Raphael Stevens

More stories

  • 188 Shares199 Views

    in Business

    Dollar General stock jumps after it brings back former CEO to jolt slowing sales growth

    Former Dollar General CEO Todd Vasos is returning to lead the company once again.
    The discounter has seen sales growth slow and has also faced criticism for having an unsafe environment for both employees and customers.
    Ousted CEO Jeff Owen has been in the position for less than a year.

    The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023.
    Brandon Bell | Getty Images

    Dollar General’s former CEO Todd Vasos is coming out of retirement to helm the company, which aims to rebound from slowing growth and allegations of unsafe working conditions.
    Vasos, who served as the discounter’s CEO between June 2015 to November 2022, will replace Jeff Owen effective immediately, the company announced on Thursday.

    “The Board has tremendous respect for Jeff and greatly appreciates his many contributions to the Company, especially during his long tenure leading our retail operations,” said Michael Calbert, the chairman of the company’s board, in a statement. “However, at this time, the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward.”
    Owen had been in the role for less than a year. During that time, Dollar General has seen a slowdown in its sales growth and has faced criticism from federal officials and activists for having unsafe stores that put employees at risk.
    The company, which is rapidly adding stores and exanding its footprint, has more than 19,000 locations in 47 states. Dollar General has more than 185,000 full- and part-time employees.
    Dollar General shares jumped more than 6% in extended trading Thursday.

    Lower guidance

    When it last reported earnings, Dollar General cut its full-year profit guidance. It did so again Thursday, and said it was now expecting earnings per share of about $7.10 to $7.60, compared to its previous expectation of $7.10 to $8.30.

    Dollar General also said it anticipates net sales growth of 1.5% to 2.5%, revised from a previous expectation of 1.3% to 3.3%.
    The company said it expects same-store sales to be in a range of flat to down 1% this year, versus a prior expectation of a 1% decline to a 1% increase.
    Vasos said in a statement he is “honored” to rejoin the company at such a “pivotal time.”
    “I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders,” said Vasos.
    Slowing sales have come amid pressure from employees and activists over working conditions. In May, shareholders passed a resolution, over the objections of the company’s board, to start an independent audit into worker safety. But it was unclear if the measure was binding and whether the company would carry it out.
    Dollar General has accumulated more than $21 million in fines from federal officials for issues including blocked fire exits, blocked electrical outlets and clutter.
    At the time the shareholder resolution passed, a Dollar General spokesperson said the company aims “to create a work environment where employees are able to grow their careers, serve their local communities and feel valued and heard, and we encourage employees to share their feedback through the many company-provided channels so that we can listen and work together to address concerns and challenges, as well as to celebrate successes.” More

  • 150 Shares169 Views

    in Finance

    Interest rates take center stage with banks set to report quarterly results

    Bank stocks remain under pressure due to high interest rates as financial firms like Club holdings Wells Fargo (WFC) and Morgan Stanley (MS) get ready to kick off earnings season. Like other big banks, Wells Fargo and Morgan Stanley have been caught in the throes of the central bank’s interest-rate-hiking campaign over the past 18 months. Both have been pulling back on lending to be more conservative with their capital as credit conditions have tightened — with a potentially negative impact on revenue streams and overall profits when the firms report earnings in the coming days. “Increasingly, I think that the only thing that can change things with either bank is the end of the tightening cycle so people will be less worried about credit woes,” Jim Cramer said Wednesday . As part of its effort to battle persistent inflation, the Fed has raised its benchmark interest rate 11 times since March 2022, with rates at their highest levels in 22 years . On top of operating in a high-interest-rate environment, financial firms are still rebounding from the collapse of a string of regional lenders, starting with the shuttering of Silicon Valley Bank (SVB) in March. Wells Fargo and Morgan Stanley are down on the year amid the difficult backdrop, falling 4.3% and 8.6%, respectively. The KBW Bank Index , a benchmark stock index of the banking sector, has lost more than 24% year-to-date. Still, both Club banks have solid fundamentals and diverse revenue streams that leave us bullish in the long term. Wells Fargo is set to report third-quarter results before the opening bell on Friday, while Morgan Stanley is slated to post results next Wednesday. WFC YTD mountain Wells Fargo (WFC) year-to-date performance For the three months ended Sept. 30, analysts expect Well Fargo to report revenue of $20.1 billion, compared with $19.5 billion during the same period a year prior, according to Refinitiv. Earnings-per-share should come in at $1.24, up 45% year-over-year, Refinitiv estimates showed. Wells Fargo’s cost-cutting measures and its forecast for its real estate loans will be front and center Friday. Out of the major U.S. banks, Wells Fargo has the largest exposure to the ailing commercial real estate market, an industry troubled by higher rates and near-record office vacancy levels. Offices represent roughly 22% of Wells Fargo’s outstanding commercial property loans and 3% of its whole loan book. In the bank’s July earnings report, CEO Charlie Scharf said Wells Fargo sustained “higher losses in commercial real estate, primarily in the office portfolio,” adding that while there have been “significant losses in our office portfolio-to-date, we are reserving [capital] for the weakness that we expect to play out in that market over time.” Wells Fargo “remains focused on making the company more efficient and has been reducing headcount” since the third quarter of 2020, Barclays analysts wrote in a recent note. In September, Chief Financial Officer Mike Santomassimo said the bank could slash headcount further, on top of nearly 40,000 layoffs over the past three years. Meanwhile, Wells Fargo slowed its pace of stock buybacks significantly over the past few quarters, even though the stock is at a lower price point and the bank remains well-capitalized. “My hope is that this Friday [Scharf] changes his mind when the company reports and it can sop up the excess stock,” Jim said. Scharf “has bought back 300 million shares, almost a tenth of the share count, since he took over in 2019,” Jim added. MS YTD mountain Morgan Stanley (MS) year-to-date performance For the three months ended Sept. 30, analysts expect Morgan Stanley to report revenue of $13.2 billion, up from $12.9 billion during the same period last year, according to Refinitiv. Earnings-per-share should fall 16% year-over-year, to $1.28. For the past several quarters, Morgan Stanley’s investment banking business – once crucial to its bottom line – has been lagging on macroeconomic uncertainty. Companies have pulled back on mergers and acquisitions amid growing concerns that a recession is on the horizon. Indeed, the value of global M & A plunged 44% in the first five months of 2023, according to data analytics firm GlobalData . During a recent conference, Morgan Stanley executives said that capital markets will likely improve in 2024, potentially setting up its investment banking division for a stronger year. The bank said its “more confident now than any time this year about an improved outlook for 2024.” Morgan Stanley has adapted to the struggling M & A and initial-public-offering markets by leaning more into wealth management, a strategy we think highlights the bank’s ability to deftly navigate a range of headwinds . “Morgan Stanley is doing everything it can to be less of a bank and more of a financial advisor,” Jim said Wednesday. And, with Chief Executive Office James Gorman expected to retire early next year, we’ll be looking for any further guidance from the company on its succession plans. (Jim Cramer’s Charitable Trust is long WFC, MS. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

    A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

    Bank stocks remain under pressure due to high interest rates as financial firms like Club holdings Wells Fargo (WFC) and Morgan Stanley (MS) get ready to kick off earnings season. More

  • 125 Shares189 Views

    in Business

    David Beckham says he supports a sale of Manchester United

    David Beckham said that he supports a takeover of Manchester United.
    “There’s no stability,” he said in a CNBC interview that aired Thursday.
    Beckham said he has not been involved in a possible deal with Qatar to sell the Premier League club, despite some reports saying otherwise.

    Inter Miami co-owner and President David Beckham backs a takeover of his original club Manchester United.
    “At the moment, there’s no stability,” the longtime former midfielder for the Premier League club told CNBC’s “Squawk on the Street” in an interview aired Thursday. “It’s the right time for somebody to take over.”

    Beckham also dispelled reports that he would serve as an ambassador for Manchester United in a potential sale to Qatar’s Sheikh Jassim Bin Hamad Al Thani. Beckham previously served as World Cup ambassador last year in a deal with Qatar.
    “At the moment there’s been no discussion. I have had a long-standing relationship with Qatar because of my involvement with PSG … but there’s been no discussion at the moment,” Beckham said, referencing the French club Paris Saint-Germain, where he played at the end of his career around the time the Qatar Sports Investments group bought the team.

    David Beckham of Manchester United ’99 Legends warms up prior to the Manchester United ’99 Legends v FC Bayern Legends match at Old Trafford on May 26, 2019 in Manchester, England. (Photo by Matthew Ashton – AMA/Getty Images)
    Matthew Ashton – Ama | Getty Images Sport | Getty Images

    During the CNBC interview, Beckham also discussed his various other ventures, including his ongoing business partnership with Authentic Brands CEO Jamie Salter. Authentic Studios, under Authentic Brands was behind the creation of the newly released Netflix docuseries, “Beckham,” which chronicles Beckham’s rise to superstardom and his marriage to Victoria Beckham. Authentic Brands previously took a majority stake in Beckham’s brand management firm, DB Ventures, in 2022.
    Beckham’s success at Manchester United is featured prominently in the documentary.
    The club has had a tumultuous last few years under the leadership of the American Glazer family, who took control of the Premiere League club in 2005. The team went six years without winning a trophy before it won the English League Cup this year.

    In November last year, Manchester United announced star player Cristiano Ronaldo would leave the team following an interview where he criticized manager Erik ten Hag and the Glazer family. Ronaldo spent only one year with the club during his second stint there.
    Manchester United is currently ranked 10th in the Premier League and sits at a record of four wins and four losses.
    Soccer club Inter Miami, of which Beckham is part owner, signed a landmark deal with soccer superstar Lionel Messi earlier this year. Managing owner Jorge Mas said in July that he expects the signing to double revenues of the soccer club over the next year. More

  • 188 Shares139 Views

    in Finance

    Bank earnings kick off with JPMorgan, Wells Fargo amid concerns about rising rates, bad loans

    Higher rates are expected to lead to a jump in losses on banks’ bond portfolios and contribute to funding pressures as institutions are forced to pay higher rates for deposits.
    KBW analysts Christopher McGratty and David Konrad estimate banks’ per-share earnings fell 18% in the third quarter as lending margins compressed and loan demand sank on higher borrowing costs.
    Earnings season kicks off Friday with reports from JPMorgan Chase, Citigroup and Wells Fargo.

    Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. 
    Marco Bello | Reuters

    American banks are closing out another quarter in which interest rates surged, reviving concerns about shrinking margins and rising loan losses — though some analysts see a silver lining to the industry’s woes.
    Just as they did during the March regional banking crisis, higher rates are expected to lead to a jump in losses on banks’ bond portfolios and contribute to funding pressures as institutions are forced to pay higher rates for deposits.

    KBW analysts Christopher McGratty and David Konrad estimate banks’ per-share earnings fell 18% in the third quarter as lending margins compressed and loan demand sank on higher borrowing costs.
    “The fundamental outlook is hard near term; revenues are declining, margins are declining, growth is slowing,” McGratty said in a phone interview.
    Earnings season kicks off Friday with reports from JPMorgan Chase, Citigroup and Wells Fargo.
    Bank stocks have been intertwined closely with the path of borrowing costs this year. The S&P 500 Banks index sank 9.3% in September on concerns sparked by a surprising surge in longer-term interest rates, especially the 10-year yield, which jumped 74 basis points in the quarter.
    Rising yields mean the bonds owned by banks fall in value, creating unrealized losses that pressure capital levels. The dynamic caught midsized institutions including Silicon Valley Bank and First Republic off guard earlier this year, which — combined with deposit runs — led to government seizure of those banks.

    Big banks have largely dodged concerns tied to underwater bonds, with the notable exception of Bank of America. The bank piled into low-yielding securities during the pandemic and had more than $100 billion in paper losses on bonds at midyear. The issue constrains the bank’s interest revenue and has made the lender the worst stock performer this year among the top six U.S. institutions.
    Expectations on the impact of higher rates on banks’ balance sheets varied. Morgan Stanley analysts led by Betsy Graseck said in an October 2 note that the “estimated impact from the bond rout in 3Q is more than double” losses in the second quarter.

    Hardest-hit banks

    Bond losses will have the deepest impact on regional lenders including Comerica, Fifth Third Bank and KeyBank, the Morgan Stanley analysts said.
    Still, others including KBW and UBS analysts said that other factors could soften the capital hit from higher rates for most of the industry.
    “A lot will depend on the duration of their books,” Konrad said in an interview, referring to whether banks owned shorter or longer-term bonds. “I think the bond marks will look similar to last quarter, which is still a capital headwind, but that there’ll be a smaller group of banks that are hit more because of what they own.”
    There’s also concern that higher interest rates will result in ballooning losses in commercial real estate and industrial loans.
    “We expect loan loss provisions to increase materially compared to the third quarter of 2022 as we expect banks to build up loan loss reserves,” RBC analyst Gerard Cassidy wrote in a Oct. 2 note.

    Silver linings

    Still, bank stocks are primed for a short squeeze during earnings season because hedge funds placed bets on a return of the chaos from March, when regional banks saw an exodus of deposits, UBS analyst Erika Najarian wrote in an Oct. 9 note.
    “The combination of short interest above March 2023 levels and a short thesis from macro investors that higher rates will drive another liquidity crisis makes us think the sector is set up for a potentially volatile short squeeze,” Najarian wrote.
    Banks will probably show stability in deposit levels in the quarter, according to Goldman Sachs analysts led by Richard Ramsden. That, and guidance on net interest income in the fourth quarter and beyond, could support some banks, said the analysts, who are bullish on JPMorgan and Wells Fargo.
    Perhaps because bank stocks have been so beaten down and expectations are low, the industry is due for a relief rally, said McGratty.
    “People are looking ahead to, where is the trough in revenue?” McGratty said. “If you think about the last nine months, the first quarter was really hard. The second quarter was challenging, but not as bad, and the third will be still tough, but again, not getting worse.” More

  • 188 Shares199 Views

    in Business

    Ford says it’s ‘at the limit’ of what it can offer UAW as strikes escalate

    Ford Motor is “at the limit” of what it can offer the United Auto Workers union in terms of economic concessions, an executive said Thursday.
    Kumar Galhotra, president of the company’s traditional operations, said any additional costs would hurt the automaker’s ability to operate in the future.
    His comments come a day after the union unexpectedly launched a strike at the automaker’s highly profitable SUV and pickup truck plant in Kentucky.

    Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023.
    Matthew Hatcher | AFP | Getty Images

    DETROIT – Ford Motor is “at the limit” of what it can offer the United Auto Workers union in terms of economic concessions, an executive said Thursday as contract negotiations continue for roughly 57,000 U.S. workers.
    Kumar Galhotra, president of the company’s traditional operations, said that while the company is willing to shuffle money around within the existing offer to meet the union’s priorities, any added costs would hurt the automaker’s ability to operate in the future and invest in emerging areas such as electric vehicles.

    “We’ve been very clear that we are at the limit. We stretched to get to this point,” Galhotra said Thursday during a media and analyst call. “Going further will hurt our ability to invest in the business like we need to invest.”
    Galhotra declined to disclose how much the company’s current offer to the union would cost the company.
    His comments come a day after the union unexpectedly launched a strike at the automaker’s highly profitable SUV and pickup truck plant in Kentucky.
    “We’re surprised by the escalation last night,” Galhotra said. “Kentucky Truck Plant is one of the most important manufacturing plants of any kind in America.”
    UAW President Shawn Fain said Wednesday night that the strike escalation was a result of the company repeating its previous offer instead of offering additional economic benefits.

    “This offer was the exact same offer they gave us two weeks ago. In our position, they’re not taking it seriously,” Fain said during a pre-recorded online video. “We’ve been very patient working with a company on this. At the end of the day, they have not met expectations. They’re not even coming to the table on it.”
    Ford’s most recent proposal included 23%-26% wage increases depending on classification; retention of platinum health care benefits; ratification bonuses; reinstatement of cost-of-living; and other benefits.
    In the past several days, Ford said, it had been negotiating outstanding issues such as retiree benefits and potential options for future battery plant workers, in line with guidance from the union.
    Electric vehicle battery plants have been a major point of contention for the union in bargaining with all three of the Detroit automakers. Ford, General Motors and Stellantis have all formed joint ventures with battery makers to manufacture EV batteries in the United States. Officially, because they’re owned by joint ventures, the battery plants aren’t and won’t be covered by the automakers’ agreements with the union.
    The union has characterized the joint-venture arrangements as a plan to shut it out of the new factories, many of which are under construction now. But the UAW said last Friday that GM had agreed to place the workers at those battery plants under its national agreement with the union – a strong hint that it now expects Ford and Stellantis to do the same. More

  • 188 Shares159 Views

    in Finance

    Leon Cooperman expects very little from the market and is only interested in individual stocks

    Leon Cooperman at the 2019 Delivering Alpha conference in New York on Sept. 19, 2019.
    Adam Jeffery | CNBC

    Billionaire investor Leon Cooperman said he remains a bear with little interest in the broader stock market, partly because it’s underestimating the risk of a fiscal crisis.
    “I’m of the view that we borrow from the future with very profligate fiscal policy,” Cooperman said at CNBC’s Financial Advisor Summit. “Ultimately, we will have a crisis in public sector finance, and the market is not discounting a crisis. Overall, I expect very little from the market.”

    The chair and CEO of the Omega Family Office said the unprecedented stimulus has pulled demand forward and created an artificial situation in the economy. The national debt of the U.S. recently reached a historic milestone by passing $33 trillion for the first time.
    Given his long-term pessimism, Cooperman isn’t buying the stock market benchmarks. Instead, he’s hunting for bargains in individual names.

    Stock chart icon

    “The market has been, as you know, extraordinary bifurcated. If you take out the Magnificent 7, the overall market has done nothing and maybe it’s down a little bit or flat,” Cooperman said. “I’m not interested in the S&P. I’m interested in individual stocks.”
    He said he would be very surprised if the S&P 500 climbs above 4,600 anytime this year. The large-cap benchmark is still up about 13% this year, trading around 4,344.
    The veteran investor said his advice for what to buy right now would be, in order of preference, his favorite cheap stocks, then short-dated Treasurys, and his least favorite would be long-term bonds. Some of his favorite value names are Canadian energy producers Tourmaline Oil and Paramount Resources. More

  • 213 Shares129 Views

    in Business

    Shipping giant Maersk to add SpaceX’s Starlink internet to more than 330 ships by early next year

    Maersk is adding SpaceX’s Starlink to more than 330 container ships.
    Maersk said the installation of the Starlink internet service is expected to be complete by the first quarter of next year.
    The satellite network is set to provide internet speeds of over 200 Mbps for use on the ships.

    Maersk is one of the world’s biggest container shippers.
    Andia | UIG via Getty Images

    Danish logistics giant Maersk is adding SpaceX’s Starlink to more than 330 container ships, the companies announced Thursday.
    Maersk said the installation of the Starlink internet service is expected to be complete by the first quarter of next year, with the satellite network set to provide internet speeds of over 200 Megabits per second.

    “The highspeed connectivity will enable our seagoing colleagues to stay connected with their loved ones while at sea. It will also propel the expansion of seamless cloud solutions, enabling our vision to digitalise our vessel operations,” Maersk’s Head of Fleet Management and Technology Leonardo Sonzio said in a statement.

    Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

    Starlink is the global communications network that Elon Musk’s company has been building, with more than 5,000 satellites launched and counting.
    The company initially targeted consumer customers, and now says Starlink has upward of two million subscribers. It has expanded into other markets — including national security, enterprise, mobility, maritime and aviation — and disrupted the existing satellite communications sector.
    Maersk said its deal with SpaceX came after a successful pilot phase with more than 30 of the company’s ships, during which crew members gave “very positive feedback” about the service. More

  • 163 Shares159 Views

    in Business

    Comcast, Disney hire investment banks to value Hulu as sale process makes progress

    Comcast and Disney have hired investment banks to appraise Hulu.
    On Nov. 1, Comcast and Disney can both trigger an option that will kick off a sale process where Disney will acquire Comcast’s minority stake in Hulu.
    Hulu has a minimum valuation of $27.5 billion, as set in 2019; Comcast CEO Brian Roberts said last month he believes Hulu is ‘way more valuable today.’

    Bob Iger, CEO, Disney, and Brian Roberts of Comcast
    Getty Images

    Comcast and Disney have hired investment banks to value Hulu, the next step in what’s been a nearly five-year process to put the streaming service under one owner.
    Comcast, which owns one-third of Hulu, has hired Morgan Stanley, and Disney, which owns the other two-thirds, has hired JPMorgan Chase. Each bank is tasked with providing a fair value for Hulu — a condition of an agreement set up in 2019 that allows either Disney or Comcast to trigger an option forcing Disney to buy Comcast’s 33% stake.

    Spokespeople for Comcast, Disney, Morgan Stanley and JPMorgan declined to comment.
    Nearly five years ago, Comcast and Disney set up an unusual agreement after Disney acquired the majority of Fox’s assets in a $71 billion deal, including Fox’s minority stake in Hulu. That deal gave Disney majority control over Hulu, because Disney already owned one-third of the streaming service.
    Comcast didn’t want to sell its stake in Hulu to Disney right away because it believed the value of streaming video would increase between 2019 and 2024. Still, Comcast executives also understood the company would no longer have operational control over the future of the company. Consequently, Disney and Comcast worked out a deal where Comcast could participate in the assumed appreciation of the business while also setting a time where Disney could eventually unify ownership and integrate Hulu into its long-term streaming strategy.
    Initially, the companies set an option strike date of January 2024. Last month, the two companies agreed to move up the deadline at which Hulu will be valued from January 2024 to Sept. 30. That deadline represents the final date at which Hulu’s valuation will be assessed by both Morgan Stanley and JPMorgan Chase.
    On Nov. 1, Comcast can force Disney to acquire its 33% stake in Hulu and/or Disney can trigger its option to acquire the stake from Comcast. That’s expected to happen, Comcast CEO Brian Roberts said at the Goldman Sachs’ Communacopia conference last month.

    “We are excited to get this resolved,” Roberts said at the conference. “The company is way more valuable today than it was [in 2019]. And we are looking forward to seeing how that process [plays out].”
    Once the option is triggered, Morgan Stanley and JPMorgan will begin their assessments of Hulu’s value. If the two banks’ final valuations are within 10% of each other, the average of the two banks’ determinations will be the price at which Hulu is valued. Disney would then pay Comcast 33% of that value for its stake. The 2019 deal set a floor valuation for Hulu at $27.5 billion.

    Rafael Henrique | SOPA Images | LightRocket | Getty Images

    If the two banks’ assessments aren’t within a 10% range of each other, then Disney and Comcast would agree to hire a third investment bank to make another valuation conclusion. To set the sale price, that third valuation would then be averaged with the previous assessment that’s closest to it.
    The valuation calculation process isn’t straightforward. Hulu has 48.3 million subscribers. A pure-play streaming service at its scale has never been sold before. Roberts argued during the Goldman conference that a fair appraisal would also have to include synergy value. Disney’s ownership of Hulu helps prop up Disney+ and ESPN+ subscribers because Disney bundles all three streaming services together.
    There is no timetable for how long the valuation process will take or when a deal will get done, but Roberts acknowledged Disney and Comcast both want a resolution sooner rather than later, which is why they agreed to move the option strike date forward several months.
    “It will take a little time for this to play out,” Roberts said. “But both companies wanted to get it behind us. So we pulled the date forward.”
    Roberts said at the conference Comcast plans to return proceeds from a sale to shareholders.
    Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.
    WATCH: Disney streaming growth with Hulu is a promising opportunity, Bernstein analyst says More