Believe it, or not, there was news today outside of Apple's iPhone reveal, though it is pretty and we did cover it thoroughly.
Streaming television, spearheaded by the likes of Netflix (NFLX) - Get Report and Amazon (AMZN) - Get Report is going to kill the cable companies, right? Wrong. That's according to Comcast (CMCSA) - Get Report chairman and CEO Brian Roberts, who spoke at the Goldman, Sachs's (GS) - Get Report Communacopia telecom, media and technology conference on Wednesday. Sure, cord-cutting has led to declines in video subscribers, but Comcast, for instance, has had its highest broadband net additions in 10 years during the second quarter, as the company shifts emphasis from cable to the "connectivity" business. While TV ratings have declined for decades, Roberts added that NBC made more money in 2018 than at any time in its history. While online video may hurt its broadcast and cable networks, Roberts said that all of the major new streaming companies have purchased its programming. Comcast was joined by other presenters including AT&T (T) - Get Report, Sprint (S) - Get Report and News Corp. NWSA NWS, many of which weighed in on the changing media landscape. The Deal's Chris Nolter has more.
Hm, hm good. Well, not so much. A battle for control of Campbell Soup (CPB) - Get Report is underway as Dan Loeb and Third Point have launched a proxy fight to replace the company's board. And while Leob certainly has clout, it's going to be an uphill climb for the insurgent, The Deal's Ron Orol points out. Namely in overcoming long-time and in many cases legacy shareholders. The founding family members, Orol points out, still control about 40% of the voting shares and oppose a sale. The other uphill climb will be gaining the backing of proxy advisers and institutional shareholders. We now await Loeb's plan.
Markets Today: Stocks traded mixed on Wednesday, Sept. 12, as investors were having a hard time seeing any meaningful conclusion to the U.S.-China trade war, and chipmakers stumbled following a downgrade of shares of Micron Technology (MU) - Get Report. The Dow Jones Industrial Average I:DJI rose 28 points, or 0.11%, to 25,999, the S&P 500 I:GSPC was up 0.04%, and the Nasdaq I:IXIC fell 0.23%.
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