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00:00MANAGING DIRECTOR. THEY WILL KEEP MAKING R-RATED " DEADPOOL " FILMS. MADE MY YEAR. MARCI: I THINK MORE IMPORTANT THEN WHAT DISNEY PRINTED, THEY BEAT EXPECTATION, THE FACT THAT IT SOUNDS LIKE WE ARE GOING TO GET A LOT MORE COLOR ON THEIR STREAMING UP COME APRIL. THAT IS THE ENTIRE KEY TO THE STOCK. DAVID: BOB IGER SAYING HE ' S REALLY HAPPY WITHOUT GOING -- WITH HOW IT ' S GOING FOR ESPN STREAMING SO FAR. MARCI: 2 MILLION SUBS FOR ESPN PLUS WITH VIRTUALLY NO MARKETING. THAT TELLS ME THAT THEY WILL NEED LITTLE MARKETING. STOCKS WILL BE THROUGH THE ROOF, PUTTING MOST OF THEIR LIBRARY ON THAT APP. WE ' VE SEEN STREAMING SERVICES NOT WORK. MOST OF US WHO ABUSED DIRECTV NOW OR HULU HAVE SEEN THINGS BUFFER. DAVID: TALK TO ME ABOUT ABC. THEY REALLY SHOT OUT THE LIGHTS, UP 40%. THE SPOT WAS ABOVE THE UPFRONT. HOW MUCH WAS PERFORMANCE, THE NUMBER OF VIEWERS THEY HAD? MARCI: A LOT OF WHAT WAS FUNNELING ABC ' S GROWTH CAME FROM POLITICAL ADVERTISING TO TV STATIONS. SCATTER PRICING IS A BIT INFLATED RELATIVE TO WHAT ENDS UP BEING IN THE NUMBERS. THERE WAS A LACK OF IMPRESSIONS AND THAT MEANS VIEWERSHIP IS DOWN. SCATTER BEING UP 40% OVER THE UPFRONT IS DEFINITELY A POSITIVE DATA POINT. I DON ' T READ THROUGH THAT THINGS ARE BOOMING. DAVID: IT ' S A GREAT PRINT. ONE CLOUD WAS SHANGHAI. HOW VULNERABLE ARE THEY TO A DOWNTURN IN CHINA? MARCI: BOB SAID IT ' S CHINESE CONSUMER AND CONFIDENCE OVER THERE. WHICH WE TOTALLY UNDERSTAND. I DON ' T THINK SHANGHAI IS MEANINGFUL TO NUMBERS. IT IS STILL PROFITABLE, JUST NOT AS PROFITABLE AS HE WOULD HAVE LIKED. IT WAS NEVER A NEEDLE MOVER FOR NUMBERS. ALIX: WHAT DO YOU THINK INVESTORS ARE MISSING WITH YOUR TARGET OF $30 ABOVE WHAT YOU THINK IT SHOULD BE? MARCI: THERE ' S A LOT OF UNCERTAINTY AROUND THE APP. THERE ' S A LOT OF CONCERN ABOUT THE PAID TV ECOSYSTEM IN GENERAL. AT & T WAS THE BIGGEST DISAPPOINTMENT. THERE ' S SOME OVERRIDING CONCERN ON THE PAY-TV ECOSYSTEM. MORE THAN THAT, WE NEED CLARITY ON WHERE FISCAL 2020 AND 2021 NUMBERS GO WHEN THEY LAUNCH THE STREAMING SERVICE. THERE WILL BE A SIGNIFICANT AMOUNT OF INCREMENTAL INVESTMENT. WE NEED TO KNOW WHAT THAT INCREMENTAL INVESTMENT IS AND HOW QUICKLY IT COMES INTO THE MODEL. I ' M NOT SURPRISED THAT DISNEY

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Ryvicker: Going to Need Very Little Marketing for Disney Plus

Marci Ryvicker, managing director at Wolfe Research, discusses earnings and outlook for Disney. She speaks with Bloomberg's Alix Steel and David Westin on "Bloomberg Daybreak: Americas." (Source: Bloomberg)

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