November 8, 2023

TLDR

MARKET RECAP → The S&P 500 (VOO) managed to eke out a modest +0.10% increase on Wednesday, marking its eight consecutive day of gains as it continues on its longest win streak in two years.

AIRBNB TAX TROUBLE →💸 Italy clamps down on Airbnb (ABNB) with a €779 million seizure over alleged tax dodges, spotlighting the global crackdown on tech giants’ fiscal footwork.

WARNER BROS. DISCOVERY TAKES A HIT →🎬 Amid a generational shake-up, Warner Bros. Discovery’s (WBD) stock took a 19% nosedive after ad revenues fell and subscriber growth stalled, despite a streaming segment profit and a chipped-away debt.

PHARMACISTS PUSH UNIONIZATION → 💊 Pharmacy staff nationwide are banding together in a grassroots unionization wave, led by The Pharmacy Guild, to combat unsafe work conditions and secure a healthier prescription for their labor rights.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

AIRBNB TAX TURMOIL

💰 Italy’s Finance Police seized approximately €779 million from Airbnb, alleging the company failed to pay withholding taxes on €3.7 billion of rental income.

🔍 The Milan Tribunal prosecutors are investigating three individuals associated with Airbnb during the period in question for their role in the alleged tax evasion.

🌍 This action is part of a broader European effort to scrutinize the tax practices of multinational corporations, ensuring compliance with local tax obligations.

Source: shutterstock

WBD TAKES A HIT

📉 Warner Bros. Discovery’s stock plummeted 19% as it reported a significant drop in ad revenue and a net loss of $417 million, despite a slight revenue increase to $9.98 billion.

📺 The company faced a 12% decline in TV network ad revenue, citing lower audience numbers for entertainment and news, alongside broader industry challenges and a recent actors’ strike.

📱 With the launch of its Max streaming service, WBD saw a minor dip in subscribers, down by 700,000, but managed to turn a profit in streaming amidst a “light content slate” and continued efforts to reduce its $45.3 billion debt.

Source: shutterstock

PHARMACISTS PUSH UNIONIZATION

🏥 Pharmacy workers, galvanized by recent walkouts, have initiated a national movement to unionize, aiming to address unsafe staffing levels and workloads across major U.S. chains.

✊ The Pharmacy Guild, in partnership with IAM Healthcare, is spearheading this drive for unionization, seeking legislative changes to secure better working conditions and patient safety.

📢 With a goal to unionize 100,000 pharmacists and technicians, the campaign leverages social media platforms and a centralized audience to amplify their message and organize collective action.