Edward lawrence in washington. Ashley webster waits on the disney numbers we talked about. While we wait for that, edward, well start with you on the economy and the new comment today from the fed chairman. Reporter connell, Federal Reserve chairman Jerome Powell says the economic path forward will be a challenging one and includes more help from congress. Powell on a panel with European Central bankers says that Monetary Policy needs to work with fiscal policy because the size of the economic shock with the coronavirus. Ultimately it was a job to replace lost income. I would say that our congress stepped in and there hasnt been a faster or stronger response from congress to an economic emergency since really the great depression. Reporter he is talking about the first cares act at the beginning of the summer. Last week powell said, in order to get quickly back to where we want with the economy. There needs to be a another relief package from congress. It should be targeted to those people and industries affected most by the coronavirus. But Congress Zooms to be even more far apart when it comes to when that package will be done. Listen. The heroes act has now for nearly six months been a formula for crushing the virus, for honoring our heroes, our health care workers, our police and fire, our firstresponders, our teachers, our teachers, our teachers, our sanitation, transportation good workers, people who make our economy and our society work. Were willing to sit down and talk. They havent wanted to talk. They seem to stuck to their position. Reporter proposal after proposal from the treasury secretary rejected by the House Speaker in the months before the election. The last proposal up to 1. 9 trillion. The administration turning over the lead for the talks to Senate Majority leader Mitch Mcconnell who signaled he wants a smaller package. That is the won could have votes going through the senate. Mcconnell pushing a package 500 billion. Were not only far apart but going backward in negotiation with democrats back at 3. 4 trillion package starting point. Connell . Connell weve been going back and forth as you say forever. Im sure jay powell was asked what if question, edward. What if we dont get anything or another round of stimulus . How did he handle that, what his biggest fear would be . Reporter he said exactly that his biggest fear there is long term scarring to this economy and peoples lives whose jobs could go away without more help. The fear is the scars will be very, very long term, that they wont recover from it. Back to you. Connell Edward Lawrence live in washington. Speaking of jobs, another 709,000 americans filed for first time unemployment claims last week. That number was down 48,000 from a week ago despite the rise in coronavirus cases. The u. S. Has set a single day record. More than 144,000 new covid19 cases. At least 38 states now seeing a 20 increase in new cases compared to one week ago. California following texas. Now the second state to report its one millionth case. Hospitalizations also on the rise in nearly 30 states. 65,000 people hospitalized with covid on wednesday. That break as record set just one one day earlier. The highest number since back in april. All the surges leading to new restrictions around the country. We heard from chicago, mayor Lori Lightfoot issuing a 30day stay at home advise very. That starts monday. The states Largest School district preparing for the possibility of another closure. New york city mayor de blasio said it would happen if the sevenday rolling positivity average would reach 3 . Currently it is at 2. 6 . Carlton english, Financial Markets reporter at barrons. Jonathan hoenig joins us as well, capitalist pig hedge fund. Carlton, we start with you, disney earnings are expected to break any moment. The big picture the market digesting all the news were talking about were headed in a different direction with the virus and economically maybe going backwards as well in terms of more lockdowns. Where is your sense of where things are headed . Absolutely. The market is reacting to the high covid cases. Jobless claims front, we saw the lowest level sips the pandemic started. Were at historic highs. Well above 700,000 initial jobless claims filed. Jay powell said earlier today. The next few months will be very tricky. We got a ton of hope earlier this week on the vaccine data. The light at the end of the tunnel. We have a lot of twists and turns until out of it. Connell i dont know if its a light at the end of the tunnel, jonathan, disney earnings, it is loss which was expected are breaking as well. Not as expected i dont believe. 20 cents a share. The street was expecting disney to lose much more, 70 cents. Revenue better than expected, 14. 71 billion. Stock up almost 5 as number came out. Give us a deep thought on disney,. Connell, this stock is shooting up after the hour. Could be question sell the rumor, by the fact or settle the fact, buy the rumor. Disney the whole Business Model is centered around entertaining large groups of people, theme park business, has been decimated by covid. Anything that used to distinguish disney, like theme parks opposed to netflix have been a drag because of covid. We want to dig into the disney plus numbers. The stock is an underperformer. Disney has been up 4 . Nice to see a loss because the stock anticipated it. That is why it is up after the bell. Connell not as big as expected as we said on the loss. Carollton, jonathan picks up parks experiences and Consumer Products did a little better than expected. 2. 58 billion in revenue. The expectation was 2. 38. Well get in when Ashley Webster joins us in a moment on disney plus. Disney is trying to weather the storm to get through this one of the ways you do that launching a streaming service while everyone is at home. Your thoughts on disney . Exactly. They have to do something to make up for that lost park revenue. Disney plus certainly is a way to do that and the tricky part here is launched about a year ago. We have to see, are those kind of verizon customers that got the package deal, will they roll off . Is disney going be able to make up for the lost revenue on the park side of the business or even the production that has been delayed or halted because of covid. Is streaming going to be enough to do that . What im really looking for is next month, they have the investor day, they talk about the new media strategy they have. How they will be looking to monetize their content, whether it makes sense for things to go to a theater, go on tv, go on the streaming platform. Connell uhhuh. All right. Boy, this stock is really shooting higher now, up 6 . Let me bring in Ashley Webster who is covering this after the bell for us. Ashley you couldnt ask for much more from disney i guess . Ashley the headline numbers. We were expecting a loss of 70 cents. It came in with a loss of 20 cents. The revenue too as you pointed out, connell, 14. 71 billion. It is still down around 20 yearoveryear but better than was feared. Im looking at parks and experiences. You know, those are the cruises, all the theme resorts and theme parks, coming in at 2. 58 billion. Still not great. A lot better than the Third Quarter where this segment lost 3 1 2 billion dollars. It does beat the expectations but still down. I mean yearoveryear, 50 . Very hard to compare anything to last year of course. The studio entertainment number, not surprising, coming in at 1. 6 approximately. The estimate was 2. 07 billion. The studios have been hit so hard. A lot of productions have been postponed in some cases canceled but the question becomes are you going to do more disney to go straight to disney plus with your theatrical releases. Well get into that more. Median networks number was better as well, coming in 7. 2 billion. The expectation was 6. 8 billion. You look afterhours the stock us up 6 , thereabouts. To your guests point, can the direct to consumer number, that is the you know, include disney plus that was slightly better than expected. It is under direct to consumer, international, slightly better than expected but not enough overall to offset what they have seen for the losses at their theme parks and resorts. Lets not forget disneyland in california still closed because of those very strict california regulations, could stay closed until next summer. There has been talk of disney may join a lawsuit with other entertainment and theme park operators in california to try to get at least a partial reopen like they have in disney world. So well see if any mention of that at all on the call coming up at the bottom of the hour. But overall, as you can see, better than expected for disney in a very challenging environment. Connell that call with bob kepec new ceo for bob iger. Ashley stays with us. The number of paid subscribers as of 3rd october, for disney plus. 70. 7 million. In august it was 60. Netflix still 200. That sounds like a good number, 73. 7 number. Massive group, connell. They have a long way to catch up to disney, events like hamilton earlier this year, a freebies giveaways services bring a lot of people into disney plus. What is missing long term to ashleys point, why the theme parks especially california are so important what is the synergy. What made disney so successful, get you watch the movie, go to the theme park, buy the stuffed animal, all the elements that make the Business Strategy so effective. The real risk for disney is regulatory risk, government risk. If the government keeps cruise ships shut, theme parks shut in california, disney will have a hard time getting out out of the hole. Connell a good stuffed animal as much as the next guy, no doubt about that. Carlton, i saw you nodding 73. 7 million on the disney plus numbers. That is pretty good figure, right . 73. 7. That is an incredible figure coming off the 60 million we saw back in august. Great growth there. I think it is to those releases, the mulan, they have beyonce movie came out during the summer, hamilton. They have another release coming out f they continue to grab people with these new releases not only willing to pay for the subscription bill, pony up a little bit, the first take at it, this could bode well for disney plus. It will be really exciting to see what happens here. Connell as a final thought, ashley before we break on this with disney, well come back to it maybe later, some companies, this is really big exam of this, this is huge, this is disney, get hit in your main business, they already launched disney plus. Youre forced to execute there, they get a little help. More people are stuck at home and adding it, it puts you in a better position if and when the rest of it comes back, you know . Ashley that is very true. They are big enough, lucky enough to have another segment of their company that could take advantage of a lockdown with disney plus. Dont forget they launched last november it, has been una year from this report, 60. 5 million, up to now whatever it was, 73. 7 million. They are two to three years ahead of their own estimates on disney plus. I think they shot very low anyway on the estimate. It is very impressive. Yes, people are signing up, i think even if and when we get back to normal, i hope we do sooner or later, i think disney plus is a real giant in this space. Connell as you said the call at the bottom of the hour. In the release the new ceo saying the real bright spot, direct to consumer which is the key to the future of our company. Ashley, thank you. Carlton, jonathan, as well. Thanks to all three of you. Well touch back on disney as we get more info on after the bell reaction. Meantime cushing the curbing the pan ban with another shut down . Well have the proposal from one much joe bidens advisors and what the proposal could do to the economy in a few weeks. Well talk to steve moore from freedomworks about it. The push and possibility of another shut down. That is coming up later in the hour. What a shutdown could mean for americas position on the world stage. Much more to come. Nexium 24hr stops acid before it starts for allday, allnight protection. 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Investments cannot flow into Chinese Companies that the Trump Administration believes is sending money to the chinese military. Here is how the executive order reads one point, those companies remaining ostensibly private and civilian directly support the military. Robert obrien saying in a statement after that executive order was signed, many of these companies are publiclytraded on stocks exchanges around the world. Individual investors can unknowing provide funds through passive institutional vehicles such as mutual funds and Retirement Plans. Connell, the executive order does not go into effect right away. Still 60 days from now on january 11th. Connell. Connell you mentioned first of all, 60 days from now. January 11 is not even, a little more than a week before the inauguration. So any uplycations there for the president elect in dealing with this . Reporter it is january 11th, nine days before president elect biden will be in the white house. Connell, there i will was host of china issues, u. S. China issues that the president elect will have to deal with. For example, we heard today from just this executive order, we heard Group Americans for free trade. They are saying, or calling on the president elect to pull back on those tariffs that the Trump Administration put into place over the last couple of years. Tariffs as you know that are eventually paid for by u. S. Companies an or u. S. Consumers. So you have got issue bin investments. You have got the issue over tariffs. There is of course the president s trade deal. Thats in place. A lot going on on this front. The president elect biden might potentially have to deal with in the opening weeks of the administration. Connell . Connell that is interesting. Thank you, blake burman on the north lawn. Speaking of the president elect lets get to hillary as mr. Biden is headed to his beach house i guess in delaware. What is happening there today . Reporter hi, connell. Well biden moved from wilmington here to reb hoe beth beach, delaware to continue working on the transition and meeting with transition advisors. Meanwhile progressives are taking credit for president elect joe bidens win. Now they want to cash in by convincing biden to stuff his cabinet with far left liberals but some Senate Republicans are warning democrats that it is going to be difficult to get someone like Democratic Socialist Bernie Sanders confirmed by a Republican Majority Senate as Something Like labor secretary. I think it would be a challenge. We want businesses to be able to thrive. We recognize the need for labor to be a part of those discussions. Bernie is a friend but most certainly he will be different in opinion what a labor secretary should do than a lot of what people in the United States think is appropriate. Reporter even though the Sunrise Movement a group of of progressive activists is releasing a w