AMC President and General Manager Charlie Collier has been tapped as the next CEO of Entertainment for Fox, the company that will be spun off from the Disney [s:dis] acquisition of 21st Century Fox, [s:fox] Lachlan Murdoch, chairman and CEO of the new Fox company said in a press release late Friday. Collier will oversee the Fox Broadcasting Network and lead the company's entertainment programming strategy across live, scripted and non-scripted content, Murdoch said. Dana Walden and Gary Newman, chairmen and CEOs of the Fox Television Group, will stay in their current roles until the close of the transaction.
New Age Beverages Corp. disclosed Friday afternoon that a board member resigned after the company learned that he had previously settled a disciplinary action with the Securities and Exchange Commission. The beverage company, which plans to launch drinks with a cannabis-derived compound commonly known as CBD, said in a filing with the SEC that it "was apprised of previously undisclosed information relating to Robert J. Evans and Pennington Capital Management LLC stemming from a November 2014 Securities and Exchange Commission Order" on Thursday. That order required board member Evans and Pennington Capital Management to pay $165,000 to settle charges of illegally buying shares in a secondary offering that they had previously shorted in a restricted period, without admitting nor denying guilt. Companies that sell or plan to sell CBD beverages, such as New Age Beverages and India Globalization Capital Inc. , or IGC, have been caught up in a volatile market for cannabis-related stocks around Canada's legalization of recreational marijuana sales this week. New Age Beverages shares have jumped 193% in the past three months, as the S&P 500 index has declined 1.3%.
Moody's Investors Service downgraded Italy's sovereign debt rating by one notch to Baa3 late on Friday, leaving it one rung above sub-investment grade, or junk. They cited Italy's fiscal deterioration and the government's decision to target higher budget deficits in the coming years. The ratings firm also added that the government's policy proposals did not offer a set of reforms that could lift Italy from its anemic economic growth. At the same time, Moody's gave Italy a stable outlook, meaning it was unlikely to cut the country's debt rating again anytime soon. Investors are wary of further downgrades as falling into a 'junk' rating would have forced more conservative investors to dump their holdings of Italian government paper.
President Donald Trump on Friday is scheduled to meet the chief executives of Lockheed Martin Corp. , Boeing Co. , Northrop Grumman Corp. and General Dynamics Corp. to discuss their supply chains, according to a Reuters report that cited people familiar with the meeting plans. The meeting will take place at Luke Air Force Base in Arizona, and on the table is a discussion about ways the companies can source more parts and materials domestically, the report said. Trump is scheduled to be on a tour and participate in a roundtable at the base on Friday, according to the White House.
Stocks saw a mixed finish to a choppy session Friday, with the Dow Jones Industrial Average taking back a modest portion of the previous session's more-than-300-point decline. The tech-heavy Nasdaq Composite lagged behind, falling 0.5% to finish around 7,449, according to preliminary figures, and leaving it with a 0.6% weekly loss. The S&P 500 ended less than 0.1% lower near 2,768, leaving it virtually unchanged on the week. The Dow rose around 65 points, or 0.3%, to close near 25,444.