Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, June 9th, and I'm your host, Kim Khan. Our top story so far,

Warner Brothers Discovery confirmed long-awaited speculation, announcing it will split into two companies,

one focused on streaming

and the other focused on its networks. Shares are rallying following the news. The streaming and

studios company, which has not yet been named, will include Warner Brothers Television, Warner

Brothers Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their legendary film and

television libraries. In conjunction,

the Global Networks company will house CNN and T&T Sports in the U.S., Discovery, its free-to-air

channels in Europe, and digital products, including Discovery Plus and Bleacher Report. Warner

Brothers Discovery CEO David Zazelov will head up the streaming and studios company, while

CFO Gunner Weidenfels will become president and CEO of global networks.

The split, which is expected to be completed by the middle of next year, will occur in a tax-free manner.

The global networks company will hold up to a 20% stake in the streaming and studios company.

In a conference call, the company said it's on track for $1.3 billion in

adjusted EBITDA for 2025. Among active stocks, Tesla is under pressure as a pair of downgrades

highlights the near-term uncertainties for the company and lofty expectations for its highly

anticipated robotaxi launch this week. Analysts at Baird and Argos removed their bullish ratings on Tesla,

pointing to market instability and reputational risks stemming from Elon Musk's dispute with President

Donald Trump. And Starbucks is allowing the price of some of its iced beverages in China to remain

competitive and address the more cautious consumer environment in the country.

Curs is cited by Reuters, claimed the company made the decision to lower prices,

...