Walt Disney eclipsed Wall Street expectations for sales and profits in the first set of quarterly results since closing its blockbuster acquisition of the Fox entertainment empire. The world’s largest traditional media company reported adjusted earnings of $1.61 a share on sales of $14.9bn. Profits declined from the same period a year ago,but were better than analyst predictions. Growth in theme parks helped outweigh a downbeat quarter for Disney’s film studio, which still dominated the box office with huge hits like Avengers: Endgame and Black Panther. (FT)
The number of Americans filing applications for unemployment benefits fell less than expected last week, a sign the labor market continues to tighten. Initial claims for state unemployment benefits decreased 2,000 to a seasonally adjusted 228,000 for the week ended May 4, the Labor Department said this morning. Data for the prior week was unrevised. (CNBC)
The President amped up rhetoric about a Friday deadline to raise tariffs on Chinese goods with comments at a political rally Wednesday night, sending Asian markets lower. "They broke the deal," he said, but "don't worry about it," suggesting there's "nothing wrong with taking in $100B a year" in tariffs. Doubters already wondered whether a U.S. visit from China's Vice Premier Liu He could avert the new tariffs. (SA)
The most-anticipated initial public offering of the year will price after the bell today, with ride-sharing giant Uber Technologies Inc. expected to look at something close to the middle of the marketing range, despite the offer being three-times oversubscribed. Coming just a day after a drivers’ strike, and amid what can only be described as challenging market conditions, the debut of the highly valued U.S. startup will be watched with unusual intensity. (Bloomberg)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.