Kim Kardashian's Coty Buyback

Today is Wednesday, July 12, 2o23.

The Early Bird Index today is 57.75.

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Kim Kardashian's Coty Buyback

The beauty and fragrance company Coty (NYSE: COTY) saw its shares rise 2.92% in after-hours trading on Tuesday due to a report about Kim Kardashian.

Details: According to a report from The Wall Street Journal, Kardashian is in talks to buy back the minority stake of the makeup brand SKKN BY KIM she had sold to Coty. The company did not comment on the report.

Also: The talks to buy back the minority stake could fall apart and the value of the stake is not determined yet, according to the report.

Background: Both Coty and Kardashian entered a partnership in June 2020 to further develop beauty brands. Coty completed a purchase for a 20% ownership interest in Kardashian’s beauty business for $200 million in January 2021. By June 2022, both Coty and Kardashian introduced a skincare collection together.

Stock Price: Shares of Coty are up 48% this year, including an 8% increase in the last 30 days.

Final Thoughts: Coty has performed well since the pandemic, especially this year. In its most recent financial results, the company did better than expected. The only issue is that because the price has jumped so much, it is not a value or bargain stock anymore.

Notables

Notable Earnings Today: AngioDynamics (Nasdaq: ANGO), MillerKnoll (Nasdaq: MLKN), Theratechnologies (Nasdaq: THTX).

Notable IPOs Today: 60 Degrees Pharmaceuticals, Inc. Common Stock (Nasdaq: SXTP), Bowen Acquisition Corp Unit (Nasdaq: BOWNU), Global X Funds (NYSE Arca: FLOW), Tidal Trust II (NYSE Arca: TFPN).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: CPI / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), WASDE Report (12:00 p.m. ET), Beige Book (2:00 p.m. ET).

Disney Might Sell India Business

Photo by Brian McGowan / Unsplash

A report on Tuesday said that Disney (NYSE: DIS) might offload an asset, causing the stock to slightly tick down by 0.056% in after-hours trading.

Details: According to The Wall Street Journal, Disney is exploring strategic options for its Star India business, including a joint venture or a sale. The company has reportedly talked to at least one bank about it and talks are in the early stages. Disney has not commented on the report.

Background: Disney purchased Star India through its acquisition of 21st Century Fox a few years ago. In 2022, Star India was renamed Disney Star, which also lost some revenue recently.

Stock Price: Disney’s stock is up less than 1% this year, including a bump of about 4% in the last 30 days.

Final Thoughts: Media companies such as Disney are struggling. One strategy for Disney to improve profits is to dump expenses. This explains why it might be pursuing a sale of its business in India.

Aave DAO Jumps on Stablecoin Vote

The token for the cryptocurrency platform Aave DAO soared by over 5% on Tuesday.

Powering the Story: The reason this cryptocurrency price jumped is that Aave DAO community members began voting on Tuesday about whether to deploy a gho (GHO) U.S. dollar-pegged stablecoin, according to CoinDesk.

Final Thoughts: Like most cryptos, Aave DAO is having a great year. It is up 42% in 2023. But cryptos, such as Aave DAO, are still volatile investments.

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