Theaters dark, can streaming make up for more losses ahead . Peloton has been the pandemic diving with a new campaign in a darling with a new campaign in a partnership with beyonce. Still plummeting on positive vaccine news and bikes have long wait times. We will talk about it all later this hour. U. S. Stocks slumping amid spiking coronavirus cases. The s p 500 sank as new york city, the early epicenter of the pandemic in the u. S. Prepares , for the possibility of closing schools while chicago issued an advisory, urging residents to avoid leaving home except for work and other essential activities. Abigail doolittle has been following it all. How did this Impact Market moves today . Abigail it was a bearish day at the end of the day as investors took to heart some of the news around the virus. It is clear it is surging in the u. S. Before we talk markets, a lot of movement after hours. Some of those earnings movers you were talking about. Disney, this stock is surging. A blowout quarter. Like so much of this year it is , a story of the haves and the havenots. For the haves, media was up 11 . On the other hand as you were , indicating, the studio is down 52 and parks down 61 . Nonetheless, investors like it. Not just the fact the loss was not as bad as expected and espn revenue jumped on a return to sports. As you know, they have 74 million streaming subscribers. I dont know for sure this is true, but i believe on a comparative basis, this is more than netflix had at that stage. It makes sense because it is a more developed market, but they are clearly a very formidable competitor. Disney is all in on streaming. That is the bright spot. Not so much for palantir. Company put up a mixed quarter as a publicly traded company. The disappointment has to do with the revenue outlook for the quarter. They just reported 52 sales growth. Looking forward, sales not there investors not liking that. ,cisco put up a good quarter. They have been struggling the last year. This is a clean quarter. They beat the outlook. That stock rewarded most of the up 7. 5 . Movers, that Networking Company trying to transition toward software. Emily all right, thank you. We will talk more about disney and the other earnings coming up this hour. I want to get your sense of the broader market. Theres uncertainty around the election. President trump refusing to concede. How are investors reacting to the broader climate . Abigail yesterday there was not much of a reaction. I would say the bigger uncertainty investors are starting to react to is the virus. The clear signs chicago on some , degree of shutdown coming. More restrictions in new york. That come onface this day we saw decent declines into the close. The nasdaq 100 outperformed. Nonetheless, down about half a percent. Not even the tech stocks that could do well if we go back to a stayathome climate did all that well. That tells you there is some fear out there. Overall the tech index, which again, if investors were confident and were going to go to this years defense, the tech index, like so many other indexes, all about the uncertainty. This may be a case where there is nowhere to hide. Right now it is not panic selling. It is more resignation to the fact, here we go again. Today really weighing on the markets. The s p 500 having its worst day of the month. Probably more of this to come. Emily all right. Lots to watch. Abigail doolittle, thank you for that round up. I want to get back to disney. Disney surging after reporting its results. Disney has more than 73 million subscribers. Almost for more i want to bring 74 million. In an industry analyst. Disney doing better than analysts had projected. But it was still not great. You have disneyland closed movie , theaters still closed. No ability to shoot new shows. What are your headline takeaways . That is right. The way i would frame the quarter, expectations were really low. The company came in less bad would be the way to describe it. We know coming into the quarter covid19 overhang was going to restrain the theme parks and also the advertising and the theatrical businesses. What we saw is a company doing a really good job navigating these challenges. While some of the covid19 concerns will continue and remain through the current quarter, if you look beyond that disney remains one of the main , beneficiaries of the Covid Vaccine development. I would look at it as a strong reopening play and that is why you see shares reacting the way they are. Direct to consumer is the brightest spot of all of the takeaways right now. Emily we are listening to the earnings calls. The ceo has been speaking. You can follow along on the bloomberg blog. They dumped a bit more bad news about the current quarter. Saying disneyland will remain , closed as far as they know. Hes extremely disappointed by this. Movie studio results will be meaningfully below what they have been. Espn costs will be up because of the timing of sporting events and streaming is going to lose more money than it did a year ago because of all of the investment in disney plus. How does this add up for you . Tuna that ties back to the point about the near term visibility being limited. If you look at the headline, i would look at the direct to consumer. Over 120 million global subscribers between disney plus, espn plus, and hulu. Plus, the number they came in with was way higher than we expected. Over 73 million they reported. Now that they are closing in on the one Year Anniversary of that offering, when they launched, the one free trial for certain verizon customers. The key will be to see how the new content they have introduced on the platform, the mandalorian 2, which launched a couple of weeks ago, and all the content we expect will be a main driver acceleration we expect with the International Launch getting much more traction than we would have expected. Also on the sports side, espn getting some of its mojo back. Again it is going to be some heavy lifting to be done in the near term while these covid issues pose some nearterm constraints. We know travel is not close to prepandemic levels. Sports have had some stutter steps. All of that we are keeping an eye on. Some headrs have had fakes as well. This plays into the overall outlook. We still have some speed bumps to navigate. Emily we know mulan went straight to streaming. Disney says it is pleased and will be announcing similar plans for more movies next month. That said, while disney world Walt Disney World only operating at 35 of capacity. Disneyland in california is closed. Disney world in florida is open at 35 capacity when it is normally full. Do you think the parks business will ever recover in a new world . Tuna its going to take a long time for the parks to get back to normalcy. What we were encouraged is the idea they are getting positive net contribution in the parks operated operating at a very limited capacity. They are able to generate revenue sufficiently to recoup some of their cost. To the extent they can do that, that will help them absorb some of the costs inherent in the business. I think it is going to take probably a couple of years at least to get back to anywhere close to the peak attendance levels we have seen the last few years. A lot of it depends on the speed of the vaccine development. One encouraging takeaway, for the current quarter, parks are booked at 77 booking levels. Especially for thanksgiving weekend. Thats an indication of the potential pentup demand to go back to the parks. Even then, caution is warranted. That still leaves a lot of capacity to be made up from the covid disruption. Emily i know there are some kids that are going to be missing disneyland around the holidays. Always such a great time of year. Tuna, thank you for joining us. Coming up, President Trump announcing he is banning investment in firms white house says are controlled by chinese military. What can we expect from the president after he leaves the white house . More on his postpresidency next. This is bloomberg. Emily President Trump has announced a new order on Chinese Investment today. The president is banning investment in firms white house says are controlled by chinas military in the administrations latest move to continue to put pressure on the country. With us now for more is josh in washington. Interesting in the context the the president has lost the election. What does this mean . Josh we will see a bunch of stuff like this in the final days. These are the types of borders that can be undone. There is a runway on this thing that will kick in in january. Firms have a year or so to comply. Not immediate. The question will become, january 20, when joe biden is inaugurated, what will he do . We have not heard from this on this one. We expect trump to roll out these executive orders, unilateral action. The question on this one and the ones in the weeks to come will be, will joe biden keep those . It is unclear right now. Being tough on china is a bipartisan winner at the moment. It even was so before the pandemic, pinning blame on china. It is not clear yet what joe biden will do. There might be political incentive to keep them in place. Emily where do the president s attempts to fight legal battles claiming voter fraud actually stand . It seems like other than a hand recount in georgia, they are going nowhere. Josh i think that is fair. They are pledging new steps, saying there is more evidence around the corner. We have not seen it. They put out affidavits from detroit. They do not speak to widespread fraud at all. Nothing that would swing michigan. Biden has a big lead there. Hard to imagine him flipping michigan. Theres more extreme scenarios, but right now, trump is intent on giving the appearance of a fight. That will include a recount in georgia and may include a recount in wisconsin. They would have to cough up a fair bit of money to do that. We will see how the legal cases, pennsylvania and michigan, proceed. He at least wants to look like he is fighting. You see republicans come out of the woodwork a little bit and push back, saying joe biden should be receiving an intelligence briefing. Emily even the secretary of state of georgia, a republican, has said he believes joe biden will still prevail. There is increasing talk about what President Trump will do assuming he does hand over the keys. Talk about speculation he could found a new media empire that would be incredibly popular among his fans. Josh trump is a showman at heart, a tv guy, born and bred. He would like to fund something to undercut fox. Important to bear in mind trump is mad at fox right now. He was tweeting angry things at fox this morning. This is probably driven by the fact fox was the first to call arizona. Some of the first real good news joe biden got on election night. That is in the president s mind. Arizona is in joe bidens column. Fox was right. In terms of specific claims, it is not clear. The other question, somehow participate in the media sphere once out of office, donald trump could seek the presidency again. He ran in 2024, he would have support in the party. Very popular among republican voters. It would be easy to see him on an inside track for that nomination. Donald trump has not said anything specific himself. We have to wait and see. I dont think we will see him disappear. Donald trump will find a camera one way or another. Emily you are telling us its going to be a roller coaster. Ok. Josh, our white house reporter, thank you for giving us that update. Ok. President trump losing the election. Was it part of his plan . Where does that leave one of americas most disruptive conspiracy theories . We will speak to an expert about the qanon movement. This is bloomberg. Emily qanon, the Online Movement of protrump conspiracy theorists, has entered turbulent waters. The chosen candidate has lost and social media platforms have cracked down on their stomping grounds. All of this is testing the will of qanons followers, who have stretched beyond u. S. Borders. Joining us to discuss whether the movement will disintegrate or pick up momentum is researcher and author mike rothchild. Thank you for joining us. What is the state of qanon now . What have they been doing . Mike they have been preparing their champagne for their victory celebration. To them, trump won in a landslide and we just dont know it yet. All of the prophecies you made, everything you crib sickly leaked, has led up to this. Trump secretly winning the election. Publicly having to pretend he lost in order to snuff out corruption behind the deep state. Emily with facebook cracking down, finally, twitter cracking down, where are they going . In my experience, it is very hard to snuff out these kinds of movements. They have to resurface. Mike they do. They have never quite left. I cant speak to facebook, but on twitter, there are a number of qanon promoters that have massive followers. 300,000, 400,000. They are posting relentlessly about trump winning the election. It is a landslide. All of the liberals are going to cry. They have managed to keep their social networks intact by not talking about q, but talking about the iconography. Emily how do you imagine they will have and wheeled wield influence through Inauguration Day . Could they make a big impact . Mike they are making an impact on the people that turn to them for news, interpretation, or the real story of what is going on. Most people, the majority of people understand the election is over and joe biden is going to be certified by the electoral college. That is going to happen. With these people, this small, but group of true believers, they have been with us this conspiracy for years. They are not going to walk away when it gets hard. Evacuate now in our moment of triumph . This is their moment. They are not going to evacuate. It will come down hard on them when joe biden is inaugurated and all of this ends. Emily there is an app called parler that hit number one in downloads after joe biden selection. If you look closely, there are profiles with qanon in their name. Holohoax, discussion of higher cost denial, which facebook band. The proud boys has a Strong Influence there. Do you think parler will take similar action that facebook has taken . What happens, or a different approach . Mike parler is the place where conspiracy believers go to complain about twitter when they get banned from twitter. Then they go back to twitter with a new account. Parler is never going to take over as the new twitter. It is too buggy and too much of a closed circle. You dont have liberals you can argue with. It is too much of an echo chamber. Right now it is doing well because you get these people who feel like twitter is being too heavy with the censorship, warnings and stuff like that. Eventually these people will come back to twitter because that is where the battle is. That is where most people are. Most people dont know what parler is. It is not a place where they will advance their ideas. Emily lets talk about postinauguration. Where do these followers go . What are they doing if President Trump founds a new media empire . Mike they will follow trump. They look at him as a messianic figure, touched by the almighty and by military intelligence to carry out this complex mission. The mission has not been fulfilled. They look at themselves as Digital Soldiers to serve at the pleasure of the president. They will not accept joe biden is the president. They will look at donald trump as the figure that is giving orders. They are not going to leave this behind. They are too invested. Too much time and money. Theyve lost their families and isolated themselves. They are in this now. Emily wow. Messianic. That is quite a word. Mike rothschild, Fascinating Research you are doing. Thank you for that window into that world. All right. Coming up, peloton. While the pandemic has battered some companies, it has opened the door for others. We will speak to the global head of marketing next on the new marketing goals and partnership with beyonce. This is bloomberg. When you switch to xfinity mobile, youre choosing to get connected to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Emily this is Bloomberg Technology. I am emily chang in San Francisco. If there are any winners in the pandemic, peloton is one of them. With reinforced a close their doors, the virtual Fitness Industry has seen unprecedented demand. But companies that have rocketed amid the pandemic like pellet gun and it up taking ahead. One day later, ellerton bounced back after announcing a partnership with one of the worlds biggest stars beyonce. , with this right now, pelotons Senior Vice President , had of Global Marketing and communication, dara treseder. A, thank you so much for joining us. First we have to talk about queen b. That is huge. Beyonce in partnership with palatine. How did you get her on board . Dara thank you so much for having me. We are so excited. Ayonce has actually been palatine member for several years. She has been a member of peloton, she has been a part of the community, and the partnership really came together in the true spirit of collaboration. She recognized the power of music to engage and empower people as part of their fitness as well as journey. And you know 2020 has been a unique year, it has been a unique moment, in beyonce is a unique artist. When you work with beyonce, you have to go big. So this was a Multiyear Partnership really between beyonce and in the routed betwee celebration of music, community, and culture. Emily as you say, it has been an unprecedented year. In a way, the pandemic has been your largest marketer. Shares are up 250 with almost no traditional marketing. How has that impacted and ship your strategy as a person who leads marketing . Dara you know, one of the ways i give much credit to our founder and ceo, john foley, because he knew something we now all know to be true, that he knew it before the whole world had gotten there, the you can get a great workout from the comfort of your own home with a connected fitness product, that is