It was the tech-heavy Nasdaq Composite that was the big earner of the day, surging by 1%, while the S&P 500 advanced by over 0.8%. The Dow Jones Industrial Average closed 0.4% higher, or 150 points. Equities largely rose along with investor confidence following the influx of positive corporate earnings.

Disney shares rose by over 6% after the company reported fiscal first-quarter earnings that beat expectations, with Disney adding that it would be boosting its cash dividend by 50%. On the other end of the spectrum, Snap shares plunged by over 34% after the social media company posted a lower profit forecast for the current quarter than expected.

The post S&P 500 Hits Record, Approaches 5,000 for First Time in History appeared first on theprimarymarket.com.

The company had an underwhelming second quarter, missing out on revenues and failing to meet the expectations of analysts when it comes to their Disney+ streaming services. At the time, Disney announced it would make a series of moves, including price hikes and cost cuts, in an attempt to turn things around.

“We’re prioritizing the strength of our brands and franchises, we’re rationalizing the volume of content we make, what we spend, and what markets we invest in,” Disney CEO Bob Iger said at the time.

However, the investors don’t seem to be convinced by the prospects of these moves, and Disney shares have seen their fair share of ups and downs in recent periods. The stock’s most recent closing price came at $82.47, representing its lowest mark since October 2014. A number of analysts believe this is still not a cheap price due to the company’s obvious issues and recommend waiting a while longer before buying the dip.

The post Disney Stock Drops to 9-Year Low, and It Might Not Stop There appeared first on theprimarymarket.com.

Disney reported revenue of $22.33 billion compared to $22.51 billion expected. Its Disney Parks, Experiences, and Products arm narrowly beat the analyst’s predictions with $8.33 billion versus $8.25 billion estimated revenue, but Disney Media and Entertainment Distribution division fell short of 14.36 billion expected. Adjusted earnings per share came at $1.03 versus $0.99 expected.

Disney+ streaming services saw a 7.4% decline compared to the first quarter and now have 146.1 million total subscribers. The analysts expected fewer losses and estimated the streamer would finish Q2 with 154.8 million subscribers.

However, Disney managed to encourage investors by forecasting capital spending of $5 billion, which represents a dip of $1 billion compared to the $6 billion forecast in Q1. The company also announced its intention to start paying dividends again by the end of this year.

Disney’s shares closed at $87.49 on Wednesday, which represents a 1.66% year-to-date loss. The stock climbed as high as $91.98 per share in after-hours trading.

“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the center of our business,” said CEO Bob Iger in a statement.

The post Disney Stock Climbs Amid Lower Capital Spending Forecast appeared first on theprimarymarket.com.

Revenue for the three months ending March 31 was $21.82 billion; on par with Wall Street’s estimates. The company’s Disney Parks, Experiences, and Products unit soared, while the Disney+ streaming platform was able to reduce its losses from the previous quarter.

157.8 million new Disney+ subscribers were added in the first quarter, falling short of an estimated 163.1 million subscribers. While the company’s streaming losses were $1.1 billion in Q1, this is a significant decline from the $1.4 billion losses incurred in Q4 of 2022.

Disney Parks, Experiences, and Products was the strongest performer for the quarter, generating a revenue of $7.78 billion compared to an estimated $7.67 billion.

“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” CEO Bob Iger stated in the earnings release. “From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”

Shares in the company dipped by 2% following the earnings release.

The post Disney Quarterly Earnings Miss Estimates appeared first on theprimarymarket.com.

Bazinet offered the following observation in a note to clients: “We believe Disney may sell its 67% stake in Hulu. In parallel, we suspect Disney may secure the distribution rights to two Marvel characters held by Comcast (Hulk and Namor).”

While Disney owns all of the Marvel intellectual property, it does not own the distribution rights to the characters of Hulk and Namor. Currently, it is Comcast Corporation that owns these rights. As a result, Comcast retains the ability to distribute any Hulk or Namor-centric films to its various NBCU media platforms, like Peacock.

Bazinet explained that Disney’s stake in Hulu is worth significantly more than the rights for the two Marvel characters. Despite this fact, the Citi analyst believes that this move is being considered as it aligns with Disney’s strategy to focus more on core brands.

Prior to this latest observation, Bazinet explained that Disney could consider raising Hulu subscription prices or combining the streaming platform with Disney+.

The post Disney Considers Selling Hulu Stake and Expanding Marvel Rights appeared first on theprimarymarket.com.

It was the tech-heavy Nasdaq Composite that was the big earner of the day, surging by 1%, while the S&P 500 advanced by over 0.8%. The Dow Jones Industrial Average closed 0.4% higher, or 150 points. Equities largely rose along with investor confidence following the influx of positive corporate earnings.

Disney shares rose by over 6% after the company reported fiscal first-quarter earnings that beat expectations, with Disney adding that it would be boosting its cash dividend by 50%. On the other end of the spectrum, Snap shares plunged by over 34% after the social media company posted a lower profit forecast for the current quarter than expected.

The post S&P 500 Hits Record, Approaches 5,000 for First Time in History appeared first on theprimarymarket.com.

The company had an underwhelming second quarter, missing out on revenues and failing to meet the expectations of analysts when it comes to their Disney+ streaming services. At the time, Disney announced it would make a series of moves, including price hikes and cost cuts, in an attempt to turn things around.

“We’re prioritizing the strength of our brands and franchises, we’re rationalizing the volume of content we make, what we spend, and what markets we invest in,” Disney CEO Bob Iger said at the time.

However, the investors don’t seem to be convinced by the prospects of these moves, and Disney shares have seen their fair share of ups and downs in recent periods. The stock’s most recent closing price came at $82.47, representing its lowest mark since October 2014. A number of analysts believe this is still not a cheap price due to the company’s obvious issues and recommend waiting a while longer before buying the dip.

The post Disney Stock Drops to 9-Year Low, and It Might Not Stop There appeared first on theprimarymarket.com.

Disney reported revenue of $22.33 billion compared to $22.51 billion expected. Its Disney Parks, Experiences, and Products arm narrowly beat the analyst’s predictions with $8.33 billion versus $8.25 billion estimated revenue, but Disney Media and Entertainment Distribution division fell short of 14.36 billion expected. Adjusted earnings per share came at $1.03 versus $0.99 expected.

Disney+ streaming services saw a 7.4% decline compared to the first quarter and now have 146.1 million total subscribers. The analysts expected fewer losses and estimated the streamer would finish Q2 with 154.8 million subscribers.

However, Disney managed to encourage investors by forecasting capital spending of $5 billion, which represents a dip of $1 billion compared to the $6 billion forecast in Q1. The company also announced its intention to start paying dividends again by the end of this year.

Disney’s shares closed at $87.49 on Wednesday, which represents a 1.66% year-to-date loss. The stock climbed as high as $91.98 per share in after-hours trading.

“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the center of our business,” said CEO Bob Iger in a statement.

The post Disney Stock Climbs Amid Lower Capital Spending Forecast appeared first on theprimarymarket.com.

Revenue for the three months ending March 31 was $21.82 billion; on par with Wall Street’s estimates. The company’s Disney Parks, Experiences, and Products unit soared, while the Disney+ streaming platform was able to reduce its losses from the previous quarter.

157.8 million new Disney+ subscribers were added in the first quarter, falling short of an estimated 163.1 million subscribers. While the company’s streaming losses were $1.1 billion in Q1, this is a significant decline from the $1.4 billion losses incurred in Q4 of 2022.

Disney Parks, Experiences, and Products was the strongest performer for the quarter, generating a revenue of $7.78 billion compared to an estimated $7.67 billion.

“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” CEO Bob Iger stated in the earnings release. “From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”

Shares in the company dipped by 2% following the earnings release.

The post Disney Quarterly Earnings Miss Estimates appeared first on theprimarymarket.com.

Bazinet offered the following observation in a note to clients: “We believe Disney may sell its 67% stake in Hulu. In parallel, we suspect Disney may secure the distribution rights to two Marvel characters held by Comcast (Hulk and Namor).”

While Disney owns all of the Marvel intellectual property, it does not own the distribution rights to the characters of Hulk and Namor. Currently, it is Comcast Corporation that owns these rights. As a result, Comcast retains the ability to distribute any Hulk or Namor-centric films to its various NBCU media platforms, like Peacock.

Bazinet explained that Disney’s stake in Hulu is worth significantly more than the rights for the two Marvel characters. Despite this fact, the Citi analyst believes that this move is being considered as it aligns with Disney’s strategy to focus more on core brands.

Prior to this latest observation, Bazinet explained that Disney could consider raising Hulu subscription prices or combining the streaming platform with Disney+.

The post Disney Considers Selling Hulu Stake and Expanding Marvel Rights appeared first on theprimarymarket.com.