Disney Jumps After Earnings Beat, But Rise in COVID Cases Weigh on Markets

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 12 November 2020

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Disney reported a smaller loss than expected for its latest quarter, sending shares jumping after hours. But a spike in COVID cases, news that Chicago would issue a stay-at-home advisory, and a positive case on a Caribbean cruise reminded markets that the coronavirus is still a major concern.

Transcript

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0:00.0	I'm Melissa Lee and this is Fast Money, tonight's trader
0:03.8	up Gaiadami, Tim Seymour, Karen Finerman and Pete Nigerian tonight on
0:07.1	fast a red alert. COVID cases spiking. stocks tumbling will break down
0:11.2	how our traders are navigating this uncertainty.
0:13.2	Plus a W. F. W. F. Yep, I said that.
0:17.8	Deutsche Bank suggesting attacks on employees who want to work from home.
0:21.2	It is our outrage of the day and later it's back. That's right.
0:25.2	We're bringing back the Bitcoin bug as a cryptocurrency surges to its highest level since January
0:30.5	2018. But we start off with an earnings alert on Disney shares jumping
0:34.4	after hours and better than expected results, although off the after hour session
0:38.2	highs. Julie, Borsen's got all the details. Julia.
0:49.0	Well, is it better than expected top and bottom line results, as well as better than expected growth of Disney Plus, ending the quarter with 73 million subscribers up from 60.5 million last quarter. The company also
0:54.8	announcing it will forego its next semi-annual dividend as it did the last
0:59.8	dividend and that's of course due to the cost of coronavirus. Of course investor Dan Lobe had
1:04.3	advocated for Disney to do so. Disney shares giving up some of those gains now of about
1:09.6	three and a half percent. CEO Bob Chapex saying in the call that's going on right now
1:15.0	the Disney's direct to consumer business is its bright spot.
1:20.0	The growth of Disney Plus speaks volumes about the strength of our IP, are unparalleled
1:27.0	brands and franchises and are amazing content creators, all part of the Disney difference that sets us apart from
1:36.3	everyone else and when you look across our full suite of streaming services we have
1:42.2	exceeded a hundred and twenty million suite of streaming services we have exceeded 120 million paid subscriptions
1:46.8	worldwide.
	...

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