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Top Stocks To Buy Now? 3 Entertainment Stocks To Check Out

Here are three entertainment stocks to watch in the stock market now.
The post Top Stocks To Buy Now? 3 Entertainment Stocks To Check Out appeared first…



Entertainment stocks are publicly traded companies that derive a significant portion of their revenue from the entertainment industry. The industry includes businesses involved in the production and distribution of film, television, music, sports, gaming and other forms of entertainment. Entertainment stocks are often volatile, as they tend to be highly dependent on consumer spending. For example, the global pandemic has had a major impact on the entertainment industry, resulting in widespread cancellations and postponements.

As a result, many entertainment stocks have declined sharply in value. However, the industry is expected to recover in the long term as people continue to return to normalcy. Entertainment stocks offer investors an opportunity to profit from the continued growth of the entertainment industry. Considering this, let’s look at three trending entertainment stocks to check out in the stock market right now.

Entertainment Stocks To Watch Right Now

Roku Inc. (ROKU Stock)

Leading off, Roku Inc (ROKU) is a consumer electronics company that specializes in digital media players. The company manufactures Roku streaming devices, which are used to access Roku’s platform of streaming content and Roku Channel Store.

Earlier this month, Roku reported its financial results for Q3 2022. In the report, the streaming company announced a loss of $0.78 per share and revenue of $761.4 million for Q3 2022. This is versus analysts’ consensus estimates which was a loss of $1.27 per share, with revenue of $901.7 million for the quarter. What’s more, the company’s revenue increased by 12% versus the same period, in 2021.

In the company’s letter to shareholders, they commented, “In Q3, we delivered meaningful growth in scale and engagement. We added 2.3 million incremental Active Accounts, and The Roku Channel’s Streaming Hours increased more than 90% year over year. Platform revenue grew 15% year over year, which was lower than our historical growth rates but positive given the difficult macro environment.” Meanwhile, on Wednesday afternoon shares of ROKU stock are up 4.22%, trading at $56.66 a share.

ROKU stock
Source: TD Ameritrade TOS

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Netflix (NFLX Stock)

Now, let’s turn our focus to Netflix (NFLX). For starters, Netflix is a streaming service that offers a wide variety of TV shows, movies, anime, documentaries, and more on thousands of internet-connected devices. For a sense of scale, the company currently has 222 million paid memberships in over 190 countries. Moving along, just last month Netflix reported better-than-expected third-quarter 2022 financial results.

In detail, the streaming giant reported Q3 2022 revenue of $7.9 billion and an EPS of $3.10. This came in better than analysts expected, which was earnings of $2.11 per share, and revenue of $7.8 billion for the third quarter of 2022. Additionally, Netflix said it expects Q4 2022 earnings of approximately $0.36 per share, and revenue estimates of approximately $7.776 billion.

Moreover, in the release to shareholders, Netflix’s management team had this to say about the quarter, “After a challenging first half, we believe we’re on a path to reaccelerate growth. The key is pleasing members. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us.” During Wednesday’s power hour trading session, shares of NFLX stock are up 1.77% at $291.78 a share.

NFLX stock
Source: TD Ameritrade TOS

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Walt Disney Company (DIS Stock)

Topping off the list, The Walt Disney Company (DIS) is a diversified entertainment company. Specifically, Walt Disney Co has operations across five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive.

Just this week, the company announced today that it has appointed Robert A. Iger to come back and lead Disney as Chief Executive Officer. For the uninitiated, Mr. Iger has spent more than 40 years with the company, 15 of those years as its CEO.

Mr. Iger commented, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.

Since this news announcement, shares of DIS stock have increased by 7.58%. Meanwhile, on Wednesday afternoon, Walt Disney Co stock is trading up 2.99% at $99.10 a share.

DIS stock
Source: TD Ameritrade TOS

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The post Top Stocks To Buy Now? 3 Entertainment Stocks To Check Out appeared first on Stock Market News, Quotes, Charts and Financial Information |

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SEC initiates legal action against FTX’s auditor

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor…



The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence.

The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX before its bankruptcy declaration.

According to a Sept. 29 statement, the SEC alleged that accounting firm Prager Metis provided auditing services to its clients without maintaining the necessary independence as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.

Extract from the SEC's September 29 statement. Source: SEC

To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these entwined activities spanned over a period of approximately three years:

“As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.”

While the statement doesn't explicitly mention FTX or any other clients, it does emphasize that there were allegedly "hundreds" of auditor independence violations throughout the three-year period.

Furthermore, a previous court filing pointed out that the FTX Group engaged Metis to audit FTX US and FTX at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022. 

The filing alleged that since former FTX CEO Sam Bankman-Fried publicly announced previous FTX audit results, Metis should have recognized that its work would be used by FTX to bolster public trust.

Related: FTX founder’s plea for temporary release should be denied, prosecution says

Concerns were previously reported about the material presented in FTX audit reports.

On Jan. 25, current FTX CEO John J. Ray III told a bankruptcy court that he had “substantial concerns as to the information presented in these audited financial statements.”

Furthermore, Senators Elizabeth Warren and Ron Wyden raised concerns about Prager Metis' impartiality. They argued that it functioned as an advocate for the crypto industry.

Meanwhile, a law firm that provided services to FTX has come under scrutiny in recent times.

In a Sept. 21 court filing, plaintiffs allege that U.S. based law firm, Fenwick & West, should be held partially liable for FTX's collapse because it reportedly exceeded the norm when it came to its service offerings to the exchange.

However, Fenwick & West asserts that it cannot be held accountable for a client's misconduct as long as its actions remain within the bounds of the client's representation.

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DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management

The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.
The Department…



The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.

The Department of Justice (DOJ) has confirmed its intention to summon former FTX clients, investors and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX CEO.

The DOJ submitted a letter motion in limine on Sept. 30 describing the witnesses it intends to call concerning FTX’s treatment of customer assets.

The testimonies intend to provide perspectives on the interactions between the accused and the witnesses. It also aims to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, particularly regarding FTX’s asset management. The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX, believing that the platform would safeguard them securely.

Court filing in the United States District Court for the Southern District of New York. Source: CourtListener

Furthermore, a situation has emerged concerning one of the DOJ’s witnesses, “FTX Customer-1,” who resides in Ukraine. Given the ongoing conflict in Ukraine, traveling to the U.S. to provide testimony is associated with difficulties. The DOJ has suggested using video conferencing as a viable alternative. However, Bankman-Fried’s defense has not yet approved this proposal.

Nonetheless, the legal team representing Bankman-Fried, led by lawyer Mark Cohen, has voiced concerns about the jury questions put forth by the DOJ. According to Bankman-Fried’s defense, these interrogations insinuate guilt on Bankman-Fried’s part, potentially undermining the principle of “innocent until proven guilty.“

Additionally, the defense contends that these inquiries may not effectively uncover the jurors’ inherent biases, especially related to their encounters with cryptocurrencies. Moreover, specific questions could inadvertently guide the jury’s perspective instead of eliciting authentic insights, possibly compromising the trial’s impartiality.

Related: Sam Bankman-Fried’s lawyer challenges US gov’t proposed jury questions

With the jury selection scheduled to start on Oct. 3, closely followed by the trial, the spotlight is firmly on this high-stakes legal confrontation. This case underscores not only its immediate consequences but also underscores the vital importance of transparent communication and unbiased questioning in upholding the principles of justice.

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Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators

The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses…



The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses a systemic risk.

Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools.

In a September 30 blog post, Buterin issues a warning that as staking pools adopt the DAO approach for governance over node operators—who are ultimately responsible for the pool's funds—it can expose them to potential risks from malicious actors.

“With the DAO approach, if a single such staking token dominates, that leads to a single, potentially attackable governance gadget controlling a very large portion of all Ethereum validators.”

Buterin highlights the liquid staking provider Lido (LDO) as an example with a DAO that validates node operators. However, he emphasizes that relying on just one layer of protection may prove insufficient:

“To the credit of protocols like Lido, they have implemented safeguards against this, but one layer of defense may not be enough,” he noted.

ETH staked by category chart. Source: Vitalik Buterin

Meanwhile, he explains that Rocket Pool offers the opportunity for anyone to become a node operator by placing an 8 Ether (ETH) deposit, which, at the time of this publication, is equivalent to approximately $13,406.

However, he notes this comes with its risks. "The Rocket Pool approach allows attackers to 51% attack the network, and force users to pay most of the costs," he stated.

On the other hand, Buterin highlights that having a mechanism to ascertain who can act as the underlying node operators is an inevitable necessity:

"It can't be unrestricted, because then attackers would join and amplify their attacks with users' funds."

Related: Ethereum is about to get crushed by liquid staking tokens

Buterin further outlines that a possible approach to address this issue involves encouraging ecosystem participants to utilize a variety of liquid staking providers. 

He clarifies this would decrease the likelihood of any one provider becoming excessively large and posing a systemic risk.

“In the longer term, however, this is an unstable equilibrium, and there is peril in relying too much on moralistic pressure to solve problems," he stated.

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