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Friday morning, Wall Street had a good start as the season of results started favorably. Positive news from the financial sector has helped revitalize the market as a whole, and investors are eager to see how companies are succeeding in boosting growth, now that tax cuts are more than a year old. and will not have any major impact on the current year. results -year. Just after 11:30 am EDT, the Dow Jones Industrial Average (DJINDICES: ^ DJI) was up 197 points to 26,340. S & P 500 (SNPINDEX: ^ GSPC) climbed 13 points to 2,901, and the Nasdaq Composite (NASDAQINDEX: ^ IXIC) earned 19 points at 7.966.
JPMorgan Chase (NYSE: JPM) got off to a good start among the big banks reporting their latest financial results, with first quarter results encouraging not only its own shareholders, but also market players in general. Meanwhile, Walt Disney (NYSE: DIS) has announced its long – awaited streaming service, and many believe that the media and entertainment giant will be able to use its new offering to reverse the trend of cable providers' customers and generate a revenue figure. business even bigger.
A dimon in the rough
JPMorgan shares rose 4% after the Wall Street banking giant began the earnings season vigorously. The bank said net profit reached a record $ 9.2 billion in the first quarter of 2019, or $ 2.65 per share.
Source of the image: Getty Images.
Almost all of JPMorgan's key areas worked well. Core loans and deposits increased slightly, while the volumes of credit card investment and sale assets increased to double digits. JPMorgan has touted itself as the world's leading investment bank in terms of market share and, even if the total income of its market segment was down, the gross proceeds of the bank were Investment jumped 44% from its level of the previous year. Average loan balances also showed strong growth.
CEO Jamie Dimon sees plenty of opportunities for additional earnings. New efforts will help provide workers with new skills at work and help bridge the racial wealth gap. Continued support to consumers, small businesses and large corporations should help foster widespread economic growth, and Dimon is optimistic that, despite the geopolitical uncertainty, a more constructive economic environment and favorable conditions on a large part of its market should help maintain confidence and achieve even better results. In the future.
Disney + receives rave reviews
Disney's shares jumped nearly 10%, making it the Dow's best-performing stock after the entertainment giant revealed details about its Disney + video streaming service. The House of Mouse plans to launch Disney + on the US market on Nov. 12, and investors are particularly pleased with the price offered and the likelihood that it will be competitive. Netflix and other distributors of streaming content.
Disney said it expects to set a monthly subscription price of $ 6.99 on the service, thereby reducing Netflix's double-digit monthly rates. With an extensive library that includes Pixar content, Marvel Studios, Star warsNational Geographic and recently acquired 20th Century Fox titles, as well as its own eponymous production studios, Disney will offer an attractive value proposition to viewers. Disney also discussed its more comprehensive content delivery strategy directly to consumers, including ESPN +, Hulu and Hotstar.
As far as investments are concerned, Disney manages expectations very well. Financial Director Christine McCarthy has made it clear that Disney + would take years to become profitable and that spending to expand the content library should rise to about $ 2 billion a year by 2024 The company, however, expects a target of 60 to 90 million subscribers. With the prospect of huge demand in both the domestic and global markets, Disney is undertaking a step worthy of the most disruptive companies in the media industry.
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