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Wall Street Today: Scarlett Johansson sues Disney over Black Widow’s streaming

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Moomoo Recap US joined discussion · Jul 29, 2021 19:54
Wall Street Today: Scarlett Johansson sues Disney over Black Widow’s streaming
Stocks rose despite big GDP miss
U.S. stocks closed up Thursday, lifted by investors who decided to focus more on earnings and infrastructure rather than disappointing economic growth.
U.S. gross domestic product grew at a 6.5% clip in the second quarter, missing forecasts of 8.5%.
Still, Wall Street shrugged off the weaker-than-expected reading. The $Dow Jones Industrial Average(.DJI.US)$rose 153 points, or 0.45%. The $S&P 500 Index(.SPX.US)$edged up 0.4%, and $Nasdaq Composite Index(.IXIC.US)$ticked 0.1% higher.
Archegos sued by Vornado over $160,000 in rent on NYC offices
The collapsed investment firm Archegos Capital Management is being sued by New York landlord Vornado Realty Trust over about $160,000 in rent.
Vornado is seeking $159,165.55 in skipped payments for space Archegos leased on the 22nd floor of 888 Seventh Ave., plus interest and $50,000 in attorney fees, court documents show. The suit doesn’t say when the investment firm allegedly stopped paying rent. Its lease began in September 2019.
Archegos, the family office of Bill Hwang, imploded this March after failing to meet margin calls, sending stocks into a spiral and prompting massive losses at banks including Credit Suisse Group AG, Morgan Stanley and Nomura Holdings Inc.
Amazon maintains profit run, but sales miss expectations in pandemic first
$Amazon(AMZN.US)$reported strong financial results that showcased its dominance even as a slight slowdown in e-commerce sales highlighted the challenge of sustaining the unfettered growth it has logged during the pandemic.
Amazon posted second-quarter sales of $113.1 billion, slightly less than the $115.4 billion predicted by analysts polled by FactSet. Profit was $7.8 billion, or $15.12 a share, exceeding analysts expectations of $12.28 a share.
Its shares declined about 7% in after-hour trading Thursday. The company said it expects sales of $106 billion to $112 billion for the current quarter and operating income between $2.5 billion and $6 billion.
Apple sells $6.5 billion of bonds, adding cash for buybacks
$Apple(AAPL.US)$ tapped the U.S. investment-grade bond market on Thursday with a $6.5 billion sale in four parts as the tech giant increasingly looks to return cash to shareholders.
The longest portion of the offering, a 40-year security, will yield 0.92 percentage points above Treasuries, according to a person familiar with the matter, who asked not to be identified as the details are private. Initial price discussions were in the 1.15 percentage points range.
Biden requiring federal workers to prove Covid vaccine status or submit to strict safety rules
Federal workers will be required to prove their coronavirus vaccination status or submit to a series of rigorous safety protocols, President Joe Biden announced Thursday as his administration prepares for an expected surge in infections.
Biden also detailed a number of other steps aimed at persuading more people to get inoculated for Covid — including calling on state and local governments to give out $100 prizes to those who get their shots.
Pending home sales drop in June — more evidence of a housing turnaround
Pending sales of existing homes in June as measured by signed contracts fell 1.9% from May, according to the National Association of Realtors.
Sales were also down 1.9% compared with June 2020. Pending sales are a forward-looking indicator of closed sales in one to two months.
“Pending sales have seesawed since January, indicating a turning point for the market,” said Lawrence Yun, Realtors’ chief economist. “Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat.”
Scarlett Johansson sues Disney over Black Widow’s streaming release

Scarlett Johansson has sued $Disney(DIS.US)$, accusing the Marvel owner of breaching her contract by releasing the Black Widow film in cinemas and on its streaming service on the same day, depressing box-office sales.
Johansson, the star of the superhero film, had agreed a deal to get paid largely based on box-office sales, and her contract promised Black Widow would be a “wide theatrical release”, according to the lawsuit filed on Thursday in Los Angeles Superior Court.
Johansson projects that the decision to release Black Widow on Disney Plus cost her $50m, according to a person familiar with the matter.
Disney said in a statement: “There is no merit whatsoever to this filing. The lawsuit is especially sad and distressing in its callous disregard for the horrific and prolonged global effects of the Covid-19 pandemic.”
Pinterest lost users in the second quarter, and the stock is plunging
$Pinterest(PINS.US)$shares fell more than 18% in after-hours trading Thursday after the company reported its second-quarter results, which showed a decline in monthly users.
Here’s how the company fared in the second quarter, relative to what analysts were expecting:
Adjusted earnings per share: 25 cents vs. 13 cents forecast by Refinitiv
Revenue: $613 million vs. $562.1 million forecast by Refinitiv
Monthly active users: 454 million vs. 482 million forecast by StreetAccount
Average revenue per user: $1.32 vs. $1.17 forecast by StreetAccount
Pinterest posted 454 million monthly active users, down more than 5% from the 478 million the company reported in April. The company said that, as of July 27, its U.S. MAUs have declined by approximately 7%, while global MAUs have grown approximately 5% year-to-year.
Source: Bloomberg, Dow Jones, CNBC, Financial Times
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