Disney Names Parks Executive as New CEO

3.271 - 24.908 Anthony Bansi

Here's your Midday Brief for Tuesday, February 3rd. I'm Anthony Bansi for The Wall Street Journal. Disney has named park's chief, Josh DeMauro, as its new CEO, succeeding Bob Iger. DeMauro is 54 years old and currently runs the company's theme parks and cruise ships. His appointment reflects the importance of Disney's Experiences unit, which accounts for 57% of the company's operating income.

24.888 - 34.046 Anthony Bansi

DeMauro will take the top job starting March 18th, while Iger will serve as senior advisor and member of Disney's board through the end of his contract on December 31st.

34.767 - 42.222 Unknown

Walmart has become the first traditional retailer to command a $1 trillion valuation, hitting the milestone in trading this morning.

42.202 - 55.475 Unknown

The group of $1 trillion companies is dominated by tech giants like Microsoft and Nvidia, but Walmart's growing online business and its investments in artificial intelligence to improve efficiency have helped drive its stock higher.

56.016 - 78.324 Anthony Bansi

And we're exclusively reporting that PepsiCo is looking to cut prices by as much as 15% on snacks like Lay's and Cheetos after getting a flood of messages from shoppers saying that the high prices made it hard to buy their products. Retailers set prices, not Pepsi. But the company is making suggestions, which executives expect retailers will follow as a way to reach price-strapped consumers.

78.784 - 91.024 Anthony Bansi

The price reductions are a part of Pepsi's strategy to boost sales following a December agreement with activist investor Elliott Investment Management that included a pledge to improve the performance of its North American food business.