Yahoo Finance’s Alexandra Canal reports:

Disney (DIS) CEO Bob Iger doesn’t think the company needs to engage in mergers and acquisitions to compete in streaming.

“We don’t really need more assets right now, either from a distribution or from a content perspective, to thrive in [a] disruptive media world,” the executive told investors on the company’s fourth quarter earnings call Thursday morning.

“In a way, we’ve already consolidated,” he said, citing the acquisition of 21st Century Fox, announced in late 2017. “And while I think we’ll always look opportunistically at opportunities, as we’ve proven in the past, we certainly don’t shy away from those … We, in many respects, have already consolidated.”

Disney shares rose on Thursday after the entertainment giant issued better-than-expected guidance and quarterly results beat estimates.

Read more here.

Tapestry (TPR) shares soared on Thursday to an 11-year high after the parent of Coach and Capri Holdings (CPRI) called off its merger plans.

The fashion companies mutually decided to abandon their $8.5 billion tie-up, citing regulatory hurdles.

In a statement, Capri said that “the required closing condition of receiving necessary US regulatory approvals was unlikely to be met by the merger agreement’s outside date of February 10, 2025.”

Shares of Capri fell 2% while Tapestry stock jumped as much as 11%.

Yahoo Finance’s Alexandra Canal reports:

Disney (DIS) on Thursday reported fiscal fourth quarter earnings per share and revenue that topped Wall Street estimates, as its direct-to-consumer business built on recent momentum and swung to a profit.

Strong guidance for the next two years also fueled investor optimism, sending shares up over 10% in early trading following the results.

Read more here.

The major averages opened mixed on Thursday as investors awaited a speech from Fed Chairman Jerome Powell while assessing a Republican sweep in Congress.

The Dow Jones Industrial Average (^DJI) ticked up 0.2%, while the S&P 500 (^GSPC) gained slightly. The Nasdaq Composite (^IXIC) also rose 0.1%.

Republicans won control of the House on Wednesday, completing their 2024 election “trifecta.”

Investors have been watching a rising US Dollar Index (DX-Y.NYB) and the impacts it could have on the markets. Commodities like oil and gold, which are invoiced in dollars, have been under pressure in recent days.

Bitcoin (BTC-USD) held above $91,000 on Thursday morning after climbing past $93,400 in the prior session.

The world’s largest cryptocurrency has been at the center of the Trump trade, which has catalyzed moves across a range of assets after Donald Trump’s White win last week.

The token is up more than 30% since Election Day.

Initial jobless claims fell by 4,000 to their lowest level since May, at 217,000 for the week ending Nov. 9. The reading was less than the 220,000 claims expected by economists.