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    ‘Apes Together Strong’ Review: Rooting for the Small Investors

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    The 2021 “short squeeze” of GameStop was a rare victory for the little guy. This documentary explains why the house — Wall Street wealth, that is — almost always wins.If we accept the proposition that having money is sexy, we should also be able to admit that the most aggressive ways of making lots of money — the banking schemes and strategies that compound the wealth of the already rich — are not. Are they unfair to the working class? Certainly. Possibly criminal? Sure. But sexy, no. Among the more nefarious activities known to capitalism, big investing is particularly dry.In “The Big Short,” a 2015 fictionalized account of the mid-aughts mortgage-market collapse, the director Adam McKay attempted to skirt this dynamic by having attractive performers including Margot Robbie and Selena Gomez explain the details of market manipulation. In the new documentary “Apes Together Strong,” the filmmakers (and twin brothers) Finley Mulligan and Quinn Mulligan, working with a microbudget and no access to movie stars, detail how to short-sell a stock with a rough-hewed sketch involving a bag of sugar that is borrowed, sold and re-bought at a profit — or not.The title of the movie is the motto of the talking simians in the latter-day “Planet of the Apes” film franchise; it was adopted by the retail investors who led the GameStop “short squeeze” of 2021. At that time, small investors succeeded in significantly raising the price of stock in GameStop, a store chain targeted by hedge funds for market assassination.In a fast-paced style derived from Michael Moore or Morgen Spurlock, the Mulligans interview retail-investor comrades and banking pros sympathetic to the small investors’ cause. The villains, both past and present — the Reagan White House with its push to deregulate banking; big finance honchos; hedge fund vultures — are seen in archival footage, mostly.The lessons here are old, and at one point, the filmmakers use the phrase “the house always wins.” But there’s hope, because there’s always hope in such tales. While Dennis M. Kelleher, the chief executive of the nonprofit investor’s advocacy group Better Markets, says, “Wall Street wins largely because they are unopposed,” the movie closes on a rallying cry.Apes Together StrongNot rated. Running time: 1 hour 29 minutes. Available to rent or buy on Amazon. More

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      ‘Diamond Hands: The Legend of WallStreetBets’ Review: Is This Loss?

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      In this documentary, the Reddit users who spawned the GameStop gold rush recall their speculation creation.The documentary “Diamond Hands: The Legend of WallStreetBets” starts with the onset of the Covid-19 pandemic, as new traders began to use their stimulus checks to try the stock market. The most bullish traders gathered on the subreddit WallStreetBets, where get-rich-quick dreamers share tips for undervalued stocks. At the end of 2020, GameStop was among their juiciest prospects.The amateur investors who made the first GameStop recommendations are an eclectic and irreverent bunch, from a grocery store worker to a day trader who wears a metal helmet to protect his identity. As this group of outsiders saw it, GameStop had been targeted by hedge funds for short investments, essentially making it a stock that earned established investors money if the business went bankrupt. But if the stock rose, those who bought in could benefit from the bubble while generating huge losses for hedge fund managers.It was the dream meme stock, and the film’s subjects recall using the trading app Robinhood to execute their plan to rob the rich and give to themselves. Some made millions. Others failed to cash out, and experienced the consequences of speculation.The filmmakers Zackary Canepari and Drea Cooper primarily build the story through their interviews, but they are savvy to match the film’s style to the hyper-online vernacular of their gain-obsessed subjects. Interviews are intercut with the memes that these cheery forum trolls shared when they believed they were in for a fortune. It’s a zippy, entertaining approach that offers a surprising degree of insight into the psychology that produced the GameStop phenomenon. Investors played with serious money, but their mind-set was a farcical dive into hyperspace — a week of gambling in a cyber-Vegas that, for some, was worth the hangover.Diamond Hands: The Legend of WallStreetBetsNot rated. Running time: 1 hour 29 minutes. Watch on Peacock. More

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      Disney+ Added 7.9 Million Subscribers Last Quarter

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      Disney+ added 7.9 million subscribers in the most recent quarter for a total of 138 million worldwide, the company announced Wednesday, helping it avoid the streaming slowdown that has lately tanked the stock price of Netflix.Like most media companies, Disney’s stock has been pummeled in the wake of Netflix’s announcement last month that it had lost 200,000 subscribers in the first three months of the year and that it expected to lose two million more this quarter. After years of applauding media companies for losing billions on streaming, investors are now applying pressure to find a path to profitability.The release of films like Pixar’s “Turning Red” helped Disney+ attract subscribers in the first quarter, which ended April 2. Shares of Disney were down about 3 percent in after-hours trading following the earnings announcement.Disney’s results are a bit of good news for Bob Chapek, the chief executive, who has been dealing with a public relations crisis stemming from the company’s response to Florida school legislation that, among other things, restricts classroom discussion of sexual orientation and gender identity. (Disney is the state’s largest private employer.)The company initially refrained from speaking out against the bill publicly but reversed itself after an internal revolt. Mr. Chapek then denounced the legislation, which earned him the ire of conservatives, including Florida Gov. Ron DeSantis. Last month, Republican lawmakers in Florida revoked a 1967 law that allowed Walt Disney World to function as its own quasi government. In the wake of the uproar, Geoff Morrell, who joined Disney in January as its most senior government relations and communications executive, resigned last month.Revenue at Disney increased 23 percent compared with last year, to $19.2 billion, but missed analyst expectations. Disney said it took a hit from a decision to pull some of its content back from other distributors in favor of its own channels, which meant a reduction of $1 billion in licensing revenue as part of a trade-off to grow its direct-to-consumer business.Disney reported earnings per share of $1.08, missing analyst expectations of $1.17.Disney’s theme parks unit came roaring back from a year ago, when the Covid-19 pandemic stunted in-person attendance. Revenue in the division doubled compared with the same period last year, with a new line-skipping system driving increases.As streaming services look for more subscribers, India is shaping up to be an important market. Deep-pocketed media companies are preparing to bid for rights to show cricket matches from the popular Indian Premier League. Disney currently has the rights to stream the matches on its Hotstar service, which it acquired in its 2019 megadeal with 21st Century Fox. Losing those rights could be a blow. However, Mr. Chapek has said that Disney can reach its subscriber targets even if it does not retain those rights.On a call following the earnings announcement, Mr. Chapek said that Disney would eventually become more aggressive about moving major live sports onto the ESPN+ streaming service. The cash generated by the lucrative portfolio of ESPN cable channels currently makes that untenable, so the company is taking a measured approach to sports streaming, Mr. Chapek said.“What we’re doing is sort of putting one foot on the dock if you will, and one foot on the boat,” Mr. Chapek said.Mr. Chapek also responded to an analyst question about the lack of new Disney movies that have opened in the Chinese theatrical market, where the company has had an uneven record in recent years. Mr. Chapek said that Disney films were performing well without help from moviegoers in China, pointing to the success of “Doctor Strange in the Multiverse of Madness.”“We’re pretty confident that even without China — if it were to be that we continue to have difficulties in getting titles in there — that it doesn’t really preclude our success,” Mr. Chapek said. More

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      AMC Stock Sale Raises $587 Million as Meme Traders Buy Shares

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      The theater chain altogether raised more than $1.2 billion in capital this quarter, thanks in part to Reddit traders, but cautioned that the stock could still sink.It was a conflicted sales pitch: We’re selling new shares of stock, but don’t buy them unless you can afford to lose all your money. Also, free popcorn. More

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      ViacomCBS stock tanks, losing more than half its value in less than a week.

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      Shares of ViacomCBS, the media goliath led by Shari Redstone, took a nosedive this week, with the company losing more than half of its market value in just four days.The stock was as high as $100 on Monday. By the close of trading on Friday it had fallen to just over $48, a drop of more than 51 percent in less than a week.There’s no better way to say it: The company’s stock tanked.What happened? Several things all at once. First, it is worth noting that ViacomCBS had actually been on a bit of a tear up until this week’s meltdown, rising nearly tenfold in the past 12 months. About a year ago, it was trading at around $12 per share.That rally came as the company, like the rest of the media industry, had made a move toward streaming. It recently launched Paramount+ to compete against the likes of Netflix, Disney+, HBO Max and others. The service tapped ViacomCBS’s vast archive of content from the CBS broadcast network, Paramount Film Studios and several cable channels, including Nickelodeon and MTV.That shift matters because ViacomCBS has been hit hard by an overall decline in cable viewership. The company’s pretax profits have fallen nearly 17 percent from two years ago, and its debt has topped more than $21 billion.But the stock rose so much that Robert M. Bakish, ViacomCBS’s chief executive, decided to take advantage of the boon by offering new shares to raise as much as $3 billion. The underwriters who managed the sale priced the offering at around $85 per share earlier this week, a discount to where it had been trading on Monday.You could say it backfired. When a company issues new stock, it normally dilutes the value of current shareholders, so some drop in price is expected. But a few days after the offering, one of Wall Street’s most influential research firms, MoffettNathanson, published a report that questioned the company’s value and downgraded the stock to a “sell.” The stock should really only be worth $55, MoffettNathanson said. That started the nosedive.“We never, ever thought we would see Viacom trading close to $100 per share,” read the report, which was written by Michael Nathanson, a co-founder of the firm. “Obviously, neither did ViacomCBS’s management,” it continued, citing the new stock offering.Streaming is still a money-losing enterprise, and that means the old line media companies must still endure more losses over more years before they can return to profitability.In the case of ViacomCBS, it seemed to hasten the cord-cutting when it signed a new licensing agreement with the NFL that will cost the company more than $2 billion a year through 2033. As part of the agreement, ViacomCBS also plans to stream the games on Paramount+, which is much cheaper than a cable bundle.As the games, considered premium programming, shift to streaming, “the industry runs the risk of both higher cord-cutting and greater viewer erosion,” Mr. Nathanson wrote.On Friday, an analyst with Wells Fargo also downgraded the stock, slashing the bank’s price target to $59.But the market decided it wasn’t even worth that much. It closed on Friday barely a quarter above 48 bucks. More