(Video Transcript Summary)
Uber surpasses Lyft in earnings
In this episode of beat the street, Angeline Ong shares exciting updates about the financial market. She says investors are eagerly awaiting a speech by Federal Reserve (Fed) Chair Jerome Powell, hoping to gain insights into the future interest rate trends.
Angeline talks about the recent performance of Lyft and Uber, two popular ride-sharing companies. She explains that Lyft’s growth in gross bookings for the third quarter has been slower compared to Uber, and as a result, their shares have remained stable.
Walt Disney released excellent earnings, making their stock prices soar. The CEO reveals that the company is entering a phase of expansion and growth. Angeline says Wall Street has been relatively quiet, and the volatility index has remained stable.
US Treasury yields on the decline
The episode includes updates on the US Treasury yields, which have been declining recently. The S&P 500 and NASDAQ are on a winning streak, experiencing their longest period of gains in two years.
Lyft faces some challenges in terms of profitability and competition from Uber, but Disney is flourishing with higher attendance at their theme parks and an increase in streaming subscribers. The company’s entertainment unit has seen significant improvements in operating profit, and Disney plans to reward shareholders with dividends by the end of 2023.
There’s also news about Eli Lilly’s weight-loss treatment receiving approvals from both US and UK authorities. It might become a strong competitor to Novo Nordisk’s Wegovy.
Other topics covered include Warner Bros. Discovery facing a drop in stock due to concerns about Hollywood strikes and a weak advertising market, and Take-Two Interactive Software releasing a new trailer for its popular Grand Theft Auto video game, which generates excitement in investors.
Weak demand from China may drop oil prices
Lastly, there is discussion about the decline in oil prices due to concerns about weak demand from China and the US, and everyone is waiting to hear OPEC’s output policy for the upcoming year, like waiting for a verdict.
The episode concludes with a mention of recent job numbers indicating a strong labour market, further adding to the anticipation surrounding Powell’s speech.