Elon Musk is stepping up his fight with Disney

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, February 8.

Full Video Transcript Below:

I’m J.D. Durkin – reporting from the New York Stock Exchange. Stocks were in the green to close out today’s session. The Dow closed up 48 points, the Nasdaq closed up two-tenths of a percent, and the S&P closed fractionally higher as it hovered near the 5,000 milestone. Stocks are continuing to react to better-than-expected corporate earnings – so far, 77 percent of S&P 500 companies reporting have beat Wall Street expectations.

In other news – the fight between Elon Musk and Disney CEO Bob Iger has added another chapter. The CEO of X is now looking for people who want to sue Disney for discrimination, even offering to help pay for their legal fees. Musk’s call to arms comes on the same day that actress Gina Carano filed a lawsuit against Disney and Lucasfilm, accusing them of wrongfully terminating her from her role in “The Mandalorian.” Musk is also helping to pay for her case.

The new addition to the feud comes on the heels of Disney’s first-quarter earnings report, in which it highlighted the revenue it lost from its Marvel franchises.

On its earnings call, Iger addressed the future of Marvel, saying quote “One of the things that I’ve been saying before is that, you know, volume sometimes can be detrimental to quality, and in our zeal to greatly increase volume, partially tied to wanting to chase more global subs for our streaming platform, some of our studios lost a little focus.”

Disney released three Marvel films in 2023 – Ant-Man and the Wasp: Quantumania, The Marvels, and Guardians of the Galaxy Vol. 3. The Marvels has the unwanted distinction of the lowest domestic and global box office totals in the studio’s history.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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