Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, underperforming the MSCI All Country World Index and MSCI World Index which returned 7.74% and 7.36% respectively [1] - Year-to-date, the strategy has risen 10.61% net, compared to 18.86% and 17.83% for the respective indexes [1] - The last six months have been noted as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - Netflix, Inc. (NASDAQ:NFLX) experienced a one-month return of -5.23% and a 52-week gain of 13.26%, closing at $103.96 per share with a market capitalization of $440.51 billion on December 3, 2025 [2] - Despite Netflix's subscriber growth and resilience in revenue amidst slower consumer spending, the stock's performance was affected by high market expectations, leading to a pullback from earlier gains [3] - Netflix is ranked 14th among the 30 Most Popular Stocks Among Hedge Funds, with 154 hedge fund portfolios holding the stock at the end of Q3, an increase from 133 in the previous quarter [4]

The bidding war for entertainment giant Warner Bros. Discovery (NASDAQ:WBD) could be entering the home stretch. The Dec. 1 deadline for second-round binding offers arrived, and Netflix (NASDAQ:NFLX) has emerged as the leader on the strength of a sweetened, mostly cash proposal and a strong relationship between the company CEOs. Rivals including Paramount Skydance (NASDAQ:PSKY) and Comcast (NASDAQ:CMCSA) also submitted bids, but each has different goals. Where Paramount targets acquiring the entire company, ...

Core Viewpoint - Warner Bros. Discovery (WBD) is exploring a sale process for its assets, attracting bids from major companies like Paramount, Comcast, and Netflix due to its extensive library of popular film and television content [2][4]. Group 1: Sale Process and Bidders - Paramount made an initial offer in September to acquire WBD, prompting the company to officially explore a sale process [2]. - WBD plans to complete the sale process by mid-to-late December, having received second-round bids from potential buyers [4]. - Comcast is interested in WBD's assets but is not keen on its cable networks, proposing a clause that allows WBD to spin out its cable networks before the acquisition closes [7][8]. Group 2: Content Library and Strategic Fit - WBD's content library includes major franchises such as DC superheroes, Harry Potter, and Game of Thrones, making it an attractive acquisition target [3]. - Comcast's acquisition of WBD would enhance its streaming service Peacock, which currently has 41 million subscribers and lacks original content [8]. - Paramount aims to bolster its franchise output by acquiring WBD's library, which could significantly enhance its portfolio [25][29]. Group 3: Netflix's Position - Netflix, initially seen as a potential bidder to drive up prices, has made a cash bid for WBD's streaming and studio assets, despite its historical reluctance to engage with legacy media networks [16][19]. - The acquisition of WBD's content library would provide Netflix with established franchises, but concerns exist regarding how Netflix would manage WBD's theatrical legacy [19][22]. Group 4: Industry Dynamics and Future Implications - The merger of WBD with any of the bidders could lead to a reduction in the number of films and TV productions, impacting content availability for consumers [28]. - Paramount's interest in acquiring WBD includes its cable networks, which would enhance its news and sports coverage significantly [29][30].

So, I just got a pretty exciting package in the mail. It is the Yumi Netflix gift box/ advent calendar. Let's unbox it.Number one with the B logo. Over here we have One Piece. This is a series I didn't watch, so [snorts] bear with me.Oh, it's a flag. That's so fun. Okay, we have Stranger Things for the new season.It's a demi Gorgon number four, Outer Banks. Oh, that's so cute. So, we have number six, but it's a pen.Oh, we have stickers. We have one of the guards stand. We have another OBX.It's a coaster pat ...

Economic Overview - U.S. private employers cut 32,000 jobs in November, reversing October's gains and indicating renewed labor-market weakness [1] - The ADP data showed broad declines led by small businesses and major sectors like manufacturing and professional services, with pay growth continuing to slow [1] Market Reaction - The Dow Jones Industrial Average rose over 400 points, closing nearly 0.9% higher at 47,882.90, driven by expectations of an upcoming rate cut [2] - The S&P 500 and Nasdaq also saw gains, closing at 6,849.72 and 23,454.09 respectively [2] Company Performance: Salesforce - Salesforce reported third-quarter revenue of $10.26 billion, slightly below expectations, but adjusted earnings of $3.25 per share exceeded estimates of $2.86 [3] - Remaining performance obligations increased by 11% to $29.4 billion, with AI-driven products generating $1.4 billion in ARR [3] - The company raised its full-year revenue and earnings outlook [3] Company Performance: Snowflake - Snowflake's stock increased by 2.05%, closing at $265, but dropped 7.9% in after-hours trading to $244.05 [4] - The company posted third-quarter revenue of $1.21 billion, with adjusted earnings of 35 cents, beating estimates [5] - Revenue rose 29% year-over-year, and remaining performance obligations jumped 37% to $7.88 billion, although slower fourth-quarter operating margins were forecasted [5] Company Performance: UiPath - UiPath shares rose 3.92%, closing at $14.86, and jumped 6.5% in after-hours trading to $15.82 [6] - The company reported third-quarter revenue of $411 million and adjusted earnings of 16 cents per share, exceeding expectations [7] - ARR increased by 11% year-over-year to $1.78 billion, with strong margins and positive free cash flow reported [7] Company Performance: iRobot - iRobot's stock surged by 73.85%, closing at $3.39, following reports of a potential executive order from the Trump administration to boost the robotics industry [8] - The stock reached a high of $3.50 and a low of $2.12, but slipped 2.4% in after-hours trading [8] Company Performance: Netflix - Netflix shares fell by 4.93%, closing at $103.96, with an intraday high of $106.87 and a low of $102.03 [9] - The company reportedly explored acquiring Warner Bros. Discovery's studios and streaming operations, framing the deal as a consumer cost-cutting bundle with HBO Max [10] - The merger discussions faced political pushback, including criticism from the Pentagon and GOP objections over Netflix's potential market power [10]

Core Insights - The recent large-scale events hosted by iQIYI and WeTV in Bangkok signify a strategic expansion into Southeast Asia, particularly Thailand, which is seen as a new growth opportunity for Chinese streaming platforms [1][3][4] Group 1: Market Dynamics - The Southeast Asian streaming market is projected to grow to $6.8 billion by 2030, with Thailand's entertainment industry expected to surpass 600 billion Thai Baht by 2025, indicating a robust demand for digital content [3][4] - Chinese platforms have captured approximately 40% of the Thai market, surpassing American platforms like Netflix, which hold about 30% [3][4] - The local content production capabilities and pricing strategies of Chinese platforms align well with the preferences of Thai consumers, creating a favorable environment for growth [4][9] Group 2: Content Strategy - iQIYI plans to double its exclusive Thai drama offerings in 2026 and aims to establish Thailand as its "second content production center" [11] - WeTV reported a 54% year-on-year increase in VIP subscriptions, with Chinese content making up over 50% of its paid subscriptions, indicating a successful integration of local and Chinese content [11][22] - The focus on genres like BL/GL and variety shows, which resonate well with Thai audiences, showcases the adaptability of Chinese platforms to local tastes [4][21][36] Group 3: Competitive Landscape - Netflix's approach in Thailand has been characterized by a lack of deep investment in local content, which has allowed Chinese platforms to gain a competitive edge [8][16] - The collaboration between Chinese platforms and Thai production companies is evolving into a "co-creation growth model," contrasting with Netflix's more transactional approach [26][36] - The rapid adaptation of Chinese platforms to local market demands positions them to potentially reshape the streaming landscape in Southeast Asia over the next few years [36]

Final trade [music] time. Steve >> General Motors >> Karen. >> Yes.Ulta. Last quarter they had blowout earnings [music] and they could barely contain their enthusiasm. They tried to sandbag.They're reporting earnings tomorrow. I think they're going to be very good. >> S.[music] >> Yeah. Netflix was last night down 5% today. Mr.. >> Netflix. >> Shout out to the AUBs. I [music] work with Bob at the Goldman Sachs.His daughter Nicole is here. His wife is not. She was invited.She didn't want to come. Uh PWA Mel. ...

Investors are questioning the wisdom of a potential merger.Shares of Netflix (NFLX 4.93%) declined nearly 5% on Wednesday, following reports of ongoing acquisition talks between the streaming leader and its rival, Warner Bros Discovery (WBD +0.16%). Market share gains might not materializeNetflix is interested in purchasing Warner Bros Discovery's studio assets and HBO Max streaming service, according to Reuters. A deal would allow Netflix to bundle HBO Max with its own streaming offerings -- at a lower ov ...

Core Viewpoint - Netflix is pursuing a significant acquisition of Warner Bros. Discovery (WBD), which includes its Hollywood studio and streaming service, but faces opposition from the Trump administration and the Justice Department due to antitrust concerns [1][2][4]. Acquisition Details - Netflix's bid is primarily cash-based, while competitors like Paramount Skydance are offering all cash at a price of $25 per share or more [16]. - WBD is currently valued between $60 billion and $70 billion, more than double its value before the auction process began [17]. Antitrust Concerns - The Justice Department's antitrust division is preparing for a potential multiyear investigation if Netflix wins the bidding, as officials are worried about the increased market power it would gain [3][4]. - The merger would combine Netflix's 300 million subscribers with HBO Max's 100 million, creating a streaming entity significantly larger than its nearest competitor, Disney [4][11]. Industry Reactions - Officials are comparing the potential Netflix-WBD deal to Ticketmaster acquiring a major venue, raising concerns about pricing power and market control in the entertainment industry [7][10]. - There is skepticism from senior officials in the White House and the Justice Department regarding Netflix's claims that the deal would not violate antitrust laws [3][10]. Competitive Landscape - Other bidders include Paramount Skydance and Comcast, with Comcast's offer being less attractive to shareholders due to its cash and stock combination [11][16]. - The auction is in its second round, with a decision on the winner potentially being announced soon, although a third round of bidding could occur to increase the sale price [12][11].

Core Insights - A semiconductor company, Microchip Technology, raised its quarterly sales and profit forecasts, leading to a significant increase in its stock price by 12.2% [1] - Major media companies, Paramount Skydance and Netflix, experienced stock declines of 7.3% and 4.9% respectively, amid ongoing buyout negotiations with Warner Bros. Discovery [1] Semiconductor Industry - Microchip Technology's strong bookings and improved backlog prompted an increase in its quarterly forecast for net sales and adjusted earnings per share [1] - Other semiconductor companies, ON Semiconductor and NXP Semiconductors, also saw stock price increases of 11% and 5.7% respectively following Microchip's positive guidance [1] Media and Entertainment Sector - Paramount Skydance and Netflix's shares fell as they navigated competing offers to acquire Warner Bros. Discovery, with Netflix making a mostly cash offer for the company's film and streaming assets [1] - Paramount is reportedly considering a direct offer to Warner Bros. Discovery shareholders, bypassing the board [1] Airline Industry - Delta Airlines' shares rose 3.6% despite a warning that a government shutdown cost the airline approximately $200 million in pre-tax profit for the current quarter, with strong demand expected to continue [1] - United Airlines also saw a stock increase of 3.9% on the same day [1] Real Estate Investment Trusts (REITs) - Alexandria Real Estate Equities experienced a significant stock decline of 10.1% after its 2026 funds from operations guidance fell short of expectations, along with a 45% cut to its quarterly dividend [1] Other Notable Movements - Vertex Pharmaceuticals' shares increased by 6.9% following an upgrade from Morgan Stanley, driven by optimism around its kidney treatment pipeline [1] - Sandisk's shares fell 5.3% after a period of strong gains, despite being newly added to the S&P 500 [1]