Your Weekly Blip 12/11/20

Your Weekly Blip 12/11/20

The Dow continues to hover near the 30k level as stimulus talks stall. At the close the Dow was up 47 points at 30,046 on light trading volume. For the week the Dow was down just a hair and both IBD and BTS indicators remain positive.
Disney hosted an investors day event yesterday and brought out a slew of news to include an aggressive new target for its streaming services. Disney had originally estimated streaming signups of 60 to 90 million by 2024 but upped that estimate to 300 million plus by 2024. The company also rolling out massive new original content to include Star Wars, Mulan and “The Kardashians” with plans to roll out 100 new titles per year. The company upped its subscription by a buck a month and in response to all this Wall Street gurus upped their target prices for the stock. Shares today bolted to an all-time high making the 2020 pandemic selloff a distant memory to all but those poor souls who lost their jobs when the theme parks were shut down.
As an example of “peter principle management” shares of AT&T were higher after the company announced it was looking to sell its Direct TV business for…….drum roll please……$15 billion. Remember that Ma Bell paid $67 billion for Direct TV in 2015. Since the purchase, Direct TV has lost subscribers in droves to internet providers like Netflix and now Disney and AT&T is finally throwing in the towel and calling “uncle!”.