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Parks rebound aids Disney profit; Disney+ subscribers grow
BURBANK, Calif. (AP) — A theme-park comeback continued to help Disney’s results recover in the most recent quarter. The company also added more subscribers to its Disney+ streaming service than analysts expected. Disney had closed or limited capacity at its theme parks and suspended cruises earlier in the pandemic. Domestic parks have reopened, and revenue in that division doubled in the most recent quarter, to $7.23 billion. Burbank, California-based Disney on Wednesday reported net income of $1.1 billion in the three months through Jan. 1, compared with $17 million in the fiscal first quarter the year before. Disney shares popped 8% to $159.08 in aftermarket trading.
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Federal Reserve Bank of Boston names a new president
WASHINGTON (AP) — The Federal Reserve Bank of Boston said Wednesday that it has chosen Susan M. Collins, an economist and administrator at the University of Michigan, as its next president. The selection of Collins, who will become the first Black person to serve as president of the Boston Fed, has already been approved by the Fed’s governing board. She is only the second Black American to be appointed a president of one of the Fed’s 12 regional banks. In that role, Collins will have a vote on the Fed’s interest rate decisions this year.
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Uber posts 4Q profit as ride-hailing service bounces back
SAN RAMON, Calif. (AP) — Uber’s ride-hailing service edged closer to returning to its pre-pandemic levels during the final three months of last year. But prospects for the San Francisco-based company remain clouded by the future direction of the novel coronavirus that has plagued its business. Its fourth-quarter results Wednesday came in above the analysts’ projections. But Uber’s forecast for the current January-March period was slightly below what analysts had been hoping, suggesting that omicron variant may still may be denting the ride-hailing service. Investors focused more on the positive signs in the past quarter, helping to lift Uber’s stock by about 8% in extended trading after the numbers came out.
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Kerry calls for keeping power markets open in Mexico
MEXICO CITY (AP) — U.S. climate envoy John Kerry has called for more investment in clean energy and urged Mexico to keep its power market “open and competitive.” Wednesday’s comments come amid tensions over Mexico’s plan to favor its state-owned electricity company and limit private and foreign firms that have invested in renewable energy. Kerry offered U.S. financing and technology for renewables. Kerry said the U.S. respects Mexican sovereignty — a reference to President Andrés Manuel López Obrador’s push to favor energy self-sufficiency and state-owned companies. Mexico has denied López Obrador’s proposed reforms are in violation of the U.S.-Mexico Canada free trade pact.
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Watchdog says Brexit has brought cost, red tape for UK firms
LONDON (AP) — A public spending watchdog says Britain’s departure from the European Union has brought higher costs, more red tape and border delays for businesses and not yet delivered promised benefits. Supporters of Brexit argue that Britain’s departure from the bloc in 2020 will allow the U.K. to slash red tape, increase productivity and streamline the economy. But Parliament’s Public Accounts Committee said Wednesday that the “only detectable impact” of Brexit so far has been to increase burdens on businesses. It said border delays are likely to increase as international travel and transport returns to pre-pandemic levels and Britain and the EU impose new checks later this year. The report comes a day after Prime Minister Boris Johnson appointed a “Brexit opportunities” minister.
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SpaceX satellites falling out of orbit after solar storm
CAPE CANAVERAL, Fla. (AP) — SpaceX’s newest fleet of satellites is tumbling out of orbit after being struck by a solar storm. The company reports that up to 40 of the 49 small Internet-service satellites launched last week have either reentered the atmosphere and burned up, or are about to do so. SpaceX says the storm made the atmosphere denser, which increased the drag on the satellites and doomed them. Ground controllers tried to save the satellites by putting them into a type of hibernation and flying them in a way to minimize drag, but the atmospheric pull was too great.
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Samsung unveils new phones as premium market share shrinks
SAN RAMON, Calif. (AP) — Samsung is trying to reclaim lost ground in the coveted high end of the smartphone market with a new lineup of Galaxy S models designed to appeal to consumers who are increasingly sharing videos of their antics on TikTok, Facebook, YouTube and other popular apps. Although the Galaxy S22 phones unveiled Wednesday feature some improvements from last year’s models, the differences aren’t dramatic. One of the biggest changes is the addition of a built-in pen to take digital notes and draw on the screen of the Ultra model that will cost $1,200. An IDC analyst described the phones as impressive devices that nevertheless lack a “wow” factor.
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Stocks rise broadly on Wall Street with more help from tech
NEW YORK (AP) — Stocks closed broadly higher on Wall Street Wednesday, putting the market further into the green for the week after a solid gain a day earlier. The S&P 500 rose 1.5%. The Dow Jones Industrial Average rose 0.9% and the Nasdaq rose 2.1%. Technology and communications stocks led the way higher. Chipmaker Nvidia rose 6.4%. The yield on the 10-year Treasury note held steady at 1.95%, the highest it’s been since before the pandemic began. Chipotle Mexican Grill jumped 10.2%. The company reported strong quarterly results after raising its menu prices 4% in December as it faced higher costs for beef and labor.
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The S&P 500 rose 65.64 points, or 1.5%, to 4,587.18. The Dow Jones Industrial Average gained 305.28 points, or 0.9%, to 35,768.06. The Nasdaq added 295.92 points, or 2.1%, to 14,490.37. The Russell 2000 index of smaller companies tacked on 38.13 points, or 1.9%, to 2,083.50.
