Disney's new chapter in Paris begins

0:00Welcome to Seeking Alphas Wall Street Lunch, our afternoon update on today's market action, news, and analysis. Good afternoon, today's Monday, April 6th, and I'm your host, Kim Kahn. Our top story so far. From Paris punchline to powerhouse amusement park, Disneyland Paris is stepping into its biggest transformation yet. The resort's second gate has reopened under a new name, Disney Adventure World, following a multi-year overhaul. The centerpiece is world of frozen, a fully built-out arondale land featuring new attractions, dining, and immersive theming tied to the franchise. Construction is already underway on a Lion King themed area as Disney continues its efforts to turn the once-struggling second park into a true full-day destination. The resort first opened as Euro Disneyland in 1992 and struggled in its early years amid cultural missteps, economic weakness, and lower than expected attendance. The second gate, Walt Disney Studios Park, launched in 2002, but was widely viewed as

1:07underdeveloped. After pandemic setbacks, attendance is rebounded, setting the stage for the 2026 relaunch. Among active stocks, BlackRock has filed for an ETF that would track the Nasdaq 100 index under the symbol IQQ. Still now, Invesco has been the only asset manager licensed to offer US listed ETFs that solely track the index via the $374 billion TrippleQ Trust and $70 billion Invesco Nasdaq 100 or TrippleQM. Antwolyo was upgraded to buy from hold at Jeffries, which cited greater conviction in the role it will play in the Voice AI tech stack. Analysts Samad Samara said even modest traction gains could provide a sustainable tailwind for profit growth. Looking to the economy, JP Morgan Chase CEO JB Diamond downplayed systemic risks from the rapid growth in private credit, but warned that looser underwriting standards could amplify losses in the next downturn. In his annual letter, Diamond said the leveraged private credit market has grown to about $1.8 trillion, now larger than the US high yield bond market and rivaling syndicated

2:09leveraged loans. Even so, he argued it remains modest relative to the broader financial system, noting the $13 trillion investment grade bond market and similarly sized mortgage market. Still, he flagged emerging vulnerabilities, credit standards have modestly weakened, with wider use of earnings, addbacks, looser covenants, and payment in kind structures that allow borrowers to defer cash interest. In other news of note, Madison Air Solutions is looking to raise up to $2.2 billion in its IPO, the ventilation and air filtration systems maker plans to offer $82.7 million shares price between $25 and $27. At the top of the range, it would mark the largest industrial IPO since UPS raised $5.5 billion in 1999. And in the Wall Street research corner, traders are ramping up hedges against corporate defaults, with activity and credit derivatives hitting record levels, according to the CoBS letter. Trading volume in the largest credit default swap indexes surged 69% in Q1 to $4.5 trillion. This 36% above the prior peak in Q2 2025 during tariff turmoil and roughly 350% higher than

3:16the one trillion seen in Q4 2019 before the pandemic. The jump underscores rising concern about macro-instructural risks, from the Iran war to the potential for AI disruption to pressure business models and we can company's ability to service debt. That's all for today's Wall Street lunch. Look for links for stories in the shownet section. Don't forget, these episodes will be up with transcriptions at SeekingAlpha.com slash WSME and join the elite community of real investors to unearth great investing ideas. Just head to SeekingAlpha.com slash subscriptions.