markets

Max Knoblauch2/26/26

Warner Bros. reports deeper-than-expected Q4 loss amid its bidding war

Warner Bros. Discovery reported its fourth-quarter earnings before the market opened on Thursday. The results come as the company finds itself in the middle of a still-hot bidding war between Netflix and Paramount. Its shares were flat in premarket trading.

In the three months ended in December, WBD reported:

A loss of $0.10 per share, deeper than the $0.03 loss expected by analysts polled by FactSet.
Total revenue of $9.46 billion, ahead of the $9.35 billion consensus.

Warner Bros.’ cable business booked $4.2 billion in revenue, beating estimates of $4.04 billion but down 12% from last year. The division is a key difference between the Netflix and Paramount acquisition offers: Netflix is seeking to acquire everything except Warner’s cable networks, while Paramount is seeking to purchase WBD in its entirety.

Industry analysts mostly view WBD’s cable networks as being worth between $2 and $4 per share, and Paramount’s most recent bid is $3.25 per share more than Netflix’s. Paramount has said its own analysis values Warner’s cable division at $0 per share.

WBD said it would not answer any questions about the two proposals on Thursday’s earnings call, but noted the following about Paramount’s recent offer:

“There can be no assurance that the Board will conclude that the transaction proposed by PSKY is superior to the merger with Netflix or that any definitive agreement or transaction will result from Warner Bros. Discovery’s discussions with PSKY.”

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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