Stocks broadly higher…Saudi pipelines hit…Disney, Comcast Hulu deal
NEW YORK (AP) – Stocks clawed higher in early trading and regained some of the ground they lost in a rout a day earlier brought on by anxiety over worsening trade relations between the U.S. and China. Communications and consumer-oriented stocks led the market higher, while utilities lagged.
DUBAI, United Arab Emirates (AP) – Saudi Araba says an oil pipeline that runs across the country was hit by drones west of its capital of Riyadh, shortly after rebels in Yemen claimed they carried out coordinated drone strikes against the kingdom. The attacks follow reports of sabotage against oil tankers in the Persian Gulf off the coast of the United Arab Emirates on Sunday, with tensions rising between the U.S. and Iran. Oil prices rose, with benchmark Brent crude trading over $71 a barrel, up more than $1 on the day.
NEW YORK (AP) – Disney has struck a deal with Comcast that gives it full control of streaming service Hulu, effective immediately. Comcast can require Disney to buy NBCUniversal’s 33% interest in Hulu as early as January 2024, and Disney can require NBCUniversal to sell that stake to Disney for its fair market value at that time. Disney has guaranteed a sale price that represents a minimum total equity value of $27.5 billion.
TOKYO (AP) – Japanese automaker Nissan, reeling from the arrest of its former chairman, has seen its annual profit nose-dive to less than half of what it earned the previous year. Nissan said profit for the fiscal year through March 2020 will drop to $1.5 billion. Nissan says efforts are underway to reshape Nissan’s business, especially in North America, where profits have dropped because of incentives and over production.
SALISBURY, Mass. (AP) – Some research suggests rising sea levels and flooding brought by global warming are harming coastal property values, but by exactly how much is still an open question. First Street Foundation suggests climate change concerns have sapped more than $15 billion in appreciation from homes along the Eastern Seaboard and Gulf Coast. But some researchers caution that the study may assume overly dire projections for sea level rise. The National Association of Realtors says real estate data shows prices for coastal homes are still appreciating.