Diamonds and Dogs

8/12/24

KeyCorp (KEY) jumps 11% after Bank of Nova Scotia bought a $2.8 billion stake as an investment to get more exposure to the US. KeyCorp can use the money as a cash infusion to grow at attractive terms for them. A win win.

Warner Brothers Discovery (WBD) continues to move the wrong way down 2% to another new 52 week low after a earnings and a massive $9.1 billion impairment charge related to its TV networks unit following the loss of a key media rights deal with the NBA. Rival, Paramount, took a $6 billion write-down on the value of its cable business. Not great news from the streaming giants.

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