The Zacks Friday Finish Line Highlights: IPOs, Netflix, Comcast, Wells Fargo, Mylan
For Immediate Release
Chicago, IL—September 23, 2016—Zacks Friday Finish Line is a podcast hosted weekly by Zacks Editor Maddy Johnson and Content Writer Ryan McQueeney that takes on the week’s biggest news from the financial and investment world.
Wells Fargo and Mylan: Corporate Devils or Unworthy Scapegoats?
Welcome to Episode #13 of the Zacks Friday Finish Line Podcast!
A Busy Week in IPOs
This week, Maddy and Ryan kicked off the show with a recap of two big IPOs: The Trade Desk TTD and e.l.f. Beauty ELF. Both companies, one a digital advertising platform and the other a low-priced cosmetics maker, had stellar market debuts and priced above their initial targets. According to Fortune, this week as been one of the most active weeks for U.S. IPOs of 2016, which has been notoriously slow for public debuts.
Netflix Library Change
The hosts moved on to discussing Netflix NFLX CFO David Wells’ announcement that the popular streaming giant plans on making half of its total content original programming over the next few years. He noted that the company is already “one-third to halfway” to their 50% original content goal.
Comcast Mobile Phone Service
Maddy and Ryan then talked about Comcast’s CMCSA new mobile phone service that will launch sometime next year. The Comcast network will largely be on Wi-Fi hotspots, and will operate on Verizon’s (VZ) wireless network when away from Wi-Fi connections.
Mylan & Wells Fargo Testify in Congress
The hosts saved the best for last, digging deep into two big corporations’ CEOs testifying in front of Congress this week. On Tuesday, Wells Fargo WFC CEO John Stumpf, the man whose company is at the center of a scandal involving fraudulent account opening practices, was called into a congressional committee hearing to answer questions about Wells Fargo’s fraud. Sen. Elizabeth Warren was Stumpf’s most vocal critic, demanding his resignation and suggesting he should be criminally investigated.
And on Wednesday, Mylan MYL CEO Heather Bresch responded to questions from the House Oversight Committee as Congress continued its probe into the company’s price hikes on EpiPens. Rep. John Duncan, Rep. Tammy Duckworth, Rep. Jason Chaffetz, and Rep. Elijah Ciummings all had hard questions for Bresch, with Chaffetz memorably telling Mylan’s CEO “This is why we don’t believe you” in response to her arguing that the company doesn’t actually make that much profit on the drug.
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