Good Morning! On Wednesday, U.S. equities saw an increase as investors processed the latest batch of earnings. How big of an increase? The S&P 500 witnessed a nice gain of 0.82%, while the Dow Jones had a modest rise of 0.40%. The Nasdaq had the highest return out of the three indexes, at 0.95%.
BIG PLANS FOR 2024
Disney (DIS) revealed its intention to increase its cash dividend by 50% by releasing Q1 results that beat expectations and reduced streaming losses.
- Revenue: $23.5 Billion vs. $23.8 Billion Expected
- Adjusted Earnings Per Share: $1.22 vs. $0.99 Expected
- Cash Divided: $0.45 for the upcoming dividend vs. $0.30 for the last dividend paid
So what is new with Disney? The corporation said today that it is making good progress towards achieving or surpassing its goal of $7.5 billion in yearly savings by the end of fiscal year 2024. Also, the board has approved a fresh shareback initiative to acquire $3 billion worth of shares during fiscal year 2024. But wait, there’s more! The company announced its intention to allocate $1.5 Billion towards investing in Epic Games (the creator of Fortnite).
How close is Disney to breaking even for streaming? The entertainment division’s streaming losses decreased to $138 million from a loss of $984 million in the previous year, following the company’s decision to increase streaming prices. However, the number of core Disney+ subscribers, excluding Disney+ HotStar in India, sequentially declined by 1.3 million as a result of these price hikes.
PLEASE NO MORE TRACKING
According to the Washington Post, Jack Sweeney, the mastermind behind many flight-tracking social media accounts, was sent a legal notice from Taylor Swift’s lawyers ordering Sweeney to stop tracking Taylor’s fight activities in December. The letter said that his accounts inflicted “direct and irreparable harm” against Swift, who had encountered persistent harassers throughout her professional journey.
This is true, however… According to Sweeney’s statement to the Washington Post, he said that all the travel data is openly accessible and just indicates the places where she may be located, similar to her performance schedules. Also, it could be since Swift has received criticism for the carbon emissions resulting from her frequent air travel using a private aircraft. This data came to light because of Sweeney’s flight monitoring.
History is repeating itself! Jack Sweeney incurred Elon Musk’s anger for managing the tracking account @ElonJet. Musk suspended the account from X in 2022 due to what he deemed a “direct personal safety risk,” but the account was subsequently restored with a 24-hour delay.