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November 21, 2024

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In Stocks

Be ALERT for Warning Signs – S&P 500 Downturn

1 Min Read

In this exclusive StockCharts video, Joe goes into detail on the S&P 500 ETF (SPY), sharing why using MACD and ADX together can be beneficial — especially in the current environment. He touches on Sentiment, Volatility and Momentum, pointing to reasons why we need to be on alert at this time for signs of a downturn. Joe covers the QQQ and IWM since both are at critical levels right now. Finally, he goes through the symbol requests that came through this week, including AMZN, CVNA, and more.

This video was originally published on November 20, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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In World news

Indonesia to return death-row drug convict to Philippines after yearslong appeal for mercy

3 Mins Read

Philippine President Ferdinand Marcos Jr. said Wednesday that a deal has been reached for Indonesia to send home a Filipino death-row drug convict who was nearly executed by firing squad but got a reprieve due to years of pleadings from Manila.

Marcos thanked Indonesian President Prabowo Subianto and his government for granting a longstanding Philippine request for Mary Jane Veloso to be brought back home to serve her sentence in her country.

“Mary Jane Veloso is coming home,” Marcos said in a statement. “Arrested in 2010 on drug trafficking charges and sentenced to death, Mary Jane’s case has been a long and difficult journey.”

It was not immediately clear when Veloso would be flown back to the Philippines, but Marcos said he looked forward to welcoming her home.

Indonesia’s Coordinating Minister for Law, Human Rights and Immigration, Yusril Ihza Mahendra, confirmed that Subianto has given his approval for Veloso’s return to the Philippines. That may happen in December, as long as conditions were met, including her continued detention in her country as part of the Indonesian court’s sentence.

Philippine Foreign Undersecretary Eduardo de Vega said at a news conference in Manila that Filipino authorities would discuss the legal terms of Veloso’s transfer with their Indonesian counterparts.

The Indonesian government has asked the Department of Justice in Manila to formally request Veloso’s transfer back to the Philippines, Justice Department spokesperson Mico Clavano said.

The decision, Marcos said, “is a reflection of the depth our nation’s partnership with Indonesia — united in a shared commitment to justice and compassion.”

Veloso’s transfer would remove the possibility of her facing an execution because the Philippines, Asia’s largest Roman Catholic nation, has long abolished the death penalty.

In 2015, Indonesian authorities moved Veloso to an island prison where she and eight other drug convicts were scheduled to be executed by firing squad despite objections from the convicts’ home countries, including Australia, Brazil, France, Ghana and Nigeria.

Indonesia executed the eight other convicts.

Veloso’s case has caused a public outcry in the Philippines, where her family and supporters contend she is innocent and was unaware that 2.6 kilograms (5.7 pounds) of heroin was concealed in her suitcase. The drugs were discovered when she entered Indonesia.

Veloso traveled to Indonesia in 2010 where her godsister reportedly told her a job as a domestic worker awaited her. Her godsister also allegedly provided the suitcase where the prohibited drugs were found.

Philippine authorities had filed criminal complaints, including for human trafficking, against illegal Filipino recruiters who arranged for Veloso to work in Indonesia, Clavano said. She added that she would serve as a crucial witness in the trial of the suspects when she returns.

That Philippine case helped convince Indonesian authorities to delay Veloso’s execution and eventually consider her transfer back to her country, Clavano said.

Marcos said Veloso’s story resonated with many in the Philippines, as “a mother trapped by the grip of poverty, who made one desperate choice that altered the course of her life.”

“While she was held accountable under Indonesian law, she remains a victim of her circumstances,” Marcos said.

The Philippines has been a global source of manual labor, including many impoverished women who abandon their families for higher-paying jobs and better opportunities abroad. Alarming abuse, especially of Filipina house helpers, has prompted Philippine authorities to impose restrictions and safeguards but many continue to be exploited.

At least 59 Filipinos around the world face the death penalty mostly for drug and murder convictions, the Department of Foreign Affairs in Manila said.

This post appeared first on cnn.com

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In Business

Comcast announces plan to spin off cable channels, including MSNBC, CNBC and USA

5 Mins Read

Comcast announced a plan Wednesday to spin off most of its cable television networks into a separate publicly traded company.

The new company will include the USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and the Golf Channel. Comcast will retain key NBCUniversal assets, including the NBC broadcast network, NBC News, NBC Sports, the streaming service Peacock and the cable channel Bravo.

“The transaction will be structured as a tax-free spin to existing shareholders,” Comcast President Mike Cavanagh said in an internal memo. “While we don’t have a precise timetable for completing the transition, we are estimating that it will take approximately a year.”

Comcast owns NBCUniversal, the parent company of NBC News.

The move comes as the traditional cable television bundle faces stiff economic headwinds, most notably the rise of cord-cutting and the shift to streaming alternatives. Comcast’s cable portfolio still contributes to its financial bottom line and helps expand its cultural footprint.

“The well-capitalized, independent company will be positioned to lead in the changing landscape for cable networks given the strength of its portfolio and the quality and focus of its management team,” Cavanagh said. 

The new company, known for the time being as SpinCo, “will have significant cash flow, a strong balance sheet, and the financial flexibility to pursue growth opportunities, both organically and potentially through acquisitions,” Cavanagh added.

Cavanagh said the new company will be led by Mark Lazarus, chairman of NBCUniversal’s media group. Anand Kini, NBCUniversal’s chief financial officer, will serve as the CFO and chief operating officer.

The plan was first reported by The Wall Street Journal and then confirmed to NBC News on Tuesday by two people familiar with the matter.

The new business structure is notable partly because it would separate MSNBC and CNBC from the central newsgathering operations of NBC News. It was not immediately clear whether the cable news channels and the network’s core news division would continue to share editorial resources.

Dan Ives, a managing director and senior equity research analyst covering the technology sector at Wedbush Securities, said in an email that the spinoff move is appealing to investors. Comcast’s stock price rose by about 0.5% in premarket trading Wednesday.

“The Street wanted to see this move and we believe it will be a smart strategic move for both Comcast and the new spinoff with golden jewel cable assets like CNBC and MSNBC,” he said. “The cord cutting dynamic is a headwind but we see brighter days ahead as cable defines a new monetization and streaming path with subscriptions and content to build on its strong advertising base looking forward.”

Rich Greenfield, a media and technology analyst who often criticizes media companies for what he views as a belated reaction to cord-cutting, framed the move in blunt terms in an appearance on CNBC: “This is sort of a very clear, direct statement by Comcast.”

“They are exiting the cable network business,” said Greenfield, a co-founder of research firm LightShed Partners. “This is them saying we don’t want to be in this business. This is no longer a growth business. It’s going to be around for a long time, but it’s just no longer a growth business.”

Cavanagh on Wednesday also announced a reorganized leadership team for NBCUniversal.

Cesar Conde will continue leading the NBCUniversal News Group as chairman. The division includes NBC News, the NBC News Now streaming product, Telemundo and the company’s owned-and-operated local stations. Cavanagh added Conde “will work closely with me on other growth opportunities for NBCUniversal.”

Donna Langley will become chair of NBCUniversal Entertainment & Studios, a role that will give her broad oversight over all entertainment programming and marketing across NBC, Peacock and Bravo, as well as the company’s film and television studios.

Matt Strauss will become chairman of the NBCUniversal Media Group. Mark Woodbury will continue in his role as chairman and chief executive officer of Universal Destinations & Experiences, the unit that runs the theme parks and global consumer products business.

Comcast agreed to buy a majority stake in NBCUniversal from General Electric in 2009, combining one of the country’s largest operators of cable TV with the sizable NBC media and entertainment operation. The cable channels were seen as a particularly lucrative acquisition.

Since then, the rise of streaming entertainment has eaten into the cable television business, leading to waves of consumers canceling their cable subscriptions in favor of platforms such as Netflix and Amazon Prime Video.

In this environment, many cable channels are still profitable businesses, with some continuing to generate strong cash flows for their corporate owners. But the media industry writ large considers the cable marketplace to be in decline.

Comcast, like other leading media conglomerates, has invested heavily in streaming. Peacock, home to a large library of NBCUniversal content and programming licensed from other studios, added 3 million subscribers during the third fiscal quarter, according to the company’s most recent earnings report. Comcast lost 365,000 cable customers during that period.

This post appeared first on NBC NEWS

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