Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, January 3rd, and I'm your host, Kim Kahn. Our top story so far.

Activists Hedge Fund Blackwell's Capital will nominate three directors to Walt Disney's Board

in support of Bob Eiger as Tryon Fund, a critic of the CEO, seeks two board seats.

That's according to Reuters.

Aiger returned to CEO in 2022 amid losses and underperformance of Disney movies.

Tryon has been highly critical of Eiger and the company's trajectory.

The news comes just hours after Disney and Value Act entered into an information sharing agreement

that will see Value Act support Disney's

recommended slate of nominees for election to its board of directors at the

2024 annual meeting.

Sources to Reuters that Blackwells will nominate Jessica Shell, a former Warner Brothers executive with expertise and content distribution,

Tribeca Film Festival co-founder Craig Hatkoff, and Leah Sullivan who founded and headed Task Rabbit.

In today's trading, stocks continue to face selling pressure to start the year.

Growth in tech are the weakest, with the NASDAQ trailing the SMP 500 and the Dow.

The NASDAQ

100 had its third worst start to the year since the dot-com crash.

Rates are up again but off their highs. The 10-year Treasury yield hit 4%

before easing back a little after the December ISM manufacturing report showed a lower than forecast prices paid component.

The headline ISM rose to 47.4, a little more than the consensus of a rise to 47.1.

Economist Curian Clancy of Pantheon Macro says,

it's hard to tell how much this improvement is due to the lingering effects of the one-time

...