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Disney CEO Bob Iger Steps Down
Topic of the day
Robert Iger stepped aside as chief executive of Walt Disney Co., though he will retain significant power over the company that he expanded into Hollywood's biggest and most powerful entertainment conglomerate over a more than 14-year tenure. Disney named the company's head of parks and resorts, Bob Chapek, CEO effective immediately. But Mr. Iger will stay on as executive chairman, overseeing the company's creative endeavors through the end of next year, when his contract expires. Mr. Chapek will report jointly to the 69-year old Mr. Iger and to the company's board of directors, according to an amended version of his contract the company released Tuesday. "The company has gotten larger and more complex," Mr. Iger said during a call with analysts. "I should be spending as much time as possible on the creative side of our businesses." Mr. Chapek's experience heading key Disney units over his nearly three-decade career at the company put him ahead of other potential successors to Mr. Iger, current and former Disney executives say. He beat out internal competitors including the executive who oversees the company's streaming service, Kevin Mayer.
After Monday’s steep sell-off, the SMI plunged further Tuesday, falling 2.2 percent to 10,479 points, after hitting a low of 10,467 points as news of the first confirmed coronavirus infection in Switzerland pushed the SMI down to a new yearly low. The case was in the canton of Tessin, which borders Italy, which is now the flashpoint for the virus in Europe. The euro again fell below CHF 1.06, its lowest level since mid-2015. Of the 20 SMI stocks, only Lonza bucked the downtrend to rise 0.9 percent. Heavyweight Novartis pushed the SMI down, falling 4.9 percent as analysts downgraded the stock to “neutral” from “buy” after reports of side-effects from eye drug Beovu. Cyclical financial stocks were especially hard hit, with Swiss Life down 3.6 percent, Credit Suisse 3.3 percent and UBS 3.1 percent. Adecco, which had crashed 6.7 percent Monday, slipped 1.1 percent. Heavyweight Nestle slid 1.0 percent. China-reliant luxury goods stocks Richemont fell 1.9 percent and Swatch 0.9 percent.
European stocks ended sharply lower in volatile trading as markets failed to set a floor after the pounding they took over the spread of the coronavirus in Italy and South Korea. A day after a 5.4% drop that was the worst single-day percentage fall in more than three years, Italy's FTSE MIB fell 1.3% to 23131.17. The Stoxx Europe 600, which ended Monday at its third-lowest level of the year, dropped 1.8% to 404.60. For the Stoxx 600, it's the largest four-day percentage decline since June 28, 2016. The FTSE 100, CAC-40 and DAX all dropped 1.9%, while markets in Belgium and Spain were the region's biggest fallers, down more than 2%. Tesco PLC (-2,9%) said Tuesday that more than 1,800 jobs are at risk as part of a series of changes to the company's in-store bakery operations in order to adapt to changing customer demands. The U.K. grocer said it will continue to offer scratch baking in 257 stores and make changes to its other bakeries from May. As a result of some stores doing less scratch baking, fewer employees will be needed, the company said.
A rout in global financial markets deepened intraday, sending the Dow Jones Industrial Average down about 900 points and Treasury yields sliding to fresh lows. The blue-chip index was down 921 points, or 3.3%, near the lows on a volatile trading day. The S&P 500 fell 3.2% and the Nasdaq Composite lost 2.9%, erasing its remaining gains for 2020. For much of the past several weeks, investors have been fixated on one issue: the potential for a growing coronavirus epidemic to hit economic activity around the world. Mastercard Inc.'s (-4,3%) pick for its next chief executive puts more muscle behind the company's effort to expand beyond its legacy cards business. The company said Tuesday that Ajay Banga, its chief for nearly a decade, will be replaced by Chief Product Officer Michael Miebach effective Jan. 1. Mr. Banga will become executive chairman of the board. Current Chairman Richard Haythornthwaite will retire. American International Group Inc. (+0,2%) on Tuesday said it signed an accelerated share-repurchase agreement with Citibank N.A. for $500 million of common stock. The New York insurance giant said the accelerated buyback is part of the $2 billion repurchase authorization it announced earlier this month. The U.S. dollar was stronger in Asian trading, recouping some of the losses it made on Tuesday after U.S. health authorities warned of a wider spread of the coronavirus in the U.S.
Asian indexes were tracking steep losses in the U.S. session, on growing concerns about the potential economic costs of the coronavirus epidemic.
The 10-year Treasury yield is the latest bond-market benchmark to reach an all-time low as Wall Street worries about the spread of the coronavirus. Treasuries rallied broadly and stocks sold off sharply intraday, as U.S. authorities said they expect the new coronavirus to spread within American communities. That news pushed the benchmark 10-year yield down to 1.312% around 2:10 p.m. New York time, below the previous record low of 1.318% set in July 2016.
UBS rises the Fresenius target to 49 (47) EUR – Neutral
IR lowers the Telefonica target to 6,80 (7,60) EUR – Hold
Barclays rises Anglo American to Overw. (Equalw.) – Target 2.800 (2.000) p
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