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[192.64.237.18]) by mx.google.com with ESMTPS id e125-20020a253783000000b0067b543586a5si16954321yba.523.2022.08.11.04.38.15 for (version=TLS1_3 cipher=TLS_AES_256_GCM_SHA384 bits=256/256); Thu, 11 Aug 2022 04:38:15 -0700 (PDT) Received-SPF: pass (google.com: domain of delivery_20220811073748.28688386.780754@bouncest.seekingalpha.com designates 192.64.237.18 as permitted sender) client-ip=192.64.237.18; Authentication-Results: mx.google.com; dkim=pass header.i=@seekingalpha.com header.s=sailthru header.b=oc3whlBH; spf=pass (google.com: domain of delivery_20220811073748.28688386.780754@bouncest.seekingalpha.com designates 192.64.237.18 as permitted sender) smtp.mailfrom=delivery_20220811073748.28688386.780754@bouncest.seekingalpha.com; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=seekingalpha.com DKIM-Signature: v=1; a=rsa-sha256; c=relaxed; s=sailthru; d=seekingalpha.com; h=Date:From:Reply-To:To:Message-ID:Subject:MIME-Version:Content-Type: List-Unsubscribe; i=account@seekingalpha.com; bh=hwOuylkPgJ3b0o2Kx4lR9JHIfKN9gTmX4FPgT+eksFA=; b=oc3whlBHeNRVEgbl0qbEaUzKcsAISz8wvoQcf1JMmcvCyoO9QLq0LZyI1U/08vGf7AosLstuxBv5 aQ/u+tGgFvDy3G51dpBjgjlCvcaCbyaPC3DM7Kehzusj01j398p+Az8Bm6bVDWHr2C/ukciHvuKp aPLZkDVN6WkMwSTd6zw= Received: from njmta-90.sailthru.com (173.228.155.90) by pmta6.sailthru.com id hujl2e30nq0b for ; Thu, 11 Aug 2022 07:37:48 -0400 (envelope-from ) Received: from nj1-oddturquoise.flt (172.18.48.8) by njmta-90.sailthru.com id hujl0o1qqbs7 for ; Thu, 11 Aug 2022 07:37:48 -0400 (envelope-from ) Date: Thu, 11 Aug 2022 07:37:48 -0400 (EDT) From: Seeking Alpha Reply-To: wsbfeedback@seekingalpha.com To: sterlingwhg@gmail.com Message-ID: <20220811073748.28688386.780754@sailthru.com> Subject: Wall Street Breakfast: Disney Edges Netflix MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_2423914_1396582754.1660217868417" Precedence: bulk X-Feedback-ID: 9033:28688386:campaign:sailthru X-TM-ID: 20220811073748.28688386.780754 X-Info: Message sent by sailthru.com customer Seeking Alpha X-Info: We do not permit unsolicited commercial email X-Info: Please report abuse by forwarding complete headers to X-Info: abuse@sailthru.com X-Mailer: sailthru.com X-JMailer: nj1-oddturquoise.flt X-Unsubscribe-Web: https://email-st.seekingalpha.com/oc/60c1e5c4dba83e59149ff347h2w3m.gqfm/c2d1ff4b List-Unsubscribe: , X-rpcampaign: stnjl28688386 X-Spam-Status: No, score=4.0 X-Spam-Score: 40 X-Spam-Bar: ++++ X-Spam-Flag: NO ------=_Part_2423914_1396582754.1660217868417 Content-Type: text/html; charset=utf-8 Content-Transfer-Encoding: quoted-printable
The magic has returned to Disney (DIS) as a vacationer surge back into park= s led to a third-quarter earnings upside surprise. Shares climbed nearly 7%= to $120 in post-market trading on Wednesday, with revenue for Disney Parks= , Experiences and Products jumping 70% to $7.4B and operating income surgin= g to $2.2B. Tech innovations like reservation systems played a role in the = parks' outperformance, while confidence appeared to return after a bruising= few months triggered by the "Don't Say Gay" tussle between Disney (DIS) an= d Florida's legislature. Conference call: CEO Bob Chapek said all of the co= mpany's theme parks are now open, and visits are strong, but cruise ships a= nd international visitors have some recovery ahead. "Even while the average= daily attendance at our domestic parks across the first three quarters of = this fiscal year was slightly below 2019, we have delivered significantly h= igher revenue and operating income over that same time period," added CFO C= hristine McCarthy. "This approach also provides flexibility with levers we = can adjust if demand were to shift."Over in streaming, the House of Mouse b= eat estimates by tacking on another 14.4M users during the quarter for a to= tal of 152.2M Disney+ subscribers (or 221M total streaming subs when factor= ing in ESPN+ and Hulu). At those numbers, Disney would have a larger base t= han its closest competitor Netflix (NFLX), though it continues to bleed cas= h. Disney's streaming operation lost $1.1B during FQ3, more than triple its= loss of $293M a year earlier. Oh, boy! Growth expectations were cut after = Disney failed to renew cricket rights for the popular Indian Premier League= . Subscriber forecasts for 2024 now range between 215M-245M, down from 230M= -260M, prompting the company to unveil a new U.S. pricing structure to make= its streaming business profitable. Starting Dec. 8., Disney+ with commerci= als will cost $7.99 per month - which is currently the price of Disney+ wit= hout ads - while the monthly membership of ad-free Disney+ will rise 38% to= $10.99. (60 comments)
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Top News
Disney= edges Netflix
Shutterstock
The magic has returned to Disney (DIS) as a vacationer surge back into parks led to a third-quarte= r earnings upside surprise. Shares climbed nearly 7% to $120 in post-market = trading on Wednesday, with revenue for Disney Parks, Experiences and Produc= ts jumping 70% to $7.4B and operating income surging to $2.2B. Tech innovat= ions like reservation systems played a role in the parks' outperformance, w= hile confidence appeared to return after a bruising few months triggered by= the "Don't Say Gay" tussle between Disney (DIS) and Florida's legislature.
<= br>Conference call: CEO Bob Chapek = said all of the company's theme parks are now open, and visits are stro= ng, but cruise ships and international visitors have some recovery ahead. "= Even while the average daily attendance at our domestic parks across the fi= rst three quarters of this fiscal year was slightly below 2019, we have del= ivered significantly higher revenue and operating income over that same tim= e period," added CFO Christine McCarthy. "This approach also provides flexi= bility with levers we can adjust if demand were to shift."

Over in s= treaming, the House of Mouse beat estimates by tacking on another 14.4M use= rs during the quarter for a total of 152.2M Disney+ subscribers (or 221M to= tal streaming subs when factoring in ESPN+ and Hulu). At those numbers, Dis= ney would have a larger base than its closest competitor Netflix (NFLX), though it continues to bleed cas= h. Disney's streaming operation lost $1.1B during FQ3, more than triple its= loss of $293M a year earlier.

Oh, boy! Growth expectations were cut after Disney failed= to renew cricket rights for the popular Indian Premier League. Subscriber = forecasts for 2024 now range between 215M-245M, down from 230M-260M, prompt= ing the company to unveil a new U.S. pricing structure to make its streamin= g business profitable. Starting Dec. 8., Disney+ with commercials will cost= $7.99 per month - which is currently the price of Disney+ without ads - wh= ile the monthly membership of ad-free Disney+ will rise 38% to $10.99. (60 comments)
     
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Economy
Markets celebrate
Wall Street saw a stampede of buyers on Wednesday, as signs of cooling infl= ation sent the major averages soaring. The Dow Jones Industrial Average added more than 500 points, while the S= &P 500 rose more than 2%, with a= ll 11 sectors of the benchmark index finishing higher. The tech-heavy Nasda= q Composite also soared, bringing its recent gains to over 20% to enter bull market territory, while adding to = the two-month recovery for financial markets.

The data: The rate of annual CPI inf= lation fell to 8.5% in July, from 9.1% in th= e previous month. Core CPI rose 0.3%, less than forecast, dropping to 5.9% = on an annual pace. Traders now see a 43.5% chance the central bank will hik= e rate by 75 basis points in September (compared with 68% before the CPI nu= mbers), according to the CME Group's FedWatch tool, while a 50 basis point = hike is shown as a 56.5% probability.

Going deeper into the figures= , not everything was so rosy. Grocery prices rose 13% in July from a year a= go, marking the fastest pace of inflation since 1979, while dining-out shot= up as well. Shelter costs, which make up about one-third of the CPI weight= ing, also continued their ascent, up 5.7% over the past 12 months. However,= gasoline eased down 7.7% in July from the prior month, while used-car pric= es, airline fares and apparel dropped on a month-to-month basis.

Commentary: "The number= is a huge relief because anything that keeps the Fed from doing more damag= e is a positive for all of us," explained Bryce Doty, portfolio manager at = Sit Investment Associates. "One month doesn't necessarily make a trend but = we are certainly encouraged that inflation is moving in the right direction= ," noted Jack Ablin, chief investment officer at Cresset Capital. (      
Consumer
Recipe gone wrong

Seven years after entering the Italian market, Domin= o's (NYSE:DPZ) is closing = up shop in the homeland of pizza. While the company had already stopped off= ering delivery at the end of July, the last of its 29 local branches just s= huttered their doors. Social media is abuzz on the news, with some likening= the situation to selling ice in the North Pole, or how the chain could com= pare their pizza to an authentic Napoletana.

History: Domin= o's opened its first outlet in Milan in 2015, via a franchising agreement w= ith a local business called ePizza SpA. At the time, it said it hoped to wi= n over Italian palates with "purely Italian" ingredients like Prosciutto di= Parma, Gorgonzola, Grana Padano and Mozzarella di bufala Campana. The bigg= est catch was a national home delivery model that could take on local artis= anal shops and provide an alternative to Italy's dining out culture.
Cracks in the plan first emerged during the pandemic, especially as delive= ry became essential during coronavirus lockdowns. Many traditional "mom &am= p; pop" restaurants went online, allowing buyers to order quality products = and gourmet items straight to their homes. As takeout and delivery models w= ere adopted, increased competition was also seen from a rising number of on= line platforms like Deliveroo (OTCP= K:DROOF), Glovo or Just Eat Takeaway.com (OTC:TKAYF).

Out of toppings: ePizza borrowed heavily for plans to open over 800 Italian stores thr= ough 2030, attempting to land a 2% stake of the national pizza market. As r= ecently as April, it filed for protection from creditors, and while the mot= ion was granted for an initial 90 days, there have been no further updates = on the court process. According to the latest audited reports, ePizza had = =E2=82=AC10.6M of debt at the end of 2020, but has since been running out o= f money and faltering on its debt obligations. (15 comments)

     
Financials
Metallic spoofi= ng

Following a three-week trial and more than eight day= s of deliberations, two former JPMorgan (JPM) employees have been found guilty in a landmark case= over futures market manipulation. Michael Nowak, the former head of the ba= nk's precious-metals business, was convicted on 13 charges including spoofi= ng and fraud, while his top gold trader, Gregg Smith, was also convicted on= 11 charges that included spoofing. A third defendant, Jeffrey Ruffo, who w= as a salesman on JPMorgan's precious-metals desk, was acquitted entirely.
What is spoofing? The manipulative tactic, which was outlawe= d by the Dodd-Frank Act in 2010, involves rapidly placing orders with the i= ntent to cancel them before they trade, creating the illusion of demand and= influencing prices.

The case is a big victory for the U.S. Justice = Department and marks the most aggressive lawsuit brought to date that targe= ts spoofing. Sentences have not yet been handed down, but Nowak and Smith w= ere acquitted of racketeering and conspiracy allegations that would have ch= arged them as an organized criminal enterprise. Back in 2020, JPMorgan also= agreed to pay $920M to settle DOJ spoofing allegations, which is by far th= e largest fine paid by any bank accused of market manipulation since the fi= nancial crisis.

Quote: "Today's jury verdict demons= trates that those who seek to manipulate our public financial markets will = be held accountable and brought to justice," said Assistant Attorney Genera= l Kenneth A. Polite, Jr. of the Justice Department's Criminal Division. "Wi= th this verdict, the Department has secured convictions of ten former trade= rs at Wall Street financial institutions, including JPMorgan, Bank of Ameri= ca/Merrill Lynch, Deutsche Bank, The Bank of Nova Scotia, and Morgan Stanle= y. These convictions underscore the Department's commitment to prosecuting = those who undermine the investing public's trust in the integrity of our co= mmodities markets." (5 comments)

     
Today's Markets
In Asia, Japan closed. Hong Kong +2.4%. China +1.6%. India +0.9%.
In Europe, at midday, London flat. Paris +0.2%. Frankfurt -0.2%.
Futures at 6:30= , Dow +0.2%. S&a= mp;P +0.2%. Nasdaq <= span class=3D"green" style=3D"color: #008000;">+0.3%. Crude -0.5% to $91.49. Gold -0.6% to $1802.70. Bitcoin +6.3% to $24,324.
Ten-year Treasury Yield -1 bps to 2.77%
Today's Economic Calendar
8:30 = Initial Jobless Claims
8:30 Producer Price Index
10:30 E= IA Natural Gas Inventory
1:00 PM Results o= f $21B, 30-Year Bond Auction
4:30 PM Fed Ba= lance Sheet

Companies reporti= ng earnings today =C2=BB
What else is happening...
Big Oil sees positives in new climate bill, but enthusiasm is not shared.

Exxon (XOM) is considering expanding its t= rading operations globally.
=
Eyes on Rivian (RIVN) production guidance amid supply chain woes.

Nikola (NKLA) CEO to retire, replaced by insider Lohscheller.

Ford (F) to hike price for F-150 Lightnin= g truck by 7%-18%.

The merger of Redbox (RDBX) and Chicken Soup (CSSE) is here.

Bumble (BMBL) plunges as outlook shows forex, Ukraine= war impacts.

= Apple (AAPL) boosts in-house podcas= ting after deal with Futuro = Studios.

Back in action: Boeing (BA) delivers first 787 Dreamliner since May 2021.

United (UAL) places deposit for 100 of Arch= er Aviation's (ACHR) flying taxis.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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