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DirecTV files FCC complaint accusing Disney (DIS) of stifling competition. (00:21) Big Lots (BIG) prepares for bankruptcy, agrees sale to Nexus Capital. (01:20) Panasonic (OTCPK:PCRFF) set to make next-gen EV cells at Japan plant – report. (02:27)
This is an abridged transcript of the podcast.
DirecTV has filed a complaint with the U.S. Federal Communications Commission that claims Walt Disney (NYSE:DIS) failed to negotiate in good faith and engaged in anticompetitive behavior.
The satellite-television provider said Disney (DIS) imposed unreasonable terms on renewing the distribution agreement between the two companies.
Reuters reported that the demands include requirements on bundling and market penetration that were ruled as unlawful by a federal court.
DirecTV also claimed Disney (DIS) pushed for a “fat bundle” of channels that would force them to offer less popular programming, while Disney (DIS) offers less expensive “skinnier” packages to viewers.
A Disney (DIS) spokesperson told Reuters that it continues to negotiate with DirecTV.
The ongoing dispute already has led more than 11 million DirecTV subscribers to lose access to Disney’s (DIS) network brands including ESPN.
Nexus Capital Management has agreed to buy all assets and ongoing business operations of Big Lots (NYSE:BIG).
Big Lots (BIG) together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings and will assess its operational footprint, which will include closing additional store locations.
During and after this process, Big Lots (BIG) will continue to serve customers at their nearest store location or online.
In connection with the court-supervised process, Big Lots (BIG) secured commitments for $707.5M of financing.
Big Lots (BIG) listed its assets and liabilities in the range of $1B to $10B and showed creditors in the range of 5,001-10,000.
“Additionally, Q3 to date is off to a good start, with a significant sequential improvement in underlying comp sales relative to Q2, as well as underlying gross margin expansion versus last year. We expect the positive momentum to continue into the back half of the year,” said Bruce Thorn, President and CEO.
Panasonic (OTCPK:PCRFF) (OTCPK:PCRHY) will begin production of its next-generation electric vehicle batteries at a recently reopened plant in Wakayama, Japan, The Japan Times reported.
This facility will primarily focus on the production of Panasonic’s (OTCPK:PCRFF) new 4680 cylindrical lithium-ion cells, which are designed to be lighter, more efficient, and cheaper than previous models like the 2170 cells.
The company plans to start output as soon as a final evaluation is completed, although a specific date has not been disclosed.
Panasonic Energy, the company’s battery unit, is also investing $3.2B with Subaru to build a new battery factory in Gunma Prefecture, the report said.
The Japanese government also recently announced subsidies for many companies, including Panasonic (OTCPK:PCRFF), to invest in the advancement of EV technology and solid-state battery development.
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Catalyst watch:
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A preliminary injunction hearing will be held in the Federal Trade Commission’s lawsuit to block Tapestry (TPR) from acquiring Capri Holdings (CPRI).
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Apple (AAPL) will hold an event titled “It’s Glowtime” that is expected to feature details on the iPhone 16 and the suite of AI features included in Apple Intelligence. The public rollout of iOS 18 is also anticipated.
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The first day of the four-day Goldman Sachs Communacopia & Technology Conference includes presentations from DoorDash (DASH), Uber Technologies (UBER), and Opendoor Technologies (OPEN).
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The trial phase of the Department of Justice antitrust case against Google (GOOG) (GOOGL) will begin.
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The 5-for-1 stock split for Tetra Tech (TTEK) will become effective.
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Southwest Airlines (LUV) is scheduled to meet with representatives of Elliott Management. There is the potential that some details regarding the airline’s planned announcements for the Investor Day event on September 26 may be leaked.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 1% at $68/barrel. Bitcoin is up 1.2% at $55,000.
In the world markets, the FTSE 100 is up 0.65% and the DAX is up 0.68%.
The biggest movers for the day premarket: Dell Technologies (NYSE:DELL) and Palantir Technologies (NYSE:PLTR) are up 6 and 7% respectively after S&P Global announced their inclusion in the prestigious S&P 500 index.
On today’s economic calendar:
3:00 pm Consumer Credit
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
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