DAILY UPDATE: Iger Survives as Ulta Beauty and Stock Markets Stall

Posted on April 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ulta Beauty plunged after its CEO revealed that, despite the resilience of the beauty category, sales have slowed.

And, Walt Disney’s current rulers will continue to oversee the kingdom. The company’s board, helmed by CEO Bob Iger, defeated activist investors and Nelson Peltz who had hoped to replace current board members and steer the company in a new direction.

Here’s where the major benchmarks ended:

  • The S&P 500 index rose 5.68 points (0.1%) to 5,211.49; the Dow Jones Industrial Average lost 43.10 points (0.1%) to 39,127.14; the NASDAQ Composite® ($COMP) added 37.01 points (0.2%) to 16,277.46.
  • The 10-year Treasury note yield fell more than 1 basis point to 4.351%.
  • The CBOE Volatility Index® (VIX) declined 0.28 to 14.33.

Energy shares remained one of the market’s strongest performers behind strength in WTI Crude Oil (/CL) futures, which rose a fifth consecutive day and ended above $85 per barrel, the highest since October. The Philadelphia Oil Service Index (OSX) jumped1.6%, extending its year-to-date gain to almost 14%. 

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DAILY UPDATE: Disney, MSFT and Lyft Down but US Markets Mixed

Posted on February 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Nelson Peltz, the activist investor and head of Trian Fund Management, called a cease-fire after a month long proxy fight with Disney. Peltz said he was happy with the restructuring plan CEO Bob Iger announced and will no longer try to grab a seat on the board of directors. Along with his restructuring plan, Disney said that Toy Story, Frozen, and Zootopia will all get more sequels in an effort to boost the company’s streaming numbers.

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Microsoft Corp., implementing the layoff of 10,000 workers announced cut jobs in units including Surface devices, HoloLens mixed reality hardware and Xbox, according to Bloomberg and people familiar with the matter.

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Shares of ride-hailing firm Lyft plunged following a downbeat profit forecast. In fact, Lyft had its worst day ever after it shared a dismal outlook during its earnings call this week. Wedbush analyst Dan Ives called it “a Top 3 worst call” out of the thousands he’s listened in 22 years. The company’s shares fell about 36% after forecasting it’ll make between $5 million and $15 million this quarter—rather than the $85 million that analysts expected. Meanwhile, Uber is coming off its “strongest quarter ever,” according to CEO Dara Khosrowshahi.

Yields on the benchmark 10-year Treasury note rose to their highest in more than a month following an auction on Thursday of 30-year bonds that saw weak demand. [US].

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Finally the S&P 500 gained 8.99 points, or 0.22%, to end at 4,090.49 points, while the NASDAQ Composite lost 71.12 points, or 0.60%, to 11,718.46. The Dow Jones Industrial Average rose 169.88 points, or 0.50%, to 33,869.76. The NASDAQ posted its first weekly fall this year, while the S&P 500 ended the week lower in a week dominated by hawkish commentary from U.S. Federal Reserve officials and earnings reports from more than half of the S&P 500 constituents.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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