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In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney CFO Hugh Johnston on Q2 results, strength of consumer and streaming growthDisney CFO Hugh Johnston joins 'Squawk Box' to discuss the company's quarterly earnings results, state of the consumer, sports business, streaming growth, and more.
Persons: Hugh Johnston
In a Surprise, Disney+ Becomes Profitable
  + stars: | 2024-05-07 | by ( Brooks Barnes | ) www.nytimes.com   time to read: +1 min
When Disney reported robust earnings in February, the activist investors then circling the company essentially called it a stunt — a temporary, heat-of-battle effort to fend them off and not, as Robert A. Iger maintained, proof that a struggling Disney had finally “turned the corner.”The Disney chief’s argument just got a lot stronger. Disney blew past Wall Street’s expectations for a second consecutive quarter on Tuesday, in part because its flagship streaming service made money — a first. Disney+ had been expected to lose more than $100 million in the most recent quarter, widening losses since its 2019 arrival to roughly $12 billion. The company had previously predicted that Disney+ would become profitable in September; some investors and analysts have been skeptical about that, putting downward pressure on Disney shares. Disney’s per-share earnings for the most recent quarter rose 30 percent increase from a year ago.
Persons: Robert A, Iger, , , ” Hugh Johnston Organizations: Disney
Disney Why we own it: We value Disney for its best-in-class experiential entertainment Parks business, which has proven to have immense pricing power. In the second quarter, the combined business — Disney+, India's Disney+ Hotstar, Hulu and ESPN+ — saw losses of $18 million, far better than the $659 million loss in the year-ago period. DTC profitability benefited from Disney+ core subscriber growth, higher retail subscription prices, increased advertising revenue on the back of higher impressions, and lower distribution costs. Clearly, Disney still has a big opportunity in sports as they execute on their DTC streaming strategy for ESPN. The atmosphere at the Disney Bundle Celebrating National Streaming Day at The Row in Los Angeles on May 19, 2022.
Persons: , Nelson Peltz, wouldn't, Hugh Johnston, Jim Cramer's, Jim Cramer, Jim, Presley Ann Organizations: Club, Revenue, LSEG, Disney, Parks, ESPN, Comcast, Netflix, Warner Bros Discovery, Paramount Global, CNBC, seasonality, Entertainment, Hulu, Hulu Live, Sports ESPN, College Football, National Football League, Walt Disney World, Disney Cruise, Disneyland, Hong Kong, Getty Locations: Hulu, India, Florida, California, Hong, Los Angeles
But that wasn't enough for Wall Street, with the stock diving as much as 11% following the earnings report, its worst daily decline in 18 months. Related storiesWhile Disney+ added 6.3 million new subscribers in the quarter, its total number of streaming subscribers, 153.6 million, was below Wall Street estimates by about 2 million. AdvertisementThe sharp move lower highlights the high standard Wall Street has set for Disney's streaming portfolio, which includes Disney+, Hulu, ESPN, and India's Hotstar. So far, that doesn't appear to be happening, at least not at a quick enough pace for Wall Street. And while Disney's streaming business is moving in the right direction overall, it will likely still be a bumpy ride ahead for the unit to deliver consistent profits.
Persons: , India's, Hugh Johnston, Geetha Ranganathan, Kevin Organizations: Service, Business, Disney, ESPN, Netflix, Wall, Wall Street, Bloomberg Intelligence Locations: Hulu, India
Disney has appointed two senior executives to oversee corporate strategy as it considers the future of its linear business and contends with streaming losses. Veteran Disney exec Justin Warbrooke, meanwhile, was named EVP and head of corporate development, overseeing M&A as well as divestitures, among other areas. Mayer was Disney's EVP of corporate strategy and business development before going on to run strategy and the DTC and international businesses. As such, we are evolving the Corporate Strategy function to better align with this vision, which includes two leadership roles — one focused on Corporate Strategy and another focused on Corporate Development — both reporting directly to me. In addition to strategy, Andre has advised clients on the topics of operations, organization, customer journey design, and M&A.
Persons: Disney, Nelson Peltz, It's, Bob Iger, Bain, Andre James, Justin Warbrooke, James, Marvel, Hugh Johnston, Kevin Mayer, Mayer, Iger, Tom Staggs, , Andre, Justin, Hugh Organizations: ESPN, Business, Veteran Disney, Coopers, Lybrand's, DTC, Century Fox, Disney, Media, Walt Disney Company, Corporate, Strategy, Development, of Media, Entertainment, Bain & Company, Consumer, Marvel, Reliance, Fox, Warner Bros . Discovery, Finance Locations: Hulu, India
London's O2 Arena is one of the world's busiest and sold a record 2.5 million tickets last year. The venue is managed by Steve Sayer, a music fan who previously worked for Manchester City. The O2 Arena presents comedy, boxing, UFC, esports and even monster trucks as well as music. AdvertisementIt may not be the world's most famous, but London's O2 Arena is now one of the busiest. Elton John on his "Farewell Yellow Brick Road" Tour at the O2 Arena in April 2023.
Persons: Steve Sayer, , Tom Jones, James Bond, Jason Derulo, Luke Dyson Sayer, Ateez, Olivia Rodrigo, Noah Kahan, Prince, Sayer, Elton John, Monty Python, Adele, Simone Joyner, they're, Philip Anschutz, Dua Lipa, Karwai Tang, Joseph Okpako, there'd, that's, Madonna, Kevin Mazur AEG, It's, Liam Gallagher, Girls, Billy Joel's Organizations: London's O2, Manchester City, O2 Arena, UFC, Service, O2, AEG, London, AEG Europe, Billboard, The O2, WWE, Gorillaz, National Health Service, Qatar Airways, Madison Locations: Manchester, Paris, Berlin, Hamburg, Dua, London, New, COVID
Three booming businesses that make Denver stand out
  + stars: | 2024-04-08 | by ( Chris Dilella | ) www.cnbc.com   time to read: +4 min
Two cities in Colorado are experiencing tech-fueled economic booms, with Denver's skyline transforming and Boulder's gross domestic product surging. However, the influx of people and businesses has brought challenges like a growing homeless population, affordability issues and infrastructure strain. A recent report shows a 24% drop in Denver's cannabis revenue compared with 2021. Major league moneymakersCameron Fleming #73 of the Denver Broncos runs onto the field before a game against the Kansas City Chiefs at Empower Field at Mile High on January 8, 2022 in Denver, Colorado. A stage for economic successA concert at Red Rocks Park and Amphitheatre outside Denver.
Persons: Amy Sparwasser, Matthew Staver, Jared Polis, Polis, Mike Johnston, moneymakers Cameron Fleming, Dustin Bradford, Deion Sanders, Prime's, John P Kelly Organizations: Denver &, Bloomberg, Getty, CNBC, Denver Department of Excise, Licenses, trailblazer, Industry, State Planning, Denver, Denver Broncos, Kansas City Chiefs, Broncos, Nuggets, Rockies, Avalanche, Analysts, University of Colorado Boulder's, NFL, University of Colorado, Boulder, Rocks Locations: Denver, CNBC's, Colorado, Success, Denver & Boulder, Denver , Colorado, Chicago , New York, Los Angeles, University of Colorado Boulder
"Mr Bates vs the Post Office" had a remarkable impact after airing in Britain and now comes to PBS. Jo Hamilton, who ran the Village Shop and Post Office in South Warnborough, Hampshire, was wrongly convicted of theft in the Post Office Horizon scandal. ITVThe program focused on Alan Bates, who along with his partner invested in a post office store in Wales in 1998. Why did the Post Office — which has been owned by the government since 2012 – continue to prosecute people when there were doubts about the software? Advertisement"Mr Bates vs the Post Office" is being broadcast on PBS weekly from Sunday April 7.
Persons: Mr Bates, , Rishi Sunak, Seema Misra, Peter Huxham, Martin Griffiths, Julian Wilson, Jo Hamilton, Adrian Dennis, Toby Jones, who's, Harry Potter, Alan Bates, Bates, wasn't, John Beer of, , Kevin Hollinrake, Gwyneth Hughes, Innocent, Paula Vennells, Vennells, it's, James Strong, we'd, Polly Hill Organizations: PBS, Service, ITV, of, Post, Japan's Fujitsu, Office, Getty, Journalists, Computer, BBC, Post Office, Guardian, Fujitsu, Financial Times, subpostmasters, Channel Locations: Britain, Ellesmere Port, Liverpool, South Warnborough, Hampshire, AFP, Wales, John Beer of Farnham, Surrey
On Monday, April 8, millions of people will witness a rare total solar eclipse as it passes over Mexico, the United States and Canada. For starters, Pizza Hut will give customers a “Total Eclipse of the Hut” deal on eclipse day, offering any large-sized pizza for $12. This is the second time Krispy Kreme has created a new one pegged to a total solar eclipse. Back in 2017, during the last total solar eclipse in the US, the brand used chocolate to cover its original glazed doughnut. NASA recommends wearing a set of eclipse glasses that complies with the ISO 12312-2 international standard when viewing any solar eclipse.
Persons: New York CNN —, celestially, Kreme, Koen Pauwels, , ” Pauwels, , Smoothie King, Burger, Parker, MoonPie, graham, Tory Johnston, MoonPie's, Johnston Organizations: New, New York CNN, Eclipse, Northeastern University, NASA, Chattanooga Bakery, Inc, Kroger Locations: New York, Mexico, United States, Canada, Chattanooga
BYD has overtaken Tesla as the world's biggest maker of electric vehicles. I drove a Seal for a week and was impressed by its stylish design, features and crazy acceleration. The Seal is a similar price to Tesla's Model 3 in the UK — but BYD is not a well-known make. AdvertisementLast year BYD overtook Tesla as the world's biggest seller of electric vehicles. I borrowed a BYD Seal in Excellence trim, which also boasts all-wheel drive, for a week.
Persons: BYD, Tesla, , It's Organizations: Tesla's, Service, Volkswagen Locations: China, London
Donald Trump faces a Monday deadline for paying a bond to New York state. The payment follows last month's verdict that Trump and his company inflated the value of assets. The NY attorney general may move to seize Trump's assets if he fails to pay in time. AdvertisementDonald Trump is hours away from a deadline to pay a $457 million bond to New York Attorney General Letitia James . Trump's debt rises daily by $111,984 in interest , meaning he owes New York state another $1 million every nine days.
Persons: Donald Trump, Trump, , Letitia James, Judge Arthur Engoron Organizations: NY, Service, New York, Trump Organization, New York Times Locations: New York, New
The following month, 10 men were indicted in Oklahoma, charged with conspiracy to commit wire fraud for allegedly operating a refund fraud service named Artemis Refund Group. A thriving refund fraud marketFor every refund fraud service shut down by law enforcement, swarms of similar groups remain open for business. CNBC viewed several active refund fraud services on encrypted messaging app Telegram, each with thousands of followers. Zoom In Icon Arrows pointing outwards A Google form from an active refund fraud service explaining which stores it targets and how much it charges customers. Zoom In Icon Arrows pointing outwards A refund fraud service claims to have access to Amazon insiders in a Telegram post.
Persons: Stephanie Keith, Noah Page, Page, he'd, Ralph, , Rick Owens, Sajed Al, Ralph Lauren, Uber, Maarej, Chris Black, Amazon, Al, they'd, Rekk, Cyril Noel, Tagoe, Noel, Louis Vuitton, scammers, Reddit, Brittany Allen, Allen, Remi Vaughn, Vaughn, she's, David Johnston, Johnston Organizations: Bloomberg, Getty, CNBC, National Retail Federation, Appriss, Amazon, Page, Riverside Press, Medianews, PayPal, Retailers, Artemis, Walmart, Apple, Nike, eBay, Saks Fifth, DoorDash, Google, MacBook, Mail, UPS, U.S . Postal Service, Al, Rekk, Gucci Locations: New York, Chattanooga , Tennessee, Reddit, TikTok, Eastvale, Michigan, Oklahoma, Chattanooga
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's normal for the market to 'rest here' after earnings, says BD8's Barbara DoranBarbara Doran, BD8 Capital Partners CEO, and Eric Johnston, Cantor Fitzgerald head of equity derivatives & cross asset, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Barbara Doran Barbara Doran, Eric Johnston, Cantor Fitzgerald Organizations: BD8 Capital Partners
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with BD8's Barbara Doran and Cantor Fitzgerald's Eric JohnstonBarbara Doran, BD8 Capital Partners CEO, and Eric Johnston, Cantor Fitzgerald head of equity derivatives & cross asset, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Barbara Doran, Cantor Fitzgerald's Eric Johnston Barbara Doran, Eric Johnston, Cantor Fitzgerald Organizations: BD8 Capital Partners
The Ami is most ridiculous "car" I've ever driven — but it turns heads and is a lot of fun too. I thought I knew what to expect, but it wasn't until the "car" was driven off the trailer that I realized I'd taken custody of a large lawnmower. A large electric lawnmower. The Ami (French for "friend") also looked like it'd been washed in an army surplus cycle. Appropriately enough I almost made a new friend before I'd even parked, as a passer-by asked if I'd just bought it.
Persons: Ami, , Ram, Romeo —, I'd Organizations: Service, Dodge, Peugeot Locations: London
But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.
Persons: New York CNN —, Neil Sauders, , JC Penney, It’s, , Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSuncorp CEO is 'very confident' in the company's future as a pure-play insurer post ANZ dealSteve Johnston, Suncorp's Group CEO, says the company still has "work to do" to close the ANZ-Suncorp bank deal but remains confident it will succeed.
Persons: Steve Johnston Organizations: Suncorp, ANZ, Suncorp's
As a Disney shareholder for the Club, Jim Cramer has decided to support activist investor Nelson Peltz's fight for seats on the board of the entertainment and theme parks giant. It means he's going to vote to put the Trian Partners founder Peltz and former Disney CFO Jay Rasulo on the Disney board. Jim believes Peltz and Rasulo will hold Disney's board and management accountable for making changes to fix the business and turn around the company's underperforming stock. "It is ridiculous to me that Netflix has crushed Disney," Jim said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, Nelson Peltz's, Jim, Peltz, Jay Rasulo, Ike Perlmutter, Perlmutter, Mondelez, Kraft Heinz, Bob Iger, Iger, Nelson Peltz, Hugh Johnston, Jim —, Jim Cramer's Organizations: Club, Trian Partners, Disney, Marvel Entertainment, Marvel, Netflix, Procter & Gamble, CNBC Locations: New York City, PepisCo
First American's chief economist told Fortune that lower mortgage rates will cool price growth. First American chief economist Mark Fleming told Fortune that the pace of price growth has likely topped out because mortgage rates are poised to decline this year. The hikes fueled an increase in 30-year mortgage rates to more than 8% in October — a two-decade high. AdvertisementLower mortgage rates promise to boost demand, as buyers will be able to afford more expensive homes once again. "Shark Tank" investor Barbara Corcoran disagreed, predicting they would pop by 15% or 20% once mortgage rates dropped to about 5%.
Persons: Fortune, , Mark Fleming, Sellers who'd, they'd, Fleming, Elon Musk, Barbara Corcoran Organizations: Service, First, Business
There is still a lot to parse from the ruling and its potential impact on Trump’s business empire, but here’s what we know so far. And Trump himself might have been permanently barred from the New York state real estate industry, something James had requested. The ruling extended the monitor’s role “for no less than three years.”That new governance structure is the reason Judge Engoron cited for not cancelling the Trumps’ business certificates. “The court’s decision to impose governing requirements [on Trump’s businesses] makes the injunction more likely to survive appeal,” Thomas said. First, at the Appellate Division and then at the New York State Court of Appeals.
Persons: Donald Trump, Trump, Donald Jr, Eric, — Trump, Judge Arthur Engoron, Letitia James, “ Trump, , Will Thomas, Ross, James, David Cay Johnston, Engoron, , ” Thomas, can’t, It’s, it’s, recently, Jean Carroll, Thomas, he’s, Johnston Organizations: New, New York CNN, Trump Organization, New York, New York State, University of Michigan’s Ross School of Business, Trump, Independent Monitor, Appellate Division, of Appeals Locations: New York, New York State,
CNN —A single rabid coyote in Rhode Island is believed to have attacked two people in neighboring towns in the span of two days, state environmental officials said this week. The same animal likely attacked another person on Thursday in Scituate, about 11 miles away, officials said in a Monday news release. There has not been a human case of rabies in Rhode Island since 1940. Rabies is endemic in Rhode Island and the state has had terrestrial rabies since 1994. If someone is bitten or scratched by a wild animal, they should contact a health professional right away, the health department said.
Persons: Scott Marshall, Marshall Organizations: CNN, Johnston Police Department, Rhode Island Department of Health, Coyotes Locations: Rhode Island, Belfield, Johnston, Scituate,
New York CNN —Bob Edwards, the longtime National Public Radio host and a goliath of the broadcasting world, died on Saturday, his wife, NPR reporter Windsor Johnston, confirmed in a Facebook post. “Bob Edwards understood the intimate and distinctly personal connection with audiences that distinguishes audio journalism from other mediums, and for decades he was a trusted voice in the lives of millions of public radio listeners,” NPR CEO John Lansing said in a statement Monday. “Staff at NPR and all across the Network, along with those millions of listeners, will remember Bob Edwards with gratitude.”Edwards began his 30-year tenure at NPR in 1974, when the network was still in its infancy. He co-hosted “All Things Considered,” NPR’s evening show, before spearheading “Morning Edition” as its inaugural host in 1979, a position he held until 2004. “Morning Edition will continue to be my first source for news,” he wrote in a letter to listeners about his exit.
Persons: Bob Edwards, Windsor Johnston, “ Bob Edwards, John Lansing, ” Edwards, Ellen McDonnell, Edwards, Bob, , , we’ve, It’s, Edward R, Murrow, Gabriel, Alfred I, du Pont, Red Barber, “ Edward R Organizations: New, New York CNN, longtime National Public Radio, NPR, “ Staff, Los Angeles Times, University of Louisville, US Army, American Forces Korea Network, Corporation for Public Broadcasting, National Catholic Association of Broadcasters, Columbia University Award, Radio Hall of Fame, Journalism Locations: New York, Kentucky, New Albany , Indiana
Big Burden of Migrant Influx Strains Denver
  + stars: | 2024-02-12 | by ( Miriam Jordan | ) www.nytimes.com   time to read: +1 min
In his first six months in office last summer, the mayor of Denver, Mike Johnston, managed to get more than 1,200 homeless people off the streets and into housing. That seemed like a fitting feat for a city that prides itself on its compassion. And the city has begun to feel the same sort of strains that have confronted New York and Chicago as they contended with their own migrant influxes. Denver, the state capital and the center of a sprawling metropolitan area of more than 3 million people, has spent more than $42 million on the migrants. If expenditures continue at the current pace of $3.5 million a week, the crisis could cost the city about $180 million in 2024, or 10 percent or more of its annual budget.
Persons: Mike Johnston, Greg Abbott of Organizations: Gov Locations: Denver, Greg Abbott of Texas, New York, Chicago, . Denver
Bob Edwards, the host of NPR’s “Morning Edition” for nearly a quarter-century, whose rich baritone and cool demeanor imbued his radio broadcasts with authority in reaching millions of listeners, died on Saturday in Arlington, Va. His death, at a rehabilitation facility, was from heart failure and complications of bladder cancer, his wife, Windsor Johnston, said. Mr. Edwards, a Kentucky native who knew from an early age that he wanted to be in radio, joined NPR in 1974, during the Watergate hearings. Its success led to the spinoff “Morning Edition” in 1979. Mr. Edwards began as a 30-day temporary host of that program before going on to serve as its anchor for 24 and a half years.
Persons: Bob Edwards, Windsor Johnston, Edwards, Organizations: NPR Locations: Arlington , Va, Kentucky
Streaming companies turned a blind eye to password-sharing for years. Users of the family-oriented streaming platform received emails this week notifying them of changes to the terms of service. The new terms note that different service tiers may permit some degree of password-sharing — if you're willing to pay. Disney's updated terms of service are almost identical to those of Hulu and ESPN+, which were also announced on January 25. Iger's comments came in the wake of Netflix's successful crackdown earlier last year, when the streaming giant announced it would start charging $8 for users outside the household.
Persons: Nice Guy, Hugh Johnston, Johnston, Bob Iger, Netflix's, Nicholas De Leon, We've, De Leon, It's Organizations: Business, Hulu, ESPN, Disney, Netflix, Consumer, Spotify, Costco, Amazon Prime, Apple Locations: Wednesday's
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