Top Midday Stories: Comcast to Spin Off Cable TV Networks; Target Tumbles on Q3 Earnings Miss, Lowered Full-Year Guidance

MT Newswires Live11-21 00:41

All three major US stock indexes were down in late-morning trading, as all eyes on Wall Street will be focused on Nvidia's (NVDA) earnings results, scheduled to be released after market close on Wednesday.

In company news, Comcast (CMCSA) said Wednesday it plans to create a new publicly traded company via a tax-free spin-off of some of its cable television networks. The spin-off will consist of NBCUniversal's cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel, Comcast said. It will also include digital assets Fandango, Rotten Tomatoes, GolfNow and Sports Engine. Shares of Comcast were up 0.3% around midday.

Target (TGT) reported Q3 adjusted earnings Wednesday of $1.85 per diluted share, down from $2.10 a year earlier and below the consensus estimate from analysts surveyed by FactSet of $2.30. Q3 revenue was $25.67 billion, up from $25.40 billion a year earlier but below the FactSet consensus estimate of $25.87 billion. The company slashed its full-year adjusted EPS guidance to a range of $8.30 to $8.90 from $9 to $9.70. Target shares were down 21.5%.

Ford Motor (F) said Wednesday it plans to cut its European workforce by 4,000 positions by the end of 2027, primarily in Germany and the UK. The automaker said it is further adjusting its production program for the new Explorer and Capri amid a "weak" economic situation and lower-than-projected demand for electric cars. Ford shares were down 3.2%.

Delta Air Lines (DAL) said Wednesday it expects 2025 preliminary capacity growth of 3% to 4% year-over-year and mid-single-digit revenue growth. It also reaffirmed its Q4 guidance. Delta shares were down 0.7%.

Apollo Global Management (APO) Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh are scheduled to interview Wednesday for the Treasury Secretary role in President-elect Donald Trump's forthcoming administration, Bloomberg reported late Tuesday, citing people familiar with the matter. Apollo shares were down 4.1%.

Pfizer (PFE) said Wednesday it named Chris Boshoff as chief scientific officer and president of research and development, effective Jan. 1. Boshoff, who currently serves as head of oncology, will succeed Mikael Dolsten. Pfizer shares were down 1.5%.

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