How much would you pay to watch the Olympics? That's the question excited Discovery Communications (DISCA) shareholders were asking in midday trading Thursday.
Shares were up sharply in afternoon trading when the Maryland-based media giant-- which obtained rights to pan-European sports media group Eurosport in 2015 and rights to broadcast the Olympics in Europe through 2024 -- said it's considering charging fans to watch the Olympics in Europe.
Discovery's CEO David Zaslav said at a Thursday Goldman Sachs conference, "The Olympics will be profitable for us," immediately helping to jolt shares about 4%.
Meanwhile, Raleigh, N.C.-based open-source software provider Red Hat (RHT) delighted investors after the bell Wednesday with a second-quarter earnings beat, and hiked outlook for the rest of the year. Shares were also up about 4% in afternoon trading.
Red Hat sees third-quarter earnings of $0.58 per share vs. analyst estimates of $0.57 and sales of up to $623 million vs. consensus expectations of about $611 million. Earnings per share of $0.55 for the second quarter and sales of $600 million each topped analyst forecasts by about 2%.
Overall, U.S. markets were climbing as crude oil rallied about 2.5% to $46.47 a barrel, based on U.S. benchmark West Texas Intermediate. The S&P 500 and Dow Jones Industrials were each up about 0.6%.
The top beneficiaries of climbing crude in the S&P were Arkansas-based oil and gas giant Murphy Oil (MUR) and Swiss offshore driller Transocean (RIG) , a member of Real Money's Stressed Out watch list. Murphy Oil and Transocean shares were each up about 4% in afternoon trading, adding to sharp climbs for both companies on the year.