33 Burst results for "Charlie Pelletan"
"charlie pelletan" Discussed on Bloomberg Radio New York
"Charlie pelletan. That is a Bloomberg business flash. Charlie pellett. Thank you so much. You're listening to Bloomberg BusinessWeek Jason Kelly and Carol Massar on Bloomberg radio. Well, it's definitely things are picking up when it comes to the role of initial public offering Charlie talk about Uber specifically get coming out and talking about it's filing for its initial public offering widely expected, and it seeking a new York Stock Exchange listing under of course, the word and the ticker Uber. So let's get into the details. Mendip sing is in our Bloomberg interactive brokers studio, I he's Bloomberg intelligence senior industry analyst and he's joining Jason myself. So let's go through it with temps out at you. Well, from the initial numbers, it looks like the take rates are comparable, the booking numbers of little lighter than what we've seen so far, you know, from the news, and and other filings, but it seems that take rates are fairly comparable, you know of. And then you see over and lift and. In case of birds around twenty four to twenty five percent as in case of lift it grew to twenty seven percent last year. So and they have given, you know details about their different businesses. Uber eats and Hooper Frei that kind of phobia expected, you know, in terms of scale, and how company was doing. I mean, it is amazing when you start to go through the numbers, and you realize how big this company is because I think some of us even folks who followed fairly closely. Wow. That valuation seems really high and then you see their year end revenue for twenty eight eleven point two seven billion dollars. This is the thing that blew me away. Just from a from a metrics perspective total trips in twenty eighteen five point two two billion up from three point seven four billion in two thousand seventeen this is a fast growing company still it is. And what it tells me is, you know, if if a company is doing fifteen million rides a day, you know with. With a subscriber base that is over one hundred million. I think people complain about the profitability and cash burn deigned of the day the amount of data. They're collecting from five billion plus rides is so valuable around cities around drivers around writers. You will be able to monetize it. It's a matter of time they will bundle it they will come up with subscription offerings. Yeah. There are ways to, you know, make this business profitable fascinating too. Is they do warn about costs among the risk factors. No surprise there. Right. But they said we anticipate that we will continue to incur losses in the near term, or as a result of expected substantial increases in our operating expenses. So they're talking about, you know, increasing the number of drivers. And so I'm basically their business, and I think in case of lift the big portion of the cost was in insurance in background checks in payments. I think what they're gonna do, you know with the money. They are going to raise the IPO. Is really invest in addressing these costs the insurance costs they could very well get into the insurance business themselves, or they could become payments platform to really bring down the cost. So these are the things I feel they're going to do with money. Anything surprising. So far that you either see in the numbers, or in the discussions that people are having now that this is officially out there, not really, and I haven't had a chance to look at everything in detail. I know every in out. Came out. I would hone in on that US market share because lift highlighted that their market share grew from twenty to thirty nine percent. I think that has to come at the expense of Uber. Yeah. But even then Uber has shown that they are doing over five billion rides a year. So, you know, their scale is still great. Can they get an I know some of these numbers? Jason you went over. But in two thousand seventeen they lost as our Eric. Newcomer writes, Uber lost. A whopping four point zero three billion dollars. I understand gross. Bookings have grown up forty five percent from twenty seventeen to twenty eighteen. I mean, these numbers are staggering, right? You would expect this of a growth company, but can they get a handle on costs, especially as they keep increasing into other business areas? Can they get a handle on that to make this really profitable company? I think their different levers that can pull one is they can address the cost by you know, the shore. It's becoming an insurance company or having their own payments platform daughters. Investing less on the Thomas side in the near term. So that's a big chunk of what's eating, you know, there are indeed all the other folks to figure it out right and lead the could just partner with the likes of GM and wjm. Oh, and you know, really, let them figure out that technology piece of it one bit of information that we got out of this as well. Total compensation, and that's a number that we've been talking about a lot in the terms of Bank CIA's, so the total compensation in two thousand eighteen forty five point three million dollars ceelo making forty seven point six million. It's a lot of money it is. And I think corporate governance is in a strong point for this company. V of seeing that in a with you're the king of understatement. Regard. Yeah. So, but you would expect you know, darrow's running Expedia before he came to her. So I took a risk took a resigned to come here. I mean, he came in at a time. I mean, it feels like a long time ago. But it really wasn't when Travis kalanick's was really encountering a lot of problems in running that company, and you had a lot of people cancelling the app. I mean, it's pretty amazing is Uber going to go the way of lift in terms of how the share price once it goes public. We just got about fifteen seconds, tink the brand and the platform affect that. Uber has puts it in a stronger position than lift our guys were saying to watch things like hurts. Some other rental companies Hertz really moving in the after hours we lived down. Just a bit Mendip seeing Bloomberg intelligence senior tech industry. Analysts always great to catch up with you. And thanks so much for coming in on the fly. The big news of the day. Officially filing to go public. You are listening to Bloomberg BusinessWeek. This what.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Recapping stocks lower SNP down Twenty-eight lower by one percent. I'm Charlie pelletan. Dat is a Bloomberg business flash. Thank you, Charlie. Well, just four days until election day time to bring back Kevin cirilli. Bloomberg's chief Washington correspondent for his race of the day and Kevin to moderate female members of congress are competing to win. Seat of retiring Republican Senator Jeff flake in Arizona, Philipson well, congresswoman, Martha mcsally is the Republican challenging Kirsten cinema a democrat in Arizona. And this is a state the President Trump one and the last two thousand sixteen cycle forty nine percents of forty five percent, but his popularity numbers. Peter have dipped seven percentage points. I mean, this is this should be a solid conservative race and congresswoman mcsally is actually the wanna make sure I got this title, right? She is the first ever woman to fly in combat in the air force. So she does have this historic elementary her her personal story, and she's trying to frame her opponents Kerstin cinema as someone who is far out and progressive and out of touch with Zona values, particularly she's resurface. Some of these past statements that congresswoman cinema has made with regards to her economic vision. Now that said if you look at congresswoman cinemas voting record, it is much more a centrist. But the issue of immigration is really interesting. In the state. This clearly yes, this is retiring Senator flakes seat. But it's also on the backdrop of the passing of the late Senator John McCain. And so the president has really sought to align himself in terms of immigration with the likes of Joe Arpaio. If you will that name from Arizona, but there is this the centrist streak in the state does navarine streak. I guess is the better word for it. That has made this race incredibly competitive. And I understand that the Brett Kevin on a confirmation fight figures into this. It does it does. Because this was something that that is is is interesting in the sense that the retiring Senator Jeff flake was someone who thought to have that one week extension into the FBI investigation. And now supreme court Justice Brad Kavanagh, but then he ultimately voted for Justice Cavanaugh to be confirmed. So this is interesting in the sense of how that will play in an ultra red state. I would note though that. President Trump is crisscrossing the country as we speak, but his presence at Arizona is not a stop that. He will be making. And that's pretty interesting given the dynamics of this race, especially that that congresswoman mcsally would make the calculation that perhaps it might be best to keep President Trump out of there in the home stretch. And then just the final days of the campaign is this one of those races. We're seeing a lot of outside money pouring into tons of outside money. And it's also I mean, I it'd be really been highlighting bellwethers. But if you're if you're going to be following this along watching Bloomberg listening to Bloomberg on Tuesday night as everybody will be you should note that if if if the return start coming in Arizona, we won't get them early. But it's one of those Democrats will be having a very good night. If this is a competitive race, and it would show that democrat turnout, especially when the when the exit polls, I start to come out turn out in particular. That this is a very competitive race. If if a lot of Democrats are turning out because again, this should be a very very staunchly conservative state, and it's it's a lot closer now on the flip side of that. If it's the reverse that look for Republicans to have a good night that the narrative has been as you both know better than anybody that Republicans will be able to make gains in the Senate. So to have a situation where someone like a beta over work in Texas or Curson, cinnamon Arizona, would maybe outperformer even flip a seat would be big big big news. And probably I would argue spell that. Democrats are going to have a good night. I'm confused as mcsally win by embracing Donald Trump or not. That's exactly what cares incentivas campaign is asking. Because they wanna know a, you know, on the on the one hand she has to essentially win over the likes of the Jeff flake Republicans in her state who are very used to having a Senator. Including the late. Senator McCain butt heads with the administration. But on the other hand she also needs to win. The Joe are Pyo vote is the Steve Bannon ask vote in the state of Arizona. So she had to walk very tight political tight rope. In terms of trying to bridge that gap in the same way that in cinema has had to navigate the likes of Elizabeth Warren and Bernie Sanders, Arizona has elected Democrats to the Senate before I'm looking I remember Dennis DeConcini. I don't go to go toe to toe with you on that history history of members of congress. Kevin you're really good on that. But I remember covering Senator deacon Seaney. So so it it's it's happened. Where does the Hispanic vote fit into this? Well, I think that's a that's another great point in terms of the get out the vote effort, and we should note that yes while errors does have a large contingency of Hispanic voters. They also have a large contingency of evangelical Hispanic voters, which traditionally have voted more conservative in the past. And there's if you really want to get into the numbers, there's a certain faction that you could even say a target of like, you know, if the Republicans would love to see that at about twelve percent, but it would be an incredible if they could get eighteen or twenty four percent in terms of Hispanic evangelical, but any double digits, I think most Republican strategists would say, but it does come down to the point of how the president really with the caravan rhetoric and yesterday, the president speaks to the Roosevelt room at the White House hammering home, this notion using really brash rhetoric in terms of of the issue. Of the Tara van might have the address is to get Democrats to the polls coverage really Bloomberg chief Washington correspondent thank you for being wonky on us the whole week with the series. Thank you. Let's get back to Bob moon for a check of world and national news, Bob. Thank you. Peter four.
Dow up more than 400 points as stocks aim to end an ugly October on an upbeat note
"Points up by one percent, NASDAQ up one hundred forty four points and advanced today of just about two point two point zero one percent. So stocks rallied for a second day to close out one of the worst months of the bull market on an upbeat note for the month S and P five hundred index lost about six point nine percent. But a move higher. Sean crews as manager of trading strategy at TD Ameritrade a. He was our guest right here on Bloomberg BusinessWeek and ahead of next week's election. He offered up this advice for clients right now. I think if you look at the Mitcham election be it any sort of trade policy discussions view, these as did some of those bigger macro risks that sometimes the best way to prepare for those is and make sure you are aware of where all the risk is in your portfolio and making sure that your balancing, you're comfortable with the very exposures you have and among today's stock standouts General Motors. It surge nine percent. Following a strong quarterly earnings report with a plan to keep cutting costs by starting voluntary severance program for some employees, sprint and T mobile mobile. US soaring after executives of both companies expressed optimism that they're twenty six point five billion dollar merger is headed for approval. Sprint shares up. Seven point eight percent t mobile up by seven point two percent. Recapping stocks higher SNP up Twenty-nine up one point one. One percent. The Dow up two hundred forty two up one percent. Nasdaq up two percent gold down five tenths of one percent. And west Texas intermediate crude down one point seven percent. I'm Charlie pelletan. That is a Bloomberg business flash.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Is a Bloomberg business flash. Bloomberg world headquarters. I'm Charlie Pellett. The Dow the s&p NASDAQ all holding onto gains final hour of trading. We've got forty three minutes to go. Let's head right over to the first word breaking news desk for today's afternoon. Call here. He is Bill Maloney and good afternoon. Charlie US stocks very choppy today with the Dow currently up one hundred and sixty points Espy's rice, twenty four while the NASDAQ climbs by one hundred and twenty four the Dow has been up four hundred and fifteen points and down fifty to the S P five hundred has failed thus far to stay above the two hundred eight moving average and the US ten yield at three point one four percent. Small caps it down four points and seven of the main eleven as sectors are trading higher. Led by gains led by gains in technology. Consumer discretionary and telecom financials utilities and energy lakes. The downside by Tech's jumped fifty seven transports rise. Seventy-three semi's climb one point five percent. And the vix is down by six percent. The biggest gain. In the Dow visa, Walgreens and Cisco the biggest decliners included JP Morgan, Chevron and travelers in other news, the regional banks plunged as PNC Bank fell as much as seven point six percents and wrapping things up after earnings JP Morgan fell gains for CitiGroup and Wells Fargo live from the first breaking news desk. I'm Bill Maloney child. Okay. We thank you Bill. Have a great weekend to hear live breaking news over your Bloomberg type squawk S Q U A W K on your terminal. I'm Charlie pelletan. That is a Bloomberg business flash. Thank you.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Talk on Twitter. This is a Bloomberg business flash. Bloomberg world headquarters, I'm Charlie Pellett. Those selling is intensifying lows of the session on Wall Street. Let's head right over to the first word breaking news desk for today's afternoon. Call with the very latest, Bill Maloney and good afternoon, Charlie. That's right US. Stocks are plunging today amid increase trade war concerns with China. Dow sternly down six hundred and twenty points has dropped seventy one and the NASDAQ is down two hundred and thirty seven points earlier. The fasten all CEO said that the tariffs were directly impacting customers and luxury stocks sold off hard as LVMH confirmed. Tighter. Chinese checks Tiffany fell nine percent small down two percent and all eleven of the main SOB sectors are trading lower. They by losses in technology energy and the industrials Nazar by Tex were down two point six percent. Transport's sink three point four percent, semi's declined three and a half percent. And the vix is higher by thirty four percent. And the Dow only Home Depot gained while Nike fell. Six percent and leads the downside in other news, the global mail reported that Altria wasn't talks to buy a stake in a cannabis company Altria gained as much as two point two percent. And the report that James Murdoch is the favourite to replace Elon Musk as tests was chairman live from the first breaking news desk. I'm Bill Maloney. Charlie. Okay. Thank you very much Bill into hear live breaking news over your Bloomberg type squawk S Q U A W K on your terminal at again, stay with Bloomberg for the latest on this market selloff right through the clothes. And of course, how Asian markets respond later on tonight. I'm Charlie pelletan. That is a Bloomberg business flash. Thank you so much Charlie Pellett. You're listening to Bloomberg BusinessWeek live from the Bloomberg director broker studio. Carol massar. My co-host. Jason Kelly is off today. And this is Bloomberg radio. The long. It has definitely been a long and winding road for Sears. And along goodbye if you will for America's most iconic retailer struggling.
Republicans urge more tax cuts as elections near
"Charlie. President Trump continues to tout tax cuts on the campaign trail. In fact, was just last week in South Dakota. Because I couldn't understand they couldn't pass it since Ronald Reagan. Ours is the biggest ever passed, and they couldn't get anything past. Now congressional Republicans hope to use enthusiasm for tax cuts to boost their chances in the November midterms by putting them forward a Bill that would make them permanent. Joining me now in our Bloomberg ninety nine one studios with more on this. Bloomberg news tax reporter, Laura Davidson, Laura, I recall last we spoke tax cuts two point oh was going on the shelf on Capitol Hill is this an on again off again relationship with making tax cuts permanent. Now on Capitol Hill. It isn't an appears to be on again. Now, they there was some dissension within the Republican party some of these Republicans from high tax states where the state and local tax deduction that salt deduction was a big deal very unpopular. Remember, the tax law cap that at ten thousand dollars in lots of people in these districts have state and local tax bills that are twenty thousand thirty thousand dollars. So they lost a big deduction there folks that are running in these states that are in tough election said, hey, we don't wanna vote. On this and Republican leaders have basically said too bad. We're gonna go ahead market up in committee this week and vote on it before the end of the month. This may be a dumb follow up question. But why well, basically, they did the math, and they the these these folks these Republicans who have problems with the Bill don't outweigh those who who want to see it passed and Republicans are still sort of committed to this idea that that tax cuts will help them in the elections that hasn't really been born out in the polls, you still see that really every poll that's been conducted since law was passed. It's been under fifty percent approval for the law, and really, you know, more under forty percent. So it's really kind of tracked with without popular the president has been, but they still see this as sort of a last ditch effort, get voters out get them excited about voting for Republicans and say, look Democrats are going to raise taxes fire up the base. But if they're going to have to do a sell job on trying to make the overall tax package seem more popular. I mean, doesn't this make things I guess I'm trying to square the circle here because the tax cuts. As far as overall polling goes aren't popular they aren't and so this is where you see a little bit of a disconnect from what the data saying versus kind of the anecdote of evidence that Republicans are running on they say that when they go back to the district's that people are excited about the tax cuts. No overall that that's not really what's happening. I think Republicans feel so viscerally attached that tax cuts are sort of what makes them Republican. And so they're just digging into that. And you know, I think there are a little bit lost. They see kind of the writing on the wall. And that the numbers aren't looking good for them. And they could lose a lot of seats. So they're really trying to play to their base and not really sure which way to go, particularly when there's all these other distractions coming from the White House coming in from the molar investigation. There's so many other things swirling, this seems a safe thing to
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
S&P 500, Dow end lower with energy, financials; Tesla falls
"Charlie the Dow SNP are quiet right now the Dow down sixteen points s and p's our little change and NASDAQ is higher by twenty one ten you'll, false, a two point nine three percent small caps are higher. By three points and seven. Of the main eleven Espy sectors are trading higher led by gains in telecom materials and consumer discretionary energy financials and industrial 's led, to the downside, Nazar biotechs gain nine transports are, little changed semi struck ten points in the vix is higher by one, percent leaders, in the Dow Nike United health and Dow DuPont while Chevron Procter and gamble and Merck led to the downside Side after earnings Roku jumped. Twenty two percents y'all rose twenty, seven percents. And Paraguay dropped eleven percent in other news Seagate fell seven point six percent after Goldman. Sachs downgraded the company to sell and Tessa fell six. Percent, the companies face broader SEC strutiny over. Elon Musk's
China, US and Bloomberg discussed on Politics, Policy, Power and Law
"Very interesting wrinkle on. The trade wars the art world is growing anxious about President Trump's trade war with China because the administration's proposed list of two hundred billion dollars in additional goods that could be targeted for, duties, includes paintings, sculpture collages, ceramics historical collectibles along with antiques older than a hundred. Years from China critics of the tariff plan say it will discourage private collectors and dealers from acquiring Chinese art. And cultural items and because museums, rely on donations they end the viewing. Public. Will suffer wow for, more on this we're joined by Sarah, McGregor Bloomberg news economic. Policy team leader she's in our Bloomberg ninety nine one. Studios in Washington I, guess the team really dug down into, this list to come. Up with this particular nugget tell us about it Sarah Absolutely this is you know as we sort, of poor through these lists there's sort of come out. Quite quickly you know often when you're you're, covering, something like this you're just looking for some of the big ticket items but as, we start to pour through these listen even here from the companies and the people who. Will be, affected by these, tariffs we start to really see how wide net the Trump administration has cast on Chinese imports you know in some respects I think there's some frustration with items and. Art is a perfect example of it because people are asking what is have to do with what is a trade war that was started by the Trump administration's frustration with, China's trading practices with stealing intellectual property and forcing these technology? Transfers for companies who want to get a foothold into China what what do art dealers have have to do with. This and also because they're such small trade art is this really going to reduce the deficit the trade deficit with? China so why I think the big question is why would art be caught up in the. Middle of this trade. War So a lot. Of the people that you guys spoke to in the article some. Of them, said that, this really wasn't going to hurt them other, people seem to think and institutions that. It was, going to hurt them but it seems like, it's a long term hurt rather than an immediate absolutely. China is the world's number two art market, so, it sells about twenty one percent of the sales by value worldwide from China the. US imports some of that and last year was about two hundred million dollars give or. Take so, again we're not, talking about huge numbers but I think the idea is that you know it's the super wealthy can afford to pay a little bit more for China's art but it's. These sort of me know mid to lower level art purchasers who are really just passionate about art and make up a large part of the market that won't be able. To afford especially if there's a twenty five percent tariff on? Art to to to buy that and on, the other side of it Chinese artists of course having your work having? An exhibit? In the US is a really big deal get you a lot of exposure and that's going to become Lot, harder to do, if these tariffs are put into place is there any dollar, value the amount of art that, the US imports from China So last year it was about two hundred million dollars, give or take, according to, some census data that. We collected and of course in the in the grand grain trade scheme of, of it all I think. That's you know that's, not a lot we, imported the US imported about five hundred billion dollars worth of Chinese goods thus cheer in, in total but again as a as I said earlier I think it really just highlights you. Might be a small amount for the US economy but it's a big, deal for a group of people who who are part of that scene and I think that these tariffs that really just throws up. The question why is art being being punished by these, tariffs that really the rationale for them is is miles apart from the art scene there there's going to be hearings in DC in late August and with people able to come in and give their say about the tariffs. On different kinds of goods are people, from the art world going, to show up people from the art world's have submitted Comments online which Those are just pouring in right now and we probably can expect there's going to be four. Days of hearings so if the art world wants to have, their voice heard they'll definitely have that opportunity and you bring up a really good point that this two hundred billion dollar list is it's an initial. List right now so we've seen, with previous rounds the, thirty four billion even the sixteen billion announced this week that. Will take effect August twenty third items. Had been, removed you know the the US TR has told us that they listen to concerns, from from people including, in this case, the art world, and they'll, on you know they definitely take, those into, account but, really you know they'll have to fill a bucket and once you get up to, two hundred billion if you put all that everything into place that'll be about half of US the US deficit last year, with with China it's the. Full two fifty if these two, hundred take effect things have to go in and a lot of them might be items that. Don't make sense so I think really it just exemplifies the fact that a lot of industries might be feeling the bite from this that, feel Far removed from this whole trade war and I'm gonna throw an, interesting little insight into this. Whole thing on Chinese art that, the US imports sure there are big expensive pieces that get sold at Sotheby's and that kind. Of thing at auction but but believe it or not when you go into some of these off price homegoods places you know Home home furnishings retailers sometimes the art and those places come, from, China and they're kind of. Made in assembly lines over there and you probably, didn't know, that Sarah Yeah call up call up the folks at TJ Maxx and acts ask them where they get all. Their all the art they sell them I asked. One time I said this stuff is beautiful where did. Come from China We. Got we, got a beautiful landscape, there with that all right Sarah McGregor,
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.
U.S. court orders Trump administration to fully reinstate DACA program
"I'm Charlie Pellett the Dow the NASDAQ all advancing stocks higher is results, lifted berkshire-hathaway, higher oil prices boosting energy producers right now west Texas intermediate crude up one and a. Half percent sixty nine fifty one four barrel. Of WTI gold. Is down, four tenths of one percent twelve o nine the. Ounce, the tenure of three. Thirty seconds yield two point nine three percent. SNP up eleven higher by four tenths of one percent the Dow up fifty five, up two, tenths of one percent NASDAQ up forty three a gain narrow of six tenths of one percent should mention that the Dow the s&p. NASDAQ all at. Or near their highs of the. Session I'm Charlie pelletan, that is a Bloomberg business flash thanks Charlie on Friday the California federal judge presiding over the reunification of immigrant children separated from their, parents called the government, efforts unacceptable. Earlier in the week. Senate Judiciary committee chairman Chuck Grassley also Also criticized the administration's policies our like many well intentioned, policies these were there, were unintended consequences And in another federal courtroom on Friday on the opposite, side of the country a judge upheld his order that the DACA program should be fully restored giving the. Administration twenty days to appeal joining me is David. Beer immigration policy analyst at the Cato Institute David turning to the federal. Court room in DC judge John Bates gave the Trump administration a second chance to show him there was a legitimate reason to rescind DACA, tell us what. He, asked the. Administration and what the administration provided Well when the administration I rescinded DACA for the dreamer sue immigrants who entered the United States as children They did not explain why they believed that that was a proper, decision for the government t- taking and so what the court found with this decision was arbitrary and capricious did not have a basis in law and the judge required the administration to reissue that memo recinding. That policy or provide the court with a valid legal reasons why it believed that that policy was unlawful. The government really failed to do that in the decision from the judge really lays out in detail lie. The court felt that the department of homeland security. Has, not shown why they are are taking this action, so the judge didn't say that the DHS secretary Didn't have a thirty to rescind the program so if the Trump administration which is expected. To appeal can come up with a better explanation with a good explanation is it possible that the judge. Will rescind the order or that the court will Well this point really the appeals court is going to be looking at whether or not the judge had used his. Discretion in this case, to basically, enjoying the memos that department of homeland security has put. Out so that the really going to be ruling on whether or not. D h s had provided the courts with an candidate reason? So they could overturn but at this point you know providing new rationales is not going. To help the administration it's going to be decided based on what they've already put out there and what's your legal. Opinion about what they've put out there do you think it can sustain an appeal Well I would be surprised that this went to the supreme court the supreme court did. Not, uphold the determinations, by the department of homeland security I mean when this policy was rolled out was done without going through the regulatory process this is always been, an agency you know the types of decisions that agencies have routinely taken based on their own discretion without judicial review and it's somewhat surprising that the the administration has so far been unable to. Convince any court across, the country, that they actually have the ability to do this without. Providing a detailed explanation of of their decision and part of the reason. Why they've had so much trouble is that they tried to? Say that they're not doing this for policy He. Reasons it's not that they don't want DACA exist it's that they believe it. DACA is, illegal and that is what the judge continuously came back to you and said, you'd never explained why you think. It's illegal and your vacations for why you think so don't hold any water so why not tell us, the real reasons that you're doing that and they failed again to provide the real reasons for them taking action now there have been previous court rulings in California and New York there's another case pending in Texas. Which may find the program to be unconstitutional the ninth circuit is going to issue a decision how do all these cases fit together It's really all of these cases so far, have pointed in the same direction that you know really the administration has, done a very poor job in how they justified the decision to rescind DACA and of course you may know. That be court in Texas is also looking at this this is the same court that struck down the Obama administration's expansion of the DACA. Program, to parents of of of American born children and he is. Likely to strike down DACA based, on the reasoning that he provided back in. Twenty fifteen and so we could have conflicting decisions. Both in DC in Texas and California One requiring the administration to continue Dhaka and the other one's the other one in Texas striking it down so that, will, lead to the supreme court intervening and deciding the issue wanted grow and you think the supreme. Court will uphold, the government's position I expected the supreme court will side with didn't instruction. On this issue despite the fact that Moore lower courts have gone against the admitted the administration that's right because well I think the, reason is that as I explained before many agency actions similar to this one have been taken in the. Past and have been allowed to stand particularly decisions about whether or not to Issue certain benefits on a discretionary basis or within certain administrative actions such as know a program for people Not want to remove David we run out of time it's always great, to have you on that's David, beer immigration policy analyst at the Cato Institute coming up, on, Bloomberg politics. Policy President Trump's inaction, on infrastructure a new ad campaign that's coming up.
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.
U.S. and Mexico Nearing Nafta Car Deal, Sources Say
"Bloomberg intelligence so the feds still. Talking about this too worried about how not to be The curve. Invert because that seems to be a signal for recession although the wags are. Very very long so it's not obvious, to me that a flat curve necessarily means recession but, the fed wants to avoid that and one. Of the things that they'll certainly, talk about at. The meeting is hey can we. When should we stop is going only once every quarter gonna invert the curve or not right now we have got the. Ten year, two point nine nine percent down nine thirty seconds gold is down. Five, tenths of, one, percent, twelve, eighteen, the. Ounce west Texas intermediate crude down one point three percent 67.90 for a barrel of WTI equities mixed s and p down four a drop of about. Two tenths of one percent NASDAQ higher by seventeen, up two, tenths of one percent Dow, industrials down sixty two points now a drop of two tenths of one percent tesla reports after the closing bell and tesla shares they're down now by five. Tenths of one percent one zero two on Wall Street. That means it is time now for the market driver's report with a focus On American depositary receipts. And here is Dave Wilson thanks Charlie eighty yards are fulling more than US, shares, the SNP? DR index is down six tenths of a percent he s and p five hundred hundreds. Only lower by two tenths of a percent Chinese search engine, provider by do as fallen six. Point nine percents in US trading in online. News organization called the intercept, reported. Google is putting together a, censored version of its service for China Google is. The main unit of alphabet and, that stock is higher in today's trading Germany's Infineon. Technologies has lost three point four percent people familiar with. The matter said the chipmaker howled. Early stage talks about buying Swiss rival s. t.. Microelectronics last year as tree micros ADR's by the, way little changed after rising as much as one. Point nine percent earlier Luxembourg's arcelormittal. Has gained three point two percent the steelmaker second quarter earnings and revenue beat Analysts average estimates in a Bloomberg survey arcelormittal was a, beneficiary of higher US DO. Prices. Tied to tariffs and India's Todd Motors is risen three point eight percent the automakers Jaguar Land Rover unit said. Expects new models and lowered Chinese tariffs to spur a second-half rebound in earnings and sales the unit had a loss of about two hundred, and seventy five million dollars last quarter Charlie and we thank you very. Much Dave Wilson tracking those American depositary receipts so again recapping here. Stocks mixed SNP down for a drop, of about two tenths of. One percent I'm, Charlie pelletan that is a Bloomberg business, flash all right Charlie thank you with midterm elections in the US coming in November and a new president in Mexico Mexico taking office in December the two countries are, nearing a deal on new rules for cars sold. Under NAFTA one. Of the major sticking points and, talks to. Revise the trade agreement speaking at a US S. chamber of commerce event this week commerce secretary Wilbur Ross discuss the progress or media close. To completion negotiations are with NAFTA particularly with Mexico we're very. Pleased that, the new. President in Mexico, wasted no, time at, all in pulling is new trade team sir McGregor is Bloomberg news economic policy team leader. She joins us now for more on this story from our Bloomberg ninety nine one studios, in, Washington DC so Sarah how would. The US and Mexico settle the their. Differences over, cars so that's the big question right now what what is in this deal you know. We're hearing that. That the US Mexico are getting. Closer to, some, sort of agreement on autos and there are so many contentious issues in these NAFTA talks but without. A doubt autos is. Probably going to be the hardest one for them to agree on so it is. Significant that if they are getting closer to some to some sort of idea of what they'd Want that basically the lion's share of the US trade deficit with Mexico is cars and we. All know by now that the, trade deficit is really big car parts right and car parts and we know that the trade, deficit, is. Trump's the, thorn in Trump's side when when he talks. About trade so it's really at the. Cracks of redoing this deal so it really can't be overstated how important it would be if Mexico and the, US can can find an, agreement on that but. The big question is where is candidate seems like the US and Mexico are sort of in the boardroom. Right now, at the negotiating table and Canada's in the waiting room and can? They even make deal over cars without. Involving Canada Mexico is the biggest? Source of, car imports to the US Canada's right behind it at number two so how how this practically, would happen it's not clear right now but it would be. Significant if there's some, progress so tell us what the sticking points have been in this area of. Automobiles and auto parts so the US at one point you know had said they want a significantly larger portion Parts of a car percentage of a car to be built from North American made. Parts so they wanted something, like seventy five percent from the current agreement was sixty two point five percent Mexico wanted a little bit lower lower than that and I think also. The US really wanted to make sure that these these parts? That basically the value of the car was coming from higher wage work Trump's biggest one of his. Biggest concerns has been US jobs going. To lower costs Mexico in, the automotive sector in the manufacturing sector and I. Think the US wanted to try and guarantee that higher wage labor was going to be an. Aspect of this agreement put into, writing now so that those jobs could be in America Do you have any idea why the Trump administration has shut Canada out of this out of these talks and are the Mexicans on board with keeping the Canadians out at this point Well I think big turning point was the election of the new president in Mexico to lie I Trump himself has said he's spoken with Anglo since he was elected. And it really seems like there's a priority right now in Mexico as well to get a deal before. This new president in this new administration in Mexico takes over on December first so I think that was a little bit of a more of a willing partner with Mexico right now and, also the US has been pretty vocal. About the fact that Canada has, sort of tried to tried to go a little bit around them to influence lawmakers in the US industry groups and and the US doesn't like that it, wants to negotiate with Canada and it thinks it's, sort of, a little bit of a, sneaky way that candidates taken. To try. And get its voice across by, talking to these congress people who are then trying to go to Trump you know complaining about. NAFTA and saying make a deal with Canada that's great and so I think you know there's there's kind of been a little bit of tension there between the Trump administration will pay Back there So what's next So you know still candidates says, and even, Mexico you know this is. A trilateral deal we want to try and keep this NAFTA as. A trilateral agreement so one element of this is that some people are thinking about is that the Trump administration would wanna get Mexico onboard with a. Deal over autos like I said earlier is a really tough a tough. Nut to crack and once he has Mexico on, board with it hoping to, draw in Canada, then, in say look we've we've agreed between the US and Mexico over one of the hardest, issues are, you you know put. It on them are you going to get on board with? This as, well you know there's some more talks that Mexican economy minister is going to be here later. In the weeks definitely going to find out whether they can. Actually achieve, that you know it's still very much a. Work in progress and I think from there we're gonna have to see what the strategy is from the US Mexican candidate to try and keep this deal together as a. Three, part deal Sarah thanks for bringing us up to speed on all. Of this ceremony, Gregor Bloomberg news economic. Policy team. Later thank you Coming up on Bloomberg politics policy power and law acting EPA chief Andrew Wheeler faces. His first congressional hearing and his first big test up on the hill. As he looks to continue Scott Pruitt's legacy but,.
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.
Texas Instruments' new CEO ousted for personal misconduct
"Paul Bloomberg world headquarters I'm Charlie Pellett remove into the final hour of trading on this Wednesday we've got the. Dow as some pe- higher NASDAQ is Lauren as back down half a point right now. As has been swinging between gains and losses but for the most part equities, pushing higher. Led by gains in financials and industrial companies after Morgan Stanley earnings beat. Forecasts Morgan Stanley shares up how by two point three percent we're keeping an eye on Texas Instruments down two tenths of one percent Bryan Crutcher who resigned as CEO after just six weeks on the job at Texas Instruments could be forced to surrender as. Much. As forty three million of stock awards Crutcher resigned yesterday after the, semiconductor maker said he violated its code of conduct an intriguing awesome is a senior. Analyst for semiconductors at Bloomberg intelligence for Texas Instruments which is. A steady low key Disciplined operator this is an unnecessary, distraction and remember this. Is a new CEO and rich Templeton was looking forward to retirement after. Serving for more than a decade CEO and for a long time with the company so unnecessary distraction but it doesn't take away from the investment thesis. Again shares of Texas Instruments down now by two tenths of one percent Federal Reserve album. Slate has Facebook and defines the US economic expansion rolled along labor markets tightened, in June. And early July even as tariffs heightened concern among manufacturers and boosted some. Producer prices and fed chair Jerome Powell says the risks to the US central banks inflation forecasts for quote roughly balanced even as he noted lingering concern over sluggish price rises he also joined the morning's testimony which you heard live right here on Bloomberg radio. Said. He sees no evidence that a recession is imminent tenured on three, thirty seconds yield two, point eight Seven percent gold higher little changed up twenty one, cents the, ounce now, west Texas. Intermediate crude up one point two percent sixty eight ninety. Barrel recapping stocks mixed s. and p. five up two tenths of one percent I'm Charlie pelletan fats is a Bloomberg business flash you're listening. To Bloomberg markets with Carol.
Crude oil benchmark Brent sees biggest one-day fall in two years
"Global news twenty four hours a day at bloomberg dot com bloomberg business app tick tock on twitter this is a bloomberg business flash bloomberg world headquarters i'm charlie pellett stocks fell the dollar gain commodities are slipping markets reeling from fresh salvos in the escalating trade war between the us and china metals bearing the brunt of reaction in commodities copper nickel zinc all tumbling crude oil moving lower by five point five percent right now down at seventy thirteen a barrel for west texas intermediate crude it is now down by four dollars a barrel brent slumping five fifty six to seven three thirty for a barrel of brent brent tumbling right now by seven point one percent tenure up to thirty seconds the yield two point eight four percent sp down twenty two thousand eight tenths of one percent the dow down two hundred thirty five dot nine tenths of one percent as checked out forty nine a drop their of six tenths of one percent i'm charlie pelletan that is a bloomberg business flash all right charlie thank you so much you're listening to bloomberg markets on bloomberg radio.
Stock Market Recovers After Soft Open
"Markets a look at macy's and it's blue mercury initiative think the shares of macy's have tumbled along with other retailers this year not aja stock is up more than forty four percent we're going to have details but right now let's go to charlie pellett in the bloomberg newsroom got a bloomberg business flash thank you very much facts tim fox and thank you bob every we have got the dow lower sp nasdaq they are both pushing higher snp up barely up by half a point right now twenty seven eighteen stocks clawing back from earlier declines to trade mostly higher on reduced volume as investors look past potentially rising global trade tensions the dow down twenty three points down about one tenth of one percent nasdaq up thirty one a gain of four tenths of one percent tenure down one thirty seconds yield now two point eight six percent gold is down nine tenths of one percent twelve forty to the west texas intermediate crude down three tenths of one percent seventythree ninetysix for barrel of wti industry data suggest american manufacturing gathered momentum in june and with more here's bloomberg's vinny del giudice csm factory index advanced a sixty point to one of the strongest showing since the start of the twenty first century led by a measure of pent up demand the gauge of supplier delivery scored the second highest rating in almost forty years they also show orders production and employment remains strong the ism's measure of cost of raw and other materials is close to a sevenyear high vinny del giudice bloomberg radio gold is down nine tenths of one percent twelve forty to the west texas intermediate crude down two tenths of one percent seventy three ninety eight for a barrel of wti recapping and p now lower down a point down less than one tenth of one percent i'm charlie pelletan that is a bloomberg business flash bank you very much charlie pellett you're listening to bloomberg markets.
"charlie pelletan" Discussed on Bloomberg Radio New York
"The tenure up four thirty seconds yield two point nine two percents i'm charlie pelletan that this'll bloomberg business flash thank you so much charlie pellett it is time for the bloomberg etf report you are listening to bloomberg markets on this i'm sorry for the etf replace for the commentary it is to forty eight on wall street the following commentaries from bloomberg opinion i'm ramesh pinero a columnist for bloomberg opinion a lawsuit against obamacare has been partly endorsed by the trump administration the headlines are treating it seriously but judges may have a different reaction the lawsuit centers on the individual mandate in two thousand twelve the court ruled that it's constitutional if construed as a tax on going without insurance in the tax bill president donald trump signed in december congress set that penalty at zero so the lawsuit argues there's no taxes anymore in the mandate isn't constitutional before this argument is that by the same token the mandate no longer really exists there's nothing left to strike down the law suit argues that the rest of the law can't be separated from the mandate and so the courts have to strike down all of it but the mandate can be separated from everything else congress did just that when it nullified the mandate while leaving the rest of the law love chief justice john roberts has shown no interest in striking down the bulk of the law this case offers no reason for him to change his mind i'm much pinero for more bloomberg opinion please go to bloomberg dot com slash opinion or p i n go on the bloomberg terminal this has been bloomberg opinion and bloomberg opinion commentaries can be heard every weekday at this time said five forty eight am eight forty eight am at eleven forty eight am wall street time right here on bloomberg radio.
Sec, Apple and Bloomberg discussed on Taking Stock
"Radio investors got a reprieve today when a top government regulator at the sec had transactions involving the token are not subject to federal securities rules ending months of speculation that had weighed on the second most valuable digital currency heathrow and other coins searching on the news an apple has decided on its next hollywood act on that is making feature films sources tell bloomberg deal is near for the rights to an animated movie as part of its upcoming slate of original video offerings apple shares up now by one tenth of one percent tenure up nine thirty seconds the yield two point nine three percent gold up three tenths of one percent crude oil west texas intermediate up five tenths of one percent recapping on the equity numbers here snp up seven up three tenths of one percent the dow down fifty little change their nasdaq at a record of eight tenths of one percent i'm charlie pelletan that is a bloomberg business flash right charlie pellett thank you so much you're listening to bloomberg markets right here on bloomberg radio jio.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Yes we'll have a news conference live for you here on bloomberg equities have gone up earlier gains ahead of the federal reserve rate decision european stocks closing higher right now the s and p is little changed up by about half a point the dow down nine down less than one tenth of one percent nasdaq up twentysix up four tenths of one percent tenure up to thirty seconds with a yield of two point nine five percent gold up one tenth of one percent twelve ninety seven the ounce west texas intermediate crude up six tenths of one percent sixty six seventy five for a barrel of wti i'm charlie pelletan that is a bloomberg business flash thank you charlie while it's no secret that president trump's time in the white house hasn't been embraced by advocates of globalization speaking at a press conference in germany this week imf managing director christine lagarde offered a subtle dig at the president the biggest dundalk is cloud that we see is the deterioration in confidence that is prompted by attempt to challenge the way in which trade has been conducted in which relationships have been handled and the way in which multilateral organizations have been operating but get this the trump administration continues to support the imf and the world bank offering some hope to globalists' in washington and abroad for more on this story is andrew my bloomberg news global trade reporter he joins us now by phone andrew i gotta tell you i was surprised at your story on this tell us about it yeah i think when donald trump became president last year people were expecting that he wouldn't be too happy with the imf and the world bank i mean after all in his inauguration address he talked about representing the forgotten men and women left behind by globalization he talked about putting america first in his foreign policy agenda so that didn't seem to jive that well with the imf mission which is to promote global trade and international cooperation but eighteen months into the presidency you know the us has been fairly supportive of things that the imf has done and actually just before the g seven summit which didn't go that smoothly the us.
"charlie pelletan" Discussed on Bloomberg Radio New York
"To twelve ninety six west texas intermediate crude down nine tenths of one percent at sixty four ninety eight a barrel here's where we stand in the equity markets close to the highs of the session snp up twelve five tenths of one percent nasdaq off eighteen two tenths of one percents dow industrials of two hundred twenty five up nine tenths of one percent i'm charlie pelletan that is a bloomberg business flash thank you charlie california held elections yesterday and its so called the jungle primary for midterms and in it the top two vote getters advanced to the the primary election regardless of party harley rueda who is looking to unseat republican dana rohrabacher in the forty eighth congressional district said he saw some merits to the states unconventional system i would like to see all voter stop focusing on whether it's a democrat or republican in focus on the candidate and if their values matchup with your values support him jennifer epstein is a bloomberg news white house reporter she's been covering these elections and she joins us now from our ninety nine one studios in washington dc so jennifer how did it work out in california last night alikhan goat would be much more consolidated come november and that did not happen i think that that is a big sigh of relief for a lot of a lot of national democrats and democrats in california six of seven republican held districts have democrats on the ballot and that's sort of something that the democrats all across the country are relieved about as we continue to watch some of these results poor in we were talking yesterday with what are your colleagues greg giraldo that we probably could see results continue for maybe for the rest of this week you gotta wonder jen whether that concern that was expressed for democratic voters was something like a spur to get them to the polls saying that you know with this system hey if you have two republicans your party could be in trouble.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Percent following a two percent february advance any dow chewed ice bloomberg radio and again recapping s and p five hundred index up twelve gain narrow of four tenths of one percent i'm charlie pelletan that is a bloomberg business flash all right thank you charlie way back in december of twenty eight then california governor arnold schwarzenegger addressed his states grim financial situation without immediate action our state is headed for physically disaster everyone will be hurt ten years later the great recession is in the rear view mirror california's economy is doing much better but communities in the golden state continued to declare fiscal emergencies but there's a reason for it and here to tell us more about it as bloomberg news california fiscal policy reporter romi varghese joining us from our bloomberg nine sixty studios in san francisco so romi what's the reason well i think when most people here fiscal emergencies they think oh my goodness the city is on the brink of bankruptcy in california things are a little different the real reason for a lot of de cities is that day face a lot of restrictions and trying to get a tax increase or a new tax on the ballot so if they want to be able to do this and they want to do it more quickly than there can under the law day declared a fiscal emergency so taxpayer groups say you know where your politician stand accountability there but exception is that if there's a unanimous vote of the governing body to declare a fiscal emergency and then you can ask for task for tax excuse me whenever you want or whenever you feel that you really have the need for it and the reason for that is because there's really no standard by which of fiscal emergency is defined.
"charlie pelletan" Discussed on Bloomberg Radio New York
"The dow the sp nasdaq all higher this headline from the bloomberg professional service fed governors voting three to nothing to seek comment on a volcker rule overhaul so that vote three to nothing fed governors voting to seek comment on the volcker rule overhaul the dow the sp nasdaq all advancing stocks rebounding along with treasury yields as investors judge the market reaction to italy's political turmoil overdone camman srikumar is president of founder of sri kamar global strategies who interviewed this morning on bloomberg television and radio you have elections on july twenty nine th or sometime in september let the populist coalition run the government let the market showed that interest rates are going to increase even further bond yields rice then i think they'll be more support for the euro zone after that happens s and p five hundred index up thirty four gain of one point three percent the dow up two hundred ninety four one point two percent nasdaq up sixty seven up nine tenths of one percent gold up three tenths of one percent thirteen to the west texas intermediate crude up two point three percent sixty eight twenty nine four a barrel of wt recapping snp up thirty four the dow up to ninety seven of that's a gain for both of about one point two percent nasdaq up point nine percent i'm charlie pelletan that is a bloomberg business flash all right charlie thank you so much you're listening to bloomberg markets right here on bloomberg radio.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Business app and tick tock on twitter this is a bloomberg business flash bloomberg world headquarters i'm charlie pellett us stocks lower following declines in asia and europe has some pe down nine down four tenths of one percent the dow down one thirty five down five tenths of one percent nasdaq down ten a drop of one tenth of one percent tenure up eleven thirty seconds yield three point oh one percent gold is unchanged i'm charlie pelletan that is a bloomberg business flash charlie thanks women recorded some milestone i in yesterday's midterm primary elections with victories and a number of congressional races as well as contests for governor of texas and georgia speaking at her victory party last night stacey abrams the first black woman to win a major party nomination for governor told her supporters in georgia she would work hard for all the people of the peach state we need us all to be energized and we need to be side by side so we can succeed and so i hope that you all join us in our fight for the future for more bloomberg news congressional reporter so he'll kapoor is back with us on the phone from capitol hill you he'll we've talked so much in this midterm election cycle about the possibility of a blue wave did we just see a woman wave last night well it certainly seems that way there were a series of historic first that were achieved by women candidates there were stacey abrams georgia as you mentioned became the first black woman to win a major party nomination for governor she'd be the first african american woman governor in the deep south and she did it about while running on a progressive platform that's the sort of thing where you need bluewave to overcome the strong conservative headwinds in a state like georgia and in addition i will say texas democrats nominated valda who has become the first latin american woman and openly gay candidates elected to be nominee for governor all right nathan i know both of us.
"charlie pelletan" Discussed on KBNP AM 1410
"At bloomberg dot com the bloomberg mobile app and on twitter this is a bloomberg business flash bloomberg world headquarters i'm charlie pellett the dow the sp nasdaq holding onto gains off our session highs with the snp up now by seven twentyseven eighteen up three tenths of one percents the dow up twentysix up one tenth of one percent nasdaq up thirty seven of five tenths of one percent ten year treasury yields pushing toward three point one percent gold higher little changed up twenty five cents to twelve ninety west texas intermediate crude up two tenths of one percent seventyone fortythree right now for a barrel of wti i'm charlie pelletan that is a bloomberg business flash appreciated charlie pellett you are listening to bloomberg markets time for the bloomberg etf report here that are julie hyman the supreme court earlier this week paved the way for legalized sports betting across the country and for way to look at etf's that can perhaps capitalize on that let's turn to tom sarah guess of bloomberg intelligence so tom what types might you look at to try and take advantage of this ruling you're sure so one that really caught my attention the tickers bj k it's the vinik vectors gaming etf and it was up two point two percent on monday on pretty heavy volume and this cd efforts a little bit nici but it tracks companies that are involved in casinos gaming technology sports betting a lot of the names that could benefit from this nationalization of sports betting are in this etf and is it a pretty significantly sized etf.
ty cobb is out and emmet flood is in
"To hire veteran washington lawyer emmett flood who represented bill clinton during his impeachment to replace tie cobb according to the new new york times joining me larry lieber bloomberg news national security editor larry yet another shakeup in the trump legal team does the fact that it's the attorney who handled the impeachment for bill clinton signal anything well the white house isn't confirming the appointment yet but there's been a lot of talk about it as you said the times is reporting it i think it does signal first of all they'd get someone who is clearly an expert on the constitutional prerogatives of president and that would suggest someone who could help him limit or resist the interview with robert muller muller is seeking or to fight the potential subpoenaed appear before a grand jury he represented bill clinton matter he represented president george w bush in congressional inquires including an investigation of firing of seven us attorney so he would be a that sort of player ty cobb who left or is departing they're saying it's a sort of a normal retirement time for him but ty cobb was among those who had urged cooperation with the mueller investigation so we might be seeing a switch the president's tweets and otherwise suggesting that he's digging in and his legal advisors may be prepared to dig in let's listen to tie cobb as he talked about that possible interview with the president is certainly not off the table and people are working hard to make decisions and toward an interview that was from abc's powerhouse powerhouse podcast larry we talked you talked about emmett flood and during kenneth starr's investigation of president bill clinton prosecutors subpoenaed the president for a grand jury testimony and clinton's lawyers i assume emmett flood being among them agreed to let clinton appeared before the grand jury without a subpoena so is he really going to fight that hard when he's been down that path before apparently perjure himself by in regard to is relations with monica lewinsky that went off in a totally different direction which in the end maybe a cautionary you know on on side questions on your candor on where questions like this may lead so i'm not sure what lessons exhibit flood took from that but he is someone who clearly knows the presidential prerogatives and the debate over how to assert them because he he also represented george w bush and george w bush also testified or talk to special counsel so it seems as if perhaps he knows the lay of the land very well so larry explain how what role he's going to have as far as rudy giuliani who just joined the team a couple of weeks ago one of the things dow again assuming that it's good that he's going to sue me he takes tai carb's role technically tie cobb wasn't an unlike giuliani and others wasn't the president's personal attorney he represented the white house and the institution and a lot of that duty involves a responding or sometimes refusing respond to requests for documents and other duties of the office of the president but it's still a key role and so we may see him as a real player we may not see him negotiating directly with robert muller that may be handled by the president's personal attorneys but it's clear about whoever comes into that position and it looks like it will be at flood we'll be playing a very key role in what's what's right it's still a team in some turmoil and still a very small team it does appear as we've discussed that here is an attorney who doesn't who does have constitutional analogy of the issues involved and he's worked for presidents of both parties so he may be defending the principle as he sees it of a president's power more than the individual he certainly wellqualified by any standard that you that you measure an attorney by let's talk about the ratcheting up of the conversation this week about robert muller muller's interview of president trump or proposed interview of president trump and the possibility of a subpoena have you noticed how all of a sudden we've come from negotiating an interview to issuing a subpoena because of various news reports right in the reports though also suggest there's a lot going on here a by the president's attorneys advice visors aides to shape not only the public but his view you know the new york times published a list of questions from from what we understand the personal didn't come from all our has been very close mouthed but secondly it wasn't literally a list produced by muller it was list produced by trump's attorneys summarizing the issues that muller had discussed with them and the fact that came out suggests that maybe they were trying to push the president to some resolution which he digs in doesn't sit down for what could be an interview that would backfire so there's a lot going on behind the scenes and we're left f fortunately or unfortunately we're left to speculate but i sometimes are speculation has been right on the money is certainly yours is thanks so much larry larry lieber bloomberg news national security editor coming up on
Apple earnings jump on healthy iPhone sales
"Shareholders said services sales jumped thirty one percent we'll have more on apple coming up but we can pass along apple revenue up sixteen percent to sixty one point one billion in the fiscal second quarter fastest growth in more than two years profit came in a two seventy three a share analysts had expected sales of sixty point nine billion earnings per share of two sixty four so a beat there in terms of revenue and also in the ep as number also being very closely watched fiscal third quarter revenue will be fi a fifty one point five billion to fifty three point five billion that well ahead of wall street forecasts so again an apple beat after the bell shares are vanishing here's what happened on wall street today s and p picked up six up three tenths of one percent the dow down sixty four down three tenths of one percent nasdaq up nine tenths of one percent tendered on five thirty seconds the yield there two point nine seven percent a retreat for gold down eight tenths of one percent west texas intermediate crude down one point six percents so again repeating our top headline an apple beat i'm charlie pelletan that is a bloomberg business flash is at four percent the after hours charlie pellett thank you so much you're listening to bloomberg markets on bloomberg radio.
"charlie pelletan" Discussed on Bloomberg Radio New York
"I'm charlie pelletan that is a bloomberg business flash thanks charlie on saturday president trump skip the white house correspondents dinner for the second year in a row choosing instead to speak at a campaign style rally in michigan in a lengthy speech trump took on many of his usual targets including james call me the media and the democratic leadership our laws are so weak they're so pathetic given to us by democrats they're so pathetic nancy pelosi chuck schumer joining us to the sound of booze is josh kalou bloomberg news white house editor those were not for you job for you know so trump talk for almost one and a half hours he so long it a member of the audience appeared to have fainted and he said some really provocative things tell us about the most provocative well i think the it's hard to go for the most provocative find out what the most provocative thing is out of that but let's face it this is trump going back to some of his campaign his twenty sixteen real go to's and things that he's hit on this year as as people start to get wind up wound up for the two thousand eighteen midterms and what is clear is that he's gonna go he's going to go to the things that play to his base and i think we can expect him to hit them even harder going forward here whether it's going after schumer and pelosi whether it is going after jim komi that sort of stuff is going to be all fair game and we're probably going to hear a lot of it going forward i'm wondering whether we and the white house team here at bloomberg news are expecting to see more of these rallies just in and of themselves as we head up closer to the mid terms because whenever the president has held this kind of campaign style rally ahead of the special elections that we've seen during the cycle they haven't really translated into a big victories for many of those candidates in the special elections under republican side.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Buy the part of the company doesn't already own so murdoch must decide whether to raise his bid murdoch wants to sell sky to disney as part of their fifty two billion dollar deal announced in december comcast's formal offer comes days before may first deadline for uk competition regulators to present their final assessment of fox's sky bid to culture secretary matt hancock needs to make a decision by mid june gina cervetti bloomberg radio coming up how real estate is falling victim to climate change i'm julie hyman this is bloomberg global news twenty four hours a day at bloomberg dot com for bloomberg mobile app on twitter he's a bloomberg business flash bloomberg world headquarters i'm charlie pellett stocks are swinging between gains and losses moments ago the dow the sp nasdaq were all higher but right now stocks just moving lower with the s and p lower little change down a point we've got nasdaq down four drop their one tenth of one percent dow jones industrial average now flat investors are mulling the implications of rising bond yield dan disappointing earnings the ten year down eight thirty seconds yield three point zero three percent gold is down six tenths of one percent thirteen twenty two ounce west texas intermediate crude up three tenths of one percent sixty seven ninety two four a barrel of west texas intermediate crude i'm charlie pelletan that is a bloomberg business flash thank you charlie well as sea levels continue to rise there is a new legal and political battle brewing in america's coastal communities who owns the land that goes underwater cl chris lavelle is a bloomberg.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Tuesday steep losses for us stocks around in the shares of industrial and technology companies is deepening right now the dow down four hundred seventy eight points lower by two percent sp down forty two down one point six percent nasdaq down a hundred and thirty nine point satisfy drop of two percent tenure down four thirty seconds yield two point nine nine percent to give above three percent briefly today gold down up a five tenths of one percent thirteen thirty one the ounce west texas intermediate crude is down one point two percent sixty seven seventy eight for a barrel of wti i'm charlie pelletan that is a bloomberg business flash charlie thank you very much i'm ramy inocencio with carol massar right now it's time for the bloomberg etf report with julie hyman one of the reasons that people buy etf is to get diversification but some etf's are not as diversified as they appear eric balchunas of bloomberg intelligence is here so eric as always we say look under the hood but give us some examples here right there's a great field that we track here called the percent of the holdings that the top ten makeup so in other words if the has forty holdings in the top ten makeup x amount percentage of the whole portfolio that tells you how concentrated is so there's a couple that are over seventy percent right so like the global fx portugal etf there's a small cap utilities from powershares a uranium etf when you go to these far out areas like say a fledgling theme or a single country that might be frontier there's just not enough liquidity so you're gonna have to load up on a couple of stocks it's not necessarily bad that's called high active share and you may want that if you're putting it on your portfolio like hot sauce but for a regular etf i think vacation is better.
"charlie pelletan" Discussed on Bloomberg Radio New York
"On in the world of business on this chocolate all right i think very much carol massar notches friday friday the thirteenth we've got the dow the sp nasdaq all retreating right now stocks laura's weakness in bank stocks adds to the political and trade tensions weighing on the market treasury yield slipping oil higher for a fifth straight day bringing its weekly gain to about nine percent wti west texas intermediate crude up now by three tenths of one percents sixty seven thirty on wti branches at seventy two forty nine by seven tenths of one percent treasury yields slid oil rising for a fifth day investors keeping an eye on those bank stocks including j p morgan chase it shares now lower by three percent allison williams is senior bank analysts staff bloomberg intelligence trading coming in better than expected fees later i think volatility explains both of those things volatility is good for trading it's not good for the underwriting business although the outlook there is still constructive j p morgan chase shares down after jamie diamond said quote the environment is intensely competitive on lending was flat for the quarter again g p morgan chase down three percent citigroup wells fargo also out this morning citigroup shares down two point four percent wells fargo lower by three point three percent tenure of free thirty seconds yield two point eight two percent gold up eight tenths of one percent thirteen forty four the ounce and again recapping snp down two points down one tenth of one percent i'm charlie pelletan.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Massar we've got the dow the sp nasdaq all advancing right now stocks higher treasuries retreating as president trump says there may not be terrified with china also investors are speculating the tensions in the middle east won't escalate into destablizing conflict here's where we stand the dow up three hundred one points that's a gain of one point three percent s and p five hundred index up twenty one a gain of eight tenths of one percent the s and p by the way at twenty six sixty three nasdaq higher by sixty four seventy one thirty three right now a gain of nine tenths of one percent tendered on thirteen thirty seconds yield two point eight three percent gold is down one point one percent to thirteen thirty seven the ounce west texas intermediate crude unchanged now sixty six eighty four a barrel of wti brent down four tenths of one percents seventy one eighty per barrel of brent so recapping here equities higher snp of twenty to a gain of nine tenths of one percent i'm charlie pelletan that is a bloomberg business flash up to date thank you so much charlie pellett you're listening to bloomberg markets let's talk a little bit more about today's trade and some of the news flow joe weisenthal here with us markets editor at bloomberg news host of what you miss coming up at three thirty pm wall street time on bloomberg television dave wilson also here stocks editor at bloomberg news both in our bloomberg eleven three of studio joe what's interesting to you today it's kind of a weird day agreed in it's kinda quieter a lot of the stories that we've been following for a while or take a little bit of a breather still waiting to see what is going to happen with regards to syria that certainly seems to be the thing out there that people are most attuned to and we still don't know trump tweeting this morning that if something could come soon could come late perhaps that sort of.
"charlie pelletan" Discussed on Bloomberg Radio New York
"Of the close we've got the dow the sp nasdaq all down by one point eight percent or more right now the dow is down four hundred fifty four points a drop their of one point nine percent the s and p tumbling fifty eight down two point two percent while nasdaq is down two hundred forty six points a drop their of three point four percent stay with us right into the clothes and beyond find out how asian markets react tonight technology shares dragging us equity benchmarks lower right now we've got the tenure up twenty three thirty seconds the yield two point seven seven percent gold down seven tenths of one percent thirteen forty four the west texas intermediate crude down one point three percents sixty four sixty eight for a barrel of wti so again recapping on those numbers the dow now down four hundred seventy one points down one point nine percent sp down sixty down two point two percent nasdaq down three and a half percent i'm charlie pelletan that is a bloomberg business flash thanks appreciate the update let's get to the bloomberg etf report right here on bloomberg with that is our own julie hyman tariffs remain one of the biggest concerns for us equity market participants right now and let's talk about how that is affecting etf flows as well balchunas have bloomberg intelligence is here so we're seeing sort of the big picture effect and then certain industries also being affected sure so the hot money is definitely a little triggered it's not the worst i've seen but definitely a lot of flows out of s p y right the large cap s and p five hundred etf three billion out of that the.