[ad_1]
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/stock-market-movers-tesla-alibaba-southwest-51671810917
[ad_2]
[ad_1]
Cheesecake Factory appears to be “running the same play,” wrote J.P. Morgan analyst John Ivankoe in a recent restaurant industry outlook. I don’t think he meant it as a compliment—the stock, he noted, trades where it did in 2004, adjusted for splits.
Why the long stall-out? My first thought was that maybe hitting the mall for a hypercaloric sit-down meal off a menu the size of a Gutenberg Bible has fallen out of favor over the years. But no: Sales have bounced back and then some from the Covid pandemic, with plenty of takeout business and dessert orders. The average
Cheesecake Factory
(ticker: CAKE) restaurant does more than $10 million in yearly sales, or twice as much as an Olive Garden.
[ad_2]
[ad_1]
China’s closely watched reopening is now causing concern as the number of new COVID-19 cases grows and the country reports the first deaths in several weeks.
Much of the news out of China this week is in stark contrast to zero COVID, the strict policy that was in place up until a month ago. In response to widespread protests, authorities have lifted many of the restrictions that limited how people in China were able to move, work and treat their illnesses.
Now some local governments are encouraging people with mild COVID to continue to work. Beijing reported five COVID deaths on Tuesday and two on Monday — the first COVID fatalities to be reported in the country in weeks. Cities like Guangzhou are expanding “fever clinics” that can handle up to 110,000 patients a day, up from 40,000. And basic cold medicines are in short supply.
Chinese authorities have reportedly told state media that the surge is part of an “exit wave” of cases, according to the Financial Times. A headline from Monday’s China Daily, an English-language news outlet in China, reads: “Virus experts expect normalcy by spring.”
Experts have predicted that millions of people in China will get sick, and up to 1.6 million people could die in 2023.
COVID news to know:
• In the U.S., it’s still hard to find children’s cold medications. CVS Health
CVS,
and Walgreens Boots Alliance
WBA,
this week put limits on purchases of children’s cold and flu medicines in response to high demand amid a surge in cases of pediatric COVID, influenza and respiratory syncytial virus, or RSV, according to the Wall Street Journal. This includes medications like acetaminophen and ibuprofen.
• Testing positive a second or third time may worsen long-COVID symptoms, according to a study published in Nature in November. However, it can be hard to predict how each new infection will affect an individual patient. “It makes sense that repeat infections would not be beneficial to a person’s health,” one doctor told WebMD. “But I think it’s really hard to know what the additional risk of each subsequent infection would be because there are all sorts of other things in the mix.”
• COVID hospitalizations are rising in the U.S. There are about 40,000 people hospitalized with COVID right now, a figure that is 11% higher than it was two weeks ago, according to the most recent update of a New York Times tracker. The numbers of new infections and COVID-related deaths are also rising this month. The seven-day daily average of new cases is about 66,000, while about 413 people are dying each day.
[ad_2]
[ad_1]
LUSAIL, Qatar — Lionel Messi, wearing a black Qatari robe over his blue-and-white Argentina shirt, kissed the World Cup, shuffled toward his teammates and hoisted the golden trophy high in the air.
It was an iconic sight that finally — definitively — places the soccer superstar in the pantheon of the game’s greatest players.
Messi’s once-in-a-generation career is complete: He is a World Cup champion.
In probably the wildest final in the tournament’s 92-year history, Argentina won its third World Cup title by beating France 4-2 in a penalty shootout after a 3-3 draw featuring two goals from the 35-year-old Messi and a hat trick by his heir apparent, France forward Kylian Mbappé.
“It’s just crazy that it became a reality this way,” Messi said. “I craved for this so much. I knew God would bring this gift to me. I had the feeling that this (World Cup) was the one.”
Amid the chaos inside Lusail Stadium, Mbappé did all he could to emulate Brazil great Pelé as a champion at his first two World Cups. Even scoring the first hat trick in a final since Geoff Hurst for England in 1966.
It wasn’t enough.
Now there’s no debate. Messi joins Pelé — a record three-time World Cup champion — and Diego Maradona, the late Argentina great with whom Messi was so often compared, in an exclusive club of the best soccer players of all time.
Who is the greatest? It’s a discussion that will rage forever because there can never be a definitive answer. Messi has put up a good argument, though, and — with the World Cup title on his resume — he is surely above Cristiano Ronaldo as the best player of his generation.
Messi achieved what Maradona did in 1986 and dominated a World Cup for Argentina. He scored seven goals and embraced the responsibility of leading his team out of those dark moments after a shocking 2-1 loss to Saudi Arabia in the group stage.
Playing in the spirit of Maradona, Messi coupled his dazzling skills with rarely seen aggression and led Argentina to the title by becoming the first man in a single edition of the World Cup to score in the group stage and then in every round of the knockout stage.
The torch will one day pass to Mbappé, but not just yet.
“Let’s go, Argentina!” Messi roared into a microphone on the field in the post-match celebrations after playing in a record 26th World Cup match.
Later, he said: “I can’t wait to be in Argentina to witness the insanity of this.”
Messi had a tantalizing glimpse of the 18-carat gold World Cup trophy when walking on the stage to collect the Golden Ball, awarded to the player of the tournament. He even kissed the World Cup and rubbed it repeatedly.
He got his hands on it for good about 10 minutes later, after a ceremonial robe — a bisht — was draped over his shoulders by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani. And, oh, did he enjoy the moment, celebrating with his family and the teammates who put Argentina atop the soccer world for the first time since the 1986 World Cup in Mexico. The country’s other title came in 1978 on home soil.
Messi was in scintillating form from the start of the final, putting Argentina ahead from the penalty spot after Angel Di Maria was tripped and later playing a part in a flowing team move that resulted in Di Maria making it 2-0 after 36 minutes.
Mbappé, on the other hand, was anonymous until bursting into life by scoring two goals in a 97-second span — one an 80th-minute penalty, the other a volley from just inside the area after a quick exchange of passes — to take the game to extra time at 2-2.
Messi still had plenty of energy and he was on hand to tap in his second goal in the 108th minute, with a France defender clearing the ball just after it had crossed the line. Argentina was on the brink of the title once again, but there was still time for another penalty from Mbappé, after a handball, to take the thrilling game to a shootout.
“We managed to come back from the dead,” said France coach Didier Deschamps, whose team was looking to become the first back-to-back champions since Brazil in 1962.
Mbappé and Messi took their teams’ first penalties and scored. Kingsley Coman had an attempt saved by Argentina goalkeeper Emi Martinez and Aurelien Tchouameni then missed for France, giving Gonzalo Montiel the opportunity to end it. He converted the penalty to the left and sparked wild celebrations.
“The match was completely insane,” said Argentina coach Lionel Scaloni, who was asked if he had a message for Maradona, who died two years ago.
“If he had been here, he would have enjoyed it so much,” Scaloni said. “He would have been the first person on the field (to celebrate). I wish he’d have been here to enjoy the moment.”
Europe’s run of four straight World Cup winners, dating to 2006, came to an end. The last South American champion was Brazil, and that was also in Asia — when Japan and South Korea hosted the tournament in 2002.
In Qatar, Argentina backed up its victory from last year’s Copa America, its first major trophy since 1993. It’s quite the climax to Messi’s international career, which is not over just yet. He said after the match that he would continue to play with the national team.
It was quite a final for a unique World Cup — the first to be played in the Arab world.
For FIFA and the Qatari organizers, a final between two major soccer nations and the world’s two best players represented a perfect way to cap a tournament laced in controversy ever since the scandal-shrouded vote in 2010 to give the event to a tiny Arab emirate.
The years-long scrutiny since has focused on the switch of dates from the traditional June-July period to November-December, strong criticism of how migrant workers have been treated, and then unease about taking soccer’s biggest event to a nation where homosexual acts are illegal.
On Sunday, there was one narrative at play for most people: Could Messi do it?
He could, despite the 23-year-old Mbappé doing all he could to deny his Paris Saint-Germain teammate. Finishing the tournament as the top scorer with eight goals is likely only a crumb of comfort.
Messi has been a man on a mission in the Middle East, determined to erase memories of his only other World Cup final — in 2014 when Argentina lost to Germany 1-0 and Messi squandered a great chance in the second half.
On that night at the Maracana Stadium, Messi stared down at that golden World Cup trophy that escaped him.
Eight years later, he raised it aloft in the biggest moment of a career like no other.
[ad_2]
[ad_1]
After a month of stiff competition in Qatar, the 2022 World Cup’s final matchup is finally set.
Argentina learned Wednesday that defending World Cup winner France will be its opponent in the final on Sunday. France topped a history-making Morocco side 2-0 a day after Argentina shut out Croatia, which lost to France in the 2018 final, a day earlier. Croatia and Morocco square off for third place in the tournament.
Argentina and France, led by Lionel Messi and Kylian Mbappé, respectively, were two among a handful of favorites heading into the quadrennial footballing spectacle.
Here’s what you need to know ahead of the World Cup final.
The tournament title match will be played Sunday, Dec. 18, at 10 a.m. Eastern time. That’s 6 p.m. in Qatar, earlier than the tournament matches have typically been played.
The World Cup final can be watched in the U.S. on Fox
FOX,
FOXA,
and Telemundo, owned by Comcast
CMCSA,
unit NBCUniversal. Fox is available through nearly all cable providers, and cord cutters can stream the match live through FuboTV FUBO, SlingTV, the Alphabet-owned
GOOG,
GOOGL,
YouTubeTV and Comcast’s Peacock.
Both teams have been oddsmakers’ favorite in every one of their 2022 World Cup matches leading up to the final. But for the grand finale, France is seen a slight favorite over Argentina. France is +175 to win, which carries an implied probability of 36.4%, while the Argentina team is being given a 35.1% chance to win, according to the implied-probability data taken from DraftKings’
DKNG,
odds on Wednesday. The outstanding percentage would account for a draw, though all matches beginning in the knockout stage go to a penalty shootout if a score is tied at the end of regulation and at the end of two 15-minute halves of overtime.
A win for France would mean back-to-back men’s World Cup wins for the European nation, and France’s third title in history.
Likewise, a win for Argentina would mean its third World Cup title, and the first World Cup win for legend of the game Messi.
Related: Budweiser says it will award unconsumed Qatar beer to the World Cup winner
A record-breaking amount of prize money will also be at stake. FIFA has allocated $440 million in prize money this year, up from $400 million for the 2018 World Cup, hosted by Russia. (FIFA announced on the same day in December 2010 its selection of Russia and Qatar to host the global game’s marquee event in 2018 and 2022, respectively.)
This year’s winning side will get $42 million, up $4 million from the 2018 tournament.
The runner-up will receive $30 million, and the third- and fourth-place teams are going home with $27 million and $25 million. As for the rest, the teams that lost in the quarterfinals will each receive $17 million; teams that lost in the second round will get $13 million each; and teams knocked out in the group stage (including the U.S.) will get $9 million each. All 32 qualifying teams also received $1.5 million for securing their spots in the tournament. Only Qatar, as the host country, did not have to play its way in through regional competition.
Messi, playing in his fifth career World Cup, has said that this would probably be the last time he plays in the competition.
Failing over the years to achieve in international competition for Argentina what he has in club play (save an appearance in the 2014 final against Germany and a Copa America title in 2021), chiefly with Barcelona in Spain and now with Paris Saint-Germain in France, where he and Mbappé are teammates, Messi has previously announced and rescinded an intent to step back as an international. Only now he’s 35.
From the archives (January 2010): Club or country? Soccer World Cup revives old tensions
“Yes. Surely, yes,” Messi said when asked whether Sunday’s game will be his last at a World Cup. “There’s a lot of years until the next one, and I don’t think I have it in me, and finishing like this is best.”
[ad_2]
[ad_1]
Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year.
But 2023 may bring very different circumstances.
Below are lists of analysts’ favorite stocks among the benchmark S&P 500
SPX,
the S&P 400 Mid Cap Index
MID
and the S&P Small Cap 600 Index
SML
that are expected to rise the most over the next year. Those lists are followed by a summary of opinions of all 30 stocks in the Dow Jones Industrial Average
DJIA.
Stocks rallied on Dec. 13 when the November CPI report showed a much slower inflation pace than economists had expected. Investors were also anticipating the Federal Open Market Committee’s next monetary policy announcement on Dec. 14. The consensus among economists polled by FactSet is for the Federal Reserve to raise the federal funds rate by 0.50% to a target range of 4.50% to 4.75%.
Read: 5 things to watch when the Fed makes its interest-rate decision
A 0.50% increase would be a slowdown from the four previous increases of 0.75%. The rate began 2022 in a range of zero to 0.25%, where it had sat since March 2020.
A pivot for the Fed Reserve and the possibility that the federal funds rate will reach its “terminal” rate (the highest for this cycle) in the near term could set the stage for a broad rally for stocks in 2023.
Among the S&P 500, 92 stocks are rated “buy” or the equivalent by at least 75% of analysts working for brokerage firms. That number itself is interesting — at the end of 2021, 93 of the S&P 500 had this distinction. Meanwhile, the S&P 500 has declined 16% in 2022, with all sectors down except for energy, which has risen 53%, and the utilities sector, which his risen 1% (both excluding dividends).
Here are the 20 stocks in the S&P 500 with at least 75% “buy” or equivalent ratings that analysts expect to rise the most over the next year, based on consensus price targets:
| Company | Ticker | Industry | Closing price – Dec. 12 | Consensus price target | Implied 12-month upside potential | Share “buy” ratings | Price change – 2022 through Dec. 12 |
| EQT Corp. | EQT | Oil and Gas Production | $36.91 | $59.70 | 62% | 78% | 69% |
| Catalent Inc. | CTLT | Pharmaceuticals | $45.50 | $72.42 | 59% | 75% | -64% |
| Amazon.com Inc. | AMZN | Internet Retail | $90.55 | $136.02 | 50% | 91% | -46% |
| Global Payments Inc. | GPN | Misc. Commercial Services | $99.64 | $147.43 | 48% | 75% | -26% |
| Signature Bank | SBNY | Regional Banks | $122.73 | $180.44 | 47% | 78% | -62% |
| Salesforce Inc. | CRM | Software | $133.11 | $195.59 | 47% | 80% | -48% |
| Bio-Rad Laboratories Inc. Class A | BIO | Medical Specialties | $418.28 | $591.00 | 41% | 100% | -45% |
| Zoetis Inc. Class A | ZTS | Pharmaceuticals | $152.86 | $212.80 | 39% | 87% | -37% |
| Delta Air Lines Inc. | DAL | Airlines | $34.77 | $48.31 | 39% | 90% | -11% |
| Diamondback Energy Inc. | FANG | Oil and Gas Production | $134.21 | $182.33 | 36% | 84% | 24% |
| Caesars Entertainment Inc | CZR | Casinos/ Gaming | $50.27 | $67.79 | 35% | 81% | -46% |
| Alphabet Inc. Class A | GOOGL | Internet Software/ Services | $93.31 | $125.70 | 35% | 92% | -36% |
| Halliburton Co. | HAL | Oilfield Services/ Equipment | $34.30 | $45.95 | 34% | 86% | 50% |
| Alaska Air Group Inc. | ALK | Airlines | $45.75 | $61.08 | 34% | 93% | -12% |
| Targa Resources Corp. | TRGP | Gas Distributors | $70.42 | $93.95 | 33% | 95% | 35% |
| Charles River Laboratories International Inc. | CRL | Misc. Commercial Services | $201.94 | $269.25 | 33% | 88% | -46% |
| ServiceNow Inc. | NOW | Information Technology Services | $401.64 | $529.83 | 32% | 92% | -38% |
| Take-Two Interactive Software Inc. | TTWO | Software | $102.61 | $135.04 | 32% | 79% | -42% |
| EOG Resources Inc. | EOG | Oil and Gas Production | $124.06 | $158.24 | 28% | 82% | 40% |
| Southwest Airlines Co. | LUV | Airlines | $38.94 | $49.56 | 27% | 76% | -9% |
| Source: FactSet | |||||||
Most of the companies on the S&P 500 list expected to soar in 2023 have seen large declines in 2022. But the company at the top of the list, EQT Corp.
EQT,
is an exception. The stock has risen 69% in 2022 and is expected to add another 62% over the next 12 months. Analysts expect the company’s earnings per share to double during 2023 (in part from its expected acquisition of THQ), after nearly a four-fold EPS increase in 2022.
Shares of Amazon.com Inc.
AMZN
are expected to soar 50% over the next year, following a decline of 46% so far in 2022. If the shares were to rise 50% from here to the price target of $136.02, they would still be 18% below their closing price of 166.72 at the end of 2021.
Read: Here’s why Amazon is Citi’s top internet stock idea
You can see the earnings estimates and more for any stock in this article by clicking on its ticker.
Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
The lists of favored stocks are limited to those covered by at least five analysts polled by FactSet.
Among components of the S&P 400 Mid Cap Index, there are 84 stocks with at least 75% “buy” ratings. Here at the 20 expected to rise the most over the next year:
| Company | Ticker | Industry | Closing price – Dec. 12 | Consensus price target | Implied 12-month upside potential | Share “buy” ratings | Price change – 2022 through Dec. 12 |
| Arrowhead Pharmaceuticals Inc. | ARWR | Biotechnology | $31.85 | $69.69 | 119% | 83% | -52% |
| Lantheus Holdings Inc. | LNTH | Medical Specialties | $54.92 | $102.00 | 86% | 100% | 90% |
| Progyny Inc. | PGNY | Misc. Commercial Services | $31.21 | $55.57 | 78% | 100% | -38% |
| Coherent Corp. | COHR | Electronic Equipment/ Instruments | $35.41 | $60.56 | 71% | 84% | -48% |
| Exelixis Inc. | EXEL | Biotechnology | $16.08 | $26.07 | 62% | 81% | -12% |
| Darling Ingredients Inc. | DAR | Food: Specialty/ Candy | $61.17 | $97.36 | 59% | 93% | -12% |
| Perrigo Co. PLC | PRGO | Pharmaceuticals | $31.83 | $49.25 | 55% | 100% | -18% |
| Mattel Inc. | MAT | Recreational Products | $17.39 | $26.58 | 53% | 87% | -19% |
| ACI Worldwide Inc. | ACIW | Software | $20.75 | $31.40 | 51% | 83% | -40% |
| Topgolf Callaway Brands Corp. | MODG | Recreational Products | $21.99 | $32.91 | 50% | 83% | -20% |
| Dycom Industries Inc. | DY | Engineering and Construction | $86.03 | $128.13 | 49% | 100% | -8% |
| Travel + Leisure Co. | TNL | Hotels/ Resorts/ Cruiselines | $37.98 | $56.00 | 47% | 75% | -31% |
| Frontier Communications Parent Inc. | FYBR | Telecommunications | $25.21 | $36.18 | 44% | 82% | -15% |
| Manhattan Associates Inc. | MANH | Software | $120.06 | $171.80 | 43% | 88% | -23% |
| MP Materials Corp Class A | MP | Other Metals/ Minerals | $31.39 | $44.79 | 43% | 92% | -31% |
| Lumentum Holdings Inc. | LITE | Electrical Products | $54.45 | $76.44 | 40% | 76% | -49% |
| Tenet Healthcare Corp. | THC | Hospital/ Nursing Management | $44.22 | $62.00 | 40% | 80% | -46% |
| Repligen Corp. | RGEN | Pharmaceuticals | $166.88 | $233.10 | 40% | 82% | -37% |
| STAAR Surgical Co. | STAA | Medical Specialties | $59.57 | $82.67 | 39% | 82% | -35% |
| Carlisle Cos. Inc. | CSL | Building Products | $251.99 | $348.33 | 38% | 75% | 2% |
| Source: FactSet | |||||||
Among companies in the S&P Small Cap 600 Index, 91 are rated “buy” or the equivalent by at least 75% of analysts. Here are the 20 with the highest 12-month upside potential indicated by consensus price targets:
| Company | Ticker | Industry | Closing price – Dec. 12 | Consensus price target | Implied 12-month upside potential | Share “buy” ratings | Price change – 2022 through Dec. 12 |
| UniQure NV | QURE | Biotechnology | $22.99 | $51.29 | 123% | 95% | 11% |
| Cara Therapeutics Inc. | CARA | Biotechnology | $11.34 | $23.63 | 108% | 88% | -7% |
| Vir Biotechnology Inc. | VIR | Biotechnology | $25.50 | $53.00 | 108% | 75% | -39% |
| Dynavax Technologies Corp. | DVAX | Biotechnology | $11.22 | $23.20 | 107% | 100% | -20% |
| Thryv Holdings Inc. | THRY | Advertising/ Marketing Services | $18.40 | $36.75 | 100% | 100% | -55% |
| Artivion Inc. | AORT | Medical Specialties | $12.93 | $23.13 | 79% | 83% | -36% |
| Cytokinetics Inc. | CYTK | Pharmaceuticals | $38.33 | $67.43 | 76% | 100% | -16% |
| Harsco Corp. | HSC | Environmental Services | $7.17 | $12.30 | 72% | 80% | -57% |
| Ligand Pharmaceuticals Inc. | LGND | Pharmaceuticals | $64.80 | $110.83 | 71% | 100% | -35% |
| Corcept Therapeutics Inc. | CORT | Pharmaceuticals | $20.84 | $34.20 | 64% | 80% | 5% |
| Payoneer Global Inc. | PAYO | Misc. Commercial Services | $5.70 | $9.33 | 64% | 100% | -22% |
| Xencor Inc. | XNCR | Biotechnology | $28.69 | $46.71 | 63% | 93% | -28% |
| Pacira Biosciences Inc. | PCRX | Pharmaceuticals | $45.50 | $72.90 | 60% | 80% | -24% |
| BioLife Solutions Inc. | BLFS | Chemicals | $19.72 | $31.38 | 59% | 89% | -47% |
| Customers Bancorp Inc. | CUBI | Regional Banks | $30.00 | $47.63 | 59% | 75% | -54% |
| ModivCare Inc. | MODV | Other Transportation | $92.22 | $145.83 | 58% | 100% | -38% |
| Stride Inc. | LRN | Consumer Services | $32.56 | $51.25 | 57% | 100% | -2% |
| Ranger Oil Corp. Class A | ROCC | Oil and Gas Production | $36.98 | $58.00 | 57% | 100% | 37% |
| Outfront Media Inc. | OUT | Real Estate Investment Trusts | $17.59 | $27.00 | 53% | 83% | -34% |
| Walker & Dunlop Inc. | WD | Finance/ Rental/ Leasing | $82.22 | $125.20 | 52% | 100% | -46% |
| Source: FactSet | |||||||
Here are all 30 components of the Dow Jones Industrial Average ranked by how much analysts expect their prices to rise over the next year:
| Company | Ticker | Industry | Closing price – Dec. 12 | Consensus price target | Implied 12-month upside potential | Share “buy” ratings | Price change – 2022 through Dec. 12 |
| Salesforce Inc. | CRM | Software | $133.11 | $195.59 | 47% | 80% | -48% |
| Walt Disney Co. | DIS | Movies/ Entertainment | $94.66 | $119.60 | 26% | 82% | -39% |
| Apple Inc. | AAPL | Telecommunications Equipment | $144.49 | $173.70 | 20% | 74% | -19% |
| Verizon Communications Inc. | VZ | Telecommunications | $37.95 | $44.60 | 18% | 21% | -27% |
| Visa Inc. Class A | V | Misc.s Commercial Services | $214.59 | $249.33 | 16% | 86% | -1% |
| Microsoft Corp. | MSFT | Software | $252.51 | $293.06 | 16% | 91% | -25% |
| Chevron Corp. | CVX | Integrated Oil | $169.75 | $191.20 | 13% | 54% | 45% |
| Cisco Systems Inc. | CSCO | Information Technology Services | $49.30 | $53.76 | 9% | 44% | -22% |
| UnitedHealth Group Inc. | UNH | Managed Health Care | $545.86 | $593.30 | 9% | 85% | 9% |
| Goldman Sachs Group Inc. | GS | Investment Banks/ Brokers | $363.18 | $392.63 | 8% | 59% | -5% |
| Walmart Inc. | WMT | Specialty Stores | $148.02 | $159.86 | 8% | 72% | 2% |
| JPMorgan Chase & Co. | JPM | Banks | $134.21 | $143.84 | 7% | 59% | -15% |
| Home Depot Inc. | HD | Home Improvement Chains | $327.98 | $346.61 | 6% | 61% | -21% |
| American Express Co. | AXP | Finance/ Rental/ Leasing | $157.31 | $164.57 | 5% | 43% | -4% |
| McDonald’s Corp. | MCD | Restaurants | $276.62 | $288.67 | 4% | 72% | 3% |
| Johnson & Johnson | JNJ | Pharmaceuticals | $177.84 | $185.35 | 4% | 36% | 4% |
| Coca-Cola Co. | KO | Beverages: Non-Alcoholic | $63.97 | $66.62 | 4% | 73% | 8% |
| Boeing Co. | BA | Aerospace and Defense | $186.27 | $192.69 | 3% | 77% | -7% |
| Intel Corp. | INTC | Semiconductors | $28.69 | $29.54 | 3% | 13% | -44% |
| Walgreens Boots Alliance Inc. | WBA | Drugstore Chains | $41.06 | $42.24 | 3% | 17% | -21% |
| Merck & Co. Inc. | MRK | Pharmaceuticals | $108.97 | $110.62 | 2% | 65% | 42% |
| Caterpillar Inc. | CAT | Trucks/ Construction/ Farm Machinery | $233.06 | $236.23 | 1% | 41% | 13% |
| Honeywell International Inc. | HON | Aerospace and Defense | $214.50 | $217.35 | 1% | 54% | 3% |
| Nike Inc. Class B | NKE | Apparel/ Footwear | $112.07 | $112.58 | 0% | 64% | -33% |
| 3M Co. | MMM | Industrial Conglomerates | $126.85 | $127.30 | 0% | 5% | -29% |
| Procter & Gamble Co. | PG | Household/ Personal Care | $152.47 | $150.22 | -1% | 59% | -7% |
| Travelers Companies Inc. | TRV | Multi-Line Insurance | $187.11 | $184.24 | -2% | 18% | 20% |
| Amgen Inc. | AMGN | Biotechnology | $276.78 | $264.79 | -4% | 24% | 23% |
| Dow Inc. | DOW | Chemicals | $51.11 | $48.73 | -5% | 15% | -10% |
| International Business Machines Corp. | IBM | Information Technology Services | $149.21 | $140.29 | -6% | 33% | 12% |
| Source: FactSet | |||||||
Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023
[ad_2]
[ad_1]
Lululemon Athletica Inc. stock fell more than 10% in the extended session Thursday after the athleisure-wear maker reported mixed quarterly results and saw inventories soar.
Lululemon
LULU,
earned $735 million, or $2 a share, in the third quarter, compared with $541 million, or $1.44 a share, in the same quarter last year. Adjusted for one-time items, Lululemon
LULU,
earned $1.62 a share.
Revenue rose 28% to $1.9 billion, the company said. Same-store sales were up 22%.
Analysts polled by FactSet expected Lululemon to earn $1.97 a share on revenue of $1.81 billion. Same-store sales were expected to rise 19.1%.
“We are proud to have delivered another quarter of strong sales and earnings growth, despite an operating environment that remains dynamic,” Chief Financial Officer Meghan Frank said in a statement.
The retailer said inventories ended the quarter up 85% to $1.7 billion, compared with $900 million at the end of the third quarter of 2021.
“The company believes its inventories are well-positioned to support its expected revenue growth in the fourth quarter,” it said.
Lululemon guided for fourth-quarter revenue between $2.605 billion and $2.655 billion, and adjusted EPS between $4.20 and $4.30.
For the full year, the company expects revenue between $7.944 billion and $7.994 billion, and adjusted EPS between $9.87 and $9.97. FactSet consensus calls for EPS of $9.92 on sales of $7.935 billion.
Analysts were relatively upbeat about Lululemon heading into the results, saying the company was able to keep its prices higher, even as other retailers cut their prices.
Retailers have slashed prices on clothing in an effort to clear shelves and entice customers, following an inflation-induced shift in consumer spending to necessities. But Raymond James analysts, in a note this week, said they found that Lululemon “didn’t have broad-based promotions” in the third quarter, or the fourth quarter so far.
They said that the company leaned on its “We Made Too Much” section to iron out its inventories. And they noted a jump in downloads for Lululemon’s app. However, they said business in China “could be a curveball” amid that nation’s COVID-19 restrictions.
Piper Sandler analysts, in October, also said that Lululemon remained more insulated than other clothing retailers from big markdowns.
Lululemon stock is down 4% so far this year. The S&P 500 Index
SPX,
by comparison, has slid 17% over that time.
Claudia Assis in San Francisco contributed to this report.
[ad_2]
[ad_1]
The Federal Trade Commission on Thursday sued Microsoft Corp. to block its $69 billion deal to buy Activision Blizzard Inc.
The acquisition, which would be Microsoft’s
MSFT,
largest and the biggest ever in the video gaming industry, would “enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly growing subscription content and cloud-gaming business,” the FTC claimed.
“Microsoft has already shown that it can and will withhold content from its gaming rivals,” Holly Vedova, director of the FTC’s Bureau of Competition, said in a statement. “Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”
FTC members pointed to Microsoft’s record of “acquiring and using valuable gaming content to suppress competition from rival consoles,” including its acquisition of ZeniMax, parent company of Bethesda Softworks.
Microsoft President Brad Smith indicated the software giant will fight the lawsuit. In a statement, he said Microsoft has “been committed since Day One to addressing competition concerns.”
“While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” Smith said.
Activision CEO Bobby Kotick, in a statement, said the suit “sounds alarming, so I want to reinforce my confidence that this deal will close. The allegation that this deal is anti-competitive doesn’t align with the facts, and we believe we’ll win this challenge.”
Still, In recent weeks Microsoft has taken steps to demonstrate to regulators its acquisition of Activision would not give it an unfair advantage in the gaming market. On Tuesday, Microsoft said it would bring the “Call of Duty” franchise to Nintendo Co.’s
7974,
Switch, a rival of Microsoft Xbox, and Microsoft has said it would make Call of Duty available on rival Sony Group Corp.’s
SONY,
PlayStation.
“It’s a bad idea,” Geoffrey Manne, president of the International Center for Law and Economics, said of the FTC’s lawsuit vs. Microsoft. “There may be markets in which some activities of some of these large tech companies cause concerns, but when they are expanding into new markets or enhancing competition in markets where they aren’t leaders, we should be encouraging them, not threatening them with lawsuits.”
The government’s action in administrative court marks the first serious regulatory threat to Microsoft’s business in more than two decades, when the Justice Department brought a landmark antitrust lawsuit against the software giant that took years and was settled in 2002. Since then, Microsoft had sidestepped antitrust scrutiny and Smith in particular has focused the glare on its tech rivals Amazon.com Inc.
AMZN,
Apple Inc.
AAPL,
Alphabet Inc.’s
GOOGL,
GOOG,
Google, and Facebook parent company Meta Platforms Inc.
META,
Read more: Microsoft’s shadowy presence in antitrust push is angering the rest of Big Tech
Shares of Microsoft are up 1% in trading Thursday. Activision’s
ATVI,
stock is down 1.5%.
The FTC’s lawsuit comes the same day it is heading to court in San Jose, Calif., in what is expected to be a three-week trial to bloc Meta’s $300 million acquisition of VR fitness app maker Within.
The trial is likely to showcase an intriguing look at the agency’s ability to stifle alleged anticompetitive conduct using largely untested legal theories at a time when Congress is sitting on tech antitrust legislation.
[ad_2]
[ad_1]
Aaron Judge has agreed to return to the New York Yankees on a $360 million, nine-year contract, according to Tuesday reports from the MLB Network and Fox.
Judge will make $40 million per season on his new deal with the Yankees, the highest average annual payout for a position player in MLB history. The new deal is the third largest overall contract in MLB history in total value, only behind Mike Trout’s $426.5 million deal with the Los Angeles Angels and Mookie Betts’ $365 million deal with the Los Angeles Dodgers.
See also: Athletes like Tom Brady and Odell Beckham took crypto as compensation. As of now, that’s backfiring.
Judge, 30, turned down a seven-year, $213.5 million extension from the Yankees before this season, according to Yankees President Brian Cashman, in hopes of earning more in free agency. He appears to have done that with this agreement.
Judge is coming off his best season as a professional after winning the American League MVP award and leading the Yankees to a division title. While an MVP award is usually a telltale sign that a player just had a special season, it was actually even more magical than that.
See also: Dropping Aaron Judge’s 61st home-run ball might have cost this fan $250,000 or more
Judge broke the American League home-run record of 61, set by Roger Maris in 1961, when he hit 62 home runs last season. The only players in history who have hit more than 61 home runs in a single season played in the National League — and they have been linked to steroid use.
Before his new reported deal, in his seven seasons as a big leaguer, Judge has earned a total of just $36 million from his contracts, according to Spotrac, for a career average annual salary of $5.14 million, not appreciably higher than the game’s current average of $4.4 million. He was the 54th highest paid player in the MLB last season at $19 million.
See also: Cristiano Ronaldo will reportedly join Saudi club Al-Nassr for historic $210 million per season
Judge, was selected by New York in the first round of the 2013 MLB draft and made his big league debut in 2016.
The Associated Press contributed to this article.
[ad_2]
[ad_1]
Microsoft Corp. said late Tuesday it has made a “10-year commitment” to bring the massively popular “Call of Duty” videogame series to Nintendo Co. consoles, when — and if — its merger with Activision Blizzard Inc. is completed.
In a tweet late Tuesday night, Xbox head Phil Spencer announced the deal. “Microsoft is committed to helping bring more games to more people – however they choose to play,” he said, adding: “I’m also pleased to confirm that Microsoft has committed to continue to offer Call of Duty on @Steam simultaneously to Xbox after we have closed the merger with Activision Blizzard King.”
Microsoft is awaiting federal approval of its $68.7 billion acquisition of Activision.
A deal to share one of Activision’s
ATVI,
most lucrative videogame titles could appease some antitrust concerns from regulators. Spencer told Bloomberg News that a similar offer had been extended to rival Sony Corp.
SONY,
for its PlayStation consoles, but said that offer had so far been rebuffed.
A “Call of Duty” title has not been available on Nintendo since 2013.
In an interview with the Washington Post published Tuesday, Spencer said there was no Nintendo “Call of Duty” release date set yet, but that if the merger closes — it has a June 2023 target date — future “Call of Duty” games would be released for all platforms at once. “Once we get into the rhythm of this, our plan would be that when [a Call of Duty game] launches on PlayStation, Xbox, and PC, that it would also be available on Nintendo at the same time,” he told the Post.
Nintendo shares
7974,
rose slightly in Tokyo trading following the news. Microsoft shares
MSFT,
fell Monday, and are down 17% year to date, compared to the S&P 500’s
SPX,
17% decline this year.
[ad_2]
[ad_1]
Memphis Depay and Daley Blind scored in the first half and Denzel Dumfries added a late goal as the Netherlands eliminated the United States from the World Cup with a 3-1 victory Saturday that advanced the Dutch to the quarterfinals.
Second-half substitute Haji Wright cut the U.S. deficit to 2-1 in the 76th minute when Christian Pulisic’s cross hit his trailing foot and popped over goalkeeper Andries Noppert and into the net. But Dumfries, who assisted on the first two goals, scored on a volley in the 81st.
Runners-up in 1974, 1978 and 2010, the Oranje extended their unbeaten streak to 19 games and face Argentina or Australia on Friday.
It was a disappointing end for a rebuilt U.S. team hoping to advance past the round of 16 for the first time since 2002. Using the second-youngest squad in the tournament, the Americans achieved the bare minimum to consider the World Cup a success, beating Iran in their group-stage finale to reach the knockout round.
But just like in 2010 against Ghana and 2014 against Belgium, the United States was eliminated in the round of 16. The Americans are winless in 12 games against European opponents at the World Cup since 2002, losing six, and are 1-7 during the tournament’s knockout rounds.
Pulisic, playing four days after getting hurt during his game-winning goal against Iran, had a chance to put the United States ahead in the third minute but Noppert, playing in only his fourth international match, blocked his point-blank shot. With the Americans seeking an equalizing goal, Noppert dived to stop Tim Weah’s 25-yard effort in the 42nd.
The crowd of 44,846 was well back from the field at renovated Khalifa International Stadium, which has an athletics track and was more subdued than the raucous spectators for the match against Iran.
While the United States had the better play at the start, the Dutch went ahead after breaking the American press. Dumfries one-timed a pass from the right flank as Depay streaked unmarked into the penalty area. His right-footed shot from 14 yards beat Matt Turner to the far post in the 10th minute for his 43rd international goal, moving him into sole possession of second place on the Dutch career scoring list behind Robin van Persie’s 50.
The goal was the first allowed by the United States from the run of play in the tournament. In 37 World Cup matches, the Americans have never won a game in which they trailed.
The Netherlands doubled the lead on virtually the final kick of the first half, in the first minute of stoppage time. After a quick series of exchanges following a throw-in, Dumfries got a cross around Tyler Adams and found Blind wide open at the penalty spot. Blind scored only his third international goal — his first in eight years. Gio Reyna fed an open Weston McKennie in the 54th, but he skied his shot over the crossbar.
Wright entered in the 67th and scored his second international goal, sparking U.S. hopes. But Dumfries was left unmarked by Tim Ream and Antonee Robinson and used his left foot to volley Blind’s cross.
YOUNG AND THE RESTLESS
The starting lineup for the United States was its youngest for a World Cup knockout match at 25 years, 86 days. The previous low was 27 years, 19 days for the 1930 semifinal loss to Argentina.
TRAINER’S ROOM
United States forward Josh Sargent did not dress after injuring his right ankle against Iran.
UP NEXT
The Netherlands will next play Friday at Lusail Stadium, the site of this year’s final.
The Americans begin the 2026 cycle with a match against Serbia on Jan. 25 in Los Angeles and face Colombia three days later in Carson, California. The games are not on FIFA dates, meaning mostly Major League Soccer players will be used.
[ad_2]
[ad_1]
Memphis Depay and Daley Blind scored in the first half and Denzel Dumfries added a late goal as the Netherlands eliminated the United States from the World Cup with a 3-1 victory Saturday that advanced the Dutch to the quarterfinals.
Second-half substitute Haji Wright cut the U.S. deficit to 2-1 in the 76th minute when Christian Pulisic’s cross hit his trailing foot and popped over goalkeeper Andries Noppert and into the net. But Dumfries, who assisted on the first two goals, scored on a volley in the 81st.
Runners-up in 1974, 1978 and 2010, the Oranje extended their unbeaten streak to 19 games and face Argentina or Australia on Friday.
It was a disappointing end for a rebuilt U.S. team hoping to advance past the round of 16 for the first time since 2002. Using the second-youngest squad in the tournament, the Americans achieved the bare minimum to consider the World Cup a success, beating Iran in their group-stage finale to reach the knockout round.
But just like in 2010 against Ghana and 2014 against Belgium, the United States was eliminated in the round of 16. The Americans are winless in 12 games against European opponents at the World Cup since 2002, losing six, and are 1-7 during the tournament’s knockout rounds.
Pulisic, playing four days after getting hurt during his game-winning goal against Iran, had a chance to put the United States ahead in the third minute but Noppert, playing in only his fourth international match, blocked his point-blank shot. With the Americans seeking an equalizing goal, Noppert dived to stop Tim Weah’s 25-yard effort in the 42nd.
The crowd of 44,846 was well back from the field at renovated Khalifa International Stadium, which has an athletics track and was more subdued than the raucous spectators for the match against Iran.
While the United States had the better play at the start, the Dutch went ahead after breaking the American press. Dumfries one-timed a pass from the right flank as Depay streaked unmarked into the penalty area. His right-footed shot from 14 yards beat Matt Turner to the far post in the 10th minute for his 43rd international goal, moving him into sole possession of second place on the Dutch career scoring list behind Robin van Persie’s 50.
The goal was the first allowed by the United States from the run of play in the tournament. In 37 World Cup matches, the Americans have never won a game in which they trailed.
The Netherlands doubled the lead on virtually the final kick of the first half, in the first minute of stoppage time. After a quick series of exchanges following a throw-in, Dumfries got a cross around Tyler Adams and found Blind wide open at the penalty spot. Blind scored only his third international goal — his first in eight years. Gio Reyna fed an open Weston McKennie in the 54th, but he skied his shot over the crossbar.
Wright entered in the 67th and scored his second international goal, sparking U.S. hopes. But Dumfries was left unmarked by Tim Ream and Antonee Robinson and used his left foot to volley Blind’s cross.
YOUNG AND THE RESTLESS
The starting lineup for the United States was its youngest for a World Cup knockout match at 25 years, 86 days. The previous low was 27 years, 19 days for the 1930 semifinal loss to Argentina.
TRAINER’S ROOM
United States forward Josh Sargent did not dress after injuring his right ankle against Iran.
UP NEXT
The Netherlands will next play Friday at Lusail Stadium, the site of this year’s final.
The Americans begin the 2026 cycle with a match against Serbia on Jan. 25 in Los Angeles and face Colombia three days later in Carson, California. The games are not on FIFA dates, meaning mostly Major League Soccer players will be used.
[ad_2]
[ad_1]
Butch Phillips, an 82-year-old member of the Penobscot Nation, etches 18-inch long moose call horns from birch bark he harvests off tribal land. While some moose calls he gives away to local hunters, others have sold at auction for as much as $3,200 and some sit in museums.
“It’s very exciting calling a moose. You can hear them coming. Snuffing and grunting,” said Phillips, who hunts a moose each year on tribal land, the largest being 940 pounds. He also sometimes calls moose just to watch them and study them.
Based in Milford, Maine, Phillips has been making the moose calls, which are hornlike devices used to attract moose when hunting, for about 30 years with a wooden-handled knife his late wife bought him. He has more orders than he can keep up with, due in part to some local media coverage and word-of-mouth. He hopes to pass down his skills to his grown sons.
Phillips retired 31 years ago from telecommunications jobs with NYMEX and AT&T
T,
and he’s been filling his time with his etching talents ever since.
“I just can’t imagine being retired with nothing to do. I think I’d go crazy,” Phillips said.
Plus, in the winter, etching gives him something productive to do to pass time.
“There’s not a lot you can do outdoors. It gives me something to do rather than just sitting around. Can you imagine doing that for 31 years?” Phillips said.
Phillips used to make moose calls by peeling a piece of bark off a tree and using it for the day and tossing it aside. Then he started tying spruce roots around the bark to help keep the shape and use it again and again. Hunters started asking for his moose calls and his work spread by word-of-mouth.
Credit: Butch Phillips
“Some hunters will use a roadside cone to call a moose. I wanted to do it the traditional way. A large majority of native hunters use a birch bark call,” Phillips said.
He uses a variety of tools, but the knife given to him by his late wife is his most treasured tool.
“The blade’s pretty much worn down. But I treasure it. It’s very special,” Phillips said.
As he became more adept at making moose calls, Phillips started making more permanent models, refining the workmanship and using thicker bark that was suitable for etching.
“I decided to do etching like they did in the old days. Everything they used to make, they carved. My artwork evolved. I try to keep the older designs alive. I’ve taken symbols like the Wabanaki symbol and incorporated them into the art to keep them alive. I use plants and trees as fillers,” Phillips said.
“In most of my art work, I try to combine people, plants and animals. We always memorialize our ancestors. And plants and animals are what we owe gratitude to for keeping us alive,” Phillips said. “In our prayers, we always give thanks to ancestors, plants and animals. There’s a theme.”
Phillips said he writes up explanations of the symbols so each buyer knows what the designs mean. Diamond shapes, for example, represent wigwams, he said. More often these days his buyers are collectors rather than moose hunters.
Phillips is an expert in his materials.
“All bark is not created equal. There’s curly bark, thick, thin, white, dark, gray. I use bark that is thick and pliable and doesn’t separate into layers,” Phillips said.
With winter bark, it’s brown with a thick rind on the inside. He has to take it off the tree carefully and scrape away the rind to make designs. He can approach the etching in two ways – either scraping away the entire background and leaving just a thin image, or carve images onto rind. Summer bark has no rind and is just yellow.
His museum-quality pieces have used winter bark with an elaborate scraping process that leaves thin details for designs. Those are the toughest to do, he said.
Phillips approaches each moose call with an open mind and has no preconceived idea of what the designs will be. The bark just speaks to him.
“I never plan on paper what it’s going to look like. Most of the time I have no idea until it evolves,” Phillips said.
In the center of the device, he often puts an image of a moose or a moose head. For special orders, he might be asked to incorporate an image of a hawk or favorite dog or even a woodpecker, in one case. He adds touches like a flower, acorns or moose tracks to fill in blank areas.
“Each side is balanced because nature is balanced,” Phillips said. “Every design is unique.”
[ad_2]
[ad_1]
User data highlights where travelers are visiting to experience the stunning architecture and history of famous palaces.
Press Release
–
Nov 30, 2022 10:00 EST
TORONTO, November 30, 2022 (Newswire.com)
–
The travel app Visited by Arriving In High Heels Corporation has published a list of the top 10 most popular palaces in the world based on user data.
Visited, available on iOS or Android, is a travel app with over 1.5 million users who mark off places they’ve been around the world. Users can set travel goals, discover new destinations, browse top 10 travel lists, see a custom map of their travels, and get printed custom travel maps by using the Visited app.
The top 10 most popular palaces in the world include:
To see the full list of the most popular palace destinations and over 50 lists of the top attractions in the world, download Visited on iOS or Android.
To learn more about the Visited app, visit https://visitedapp.com.
About Arriving In High Heels Corporation
Arriving In High Heels Corporation is a mobile app company with apps including Pay Off Debt, X-Walk, and Visited, their most popular app.
Contact Information
Anna Kayfitz
anna@arrivinginhighheels.com
Source: Arriving In High Heels Corporation
[ad_2]
[ad_1]
Kareem Daniel, the chairman of Walt Disney Co.’s vast media and entertainment distribution segment, is leaving the company as part of an organizational reshuffling that comes a day after Robert Iger returned as chief executive, according to a company note to employees viewed by MarketWatch.
The move marks the departure of one of the top executives appointed under former CEO Bob Chapek, who was ousted Sunday as a part of Iger’s appointment to the top role. Chapek took over for Iger as Disney
DIS,
CEO in 2020.
Iger, in the memo, said Disney would soon begin “organizational and operating changes” to save on costs and, he said, give creative teams more influence.
“I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs, and this will necessitate a reorganization of Disney Media & Entertainment Distribution,” Iger said in the memo.
“As a result, Kareem Daniel will be leaving the company, and I hope you will all join me in thanking him for his many years of service to Disney,” the memo continued.
Iger said his goal was to have a new structure for Disney in place “in the coming months.” He said the company would share more information “over the coming weeks.”
Disney shares were largely unchanged after hours. They rose 6.3% to $97.58 in the regular session, the stock’s best day since Dec. 11, 2020.
The media and entertainment distribution division covers all of its film and TV production and distribution — including channels like ABC and ESPN as well as streaming services like Disney+. The division also handles content sales and licensing duties. Chapek created the new corporate structure not long after he took the helm in an effort to lean more on streaming.
Iger returned to the helm after Disney executives forecast slower sales growth in the coming year, following a quarter in which a smaller slate of theatrical releases weighed on content sales, and softer results in its parks and media segments.
According to a filing with the Securities and Exchange Commission earlier in the day, Iger’s contract runs through Dec. 31, 2024 and gives him an annual base salary of $1 million, as well as a yearly bonus of up to $1 million in cash and $25 million in stock.
Opinion: ‘Steve Jobs Syndrome’ strikes as Disney brings back Bob Iger, but history is not on their side
He will also serve as a director on Disney’s board until the company’s 2023 annual meeting. The filing said the company “exercised its right to terminate without cause the employment of Robert A. Chapek as Chief Executive Office.” Chapek also resigned from the board.
Iger was previously CEO of Disney from 2005 to February 2020.
Disney stock has plummeted 37% so far this year. The S&P 500 index
SPX,
has fallen 17% over that time.
[ad_2]
[ad_1]
In a stunning reversal, the Walt Disney Co.
DIS,
announced Sunday night that Chief Executive Bob Chapek was out, and will be replaced by his predecessor, Robert Iger.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” board chair Susan Arnold said in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Iger served as Disney’s CEO from 2005-’20, and served as executive chairman and chairman of the board through 2021. Over his 15-year tenure as CEO, Disney rebuilt itself as a media powerhouse, with the acquisitions of Pixar, Marvel, Lucasfilm and its “Star Wars” properties, and 21st Century Fox.
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide — all of which will allow for a seamless transition of leadership,” Arnold said in the statement.
Disney’s shares jumped 8% in premarket trade to $99.10.
Disney shares have fallen about 11% since June, and are down 41% year to date, compared to the 5% decline this year by the Dow Jones Industrial Average
DJIA,
of which it is a component.
Disney made clear that Iger’s return will be temporary — two years, with a mandate from the board to set a new strategic direction and develop a successor.
“Wow,” Wedbush analyst Dan Ives said in a tweet Sunday night. “Iger had golden touch at Disney,” he said, adding that his return is a “major strategic move with ramifications across the media and streaming industry looking ahead.”
Iger announced he was stepping down as CEO in February 2020, with Disney saying at the time he would continue to “direct the company’s creative endeavors.”
Earlier this month, Disney stock suffered its worst day since 2001 following what one analyst termed a “massive earnings downgrade,” after the company in its fourth-quarter earnings report forecast significantly softer-than-expected, single-digit growth in the coming fiscal year, far below analysts’ consensus view of 25% growth.
That was all despite Disney’s best year for revenue growth in more than 25 years. Disney’s theme parks grew steadily in the third year of the COVID-19 pandemic, but its largest business segment, media and entertainment distribution, suffered a sharp drop in sales. And while the Disney+ streaming service is rapidly growing, it’s still a money-loser. The service will add a cheaper, advertising-supported tier in December in a bid to increase revenue.
Earlier this month, the Wall Street Journal reported Disney’s companywide plans to cut costs, including a near ban on business travel, a hiring freeze and likely layoffs. “We are going to have to make tough and uncomfortable decisions,” Chapek reportedly said in an internal memo.
Earlier this year, Chapek widely criticized for Disney’s response to Florida’s new “Don’t Say Gay” law. After at first saying Disney would stay out of the political fight, he finally expressed his concerns to Florida Gov. Ron DeSantis and pledged millions to LGBTQ+ causes and paused the company’s political donations in Florida. That drew harsh backlash from conservatives, while many Disney employees participated in walkouts to protest what they said was Chapek’s slow and lackluster response. Chapek apologized to employees, saying “I let you down.”
This past June, Disney extended Chapek’s contract for another three years, with Arnold calling Chapek “the right leader at the right time,” and saying he had the board’s “full confidence.”
While Iger was long seen as a champion of creatives, Chapek chafed many at Disney with his decisions, including one to stream new movies on Disney+ the same day they hit theaters — which drew a 2021 lawsuit from actress Scarlett Johansson, who claimed the decision “cheated” her out of millions of dollars in earnings. (The suit was later settled.)
In March, CNBC reported that Iger and Chapek — his handpicked successor — had had a falling out and rarely spoke anymore, and that there was significant internal tension caused by Chapek making key decisions about Disney’s future without Iger’s input. “It was extremely awkward,” one source told CNBC.
Earlier this year in a podcast with Kara Swisher, Iger dismissed “ridiculous” rumors that he might return to lead Disney, saying “You can’t go home again.”
But in a statement Sunday night, Iger said he was “thrilled” to return.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
Kutgun Maral, analyst at RBC Capital Markets, said Iger was “easily” one of the most well-respected executives across its coverage, but the change in leadership has created uncertainty with the company’s big strategy shifts ahead.
“While we certainly have a positive bias over the long-term opportunity, the near- to medium-term implications to shares will depend on what path Iger will take to deliver on his mandate for ‘renewed growth,’” he said.
“We note that his term is only for two years, and it might be difficult to execute against a wide-ranging set of initiatives on top of also managing the murky macro backdrop and supporting work on succession planning,” he added.
— Anviksha Patel contributed to this report
[ad_2]
[ad_1]
In a stunning reversal, the Walt Disney Co.
DIS,
announced Sunday night that Chief Executive Bob Chapek was out, and will be replaced by his predecessor, Robert Iger.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” board chair Susan Arnold said in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Iger served as Disney’s CEO from 2005-’20, and served as executive chairman and chairman of the board through 2021. Over his 15-year tenure as CEO, Disney rebuilt itself as a media powerhouse, with the acquisitions of Pixar, Marvel, Lucasfilm and its “Star Wars” properties, and 21st Century Fox.
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide — all of which will allow for a seamless transition of leadership,” Arnold said in the statement.
Disney made clear that Iger’s return will be temporary — two years, with a mandate from the board to set a new strategic direction and develop a successor.
“Wow,” Wedbush analyst Dan Ives said in a tweet Sunday night. “Iger had golden touch at Disney,” he said, adding that his return is a “major strategic move with ramifications across the media and streaming industry looking ahead.”
Iger announced he was stepping down as CEO in February 2020, with Disney saying at the time he would continue to “direct the company’s creative endeavors.”
Earlier this month, Disney stock suffered its worst day since 2001 following what one analyst termed a “massive earnings downgrade,” after the company in its fourth-quarter earnings report forecast significantly softer-than-expected, single-digit growth in the coming fiscal year, far below analysts’ consensus view of 25% growth.
That was all despite Disney’s best year for revenue growth in more than 25 years. Disney’s theme parks grew steadily in the third year of the COVID-19 pandemic, but its largest business segment, media and entertainment distribution, suffered a sharp drop in sales. And while the Disney+ streaming service is rapidly growing, it’s still a money-loser. The service will add a cheaper, advertising-supported tier in December in a bid to increase revenue.
Earlier this month, the Wall Street Journal reported Disney’s companywide plans to cut costs, including a near ban on business travel, a hiring freeze and likely layoffs. “We are going to have to make tough and uncomfortable decisions,” Chapek reportedly said in an internal memo.
Earlier this year, Chapek widely criticized for Disney’s response to Florida’s new “Don’t Say Gay” law. After at first saying Disney would stay out of the political fight, he finally expressed his concerns to Florida Gov. Ron DeSantis and pledged millions to LGBTQ+ causes and paused the company’s political donations in Florida. That drew harsh backlash from conservatives, while many Disney employees participated in walkouts to protest what they said was Chapek’s slow and lackluster response. Chapek apologized to employees, saying “I let you down.”
This past June, Disney extended Chapek’s contract for another three years, with Arnold calling Chapek “the right leader at the right time,” and saying he had the board’s “full confidence.”
Disney shares have fallen about 10% since June, and are down 38% year to date, compared to the 5% decline this year by the Dow Jones Industrial Average
DJIA,
of which it is a component.
While Iger was long seen as a champion of creatives, Chapek chafed many at Disney with his decisions, including one to stream new movies on Disney+ the same day they hit theaters — which drew a 2021 lawsuit from actress Scarlett Johansson, who claimed the decision “cheated” her out of millions of dollars in earnings. (The suit was later settled.)
In March, CNBC reported that Iger and Chapek — his handpicked successor — had had a falling out and rarely spoke anymore, and that there was significant internal tension caused by Chapek making key decisions about Disney’s future without Iger’s input. “It was extremely awkward,” one source told CNBC.
Earlier this year in a podcast with Kara Swisher, Iger dismissed “ridiculous” rumors that he might return to lead Disney, saying “You can’t go home again.”
But in a statement Sunday night, Iger said he was “thrilled” to return.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
[ad_2]
[ad_1]
Back in July, Barron’s made the case for buying
Activision Blizzard
stock in anticipation of
Microsoft
closing its $69 billion acquisition of the company. With
Activision
shares trading at a significant discount to the deal price, the stock looked closest to a sure thing in an increasingly uncertain market.
Four months later, the risks of the deal falling apart over antitrust concerns haven’t changed. What has changed is the outlook for Activision’s business. The firm behind Call of Duty and Candy Crush is suddenly doing quite well on its own.
[ad_2]
[ad_1]
CHARLOTTESVILLE, Va. (AP) — The three students killed in a shooting at the University of Virginia were all members of the school’s football team, the school’s president said.
President Jim Ryan told a Monday morning news conference the shooting happened Sunday night on a school bus of students returning from an off-campus trip.
The suspect has been identified as Christopher Darnell Jones Jr., who is also student.
The incident occurred Sunday near a university parking garage. In addition to the three football players killed, two others were reported to have been wounded.
Police went on a manhunt Monday in search of the student suspected in the attack, officials said.
During a press conference in the 11 o’clock hour local time, the university police chief, Tim Longo, was given word that the suspect was in custody. He immediately returned to the microphone and reported that update to the assembled reporters.
Classes at the university were canceled Monday, following the violence Sunday night, and the Charlottesville campus was unusually quiet as authorities searched for the suspect, whom university President Ryan identified as Christopher Darnell Jones Jr.
A shelter-in-place order to the university community had been lifted less than an hour earlier after a law-enforcement search of the campus.
In a letter to the university posted on social media, Ryan said the shooting happened around 10:30 p.m. Sunday.
The university’s emergency management issued an alert Sunday night notifying the campus community of an “active attacker firearm.” The message warned students to shelter in place following a report of shots fired on Culbreth Road on the northern outskirts of campus.
Access to the shooting scene was blocked by police vehicles Monday morning.
Officials urged students to shelter in place and helicopters could be heard overhead as a smattering of traffic and dog-walkers made their way around campus.
The university police department posted a notice online saying multiple police agencies including the state police were searching for a suspect who was considered “armed and dangerous.”
In his letter to campus, the university president said Jones was suspected to have committed the shooting and that he was a student.
“This is a message any leader hopes never to have to send, and I am devastated that this violence has visited the University of Virginia,” Ryan wrote. “This is a traumatic incident for everyone in our community.”
Eva Surovell, 21, the editor in chief of the student newspaper, The Cavalier Daily, said that after students received an alert about an active shooter late Sunday night, she ran to the parking garage, but saw that it was blocked off by police. When she went to a nearby intersection, she was told to go shelter in place.
“A police officer told me that the shooter was nearby and I needed to return home as soon as possible,” she said.
She waited with other reporters, hoping to get additional details, then returned to her room to start working on the story. The gravity of the situation sunk in.
“My generation is certainly one that’s grown up with generalized gun violence, but that doesn’t make it any easier when it’s your own community,” she said.
The Bureau of Alcohol, Tobacco, Firearms and Explosives said agents were responding to the campus to assist in the investigation.
The Virginia shooting came as police were investigating the deaths of four University of Idaho students found Sunday in a home near the campus. Officers with the Moscow Police Department discovered the deaths when they responded to a report of an unconscious person just before noon, according to a news release from the city. Authorities have called the deaths suspected homicides but did not release additional details, including the cause of death.
On April 16, 2007, another Virginia university was the scene of what was then one of the deadliest shootings in U.S. history. Twenty-seven students and five faculty members at Virginia Tech were gunned down by Seung-Hui Cho, a 23-year-old mentally ill student who later died from a self-inflicted gunshot wound.
[ad_2]
[ad_1]
Shares of Chinese travel and consumer companies gained ground in Hong Kong after Beijing eased some Covid-19 restrictions, improving the outlook for sectors directly hit by the pandemic and the broader economic recovery.
In Friday afternoon trade, the Hang Seng China Enterprises Index
160462,
advanced 7.6%, while the city’s benchmark Hang Seng Index
HSI,
jumped 7.1% to 17221.43, recovering to levels last seen a month ago. The benchmark index would mark its largest one-day gain since mid-March if it closes at current levels.
China’s three major airlines, Air China Ltd.
601111,
China Southern Airlines Co.
600029,
and China Eastern Airlines Corp.
600115,
added between 2.2% and 5.1%, while travel retailer China Tourism Group Duty Free Corp.
601888,
climbed 7.1%.
Broader consumer-related sectors also strengthened, amid hopes that less stringent rules could help revive consumption. E-commerce platforms Alibaba Group Holding Ltd.
BABA,
9988,
and JD.com Inc.
JD,
9618,
jumped 11% and 16%, respectively, while restaurant operator Haidilao International Holding Ltd.
6862,
climbed 4.7%.
China said Friday that it will shorten the quarantine period for close contacts of COVID cases and travelers to the country, among other policy tweaks. But the government also said it will stick to its zero-COVID policy.
Friday’s market upturn came on the back of U.S. stocks’ biggest rally in two years, after October inflation data was weaker than expected, lifting expectations of less aggressive interest-rate increases by the Federal Reserve.
Write to Clarence Leong at clarence.leong@wsj.com
[ad_2]