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Good Morning!
Happy Thursday! It is almost Friday:
👉 Disney, Iger has a big win
👉 Amazon does more layoffs
👉Fed chair speaks
STOCK MARKET MADNESS IS ON 📈
Click HERE to view our bracket! 🏀 Let’s recap the championship 🥊
In a MASSIVE upset, the #15 seed Hertz wins the Stock Market Madness challenge. What a run.
DISNEY: Big Win
Disney's shareholders recently voted to keep the current board, showing they trust CEO Bob Iger to improve share prices and find a good successor. Now, Iger has a year to prove he can make Disney's streaming services profitable, improve ESPN's online strategy, succeed at the box office, and select a successor.
Source: WSJ
Disney plans to make its streaming businesses profitable by the end of this fiscal year, a big step since launching Disney+ in 2019. Iger's plan involves cutting costs on content like movies and sports rights by $4.5 billion. For ESPN, Disney is changing its strategy to fit the digital age. It will introduce a sports bundle and a new ESPN streaming service with features for sports betting and fantasy leagues. This is part of moving away from traditional cable to more digital offerings, although it's important they keep it simple for consumers.
🎯 GRIT TAKE: In our opinion, this is a major…upgrade to VIP now to read the full GRIT Take!
AMAZON: More Layoffs
Amazon's AWS division is cutting jobs in its store technology, sales, and marketing teams, the company announced. AWS, once rapidly growing, has seen a sales slowdown as businesses reduce cloud spending due to higher interest rates. Despite this, Amazon remains optimistic about future growth.
Source: VOX
The layoffs affect the team behind Amazon's cashierless "Just Walk Out" technology, Dash carts, and Amazon One palm payment, which moved to AWS in 2022. This move aligns with Amazon's strategy to adjust its technology use in both its own and third-party stores. This is part of Amazon's larger job reduction effort, which has seen over 27,000 roles eliminated across the company since late 2022, including in Twitch, Audible, and its Prime services. Affected U.S. employees will get 60 days of pay and benefits, plus severance.
FED: Holding Steady
Federal Reserve Chair Jerome Powell recently indicated that understanding inflation trends is crucial before deciding on any interest rate reductions. Despite noticing unexpected inflation increases, he emphasized a cautious approach, stating that rate cuts would only be considered once there's confidence inflation is moving towards the 2% target.
Source: Bloomberg
This stance comes amid persistent high inflation, though other economic signs, like employment and consumer spending, remain strong. Powell, along with other Federal Reserve officials, suggests a patient policy approach, hinting at possible rate adjustments later in the year based on data.
Headlines You Need To Know: 🎙
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Source: Statista
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