Morning Minutes

Media Stocks Rally As Hollywood Strikes End




Coming off of a flat Wednesday for large cap US indices (the small cap Russell 2000 lost 1.1%), US index futures are steady this morning with the three main index futures contracts trading flat to up 0.2%. Over in Europe, the FTSE and Dax are both up about 0.5%.

The US 10-year treasury note yield has stabilized near 4.55%. Investors may get another round of commentary on monetary policy today with a number of central bankers out speaking. Headliners include Fed Chair Powell, ECB President Lagarde and Bank of Canada Senior Deputy Governor Rogers.

Media stocks are bouncing back this morning on the news that the strikes which had shut down Hollywood appear to be over. Last night the Screen Actors Guild came to a new agreement with major studios. Details on the details are scarce, but they two sides had been haggling over money (particularly streaming residuals), and the use of AI. Hollywood writers/producers settled their strike a month ago so with everyone getting back on board, production may be set to resume shortly.

Warner Bros Discovery is up 2.4% in premarket action this morning after plunging 19.0% yesterday following earnings, while Paramount is up 3.0% premarket after falling 7.9% yesterday. Walt Disney is up 4.2% premarket on a combination of the industry news and a positive earnings report ($0.82 vs street $0.71).

Canadian earnings reports were mainly positive overnight as Suncor Energy ($1.52 vs street $1.40), Manulife Financial ($0.92 vs street $0.83), Great West Lifeco ($1.02 vs street $0.95), and Rogers Communications ($1.27 vs street $1.11) all beat the street. Canadian Tire earnings ($2.96 vs street $3.29), however, fell short of expectations. After the close today, results are due from Constellation Software*.   

*Shares of Constellation Software are held in portfolios managed by SIA Wealth Management.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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