Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Karen Moscow and while Disney shares are up more than 2% this morning, it reported sales and profit that beat analyst estimates in the first quarter of its fiscal year. It was boosted by a record $10 billion in revenue from the division that includes parks and cruises. Geetha Raghunathan is with Bloomberg Intelligence.
One of the things that we've been kind of looking at with theme parks is there has been this slowdown in leisure travel starting in September last year. And so that's kind of been this constant overhang on shares, whether slower attendance would actually dampen, you know, parks revenue. But we saw no evidence of that this quarter, the quarter that they just reported.
They had a couple of other one-time items, you know, cruise opening costs. But with all that, you know, they reported really strong growth in the park segment. which was, I think, one of the major things that investors were looking for.
And that's Geetha Raghunathan with Bloomberg Intelligence. The Parks and Cruises unit is led by Josh DeMauro, a candidate to succeed Bob Iger as chief executive when Iger steps down this year. An announcement on a successor could come as soon as this week.
Another announcement we could get this week, word of a consolidation of Elon Musk's rocket and satellite group with his artificial intelligence firm. Sources tell Bloomberg Musk is in advanced talks to combine SpaceX with XAI. A deal would combine two of the largest closely held companies in the world. We now turn to the markets where risk-off is being felt across the boards. U.S.
stock index futures are falling and precious metals are tumbling once again. After dropping more than 11 percent on Friday, spot gold is down another 2.5 percent this morning. Silver is down 2 percent after plunging 26 percent on Friday. The rapid declines come after a record-breaking rally, and Skylar Montgomery covers the medals for Bloomberg.
There had been a huge amount of money that piled into precious metals, ETFs in particular, and the retail trade was very much a big part of this. And we had a removal of one uncertainty on Friday, so the Worsh nomination was a trigger for some to take profits properly, and then that kind of spiraled as the medals declined and you know, accelerated as you hit key levels.
We've basically undone the year-to-date gains now. I'm hesitant, though, to say that decline is over, in part because we are still up in a longer time frame, so investors still could be incentivized to take profits.
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Chapter 2: How did Disney's latest earnings report exceed expectations?
And that's Bloomberg scholar Montgomery, who says gold is now down about 20 percent from its all-time high. In Washington, the federal government is under a partial shutdown for the second time since President Trump took office. This time, Democrats are demanding reforms to federal immigration enforcement after the killings of two U.S. citizens in Minneapolis last month.
House Speaker Mike Johnson says he sees a path to a deal.
There's a lot of details in this. We could get deep in the weeds, but we will do that over the next two weeks. And I hope that Democrats will be in good faith, as Republicans are, to try to bring some order.
House Speaker Mike Johnson was a guest on NBC's Meet the Press, heard Sundays on Bloomberg Radio. The Senate passed a bill last week to fund Homeland Security for two weeks to allow more time for negotiations. The Justice Department is defending its release of millions more of its files on late sex offender Jeffrey Epstein.
Deputy Attorney General Todd Blanche told CNN's State of the Union the review of more than six million pages of documents is essentially over with the release of about three and a half million pages.
This Justice Department, the FBI, DHS, we have gone after more sex traffickers, more child pornographers, more men who have done harm to children and young women than any administration in history.
Deputy Attorney General Todd Blanch, but House Minority Leader Hakeem Jeffries is not satisfied he was on ABC's This Week.
There are more than 3 million documents that are being withheld by the Department of Injustice. And so the question that has to be asked, that the American people are asking, is what are they hiding from the American people and who are they protecting?
And you can hear this week from ABC every Sunday on Bloomberg Radio. Other names mentioned in the Epstein documents come of Secretary Howard Ludnick, who once planned a visit to Epstein's private island and maintained contact with the sex offender far longer than he has previously claimed.
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