Wall Street Breakfast Podcast: Comcast Unveils StreamSaver Bundle

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Comcast (CMCSA) reveals its own streaming bundle of Peacock, Netflix, Apple TV at deep discount. (00:23) Kenvue (KVUE) prices secondary stock offering as Johnson & Johnson exits. (01:23) CVS risks losing up to 10% in Medicare memberships next year. (01:50)

This is an abridged transcript of the podcast.

The struggle over who will get your any-dollar-99 a month continues.

Comcast (NASDAQ:CMCSA) is launching a new cable-like streaming bundle that’ll include Peacock, Netflix (NASDAQ:NFLX), and Apple TV, at a “vastly reduced price to anything in the market today.”

Comcast chief Brian Roberts made the announcement at the MoffettNathanson’s 2024 Media, Internet and Communications Conference in New York.

He said the reduced price is “everyday pricing, not an introductory pricing.”

The company will reveal more details on the new bundle this month.

The new bundle, called StreamSaver, will be available to all Comcast (CMCSA) broadband and TV customers.

Just a week ago, Disney (DIS) and Warner Bros. Discovery (WBD) unveiled their streaming bundle that includes Disney+, Hulu, and Max. Also, the two companies have partnered with Fox (FOX) to launch a joint sports-streaming service this fall.

Johnson & Johnson is exiting Kenvue.

Kenvue (NYSE:KVUE) has priced its secondary underwritten public offering of 182.3M shares at $20.00 apiece, which are being offered as part of Johnson & Johnson’s (NYSE:JNJ) exit from the company in a debt-for-equity exchange.

The offering is expected to close on May 17.

After the completion of the offering, J&J (JNJ) will no longer own any Kenvue (KVUE) shares.

CVS Health (NYSE:CVS) warned investors on Tuesday that its Aetna insurance unit could lose up to 10% of its membership base in its Medicare Advantage business as the company prioritizes margins.

CFO Thomas Cowhey made the remarks at the Bank of America Securities 2024 Health Care Conference, days after the company’s Q1 2024 financials disappointed Wall Street early this month.

During the quarter, CVS’ (CVS) Health Care Benefits segment, which includes the Aetna unit, witnessed a ~60% YoY decline in its adjusted operating income as its medical benefits ratio spiked amid rising Medicare utilization among its members.

“The goal for next year is margin over membership,” Cowhey said.

“But could we lose up to 10% of our existing Medicare members next year? That’s entirely possible. And that’s okay because we need to get this business back on track,” he added.

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Catalyst watch:

  • Hedge funds are required to file their quarterly report on holdings by the end of the day.

  • Marathon Digital (MARA) CEO Fred Thiel will be one of the featured speakers at the DC Blockchain Summit.

  • The two-day BMO Global Farm to Market Conference will feature presentations from a long list of food-related companies, including Kroger (KR) and Tyson Foods (TSN).

  • GoodRx Holdings (GDRX) will hold its first Investor Day. The event will feature presentations by top management and an overview of the company’s strategy for long-term growth.

  • Postmarket – Burning Rock Biotech (BNR) will start trading on a split-adjusted basis following the 1-for-10 reverse stock split.

Wall Street on Tuesday ended higher.

The Nasdaq (COMP:IND) gained 0.75% to settle at 16,511.18 points, a new record closing high. The benchmark S&P 500 (SP500) added 0.48% to finish at 5,246.57 points, while the blue-chip Dow (DJI) climbed 0.32% to conclude at 39,558.11 points.

Of the 11 S&P sectors, eight ended in the green.

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 red. Crude oil is up 0.2% at more than $78 per barrel. Bitcoin is up 1.7% at more than $62,000.

In the world markets, the FTSE 100 is up 0.2% and the DAX is up 0.5%.

The biggest movers for the day premarket: Shares of Nextracker (NASDAQ:NXT) gained 12% after the provider of solar trackers and software solutions reported better than expected FQ4 results, boasting a 42% Y/Y growth in revenue.

On today’s economic calendar:

  • 8:30am Consumer Price Index report for April will be released.

  • 8:30am Retail sales report for April will be released.

  • 10am The Fed’s Michael Barr will testify before the House Financial Services Committee.

  • 3:20pm The Fed’s Michelle Bowman will speak on Innovation and the Evolving Financial Landscape at the DC Blockchain Summit 2024.