Disney shareholders voted for the current board to remain intact, rebuffing a campaign by activist Peltz. But Peltz is several hundred million dollars richer, and Iger now has to prove he can improve the company (profitable streaming, ESPN digital strategy clarification, succession planning).
Creditsafe says that companies like Peloton, Saks, Express, and Bath/Body are failing to pay vendors on time, so it may signal financial distress. Similar patterns occurred with RadioShack and Toys R Us.
Musk’s X is giving influential users blue checks and free subscriptions. He needs them. Musk is also boosting pay for AI engineers to fight poaching Tesla workers from OpenAI. So, it must be hard to not be in the drivers’ seat for him.
CNBC is out with a story on how some colleges now cost $100k+ per year. Of course financial aid, scholarships, etc. can bring that figure down for many, but wow—NYU, Tufts, Brown, Yale and Wash U in St Louis—that is a darn big figure.
Cocoa and coffee prices are sky high. Citi says they could move higher. So, it’s a double whammy for you mocha drinkers out there.
Apple is exploring personal home robots after its failed car project. Engineers are considering robots that follow users around their homes (have they met a Cavalier King Charles Spaniel?) and a tabletop device using robotics to display a screen.
Ford is delaying production of a new EV 3-row SUV. It’s focused more on hybrids. Maybe they know more about our power grid….
We get the JOBS report. But today, a reading on jobless claims was higher than estimates. Tomorrow folks will be comparing the actual number to a 215k gain in nonfarm payroll estimate. 10-yr yields are down to 4.32%. Interestingly, YTD folks are parking cash.
The ECB may cut rates before the US, but they say that subsequent decisions will be impacted by US Fed moves, which not only affects rates but currencies, growth, etc. The US’ economy has been much hotter than that of the EZ, so there may be a longer pause on rates here. That said, BBG writes that the Fed Chair promises that recent data has not materially changed its picture and still expects rate cuts this year.
Iran is going to retaliate after the diplomatic compound attack. So, Israel is on edge. US servicemen too.
The PBOC says it will focus on expanding domestic demand and boost confidence, per Reuters. Chinese analysts think there will be a liquidity boost with the PBOC rate cut. They’re facing suppressed demand and weak social expectations, which compares to the US where growth has been leading the charge.
