36 Burst results for "Carol Massar"
"carol massar" Discussed on Bloomberg Radio New York
"Bloomberg Business Week with Carol Massar and Bloomberg. Quick takes Tim Sten of it from Bloomberg Radio hired Carol Massar and I'm Jim Stand back of Bloomberg. Quick, take plenty coming up in our second hour of the week. In addition of Bloomberg Business Week, including Bitcoin continuing to move higher, he long must now joining the chorus of supporters. We check in with the CEO and founder of MicroStrategy on his buying spree. He's been buying up a lot and Tim it's been harder historically for minorities, especially black female founders to get venture capital funding. What can be done to change this? We're gonna talk about that. The CEO of Subaru of America on the company's recent record month. I'd love to this interview, Carol. Well, thank you very much. First up, though. Let's get back to our big business story of the week. We can't stop talking about it. Of course, we're talking about Jeff Bezos of Amazon, not leaving the company but stepping away from the CEO spot. And in his job a long time, Amazonian and someone who is very much in the mold of Mr Jeff Bezos, but not yet a household name. Yeah, but I'm guessing Timmy probably will. We're talking about Andy Jassy. He takes over as Amazon CEO later on this year. Bloomberg News Technology reporter Matt Day Filling us in on the new guy who is actually not new to Amazon man is on the lifer joined the 1997 out of Harvard business school. So he's been in basis this shadow for quite a while. He was actually the first sort of chief of staff Tonto Bay. Those when they first established that role of them's on Was very much in the mold of the executive has been following for question time that and what about when it comes to his role with Amazon Web services? I mean Amazon Web services is by far the most profitable segment when it comes to Amazon. But it's by no means the biggest That's right. Um e think people were surprised. You know, it's just by six years ago Now when Amazon first broke out the revenue friends on Web services, and you just let it since its inception, um it is the biggest profit driver for the company. It's really reshape how corporations of all sizes by their own technology. You know the hard way, the leading cloud computing company, I think it's his promotion really underlying stuff. The value of this Wonky tech business to a lot of people. Think of it as a primarily retail company, Matt, I love your story. And you really get into who this guy is. And I'm curious. You know, it sounds like Jassy understood the potential for something like Amazon Web services way before anyone else. I always talk about the time years ago, when the Bloomberg story came out and was like if you were streaming X Y Z last night, you probably were doing it through an Amazon Web server. We were like What? Wait. What is this business that Amazon's into? What was it that jassy saw, and that enabled him to kind of just get out there and in many ways on this market Projecting and basis and a few other Amazon executives 15 years ago. Now they looked it the way that companies by technology run technology realized it was all kind of cumbersome, uncomplicated is bring together so they work to simplify it to its simplest arts. Right, That's that's really what they launched with. Here's an online storage service. Here's an online the equivalent of Processing power, raw, raw computer chips for rent, essentially by kind of breaking it down into its simplest parts LTD. Really, really simple case that you know, maybe customers wanted to string all this together themselves and they were. They were proved right by that, you know, folks didn't want that kind of simplicity and ease of use on it's really reshaping. What about when it comes to Jeff Bezos is management style. You know you You said that jazz he has been at the Amazon for as a lifer. What does it mean in terms of how he's going to lead Amazon, similarly or different than Jeff Bezos has led it? She's definitely in the bagels rolls in terms of how these structures team, right. There's these. These legendary weekly meetings will have where they died into data and try to pick out friends and intend to lead with the customer in league with the numbers. That's very The baby's okay and the way that he structured it. I think it's too soon to tell how he's going to bring what changed. You might bring rather through the retail side of the business, and he's been been diving into cloud for a very long time. And now he's been in all the all the top meetings. You know, you haven't been running day to day operations for the company's sprawling other divisions s I think with the expectation is for a similar styles that the bays Ozment Do something different as he gets his hands into the other owners of the company. Well, that's what I wanna ask you because, she said very much in the mold of Jeff visas, which could be an incredible thing and certainly becoming to investors right now, but at the same time, you know What did what does Amazon need in a CEO going forward, Especially then you still have the safety Net of tip pays us being around. I think his business, which would probably say that Amazon still needs to make big bet if they are, they are a giant company and the biggest reputation for sort of winning in every market day. If they enter and son doesn't see it that way, they've been look around and they see fierce competitors in every area, which they play. Whether it's Wal Mart retail Microsoft cloud, You know there's plenty others down the line. I think that the marching orders for him coming and certainly favors would projected to keep making both kind of large bets that can move the needle for was already up. $1.7 trillion company. Hey, man, What does this mean for Amazon Web services now, Because look since Amazon established AWS years ago, there's so much more competition, and there's also pricing pressure. For sure. And that Z been a little bit of debate in the national animal community. You know what threat do Microsoft and Google who are very much following the playbook? What they present to the Amazon cash cow..
Fresh "Carol Massar" from Bloomberg Businessweek
"With Carol massar and Bloomberg quick takes Tim Steven on Bloomberg radio. And a very good afternoon everyone, live from our Bloomberg interactive broker studio. We are streaming on YouTube. We are also live from our BTV 5 studio Carol master Tim stenog, is off again today in his place Bloomberg market senior editor markets editor. I should say Michael Regan and Mike, I feel like here we are the last day of June getting ready up to wrap up quite a second quarter and quite a first half of 2022. Right, worst first half to the year for the stock market since 1970. I hope Carol no one asks me if I was trading in 1970, but who was president? We'll have to ask our guests that question. All right, we'll get to that in just a moment. Stacks definitely are down. We've seen that ten year ago below 3%. So a lot coming ahead. We're going to be checking out two stocks Mike. First of all, if you're feeling brave, then maybe Tesla shares are for you, we'll explain that. And then I love this. Stick a fork in it, call it done some commentary. Mike, on Bed Bath & Beyond, this one has had such a tough run. Right, right? Yeah, and we're also going to talk about the Bloomberg businessweek new heist issue. The novelty wrapper and her startup guy, and the biggest crypto heist gone wrong, and let's not forget we've got micron earnings after the close to a lot coming ahead in the next three hours. Let's get to the market drivers report. And let's set your business week agenda. Let's get right to it because we do want to talk Marcus. We want to talk about the day's economic news and thinking Michael McKee is international economics and policy course kind of at Bloomberg
"carol massar" Discussed on Bloomberg Radio New York
"Help control the spread of Cove it and in Nashville, the new year arrived without any fireworks. Officials had been planning a scaled down firework show but called it off after the Christmas Day bombing in the downtown area. Ah, postgame, BRO Martin. Mississippi State's 28 26 win over Tulsa in yesterday's Armed Forces Bowl in Fort Worth, Texas, started during the postgame handshake near midfield and quickly turned ugly multiple players throwing punches and kicks and former Pennsylvania governor and former U. S. Attorney General Dick Thornburgh has died. He was 88 years old. Michael passed. This is Bloomberg Business Week with Carol Massar from Bloomberg Radio. Well, somebody I got to talk to a couple of times throughout 2020. It's a portly Mexican grill CEO Brian Nickel. He was featured in the magazine as a Bloomberg Business Week talks this year. He also stopped by for our Bloomberg 50 virtual celebration in early December, just before the emergency approval and roll out of the cove in 19 vaccines. I began by asking if too portly would make vaccinations mandatory for its employees, so we would not require people toe take the vaccine. Obviously, I would want to do everything I can to make sure that they have access to the vaccine, especially those that are in those high risk groups. But I think you know Your health and wellness is ultimately your personal decision. Whatever your decision is, though, if you aren't feeling healthy on do you happen to have co bit? We do need Ugo Take those precautions to not get other people infected. But I'm focused on trying to stay in touch with people. So I understand. Win. Vaccines get approved how they will be distributed and how I best get our employees access to those vaccines. But you know the end of the day they need Tomo make that decision for themselves when I do wonder, too, You know, I think that's really interesting to hear, And I feel like shit lately has been throughout its history. Company that thinks a lot about its employees based. So how do you keep? You know your employees safe motive motivated during these trying times we talked about, you know, corporate culture When you've got people at home and people all over the place, How do you keep the your workers who have to be at work in order to get the job done? How do you keep a motivated during these trying times, and I'm curious if you've made any employee policy changes during the pandemic. Yeah. Look, Carol, I I think it. Fortunately for us, we have always been focused on our purpose, which is around this idea, cultivating a better world through food with integrity, and we've got some clear cultural values. Um Around. Basically, authenticity lives here. The movement is real, um, you know, teaching taste your whole day..
"carol massar" Discussed on Bloomberg Radio New York
"Listening to Bloomberg business week with Carol Massar and Jason Kelly on Bloomberg radio all right we're gonna round out the show this week by total sports the private jets Sir please like Baldur's here on Bloomberg business week Carol Massar said should I know about it we've talked about it it's doing let's go do it is to look at two German claim is here with this managing partner for intersect joining us on the phone from San Ramon California I I'm sure he he he really likes my ballers reference I'm guessing Joe really nice to have you with us sports were missing it are we gonna get some sports back soon please tell me yes well can I just tell you that I I certainly wanna back more than you I have never never in my career had every single client that we work with then you get home yeah with and they've all been good savers you know that there are rule of thumb is minimum sixty percent of all net dollars to come in they both put away for retirement so they're flush with cash with a bunch of time on their hands and really bored and ready to spend money so I I see that you you're going to talk about private jets afterwards they're not always my best friend are you telling your clients like no you don't need the private jet well there is there is there pushing really hard because if they actually it is right you need right now because I I don't want to be out of the in the public and I've got a you know the NBA either trying to finish the season baseball's trying to start the season you know the NFL players they haven't even had a chance to take their physicals so right you have the NFL draft you have the free agents trying to move around and until they take their physicals those contracts are valid and so there's a lot of uncertainty up in the air right now and so as you look across especially the pro sports just sticking with that for a second show what do you the most optimistic about you know talking to your contact simply talking to your clients just talking to the folks that that you talk to what what's a likely scenario for pro sports in your estimation I think you're gonna see golf first you already saw last weekend with the for the players playing with with no fanfare no caddy I thought that was hilarious with Dustin Johnson hitting us on just walking away and forgetting that you actually have to Kerry all right you'll see that in June at some point basketball is that I'm not as optimistic although if you talk to the players that they're very optimistic they have a relationship with their commissioner frankly and the and the commissioner did very can't but I know he's also very cautious you know I I we have some players that are still sitting Americans are sitting inside out waiting for that late to start and they've been there now for months they've courted quarantine for two weeks they've now been there for over two months every players in one city and they're still not ready to go so I'm not saying China is a leading indicator of what the NBA can do in the state but there's still no movement there and have to say that they'll be movement in the state until I see the positive momentum there what about other sports are it's you talk about coffee thing first you're not as optimistic about basketball what else so baseball you know they're they're a bit stalled with the with the conversation they're trying to have you know that they've already come out obviously it's going to be a reduced schedule which means reduced salaries there still also fighting for some of the details like you know is in baseball you really want to get your service time under your belt each year and if they don't play a certain amount of games they may not qualify for that so the players want to make sure that all their rights are protected not just not just that it's safe to play but that also they're not giving in on on anything they would they wouldn't give it up our regular season so I think baseball has as a good opportunity come back but it's not showing nothing in the summer and and football I I think it's the same you know they've been tell each state start opening up and giving you know the players the opportunity to even train let alone play I still don't see anything in the summer there that they've already been told they can't take physicals right until mid mid June Blake so that could be a long wait one one microbus which let's talk about baseball we came for a second because the economics there I think a really interesting and and this really plays I think into a lot of what you talk about weight with your clients and you know I had a chance to catch up early in the week with Rachel lupa who is the agent to Trevor Bauer as you know and you're one of the things she said was that they are so far apart in in part because there is a it feels like a fundamental disagreement on the economics and sort of who should get kind of bear the burden of this it and I do wonder for someone who is advising baseball players and others about their their wealth what you make of this argument between the owners and the players well if it is in my estimation baseball has their their players is the solution as always had been one of the strongest strongest teams in place for the players yeah and and that has led to some incredible economics on behalf of the players however you know that the problem now is there some some athletes making twenty thirty forty million dollars a year and they're already seeing a ten million dollar pay cut nobody's feeling sorry for them but there's going to be at a point where they've got to make some compromises were in the past they haven't and then every once in awhile the owners want to take out you know for a spin the whole idea of of salary caps which obviously in baseball don't exist they do exist and and and other sports that the players of always fought against so there's gonna be a compromise I I think because they know how important it is to get the game out because Erin is the television has been strong yeah but but the popularity hasn't been there so you don't want to go away for entire season I don't think because you lose a lot of momentum yeah now I think that's exactly right and I think it's also you know worth remembering and you pointed to this with the economics of that you know the the baseball or baseball eight Major League Baseball and and the owners and the players and certainly the owners rely a lot on the gate you know for a big chunk of that revenue and so they are going to there certainly at a at a moment the owners are where they could lose a lot of money if there are fans this is double click stick with us we're gonna continue this conversation as you can tell we're pretty into it one talk with you about some of the advice you're giving these guys as they're probably bugging the heck out of you or you're trying to keep them in line is he said Hey during this time where they're getting a little bit restless were juggling juggling he's managing partner intersect capital journeys on the phone from California is gonna be like making sure they don't get into trouble right like there is like a lot of downtime yeah at this point so we'll continue our conversation are you listening to Bloomberg business week Carol Massar chasing Kelly on this Friday let's get back to all the national news headlines back in over the.
"carol massar" Discussed on Bloomberg Radio New York
"So many of the big energy names moving to the upside WTI better by twenty six percent in the extended session here at twenty five fifty five indications were from president trump earlier that he would basically withhold from getting involved in the dispute between Saudi Arabia and Iran this oil price stand off at this point then may get involved at an appropriate time eighteen T. shares of moving to the downside right now the stock is off of more than five and a half percent we're told that the company is this in discussion with a number of banks for a new term loan of roughly three billion dollars many of the companies like eighteen TI have been struggling to get to their short term financing needs taken care of because of other markets seizure in that what is known as the commercial paper market this is one of the reasons that the fed was addressing the problem earlier in the week Dow industrial average right now better by one point two percent S. and P. five hundred higher by one point three percent nasdaq composite climbing by about three point seven percent some of the big cap tech names moving higher today I'm speaking about their names like Tesla and Netflix and Facebook all pushing to the upside in the bond market today long term interest rates coming down ten year treasury right now he's at a yield of one point two percent terms of some of the eco data that we had and this may not come as a big surprise first time jobless claims the big jump last week claims now at a level of two hundred eighty one thousand as the economy just begins to show signs of a weakening under the effects of the corona epidemic and a regional gain of a manufacturing from the Philly fed suffering its largest ever drop for the month of March now where the dollar is concerned we're seeing a a rally against the majors looking at the Bloomberg dollar spot index higher by about one and a half percent got a weaker yen here down about two point three percent at one ten sixty five and the euro coming in by more than two point two percent against the box at a dollar six seventy five so there you have it you are caught up on markets I'm a Christian you're listening to Bloomberg business week with Carol Massar and Jason Kelly on Bloomberg radio do a little bit of business week economics we get the team assembled Kathleen Hays global economics and policy.
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg business week with Carol Massar and Jason Kelly from Bloomberg radio so we keep hearing about many ways to fend off the corona virus got really simple piece of advice stay home that's exactly what Justin fox Bloomberg opinion columnist is doing what he's coming to us from home from his computer thanks to next E. which is our internal conferencing system Justin it sounds like simple advice yeah I mean it's really simple for me I'm an opinion columnist all I need to do my job is a phone and a laptop and an internet connection what's interesting is where at this time we were all trying to figure out you know how can we can't contain it at this point but all that mitigation how do you prevent it from spreading and we talk about you know fist bump being an elbow bumping and all these different ways there's no more handshakes are all keeping kind of social distance but as you point out it's very simple because it's kind of an equation I think there's a word that I think we should teach to everybody are not because it's all about lowering the are not explain that we are not is basically the infectious mess of a disease it's how many people each person with the disease can be expected to in fact so if it's above one the disease spreads if it's below one it doesn't spread and every disease sort of ads they estimate what the are not is if nobody changes their behavior and for the corona virus it's pretty hot it seems to be between two and three were as for influenza most estimates are usually down in the ones and and so the issue is it's different for different kinds of diseases but have the basic elements of what make up the are not R. how long does the infection last how infectious is the disease when you have contact with the person and how many people do you have contact with and we can affect that how infectious when we have contact with a lot of the things like washing our hands and not touching our faces and things like that but then a lot of it is just if you reduce the number of people having contact with each other if your society has social distancing then they are not goes down and you know in China than they used people's contact with each other to almost nothing and the are not of the disease went below one you may go back up again now that there are people out and about in it and the other thing I would say is it it was still on there that it's completely uncontrollable and South Korea show that you can get a lot of cases and if you have enough testing and peoples are in the public health authorities are very aggressive you can sort of bring it back in and check but that that goes hand in hand with measures to keep are not well it's interesting I do think about this you know this is our version of the Chinese quarantine you know if you stayed on the kind of self quarantining yourself and keeping yourself out of the public it's not just about protecting yourself but if you're not I think about this when I the subways I feel like the traffic is way down but you're protecting others he might come into contact with specially when you're dealing with something yeah if if people are to squeeze squeeze this close together in the subway or in the office or in the like the superliner Bloomberg headquarters then there's a little bit less risk I mean it's not like I'm doing some aerobic thing here right but it does use everybody's risk a tiny bit right I do think about our business week audience and there's a lot of folks the probably read the magazine are in that position where they can work from home the other thing I and I don't know if you thought about this I mean increasingly we're seeing companies are realizing that their systems their technology systems are being taxed as a result of this yeah I mean everybody in every single interview were you were doing was this way and everybody was remote and you guys were remote too we might be struggling a lot more it's sort of easier and it's like an early adopter here to to do it in my get harder later if more of us have to do that you write about a lot of things that I do wonder if you think about one of the things I think we're trying to assess whether it's a plot global supply chains or other factors have something like the corona virus might impact the workplace going forward and I do wonder if you think that in the future we'll see more folks doing things online staying home so we we talked about this in the past when we got there other crises but I wonder if you think something might be different this time around I think you know there's a steady trend in the direction of more people working remotely and then there are occasional things like when Melissa Meyer took over at Yahoo ordering everybody to come back to the office so there's a back and forth but it's pretty clear the trend over the past twenty years for obvious reasons because it's more more possible to do and more and more companies are starting up that basically structure themselves that way from the beginning and so you know it's harder for big established companies to to change to that in autumn one want to because you get a lot out of the in person interaction so I mean this will cause a lot more people to try it and will cause companies to figure out better ways to do it so maybe it'll accelerated a little but I don't think it's going to be some huge tipping point and that's it Justin fox Bloomberg opinion columnist speaking appropriately from home this has been the story of this entire virus in many ways and when you think about it hitting close to home here in New York City and here in the United.
"carol massar" Discussed on Bloomberg Radio New York
"By Bloomberg powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries I'm Susanna Palmer this is Bloomberg this is Bloomberg business week with Carol Massar and Jason Kelly from Bloomberg radio all right so I have a million things to ask our next guest and it's a homecoming of sorts for him dexter Roberts he is now Mansfield fellow at the university of Montana but he's former China bureau chief for Bloomberg business week he's got a book out the myth of Chinese capitalism the worker the factory and the future of the world no big deal just taking on a huge topic here he's here with me in our Bloomberg interactive brokers studio welcome back well thank you so I got this I don't know that I've been debating with myself where to start let's start with the book just because it it's so timely a and a lot of ways you probably could have imagined how timely it was going to be when you started it what was the idea that you set out to capture so that's the basic idea or the man the myth of the title is this idea that China is becoming more capitalistic but China is continuing on this reform path that started way back under Deng Xiaoping yeah and continuing the myth is that China will continue to grow its middle class yes all right so I mean as happy there only to say what does the last three months mean for that well the last so if we were talking corona VS yeah yes so I mean I think I I think that we're what what what some of the things the arguments I make in the book about you get the other China the migrant workers and the farmers that their cousins in the countryside which by the way is about five hundred million people so we're we're getting close to half the population they've been long term people than live in the United States yes considerably more than live in the United States well for a long time they've in effect been treated as second class citizens they don't have access to the same health care they don't have access to the same education on average they're making you know less than an hour but roughly a third of of of urban incomes and there's policies that keep them in that position which we can get into later but that relationship between the city the people in the city and the second class citizens has really been brought home I mean the the unequal relationship has really been brought home by the corona virus because these be even as cities in Beijing seem to be returning to some degree normalcy is not the right word but things are a little more regular there we are pure white collar worker you're working from home you're going to the office sometimes things are a little more number normal companies are re opening that's not happening for the for these people Ryan said and and real people right and so you were in Beijing for twenty three years here in Taiwan but before that how did this story change with that Sir hello Sir did your thesis involved or what did you see happen over that period because that twenty three years it just ended at three just a couple years ago I mean what a period in the history of the country yes okay now when I arrive arrived in I think was January of nineteen ninety five in Beijing and you know the economy was somewhere in the bottom of the top ten economies in the world I think there wasn't really a consumer economy there really wasn't any other car sales were eighty five percent government in fleet sales for big state enterprises there weren't people buying cars there was no housing market really does no housing market until until later reforms happened in the late nineties so the place was transformed WTO entry in two thousand and one which I covered for business week was it your real seminal moment obviously bringing in an enormous amounts of investment and really transform the economy in in bringing up this factory to the world export model into its it's into its full full character mmhm and so when you left what did what what sort of what were you thinking China would become is that sort of what's manifested in this book and yeah so I mean I first met some of the the people that I talk about in the book this this family from this relatives from a small town and rural way Joe the mother was in the year two thousand I was doing a cover story did a cover story for business week called the Great Migration and at that point you know we're a year before WTO entry everyone knew China was getting in there and the green it was signed in ninety nine there was great hope including for these villagers in the small town this idea that foreign investment would come in they were glad to see me as a business week reporter who might somehow let the world know about their village they wanted the processing factories for that the Chiles if they grew and then the slopes in their in their town so that was really great hope in this continued for years I must say but what I argue in the book is of particularly in the last five years that vision of of of a continual reform and more opportunity for people has has has really vanished and that's dexter Roberts really enjoyed catching up with him because his book is really about the worker in China but it's so timely given the world verses city element of this virus crisis what we've learned there and what we may need to learn as it spreads around the world as you said Jason a timely conversation you're listening to Bloomberg business week coming up we've got to talk about the hospitality industry because certainly this is one group that has been hit hard by the virus the sea of dream hotels he has a deep understanding from a long time in this industry about these moments where hospitality is at the crux of it this is Bloomberg.
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg business week with Carol Massar and Jason Kelly from Bloomberg radio all right so I have a million things to ask our next guest and it's a homecoming of sorts for him dexter Roberts he is now Mansfield fellow at the university of Montana but he's former China bureau chief for Bloomberg business week he's got a book out the myth of Chinese capitalism the work of the factory and the future of the world no big deal just taking on a huge topic here he's here with me in our Bloomberg interactive brokers studio welcome back well thank you so I got this I don't I've been debating with myself where to start let's start with the book just because it it's so timely a and a lot of ways you probably could have imagined how timely it was going to be when you started it what was the idea that you set out to capture so basic idea or the man the myth of the title is this idea that China is becoming more capitalistic but China is continuing on this reform path that started way back under Deng Xiaoping yeah and continuing the myth is that China will continue to grow its middle class yes all right so I mean as happy there only to say what does the last three months mean for that well so if we were talking current events yes so I mean I think I think that we're what what what some of the things the arguments I make in the book about you get the other China the migrant workers and the farmers that their cousins in the countryside which by the way is about five hundred million people so we're we're getting close to half the population they've been long term people than live in the United States yes considerably more than live in the United States well for a long time they have in effect been treated as second class citizens they don't have access to the same health care they don't have access to the same education on average they're making you know less than an hour but roughly a third of of of urban incomes and there's policies that keep them in that position which we can get into later but that relationship between the city the people in the city and the second class citizens has really been brought home to me that the unequal relationship has really been brought home by the corona virus because these be even as cities in Beijing seem to be returning to some degree normalcy is not the right word but things are a little more regular there we are pure white collar worker you're working from home you're going to the office sometimes things are a little more numb or normal companies are re opening that's not happening for the for these people right incident and and real people right and so you were in Beijing for twenty three years to anti one but before that how did this story change with that said Henderson did your thesis involved or what did you see happen over that period because that twenty three years it just ended at read just a couple years ago I mean what a period in the history of the country yes okay now when I arrive arrived in I think was January of nineteen ninety five in Beijing and you know the economy was somewhere in the bottom of the top ten economies in the world I think there wasn't really a consumer economy there really wasn't any other car sales were eighty five percent government in fleets say oils for big state enterprises there weren't people buying cars there was no housing market rally there's no housing market until until later reforms happened in the late nineties so the place was transformed WTO entry in two thousand and one which I covered for business week was it your real seminal moment obviously bringing in an enormous amounts of investment and really transform the economy in in bringing up this factory to the world export model into its it into its full a full character mmhm and so when you left what do you what what sort of what were you thinking China would become is that sort of what's manifested in this book yeah so I mean I first met some of the the people that I talk about in the book this this family from or the disk relatives from a small town and rural way Joe the mothers in the year two thousand I was doing a cover story did a cover story for business week called the Great Migration and at that point you know we're a year before WTO entry everyone knew China was getting in and the green was signed in ninety nine there was great hope including for these villagers in the small town this idea that foreign investment would come in they were glad to see me as a business week reporter who might somehow let the world know about their village they wanted the processing factories for the the Chiles and they grew in the slopes in their in their town so that was really great hope in this continued for years I must say but what I argue in the book is of particularly in the last five years that vision of of a continual reform and more opportunity for people has has has really vanished and that's dexter Roberts really enjoyed catching up with him because his book is really about the worker in China but it's so timely given the world verses city element of this virus crisis what we've learned there and what we may need to learn as it spreads around the world as you said Jason a timely conversation you're listening to Bloomberg business week coming up we've got to talk about the hospitality industry because certainly this is one group that has been hit hard by the virus the sea of dream hotels he has a deep understanding from a long time in this industry about these moments where hospitality is at the crux of it this is.
"carol massar" Discussed on Bloomberg Radio New York
"And I'm Carol Massar welcome to the weekend edition of Bloomberg business week Jason what a week and it really contain so much volatility on so many different fronts with you look at politics with you look to the financial markets and what do you look at the global economy and we're gonna get into all of that over the next couple hours we're gonna talk about the coronavirus continuing to spread and investors trying to size up government efforts and corporate efforts honestly to contain the outbreak and its economic and business impact right to the top some of our top editors of the magazine to look at the markets look at the economy to see their assessment at this point also on the corporate front Barnes and noble man the next chapter the new here of the chain's rags to riches tale it is hedge funds didn't see that coming plus this week's cover story what a timely when it's a sit down with the N. E. C. director Larry Kudlow maybe you know him from television yeah he's become the optimist in chief in this administration there's a big question about whether an optimist we'll make the right call when it comes to economic policies all right first we begin with the roller coaster that was those global markets this past week and former vice president Joe Biden's campaign continuing to rise as super Tuesday reignited his race for the White House that's the story in the magazine this week by Josh green this week national correspondent joining us right now from DC and Josh what a week super Tuesday a bit of a surprise and then we had several candidates dropping out obviously the big news this week was that the front runner in the democratic race went for Bernie Sanders who looked like he might be prepared to run away with it too Joe Biden who looks like he might have be decisively edging out Bernie Sanders so quite a week everything turned upside down I think the real story is that nine Sanders moderate voters finally at the very last minute coalesced around a candidate that was Joe Biden I think that makes him the front runner but as I write in this is week this week he now faces a new and familiar problem a lot of democratic strategists are worried about and that is that he's back in the role Hillary Clinton was four years ago where you have an establishment favorite you have Bernie Sanders is an insurgent and it's hard to see how Democrats managed to unify the party all right and we also saw Elizabeth Warren and Mike Bloomberg dropping out Mike Bloomberg of course the founder and majority owner of Bloomberg LP he endorsed Joe Biden let's look ahead to these next contest here Josh because there's still a lot of delegates out there and some pretty important states just over the next couple weeks yeah that's right and I think I think the importance of Bloomberg and warned dropping out is that we now have affected Lee a two man race and as you look ahead it looks to me like the states we have coming up tend to favor Joe Biden the one I'm going to be looking at is Michigan Michigan was the scene of a surprise upset four years ago with Bernie Sanders came in B. Hillary Clinton because a lot of excitement a belief among center folks it maybe they actually could knock her off that didn't end up happening since super Tuesday the polls that I've seen from Michigan show Biden ahead so we're really re running a test case that we saw four years ago the turns out that Biden wins in Michigan especially if he wins big I think that might be the last blow for Bernie Sanders does screen thank you so much well super Tuesday's results and the coronavirus dominated conversations this week about financial markets and the economy US Congress agreeing to an emergency spending bill after the fed jumped in with an emergency half a percentage point rate cut that was meant to calm investors and ease financial market conditions wound we see how that went it was a volatile week to say the least let's bring in markets editor Mike Ragan an economics and appear quite to make sense of it all so let's start with that rate cut you know Peter it reminded me you know all about the financial crisis we have an emergency rate cut by the fed since then right at the fan attempted to calm the markets I mean the problem is that the fed can do only so much when you have something like this it's not primarily a financial market issue would see issue with real bodies and real viruses and it affects the real economy so production it affects the supply side of the economy not just the demand side economies when is the man's side you can sort of goose up people's spending by making money cheaper but what is surprising when goods aren't being produced because people can't get to work that's something that monetary policy is not as good at solving right and so is that why in the market just sort of wasn't buying it Mike well I think the one thing you have to realize when you look at a week like this in markets is that once you introduce that sort of volatility in the market when you have that steep of a drop over such a short time it tends to create both up and downward volatility in other words a big move down one day and then a big move back up the the next day then backed down and the example I I've been using a lot is the two thousand eleven episode when the U. S. lost its triple a credit rating you saw these massive three four percent moves up one day back down the next say back up you know and it's it goes to you know let's talk about how old computerized the equity market has become and how traders in those sort of algorithmic programs are really reacting to signals in the market and they're very good at pattern recognition they know when you see a big drop like this that there's bound to be a balance Sokol last so it all sort of creates a situation where a lot of money is on one side of the boat one day the other side of the boat the next day and back and forth and I think that given all the other news flow sort of cause and you know it's a one way or the other that issue that really explains that the suddenness and the massiveness of the back and forth movements if it does say that folks are saying the market was overvalued equity market they were looking for excuse to sell having said that I think Peter court they're two different stories being told the bond market was telling one story prior to like even the concerns about the buyer's equity markets as they kept going higher and higher we're telling another one and then this week we have what the ten year go below one percent and that's a significant move the ten year yield going below one percent we're starting to feel like you're up here no Europe has had negative rates nominal rates and now the U. S. is coming down towards the zero lower on even after ten years and what this means is that there's not much room left for the fed to act right it's already spent a lot of this ammunition because the fed unlike the ECB and the bank of Japan has kind of been pretty clear that it doesn't intend ever to let the nominal rates at either the short end of a long and.
"carol massar" Discussed on Bloomberg Radio New York
"With Carol Massar and chasing Kelly from Bloomberg radio Jack Welch the much talked about former chairman and CEO of General Electric he passed away one week ago at the age of eighty four someone who knew him beyond the headlines that most of us read is John Byrne he wrote the book with Jack Welch it's his autobiography was entitled Jack straight from the desk is the lead time with more than a thousand hours a full year a level of intimacy that really no journalist cats with the source and a friendship that certainly continue John joins us from San Francisco so I have to say Jan first condolences I know that he was a close friend and mentor and someone who gave you a lot of advice over the years unvarnished what was your first thought when you heard that he had passed well there was a sense of sadness he was really a larger than life figure and I know that it's almost a cliche but in his case it really fits he squeezed every precious moment out of every minute in his life to get the most out of it he was fun to be with he could be a very scary character when he got mad he was remarkably intense he he was wickedly smart and when you were in his orbit you somehow spell felt special you can feel ordinary anymore and that was and the kind of magic that he had with a lot of people right and he was very much a people person I mean he and he would go right to it well I'm so what what whatever and wherever there was some something that he could provoke he would provoke before you wrote the book with him and I think two thousand one you actually first got to know back in nineteen ninety eight and and you wrote a story from Bloomberg B. R. what was business week at that time it became the longest cover story in the magazine's history take us back that was in nineteen ninety eight what was your first impression of a what was the first time you met him and sat with him do you remember that sure well contrary to what people think he never sought the limelight the limelight sought him it was difficult for him to actually sit down with the journalist it took me a year to gain access to do that cover story so but once you open the door he completely open the door I spent four months I interviewed well over fifty executives in the company I traveled all over the country the different divisions and I interviewed him multiple times and the story really told the the sort of narrative of how does this one guy have so much influence over this massive global corporation with three hundred and fifty thousand employees in a range of business that was truly mind boggling from appliances and light bulbs to aircraft engines and the aircraft engines and power generation equipment how does everyone known as Jack and how does he wield this influence and it really got inside the motivational technique city use to get performance out of the company he would do these hand written notes that became prized within G. two people who really made a difference and and and those things hung in their offices and they were just like the amazing most best honor you could ever get so I got to know him there and then as he approached his retirement two and a half years later he came to me and asked if I would help him write his memoir of course there was no hesitation I agreed to me that experience is like having a PhD in management or leadership I didn't fax spend well over a thousand hours face to face one on one with Jack it was the most grueling experience of my life we fought a lot over what should be included which shouldn't be included he was a very demanding we went through many many many drafts I can tell you some of the chapters went through something like eighteen twenty drafts we'd sit side by side after I would write and to make the manuscript his own he would go over every paragraph every sentence every word we fight over commas and dashes sometimes the changes in the manuscript would be so extensive so one time after scribbling all these notes all over the pages he turned to me grabbed my arm looked me in the eye and said you're going to mess this up aren't you he.
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg business week with Carol Massar and Jason Kelly from Bloomberg radio so this is one of those conversations yes but this is one where look at the run down like a little I can't wait for this Chris Lou back with this senior fellow at the university of Virginia Miller center also former deputy secretary of labor under president Obama joins us on the phone from C. ville Charlottesville Virginia let's start with you been through a few of these what do you see it was new and different on super Tuesday well I will tell you that was the surprise to me as well you would have said look at in the conventional wisdom was Bernie Sanders supplies Yale clearly the front runner and the only question was how much of a delegate lead he was able to rack up on super Tuesday I think this is a pretty for this is that the better time in politics this is by didn't come back it's just starting right over yet right we still have absolutely not yeah so what goes through that like you know what's great about you is relocating it you know earlier that you're someone who's been in the room when a lot of things happen what are the conversation that's going on you know at these parties behind the scenes and also what kind of pressures coming from the Democratic Party overall because their end game is beating president trump and I don't think at this point with any anyone who collected the right topic anyone any party leader can tell them that they should stand go out I mean when people like to criticize the party establishment there really is no party samples with anymore particularly in that day and age where people can raise their own money online and raise large chunks of money for them you know this is going to go on for a while you know obviously a lot of delegates were selected but I always remind people April may June more delegates are awarded those three months even if the next couple of weeks we've got you know Michigan majority Washington state next Tuesday on the seventeenth we got Arizona Florida Illinois Ohio so this is going to go on we literally have a super Tuesday like almost every Tuesday for the next month so I think you know it again with the two front runners Biden and Sanders I think there is going to continue to slog it out you know the way that my former boss Barack Obama did with Hillary Clinton right through a good chunk of two thousand and eight so let's talk about the sim sim compare and contrast here Chris because you know you look at that race and obviously there were some some differences between Obama and Clinton there were clearly some differences between Clinton and Sanders and there are echoes of that right now in terms of establishment versus insurgent how as someone who knows the Democratic Party as well as you do how do you assess that you know started together with the rest of the party you know on one hand you know when everyone tells me oh boy this is been such an ugly race Hey go back and look at two thousand eight I mean you know but the Obama people called Clinton a racist she called with the fact that she said you know your membership that her big theme with Obama was not qualified and ran this kind of three AM mad do you know if you want answered the phone at three AM so he got really nasty the difference though was it ideologically the two of them were not that far apart while we don't one was probably slightly more settlement they're both fairly establishment people I think here you have a greater ideological difference between Sanders and Biden but the truth of the matter is you know even on something like healthcare I think even Bernie Sanders would probably concede that Medicare for all isn't happening you know in the next forty eight years and that you know that we as a country have to sort of move incrementally in that direction the public option being you know kind of a first important first step on that still I think you can even find ways to bridge some of these differences but they are certainly more significant than in previous years Chris Lewis is with us his former deputy secretary of labor under the Obama administration senior fellow today at the university of Virginia Miller center on the phone from Charlottesville Virginia so Chris you're probably hearing about I mean lots of headlines continue to pour out from the corporate community about how the virus is impacting that you wrote about use of the coronavirus is bad trump could make it worse crisis management does not seem to have been at its best in terms of the U. S. and how they're handling this yeah I think that that that's a fair statement you know all it for the president to get his arms around this he's going to have to manage it a much for white and he has ever three years after that rely on government experts he's got to make decisions based on science and facts that he could have to be willing to hear hard news and then delivered to the American people and and unfortunately you know you kind of he he likes to kind of you happy talk to talk about where we are and there certainly are good things are not as well I don't think the status of a natural you really know what it is but even on a simple statement when we're gonna have a vaccine he's contradicting his own government experts on that topic and that's just not helpful at this time yeah and so let's dig into that a little bit because that does seem to to be part of the problem here is everybody not being on the same page you've been in a lot of these rooms yeah who is at fault I mean is it is that ultimately falling to the president or is there some part of the administration sort of bureaucracy be it the chief of staff for someone else and essentially says look folks here's the script essentially here are talking points I mean this is this is not that complicated now in you know in the first term of the Obama administration I managed his cabinet and we have to deal with a bunch of these crises we had H. one and one in in two thousand nine we had obviously the Gulf coast oil spill in two thousand ten hurricane sandy in twenty twelve so we have an experienced team of people with stability and we had practice on this means unfortunately went through many of these incidents and yeah obviously you want to coordinate the message so I get that but some of the news accounts that are coming out are troubling that military officials as well as health officials are afraid of telling the president the truth because he doesn't want to hear it and and it's that's unfortunate and so you know the president needs to hear bad news and I think frankly he's a little too concerned about what this might do for not even the economy but really what it does to the stock market which he then takes as a proxy for the economy and then he viewed as a proxy for his reelection and if you could simply buckle down and focus on public health ultimately that the most to help his reelection prospects there are certain things you can plan for and then there are things you cannot so give us kind of a smart understanding of that the thing that that hit you with the unexpected thing I don't think in April of twenty ten we could have it dissipated there be an oil spelled right all of that at the the Gulf of Mexico but what you have to understand is that the White House can't actually do anything if the only agency that can do things agencies have money they have programs they have the stories and you first will have to have a competent stable group of leadership running your agencies who understand all the levers that you can push and pull and unfortunately this has been a cabinet that had a huge amount of turnover so then you need those people who know how to run their agencies that's Chris lu former deputy secretary of labor under the Obama administration is now a senior fellow at the university of Virginia Miller center and she said you know I love talking with him because as you said earlier he has been in the room and so much has happened and understands the workings of inside an administration well and as we heard from him he was involved in crisis response in the administration he's worked across all three branches of government and let's not forget also the superdelegate though he knows his politics as well all right you're listening to Bloomberg business week coming up Paul singer of Elliott management he.
Fed holds rates steady, but opens the door for a rate cut in the future
"The Federal Reserve indicated a readiness to cut interest rates for the first time in more than a decade to sustain a near record US economic expansion, citing uncertainties in their outlook while chairman, Jerome Powell and fellow policymakers left their key rate in the range up two and a quarter percent to two and a half. They dropped a reference in their statement to being patient on barring costs and forecast. A larger miss of their two percent, inflation target this year, so June. For more insight, Bloomberg's Carol Massar and Jason Kelly spoke with Petri spa of Hamco, and IRA jersey. The chief interest rate strategist for Bloomberg intelligence. Let's get to you. Tell me what dump sad at you. What you think is really notable in this latest fed decision, and there was a like mixed thinking going into it in terms of investors the street and now we see in the feds got of mixed thinking, so I think firstly the fed did not disappoint. So the. The market was certainly pricing for the fed to be dovish, and they were I think, just appropriately dovish, I think there was the big risk and a lot of people were thinking that maybe they would take back some optionality and not be as dovish as the market thought, but I think between the dot plot and what they said in the statement, they kind of just met the market's expectations, not a whole lot more, and you do see a little bit of a market reaction because the thing is if the feds little dovish now they could get more. Dovish later so push pests qualley from pimco big takeaway for you. The fed is keeping its options open, if not, it's not going to cut until it sees something bad, because it's trying to save bullet. That's you know, for me if they go number one and number two, if that chairman Powell is very much aware that all I on him where every word every north one just going to dissect it and to extent that he is coming across more hawkish, and painted market sentiment could turn pretty quickly and put your one of the things I wonder is the sort of geopolitical backdrop here, you know, we're heading into a week. We ten days where present United States is going to be a soccer Japan meeting with his counterpart from China, president Xi. Those trade winds certainly are playing through this economy right now. How do you balance that out? If you're an investor what we heard from the fed today, and what we're hearing from a geo economic perspective, investors, look at potential trade war, and, you know, and on the other side of the fed standing by to support the economy. All the good news seems to have been priced in meaning that the market is under subpoena cups by your end that seems to be. Conclusion market is also anticipating that trade war with China is going to be averted same with Mexico yesterday. We saw that after the tweet from the president the market, but he strongly all of these good news have been priced in. But the question is, if the meeting for whatever reason does not go well, or we wake up to tweet that is hostile to China, that does issues are real and they haven't been priced in. So my sense stat investors are still very often, but it's best to consider caution going forward, especially where pricing in the market. I mean I do think about and, and, you know, I think about g twenty right? It's not this weekend next weekend. I do wonder if we get some resolution on some of these as folks around this table have have have termed policy gaps. Right. If we get some resolution between China and the United States. How that think how might that impact the fed? Thinking what it means for interest. I think that's one of the ironies here is that a lot of the angst and a lot of the certainly the market worry and market. Fear is really predicated on things that are, you know, quote unquote, manmade. Right. So these are actually policy decisions at someone can make. So if there is a kind of blanket resolution with all of the different trading that have been going on with the White House and other countries. All of a sudden, you can see not only risk assets do okay, but also quite frankly, the bond market selloff pretty significantly so compared to where the economy is already very rich to fair value. At least where we as the make fair value to be, so you can wind up seeing a pretty big pullback here. And actually, the fed may be take back a little bit of its dovish nece, as well, assuming that these trade problems go with you agree with that. Yes. Especially the last point, where between policy and removal of trade war with the moving in different direction. Meaning that should we receive bad news. News. You know, on trade fed will step in, but should we receive good news on trade? Meaning no-trade war, many people say, oh, that's going to be hugely positive, but consider that if we receive good news on the trade war front that the fed actually has room now to step back and said, we don't need to cut rates because, you know, the economy has been removed or reduced poetry Smalley of Pam, co an IRA jersey. The chief interest rates strategist for Bloomberg
"carol massar" Discussed on Bloomberg Radio New York
"Carol massar. Jason Kelly to fifteen names in the S and P five hundred hired a day, two hundred eighty six lower four unchanged one that caught my attention. We've been talking about it kind of all day, here then has to do with chewy. That was our IP. Oh. And you saw that stock really shoot up closing up about fifty eight percent above Thursday's IPO price. It would give this company, the second best debut of the past ten years among US IPO that raised at least a billion dollars really. The latest it a string of strong starts for American firms tapping public markets. Not all of them have been strong. But certainly this one two leading Twitter, which surged seventy three percent when it started trading back in November of twenty thirteen. Yeah. And that's great. It'll be interesting to see. These pops and we'll see how it goes. It's such a funky IPO market in many ways, we talked about the uncertainty in the IPO market. And then you know that leads to next week and we think about slack, and it's directly sting, and he sort of try and figure out what the game is here. I do have to say this whole pet area though. Man, people are spending big time on their cats. Right. And I think about when Joel Webber BusinessWeek sat down with the head of Mars, and one of their big businesses is a push into the pet space. And so, I think you know, owners would consider that, in many ways necessity to make sure their pets have, you know, certainly lots of things to eat and play with. And I remember, I remember looking at the latest results from James smucker, and that's their biggest their biggest revenue chunk as well. That is pretty exciting. Just have to listen to the conference calls, and look at the transcripts to get a sense of that. I was taking a look at the semiconductor space, the socks the Philly stock exchange at semiconductor index was down two point six percent. Really dragged down and Dave Wilson brought this up at the top of the show really dragged down by broadcom. We saw those results yesterday and investors clearly concerned about that a non Trine of us in job breaking that down with us. If you want to go back and listen to the show yesterday podcast, he gave you a good sense gave us a good sense of what was going on there hail cycle. But about Facebook your number one gainer in the S and P five hundred up two point two percent today. Climbing reports detailing the company's plans to launch digital currency due to be in veiled next week some of this coming out late this week. And they plan to roll out cryptocurrency strategy and June. Eighteenth Wall Street Journal put it out there that they signed up a number of major companies visa MasterCard pay pal and Uber to back the project and separately. You didn't have a Facebook. Spokeswoman confirming reports that you Bank lobbyist at bell bows. Bowls balls, excuse me. Joining the company, but in talk a little bit further about that. But you do wonder about the impact, he'll have in terms of public policy over in Europe, near the Europe specifically, but I will say my pal yesterday at Pershing, which talked about future proofing, your business and part of the conversation, we said, yet, these folks in these tablist financial community. They're watching bitcoin, especially watching blockchain, these are things that are certainly on their radar. All right. Let's get a quick. Check of the vix, volatility index down three and a half percent closing at fifteen point two six, this is Bloomberg..
"carol massar" Discussed on Bloomberg Radio New York
"BusinessWeek with Carol Massar and Jason Kelly from Bloomberg radio. Jason concern over silicon valley's growing market power and handling data. It has definitely evolved beyond heightened grumblings by ficials under consideration. At the extreme. We're talking about a break-up a big tech. Well, and I feel like we saw the first signs of this with the big tech executives getting called to Capitol Hill yet we're going to talk about what lawmakers are doing, but attorneys general that's where the rubber meets the road. Peter Robinson joins us from Seattle. He's got this story. Lot of great reporting here. Peter take us inside what's happening in some of the big capitals around the country. Sure, I think heightened grumbling as a good way of putting it. There are a number of attorneys general who think there's a problem with the tech companies just being too big having too much market power having too much control over consumer data, and what my colleague Josh Bruce scene. And I wanted to do was to check in because there hadn't been much talk. About what the attorneys general are doing since September. When a group in them met with Jeff Sessions. Suzanne attorney general at the Justice department and sessions had called them in because he was concerned that the platforms were suppressing conservative views, but a number of these attorneys general sort of steer the conversation. We were told toward the the market dominance and the privacy issues. And we've also heard that a group of those states have since taken a further step and are investigating possible antitrust action against Google in particular, which had hadn't been disclosed before so Peter I wanna take a step back because you've been following the tech industry for a long time you and I worked together for a long time here Bloomberg. And I do wonder in your estimate. What was the catalyst here that sort of these guys interested in it because we do seem to be at this moment over the last eighteen months or so where we're doing a broad overview or revision, maybe of our own. View as a society of of what role these companies are holding. What happened I think probably the two thousand sixteen election happened, and that really starkly made people realize the dark side of of technology just in terms of having the capability to affect people's perception of reality. And it also broke across partisan lines that you have conservatives who are very concerned about the suppression of free speech, and you have people on the other side who are concerned about the market dominance and privacy issues. And as we reported in the story, this is Ted Cruz Senate. Tweeden said this retweeted Elizabeth Warren. Has he agrees with her on on antitrust, or at least in terms of the market power of tack? I do wonder too and you put this in your your reporting. I go back to the late nineteen ninety s right? This isn't the first time that people have rallied a railed against big technology. And I think about all of the states went against Microsoft in the late nineteen ninety s is this kin to that. Or is this something different? Yeah. There is a real precedent for this. Because it is that antitrust case that was brought by twenty states and the federal government against Microsoft that really led to the rise of Google before that antitrust case Microsoft had a freer hand to bundle its own search engine with its operating system. And all of that case didn't result in Microsoft being broken up. It did force the company to change its behavior. And so a lot of people are pointing out that the parallels today that the similar scrutiny against goal could could have some of the same effects and allowing new competitors to March, but there's a long way. From grumblings and state attorney general's getting together to actually something being done or to break up a big tech. Correct. Where we're hearing a lot of saints of the problem, but not a lot of agreement about the solutions. And we also got a number of cautions that it's very early days and that. It may ultimately be the case that the state's turn this back over the federal government. And there are people in the federal government who who are concerned the FTC will be holding hearings and Josh Holly who was previously the Missouri. Attorney general and open an investigation is now a Senator and his pressing for for more action by the FCC. So so this is something that's building. But it's it's not there yet. Well, I'm glad you brought up Josh Holly Senator Holly because it does feel like this is something that some of the brighter lights some of the newer lights in congress are really taking up as a key issue. You alluded earlier mentioned earlier, Elizabeth Warren in Ted Cruz. I mean, the unlikeliest and bedfellows radically, but you know, Josh, Holly. And none other than Alexandria, Cossio Cortez from here in New York. They may be teaming up it is fascinating that in this, hyper partisan time. This could be the issue that actually get some bipartisan attention. It's true. And maybe maybe Nancy Pelosi ultimately will be on the other side because she comes from Cisco. Where tack is says important the economy. All right. So how do we make sense of it? I think as investors I always think about this because we certainly have seen as Jason kicked off. You know, the CEOs a big tech being hauled in front of members of congress having to answer questions. So there feels like there's certainly is a lot more momentum out there. The next set of elections be the real test. You know, we're just coming off New Zealand. We saw the role of social media increasingly in that terrible incident an act of terrorism. So I don't know how do we as as investors kind of figure out where this is going as you mentioned it's kind of early in the game here. Yeah. I think that after our story moved the shares of Google parent. Alphabet did did take ahead not a large one. And maybe that sums up the reaction. It's something that investors are watching. But it's not something that they're going to be selling the shares off at this point. And let's not forget the amount of lobbying that we're seeing by big tech. I mean that increases right? So they're certainly getting the attention at least the pockets of lawmakers up on Capitol Hill and the other side of it is is the fight back and Amazon has increased its lobbying spending all the companies have increased their lobbying spending. And this this fight is has a long way to go before we can say how it's gonna end. Well, we're glad you are on top of it. Peter Rogerson joining us from Seattle. Great story this week another great story this week comes from Europe, and it has to do with the potential merger between Deutsche Bank and Commerzbank and how European banks are in trouble. Here. We are still a decade after the global financial crisis. And there's still a tough situation said, so let's go to London Elisa Martinuzzi joins us so allies it tell us what's going on with those banks over there. Well, I think as he hinted at the financial services industry took a very different course after the financial crisis with the US pushing lenders to recapitalize clean up their balance sheets. Very early on in Europe. What you saw that individual landowners were. Tuck state aid took bailouts for the walls, and sort of an industry wide program, notwithstanding the fact that of course, several years after the financial crisis Europe was also the subject of the sovereign debt crisis and American talk about a broad industry-wide recapitalization, but it didn't happen, and what that's led to is banks tackling their weaknesses only very ever, so slowly very slowly and piecemeal they've gone about small capital raisings when they called when the window was opened when investors are willing. They've tweaked their businesses around the edges, and there hasn't really been an industry-wide reboot. I mean, that's obviously a generalization. But I think that's left some of the bigger players somewhat. We now and balance sheet and certain parts of Europe take, for example, Italy still needing to to to strengthen well, I'm what's interesting too. And I love this point. And I didn't realize this. But you're really relies on its banks in terms of I guess loans and so on to really generate growth, right very different from the United States. And this is this is why it's so important to have the European region have a healthy financial sector. I'm certainly that transmission mechanism here is absolutely critical. The majority of companies finance themselves through by clones. The same is true for household. And you have a you do have a copper market, of course. But it's nowhere near as deep as a US for economic growth to to maintain and accelerate you really need those fines to the fit. And unfortunately what you're saying. Is that in far too many? Says the week poverty ability and their balance sheets needing needing bolstering has meant there. They haven't gone out on a massive expansion in credit, and let's talk about the German banks for a minute. If we can obviously no one knows exactly where this story will end. Although it feels like many observers including many here at Bloomberg have thought. Well, this was where we were going to end up with a merger of these two banks is Carol said at the top the German government, certainly has a vested interest both literally and figuratively in helping make that happen. The German economy has long been the stalwart of Europe, what has happened specifically there that's gotten us to this place. Well, you have two large institutions to the bigger vice there deutchebanks may also be Europe's biggest investment Bank that have basically been very painfully reorganizing it a little bit. But really not being able to tackle a longer term decline in revenue and profitability and over the. Last six months, or so there has been increasing speculation that this what happened notwithstanding the fact that there are a lot of observers that point to the fact that putting these two institutions together Deutsche Bank comments fight isn't really going to help them. Tackle the individual and combined weaknesses. Which are namely going to remain an investment Bank. The Deutsche Bank brings to the table that is inefficient holy significantly inefficient. And of course, the two combined institutions would still be extremely exposed to the very interest rates alcohol, which of course, in Europe is very is a negative territory right now, but also to a German commercial banking industry that is extremely competitive that's allies Martinuzzi, and it just is a reality of what's going on in the European financial sector. And this is one more thing that they've got to deal with over there. Well, what a stark contrast between what's happening in Europe. And what's happening with the US banks. It feels like the US banks only are getting more and more powerful after the global financial crisis. A very very different story over there and that wraps up the weekend edition of Bloomberg BusinessWeek from Bloomberg.
"carol massar" Discussed on Bloomberg Radio New York
"Bloomberg BusinessWeek with Carol Massar and Jason Kelly from Bloomberg radio. Jason's popstar in China apparently, not like becoming a pop star. Elsewhere. I know it. Yeah. Exactly. So following the trail, the pop singer who is working on conquering, China, let's bring Lucretia you went to China. He found this individual Christopher Nissen. I have no idea who he is. Who is he he is a popstar from Denmark grew up in a suburb of Copenhagen and had this rapid ascent in his home country got signed when he was seventeen he just walked into a record label started performing they liked him so much they gave him a deal his second album came out in two thousand fourteen one pop album of the year at Danish music awards. He had all these number one songs. And at that moment, he was convinced that he was on his way to becoming one of the biggest pop stars in the world, or at the very least he hoped that. That was what was going to happen. But then when he tried to test the waters outside of Denmark, you went to. Germany human Norway. He didn't have much success nothing happened. But around the same time he found out that one of his songs had started to really make it big in China. And he started to go there in two thousand fourteen and so since two thousand fourteen though he to your point is pretty much unknown in the US, the UK, Germany Japan, the world's biggest music markets. He's had eight number one songs in China. So I wanna get to the potential for the Chinese music market Lucas. But before we get to that. Let's talk a little bit more about who. He is. I'm gonna read just a couple great lines story. He looks as if he walked off the assembly line from some global pop star factory, which in some cases, he did. We should also tell people he has been referred to as the Danish Justin Bieber. So just to set the context of who this guy is and he is blowing up in China. And you know, it's funny.
"carol massar" Discussed on Bloomberg Radio New York
"Business ashort subscribe on apple podcasts. Now, the pressure is mounting for Virginia's Lieutenant governor, Justin. Fairfax to resign. Following a second allegation of sexual assault against him a democratic delegates from the state says he is drafting articles of impeachment that he plans to file Monday to force Fairfax from office. If he does not step down before then federal prosecutors in New York are looking into whether the national enquirers parent company A M, I violated an agreement in his handling of a story regarding Amazon CEO Jeff Bezos. Correspondent Brian Todd reports while the Saudi government and President Trump have been alleged by basis to have ties to AM I they have denied involvement in the national enquirers alleged blackmail obeys. He doubts his government had anything to do. With AM is reporting on Jeff Bezos, the White House claims President Trump is likely not even aware of all of this reporting on Jeff Bezos, we have now learned that the partial government shutdown that ended last month delayed about sixty thousand immigration court hearings. I'm Barbara Kusak. Bloomberg BusinessWeek Carol Massar and Jason Kelly from Bloomberg radio. Every new watch is like a new piece of all Italian wines as a whole new lease to that essentially is the most powerful car made in the US period. Get the beautiful interior the iconic design the Porsche nine eleven has the thrill of living. Well, he's in the pursuit. It's time to take a look at business week's pursuits.
"carol massar" Discussed on Bloomberg Radio New York
"From Atlanta. Carol Massar Jason Kelly here on radio row. Let's bring in the guys because we gotta talk a little bit about the markets today. Joe Weisenthal markets editor at Bloomberg news, co host of wedge coming up at four PM Wall Street time on Bloomberg TV Dave Wilson, stocks at Bloomberg news better than back in New York in our Bloomberg interactive brokers studio, we're focusing on the business of sports football and all that good stuff. But man, there's so much going on in the world of business and the markets are watching Dave set the scene for us. Well, I mean, you've got a market that's fairly broadly higher, but a real sort of disparity in performance between the Dow industrials. Yes. And people have hundred the NASDAQ composite food can really be traced down to earnings. I mean, you look at the S and P five hundred you see gee up thirteen percent Facebook up twelve percent. And that that's not even the biggest gay index charge me occasions up more than fourteen percent. All this coming to some extent after earnings. Although g got a couple more pieces to the puzzle. One billion dollar settlement of a US subprime mortgage. Probably lease agreement in principle on that. You have the CEO Larry Kolb talking about bringing down thirteen percent. I mean, it's still a ten dollars stock. But. Still is not the word. It is a ten dollars hasn't been one for almost three months, but it got back above that threshold today. So, you know, that's significant. Look, you've got enough to the positives out there, you know, people are focusing on those at the same time you look at the Dow DuPont down eight and a half percent. And that's in large measure, why the Dow isn't doing so. Well, I mean their quarterly numbers, they were okay. But it's about this year and the company which is planning to break into three not as optimistic as the lowest meaner talking about lower operating earnings, maybe unchanged revenue that didn't go over. Well at all. So I want to talk a little bit about the markets with you Joe Weisenthal before we get to that would love to hear your thoughts on what a great interview you had yesterday afternoon with Senator Elizabeth Warren joining you in New York, making some headlines what you take away from that door, a few interesting things that I thought so one of the obvious areas that all the Democrats are going to be running on is continuing to expand health insurance for people and Medicare for all is the rallying cry. But no one quite has it clear idea of what that means. And I sense there's going to be a difficult issue for them, which is what is the role of private insurance in their vision. So the government theoretically provide Medicare for all does that mean people can't have their own private insurance. If they want to nip pressed her twice on that. And she didn't really have an answer. So I think that's going to be tough. And then also, look how Democrats think about capitalism because that more and more Democrats are. Comfortable with some sort of version of the socialist label, even if it's a minority in the party, I told her that I think probably a lot of Bloomberg listeners and viewers would characterize hers is socialist for her plans to impose a wealth tax on the ultra wealthy. She said, look, I'm a capitalist capitalism is produced a lot of wealth, but capitalism needs strong rules. And so I thought that is sort of how she is framing the overall big picture of the economy, and I think that would apply to health care of the environment and to market and she sent a letter about Sears of all things weighing in there. That's amazing. Yeah. It is pretty remarkable. And of course, you know, she's also really been very critical of Wells Fargo and its CEO. So someone who not not disinclined or someone who is inclined to get in there on the sort of day to day business things that affect people's lives. Yeah. One other thing that we're going to be watching no doubt about it is the earnings by Amazon after the closing bell. Dave. What are we expecting on that front because you know, we'd be getting some surprises? Whether it's apple we've certainly seen some follow-through and Facebook and that is provide some upward momentum to the market and market support. Yeah, that's true. Of course on the other side of the equation after remember, whereas Amazon's growth coming from now in large measure, it's the cloud computing business Amazon web services, and we looked at Microsoft's results late yesterday. Sure, they're competing service as you're growing. It's just not growing at the pace that it has been in the last couple years and the stock is taken a bit of a hit in large measure because of that one and a half percent the moment. So that's going to be something worth watching how does Amazon stack up in that competition, you know, beyond just sort of the basics of their online shopping business and how that's all playing out here. So Joe final thought on the market. What are people talking about it on the desk? Well, ahead of the jobs report. I'm going to be really big. I mean this week it's been so massive feels like to some extent follow through from yesterday and trying to figure out why Powell change his tune so fast from the Gabar meetings. This wanted to still a lot of talk. It's interesting also rates tenure yield significantly lower today. So one of those good days to be diversified investor in which everything is up. It's like pal got the memo. Or something to that effect guys. Thank you so much. Sorry. Joe Weisenthal market Senator for Bloomberg co host of what you miss, and I really recommend watching that entire Elizabeth Warren interview from yesterday covered a lot of ground really interesting to get her on the market and Joe said capitalism healthcare really subjects of key interest to Bloomberg. And I think. Yeah. Absolutely. And I think here we are already countdown to the two thousand twenty elections and these candidates, and it looks like it's going to be a bit of a crowded field certainly on the democratic side in these issues that are being brought up these are going to be key issues going into the campaign and Dave Wilson. Of course, you'll be back with us later on with your stock in chart of the day. Let's do the Bloomberg markets bite of the day. It's one number. That tells us a lot. Today's number is fourteen point eight billion dollars total spending on everything from food to Jersey's to decorations for the big game between the New England Patriots and Los Angeles Rams and is expected to hit. Wow. Fourteen point eight billion. It is. Jason down from last year's fifteen point three billion. But still the third highest on record. According to a survey from the national retail federation average spending among US adults will be eighty one dollars thirty seven that's kind of about unchanged from last year's eighty one dollars seventeen cents the second highest survey history after twenty six hundred eighty to nineteen spent but it was interesting when we were talking earlier Scott Jenkins general manager of the Mercedes Benz stadium. And he said, you know, we've made it really focused on making the game and sports here in Atlanta affordable, and they talked about wet two dollars dollar hotdogs two dollar refillable sodas loved amazing. Yeah. A lot of talk about that here. And look you can get a sense just from walking around Atlanta even just walking around this building. Yeah. How much focus there is how excited people are about this game. We also have a teasing ahead to conversation to release in a couple of days long conversation with Joe, and we talked about the power of football as just a massive. Economic engine. All right. Let's get back to New York. We go.
"carol massar" Discussed on Bloomberg Radio New York
"Carol Massar along with Jason Kelly in our Bloomberg interactive brokers studio coming up, you know, Jason we talk so much about Bank. Stocks will our next guest says, hey, think about spam. Spam spam. Spam. Spam stocks spam. Socks. I get it done. I got. It wasn't that funny. No. It was it was so funny. So funny. It was so funny adorable funnel. Find me and my trailer. But I had not heard this term before it is really interesting, especially 'cause pay is one of them. And there's a fantastic pay pal story in the magazine this week. I'm really interested to dig into this with David mass transit someone is nicer to me. Oh, it'll be nicer to Charlie Pellett. Don't bring me into the middle. Here's what's going on you guys. Mention pay pal. Shares up now by one point eight percent. Look at the year to date numbers on pay pal. Five point two percent. We've got the Dow the s&p NASDAQ all pushing higher stocks, climbing broadly is the possibility of progress in trade talks with China overwhelmed. Skepticism about the financial group treasuries dip in crude surging towards fifty dollars a barrel. WTI west Texas intermediate up now by two point four percent forty nine sixty seven barrel. Well, as for the market's recent pullback McNally is equity strategist at Miller, a lot of people talked about how yes the decline of the we saw in the fourth quarter was totally about the fed about the trade war about the the government shutdown and things like that. But the disappointing earnings season also played a part in it wasn't so much. Their earnings reports it was earnings guidance. And that led to some of the dowries BP has approved its share of the cost of a one point three billion dollar oil project in the Gulf of Mexico. And found additional crude is it seeks to boost production in that region. In the next decade. Oracle founder Larry Ellison has emerged as the second. Biggest individual investor in tesla tesla shares up today by four tenths of one percent and Curic Dr Pepper will stop saying Canada, Dry ginger ale potent made from real ginger as part of a proposed settlement in a certified California class action tendered on three thirty seconds yield now two point seven percents. Stocks higher SNP up twenty up eight tenths gold down three tenths of one percent. I'm Charlie Pellett. That's a Bloomberg business flash. Trade charlie. Thank you so much. You are listening to Bloomberg BusinessWeek on this Tuesday. Jason Kelly Carol Massar, and we are Bloomberg radio..
"carol massar" Discussed on Bloomberg Radio New York
"With Carol Massar and Jason Kelly from Bloomberg radio. So Jason's all but impossible discuss gun policy in the United States without really focusing on the political role of the NRA. We're talking about the National Rifle Association, and that organization they spent years developing. This all American image is a flag-draped organization dedicated to defending second amendment rights. But lately, it's been expanding that footprint considerably, right? And we did catch up with reporter Neil Weinberg about historic this. And we should mention Michael Bloomberg founder of Bloomberg news parent, Bloomberg LP is a donor to groups that support gun safety, including every town for gun safety. Here's neil. Well, I think critics have been saying for a long time that the NRA is holds itself out as representing individuals individual Americans. But actually, there are a lot of corporate interests gun retailers gun manufacturers. And so on what people don't really understand is that a lot of these guns are coming from overseas and US gun manufacturers are also trying to sell increasingly overseas. You can see these. Trends in the import and export numbers. So as the industry has become more global, the NRA has become more global and has reached out to non-americans and non-american companies for financial support. Well, and these are companies that are probably well known in the corporate sphere. And certainly to anyone who has followed the gun industry at all. You're talking about Baretta you're talking about Glock, and they are representing both US gun buyers. But as you say foreign gun sellers and that representation, whether it's literal or figurative that the NRA has really is the crux of this. Right. Absolutely. And you think you see two points one is the financial interests, and you see this from Glock, and from tours from Brazil, and so on, but you also see that the NRA is sort of a standard bearer around the world for those who support gun rights, and you've seen this in Brazil with the new president who was just came to. Office. And you also see this very embarrassingly for the NRA in Russia with a woman Maria Boutin a- who's been arrested for operating as a unregistered agent of a foreign country here in the United States. So talk to us a little bit about the flows of guns. Whether it's US manufacturers going overseas or foreign imports coming into the United States. What have we been seeing in terms of those numbers? So if you look at the markets, the US is unquestionably an overwhelmingly the largest market in the world for civilian firearms. And so everyone wants to sell here, and what you've seen increasingly is that the products that are being sold the gun center being sold in the United States are coming from overseas. You've seen over the last two decades from about twenty percent to about thirty percent of the guns. That Americans are buying are coming from overseas. In terms of exports over the last decade, we've seen about a sixty percent increase to close to four hundred thousand a year in number of firearms. That US manufacturers are exporting. According to the data, we've reviewed and learn about political support our money financial support that's been coming from some of these gun manufacturers global gun manufacturers to the NRA. What have we seen there? Well, you might think that the NRA gets most of its support from individuals in the United States who were spending roughly thirty five dollars a person, but they also get large chunks of contributions from gun manufacturers from overseas. And you also have companies like toros, which is a Brazilian company makes fairly low cost firearms sold in the United States gets most of its sales here, and it offers every person who buys one of its guns in the United States and a one year membership for free to the NRA. We don't know exactly how many of them are taking them up on that. But presumably a fair chunk are and what does the NRA say about this? What is their stance on its role internationally? They haven't set a lot. They didn't they declined to speak with us for this story. Although. On some policy issues. They have certainly taken stands, for example. There was a UN arms treaty a few years ago and the US supported this treaty. This was a democratic administration. But the NRA vehemently took the opposite position and sided with countries like Syria. Right. So well, that's what's fascinating too. And I didn't know that. But reading your story to see the positions at the NRA took in some situations would seem almost anti-american are oriented American, certainly they have taken the opposite position that the US government has no obviously, the NRA has its position on policy issues. It believes in giving people the right to to have firearms. But it is also according to what had files with the Internal Revenue Service. It only serves individuals individual American. So who how individual Americans are served by promoting gun rights overseas? Maybe is a bit of a stretch. They would argue, and they did argue that in some cases, if you limit or you have these international organisations limiting the distribution of guns worldwide than that will ultimately hurt Americans ability to buy as well, and you draw a comparison early in your story to what's happening, Brazil, you mentioned Bolsonaro, obviously being sworn in just recently and the comparisons between him and President Trump, and the political implications and ramifications that guns have in each of these countries. There are a lot of similarities between Brazil the United States when it comes to gun. There are a lot of similarities and interestingly enough there the two countries out of one hundred and ninety five countries tracked by the American Medical Association, number one and two and the number of gun deaths, but the leaders of both countries the United States in Brazil field that the answer to this epidemic of gun deaths is looser gun laws. Well, and let's go into that. Because it certainly is a bit of a police. Football, right? In terms of every time that there is a major mass shooting. Right. We often in an odd way. See gun sales go up you do wonder about whether or not an organization like this would have been weakened. It hasn't been now or has it. No. Well, what you find in some pushback any going back to the Clinton administration writing kind of putting more regulatory oversight on some of the gun makers. Sure. And it is times when regulatory oversight is looking more likely that you find gun sales and gun member. Excuse me. Ships. Go up people fear that their their access is going to be limited. Interestingly when it looked like Hillary Clinton was going to win the presidency in two thousand sixteen gun sales shot up and then when President Trump too many surprise won the market collapsed. And you ended up having a lot of gun manufacturers and retailers who suddenly had all this inventory. Nobody wants that's still Weinberg a senior reporter for Bloomberg. And of course, this story, really fascinating. Right. Because we think about the NRA being so American it's an organization, I think that's roughly one hundred and forty eight hundred and fifty years old. It was founded here in the United States. But increasingly Jason this story reminds us, it is going more global, absolutely and those international gun makers, so entrenched in the American gun economy and also the political aspect as the Russia investigation continues. And as we mentioned, Michael Bloomberg founder of Bloomberg news parents Bloomberg LP. He's a donor to groups that support gun safety, including every town for gun safety. You're listening to Bloomberg BusinessWeek coming up. American chain restaurants had a tough year. Twenty nineteenth looks worse. Especially when it's looking for workers. This is Bloomberg. Teens.
U.S. judge orders Georgia to allow voting for some blocked residents
"Be allowed to vote in this election, if they show proof of their citizenship when they go to the polls the more than thirty million Americans have cast early ballots ahead of Tuesday's midterm election turnout is so high some states or even approaching their early turn out from the two thousand sixteen presidential election. Wall Street finished in the red today despite a rosy jobs report in October and a quarter million jobs added. I'm Evan Haning. This is Bloomberg BusinessWeek with Carol Massar and Jason Kelly
GE falls below $10 for first time since 2009 after analysts say dividend cut may not be enough
"Its first earnings under its newest CEO. Let's get into this with Jim corridor equity analyst over at CF are a research on the phone in New York City. He cut his twelve month price target in two thousand eighteen EPS estimates on GE also carrying Ubale heart is our senior industrials analysts at Bloomberg intelligence. She's here in our Bloomberg interactive brokers studio, Karen I want to start with you. We mentioned this stock tumbling to a two thousand nine low below ten dollars. And that's where it sits right now. Ninety six we expected there to be a lot Latin this quarter a lot of bad junk, if you will is it worse than we expected. Walk walk us through it. I think people wanted more. There's a first of all the investigation. Now, people are like how big is that black? All the additional DOJ investigation, adding the goodwill charge that black hole is what scared people for awhile. And now, it just got bigger, and they also said that they have to help fund put more money into GE capital. The DOJ has been looking into that twenty two billion dollar charge that she took in connection with its power you. Yes. Okay. And so sorry, Jim. I it's you take a look at this worse than you expected. I mean what what was the big surprise here? Because we knew that there were some things that obviously got Larry Culpepper predecessor fired. So what really caught people off guard. I think it's the combination of the announcement of the DOJ investigation coupled with the cutting of the dividend by almost ninety five percents wiping out the dividend investors that were in the stock for the dividend. Even though it was reduced from earlier this year already. We're exiting at one cent per share at the same time that investors that were holding on with hopes for restructuring are disheartened by DOJ an SEC investigations. So are we missing something? It's an eighty six billion dollar market cap company. That's expected to have one hundred and twenty billion dollars in revenues. I mean, Karen, it's not like there is value in General Electric in. I think it's it's the unknowns that are scaring people if I look at the aerospace business is an unbelievable business, and it blew this things away in this quarter healthcare is good. I mean, standalone the company certainly got a lot of value in it. But it's just how big are the charges. How much will they pay? I have a thought on the goodwill right off. There's a lot of flexibility on when you have to recognize a goodwill charge. Caterpillar? Four years losing seventy five percent of their revenues in their mining business. And we kept saying are you going to write it down? What are you gonna write it down? There was a clause in their ten. K that says basically as long as you think there is value there over the long term, you don't necessarily have to write it down. I don't know what GE will decide, but we were badgering them to do it. And guess what they were right? The businesses rebounding. It's up twenty five percent from the bottom. And it's not back where it was. So there's that's what I learned. Oh, there's a lot more flexibility in this. So I wouldn't think they're going to necessarily. Have to take an a bigger hit. So Jim what do they need to do? Now. What do you need to hear from call to give you confidence that he's got this ship closer to to write than before? Number one. We need to have these restructurings and he's right down. Stop. We can't have a twenty two billion dollars here. Fifteen billion dollars charge in January and have it keep going on. And on we need to have stability. So that we can have some faith for the future member to Mr. call past set some targets, which they are setting. Are they need to hit them execute on these targets? So you can't really even figure out how to value a stock. Like, gee, you have some kind of firm financial data you could trust that when they tell you a credit revenue or earnings guidance. But there's a good chance they might hit. And they've missed target after target. If the target had endless restructuring, so they need to put a stop to that and start hitting at executing again. Well, okay. But do you expect that Jim to start next quarter? I'm just curious if they haven't given the new guy kind of time to get settled in a seat and really figure out where all the problems are buried so that it can come out and say, hey, folks, here's here here. It all is are we need to be patient and could be expect maybe another couple of quarters where things. We're going to be you know, we're gonna have some surprises coming out. So yeah, I would argue for patients, but if you look at GE investors, angry they didn't give John Flannery six months to to to restructuring program before they start in the door. So you know, it's gonna take awhile to take six months to a year before you can get a ship. The size of a turnaround, but investors are angry at impatient. And they're unlikely to give the company much time. They're worried about the financial side. And they didn't tell us away. They're going to generate real cash. You know, they said we're not doing Baker Hughes. The sale of Baker us shares earlier where we're not selling G casts were not, you know, they haven't given us a way we're not doing an equity offering then how you going to get out of this cash Meyer. So do you think I'll tell you? They change their mind on that. And what's the most likely scenario to raise that money? I think they do change their mind on on some of this. First of all Baker us announced today that they're halting their stock repurchase. Waiting to see what GE is gonna do. Gee, said they're not changing the. Timeframe. So there is some kind of conflict there Baker uses that basically saying, we'll take it. We'll take it. And yeah, we'll take it off the market in advance of the John July twenty nineteen lock-up period. Also GECAS they love that business. I'm not so sure they're ready to do something with that. But they're getting knocked on the door. You know, the doors get knocked down on that aircraft air aviation finance business. I don't think they're ready for that yet. But but hey, Jim just quickly got about thirty seconds. You kept your hold rating despite cutting the price target and the full year EPS estimate why just quickly. There's a lot of value. A lot of value at the company. They have great assets. They are leader in aviation transportation is doing great even though they're spinning it off healthcare is a leader in oil and gas showed stability this quarter. So there are some great assets at GE, and if they could just get they're restructuring halted get the company back on firm footing. There's going to be value there. But it's just a matter of when. It's tough to put a sell on of stock is down there. Thirty seven percent is industrial do want to rotate into the stock. You've seen. The soccer hour over time. And if they could just get some good news going. Rotate back into the sheriff down about ten percent today down forty three percent so far in two thousand eighteen Jim corridor equity analyst oversee far a research on the phone in New York. Karen, you will heart. Thank you senior industrials analyst at Bloomberg intelligence in our Bloomberg interactive brokers studio, you're listening to Bloomberg BusinessWeek, Carol Massar and Jason Kelly. This is a Bloomberg.
Stocks end mostly lower, tech shares drag Nasdaq down 0.9%
"Thickness after the close of US trade, and we're going to pick up the conversation in just a few minutes again with Scott Galloway from NYU stern school business. Talking tech talking his book. We'll wait a minute. He said the worst brand which he talked about of the year. And he's gonna give us the best. Best friend decision. Best brand moment. The single moment happened this week, we witnessed it. But we don't know what it is yet before we get to that. Let's get to Charlie Pellett. And I thank you very much. Here's what's going on game. Stop posting disappointing. Second quarter earnings putting pressure on the beleaguered video game retailers management has it weighs a possible sale. Shares of game stop now. Lower by four point
AmEx's forex unit being probed by FBI over pricing practices
"The company. We should also also circle back on American Express company is down this shares down after a reported the Wall Street Journal, the FBI investing pricing practices at its foreign exchange. Operations shares dropped about one point three percent after that report came out just earlier this afternoon. So clearly that's going to be one to watch as well. And when you see those sorts of stories, those those are not things that go away quickly. No, not
Wall Street extends rally, tech leads S&P, Nasdaq to record highs
"I'm Charlie Pellett remove into, the final hour of trading in these two headlines to pass. On to you from the Bloomberg professional service President Trump says the Canada trade, talks are going well he goes on to say. The Canada wants to be a part of the trade accord. Stay with Bloomberg for the latest on those trade talks stocks higher the Dow the s&p NASDAQ all advancing SNP up fifteen again. Now, of five tenths of one percent add twenty, nine twelve that is a record with the SNP above twenty nine hundred. NASDAQ also advancing to a record up seventy two to eighty one oh to
AMD's New Radeon Pro V340 Graphics Card: What You Need To Know (NASDAQ:AMD)
"Some other names s., and, p. five, hundred. Jason three hundred sixty one names, hire one hundred thirty seven lower. Seven, unchanged I know you're the chip guy but I gotta talk about. AMD yeah number one gainer in the. SNP up five point three percent today highest level. In more than a decade they debuted a new graphics card over the weekend it's called the radio on pro v. three forty. Graphics card companies saying it can power the, most demanding, data center visualization workloads it's expected to develop on the. Fourth quarter, but anyway so. It sent AMD hired the whole socks index up one point six percent today Intel. Also gaining one and a half percent AMD's up thirty percent. In a month we have not seen a run like this at some point. We're going to have to bring Ian king to give us some historical context he's been watching this for a, long time and he and I go back aways back to that Early two thousands yeah, when we were watching these names. And. Let me tell you AMD was not doing this back then I. Mean Intel was had a boot on. Their neck proverbial much smaller player right I mean. They've always sort of hung around the hoop in a lot of ways that they had some CEO turmoil Fred time and they. Have never really been able to catch up, but I, mean this has been a just a tremendous them seven. Straight seven, th straight day. Of gains their longest winning streak in two years it's amazing it's pretty pretty amazing. As you say the biggest gainer in the in the SNP. And driving a lot you know that SOX is is an index that people. Really do watch very closely as a broader economic indicator because everything's managed you and me to know
Elon Musk Wants to Take Tesla Private. Can He Make the Math Work?
"Stocks let me just bring you in quickly on a story that we got in the last ten minutes about tesla the Elon Musk Mosca said. To perhaps be hiring Morgan Stanley to help take tesla private earlier this. Week you corrected me I thought it was. Last week we did see that the analyst from Morgan. Stanley Adam Jonas dropped coverage of tesla we thought that that might be because Morgan Stanley was working with. Them we're not seeing a big reaction on the share, price because it's one step among many and the biggest hurdle for Goldman Sachs board and Stanley anybody else that's, brought on. Board by Maas by tesla by anybody else it's. All. About Finding the finance yeah. I know you can write funding secured in a. Tweet but actually having fun insecure. Is a whole
Twitch Plans to 'Aggressively Broaden' its Content and Expand Beyond Gaming as it Battles YouTube
"Today Ben about people watching other people, play video games but they're sort of. Changing their strategy now they have their eyes set on YouTube and some bigger plans. For future growth Carol Massar night talked to Lucas Shaw about. Twitches grand ambitions look, tells about, Twitter of course owned by Amazon tesla bit about though how many people. Are using it so twitch is in the destination for people who like to watch other people, play video games which sounds like something really strange to a large segment. Of the population but there are fifteen million people who come to the site every day. To watch videos it ranges from literally people playing video watching people. Play video games also people talking, about video games but, in recent years the site has tried really broaden what it what it offers and the types of people that. Brings in there? Do they have they've made deals for Korean dramas We'll have live streaming of Julia child they have NFL games they have the. NBA minor leagues all part of this effort to make it out. Of the place for watching. Live video on the internet and suddenly Lucas, it starts to feel. A little bit more like YouTube and YouTube obviously, is the eight hundred pound gorilla in. This space but put them next to each other and help us understand how they. May interplay here sure so YouTube is the place for on. Demand video if you, want to, look up something whether it's a late late clip for a sports highlight. Or a music video you'll probably go and find on YouTube or YouTube really is just the, common language of video on the internet it's the video that gets embedded. Someplace but twitch has grown because of its emphasis on live and if you think about. It most of the are a lot of the TV that we've. Watched historically has been live and, that's really appealing to, advertisers and it's appealing to some viewers and so that's sort of the competitive advantage that which has no twitches. Significantly slower than? YouTube it's not as global as YouTube and the types of video that it has not as diverse but that's something they're trying to change and that Damer demographic. That twitch is so strong in is also very popular on YouTube some of the most popular YouTube stars over the years, Mark the player Pudi tie household names people between twelve and thirty four are gamers in. So. YouTube has started to get a little bit nervous. About this competition from twitch you've seen, them make deals to try to deter twitch let's remind everybody to YouTube of, course is owned by Google or alphabet tell me though about the personalities that twitches trying to attract why would. They want to go to twitch it's, a smaller audience versus staying on YouTube so twitch has. Gone after everybody from Hollywood through, posting lot on YouTube I've heard that they had wondered if somebody like Will Smith would wanna post on there to a more traditional YouTube style influenced serve. Whether it's the fine brothers who've writing produced a lot of shows for for YouTube or gee-gee. Gorgeous he's a famous lifestyle Silencer and they would go to twitch because, they can't rely on YouTube for all their money obviously Will Smith makes plenty of money doing various things but if you are. An influence for example you may have built your business, on, YouTube but YouTube is a somewhat. Unreliable partner and there's only. So much money you. Can make from a low low margin advertising there so you go to twitch because. You can sell subscriptions one of the most common ways. For people to make money, there is, getting somebody getting your fans to. Pay five dollars twenty five dollars a month to subscribe to, your channel and that subscription feature is not? Nearly as common on YouTube as it is. On twitch yeah and that's a really interesting point this idea that Amazon. And twitch have been much more comprehensive it feels like in terms of creating a business model with multiple revenue streams the other obvious, thing it feels like is it's part of Emma's on Amazon is all about commerce and so many. Of these online personalities Ultimately do and I'm going. To drop some knowledge here. They make their money on merch right You can tell the influence that twitches had on some of the changes that, YouTube has made so, all these tech companies you made the point YouTube is owned by. Alphabet which is on Amazon they're all fighting. For control of every single dollar that we spend and so they. Tend to copy one another if they see, a feature that somebody else has that they. Like so to your point about merchandise Twitch has made it pretty easy. Or at, least, has tried to make it easy that if you're watching somebody on twitch you can then go and buy something, from them or something that, they recommend, on Amazon YouTube has recently. Rolled out a couple of features. That look a lot, like something you would find on twitch both. This ability to subscribe to different channels but also the ability to buy merchandise? And post links from your video and so? Yeah you see these different companies in through video trying to just get you to spend as. Much money as possible whether it's advertising subscription merchandise so on and I'm curious, to Lucas's there's something. That twitches also offering I mean you you you write about IRL's. In real life videos is that something that. Twitches doing more readily more easily than YouTube is doing and that's. More attractive to to online personalities Well I. Look at an an video kind of like a YouTube blog they're both personal updates about whatever's happening in your, life and blogging is one of the most, popular formats on YouTube as well the difference again becomes live versus edited. So on, YouTube, people will spend a day up our editing and making sure that their log is perfect on twitch you don't, have that option Luca Shah, as always, great stuff thanks so
Bloomberg, Turkey and Elon Musk discussed on Bloomberg Markets
"Crisis in Turkey could bleed globally and create a bit of contagion equities right now trading lower with the Dow down about three tenths of one percent volume, though, given it summer a little bit on the light side. Not surprising s. and p. five hundred volume is roughly twenty percent below
Tronc weighing offer to sell newspaper business: report
"Points developing story this afternoon trunk that is the publishing chain that owns the Chicago Tribune it is rallying the. Most in six months on a report that it is considering a sale of its. Newspaper. Holdings to a private equity firm the proposed deal involves, a bit of, nineteen to twenty dollars a share according. To, a story. In, the. Tribune which. Thanks unidentified people close to the company, the newspaper says the offer could value the business at seven hundred million dollars trunk shares they're up now by
Snap loses daily users, beats on revenue as Saudi prince takes stake
"Markets All right everybody you're listening to Bloomberg markets Carol Massar along with Jason Kelly letter earning news. A lot of tesla Tesla tesla tesla Marcia Marcia. Marcia we started Marcia Marcia, Marcia our, tesla tesla, tesla you went there Proud of you More about the broader market picture in. Just a moment let's get back to, your headlines Charlie Pellett keeping track of it all Charlie. To absolutely right and we just got another breaking news headline coming across the. Bloomberg right now Saudi Prince Alwaleed says he bought, a two point three percents, stake in. Snap snap reporting its first ever quarterly drop in daily Snapchat users signaling that a controversial redesigned to the social media, earlier this year still hindering growth revenue topped projections as demand increased for the company's mobile. Ads snap shares they are rallying right now by nine and. A, half percent again, repeating that headline the Saudi Prince Alwaleed says he bought, a two point three percent. Stake in snap the Walt Disney company released earnings after the bell shares are moving lower their, down two, point four, percent Disney runoff. Unreleased animated movies last quarter, stumbled at mar the entertainment giants, record-breaking summer box office performance and crimped. Its latest earnings got, a mentioned, tesla Elon Musk saying he is considering taking tesla A private and a radical step two would ease pressure on the money losing automaker tesla shares rallying. Today by ten point nine percent the Dow the s&p NASDAQ all pushing higher SNP up eight. Again there of three tenths of one percent the Dow of one hundred twenty. Six five tenths of one percent NASDAQ up twenty, four are by three tenths, of one. Percent gold up three tenths of one percent twelve ten the ounce I'm Charlie pelletan that is a Bloomberg business flash, thank you so much Mr. Charlie Pellett still wanna hear more later from you about visiting. The Brady bunch house but that is become the least of. Our, top stories today, Carol Massar as we look at everything that's happened over, the last few hours tesla. Is Charlie mentioned really leading the way in terms of grabbing the attention Elon Musk coming out, and saying, that he, would consider is. Considering taking the company private, private and one of the numbers, that we need to put out there. Is based on his, four hundred, and twenty dollars a share price Price tag for a take private that would value the company at eighty two. Billion dollars that's a big LBL it's, a big, old I'll. Be oh it. Would be almost not quite double. The size of the next biggest, which was back in two thousand seven taken private by KKR and teepee g, the financing the but the equity and the debt that would. Need to be lined up to do this sort of deal would be massive. And unprecedented right alone says he's got it he's got it lined up and. Is certainly experience although a final decision has not been just going to say no to his, employees said a final decision exactly has not been made so stay tuned everybody aren't you're listening to Bloomberg markets and this is.
Fed stands pat on interest rates
"Pressure on the Chinese in order to trade change their trade practices we've got more coming up. Also more on Tesla's shares now up about three. Percent let's go to Charlie Pellett, in the Bloomberg newsroom he's got a Bloomberg business flash thank you very much Pimm FOX tesla burning through less cash than analysts expected. Last quarter and stood firm with CEO Elon, Musk's projection that prophet is around. The corner after Years of lawsuits the fed wrapped up its latest policy meeting and the central, Bank is standing Pat on another rate increase four now and with more here's Bloomberg's Vinny Del. Giudice game plan remains the same. And their, official, policy statement fed officials repeated. They're planning to gradually lift rates while taking a pass for now they're aim, keeping the economy expanding at a healthy pace. While holding inflation and. Bay the Fed's next policy meeting late September futures trading imply that's when the fed will act NFL chewed ice bloombergradio as some p. five hundred index down three today down one tenth of one percent the Dow down. Eighty one down three tenths of one percent. NASDAQ up thirty five of five tenths of one percent. Tendered on ten thirty seconds. Yield two point nine nine percent gold down six, tenths of one percent twelve sixteen. Ounce west Texas intermediate. Crude down one point four percent at sixty seven eighty two apple shares at a record of five point nine percent at two one fifty and again Repeating our top story the earlier. Headline Trump administration says it is weighing whether to increase the proposed tariff on two hundred billion of Chinese goods to twenty five percent from ten percent stepping up pressure, on Beijing to change its trade practices I'm Charlie. Pelletan that is, a Bloomberg, business flash thank you very much Charlie Pellett you're listening to Bloomberg markets I'm Pimm FOX along with Bob every, we're in for Carol Massar and. Jason Kelly.
Icahn, with sizable stake in Cigna, to oppose Express Scripts acquisition
"Purpose Movers and, shakers the cost named Greg Bloomberg market movers and shakers with Carol. Massar and Jason Kelly on Bloomberg radio I'm Pimm FOX along with Bob, everywhere in for Carol Massar and Jason Kelly taking a look at the s. and p. five hundred one hundred and fifty three issues advance three hundred and forty seven decline and five remain unchanged Bob every. Let's, start, with your movers and shakers well. Tim I gotta go with the underwear we've got the Hanes brands that is no longer going to, be selling its exclusive line of champion active wear at target stores and that stock is. Down of it's what happened. To it it's down by twenty percent I think it was like nineteen percent and it's it's a ridiculous amount that showing how I. Think that investors are kind of fickle when. It comes to the, big box stores on the one, hand they punish the the shopping malls, but on the other They give it a lot of a lot of. Weight when it comes to retailers selling their wares there let me just, tell you about the shares of trip advisor down today by about a half a percent moving a little bit lower in after hours trading after reporting second quarter earnings of forty one cents a share estimates. Were, for, forty cents but revenue missed analysts. Estimates four hundred and thirty three million for the quarter estimates were for four thirty five we'll bring, you an update on trip advisor and it's guidance right now shares down eleven percent after. Revenue MRs Wall Street estimates. Sets trip advisor and yes trip adviser is of course based in Needham home to Bloomberg one zero six one Boston newburyport at thirteen. Thirty in metro west and the south short. We love our listeners, all over the glass Red Sox, nation yes it is I'm going to give you a positive today feeling good it is. Miller Coors the ticker is t. a. p. Molson course did. I, say Miller The old one I now it's Molson thank. You okay Molson, Coors Brewing company is having, a joint venture with hydro Pathak Kerry Corp in Canada to develop a non alcoholic cannabis infused beverage so. You're combining I guess it's not alcoholic but there's only it's. Only a matter of time till they get wise and start putting alcohol in it you're getting two of. My favorite things their business and pleasure I'm, not even gonna talk about that shares of Express Scripts down about six and a quarter percent. Today this comes after disclosure that the activist investor Carl Icahn has built a pretty sizable, stake in Cigna and that plans to oppose the fifty four, billion dollar takeover of Express Scripts is according to people familiar with the matter now the. Exact, size of Carl Icahn stay couldn't immediately be, learned but. It's below that five. Percent threshold that would have required him to. Disclose his holdings nevertheless The shares of Express Scripts responding to that news down more than six and a quarter. Percent Sticking with the underwear of motif yes they have here under armor is down today under armor is I'm not quite sure why been searching the Bloomberg terminal for, why under or maybe it's just one of those, things where if you have Hanes brands down you have the leak over to all the other Underwear Underwear Elastic on out of the. Underwear I want listeners to know that I made Pimm FOX laugh on it is not an easy thing to. Do, well let me tell you about MGM that's not a laughing matter for shareholders m. g. m. resort the stock down more than nine. Percent in today's, trading this of course has to do with the revenue going to accelerate beyond the trough of tough rather a tough second. Quarter I beg your pardon. Bob I'm just trying to do two things at once and at the. Tesla second quarter adjusted loss of three. Dollars six cents estimate was for a two dollar and ninety cent. Loss so worse-than-expected for for, tesla and they've, been you, know they've been criticized for burning cash and not making any profit You know most people would love to see a an electric car company. Succeed boys tesla having a. Hard time yeah they're burden through a lot of money let me just. Tell you what happened with the Vicks. Today we'll get the tesla in just a second the vix moved. Higher today it was up, three percent adding, zero point, four zero to the vix settling at thirteen point twenty three Dave My name is. Dave You're doing.
Amazon beats estimates, Wall St. breathes sigh of relief
"Around Again You got a purpose Movers and shakers they. Cost a little lower Greg Bloomberg market movers and shakers with Carol Massar and Jason Kelly on Bloomberg, radio everybody time for a look at your winners and losers movers and shakers on this Thursday. Afternoon we gotta start right with the earning because Amazon Intel and an all out, Amazon let's go through the those results because the stocks up about three, point three percent here in the after. Hours, Amazon the headline. Numbers second quarter net sales, fifty two, point nine. Billion it's a little bit. Light the estimate was four fifty three, point four, billion and the third quarter. Outlook the company saying third quarter net, sales Jason, fifty four to. Fifty seven point five billion that too is. Light the Wall Street estimate is. Fifty eight point zero three and the PS. Number you heard Charlie do it like to see some clarification if this is indeed the number because it's so it's a big, beat five, dollars seven. Cents the estimate that we've got currently on the Bloomberg terminal to forty. Nine so that would be certainly a, big But everybody's also looking at, the of the stock was down a little bit too down, about three. Or four. Percent now it's up almost three point four percent this feels like why those, reports Carol where people are trying to figure it out waiting to get a little bit more. Explanation you get that sound you hear a sell side analysts up and down Wall, Street scribbling in typing using spreadsheets to try and figure out what this, all means I wanna move over to. Intel, briefly a second. Quarter revenues coming in at, seventeen billion, at beating. The estimate of sixteen point. Seven nine billion they are boosting their, view for, the year a second quarter. Adjusted EPS coming in at a dollar, for the, estimate there was. For ninety six cents so that feels like. A pretty clean beat for the. World's largest semiconductor may tell down three point. Two percent here in the after hours so we're gonna need to see but you know what's interesting is Amazon sold off initially, think down, almost five. Percent right after three adults and then it's bounced back and now it's. Up four point four percent let's see There's some follow through when it comes to Intel. Other year revenue they're looking for, sixty nine. Point five billion plus or minus, billion, that's one thing that that that may be, catching people a little bit by surprise especially. Given what they are. Saying for this quarter you know trying to come up with, some consistency about the rest of the year let me mention Amgen second quarter. Just at PS three eighty three that, is better than the forecast of three fifty six or path a sales up seventy eight percent, so this. Is one of the key metrics when we're. Looking at Amgen and also saying a succession planning for two executive officers so it sounds like the replacing. To top executives said looking at kind of the c. suite working around with that let me just, take a look at Amgen here in. The after hours it's up about. One percent here, feeling like a lot of executive turnover being asked his quarter just as we did it, we saw it with Gilead. Yesterday surprising the street a bit, with their. CEO CEO Changeover and obviously some. Other moves less expected coming out over the past few weeks Amgen, it's Shaun Harper their executive VP, of research and development and a. Sixteen year veteran he's going to be succeeded by David had been a senior vice, president translational scientists and oncology so there are definitely. Some changes, I'm just taking a look at the Amazon live blog stocks now up. All of their fangs are now, up around half a percent from the market close or Libya shaver she's across asset was reporters weighing in on that Amazon providing guidance. For the third quarter expecting revenues between fifty four and fifty seven point five and that is a little bit light Alice expectations. For fifty eight point zero three billion so a little, bit more insight into that one definitely will be looking for. Color from the call as that comes out and we will be monitoring. Very closely this top light blog. As you and I have talked about this it is the best cheat sheet there is. Out there for us because we, get to leverage all those great journalists and analysts Both inside this shop and outside as the sell side especially starts to pour in with their initial reactions, to. Amazon Intel Amgen. As you say we are in the, heart of the earning season. Carol no doubt about this is a busy week and speaking of earnings, we've been talking about. It all day and rightfully so. Facebook you know twenty four hours ago Jason we were all over at Facebook was your number two decliner in the s. and p. five hundred disappointment about so many different, metrics user engagement and revenue outlooks on that stock was down eighteen point nine percent in, today's session going as low as a twenty percent decline also seeing Starbucks crossed the Bloomberg terminal. Third quarter just did EPS sixty two, cents a. Share a penny better than the forecast comes. Up one percent and that's a little bit better than the forecast which was for an eight tenth of a percent. Rise let's get a quick check on your index report the vix. Down a hair down about point. Four percents of x. closing on this Thursday at twelve point twenty four you're listening to Bloomberg.
Lululemon names Calvin McDonald as new CEO
"And actually you. Can headline right on Lululemon Lululemon appointing a new CEO. That's Calvin, McDonald we're going to dig into that a. Little bit. More of course their former CEO left for some inappropriate behavior we're told we'll have to check. In at least briefly with our own Lindsey Rupp who follows that closely obviously a company that has grabbed a lot of headlines, over the last couple of years has done very, well as, a stock but that coming out amid a lot of earnings Texas Instruments. We heard, Charlie Pellett I'm talking about and we're digging it into it all right and waiting for Salesforce and AT and t. just the bigger picture. The s. and, p. five hundred kind. Of an even, split again today two hundred forty six names higher today two hundred fifty three lower six unchanged and one stock that. We certainly, heard a lot about today and that is Harley Davidson issue number one Never to gainer. In the s. and p. five hundred what's interesting is, I'm trying to figure out is that right up seven point six percent because they. Did cut their forecast for profit, margin this year by an amount that suggests it's finding a way to. Cope with all. The damage done by President Trump's trade war so the. Company may, be figuring it out and investors seeing that. As a. Good thing and that's because they mentioned the number two in the SNP that's because the CEO. Had said they are facing some headwinds overtraining turf and of course this is a company that President Trump called out specifically as, you know as someone who was quite unhappy with, yes he, was and apparently they're doing is they're speeding at the shipments to the. EU to, kind of blunt the impact of higher tariffs that were impacted fascinating to me we are really seeing more and more this come up you. Know not just, on conference calls but. Companies increasingly as, earning season goes on talking about this proactively sometimes even in their results and certainly before they can even get asked. The question When they start to. They start to talk about how they're dealing with us You know one name that I'm looking at JetBlue down more than, ten percent it appears and the. Headline on, the Bloomberg, six has double whammy hits outlook for revenue and costs and obviously you know JetBlue such big name and that is going, to has had the effect, of dragging down a lot of the. US airlines their forecast for rising expenses not. Making folks real happy out there I just want to. Recap, to Texas Instruments if I may let me just bring up the numbers, again just crossed. Here after the closing bell Texas Instruments. Seeing third quarter revenue a four point eleven billion to four point forty five and. That's maybe a little bit higher potentially on the higher end of. The range the estimate it's out there for about four point twenty five billion and we also have to have another one third quarter EPS a dollar for you went to. Dollar sixty three and that compares with the estimate of a dollar forty eight, that's out there in a quick check on Texas Instruments Here in the after, hours stacks, up about eight tenths of a percent well and of course Texas. Instruments again I feel like this is a constantly Texas Instruments CEO, just recently stepped down after only. A couple, months on, the job rich Templeton the previous CEO stepping back in there so investors looking for something to to sort of hang onto, with TI right now so, interesting to see how they interpret these. Because as you say pretty wide range the. Estimate fits in there but a pretty wide range of. We'll, we'll see how how investors in the street reacted in the low end, is definitely below. What Wall Street's forecasting but the high. End is certainly above it hey whirlpool is your number one decliner in the s.. And p. five hundred down fourteen and a half percent and again. Global trade war heating up and we'll pull apparently feeling the impact of it they said rising raw material costs hurt results in three out of four of its regional markets. Wow in the second quarter and that includes North America Asia and also at struggling Europe Middle. Eastern, Africa division so well these these global companies certainly starting to experience this in pretty meaningful ways all right. Let's get, to the volatility index report and the Vicks for the Tuesday trae just down. One point, seven percent Vicks closing, at twelve point forty you are listening to Bloomberg markets Carol. Massar. Along with.
Turkish lira tumbles after central bank keeps interest rates steady
"And a look. At, trading could use voice. Charlie well here's what's going on I'm just thinking about all these Alexa. Devices going off across the country. They listen to this broadcast today but right now we've got the SNP up six, up two tenths of one percent the Dow up one hundred thirty nine up six tenths of a percent NASDAQ down sixteen a drop of two tenths of one percent equities fading in the afternoon session NASDAQ turned a negative after an. Initial boost from, the technology sector Google parent alphabet anchoring of big leap after, beating estimates last night right now alphabet is up by three and a half percent Turkey's central banks, stunned investors by keeping interest rates unchanged defying expectations for increased borrowing. Costs. And sending markets in Istanbul tumbling Bloomberg's semen Duncan has, more, from our bureau, in Istanbul Yes he's the investors are losing faith, in the central bank's independence they were expecting a rate hike by. At. Least one hundred basis points and the central Bank fate Failed to deliver anything at, all now of course inflation is running more than triple the. Central bank's target rates and even though since April the central Bank has raised by five hundred basis points investors say that more needs, to be done. To cool inflation the US government is suing fanatics Inc that is sports apparel company whose. Investors include the NFL and major league baseball for racial discrimination harassment and retaliation Ivanka Trump shutting. Down her fashion and footwear company and just getting word from Wells Fargo. It is boosting its quarterly dividend to forty three, cents, a share up from thirty nine cents Wells Fargo, based in, the bay area of four tenths of one. Percent the tenure. Of two thirty seconds yield two. Point nine four percent gold, up one tenth of one percent west. Texas intermediate crude up eight tenths of. One, percent I'm Charlie pelletan that is a Bloomberg business flash thank. You so much Charlie Pellett I'm Jason Kelly alongside Carol Massar we are live at the voice summit The. Wellness and event center on, the. Campus of nj NJIT here in. Newark New Jersey this is Bloomberg radio The focus to add.
Trump Lines Up Powell as Scapegoat If Tax, Trade Moves Sour
"Inmates in facilities without central air conditioning medical experts are asking people to be aware of the warning. Signs of heat exhaustion which Dr gills. Salazar says can come quick. Feeling Malays headache nausea, vomiting those are symptoms not to ignore temperatures in parts of North Texas and Oklahoma could reach his highest one. Hundred nine over, the weekend and everyone has different ways of, handling. The heat is keeping hydrated take him to the, pool, of possible as. Some type of water I'm originally from Michigan, I, don't, like. Heat I'm my body doesn't like keep Clayton Neville Dallas the apartment search service rent hops issue kogo is the rat capital of a, country a company based the ratings on rat complaints last year in, four major cities more than fifty thousand complaints were logged in Chicago I'm Christopher cruise And I'm Mark mills in the, Bloomberg, radio newsroom President Donald Trump looks to be lining up, Federal Reserve chairman Jerome Powell to be. The fall guy if the president's trade and tax policies don't succeed in a series of comments over the past two days that shook financial markets Trump attack the fed for raising interest rates and for undercutting his efforts to slash the, US trade deficit Mark spindle chief investment officer of Potomac river capital, in Washington says President Trump quote is just setting up someone else to blame if things don't go according. To his plan Jerome Schneider head of short-term portfolio management at pimco says the fed is likely to stay focused on its mission with the fed has been consistent in that they're going to respond. To the data and the data is also making a drive where they're going to do at Jerome Powell is going to maintain his trust within that structure and continue to. Normalize monetary policy. In that regard the boards of Fiat Chrysler and Ferrari are scheduled to meet today to name successors to. Chief, executive officer Sergio Uh-huh, marquee Oni one of the auto industry's most skilled turnaround artists according to people familiar with the matter while. The trade war with China heats up there are signs of progress in forging a new trade agreement between the US Canada and Mexico Bloomberg's Bob moon explains negotiators for the US Mexico and Canada. Restart their renegotiation talks over the North American Free trade agreement in Washington Thursday signs of progress back days of positive rhetoric on reaching an agreement helped lift agricultural commodities at. The end of. The week Mexico's economy minister held out hope for an agreement in principle by next month Bob moon Bloomberg. Radio Congress will allow President Trump's deal with China's z. t. e. corporation. To remain in place agreeing to a key Chinese demand in the broader trade disputes between the two largest economies according to three sources familiar, with the matter global news twenty four hours a day on air at tick tock on Twitter powered by more than twenty. Seven hundred journalists and analysts in more than one hundred twenty countries I'm Mark, mills this, is Bloomberg This is Bloomberg BusinessWeek Bloomberg radio hi I'm Jason Kelly Carol Massar, over the next couple of hours we're going to go inside the magazine.