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Walt Disney, Time Warner shares fall on cord-cutting worry
Walt Disney, Time Warner shares fall over concerns that cord-cutting will crimp revenue
NEW YORK (AP) -- Shares of The Walt Disney Co. and Time Warner Inc. fell on Thursday as concerns mount that more people are cutting the cord to traditional cable offerings in lieu of mobile viewing and a la carte options.
The movement is impacting advertising revenue for companies like Disney and Time Warner. Both companies, along with other peers, have been trying to make the move to offer more on-demand content, either through partnerships or stand-alone services.
Disney, which operates ESPN, saw shares fall $5.26 or 4.9 percent, to $101.38 in midday trading. In its most recent quarter ESPN subscriptions fell, prompting the Burbank, California, company to taper its outlook. CEO Bob Iger has said that the company would consider "direct-to-consumer" alternatives for ESPN if the traditional pay TV business continues to erode.
Time Warner, whose units include HBO and Turner, saw shares fall $2.94, or 3.8 percent, to $74.88. The New York company has partnered with Hulu to stream previous seasons of shows from Cartoon Network, along with TNT and TBS shows. It is also offering HBO Now, and on-demand service for HBO.
In a note to investors, AllianceBernstein analyst Todd Juenger downgraded both companies to "Market Perform" from "Outperform", citing the loss of advertising revenue as viewing habits shift to on-demand and streaming services.
It's the second downgrade of the week for media stocks. On Tuesday Wells Fargo downgraded Disney along with CBS Corp. and Twenty-First Century Fox Inc. to "Market Perform," but kept an "Outperform" rating on Time Warner, citing its growth in adjusted earnings.
US home sales soar in July to fastest pace since early 2007
US home sales climb 2 percent in July; strong demand not matched by increased listings
By Josh Boak, AP Economics Writer
WASHINGTON (AP) -- Americans stepped up their home-buying for a third straight month in July, as sales accelerated to the strongest pace in eight years.
The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month to a seasonally adjusted annual rate of 5.59 million, the fastest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.
Steady job growth and relatively low mortgage rates have convinced current homeowners to purchase homes, while first-time buyers remain scarce. The housing market contains a mere 4.8 months' supply of homes, meaning that prices are rising for an increasingly narrow set of properties.
The slow six-year recovery from the Great Recession has finally revitalized the housing market. Home sales have soared in recent months, as more current homeowners have returned to the real estate market for an upgrade or to downsize as they approach retirement. Yet the upswing also reflects increasing problems with affordability that have left first-time buyer on the sidelines.
"When first-time homebuyers compete with people who are more qualified borrowers that have additional cash, they tend to lose," said Butch Huskey, chief executive of the real estate brokerage Coldwell Banker.
The median home price climbed 5.6 percent over the past 12 months to $234,000. Just 28 percent of the purchases last month went to first-time homebuyers, a group that historically accounted for 40 percent of sales. A more balanced market would contain six months' of supply_instead of less than five_and provide potential homebuyers with a greater selection of homes.
Current homeowners with equity have been able to absorb some of that price appreciation as they've shopped for another home. But the recent sales explosion also reflects two critical factors: the economy adding a solid 2.9 million jobs over the past 12 months and the average, 30-year fixed mortgage rate staying around 4 percent. At roughly two percentage points below the historical level, mortgage rates have reduced monthly borrowing costs for buyers.
Still, the trajectory of mortgage rates— and sales— going forward is unclear.
It's possible that a weakening global economy will cause more investors to buy U.S. Treasury bonds, a move that has historically held down mortgage rates. The average mortgage rate has slipped slightly as China has endured stock market volatility and reduced the value of its currency.
Yet the Federal Reserve is preparing to raise a key interest rate for the first time in nearly a decade. Economists say the Fed could lift its fed funds rate from near-zero as soon as September, an increase that would potentially cause mortgage rates to rise. When Fed officials previously announced plans in 2013 to pull back on other forms of economic stimulus, mortgage rates suddenly spiked and derailed home sales for several months.
The July sales increase occurred in the South and West. Home purchases remained unchanged in the Midwest and slipped in the Northeast.
Despite the higher sales, more Americans are choosing to rent. So far this year, the share of the U.S. population who owns homes has fallen to 63.4 percent, a 48-year low, according to the Census Bureau. The shift toward renting has reduced vacancies and caused rental prices to increase at 4.3 percent, more than double the meager 2.1 annual increase in average hourly wages.
Fewer millennials younger than 34 are forming households and the purchase of first homes is increasingly deferred. The median first-time buyer is renting longer and spending more money to purchase their homes, according to the real estate firm Zillow.
Meanwhile, the percentage of young adults living with their parents increased in 2015, according to a new analysis by the Terner Center for Housing Innovation at the University of California, Berkeley.
"Later marriage, rising rents, and a not-strong-enough jobs recovery probably all contribute," said Jed Kolko, a senior fellow at the center.
6 Reasons to Save Up for a Future Trip to Disney World
The world's most visited resort is about to get even more popular.
Rick Aristotle Munarriz
Aug 19th 2015 9:00AM
A lot of people visit Disney's (DIS) resort in Florida every year. A whopping 51.5 million guests visited Disney World's four theme parks last year, according to industry tracker Themed Entertainment Association. Another 4.2 million guests checked out one of the resort's two water parks.
With more tourists traveling to Orlando than even New York City these days, it's a safe bet that a trip to Disney World may be in your future. It's not cheap: A single-day ticket to visit Disney World's Magic Kingdom is now up to $105, and that's before factoring in travel, lodging, meals and other diversions.
You may want to start saving up money. Disney announced some pretty impressive attractions coming to Disney World in the coming months and years during this past weekend's D23 expo. Let's go over a few of the things that may make you want to visit or revisit the self-proclaimed happiest place on Earth.
1. Star Wars Land at Disney's Hollywood Studios
The biggest and most anticipated announcement at D23 on Saturday was Star Wars Land, a 14-acre themed universe that will take visitors deep into the lore of the George Lucas franchise. One of the two attractions that will anchor the new land lets guests pilot the Millennium Falcon.
Disney didn't offer up a timeline as to when Star Wars Land will be built. A similar attraction will also open at Disneyland in California. It will probably take several years to flesh this out, making 2018 or 2019 the best educated guesses until Disney tells us otherwise. However, one early treat will come later this year when the existing Star Tours flight simulator adds new ride footage inspired by the upcoming movie.
2. Toy Story Land at Disney's Hollywood Studios
A hot rumor heading into D23's presentation was that the west side of the Disney's Hollywood Studios -- where several attractions have been closing over the past year -- would be transformed into an area themed to Pixar's properties. It was close, but Disney's settling for just infinity and beyond.
Disney is dedicating 11 acres of the park to be Toy Story Land. The existing Toy Story Mania will stay, and it's in the process of expanding capacity. Two new rides will be added. One is a spinning flying saucer ride where guests ride vehicles decorated to look like the green alien claw game toys from the original movie. The more ambitious ride is a family-friendly coaster where folks of all ages get to ride on Slinky Dog. There's no opening date announced for Toy Story Land, but it's not as elaborate as Star Wars Land and all of the recent attraction closures should make it easy to open by either 2017 or 2018.
3. Pandora - The World of Avatar at Animal Kingdom
The most ambitious Disney World project outside of Star Wars Land is the richly themed area going up at Animal Kingdom. Set to open in 2017, the new area has been in the works since Disney struck a licensing deal with James Cameron in 2011 to bring his "Avatar" franchise to life.
We've known the new land is coming for some time, but D23 offered new details and concept artwork of the island with floating mountains. Two major rides will include a thrill ride where park guests ride banshees and a tamer attraction that features a leisurely canoe ride through the film's Pandora planet in its state of permanent bioluminescence.
4. Frozen Ever After at Epcot
The popular Maelstrom boat ride closed in Epcot's Norway pavilion last year, and next year it will reopen as a "Frozen" themed boat attraction. There was a rumble of dissent at first. Purists didn't want to see Maelstrom close. Norwegians also aren't happy about a ride being added that doesn't actually take place in Norway; "Frozen" is based in the fictional Arendelle. However, given the box office success of "Frozen" and the popularity of Anna and Elsa merchandise, there will be plenty of people looking forward to the new attraction.
5. Soarin' Around the World at Epcot
Soarin' -- a flight simulator at Epcot -- will be updated next year. Instead of footage of classic California landmarks, the new ride will feature soaring vistas from all over the world. Disney is in the process of building out a third theater for the popular attraction that should open in time for the switch, helping keep wait times in check.
6. Skipper Canteen at Magic Kingdom
Disney World's most popular -- and expensive -- park isn't getting a major ride anytime soon, but later this year it will open Skipper Canteen just at the entrance to Adventureland. The restaurant will feature wisecracking Jungle Cruise skippers as servers, and hungry patrons will dine in themed rooms. It may not seem like a game changer, but the last major eatery to open at Magic Kingdom -- the Be Our Guest Restaurant -- has been a rousing success.
Taking advantage of today's drop to increase my $DIS position.
To be a leader, a ground-breaking innovator, you need to take risks and go against the grain from time-to-time. Heck, if you do not go against the grain from time-to-time then you are just going with the flow and not really leading.
Of course a leader is going to have those who do not share the vision and they will always bring up criticism.
As for a presidential candidate, I don't care who you are, you are going to have flaws and past actions that need to be accounted for. It is how the candidate handles themselves and answers what they have learned from past experiences that will have a bearing on their viability as a candidate.
As for Carly, I personally like the way she handles herself and answers questions. Having said that, she is a candidate and as with all candidates they need to be vetted for the good of our Constitutional Republic.
As each of us does our due diligence on all the candidates, the good as well as the bad needs to be considered. In the end it is up to each voter to cast their vote for who will be nominated.
For myself here in Nebraska, I still have many months to continue my due diligence on each candidate before casting my vote next year.
Carly Fiorina as a boss: The disappointing truth
August 14, 2015, 5:36 PM EDT
COMMENTARY by Jeffrey Sonnenfeld
Oil price could go to the moon in US$ if Kerry's prediction comes true.
John Kerry Predicts Death of U S Dollar as World's Reserve Currency [WashingtonFreeBeacon Aug 11]
The Secretary of State gives us a warning about what could happen to "Your Economy". The idea is bubbling out there!
John Kerry Predicts Death of U S Dollar as World's Reserve Currency
[WashingtonFreeBeacon Aug 11]
John Kerry Predicts Death of U S Dollar as World's Reserve Currency
[WashingtonFreeBeacon Aug 11]
John Kerry Predicts Death of U S Dollar as World's Reserve Currency [WashingtonFreeBeacon Aug 11]
John Kerry Predicts Death of U S Dollar as World's Reserve Currency [WashingtonFreeBeacon Aug 11]
Carly Fiorina CNN State of the Union Interview - Donald Trump Megyn Kelly & More - August 9, 2015
Yes, I did read all the press releases and all the SEC filings. I started accumulating $NBRI in Feb. 2011. What caught my attention was the Ruby mine. I was blinded by the allure of big gold nuggets. My thinking was that finding those big gold nuggets would pay off the toxic financing.
My last exit ramp off the highway to hell was when the pre-sale agreement for gold nuggets fell through. I didn't exit.
Sometimes reality can be a harsh teacher, but I certainly learned my lesson about toxic financing.
Before the last reverse split, I posted that I would not buy more shares to round out my position in $NBRI until it hit $0.0001/share again. My reasoning was that another reverse split would be needed eventually.
After seeing the shares of $NBRI at no bid for a few days I figured Thursday was the day to round out my position in $NBRI to prepare for what is to come (I think it is another reverse split, JMHO).
My investment education cost me $200k. In my mind I have written off the $200k, I know it is not coming back via $NBRI. At no time since my last purchase (Thursday) have I been a cheer leader for $NBRI. Purchasing $NBRI is like buying a lottery ticket that only pays out the grand prize. The odds are completely stacked against you and the greatest certainty is that you lose the money you paid for the tickets.
Investing in $NBRI has been a very humbling experience. It caused me to re-evaluate all my investment holdings and completely change my buying strategy. I now hold myself to a line of investing $1,000 or less in startups are any given time. The $100 invested in $NBRI on Thursday counts toward that $1,000 total.
I would have been much better off buying $200k in gold nuggets than investing in $NBRI. But that is would-have, could-have, should-have's at this point.
I have already lost about $200k to this beast. Another $100 to round out to 1M shares was my roulette play for the month.
For my purchase this week, it was more of a curiosity buy. A BIG GAMBLE, yes, but the chips are fairly inexpensive (or practically worthless as shown by the close).
I do think that all the candidates need to be thoroughly vetted. There is still a good bit of time before the first primaries.
At this point I have my likes but I am not sure who I am voting for when it is primary time here in Nebraska. There is still a lot of vetting and questions to be answered.
And she (Carly) has been taking on you know who for some time.
Thanks for the advice, greatly appreciated since I am still new to playing UWTI and DWTI.
There is a new and upcoming network (internet and cable TV and radio) BlazeTV and BlazeRadio that seems to not have a bias (other than for the Constitutional Republic).
I certainly think Carly is the right person. She is the only candidate I have recently contributed to. And I am thinking about making another contribution soon. Our country needs people like Carly.
At this point my top candidates are (not in any particular order) Carly, Cruz, and Paul. And that list could certainly change. At this point I am uncertain who I will nominate. The primary here is Nebraska is still a good time from now. A lot could happen.
Did someone shoot old yellar? $NBRI has been "no bid" for a bit. Have you heard the gun shot (a.k.a. announcement or press release)? The market is certainly telegraphing that $NBRI is wounded.
Based on the amount of time given to each candidate, I do agree that it appears to have been an agenda.
I think the questions were meant to probe the veracity of his candidacy. To me he came across as a spoiler which I concluded by his answer that he may run as a third party candidate if not nominated.
I must admit that I have enjoyed him being in the process and breaking the mold of the typical politician. He is also a bulldog that is unafraid to tackle any issue and give his candid opinion.
What rubs me personally the wrong way is his arrogance. We already have one arrogant person, I am not too thrilled to nominate an arrogant person from the other end of the political spectrum.
The final comment from Mr. Trump that upset me is that he is used to buying politicians to benefit himself (his business). Personally, I want someone who is working for the country the entire term and not setting himself up for success after his term.
Just my thoughts.
I have not traded in $UWTI until this year. There was talk on this board a while back that a reverse split could occur to increase the share price.
Is there a set trigger point for such a reverse split? Both $UWTI and $UGAZ are in the $1 to $2 range.
For those who have been in $UWTI for a while. Is it better to buy more before or after such a reverse split?
I bought mine yesterday to round out my position to 1M shares. Just preparing for the next reverse split that I assume will come soon (as it did last time it went "no bid").
I agree that every one is out to make money. We are in $UWTI to make money. In no way would I want anyone but the market to limit how much money I make from $UWTI.
Regular gas here in Nebraska is below $3. Right now the low in NE for regular is $2.20; diesel is $2.14.
I am sure there are states where the gas price is lower than it is here in Nebraska.
I have lived in several states (including California) around the country where prices vary widely. Each state has its own pro's and con's.
Good luck to us all on our $UWTI trades!
Isn't some of the price in your state due to state gas tax?
Here in Nebraska the state gas tax fluctuates based on (tax) revenue brought in. This is an attempt to maintain an even revenue stream.
Of course each state is different.
New Low: $0.00001 down 90%
Somebody picked up a few shares at that price.
If one is trying to preserve wealth, it's easier to carry a tenth of an ounce of gold around than two barrels of oil. Just a guess!
The sound bite I heard from the debate was the raise your hand if you will run as an independent if not nominated. That revealed Trump as a billionaire spoiler like Perot.
Does anyone think $DIS will break $100 to the downside?
You got to luv public schools.
I will never understand why parents put their kids through college or students go into so much debt just to produce morons.
My only conclusion is that society needs slaves. Debt is slavery.
It seems like we have been here (no bid) before. I recall it happened before the last reverse split.
Last I remember the authorized shares were something like 7.5B. $NBRI did not change the number of authorized shares after the last reverse split.
I must admit that I have not read every post or read any $NBRI press releases lately. My best guess is there is a reverse split coming.
Any word on the next reverse split?
Any speculation on how big the next reverse split will be? 1 for 10,000?
Nonsense... POtuS says Islam is a religion of peace. And he should know since he won the Nobel apPEACEment prize.
Of course all lives do not matter to progressive demoncrats. Saying "All lives matter" goes against the abortion stance held by progressive demoncrats.
The irony of abortion is that it kills future democrats. So for progressive demoncrats, even democrat lives don't matter.