1) Disney announced it has sold its stake in the YES Network to investors including Amazon for 347 million dollars. The YES Network airs the Yankees games as well as other local sports and specialty content, and was one of the assets the Department of Justice required Disney to sell. It’s unknown what Amazon’s role in this acquisition will be.
2) The traditional shipping companies UPS and FedEx are now being challenged by Amazon’s emerging shipping empire as exemplified by its recent breakup with FedEx. As its consumer business has expanded, Amazon has built a network of suburban warehouses package and sorting centers feeding a fleet of delivery vehicles. This is turning it from a customer delivery service to a rival. In expanding with new service centers, Amazon is gobbling up failed malls. This expansion is driven in part by its rapidly expanding Prime membership, now with 100 million subscriptions in the US, with Amazon now delivering over half of its own orders.
3) Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba, the equivalent of Amazon.com, predicts that by 2030 computers and artificial intelligence will not only shrink the number of jobs by as much as 40%, but also reduce the number of work hours available to the remaining workers. This is just one more prediction of near term technology displacement coming in the next ten to twenty-five years that have recently been made public.
4) Stock market closings for – 30 AUG 19:
Dow 26,403.28 up 41.03
Nasdaq 7,962.88 down 10.51
S&P 500 2,926.46 up 1.88
10 Year Yield: down at 1.51%
Oil: up at $55.16