Today is Thursday, August 11, 2022.
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Disney Surpasses Netflix
Shares of Walt Disney (NYSE: DIS) jumped 6.85% in after-hours trading on Wednesday after the entertainment giant posted positive financial earnings results.
Financials: Disney reported earnings of $1.09 per share and revenue of $21.5 billion; both were better than expected.
Streaming Wars: Disney+ added 14.4 million subscribers in the quarter, which was better than expected. With 221 million subscriptions between Disney+ and the company's other platforms Hulu and ESPN+, Disney has now surpassed Netflix (Nasdaq: NFLX) as the largest streaming platform.
Future Plans: Disney+ also announced that it will introduce its ad-supported subscription offering on December 8. It is also raising prices for its ads-free plans.
Park It: Revenue for Disney Parks and Experiences jumped 70% in the quarter.
Numbers: Disney’s stock is down 28% this year but is up 20% in the past month.
Final Thoughts: It was a big quarter for theme parks and Disney's streaming platforms. If there is a recession, will the theme park revenue decrease?
Notables
Notable Earnings Today: Veru (Nasdaq: VERU), Rivian Automotive (Nasdaq: RIVN), Six Flags (NYSE: SIX), Vermilion Energy (NYSE: VET), Illumina (Nasdaq: ILMN), Himax Technologies (Nasdaq: HIMX), Indie Semiconductor (NASDAW: INDI), Canada Goose (NYSE: GOOS), Sierra Wireless (Nasdaq: SWIR), Sandstorm Gold Royalties (NYSE: SAND), Agile Therapeutics (Nasdaq: ARGX), Cardinal Health (NYSE: CAH), KemPharm (NasdaqGS: KMPH), AerCap (NYSE: AER), Hippo Holdings (NYSE: HIPO), Altimmune (Nasdaq: ALT), Baidu (Nasdaq: BIDU), Brookfield Asset Management (NYSE: BAM), Dillard's (NYSE: DDS), Flower Foods (NYSE: FLO), Melco Resorts & Entertainment (Nasdaq: MLCO), Nio (NYSE: NIO), Poshmark (Nasdaq: POSH), Ryan Specialty Group (NYSE: RYAN), Solo Brands (NYSE; DTC), Toast (NYSE: TOST), Utz Brands (NYSE: UTZ), Warby Parker (NYSE: WRBY), W&T Offshore (NYSE: WTI), Wheaton Precious Metals (NYSE: WPM).
Notable IPOs Today: Forza X1, Inc. (Nasdaq: FRZA), Treasure Global, Inc. (Nasdaq: TGL).
Notable Equity Crowdfunding Campaigns Ending Today: WeSolar (Raise Green), ROCK’N Vodka (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), PPI / Core PPI (8:30 a.m. ET).
Bumble’s Foreign Currency Woes
Shares of Bumble (Nasdaq: BMBL) dropped 11.31% in after-hours trading on Wednesday after the dating app company posted negative financial earnings results.
Financials: Bumble reported a loss of 3 cents per share, which was below estimates. Revenue of $220 million was better than expected.
Problems: The company blamed its struggles on foreign currency changes and the conflict in Ukraine.
Final Thoughts: Bumble’s stock is down 2% this year, but the current outlook isn’t strong.
NEAR Protocol Keeps Soaring
The price of the cryptocurrency NEAR Protocol jumped 11% on Wednesday and is up 33% in the past week.
Catalyst: An announcement on Monday about a release of a new Javascript SDK for 20 million developers is the reason why the price is up.
Final Thoughts: NEAR Protocol’s jump comes as the crypto market has stabilized.
Trends to Watch
Upcoming: Ethereum’s Move From Proof-of-Work Essential for the Network, Crypto Exec Says (CoinDesk)
Say Watt: Ford CEO doesn’t expect electric vehicle battery costs to drop anytime soon (CNBC)
Pushing Higher: Boxabl Now Above $18 Million on StartEngine (StartEngine)
Special Delivery: Boeing delivers its first 787 Dreamliner after pausing for over a year (Engadget)
Not Lovin It: Applovin stock falls after outlook cut amid big offer for Unity Software (MarketWatch)
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