Today we discuss:
- Disney finally closes its $52 billion tie-up with Fox. But is it really a done deal?
- Net neutrality got the axe today. What the vote means for Netflix, Facebook and Amazon.
- Two signs of the market top.
- Alicia Levine, director of Portfolio Market Strategy at BNY Mellon, says the economy will hit a “sweet spot” in 2018.
Winners and Losers
Stocks ending the day in the red include:
- Valeant Pharmaceuticals on a downgrade to underweight at JPMorgan;
- Pier 1 Imports after the home goods retailer reported weaker-than-expected current-quarter guidance;
- Sanderson Farms after earnings fell short of expectations, in part due to higher-than-expected chicken production.
Stocks in the green today include:
- Teva Pharmaceutical after the company announced it’s cutting more than 25% of its workforce;
- Tiffany after an upgrade to buy at Citi;
- Disney after announcing it’s spending $52 billion for most of 21st Century Fox’s film and TV assets.