Disney considers sale of more films and series to rivals, Bloomberg says » 13:5002/0302/03/23
Disney, which is seeking…
Disney exploring selling more films and series to rivals, Bloomberg says » 13:2102/0302/03/23
Disney, which is seeking…
Disney sends letter to shareholders, does not endorse Trian's Peltz for board » 14:5002/0202/02/23
The Walt Disney Company…
The Walt Disney Company board of directors responded to materials issued by the Trian Group, stating in a letter to shareholders: "The Disney Board of Directors is focused on delivering long-term sustainable value and continually works to ensure it is comprised of the right mix of experience, skills and perspectives to guide Disney, particularly as it navigates this dynamic period. The Disney Board of Directors does not endorse Nelson Peltz (or his son Matthew, who is running as an alternate Mr. Peltz may swap in) as a nominee, and believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney during a period of important change in the media landscape... The Company expects to mail its proxy materials, including its WHITE proxy card, to all shareholders in the near future. The Disney Board urges shareholders to take no action at the moment and to simply discard any materials or blue proxy card they may receive from Trian Group. Shareholders should instead give themselves the benefit of voting on a fully informed basis, taking the Board and management team's important update on its strategy to create value into consideration." Reference Link
Exxon Mobil price target raised to $133 from $128 at Argus » 07:4502/0202/02/23
Argus analyst Bill…
Argus analyst Bill Selesky raised the firm's price target on Exxon Mobil to $133 from $128 and keeps a Buy rating on the shares. The company's higher earnings for Q4 reflected higher realized crude oil and natural gas prices and increased production, the analyst tells investors in a research note. Exxon Mobil shares have risen strongly in 2022 and thus far in 2023, but there is still a long runway ahead based on strong energy market fundamentals, the firm adds.
Exxon Mobil price target raised to $113 from $108 at Cowen » 07:3402/0202/02/23
Cowen analyst Jason…
Cowen analyst Jason Gabelman raised the firm's price target on Exxon Mobil to $113 from $108 and keeps a Market Perform rating on the shares. The analyst said they outperformed off earnings with a benign Permian update and upside to early 2023 EPS on refining. Cowen also said it could be an acquirer in the Permina though not at the current high point in the cycle.
Shell announces $4B share buyback program » 05:1902/0202/02/23
Shell announced the…
Shell announced the commencement of a $4B share buyback program covering an aggregate contract term of approximately three months. The purpose of the program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. It is intended that, subject to market conditions, the program will be completed prior to the company's Q1 results announcement, scheduled for May 4. The company has entered into an arrangement with a single broker consisting of three irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London market exchanges and Netherlands exchanges for a period up to and including April 28. The aggregate maximum consideration for the purchase of ordinary shares under the London contracts is $2.25B and the maximum consideration for the purchase of ordinary shares under the Netherlands contract is $1.75B. Purchases under the London contracts will be carried out in accordance with the company's authority to repurchase shares on-market and will be effected within certain contractually agreed parameters. Purchases under the Netherlands contract will be carried out in accordance with the company's authority to repurchase shares off-market pursuant to the off-market share buyback contract approved by its shareholders and the parameters set out therein. The maximum number of ordinary shares which may be purchased or committed to be purchased by the company under the program is 387,374,130, which is the maximum number remaining as of the date of this announcement pursuant to the relevant authorities granted by shareholders at the company's 2022 Annual General Meeting.
Shell reports Q4 adjusted EPS $1.39 vs. 83c last year » 05:1602/0202/02/23
Reports Q4 revenue…
Reports Q4 revenue $101.3B vs. $85.28B last year. The company said, "Full year 2022 income attributable to Shell plc shareholders also included net gains of $3.4 billion due to the fair value accounting of commodity derivatives, charges of $2.3 billion related to the EU solidarity contribution and the UK Energy Profits Levy, and net impairment reversals of $0.7 billion. These gains and losses are included in identified items amounting to a net gain of $1.2 billion in the full year 2022. This compares with identified items in the full year 2021 which amounted to a net charge of $2.2 billion."
Here's what Wall Street is saying about Amazon ahead of earnings » 14:2402/0102/01/23
FDX, UPS, SHOP, MSFT, AMZN
Amazon (AMZN) is…
CFPB credit card late fee proposal 'more onerous than expected,' says BTIG » 10:4402/0102/01/23
SYF, AXP, COF, V, MA, BFH
After the CFPB released a…
After the CFPB released a proposal that would alter the credit card late fee safe harbor by reducing the cap to $8 from the potential $41 cap currently in place, end the annual inflation adjustment feature and cap late fees at 25% of the minimum payment, BTIG analyst Isaac Boltansky said the proposal "skews toward the worst-case scenario end of the spectrum" in the range of possible outcomes for the credit card industry and is "more onerous than consensus suggested." The proposal, which the CFPB estimates could reduce the aggregate amount of annual credit card late fees to $3B from $12B, "should be viewed as a negative for the whole credit card issuer space," but the "greatest pain" is focused on low-balance lenders like Synchrony (SYF) and Bread Financial (BFH), the firm tells investors. However, BTIG also would expect "an almost immediate legal challenge" if this proposal is finalized without a material softening in the second half of this year.
Credit card stocks down after CFPB proposes changes to late fee rules 10:3502/0102/01/23
SYF, AXP, COF, V, MA, BFH