iger's return to ceo feels more like the former than the latter.e and now current chief executive only took over a few months ago and the business seems already back on track. becoming one of my favorite turnaround stories which is why we own it large for the charitable trust in iger we trust not too long ago disney was indeed a disaster. under disney's predecessor bob chapek the company was almost run into the ground in a short period of time even though disney's got a legion of wildly popular franchises none of them could offset mismmth he finally got himself fired after the last earnings report three months ago awful quarter. billion and a half dollar miss where chapek sounded out of touch on the conference call he was like giddy. i wasn't giddy we own the stock for our trust we weren't giddy that's how we ended up with the iger restoration this is the guy who ran the company in its glory days. and though he made some mistakes in the end i wasn't craze by the price he paid for fox, but overall his tenure was phenomenal for disney shareholders ph

and bob iger delivered for everybody, including nelson peltz. >> iger does turn 72 tomorrow.he phone. cramer, what's on your mind an hour after that phone call >> well, i think that the stock has given up some of the gains, but i think that's a great opportunity because nelson peltz is happy for all the accountability he's got, by the way, even the successor, nelson wasn't sure there is going to be a successor. what i liked best, they both contend accountability is everything the company lost its accountability, i don't know how to put it, giant mother of all misses, so i think that this is one where they will be friends, that nelson is just happy with the win, and it's very difficult to disagree with what bob iger' view is. he traced out a position in a stock that was a great one for many years. >> how do you characterize your bullishness on disney at this point where we have him back and the train is moving to some degree, but we all understand sort of these legacy issues and we're not sure how much can be offset by these very competitive businesses >> well, i think it's ab

iger's legacy rests on streaming. i think one of the things i sort of admire him for but think what was he thinking when he came back, he had the best reputation in decades of anyone in business, the media landscape. it was sterling. how could it get any better? his legacy was fantastic now he's back trying to defend an assault on his legacy streaming service that's coming from all sides. >> jim, all great points, thank you. always great to get your take. jim stewart from "the new york times" >>> we made that point when he came back, the flip side of it that iger must feel really good about conquering these issues if he were to come back, since he already had such a great legacy when he left why would he come back here we are, well, why did you come back? you're going to tarnish your reputation at this point >> listen, we all have egos. at a attorney point you say, you know what? they've run this in the ground if i come back, i can fix it i can bring it back to the levels at its zenith. now you're starting to see the

the real focus was on bob iger's vision of the future and disney. cutting was a focus. $4.5 billion in cuts over the next few years he offered a streamline vision of the streaming service >> okay. what can you tell us about disney plus or espn? i saw reorganization it sounds like espn will stay. it will not be spun off to a separate company he said it would stay. what will they do about streaming? is disney plus going to cost $20 a month soon >> it may. that is one area they think is interesting. disney is under priced i think they will reevaluate the spend on general entertainment you delineated with marvel and disney and pixar and what they do with the entertainment side and roll back the spending there that is where that $3 billion of the $4.5 billion came from streaming is still the future of the company. i think similar to other traditional media companies that went all-in on streaming to chase netflix is a reversal from all of the companies now we saw the same from disney last night. still the focus. i think profitability comes back as really

julia, what did you make about bob iger's answers about hulu. he said they may look at selling it to our parent company comcast. he's in a tricky position. if he takes it on, that's adding to disney's debt load. if he doesn't, he could lose an important platform anything you read into his comments >> it is, indeed, a tricky situation, deirdre, in part, because so many subscribers to disney plus also subscribe to the other streaming services, hulu or espn plus. there's this question of if you did get rid of hulu, how would you manage those subscribers who are also intertwined i think he's thinking very strategically here he's going to be very cautious and not jumping to make any plans. i think based on his comments, he doesn't yet know what he's going to do. he's in the process of figuring it out he's trying to figure out especially where this role of general entertainment fits in this disney streaming platform because, of course, the differentiated content is marvel, is lucas film, it's all those disney brands that are so iconic and nobody else

how will bob iger manage that? called for spinning off espn, that was dan loeb back in the fall. i think disney address that and satisfied his concerns and i think he backed off of that. the activist investor now who has been making waves, nelson peltz, has talked about containing costs, bringing the streaming business into profitability. he hasn't specifically said they need to get rid of hulu, but he has said that disney overpaid for fox. a lot of things are probably on the boardroom table, but bob iger pretty much shut down the notion of selling espn, saying that even though the company reorganise it into its own unit, which led to speculation it might be spinning off, he said they were not. in terms of hulu, he didn't address whether disney would buy the portion of hulu they don't already own, but did talk about how they have a show which is a nice progression from abc television, which caters to an older audience, to hulu, which appeals to a younger audience, and how a demographic mix can help. thank ou for de

the interesting story has been watching bob iger undo some of the things bob chapek did.tioned that people feel like they are being nickel and dime at the parks. he has hinted at this larger regurgitation of the management structure so he is setting himself from his -- apartment his predecessor -- setting himself apart from his predecessor. kriti: earnings coming after the bell and looking at disney shares that are flat on the session and it will be interesting to see how volatile he's -- volatile moves after the market. we thank you as always. it is covering the gamut on the disney side and the nelson peltz saga. the s&p 500 down 1% on the day and the nasdaq 1.5% and the bond market, three -- 3.64 on the -- stay with us. this is bloomberg. romaine: inflation is back. stocks drifting lower and inflation expectations drifting higher. the main bostick alongside scarlet fu. -- romaine bostick alongside scarlet fu. scarlet: this is the fed speakers are remarkably consistent about their message. inflation is an issue and the path of rates is h

>> i think iger's has goals. if you extend the timeline to the next year, we should have more clarity on both of these the first one is what to do with hulu in that cnbc interview that you stated with bob iger's and david faber a few weeks ago, iger's said he was open to any option with hulu. that is the first time he had said that. many people are interpreting that as a signal that he is now willing to potentially sell disney's 66% stake in hulu maybe to our parent company, comcast, which owns the other 33%. comcast would be the most logical buyer for hulu because it owns the minority stake already. acquisition would allow all of hulu to come together under one roof disney has an option which can be forced by comcast to buy the remaining 33% stake in january of 2024. any sort of deal where disney would sell hulu would come about before then. we should know more about that in the coming months the other thing you need to look for in terms of how to judge yo oo iger's is from a strategic sense. what does he want t

iger has a better hold on the creative forces at disney than mr. chapek did i'm willing to give him the benefit of the doubt i have to make this point to see the stock go up as many have gone up because of cost cutting, head count reduction is to me a little bit of a sugar high i need to have the meat and potatoes of the business doing better, businesses, plural, the theme parks, the studios and the streaming business now espn is in its own little category they say that's not because they're going to take it off but that's what it looks like they're going to do with it. that's just me asking. >> he was asked about espn and said they're not >> i know. >> the caveat to that that i wrote down was as long as it remains profitable okay that wasn't a slamming the door fully on the future dismissing it completely out of hand. >> yes and he also has a bigger more immediate problem which is hulu and the comcast agreement -- >> noncommittal there as well. >> true. >> he was noncommittal >> as you said, there is a lot of work to be done the rubber hits the ro

. >> iger and the fabulous four.ia boorstin, thank you very much >>> still to come this morning, ftx and their exorbitant lawyer fees we're going to break down some of these astounding numbers ahead of this afternoon's hearing. >>> plus, zoom and ebay investors, a bit bearish today following yesterday's layoff announcements. zoom cutting 15% of global staff. ebay slashing about 4% as these macro headwinds continue to hit some tech firms. don't go away. (vo) with verizon, you can now get a private 5g network. so you can do more than connect your business, you can make it even smarter. now ports can know where every piece of cargo is. and where it's going. (dock worker) right on time. (vo) robots can predict breakdowns and order their own replacement parts. (foreman) nice work. (vo) and retailers can get ahead of the fashion trend of the day with a new line tomorrow. with a verizon private 5g network, you can get more agility and security. giving you more control of your business. we call this enterprise intelligence.

iger himself.ill well above 4.4% at 4.432% oil prices, which had come down a little bit, but you're still talking about $77.78 we will all be back here tomorrow with you. but right now, we're going to hand things over to "squawk on the street." we'll see you later. bye-bye. ♪ >>> good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer at the new york stock exchange david faber is at disney studios in burbank his exclusive with bob iger is coming up in a couple minutes. meantime, futures pretty resilient here as yields back off a little bit, and some decent corporate results, especially in consumer, pepsi, hilton, sonos tapestry, all higher, premarket. let's begin with disney. up sharply in the premarket after announcing thi

i hear that, you know how this goes back when iger first took the ceo job and, you know, the mid mid-2000s, he said why are we making these me too pictures in other words, he's been shrinking the abc network for a couple of decades in a managed fashion. i just wonder -- it's just a familiar feel, he might feel like he's got the playbook even if the macro environment is not going to be that friendly. >> i think those were all good points, and he did double down on talking about general entertainment so to speak, even -- and this was a bit of news that he shared with us this morning when it comes to hulu where i think it's now far from clear whether disney wants to actually own more of that asset and might prefer to part with a sum if not all of it we'll see. he clearly indicated that because, in part, it has such an imprint in the general entertainment genre, if you want to call it that, mike. you know, what else has gotten people's attention when it comes to the cost cutting is the $3 billion they're going to take out of non-sports content spending so that's going to come a lot out of

iger, it was not a good choice.rd, but there's no doubt, you know, should they have gone for peter rice or gone for, you know, kevin? i mean it's certainly a decision that you can blame them for, carl, and any number of the other things including direct to consumer we got into it yesterday to a certain extent in terms of where they priced that product and whether it was really never priced for profitability he pushed back on that yeah, there are certainly decisions that were made under the iger administration, including who succeeded him, that he could be criticized for. but he is one heck of a communicator, isn't he maybe the best. >> exactly right having the millennium falcon behind you doesn't hurt as the communications tool. what a week. david faber in l.a watch paypal, moving higher here on this earnings beat as ceo dan schulman announces he will step down at the end of the year. not quite actually did take out yesterday's high right now right to the 200 day vi ara ayith usvege . >>> welcome back to "squawk on

i think iger is the right person to do this and pelt is barking up the wrong tree. caroline: still 44% but there isn't optimistic risk over there. meanwhile, let's talk about netflix. since it is rolling out the paid sharing feature. the streaming service is announcing canada, new zealand, portugal, and spain can add an extra account for up to two people they don't live with any cost. that is as it looks to stamp out costs -- password sharing outside of the household. it is expected to do so in the united states by the end of the first quarter. ed: let's get back and talk about more macros as carrie said in the show earlier. giving back what has been a pretty long run of gains. let's bring infidelity director denise chisholm going back to the 1960's she's been tracking it. of course fidelity asset has more than $3.6 trillion in assets under management. it's interesting, denise, to sit here with caroline each day. we go through the blow-by-blow of the markets. even if you go back to just the start of the year, we have gone from this position of force to first in the

. >>> coming up, bob iger has the keys to the magic kingdom again, but can he turn it around? ead l discuss what to expect ahof disney's first quarter results later today. disney is set to release its first quarter earnings after the bell investors will be watching for details on bob iger's turnaround plan he returned to the helm of the giant in december. he's expected to share a new vision for the company tim, thank you so much for the time i appreciate it. there are a growing number of subscribers to disney, more than netflix. is that because there's more available to disney coming from netflix? >> that's definitely part of it, but also the unfair capacity and advantage that disney has is the global brown ip which net flick has been busily building up over the last decade. of course, disney's got nearly 100 years head start on that that gives them the advantage. also they have a strong founding centric programming approach and they've got some recognizable browns over the past years bob iger's first stint in control of disney with marvel's films being an example all of these

guy: let's talk about bob iger. are we nearly done yet?ave any idea about how long this process of finding success for him is going to be? ed: an hour many bloomberg stories about disney earnings, look for the word succession. go on to ebt grove for the burke aren't -- bloomberg earnings transcript. look for succession. you will not find it. a lot of emphasis on the iger effect. everyone has forgotten that succession part. that is what trian was pushing for and many in the investment world. is he staying? i don't know. alix: the bar is really high. coming up, we talk with the ceo of duke energy. this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings? can't argue with the facts. no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers

that's right, we're talking about bob iger. and one of the things whilst he was in the ceo position was champion the development of streaming services at disney. those same services that are under pressure right now. he resigned as ceo in 2020 and then the company's share price fell dramatically, and that led to the ousting of mr iger�*s hand—picked successor, a man called bob chapek, and to mr iger�*s return last november, and he has been put on contract to run the company now for the next two years. but he is under pressure, not only from shareholders, but from the billionaire investor, an activist investor by the name of nelson peltz, who has been highly critical of the way disney has been run in recent years. he is looking to gain a seat on the board. all of this puts pressure on bob iger to act. so just two months back as ceo, he is cutting these 7,000 jobs on top of the more than 30,000 jobs that were cut by disney a couple of years ago, most of them in its theme park division. david willis there. let's get some of the da

nelson is dropping his proxy on disney minutes after iger said buying the rest of hulu is no lamb dunk we'll break down the magic kingdom mania. >>> tesla's one-month move, expedia's after-hour tumble and a flowing week for uranium i'm melissa lee. a full desk in-house tim, karen, guy and nathan the battle breaking out in big tech, alphabet dropping sharply after yesterday's ai flub. that is at its lowest level in three weeks and microsoft holding relatively strong after its own enhanced bing reveal up over 2% since monday versus a more than 9% decline for alphabet the google parent on pace for its worst week since november. much more on that in a moment and how traders are trading. shares of lyft plunging after giving weak guidance kicking off just moments ago top of the hour. de deirdre bosa is dialed in. >> what is hitting shares hard revenue forecast, that was a more straightforward metric of the two. falling short of expectations at a time when ride sharing is supposed to be recovering and setting up a contrast with uber which was more positive in its outlook. don zimmer said the

a chance if iger can't do it -- >> you don't need a media guy. you need a guy -- >> you got a guy that won't spend $71 billion on fox that ruined the balance sheet. >> i don't think iger needs somebody to help him he didn't come back because things were going so well. i don't think he needs that. >> peltz could speed up that change i think that's my point. i think iger can -- he can actually do a good job but it will take time and the whole reason i bought it was before peltz, i bought it bice iger was in there and he came back and will fix it. now i think with peltz in there he could just move it along. >> my only point if the board is only full of media geniuses why are they in the spot -- >> you could say the same thing about comcast, it really hurt -- look at threat application it's not like any of these are doing well. >> no, but i mean the issues are much broader than just spending a boatload of money on streaming. >> i just honestly feel give iger the chance and let him focus. you got distractions on the side. >> they will have to be incre

all this puts pressure on bob iger to act.of the more than 30,000 jobs that were cut by disney a couple of years ago, most of them in its theme park division. david willis, in washington for us, there. the praises continue to pour in for the nba superstar lebron james. the 38—year—old became the competition's all—time scoring leader. he eclipsed kareem abdul—jabbarfor the nba points record by reaching 38,388 career points, just one more than karim abdul—jabbar�*s total. abdul—jabbar initially broke the scoring record in april 1984, eight months before lebronjames was even born. let's go to los angeles where that record was broken, and speak to sabreena merchant, staff writer for the athletic.com. good to have you with us. this greatest player of all time relates to statistics, really. is he the greatest player of all—time? i is he the greatest player of all-time?— is he the greatest player of all-time? ~ , ., , ., all-time? i think people who thou . ht all-time? i think people who thought michael _ all-time? i think people who

that said, we expect results following behind bob iger's return and the proxy battle. so a big focus on when is the true earnings power? and to me, most importantly, what does bob iger think about how ayes, sir savely disney has flexed its pricing power over the last year. so a lot to listen to, particularly it's hard to imagine disney will not have a stronger path ahead. >> julia, as far as i'm concerned, are they or aren't they a sports company? in other words, what is the future of espn what are some of the strategic alternatives and how much is bob iger likely to worry about this as being one of the main ways that he sets out his vision for disney at this point >> well, i think that this earnings call is going to be much less about the actual results of this past quarter and much more about the restructuring that iger indicated was in the works right after he took the helm as ceo again, he appointed some senior leadership, including christine mccarthy, allen birdwin and others, and these are the people to help him restructure the company. in terms of succession, do

and proxy fight over nelson pelts bowing out of the battle for disney now that iger is back at the helm. is it smooth sailing for disney from here? and live, the tesla co-founder securing billions from the department of energy to hasten development of ev batteries here we're very excited for all of that but first, let's get to today's markets and dom chu with the numbers. >> it's loss of steam. it looked like it would be solid to the upside, but it's red across the board at 4112 for the s&p 500, at the highs of the session, we were up 39 that's a significant move on a basis of around 4,000. and then down 13 at the low. again, tilting towards the low part of that session the dow industrials down about 0.2%, the nasdaq composite down a similar percentage, about 13 points, but remember, earlier on in the session, the nasdaq was seeing real signs of life. again, slowing we'll see if that carries through towards the closing bell a lot of earnings reports today and yesterday that are tilting towards the consumer trade and various aspects. on the consumer staple side, pepsico was stronger than

>>> well, scott, disney has outperformed the market but underperformed most of its rivals as iger hasdo the work of his predecessor and chart a new path iger restructured to up night the creative divisions and separate out espn putting decision making back in the hands of creative executives he also announced layoffs and cost cutting targeting $5.5 billion in savings ending his proxy battle with nelson peltz now iger faces some big questions. what will he do with hulu? will he buy out the stake owned by cnbc's parentcompany comcas or sell disney's stake how will he manage espn's future and disney's commitment to entertainment? and who will be his successor? iger faces external challenges, ad recession and pullback in consumer spending which could hurt streaming subscriptions as well as the parks division >> julia, thank you very much. jim lebenthal, you first on disney the first 100 and what lies ahead? >> the share price and i agree he's done a good job so far. i think there is more to do. i thought why do we have to have the discussion about hulu and espn it's part of the panoply of

nelson peltz says he is ending his proxy battle with battle with disney and bob iger.ob cuts and reining in of costs. we have restructuring. disany split in three division, entertainment division, parks will be on its own and espn. do you find it interesting in the earnings call, espn asked about it, bob iger said he would keep it in house, it has a lot of value but drives viewership and subscribessers. he want asked about nelson peltz and the desantis and florida bill. that will give a board oversees the actual plot of land disney is on cops with real benefits. neil: i think the perhaps disturbing news here, they will make another frozen. i only now got that one song out of my head but now they're going to be more songs in my head. >> i didn't ion know you watched "frozen" the first time around and second time this will be the third one. you gave us interesting information, neil, about yourself. neil: well here is how it dates itself. it was a big deal when my daughter was young. now she is collecting social security. i discuss find it odd. i kid, i kid. >> reporter:

thank you. >>> okay when we come back, more coming up this hour we talk about the bob iger strategy atwhat he plans to do with hulu. don't miss the interview with gary gensler this morning after the settlement of staking in the world of crypto. the huge impact on coinbase and so many others we will talk to him in the 8:00 hour we are coming right back >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! now adt professionally installs google nest products... cool. you're all set. so your home is safe and smart. we're gunna miss you. you can check in on your home. arm the system, we should go. manage your system from virtually anywhere. (thump)

today after ceo bob iger's concession to slash 7,000 jobs and clash 5.5 billion in cost cuts, peltz's battle which lasted less than a month during which the stock actually popped if we go to that month -- yes. the stock actually kid move 30% to the upside. declared to cnbc he's satisfied and has ended his proxy fight. but are disney's troubles really over? if all gains gone right now. disney just reported negative cash flow, and its theme park employees just rejected its contract offer. is the stock that's better to hold in your portfolio if you want a streamer, with theme parks and content, disney or rival comcast? which, like disney, has theme parks, and it makes content. let's debate it with equity research kenneth leone, he has a buy rating on disney with a price target of $135, and new street research managing partner jonathan chap haven who has a buy rating on comcast and a clash 48 price target. ken, obviously, disney is widely held. a lot of our investors hold it in just their retirement fund or basic stock fund. specker of nelson peltz is gone -- the 13ebg9er of nelson nelson

-- late trade after the ceo bob iger made an announcement.bob iger at the helm again. >> by all measures it was a fantastic eat and and -- beat and investors said it needed to be. shares were up 8 percent after hours, a big applaud from investors analyst alike. while streaming is reporting losses, there has been improvement, they beat expectations. first quarter revenue -- ubs adjusted is $.99. the $1.1 billion loss on streaming in the quarter was better than analysts had feared. the big announcement was a dramatic restructuring. bob iger streamlining the company into three core businesses. disney entertainment, espn, that some thought would be spun off, and disney parks experience and products. listen to the ceo he says he is making the moves the need to be done. >> we will aggressively jury eight -- curate our general entertainment content. we will reassess the markets we have lost in and determine the right balance. we will adjust our pricing strategy including a full examination of our promotional strategies. guest: the parks were the sta

iger going to do about spending on streaming? now where i am is spend on it, invest invest in it because by the end of the year i think you'll see profitability in the streaming business and that's something the market will love incremental margins once you get to profitability are tremendous. >> i know but their subscriber growth up a lot, expected to be year on year, is expected to be down sequentially quarter on quarter. so that suggests, right, that your prediction of profitability later on might be in question. >> certainly it might be in question. >> especially given what i read to you >> what i'm looking for today, i want to see blow-out numbers on subscriber accounts. that is what i am looking for. >> i don't know that within this quarter you're going to see enough in the earnings to where the street will get excited, okay, disney is the place once again where we could be allocating towards and we have the comfort that management has this under control i think this evolves under the coming quarters and, really, more impor

what iger part two looks like? there is a lot to look forward to. they highlighted yesterday? >> they're going to focus on the core products and they're going to have maybe fewer tv and movie content. but better, right? really focus on that. focusing on star wars, marvel. there is more "frozen." my family we have more "toy story." there the is more sequels and focus on the things that got them there and cost cutting. really focusing on the costs. it costs more to make the streaming content. they're losing monday in streaming. they do have -- they're adding fewer subscribers. but losing less money, they want to be profitable by the end of the year and hope to reinstate dividends. >> okay. thank you. >> thank you. >> kaitlan? >> all right. also this morning, damar hamlin says he is counting blessings. >> one of my favorite quotes is a blessing to be a blessing. with that being said, i plan to never take this position for granted. and always have an urgent approach in making a difference in the community where i come

speaking to our colleagues, bob iger welcomed the fight. >> there is not a need he has not articulated a vision or ideas of value to us. some he has, but we were already working on those when i came in, we talked about cost cutting right away. we recommitted to profit ability and streaming. where is the need? >> peltz was celebrating and wished the company well. >> this was a great win for all the shareholders management at disney now plans to do everything that we wanted them to do we wish the very best to bob, his management team and the board. we will be watching. we will be rooting and the proxy fight is over. >> interesting that as he just said the fight for the board seat is over nelson peltz walking away for pushing for a board seat at disney a headache for bob iger with the investment plan. investors seemed to like it t. -- like it. >> i think investors seem to like it, but iger is well liked himself. he has strong support from both retail investors and institutional investors. there is a few that perhaps the reason that peltz has backed d down is because he agrees with the pla

just letting you know, i mentioned bob iger. take charlie off.w ceo returning after 15 years on the job has said little about this. that has fueled make talks that behind the scenes without a lot of bluster, he's trying to deal with this issue. it's interesting. in the earning's call, the stock was up again on better than expected streaming numbers, strong park attendance numbers. he's not said word one about it. meantime, the chairman of the house ways and means committee has gone beyond just saying word one, a lot of words about what he finds to be enormous waste in covid funds that were handed out to the tune of perhaps the most waste we have seen in american history. after this. >> it's clear the biden administration and congress are in the dark about the size and scope of the greatest theft of taxpayer dollars in american history. tasting option s with less sugar or no sugar at all. in fact, today, nearly 60% of beverages sold contain zero sugar. different sizes? check. clear calorie labels? just check. with so many options, it's easier than

we want where is bob iger in this? bob iger's new, old but new, trying to figure out how things are going but one of the main reasons we have bob iger back at the helm is the company move too far to the left, they got too woke and that is how we are in this position. when you are a major corporation serving all sorts of people, left, right, center, to get so extreme on the left and start talking about teaching certain parts of sexuality to children and everything else, having certain numbers of gay and lesbian characters in each movie, that is not what a big portion of the country wants to see you are here. bob iger has to get the corporate culture back to the center and it is not just disney but a lot of big tech companies got too left and are realizing their consumers -- >> they are not realizing. the crowd family, new disney show teaches you white supremacy is wrong, racism is wrong, pretty in-depth, pretty severe for young children. stuart: not like the cartoons that i remember. >> that has been in the works for a

five iger -- bob iger plans to cut 7000 jobs in a restructuring of the world's largest entertainment5.5 dollars in cost savings. iger is the organizing -- reorganizing the company into three divisions. that lisa mateo. this is bloomberg. ♪ ♪ three nights, esg... the broker will take your bonds. -diversification, futures, options. fiduciary. leverage. [whispering] -frothy markets. psst. virtual real estate is a lock. ♪ cold hard cash ♪ j.p. morgan wealth management knows the world is full of financial noise. i'm looking at your asset mix and plan. you are right on track. great, thanks. our easy-to-use app and local advisors are here to help you figure out what's right for your investments. j.p. morgan wealth management. is an elegant ev. yeah, with 389 horsepower. ♪♪ it's electric. with an edge. ♪♪ >> we are saying effort begin to pay off. we have further to go. it might be a long fight with interest rates higher for longer than summer are currently expecting. i will not hesitate to do what is needed to get my job done. jonathan: governor waller with the message, the federal reserve o

. >>> disney's ceo bob iger says he might not be interested in acquiring hulu.ds of the service, and the two agreed in 2019 that disney could buy out the remaining third at fair market value starting in 2024. when asked about the potential acquisition, iger said everything is on the table. >>> more tech layoffs to report. yahoo! plans to slash roughly 1,700 jobs or 20% of its work force by next year. nearly half the cuts will impact the business ad tech unit. the company says that strategy wasn't profitable and plans to, quote, simplify its advertising business for the long run. >>> and chick-fil-a will offer its first ever plant-based sandwich on monday. it's imitating the chain's signature fried chicken sandwiches, but this one features a cauliflower patty. it's being tested in three cities starting next week. >>> that's your cbs "money watch" report for this friday morning. i'm shanelle kaul, cbs news, new york. >> i would try that, i think. >>> next, please don't stop the music. singer rihanna offers a preview of her much anticipated super bowl halftime show

and after bob iger announced restructuring and cost cutting plans. on last night's call, peltz has already declared the fight over. here's what he had to say to our own jim cramer earlier today listen. >> this was a great win for all the shareholders management at disney now plans to do everything that we wanted them to do we wish the very best to bob, his management team, the board we will be watching. we will be rooting, and the proxy fight is over. >> the proxy fight is over declaratively stated there for more on what's next for disney, let's bring in shawn mcnolte, contributor at the anchor welcome. did -- mr. iger achieved one goal, i assume it was one of his goals, and that was to quiet the proxy fight of mr. peltz at all. but did iger's moves add up to enough to right disney and put some juice in the stock? >> yeah, it is up 5% last night. he said all the right things, bob is a pro nelson peltz was the ghost in the room, but he directly started the call saying, it was a good deal, that was his opening three or four sentences of the call, and,

bob iger supposed to be a great executive and i think governor desantis would be open and that wouldement -- >> ainsley: you would think bob iger would say, we'll pay the debt, that is nothing to disney. >> steve: we'll work it out to get back on the same page, disney means a lot to florida. they will not pick up stakes out of orlando and trying to get the headquarters there, en route to moving everybody out of l.a. and bringing to orlando and that stopped. big picture, yes, sorry, turn the page. another thing i want to talk about is curriculum in the cartoon. for people concerned that disney was going to go woke, you have every reason to be concerned and reconsider if to travel there. if they are saying this is american history, we want our children to know what a horrible place this is and the 1619 project widely deframed and defrocked and shown to be inaccurate is worthy of a cartoon? unbelievable to me. >> how does a parent explain that to a child? you have a five year old watching that and kkk is right, are you supposed to explain in >> brian: explain to the white kid he or she

this sets up a standoff between iger and staff. creativity, workers value flexibility. iger wants cost cutting, 7,000 disney layoffs just announced. workers want cost savings, no commute. the paper reports that the petitioning employees work in various departments. they submitted their proposal last week and have not heard back. they are slated to report in mar 1st -- march 1st, but their pushback just as office occupancy in america's largest cities hovers as just 48%. it broke 50% for the first time since the pandemic earlier this month but just can't get back there. in a tight job market, employees may still have the upper hand here. neil? neil: lauren, we'll watch that one closely, so maybe some problems in the magic kingdom. when we come back, are you sick of your kids always on social media and always grabbing their phone god knows where? well, the surgeon general has an idea. some of them can't handle it. some of them are too young. they should be older. there should be an age requirement. but you'll never guess the age they'

the restructuring announced by bob iger., 3m, verizon, laggards but certainly almost all green on the dow 30. let's take a look at the s&p 500. also up nearly 1%, up 37 points. the s&p lost 1% yesterday. and then a look at the nasdaq, losing yesterday 1.7%, upped today right out of the chute 1.3%, up 155 points. and talking of big tech, let's take a look at those names for you. almost all in the green. microsoft, apple, meta, amazon, only alphabet down half a percent. all right. as we look at these stocks, gotta begin with disney. they're cutting 7,000 jobs, all part of their restructure thing plan. pretty interesting earnings call, right, susan, from bob iger. susan: well, first one back. and the reason why his predecessor, bob chapek, was kicked out was because of the last earnings call in november last year. 7,000 jobs, it sounds like a lot but really it's just 3% of disney's work force, because they employ 220,000 around the world. it's mostly about cost savings, as we know that these job cuts will cost them and will cut

now iger, who is facing activist pressure, has rode out the spinoff of espn.anization of the business back to you in the studio, frances and phillip. >> a lot of uncertainty across the board. thank you, karen >>> up next, angie's got your thursday forecast. >>> and the nashville predators celebrate plblack history monthn the ic black history month on the ic my most important kitchen tool? my brain. so i choose neuriva plus. unlike some others, neuriva plus is a multitasker supporting 6 key indicators of brain health. to help keep me sharp. neuriva: think bigger. mr. clean magic eraser powers through tough messes... ...so it makes it look like i spent hours cleaning! and you know i didn't. it makes my running shoe look like new. it's amazing! wow, it makes it look like i don't have kids at all. it's so good, it makes it look like i have magical powers! and when wipes won't cut it, magic eraser sheets make it look like food doesn't explode every day. wow! they make it look like i don't even live here! magic eraser and sheets make cleaning look easy. how did kell

he has a big stake, $1 billion, so maybe for now this proxy fight and pressure on iger and co dies downthen they say inflation is hitting demand for fisher price toys, even barbie dolls. not at my house, barbie is popular. volumes and mccow during the recent chinese new year surpassed 2019 levels and they're confident that business is back in a big way. ashley: good news. all right. another one for you, lauren. getting back to twitter. twitter users reporting a rise in glitches on the flat form. what are we talking about? lauren: this happened around 4:0 yesterday and users -- 4:00 yesterday and userred reported all kinds of problems some told they were over tweet limit and couldn't send message and twitter down, the hash tag was trending. there's glitches as musk took over and he axed 70% of staff. the information the news outlet was reporting that musk told staffers let's pause on new feature development to keep the site stable because the super bowl is coming up and we're going to be popular and see a lot of volume. but that didn't seem to include long tweets, twitter blue subscriber

first up, disney on deck, next week for the big change in returning ceo bob iger then nvidia is already up 50% year to date and it doesn't report for a another couple of weeks. we'll help you prepare for both with options. >>> plus, calling all "options action" fans, reach into your pocket, grab your phone, and tweet us your ques question @optionsaction. if it's nice, we'll answer it on air. >>> welcome back to "options action " earnings season is in full swing, there's a ton of big names on deck to report next week mike khouw's got a call of action on one name that could see some magic results across the wires, mike? >> yeah, so we're taking a look at disney, of course you know, this is an interesting situation. this name is, you know, it fell nearly 60% from the peak to the trough and even net of the big upswing we've seen recently, it's still down about 45% from those all-time highs that we saw about a year ago now, when we're looking at the earnings right now the options market implying a move of just under 6% by the end of next week and of course there's a lot of things going on ov

of next week and of course there's a lot of things going on over there we've seen the return of bob igerviously a little bit of trouble in the management c sweet there, and on top of that we've got the peltz family in there kicking around trying to get a board seat we have a little bit of activist activity going on. now disney's prime property has always been espn now, that does need to adapt a little bit to a streaming universe but i still think that's a great property. and very importantly, their parks business right now is doing quite well on evaluation basis if they can get back not even to their peak eps, which was about $7 a few years ago, but back to 6, this is a name you could potentially own. however, i do think the way you want to do that is with calls. we did see some activity here. i was looking out to april, the 120 calls, as a potential way to play for some upside you're risking a relatively small percentage of the current stock price to make a bullish bet that will carry you well through earnings. >> all right, the 120 call is what we're looking at right now mike khouw on

the company's first report since ceo bob iger returned to the company included an announcement of jobs. disney will cut 7,000 jobs. it's cutting $5.6 billion in expenses in an effort to reorganize the entertainment, he espn and parks and experience divisions. the stock is up 6 and three quarters percent. pepsi pepsico, kellogg, ralph ln out before the opening bell this morning. expedia and lyft out after the close tonight. jobless claims out today, stocks saw a mixed finish yesterday, s&p and nasdaq were lower, the dow industrials gave up 207 points, the nasdaq sharply lower by one and two thirds percent loss of 203. big tech and growth leading the losses on wall street yesterday. europe peep markets meanwhile look like this, we are looking at a gain as well. the ft 100 up 58, cac up 101, dax index higher by 236, one and-a-half percent higher. in asia markets finished mix, the hong kong the best performer, hang seng up one and two thirds up, shanghai composite up 1.1%. back in washington, lawmakers are set to receive classified briefings today on the chinese spy flight. more than a we

now what we have bob iger in charge. he is a much better visionary and leader. a few, a few aspects of the earnings report that are going to be focused on, one, is of course disney plus. they have a very lofty goal at the end of 2024 to get up to 250 million subscribers which is a massive gain. i think they're going to make good progress this quarter on disney plus and also what bob iger intends to do with abc and espn. there has been a lot of talk about whether he is going to spin it off. i don't believe he should. i think he should preserve it but i do think that bob iger and disney will eventually return to their former glory. stuart: have you bought, you bought any recently, disney stock? >> i've been buying disney consistently. i owned it for a while. disney was actual the first stock i bought 30 years ago when i started managing money. that is how much i loved disney then. stuart: that was your first sock? >> first stock i ever bought, yes. stuart: when did you fall out of love with disney? >> chapek to me, when i listen to this man talk the hair would sta

a look at the key number to watch as bob iger returns.t story, plus uber rallies and activision sinks when we take you inside the market zone. . if i knew about upwork. i would have hired actually talented people from all over the world. instead of talentless people from all over my house. even if you like a house, lowball the first offer. the house whisperer! this house says use the realtor.com app to see three different estimates. also, don't take advice from people who don't know what they're talking about. realtor.com to each their home. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity >>> we are now in the "closing bell" market zone. cnbc senio

i picked bob iger. >> bob iger? he laid off 5000 people. he's your mvp? there we go. >> not inspirational. but he was facing a war to the death. with nelson pals. >> he actually was. >> nelson peltz, palm beach guy. >> exactly, after he laid off 5000 people, he felt that he did enough. and he dropped his activist attack on either. i don't think iger is an mvp, he did a good job. he picked a successor, and then stabbed his successor in the back. -- he was facing a big canon at his heart and he won. >> and those investors are necessarily looking to make the company stronger or better. they're looking to cut it, up trap it up. >> he did appease them elsewhere. he usually wins. >> who else is in the throes of suing the wedding planner to the 5000 dollar wedding to victoria beckham's son? >> you know, i have to go back to florida. >> it is your former home state! >> it is my former home state. 14 years. and we broke out, and made it out of there in one piece. with my children, in fact. black children, fully educated in new york. anyway, my mvp is maxwell aleja

disney's ceo bob iger has won a key battle against activist investor nelson peltz.you this context. back in january the activist nelson peltz made a bid for a board seat at disney essentially launching a proxy fight. he's been critical in the decisions including the take over of fox back in 2019, a failure on succession planning as well as what he called a failure as well. but yesterday nelson peltz was on cnbc speaking for jim cramer and he said he's walking away namely because earlier in the week bob iger who's the returning ceo of disney announced a major restructuring for the company deciding to break it into three different units. he mapped out a plan for profitability for the streaming service and nelson peltz says the company has now done everything we wanted them to do, which also means it is one less headache for bob iger as well. >> so here's a big number. adidas is saying it could lose around $1.3 billion in revenue this year. how could that happen? >> yeah, well, let me tell you the stock is down 10 percentage points today in trading, and it is namely on

. >>> bob iger's second first 100 days as ceo. michael nathanweighs in. >>> exclusive with affirm ceo max levchin with shares down 70% over the past year, the company cutting a fifth of its workforce earlier this month. >>> the final day of february ending with a bit of a whimper s&p unchanged. some strength in services and materials. the nasdaq outperforms by just a bit but it has been a down month for stocks the dow leading 4% on the month. investors searching for a turn in sentiment consumer confidence declined again in february. of the 420 companies that reported in the last week, the number of companies lowering guidance doubled the number of those raising. this back drop leading morgan stanley to say they now see the fed delivering the first rate cut in march 2024. previous estimates was for that to happen in december '23. let's bring in cnbc senior markets commentator mike santoli. the cuts get pushed out, but i think consumer confidence, the first real data point we're getting in the month of february off strong january, b

they are likening him to a gadfly, a guy who count know what's going on, and they think that bob igere with most investors that they can fend him off, play the long game and fend him off. that being said, there's a rumor inside disney, and they're all kind of, hike, on edge with this, that peltz gave some exclusive interview to the new york times and that that interview's going to come out later tonight post-earnings and lay out some, lay out some of his problems with the company. and just sort of magnify that. so they're watching this. we have to see what happens. i want to go to the redskins -- excuse me, they're not called the redskins anymore, they're called the commanders, washington commanders, owned by dan snyder for now. and, you know, there's been a lot of talk about when or if dan snyder's going to sell it. he's coming under investigation by the league for various issues including sexual harassment inside the company not by him, but by people that work for him. in any event, you know, this team is obviously for sale. they've hired investment bankers at bank of america, and h

there is a new sheriff in town, he has been there a while but the old sheriff from disney, robert igered earnings, has yet to address the threats from governor desantis. i want to talk to dave dodson about it, the sanford school of business. filed iger's predecessor ran into, more or less saying you are free to have your politics and your woke culture, but you are not free to get a free pass in florida, with that view. what do you think of where this is going? >> well, we have definitely inherited this culture because for probably about 25 years, states, municipalities, countries have basically induced companies to come into their area to provide jobs. well, the flip side of that is that we can't change those incentives back again so what happens is a company has gotten addicted to this drug of, if i am going to bring you jobs, i want tax cuts, jobs, special real estate and zoning, you know, provisions. and so, companies are kind of addicted to that and they have gotten used to it. the problem with disney is disney cannot move, so if boeing wants to move from washington state to illino