Movers & Shakers: August 7, 2019

MarketsFOXBusiness

Disney not the happiest place on earth for investors?

Lou Basenese, of Disruptive Tech Research, on the outlook for Disney, Lyft and Uber.

Stock market recovery continues after dramatic drop-off. Wall Street is expected to open with slight gains on Wednesday after a chaotic two-days that saw the Dow Jones Industrial Average drop nearly 800 points, then recover on Tuesday by over 300 points. Overnight, the Chinese took steps to firm up the yuan, helping stabilize the currency. Still, top analysts are predicting the trade skirmish between China and the U.S. will continue well into 2020, meaning volatility may stick around prompting experts to caution on the need for investors to have a financial plan in place to protect their retirement savings.

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World's most expensive drug under the microscope over manipulated data. Novartis obtained approval for its $2.1 million gene-therapy on May 24. Afterward, the Food and Drug Administration was notified that a portion of the data was manipulated. Despite the discovery, the agency continues to insist the treatment for spinal muscular atrophy is safe. Novartis has faced pressure for the high cost of the drug, which is posing a new threat for insurers, hospitals and the federal government that cover portions of the price for patients.

Even Disney is not immune to box office failures. Despite a record-setting year for ticket sales, “The Dark Knight” was a drag on the entertainment giant’s recent quarterly earnings. The latest installment in the X-Men franchise that Disney gained through its purchase of 21st Century Fox, former parent co. of FOX Business and Fox News, earned just $251 million worldwide, just above the rumored $200 million in production costs. And despite studio revenue rising 33 percent to $3.8 billion, it was less than the $4.5 billion analysts expected and Disney shares are poised to open nearly 4 percent lower.

Jeff Bezos and girlfriend Lauren Sanchez partied with David Geffen, former Goldman Sachs CEO Lloyd Blankfein and others in the Spanish islands. Geffen, a Hollywood magnate that launched several film and music studios, posted an Instagram of the star-studded group, which also included Joshua Kushner, on his 453-foot mega-yacht cruising through the Balearics, a cluster of islands off the coast of Spain. Geffen also hung out in Mallorca with Katy Perry, Orlando Bloom, Chris Rock and others, according to his social media postings. Oprah and Gayle King also hung out on the yacht, called the Rising Sun.

 
 
 
 
 
 
 
 
 
 
 
 
 
 

Having a great time in the Balearics

A post shared by David Geffen (@davidgeffen) on

San Diego has the nation’s best airport, while Chicago’s Midway Airport takes the last place, according to a new study. The San Diego International Airport took the top spot for its large number of amenities and on-time departures, according to The Points Guy. The website used 34 criteria to calculate the list. Rounding out the top five was Phoenix Sky Harbor International Airport, Portland (Oregon) International Airport, Hartsfield-Jackson International Airport and Sacramento International Airport. Joining Midway at the bottom were three Florida airports, including Orlando International Airport, and Detroit Metropolitan Wayne County Airport.

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