Diamonds and Dogs

5/17/21

AT&T (T) and Discovery (DISCA) looking to create one of the largest global streaming players in the world. AT&T is up 3% on the news while Discovery opened 9% higher, but is paring its gains. The deal will bring together the owner of CNN, HBO and movie studio Warner Bros. with Discovery's portfolio of successful science, cooking or nature shows, creating a new major player in the streaming industry to better compete with the likes of Netflix, Disney, Apple or Comcast. The new company would have $52 billion in revenue in 2023 with $14 billion Ebitda (earnings before interest, taxes, depreciation, and amortization).

Bitcoin and cryptocurrency-related stocks taking a hit after Tesla (TSLA) CEO Elon Musk lit up Twitter over the weekend with comments suggesting the EV maker may have sold its remaining Bitcoin. Musk later clarified that Tesla has not sold any Bitcoin, but the damage had been done. Bitcoin ETF is down 13% while Bitcoin exchange market, Coinbase (COIN) is down 6%. Tesla's (TSLA) stock is down 3% to new recent lows.

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