Disney earnings smashing expectations. With disneyland closedend movie theaters dark, can streaming make up for more bosses ahead . Peloton has been the pandemic diving with a new campaign in a partnership with beyonce. And waitvaccine news times. We will talk about it all later this hour. Amid spiking cases today. The s p 500 sank as new york y prepares for the possibility of closing at 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 . Does this impact the markets . Abigail it was a bearish day at the end of the day as investors 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 movers you were talking about. Disney is surging. A blowout quarter. Like so much, it is a story of the haves and the havenots. Media was up 11 . Theou were indicating, studio is down 52 and parks down 61 . Overall investors like it. Not just the fact the loss was not as bad as expected and espn revenue jumped, as you know, they have 74 million streaming subscribers. I dont know for sure, i believe on a comparative basis, this is more than netflix had at that stage. A verye clearly formidable competitor. Disney is all in on streaming. That is the bright spot. The stock is off of its lows, palantir. Mixed. Up a the disappointment has to do with the revenue outlook for the quarter. 52 sales growth. Investors not liking that. And then cisco has a good quarter. They have been struggling the last year. This is a clean quarter. They beat the outlook. The stock rewarded the most of the earnings movers of the seven. 5 . That Networking Company trying to transition toward software. You. all right, thank we will talk more about disney and the other earnings coming up this hour. I want to get your sense of the broader market. Around theertainty election. President trump refusing to concede. How are investors reacting to the broader climate . Yesterday there was not much of a reaction. I would say the uncertainty investors are reacting to is the virus. On somer sign chicago degree of shutdown coming. More restrictions in new york. Saw someors see, we decent declines into the close. The nasdaq 100 outperformed. Down about half a percent. Not even the tech stocks that could do well if we go back to a stayathome climate did all that well. That tells you there is some fear out there. Overall the tech index, which again, investors were confident and were going to go to her defense, the tech index, like so all about indexes, the uncertainty. This may be a case where there nowhere to hide. Panicked,it is not more resignation to the fact, here we go again. Today really weighing on the markets. The s p 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. As the class has more than 73 million subscribers. For more i want to bring in the industry analyst. Disney doing better than projected. Still not great. Disneyland closed. Movie theaters still closed. New shows. To shoot what are your takeaways . That is right. The way i would frame the quarter, expectations were really low. Badcompany came in less would be the way to describe it. We know coming into the quarter covid19 overhang was going to restrain the theme parks and also the advertising and the theatrical businesses. What we saw is really the company doing a really good job navigating these challenges. While some of the covid19 concerns will continue and remain through the current quarter, 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. Is the brightest spot of all of the takeaways right now. Emily we are listening to the earnings calls, you can follow along on the bloomberg blog. Current news about the quarter. Disneyland will remain closed as far as they know. Hes extremely disappointed by this. Movie studio results will be 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 . The that ties back to point about the near term visibility. If you look at the headline, i would look at the direct to consumer. Building global subscribers between disney plus, espn plus, and hulu. The number was actually way higher than we expected. Over 73 million they reported. And now that they are closing in on the one year of that launched,when they certain verizon customers. The key will be to see how the new content they produce, the lorian, which launched a couple of weeks ago, and all the content will drive acceleration with the International Launch getting much more traction then we would have expected. Espnon the sports side, getting some of its mojo back. Again it is going to be some heavy lifting to be done in the nerd term near term the covid issues pose some nearterm constraints. Close toravel is not prepandemic levels. All of that we are keeping an eye on. The theaters have been there as well. This plays into the overall outlook. We still have some speed bumps to navigate. Went we know mulan straight to streaming. Disney says it is pleased and will announce more movies next month. Worldaid, while disney at 35 ofting capacity. Disneyland in california is close. 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 its going to take a long backfor the parks to get to normalcy. Is the were encouraged idea they are getting positive net contribution in the parks even in a 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. Takeaway, forg arecurrent quarter, parks booked at 77 booking levels. Especially for thanksgiving weekend. Thats an indication of the potential pentup 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, think you for joining us. Coming up, President Trump announcing he is banding 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 postpresidency next. This is bloomberg. President trump has announced a new order on Chinese Investment today. The president is banding investment in firms white house says are controlled by chinas military and the administrations latest move to continue to put pressure on the country. With us now for more is josh in washington. Interesting in the context the president has what does this mean . A bunch ofll see 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 an curated, 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. President s do the attempts to fight legal battles claiming voter fraud actually stand . Handems like other than a 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. Theres 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. 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. 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. Guy, bornp is a tv and bred. He would like to found something to undercut fox. Important to bear in mind trump is mad at fox right now. He was tweeting angry thing 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 bidens column. Fox was right. In terms of specific claims, it is not clear. , somehow question 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 dont think we will see him disappear. Find a cameraill one way or another. Emily you are telling us its 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 americas most disruptive conspiracy theories . We will speak to an expert about the qanon movement. This is bloomberg. Emily qanon, the online movement, 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 qanons followers, which stretched beyond u. S. Borders. Joining us to discuss whether the movement will disintegrate or pick up momentum is researcher and author mike. Thank you for joining us. What is the state of qanon now . What have they been doing . Have been preparing their champagne for their victory celebration. To them, trump won in a landslide and we just dont know it yet. All of the prophecies you made, wheat 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 cant speak to facebook, but on twitter, there are a number that haveromoters 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 are not talking about q, but talking about the iconography. Emily how do you imagine they will have and will 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, group of true believers, they have been with us 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 inaugurateden is and all of this ends. Emily there is an app called number one int downloads after joe biden selection. Areou look closely, there profiles with qanon in their name. There is discussion of holocaust has a, the proud boys Strong Influence there. Will takenk parler similar action that facebook has taken . What happens, or a different approach . Whereparler is the place conspiracy believers go to complain about twitter when they get banned from twitter. Then they go back to twitter. Parler is never going to take over as the new twitter. It is to buggy and too much of a closed circle. You dont 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 dont know what parler is. Lets talk about postinauguration. 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 servers 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. Andve lost their families isolated themselves. They are in this now. Emily wow. Messianic. 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. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. Emily bloomberg tech. This is this is bloomberg tech. Chang in San Francisco. If there are any winners in the pandemic, peloton is one of them. The virtual Fitness Industry has seen unprecedented demand. But companies that have rocketed ,uring the pen, like peloton took a hit, but bounced back one day later after announcing a partnership with one of the worlds biggest stars, beyonce. sth this right now, peloton Senior Vice President and head of Global Marketing and communication, dara treseder. Obviously, this is huge, beyonce in partnership with peloton. How did you get her on board . Dara thank you so much for having me. We are so excited beyonce has been a peloton for several years. So she has been a member of peloton, she has been a part of the community, and the Partnership Came together in a true spirit of collaboration. She recognized the power of music to engage and empower people as part of their fitness and wellness journey. 2020 has been a unique year. It has been a unique moment. And beyonce is a unique artist. And when you work with beyonce, you have to go big. So this is a multiyour partnership between beyonce and peloton, rooted in the 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 shaped your strategy as a person who leads marketing . Dara you know, one of the things and i get so 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, that 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 work that you were getting anywhere else. And i think all that confidence right now is that more people have come to see that as true, and more people have given this incredible, connected fitness category an opportunity. We definitely believe and know this to be true. What is happening with our members, how our numbers are engaging as part of the community, these are things that have always been true and will continue to be true. Emily you have a new campaign with real writers and are planning to ramp up International Marketing efforts. What are we going to see you in the next year as we had to a new normal . Dara we are really excited. We always care about our members and communities and on october 5, we launched our firstever Brand MarketingCampaign Featuring real numbers. The campaign really highlighted the strengths of our member community. It talked about how we keep each other accountable and how the power of connected fitness has allowed them to interact with each other. Started, our focus as a company was on education, educating people about the category. Now, everyone understands. Any people understand, our target audience understands what this category is. So it is up to us to show the fullness and richness of the celebrateperience to in more communities. So we are excited to start doing that with our own actual members. In this campaign was a great way to do that. Got a lot ofn criticism last year after an ad that showed an incredibly fit Woman Working out o