Comcast eyes NBCUniversal cable spinoff

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Wednesday, November 20th. I'm Julie Morgan. Comcast is set to make a big announcement as soon as today. Stellantis is facing a delay, and the food on some flights on Delta Airlines just got a little more tasty.

Comcast is expected to announce today that it is moving ahead with the plan to spin off its NBC Universal Cable TV networks. Comcast is up 2.3% in pre-market action. Comcast, which said it was evaluating a spin-off last month, will separate entertainment and news channels, including MSNBC, CNBC, USA, Oxygen, E, sci-fi, and the golf channel.

The Wall Street Journal first reported this on Tuesday, citing people familiar with the matter. The tax-free spinoff will take about a year to complete. The networks being spun generate $7 billion in annual revenue. Bravo, the Peacock streaming service and the NBC broadcast network, will remain with the parent company according to the report.

The report also said that Mark Lazarus, currently the chairman of NBC Universal's Media Group, will be named CEO of The New Venture, and the company's current CFO will be the CFO and operating chief of The New Company. Stellantis has pushed the launch of its Ram All-Electric Pickup Truck from this year to the first half of 2025.

The CEO said this is to ensure quality as the automaker juggles several EV launches like the Dodge Charger Daytona and Jeep Wagoneer S. He said during a press conference that they're facing a very significant amount of workload and they want to be very prudent in the way they validate the products.

Stellantis previously expected to launch the RAM 1500 REV in Q4 2024. Its extended version, the RAM charger is scheduled to roll out in Q1 2025. The CEO statements followed the company unveiling the multi-energy STLA frame platform designed to underpin full-size pickup trucks like commercial vehicles and SUVs.

If you're flying first class and traveling out of Boston on Delta Airlines, a Shake Shack cheeseburger could be your in-flight meal. This is the first of its kind partnership between the carrier and the hamburger chain. First class passengers on Delta routes over 900 miles will have the option to include a Shake Shack burger with an in-flight meal. The partnership will be launched on flights out of Boston, Massachusetts and will be expanded to other U.S. markets throughout 2025.

The collaboration between the two builds on Delta's longstanding relationship with the Union Square Hospitality Group and Danny Meyer, the founder of both USHG and Shake Shack. Union Square events supplies meals on all Delta flights out of JFK Airport in New York. After closing in the red for eight consecutive days, Shake Shack closed more than 2% higher on Tuesday and is up another 1% pre-market.

Of course, I have a few other articles that I'd like to share with you that you can find on Seeking Alpha. We have a list of JP Morgan's analyst-focused list, growth income value and short ideas. And President Biden reportedly approves anti-personnel mines for Ukraine to slow Russia's advances.

We have quite a bit on our catalysts to watch for the day. The go-shop period on the Duckhorn portfolio acquisition offer from Butterfly Effect will expire. Delta Airlines will hold its investor day. Bank of America expects to hear updates on Q4 booking trends and more details on the five-year plan. Shares of Delta rallied the last time the airline company held a similar event.

The Southwest Ideas Investor Conference will feature a long list of participating companies, including crown crafts, unices, and U.S. physical therapy. The conference has led to notable share price moves in the past for some companies.

Notable investor events include Rockwell Automation's Investor Day, Quad Graphics Investor Day, and Stanley Black and Decker's Capital Markets Day. Target will hold its earnings call. Options trading implies a move of 9% after the report is released. Of note, Evercore ISI issued a warning that the retailer will issue conservative holiday quarter guidance.

Honest Company and Jack's Pacific are the two major suppliers with the highest trading correlation to TGT after earnings. General Motors and Ford Motor will participate in the Barclays Global Automotive and Mobility Tech Conference.

And NVIDIA will hold its earnings call at 5 p.m. Options trading implies a 9% share price swing for the semiconductor stock after the report is released. By the way, NVIDIA is our top story on the Wall Street Breakfast newsletter, our daily one-page news summary. You can find a link to sign up for the newsletter in show notes.

Now for a look at the markets today, as of 6am, Dow, S&P and NASDAQ futures are in the green. Crude oil is up 0.4% at $69 a barrel. Bitcoin is up 1.8% at 93,000. In the world markets, the FTSE 100 is up 0.2% and the DAX is up 0.4%. And the market in India is closed today for an election.

Powell Industries is on our list of the biggest movers of the day pre-market. POWL is down 15 percent. After the electrical equipment manufacturer reported mixed fiscal Q4 results, missing revenue expectations despite 31.5 percent year over year growth.

On today's economic calendar, at 10 a.m., the Fed's Michael Barr will testify before the House Financial Services Committee. At 11 a.m., the Fed's Lisa Cook will speak on the economic outlook and monetary policy at the University of Virginia. Also at 11 a.m., the Treasury buyback announcement. And at 4 p.m., the Fed's Susan Collins will participate in a conversation about monetary policy at the University of Michigan.

That's it for today's Wall Street Breakfast. Thanks for listening! For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day!