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closes Netflix

Netflix Closes $30 Million Deal For ‘Malcolm & Marie’ Off Promo; Sam Levinson Lockdown-Shot Drama Stars Zendaya & John David Washington: Toronto – Deadline

EXCLUSIVE: Netflix continues to set the tone for the 2020 Toronto Film Festival Market. Deadline hears that the streamer is wrapping up a deal near $30 million for worldwide rights to Malcolm & Marie, a Sam Levinson-directed romantic drama that stars Zendaya and John David Washington. This follows the around $20 million Netflix deal for the Halle Berry-directed Bruised, the fest’s first major deal made before the film’s premiere. Netflix yesterday acquired Pieces Of A Woman, which won the Best Actress prize for Vanessa Kirby at Venice.

Shot quietly during the production lockdown on 35mm in black and white with help from Fotokem, Malcolm & Marie was the first post-pandemic film to complete production. There was a stampede for this one, and I’m told that others in the mix were HBO, Amazon, Searchlight, MGM, Apple, A24 and Focus Features. While the pandemic seemed likely to throw a wet blanket over a TIFF because most buyers and sellers can’t cross the Canadian border, the market is turning out to be livelier than last year.

Deadline reported in our Toronto curtain raiser that CAA Media Finance and Endeavor Content had screened promo footage on the film for buyers late last week. Sources said the promo reel was about 20 minutes. Washington plays a filmmaker who returns home with his girlfriend (Zendaya) following a celebratory movie premiere as he awaits what’s sure to be imminent critical and financial success. The evening suddenly takes a turn as revelations about their relationships begin to surface, testing the strength of their love.

Malcolm & Marie filmed June 17-July 2 at Feldman Architecture’s Caterpillar House, an environmentally conscious glass architectural marvel in Carmel, CA, in compliance with WGA, DGA and SAG-AFTRA, and extensive COVID-19 safety protocols.

The film came about after Levinson and Zendaya were told their series Euphoria had to shut down. The actress asked Levinson if he would write and direct a movie with her during quarantine. The concept came through quickly as did the script, and they focused on Washington, the fast rising star of BlackKklansman and Tenet.

Netflix confirmed the deal and director, writer and producer Levinson said he was “so grateful to this cast and crew, many of whom are my Euphoria family, for coming together during such uncertain times. We felt privileged to be able to make this film together and we did so with a lot of love. We are all thrilled that it has ended up with Netflix which is unparalleled in allowing filmmakers the freedom to tell their stories that reach audiences all over the world.”

Pic’s produced by Levinson, Kevin Turen and Ashley Levinson of Little Lamb Productions — who are producers on Pieces Of A Woman, which Netflix acquired yesterday. The exec producers are Zendaya, John David Washington, Yariv Milchan, Michael Schaefer, Will Greenfield, Aaron L. Gilbert and Scott Mescudi (aka Kid Cudi). The co-exec producers are  Harrison Kreiss, Katia Washington, Stuart Manashil and Kenneth Yu. The DP is Marcell Rév, Michael Grasley is the production designer, Julio C. Perez IV is the editor and Law Roach & Samantha McMillen are the costume designers.

The cast and crew of Malcom & Marie will share a portion of the proceeds of this sale with Feeding America. The film was shot at a modest budget and some of the key below the liners made deals that profit off the back end. The big sale will make that a reality and a big help for a time that work is difficult to find.

Zendaya is repped by CAA, Monster Talent Management and Skrzyniarz & Mallean; John David Washington is repped by WME; Sam Levinson is repped by WME and Novo.

The deal was closed by Endeavor Content and CAA Media Finance, brokering together.

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closes Record

S&P 500 Closes Week Near Record High. Is This a Stock-Market Bubble? – Barron’s

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Michael M. Santiago/Getty Images

It’s as if the bear market never happened. And maybe it didn’t.

The stock market had another good week, with the
S&P 500
index finishing up 0.6% to 3372.85; the
Dow Jones Industrial Average
rising 497.54 points, or 1.8%, to 27,931.02; and the
Nasdaq Composite
gaining 0.1%. The S&P 500’s gain was good enough for the index to finish the week within 0.4 percentage point of its Feb. 19 record high.

In other words, if you went to sleep on Feb. 19 and woke up on Aug. 14, you would think that nothing had happened.

Assuming that the S&P 500 does trade at a new high, it would be the fastest recovery from a bear market on record. And it wouldn’t even matter if the S&P 500 took its time—the previous record was 310 trading days from the bear-market low on Feb. 9, 1966, to May 4, 1967.

But what if the market didn’t experience a bear market? By the traditional definition, it obviously was: The S&P 500 dropped 34% from Feb. 19 through March 23, far more than the 20% needed to meet the requirement. But there are other ways to think about whether a drop is really a bear market. For instance, a typical peak-to-peak recovery takes 1,542 trading days, on average, according to Dow Jones Market Data, so the speed of the rebound alone would suggest that something else is going on.

A bear market should also mark a clean break with what came before. That was the case during the 2007-09 financial crisis, as banks went from being the best-performing sector to laggard, and during the dot-com bust, when tech stocks suffered massive losses but value investors made off like bandits.

Instead, Michael Shaoul, CEO of Marketfield Asset Management, compares the drop to two other big declines, one officially a bear market, the other not.

The first occurred in 1987, when the S&P 500 dropped 34% from its all-time high—including the 20% Black Monday tumble, still the largest single-day decline on record. The second occurred in 1998, when the emerging market debt crisis and the blowup of hedge fund Long-Term Capital Management caused the S&P 500 to drop 19.3%. In both cases, the rebounds, spurred by Fed largess, were swift and ended up creating bubbles—in Japan in the former, tech in the latter. And in Shaoul’s opinion, another bubble is being inflated.


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“Under current circumstances, the odds of central banks being ‘third time lucky’ appear to be remote, and we increasingly believe that we are heading for some form of ‘bubble trouble’ along the road,” Shaoul writes.

You don’t need to take his word for it. Consider Bank of America analyst John Murphy’s Friday morning upgrade of
Tesla
(ticker: TSLA)—which has gained 295% to $1,650.71 in 2020—from Sell to Hold. It wasn’t that Murphy suddenly had a change of heart on Elon Musk’s company. Instead, he cited Tesla’s unfettered access to cheap capital gained by its stock’s never-ending rise.

“It is important to recognize that the higher the upward spiral of [Tesla’s] stock goes, the cheaper capital becomes to fund growth, which is then rewarded by investors with a higher stock price,” Murphy writes.

Think about that for a minute. Murphy is describing a positive feedback loop, one that is almost guaranteed to lead to a price well above what fundamentals suggest it should. And that same dynamic is at play in many parts of the market, says Jason Brady, CEO of asset manager Thornburg. The market is being led by companies that have gotten stronger because of the coronavirus, can offer growth at a time when the Federal Reserve has pushed interest rates well below the level of inflation. It’s a good story, he says, but may be starting to get pushed too far.

“That’s where things are getting a little bit silly,” Brady says.

So if the market is in a bubble, what might cause it to pop? BTIG strategist Julian Emanuel offers a few potential catalysts. A vaccine could cause investors to buy economically sensitive stocks over those that benefit from everyone working from home. Interest rates could rise, causing financial stocks to rise—and bloated multiples to contract. Continued tensions with China could also cause problems for highflying tech stocks.

“Or will there be no catalyst, as bubbles tend to be identified in hindsight, as it was in Y2K,” Emanuel writes.

And maybe then, we’ll have a real, genuine, honest-to-God bear market.

Write to Ben Levisohn at Ben.Levisohn@barrons.com

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closes cream

Ice cream shop closes one day after reopening because customers didn’t follow social distancing rules – CNN

(CNN)Nearly all states partially reopened last week and businesses across the country are preparing to welcome customers back. But because of the coronavirus pandemic, things are far from normal.

An ice cream shop in Massachusetts had to close its doors on Saturday, just one day after reopening, because customers refused to follow social distancing rules and even harassed employees.
Things got so bad at the Polar Cave Ice Cream Parlour in Mashpee that an employee quit the same day.
“One of my best workers quit yesterday at the end of her shift. She stuck it through her shift,” owner Mark Lawrence told CNN affiliate WFXT. “But the words she was called and the language, you wouldn’t even say in a men’s locker room. And to say it to a 17-year-old kid, they should be ashamed of themselves.”
In accordance with reopening guidelines, Lawrence said the shop asked all customers to place their orders at least one hour in advance.
However, many customers ignored the request and showed up without doing so. When the shop got busy, customers took their anger out on the staff, he said.
“Now I open the doors to a whole new world, with gloves and masks and we’re running around like chickens, and people are like where’s my ice cream? I’m not a trauma center, it’s ice cream!” Lawrence told WFXT.
“People have forgotten how to treat other human beings in the six or seven weeks that they’ve been confined to their homes. They have no clue how to respect other human beings.”
After work on Friday, Lawrence expressed his dismay on Facebook: “In 19 years of operation this is the lowest feeling I have ever felt.” The next day he made the difficult decision not to open.
Fortunately, this ice cream shop’s story has a sweet ending.
Those sorrowful posts quickly went viral in Mashpee, eliciting local news coverage and an outpouring of support from the public.
By Sunday, Lawrence had reopened and customers were following the rules.
“Today was a vastly improved operation,” he said on Facebook. “People placed their orders an hour or more (some, a day before) prior to their pick up time. They followed the rules and it worked.”
“Thank you for the incredible outpouring of love and support from so many,” he added. “It truly means so much to me at this time.”

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