$DIS $FUBO - *DOJ PROBES DISNEY-FUBO DEAL OVER COMPETITION CONCERNS

Disney, $DIS, has reporetedly halted on development of a live-action version of its animated hit “Tangled,” due to Snow White's performance, per TheWrap.

SECTOR NEWS HIGHLIGHTS TECH/MEDIA/TELECOM: 🔸 Netflix ( $NFLX): Beats Q1 earnings; strong Q2 guidance. 🔸 Nvidia ( $NVDA): Down 3% on Huawei AI chip shipment news. 🔸 Cognizant ( $CTSH)/DocuSign ( $DOCU): Expand partnership. 🔸 Disney ( $DIS): Upgraded to Outperform at Wolfe Research; $112 target. 🔸 Tempus AI ( $TEM): Initiated with Buy at BTIG; $60 target. CONSUMER: 🔸 Amazon ( $AMZN): Downgraded at Raymond James; price target cut to $195 from $275. 🔸 QXO: Extends $124.35/share tender offer for Beacon Roofing (BECN). 🔸 Tesla ( $TSLA): Affordable car launch delayed; low-cost Model Y production to begin in U.S. ENERGY/INDUSTRIALS/MATERIALS: 🔸 Boeing ( $BA): Returning rejected 737 Max jets from China to U.S. 🔸 Cosco Shipping: Warns U.S. tariffs on Chinese ships threaten global trade. 🔸 EU: Eases methane rules to avoid gas-related trade clash with U.S. FINANCIALS: 🔸 Capital One ( $COF): Gets approval to acquire Discover (DFS), becoming top U.S. credit card lender. 🔸 Comerica ( $CMA): Beats Q1 estimates; EPS $1.25 vs est. $1.18. 🔸 Global Payments ( $GPN): Downgraded at Jefferies; target cut to $75. 🔸 Independent Bank ( $INDB): Misses Q1 EPS; raises dividend by 4%. HEALTHCARE: 🔸 Pacira ( $PCRX): Approves $300M stock buyback. 🔸 Regeneron ( $REGN)/Sanofi (SNY): FDA approves Dupixent for chronic hives in patients 12+.

PREMKT 🔸 $AAPL | +4.97% 🔸 $PTON | +4.12% 🔸 $INTC | +3.19% 🔸 $BABA | +2.53% 🔸 $AMD | +2.29% 🔸 $NVDA | +1.70% 🔸 $NFLX | +1.58% 🔸 $MSFT | +1.55% 🔸 $SNAP | +1.51% 🔸 $META | +1.50% 🔸 $AMZN | +1.15% 🔸 $TSLA | +0.99% 🔸 $DIS | +0.90% 🔸 $GOOGL | +0.90%

FCC chairman Brendan Carr announced that he has asked the FCC's enforcement bureau to open an investigation into Disney $DIS and its subsidiary ABC over whether their DEI practices violated the agency's rules, per Axios

Snow White by Disney, $DIS, made $43 million its opening weekend, per the Verge. It cost $209 million to produce.

JUST IN: Disney, $DIS, is reportedly on the verge of implementing surge pricing, per MorePerfectUnion. Under the plan park prices will fluctuate in real-time based on demand.

Disney, $DIS, has removed diversity from the criteria for determining manager compensation, per Bloomberg.

MORNING BID 🔸 Apple ( $AAPL) plans to invest $500B in the U.S. over 4 years, boosting AI, silicon engineering, and skills development, including a new Houston facility for Apple Intelligence servers and 20,000 R&D jobs. 🔸 Disney’s ( $DIS) “Captain America: Brave New World” topped box office in week 2 with $28.2M, down from $100M debut over 4 days in week 1. 🔸 Microsoft ( $MSFT) is canceling U.S. datacenter leases, possibly signaling excess AI capacity, per TD Cowen; also claims a quantum computing breakthrough, but physicists doubt it, per WSJ. 🔸 Twilio ( $TWLO) upgraded to overweight from equal-weight by Morgan Stanley, citing strong execution for growth and margins. 🔸 Alibaba ( $BABA) plans to invest $52B in AI and cloud infrastructure over 3 years, surpassing its last decade’s spending. 🔸 Domino’s ( $DPZ) Q4: EPS $4.89 (est. $4.90), revenue $1.44B (est. $1.47B), comp store sales up 0.4% (est. 1.63%), international comps up 2.7%; dividend raised 15% to $1.74/share, gross margin steady at 39.2%. 🔸 Nike ( $NKE) upgraded to Buy from Hold by Jefferies, citing a strong recovery in the next 2 years. 🔸 Target Hospitality ( $TH) notified that the U.S. government will end its Pecos Children’s Center agreement, effective around Feb 21, 2025. 🔸 Wingstop ( $WING) upgraded to Buy from Neutral by Guggenheim. 🔸 CF Industries ( $CF) upgraded to Neutral from Underperform by Bank America, PT $84, seen as fairly priced with balanced risk/reward after selloff. 🔸 Newmont ( $NEM) downgraded to Neutral from Overweight by JPMorgan. 🔸 Westlake Chemical ( $WLK) Q4: EPS $0.06 (est. $1.08), sales $2.84B (est. $2.97B), operating income $66M (-9.6% y/y), EBITDA $416M (+6.7% y/y, est. $524.5M). 🔸 Berkshire Hathaway ( $BRK.B) Q4 EPS $13,695 (vs. $26,043 last year); 2024 investment gains: $3.1B after-tax in Q4, $79.6B full year; 2023: $330M Q4 loss, $3.6B full-year gain; no stock buybacks in Q4. Equitable Holdings ( $EQH) offers to buy up to 46M AllianceBernstein ($AB) units at $38.50 each, totaling $1.8B, a 7.8% premium over Feb 21 closing price. 🔸 NMI Holdings ( $NMIH) upgraded to Outperform from Market Perform by Keefe Bruyette. 🔸 BioCryst ( $BCRX): ORLADEYO trial shows positive results for kids aged 2-12 with hereditary angioedema; real-world studies confirm significant attack rate drops in patients with C1-INH deficiency and normal C1-INH. 🔸 Summit Therapeutics ($SMMT) teams up with Pfizer ($PFE) to test ivonescimab with Pfizer’s cancer therapies ( ADCs) across tumor types; Summit supplies the drug, Pfizer runs the studies.

$DIS $WBD - SENATOR WARREN URGES DOJ TO SCRUTINISE DISNEY-FUBO DEAL:VARIETY

$DIS - Disney is changing its DEI programs to focus more closely on business outcomes, according to a note sent to employees Tuesday and obtained by Axios

$DIS RESULTS: Q1 🔸 ADJ EPS $1.76 vs. $1.22 y/y, EST $1.42 🔸 Revenue $24.69B, +4.8% y/y, EST $24.57B 🔸 Entertainment revenue $10.87B, +8.9% y/y, EST $11B 🔸 Sports revenue $4.85B, +0.3% y/y, EST $4.7B 🔸 Experiences revenue $9.42B, +3.1% y/y, EST $9.3B 🔸 Eliminations revenue -$447M, -12% y/y, EST -$391.5M 🔸 Total segment operating income $5.06B, +31% y/y, EST $4.28B 🔸 Entertainment operating income $1.70B, +95% y/y, EST $1.45B 🔸 Sports operating income $247M vs. loss $103M y/y 🔸 Experiences operating income $3.11B, +0.2% y/y, EST $2.99B 🔸 Total Disney+ subscribers 124.6M vs 125.3M q/q 🔸 Domestic Disney+ subscribers 56.8M, EST 55.67M 🔸 International Disney+ subscribers 67.8M, EST 63.77M 🔸 Total Hulu subscribers 53.6M, EST 52.34M 🔸 Hulu SVOD Only Subscribers 49M, EST 47.26M 🔸 Hulu Live TV + SVOD subscribers 4.6M, EST 4.63M 🔸 Hulu SVOD only ARPU $12.52, EST $12.84 🔸 Hulu Live TV + SVOD ARPU $99.22, EST $97.98 YEAR FORECAST 🔸 Still sees high-single digit adjusted EPS growth y/y, estimate +8.1% 🔸 Still sees cash flow from operations about $15B, estimate $15.09B 🔸 Sees entertainment operating income growth double-digit percentage, estimate +15.7% 🔸 Sees entertainment direct-to-consumer operating income of about $875M 🔸 Sees sports operating income growth +13%, estimate +11.8% 🔸 Sees experiences operating income growth +6% to +8%, estimate +6.1% 🔸 Sees Disney Cruise line pre-opening expense of about $200M 🔸 Sees equity loss of about $300M due to purchase accounting of Star India deconsolidation

$DIS - DISNEY Q1 ADJ EPS $1.76, EST. $1.42

If you thought last week was a big one for earnings.. hold onto your butts... $AMD $AMGN $AMZN $AFRM $CMG $DIS $FTNT $GOOGL $ICE $LLY $NVO $NXPI $PLTR $PYPL $QCOM $RBLX $SPOT $UBER

$DIS - DISNEY: TEXANS VS CHIEFS NFL GAME DELIVERED 33.8M VIEWERS

$FUBO - FUBOTV SHARES EXTEND GAINS PREMARKET, LAST UP 25%

$DIS $FUBO - DISNEY NEARS DEAL TO MERGE HULU + LIVE INTO FUBO

$DIS - DISNEY CFO FORECASTS PRICING INCREASE FOR STREAMING SERVICE IN THE FUTURE

$DIS - DISNEY CFO SAYS PARKS ARE ATTEMPTING TO KEEP PRICES AT 'ACCESSIBLE' LEVEL -- UBS CONF

MORNING RECAP • $ASO announces a $700M share buyback. • $AEO Q3 EPS $0.48 vs. $0.46 est., rev down -0.9% to $1.29B; cuts annual sales growth forecast to 3%, expects Q4 comp sales +1%, total rev -4%. • $CHPT Q3 loss (-$0.18) vs. est. (-$0.09), rev -10% to $99.6M; Q4 rev guidance $95M-$105M. Networked charging systems down -29%, subscription rev up +19%. • $COST November comp sales +3.1%, net sales +5.6% to $21.87B; Q1 sales +7.5% to $60.99B. • $FIVE Q3 EPS $0.42 vs. $0.17 est., sales +15% to $843.7M; Q4 sales guide $1.35B-$1.38B, comp sales expected to decline. • $PVH Q3 adj EPS $3.03 vs. $2.59 est., rev $2.26B vs. $2.22B; Q4 rev expected -7% to -6%, EPS $3.05-$3.20. • $PG now sources Gillette razor steel from India to mitigate potential Trump tariffs. • $AVAV Q2 rev $188.5M vs. $182.9M est.; adj EBITDA $25.9M vs. $31.7M est.; maintains FY25 EPS $3.18-$3.49, revenue $790M-$820M. • $APD: Mantle Ridge now nominates only four for the board, down from nine. • $CULP Q2 adj op income ($2.6M) vs. ($3.589M) est., sales $55.7M vs. $58M est.; expects flat to slightly down Q3 sales, positive EBITDA in 2H, profitable by Q4. • $GEF Q4 EPS $1.08 vs. $1.10 est.; rev up 8.3% to $1.42B, adj EBITDA down 0.8% to $197.6M; FY25 adj EBITDA expected at $675M low-end. • $LUV boosts Q4 revenue per seat mile forecast to 5.5%-7% from 3.5%-5.5%, due to pricing and travel demand. • $FI stock falls as CEO Frank Bisignano is nominated by Trump to lead the SSA. • $FOUR downgraded to Hold from Buy after CEO Jared Isaacman is chosen by Trump to head NASA. • $HOOD plans Asia expansion, setting up in Singapore. NYPD seeks man who killed UnitedHealth $UNH executive Brian Thompson outside a Manhattan hotel, suspect fled into Central Park. TSM discussing with $NVDA to manufacture AI chips in Arizona. • $AMAT downgraded to Underweight at Morgan Stanley due to memory market concerns. • $HPE upgraded to Overweight, target price raised post-Juniper acquisition. • $NCNO Q3 adj EPS $0.21 vs $0.16 est., Q4 rev guidance below estimates. • $OOMA Q3 EPS $0.17 vs $0.16 est., raised yearly outlook. • $S Q3 EPS loss ($0.25) vs $0.01 est., slightly beat on revenue for Q4 and year. • $SNPS Q4 adj EPS $3.40 vs $3.30 est., Q1 guidance below expectations. • $VRNT Q3 EPS $0.54 vs $0.43 est., strong SaaS growth, FY25 revenue guidance up. • $DIS increases dividend to $1.00 per share. • $SMTC launches $400M stock offering.

$DIS - 'MOANA 2' PULLS IN $221 MILLION AT U.S. AND CANADIAN THEATERS OVER THANKSGIVING WEEKEND -- DISNEY DISNEY'S 'MOANA 2' SETS RECORD FOR THANKSGIVING WEEKEND BOX OFFICE IN U.S., CANADA

$DIS - 'MOANA 2' TAKES IN $109.6M GLOBALLY THROUGH THURSDAY: DISNEY DISNEY FORECASTS 'MOANA 2' SETTING THANKSGIVING WEEKEND RECORD

$DIS - ESPN SUBSCRIBERS FELL TO 66M IN FY2024 FROM 71M IN PRIOR YEAR

$DIS - DISNEY SHARES EXTEND GAIN TO 10% AFTER 4Q PROFIT TOPS ESTIMATE

RECAP • $AAP Q3: Sales down 21% to $2.15B, below $2.67B forecast; EPS at -$0.04 vs. $0.49 expected. Plans include store and distribution center closures, and headcount cuts. • $BZH Q4: Revenue up 25% to $806.2M vs. $777.8M expected; Adjusted EBITDA down 10.5%. Home closings up 4.8%, but gross margin decreased. • $BV Q4: Adj. EPS $0.30 vs. $0.31 est., revenue slightly below at $728.7M. FY guidance lower than expected. • $CPRI ends merger with Tapestry, which then ups its share buyback plan. • $IBTA Q3: EPS $0.94 vs. $0.35 forecast, revenue up 16% to $98.6M. Q4 revenue guidance below expectations. • $JJSF Q4: Adj. EPS $1.60 vs. $1.85 expected, sales slightly under $429.75M estimate. • $HP Q4: EPS $0.76 vs. $0.81 expected, revenue $694M vs. $695.24M forecast. FY25 CapEx guidance $290M-$325M, depreciation around $400M, R&D $32M. • $HI Q4: Adj. EPS $1.01 vs. $0.92 expected, revenue $837.6M vs. $792.98M. Q1 and FY25 EPS guidance below estimates. • $OVV agrees to acquire Montney assets for $2.377B cash from Paramount Resources Ltd. • $TTEK Q4: EPS $0.38 vs. $0.37 expected, revenue $1.37B vs. $1.135B. Provides next quarter and FY guidance. • $NU Q3: Adjusted net income $592M vs. $559M est., revenue $2.9B as expected, ROE at 30%. • $OPRX Q3: EPS $0.12 vs. $0.06 est., revenue $21.3M vs. $25M. FY guidance below expectations. • $TARS Q3: EPS ($0.61) vs. ($0.97) est., sales $48.1M vs. $43.44M. • $CSCO Q1: EPS $0.91 vs. $0.87, revenue $13.84B vs. $13.77B. Provides Q2 and FY guidance. • $DIS Q2: EPS $1.14 vs. $1.10, revenue $22.57B vs. $22.47B. Forecasts high-single digit EPS growth for FY25. • $ASML expects sales to reach €44B-€60B by 2030, with 8%-14% annual growth. • $DDD Q3 prelim: Revenue about $113M, with growth in materials but decline in printer sales. • $DIGI Q4: EPS $0.52 vs. $0.50, revenue $105.1M vs. $104.08M. Q1 guidance set. • $JD Q3: EPS $1.24 vs. $1.05, revenue up 5.1% to $37.1B. No Q4 guidance. • $KLIC Q4: EPS $0.34 vs. $0.35, revenue $181.3M vs. $180M. Announces share repurchase and dividend increase. • $NN Q3: EPS ($0.11) vs. ($0.16), revenue $1.61M vs. $1.105M. • $SONO Q4: EPS ($0.18) vs. ($0.41), revenue $255.38M vs. $247.36M. No forward guidance. • $SYNA to issue $400M in convertible notes due 2031.

$DIS - WALT DISNEY SHARES UP 6.3% PREMARKET AFTER Q4 EARNINGS BEAT

$EA $DIS - Electric Arts CEO Andrew Wilson Is Among Names That Have Surfaced in Disney CEO Deliberations, Sources Say -- WSJ

$DIS - DISNEY CHAIRMAN MARK PARKER LEAVING BOARD ON JAN. 2

$DIS - DISNEY+ PAID SHARING NOW AVAILABLE IN U.S., CANADA, EUROPE

🔸 MCDONALD'S PRICE TARGET RAISED BY $20 AT JPMORGAN - $DIS JPMorgan raised the firm's price target on McDonald's to $290 from $270 and keeps an Overweight rating on the shares. The falling 10-year Treasury is once again allowing a "safe to own" stance across the yield-based stocks of McDonald's, Dominos and Yum Brands, the analyst tells investors in a research note.

$DIS DISNEY DATA LEAKED ONLINE INCLUDES SOME EMPLOYEE, CUSTOMER DATA, DETAILED FINANCIAL INFORMATION, DOCUMENTS SHOW -- WSJ DISNEY DATA LEAKED INCLUDES SNAPSHOT OF GENIE+, DISNEY+ REVENUE, DOCUMENTS SHOW -- WSJ

$DIS DISNEY TO SEE NEARLY $4.5B IN 2024 STREAMING AD REV - INFORMATION

$DIS ⚡DISNEY NAMES ALMIN KARAMEHMEDOVIC ABC NEWS PRESIDENT: VARIETY

$DIS RESULTS: Q3 🔸ADJ EPS $1.39 vs. $1.03 y/y, EST $1.19 🔸Revenue $23.16B, +3.7% y/y, EST $23.08B 🔸Entertainment revenue $10.58B, +4.5% y/y, EST $10.37B 🔸Direct-to-Consumer revenue $5.81B, EST $5.73B 🔸Sports revenue $4.56B, +5.1% y/y, EST $4.4B 🔸Experiences revenue $8.39B, +2.3% y/y, EST $8.61B 🔸Total segment operating income $4.23B, +19% y/y, EST $3.84B 🔸Entertainment operating income $1.20B vs. $408M y/y, EST $811.3M 🔸Direct-to-Consumer operating loss $19M, EST loss $141M 🔸Sports operating income $802M, -6.1% y/y, EST $757M 🔸Experiences operating income $2.22B, -3.3% y/y, EST $2.34B 🔸Total Hulu subscribers 51.1M, +1.8% q/q, EST 50.44M 🔸Hulu SVOD ARPU $12.73, +7.5% q/q, EST $12.47 🔸Hulu Live TV + SVOD ARPU $96.11, +1.2% q/q, EST $95.05

$DIS DISNEY Q3 ADJ EPS $1.39, EST. $1.19