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Expedia (EXPE) gains after report Uber (UBER) explored potential takeover. (00:24) Meta Platforms (META) laying off employees at WhatsApp, Instagram. (01:28) Be our guest….for a hefty price: Disney (DIS) offering Lightning Lane Premier Pass. (02:19)
This is an abridged transcript of the podcast.
Expedia (NASDAQ:EXPE) is up 7% in premarket action after a report that Uber (NYSE:UBER) considered a possible takeover of the company as it tries to diversify its business.
Uber (UBER) talked to advisers in recent months about a bid for Expedia (EXPE) after an acquisition of the company was broached by a third party.
This information is from a Financial Times report late Wednesday, which cited people familiar with the matter.
Uber’s (UBER) interest was described as being at a very early stage and no deal may come to fruition, according to the report. No formal approach has been made by the ride-sharing company, and there are no current talks.
The focus of Uber’s discussions was the role of Uber CEO Dara Khosrowshahi, who was Expedia’s CEO from 2005 to 2017 and remains a non-executive director, the FT said. Any approach for Expedia would likely be friendly given the CEO’s relationship, and he would need to recuse himself from deal talks.
Uber, Expedia and Expedia Chairman Barry Diller declined to comment to the FT.
Meta Platforms (NASDAQ:META) has initiated layoffs across various divisions, specifically targeting teams within WhatsApp, Instagram, and Reality Labs.
Although the exact number of job cuts has not been disclosed, reports indicate that they are relatively small in scale.
“Today, a few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy,” company spokesperson Dave Arnold told The Verge. “This includes moving some teams to different locations, and moving some employees to different roles. In situations like this when a role is eliminated, we work hard to find other opportunities for impacted employees,” he added.
Notably, these layoffs follow a broader trend of workforce reductions at Meta (META), which has seen ~21,000 jobs cut since late 2022 and are a part of the broader cost-cutting initiatives, with CEO Mark Zuckerberg labeling 2023 as the “year of efficiency.”
Meta (META) is set to release its Q3 earning results on Wednesday, October 30, after market close.
If you plan on visiting Disney World or Disneyland anytime soon, there’s a chance you’ll spend even more than you originally planned.
Disney (NYSE:DIS) will now let you enjoy the happiest place on earth without waiting in line and without limits.
The company is launching its “Lightning Lane Premier Pass” at its Florida and California theme parks to a limited number of guests at its deluxe resorts. This is not to be confused with the current “Lightning Lane Pass.”
For an additional fee of $137 to $478 (on top of the cost of admission), visitors can enter Lightning Lane attractions without having to book in advance, as is the case with the current Lightning Lane Multi Pass and Single Pass.
Disney World guests can use the pass to enter each attraction once a day, and must be purchased separately for each individual park. Florida’s Disney World will begin the pilot program of the Lightning Lane Premier Pass on October 30 with limited availability, and it’ll be available at California’s Disneyland on October 23.
The extra fee for the Lightning Lane Premier Pass varies based on the theme park and the time of year with the most expensive price of $329-$449 at Disney’s Magic Kingdom and the least expensive price of $129 to $199 at Animal Kingdom.
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Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is up 0.3% at $70/barrel. Bitcoin is down 0.3% at $67,000.
In the world markets, the FTSE 100 is up 0.3% and the DAX is up 0.7%.
The biggest movers for the day premarket: Taiwan Semiconductor Manufacturing (TSM) is up 7% following the release of better-than-expected Q3 results.
On today’s economic calendar:
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8:30 am Initial Jobless Claims. The number of individuals filing for unemployment benefits in the U.S. is expected to decline to 241K from 258K, highest level in 14 months.
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8:30 am Retail Sales. September retail sales are expected to rise 0.3% over the prior month after gaining 0.1% in August.
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10:00 am Housing Market Index. The Housing Market Index is expected to rise for the second month to 43 after gaining to 41 in September.
