1) FSS expects downtrends on SET Index as market remains cloudy
Finansia Syrus Securities (FSS) expected the Thai stock market to move sideways to sideways down with a risk to drop below its resistance point of 1,670 to 1,650-1,660 points. The outlook in the market remained cloudy as investors continued to digest Fed’s president comment on rate hikes, resulting in a selloff in risk assets.
2) Disney plans to cut 7,000 jobs and reorganize firm into three segments
Disney said on Wednesday that the company is planning to cut 7,000 jobs, slashing costs and reorganize the business into three segments, which are; Disney Entertainment, ESPN division and Parks, Experiences and Products unit.
The announcement came after Disney posted its fiscal first-quarter earnings that beat the top and bottom line. Earnings per share was 99 cents vs 78 cents per share expected, according to a consensus by Refinitiv. Meanwhile, revenue was $23.51 billion vs $23.37 billion expected.
3) Stocks related to AI in China fall after Alphabet’s chatbot failed to impress viewers on debut
China AI-related stocks are falling on Thursday’s open, following that falling of Alphabet by 7% after its AI chatbot ‘Bard’ failed to impress viewers, making a factual error in the first demo debut on Wednesday.
In the morning session on Thursday, shares of Baidu dropped 6%, Zhihu fell 11%, and Net Ease slipped 3% in Hong Kong.
In an advertisement Google released on Monday, it confidently asserted that the James Webb Space Telescope snapped “the very first image of a planet outside our solar system,” which was false data as the actual milestone was actually reached 17 years before the launching of James Webb Space Telescope.
4) Netflix announces plans to prevent password sharing
Netflix Inc on Wednesday laid out plans to crack down on password sharing on its streaming platform. The company said that primary account in many countries can add an extra member sub account for up to two people for an extra C$7.99 a month per person, NZD$7.99 in New Zealand, 3.99 euros in Portugal, and 5.99 euros in Spain.