|Day's Range||0.1900 - 0.1900|
Apple is yanking its first major original movie from AFI Film Festival at the last minute. "The Banker," starring Anthony Mackie and Samuel L. Jackson, was set to close the film festival for its world premiere tonight, and was set to hit Apple TV+ after a limited theatrical release. Now, Apple has halted the release due to recently uncovered information surrounding a member of the Garrett family, which the film is based on, but that information is not about anyone depicted in the movie. Apple says it is investigating the news.
Netflix, once the disruptor on the streaming scene, has become the ultimate incumbent. Now competitors like Apple and Disney are challenging its binge-watching model.
Keysight's (KEYS) fiscal fourth-quarter results are likely to reflect robust adoption of electronic design and test instrumentation systems amid concerns over Huawei blacklisting and trade war.
Dell's (DELL) third-quarter fiscal 2020 results are expected to reflect its dominant position in the enterprise IT solutions market and PC market share gain.
INDIANAPOLIS, Nov. 21, 2019 /PRNewswire/ -- Purdue University's College of Engineering is working with AT&T* to create a test bed for 5G-based research and development at its Purdue Research Lab. Located in the newly launched Indiana 5G Zone, the lab will use AT&T's 5G+ millimeter wave (5G+) and commercially available Multi-access Edge Computing (MEC) technologies to help solve societal challenges like disaster recovery in rural, agricultural areas and explore new use cases for where business and community intersect – like smart cities.
OAKTON, Va., Nov. 21, 2019 /PRNewswire/ -- The U.S. Air Force is working with AT&T* to help it create a "Smart Base of the Future" at Tyndall Air Force Base (Tyndall). AT&T expects to light up 5G service on the base as early as mid-2020. Located in the Florida panhandle, Tyndall suffered catastrophic structural damage in 2018 caused by Hurricane Michael's Category 5, 160-mph winds.
Accomplishing the financial cushion to retire early is a fantasy for most, but bringing that fantasy to reality is not as difficult as it sounds. If you are willing to make some serious lifestyle adjustments, it can be achievable.
(Bloomberg Opinion) -- The latest buzz in Hollywood is that the U.S. Justice Department wants to abolish an outdated rule known as the Paramount consent decree, which would allow studio giants to own movie theaters — something that hasn’t been permitted since the 1940s. My first thought was that it's a bit of a nothingburger. Studios like Warner Bros. and Universal probably aren’t eager to scoop up debt-laden cinema operators when their top priority is investing in streaming-TV content and services. And while mom-and-pop theaters may fear the change will breed anti-competitive behavior, that’s not as big of a concern for the big multiplex chains, nor does it signal an end to antitrust oversight. But that doesn’t mean everything is hunky-dory in the industry.Take a look at the U.S. box office this year. The content uniformity aside — four of the top seven movies descended from comic books, and the other three from cartoon franchises — most of the year’s leading films are Walt Disney Co. productions. There are more to come, with “Frozen 2” set to hits theaters on Friday, followed by the December release of “Star Wars: The Rise of Skywalker.” It has me wondering, is this healthy? Disney films account for nearly a third of the $9.5 billion of cinema tickets sold so far in 2019. Warner Bros., owned by AT&T Inc., lags far behind with a 16% share, trailed by Comcast Corp.’s Universal and Sony Corp.’s namesake distribution business; 20th Century Fox would normally be high in the ranking, too, but Disney acquired it earlier this year as part of an $85 billion deal with Rupert Murdoch.Look, I get it. Lots of people love Disney’s Marvel and animated features, and the box office is simply reflecting that. The situation is more complicated than just looking at the data and determining that the company has too much power; there’s nothing about the industry structurally that would give it an unfair advantage. Disney has just done a really good job of consistently giving fans what they want, and CEO Bob Iger made a series of smart acquisitions that continue to pay off: Pixar in 2006; Marvel in 2009; and Lucasfilm (home of “Star Wars”) in 2012. They’ve all absolutely flourished within Disney, with each bringing with it beloved franchises and story lines just waiting to be further developed and amplified for the big screen.It’s not like Warner Bros., Universal and Sony haven’t had the same opportunities. Warner Bros. has DC Comics, “Harry Potter” and “Lord of the Rings,” and the studio shares a home with HBO and “Game of Thrones.” Sony owns the rights to Spider-Man; it even had the chance to buy the entire Marvel roster in the late 1990s (for pennies compared to what Disney paid). It's hard, though, to imagine Marvel would have become what it is today had it landed at Sony instead of Disney. And that’s kind of my point.Matthew Ball, the former Amazon Studios executive, made a similar argument recently: “Disney isn’t a monopoly,” he tweeted Nov. 5. “Its competitors just need to do better. ... You make success. No one believed in comics being huge 20 years ago.”It's conceivable that Disney may end up atop the streaming world, too. Apple TV+ hasn't lived up to the hype, while AT&T’s HBO Max may suffer for its delayed arrival to the market (in May 2020). In very Comcast fashion, the cable giant isn’t so much plunging into streaming as it is dipping a toe into the waters with its Peacock app next year. And Sony’s PlayStation Vue service has already thrown in the towel. Meanwhile, Disney+ had a wildly successful launch on Nov. 12, signing up 10 million subscribers on the first day, despite widespread technological glitches and shortcomings in app functionality. Disney is also the first to experiment with bundles, a relic of the cable-TV market that I’ve argued will help ease one of the worst consumer pain points of streaming: the inability to access all your favorite content through a single subscription.But when people are rooting for Disney to be the “Netflix killer,” they’re rooting against themselves. Netflix Inc.’s innovation brought us affordable TV entertainment that didn't require a cable subscription or patience for commercial breaks. Its success forced other more complacent companies to rethink their businesses. By contrast, the box office shows what happens when a single company winds up with outsize influence.The Justice Department’s move to terminate the Paramount consent decree may not mean much (Disney wasn’t even one of the studios bound by it). But Disney doesn’t need to buy a theater anyway — it already owns the box office. Other media and tech giants should take that as a warning to step up their streaming game. Healthy competition ensures better content, more choice and further Netflix-like advances. Plus, the world needs only so many superhero flicks.To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Dow Jones Industrial Average had a heck of a good run over the past decade, even as membership in this bastion of just 30 blue-chip stocks changed dramatically.On a price basis alone, the large-cap average has gained more than 160% since the last day of trading in 2009. Include dividends - all Dow stocks are dividend payers - and the industrial average has delivered a total return in excess of 230%. Indeed, the Dow has generated a 10-year annualized total return of 10.5%.It's not unusual for the folks at S&P; Dow Jones Indices, which operates the index, to make changes to the Dow. As a price-weighted average, it's necessary that the Dow stocks with the highest prices not get too far away from those with the lowest prices, lest those low-priced stocks become immaterial to the Dow's performance.The keepers of the index also make changes to ensure the Dow comprises a diverse portfolio of stocks that reflect both the U.S. equity market and the U.S. economy.To that last point, the average went into overdrive to better reflect the dynamic forces shaping the market and the economy. Seven Dow stocks were removed from the average over the past 10 years. In almost every case, the Dow's editors ditched a more sluggish, older-economy company in favor of a name that's riding secular changes in the global economy.Here are the seven Dow stocks kicked to the curb over the past decade. SEE ALSO: Every Warren Buffett Stock Ranked: The Berkshire Hathaway Portfolio
Credit card spending data shows slowing subscription rates for AT&T Inc.'s (NYSE: T) AT&T TV Now and DirecTV services and a drop in the number of subscribers for HBO in October, sending the company's stock lower on Wednesday. "While video monetization remains healthy, subscriber metrics are not," KeyBanc analyst Brandon Nispel wrote in a note. KeyBanc's Key First Look Data from credit card usage showed AT&T TV Now subscribers down 36% year over year in October, worse than expected.
In the third quarter, global dividends hit a record, but the annual growth has decelerated sharply, signaling that "a marked slowdown is under way."
AT&T Inc. shares are off 2.7% in Wednesday trading after KeyBanc Capital Markets analyst Brandon Nispel wrote that his analysis of third-party credit-card data showed "further deterioration" in video subscriber trends. "While video monetization remains healthy, subscriber metrics are not," Nispel said. He wrote that AT&T TV and DirecTV subscribers look to be below his original expectations through October based on the card data. Nispel also sees HBO customers declining now that "Game of Thrones" has ended. While he argues that excitement for the upcoming HBO Max streaming service is "increasing" following the hype around Walt Disney Co.'s new Disney+ offering, Nispel has a measured view of AT&T's potential in streaming: "We doubt HBO Max will be anywhere near as successful as Disney+ given: 1) HBO Max's price point of $14.99/month is uncompetitive with Disney+ and Netflix at $6.99 and $12.99, respectively; and 2) HBO Max will not have the appeal of a brand new service." Nispel rates the stock at sector weight with a $38 target price. His comments come a day after AT&T received a downgrade from analysts at MoffettNathanson, who worried about whether the company will be able to meet its targets. AT&T shares slipped 4.1% in Tuesday's session, though they're up 30% on the year. The S&P 500 has risen 24% so far in 2019.
AT&T Inc. (AT&T, Baa2 stable) announced on November 18 that it is commencing tender offers to purchase 53 series of outstanding notes valued at about $5 billion issued by wholly-owned subsidiaries of AT&T. The tender offers will expire end of day December 16, 2019. The transaction is positive because it will reduce structurally senior debt ahead of its primary debt at AT&T Inc. However, as there have been past unsuccessful tender offers for much of this debt, Moody's does not expect most of the tender offer notes to be redeemed.
Verizon (VZ) launches 5G Ultra Wideband Network services in Boston to promote next-gen connectivity by leveraging high throughput, ultra-low latency and massive capacity.
The company's AT&T; TV NOW, DirectTV and HBO platforms experienced subscriber declines in October, according to a note from KeyBanc.
(Bloomberg) -- Some customers who signed up for Walt Disney Co.’s new Disney+ streaming service have seen their usernames and passwords sold online to third parties and have been locked out of their newly opened accounts.Disney said its system hasn’t been hacked and that it’s working to quickly address the issue. It’s possible that hackers obtained the names and passwords from data breaches at other companies.“Disney takes the privacy and security of our users’ data very seriously, and there is no indication of a security breach on Disney+,” the company said in a statement.Disney+ is the company’s effort to build a direct connection to consumers, as many people shift to watching movies and shows on demand rather than on cable and satellite TV. The $7-a-month service launched a week ago and quickly signed up more than 10 million customers, a number far exceeding predictions.Still, the debut was marred by many complaints from customers who couldn’t log on or had trouble watching programs. But the number of gripes collected by the website Downdetector has dropped sharply over the past week and now amounts to just a few dozen.Growing ExposureSpeaking at the Code Media conference in Los Angeles on Tuesday, Disney’s direct-to-consumer chief blamed the initial troubles on faulty coding in the app that the company is working to fix. Kevin Mayer said Disney executives were “very surprised” by the number of people who subscribed.The sign-up process was complicated, he said, because some customers already had subscriptions to Disney services such as Hulu and wanted to add the new one. Many customers also forgot they already has Disney accounts.“Not only was it huge demand, but the complexity,” Mayer said. “If you were a current subscriber, how does it work? Those were legitimate questions.”While Disney has long collected customers’ names and passwords for its theme parks and online games, the expansion into online video on a global basis brings the potential for more technology snafus.ZDNet reported over the weekend that Disney+ users’ accounts were being put up for sale on hacking forums within hours of the service’s launch at prices of $3 to $11 each. Some customers reported they had used old passwords, but others said they hadn’t, according to the website.While there may be few thousand compromised Disney accounts, that’s small compared with the hundreds of thousands of usernames and passwords on the black market hijacked from platforms like Hulu, Netflix and HBO, said Andrei Barysevich, chief executive officer and co-founder of the security firm Gemini Advisory.‘Very Effective’Reusing names and password combinations from previous attacks at other sites can be a “very effective method” for hackers, he said.“This is one of the biggest problems, not just streaming services, but pretty much every e-commerce business has been battling for the last couple of years, because there’s an abundance of compromised emails and passwords on the dark web,” Barysevich said.At Code Media, a conference for media executives, operators of rival services praised the Disney+ launch. David Nevins, chief creative officer at CBS Corp., called the sign-ups “impressive,” while AT&T Inc. President John Stankey said that while Disney+ “was off to a good start,” keeping customers happy and subscribed will be an ongoing issue.“How many of the 10 million customers are there six months from now?” Stankey asked. “It’s managing churn.”(Updates with executive comments starting in sixth paragraph)To contact the reporters on this story: Christopher Palmeri in Los Angeles at firstname.lastname@example.org;Kiley Roache in New York at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Jeff Zucker, one of the most influential sports media voices since becoming chairman of WarnerMedia’s news and sports division and president of CNN Worldwide eight months ago, shares his approach to news and sports in a rapidly changing industry.
The rally in AT&T; stock looks done said an analyst who downgraded the company to sell. He called its entertainment group, which includes DirecTV, a cancer. AT&T; stock fell on the news.
(Bloomberg Opinion) -- There’s been a lot of drama lately in the wireless world concerning 5G and something called C-band. To most people, all the news headlines have probably looked like a foreign language. But allow me to translate for you, because it’s a fascinating situation that has sparked a transnational fight over some $50 billion, while presenting advocates of President Donald Trump’s “America First” policy with a catch-22. The outcome may have far-reaching implications for the U.S. in the global race to 5G, and it certainly does for a pair of beaten-down European stocks. At the root of the drama is spectrum, the invisible airwaves sought after by U.S. wireless carriers — Verizon, AT&T, T-Mobile, Sprint — and others to construct ultra-fast 5G data networks, the kind that will enable a smartphone to download a movie in mere seconds and support driverless car technology. The Federal Communications Commission has been working to free up spectrum being used by other institutions so that it can be auctioned off to the 5G builders and repurposed for their networks, a high priority for the Trump administration.But there have been some hiccups along the way. Take one case, in which scientists from the National Oceanic and Atmospheric Administration (NOAA) and the National Aeronautics and Space Administration (NASA) raised concerns that a particular slice of spectrum auctioned by the FCC could interfere with weather sensors and limit their ability to forecast hurricanes. That’s quite a quandary.The recent spectrum controversy, a separate matter from the hurricane one, has involved a swath referred to as the C-band. In the 3.7 to 4.2 gigahertz frequency range, these midband airwaves are highly desirable for 5G because they can both carry large amounts of data and travel long distances (some spectrum can only do one or the other). Here’s where it gets complicated: Most of the C-band is controlled by two Luxembourg-based companies, Intelsat SA and SES SA, which use it to beam TV shows to U.S. households from their satellite fleets. Telesat of Ottawa also owns some of the C-band rights. These three foreign companies make up what’s called the C-Band Alliance (CBA).The good news it that the CBA members are willing sellers, and the auction could raise $50 billion or more, according to an estimate by New Street Research. It would be one of the biggest spectrum auctions ever. But who gets the money: the CBA, or the U.S. Treasury? These are U.S. assets, after all. The CBA had been pushing for a private auction run by, of course, the CBA, arguing that it would make the process much faster. For those who see America’s buildout of 5G as an important geopolitical race against China, time is of the essence. FCC Chair Ajit Pai — who is already a controversial figure for repealing net neutrality and for backing the potentially harmful merger of T-Mobile and Sprint — originally seemed to be leaning toward the CBA plan. His Republican colleague, Commissioner Michael O’Rielly, was in strong support of it: “In the grand scheme of things, if it is a contest between speed and the government trying to extract a significant piece of the transaction through a lengthy process, I’ll take the speedy resolution,” O’Rielly said at a conference in September. But in the CBA auction scenario, only a portion of the proceeds would go to the U.S., while the rest would be pocketed by the CBA. That sounded like nails on a chalkboard to at least one member of Congress: “They’re thinking about giving our spectrum to three foreign companies and letting them keep the $60 billion,” Republican Senator John Kennedy of Louisiana said during an impassioned speech on the Senate floor last month. “Talk about swampy,” he said, adding that the funds should go to the American taxpayer. But to put America first, is it better to hold a quicker auction or a more lucrative one? Kennedy has led the charge against the CBA’s plan (seemingly a charge of one because, hey, it’s hard getting folks excited about radio waves), pushing instead for a public auction run by the FCC. Though he may have a point, it was somewhat diluted by his supplemental remark that proceeds from the auction “would solve all of the president’s [border] wall problems.” Perhaps a coincidence, after Kennedy stumped at a Trump rally in his home state last week in support of Republican gubernatorial candidate Eddie Rispone, the FCC changed its tune. On Monday, Pai Tweeted that he supports a public auction, citing that it would “afford all parties a fair opportunity to compete for this 5G spectrum,” limiting the litigation risk that a private auction may have presented. This is bad news mostly for the CBA crew. The U.S. wireless carriers would obviously like to get their hands on this spectrum sooner rather than later and have a bigger say over the process (Verizon especially, given that it’s focused so far on finicky millimeter wave spectrum). But for the heavily indebted Intelsat, it’s a far bigger inconvenience. The company’s stock has plummeted more than 50% this week, while SES dropped 24%.There’s more to come on this matter, but so far the supposed race to 5G looks more like an exhausting obstacle course. To contact the author of this story: Tara Lachapelle at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.