🚀 Iger stays in charge of Disney

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Disney shareholders recently expressed confidence in CEO Bob Iger and the current board, endorsing their strategies to revitalize share prices and secure a capable successor. Iger faces a pivotal year ahead with several challenges: turning Disney's streaming services profitable by the end of this fiscal year, overhauling ESPN's approach for the digital era, achieving box office success, and choosing a successor. His plans include slashing $4.5 billion in content costs and launching a new sports bundle and ESPN streaming service to embrace sports betting and fantasy leagues, aiming to transition smoothly from traditional cable to digital platforms while ensuring consumer simplicity.

2. Samsung Electronics forecasts a staggering 931% increase in operating profit for the first quarter, indicating a potential surge in chip prices. The company expects an operating profit of 6.6 trillion Korean won ($4.89 billion) for January-March 2024, significantly up from the previous year's 0.64 trillion won. This projection surpasses the 5.24 trillion won estimated by LSEG analysts. Daiwa Securities attributes this bullish outlook to memory price hikes and strong sales of the S24, predicting a robust AI-driven memory upturn cycle for 2024-25. Samsung also anticipates an 11.4% year-on-year increase in revenue to 71 trillion won for the quarter. This improvement is noted amidst a recovery in the global foundry industry and a bottoming out of memory chip demand weakness in the second half of 2023, sparked by supply chain inventory restocking in the smartphone and PC sectors. Detailed earnings will be announced later in the month.

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4. Headlines

   1. Apple lays off 600 employees.

   2. Analysts predict that today’s job report will show a job increase in March in the US.

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