Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. It operates in three global business segments: studios, networks, and direct-to-consumer. Warner Bros. Pictures is the crown jewel of the studios business, producing, distributing, and licensing movies and television shows. The networks business consists of basic cable networks, such as CNN, TNT, TBS, Discovery, HGTV, and the Food Network. Direct-to-consumer includes HBO and the firm’s streaming platforms, which have now been consolidated to Max and Discovery+. Much of the DTC content is created within the firm’s other two business segments. Each segment operates with a global reach, with Max available in over 70 countries.

Warner Bros. Discovery was formed in 2022 through the combination of WarnerMedia and Discovery Communications. It operates in three global business segments: studios, networks, and direct-to-consumer. Warner Bros. Pictures is the crown jewel of the studios business, producing, distributing, and licensing movies and television shows. The networks business consists of basic cable networks, such as CNN, TNT, TBS, Discovery, HGTV, and the Food Network. Direct-to-consumer includes HBO and the firm’s streaming platforms, which have now been consolidated to Max and Discovery+. Much of the DTC content is created within the firm’s other two business segments. Each segment operates with a global reach, with Max available in over 70 countries.

Warner Bros. Discovery is a diversified media entertainment conglomerate with television and film studios and more than 200 television channels, reaching 2.7 billion viewers in more than 220 countries. WBD is the result of the acquisition of WarnerMedia by Discovery Networks on April 8, 2022. It also operates direct-to-consumer video streaming services Max and discovery+, among other assets. The company acquired Scripps Networks in March 2018. Warner Bros. Discovery's assets include leading cable channels HBO, Discovery, TNT, TBS, CNN, and HGTV, among others.

Tuesday was a strange day for the S&P 500 (SPX) as all the losses occurred by 10:00 a.m. After that, the index went sideways, trading in a range between 5,598 and 5,628 for the rest of the session. The other major indices did the same thing as market participants seemingly decided to take the rest of the day off. Market breadth cooled after two straight days of strength. Consumer Discretionary dropped 1.8% (as TSLA fell another 5%), Information Technology dipped 1.5% (as NVDA and AVGO fell 3%), and Communication Services fell 1.4% (on a 2.3% drop in GOOGL and a 3.7% drop in META). Even the defensive Consumer Staples sector gave back over 1%. Energy saw a minor 0.2% gain. According to www.stockcharts.com data, the stock market posted two breadth thrusts in a row (on Friday and Monday) after a 10% correction. While this does not rule out a retest of the lows or a lower low, returns going forward from two months to a year almost always have been very good. NYSE advances/total issues were in the low 80%, while NYSE advancing volume/total volume was between 88% and 90% on those two days. Gamma Exposure, which refers to the sensitivity of existing option contracts to changes in the underlying price of the S&P 500, has dropped into an extreme area that historically has been bullish for stocks in the intermediate term. In addition, the SKEW Index, which is an indicator designed to measure market risk at any given point in time, has flashed a bullish sign based on its 13-week rate-of-change. Obviously, market conditions remain quite fluid and headline risk has certainly not disappeared.