Media companies will dominate this week’s June quarter results season in the US which is now 77% complete (in terms of the S&P 500 companies.
62 S&P 500 companies are due to report this week.
The list of media groups reporting is dominated by the enlarged Walt Disney which will report another quarter’s figures including the assets it bought from the Murdoch clan’s 21st Century Fox in 2018.
The slimmed-down Fox reports the day after Disney on Wednesday, while about to merge stablemates, Viacom and CBS are also due to release quarterly figures and more details of their much-rumoured combination.
The Murdoch clan’s News Corp reports early Friday morning, Sydney time with all attention on any more losses at pay-TV group, Foxtel.
Newspaper groups, Gannett, the New York Times (investors will be looking at how many new subscribers it has added), Tegna, Tribune, Publishing Modern Media (a private equity newspaper vulture fund), Sinclair Broadcasting (the rightwing local TV group), Meredith (America’s major magazine publisher), companies in the John Malone group starting with Liberty Media and Trip Advisor and EW Scripps , the cable TV channel group.
Non-media reports will come from Marriott (the hotel chain), Loews (an investment group) and Albermarle, the big US-based lithium miner and investor which has significant interests in WA with Mineral Resources and at the old Greenbushes mine.
Luxury products group, Michael Kors is also down to report.
According to a financial data group, FactSet the outlook for June quarter earnings worsened last week and a small dip of 1% is now expected. if that happens it will mean the second quarter of negative earnings in a row – the first that has happened since 2016.
So far 380 of the companies in the S&P 500 having reported. Of those, 73.9% have beaten analyst expectations.
