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Disney's Annualized Efficiency

Disney's Annualized Efficiency

And, AMC's Barbenheimer is not enough.

Photo by BoliviaInteligente on Unsplash

Today is Thursday, November 9, 2023.

The Early Bird Index today is 54.64.

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Disney's Annualized Efficiency

Walt Disney (NYSE: DIS) jumped 3.31% in after-hours trading on Wednesday after the company posted strong financial earnings results.

Financials: Disney reported earnings of 82 cents per share in the past quarter and revenue of $21.24 billion; both were better than expected.

Details: Disney+ added 7 million additional subscribers, which was better than expected. The average monthly revenue per subscriber increased by 2%. Losses in the direct-to-consumer division shrunk. The company said that it is still on track for its streaming business to be profitable by the fiscal year 2024.

Powering the Story: Disney increased its “annualized efficiency target” from $5.5 billion to $7.5 billion, which refers to the company’s cost-cutting. Disney expects to grow free cash flow in fiscal 2024 “significantly.”

Final Thoughts: Down 5% this year, Disney has a brighter future. The actors’ strike finally came to an end on Wednesday. This is good news for the entertainment industry.

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Notables

Notable Earnings Today: Li Auto (Nasdaq: LI), Plug Power (Nasdaq: PLUG), Wynn Resorts (Nasdaq: WYNN), Novavax (Nasdaq: NVAX), Unity Software (NYSE: U), AstraZeneca (Nasdaq: AZN), Oatly Group (Nasdaq: OTLY), The Trade Desk (Nasdaq: TTD), GoodRx (Nasdaq: GDRX), Fiverr (NYSE: FVRR), Kopin (Nasdaq: KOPN), Krispy Kreme (Nasdaq: DNUT), Grab (Nasdaq: GRAB), News Corp. (Nasdaq: NWSA), Canopy Growth (Nasdaq: CGC), YETI Holdings (NYSE: YETI), Hanesbrands (NYSE: HBI), Aurora (Nasdaq: ACB), Tapestry (NYSE: TPR), Utz Brands (NYSE: UTZ), Model N (NYSE: MODN), SoundHound (Nasdaq: SOUN), Navitas (Nasdaq: NVTS), Global Ship Lease (NYSE: GSL), Alarm.com (Nasdaq: ALRM), Arlo Technologies (NYSE: ARLO), Becton, Dickinson and Company (NYSE: BDX), Blink Charging (Nasdaq: BLNK), Himax Technologies (Nasdaq: HIMX), Capri Holdings (NYSE: CPRI), Clean Energy Fuels (Nasdaq: CLNE), Cogent Communications (Nasdaq: CCOI), Digi International (Nasdaq: DGII), First Advantage (Nasdaq: FA), Helmerich & Payne (NYSE: HP), Hologic (Nasdaq: HOLX), Illumina (Nasdaq: ILMN), indie Semiconductor (Nasdaq: INDI), Ironwood Pharmaceuticals (Nasdaq: IRWD), Kelly Services (Nasdaq: KELYA), Lions Gate Entertainment (NYSE: LGF.A), Mettler-Toledo (NYSE: MTD), Nomad Foods (NYSE: NOMD), Scorpio Tankers (NYSE: STNG), Transdigm Group (NYSE: TDG), US Foods (NYSE: USFD), Vertex (Nasdaq: VERX), WestRock (NYSE: WRK), Wheaton Precious Metals (NYSE: WPM), Wolverine World Wide (NYSE: WWW).

Notable IPOs Today: Agriculture & Natural Solutions Acquisition Corporation Unit (Nasdaq: ANSCU).

Notable Equity Crowdfunding Campaigns Ending Today: Catailyst (Netcapital), The Bertrand Education Group (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), WASDE Report (12:00 p.m. ET), Fed Chair Powell Speaks (2:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

AMC's Barbenheimer Is Not Enough

Gif by IntoAction on Giphy

Despite posting better-than-expected financial results on Wednesday, AMC Entertainment (NYSE: AMC) ticked down by 0.89% in after-hours trading.

Financials: AMC reported a loss of 9 cents per share in the past quarter and revenue of $1.4 billion; both were better than expected.

Powering the Story: Although AMC grew its ticket sales due to the 2023 summer blockbusters Barbie and Oppenheimer (aka Barbenheimer), attendance is still 16% lower than it was in 2019.

Final Thoughts: AMC, down 67% this year, needs years of Barbenheimer releases just to catch up to pre-pandemic levels.

Affirm Posts Strong Results

Financial technology company Affirm Holdings (Nasdaq: AFRM) surged 11.21% in Wednesday’s after-hours trading after the company posted better-than-expected financial results.

Final Thoughts: Affirm is up 139% this year, proving that the “buy now, pay later” trend is still popular.