TLDR

MARKET RECAP → The S&P 500 (VOO) was flat on Thursday as Nvidia (NVDA) shares slipped 1% ahead of its earnings report after the closing bell.

COMCAST TO SPIN OFF CABLE NETWORKS → Comcast (CMCSA) is ditching the cable TV business, spinning off networks like CNBC, MSNBC, and E! amid cord-cutting challenges and shifting strategies. The brave legacy media company, referred to as “SpinCo” for now, will go it alone as it navigates the new world of streaming.

TARGET SHARES PLUNGE ON WEAK RESULTS → Target's (TGT) stock plunged over 20% after weak Q3 results and lowered guidance, as deep discounts and supply chain costs failed to boost lackluster sales.

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TODAY’S TOP NEWS

Comcast To Spin Off Cable Networks

Comcast (CMCSA) announced plans to spin off cable networks like CNBC, MSNBC, and E! into a standalone company, referred to as “SpinCo” for now, over the next year. SpinCo will also manage digital assets such as Fandango and Rotten Tomatoes.

The move reflects ongoing cord-cutting trends as Comcast lost 365,000 TV customers last quarter. SpinCo will focus on news, sports, and entertainment content to maintain relevance and drive growth.

SpinCo will be led by Mark Lazarus as CEO and Anand Kini as CFO, aiming to leverage financial strength for growth opportunities while separating from NBCUniversal's broadcast and streaming arms.

TODAY’S TOP NEWS

Target Shares Sink After Earnings Miss

📉 Target (TGT) shares dropped more than 20% after missing Q3 earnings expectations and slashing full-year profit guidance, citing weak discretionary spending and supply chain costs. Comparable sales barely grew, with in-store sales declining by 1.9%.

🛒 Shoppers flocked to discounts, with Target cutting prices on over 10,000 items this year. Digital sales saw a 10.8% boost, but foot traffic and store spending remained soft, especially compared to Walmart's (WMT) stronger performance.

🏬 Higher supply chain costs, stemming from preparations for a short-lived port strike, further pressured margins. Target's strategic focus on loyalty programs and seasonal merchandise has shown some promise but has yet to lift overall results.

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