Morgan Stanley Promotes Allen
Todd R. Allen, a financial advisor in Morgan Stanley’s wealth management office in Olean has been promoted to first vice president.
Allen, who has been with Morgan Stanley Wealth Management since 1995, is a native of Franklinville. He holds a bachelor’s degree from Elmira College and holds the certified financial planner designation from the Certified Financial Planning Board of Standards. Allen lives in Lakewood.
Morgan Stanley Wealth Management provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services. For more information about Morgan Stanley, visit www.morganstanley.com.
MoviePass To Imitate Netflix
NEW YORK — MoviePass is trying to bring to movie theaters what Netflix did for DVDs and online streaming: Let subscribers watch as many movies as they want for $10 a month.
In doing so, MoviePass has struck a chord with moviegoers and a nerve with the movie industry.
The service’s popularity comes as ticket prices rise and cheaper online options increase.
With ticket prices in big cities at $15 and up, MoviePass loses money with just one movie. It needs deals with theater chains and movie studios, such as a share of popcorn revenue for bringing in moviegoers.
But the industry is skeptical and worried that as moviegoers get accustomed to much cheaper prices, consumer anger might be redirected at the theaters if MoviePass raises its prices or goes out of business.
Amazon Preparing Delivery Service
Shares of delivery companies FedEx and UPS are falling in Friday premarket trading following a report that powerhouse Amazon is readying its own delivery service for businesses.
Rumors have swirled for a while that Amazon.com Inc. was looking to bring some of its delivery services in house as the company looks to have more control over the increasing number of packages that it ships. On Friday The Wall Street Journal, citing anonymous sources, said that Amazon is planning a new service called “Shipping With Amazon” that will allow it to pick up packages from businesses and deliver them to consumers. The service is expected to start in Los Angeles and then expand further.
The report comes one day after Seattle-based Amazon announced that it’s launching a two-hour delivery at Whole Foods this year to those who pay for its $99-a-year Prime membership. Amazon has been pushing more aggressively into delivery for a while. In August 2016 the company unveiling its first branded cargo plane, one of 40 jetliners that were expected to make up its own air transportation network.
Shares of United Parcel Service Inc. declined more than 5 percent before the market open, while FedEx Corp.’s stock dropped 4.5 percent. Amazon’s shares rose slightly.