Business news in brief
By The Associated Press
Lawsuit: Titan crew knew they were going to die
The family of a French explorer who died in a submersible implosion has filed a more than $50 million lawsuit, saying the crew experienced “terror and mental anguish” before the disaster and accusing the sub’s operator of gross negligence.
Paul-Henri Nargeolet was among five people who died when the Titan submersible imploded during a voyage to the famed Titanic wreck site in the North Atlantic in June 2023. No one survived the trip aboard the experimental submersible owned by OceanGate, a company in Washington state that has since suspended operations.
The lawsuit was filed Tuesday. A spokesperson for OceanGate has declined to comment on it.
Disney’s streaming business profitable for first time
Disney returned to a profitable third quarter as its combined streaming business started making money for the first time, along with a very strong showing in theaters for the movie “Inside Out 2.”
The company said Wednesday that operating income for the entertainment segment, which includes its movie studio and parts of its television wing, nearly tripled to $1.2 billion. Disney’s run at the box office continues with “Deadpool & Wolverine,” giving the company the top two films of the year.
Disney said Wednesday that its direct-to-consumer business, which includes Disney+ and Hulu, reported a quarterly operating loss of $19 million, which was much smaller than its loss of $505 million a year earlier.
CVS Health cuts its 2024 forecast a third time
CVS Health has chopped its 2024 forecast for a third time as the health care giant continues to struggle with high utilization in its health insurance business.
The company said Wednesday that the leader of that segment, Executive Vice President Brian Kane, had left the company, and CEO Karen Lynch would take over leadership of the insurance business.
CVS Health dropped its forecast for now expects adjusted earnings for the year down to $6.40 to $6.65 per share after shaving its estimate to at least $7 per share in May. FactSet says analysts forecast earnings of $6.96 per share.
—From AP reports
