Yahoo Takes a Bet On Live Content & NFL
Even if you are not a big football fan, the fact is the NFL is a big deal. Yahoo (YHOO, +0.16%) has decided to get in on the action and has won the rights to be the first ever to stream a live game via the internet. The Internet portal has decided to take a gamble on live content in order to boost their advertising revenue. On the 25th of October, the match between Jacksonville Jaguars and Buffalo Bills will take place and viewers will now be able to watch this game on Yahoo’s digital platforms which includes on a Yahoo app, in a Web browser or even on one’s TV using a device for streamlining. According to Adam Cahan who is the senior VP of emerging products and mobile at Yahoo, anyone who is digitally connected will have free access to watch the NFL game. If you also want to share in this new experience then get ready for the Week 7 game which will be played at 9:30 am Eastern time in London. On the flip side, with Yahoo winning the rights to the first internet only streaming game of the NFL, this marks a clear shift for the league and their strategy for broadcasting which is now moving away from airing the regular season games via a cable channel and traditional network TV. Yahoo shares are currently trading at $43.21 a share.
In U.S. trading on Wednesday, stocks gained. This came as investors shift their attention to the jobs report which is due out on Friday while the main indices traded in tight ranges. At the close of trading, the Dow Jones Industrial Average (DJIA) rose 0.4%, or 64.33 points, to 18,076.27. The top performer on the DJIA for the trading session was Home Depot Inc. (NYSE:HD), which rose 1.57 points, or 1.41%, to trade at 113.16 a share. Following the upward trend was the S&P 500 index (SPX) which advanced 0.2%, or 4.47 points, to 2,114.07. One of the top performers on the benchmark index was Urban Outfitters Inc. (URBN) which traded at $35.98, up 3.91%. Meanwhile, the Nasdaq Composite index (COMP) ended the trading session up by 0.5%, or 22.71 points, at 5,099.23. Also, the CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was at 13.66, down 4.07 percent.
In currency trading on Wednesday, the U.S. dollar (USD) traded lower. This came in response to mixed economic data while comments from Mario Draghi, the European Central Bank (ECB) President, boosted the demand for the euro. According to the Bureau of Economic Analysis in the U.S., the trade deficit in April dropped to $40.88 billion compared to $50.57 billion in March. This beat analysts’ expectations for a decline to $44.0 billion in April. Meanwhile, in a separate report, the ISM (Institute of Supply Management) said that its non-manufacturing PMI (purchasing manager's index) declined in May to 55.7. This marked a 13 month low. Added to this, ADP, the payroll processing firm, also reported that in May, non-farm private employment rose by 201,000. This also beat expectations for an increase of only 200,000. The EUR/USD traded at 1.1246, up 0.84% while the GBP/USD traded at 1.5329, down 0.09%. In other forex news, the Canadian dollar and the Japanese yen traded mixed against the greenback with USD/JPY down 0.09% at 124.24 and with USD/CAD up 0.30% at 1.2439. Also, the U.S. dollar index was at 95.47, down 0.55%.
On Thursday, in early morning Asian trade, crude oil prices recovered slightly. This came as investors turn their attention to the OPEC meeting on Friday which will provide more insight regarding production levels. WTI crude oil for July delivery traded at $59.66 a barrel, down 2.61% or 1.60 on the NYMEX. Meanwhile, the Energy Information Administration (EIA) reported that stockpiles for the week ending on the 29th of May declined by 1.9 million barrels which was in line with analyst expectations. Also, on Tuesday, Brent crude oil for delivery in July traded at $63.85 a barrel, down 2.5% or 1.64 on the Intercontinental Exchange (ICE).