Business

Disney is sliding after hours after another poor quarter, in which the Mickey Mouse company which recently severed relations with Netflix, reported a miss on the top and the bottom line, reporting Q4 EPS of $1.07, down 3% from the $1.10 a year ago, and below the $1.14 expected. The number would have been even worse had the company used the 34.3% effective tax rate it had one year ago instead of the lower 30.8% rate it used this quarter. The revenue miss was even worse, with DIS generating $12.78BN in Q4, 3% below a year ago, and over half a billion below the $13.32BN expected.

Over the weekend, Saudi King Salman shocked the world by abruptly announcing the arrests of 11 senior princes and some 38 ministers, including Prince Al-Waleed bin Talal, the world’s sixty-first richest man and the largest shareholder in Citi, News Corp. and Twitter. The purge was orchestrated by a new “supreme committee” to investigate public corruption created by King Salman but under the control of Crown Prince Mohammed bin Salman, who chairs the committee and is widely suspected of being the driving force behind the purge.

Having 'dabbled' in what they know best - Snap - Millennials are increasingly turning their back on stocks and buying bitcoin...

In March of this year Millennials piled in to Snap shares...

... the median age among Snap buyers on Thursday was even younger, at 26. 

 

“I wanted to test the waters and play around with some money I wouldn’t be too devastated to lose,” Ms. Shoenthal said. “I think I’m going to stick it out for at least a few years.”

 

Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill.

Here are the most notable highlights (more details below):

Having identified virtually every single asset bubble of the current cycle (as well as a few extra), SocGen's cranky strategist Albert Edwards has found yet another place where there is irrational exuberance: vacations, and ever the optimist, Edwards has a message for Americans: enjoy it while you can, because it won't last.  In a note titled "Who needs wage inflation when even vacations have become a bubble" , the SocGen strategist observes that "more Americans plan to take a holiday in the next six months than ever before (see chart below)" and complains