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  • Tax reform proposed by Senate Republicans differs from the House plan, raising worries on prospects for a bill.
  • The Senate plan to overhaul the U.S. tax code differs significantly from the House GOP’s in key areas such as the level of top individual tax rates and the timing of a corporate tax-rate cut.
  • Walt Disney rose 2.3 percent as the promise of a new film trilogy overshadowed weak quarterly results and struggles at the media company.
  • Shares of Nvidia were up 4.4 percent after the chipmaker’s revenue forecast for the current quarter topped estimates.
  • Nordstrom fell 1.2 percent after its quarterly same-store sales came in below expectations, while J.C. Penney was up 14.6 percent after the department store chain reported third-quarter same-store sales that were twice what it had estimated.


Disney Revenue, Profit Drop as TV Business Suffers

  • The media industry has been grappling with a decline in traditional cable subscribers and the rising popularity of on-demand viewing.
  • The company reported a profit of $1.75 billion, down from earnings of $1.77 billion a year earlier.
  • Revenue dropped 2.8% to $12.78 billion.
  • Revenue from the cable networks segment, which houses ESPN, dropped 3% to $5.47 billion; analysts had been expecting slight sales growth. Operating income slid 12%, contracting for the fifth time in the last six quarters.
  • Disney has outlined plans to sell its sports and entertainment programming directly to consumers, sidestepping traditional cable providers and streaming services such as Netflix.
  • Earlier this year, Disney purchased a majority stake in BamTech for $2.58 billion to bolster its streaming initiatives.
  • Sales in Disney’s filmproduction and consumer-product businesses also fell in the latest quarter, suffering from comparison with a year-earlier period bolstered by the sale of Star Wars distribution rights and merchandise, and the “Finding Dory” animated film. Production-related operating profit plunged 43% compared with last year.
  • The company’s theme-park segment, where sales grew 6%, was the only business to post a sales increase.
  • Bob Iger said Disney had struck a deal with Rian Johnson, director of upcoming film “Star Wars: The Last Jedi,” to create a new trilogy in the blockbuster science fiction series.
  • A live-action “Star Wars” TV series also is being developed for a streaming service that Disney is launching to capture online audiences, Iger said.

Nvidia Keeps Upping Its Game

  • The chip maker has become closely tied to the cloud, most specifically to the sizable flow of capital spending by major cloud-service operators that are buying up the company’s graphics processors that are specially designed to enable artificial intelligence in data centers.
  • Nvidia’s gaming revenue in the latest quarter blew past Wall Street estimates but it was the data center business, the driver of future growth, that made analysts stand up and take notice as revenue in the unit more than doubled.
  • The company reported third-quarter net income of $838 million, compared with $542 million in the year-ago period.
  • Revenue rose to $2.64 billion from $2 billion in the year-ago period.

Nordstrom posts lower-than-expected quarterly same-store sales

  • Net income was $114 million, compared with a loss of $10 million a year earlier. Last year’s results were hurt by a goodwill impairment.
  • Net sales rose about 2 percent to $3.54 billion.
  • Nordstrom reported a 0.9 percent decline in same-store sales for the quarter ended Oct. 28, missing the 0.4 percent decline expected by research firm Consensus Metrix.

J.C. Penney Lowered Its Goals, Then Beat Them

  • Penney said the decision to discount and clear out slow-moving inventory was important although it significantly hurt earnings.
  • The Plano, Texas, company reported same-store sales rose 1.7%.
  • Revenue fell 1.8% to $81 billion, as a result of 139 store closures this year through the end of the quarter.
  • The company posted a loss of $128 million compared with a loss of $67 million in the same quarter last year.

News Corp profit beats on digital real estate unit strength

  • Revenue in the company’s news and information division, which accounts for about two-thirds of total revenue, rose 1.6 percent to $1.24 billion in its first quarter.
  • Net income was $68 million in the first quarter compared with a loss of $15 million a year earlier.
  • Total revenue rose 4.5 percent to $2.06 billion, beating analysts’ estimate of $1.98 billion.

Equifax profit falls as hacking costs take toll

  • The Atlanta-based company said it recorded $87.5 million in expenses related to the hack during the quarter.
  • Equifax reported third-quarter revenue of $834.8 million, missing analysts’ average estimate of $845.94 million.
  • Net income fell to $3 million from $132.8 million a year earlier.

Hertz profit beats estimates, but warns of higher spending

  • Estero, Florida-based Hertz reported third-quarter net income of $93 million up from $42 million a year earlier.
  • Hertz said it had made progress in its turnaround plan, including reducing the size of its rental fleet.

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Consumer Sentiment Dips in Early November

  • The University of Michigan on Friday said its preliminary reading on consumer sentiment was 97.8 in November, down from 100.7 in October.

Senate Tax Plan Differs from House on Individual Rates, Timing of Corporate Rate Cut

  • The Senate plan contrasts with the House version in key areas, including the timing of a corporate tax-rate cut, the number of individual tax brackets, the details of international tax rules, and the particulars of estate-tax changes.

United States discussing sale of F-35s to partners, U.S. official says in UAE

  • The United States is in talks to sell F-35 fighter jets to partner nations.
  • The F-35 is made by Lockheed Martin Corp, with companies including Northrop Grumman Corp, United Technologies Corp’s Pratt & Whitney and BAE Systems Plc also involved.

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Toshiba Looks to Raise $5.3 Billion in Share Offering

  • Toshiba plans to raise ¥600 billion ($5.3 billion) through a new share offering if its ¥2 trillion deal to sell its chip unit doesn’t get on track to meet an end-of-March deadline, a person familiar with the matter said.
  • Toshiba’s shareholder equity stood at negative ¥619.8 billion as of Sept. 30, signifying that liabilities outweighed assets belonging to shareholders by that amount.

Uber Suffers Setback as U.K. Court Rules Its Drivers Should Have Workers’ Rights

  • Decision could serve as bellwether for other employment lawsuits against the car-hailing firm, potentially jeopardizing its business model.
  • Friday’s ruling from the Employment Appeal Tribunal, if upheld, could significantly boost Uber’s labor costs in the U.K., where it has some 50,000 drivers who work as independent contractors, and is already grappling with the loss of its license to operate in London.

China Makes Historic Move to Open Market for Financial Firms

  • The new rules, unveiled at a government briefing on Friday, will give global financial companies unprecedented access to the world’s second-largest economy.
  • The announcement bolstered the reform credentials of Chinese President Xi Jinping less than a month after he cemented his status as the nation’s most powerful leader in decades.
  • It also coincided with Donald Trump’s visit to Beijing, though the U.S. president didn’t know it was coming.

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  • Hirohito was crowned Emperor of Japan. (1928)
  • The first long distance telephone call without operator assistance took place. (1951)
  • Sesame Street premiered on PBS TV. (1969)
  • The Great Wall of China opened to the world for tourism. (1970)
  • The Vietnam Veterans Memorial opened in Washington, DC. (1982)

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