Diamonds and Dogs


Disney (DIS) higher on private equity interest. Disney is up 2% as Dan Loeb at Third Point bought a stake in the stock and wrote a letter to the company to improve shareholder value by not reinstating the dividend, paying down debt, buying back stock and possibly spinning of ESPN to shareholders. Estimates for ESPN net worth coming in around $18 billion or higher.

Price of oil taking a hit. Oil is down 4% following weak economic data out of China, the world's largest crude importer. China over the weekend cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis.

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