$META $DIS - Meta Platforms Has Talked to Entertainment Companies About Funding Content on New Virtual-Reality Headset, Sources Say -- WSJ Entertainment Companies Meta Has Talked to Include Disney, A24, Sources Say -- WSJ Premium Meta VR Device Planned for 2026 to Cost Under $1,000, Sources Say -- WSJ

JUST IN: Disney, $DIS, is laying off several hundred employees globally across multiple teams, including those for Disney's marketing for both film and TV, publicity, casting and development as well as corporate financial operations, per Variety

$DIS - DISNEY LAYING OFF SEVERAL HUNDRED EMPLOYEES: VARIETY

Tools like GeckoTerminal are underrated for actually reading market behaviour. Most of people use @GeckoTerminal to check the charts but there are so many useful features under the hood. For example, this 6H snapshot shows early-stage memecoins rotating aggressively, but the real alpha is in net buy clustering vs. FDV risk. $DIS and $APEX are seeing heavy inflows relative to their age and cap, while older names like $moonpig are starting to show distribution.

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加密早报 * 每日不能错过的重要信息 * 2025年5月22日 1. 全球市场黄金、比特币上涨，美股下跌。黄金在美盘加速上行，日内一度涨超1%，最终收涨0.78%。 2. 美股道指收跌1.91%，标普500指数收跌1.61%，纳斯达克综合指数跌1.41%。 3. 宏观层面，中东局势再次引发市场关注，以色列要打击伊朗的核设施了，如果战争一旦开启，势必会短期影响市场走势，密切关注。 4. 链上昨晚有大金狗， $dis ，这是一个AI 项目，FDV最高到了将近6000万美金左。 5. @gavelxyz 类似 #launchcoin ,Solana 上面第一个防狙击、防三明治攻击的AMM，能做到固定时间+固定供应+公平分配。昨晚平台第一个代币 $ibrl 预售的时候toly发推并且置顶了，虽然没多久就删除了，但丝毫不影响售后价格走势。由于平台有回购销毁机制，后面可以重点关注下。 https://t.co/fwfhP0W3fA 6. 不管是阴谋还是阳谋，$B 首先是上线 Alpha，然后是 @worldlibertyfi 的地址买了 $B ，随后市场开始疯狂FOMO，市值最高到了1.6亿美金左右。 7. @cookiedotfun 昨天上线了新的KOL数据功能，后续也会有类似积分模式，然后昨天开始币价没少涨，后续大家也可以多关注，人人都有机会。 https://t.co/JVscglqxMh 8. @circle Payments Network 主网上线，进一步巩固了稳定币跨境支付的能力。 https://t.co/5WpcPdO2KB 9. @LidoFinance $lido 发布了V3白皮书草案。 https://t.co/qvu9xwekoD 10. @solanamobile 手机今年终于要发货了，大概时间是8月4日。 https://t.co/K98tmiOZFG 11. @SaharaLabsAI 是顶级团队和VC打造的AI 项目，目前可以进行交互。 领水：https://t.co/oXMzANXLkd 交互：https://t.co/hTzXY2R1cS 12. Huma Finance @humafinance 公布代币经济：总量100亿枚，初始空投5%。 https://t.co/5BM5NzkK2m 13. 德克萨斯州通过战略比特币储备法案，已移交至州长办公室等待签署。 14. World $wld 从a16z、Bain Capital处获1.35亿美元投资以用于网络扩张。 【行情分析】 贝莱德 IBIT 昨日净流入 5.37 亿美元（4931 枚比特币），交易额达 60 亿美元，创历史第二高。 昨晚全网都在盯着链上大佬的多空博弈，最终50x内幕赌徒不停地止损加保证金，目前持仓浮亏120万美金左右，感兴趣的同学可以去围观，围观地址： https://t.co/fHlFFjJToo 比特币昨晚终于ATH，这一轮牛市属于机构牛，跟散户没任何关系，散户基本上都踏空了，11万美金的比特币，机构还在疯狂购买和加仓，这足够说明了一个问题， 那就是这些足够聪明的团队看到了比特币未来价值，势不可挡的情况下，硬着头皮也要购买和加仓。 比特币11万美金上方只要稳住，后续的山寨也会补涨，所以要重点关注山寨，目前风险在于比特币能不能稳住，所以合约风险很大。 【风险提醒】 数字资产波动较大，风险极高，请谨慎参与，杜绝满仓梭哈，拒绝贷款杠杆；

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Disney, $DIS, has to create its first Theme Park in the Middle East in Abu Dhabi

$DIS Q2 Highlights (Premarket +7%): 🔸 EPS: $1.45 (est. $1.20) 🔸 Revenue: $23.6B, +7% Y/Y (est. $23.14B) 🔸 FY25 EPS forecast: $5.75 (est. $5.44), +16% Y/Y 🔸 Reaffirmed 6–8% operating income growth in Experiences 🔸 Disney+ added 1.4M subs; Hulu added 1.1M 🔸 Streaming income: $336M 🔸 Experiences Q2 income: $2.5B, +9%

$DIS Disney RESULTS: 🔸 Q2, Q2 ADJ EPS $1.45 vs. EST $1.2 🔸 Q2 REV $23,621M vs. EST $23,141M 🔸 Q2 segment Operating Income $4,436M 🔸 Q2 EPS $1.81, Q2 free cash flow $4,891M 🔸 Q2 pretax profit $3,087M

$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