The S&P 500 Information Technology Sector index was up 2% at 3:15 p.m. ET Wednesday, while the broader S&P 500 was 1% higher and the tech-heavy Nasdaq advanced by nearly 1.3%.
Disney CEO Points to Cost-Cutting at Disney+; Shares Slide
Walt Disney (DIS) shares fell more than 2% Wednesday after CEO Bob Iger said the entertainment giant will be slashing expenses to boost profitability. Iger told MoffettNathanson’s 2024 Media, Internet, and Communications Conference in New York that the costs at its Disney+ streaming service are too high and will be cut. He added that Disney also plans to dramatically reduce its investment in content for traditional networks.
Dell Stock Jumps After Price Target Raised by Morgan Stanley
Dell Technologies (DELL) shares traded at an all-time intraday high Wednesday afternoon, climbing almost 10% after Morgan Stanley raised its price target on the stock, pointing to the tech firm’s artificial intelligence (AI) business. The bank’s analysts increased the price outlook to $152 from $128. Morgan Stanley said that Dell was gaining “momentum” with enterprise clients.
Monday.com Says Demand Strong Across All Markets as It Beats Earnings Estimates
Monday.com (MNDY) shares jumped 20% late Wednesday as the maker of cloud-based workflow software posted a strong first-quarter earnings report. Monday.com beat both profit and sales estimates, had a big gain in customers, set a record for free cash flow, and gave better-than-expected full-year guidance. The company said it had strong demand across all markets.