CNBC Business News Update - Market Open: Stocks Lower, Comcast To Spin Off Cable Channels, Target Results Disappoint 11/20/24

Episode Date: November 20, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC, Wall Street. Pulling back, the Dow now down 75 points, being led lower by shares of Nvidia, which are down almost 2%. The S&P 500 index down 23 points, almost a half percent. The Nasdaq now down 105 points. Comcast shares were ticking higher on news. It's spinning off its cable TV channels

into a separate publicly traded company, including CNBC, plus MSNBC and E! Entertainment Channel and SyFy, the golf channel USA and Oxygen. Turns out the Bravo channel will remain with NBCUniversal under Comcast. It signals Comcast is not going to consolidate in cable networks. They're not buying WBD. They're not like they're just not looking to grow this part of the business. They know what they want. They like theme parks. They like studio like that is the core. They like broadcast TV and how Peacock ties into that. But they're not going to go buy a large portfolio of cable networks. That's Lightshed's Rich Greenfield on CNBC. Target shares plunging

on disappointing quarterly results, its biggest earnings miss in two years and lowered forecast. Customers complain prices are still high. Earlier this week, Walmart reported strong quarterly results and raised its forecast. I think that there's this element of retail that doesn't understand the importance of the grocery. And Target, when you go into Target, they got to do a rollback, just like that Walmart did the rollback. They got to hurt the gross margins even more. The issue for me is price. America has rebelled against anything that hasn't cut price. And so Walmart rolls back thousands of different prices of things. CNBC Mad Money host Jim Cramer.

Delta Airlines looking for more growth next year thanks to higher income passengers willing to pay up for better seats and lounge experiences. Jet fuel prices also remain at multi-year lows. Delta's CEO also told reporters that the Trump administration's promise of less regulation will be a breath of fresh air. Under the Pete Buttigieg-led Department of Transportation, a host of consumer protection rules were issued, including a requirement that airlines give automatic cash refunds to travelers when an airline cancels a flight. Airlines would like to see those rules immediately rolled back. The Toronto Maple Leafs are pro hockey's most valuable team in the new CNBC NHL team valuation data. The Leafs are worth $4 billion.

Number two, New York Rangers at $3.5 billion. The Columbus Blue Jackets are worth the least in the league at a still very high $1 billion. Jessica Ettinger, CNBC. Don't miss CNBC Pro's best deal of the year. Sign up now at CNBC. Don't miss CNBC Pro's best deal of the year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.