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. >>> disney reports it secures enough votes to defeat nelson peltz. it's set to meet with the gm later today. >>> and the swiss re ceo will hands over the reigns later aspergeas b b b berger is sets to take over in july. >>> let's start with the big board and show you what's going on with the european markets. let's bring up the board. we've got the ftse 100 down at a downside of half a percent and the ibex in spain. the citi sitting there as well as switzerland. the u.s. futures saw quite the soggy day with the dow posting their worst day since the 5th of ma march. also back-to-back losses. you can probably point to what's happening with yields as the culprit here with the 10-year hitting the highest since november. we've got more data coming out overnight in the form of u.s. job openings. they rose by 8,000 to 8,75 6. it's all adding to the idea that the u.s. economy is still quite resilient. indeed on the back of that, fed officials continue to spread continued caution on the rate cut path this year. cleveland's president loretta mester saying more
. >>> disney reports it secures enough votes to defeat nelson peltz. it's set to meet with the gm later today. >>> and the swiss re ceo will hands over the reigns later aspergeas b b b berger is sets to take over in july. >>> let's start with the big board and show you what's going on with the european markets. let's bring up the board. we've got the ftse 100 down at a downside of half a percent and the ibex in spain. the citi sitting there as well as switzerland. the...
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p nelson peltz doesn't have media experience. he ran a very expensive campaign to get on the board of disney and he had a good argument. disney has flubbed succession for years. bob iger has pushed back his retirement five times. when he did, he handed over to bob chapek and had to come back two years later. that was the argument. in terms of the future of disney, there is a lot that effectively pointed out to investors, but it is unclear him okay the board would have facilitated the answers to the questions. that is what bob iger has in front of him. what is espn's digital strategy? how do you roll that out correctly? how do you chart hits at the box office? disney has been through a multiyear flub. how do you get streaming to profitability? these are all questions for disney beyond the succession question. that is what is going to happen now. >> you laid out some of the three or four points that you think will be on the agenda. streaming, profitability, succession plan, getting hits back into the movie theaters. i wonder now gi
p nelson peltz doesn't have media experience. he ran a very expensive campaign to get on the board of disney and he had a good argument. disney has flubbed succession for years. bob iger has pushed back his retirement five times. when he did, he handed over to bob chapek and had to come back two years later. that was the argument. in terms of the future of disney, there is a lot that effectively pointed out to investors, but it is unclear him okay the board would have facilitated the answers to...
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the other thing is streaming, one of the complaints made by nelson peltz. it is a difficult challenge any difficult time for disney, and clearly enough people are unhappy that high—profile backers are supporting nelson peltz, whether it is elon musk or the californian pension fund.— is elon musk or the californian pension fund. how is it likely to end? at the _ pension fund. how is it likely to end? at the moment _ pension fund. how is it likely to end? at the moment it - pension fund. how is it likely to end? at the moment it looks i pension fund. how is it likely to | end? at the moment it looks as pension fund. how is it likely to i end? at the moment it looks as if disney has _ end? at the moment it looks as if disney has prevailed, _ end? at the moment it looks as if disney has prevailed, they - end? at the moment it looks as if disney has prevailed, they appear end? at the moment it looks as if i disney has prevailed, they appear to have got enough votes to ward off this challenge. if you look at the share price right now, given the fact that disn
the other thing is streaming, one of the complaints made by nelson peltz. it is a difficult challenge any difficult time for disney, and clearly enough people are unhappy that high—profile backers are supporting nelson peltz, whether it is elon musk or the californian pension fund.— is elon musk or the californian pension fund. how is it likely to end? at the _ pension fund. how is it likely to end? at the moment _ pension fund. how is it likely to end? at the moment it - pension fund. how...
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so nelson peltz won 31% of the vote. the not nearly enough to get him on -- it was not nearly enough to get him on the board, but that's 31% of shareholders with voting power who voted for a guy who by his own admission doesn't know anything about the media, doesn't have any experience in media, and his experience is in holding boards to account and and changing governance. so what that means is a huge portion of investors really think that there's been, you know, in that disney has dropped the ball on succession, that governance is not going well, and they don't trust that bob iger is going to sort of steer that process quickly and efficiently towards the right, you know, the right direction. liz: ken, let me bring if you in. you have a buy rating. does this, and this vote is, because it further -- does it further sport, does it add to your conviction that this stock is just a wenter coming up, or are there things -- a winner coming up, or are there things you need to see disney pull off in the near future and what are
so nelson peltz won 31% of the vote. the not nearly enough to get him on -- it was not nearly enough to get him on the board, but that's 31% of shareholders with voting power who voted for a guy who by his own admission doesn't know anything about the media, doesn't have any experience in media, and his experience is in holding boards to account and and changing governance. so what that means is a huge portion of investors really think that there's been, you know, in that disney has dropped the...
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disney did defeat nelson peltz. the contested proxy battle. they voted the slate of nominees and rejected peltz's bid for two seats on the board. david faber has an exclusive interview with bob iger at 9:00 a.m. we will talk to jessica about this. she thinks this is great. they thinks he will be bob iger unshackled. he has a full backing of everybody and he's now going from repairing disney and what happened after he left to a growth phase. video games -- >> tougher issue to go back to the slate. cost cutting was the easy part of the move. bob iger has the chops. he has done this before. >> we'll see. >> reason why the stock dropped or not moved higher is in nelson was there, there would be short-term moves. >> i don't know if that is great for long term. >> a long-term bet on bob iger and disney. you won't get a short-term pop. that is to be expected. >> as much as we knew about it, we knew it would not work for nelson. it is weird when it was official. how many days have we been saying it? >> i think people play along with this very bizarre
disney did defeat nelson peltz. the contested proxy battle. they voted the slate of nominees and rejected peltz's bid for two seats on the board. david faber has an exclusive interview with bob iger at 9:00 a.m. we will talk to jessica about this. she thinks this is great. they thinks he will be bob iger unshackled. he has a full backing of everybody and he's now going from repairing disney and what happened after he left to a growth phase. video games -- >> tougher issue to go back to...
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it was always seemingly an uphill battle for nelson peltz. i argued, i think, in part because it was never clear beyond just saying this company needs better board oversight or more focus on its succession, that there was anything he suggested in any way that hadn't already been taken up by disney and pursued and partially already executed on. >> i think it did come down to succession, david. i think that was the one thing that you could argue they did really poorly, but you know what really defeated nelson, i think, is the stock was the best performer in the dow, and a lot of that may have been just bob iger focusing the company. you can certainly ask him, i think it would be great. i don't know how much it was, well, we got to focus in order to keep nelson off the board, but i think iger made a series of, let's say -- look, he came up with some good ideas. i also feel, david, you got to ask him this. they've got gorman doing the succession with parker, but gorman's a hitter, and i think that made a lot of people feel, wait a second, we got
it was always seemingly an uphill battle for nelson peltz. i argued, i think, in part because it was never clear beyond just saying this company needs better board oversight or more focus on its succession, that there was anything he suggested in any way that hadn't already been taken up by disney and pursued and partially already executed on. >> i think it did come down to succession, david. i think that was the one thing that you could argue they did really poorly, but you know what...
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that doesn't include nelson peltz or a second nominee that his own company is also backing. let's get more now from michelle fleury who's covering this from new york. a bit ofa a bit of a battle. take us through the background to this. at a bit of a battle. take us through the background to this.— the background to this. at its heart, this — the background to this. at its heart, this is _ the background to this. at its heart, this is the _ the background to this. at its heart, this is the biggest - the background to this. git its heart, this is the biggest challenge we have seen any long time for the mouse house the coming out swinging to fight it. at its core this is about how much the share price is for disney, in other words it is not high enough in the view of some of these activist shareholders who are trying to challenge the board at disney and bring in their own slate of directors. there are two reasons for this, succession and streaming. succession because bob iger, the current ceo, returned to the company after a disastrous term by his successor. since his retur
that doesn't include nelson peltz or a second nominee that his own company is also backing. let's get more now from michelle fleury who's covering this from new york. a bit ofa a bit of a battle. take us through the background to this. at a bit of a battle. take us through the background to this.— the background to this. at its heart, this — the background to this. at its heart, this is _ the background to this. at its heart, this is the _ the background to this. at its heart, this is the...
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. >>> plus the disney-nelson peltz proxy battle, we're in the home stretch now. the media giant's crucial shareholder meeting just a few days away. >>> let's begin with a new trading quarter after a bullish q1 for stocks. jim, you wrote this morning, overbought here. better a seller than a buyer? >> yes, we haven't been this overbought since the beginning of january, which was a kind of a rough time. i think that we do have very little actual earnings news. we have things that are very important. we got some spinoffs too. we got 3m spinoff, ge. they'll be very exciting. i feel like i don't like to buy it here. we are, for the club, are huge believers that the risk-reward is bad. we offer this s&p, the oscillator, as part of our package, and it has been uncanny in telling you when not to buy. and david, i know you're on assignment last week, but we have had a long-term -- >> tough assignment. >> we have had some -- a lot of power in stocks that are not mag seven. home builders. transportation. some auto. really good general industrial. >> that's being embraced as
. >>> plus the disney-nelson peltz proxy battle, we're in the home stretch now. the media giant's crucial shareholder meeting just a few days away. >>> let's begin with a new trading quarter after a bullish q1 for stocks. jim, you wrote this morning, overbought here. better a seller than a buyer? >> yes, we haven't been this overbought since the beginning of january, which was a kind of a rough time. i think that we do have very little actual earnings news. we have...
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nelson peltz has wasted so much time and money. he has made a ton of money now on this activists campaign. i think disney will win this solidly with the backing of the institutional shareholders as whole as many retail shareholders like we are. the bottom line is this is how is nelson peltz going to do anything better for disney other than cut costs? that has already happened. ed: mr. gerber, whether mr. peltz is absurd or not he set out in a manifesto a lot of grievances focusing on the streaming business. let's say whatever happens, say iger is successful, the question mr. peltz raised was how you get that streaming business to profitability without depending on a strategy that is raising prices for consumers while cutting the cost of content production? do you have firm in your mind an answer to that question? ross: shogun. that is the answer. when you have shows and content people want to see they will pay for subscriptions. it is what is happening in streaming. we are seeing it in sports subscriptions were people are signing u
nelson peltz has wasted so much time and money. he has made a ton of money now on this activists campaign. i think disney will win this solidly with the backing of the institutional shareholders as whole as many retail shareholders like we are. the bottom line is this is how is nelson peltz going to do anything better for disney other than cut costs? that has already happened. ed: mr. gerber, whether mr. peltz is absurd or not he set out in a manifesto a lot of grievances focusing on the...
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plus, disney notching a win against nelson peltz. bob iger reassuring shareholders the board is laying out a plan. but peltz telling cnbc that he has seen all this before at the company. so could disney get the magic back? we'll discuss that, too. >>> plus, the magnificent seven is up nearly 2% today. tech is outperforming. we have a rare interview with trace stevens. he'll give us his take on the market and what's next for ai. >>> we begin with market action and over to bob. some optimism ahead of that big number tomorrow. >> yes, there is. just off the highs oh of the day, and it's broad-based rally, 3-1 advancing to declining stocks. a lot is on cyclical stocks, not tech stocks. the dow jones, positive. microsoft today, boeing strong, amazon. a lot of resistance, though. s&p again approaching record territory. we're 5251. nasdaq is also making a stab at record territory, as well. so markets holding up very well. the key story, is rate stabilization. the ten-year yield is back to the highest level in weeks. it's stopped, so that is
plus, disney notching a win against nelson peltz. bob iger reassuring shareholders the board is laying out a plan. but peltz telling cnbc that he has seen all this before at the company. so could disney get the magic back? we'll discuss that, too. >>> plus, the magnificent seven is up nearly 2% today. tech is outperforming. we have a rare interview with trace stevens. he'll give us his take on the market and what's next for ai. >>> we begin with market action and over to bob....
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over the weekend, reuters reported that nelson peltz won the backing of calpers. as of the end of december, calpers owned 6.6 million shares of disney. >>> at&t says it is investigating an incident two weeks ago that led to millions of customers data to be published on the dark web. it reset passwords for customers and it is contacting them along with 65 million former customers whose data was compromised. the data was from 2019 or earlier with dates of birth and social security numbers. >>> in the meantime, mets owner, steve cohen revealed that his firm owns fox shares. this is suggesting this is a passive investment. this stake was built since the last public filing in february. >>> news in the last couple of minutes. u.p.s. announcing an expansion of the partnership with the u.s. postal service. u.p.s. is the primary air cargo provide for the u.s. postal service and move the cargo in the united states. shifting the public/private partnerships. everyone competing with fedex and amazon. >> i guess it's cheap. that stock has been so dead for so long. what do you t
over the weekend, reuters reported that nelson peltz won the backing of calpers. as of the end of december, calpers owned 6.6 million shares of disney. >>> at&t says it is investigating an incident two weeks ago that led to millions of customers data to be published on the dark web. it reset passwords for customers and it is contacting them along with 65 million former customers whose data was compromised. the data was from 2019 or earlier with dates of birth and social security...
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he has been doing that with nelson peltz looking over his shoulder. do you want to keep that arrangement going? ed: i go back to the thesis i outlined in the column today, which is what does nelson peltz do next if he is put on the board? bob iger has done a lot in recent time. they are teaming up with warner bros. and fox on the sports side. the tensions with florida have gone away. how has that down with the investor base? felix: it has gone well. there is not a lot of difference with what bob iger's strategy is and what peltz says his strategy is. the one thing i think that is still open is the issue of succession. what is going to happen post-bob iger. do you trust the board to get it right. last time around, the board did not do much due diligence to keep the succession plans on track. ed: if president biden can run again for reelection, why can't i do another 10 years at disney? felix, great to have you in the studio. coming up, we will be joined by david jones, founder and ceo of brenntag about their new raise. look at shares of trump media and
he has been doing that with nelson peltz looking over his shoulder. do you want to keep that arrangement going? ed: i go back to the thesis i outlined in the column today, which is what does nelson peltz do next if he is put on the board? bob iger has done a lot in recent time. they are teaming up with warner bros. and fox on the sports side. the tensions with florida have gone away. how has that down with the investor base? felix: it has gone well. there is not a lot of difference with what...
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elon musk tweeted he thinks nelson peltz should be on the disney board. he tweeted it after the retail voting deadline was closed. i do not think it achieved very much when it comes to votes for nelson peltz. elon musk is interested in this situation. whether he will go against bob iger, we did not see that. definitely an interesting dynamic with all of the high-profile billionaires. ed: it is interesting. at the end of the day, sources told us 94% of the vote went to bob iger reelection. terrific reporting. coming up, we will bring you the latest in fundraising news. we will be joined by eleanor crespo. and a chip start up that wants to make the ai in cars and robots go faster. this is "bloomberg technology." ♪ (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was fast. that's where deloitte comes in. with the right combination of talent and technology to
elon musk tweeted he thinks nelson peltz should be on the disney board. he tweeted it after the retail voting deadline was closed. i do not think it achieved very much when it comes to votes for nelson peltz. elon musk is interested in this situation. whether he will go against bob iger, we did not see that. definitely an interesting dynamic with all of the high-profile billionaires. ed: it is interesting. at the end of the day, sources told us 94% of the vote went to bob iger reelection....
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nelson peltz's partners on 1.76% of disney. right out of the gates, he is 18% behind. when you look at vanguard, black rock, state street, these are passive etf and mutual fund shops. they should not be actively involved in corporate governance. that's not part of their investment objective, they are passive. when i said those three companies owned 19%, let me be clear, that's not their money, that is our money. all the viewers at home that have money in those etfs or mutual funds, that is our money. in 2022 there was a piece of legislation that failed to get through congress called the index act. what the index act would have done is would have required the 19% owned by those 3 companies i mentioned, that they pass through the proxy votes to the retail investors that have money in those companies that failed to pass. we need to get back to it because disney had a series of mishaps that nelson peltz wanted to fix. look at the disastrous box office result of 2,023. antman a bust, indiana jones, haunted mansion, marvel's which all best, the other one that was a winner, g
nelson peltz's partners on 1.76% of disney. right out of the gates, he is 18% behind. when you look at vanguard, black rock, state street, these are passive etf and mutual fund shops. they should not be actively involved in corporate governance. that's not part of their investment objective, they are passive. when i said those three companies owned 19%, let me be clear, that's not their money, that is our money. all the viewers at home that have money in those etfs or mutual funds, that is our...
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the support that nelson peltz is locking in ahead of the shareholder vote this week. it is monday, april 1st, 2024. you are watching "worldwide exchange" here on cnbc. >>> welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check of the u.s. stock futures. you can see they are in the green across the board. the dow would open up 100 points higher. the nasdaq is taking a dip lower off the highs earlier. we want to get a check on oil. wti and brent coming off the second positive quarter in the last three. up 16% and 13%. take a look right now. they are lower right now. wti is trading a penny above $83 a barrel. brent crude is just below $87 a barrel. >> we want to get a check on gold. the best month in over three years in march. it is hitting a new record high of $2,275. an increase in gold prices over the last week is something we will continue to watch on the show. we want to talk about digital gold, bitcoin. after the sentencing of sam bankman-fried, you see it is trading below $70,000 for bitcoin. year to date, you see a big run for bit
the support that nelson peltz is locking in ahead of the shareholder vote this week. it is monday, april 1st, 2024. you are watching "worldwide exchange" here on cnbc. >>> welcome back to "worldwide exchange." i'm frank holland. we pick up the half hour check of the u.s. stock futures. you can see they are in the green across the board. the dow would open up 100 points higher. the nasdaq is taking a dip lower off the highs earlier. we want to get a check on oil. wti...
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. >>> the disney ceo bob iger keeps the keys to the castle fending off the challenge from nelson peltz as the proxy fight comes to an end. we will hear from iger at 14:00 cet. >>> the head of nato proposes a 100 billion euro aid package for ukraine as the alliance looks to lock in long-term support. >> europe needs america for its security. this is essential. europe is investing more. at the same time, north america also needs europe. >>> good morning. we start the show with some economic data. we are just getting flash final pmi readings for the eurozone and these are the figures. in terms of the composite figure, we have it coming in at 14.9. i should say 50.3 compared to an expectation of 14.9. we're seeing a slight improvement and the composite figure crossing above the 50 threshold. that is important because it makes the distinction between contraction and positive territory. it came in at 51.5. that is higher and what analysts were expecting at 51.1. all in all, this is important as we prepare to hear from the european central bank next week. we got important inflation figures fr
. >>> the disney ceo bob iger keeps the keys to the castle fending off the challenge from nelson peltz as the proxy fight comes to an end. we will hear from iger at 14:00 cet. >>> the head of nato proposes a 100 billion euro aid package for ukraine as the alliance looks to lock in long-term support. >> europe needs america for its security. this is essential. europe is investing more. at the same time, north america also needs europe. >>> good morning. we start...
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disney gaining support in the proxy fight against nelson peltz. blackrock planning to back the company. >>> bloomberg reporting that citi is bringing on a fresh round of job cuts focused on the tech and media units. >>> shares of trump media group is down again today after falling 21% yesterday. the parent company of truth social revealing it lost $58 million last year. more than than 2022 on just about $4 million in revenue. >>> shares of health insunsurer are getting hit after the medicare drug coverage who was. >>> and csx will begin a freight rail service from baltimore to new york today. it moves the deal following the collapse of the francis scott key bridge last week. >>> warner bros. discovery has two leaving the board after the probe into the anti-trust violation case. >>> here is what to watch today. we get jolts figures out at 10:00 a.m. we get earnings from paychex and a pair of fed speeches with michelle bowman and mary daly set to speak. >>> futures are in the red today. it would open at 155 points lower. we have katrina dudley here
disney gaining support in the proxy fight against nelson peltz. blackrock planning to back the company. >>> bloomberg reporting that citi is bringing on a fresh round of job cuts focused on the tech and media units. >>> shares of trump media group is down again today after falling 21% yesterday. the parent company of truth social revealing it lost $58 million last year. more than than 2022 on just about $4 million in revenue. >>> shares of health insunsurer are...
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maria: skra elon musk is everything into the nelson peltz writes he should definitely be on the board musk said would buy shares if nelson were elected o to the border track record excellent. >> it is when you get an activist investor in the company generally speaking not justice they want to make money they have ideas they think will make company money as shareholder you want to see. >> you are watchingmi with maria" liveti business. stay with us. . . ng a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. things will go wrong for your customers. but your business can make it right, with watsonx assistant. ai that can help resolve problems by understanding your cu
maria: skra elon musk is everything into the nelson peltz writes he should definitely be on the board musk said would buy shares if nelson were elected o to the border track record excellent. >> it is when you get an activist investor in the company generally speaking not justice they want to make money they have ideas they think will make company money as shareholder you want to see. >> you are watchingmi with maria" liveti business. stay with us. . . ng a business is never...
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i've been watching nelson peltz since the '80s. don't bet against him. he may not win this vote tomorrow, but he's playing the long game. disney' stock has gotten crushed through a good market over the last two days. pellson pelts knows what he's doing -- nelson peltz knows what he's doing. stuart: trump's social media stock was down big with yesterday after they reported big losses. they were down early this morning, now they've rebounded to 50. lauren: can i call it a meme stock? if. stuart: oh, you should. lauren: it's been called the mother of all meme stocks. look, we've been saying, and i do agree, this is a vehicle for trump supporters to prop him up. but it's also a way for never trumpers to make a buck. they knew this company would go public, we all did, and they knew it would be popular, so they cashed out, sticking the little buy, if you -- little guy, if you will. but the news yesterday underscored the real fundamentals. $58 million in losses. a regulatory filing where the company themself said we have stamm do you want, that's a quote -- sub
i've been watching nelson peltz since the '80s. don't bet against him. he may not win this vote tomorrow, but he's playing the long game. disney' stock has gotten crushed through a good market over the last two days. pellson pelts knows what he's doing -- nelson peltz knows what he's doing. stuart: trump's social media stock was down big with yesterday after they reported big losses. they were down early this morning, now they've rebounded to 50. lauren: can i call it a meme stock? if. stuart:...
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bob iger and nelson peltz on cnbc, who deserve moss credit? >> they are late paying their suppliers first, a check on the market. the nasdaq continues to be the outperformer. >>> the former ceo barry biller, paramount, that is, saying northern this would be the worst time to sell, and he thinking the company could turn itself around. >>> he's not given any real credit to nelson peltz. >> you can take a listen. >> this whole pros gave the board, an opportunity to engage with many shareholders, perhaps on a deeper level, and have a good, honest dialogue where we had the opportunity to describe what our priorities are and various processes, including succession. we had an opportunity to listen to them and hear what was on their minds as well. if anything came of this that's positive, it did in fact increase the engagement we had with shareholders. that's a very good thing. >> david, i have chuckling when you were asking him is he still having fun, and him insisting he is. is there a chance he stays past 2026? has that been upped? >> i know you as
bob iger and nelson peltz on cnbc, who deserve moss credit? >> they are late paying their suppliers first, a check on the market. the nasdaq continues to be the outperformer. >>> the former ceo barry biller, paramount, that is, saying northern this would be the worst time to sell, and he thinking the company could turn itself around. >>> he's not given any real credit to nelson peltz. >> you can take a listen. >> this whole pros gave the board, an opportunity...
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and look, even nelson peltz says, i still want bob iger to be the ceo of this company. even he is not making that argument. but at least when it comes to succession, i think it would have a vote where you would have to say, look, bob, we've given you a chance here. we need someone else in here because we don't trust you alone, even in conjunction with the board at this time. >> i mean, mr. iger himself would say, i agree with you that we need someone else in here eventually, right? when he's ready to step away. that's part of where your reporting lies today on cnbc.com, correct? >> yeah, look, the board and bob iger have been looking at internal candidates really since he's come back, i've been told, in late november of 2022. i wrote a profile of dana walden, who was one of the favorites to take over for iger. she has led up the disney tv division for the past several years, and i'm told internally from people that work at disney that at least some of them feel like she's actually the favorite to get the job. that may be proximity-based. i also have heard similar things
and look, even nelson peltz says, i still want bob iger to be the ceo of this company. even he is not making that argument. but at least when it comes to succession, i think it would have a vote where you would have to say, look, bob, we've given you a chance here. we need someone else in here because we don't trust you alone, even in conjunction with the board at this time. >> i mean, mr. iger himself would say, i agree with you that we need someone else in here eventually, right? when...
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david faber interviewed bob iger after his win in the roxy fight with nelson peltz. midway through the interview bob talked about his predecessor, no need to name him since nobody at disney seems to -- okay, i'll do it p bob chapek. the stock took it on the chin of course and didn't really recover until the last few months. i think we misjudged how much disney was really hurt first by covid and then management's response to covid. frantic attempts to meet their streaming goals not backed up by what had been the company's regular cash flow. now there's no excuse which is a big reason why nelson peltz thought it was worth going after some board seats but things got better as pelths agitated while the pandemic faded and the travel tail winds reemerged. i don't think pelts saw the turnaround in the stock coming even as he arguably caused a lot of it which ironically then hurt his chances of joining the board. the cruise line stocks have been among the best performers for the last 18 months, especially royal caribbean. seems quizzical but wait a second this move's almost
david faber interviewed bob iger after his win in the roxy fight with nelson peltz. midway through the interview bob talked about his predecessor, no need to name him since nobody at disney seems to -- okay, i'll do it p bob chapek. the stock took it on the chin of course and didn't really recover until the last few months. i think we misjudged how much disney was really hurt first by covid and then management's response to covid. frantic attempts to meet their streaming goals not backed up by...
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moving and doing all the things nelson was, nelson peltz was complaining about already in action. a few things happened in the last week or so. one thing reaching out making amends in the florida state governor there. that was something that i felt like it was kind of tied to this. trying to wrap up the loose ends before this vote. >> i can comfortably tell you, becky, it wasn't. that's a discussion that had been ongoing, and obviously shareholders did speak about issues that mattered. dtc in particular. succession in particular, and the company has a robust succession committee planning process. heard from mike, james gorman, through his own succession, mark barger and taking it as they should seriously. >> one more in the media space and then go broader. paramount. >> heard of it. >> you've heard of it. involved in the middle of it. >> a bit. >> a question how a transaction can take place so shareholders are treated fairly, so the redstone family can get as much money as they can. can you speak how this could work, or not? >> obviously, i can't really address it other than to sa
moving and doing all the things nelson was, nelson peltz was complaining about already in action. a few things happened in the last week or so. one thing reaching out making amends in the florida state governor there. that was something that i felt like it was kind of tied to this. trying to wrap up the loose ends before this vote. >> i can comfortably tell you, becky, it wasn't. that's a discussion that had been ongoing, and obviously shareholders did speak about issues that mattered....
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what is your issue with nelson peltz? a long-term shareholder, iger is the man. are you saying peltz is one of these guys who hit it and quit it once he gets the money he's out? >> let's look at the data, 15 of the 22 times he's come onto a board like this, companies have underperformed the s&p 500. 68% of the time so his track record is not good compared to iger but in addition, it's a short-term approach and we are long-term investors and there's often an effort to prioritize short-term extraction of gains and we are looking for long-term value. disney has delivered that long-term value we have concerns about the way felt led at wendy's and other statements he's made which we don't believe are consistent with our approach to long-term value. >> your west coast compatriot siding with peltz. they have a bigger share, 6.65 million shares of disney. have you talked to your counterpart? >> i can't say why they made that decision, we have not spoken with them about this but i will say number of pension funds, california state teachers and new york state have withdraw
what is your issue with nelson peltz? a long-term shareholder, iger is the man. are you saying peltz is one of these guys who hit it and quit it once he gets the money he's out? >> let's look at the data, 15 of the 22 times he's come onto a board like this, companies have underperformed the s&p 500. 68% of the time so his track record is not good compared to iger but in addition, it's a short-term approach and we are long-term investors and there's often an effort to prioritize...
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peltz. we've got a busy day ahead when "worldwide exchange" returns after this commercial break. >>> welcome back to "worldwide exchange." time for your big "money movers." cal-maine foods blew past estimates based on increasing demand and lower prices for those eggs. earlier yesterday cal-maine halted production due to bird flu. the cal-maine shares are up. >>> dave & buster's is up despite fourth quarter profits. revenues rose more than 6%, but that missed estimates. same-store sales falling 7%, extending the slide to four straight quarters there. >>> also shares of paramount global are rising on reports the company is moving closer to a sale. "the new york times" says paramount is holding exclusive talks with skydance. paramount's board is seeking to sell all instead of parts of the company. the stock is down about 20% so far this year and more than 40% over the course of the past 12 months. >> we're also now watching shares of intel getting hit ahead of the "opening bell" after the compa
peltz. we've got a busy day ahead when "worldwide exchange" returns after this commercial break. >>> welcome back to "worldwide exchange." time for your big "money movers." cal-maine foods blew past estimates based on increasing demand and lower prices for those eggs. earlier yesterday cal-maine halted production due to bird flu. the cal-maine shares are up. >>> dave & buster's is up despite fourth quarter profits. revenues rose more than 6%,...
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it looks like a closed battle and you have nelson peltz, blackwell. if you look at the disney investor base, they have 1.8 billion shares outstanding. 35% to 40% are actually mom-and-pop individual investors like you and me. the rest is owned by institutional investors. disney has really launched a very aggressive campaign and that will pay off.. this is supposed to be one of the costliest proxy battles in the history of corporate america. disney spent around $40 million in this whole campaign. i think it is going to work in their favor tomorrow. katie: great to check in with you. i'm sure we will speak very soon. our thanks. disney shares up over 30% this year. down more than 40% from their peak. coming up, bloomberg technology is next with ed ludlow and caroline hyde. that does it for "bloomberg markets." i'm katie greifeld and this is bloomberg. ♪ announcer: this is "bloomberg technology" with caroline hyde and ed ludlow. ♪ caroline: time caroline hyde in new york. ed: i'm side-by-side this week. this is bloomberg technology. caroline: tesla dr
it looks like a closed battle and you have nelson peltz, blackwell. if you look at the disney investor base, they have 1.8 billion shares outstanding. 35% to 40% are actually mom-and-pop individual investors like you and me. the rest is owned by institutional investors. disney has really launched a very aggressive campaign and that will pay off.. this is supposed to be one of the costliest proxy battles in the history of corporate america. disney spent around $40 million in this whole campaign....
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i don't think you see that at disney. >> if you had to summarize, you would say that nelson peltz is complaining a lot, but not really -- hasn't really proposed anything that would help the fortunes of disney in any meaningful way, but if he has, he hasn't stated what he would do. >> you're exactly right. he's acting more like a politician -- sorry, politician abouts -- than a businessperson. he's making a lot of general statements. we all like to taipei to performance, but he's not saying exactly what performance that is. and other than succession planning which, lets face it, disney bungled one time and had to bring in their former ceo. let's hope they don't bupgle it this time, he has not been specific enough. when he has been, he said the single dumbest thing he possibly could have said. he complained of having too many minority women in the movies. first of all, that means he doesn't understand the revenue. the parks are much more in terms of operating income thajd movies are. second, he double understand that people who buy stock -- as you know, disney's got a lot more individu
i don't think you see that at disney. >> if you had to summarize, you would say that nelson peltz is complaining a lot, but not really -- hasn't really proposed anything that would help the fortunes of disney in any meaningful way, but if he has, he hasn't stated what he would do. >> you're exactly right. he's acting more like a politician -- sorry, politician abouts -- than a businessperson. he's making a lot of general statements. we all like to taipei to performance, but he's not...
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tomorrow, deisney's battle with nelson peltz is coming to a head. the board at the shareholder meeting is facing a tough fight for support for peltz grows. we have doug chai as a senior fellow and he also happens to be a disney shareholder. doug, thank you for being with us today. you have a pretty interesting story and unique perspective on all of this. why don't you tell us about this. you happen to be a retail investor in disney and teach a corporate governance class and you got an early call from trian. what did they say to you in that phone call? doug, hold on. we're not hearing you. i think that is an issue with the audio. maybe we can get that worked out. guys, can you check on that and see if doug can get that worked out? >> there we are. >> we are picking you up now. what happened? >> the trian and disney and blackrock has solicitors making calls and they are going deep into the shareholder base. they got to someone like me who owns a couple hundred shares. i'm a mom and pop and they called me on the home phone and reached me on the cell ph
tomorrow, deisney's battle with nelson peltz is coming to a head. the board at the shareholder meeting is facing a tough fight for support for peltz grows. we have doug chai as a senior fellow and he also happens to be a disney shareholder. doug, thank you for being with us today. you have a pretty interesting story and unique perspective on all of this. why don't you tell us about this. you happen to be a retail investor in disney and teach a corporate governance class and you got an early...
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but you also said that nelson peltz isn't used to this kind of defeat. i remember when he called into your show live and spoke to you and jim and carl and said that, you know, he was in favor, that bob iger was successfully in turning the company around. is there more peltz could do here? >> it's hard to imagine he could come back after losing a proxy fight and losing it definitively. we have a statement from trian saying they're disappointed in the outcome. they greatly appreciate all the dialogue they have had and proud of the impact they have had, and refocusing the company on value creation and good governance. they had engaged with the company to your point, right after iger had come back. it was brief in terms of how long that fight lasted, because to your point, it was when i interviewed iger last february, i believe it was, and then peltz followed up minutes later by saying, we're done, but we're going to hang around and watch and only to come back, of course. this was a much more bitter and long, hard-fought struggle as you well know, d. but dis
but you also said that nelson peltz isn't used to this kind of defeat. i remember when he called into your show live and spoke to you and jim and carl and said that, you know, he was in favor, that bob iger was successfully in turning the company around. is there more peltz could do here? >> it's hard to imagine he could come back after losing a proxy fight and losing it definitively. we have a statement from trian saying they're disappointed in the outcome. they greatly appreciate all...
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. >>> meanwhile the impact between disney and nelson peltz is heating up. what's going on there? >> people may not be paying attention to the company's battle, but it's in many ways a microcosm we're seeing at large. one of the pushbacks disney has gotten is some have called it too woke and it's become a political punching bag. now nelson peltz has a number of issues he's lobbed against disney, one of them being about its context. there's a lot of individual investors in disney. will these individual investors, you know, kind of take up nelson peltz on what some say is baits. >> thanks for joining us. >>> next on "way too early," we'll bring you the latest on the cease-fire negotiations between israel and hamas. more and more are calling for a recall. massive protests in tel aviv. we'll be back with more on that. v we'll be back with more on that. who's winning? we are, my friend. we are. (avo) kate made progress with her mental health... ...but her medication caused unintentional movements in her face, hands, and feet called tardive dyskinesia, or td. so her doctor prescribed au
. >>> meanwhile the impact between disney and nelson peltz is heating up. what's going on there? >> people may not be paying attention to the company's battle, but it's in many ways a microcosm we're seeing at large. one of the pushbacks disney has gotten is some have called it too woke and it's become a political punching bag. now nelson peltz has a number of issues he's lobbed against disney, one of them being about its context. there's a lot of individual investors in disney....
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activist investors, including nelson peltz of trian management, had sought seats on the company's board of directors, which they said was too close to disney's leadership. but a majority of shareholders voted to maintain the company's current board. and that's it for this edition of asia business report. thanks for watching. hey, i'm zoph with the catch up. tonight, the earthquake in taiwan. lizzo is here to stay and a cute baby antelope. we start with gaza, where families are paying tribute to the three british victims of an israeli air strike. john chapman, james henderson and james kirby were among the seven world central kitchen workers killed in monday's strike. israel said it was unintended and promised to investigate. kirby's family described him today as a hero. people were telling him this could be very dangerous for you, but he knew the dangers. he was selfless in that regard, and hejust wanted to help people. next to taiwan, where rescuers are trying to reach dozens of people trapped after a 7.4—magnitude earthquake, its most powerful in 25 years. at least nine people have
activist investors, including nelson peltz of trian management, had sought seats on the company's board of directors, which they said was too close to disney's leadership. but a majority of shareholders voted to maintain the company's current board. and that's it for this edition of asia business report. thanks for watching. hey, i'm zoph with the catch up. tonight, the earthquake in taiwan. lizzo is here to stay and a cute baby antelope. we start with gaza, where families are paying tribute to...
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. >>> disney is possibly pulling ahead in the proxy battle with nelson peltz and the trian group. blackrock is the major supporter with more than half of shares voted. blackrock support would come as welcome news as the ceo bob iger with trian gunning to take two seats on the board as he tries to turn disney's fortunes around. there is no guarantee that disney would win the vote since investors have until tomorrow's shareholder meeting to make the decision. this as people familiar with the process tell cnbc that iger is considering tapping dana walden the successor. that would be the first female ceo in the existence of the company. you can find more on the story with the twists and turns all on the cnbc web site for you to read. >>> coming up on the show, we will take a look back at the big first quarter for markets. big is an understatement. the s&p is posting the best first quarter in five years. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation
. >>> disney is possibly pulling ahead in the proxy battle with nelson peltz and the trian group. blackrock is the major supporter with more than half of shares voted. blackrock support would come as welcome news as the ceo bob iger with trian gunning to take two seats on the board as he tries to turn disney's fortunes around. there is no guarantee that disney would win the vote since investors have until tomorrow's shareholder meeting to make the decision. this as people familiar with...
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i want to use specifics here, take billionaire investor nelson peltz. he said he was sorry to have ever even voted let alone funded trump the day after january 6th. >> what happened yesterday is a disgrace. as an american, i am embarrassed. i did not vote for trump in 16. i voted for him in this past election, november. today i am sorry that i did that. >> he was sorry he did that. how sorry? not sorry enough to last. reports are peltz hosted trump and elon musk in his mansion in florida just last month and has said publicly that he plans to vote for trump this time, after all that. here is another influential engineer who said after january 6 trump lost me as a supporter. he showed in that hour he was no commander-in-chief. now he is getting donald trump not just campaign cash, but $1 million to cover the legal fees associated in some cases like the doj case over the very activities this billionaire said he was so against. he is also pledging another $20 million to the campaign. his support comes at a critical time where what donald trump is on accordi
i want to use specifics here, take billionaire investor nelson peltz. he said he was sorry to have ever even voted let alone funded trump the day after january 6th. >> what happened yesterday is a disgrace. as an american, i am embarrassed. i did not vote for trump in 16. i voted for him in this past election, november. today i am sorry that i did that. >> he was sorry he did that. how sorry? not sorry enough to last. reports are peltz hosted trump and elon musk in his mansion in...
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we're just hours away from the end of disney's knockdown, dragout fight with nelson peltz. the winner, the loser, and the impact, straight ahead. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim see your, courtney garcia, dan nathan and guy adami. the dow dropping nearly 400 points, the nasdaq down a percent. rates are back on the rise. the yield on the ten-year treasury touching 4.4% for the first time since last november. we're going to get to that in a minute. but butfirst, we turn to tesla. they reported q-1 deliveries that fell far short. the company getting fewer than 390,000 cars to customers, its first year over year delivery decline since the height of the pandemic and the biggest miss in five years. the report promming uber tesla bull dan ives to call it an unmitigated disaster that is hard to explain away. he has a $300 price target, still, a level that it hasn't seen since september 2022. is this the straw that finally breaks the tesla bulls' backs. are we at an inflection point? guy, what do you think? >> huge lef ivel
we're just hours away from the end of disney's knockdown, dragout fight with nelson peltz. the winner, the loser, and the impact, straight ahead. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim see your, courtney garcia, dan nathan and guy adami. the dow dropping nearly 400 points, the nasdaq down a percent. rates are back on the rise. the yield on the ten-year treasury touching 4.4% for the first time since last november. we're going to get to that...
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take billionaire investor nelson peltz. he said he was sorry to have voted -- let alone the funded -- trump the day after january 6th. >> what happened yesterday is a disgrace and as an american, i am embarrassed. you know? i didn't vote for trump in '16, i voted for him in this past election, november. today, i am sorry i did that. >> he was sorry he did that. how sorry? well, not sorry enough to last. the reports are that peltz hosted trump and elon musk in his mansion in florida just last month and has said, publicly, that he plans to vote for trump this time after all of that. here is another influential billionaire real estate type, robert bigelow, who said after january 6th, trump "lost me as a supporter. he showed, in that hour, he was no commander" and went on and on like that. now he is giving donald trump not just some campaign cash but $1 million to cover the legal fees, which are, of course, associated in some cases like the doj case over the very january 6th activities that this billionaire said he was so again
take billionaire investor nelson peltz. he said he was sorry to have voted -- let alone the funded -- trump the day after january 6th. >> what happened yesterday is a disgrace and as an american, i am embarrassed. you know? i didn't vote for trump in '16, i voted for him in this past election, november. today, i am sorry i did that. >> he was sorry he did that. how sorry? well, not sorry enough to last. the reports are that peltz hosted trump and elon musk in his mansion in florida...
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the company's battle with nelson peltz is set to conclude at its annual meeting. that is set for this afternoon when we will get the vote totals. >>> and tomorrow, 9:00 a.m., right here, don't miss an exclusive with bob iger. >> is it right here or out there? >> it's out there. it's out there. i will be going out there, hoping that the high winds that are blanketing the area won't prevent my travel to see mr. iger. and by the way, just to make a point here, this is not saying anything one way or the other about the vote. he's going to do the interview either way. >> huh. okay. >> okay? is that okay with you? >> well, i'd be more inclined to do the interview if i won. >> i think that's his expectation and/or disney's as i've been saying all along, at least. they have had a lot of confidence they will win. but you wanted to make it clear that it is not -- >> do you share that confidence? i do. >> the reporting i have been able to do i understand that they're going to most likely win. i was saying this yesterday on scott's show on "halftime," and it continues to be w
the company's battle with nelson peltz is set to conclude at its annual meeting. that is set for this afternoon when we will get the vote totals. >>> and tomorrow, 9:00 a.m., right here, don't miss an exclusive with bob iger. >> is it right here or out there? >> it's out there. it's out there. i will be going out there, hoping that the high winds that are blanketing the area won't prevent my travel to see mr. iger. and by the way, just to make a point here, this is not...
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disney shareholders have rejected efforts by activist investor nelson peltz to try to win seats on its boardover directors. all company-backed board members have been elected, include, ceo bob iger. the results of the vote were made public at disney's meeting of shareholders today. disney saying the current board, according to preliminary vote tabulations, were elected by a substantial margin. tonight, wiger saying, i want t thank our shareholders for their trust in our board and management, with the distracting proxy contest behind us, we're eager to focus 100% on our most important priorities. growth for shareholders and creative excellence for our consumers. >>> when we come back here tonight, the kansas city chiefs star now apologizing this evening after those cars, one a lamborghini, speeding through dallas, hitting several vehicles, including one with a mother and her 4-year-old. >>> also, getting ready for the solar eclipse across america. tonight, the one thing you'll need for this, made in america. made my life a lot harder. but the picture started changing when i started on v
disney shareholders have rejected efforts by activist investor nelson peltz to try to win seats on its boardover directors. all company-backed board members have been elected, include, ceo bob iger. the results of the vote were made public at disney's meeting of shareholders today. disney saying the current board, according to preliminary vote tabulations, were elected by a substantial margin. tonight, wiger saying, i want t thank our shareholders for their trust in our board and management,...
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activist investors, including nelson peltz of trian management, had sought seats on the company's board of directors, which they said was too close to disney's leadership. but a majority of shareholders voted to maintain the company's current board. still to come: countering addictive slot machines — we take a look at revamped bowling clubs in australia that help to kick the gambling habit. around the world and across the uk. this is bbc news. we are looking at the key business stories today and focusing now on the us and e you. the us and eu are meeting today in leuven, belgium, for the sixth trade and technology council meeting. this year the two—day summit will focus sustainable trade practices — stronger links around transatlantic supply chains and co—ordinating more closely on artificial intelligence standards. it is a packed agenda with big ambitions but what will really be achieved? let's talk it through with guido cozzi — professor at the university of st gallen's school of economics and political science lovely to see you. so this trade tech council is very important
activist investors, including nelson peltz of trian management, had sought seats on the company's board of directors, which they said was too close to disney's leadership. but a majority of shareholders voted to maintain the company's current board. still to come: countering addictive slot machines — we take a look at revamped bowling clubs in australia that help to kick the gambling habit. around the world and across the uk. this is bbc news. we are looking at the key business stories today...
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ashley: nelson peltz has solid points. the return from disney has been poor, box office flops, problems with streaming, no succession plan for bob iger. he should leave. in 26 his most recent contract. >> reporter: disney forgot their product under iger. he was the first component to push us down this agenda. they lost the brand of family values. disney plus was away to push their shows and content in one spot to get excited around the brand, when you get people angry about that brand, pushing political ideas onto you, you lose subscribers. and they raise prices, not a great business model. they are in this middle area where they convince 50% of america, in business 10% of people want to work with you, 10% of the population, your goal as board of director at our company, 80% of america to come to your business, with shareholder value to get. ashley: disney always had the midas touch. what has gone wrong with their box office? why so many flops? is it just getting the wrong, you know, not understanding what the audience wan
ashley: nelson peltz has solid points. the return from disney has been poor, box office flops, problems with streaming, no succession plan for bob iger. he should leave. in 26 his most recent contract. >> reporter: disney forgot their product under iger. he was the first component to push us down this agenda. they lost the brand of family values. disney plus was away to push their shows and content in one spot to get excited around the brand, when you get people angry about that brand,...
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Apr 5, 2024
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. >>> and disney winning the proxy battle against nelson peltz. we talk to michael froman coming up. it is jobs friday. it is april 5th, 2024. "squawk box" begins right now. >>> good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin. joe is out today. as andrew was talking about, yesterday was a big selloff. the dow with the worst day since march last year. more than a year ago. this morning, you are seeing some green arrows. at least at this point. the dow futures indicated up 63. s&p futures up 15. nasdaq indicated up 65 points. right now, we're on pace for our worst week since march 2023 for the dow. the s&p is on pace for its worst week since october of last year. a lot of this coming, andrew, from
. >>> and disney winning the proxy battle against nelson peltz. we talk to michael froman coming up. it is jobs friday. it is april 5th, 2024. "squawk box" begins right now. >>> good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin. joe is out today. as andrew was talking about, yesterday was a big selloff. the dow with the worst day since march last year....
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Apr 4, 2024
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bob iger a big vote of confidence, denouncing nelson peltz's bid for the board. sources say peltz won just 31% of votes cast. the stock fell the most in six months following the vote. still up 32% so far this year. amazon is cutting hundreds of jobs in its cloud commuting sector. it will affect employees and technology for brick and mortar stores. a spokesperson says amazon will try and find new roles for those affected. a year after a.w.s. held it largest round of job eliminations. shery red stone is said to be in agreement to accept the estate to i.m.f. and tv giant sky daniels. they've been weighing the sell of the holding company national amusements to him for months. sources say spot if i plans to raise the price of its ooh service -- audio service in it service for the second time in three years. markets including u.k., australia and pakistan. spotify plans to raise prices in the u.s. later on this year and the hikes will help cover the cost of audio books. haidi: china is on a golden week, if you will. a lot of the concerns have been around -- even as we s
bob iger a big vote of confidence, denouncing nelson peltz's bid for the board. sources say peltz won just 31% of votes cast. the stock fell the most in six months following the vote. still up 32% so far this year. amazon is cutting hundreds of jobs in its cloud commuting sector. it will affect employees and technology for brick and mortar stores. a spokesperson says amazon will try and find new roles for those affected. a year after a.w.s. held it largest round of job eliminations. shery red...
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Apr 2, 2024
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try an's nelson peltz trying to get on the board. voters have until the end of the day to submit their votes. disney, among some of tlarjest holders, t. rowe price, they're voting in favor of disney. "wall street journal" reports blackrock also siding with bob iger and his board of directors as well. they did withhold on mark parker. i thought that was interesting. i've been saying this for weeks, a lot of confidence in the disney camp. that continues. it still may be close. don't forget, shareholders can withdraw and resubmit until the deadline. that happens occasionally. so there is still lobbying to be done here. we still have yet to hear from state street, vanguard, the huge index and/or passive funds that have such an impact on votes like this one. retail also important. disney confident on the retail vote, some 40% or so of the shares outstanding considered retail investors. inside disney, they believe they can get as many as 75% of those. jim, you have to say right now iger is going to win this one, but we don't know yet. it's
try an's nelson peltz trying to get on the board. voters have until the end of the day to submit their votes. disney, among some of tlarjest holders, t. rowe price, they're voting in favor of disney. "wall street journal" reports blackrock also siding with bob iger and his board of directors as well. they did withhold on mark parker. i thought that was interesting. i've been saying this for weeks, a lot of confidence in the disney camp. that continues. it still may be close. don't...
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Apr 2, 2024
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peltz was around 50% of votes counted. an investor can change their rotate in a time. the latest name got the backing of the force from george lucas and jamie dimon. it's blackrock. they have a 4.2% stake, almost $10 million of disney stock. caroline: t. rowe price another canine. that is not without some key names betting on the other of things. wanting to see peltz coming to the border the other previous cfo. it could all go to the wire. what about long-term succession planning from bob iger? if he loses this battle, we saw posts join the board. will he stick around. that is a key question about considering succession. ed: if peltz is successful, which looks unlikely at this stage, how does it change anything? caroline: we will see overall how the votes at up and if i get anymore ads asking me to do so i will go completely stir crazy. that does that for this edition of bloomberg technology. ed: recap the show on the podcast. a big show a heavy ev theme and global politics on apple, spotify, and all bloomberg platforms. f
peltz was around 50% of votes counted. an investor can change their rotate in a time. the latest name got the backing of the force from george lucas and jamie dimon. it's blackrock. they have a 4.2% stake, almost $10 million of disney stock. caroline: t. rowe price another canine. that is not without some key names betting on the other of things. wanting to see peltz coming to the border the other previous cfo. it could all go to the wire. what about long-term succession planning from bob iger?...
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Apr 2, 2024
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disney management pulling ahead in a proxy fight with an activist investor nelson peltz. biggest investors vanguard and blackrock will vote for nominees at a board meeting. it is a major boost for bob iger looking to stave off trian. a worker committing to spending and job protection as a meaningless piece of paper. the japanese company was trying to bolster support for a planned takeover of u.s. steel. president biden said the company should stay american-owned. more to come on daybreak australia. this is bloomberg. ♪ not all caitlin clarks are the same. caitlin clark. city planner. just like not all internet providers are the same. don't settle. you want fast. get fast. you want reliable. get reliable. you want powerful. get powerful. get real deal speed, reliability and power with xfinity. she shoots from here? that's kinda my thing. >> the teams have been working a lot since november on fentanyl precursors, on climate change, uneconomic practices. on artificial intelligence. there's been a lot of staff level work and both presidents thought that a few months later,
disney management pulling ahead in a proxy fight with an activist investor nelson peltz. biggest investors vanguard and blackrock will vote for nominees at a board meeting. it is a major boost for bob iger looking to stave off trian. a worker committing to spending and job protection as a meaningless piece of paper. the japanese company was trying to bolster support for a planned takeover of u.s. steel. president biden said the company should stay american-owned. more to come on daybreak...
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Apr 4, 2024
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. >> bob iger is winning a proxy fight in a long one against nelson peltz and that's affecting disney stock which is not moving as much they but the stock to drop over 3% yesterday. over the last two days, it is in positive territory. the headaches aren't over bob iger. the company is now facing questions on who will be the next ceo. they are also dealing with reviving a struggling movie business and turning a profit in disney's streaming division despite all that, the stock for disney is still up over 31% year to date. at least right now, we can call this a victory for bob iger. caroline: and for peltz as he gets the benefit of that rally. move us onto where we saw anxiety yesterday. we had a devastating human tragedy in taiwan that impacted the chip stocks but today, there seems to be a relief rally. >> i'm looking at the adr for tsmc which is the leader of advanced chips and that company says it's restarting operations less than 24 hours after that earthquake hit taiwan, one of the worst earthquakes in over 25 years. that stock is now up over 2%. i'm also watching that because trad
. >> bob iger is winning a proxy fight in a long one against nelson peltz and that's affecting disney stock which is not moving as much they but the stock to drop over 3% yesterday. over the last two days, it is in positive territory. the headaches aren't over bob iger. the company is now facing questions on who will be the next ceo. they are also dealing with reviving a struggling movie business and turning a profit in disney's streaming division despite all that, the stock for disney is...
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Apr 3, 2024
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>> the nelson peltz wants a succession plan and he's upset about the streaming business performance, which continues to lose money but bob iger promise left hand deliver a profit in 2024. what's harder to tell is that in the 133-page manifesto that nelson put forward what is fixes any different from what bob iger is going to do whether or not peltz is on the board. that is the question. the strategy from disney has been to raise prices for consumers on streaming while cutting the budget on comment spend. and peltz takes issues with did's issue with the linear tv business and the issue with fox buying to achieve scale. so, bob iger might not necessarily do anything differently and as you pointed out at the beginning, investors do pay attention. succession probably being the biggest question that lingers if iger manages to ward off the activist threat. sonali: ed ludlow of bloomberg television, thank you for keeping an eye on the story. we're back with kathryn rooney vera. i love using disney to talk about the dow jones industrial average. we're talking about breadth in the market here
>> the nelson peltz wants a succession plan and he's upset about the streaming business performance, which continues to lose money but bob iger promise left hand deliver a profit in 2024. what's harder to tell is that in the 133-page manifesto that nelson put forward what is fixes any different from what bob iger is going to do whether or not peltz is on the board. that is the question. the strategy from disney has been to raise prices for consumers on streaming while cutting the budget...
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Apr 4, 2024
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disney shareholders shutdown activist investor nelson peltz efforts to win seats on the company's board. investors voted to reelect all 12 of the company backed board members included bob iger. making the most expensive corporate proxy fight in history. the triumph on management holds a more -- it has been trying to get seats on the board to address lagging shareholder returns and what it sees as an inadequate corporate governance. tesla ceo elon musk says he's boosting pay for ai engineers is the company deals with the talent war. musk posting on xo openai has been aggressively recruiting tesla engineers. and had unfortunately been successful in a few cases. going on to say the talent work for ai engineers is the craziest he's ever seen. he is pursuing ai projects through tesla and his ai start up. that's your bloomberg brief. >> up next, it's the markets versus the fed. >> given the strength of the economy and progress on inflation so far we have time to let the incoming data guide our decisions on policy. >> that conversation up next. live from new york, good morning. ♪ this is our
disney shareholders shutdown activist investor nelson peltz efforts to win seats on the company's board. investors voted to reelect all 12 of the company backed board members included bob iger. making the most expensive corporate proxy fight in history. the triumph on management holds a more -- it has been trying to get seats on the board to address lagging shareholder returns and what it sees as an inadequate corporate governance. tesla ceo elon musk says he's boosting pay for ai engineers is...
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Apr 4, 2024
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walt disney shareholders handed ceo bob iger a vote of confidence, rejecting nelson peltz's bid for a board seat. he won just 30% of the votes cast and the stock fell the most in more than six months following the result, but it is still up 32% so far this year. let's bring in charlie wells to parse this is drama. what more would we expect from disney? >> they are treating it a lot like a political campaign. it was probably one of the most hard-fought proxy battles in recent history. disney spent $40 million on these campaigns. the peltz side spent $25 million. they sent mailers to shareholders. they even sent out promotional videos, disney did, indicating how they wanted people to vote using disney characters. lizzy: that would persuade me, i'm a mini mouse gal myself. is peltz owing to retreat in this fight? >> his company on 3.5 billion dollars of disney shares and he has tried to get seats on the board before. he indicated before yesterday's vote that he would continue to watch the company. he has a lot of skin in the game. so he is not really going anywhere. some of the issues yo
walt disney shareholders handed ceo bob iger a vote of confidence, rejecting nelson peltz's bid for a board seat. he won just 30% of the votes cast and the stock fell the most in more than six months following the result, but it is still up 32% so far this year. let's bring in charlie wells to parse this is drama. what more would we expect from disney? >> they are treating it a lot like a political campaign. it was probably one of the most hard-fought proxy battles in recent history....