Right now in fast-doc slide is yet another fed official says rates are going higher and they will stay there for longer.

The S&P and Nasak now down three of the past four days.

Google's AI UPS moment shares plunging as the company's new chat GPT competitor has accuracy issues in a demo sparking fears that

alphabet is losing ground already to its rivals.

In later, we're live in Beijing as China reacts to President Biden's state of the union and the balloon shoot down.

West Capri's bad, awful, note disastrous quarter that's stocked down around 25 percent today.

The results so brutal, one of our traders kept hitting the cell button during the conference call.

I'm Melissa Lee. This is Fast Money. We're live with the Nasak Market site on the desk tonight.

Karen Feinerman, Steve Brasso, Julie Biel, and Guy Adami.

We start off with some big changes at Disney. CEO Bob Eiger announcing major job cuts, restructuring and cost cuts in this first earnings report since retaking the helm at the entertainment giant shares sharply higher on the news.

Up right now, by about 8 percent, CNBC's Julie Borsen has been listening in on this call, Julia.

Melissa, that's right. Disney beating expectations on the top and bottom line.

That was driven by better than anticipated growth at the Parks division and smaller than expected, both operating and subscriber losses in the direct to consumer streaming division.

But the big headline is on the call CEO Bob Eiger announcing a major restructuring, which he described as a transformation that rationalizes the streaming business and puts the company on a path.

To sustain growth and profitability. Now, the new Disney structure is has three segments.

The first is Disney Entertainment, including TV, film, streaming that will be co-run by Alan Bergman and Dana Walden, who previously ran film and TV.

There's a new ESPN division run by longtime ESPN chief Jimmy Petaro and a Parks experiences and products division, which continues to be run by Josh Demaro.

Now, Eiger saying that this structure aims to return greater authority to creative leadership.

Eiger also announcing that the company is targeting $5.5 billion in cost savings.

$2.5 billion of that is non-content cost, and then $3 billion will come from reducing non-sports content costs, also announcing the plan to cut $7,000 jobs.

Eiger also reiterating the company's target of Disney plus hitting profitability by the end of fiscal 2024.

Also, they just said that they aimed to reinstate Disney's dividend by the end of the fiscal year.

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