US-Iran Peace Deal

US equity markets were moving higher before the opening bell Thursday as investors monitor the latest developments over a potential peace deal between the US and Iran.The S&P 500 and the Dow Jones Industrial Average were up 0.1% each, while the Nasdaq was slightly in the green in premarket activity. The indexes finished Wednesday trading higher, with the S&P 500 and the Nasdaq recording their highest close ever and biggest one-day percentage gains since April 8.President Donald Trump told reporters on Wednesday that the US has had "very good talks" with Iran over the past 24 hours, but said there's no deadline on when he expects Tehran to respond to a US proposal to end the war, according to CNN.American and Iranian officials are closing in on a one-page memorandum of understanding to end the war and establish a framework for nuclear negotiations, Axios reported Wednesday, citing sources.In a separate social media post on Wednesday, Trump said US operations against Iran will be "at an end" if Tehran agrees to US demands. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump said.Iran is expected to give mediators its response to the proposal on Thursday, a regional source told CNN.West Texas Intermediate crude oil dropped 2.2% to $93.03 a barrel before the open, while Brent decreased 2.1% to $99.14."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices," Rystad Energy Chief Oil Analyst Paola Rodriguez-Masiu said in remarks emailed to. The physical market's recovery won't be as quick as the futures market predicts, Rodriguez-Masiu said, pointing to a six-to-eight-week lag between the strait reopening and oil flows normalizing.Treasury yields were down in premarket action, with the two-year rate retreating 2.3 basis points to 3.85% and the 10-year rate off 2 basis points to 4.33%.Shares of DoorDash (DASH) jumped 10% pre-bell after the food delivery company reported first-quarter earnings ahead of Wall Street's estimates. Warner Bros. Discovery (WBD) nudged 0.5% lower, while Snap (SNAP) fell 10% following their latest quarterly results.McDonald's (MCD), Sempra (SRE), Vistra (VST), Datadog (DDOG), Becton Dickinson (BDX), Tapestry (TPR) and US Foods (USFD) report their latest financial results before the bell, among others. Gilead Sciences (GILD), McKesson (MCK), Cloudflare (NET), Airbnb (ABNB), Monster Beverage (MNST) and CoreWeave (CRWV) are scheduled to announce their earnings after the markets close.Employers in the US announced 83,387 layoffs last month, up 38% from March, Challenger, Gray & Christmas said Thursday.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am.On Wednesday, ADP data showed that employment in the US private sector grew at its fastest pace in more than a year in April. The government's nonfarm payrolls report is out on Friday.Federal Reserve Bank of Minneapolis President Neel Kashkari is slated to speak at 1 pm, while Cleveland Fed President Beth Hammack speaks at 2:05 pm. New York Fed President John Williams' remarks are due at 3:30 pm.Gold increased 1% to $4,740 per troy ounce, while bitcoin declined 0.7% to $80,844.

Dow JonesNasdaq CompositeS&P 500$ABNB$BDX$CRWV$DASH$DDOG$GILD$MCD$MCK$MNST$NET$SNAP$SRE$TPR$USFD$VST$WBD
Research

Research Alert: Warner Bros. Discovery, Inc. Reports Mixed Results In Q1 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WBD reported Q1 2026 mixed results with revenues declining 1% to $8.0B and a $2.9B net loss vs. a $453M gain in the prior year, primarily due to a $2.8B Netflix termination fee related to Paramount Skydance's pending acquisition. Excluding one-time charges, adjusted EBITDA remained resilient at $2.2B (flat ex-FX) despite NBA programming absence impacting advertising revenues by 7%. We believe the underlying business shows encouraging streaming momentum with segment revenues up 7% ex-FX to $2.9B and 29% adjusted EBITDA growth, driven by successful HBO Max international launches in the U.K., Ireland, Germany, and Italy. The Paramount Skydance acquisition is expected to close in Q3 2026. We expect continued streaming subscriber growth to offset linear network declines, though free cash flow turned negative at -$476M from +$302M due to higher content investment and transaction costs. The company maintains financial flexibility with 3.4x net leverage and $3.3B in cash as it navigates the pending acquisition.

$WBD
US Markets

Equity Markets Rise Intraday, Oil Plunges Amid US-Iran Peace Deal Optimism

US benchmark equity indexes were higher intraday, while oil prices tumbled as investors reacted to reports saying that Washington and Tehran are nearing a potential agreement to end the war.The Nasdaq Composite was up 1.6% at 25,726 after midday Wednesday, while the S&P 500 advanced 1.1% to 7,339.3. Both indexes were on track for back-to-back record-high closings. The Dow Jones Industrial Average rose 1% to 49,792.1.Among sectors, industrials was outperforming with a 2.2% gain, while energy saw the steepest drop of 4.1%.West Texas Intermediate crude was down 6.6% at $95.57 per barrel, while Brent slumped 7% to $102.20.The US is nearing a deal with Iran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.The two countries are moving closer to an agreement on a short memorandum to end the war, CNN also reported, citing a regional source familiar with the negotiations."Traders in the US woke up to see some real excitement in the markets today caused by the (Axios) news," Macquarie said in a note. "The good news, for now, is that the same sources that leaked the existence of a deal to Axios said this was the closest the parties had been to an agreement since the war began."US President Donald Trump issued a fresh warning to Iran, saying the "bombing starts" again if a deal is not reached."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump said in a social media post.Iran said it is still reviewing the latest US proposal, according to news reports.US Treasury yields were lower intraday, with the 10-year rate down 7.4 basis points at 4.36% and the two-year rate falling 7.2 basis points to 3.88%.In company news, Advanced Micro Devices (AMD) shares surged nearly 17%, among the best performers on the S&P 500. Late Tuesday, the chipmaker reported stronger-than-expected first-quarter results as demand for artificial intelligence infrastructure pushed data center revenue higher year over year.Walt Disney's (DIS) fiscal second-quarter results came in ahead of market estimates Wednesday amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in the second half. Disney's shares climbed 6.5%, the top performer on the Dow.Nvidia (NVDA) followed Disney on the Dow, up 4.5%. Specialty glass maker Corning (GLW) will boost its optical connectivity manufacturing capacity under a multiyear partnership with chipmaking giant to support AI factory buildouts. Corning shares jumped 14%.Arista Networks (ANET) shares tumbled 16%, among the worst S&P 500 performers. Late Tuesday, the cloud networking company issued a second-quarter revenue outlook slightly below market estimates.Arm (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) are expected to report after the closing bell Wednesday, along with others.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP (ADP) data showed."The uptick in private payroll gains from the ADP employment report not only suggests a stable labor market, but one that was potentially warming despite the outbreak of the war in Iran," Oxford Economics said in a note. "If this signal is echoed in the official measure on Friday, the unemployment rate is likely to fall given the low break-even rate, which we estimate is near zero."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs last month, which would represent a fall from a 178,000 increase reported for March, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.Gold rose 2.8% to $4,695.90 per troy ounce, while silver climbed 5.3% to $77.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$ANET$APP$ARM$DASH$DIS$GLW$NVDA$WBD
US Markets

Stocks Rise Pre-Bell, Oil Prices Fall After Report Says US, Iran Nearing Peace Agreement

The main US stock measures were pointing higher in Wednesday's premarket activity, while oil prices declined after a media report said the US and Iran are nearing a potential agreement to end their conflict.The S&P 500 and the Dow Jones Industrial Average rose 0.7% each before the opening bell, while the Nasdaq advanced 1.2%. The indexes finished the previous trading session in the green, with the S&P 500 and the Nasdaq closing with new highs.Washington is nearing an agreement with Tehran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.In a social media post on Tuesday, President Donald Trump said the US is temporarily pausing "Project Freedom," its effort to guide neutral ships locked up in the Strait of Hormuz out of the crucial waterway. Trump noted that the US blockade on Iranian ports will remain in effect.US Defense Secretary Pete Hegseth reportedly said Tuesday that the ceasefire agreement with Iran remained intact despite recently renewed tensions in the Gulf region.West Texas Intermediate crude oil dropped 9.3% to $92.88 a barrel in premarket action, while Brent fell 8.3% to $100.77.Treasury yields slipped before the open, with the two-year rate retreating 7.3 basis points to 3.87% and the 10-year rate off 6.8 basis points to 4.35%.Walt Disney (DIS), Uber Technologies (UBER), CVS Health (CVS), Marriott International (MAR), Johnson Controls International (JCI), Restaurant Brands International (QSR), Kraft Heinz (KHC) and Performance Food Group (PFGC) are some of the major companies scheduled to report their latest financial results before the bell, among others.Arm Holdings (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) post earnings after the markets close.Shares of Advanced Micro Devices (AMD) jumped 18% pre-bell after the chipmaker reported stronger-than-expected first-quarter results. Novo Nordisk's (NVO) US-listed stock climbed 7.5% as the Danish pharmaceutical giant issued an improved full-year sales outlook. Arista Networks (ANET) declined 8.1% after it issued a downbeat second-quarter revenue outlook.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for April at 8:15 am. The weekly EIA domestic petroleum inventories report is out at 10:30 am.Federal Reserve Bank of St. Louis President Alberto Musalem is slated to speak at 9:30 am, while Chicago Fed President Austan Goolsbee speaks at 1 pm.Gold increased 3.1% to $4,710 per troy ounce, while bitcoin moved up 0.8% to $82,210.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$APP$ARM$CVS$DASH$DIS$JCI$KHC$MAR$NVO$PFGC$QSR$UBER$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) rising 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Comcast (CMCSA) reported higher-than-expected Q1 results as the company benefited from the Milan Cortina Winter Olympics and Super Bowl LX. The shares rose 7.9%.Tesla (TSLA) shares fell 3.7% after the company issued higher-than-expected 2026 capital-expenditure guidance.Warner Bros. Discovery (WBD) shareholders approved the buyout by Paramount Skydance (PSKY). Warner shares fell 1.4%, and Paramount fell 5.2%.Vail Resorts (MTN) reported that skier visits from the start of the season through April 19 fell 15% from the same period a year earlier. The shares dropped 5.5%.

$CMCSA$MTN$PSKY$TSLA$WBD

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