ESPN's Sports-Betting Deal, Bracing for Disney Earnings, China Deflation 8/9/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 9 August 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with all things Disney: The company's ESPN unit struck a $2 billion U.S. online sports-betting agreement with Penn Entertainment, which is selling Barstool Sports back to its founder Dave Portnoy. The anchors also explored what to expect from Disney's quarterly results due out after the close of trading on Wednesday. Also in focus: China enters deflation territory, Lilly's record run, earnings winners and losers, auto industry labor pains, the rise and steep fall of stocks such as WeWork and Wheels Up. Squawk on the Street Disclaimer

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.7	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kington, here with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:11.5	Pretty steady pre-market after Tuesday's attempt at an afternoon rally. China does slip into deflation for the first time in two years.
0:19.0	Is that a tell for our own CPI print tomorrow? 10-year 402. Our roadmap begins with deflation concerns the first time in two years is that a tell for our own CPI print tomorrow,
0:21.6	10-year 402.
0:22.6	Our roadmap begins with deflation concerns in China.
0:25.6	Consumer prices falling.
0:26.6	Big news for the one of the world's largest economies.
0:29.6	Disney also in focus.
0:31.6	This ahead, of course, that will be its after the Bell earnings report.
0:34.6	But the company's ESPN unit striking that potentially $2 billion sports betting deal with an entertainment.
0:41.5	We will also keep an eye on Eli Lilly Stock's record run.
0:45.6	This follows yesterday's incredible rally.
0:48.1	Of course, sparked not just by strong sales of its diabetes drug, but of course, as we know as well.
0:53.4	A very encouraging study in terms of
0:55.9	the broader impact of those weight loss reduction of drugs. Also upgrade this morning as well.
1:00.7	Yep. Jeff, Fris. Thank you.
1:02.9	Let's start with Disney, though, and that ESPN sports betting deal with Penn. Jim, sounds like this
1:07.4	morning, at least from Twitter, that you wonder why markets not making a bigger deal of it on the Disney side?
1:12.4	Yeah, because I think that one of the things that has been, there's 55 million people
1:16.1	who play fantasy, all right?
1:18.3	What people usually do is they have their lineup, they put their team on the ESPN site.
	...

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