Cyber Monday 2023: Amazon & Walmart Gear Up for $12B Sales, Disney Shares Drop

Market Highlights for November 27, 2023

As Cyber Monday approaches, Amazon and Walmart are preparing for unprecedented consumer spending, while Disney faces challenges after a weak box office weekend. Here’s a detailed overview of what investors should focus on today.

1. Amazon and Walmart Brace for Historic $12 Billion Cyber Monday

Shares of Amazon (AMZN) rose 0.4% pre-market, anticipating Adobe Analytics' projection of a $12 billion Cyber Monday shopping spree—an increase of 5.4% compared to last year. Online retailers are offering steep discounts, with electronics prices slashed by 30% and furniture by 19%. Walmart (WMT) also reduced online prices ahead of the event, though their shares remained stable in early trading.

2. Disney (DIS) Shares Slide After 'Wish' Earns Below Expectations

Walt Disney Company (DIS) saw a 0.4% drop in pre-market trading following its film “Wish” generating $31.7 million over the extended Thanksgiving weekend—significantly less than the $45-55 million analysts had anticipated. The overall Thanksgiving box office is forecasted at $172 million, led by Lions Gate Entertainment’s “Hunger Games: The Ballad of Songbirds and Snakes” with $42 million. Apple’s (AAPL) “Napoleon” earned $32.5 million, with shares dipping 0.2% pre-market.

3. Amazon Surpasses UPS as America’s Leading Delivery Service

According to internal data, Amazon outpaced UPS (UPS) in 2022 to become the largest parcel delivery service in the US, having already overtaken FedEx (FDX) in 2020. Despite this, the U.S. Postal Service remains the volume leader. Shares of UPS and FedEx remained mostly unchanged in pre-market activity.

4. Activist Investor Elliott Targets Crown Castle for Strategic Overhaul

Shares of Crown Castle (CCI) surged nearly 5% pre-market after Elliott Investment Management acquired a $2 billion stake and announced intentions to push for operational changes. Elliott is engaging with Crown Castle to optimize its fiber-optic assets and enhance overall business performance.

5. October New Home Sales Forecasted to Decline

New home sales for October are projected to fall to 725,000 units from September's 759,000, according to upcoming Census Bureau data release at 10 a.m. ET. This comes despite a 1.9% increase in housing starts and a 1.1% rise in building permits during October.

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