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Tech, Media & Telecom Roundup: Market Talk

19 Aug 2017 8:20 am

2056 GMT - The Mexican peso firmed against the US dollar, quoted in Mexico City at 17.7115 versus 17.8440 Thursday for a 0.7% gain in the week in which talks began to redraw the North American Free Trade Agreement. Participants will be watching for positive comments this weekend as the first round of negotiations winds up, says Banco Base, noting that futures bets in favor of the peso had fallen the week before. The IPC stock index rose 0.2% to 51,075 points--ending the week up 0.8%. America Movil shares gained 3.7% in the week--and 0.3% Friday--as the Supreme Court backed the company's challenge against a law barring it from charging rivals to complete calls on its network. (anthony.harrup@wsj.com)

1850 GMT - Live Nation (LYV) shares take a small hit after a Recode report that Facebook (FB) plans to consolidate categories, including ticket sales, in its Marketplace app, where currently users--not professional services and retailers--buy and sell products. But FB doesn't plan to enter the payments category, according to the report, and transactions will still happen offsite. That could potentially bode well for LYV's Ticketmaster service. On an earnings call last week--amid speculation Amazon (AMZN) was mulling entrance into the ticketing game--LYV's COO said "we will, absolutely, work with anybody that we believe can sell incremental tickets for our concerts or for our sporting clients or others." LYV falls 1% to $38.65 while FB gains 0.7% to $168.08. (anne.steele@wsj.com; @AnneMarieSteele)

1715 GMT - Medical-device companies once concerned themselves chiefly with developing disease treatments that won over doctors and regulatory bodies. But increasingly device makers also find that they must generate data to illustrate the economic benefits of their therapies in order for hospitals and insurance companies to pay for their products. Hospitals seek technologies that help them avoid Medicare reimbursement penalties for hospital re-admissions, while insurers aim to lower costs and limit premium hikes. Device companies are running studies to gather evidence of economic benefits. This can be difficult for small, cash-strapped startups, but companies that target large markets can attract venture capital to fund studies needed for reimbursement. (brian.gormley@wsj.com)

1707 GMT - Chicken Soup for the Soul Entertainment (CSSE) shares plummet 13% to $10.49 after debuting on the Nasdaq at $12. The media company, which specializes in uplifting videos, sold 2.5M shares for a total of $30M in the largest offering yet under a little-used SEC rule called Regulation A+. The rule lets smaller companies sidestep some of the burdens of going public through so-called "mini-IPOs." CSSE, which has ties to actor Ashton Kutcher's media company APlus.com, reported revenue of $8M and net income of $781K in 2016. (cara.lombardo@wsj.com; @CaraRLombardo)

1326 GMT - Foot Locker (FL) CEO Dick Johnson said he doesn't believe Nike's (NKE) recent deal to sell on Amazon (AMZN) is direct competition to his chain's business. Customers want products that are tied to experiences, including experiences available in stores, he said. "We don't believe our vendor selling directly on Amazon is an imminent threat," he told analysts. His comments came amid a demonstrably weak quarter for FL in which revenues and same-store sales turned negative, in part because of what the company called a lack of availability of new innovative products. (sara.germano@wsj.com; @germanotes)

1215 GMT - The underperformance of Swisscom's bonds versus similarly rated peers in the Swiss Bond Index prompts Vontobel to raise its recommendation on the telecom company's debt to market perform from underperform. Now yields-to-maturity in all Swisscom bonds that Vontobel tracks are broadly in line with the SBI's A-rated curve. Analyst Marc Schulthess expects cost savings in Switzerland to protect margins and likes customer growth in Italian subsidiary Fastweb. (tasos.vossos@wsj.com, @tasosvos)

(END) Dow Jones Newswires

August 19, 2017 04:20 ET (08:20 GMT)

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