The S&P 500 Information Technology Sector Index was up 2% as of 3:15 p.m. ET on Wednesday, the S&P 500 Composite Index was up 1% and the tech-heavy Nasdaq Index was up nearly 1.3%.
Disney CEO points out cost reductions for Disney+.share slide
Walt Disney Co. (DIS) stock fell more than 2% Wednesday after Chief Executive Officer Bob Iger said the entertainment giant would cut expenses to boost profitability. Iger told Moffett-Nathanson's 2024 Media Internet Communications Conference in New York that the cost of the company's Disney+ streaming service is too high and will be cut. He added that Disney also plans to significantly reduce its investment in content for traditional networks.
Dell stock soars after Morgan Stanley raises price target
Dell Technologies (DELL) shares traded at intraday highs Wednesday afternoon, rising nearly 10% after Morgan Stanley raised its price target on the stock, citing the company's artificial intelligence (AI) business. did. Analysts at the bank raised their price outlook to $152 from $128. Morgan Stanley said Dell is gaining “momentum” with enterprise customers.
Monday.com beats profit expectations, reports strong demand in all markets
Monday.com (MNDY) stock rose 20% late Wednesday after the cloud-based workflow software maker reported a strong first-quarter earnings report. Monday.com beat both profit and revenue expectations, had strong customer growth, set a record free cash flow, and provided a better-than-expected full-year outlook. The company said there is strong demand in all markets.
