Restructure It, Ralph

[The beef 675] [I'm an image] "Streaming is going to be huge! Who could have predicted this?" - Jeff Hey there carnivores, Markets were up on Monday for a 4-day win streak. Tech stocks lead the way ahead of upcoming earnings. Again, what else is new? Today we’re talking Disney shaking things up. Keep raging, Jeff & Jason [Image] [I'm an image] Restructure It, Ralph Late yesterday Disney announced a major [restructuring]( in its media and entertainment divisions. What's in store? The House of Mouse will shift its focus to... wait for it… streaming. Have you learned nothing from Quibi? Disney’s plan moving forward is to centralize its media units under a single organization so it can focus on the only thing that actually matters... hawking $30 "premium" movies on Disney+. The new media division will oversee content distribution, ad sales, and Disney+. CEO Bob Chopak said the reorg [might result]( in the elimination of some (more) staff. The good news? It won't be as much of a bloodbath as it was last month when Disney sent 28k employees in its Parks division "wishing upon a star." Kareem Daniel, the former president of consumer products, games and publishing, will now be the head of the new Media and Entertainment distribution group. But why? Streaming has helped Disney keep the lights on during a pandemic that has not been kind to theme parks. Luckily, Disney touts more than 100M paid subscribers across its streaming offerings, which includes Disney+, Hulu, and like 17 people who forgot to cancel their ESPN+ trial after a UFC fight. Investors seemed to love the move, as Disney stocks climbed 5% on the news. The bottom line... Disney also announced it plans to experiment with more “straight to streaming” content. Straight to DVD was just a decade ahead of its time. Disney’s 'Soul' will take the 'Mulan' route, going straight to Disney+, while [other](, bigger budget movies, (read: anything Marvel) will still hit theaters... at some point. But that might not be the only experimentation Disney is planning. Pressure is mounting from activist investor Dan Loeb to [cut]( Disney's $3B annual dividend. How does Loeb propose they spend the cash? More streaming content, of course... [I'm an image] Jeff Bishop’s #1 Stock For Q4 2020 (Hint: It’s Not What You Think) [Alternate text]( [Watch Now]( [Alternate text] ☑️Honorary Oracle. Dillard's department store had a better Monday than you. The company’s stock price jumped [as much as 40% yesterday](, and closed up 27%. And it had nothing to do with a completely tone-deaf Columbus Day sale... So, why then? It got a ringing endorsement. One of Warren Buffett’s investing lieutenants, Ted Weschler, disclosed a large personal stake in the retailer (5.89% of all outstanding shares). The 1.08M shares are worth roughly $58M. Apparently Teddy subscribes to the BTFD school of thought, as shares of Dillard’s are down 40% on the year. It did report a lower-than-expected loss in its most recent quarterly filing, though. What do you know that we don’t, Mr. Weschler? ☑️Priced to move. November and December crude futures [declined]( 2.9% in New York yesterday as the Gulf of Mexico came back online following Hurricane Delta and Libya re-opened its biggest field. I love the smell of natural disasters and civil war in the AM. It probably doesn't help that 'rona boi is back for seconds in Europe and there are fears that OPEC could flood the market with more black gold in January. The upcoming US election also poses a threat to fossil fuel prices. Analysts believe that if Democrats sweep, the US would be more likely to re-enter the Iran nuclear agreement. What does this have to do with the price of crude? Well, Iran could begin moving an additional 500k barrels per day in 2021. ☑️Comeuppance. A third drug manufacturer has filed for bankruptcy as a result of mounting liabilities related to its involvement in the opioid pandemic. Ireland based Mallinckrodt [filed for Chapter 11 bankruptcy protection]( and is proposing a $1.6B settlement with state and local governments. The restructuring agreement would see the drug-maker fund a trust for opioid-related claims with the $1.6B. Opioid claimants would also receive warrants for a minority stake in the company once it comes out of bankruptcy... because who wouldn't want a chance to own a part of the company that killed their loved one? Not everybody is happy though. The restructuring wipes out roughly $1.6B of unsecured bonds, as well as current shareholders of Mallinckrodt stock. Those investors are expected to fight the deal. 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