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Omar Venerio
Omar Venerio
Articles (1561) 

US Stocks Advance Thursday

Fox moves on higher affiliate revenues

U.S. stocks were in the green Thursday, after the China's central bank let its currency fluctuate and passed the psychological seven-per-dollar level. The Dow Jones Industrial Average rose 1.4% to 26,378, the S&P 500 index gained 1.8% to 2,938 and the Nasdaq Composite Index gained 2.2% to 8,039.

Shares of Fox Corp. (NASDAQ:FOXA) fell 5% after announcing fourth-quarter results. The company posted earnings per share of 62 cents and revenue of $2.51 billion, reflecting 5% growth from the comparable trimester of the previous year. The company beat earnings by 3 cents, and revenue by $40 million.

"The strategic rationale for the formation of Fox Corporation, with our unique set of assets, is underscored by our strong fiscal 2019 operational and financial results that include top line growth across our operating segments and key revenue categories,” CEO Lachlan Murdoch said.

Despite registering a 6% decline in advertising revenues because of fewer FIFA World Cup soccer matches, revenue grew as a consequence of increased affiliate revenues and fees collected from cable and satellite operators and online distributors. Further, sales in the broadcaster's cable network programming business increased 2.2% to $1.3 billion.

During the quarter ended June 30, Yacktman Asset Management (Trades, Portfolio) reduced its holding by 0.42% to 1,797,025 shares and Mario Gabelli (Trades, Portfolio) boosted his position by 0.33% to 609,958 shares.

Movers

• Symantec Corp. (NASDAQ:SYMC)

• Advanced Micro Devices Inc. (NASDAQ:AMD)

• Uber Technologies Inc. (NYSE:UBER)

• Roku Inc. (NASDAQ:ROKU)

• DPW Holdings Inc. (DPW)

• 3D Systems Corp. (NYSE:DDD)

• Teva Pharmaceutical Industries Ltd. (NYSE:TEVA)

• Green Dot Corp. (NYSE:GDOT)

Disclosure: The author holds no positions in any stocks mentioned.

Read more here: 

Dow Stocks Turn Negative on Wednesday 

Wall Street Advances on Tuesday 

US, Europe and Asia Deep in the Red on Monday

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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