Market participants are looking for a fourth-straight "up" week today, as the final trading day sees futures up across all major American indexes. It does not appear equities trading is factoring in anything like a tax bill failure to passage, regardless of headlines concerning Florida Senator Marco Rubio to the contrary.
21st Century Fox FOXA looks to have a good start to the weekend, with not only a $52.4 billion buyout deal on the table from Disney DIS but a new Star Wars movie, "Star Wars: The Last Jedi," hitting theatres today around the world. Some calculate this - reportedly the most favorably-reviewed Star Wars epic since "The Empire Strikes Back" - to be one of the strongest grossing films of all time, right out of the gate.
The film, budgeted at an ungodly $200 million, also looks to foster a gigantic merchandising industry, which may bring a cool $3 billion in Star Wars-related products alone. And because the Disney deal is unlikely to take place soon - the companies themselves self-imposed a 12-18 month span - Fox shareholders should reap the rewards in the meantime.
Escape to Earnings Island
Each quarter, there is a strange bit of business where a few key names in the S&P 500 report quarterly earnings - outside the heavy traffic of "official" earnings season - and yesterday after the closing bell was one of those days:
Although Oracle ORCL beat earnings in its fiscal Q2 2018, weaker-than-expected results from its cloud business has helped sell off Oracle shares in the pre-market roughly 5% at this hour. For more info on ORCL's earnings release, click here.
Zacks Rank #2 (Buy)-rated Adobe Systems ADBE beat estimates and raised guidance, on strength in its Digital Media Solutions business, which rose 29% year over year. For more info on ADBE's earnings release, click here.
Costco's COST fiscal Q1 2018 kicked off the new term on the right foot, topping earnings estimates by a penny on better-than-expected sales in the quarter. Revenues grew more than 13% year over year. For more info on COST's earnings release, click here.
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