Disney slips despite Q3 earnings beat and boost to full-year outlook

Disney shares ticked slightly lower in premarket trading after the media giant topped Q3 estimates and hiked its full-year outlook.

Adjusted earnings per share came in at $1.61, coming in well above the $1.45 estimated from analysts polled by FactSet. Meanwhile, revenue reached $23.7 billion for the quarter, narrowly ahead of the $23.6 billion that Wall Street expected.

Looking ahead, Disney also hiked its full-year adjusted EPS guidance to $5.85 per share, up from $5.75 per share — and ahead of the $5.80 estimate by analysts.

Disney shares were up about 6.7% year to date heading into the report.

Ahead of its earnings report, the stock had been moving higher in the premarket thanks to another announcement from Tuesday evening: that its subsidiary ESPN was acquiring the NFL Network and other assets (including the RedZone Channel), with the National Football League receiving a 10% stake in ESPN.

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Nia Warfield, Luke Kawa

Another record high for stocks as tech heavyweights put market on their shoulders

All of the gains on Monday are attributable to Nvidia and Apple.

Bull charging across sand creating dust cloud

Max Knoblauch12h

Chinese EV maker Nio sinks as a surge of orders for its new SUV create a 6-month backlog

Shares of Nio are falling Monday on the bittersweet news that its latest SUV (the ES8, priced to compete with Tesla’s Model Y) is too popular.

According to Chinese media reports, up to 50,000 ES8 orders may have been placed in the vehicle’s first 36 hours, surpassing Nio’s 40,000-vehicle production cap for this year.

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Nio Says ES8 Orders Placed Today Face 6-Month Wait

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Jon Keegan, Nate Becker

13h

Nvidia jumps on plans to invest up to $100 billion in OpenAI as part of data center expansion

Shares of Nvidia vaulted on the news, as CEO Jensen Huang says the new project would involve 4 million to 5 million GPUs.

J. Edward Moreno

13h

Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation

While ACIP’s vote means less people may be able to access Moderna’s vaccine than before, it’s less severe than the outright ban some were expecting.

Matt Phillips13h

US toys with making the world’s worst investment

Argentinian government bonds are up big today on reports that the US is considering some sort of a bailout for the chronically messy Latin American economy currently led by Trump-allied right-wing populist Javier Millei.

The country’s foreign minister knocked down previous reports that Argentina was negotiating a $30 billion loan with the US.

But Treasury Secretary Scott Bessent just came out saying that “all options” are being considered to stabilize the country’s currency, which plunged as Millei’s attempt to radically remake the economy with deep spending and tax cuts has shown signs of sputtering amid a series of government corruption scandals. Bessent even went so far as to say Argentina is a “systemically important” US ally, using a term of art that’s often bandied about when bailouts are in the offing.

For the record, lending Argentina US taxpayer money seems a bad idea.

The country has defaulted on foreign loans nine times, giving it one of the world’s worst credit histories. In fact, it’s defaulted three times since 2000, including in 2019, after the last attempt to “reform” the country lured in foreign lenders once again.

Bessent Says ‘All Options’ on Table to Steady Milei’s Argentina

For the record, lending Argentina US taxpayer money seems a bad idea.

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