Disney reported earnings Tuesday and the most notable part of the report was the announcement that its new streaming service will be $5 a month. Rich Greenfield, Media Analyst at BTIG, joins Your Cheddar to discuss his thoughts on the announcement.
Greenfield says this new streaming service is an additional add-on for ESPN. It's going to be for super fans who want an extra college football or NHL game, not their local market or high profile games. To Greenfield, this feels like a niche product that will not take ESPN over the top, which is what consumers are begging for. He says Disney refuses to go all-in on streaming and it's a big reason he's bearish on it.
Plus, Snap surprised the street and beat estimated earnings on Tuesday. Greenfield says the surprise is definitely an encouraging sign for investors. However, they still don't have guidance on where this young company will be in the future and that concerns some.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
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