LT Weekly: Nov 14, 2025
It felt a little bit like a seesaw this week in the markets, but the major indices closed relatively flat (Nasdaq falling -0.5% and the S&P 500 closing up +0.1%). Treasuries were weaker across the curve, with yields up 5-6 bp. The 43-day government shutdown finally ended with a stopgap bill through January 30, and while it had limited market impact, attention is now shifting back to the return of official economic data, with some October reports potentially skipped, and September payrolls slated for release on November 20. Uncertainty about the outcome of the Fed’s December rate cut meeting again drove headlines.
In the sector, the earnings storm is winding down but we didn’t focus on updates across the legacy media, China Tech, last-mile, and AI infrastructure sectors and next week companies including Nvidia and Warner Music Group will close us out.
The key themes/developments that we focus on this week are below:
- Earnings Scorecard – Week 5
- Disney’s Growth Story Is Intact BUT Pushed To H2
- Paramount’s Streaming Profitability Takes Center Stage, But Strategic Questions Loom
- Some Mixed Signals Pertaining To Holiday Shopping Expectations Emerge This Week
- Temporary Data Center Delays Put A Damper On CoreWeave's Results
- More & More Players Are Making A Bet On The Prediction Markets
- A Handful Of Other Key Media Entertainment Updates Across Studios, Streaming, Sports, Games, Experiential, And More...
- Competition Isn't Emptying Instacart's Cart As Feared
- China Tech Is Investing For Growth, Which Is Pressuring Margins
- Valve's New Hardware Devices Put The Video Game Sector Into Focus This Week
- Grab Bag: Waymos Are Coming To Freeways / AI Shots In House Of David S2 / Google Faces New EU Probe Over News Publisher Rankings
Have a nice weekend.
Best,
Leslie
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Earnings Scorecard – Week 5
After a record-breaking 91 companies in our LionTree Universe reported earnings last week, the pace slowed significantly this week, with just 18 companies reporting. Stock reactions were neutral, with an equal number of companies trading up and down. The worst performer was WEBTOON, which fell -25% after its report, and the best performer was PubMatic, up +43%.
The last of the legacy media names reported this week, though stock reactions diverged, with Disney falling -7.7% post its print (see Theme #2), while Paramount Skydance jumped +9.8% (see Theme #3). China Internet/Tech names also posted their quarterly results, but had a tough week with Tencent Music down -8.4%, JD.com down -1.7% and Tencent down -0.8% (see Theme #9).
On the AI infrastructure side, CoreWeave’s stock fell -16.3% (see Theme #5), while Instacart rounded out the last-mile earnings reports and was up +1.6% (see Theme #8).
The table below includes select mid- and large-cap TMT and consumer companies in our LionTree stock universe that reported this week.