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Good Morning!
Happy Thursday! It is almost Friday:
👉Dimon talks recession
👉Warner Bros earnings are in
👉Jobless claims are in
DIMON: Talks Recession
JPMorgan Chase CEO Jamie Dimon believes the odds of a "soft landing" for the U.S. economy are about 35% to 40%, with recession being the most likely scenario. Dimon said the odds remain the same when asked if his view had changed since February.
Source: CNBC
He cited uncertainty from geopolitics, housing, deficits, spending, quantitative tightening, and elections. Despite warning of an economic "hurricane" since 2022, Dimon noted the economy has held up better than expected, though credit-card defaults are rising. He is skeptical that the Federal Reserve can reduce inflation to 2% due to future spending on the green economy and military.
🎯GRIT TAKE: Jamie Dimon is now among… upgrade to VIP now to read the full GRIT Take!
EARNINGS: Warner Bros
Warner Bros. Discovery's stock fell on Wednesday after reporting a $9.1 billion write-down on its TV networks and missing revenue estimates. The write-down was due to reevaluating the TV networks' value as customers shift to digital and streaming. Warner Bros. Discovery's balance sheet has significant goodwill from past mergers, especially the 2022 Warner Bros. and Discovery merger. The company paid down $1.8 billion in debt last quarter but still holds $41.4 billion in gross debt.
Source: Fox
Revenue from TV networks, including TBS, TNT, Discovery, and TLC, fell 8% to $5.27 billion. However, the streaming service Max added 3.6 million subscribers, reaching 103.3 million globally. Streaming revenue decreased by 5% to $2.57 billion, but advertising revenue for streaming surged 99%. Total quarterly revenue dropped 6% to $9.7 billion, with adjusted earnings before interest, taxes, depreciation, and amortization down 15% to $1.8 billion.
JOBLESS: Claims Fall
Last week, fewer people filed for unemployment benefits than expected, showing some strength in the job market. The Labor Department reported 233,000 new claims, down 17,000 from the previous week and below the forecast of 240,000.
Source: Reuters
Wall Street is on edge, worried about slowing job growth and a possible recession. After the report, stock futures improved slightly, and Treasury yields remained high. However, ongoing claims rose to 1.875 million, the highest since November 2021. Also, the four-week average of jobless claims increased to 240,750, the highest in nearly a year.
Chart of the Day
📊 China Leads Minerals Production
Source: GS Investing
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Source: @wallstbets
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