1. Tech rebound
2. Showdown’s over
Icon Sportswire | Icon Sportswire | Getty Images
Charter Communications and Disney resolved their blackout fight that lasted more than a week. The two sides struck a deal just in time for millions of Charter cable customers to watch “Monday Night Football,” which airs on Disney’s ESPN. As part of the arrangement, Disney’s ad-supported streaming services Disney+ and ESPN+ will be included for customers who buy certain Spectrum TV packages. For its part, Disney will receive increased subscriber fees from Charter, as CNBC’s David Faber first reported. Giving Charter’s customers access to Disney’s ad-supported streaming apps appeared to be a sticking point in the negotiations, which Charter’s CEO said was different than normal disputes, though this deal won’t give that access to all customers.
3. Dimon’s cautions
JPMorgan Chase CEO Jamie Dimon talks to reporters as he leaves the U.S. Capitol after an unannounced meeting with U.S. Senate Majority Leader Schumer that was reportedly about the possibility of the U.S. defaulting on its debt, outside the U.S. Capitol in Washington, U.S., May 17, 2023.
Evelyn Hockstein | Reuters
The U.S. economy has proven resilient and has defied all expectations for a recession. But JPMorgan Chase CEO Jamie Dimon struck a cautious tone Monday, warning that it would be a “huge mistake” to believe the good times will keep going in the long term. “To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” he said at a financial conference in New York. Dimon said his top concerns for the future are “quantitative tightening,” the Ukraine war and governments around the world “spending like drunken sailors.” He cited similar concerns with central banks and the Ukraine conflict last year when he warned that a potential “economic hurricane” was on the way.
4. Oracle earnings
Safra Catz, CEO of Oracle Corporation, rings the opening bell at the New York Stock Exchange, July 12, 2023.
Brendan Mcdermid | Reuters
Oracle stock dropped 9% in extended trading after the company’s fiscal first-quarter revenue fell short. The database software maker’s revenue guidance was also lighter than expected, although it beat expectations for earnings per share. Oracle posted revenue of $12.45 billion, compared with the $12.47 billion analysts anticipated, according to LSEG (formerly known as Refinitiv). In its guidance, Oracle said it expects adjusted net income of $1.30 to $1.34 per share and 5% to 7% revenue growth in its fiscal second quarter. Analysts polled by LSEG were predicting $1.33 in adjusted earnings per share and $13.28 billion in revenue, which would be 8% revenue growth.
5. Sweet deal
Hostess Twinkie snack cakes are on display at a store July 15, 2013, Pico Rivera, California.
Kevork Djansezian | Getty Images
The name behind many snack aisle favorites has a new owner. J.M. Smucker, best known for its jellies, is buying Twinkie maker Hostess Brands for $5.6 billion, or $34.25 a share. Hostess shareholders will receive $30 in cash and .03002 of a Smucker’s share for each Hostess share owned. Smucker will also assume Hostess’ roughly $900 million in debt when the deal closes. It’s just the latest deal in the food business, as Campbell’s Soup recently agreed to acquire Rao’s pasta sauce owner Sovos Bands for $2.7 billion, M&M’s owner Mars bought Kevin’s Natural Foods and Unilever snapped up frozen yogurt brand Yasso.
— CNBC’s Sarah Min, Tanaya Macheel, Lillian Rizzo, Alex Sherman, Hugh Son, Jordan Novet and Amelia Lucas contributed to this report.
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Original news source Credit: www.cnbc.com