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Disney earnings; Icahn targets Cigna; Turkey's currency stabilizes

1. House of Mouse (and Fox): Disney and most of 21st Century Fox are combining. How strong ...

Posted: Aug 7, 2018 1:04 PM
Updated: Aug 7, 2018 1:04 PM

1. House of Mouse (and Fox): Disney and most of 21st Century Fox are combining. How strong will the new company be?

Investors will get a peek inside Disney when it reports earnings after the close Tuesday. "Solo" was a disappointment, and the company could face questions about its plans for the "Star Wars" franchise.

Disney execs are also likely to be asked about their plans for Sky, and whether they plan to challenge Comcast CEO Brian Roberts for control of the coveted European broadcaster.

Disney CEO Bob Iger and Fox's Rupert Murdoch are considering upping their bid for Sky before the end of the week, sources have told CNN. The Disney and Fox chiefs have until Thursday to best Comcast's $34 billion offer for Sky.

2. Icahn on Cigna: Health insurer Cigna hopes to buy pharmacy benefits manager Express Scripts for $67 billion.

But activist investor Carl Icahn has taken a stake in Cigna, and he could try to convince other shareholders to vote against the Express Scripts merger on August 24.

The Wall Street Journal reports that the billionaire plans to send an open letter to shareholders on Tuesday describing the deal as a "$60 billion folly" with a "ridiculous" price tag.

3. Global market overview: US stock futures were higher.

European markets were in positive territory. Asian markets ended with gains. China's Shanghai Composite rebounded 2.7% after four days of losses.

The Turkish lira stabilized after tumbling to a fresh record low against the dollar on Monday. Turkey's economy is suffering from rampant inflation and concerns over central bank independence.

The Dow Jones industrial average added 0.2% on Monday, while the S&P 500 gained 0.4% and the Nasdaq advanced 0.6%.

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4. Earnings and economics: Dean Foods, Discovery, Office Depot and TEGNA are set to release earnings before the open.

Avis Budget, Lending Club, Match Group, Papa John's, Potbelly, Snap, Disney and Wendy's will follow after the close.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:
Tuesday — Disney, Snap, Papa John's and Avis Budget Group earnings
Wednesday — 21st Century Fox, CVS, New York Times and Roku earnings
Thursday — Viacom and Tronc earnings, PPI report, Samsung holds its "Unpacked" event
Friday — CPI report

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