• 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a big announcement from Comcast.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Thursday was the worst day for tech stocks since September. Both Meta and Microsoft top forecast but investors still found something to be upset about.
00:12It was a similar story for Uber. Quarterly results from the ride-hailing app were better than expected,
00:18but the number of rides booked was disappointing.
00:21Friday's big focus will be on jobs. The Labor Department releases the all-important employment report for October.
00:28In other business news, media conglomerate Comcast is exploring the idea of separating its cable hardware unit from its cable TV networks.
00:37The idea is still in early stages.
00:39Comcast would basically spin off cable TV assets like Bravo, E! and USA Network,
00:44which it acquired when it fully bought NBCUniversal in 2013.
00:49For right now, the traditional NBC TV network and the Peacock streaming service would stay with Comcast.
00:57It's unclear what would happen with CNBC and MSNBC, which are cable TV channels,
01:02but part of the NBC News franchise.
01:05This revelation came by way of an earnings conference call with investors.
01:10Comcast president Mike Kavanaugh said the company is considering how to create,
01:15quote, a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.
01:23The potential breakup comes amid a seismic shift in the media business.
01:27Cord cutters have put old school media companies on the ropes.
01:31Comcast lost 365,000 pay TV customers in the third quarter alone.
01:37During that same period, its streaming service Peacock took on three million new subscribers.
01:43For comparison, Peacock's ad-free version costs $7.99 a month,
01:49while Comcast's premium cable package costs about $70 a month.
01:54That'll do it for your daily briefing from the New York Stock Exchange.
01:57I'm Conway Gittens with the street.

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