Breakingviews - Corona Capital: Utah Jazz, Comcast, Kraft

Shareholders shop for discounted products at the Kraft Heinz booth at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019.NBA IRR IRL. Technology entrepreneur Ryan Smith is buying the Utah Jazz for $1.7 billion, according to news reports. Other National Basketball Association franchises have changed hands for north of $2 billion – a habit started by former Microsoft boss Steve Ballmer’s purchase of the Los Angeles Clippers in 2014.

That helps take the sting out of the other aspects of the business. Comcast is suffering from cord-cutting – it lost 273,000 video customers, and the theme park unit is challenged by the pandemic. Revenue there fell by more than 80%. Still, Comcast’s stock jumped almost 3% pre-market, suggesting shareholders are open to Roberts making his case.

SHOT IN THE ARM. As drug companies scramble to develop a vaccine for Covid-19, they’re getting a booster shot from other inoculations. Demand for winter flu jabs on Thursday allowed French drugmaker Sanofi to boost its 2020 earnings guidance. Vaccine sales were up nearly 14% to more than 2 billion euros in the three months to September. British peer GSK reported a similar surge on Wednesday; sales of its flu vaccine business grew 21% in the third quarter.

That’s welcome. But despite a 3% share price bump on Thursday, Shell still trades at around half its book value. The payout pledges look like a way to placate investors wondering why the $91 billion group is waiting until February to disclose long-term targets for wind and solar capacity, when BP, Total and Equinor have already set out their visions. The Norwegian group, which on Thursday reported a hefty year-on-year earnings dip, is the only sizable driller to trade above its net asset value.

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