emily: i am emily chang and this is bloomberg technology. coming up as his days in office dwindle, president trump is making waves, signing an order banning americans from investing in companies the white house says support the chinese military. though he refuses to concede, could a trump tv empire be in his future? plus disney earnings smashing , expectations. with disneyland closed and movie

theaters dark, can streaming make up for more losses ahead? peloton has been the pandemic diving with a new campaign in a -- darling with a new campaign in a partnership with beyonce. still plummeting on positive vaccine news and bikes have long wait times. we will talk about it all later this hour. u.s. stocks slumping amid spiking coronavirus cases. the s&p 500 sank as new york city, the early epicenter of the pandemic in the u.s. prepares , for the possibility of closing schools while chicago issued an advisory, urging residents to avoid leaving home except for work and other essential activities. abigail doolittle has been following it all. how did this impact market moves today? abigail: it was a bearish day at the end of the day as investors took to heart some of the news around the virus.

it is clear it is surging in the u.s. before we talk markets, a lot of movement after hours. some of those earnings movers you were talking about. disney, this stock is surging. a blowout quarter. like so much of this year it is , a story of the haves and the have-nots. for the haves, media was up 11%. on the other hand as you were , indicating, the studio is down 52% and parks down 61%. nonetheless, investors like it. not just the fact the loss was not as bad as expected and espn revenue jumped on a return to sports. as you know, they have 74 million streaming subscribers. i don't know for sure this is true, but i believe on a comparative basis, this is more than netflix had at that stage. it makes sense because it is a more developed market, but they are clearly a very formidable competitor. disney is all in on streaming. that is the bright spot. not so much for palantir.

company put up a mixed quarter as a publicly traded company. the disappointment has to do with the revenue outlook for the quarter. they just reported 52% sales growth. looking forward, sales not there investors not liking that. ,cisco put up a good quarter. they have been struggling the last year. this is a clean quarter. they beat the outlook. that stock rewarded most of the up 7.5%.movers, that networking company trying to transition toward software. emily: all right, thank you. we will talk more about disney and the other earnings coming up this hour. i want to get your sense of the broader market. there's uncertainty around the election. president trump refusing to concede. how are investors reacting to the broader climate?

abigail: yesterday there was not much of a reaction. i would say the bigger uncertainty investors are starting to react to is the virus. the clear signs chicago on some , degree of shutdown coming. more restrictions in new york. that come onface this day we saw decent declines into the close. the nasdaq 100 outperformed. nonetheless, down about half a percent. not even the tech stocks that could do well if we go back to a stay-at-home climate did all that well. that tells you there is some fear out there. overall the tech index, which again, if investors were confident and were going to go to this year's defense, the tech index, like so many other indexes, all about the uncertainty. this may be a case where there is nowhere to hide.

right now it is not panic selling. it is more resignation to the fact, here we go again. today really weighing on the markets. the s&p 500 having its worst day of the month. probably more of this to come. emily: all right. lots to watch. abigail doolittle, thank you for that round up. i want to get back to disney. disney surging after reporting its results. disney+ has more than 73 million subscribers. almost for more i want to bring 74 million. in an industry analyst. disney doing better than analysts had projected. but it was still not great. you have disneyland closed movie , theaters still closed. no ability to shoot new shows. what are your headline takeaways? >> that is right. the way i would frame the quarter, expectations were really low.

the company came in less bad would be the way to describe it. we know coming into the quarter covid-19 overhang was going to restrain the theme parks and also the advertising and the theatrical businesses. what we saw is a company doing a really good job navigating these challenges. while some of the covid-19 concerns will continue and remain through the current quarter, if you look beyond that disney remains one of the main , beneficiaries of the covid vaccine development. i would look at it as a strong reopening play and that is why you see shares reacting the way they are. direct to consumer is the brightest spot of all of the takeaways right now. emily: we are listening to the

earnings calls. the ceo has been speaking. you can follow along on the bloomberg blog. they dumped a bit more bad news about the current quarter. saying disneyland will remain , closed as far as they know. he's extremely disappointed by this. movie studio results will be meaningfully below what they have been. espn costs will be up because of the timing of sporting events and streaming is going to lose more money than it did a year ago because of all of the investment in disney plus. how does this add up for you? tuna: that ties back to the point about the near term visibility being limited. if you look at the headline, i would look at the direct to consumer. over 120 million global subscribers between disney plus, espn plus, and hulu. plus, the number they came in with was way higher than

we expected. over 73 million they reported. now that they are closing in on the one year anniversary of that offering, when they launched, the one free trial for certain verizon customers. the key will be to see how the new content they have introduced on the platform, the mandalorian 2, which launched a couple of weeks ago, and all the content we expect will be a main driver acceleration we expect with the international launch getting much more traction than we would have expected. also on the sports side, espn getting some of its mojo back. again it is going to be some heavy lifting to be done in the near term while these covid issues pose some near-term constraints. we know travel is not close to

pre-pandemic levels. sports have had some stutter steps. all of that we are keeping an eye on. some headrs have had fakes as well. this plays into the overall outlook. we still have some speed bumps to navigate. emily: we know "mulan" went straight to streaming. disney says it is pleased and will be announcing similar plans for more movies next month. that said, while disney world -- walt disney world only operating at 35% of capacity. disneyland in california is closed. disney world in florida is open at 35% capacity when it is normally full. do you think the parks business will ever recover in a new world? tuna: it's going to take a long time for the parks to get back to normalcy.

what we were encouraged is the idea they are getting positive net contribution in the parks operated -- operating at a very limited capacity. they are able to generate revenue sufficiently to recoup some of their cost. to the extent they can do that, that will help them absorb some of the costs inherent in the business. i think it is going to take probably a couple of years at least to get back to anywhere close to the peak attendance levels we have seen the last few years. a lot of it depends on the speed of the vaccine development. one encouraging takeaway, for the current quarter, parks are booked at 77% booking levels.

especially for thanksgiving weekend. that's an indication of the potential pent-up demand to go back to the parks. even then, caution is warranted. that still leaves a lot of capacity to be made up from the covid disruption. emily: i know there are some kids that are going to be missing disneyland around the holidays. always such a great time of year. tuna, thank you for joining us. coming up, president trump announcing he is banning investment in firms white house says are controlled by chinese military. what can we expect from the president after he leaves the white house? more on his post-presidency next. this is bloomberg. ♪ ♪

emily: president trump has announced a new order on chinese investment today. the president is banning investment in firms white house says are controlled by china's military in the administration's latest move to continue to put pressure on the country. with us now for more is josh in washington. interesting in the context the -- the president has lost the election. what does this mean? josh: we will see a bunch of stuff like this in the final days. these are the types of borders that can be undone. there is a runway on this thing that will kick in in january. firms have a year or so to

comply. not immediate. the question will become, january 20, when joe biden is inaugurated, what will he do? we have not heard from this on this one. we expect trump to roll out these executive orders, unilateral action. the question on this one and the ones in the weeks to come will be, will joe biden keep those? it is unclear right now. being tough on china is a bipartisan winner at the moment. it even was so before the pandemic, pinning blame on china. it is not clear yet what joe biden will do. there might be political incentive to keep them in place. emily: where do the president's attempts to fight legal battles claiming voter fraud actually stand? it seems like other than a hand recount in georgia, they are going nowhere. josh: i think that is fair. they are pledging new steps, saying there is more evidence around the corner.

we have not seen it. they put out affidavits from detroit. they do not speak to widespread fraud at all. nothing that would swing michigan. biden has a big lead there. hard to imagine him flipping michigan. there's more extreme scenarios, but right now, trump is intent on giving the appearance of a fight. that will include a recount in georgia and may include a recount in wisconsin. they would have to cough up a fair bit of money to do that. we will see how the legal cases, pennsylvania and michigan, proceed. he at least wants to look like he is fighting. you see republicans come out of the woodwork a little bit and push back, saying joe biden should be receiving an intelligence briefing.

emily: even the secretary of state of georgia, a republican, has said he believes joe biden will still prevail. there is increasing talk about what president trump will do assuming he does hand over the keys. talk about speculation he could found a new media empire that would be incredibly popular among his fans. josh: trump is a showman at heart, a tv guy, born and bred. he would like to fund something to undercut fox. important to bear in mind trump is mad at fox right now. he was tweeting angry things at fox this morning. this is probably driven by the fact fox was the first to call arizona. some of the first real good news joe biden got on election night. that is in the president's mind.

arizona is in joe biden's column. fox was right. in terms of specific claims, it is not clear. the other question, somehow participate in the media sphere once out of office, donald trump could seek the presidency again. he ran in 2024, he would have support in the party. very popular among republican voters. it would be easy to see him on an inside track for that nomination. donald trump has not said anything specific himself. we have to wait and see. i don't think we will see him disappear. donald trump will find a camera one way or another. emily: you are telling us it's going to be a roller coaster. ok. josh, our white house reporter, thank you for giving us that update. ok. president trump losing the election.

was it part of his plan? where does that leave one of america's most disruptive conspiracy theories? we will speak to an expert about the qanon movement. this is bloomberg. ♪

emily: qanon, the online movement of pro-trump conspiracy theorists, has entered turbulent waters. the chosen candidate has lost and social media platforms have cracked down on their stomping grounds. all of this is testing the will of qanon's followers, who have stretched beyond u.s. borders. joining us to discuss whether the movement will disintegrate or pick up momentum is researcher and author mike rothchild.

thank you for joining us. what is the state of qanon now? what have they been doing? mike: they have been preparing their champagne for their victory celebration. to them, trump won in a landslide and we just don't know it yet. all of the prophecies you made, everything you crib sickly -- leaked, has led up to this. trump secretly winning the election. publicly having to pretend he lost in order to snuff out corruption behind the deep state. emily: with facebook cracking down, finally, twitter cracking down, where are they going? in my experience, it is very hard to snuff out these kinds of movements. they have to resurface. mike: they do. they have never quite left. i can't speak to facebook, but on twitter, there are a number of qanon promoters that have massive followers.

300,000, 400,000. they are posting relentlessly about trump winning the election. it is a landslide. all of the liberals are going to cry. they have managed to keep their social networks intact by not talking about q, but talking about the iconography. emily: how do you imagine they will have and wheeled -- wield influence through inauguration day? could they make a big impact? mike: they are making an impact on the people that turn to them for news, interpretation, or the real story of what is going on. most people, the majority of people understand the election is over and joe biden is going to be certified by the electoral college. that is going to happen. with these people, this small,

but group of true believers, they have been with us -- this conspiracy for years. they are not going to walk away when it gets hard. evacuate now in our moment of triumph? this is their moment. they are not going to evacuate. it will come down hard on them when joe biden is inaugurated and all of this ends. emily: there is an app called parler that hit number one in downloads after joe biden 'selection. if you look closely, there are profiles with qanon in their name. #holohoax, discussion of higher cost denial, which facebook band. the proud boys has a strong influence there. do you think parler will take similar action that facebook has taken? what happens, or a different approach?

mike: parler is the place where conspiracy believers go to complain about twitter when they get banned from twitter. then they go back to twitter with a new account. parler is never going to take over as the new twitter. it is too buggy and too much of a closed circle. you don't have liberals you can argue with. it is too much of an echo chamber. right now it is doing well because you get these people who feel like twitter is being too heavy with the censorship, warnings and stuff like that. eventually these people will come back to twitter because that is where the battle is. that is where most people are. most people don't know what parler is. it is not a place where they will advance their ideas. emily: let's talk about post-inauguration. where do these followers go? what are they doing if president trump founds a new media empire?

mike: they will follow trump. they look at him as a messianic figure, touched by the almighty and by military intelligence to carry out this complex mission. the mission has not been fulfilled. they look at themselves as digital soldiers to serve at the pleasure of the president. they will not accept joe biden is the president. they will look at donald trump as the figure that is giving orders. they are not going to leave this behind. they are too invested. too much time and money. they've lost their families and isolated themselves. they are in this now. emily: wow. messianic. that is quite a word. mike rothschild, fascinating research you are doing. thank you for that window into that world. all right. coming up, peloton.

while the pandemic has battered some companies, it has opened the door for others. we will speak to the global head of marketing next on the new marketing goals and partnership with beyonce. this is bloomberg. ♪

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♪ emily: this is "bloomberg technology." i am emily chang in san francisco. if there are any winners in the pandemic, peloton is one of them. with reinforced a close their doors, the virtual fitness industry has seen unprecedented demand. but companies that have rocketed amid the pandemic like pellet gun and it up taking ahead. one day later, ellerton bounced back after announcing a partnership with one of the world's biggest stars beyonce. , with this right now, peloton's

senior vice president, had of global marketing and communication, dara treseder. a, thank you so much for joining us. first we have to talk about queen b. that is huge. beyonce in partnership with palatine. how did you get her on board? dara: thank you so much for having me. we are so excited. ayonce has actually been palatine member for several years. she has been a member of peloton, she has been a part of the community, and the partnership really came together in the true spirit of collaboration. she recognized the power of music to engage and empower people as part of their fitness as well as journey. and you know 2020 has been a unique year, it has been a unique moment, in beyonce is a unique artist. when you work with beyonce, you have to go big. so this was a multi-year partnership really between beyonce and

in the routed betwee celebration of music, community, and culture. emily: as you say, it has been an unprecedented year. in a way, the pandemic has been your largest marketer. shares are up 250% with almost no traditional marketing. how has that impacted and ship your strategy as a person who leads marketing? dara: you know, one of the ways i give much credit to our founder and ceo, john foley, because he knew something we now all know to be true, that he knew it before the whole world had gotten there, the you can get a great workout from the comfort of your own home with a connected fitness product, that is in many cases better that the them the workout you are getting in or else. i think right now more people have come to see that is true. because more people have given this incredible connected fitness category an opportunity.

we definitely believe, and we know this to beach or, desk to be true but what -- and we know this to be true, that our members, how they are engaging with our community, these are amazing things that have always been true and will continue to be true. emily: you have a new campaign riders, andth real you are also planning to ramp up international marketing efforts. what are we going to see you in the next year as we head into the new normal? dara: we are really excited. we always care about our members , our community. on october 5, we launched our first ever brand marketing campaign featuring real members. the campaign really highlighted the strengths of our member community. it talked about how they keep each other accountable, how the power of connected fitness has enabled them to engage and

interact with each other. when we first started, our focus as the company was an education, educating people about the category. now everyone understands. many people understand. our target audience understands what this category is. so it is really time for us to share the fullness and the richness of the peloton experience and to celebrate more communities. so we are excited to start doing that with our own actual members and this campaign was a great foray into that. emily: peloton got a lot of criticism last year after an ad that showed an incredibly fit woman working out on her peloton that was given to her by her male partner. i know this was months before you joined the company, but how much did that set you back and need of acpeloton a reset? dara: like you said, i wasn't here at the time. when of the things we are really focused on is the company is we're really focused on telling

real stories, authentic stories, stories from our member community. so what we're really focused on now is how we share more of that story and bring more of those stories to life. we have been doing that. but we hadn't done it on a big scale. so this new campaign that we have out in market, we all have our reasons, is allowing us to elevate and share the message on a big scale. and i think as far as what we're moving forward, we are really focused on continuing to tell the stories of our community and continuing to make movement and fitness more accessible. peloton's inclusive community is part of what makes is unique. and as we get new partners and different types of storytelling, we now have the ability to grow our community, making our platform more accessible and being able to share the power of community and the power of

accessibility in a broader way. emily: so if we do get a vaccine in the near future, if things do open, if we do start to return to former life, how does that impact your outlook for peloton going forward? you know, as a company, we are always focused on doing what's right for our members, continuing to innovate and continuing to make sure we are delivering a world-class experience. we know that the longer we continue to do those things, we're going to continue to create an environment, a community and a space that our members want to be a part of. that is what we're really focused on. part of that is improving accessibility. so we are going to continue to do those fundamentals. we believe in those fundamentals. the beyonce partnership is an example of a strategic

partnership, a different type of marketing campaign. unprecedented partnership that allows us to make our platform more accessible. part of the partnership wasn't fitness music and the and the content we were creating, but we also gifted digital -- peloton digital memberships to all students at 10 historically black colleges and universities, and the purpose of that was to improve cultural access. cultural access. we made a pledge as a company to be antiracist. and this was the first step in that direction partnering with , hbcus and their diverse student bodies. so we are going to continue to do that, continue to tell amazing stories and continue to make our communities more accessible. emily: that said, this is an increasingly crowded market.

right now there are other options out there for equipment, for interactive classes, you even have apple getting in with some fitness options. the main issue with peloton continues to be wait times. can you give us an update on how long those supply constraints and the wait times are going to last? dara: we are making progress towards the goal. like other retailers, we are experiencing some delays due to congestion at our ports. but we are continuing to make progress. the bikes should be back to normal by the end of the second quarter. we are continue to work on that. are continuing to make progress, and some of these things are due to congestion at our ports. emily: i know people will be wanting to burn off their thanksgiving calories, and i am sure peloton or a peloton

subscription will be popular gift ideas this year, i have a feeling it will be part of some new year's resolutions, including yours truly, what are you expecting through the holiday? what is your demand and trend outlook over the next six weeks? dara: one of the things that we did when we introduced bike plus, our new product, as we were working and deciding on what to do, we actually lowered the price on our original much-loved bike. the price flooring that we offered is our best offer yet. it is better than the offer we gave last year around black friday and cyber monday. available made that to our members as part of our continued push around accessibility. during the holiday season, we have already brought that forward to our community. members and people

that are interested in joining our community to continue to take advantage of the, to take advantage of the new lower price, or $49 per month. you can access, get the original bike and start the access of the amazing library of content that peloton has. right.ar all happy christmas for folks who might get a peloton for the holidays! [laughter] dara treseder, peloton senior vice president and head of global marketing and communications. thank you so much for joining us. alright, we do have some breaking news to tell you about now, instacart, according to reuters, has tapped goldman sachs to lead an ipo at a $30 billion valuation. instacart, of course, the grocery delivery service, another company that has seen it double in the midst of the pandemic.

a story we will continue to follow and another want to potentially add to the list of ipos we are expecting later this year including airbnb, doordash and more. up next, we break down the numbers. next. this is bloomberg. ♪

>> despite the many challenges and hardships, i am proud to say we have been steadfast in effectively managing our businesses under enormously difficult circumstances. we haven't just persevered during these tough times, we have also taken a number of deliberate steps and smart risks that have positioned our company for greater long-term growth. emily: disney ceo bob chapek on

the earnings call. the company beating analyst expectations, reporting 73.7 million subscribers on disney plus, but, of course, also reporting losses. saying disneyland will remain closed until the end of the year and along with movie theaters in disney world, operating at only 35% capacity. we will continue to monitor headlines and bring you any updates as we have them. meantime, palantir issuing its first financial support thursday since going public, beating revenue beating estimates. the company also expects sales growth to slow next year. stocks briefly fell after hours. but then i raced losses. since starting in 2003, palantir ed losses.n eras since starting in 2003, palantir has operated with little attention to profits paid. let's bring in bloomberg's ed ludlow, who has been following this report. what are the big takeaways? ed: the company has been a

beneficiary of the global pandemic. we know what palantir does, it takes data from government agencies, from private-sector corporates and helps them integrate all the different inputs, all the different data somebody would need to track and put it all on one platform. as one analyst put it, the coronavirus pandemic has caused data-driven chaos, and pelletier is a beneficiary of that. it grew revenue from government customers, from corporate customers. it signed its biggest ever commercial contract with an unnamed company in the aerospace industry. like you said, there has been no focus on profit here. since the company was founded by peter thiel he basically bankrolled it. it reported a wider loss than expected for the quarter, but it is focused on headcount and very much on stock compensation following that direct listing.

emily: what are you following on palantir? what are you following over the coming weeks? certainly, this continues to be a controversial company given their work with the government. and the ceo has said, look, you can invest are not, we are going to continue to do this work. aned: looking at the new administration, resident elect biden, we think he will cut defense spending. the dod and defense is a big source of revenue for palantir, but the hypothesis is that actually palantir will profit because data integration is cheaper than what traditional defense contractors offer. so if president-elect biden goes on to be president, then palantir may benefit and that may boost revenue. emily: bloomberg reporter ed ludlow in san francisco for us, thanks, for following that. meanwhile tiktok parent company now has a new december deadline to submit documents seeking to block the

sale of the viral video app by president trump. the original deadline was today. the more we want to bring in bloombergs kurt wagner who covers social media for us. where do we stand? kurt: quite complicated. as you mentioned, they had a deadline today. to be clear that deadline is actually still in place. the deadline was set by the treasury department and the treasury department said, you need to figure out a deal and have it completed by tonight. that is not going to happen. so the question is going to be, that the treasury department go after tip top for missing -- after tiktok for missing the deadline? what you mentioned is a similar but different process that which is that tiktok is also fighting this deadline in court. the court said bring the documents to us by mid-december to review that come but that does not necessarily mean that the deadline with the treasury department has been wiped clean.

emily: so, obviously, the administration has a lot on its plate, including contesting the election. what's your sense of whether the treasury department, with everything else that is going on, will actually go after this? kurt: the fact that we are now six or seven hours away from the deadline and there has been no real, official word on whether the treasury department is going to do anything makes me think this has taken a much lower it didy certainly than six years ago when we were talking about this a lot. i think if they missed this , again, ishich expected, it would require the treasury department to go after tiktok legally. i don't know if we are going to see that, given the fact there is going to be a presidential transition. this may be the kind of thing that is in limbo for a while until the biden administration gets in office. but again, i probably shouldn't be predicting these kind of things because this has been a wild story that has really changed it feels like every time you and i speak. [laughter]

can reallynobody predict what can happen on any day of the trump administration, commercehat said, the department did weigh in on this. what did they say? the commerce department came out and confirmed something we already knew. of october, a judge in pennsylvania said the u.s. government could not ban tiktok. it pushed the idea out. remember, the president had been threatening a ban on tiktok for some time. we knew the ban wasn't really in play, but the commerce department said we are going to follow what the judge said, we will acknowledge that we can't -- tiktok right right now and then they challenged the ruling. we are challenging it in hopes we can do it sometime in the future. so tiktok is not banned right now, but the government isn't giving up, they're still trying to figure out if there is some kind of penalty they can issue here.

emily: bloombergs kurt wagner. thank you so much for your reporting. we will see what happens to riyadh still ahead, ipl advisers expect a record amount of listing activity between thanksgiving and the christmas holidays. from airbnb to food delivery service door dash, and the tech ipo boom is likely to keep rolling into 2021. will give you a preview next. this is bloomberg.

emily: as airbnb prepares for its nasdaq debut, other consumer-facing tech companies our joining the going public party, which has been terminated so far this year by enterprise software companies. i want to bring in our tech reporter katie roof. what does the pike look like for the next six weeks? -- for the next few weeks? katie: the next few weeks are going to be pretty busy. we have airbnb, doordash, which,

firm, most of these if not all of these could be tens of billions of dollars in value, so it is going to be a very active are late-fall, and these mostly consumer companies which contrasts with september, when we saw a lot of enterprise companies going public. it is a busy thanksgiving to christmas time period. emily: i know that airbnb had a filing that was delayed for a few days. we have a report airbnb is working on an exchange ipo and that hasn't been decided. what do we know about the not boltslts -- the nuts and of how airbnb plans to do this? katie: we expect the airbnb filing to come out next week.

because they didn't want the attention from the election to steal their thunder. everything is still going according to plan for airbnb. we still expect them to go public by the end of the year. we will see their filing next week. the thing about the long-term stock exchange is they are considering doing that in tandem with the nasdaq. the nasdaq is going to be the main exchange. lists onsible, though, the long-term stock exchange, which is a startup that hasn't really been having companies go public on his exchange yet, but it is a venture-backed startup that is hoping to work with companies that do good for society. they are working with airbnb to see if it could list some shares there. emily: it will certainly be an interesting and dramatic development if that happens.

thee also following news that instacart has topped goldman sachs for its ipo. doordash, wish, affirm, what stages are they at? katie: doordash, wish, and affirm, we expect all to go public before the end of the year. we expect all those filings to come out within the next week or two and then the ipos to debut between thanksgiving and christmas. instacart's ipo could be early next year. we also expect bumble and thredup to go public next year, and quite a few other names that are rumored. poshmark has said they are on file for the timing for their ipo getting worked out, but it could be soon. emily: bloomberg's katie roof reporting in san francisco.

katie, thank you so much for your reporting. that does it for this edition of "bloomberg technology." of course, we will be following all these companies on the road to their ipo airbnb, instacart, , wish, affirm, watch for all of those on "bloomberg technology"" "bloomberg daybreak: asia" is up next. i'm emily chang in san francisco. this is bloomberg. ♪

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