华纳兄弟探索公司（WBD）周三早盘下跌0.8%。该公司董事会敦促股东拒绝派拉蒙天空之舞公司 （PSKY）提出的每股30美元的敌意收购要约（股权价值约1084亿美元），理由是融资风险。 WBD董事会还重申支持与奈飞（NFLX）就WBD流媒体和影视制作资产达成的现金加股票交易（股权 价值约720亿美元；企业价值约830亿美元）。 责任编辑：张俊 SF065 华纳兄弟探索公司（WBD）周三早盘下跌0.8%。该公司董事会敦促股东拒绝派拉蒙天空之舞公司 （PSKY）提出的每股30美元的敌意收购要约（股权价值约1084亿美元），理由是融资风险。 WBD董事会还重申支持与奈飞（NFLX）就WBD流媒体和影视制作资产达成的现金加股票交易（股权 价值约720亿美元；企业价值约830亿美元）。 责任编辑：张俊 SF065 ...

Core Viewpoint - The acquisition battle for Warner Bros. has intensified with Paramount's $108 billion all-cash hostile bid challenging Netflix's previous agreement, influenced by political dynamics surrounding Trump and regulatory scrutiny [1][2][4]. Group 1: Acquisition Proposals - Paramount's offer of $30 per share in cash represents a 139% premium over Warner Bros.'s unaffected stock price, totaling an enterprise value of $1,084 billion [4][5]. - Netflix's proposal, valued at $72 billion, includes $23.25 in cash and $4.50 in stock per share, focusing on Warner's film production and streaming assets [4][5]. - Paramount's CEO emphasized the certainty of cash returns and lower regulatory risks compared to Netflix's mixed cash and stock offer, which could lead to significant cash benefits for Warner Bros. shareholders [1][5]. Group 2: Market Reactions - Warner Bros.'s stock price surged from $12 in September to $28 amid the acquisition battle, reflecting investor interest and speculation [2]. - Following the news of Paramount's bid, Paramount's stock rose approximately 9%, while Netflix's stock fell about 3.4% [8][11]. Group 3: Regulatory Environment - The acquisition proposals face strict antitrust scrutiny, with the potential merger of Netflix and Warner Bros. creating a streaming giant with approximately 430 million subscribers, raising concerns about market concentration [8][9]. - Trump's administration is reportedly more lenient towards traditional media mergers, which could favor Paramount's bid over Netflix's [7][8]. Group 4: Strategic Considerations - Paramount's strategy includes leveraging its political connections and emphasizing the competitive nature of its acquisition proposal, arguing that merging with Netflix would be anti-competitive [7][9]. - Netflix's response may involve increasing its cash offer to make its proposal more attractive to Warner Bros. shareholders, as its stock component's value is under pressure [11][12].

转自：新华财经 新华财经纽约12月8日电（记者刘亚南）随着投资者日益聚焦于本周美联储议息会议后的货币政策走 向，纽约股市三大股指8日开盘时涨跌不一，早盘明显走低，随后窄幅盘整，尾盘小幅拉升，收盘时纽 约股市三大股指均下跌。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌215.67点，收于47739.32点，跌幅为0.45%；标 准普尔500种股票指数下跌23.89点，收于6846.51点，跌幅为0.35%；纳斯达克综合指数下跌32.22点，收 于23545.90点，跌幅为0.14%。 板块方面，标普500指数十一大板块十跌一涨。通信服务板块和材料板块分别以1.77%和1.66%的跌幅领 跌，科技板块上涨0.93%。 当日早间，美国10年期国债收益率快速走高，一度达到4.19%，随后有所回落，对市场人气带来打压。 美国市场服务机构Integrated 合伙公司首席投资官史蒂芬•科拉诺（Stephen Kolano）表示，过去一两周 市场表现在某种程度上反映了美联储再次降息25个基点的很高可能性。如果美联储因为某种原因没有降 息，股市预计将出现2%至3%的跌幅。 科拉诺预计，美联储主席鲍威尔将会强调未来货币政 ...

先说说大家最关注的两个事儿：一是Netflix豪掷720亿收购华纳兄弟的电影和流媒体资产，二是市场对 美联储降息的预期飙到了87%。这俩事儿放一块儿，其实就是当前美股的核心脉络。先聊收购案，流媒 体行业这几年卷得厉害，Netflix这次出手，说白了就是想通过整合内容资源，巩固自己的行业地位，毕 竟华纳手里的经典IP可是不少。但有意思的是，白宫已经表态"高度怀疑"，这就意味着后续监管审批会 有变数，所以华纳股价涨了6%，Netflix反而跌了2.9%，市场其实早就把这个风险算进去了。 再看宏观数据，美国9月消费支出几乎没增长，核心PCE通胀率倒是符合预期，12月消费者信心还比预 想的高。这组数据看着矛盾，其实反映了美国经济的现状：老百姓开始控制开支，但对未来的通胀预期 在改善，加上初请失业金人数降到了2022年9月以来的低点，劳动力市场没出大问题，这就给美联储降 息留了空间。不过大家别光盯着降息预期，有个隐忧得注意——美国11月裁员人数已经让年度裁员破了 100万，AI替代、企业重组都是重要原因，这说明经济复苏其实还挺脆弱，后续可能会有波动。 聊到观点，帮主得说句实在的：美股这波上涨，本质是"数据达标+政策预期 ...

美股周五盘前，Netflix（NFLX）股价下跌3.5%，此前有报道称该公司宣布已达成协议，以每股27.75美 元的价格收购华纳兄弟探索公司(Warner Bros. Discovery,WBD)。 责任编辑：张俊 SF065 美股周五盘前，Netflix（NFLX）股价下跌3.5%，此前有报道称该公司宣布已达成协议，以每股27.75美 元的价格收购华纳兄弟探索公司(Warner Bros. Discovery,WBD)。 责任编辑：张俊 SF065 ...

银行包括富国银行、法国巴黎银行和汇丰银行。 协议条款包括：如果华纳兄弟探索公司达成或完成某项符合条件的替代交易，则需向奈飞支付28亿美 元；如果奈飞决定终止此次合并，则需向华纳兄弟探索公司支付58亿美元。 推荐阅读：奈飞拟827亿美元收购华纳兄弟探索影业及流媒体 好莱坞新巨头来了 奈飞公司从一个银团获得了不超过590亿美元的高级无担保过桥融资承诺，用于为其收购华纳兄弟探索 交易的现金部分提供资金。 奈飞公司从一个银团获得了不超过590亿美元的高级无担保过桥融资承诺，用于为其收购华纳兄弟探索 交易的现金部分提供资金。 银行包括富国银行、法国巴黎银行和汇丰银行。 协议条款包括：如果华纳兄弟探索公司达成或完成某项符合条件的替代交易，则需向奈飞支付28亿美 元；如果奈飞决定终止此次合并，则需向华纳兄弟探索公司支付58亿美元。 责任编辑：刘明亮 责任编辑：刘明亮 推荐阅读：奈飞拟827亿美元收购华纳兄弟探索影业及流媒体 好莱坞新巨头来了 ...

Core Viewpoint - Netflix (NFLX.US) shares fell by 3% in pre-market trading following the announcement of its acquisition of Warner Bros. Discovery's television and film production and streaming divisions for $82.7 billion [1]. Group 1: Company Performance - The closing price of Netflix on December 4 was $103.220, reflecting a decrease of $0.740 or 0.71% [2]. - The pre-market price on December 5 was $100.040, down by $3.180 or 3.08% [2]. - The highest price recorded was $103.800, while the lowest was $101.770, indicating a trading range of 1.95% [2]. Group 2: Financial Metrics - The total market capitalization of Netflix is approximately $437.377 billion [2]. - The price-to-earnings (P/E) ratio is 52.05, and the price-to-book (P/B) ratio is 16.852 [2]. - The average trading price was $102.829, with a trading volume of 51.7791 million shares [2].

Core Insights - The completion of the highest-profile forward stock split of 2025 has occurred, driven by innovations in AI and quantum computing, alongside investor enthusiasm for stock splits [1][2]. Stock Split Overview - A stock split allows a company to adjust its share price and outstanding share count without affecting its market cap or operating performance, although it is perceived positively by investors [3]. - Forward splits are typically executed by strong companies, making shares more affordable for investors, while reverse splits are often associated with struggling companies [4][5]. Notable Companies and Their Splits - O'Reilly Automotive completed a 15-for-1 forward split in June 2025, benefiting from a strong market for auto parts and a successful share buyback program [7][8]. - Fastenal executed a 2-for-1 forward split in May 2025, marking its ninth split since going public, supported by its innovative supply chain solutions [9][10]. - Interactive Brokers Group completed its first-ever forward split (4-for-1) in June 2025, driven by investments in automation that have improved its operating metrics [11][12]. - Lucid Group's 1-for-10 reverse split in August 2025 was a response to poor operating performance, despite a subsequent increase in share price [13][14]. Netflix's Stock Split - Netflix announced a 10-for-1 forward split effective November 17, 2025, marking its third forward split to enhance stock accessibility for retail investors [15][16]. - The company's success is attributed to its pioneering role in streaming and continuous innovation, maintaining a leading position in the market despite increasing competition [17][18]. - Netflix's introduction of an ad-based subscription tier and a crackdown on password sharing has contributed to an increase in its monthly active user base [20][21].

Core Viewpoint - Disney's stock price dropped over 8%, marking the largest intraday decline in seven months, despite exceeding profit expectations for Q4 due to strong performance in streaming and theme park businesses [1] Financial Performance - For Q4 of fiscal year 2025, Disney reported an adjusted earnings per share of $1.11, a 3% decrease year-over-year, but 6 cents higher than analyst expectations [1] - Revenue for the quarter was $22.5 billion, roughly flat compared to the previous year, and slightly below analyst expectations of $22.75 billion [1] Future Outlook - The release of major films, including "Avatar" and "Zootopia 2," is expected to negatively impact earnings by $400 million in the upcoming first quarter of the new fiscal year [1] - The new "Avatar" film is set to release on December 19, contributing only two weeks of box office revenue before the end of the quarter [1] - A decrease in political advertising revenue is anticipated to further impact the television business [1]

Core Viewpoint - Amazon has accused PacifiCorp, a utility company owned by Berkshire Hathaway, of failing to provide sufficient electricity for four new data center projects, highlighting the pressure that rapid tech facility expansion places on the power grid [1] Group 1: Company Actions - Amazon filed a complaint with the Oregon Public Utility Commission, claiming that PacifiCorp violated its contractual obligations to supply adequate power for the projects since 2021 [1] - The complaint specifies that one data center received insufficient power, another center was not powered at all, and the third and fourth centers refused to complete their standard contract processes [1] Group 2: Industry Implications - The situation underscores the increasing demand for electricity from tech companies as they expand their data center operations, which are essential for cloud computing, mobile applications, and streaming services [1]