Well see how that turns out. Were waiting two highstakes reports that could massively shake up the market. Disney powerhouses disney and news corp set to release Quarterly Results any minute. Find out numbers here first before it impacts your wallet and the market tomorrow. Connell we wait for earnings to come in. Bring in the panel, erin gibbs, joins us and paul dietrich, fairfax global ceo. Paul, you first on markets. Well get into earnings as soon as they start to cross . Anything on trade . Well get some details from blake burman what is going on or not going on with china. Any hint were going in the right direction . We go up, when there is tension we come back down. You would think some is priced in. I guess not. What do you make of action we saw today. This phase one of the trade talks is the easy stuff. You know, getting china to buy more Agricultural Products which will help during the elections but all of the difficult stuff we pushed off. We pushed it off until probably after the election. If the chinese have to bend, they will bend to trump after the election but if the democrats should win, then they think they will have a little easier negotiating posture with the democrats. Connell erin, one of the things that has been interesting to watch in the markets, we saw it today, i know how long this continues for, whether china or fed, whatever is driving us higher on the day, were going up right now, even though bond yields are going up. For some time, we reached july levels in the bond market. For some time, anytime that happens would be issue in the markets. Do we continue to go up with yields on bonds and stocks for now as we look at s p with pretty close to record territory . I think now were, certainly for at least earlier in the day we were much more positive about the tariffs. We could easily just see an expansion just on pure valuation expansion of 5 , even within the equity markets. Even as the bond yields go up. You know, were not at an overpriced or really expensive market right here. Were very much at the average. There is definitely room for it to go up if we see positive news coming forward. Connell do you like news on earnings, erin . What weve seen, well wait for big ones, eight out of 10 beating the street, Something Like that, right . When you look at it, pretty much in line with past four quarters. 3 4 of companies beat. We got 3 improvement. Very much average. For me what i really like the expectations for 2020 have been remarkably stable. Were starting to see negative revisions for Third Quarter report. That makes me feel comfortable with the next 12 months. Melissa fighting to be king of the original content, netflix is betting on animation to take on disney in the streams wars but is that enough . We have erin and deion rabuin. Not just animation. It is like an any may. My son used to talk about it and watch it. I had no what it was, i was terrified. Netflix is beth big on it. What do you think . Netflix needs to bet big on something. They will lose all disney content that they have got, maybe not all of it, but a lot as disney plus rolls out. They have to pivot, go to something new. They have the original programing, something investors like a lot. Look at numbers, ebitda over debt is terrible. I called them on here before. Theyre debtflix. Reed hastings says well spend more. They grow and grow to squeeze the market. The market is doubting it. Getting into the the an anime play. Well see. Melissa apple goes with all original content but it is does differentiate them. I mean, that is the lure on most things. You pick up, you go to prime because of the original content. Youre excited about a show you can only see there. It is the same thing with netflix has an original. What do you think about apples approach . I think its a smart approach. Remember you have apple tv which has an awful lot of content. The new programing, they have got some of the best directors, you know, oprah winfrey, steven spielberg, all these people. Theyre also investing in animation. They have a new product that is spinoff of sesame street. It is helpsters designed to teach children about coding. Can you imagine 3 and 4yearold coders . I feel like a dinosaur. Melissa erin, who has the winning approach . Some are direct competitors. Apple, netflix, down sell phones and independent pods. You have to look where they fit within each. Certainly i think netflix, since they have only are selling content, going into foreign markets and buying one of the most prestigious anime studios, and content. Getting international subscribers. Most is watched outside of the u. S. Connell jump in on you, erin for a moment. Disney numbers are out. At first glance they look like theyre pretty good. Gerri willis is standing by at the new york stock exchange. The stock is up, gerri, by 1. 7 . Earnings and revenue better than expected . Both look pretty good, right . A beat on both top and bottom line. Eps coming in 1. 70. Adjusted eps revenue. Expectations on revenue, 19. 04. Expectations for eps, 95 cents a share. A beat on top and bottom line. Parks delivered better results than expected. Were getting positive numbers here. As we were coming into the close we saw there was an order imbalance for disney shares on the buy side. A lot of positive chatter about the stock tonight. Youre seeing it play out in the share price of 2. 4 afterhours. A beat on top and bottom line for disney. Back to you. Connell that is interesting, gerri, disappointing number last time. Melissa erin, paul are back. With are you looking for the call . Looking for parks numbers tells you a lot about the economy . Do i i have a Succession Plan . Do i dare ask that question . I think biggest question, disney plus. Before we go on, shoutout to my mom on birthday. 29th birthday today. Melissa welldone. All that more, she much more impressive woman because im 33. That is what is going on. As far as the disney revenue call and earnings call, you have to ask about disney plus. They laid out number. 60 to 90 million subscribers by 2024. Is that a realistic number especially where netflix is at . Are they expecting to have people switch from netflix . Now that you have apple plus . How are they getting to the number . How will they do this . Parks, movies, all really shown they can deliver. They are moving into a new arena. You have to wonder what is the gameplan. Melissa paul, a lot of people in our audience dont have disney stock. What they get from this is what is going on in the larger economy. Disney is a great bell with foredisposable income. When i have extra money spending on my kids, going to parks, doing different things, the fact that parks beat, what does that tell you . I go back to, i would disagree a little bit that people are going to go from one streaming service to another streaming service. I believe people are going to be buying more streaming services. Melissa yeah. I mean it is cost of a latte at starbucks. With 5g coming in next year, every analyst i know believes that this is the future of Television Watching and this is a really disruptive technology. It is going to change a lot of industries. I mean, were going into the golden age of movie production and Television Production that will benefit studios like disney and nbc universal. It will have negative effect on cable companies. And there is one industry that is probably going to be put out of business. That is the Movie Theater industry. And nobodys going to, it will go like sears and malls in america. Because nobody will pay 16, 19 a ticket, when for 4. 99, 6. 99 get hundreds of shows for a whole month. Melissa it is interesting, erin what it means for real estate in general. If you look at all of the empty storefronts all around america, whether it is a mall or storefronts here in manhattan. Were talking about Movie Theaters as fewer and fewer people go. My kids dont need to see something the day it comes out. They like seeing it at home in comfort of their home with popcorn. Well go sometimes to something bid big. It is less and less freak went. What is the impact here . Disney is example of what youre saying. Parks, movies, streaming are major businesses. If the movies disappoint, decline in movies, if we see a better indication streaming, making more money there, like your kids get to watch at home, that is where the new revenue is expected. I have to say this beat is really good. Over 11 . That is big beat. Not average beat. Third quarter looks good. See how the Subscriber Service comes out in a few days. Connell especially spending money on a lot of things, get ready for disney plus what have you, beat this much on the parks. Good news. Thanks to all three of you. Well move on from disney now. Back to later on. China says completion of a phase one trade deal with the u. S. Would come with a tariff roll back which we briefly touched on the top of the hour. The other thing, reuters report in the middle of the day the idea is facing heavy internal white house pressure. Market pulled back a little bit. Blake burman digging into all this throughout the day. Joins us. What is the latest from the white house . Headlines from all over the world and headlines from beyond, connell. As it relates to tariffs, according to sources that we talked to, how tariffs might be rolled back is still being mapped out. But markets earlier today started soaring on this headline that came out of beijing earlier this morning from a Government Spokesperson there. A spokesperson for the Commerce Ministry who said at one point the following, saying, quote, both sides agreed to remove additional tariffs imposed in faces. Progress is made in the agreement. If they reach a phase one deal, both sides should roll back additional tariffs at the same proportion simultaneously. No one in the Trump Administration put forth a official comment including the trade representatives office. However a source familiar with the negotiations here at home said the comments made in china are on the correct course. The question becomes which tariffs are in play, when might they be rolled back of the u. S. Not publicly touching this one but according to chinese sources, china wants tariffs lifted as the deal is negotiated and comes together with all tariffs rolled back before the completion of a full trade deal. The chinese sources also say u. S. Wants tariffs to stay in place after completed deal, so they insure china keeps up their end of a completed trade deal. The bottom line, connell, at least one of them, keep in mind is that there is still not a phase one deal to put forth, to put before rather President Trump or president xi. Both sides still working on this apec timeline, getting a phase one deal by the end of next weekend. There is still work to be done to get to that point. Connell cart before the horse action. Well see. Blake, thank you, sir. Melissa trading fire. Microsoft cofounder bill gates sounding the alarm over Elizabeth Warrens tax plan, warning it risks alienating major u. S. Companies. Were breaking down the latest comments next. Connell a bombshell report charging two former twitter employees with spying for a foreign government. What it could mean for you and your privacy coming up. Melissa in a bid to take on retail giants, Small Businesses are trying Something Different ahead of the holiday season. Were giving you an inside look later this hour. Im slowing down. I want to watch this. 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And now, during our Veterans Day Weekend special, save 1,000 on the new sleep number 360 special Edition Smart bed, now only 1,799. Plus, 0 interest for 36months. Ends monday. Connell this alert on disney. Once again it is up now, almost 4 afterhours. The Company Getting a nice boost from its parks division. Films as well. Gerri willis rejoins us. Deion said, maybe well wait, bob iger may Say Something about disney plus and parks on the call but these numbers are strong. There is a lot going on. I would run through the positives and negatives. You ran through the positives, lets go over some of them, beating on top and bottom line. Cable Network Revenue up 20 . Park revenue as youve been saying up 8 to 6. 7 billion. Studio entertainment revenues in the quarter increasing 52 . Here is what worked, lion king, toy story 4, aladdin. However increases in quarterly direct to consumer and International Operating losses due to upcoming launch of disney plus. Theyre spending mightily on that, showing in the quarters earnings results. Were hearing that disney plus will be distributed on amazon fire tv. Fx will have a huge presence on hulu. Those are details. The stock, a lot talking about it coming in afterhours. Even before they announced earnings. A lot of positive comments. Connell positive indeed, gerri. Melissa . Melissa taking on the well taxed, microsoft cofounder bill gates slamming Elizabeth Warren over her proposed tax plan. The president ial hopeful is responding. Susan li in the newsroom with all the details. Susan. To catch Elizabeth Warrens attention, bill gates at New York Times book event asked about higher taxes, wealth tax from Elizabeth Warren, he said i would be happy to pay more. Listen. I paid over 10 billion in taxes. I paid more than anyone in taxes. [laughter]. You know, im glad to have if i had to pay 20 billion, its fine. But, you know, when you say i should pay 100 billion, okay then im starting to do a little math about, what i have left over. Sorry. Im just kidding. Susan richest man on the planet. He was asked at the same event whether he spoken to warren about her tax plan. He said im not sure she is openminded to someone like me with so much money. Elizabeth warren wants to tack the wealthy to pay for a lot of her plans, including 21 trilliondollar medicare for all package. 2 tax above 50 million, to one billion dollars. 6 tax on wealth above a billion dollars. If you do the math, im sure you have, melissa, some say it doesnt add up. Eventually the middle class has to pony up in higher taxes. Elizabeth warren has admitted this week, going tet to tet with jamie dimon as well saying her comments is vilified successful people. Back to you. That is not what america is about anyway, susan thank you. Here is brad blakeman, former Senior Advisor to president george w. Bush. Bill gates is interesting one to have the conversation. He wouldnt miss many different billions. He is someone who taken the rest of his life to dedicate to charity, to a foundation, making a difference. He has gotten a lot of people to make the pledge, they will give away half of their money when they die. He is probably, the biggest fill philanthropist on the planet. He doesnt give money to the government. He does Something Else with it. For somebody that knows how to put money to work, rather than paying more taxes he has done more effective things. What do you think . He did more nongovernmentally than you ever hope to get sending money to the government to spend for him. The fact when you have a fair tax system, it gives the ability for charity. There is no more charitable people on the face of this planet than americans like bill gates. He voluntarily redistributing his wealth. Not because government told him to do it. He feels that is what he wants to do. The fact is if you did a tax at the rate that warren suggestions. Not only would you dry up philanthropy but dry up innovation and invention and people taking a risk here in america. A flight from america of not only brains but money overseas. Melissa that was another one of his great points, about the idea you chase away innovation and innovative companies. If somebody doesnt have money, with a great idea, theyre looking towards being a bill gates type person, they will not try out the idea, they will go somewhere else do it there, which their profit eventually will not be confiscated, that aspiration, goal of becoming like bill gates a lot of people what drives them to do something awesome. I wonder how she would answer to that . What do you think . I dont think she much cares. She believes government is the answer. Cradle to grave is what the