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Today in the Market (3/1/2024)

Good Morning! On Friday, U.S. equities started March on a positive note in response to PCE data and a continuing surge in the tech sector, with Nvidia (NVDA) reaching the $2 Trillion market cap for the first time.

The S&P 500 and the Nasdaq followed similar momentum and started the month up 0.80% & 1.14%, respectively, while the Dow Jones increased by 0.23%.


Fisker (FSR) said that due to its financial situation, changing dealership sales strategy, and the difficult EV market, it had significant uncertainty about its capacity to remain operational when it submitted its annual financial report for 2023. On top of that, Fisker announced a 15% reduction in its workforce

What will Fisker do? Fisker started negotiating with “a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing,” Fisker also stated that it is in talks with a current noteholder regarding an additional investment in the company.

Not enough… Even with discussions about receiving financial support and forming a strategic alliance with a well-established auto manufacturer, they did not dispel concerns about Fisker’s unstable situation. The EV company plummeted by more than 32% and has been below $1 since early January.


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Traditional media is dealing with a dual challenge… Television networks are declining due to a poor advertising environment, which is impacting income, while streaming is not profitable for most companies due to increasing expenses and stagnant subscriber growth.

For example… Paramount (PARA) recently announced that its linear ad revenue decreased by 15% in Q4 compared to the previous year. On top of that, Warner Bros. Discovery (WBD), Disney (DIS), and Comcast (CMCSA) saw a decline in advertising income in their conventional television and cable operations during the same time.

It only gets worse! The number of users discontinuing their streaming subscriptions has nearly tripled since 2019, reaching 140.5 million cancellations in 2023, marking the highest decline in subscribers in the last five years.

The bottom line. Almost all media businesses are still operating at a financial loss in that sector; except Netflix and, more recently, Warner Bros. Discovery.

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