Tuesday’s Headlines: Netflix And Spielberg Buddy Up
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
ShotSpotter (SSTI) +9.0%
RH (RH) +4.2%
Axos Financial (AX) +4.0%
Moving Down ⬇️
Wix (WIX) -4.6%
Pinterest (PINS) -4.1%
Zillow (Z) -2.6%
Baozun (BZUN) -2.5%
Coupa Software (COUP) -2.1%
1. Netflix (NFLX) has gone fishing for more content and has caught a big deal with 'Jaws' director, Steven Spielberg. The partnership with Hollywood’s elite filmmaker, whose body of work also includes 'Saving Private Ryan' and ‘E.T’, will include multiple new feature movies made yearly for Netflix. The contract represents a major coup for the content platform as it faces increased competition from deep-pocketed rivals such as Disney (DIS) and Amazon (AMZN). The deal also comes as a big surprise to the industry after Spielberg publicly complained about Netflix being part of the Oscars just a few years ago. Neither party confirmed how long the multi-year deal would last but Netflix stated that they are looking forward to working together and “are honored and thrilled to be part of this chapter of Steven's cinematic history." See more here.
2. Judiciary Republican Jim Jordan has called on Microsoft (MSFT) to face the same antitrust scrutiny as other Big Tech companies. Jordan wrote a letter to Microsoft’s President, Brad Smith, asking whether the firm would be considered a “covered platform” under the proposed antitrust bills. The stack of new bills, which include propositions on banning tech platforms from acquiring small competitors, follow an investigation into the practices of Amazon, Apple (AAPL), Facebook (FB), and Google (GOOG). However, the impact on Microsoft is not so clear. Jordan questioned the connection between platform moderation and antitrust, asking Microsoft if the bills are passed will it “stop exerting editorial control over user content on its platforms.” Read more here.
3. On Monday, Tesla (TSLA) revealed a new supercomputer that will help it achieve its mission of vision-only autonomous driving. The new technology allows Tesla to ditch radar and lidar sensors on self-driving vehicles in favor of high-quality optical cameras which are faster. In Tesla’s pursuit of more advanced artificial intelligence, CEO Elon Musk has been advocating for vision-only autonomous driving for some time now. However, to get a computer to respond to an environment in the same manner a human would requires an immense dataset. With this supercomputer, the EV maker has accumulated 1 million videos of around 10 seconds each but still has a lot of data to collect before it achieves this goal. More here.