Disney+ hikes price

No surprises expected in today’s July CPI report, Disney raises streaming prices... again, China learns the D-word, interest in Biden’s CHIP’s Act funding surpasses 460 companies, and Biden admin announces $20M in prizes for hackers to compete…

Author

Market Briefing
August 10, 2023

☕️ Good Morning.

No surprises expected in today’s July CPI report, Disney raises streaming prices… again, China learns the D-word, interest in Biden’s CHIP’s Act funding surpasses 460 companies, and Biden admin announces $20M in prizes for hackers to compete…

Here’s your market briefing for Thursday:

BEFORE THE OPEN BEFORE

As of market close 8/9/2023.

MARKETS:

  • Stock futures rise slightly ahead of key inflation reading and potential Fed impact.

  • Dow futures climb 87 points, while S&P 500 and Nasdaq-100 futures add 0.26% and 0.29% respectively.

  • Disney announces 2% price increase for ad-free Disney+ subscriptions, contributing to its 2% gain.

  • Wynn Resorts advances 1% on stronger-than-expected results.

  • Previous session saw Dow drop 191 points, S&P 500 shave off 0.7%, and Nasdaq shed 1.17%.

  • Focus shifts to Thursday’s July consumer price index (CPI) report for Fed rate impact evaluation.

  • CPI findings could influence September rate decision, economists predict 0.2% monthly and 3.3% YoY growth.

  • Wall Street anticipates CPI to reveal disinflation signs, considering producer price index and regional manufacturing data.

  • Additional Thursday releases include initial jobless claims, hourly earnings for July, and ongoing earnings from Alibaba, Ralph Lauren, and Six Flags

EARNINGS

What we’re watching this week:

  • Today: Alibaba (BABA)

  • Friday: Spectrum Brands (SPB)

  • Full earnings calendar here

NEWS BRIEFING

China has banned the mention of deflation — “Deflation does not and will not exist in China.” JPMorgan points out that headline CPI, PPI and the GDP deflator have all now turned negative in China, and warn that the danger of deflation is going to hang around for the rest of the year.

Starting Oct. 12, the ad-free version of Disney+ will cost $14 a month, up from $11 currently, the Burbank, California-based company said Wednesday. The ad-free version of Hulu is going up by 20% to $18.

  • White House says CHIPs Act funding interest surpasses 460 companies (more)

    • Semiconductor makers wait for checks one year after Biden signs CHIPS Act (more)

    • Growing talent gap in U.S. chip space emerges as makers spend billions (more)

  • Traders expect July's CPI to come in close to expectations (more)

  • Hackers to compete for nearly $20M in prizes by using AI for cybersecurity, Biden admin announces (more)

  • Mortgage rates jump to 9mo high after US debt downgrade (more)

  • Retirees face $17,400 cut to social security benefits in 2033 (more)

  • Top investors attack Italy's botched windfall tax on banks (more)

  • S&P drops ESG scores from debt ratings after investor confusion (more)

  • Disney rises after Hollywood strikes save company $3B (more)

  • Kellogg forecasts annual sales of up to $13.6B for snacks business ahead of split (more)

  • Nvidia teases new hardware, software, and services for AI (more)

  • Microsoft debuts AI for frontline workers (more)

  • Amazon Prime Air loses two key operations leaders, as drone delivery struggles continue (more)

  • Target is rolling out Starbucks curbside pickup across the country as it looks for sales jolt (more)

  • Homebuilding boom lifts giants, leaves small rivals in the dust (more)

  • 100-day strike: Hollywood writers frustrated as talks languish (more)

  • TSMC to make cutting-edge 2-nm chips at new plant in southern Taiwan (more)

  • Greensill sues insurer Zurich for $400M to recoup losses (more)

DEALFLOW

  • Avid to be acquired by private equity firm STG for $1.4B (more)

  • Dish to buy EchoStar as Ergen’s TV empire shifts to wireless (more)

  • Advent buys Australian fashion brand Zimmermann in $1B deal (more)

  • Funeral firm InvoCare agrees to $1.2 Billion TPG takeover (more)

  • Rajeev Misra’s OneIM Fund is hiring after raising $6.8B (more)

  • ConocoPhillips to offer notes to fund $3B Surmont oil facility buyout (more)

  • Cinven picks banks for sale of €2 billion pet food maker (more)

  • CVC plans IPO of German cosmetics retailer Douglas (more)

  • TA and Warburg Pincus acquire majority stake in Epassi Group (more)

  • Auriemma Roundtables buys insideARM (more)

  • Clearstory acquires DataStreet (more)

  • LeaseQuery acquires Stackshine (more)

  • Credibly announces management buyout (more)

  • Doc2Doc Lending, a personal lending platform designed specifically to meet the needs of physicians and dentists, raised more than $35M in debt and equity capital (more)

  • SkyCool Systems Inc., an innovator of sustainable cooling technologies, raised $5M in seed funding (more)

  • Diality, Inc., a medical technology company developing a user friendly, mobile and connected hemodialysis system, closed a $28M funding round (more)

  • Treehouse, an electrification company that delivers turnkey installations for home EV charging, raised $10M in funding (more)

  • Kivera, a cloud security company, raised $3.5M in seed funding (more)

  • Matter, a microplastic technology and innovation company pioneering solutions for capturing, harvesting and recycling microplastics, raised $10M in Series A funding (more)

  • Nuclearn.ai, a provider of AI process automation solutions for the nuclear industry, raised $2.5M in seed funding (more)

  • Weights & Biases, an end-to-end MLOps platform, closed a $50M funding at a $1.25 B valuation (more)

  • Symmetry Systems, an AI-powered data-centric security company, raised $17.7M in funding (more)

  • Alltrna, a company unlocking transfer RNA (tRNA) biology and pioneering tRNA medicines to regulate the protein universe and resolve disease, raised $109M in Series B financing (more)

  • Georgiamune Inc., a clinical stage biotechnology company working in the fields of oncology and autoimmune diseases, completed a $75M Series A financing (more)

  • Endowus, a Singapore-based digital wealth platform provider, raised $35M in funding (more)

CRYPTO

  • PayPal’s stablecoin Is a watershed moment for finance (more)

    • Congresswoman Maxine Waters says she’s ‘deeply concerned’ about PayPal’s new stablecoin (more)

  • Coinbase officially launches 'base' blockchain, in milestone for a public company (more)

  • Bitcoin miner riot made millions from credits during heat wave (more)

  • Maple Finance's tokenized treasuries available to U.S. investors after securities exemption (more)

  • Microsoft, Aptos Lab team up on new blockchain AI tools (more)

  • As Curve averts DeFi death spiral, fiasco exposes serious risks (more)

  • Rollbit's RLB token rockets 60% as crypto casino bets on daily token burn (more)

  • Barbie is a Metaverse (more)

BULLISH BITES

🤝 Are ‘Platform’ Teams the Key to VC Success In Down Markets?…
Platform teams are designed to improve fund returns by getting access to better deals, winning those deals, and providing post-investment support to portfolio companies to increase their odds of success. Will venture firms follow the path of private equity firms — or will platform roles in venture firms not survive this downturn?

🧠 At 101 Years Old, I’m the ‘World’s Oldest Practicing Doctor’: My #1 Tip for Keeping Your Brain Sharp…
Good genes and a bit of luck can give you a head start, but there is one principle I live by that anyone can implement...

DAILY SHARES

Know someone who would enjoy this?

Thank you for reading. Have any suggestions for MarketBriefing? We’d love to hear it! Go here to share your thoughts… -mb

Reply

or to participate.