Amazon and Walmart are preparing for Cyber Monday ahead of expectations for record holiday shopping spending, and Disney’s shares dropped after its film “Wish” underperformed at the Thanksgiving weekend box office. Here’s what investors need to know today.
1. Amazon and Walmart Prepare for Record Cyber Monday Spending
Amazon’s (AMZN) shares rose 0.4% ahead of Adobe Analytics’ prediction that this year’s Cyber Monday will reach $12 billion, a 5.4% increase from last year’s spending. Retailers were set to offer discounts of 30% on electronics and 19% on furniture, and Walmart (WMT) also lowered its online prices on Sunday, although its stock did not change much in pre-market trading.
2. Disney Shares Drop After Disappointing “Wish” Box Office Forecast
Walt Disney (DIS) shares fell 0.4% in pre-market trading after its film “Wish” earned $31.7 million over the extended weekend, below expectations ranging from $45 million to $55 million. This year’s Thanksgiving weekend box office is expected to total $172 million, topped by $42 million from Lions Gate Entertainment’s (LGF.A) “Hunger Games: The Ballad of Songbirds and Snakes,” while its shares did not change much in pre-market trading. Apple’s (AAPL) “Napoleon” earned $32.5 million, and its shares fell 0.2% in pre-market trading.
3. Amazon Surpasses UPS to Become Largest Delivery Company in the U.S.
Amazon has become the largest delivery company in the United States according to a report based on internal company data, which revealed that the e-commerce giant delivered more packages to homes in 2022 than UPS (UPS), after surpassing FedEx (FDX) in 2020. The U.S. Postal Service remains the largest parcel service by volume. UPS and FedEx shares did not change much in pre-market trading.
4. Activist Investor Elliott Pushes for Changes at Crown Castle Wireless Towers
Crown Castle’s (CCI) shares jumped nearly 5% in pre-market trading after a report stated that activist investor Elliott Investment Management is pushing for changes at the wireless communications tower company after acquiring a stake worth over $2 billion in the $45 billion company. The company has stated it is cooperating with Crown Castle to restructure the business to better leverage fiber operations.
5. New Home Sales Expected to Decline
New home sales are expected to drop to 725,000 in October from 759,000 in September when the data is released at 10 a.m. Eastern time. This data comes after residential construction starts in October rose 1.9% from September, and building permits for October increased by 1.1% from the previous month.
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Source: https://www.investopedia.com/5-things-to-know-before-markets-open-november-27-2023-8406718
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