Stocks are rallying modestly this morning along with gold and crude oil. Treasuries and the dollar are flattish.
Snap shares were recently plunging more than 30% after the company reported lousy ad sales, while Uber stock was drifting lower despite beating core profit and bookings targets. Investors were hoping to hear more about the ride-sharing and food-delivery company’s stock buyback and potential dividend plans.
The television streaming business is in flux as some firms cut jobs and costs, while others seek out new partnerships to boost revenue. Now, several media rivals are joining forces to introduce a service specializing in live sports, according to the Wall Street Journal. Fox (FOX), Disney’s (DIS) ESPN, and Warner Bros. Discovery (WBD) plan to launch an as-yet-unnamed product that will feature games from all the major sports leagues. No word yet on pricing or official launch date.
Finally, the “Broker Butcher” is reportedly the new head of the China Securities Regulatory Commission. Wu Qinq earned that nickname and reputation when he took steps to rein in traders in that country a couple decades ago. His appointment could mean China’s government is going to get more aggressive with efforts to prop up Chinese stocks, which have been mired in a painful bear market.