Government
Moderna Confirms 94% Efficiency Of Its Vaccine Candidate
Commenting on the 94% efficiency of Moderna’s Covid-19 vaccine candidate today’s trading, Gorilla Trades strategist Ken Berman said: Q3 2020 hedge fund letters, conferences and more The major indices are all trading lower following a bearish and active…

Commenting on the 94% efficiency of Moderna’s Covid-19 vaccine candidate today’s trading, Gorilla Trades strategist Ken Berman said:
Q3 2020 hedge fund letters, conferences and more
The major indices are all trading lower following a bearish and active morning session on Wall Street. Moderna (MRNA, +16%) made headlines yet again this morning as the firm released new data confirming the 94% efficiency of its vaccine candidate, and announced that it will request emergency approval for the vaccine later today. Despite the positive developments, stocks gave back a large chunk of their gains from last week in early trading, with the Dow and the Russell 2000 suffering the biggest hit and Nasdaq showing relative strength.
In economic news, the Chicago PMI slightly missed expectations, dropping to the still bullish 59.2 ahead of tomorrow's crucial ISM manufacturing PMI. Pending home sales declined unexpectedly as well, and the dollar got close to its multi-year lows against several currencies due to the weaker-than-expected indicators. The Chinese services and manufacturing PMIs both beat expectations overnight, sparking a rally in global risk assets, but the reports concerning the likely blacklisting of two major Chinese tech firms by the Trump administration caused turmoil among the most-exposed issues.
Market Wrap
Dow: 29,552, - 359 or 1.2%
S&P 500: 3,609 - 29 or 0.8%
Nasdaq: 12,123, - 83 or 0.7%
Russell 2000: 1,826, - 30 or 1.6%
Market breadth has been relatively weak this morning, with decliners outnumbering advancing issues by a 7-to-3 ratio on the NYSE at midday. No stocks hit new 52-week lows on the NYSE and the Nasdaq, but 153 stocks hit new 52-week highs. The major indices have been trading below their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to intraday selling pressure. Cyclical issues, which have been the stars of this month's vaccine rally pulled back sharply this morning while the key defensive sectors and tech stocks have been holding up relatively well, as the short-term COVID worries are intensifying once again. Stay tuned!
The post Moderna Confirms 94% Efficiency Of Its Vaccine Candidate appeared first on ValueWalk.
International
Fighting the Surveillance State Begins with the Individual
It’s a well-known fact at this point that in the United States and most of the so-called free countries that there is a robust surveillance state in…

International
Stock Market Today: Stocks turn higher as Treasury yields retreat; big tech earnings up next
A pullback in Treasury yields has stocks moving higher Monday heading into a busy earnings week and a key 2-year bond auction later on Tuesday.

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Government
Forget Ron DeSantis: Walt Disney has a much bigger problem
The company’s political woes are a sideshow to the one key issue Bob Iger has to solve.

Walt Disney has a massive, but solvable, problem.
The company's current skirmishes with Florida Gov. DeSantis get a lot of headlines, but they're not having a major impact on the company's bottom line.
Related: What the Bud Light boycott means for Disney, Target, and Starbucks
DeSantis has made Walt Disney (DIS) - Get Free Report a target in what he calls his war on woke, an effort to win right-wing support as he tries to secure the Republican Party nomination for president.
That effort has generated plenty of press and multiple lawsuits tied to the governor's takeover of the former Reedy Creek Improvement District, Disney's legislated self-governance operation. But it has not hurt revenue at the company's massive Florida theme-park complex.
Disney Chief Executive Bob Iger addressed the matter during the company's third-quarter-earnings call, without directly mentioning DeSantis.
"Walt Disney World is still performing well above precovid levels: 21% higher in revenue and 29% higher in operating income compared to fiscal 2019," he said.
And "following a number of recent changes we've implemented, we continue to see positive guest-experience ratings in our theme parks, including Walt Disney World, and positive indicators for guests looking to book future visits."
The theme parks are not Disney's problem. The death of the movie business is, however, a hurdle that Iger has yet to show that the company has a plan to clear.
Image source: Walt Disney
Disney needs a plan to monetize content
In 2019 Walt Disney drew in more $11 billion in global box office, or $13 billion when you add in the former Fox properties it also owns. In that year seven Mouse House films crossed the billion-dollar threshold in theaters, according to data from Box Office Mojo.
This year, the company will struggle to reach half that and it has no billion-dollar films, with "Guardians of the Galaxy Vol. 3" closing its theatrical run at $845 million globally.
(That's actually good for third place this year, as only "Barbie" and "The Super Mario Bros. Movie" have broken the billion-dollar mark and they may be the only two films to do that this year.)
In the precovid world Disney could release two Pixar movies, three Marvel films, a live-action remake of an animated classic, and maybe one other film that each would be nearly guaranteed to earn $1 billion at the box office.
That's simply not how the movie business works anymore. While theaters may remain part of Disney's plan to monetize its content, the past isn't coming back. Theaters may remain a piece of the movie-release puzzle, but 2023 isn't an anomaly or a bad release schedule.
Consumers have big TVs at home and they're more than happy to watch most films on them.
Disney owns the IP but charges too little
People aren't less interested in Marvel and Star Wars; they're just getting their fix from Disney+ at an absurdly low price.
Over the past couple of months through the next few weeks, I will have watched about seven hours of premium Star Wars content and five hours of top-tier Marvel content with "Ahsoka" and "Loki" respectively.
Before the covid pandemic, I gladly would have paid theater prices for each movie in those respective universes. Now, I have consumed about six movies worth of premium content for less than the price of two movie tickets.
By making its premium content television shows available on a service that people can buy for $7.99 a month Disney has devalued its most valuable asset, its intellectual property.
Consumers have shown that they will pay the $10 to $15 cost of a movie ticket to see what happens next in the Marvel Cinematic Universe or the Star Wars galaxy. But the company has offered top-tier content from those franchises at a lower price.
Iger needs to find a way to replace billions of dollars in lost box office, but charging less for the company's content makes no sense.
Now, some fans likely won't pay triple the price for Disney+. But if it were to bundle a direct-to-consumer ESPN along with content that currently gets released to movie theaters, Disney might create a package that it can price in a way that reflects the value of its IP.
Consumers want Disney's content and they will likely pay more for it. Iger simply has to find a way to make that happen.
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