Stock Market Winners & Losers: S&P 500 Eyes Ninth Day of Gains | Disney Posts Better Than Expected Profit

Winner: S&P 500 eyes ninth day of gains
• Wall Street stocks searched for direction, as investors kept an eye on Federal Reserve policymakers for more clues to interest rate strategy.
• The market will watch for Jerome Powell to let slip any clues to the chance of a rate cut when he speaks later.
• A tentative deal between Hollywood studios and striking actors.
• In commodities, oil clawed back some losses after plunging to a three-month low.

OTHER STORIES
• Disclosing time: Meta said that political advertisers on FB and Insta will be required to disclose the use of AI or potentially face penalties. Google announced a similar rule in September.
• Amazon’s latest Prime perk is a $9 per month primary care service. One Medical lets you add Up to five additional family members for $6 per month per person, giving them access to in-person or virtual medical visits
• Planet Fitness’ stock surged 12% after the gym chain reported better-than-expected profit and sales growth. It lifted its forecast and said it might hike the price of its $10 membership for the first time in three decades.
• ‘The Marvels’ is probably headed for one of the worst MCU box-office openings ever at between $60 million and $65 million.
• Bitcoin tops $37,000 for the first time since May 2022 as optimism about a forthcoming ETF builds

Winner: Disney posts better-than-expected profit
• Disney earnings topped expectations thanks in part to profit at ESPN+ and continued growth at theme parks, but a decline in ad revenue weighed on the top line.
• Disney plans an additional $2 billion to a target of $7.5 billion.
• Revenue: $21.24 billion
• The decrease in ad revenue was primarily from Disney’s ABC Network, which saw lower political advertising revenue during the quarter.
• Disney added 7 million new core Disney+ subscribers to 150.2 million from the previous quarter.
• “Elemental,” “Little Mermaid” and “Guardians of the Galaxy: Vol. 3” as well as the new Star Wars series “Ahsoka” as key streaming content during the last three months.
• The company expects that its streaming businesses will reach profitability in the fiscal fourth quarter of 2024.
• The end of the 118-day actors’ strike removes a headwind facing TV and streaming companies and allows the industry to get back to making content.
• Disney needs to reset the future of ESPN, potentially with outside financial partners.

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