Warner Bros. Discovery Faces $10 Billion Loss Amid Cable Network Decline

Warner Bros. Discovery Faces $10 Billion Loss Amid Cable Network Decline. 🎥

Warner Bros. Discovery reported a nearly $10 billion loss, driven by a $9.1 billion impairment tied to the plummeting value of its cable-TV networks, highlighting the severe challenges facing the traditional television industry. Despite the hit, the company saw growth in its streaming platform, Max, with a subscriber increase of 3.6 million. WSJreports.

🎬 ParamExit: Sony rules out renewing offer for Paramount. CNBCreports.

🍿 AmazHollywood: Amazon Prime Video plots Hollywood expansion. Reuters reports.

🌆 EquityExpand: Equity residential to buy apartment portfolio from Blackstone for nearly $1 billion. Yahoo Finance reports.

🏛️ CitiCourt: Appeals court rejects Citigroup whistleblower's bid for share in $400 million fine. Benzinga reports.

📈 Growthify: Shopify beats estimates for quarterly results on AI boost. Reuters reports.

📊 FeeSurge: Brookfield Asset profit misses, assets hit about $1 trillion. Yahoo Finance reports.

Wall Street will support heavy AI spending as long as everything else is going great

Sifting through the financial wreckage of last week's pullback illuminates an evolution in the AI trade. As Big Tech giants reported results this earnings season, Wall Street didn't mind heavy AI spending, but with one key caveat: Everything else in the business had to be humming along. The big winner of this shift was Meta, with its CEO Mark Zuckerberg — fully embracing his post-metaverse, gold chain glow-up — showing that investors won't automatically shy away from massive investments with an uncertain future.

📰Read more

The closing price of the top three market percent gainers trading near or above $3 on August 7.

(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)

1. $GTHX: G1 Therapeutics

Total gain: +66.12%

The company and Pharmacosmos announced that they have entered into a definitive merger agreement under which Pharmacosmos, through its US subsidiary Pharmacosmos Therapeutics, will acquire all outstanding shares of G1 Therapeutics common stock for $7.15 per share in cash. Benzinga reports.

2. $PETQ: PetIQ

Total gain: +47.89%

The company reported financial results for the second quarter and six months ended June 30, 2024, with record net sales of $328.9 million, an increase of 4.6%. This performance is in line with the company's guidance of $325 million to $335 million.Benzinga reports.

3. $PW: Power REIT

Total gain: +44.24%

The stock appeared to be moving on no notable news.

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

DBX Dropbox

2Q 2024

After Market Close Estimate:0.520

Actual:N/A

FIVN Five9

2Q 2024

After Market Close Estimate:0.440

Actual:N/A

STRT Strattec Security

4Q 2024

After Market Close Estimate:0.380

Actual:N/A

Time (ET) / Report / Period

8:30 am Initial jobless claims - Aug 3

10:00 am Wholesale inventories

“The market is a reflection of human behavior and sentiment, which means it can be unpredictable but not irrational.” ― Daniel Crosby

Sourced in: “The Behavioral Investor”, by Daniel Crosby, published in 2018