(Brandon Sloter/Getty Images) |
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Don't bank on TikTok trends: some folks thought they'd found a glitch in Chase ATMs that allowed them to get free money. Chase said they were just committing plain old check fraud, and now many who tried the viral "hack" are seeing huge negative balances on their accounts. Speaking of negative: the S&P 500 shed 2.1% yesterday, its biggest daily drop since the August 5 market meltdown. Tech — especially chip stocks — led losses after US manufacturing data came in weak ahead of Friday's big jobs report. Wall Street's "fear gauge" index spiked. |
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Dishin' it out… For the second year in a row, Disney yanked its TV channels from a major pay-TV provider. On Sunday, 11M+ DirecTV subscribers lost access to Disney-owned channels like ESPN, ABC, and FX after the two companies failed to agree on "carriage fees" — what TV providers pay to networks like Disney to carry their channels. DirecTV says it wants more flexibility to create cheaper channel packages for customers; Disney says it wants premium rates for premium offerings. |
- TV guide: It's a rough time to lose Disney, with the US Open finals, the NFL's regular-season kickoff, and an ABC presidential debate all on deck.
- Rerun: Last year Disney pulled its channels from Charter's cable service, which led to a 12-day blackout for 15M customers. In the end Charter agreed to pay higher rates and its customers got Disney+ and ESPN+ at no extra cost.
- Chicken: Disney's networks are watched by 90% of DirecTV subscribers, giving the Mouse House reason to believe the provider will blink first. DirecTV is likely hoping for a repeat of last year's Charter-Disney deal.
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Cable's snuff out drags on… 5M+ subscribers left the pay-TV ecosystem last year, opting for streaming services instead. This year isn't looking better: Q1 was the industry's worst ever, and Q2 saw another 1.6M folks cut the cord. Last month Warner Bros. Discovery and Paramount slashed the valuations of their cable businesses by a combined $15B+. Not making things easier for cable: streamers going big on live sports. Disney plans to launch a full-on streaming version of ESPN next fall. |
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The cord's cut at both ends… Not only is Disney fueling the downfall of pay TV with its profitable streaming business — it's also leveraging its popular TV networks to squeeze cable and satellite TV providers even harder. As pay TV loses its power, networks like Disney are hoping they can score richer deals. |
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Beyond Nasdaq…Monogram's new investment potential |
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Beyond Nasdaq…Monogram's new investment potential |
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| Notes of peppercorn… and disappointment. Booze giant Constellation Brands cut its annual guidance after pricing in an expected loss of up to $2.5B related to its waning wine biz. It's an about-face from Q1, when the Modelo maker raised its forecast after its profit 6x'd from last year. But Constellation's non-beer biz, which includes wine brands like Meiomi and Prisoner Wine, appear to be leaving a bigger-than-expected stain. Constellation said this week that wine and spirits sales could tumble as much as 6% this year, down from the roughly flat forecast it shared in July. |
- Fizzle: Constellation's beer biz is staying strong enough to offset its wine weakness and keep annual sales up. But the Pacifico parent trimmed its beer guidance, calling out rising unemployment and thrifty customers.
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Getting crushed… Napa wine seller Duckhorn Portfolio cut its outlook this year, citing a softer wine market, while Pernod Ricard said in July it's selling off most of its vino labels. Booze brands face headwinds beyond the vineyards: fewer young adults are drinking compared to their parents' generation, and those who still imbibe are sipping less overall. While the #sobercurious trend has boosted zero-proof companies like Athletic Brewing, alcoholic craft-beer sellers like Anchor Brewing and Monster-owned Canarchy have struggled to cope. |
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Consumer tastes are distilling… The bright spot for Big Alcohol seems to be Mexican beer brands. And Constellation sells the big ones in the US: Modelo Especial overtook Bud Light as America's top-selling brew, while Pacifico's sales have surged in "beach towns." Meanwhile, as marijuana becomes legal in more states and non-alcoholic bevs flood into fridges, Americans have more happy-hour options than ever. |
Uncharted: Which US states have the most Americans working from home? (Answer here.)
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For many, the Labor Day weekend means kicking back and relaxing with loved ones. For thousands of others, it's going to the Nevada desert to construct a temporary city, take in art and live music, and party at Burning Man. Read more. |
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- The TSA predicted a record 17M Labor Day passengers would fly through today.
- Canva's upping the price of some subs by 4x, citing new AI offerings.
- 10K+ US hotel workers went on strike over the holiday weekend.
- The Oasis concerts focused regulators' ire on dynamic ticket pricing.
- Crypto execs said they're planning a September fundraiser for Harris' campaign.
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- US job openings
- Fed's "Beige Book" published
- Earnings expected from Dollar Tree, Dick's Sporting Goods, Hormel Foods, C3.ai, Hewlett Packard, and Casey's General Store
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Authors of this Snacks own shares of: Disney and Warner Bros. Discovery |
Advertiser's disclosures:
* A filing for FDA approval is no guarantee of an actual FDA approval. ** This is a paid advertisement for Monogram Technologies Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over the counter market. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck. |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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