Top 5 Market Insights for August 10, 2023: Inflation Trends, Disney Price Hike & More

Market Highlights for August 10, 2023

As investors gear up for the day, here are the five crucial updates to guide your decisions. Inflation is projected to edge higher in July, while Disney's shares gain momentum following its announcement of increased streaming service prices. Let's dive into the essential details for today.

1. Inflation Forecasted to Rise in July

Analysts predict a slight uptick in U.S. inflation with the upcoming Consumer Price Index (CPI) report from the Labor Department at 8:30 a.m. ET. July's CPI is expected to increase by 0.2% compared to June, pushing the annual inflation rate to approximately 3.3%, up from 3% last month. After peaking at 9.1% in June 2022 amid the Federal Reserve's interest rate hikes, this rise may influence further monetary policy adjustments.

2. Disney Shares Climb on Strong Earnings and Streaming Price Increase

Walt Disney Co. (DIS) surpassed quarterly profit expectations, boosting its shares by 1.5% in pre-market trading. The media giant also revealed plans to raise prices for its streaming platforms and consider stricter measures against password sharing. Despite revenue slightly missing analyst forecasts and a subscriber count of 154 million falling short of the anticipated 155 million, investor confidence remains robust.

3. Tapestry in Advanced Talks to Acquire Capri Holdings

Capri Holdings (CPRI) shares surged 33% pre-market following news that Tapestry (TPR), the parent company of Coach, is negotiating to acquire the fashion conglomerate. Capri's portfolio includes Michael Kors and Versace, valued at around $4 billion, compared to Tapestry's $10 billion market cap. Tapestry's shares also rose by 1.4% ahead of market open.

4. Alibaba ADRs Rally After Beating Earnings and Revenue Estimates

Chinese e-commerce titan Alibaba (BABA) reported earnings per share of $2.40 on $32.3 billion in revenue, outperforming analyst expectations of $2.02 EPS on $31.2 billion revenue. This strong financial performance propelled Alibaba’s American Depositary Receipts (ADRs) up by 3.5% in pre-market activity.

5. AppLovin Shares Surge 24% on Impressive Q2 Earnings

AppLovin (APP), a leading AI-driven software company focused on enhancing customer sales, saw its shares leap 24% pre-market after releasing second-quarter earnings of $0.22 per share, significantly above the 8 cents forecasted by analysts.

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