Julia . Thats right. Disney cfo christine mckarther announced disney will be sustaining the dividend which will preserve 1. 6 billion in cash and this comes as the Company Announces that covid19 cost disney 1. 4 billion to its bottom line in the quarter and that includes a hit to advertising, movie delays and think, most of all, the closure of disneys parks. The disney parks alone had an operating income loss of 1 billion in the quarter due to covid driving a 58 drop in operating income now heres what the new ceo says about the plan that he Just Announced to reopen disney shanghai on may 11th take a listen. The approach we take may include implementation of density control measures as well as health and prevention procedures that comply with state and federal guidelines we are seeing encouraging signs of a gradual return for some semblance of normalcy in china the company talking about how before it began to close its domestic parks in midmarch they had been seeing an increase in both
Limbo. The ceo will be b here to explain why the trade war is is hurting his business so much power lunch starts right now wrapping up u on the high note check out facebook shares. They are under pressure as a number of state attorneys general get ready to open an antitrust investigation into the tech giant well have much more on this move later on. Melissa, thanks jay powell speaking moments ago in switzerland this will be the last time we hear from him or any other fed official before the next decision the markets almost guaranteeing a quarter point cut. Did powell give any hints . What do you think, steve were going to let you and viewers be the judge he was in switzerland, asked directly, asked directly by a member of the audience whether he would be cutting rates in the months ahead you tell me what this tells us were watching all of these developments the geo political risks, breck it, incoming data. And really looking at financial conditions and well be assessing those in future
For u. S. Steel teslas awful august rolls on and the casino stocks crapping out, after a monster heater. Im melissa lee, this is fast money, live from the Nasdaq Market site. And we start off with a surprising reaction to a pretty disappointing earnings report. Shares of target rising nearly 9 immediately after posting q2 results. The stock closing off those highs, but still up nearly 3 on the day. The move despite some big negatives in the numbers the company reporting its biggest revenue drop in seven years. First samestore sales decline in six it slashed fullyear revenue and profit guidance. Still, even with todays gains, target is far underperforming its retail peers, down over 13 versus double digit gains for the likes of walmart, which reports tomorrow morning so, does targets warning raise a red flag for the entire consumer space or is this a targeted issue karen, what did you make of these numbers . I was surprised at the reaction we talked about this in the green room it wasnt
There today. Thats the area that got the highest amount of snow. Parts of berks county also seen snow this morning. This is a live look from west reading. Shoveling process started earlier this morning in allentown. We saw people clearing their sidewalks and plow trucks out making sure those roads were safe for drivers. And snow is still falling at the jersey shore and in parts of delaware. Heres a live look right now at the baurd walk oardwalk in ocea. You can see it was snowing but the road was mostly just wet. And 76 viend in center city where the roads are wet this morning rrtd morning rush was slow this morning because of reduced visibility. And this is a live look at Philadelphia International airport, the airport reported some cancellations and delays this morning as crews worked to deice planes. Good morning im denise macan know. Hundred of schools had closings and delays this morning fwhaufs snowfall and nbc 10 randy is live in west reading with how the snow is impacting that
Move welcome, everybody the major average is down right now. The dow falling for the first time in four sessions, wall street socalled fear index, otherwise known as the vix, at the highest level in two months. Apple with a major drag, with fears of plunging iphone x demand the cap has dropped 45 million in a week. The action is really in the bond bond market where yields are soaring. Michelle, welcome back thank you. Michelle carusocabrera. Bob pisani is on the floor of the new york stock exchange. Bob, is it Rising Interest Rates starting to hurt stocks . Yes, for the moment and fears of Interest Rate hikes. Puff reits, on either side of and telecom and Home Building stocks, theyre all getting knocked rather noticeably there. Also interestinvestigate sensitive. Like thanks, figure, not doing too much already, but your regionals not really doing that much so the big debate is will higher rates finally be the catalyst for a pullback we have a bunch of market movers, we have the state o