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The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, official activities get under way Wednesday. The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year…

Stocks posted steep losses across the board Thursday after a major rate hike by the U.S. central bank and comments by Fed chief Jerome Powell exacerbated recession fears. The Dow plunged by more than 700 points, closing below 30,000 for the first time since January 2021. The Nasdaq sank by more than 4%, down by more…

The S&P 500, down more than 3% in late-morning trade, fell into bear market territory Monday – defined by a dip of more than 20% from its most recent high — with little upbeat news on the horizon and not much going well on three key fronts: surging inflation, rising interest rates and the Russia-Ukraine War. The…

Dismal monthly inflation data hit stocks Friday with tech, internet and media taking a beating and Goldman Sachs slapping rare 'sell' rating on Netflix and a few others. The bank downgraded the streamer from 'neutral' on economic and competitive jitters and cut its price target to $186 from $265 – the lowest on the…

Shares of Snapchat parent Snap are more than 30% in late trading after the company said second quarter financials will disappoint Wall Street "as the macroeconomic environment has deteriorated further and faster than anticipated." In an SEC filing Monday afternoon after market close, Snap said revenue and adjusted…

Media shares felt the pain as markets swooned Wednesday with glum earnings and outlooks from major retailers reflecting broader economic woes. Target and Walmart, usually considered safe stocks, reported a big hit from higher transportation costs as gas prices soar, without any relief in sight. It's hard for them to…

Bill Ackman’s Pershing Square Holdings, which made a high-profile purchase of Netflix shares in January after a dip in the stock price, said it sold the stake today, having “lost confidence in our ability to predict the company's future prospects with a sufficient degree of certainty.” Pershing’s portfolio “requires a…

UPDATED with closing price: Warner Bros. Discovery shares had a volatile debut, rising early in the session, heading lower then ending the session higher as financial analysts dissected the newly combined entity following the deal’s close on Friday. Reports out today – and more will follow – range from a thumbs-up on W…

One of the most stubborn (by his own admission) Netflix bears, Wedbush Securities analyst Michael Pachter, has issued a landmark upgrade on the streaming giant’s stock. While he still doesn’t consider it a clear “buy,” Pachter raised his rating to “neutral” from “underperform,” with a 12-month price target of $342…

UPDATED with closing stock price: Shares of the new Paramount Global ended Wednesday’s session down 18% in a tumble following yesterday’s quarterly earnings, forecasts and a virtual investor day focused on streaming. Wall Streeters have starting fretting at the high cost of content for DTC across the media industry…

UPDATED with closing price: Facebook shares closed down 26.4% in a market rout, knocking a record $230 billion off the company’s market cap. PREVIOUSLY: A plunge in shares of Facebook parent Meta Platforms Facebook has erased more than than $200 billion of its market value, one of Wall Street's steepest dips…

UPDATED with CEO comments, stock price: Spotify CEO Daniel Ek took the bull by the horns, addressing the widening controversy over Joe Rogan in his opening remarks on a conference call with Wall Street analysts after the company’s fourth-quarter earnings report. “Obviously, it's been a few notable days here at…