Disney misses earnings estimates

08/08/2018

The Walt Disney Company reported its fiscal third-quarter earnings and revenue that misses analysts’ expectations on Tuesday. The firm posted an earnings per share of $1.87 on revenue of $15.2 billion, disappointing Wall Street. Shares of Disney were up by 1% in the regular session on Tuesday but later plunged by 3% after the earnings report was announced. The entertainment company, however, saw a strong growth in its studio, parks and broadcast units. Disney said its studio revenue grew by 20% to $2.88 billion, driven by strong box office performances of Marvel’s “Avengers: Infinity War” and Pixar’s “Incredibles 2.” Both movies crossed the $1 billion mark in the global box office.

Tesla boss Elon Musk is considering taking the electric-car firm private, claiming this was the “best path forward” for the company. Musk said investors would be offered $420 per share, which is around a fifth higher than the current price. This plan would allow investors to choose to retain their holdings, but Elon Musk has also warned that “a final decision has not been made about the move.” Shares of Tesla ended higher by 11% at almost $380 per share, which is close to their all-time high. The Wall Street reacted positively as stocks of Tesla and Amazon edged higher on the global market.


Bitcoin set for a decline

The digital coin continues to plunge on the crypto market, it fell from $7,100 to a record low of $6,718.9 by the end of yesterday’s session. Bitcoin dropped 6.4% on the Bitfinex exchange on Tuesday and it continues to maintain a downtrend in today’s early trade session as it moves towards $6,400. Ripple was also down by more than 16% after the US Securities and Exchange Commission (SEC) postponed a decision on the listing of a Bitcoin exchange-traded fund (ETC).

The USD/JPY pair fails to get support

The US dollar fell against the Japanese yen during trading on Tuesday as it continues to maintain the bearish trend set in its previous sessions. The market continues to react to the trade war fears and thus fails to get enough support from the forex market; which is causing it to hover around 111 yen. According to the Ichimoku Cloud indicator, the USD/JPY pair is expected to experience a change in its trend by the end of today’s session. However, a negative trend is much expected throughout Wednesday’s session and the currency pair could also shift towards the 110 level.