CNBC Business News Update - Market Midday: Stocks Lower, Verizon To Cut 15,000 Jobs, Disney Shares Plunge On Quarterly Results 11/13/25

Episode Date: November 13, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. We've got a stock sell-off on Wall Street this afternoon. The major averages are all in the red. The Dow pulled back from the record high it opened with. After yesterday's government shutdown is over, relief rally. The Dow now, down 453 points, just about 1%. Disney shares leading it lower. They are now down more than 10%. The S&P 500 index, down 84 points. The afternoon, one and a quarter percent. The NASDAQ is down 442 points. That's almost 2%. Invidia shares are sliding. They're down 4% this afternoon. Verizon shares are lower. It's not being rewarded by investors for becoming the latest major company to slash thousands of jobs in the U.S. The journals on the tape now that Verizon's going to cut about 15,000 jobs. This would be the largest ever a layoff. for the carrier set to take place in the next week as they are definitely on a cost reduction effort. Got a new CEO, cost reduction, incredibly competitive environment. And you have to wonder how many of those jobs are customer service jobs and how much is AI really supplementing or replacing a lot of

those jobs? CNBC's Julia Borsden with Carl Kintanilla. Disney shares down 10% on mixed quarterly results. The CFO highlighting parks and the cruise line on CNBC, although Disney stock is sitting right about where it was 10 years ago. You want to look at a 10-year chart, should we? It's essentially where we were in 2015. Hugh Johnson, though, was on squawk this morning and talked about, I think the word again, was a choiceful consumer. Take a listen. Bookings for the first quarter are up 3%. So we feel good that we've got continued momentum there. Number two, per caps. So the amount spending per head at Walt Disney World was up

5% for the quarter. So again, people are spending. And then number three, cruise ships, despite the fact that we've added a lot of capacity in cruise ships, we're selling out at the same rate that we had been previously. So that added capacity is filling up quickly. So overall experiences, our consumer is operating in a very healthy way. That's Disney's Chief Financial Officer Hugh Johnston on CNBC with Carl Kintanilla. Starbucks Red Cup Day is on. The chain is handing out red collectible reusable cups. It's one of the most important days of the year for that coffee chain today. But customers in some spots are crossing picket lines to get them. Workers United has launched its strike today at more than 65 stores in over 40 cities

after the two sides failed to reach a collective bargaining agreement. The timing is significant. It's Red Cup Day in one of Starbucks busiest days of the holiday season. The union is threatening here the largest, longest strike in company history. The union first organized in 2021. The company has since had three new CEOs and no contract or resolution has been reached. NBC's Kate Rogers. Employees will be allowed to put away more tax-deferred money out of their paychecks and into 401k retirement plans next year. The IRS says the new contribution limit, $24,500.

But not a lot of people actually put in that max. Only 14% of workers with 401Ks last year hit that limit, according to Vanguard. With Thanksgiving two weeks from today and what some called drinks giving the night before. Only about a third of Americans plan to buy alcohol for the holiday this year in Numerators Holiday Preview Survey. And for those who do plan to buy alcohol for Thanksgiving, the top choice is wine. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic NASDAQ market site in New York City. Fast Money Live, Trading the Holidays. December 11th. Get your tickets now at CNBC Events.com.

slash fast money.