Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Thursday was the worst day for tech stocks since September. Both Meta and Microsoft topped forecasts but investors still found something to be upset about. It was a similar story for Uber. Quarterly results for the ride-hailing app were better than expected - but the number of rides booked was disappointing.
Friday’s big focus will be on jobs. The Labor Department releases the all-important employment report for October.
Related: Comcast to launch streaming bundle — here's what's included
In other business news, media conglomerate Comcast is exploring the idea of separating its cable hardware unit from its cable TV networks. The idea is still in early stages. Comcast would basically spin-off cable TV assets like Bravo, E, and USA Network, which it acquired when it fully bought NBC Universal in 2013. For right now, the traditional NBC TV network and the Peacock streaming service would stay with Comcast. It’s unclear what would happen with CNBC and MSNBC, which are cable TV channels but part of the NBC News franchise.
This revelation came by way of an earnings conference call with investors. Comcast President Mike Cavanagh said the company is considering how to create “a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.“
The potential break-up comes amid a seismic shift in the media business. Cord-cutters have put old school media companies on the ropes. Comcast lost 365,000 pay-TV customers in the third-quarter alone. During that same period, its streaming service - Peacock took on 3 million new subscribers. For comparison, Peacock’s ad-free version costs $7.99 a month, while Comcast’s premium cable package costs about 70 bucks a month.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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