Disney’s Double Movie Win 🌟

Plus, Autodesk's activist investor.

June 17, 2024

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Scared Inside Out GIF by Disney Pixar

Gif by disneypixar on Giphy

Today is Monday, June 17, 2024.

The Early Bird Index today is 74.46.

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Disney’s Double Movie Win 🌟

After a big weekend, investors of Walt Disney (NYSE: DIS) have two new reasons to be excited.

Details: Disney’s “Inside Out 2” premiered this weekend and earned $155 million at the U.S. domestic box office. It was the second-highest theatrical opening of an animated film in history. It is also the biggest box office opening weekend so far in 2024.

Powering the Story: In addition, Bloomberg reported Sunday that Disney‘s upcoming film “Deadpool & Wolverine” is set to be cleared by Chinese regulators for release in that market.

  • Releasing the film in China increases the earnings potential for the movie.

  • Before this report, Deadline reported last week that the film was expected to pick up $200 million in its opening weekend in July.

Background: It’s been a hectic year for Disney. As the streaming business improved, the entertainment giant contended with mixed financial results and a battle with an activist investor who tried to change the board.

Stock Price: Disney is up 10% this year but down 3% in the last 30 days.

Final Thoughts: The impressive opening weekend for “Inside Out 2” is a positive sign for Hollywood and other films coming out this summer.

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Notables

Notable Earnings Today: Lennar (NYSE: LEN), La-Z-Boy (NYSE: LZB), Quantum (Nasdaq: QMCO).

Notable IPOs Today: Eaton Vance Short Duration Income ETF (Nasdaw: EVSD).

Notable Equity Crowdfunding Campaigns Ending Today: Just Cause Apparel (Vicinity).

Notable Economic Events Today: NY Empire State Manufacturing Index (8:30 a.m. ET).

Autodesk's Activist Investor

The design-software maker Autodesk (Nasdaq: ADSK) may have an activist investor breathing down its back.

Details: The Wall Street Journal reported Sunday that activist investor Starboard Value has a $500 million stake in Autodesk, is pushing for changes at the company, and has met with Autodesk executives to voice concerns about company operations. Autodesk did not comment on the report.

Definition: An activist investor buys many shares in the company to influence change in that organization.

Background: Autodesk delayed its annual report in April due to an internal investigation of its accounting practices, which later found no issues. 

Stock Price: Autodesk is down 3% this year, but up about 2% in the last 30 days.

Final Thoughts: Investors hope that Starboard can influence positive change in the company.

Solana Jumps on Sunday

The price of Solana ticked up 2.5% on Sunday, but the price is down about 14% over the last 30 days.

Bigger Picture: Most other cryptocurrency prices were flat on Sunday.

Final Thoughts: Weakness in the crypto space has pulled Solana down in the past month. However, the price is up about 47% in 2024.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.