Katie im Katie Greifeld in new york. Taking a look at markets on this tuesday. Some early gains we woke up to are starting to fade. The s p 500 trying to hold on to green territory, currently up. 10. 1 . The nasdaq 100 dipping into the red, unchanged. The direction of travel is lower. The smallcap index, the relative outperformer today with a very thin margin. The russell 2000 higher by. 3 . We will see how that shapes up over the next hour. The big story of the day, the sparkle coming off of the mouse house. Disney shares slumping despite being profit estimates and raising guidance. The company reporting fewer subscribers to the Disney Plus Streaming Service and say the price hike isnt to blame. We took prices up in the beginning of the year and didnt really see much of an impact. As to what the future brings, we are very judicious with the way price. Want to provide access to as many guests as we possibly can but we do believe that the great experiences we provide people are willing to pay for. Katie for more we are joined by Bloomberg Intelligence. It dreaming narrow and a Strong Quarter over all but traders finding several things to do not like in this report. Geetha streaming is a little bit of a choppy outlook for the fiscal Third Quarter but the bulk of this negative reaction can be attributed to their outlook for the parks business. The parks business is the bread and butter of disney in terms of profitability, 60 of profit and only 35 pipe 35 percent of revenue. Demand might be moderating from the postcovid highs and they are basically guiding two is absolutely no growth in operating in the fiscal Third Quarter. That spooked investors because estimates were 12 . Katie for as much as we talk about streaming the bread and butter is the parks system. What is the turnaround plan . Is this a disney problem or a Macro Economic problem . Geetha it could be a little bit of both. It disney has raised prices in the parks dramatically. Right after covid they were reporting Something Like a 40 hike in per capita spending. A lot of that can be attributed to huge price hikes they took. This brings into question what is their Pricing Power in the parks business . A lot of people have said going to a disney park vacation is it really, really pricey. That is causing a little bit of nervousness. Overall this speaks to consumer spending. Is it weakening is the question. Disney at management say they see good demand but there is the question of moderation. That is a cause for some nervousness. Katie disney shares currently down 8 or so, a point 2 . That is the worst day since last may. Thank you so much. Lets turn to the broader markets and here to help take us through it is the moneta group investment, Aoifinn Devitt. When you look at the reaction it feels like the mrs. Have been punished in the market but the beats have not been rewarded as much. I wonder what that means to your eyes. What takeaway can we take . Aoifinn what we have been looking for in the markets has been investors willing to go beyond the magnificent seven and show conviction in other sectors. We have seen some encouraging signs of this but this fickle behavior which could be a mixed message coming out of disney is that investors are quite generation on holding jetish jittery on holding these. The growth from those sectors is affecting growth expectations across the board and maybe they have been reset, reframed but seems like a steady earner like disney on the Pricing Power just isnt getting credit for it. Katie are you saying the hockey stick growth we have seen has raised expectations for other sectors as well even if they arent connected to the ai theme . Aoifinn i think it has. For the magnificent seven, when stocks have soared this is backed up with real demand and earnings and revenues and not just pie in the sky expectations. Because of that, investors have reset what they expect to see and the bar is much higher today. The other bar out there is the fixed income bar when you can earn a decent yield you dont have to dip into equities to get something. You can get it in the fixed income market. That is another competition framing investor expectations. Katie is not just fixed income but cash is a worthy competitor right now it no matter what asset class you are in. Talk to me about what it means for the broadening out of the market in the rally we have been waiting for if you are seeing some of the expectations for some other sectors set even higher as a result of what we are seeing in the stocks. Aoifinn we see active managers that have core exposures and looking at other sectors and they have been scratching their heads as to why many of the companies that are solid cash earners are not getting the credit. There are pockets say when financials will rally and had a strong round recently but clearly the trading numbers are quite compelling. There are pockets when investors do rally but there is generally the consideration there hasnt been that as before. We are looking for the sentiment, the next leg of a sustainable bull rally when it broadens out and spreads beyond largecap into midand smallcap. The smallcap is stable now but a long time coming. We are looking at the normalization spread and remembering in the whole sphere of Global Markets it is imbalanced as well and the u. S. Is continuing to dominate. Katie what is the catalyst when we talk about a broadening, into other sectors and also different market cap tears . You think about the small caps. Is it anything but a rate cut . Is that what we are waiting for . Aoifinn i think you are right. It will take something stark like that. But when you can earn the decent rates on cash, why would investors need to dip in . Maybe it will be a reckoning in the big tech stocks more moderating after growth and expectations and we have seen they can be extremely volatile. We have seen moves in the big names of 10 in one day. That is not normal for something that would occupy such a large cap and probably more than investors can stomach and different from the type of performance you see in a solid earner. When the appetite for that dims an equally a rate cut would spark bretts and equities breadt is what we are looking for. Hkatie taking a look at the nasdaq 100, it feels like the same thing. The vix is going nowhere. What is the overall conviction level of this market because overall it just looks tired. Aoifinn i agree with that. Tired, perhaps still uncertain, jittery. There is still the surprising surprise around the resilience that has been shown in markets, even the reaction to mixed Economic Data last week. The jobs numbers work but we thought and inflation persistent and the fed pushed out a rate cut that will be datadependent. All of that i would expect to be negative for markets. That resilience is perhaps getting a little tired itself and we wonder when will some of this negativity get reflected in the numbers. Katie we are tired and lacking conviction. Lets find excitement. What is your highest conviction right now . Aoifinn i am quite excited by financials. They have been a somewhat unloved sectors. We can see from trading volumes they are doing well. We do have an unlocked of rates and when we do see some movement we will see more lending and a little bit of easing on the financial conditions. We have seen expectations loosen and movement happening based on the expectation of rate cuts in the future. I think that will bode well for the general volume. As we have seen for the regional banking crisis, a lot of these are pockets of weakness but not becoming widespread and contaminating the Financial Sector overall. The growth at the private credit environment, problems in the crypto space is all i think leading to banks being somewhat overlooked presenting decent value. Katie always great to talk to you. Our big Aoifinn Devitt thanks to big thanks to Aoifinn Devitt. Apple announcing a new ipod air including the first larger version. It says the new ipod air is 50 faster and has an m2 ship, the first update since 2022. Apple shares not much movement, currently higher by 1 or so, and we will continue to track this event and bring you more headlines as we have them. Lets take a look at whats moving underneath the markets with bloombergs emily fail. Peloton emily garofalo. Emily peloton up. A number of pe firms considering a buyout of the Fitness Company as peloton works to refinance debt and cut costs. The report cited people familiar with the manner matter what we do know a buyout would potentially take palatine private after it has been on a wild ride as a Public Company over the last few years. I think of the sex and the city episode that caused the stock to plummet after it aired and also market cap reaching 50 billion in january 2021 and now at just about 1. 5 billion. When you look at Bloomberg Intelligence reaction, this buyout would make sense given just how much peloton has gone through. They announced that the ceo was stepping down and they are cutting jobs, a lot of costcutting. Katie it seems like markets are welcoming this potential buyout take private news. It will be fun to watch. Tell me about energy drinks. Emily celsius is wildly popular energy drinks. The stock is down 2 . Quarterly sales reached a record. They missed estimates. First quarter revenue rose to 356 million but that was lower than even the lowest consensus estimates tracked by bloomberg. Overall the sell side it doesnt seem unconcerned about the revenue missed despite the stock lower. The sale had included 20 my dollar impact from the pack su System Holding pepsico Impact Holding less inventory. Overall it doesnt seem like they are concerned with the moves. Katie you take a look at celsius shares and i swear i checked it five times and they are 5400 over the past five years. If you held onto celsius you are still doing good. It seems like this is a case of High Expectations with palantir. Emily the bar is high. Like your prior guest was saying, for earnings these companies seem to be beating expectations and the stock is falling. For palantir, they upped their forecast slightly higher to a range of 2. 68 billion to 2. 69 billion in that beat estimates. They raise the outlook for adjusted operating income and posted a massive quarterly net income growth, 106 million versus 17 million a year ago. A lot of growth for this kind of a i play but the stock down 13 . Katie you would not know it by looking at shares this morning, but the bar was high. Thank you so much. Coming up, vivid reporting an 18 revenue jump in the First Quarter. We will speak to stanley chia, the ceo. This is a bloomberg. Katie a mixed bag for vivid after First Quarter reports reported this morning. Net income down 65 but up 18 yearoveryear. They are announcing a Share Buyback program. Shares higher by 4 . Joining us is stan chia, vivid seats ceo. They offer tickets for sports, concerts and other live events. I am looking at the Earnings Release and you say that you expect to see the stained double digit growth on both the top and bottom line for years to come. What gives you that sort of confidence looking years into the future . Stan thanks for having me this morning. I think we are coming off the backs of a year in 2023, we drove almost 25 top and bottom line growth ending the year at 3. 9 billion dollars in g ovi, 142 million adjusted. You saw the results posted with over a billion dollars in g ovi. We continue to remain excited about the secular strength we see in the industry. Consumers prioritizing their spending in this category. We feel bullish as well. In the investments we have made into our leading platform with intimacy defining elements like our only Loyalty Program that exists in the business. A wonderful engagement platform in the vivid pix and game center. We remain excited about the ability to deploy our batten Balance Sheet when we look at International Expansion with wavedash last year and moving into vegas. Katie you acquired vegas. Com for 200 40 million in november. How has the integration been going so far . Stan we were excited about that acquisition when we closed on the deal five months ago. We are more excited than we had been. When you look at the promise of the tailwinds in vegas. We just had a super bowl there. If you look at the Earnings Release today, we announce we are partnering with the inaugural round basketball challenge in vegas next year. When you look at the ability to drive the National Platform vivid seats with a domain authoritative platform in the region of vegas, we are really excited about those things coming together. When you look at the ability to take visitors to go to vegas and ultimately remarket them into vivid seats when they go home, that is something that neither platform could do independently and the combination of the two allow us to drive great benefit for the business but ultimately great value for customers as they buy on vegas. Com and earn rewards on vivid seats. Com. Katie when you think about some of the other acquisitions you mentioned, how much of that are you expecting to see out of those acquisitions and how much is baked into the fullyear guidance . Stan when you look at the full year, it has reflected both the acquisition of vegas as well as wave dash. We are excited about growth and remain bullish on the category. Katie lets talk about the different events to cover, concerts, sports, comedy, broadway shows, where are you seeing the most growth right now and how does that break down when you look at both the low and high end of the markets . Stan the beauty of it is, live events span so many different categories, sports, concerts, theater, comedy, and we have seen strong engagement across the board. When you look at our business, we are about 60 concert and theater and 40 sports. When you look at the strength in sports, the overall industry is closer to 60 sports. When you look at where there is growth and tail wind, we look at concerts as a great example of one where i think artists continue to look at to go out on tour and you continue to see capacity and most notably the large stadiums that house Football Games with lots of opportunity so we are bullish on that. When you look at the emerging categories, we are excited as a moment in history like womens sports is taking off with the ncaa tournament and the Caitlin Clark effect. On our own platform, we look at Caitlin Clark and the Indiana Fever and when she joined the team, we sought to get prices as a good barometer for demand and a jump of 200 where they had been in the past. When you look at other emerging sports, messi mania is here with the 200 percent jump in demand with ticket prices. We are excited across all these elements and all of these areas with strength and consumer appetite for this category. Katie you went to Caitlin Clark and we are talking about the wnba, a leaf league that historically hasnt done well. We are already seeing the Caitlin Clark effect and the season hasnt started. Stan thats right. When you have an amazing talent and the interest out there, we are seeing demand come through for consumers wanting to see some of their heroes up close and live and that live action of being at the event was clearly irreplaceable and that is coming through in the demand signals we have. Katie it will be interesting to see whether that is sustainable and whether that momentum continues to build as the season goes on. Lets talk about the International Expansion you mentioned and your plans to do that. Why is now the right time . Stan i think when you look at life events, it is not just a domestic level of interest. If you look at other industry sources and others who participated, you will see strong doubledigit growth for other platforms that already participate internationally. When you look at what we started last year with acquisitions and the leading japanese marketplace, tons of interest. When we look at our ability to compete with the proposition of what our platform offers, loyalty, engagement, best Customer Service and ticketing as recognized by newsweek, we think our offering is unique and will allow us to compete really well internationally. We are looking at this as a great combination of a platform that resonates with consumers and sellers as well as the industry also taking off internationally and being a great time to go in. Katie we have to talk about one of the big things happening in our industry and that is what is happening with live nation and the antitrust investigation. I am curious to hear your thoughts. Is your view that ticketmaster is a monopoly in are you hoping for a breakup . Stan i think we are really focused on our business. When you look at what that means in the broader landscape, we believe strongly in a fair landscape for all to compete and compete to win and i think consumers and sellers across the board with great propositions. We believe in transparency and wonderful things. I will go back to the rewards program, by 10 get one free. You look across the platforms, i dont see that getting back to consumers that they can use on purchases. We believe in a level Playing Field and ultimately driving wonderful value for consumers. Katie really enjoyed this conversation. I appreciate the time on a busy day. I thanks to stan chia, vivid seats the ceo. Time to look at social climbers. We have lucent reporting a worse than expected loss in the First Quarter. The ev maker contending with production challenges and uneven demand for its highend vehicles. Next, boeings historic star liner launch was scrapped due to a technical issue. The next potential loss launch could come friday. It poses another hurdle as it looks to come compete with spacex which has dominated private spaceflight for years. Instacart will offer Restaurant DeliveryServices Thanks to a new partnership with uber eats. They will take the top u. S. Take on the top u. S. Food delivery service, doordash. They will tap the suburban base and offer more value to its subscribers paying for a monthly membership. You can follow the latest company buzz on your bloomberg terminal. Coming up, what it will take to beat spacex. We will talk to peter back, rocket live ceo and founder. How am i going to find a doctor when im hallucinating . What about zocdoc . So many options. Yeah, and dr. Xichun even takes your sketchy insurance. Xichun, xichun, xichun youve got more options than you know. Book now. Katie Rocket Lab Usa stock, having a rough start to 2024 as it pushes back the launch of its neutron rocket to mid2020 five. Joining us now with more is abigail doolittle. Abigail it has been a rough start for rocket lab. You can see, shares down about 33 on the year. Down on some mixed results. The First Quarter they beat earnings, but sales missed for the Second Quarter revenue guide. If we take a look at rocket lab in perspective of some of its other competitors, there are some other declines for some of these shares. Astronics the one upside. As for a bright spot in that First Quarter, that is revenue growth. It grew 69 in the First Quarter for rocket lab. You can see that, and really up in a big way from the previous recent quarters. Only, this is a cool cool terminal. If we take a look at this chart, these are the number of objects in space in 2023. Nearly 2700. In yellow, this is the american share, almost 2200. Down here we also have china and u. K. We can see the greatest proportion of objects in space, coming out of the u. S. It is a website where you can track this realtime in 3d. Supercool. Katie thank you so much. Lets keep the conversation going. Joining us now is peter beck. He is rocket labs ceo and founder. Lets talk about the neutron rocket. The launch had originally been scheduled for 2024. He pushed it into mid 2025. Walk us through briefly the decisions that went into that. Peter sure. Firstly, it is good to provide a little bit of context a. We operate multiple launch vehicles. First one being the electron rocket, which is the secondmost frequently launched rocket behind our friends at spacex. I was interested to see that graph there. We have our neutron launch vehicle, which is a large launch vehicle, which is a direct competitor to the Spacex Falcon 9. We moved that debut date a couple of quarters. I should stress that in the duration of a large space program, a couple of quarters is pretty insignificant. As you saw from the revenue growth, we have a Space Systems business, which actually counts for two thirds of the revenue of the company. We continue to see huge growth in that Space Service businesses, delivering satellites. Some of which are going to mars for nasa later this year. Katie it is a fair point that when youre thinking about the grand totality of time and space at a couple of quarters probably doesnt matter that much, but the company has also said that when it comes to the neutron rocket launch that a lot of that will depend on the test results of your engine. What are some of the milestones we should be looking for when it comes to those test results . Peter look, a rocket engine is always a long pole in any rocket program. We are very happy to have the engine testing now. It is a major milestone. We will go through a series of hot fires and tests to get that ready for first flight and continued production. That is really a major milestone, but a rocket program, the rocket is malaak, the tip of an iceberg. There is a giant piece below them below the waterline, which is all of the infrastructure. We have been busy building multiple factories, test facilities, and so on. A tremendous amount of concrete and steel put in the ground to support a vehicle of this scale and a program of this size. Katie like you said, you also have your electron rocket as well. For those of us who are not rocket scientists, could you explain quickly what the difference is between the neutron rocket and the electron, and what the neutron will deliver that you currently are not doing what the electron . Peter it is pretty simple. It is just scale. As i mentioned, electron is the second most frequently launched rocket in the u. S. , and fourthmost in the world. It is primarily focused on small, dedicated payloads. In the order of a few hundred kilograms. Whereas neutron takes 13,000 kilograms into orbit, and hopefully one day ultimately humans into lowearth orbit low or lowearth orbit as well. It is a significantly large launch vehicle. Katie as i understand it the hope is that neutron will be reusable, correct . How difficult is that to achieve . Peter traditionally very difficult. However, electron is partially reusable already. We have already achieved a lot of the learnings we needed to achieve with that. Anybody who brings a launch vehicle to market right now that is not reusable, it is like bringing a dead product. It was really important for us, and it was only two Companies Currently that fire reusable launch vehicles, and it is space x and rocket lab. Katie what does partially reusable mean in this context . Does it mean you can reuse certain components from it but not the entire thing . Peter the entire first stage, which represents about 70 of the total cost of the rocket. The second stage is not traditionally reusable. Katie that definitely makes a lot of sense. Lets take a look at what you have planned for 2024. I understand you have 22 missions that have been sold. How confident are you that 22 missions will actually launch . Peter look, i mean, the one thing that we are always a bit of a victim of, we call it manifest whackamole, where we launch the rocket when the customer is ready. If the customer is delayed ultimately the launch is delayed. It is just part of running a rocket business. It is quite lumpy. We will see how many of those launches we get away this year, but it is still a huge year. As i have pointed out, we are currently the fourthmost frequently launching rocket in the world. There is plenty going on, for sure. Katie have any of those Missions Already been delayed, those 2024 missions . Peter theres a couple of them moved out already. Typically we will see a customer will take a spacecraft and go into testing. If they see issues during testing they will call us up and ask to move. Sometimes it is a few weeks. Sometimes it can be a couple of quarters. If it is a large program, we have seen slip outs of the year. It is the reality of running a rocket business. You fly when your customers ready to fly. Katie i want to talk about the share performance. Take a look at rocket lab shares, they are down 33 yeartodate. Part of the message are not arent investors hearing right now . Peter i honestly think space is out of a bit. There has been a lot of Space Companies go public, you know, a couple of years ago. And, you know, rocket lab is one of the only few that have done really well. I think it is kind of, you know, it is a tough environment for investors to get into space when there has been quite a number of significant failures in the industry. For us, the strong are standing, and what we are seeing is tremendous growth. We are now a prime contractor on major defense programs, and the business continues to grow and grow. I think, you know, it is a new sector. It is a new sector that struggled, and, you know, it is tough economic conditions. And growth is not in favor. We will just keep our head down and continue to execute, and in the fullness of time everyone should be rewarded. Katie i know it is quite late in new zealand, but before i let you go, we have mentioned some of the other Space Companies. Space x, of course, has been mentioned. Im curious what competing with space x actually looks like. Is that more time, money, or is it better rockets . How do you close that gap . Peter we joke coming you know . We joke, you know . We compete with elon and jeff bezos. We certainly cannot outspend those folks, so we have to outthink them. The capital efficiency and what we are able to achieve is truly impressive. There is a famous new zealand physicist named ernest rutherford. He said one of his most famous sayings was, we have no money, so we have to think. That has always been the approach of the company. Katie peter, really enjoyed this conversation. Appreciate you staying up so late for us. Our thanks to peter beck of rocket lab. We are getting details on apples loose event, including a bigger version of its ipad air and an aifocused ipad pro. The unveiling is an attempt to invigorate apples tablet lineup. Dana woman joins us now with the details. Just talk us through what we learned today when it comes to these new ipad models. This was the end to a real drought in ipad announcements. The last had taken place in october 20 22, and that was the longest drought in ipad announcements, i believe since the steve jobs era. In was notable what is notable today is these are the first ipads, at least on the upper end, which include ole dbs oled screens. Macs dont have oled screens yet, so this is the best in terms of apple product. It preserves more detail in the shadows, and in general the key is laptoplike. The accessories that go with it or more are more laptoplike, including the magic keyboard. When you are holding it horizontally it makes more sense to have video calls on those devices. Katie it is interesting. You take a look at the stock, it is not doing much. It is up. 4 . May be some of this was priced in. You take a look at commentary from Bloomberg Intelligence, for example, they are not expecting these to be that meaningful in terms of the share price. What are investors saying about how much this actually matters . Dana i think when everyone is looking for is something that is not going to be announced, which is news about apples ai strategy. That is likely to come during its annual developer conference in early june. I think everyone across the industry is looking for more about apples ai strategy. A lot of people have said that apple is lagging its competitors on that front. It was notably missing today. There were references to apples neural engine, but not so many references to what the actual software on the device can do. So, a lot about the new hardware. Very little about the new software. I think that is what is missing and why people are waiting to hear more about. Katie we will just have to keep waiting there. Im sure we will be talking with you again when we finally get that announcement. Coming up, highlights from our conversation with one of the most influential voices in the market. He is Apollo Global management cofounder and ceo. This is bloomberg. Super excited to open up my diploma from Southern New Hampshire university. Im nervous, im excited. [man] okay, lets see it. Lets see it. Oh my gosh. Jesus suarez, i did it and its here. group cheers [narrator] next term starts soon. Visit snhu. Edu. Visit snhu. Edu. Sandals jamaica sale is now on with rates from 199 per person per night. Visit sandals. Com or call 1800sandals abigail this is bloomberg markets. You are looking at a live shot of the principal room. Coming up, eric schmidt joins Bloomberg Technology next hour. This is bloomberg. Katie it is time for our daily wall street week conversation. Today we are focusing on structural changes within the financial industry. Marc rowan is Apollo Global management cofounder and ceo. He spoke with david westin yesterday at the Milliken Institute global conference in los angeles. Marc it is absolutely the driving force. This is focusing on the urgent, which is what we were talking about before we came on air, versus the important. This is the important thing happening in our business. At our recent partners offside offside i put up a slide. 2023, 60 fillon 650 billion. We outgrew apple. Pretty impressive stat. Next slide, where we are or smart . We were lucky. You cannot plan on growing your business 14 times, you can position the business in a way that you take advantage of powerful tailwinds. What were the tailwinds . 2008 we had a financial crisis which put most institutions on defense. We built and formed a Financial Institution in 2008. That company went from a startup to today 360 billion. Offense. Could never have been done but for the microenvironment. The other thing that happened was, rates went to zero. People who had made promises to retirees, to pensioners, and had other obligations that were fixed all of a sudden needed to look elsewhere for rate of return. They were willing to consider that perhaps private markets offer an alternative. Ok, those tail ones powered us through 2008. Now i sit and say, what are the tailwinds . This tailwind of the banking, of having investors do more and banks to less, happening everywhere in the world. It does not mean banks will shrink. It means growth is going to come in the investment marketplace. Second, retirement. Unfortunately we are getting older. Every western society is getting older. We have done a terrible job with guaranteed lifetime income. Everyone will need more guaranteed lifetime income. This is a fixed income problem powered by highlyrated fixed income. Socalled private investment grade. Big growth market. High net worth. Institutional investors used to be the dominant forces in our industry. We are at the very beginning of High Net Worth investors exploring private markets. This is a trend that is going to take place for the next 20 years. Finally, indexation and commoditization of markets. If you are a manager of equity you failed to beat the market better than 90 of the time for 20 years. I think these firms are actually really good, but the structure of markets changed. This gets to the notion of, if 1000 Public Companies is not enough for diversification, youre going to have to find a way to be dissipate in private markets. All four trends power our industry. David you mentioned pensioners. I certainly am getting older. I will volunteer for that. When we talk about pensioners or retirees, there is a looming problem as people advance in age. Need retirement income. His private part of the solution . Are you going to help us get out of this jam . Marc it is part of the solution. We have an experiment. You can look at australia. 40plus years ago australia adopted superannuation. It literally just gave normal investors who needed returns access to private markets through supervised supervision. Australia has been the most successful retirement investment market anywhere in the world. What do we do in the u. S. . Yes, we have to we have defined benefit plans. Most of our retirement money is in 401k. What are these people invested in . They are invested in daily liquid funds for 50 years. Why they invested in daily liquid funds for 50 years . I dont know. Well, because public was safe and private was risky. It will not surprise me, and we are already seeing the beginnings of it, retirees were thinking in fortyyear time frames having access to private markets. That doesnt mean private equity. That doesnt mean venturecapital or hedge funds. That means a whole swath of the economy that is not publicly listed. David let me shift to a different subject. You started out as a media banker. Marc unbelievable. David you talk about disruption. Having spent some time in media, there is a huge disruption right now. Can you compare what we are seeing, the fundamental shifts in media, to what we are seeing in the move to private from public . Marc i think there is a wholesale rewiring. If you think about way people used to spend their time in media and consume media, i joke with my kids who are somewhat older, what do the numbers 2, 4, 7, 9, and 11 mean . A look at me like there must be prime numbers or something. Im like, they are channels. That is how people used to consume media. He watched something at a time. All bets are off, not only in terms of how media is delivered, but how it is created. Financial services, we are going through that same sort of revolution. In a much more regulated business. It will not happen as fast. It is not just about public and private markets. It is about security, it is about who provides our services. We have a whole group of Tech Companies who are encroaching on the turf of the banking system. We have banks who are living in a more regulated paradigm, but are nonetheless the gatekeepers to services. I look at our industry, what is our job at apollo . Our job is to match longterm liabilities and longterm assets to provide rate of return for investors. Katie that, of course, was marc rowan, Apollo Global management cofounder and ceo. And, of course, wall street week host david westin. Tomorrow we will hear from steven mnuchin, former u. S. Secretary of treasury. This is bloomberg. Katie lets get a check on these markets. We are going to do that with abigail doolittle. Abigail we are looking at a small gain for the s p 500. What makes this interesting is, it is a fourth update in a row. That is essentially before we started to see weakness for the s p 500. Some of the dip buyers really trying to take on the sellers. We will be taking a look at a chart in one moment, but first look at disney. Shares down 9. 5 after they be prophets, revenue is a bit of a mess, but more concerning, the Third Quarter is choppy. Not a lot of growth for parks. Bama the First Quarter there was a subscriber mess. The stock had been up 29 . Not priced for for not priced for perfection, but a high bar. International paper off of its highs. The brazilian bio economy company, it has potentially put in a 15 billion bid. Shares higher. We will be following that story. As for the chart, take a look at why we do have stocks higher over the last few days. This is as yields come in. As it if we take a look at the s p 500, there interesting to note, this is the uptrend out of october. He was the drought the down trend after that marched when he first. You can see we have broken above resistance that it had been holding. Above 52 hundred, maybe the buyers are going to take hold. Back below there could be some real choppy trade ahead. Katie abigail doolittle, thank you so much. Coming up former google Ceo Eric Schmidt joins Caroline Hyde. That does it for bloomberg markets. Im Katie Greifeld, and this is bloomberg. Her uncles unhappy. Im sensing an underlying issue. Its tmobile. It started when we tried to get him under a new plan. But they they unexpectedly unraveled their price lock guarantee. Which has made him, a bit. Unruly. You called yourself the uncarrier. You sing about price lock on those commercials. the price lock, the price lock. so, if you could change the price, change the name its not a lock, i know a lock. So how can we undo the damage . 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