35 Burst results for "Carol Masser"
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek with Carol massar and Bloomberg quick takes Tim Steven from Bloomberg radio. One of the things we love to do regularly is check with CEOs of all different types and sizes of companies for insight yes on their businesses, but also on the macro outlook. One such company recently was octa, which is a roughly $8 billion market cap company, it's an identity and access management software firm working in the cloud. Guggenheim upgraded the stock to buy earlier this month, saying the firm's valuation is quote too compelling to ignore, despite challenges that will take several quarters to sort out. And Carol, you went straight to the source to find out why? Well, that means we went to the company, right? Bloomberg, radio's Paul Sweeney and I caught up with octa's cofounder chairman CEO, Todd McKinnon. He was joining us from the company's octane 22 product expo event. And as a tech exec who has a front seat on disruption and innovation, we began by asking for his reaction to some big news of that day and that was the sudden collapse of sand bakman freed's crypto exchange FTX. I think we're all watching it and we're all trying to figure out what it means for the broader ecosystem. But one thing is for sure. Silicon Valley is in a different world than it was a year ago. Everyone is making sure that we're doubling down on our most strategic and important initiatives and maybe some of the things we were doing last year that maybe wasn't necessary. We're not focusing on that as much as we are all of our core strengths and that's why we're so excited about this conference and what we can bring to the whole technology market with our world class identity products. So Todd I'm just looking at the FA function on the Bloomberg terminal and it looks like a Wall Street analyst have 30 to 40% growth revenue for the next few years top line for you guys. What's driving that growth? Well, every industry across the world is trying to do more technology, whether that's adopt the innovation in the cloud or keep secure and stop the risk of data breaches or transform digitally and build better customer experiences through the world beating websites and mobile apps. And identity is at the heart of that. You need to log on employees at work and do it securely
"carol massar" Discussed on Bloomberg Radio New York
"Online on newsstands and on the Bloomberg terminal. You may be familiar with the term dinks. It's an acronym that stands for double income, no kids. You know them, young couples, both working no children and often with a little added disposable income as a result. I am not part of a dink couple. A story on the economic section of the magazine highlights out U.S. women, though, who stay single and don't have kids, are also doing really well with financially. Bloomberg news economics editor Molly Smith is here to explain Carol massar and I caught up with Molly onsite at the U.S. open in Queens. I was really inspired to write this story by many of my friends who lived this lifestyle. In their early 40s, some of them are divorced some never married and have just never really wanted children that's never been part of their life's vision. And I wanted to just bring some real justice and service to that topic because I think a lot of women when they say they don't want to have kids are kind of judged and looked at like, oh, weird, like, why? It's almost thought of as like a shameful decision with what's wrong with you, right? Exactly. And they really take pride in this that this is just not the life that they wanted. There's nothing wrong with it. And they have advanced in their careers. They own at least one or multiple homes, including apartments in New York City. And they're doing amazing personally and professionally. Let's talk about a couple of those women that you profile in here. Ashley moreo is one of them and Ana Dixon actually a woman I used to work with earlier in my career. I was surprised to see her picture in this story. What did they tell you about their choices and how it's sort of given them this freedom to kind of drop everything and just go off to Alaska or something? Exactly, yeah. And they have a group of like 25 friends who are just like this. It's really incredible to see. And for Ashley, she was married when she was in her early 20s. And I think she just felt very held back by it. There were so many things that she wanted to go out and do, but didn't feel like her marriage really gave her that freedom and opportunity to do it. To get up and do these trips or go buy the beach house. With Anna, it was this idea that just kids were never part of her plan. She's had a partner for a lot of her life, but it's just not interested in raising children and is very happy and resolute in that decision. Well, I was in a case of, yes, they thought they would get married and have kids and do that whole thing and it just didn't work out, or is it that it wasn't a driving force from the get go? So they thought more about like marriage could be in the picture. But less so, kids. And Ashley even says to this day that if she were to meet somebody and get pregnant tomorrow, that she would have the child, but it just hasn't been something that she's actively pursued on her own. And especially since she's not in a committed relationship right now to make she has her eggs frozen, is she really going to act on that when there's no one right now who seriously in the picture? So that's just not part of her plan. Tim and I talk about with a lot of our guests about equality between women and men just basic equality in the workforce and I'm always kind of like as long as women have kids, they're never going to have data quality because physically they're going to be out of the workforce. They're going to be looked at differently, even if they go home for just a week and they go back to work. And I do wonder, they really are financially wealthier
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek with Carol massar and Bloomberg quick takes Tim Steven from Bloomberg radio. China continues to amp up its stimulus measures to help out its slowing economy might recall just over a week ago, China amping up that stimulus by another ¥1 trillion or a $146 billion U.S., funding largely focused once again to him on infrastructure spending. That support, though, likely won't go far enough to counter the damage from repeated COVID lockdowns and a property market slump. Yeah, I just can't get ahead of that. To help us make sense of the situation, Bloomberg's Paul Sweeney and I spoke with David riedel. President and founder of renal research group. We started by asking what China stimulus can do, especially if the country keeps opening and closing. We keep seeing the pressure caused by COVID. Yeah, that's a real concern. I think people have been a little bit naive ignoring some of the big issues that headwinds that China is facing these days. You talked about regulatory oversight. We of course in the last couple of years had big crackdowns on big tech and data integrity and things in China, which had a big negative impact on some of the ADRs. We've heard about COVID, the zero policy really being a hamstring in the economy. Of course, the property market overhang. The one thing I think people are really ignoring is a historic drought taking place in China. Food security is a big, big deal to Beijing, and this drought is a real threat. I have to say, we actually talked about it yesterday on air and talking about the Three Gorges Dam and just what's happening in terms of the importance of water when it comes to powering facilities throughout China. Talk to us a little bit more about what you're hearing. I'm curious, I don't know whether you've been traveling back and forth yet from Asia, I know you often do, but tell us what you're hearing about this and its impact on China specifically. Yeah, I haven't been to China itself for a while. I've been nearby, but not in China for some time, but we have people on the ground there, and they're saying it's just unprecedented seeing how small the Yangtze River is. We're hearing a lot about the Rhine and the dramatic weather in Europe. We're just not hearing it as much about China. And it's a big deal. I mean, 20% of their power comes from hydropower. That's really under threat. If they have to replace that, they have to replace it with coal fired plants, which also consume a lot of water. There are arable land is really under threat from a drought. It's impacting their bread basket. And the Beijing really wants to keep the impact away from individual homes. So they're turning off power to Tesla to Apple to Toyota, and that's just in the last ten days. This, of course, is at a time when they're really ramping up for U.S. holiday Christmas season demand. And so this could be a real problem for supply chains. We've all learned a lot about how big of a farm exporter the Ukraine is. And how much, how big they really are in the global agricultural business. But tacos about the north China plane. How big is that? Yeah, it's shocking. I mean, their production of corn and wheat is tremendous. Their production is about on par of wheat, about in par with Russia, and they're corn is three times the production coming out of the Ukraine. So if they have a big drought, Argentina had a big one just 6 months ago, it impacted their corn production by 33%. If China has anything like that, they're going to be in the global markets buying a tremendous amount of corn and wheat. Those shortcomings, some analysis as shown, could mean they could be out there looking to purchase 20% of the corn that's traded worldwide and 13% of the wheat. Imagine the impact on North Africa, the rest of Africa and the Middle East, which is already suffering from shortages of brain and the impact on hunger and food prices around the world. It's really quite frightening. You know, we talk about I think about years ago when ESG first got up and running and people started talking about it, money flowing into it, David. You know, we talked about the material impact financial material impact on companies as a result of climate change and the environment. You know, we're not just talking about material impact. We're talking about existence. I mean, things we all take for granted globally, food, water, if you will. These things are really threatened. Yeah, absolutely. You know, people talked about rare Earths about ten years ago and how China was really cornering the world market on rare Earths. Rare Earths are not that rare. They're ubiquitous, but China is the only country that's had the willingness to take the environmental hit to mine aggressively rare Earths. Do you know what mining rare earth takes a lot of? Tremendous amount of water to rinse those oars and concentrate those rare Earths. That goes into everything. Chips, microphones, speakers, displays, of every sort. China is the world's source of something like 80 or 90% of many of these rare Earths. Now, if they're running low on water, they're certainly not going to be producing those rare Earths for export. And that could really be a supply chain disruption. I am trying to make sense. There's delistings. There's regulatory. You're talking about the water catastrophe. Let's just stick with the water story. How do you think this ultimately plays out longer term? Well, I think China is going to have to be much more efficient with their use of water. 65% of their water consumption is industrials, industrial consumption. So on top of that, these agriculture and on top of that is residential. So clearly China has long been the inexpensive workshop of the world being able to mobilize very large workforces, very efficiently and effectively to build companies like Foxconn and so on that can be very responsive to develop world needs. Given the aging population, giving the pressure given the pressures on their environment, including water, I think that's something the world can't count on
"carol massar" Discussed on Bloomberg Radio New York
"This is Bloomberg business week with Carol massar and Bloomberg quick takes Tim Steven from Bloomberg radio. China continues to amp up its stimulus measures to help out its slowing economy. You might recall just over a week ago, China amping up that stimulus by another ¥1 trillion or a $146 billion U.S., funding largely focused once again to him on infrastructure spending. That support, though, likely won't go far enough to counter the damage from repeated COVID lockdowns and a property market slump. Yeah, I just can't get ahead of that. To help us make sense of the situation, Bloomberg's Paul Sweeney and I spoke with David riedel. President and founder of renal research group. We started by asking what China stimulus can do, especially if the country keeps opening and closing. We keep seeing the pressure caused by COVID. Yeah, that's a real concern. I think people have been a little bit naive ignoring some of the big issues that headwinds that China is facing these days. You talked about regulatory oversight. We of course, in the last couple of years, had big crackdowns on big tech and data integrity and things in China, which had a big negative impact on some of the ADRs. We've heard about COVID, the zero policy really being a hamstring in the economy. Of course, the property market overhang. The one thing I think people are really ignoring is a historic drought taking place in China. Food security is a big, big deal to Beijing. And this drought is a real threat. I have to say, we actually talked about it yesterday on air and talking about the Three Gorges Dam and just what's happening in terms of the importance of water when it comes to powering facilities throughout China. Talk to us a little bit more about what you're hearing. I'm curious, I don't know whether you've been traveling back and forth yet from Asia I know you often do, but tell us what you're hearing about this and its impact on China specifically. Yeah, I haven't been to China itself for a while. I've been nearby, but not in China for some time, but we have people on the ground there. And they're saying it's just unprecedented seeing how small the Yangtze River is. We're hearing a lot about the Rhine and the dramatic weather in Europe. We're just not hearing it as much about China. And it's a big deal. I mean, 20% of their power comes from hydropower. That's really under threat. If they have to replace that, they have to replace it with coal fired plants, which also consume a lot of water. There are arable land is really under threat from a drought. It's impacting their breadbasket. And the Beijing really wants to keep the impact away from individual homes. So they're turning off power to Tesla to Apple to Toyota, and that's just in the last ten days. This, of course, is at a time when they're really ramping up for U.S. holiday Christmas season demand. And so this could be a real problem for supply chains. We've all learned a lot about how big of a farm exporter the Ukraine is. And how much, how big they really are in the global agricultural business. But talk us about the north China plane. How big is that? Yeah, it's shocking. I mean, their production of corn and wheat is tremendous. Their production is about on par of wheat, about in par with Russia, and they're corn is three times the production coming out of the Ukraine. So if they have a big drought, Argentina had a big one just 6 months ago, it impacted their corn production by 33%. If China has anything like that, they're going to be in the global markets buying a tremendous amount of corn and wheat. Those shortcomings, some analysis that's shown, could mean they could be out there looking to purchase 20% of the corn that's traded worldwide and 13% of the wheat. Imagine the impact on North Africa, the rest of Africa and the Middle East, which is already suffering from shortages of grain and the impact on hunger and food prices around the world. It's really quite frightening. You know, we talk about I think about years ago when ESG first got up and running and people started talking about it, money flowing into it, David. You know, we talked about the material impact financial material impact on companies as a result of climate change and the environment. You know, we're not just talking about material impact. We're talking about existence. I mean, things we all take for granted globally, food, water, if you will. These things are really threatened. Yeah, absolutely. You know, people talked about rare Earths about ten years ago and how China was really cornering the world market on rare Earths. Rare Earths are not that rare. They're ubiquitous, but China is the only country that's had the willingness to take the environmental hit to mine aggressively rare Earths. Do you know what mining rare earth takes a lot of? Water. Tremendous amount of water to rinse those oars and concentrate those rare Earths. That goes into everything. Chips, microphones, speakers, displays, of every sort. China is the world's source of something like 80 or 90% of many of these rare Earths. Now, if they're running low on water, they're certainly not going to be producing those rare Earths for export, and that could really be a supply chain disruption. I am trying to make sense. There's delistings. There's regulatory. You're talking about the water catastrophe. Let's just stick with the water story. How do you think this ultimately plays out longer term? Well, I think China is going to have to be much more efficient with their use of water. 65% of their water consumption is industrials, industrial consumption. So that on top of that is agriculture and on top of that is residential. So clearly China has long been the inexpensive workshop of the world being able to mobilize very large workforces, very efficiently and effectively to build companies like Foxconn and so on that can be very responsive to develop world needs. Given the aging population, giving the given the pressures on their environment, including water, I think that's something the world can't count on in the next ten years the same way they did in the last ten years. So I worry about them exporting inflation the same way that they may have exported deflation in recent years. They can't make more water. You can print more money. You can't print more water. So they really need to be careful with the resource that they have. I think they're going to have to dial back usage. You know, David, with all the challenges that investing in China has been presented with over the last couple of years of talking regulatory challenges, COVID and their response to COVID their policies there. Now some of these resource issues that you're highlighting, I have to ask the question of every EM investor that I talked to is China even investable. China can not be ignored from an investment point of view. Second largest economy in the world, largest fastest growing consumer market in the world, really the tail of wags the dog in terms of demand for commodities and all kinds of things. But I think smart investors are trying to find other unique ways to play it. Perhaps there are domestically listed plays that cover unique aspects of water treatment and water supply and so on and so forth that provided an opportunity to benefit from the changes in the water landscape. Maybe there's regional players or other countries around the world that benefit from China's current challenges. We've been talking to our clients a lot about Mexico as an alternative for supply chains if China is under pressure. A big thank you to David Reid all president and founder of riedel research group. Still ahead on Bloomberg businessweek, YouTube's effective yet uneven formula for fighting
"carol massar" Discussed on Bloomberg Radio New York
"Is Bloomberg business week with Carol massar and Bloomberg quick takes Tim Steven from Bloomberg radio. What featured recently as part of a takeover of the Bloomberg businessweek pursuit section, a set of stories about the growing economy, underground economy, for various types of mushrooms, as part of that coverage, Bloomberg businessweek food editor Kate crater introduced us to nature's fine, which is producing a meat alternative that has origins from a microscopic fungus in a Yellowstone National Park hot spring. You can't make this up. No, it's pretty incredible. The company has raised roughly half a $1 billion with backing from the likes of Bill Gates and Michael Bloomberg, who is, of course, the founder of Bloomberg LP, parent of Bloomberg businessweek, and Bloomberg radio. Carol and I caught up with nature's fine cofounder and CEO Thomas Jonas to ask him how it all came to be. So we started the company really from a research project from NASA on extreme forms of life. And the goal of the initial research was to try to figure out if NASA was going to set a probe to a moon of Saturn, what would be the environment in which it would make sense to look for life. And that's really what took us on the path to exploring the life forms that adapted into the acidic volcanic springs of Yellowstone, where we discovered this very unique formal organism. And it's very interesting because first of all, it's an extremophile. Which is more specifically, it's an acetyl file. It's surviving extraordinary acidic environment actually. The place where we found it as a PH level of acidity, equivalent to your car battery. In order to survive in this environment, this organism had to learn to do something, which is very meaningful for us today. It had to learn to do more with less. It had to figure out how to survive with a limited amount of resources that you can find in this sort of extreme environment in these volcanic springs. And it managed to do that in an extraordinary efficient way. And it creates this fabulous protein. So the quality of the protein is really iron there. It's better than pretty much any sort of non animal protein. It has all the essential amino acids. It's really a parody with soy, that would be the only plant based source of complete amino acid. So what kind of protein alternative does it present consumers ultimately? Learning to do more with less, it's really the call of our generation. There's no way around it. We're going to have to reinvent the way provide energy, the way we provide transportation and the way we provide food. I think what we saw in the past few weeks with the war in the past few months with the war in Ukraine was really how easily it was for this food system to get off balance. We are really subject to these sort of fluctuations in a way that's much more important than I think most people had perceived before. So the way we can bring a solution here through our protein called phi is by growing it using a fraction of the resources and we're talking 99% less water, 99% less land and emitting 94 percent less greenhouse gas than the cow. Once we have grown that protein and we're doing that in Chicago in a warehouse, we can then turn it into a wide range of products. And the first product that we launched and we were actually the first one to ever do that. We launched with both a meat alternative and a dairy alternative. And that really reflects the fact that phi is a platform. It's not just another burger alternative. New protein platform that can do all of these things. Give us an idea of taste here and sort of how malleable it is. It took us a lot of work to develop a protein platform that is actually neutral in taste. And it sounds like something pretty trivial, but it's actually very important. A lot of people who are trying to work on alternative protein have to mask some flavor that you probably don't really want to feel when you're eating something that are not very good. So it was important for us to develop something that is very mutual as the basis. And that mutual basis is what enables us to go through a very wide range of flavors. So we are able to do things that range from a strawberry yogurt to a cream cheese to a chicken nuggets to a breakfast padding and all of these are products that we have developed. And we can really hit the flavor in a way that we think is very good. And it's not just us, actually, we are on the money of the bernarda, the French restaurant in the New York area prepare the best chef in America and food is about taste first and foremost and really the way we think about this is we have to deliver and taste. Then we have to deliver on nutrition and then we have to deliver for the planet. Talk to me about nutrition and that matters to me because there's a lot of sodium and so many of those products that are out there. So to me, that isn't a solution because we have to be healthier as we do this. Talk to me about you talked about taste. I am also curious about texture. I'm a texture note when it comes to my food. Texture, nutrition, tell us about that. The texture that we have is actually really interesting and we get that from the fact that it's a filamentous microorganism. So it has naturally filaments that kind of mimics muscle filaments. It's not exactly the same thing, but it creates a texture. So it's not like tofu at all in that regard. It is neutral in flavor and it absorbs flavor just like tofu, but in terms of texture, it has a bite. We are able to do what we call play the texture piano and go from a range of texture literally from yogurt to cream cheese to chicken nugget or breakfast garden. So the nutritional aspect is also something that's obviously very important for consumers. And what's interesting is when you, when you design these products, you can really design them in a way that is much better for the consumer as well. You can evolve much faster than the cow can evolve. So to speak. So what does that mean as far as our products are concerned? If you take our breakfast patty, for instance, we did some work around consumers expectation. And we found out that people love the taste of breakfast study. People love the protein of breakfast study, but people ate the fat of breakfast spanning because there is actually more fat in a regular retro study than there is protein. So we design it in a way that we match the protein of the leading animal breakfast party competitor. But we have 75% less fat. So that means no cholesterol. Habit sodium. So on sodium, we are at about 500 milligrams, which would be below the animal and kind of slightly below most of the competitor out there. In addition to that, I think what's important to realize is because we control the environment, we're able to grow our Mac organism without online without pesticide without insecticide. You can have a much cleaner food. That's nature's fine cofounder and CEO, Thomas Jonas Carol. I got to tell you I'm going to try this stuff out. Maybe I'll swing by whole foods and grab some
"carol massar" Discussed on Bloomberg Radio New York
"The next couple of months. All good for the Staples, those Staples stocks. But what do you make, guys? If you look at how we, I mean, the week was rough on the equity front, and we didn't build momentum really until today, and then you take a look at where the ten year settled in down below 3%. It's just interesting to feel like, I don't know, have things settled down a little bit. Well, I think settling down in the sense of the chart that we were showing earlier in the way that investors are betting on a 75 basis point rate hike at this point. But if we take back to where we were at this point, two weeks before the last fed meeting, then what exactly changed between the last fed meeting and the 75 basis point versus 50 basis point conversation, right? CPI. Exactly. But we got that. But we got those numbers already. And we got the sentiment numbers already. So my question is, what can happen between now and the next two weeks that could change the course of what investors are betting that the fed does? Essentially, if they go with 100 basis points versus 75, because the money's on 75 right now. The money is on 75, but I mean, this is a fed that's chasing inflation. I feel like that much is clear So if you have a fed in that mode, I mean the market price and can change so dramatically as we learned again this week. All right, well, lots more to come certainly next week, but that's a wrap certainly for this Friday edition of beyond the bell. Our cross platform coverage, we will be back though again on radio TV and YouTube we will count you down to the close on Monday, same time, same place. You're listening to Bloomberg business week with Carol massar and Bloomberg quick takes Tim steno on Bloomberg radio. All right, you are listening to Bloomberg business week, Cal master Tim steinbeck. I mean, check it out the ten year 2.9 is where we settled in. If you look at the S&P 500 throughout the week, I mean it was pretty rough and down four days in a row and then bam, a 2% rally in today's session. And buying into the clothes. Still finishing the week down though, by 9 tenths of 1% the NASDAQ taking the brunt of it down 1.6 on the week Carol. And the Dow just pretty much flat for the week down a little more than that. But why the buy me the clothes? Today? Yeah. On the equity front. I don't know. I mean, I think the bank rally had a lot to do with it. Don't you think? I mean, Citigroup, what finishing the day higher by more than $10? That was out of the team. We saw that jump You're right, you're right. Is it President Biden saying, okay, do are we going to see some more clarity and maybe ease when it comes to the energy picture? Was it? Because we definitely did see an uptick on that. Yeah, I think that's a good question, and you make a good point about that. I don't know. Time will tell. All right, right now the world of national news lock going on on that front
"carol massar" Discussed on Bloomberg Radio New York
"We're playing air guitar in the studio Yeah it's one of those days we're rocking out We totally are I saw you playing your drums your air drums over there The only type of drums I know how to play It's what we do on a Friday's eve It is also known as Thursday June 9th 2022 Carol massar Tim stenog live in a Bloomberg interactive broker studio streaming on YouTube not rocking it out stocks Again unless you're short this market Yeah down for a second day in a row It's all about those global growth concerns Don't prisoner matching them at the top there That's on our mind the ECB of course weighing in earlier today but Carol we've got the same worries here in the U.S. Oh my God absolutely So we've also got with that in mind Another day when we want to bring you some of the most red on the Bloomberg Top of that list and what Tim was talking about how inflation is topping 10% on key items that we all just can't avoid This story has your name written all over because you've been talking about this Who cares about core versus noncore right I don't live just a core life We don't None of us do Another one that we're keeping an eye on the ex BlackRock rising star who has no regrets about leaving Wall Street And then we've got the story that is the most read the Bloomberg big take it's the cover of the new Asia Bloomberg businessweek and woa the cover image alone you will love you have to check it online It's also kind of interactive We're going to tell you about oracle's Larry Ellison being dubbed the lord of lanai for all the wrong reasons Yeah this is a really good one plus a detail about Tom Cruise in there that you do not want to miss Plug powers CEO on bringing hydrogen to Europe and also we're talking about a new book good arguments How debate teaches us to listen and be heard a really important one for right now Washington are you listening They're not No they are not but they should be All right let's get.
"carol massar" Discussed on Bloomberg Radio New York
"Carol massar And I'm Tim's deneve Plenty of head in our second hour of the weekend edition of Bloomberg business We can including guess what you can actually be fired for being fat Yeah I did not know that I didn't either Plus lands end on Tapping into all shapes and sizes and making sure we are comfy in the process Our exclusive with the company's CEO Gotta say I really love my comfy clothes yoga pants jeans whatever the heck it is Yeah so do I Your sweatpant kind of guy Well Carol these days they're called joggers I'm so behind the times All right also on a more serious note amid the Ukraine war are Russians heading for the exit when it comes to high end real estate And we talked the future of farming it may just be vertical and happening in cities across the country Look up and down right Yeah I guess All right let's get going though first with one of the stories from the current issue special double issue of Bloomberg businessweek It is the equality issue And the story in question comes from Bloomberg news legal reporter Josh idol It discusses the weight based discrimination that many face in the workplace Some even get fired for it It's unbelievable Reform is coming though thanks to bills in two states and Josh joining us alongside business week editor Joe Weber We'd be discrimination is for real especially is true in the retail sector as I think Josh will explain to us But the bias is just intense here People who are overweight are hired less promoted less and paid less as Josh writes But there are some reforms underway that could change some of that Josh what's happening So activists see the best opportunity in decades now to extend statewide protections against weight discrimination in New York and or in Massachusetts Either would be the first state to protect people directly against discrimination based on weight in around half a century since Michigan became the first and so far only state to say you can't fire someone or discriminate against them because you think they're fat So let's talk about actions being taken I mean it's pretty remarkable that we were just talking before we got going about different companies or CEOs or executives who've said things about weight whether it pertains to their products or whether it pertains to who they hire to be in their stores It's certainly been out there So legally what's the case or how do you move the law forward so that these individuals are included because as you report Josh we think weight is controllable but science and genetics shows us that not necessarily is So the big picture here is most U.S. workers as I've written about before for business week are considered at will employees meaning you can be fired for almost any reason or no reason There are important exceptions to that in the law including civil rights laws that provide protections against discrimination based on categories like race and sex and religion So there are efforts afoot to add weight and in some cases hype as the state of Michigan and a number of cities have done and say these are also categories but it should be illegal to discriminate against people because of there have been efforts by people with obesity to find protection under existing laws such as gender law when weight requirements are being applied differently to men and women and the Americans with disabilities act since the ADA protects against discrimination based on physical impairments that restrict major life activities But courts have been pretty hesitant to find that obesity qualifies as a disability in and of itself under the ADA And that's one of the reasons why there's a sense of urgency among advocates to explicitly put weight into civil rights laws Well Josh how does it get there though How do the activists make this become law make it included in the ADA So in New York there is a legislative campaign gearing up as we first reported led by legislators including the chair of the Senate Judiciary Committee and the prominent retail union based in New York RW DSU which in particular is calling attention to the indignities and unequal treatment that workers experience in retail like being assessed in part on a photo that you submit with the resume And then if you gain weight being moved into the storeroom rather than dealing with customers or being passed over because you don't quote unquote fit the image They believe that they have a real chance this year to pass that law which would amend existing civil rights law in New York to include weight and height And there's a similar effort underway in Massachusetts in Massachusetts In fact versions of a bill to do this have been introduced for a couple decades now without too much success but a bill there did advance past the judiciary committee and the likely next governor of the state told me in a statement that chief supports efforts to create these protections there Josh you mentioned how retail as a sector is sort of an especially bad actor here I'm curious about other sectors and then also just employers in general right Because as you write nobody would really speak up and oppose oppose this but speak up in favor of weight discrimination obviously So there are examples of alleged weight discrimination in all sorts of sectors I talked for example to an advocate who had represented a cable installer who she said was in the position of ending up getting risky weight loss surgery because his company told him that he couldn't come back to work unless he lost around a hundred pounds because they didn't think that he could use their ladder and they didn't want to get a different matter Instead they wanted an employee with a different body There has not been much vocal defense from the business lobby of the exclusion of overweight people That was Bloomberg news legal reporter Josh idol along with business week editor Joel Weber You're listening to Bloomberg business week coming up getting comfy lands end is all in on that We catch up with the CEO Jerome Griffith.
"carol massar" Discussed on Bloomberg Radio New York
"It happens Bloomberg businessweek with Carol massar and Bloomberg quick takes Tim Stein on Bloomberg radio What is that Is that a Friday sigh of relief It's a lion's breath That's a little lion's breath She's a yogi I am a yogi We all need to take a lion's breath Live in our Bluebird interactive brokers studio streaming on YouTube at his Friday march 25th 2022 our last Friday in March in 2022 Wow I didn't actually know what it is Always a shame when that falls on a work day It's gonna be the jobs reports There's a lot of places we can go with that All right as you just heard from Charlie though we've got stocks bouncing around off some of the earlier gains dragged lower by tech elephant treasuries deepening especially on that short end We're going to have more on that in just a moment Also top of mind on this Friday afternoon what's going on in Europe as President Biden spends a day on the ground in Poland We're going to go there to a trusted voice on Vladimir Putin back with us as Angela stent senior adviser to the center for Eurasian Russian and east European studies looking forward to that one Me as well Also alliance is an energy deals they are changing You have heard the story about the U.S. and EU unveiling an LNG supply deal to cut dependence on Russia So we're going to get into that what you need to know And then some of we talked about a lot on our planning call this morning Yeah Brett Harrison the president of FTX U.S. so much to ask him about He's been tweeting a lot Lately especially when it comes to crypto and cannabis What's up with that We're going to ask him also intercom It counts Mark Zuckerberg and Jack Dorsey among its backers We're going to check in with the company's CEO First step though the market drivers report Let's set that business week agenda create Gupta markets correspondent at Bloomberg here in our interactive broker studio So to his Mike weekend in the flesh he's not just.
"carol massar" Discussed on Bloomberg Radio New York
"For FedEx because it is happens to be a very strong business right now Other competitors in that field include old dominion or XPO and they're just doing really well because they can be extremely selective about the freight that they bring in which is increasing the overall rates and margins All right we're going to leave it there Bloomberg intelligence league class cow covers FedEx That stock now really bounce it around but just about unchanged Down about maybe one and a half percent here Tim in the after hours Yeah one stock not unchanged in after hours is GameStop shares down about 9% and after hours trading after the company released its most recent numbers The fourth quarter net sales meet met estimates the company posted $2.25 billion in revenue estimates for 2.23 billion Adjusted loss per share a dollar 86 estimates for earnings per share were at 84 cents each The company is saying that it's higher dozens of additional individuals with experience in areas such as blockchain gaming ecommerce and technology product refurbishment and operations Remember investors are going to be looking for any detail about that digital transformation strategy They haven't got many details over the last year In fact the last four earnings calls haven't actually been earnings calls including q-and-as They've been relatively short So we'll be interested to see if they actually take questions on today's earnings call Truly contrasting that with AMC where they answer a lot of questions all the time GameStop is going to launch an NFT marketplace by the close of Q two Q two of 2022 as well NFT sales are down So let's see how that does for GameStop as well All right just a quick rehash We've got GameStop down about 7% in the after hours FedEx down about 3% FedEx reaffirming its year forecast All right that's going to do it for our cross platform coverage on radio TV and YouTube beyond the bell Catch us again Same time same place tomorrow You're listening to Bloomberg business week with Carol massar and Bloomberg quick takes Tim steno on Bloomberg radio It's Bloomberg businessweek Tim's done back and Carol master live in the Bloomberg interactive broker studio Worth revisiting some of these earnings Let's start with GameStop because that's what I'm focusing on Carol Down 9% in after hours trading The company reporting a wider than expected net loss though it did meet on the top line It was actually yeah we're going to get an update on that in just a few minutes In the meantime let's go check the latest world and national news Nancy Ryan's is standing by hey Thanks Tim there are growing calls from the international community for Russia to stop attacks on civilians in Ukraine Secretary of State Antony Blinken agrees with President Biden it appears Russia is intentionally targeting civilians which constitutes a war crime.
"carol massar" Discussed on Bloomberg Radio New York
"Interactive broker studio We are streaming on YouTube it is yep only Tuesday lemon It is Tuesday Marte 2022 international women's day and I'm Carol massar along with my co host Bloomberg quick takes to understand What did you say when we walked into the studio about the equity trade I don't even remember Well you said the morning rally Oh the morning rallies gone yeah I was repeating what Charlie pellett said Which is remarkable to see it evaporate Hey Carol you pointed out this historical note here that I think is pretty wild U.S. stocks are having their second worst start to a year since 1990 I wiped it off the note of Cameron cryos Yeah Put that out there Yeah Yeah it's a rough week It's a rough year already We'll come back more than a hundred years We're going to talk about that Continued volatility choppy trading We'll get to that We're also going to talk about some wild things that have happened overnight including the halt in nickel trading over in London or earlier this morning I should say we're going to get more on that in just a moment We're also going to have an update on Ukraine in today's energy trade and Carol peak performance What you have to know from Apple's special event today Yeah there's stuff going on in the corporate world Speaking of the corporate world we'll take a look at petco shares They are rallying following the earnings We've got the company's CEO And we're going to talk about investing in wellness Ellie Rubenstein the cofounder and CEO of the private equity firm manager you'll be joining us And you and I really had some fun on our planning call The real world of college what higher education is and what it can be so topical Grades the most important thing We'll get to that discussion First up though we've got to get to the market drivers report.
"carol massar" Discussed on Bloomberg Radio New York
"And JIT is defining the future Extremely important as a hub of discipline is all in one space with all of these brilliant minds And GHT's wrong is huge when it comes to defining the future and power from an interdisciplinary point of view They have it all there whether it's the innovation hub the maker space and GIT is already creating bash collaboration between the disciplines and you have civil engineers speaking to programmers speaking to electrical engineers And together they're creating advancements that we wouldn't have been able to do without those three minds coming together and solving a problem as one rather than solving it in isolation And JIT New Jersey institute of technology Learn more at nj IT EDU Carol massar This stock has been on a tear since early May Tim Steve So take us into the economic impact of this Along with reporters and editors who helped make your business week profitable Let's dig into it with Bloomberg business week editor Joel Webber It's the cover story of the upcoming issue Bloomberg business week We did afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in On Bloomberg radio the Bloomberg business app and Bloomberg radio dot com I think it's just vapor Vaping is safer than smoking Isn't it There's really not even that much nicotine in them right One vape pie has as much nicotine as one pack of cigarettes My.
"carol massar" Discussed on Bloomberg Radio New York
"7 years I'm Michael Cassie Carol massar This stock has been on a terrible Tim's Genovese So take us into the economic impact And the reporters and editors you trust Let's dig into it with Bloomberg business week editor Joel Weber Bloomberg business week Weekdays at 2 p.m. eastern on Bloomberg radio Markets headlines and breaking news 24 hours a day At Bloomberg dot com the Bloomberg business app and that Bloomberg quick take This is a Bloomberg business flash And I'm Karen Moscow the S&P 500 is little change this morning It's at 43 76 The Dow Jones Industrial Average moving lower down two tenths of a percent or 53 points at 34,257 the NASDAQ down a quarter percent or 32 points at 13,682 Can your treasury up 6 30 seconds yield 1.94% that yield on the two year 1.46% Nymex crude oil down 2.1% on a dollar 90 at $89 86 cents a barrel Comics go down 2% or $2 90 cents at 1899 ten ounce The Euro 1.1345 against the dollar British pound 1.3596 and the innocent one 1504 checking Bitcoin this morning It's moving lower It's a $39,760 And that's a Bloomberg business flash Tom and Paul Thanks so much Karen Greatly appreciate this This has been a Sterling day for our booking team Who we're so honored that these people want to come on the program to have Elizabeth economy with us Seth Jones of CSIS is truly expert on this difficult thing called warfare To have ambassador Robert hormats with his earlier was great in Paul none of it matters because what matters is talking to Maria today oh On the ground in Brussels living moment by moment every bit of this late into the European evening Maria thank you so much for your support this week I see dollar ruble legging out near 77 in my world Maria It's technically soup but it's sending signal What is the signal on your Friday afternoon in Brussels of weaker ruble Well the signal Tom is that if there is an attack on Ukraine is not going to happen on the capitol it will happen in eastern Ukraine and in particular is going to happen in the dumbass region There has been fighting for 8 years but this time it's different because we know there's a very real risk of all out war between Ukraine and Russia There is of course this headline saying that the Russian backed separatists are saying they want to evacuate the men and women send them back to Russia They fear an attack and then of course the European Intel just now the French president Emmanuel Macron saying over the past 48 hours the ceasefire has been violated many times the situation is very concerning and we are asking everyone to calm down John Kerry speaking right now this moment at the Munich security conference folks this is a huge deal in any year And this year of course is the I would argue bigger than Davos It's a conference General Mattis is there and of course secretary blinken looking exhausted but an hour ago I would say they're all doing diplomacy and secretary blinken as a certain power What is the power of mister Lavrov to persuade mister Putin my reporting in reading is he separate from the inner Putin circle How powerful is mister Lavrov of this weekend Yeah and Tom just to go back to your point that this conference happened in America is bigger than Davos I would agree with you on that And funny enough I had an Eastern European official who told me money always matters but this year we need weapons That's why the minix security card Oh I love that Yeah it's a bumper sticker Well it's dabbles with weapons and that's exactly what we need In terms of Lavrov there's a lot of theories about what is the inner circle of Vladimir Putin There's a lot of theories that Vladimir putting over the past year has really isolated himself because of coronavirus And he speaks to a very limited number of people But I would argue he does listen to Lavrov and he does speak and he does listen to his defense minister and he does take their counsel on this In terms of labor you could argue it gives everyone an extra week The idea that the fact that there's a meeting happening next week means that in principle there would be no conflict That's the relief of anything there But I would argue ultimately this is only going to get solved between Vladimir Putin and Biden This is Joseph first step Maria what do we know about the support that mister Putin has from Russia itself from the people to get into a hot war here Look first of all and I speak to Ukrainians and Russians all the time And they always say you have to separate the government from the people And they also say Ukraine and Russia I remember even back in the USSR the Soviet Union Ukraine was the second biggest Soviet republic after what is modern day Russia So there is a very strong historical connection There is a very strong language connection to a Russian a Ukrainian person They say they speak different languages of course that's political too but they fully understand each other And they share a background When it comes to the Russian population you know they've been paid very hard by coronavirus When you look at public opinions they don't want to go to war But of course Vladimir Putin is painting this differently He's saying I don't want war but this is the west This is the threat to.
"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..
"carol massar" Discussed on Bloomberg Radio New York
"Other. Earlier in the week, police identified and took into custody 37 year old juice Web connection to the shooting. I'm that Madison This is Bloomberg Business Week with Carol Massar from Bloomberg Radio. Well, someone who I got to talk to a couple of times throughout 2020 is Chipotle Mexican Grill CEO Brian Nichols. 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 she probably 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 Cove it? 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 completely has been throughout its history. Company that thinks a lot about its employees based. So how 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. Around. Basically, authenticity lives here. The movement is real, um, you know, teaching taste your whole day. And then the Linus moment of truth And the reason why these values air really important is we've used them to guide a lot of our decisions. We believe our purpose and our values driver culture. It's why people love to work at you pull away and we've been consistent. I think in all our decision making against our purpose and our values, and I think it's given a lot of our employees of sense of pride. They love the fact that you know, regardless of how hard the decision is, we want to do the right thing for our communities moving our purpose forward and obviously our employees so We were fortunate. We already had a lot of things in practice from a wellness standpoint and paid sick Leave and ah lot of employee programs around health care, mental wellness. Um, you know, I'm certain mental health benefits that were available for not just the employees but their families. So we were trying to surround people with all the right things. And those have been even more important in these challenging times and you know, We've dialed up our communication. I'll tell you. The other thing that has really been powerful is way have really worked hard to communicate with every single employee at Tripoli all 90 plus 1000 of them. You know we're doing Zooms and Web calls and telephone calls. I just want to keep him up to date with the most you know up to date information and More. They know the more they can feel confident that we're making the right decisions and they're working in a safe environment. I've had the pleasure of making some day trips, visiting restaurants and I can tell you it really gets you pumped up because our employees are so grateful to be working and to be a part of you pull away and making a difference in their communities and moving our company culture forward Well, and I'm guessing you're visiting a lot more workers because you guys have been on a significant hiring push. Back in July. You talked about hiring about 10,000 workers. So how has that pushed gone so far? Where are you in that process? Yes, but you know, we're very fortunate. People have been really excited to join Triple A and the applications have been, you know, frankly, really exciting to see you get something like, seven years ago. Did you get something like 700,000 applications or something? It was crazy. You know, I don't remember what the numbers but I wouldn't be surprised if that's close to right. Because we have had. You know, I saw we just had a job for one of our digital opportunities. Open up. And for just this one position we had well over. You know, I think three or 400 applications, which is really amazing. And now you times that out across 10,000 opportunities from You know, crew members all the way up to jobs that air support centers and we've been very fortunate to attract really great people, and we've been able to retain really great people. So we're feeling really fortunate with where we are with the people we have. And the people that are drawn toe work, a triple lane apply, and one of you part of what we're doing. Are you seeing any tightness in the labor market? And I'm curious if you anticipate needing even more workers on and if that's going to potentially, you know, If there's tightness in the workforce also lead to kind of higher wages here, you know, you know, we're not seeing an issue with applicant flow. You know, we're continue see great access to great talent. On. Do you know? I think one of these white people are really drawn to bullies. We have a tremendous growth story s. Oh, it's always fun to be a part of a company that when you think about I'm joining today, and this company could triple in revenue over the next decade, you know? Double score, Cal, you know, go from 262,700 restaurants, toe 5 6000 restaurants. You know, they're really excited about all the growth rite. Our thing about her digital business we went from, you know, a couple $100 million to this year will be about $2.4 billion worth the digital business and People love to be a part of companies that have growth and then what really attracts them. Here is they feel like it's very much aligned with their personal values. So they love the growth..
"carol massar" Discussed on Bloomberg Radio New York
"Carol Massar Inner Bloomberg Interactive Brokers Studio in for Tom Keen, and Paul Sweeney. What a year It has been. You've got the S and P Up about 15.5% so far this year, NASDAQ Up 43% down up. Almost 7% the Russell those small caps up about 19% here we have seen quite a bounce back when it comes to the equity trade. We're gonna talk about that. We're gonna talk about the virus. We're gonna talk about Washington. That's all ahead on the next 60 minutes of surveillance. In the meantime, let's get your market set up the check in with Bloomberg News Cross as that reporter critic Gupta, who's in our studio, Hickey. Well, Good morning, Carol. Yeah, this morning's movers extremely reflective of the year we've had. Let's just take it off here with E M. P. H. That's a taker for end phase energy announcing Today that I love this story. I think it's an important one. It's a huge one. Given just kind of the rise. We've seen clean energy companies. So for the people who aren't familiar with this company and face energy is being announced to join the S and P 500 January 7th That announcement really showing up in those shares today. Shares up 2.2% really, once again reflected of the idea that clean energy is finally making its way into the stock market. First Tesla and then this one exactly And speaking of going over to Tesla's poised to hit an intraday record right at the open. Shares up about 0.7% in the pre market. And this is, of course, making up that initial loss from being out to the S and P 500 Such a run up Then it got included. Then take a little bit of hit now up again, eh? So something kind of a little bit of a map. I think Frenemies energy. It's a whoa. A moment is what I call it. Yes. Well, what else you got? Absolutely. And then, of course, in the themes for 2020. We have to talk about Bitcoin. This is a very important one, hitting 29,000, then retreating a little bit. Crypto has been such a major theme this year, and now we're seeing it show up in some of these stock movers today, E Bank International, take your HBO and is a Chinese company that Hypo in the United States back in June. Announcing now that it's launching a crypto exchange in the first quarter of 2021 those shares up 17%. That's after paring some of its pre market game. So a pretty important move and then Lastly, we have talked more about this Kryptos. Doc says. This is a pretty interesting You saw some this crypto stocks pull back with the Bitcoin move on now looks like bouncing back. So marathon patent is the one that I have my eye on Ticker M A. R. A. Shares up 1.7%. Now the pre market they were taking a dip earlier. So this is something to watch on the last day of trading. Yeah, we'll see whether or not we figure out is that a commodity Is it a currency? Is it a collectible? What will be calling be when it grows up? I don't know. When you wrap up the year here, just some final thoughts here in terms of the trends that we've seen. And do they continue? You think in 2021? Well, it kind of seems like it. I mean, I picked these thieves, energy ones in these big queen ones because those seem like the big trends going 2021. But at the end of the day, I think the biggest story to wrap up the year is that small cap trajectory. I think that's the one Really watch as we talked about stimulus as we talk about the virus on particularly a part of the market that's really been hit quite a bit in 2020. No, those energy names down almost 37% this year. I mean, we know that they've been battered. But we talked with a commodity analyst in the last hour on Bloomberg Surveillance and said, you know, expects to see some support when it comes to oil prices because of increased demand because of an economic recovery. See, And it's funny that it's down 37% even after that major rally you saw sacrifice on Monday and the election. So of course, those energy names really taking him and really kind of flows into the whole idea of renewables coming into the fold, Major change here, All right? We're gonna leave it there. Creedy. Thank you so much. Bloomberg News cross as that reporter created Gupta joining us with some set up on that market trade. We're just about 26 minutes away from that open, Having said that. Let's dig a bit deeper into the market trade and joining us right now. Dan Ives. He's Wedbush Securities managing director and he joins us on the phone. Dan. Good to have you here Kind of feels good. I was watching the fireworks over and Sydney over the harbor bridge. Even though we turn a page tonight, they've already turned a page over and Sydney and of course across Asia, not a lot changes. I know that when it comes to the virus when it comes to the economic Outlook, at least at this point when it comes to the fundamentals facing equities at this point some other asset classes But there is something about that 2021 the hope the expectation that it could be and it should be a much better year. And and I think when you look at tax stocks in the picture, I think it should be more of the same. I mean, we the attack being up another 25% over the next year, because you're still gonna have the cloud theme and some of the secular machine and commerce. Then you're gonna have a rebound economic recovery that just puts more fuel in the engine. That's why does hacking easy electric vehicles continue be two key areas that were bullish on going to next year. Would you consider buying into Tesla at this point, considering the run considering that in China, which, of course they opened up a big new factory? That's an important market for them, and we continue to Watch those numbers in terms of sales in China, But you know, China is also supporting and developing their own domestic evey players. They want to see those domestic industries do well. Do you get a little bit nervous when it comes to test that? Would you take some money off the table here? Considering that 730% run up that we saw in 2020? And I think for investors and have so it continues to be the long town. This is a 3 to 5 year story, the minimum and when I altered easy I view it is a golden age, proactive vehicles, not just her castle, but in China and you can neo accepting and others. $1000 is a bull case hotel, so if they continue to actually cute In this overall easy market. I think he's fast. Continue move higher because we're on Lee in the 1st 2nd inning of this all playing out into what could be a trillion dollar industry of next decade. But right now it's hassles world everyone else is paying rent in the E V market. What's interesting is I read a story about our Bloomberg news team, and it had to do with hybrids that people are buying and have been buying more hybrids. Impure evey plays when it comes to cars, and I don't think that's just a case that's happening in the United States. Having said that, do you think hybrids are going to be something that we should? As investors and market watchers pale a bit more attention to And those that are playing into the hybrid market. I think paying more attention to it. I think brought in center is still.
"carol massar" Discussed on Bloomberg Radio New York
"Do a SPAC and I should point out that the head of the vision find originally revealed plans for this back at an interview they did with Bloomberg News at the Milken Institute virtual conference back in October, so we knew this was coming. But why don't they need to do this? I mean, Same thing with hedge fund investor. I mean, is it just cause it's a great vehicle to make some fast money? I don't know. Well, it's a great vehicle to make money, potentially. But I do think it's because there's an open market or open window here for both, like Softbank, another hedge funds to go raise money because remember raising money is job one here. Right now, It's easy to raise money, low interest rates a lot of confusion in the marketplace. So I do this fax in the hedge funds and Softbank doing this is just another vehicle for them to raise money as supposed to go out and look for limited partners. Brother individual investors to get into their funds. Hey, one thing I want to ask you big picture. You worked at a lot of different well known companies look at this market have seen the ups and downs in terms of cycles. No. I mentioned at the kick at the beginning of our interview about a story that's running on Bloomberg about the animal spirits running, you know, wild across the street, so we've got great market for financial markets. But it's not been a great year for humans. I mean, we have just incredible inequities and just the gaps. What will potentially be the consequences of all of that? Yeah, You know, that's a great question. And when I talk to people and in institution in the investors, I think there's a disconnect between what the market's doing. And quite frankly, what are neighbors are suffering through here. You know my family's in a business that depends on the restaurant, business and boy. When you don't have that type of market, it's tough to run these businesses, you say So I think we need to be cautious because although there's Euphoria around the vaccine. There's a lot of unknowns coming from that, and I think I kind of look at this is it's going to be a tough market for the next couple of years, simply because there's so many people out of work, and we need to get those people back to jobs and back to work. Have a really robust economy. Yeah, exactly. And there needs to be. You know more that wealth distribution that we've talked about, All right, last note little bit of a lighter note, but I hope it's lighter because I don't know how it's been going. But you are also the co owner and founder of Cakebread Cellars in Napa Valley. How has that been going? Well, I'm going to give my credit to my parents. They founded it. I just got to work there and enjoy the experience and obviously taste the wine. But, yeah, the wineries, you know, like I said in Napa Valley was opened its enclosing that the state has put on him. Most of us self of restaurants. Yeah, in the restaurant. Business obviously isn't difficult shape right now, but I think everybody is trying to keep their workforce employed because that's job one. Can you change how you do business? We do a lot more Internet sales. I will say that You know, online purchases of wines of all ilk are probably doing pretty well these days. I know I'm always online trying to buy more wine, you know? Get you through the day I wind. Yes, indeed. I've got some firsthand experience on that. That was Steve Cakebread, CEO of Yaks. He's also author of the Hypo Playbook and Insider's Guide and Taking Your Company public and How to Do It Right, and that wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Carol Massar coming up in the next hour, a sign that the E s G movement is too big to ignore. There's a backlash. And speaking of backlash Black Americans pushing back against taking a vaccine and with good historical reasons..
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
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.