Disney’s stock rose more than 7% on Monday | 22 November 2022 | Daily Morning Note

The Daily Morning Note is a round-up of local and global business headlines that you need to know to get ahead of your day.

Shares of Disney popped Monday, the morning after the company announced it had replaced CEO Bob Chapek with Bob Iger. Disney’s stock rose more than 7% on Monday.


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Key takeaways

Trade of The Day

Technical Pulse: Frencken Group Ltd Analyst: Zane Aw Recommendation: Technical SELL Sell price: S$1.07 Stop loss: S$1.11 Take profit: S$0.985 The price has traded sideways since retesting the previous support now turned resistance level at S$1.12. It closed with a bearish engulfing candlestick on 21 November, with MACD momentum decreasing. We are likely to see the stock price continue moving lower to retest the uptrend line support.

Summary

Singapore stocks finished Monday with a loss of 0.7 per cent, with the Straits Times Index falling 21.61 points to 3,250.62. This mirrored a downward trend in the Asia-Pacific region, which some analysts attributed to investors’ fears from fresh Covid-19 restrictions in China as cases rise. South Korea’s Kospi fell 1 per cent, Hong Kong’s Hang Seng Index fell 1.9 per cent, the Jakarta Composite Index fell 0.3 per cent while the Kuala Lumpur Composite Index fell 0.1 per cent. Japan’s Nikkei 255 bucked the trend, edging up 0.2 per cent at the closing bell on Monday.

The S&P 500 and the Nasdaq opened lower on Monday as Covid-19 flare-ups in China reignited concerns about slowing growth, while a jump in Disney’s shares following Bob Iger’s surprise comeback as chief executive supported the Dow. The Dow Jones Industrial Average rose 14.6 points; the S&P 500 fell 9.1 points at the open; while the Nasdaq Composite dropped 55.1 points, or 0.49 per cent, to 11,091.008 at the opening bell.

Singapore News

Yoma Strategic’s subsidiary will now acquire Telenor’s 51 per cent stake in Digital Money Myanmar (Wave Money) for US$40 million instead of the US$53 million announced earlier this year. All other material terms from the previous share purchase agreement will remain unchanged, the group said in a bourse filing on Monday (Nov 21).

The public offer tranche of media entertainment company NoonTalk Media’s initial public offering (IPO) was around 1.2 times subscribed, the company said on Monday (Nov 21). Founded in 2011, NoonTalk is a Singapore based, home-grown media entertainment company that specialises in artiste and talent management, multimedia production and event conceptualisation.

Halcyon Agri Corporation, which is the target of a mandatory offer, posted an operating loss of US$2.2 million for its third quarter ended Sep 30, 2022, compared to the operating profit of US$0.7 million a year earlier. Core earnings before interest, taxes, depreciation, and amortisation (Ebitda) was at US$10.2 million, up year on year from US$9.4 million in Q3 2021, but down quarter on quarter from US$16.2 million in Q2 2022.

US News

Online property portal PropertyGuru on Monday posted a net loss of S$7.4 million for the quarter ended Sep 30, a reversal from its profit-making performance last quarter. This comes as higher expenses weighed on the group’s bottom line, even though it reported a net profit of S$3.8 million last quarter, the first time since becoming listed on the New York Stock Exchange in March this year.

Shares of Disney popped Monday, the morning after the company announced it had replaced CEO Bob Chapek with Bob Iger. Disney’s stock rose more than 7% on Monday. As of Friday’s close, the company’s shares had fallen about 40% so far this year.

Oil prices slipped to trade near two-month lows on Monday, having earlier slid by around US$1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices. Brent crude futures for January had slipped 52 cents, or 0.6 per cent, to US$87.10 a barrel by 1326 GMT. US West Texas Intermediate crude futures for December were at US$79.40 a barrel, down 68 cents or 0.9 per cent, ahead of the contract’s expiry later on Monday.

     
     

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