In Business and Financial News:
Yes, I Will Direct You…
Sony Television will become the first major TV production company to partner with Netflix (NFLX) to produce original programming. On Monday, Netflix announced that it will pair up with Sony early next year to produce a psychological thriller for the streaming programming company. Sony’s TV studio has made hit shows for traditional TV, like Breaking Bad or this year’s new NBC drama The Blacklist.
Insiders will be watching the deal closely to see whether a studio can make as much money producing shows for streaming services, like Netflix, as they do for traditional networks. Generally, studios license television shows to U.S. TV networks for a fee that is less than the production cost, and count on international distribution and back-end revenues like DVD sales and rerun airings to generate profits. Some studio executives in the past have said that they weren’t sure how robust the international and back-end market for Netflix originals could be.
Macy’s (M) announced Monday that it will be breaking its 155-year tradition of closing its stores on Thanksgiving Day. Macy’s will open the doors of most of its 800 stores on Thanksgiving Day at 8pm. The stores will be manned with workers who volunteered to work the holiday. In past years, the big box retailer has opened its doors at midnight to kick off the Black Friday savings deals for shoppers. Over the last two years, however, more retailers have been opening earlier and earlier, pressuring stores like Macy’s to open early.
KJ’s Take: This year’s holiday season is a week shorter than previous years. With Macy’s already taking some in the profit department, a few extra selling hours could provide the retailer with a merry Christmas present.
From Purses to Fruit….
Apple (APPL) announced it will be hiring Burberry (BBRY) CEO Angela Ahrendts, to head up its retail efforts. Ms. Ahrendts, 53 years old, will join Apple next year in the newly created position of senior vice president of retail and online stores. She report directly to Apple’s CEO Tim Cook and will become a member of the executive team. Ms. Ahrendts will oversee the “strategic direction, expansion and operation” of both Apple retail and online stores. The newly created position will fill a big gap in Apple’s retail operations left by the 2011 departure of Ron Johnson, who vacated the role of senior vice president for retail to join JCPenny. Ms. Ahrendts is credited with leading the turnaround of the British fashion house, Burberry, almost tripling sales and quadrupling the share price during her tenure. At the time she came aboard, the company was suffering from brand overexposure that was hurting sales to the high-end customer it long catered to.
In The Markets:
Asian markets closed mixed on Tuesday as global investors are cautiously optimistic a deal will happen in Washington before the debt ceiling deadline.
European markets closed positive on Monday after a volatility trading session the continued political soap opera over the debt ceiling and US budge kept European investors on edge Monday.
US markets erased early session losses to close higher on Monday. Investor again were taking on a roller coaster trading session over the continued we have a deal maybe, no deal, wait we are closure to a deal theatric from the US government. DJIA: +63.25 15300.36 S&P 500: +7.04 1710.24 NASDAQ: +23.40 3815.27
In Dinner or Drink:
0.75 oz. Johnnie Walker® Double Black Label® Blended Scotch Whisky
0.75 oz. Sweet vermouth
0.75 oz. Ramazotti
1 piece(s) orange twist(s)
How to Mix
GLASS: Rocks Glass
Build in a rocks glass over ice.
Garnish with an orange twist
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