00:00Charter Communications stock symbol CHTR, it's getting taken to the cleaners here today, down 10%, down 39% year to
00:09date,
00:09and it hasn't been good in the past year for investors in Charter Communications either because the stock is down
00:14about 67%.
00:15So Charter logged its fourth consecutive decline in quarterly revenue as its subscriber losses continue.
00:22It continues to see this competition from fixed wireless and fiber connection services.
00:26They're eating into Charter's home internet subscriber base.
00:30Audible here with Damien Sassar with all the sports work he does for Bloomberg and up at Harvard.
00:35And Damien, ESPN's the same way.
00:38There's just fewer people watching.
00:39Do you know, we've been talking about the foreign all morning, and we haven't talked about the Hungarian Grand Prix
00:45this weekend with F1 with Kimi Antonelli and his 65-point lead, which is in credit to 20.
00:52On Apple TV.
00:53Yeah.
00:53Oh, yeah, on Apple TV.
00:54We'll have to see on that as well.
00:55So there it is with Charter folded into the Hungarian Grand Prix where they'll be spending.
01:01It's an amazing podcast.
01:03Only Damien would put those two things together.
01:05So I'm impressed.
01:06Let's try to save the podcast.
01:08Okay, let's get back on track with a little American Express, ticker there, AXP, you know it, down 3.3
01:16% and off about 8% year to date.
01:19And I have to say I'm a little confused about it because credit card issuers report a second quarter revenue
01:26net card fees that came in very strong.
01:29But I guess just below expectations because the stock is down, it boosted its revenue forecast for the full year.
01:35The increase in sales primarily driven by higher card member spending, so people continuing to spend big on these cards,
01:42it increased 9%.
01:43That's the highest growth rate in three years.
01:45So for all the talk about, you know, consumers maybe pulling back, they're charging it, at least to their Amex.
01:52Well, delinquencies are back up, aren't they?
01:55I mean, if you look at the ABS market, I think credit card delinquencies are above pre-COVID levels again.
01:59So maybe there's some real fundamental risk.
02:00And you know, I thought this was interesting.
02:02It's platinum card, which I think has the highest annual fee, is actually the fastest growing product now in its
02:07consumer business.
02:08It's a whole cottage industry on YouTube.
02:11There's kids sitting at home who do nothing but look at 50 charge cards to try to tell you which
02:17one not to do or which one's to do.
02:18Have you ever overdrafted on your credit card, Tom?
02:21No, I don't have credit cards.
02:22No comment.
02:23No, I don't have credit cards.
02:25I'm in triple ever soft cash.
02:26Keep these cash for everything.
02:27She's not in the stock market and has no credit cards.
02:29What are we going to do with Tom Keen?
02:32Verizon VZ.
02:33So it was up a lot more earlier today, and then it erased most of that gain.
02:38It's up just about half a percent right now, up 7.5% for the year.
02:41We know that CEO Dan Schulman has this turnaround plan.
02:44And according to this latest earnings report, it looks like it's starting to bear fruit.
02:49It reported mobility and broadband sales that beat Wall Street expectations in the second quarter, also raised its full year
02:56forecast for adjusted earnings.
02:59So on the surface here, it looks like Verizon did a lot better than expected.
03:04And analysts seem to be upbeat after this profit report.
03:07But investors are not too enthusiastic because, again, the stock is not as high as it was earlier.
03:12But it's almost like it's in the news.
03:14Everybody knows it's going to be a massive double-digit quarter.
03:18Yeah.
03:18So, OK, we're coming out and it's tweaking.
03:20Julian Emanuel will write about it, you know, for Monday and everybody else.
03:24So, well, thank you very much.
03:24Let's see.
03:25See you soon.
03:25Let's see each one.
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