34 Burst results for "Wedbush Securities"
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Of the Tay podcast, a conversation with Dan Ives of Wedbush securities. I want to start with Tesla. It seemed like they had a good delivery number. I know that was a number of the people were looking at, but the stock market's not buying into over the past couple of days. What do you make of it? Yeah, I mean, what this is obviously a lot of hype that we've seen in terms of what the stock's done this year post the price cuts. I view it as a strong number. I just think some of the bulls were hoping for more in terms of a bigger beat. And now this is sort of the drum roll into earnings, April 19th to see what margins are doing. I think they're able to hold the line. I think this knee jerk is just sort of sort of selling the news. We're buyers here and weakness. Yeah, it should be noted that the number was better than the street's estimate. So they beat not only did they post record deliveries in the quarter, but they'd beat what the average estimate of analysts had suggested they would post our analysts just sandbagging them here. What's the story? Look, I think it's always hard to peg the number because of the price cuts because obviously since the price cuts that they did earlier this quarter, that's been a huge catalyst specifically in China. So that numbers moved around a lot and look, I think the big thing here is they are honored trajectory for 1.8 million for the year in terms of units and you look in the neighborhood of autos, it's still Tesla's world everyone else is paying rent. And I think that's what continues to stick out here. I think here it's really they're trying to find the level where they can cut prices, stimulate the demand, but also mean team
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"The latest edition of the tape podcast, a conversation with Dan Ives of Wedbush securities. Dan, I know you've been dealing with this issue for all year. Your job over the years has been kind of in part educate your clients on the EV market on the opportunities on the investment opportunities. A lot of things have turned here in the last 12 months. Yeah, I mean, it's been in perfect storm. I mean, the first part was the must, Twitter, circus show driven. But this last part's been demand wars. And look, China is the hearts and lungs of the Tesla story. Competition clearly increasing within the country domestically. You're seeing price cuts in some cracks in the armor. And I think right now the big worry is you saw the price card today. What does that mean for demand? And especially what does that mean for margins? Look, my view is that they've actually have now the scale to expand margins. So they have flexibility. They get caught prices, even other four to 5%. And margin still, you know, I believe could stay relatively range bound. But it's all about the fear of the unknown. You obviously have a key earnings. You key guidance coming around the corner January 25th, and Musk is the one that started the 5 alarm fire. He is the only one that could extinguish it. Dan, if brands want to get away from the Elon Musk brand, because that's what it is, right? Do consumers want to get away from the Elon Musk brand? Well, I think brand deterioration has been issued. We've talked about it to black eye from Musk, it's a black eye for Tesla. It's a fork in the road. It's a moment of truth for Musk and it all starts Jan 25th. You guys set realistic expectations to hit. And then I believe the stock starts to correct
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"On demand and in your podcast feed. On the latest edition of the tape podcast, a conversation with Dan Ives of Wedbush securities. Dan, I know you've been dealing with this issue for all year. It's your job over the years has been to kind of in part educate your clients on the EV market on the opportunities on the investment opportunities. A lot of things have turned here in the last 12 months. Yeah, I mean, it's been a perfect storm. I mean, the first part was the must, Twitter, circus show driven. But this last part's been demand wars. And look, China is the hearts and lungs of the Tesla story. Competition clearly increasing within the country domestically. You're seeing price cuts and some cracks in the armor. And I think right now the big worry is you saw the price card today. What does that mean for demand and especially what does that mean for margins? Look, my view is that they've actually have now the scale to expand margins. So they have flexibility. They get caught prices, even other four to 5%. And margin still, you know, I believe could stay relatively range bound. But it's all about the fear of the unknown. You obviously have a key earnings. You key guidance coming around the corner January 25th, and Musk is the one that started the 5 alarm fire. He is the only one that could extinguish it. Dan, if brands want to get away from the Elon Musk brand, because that's what it is, right? Do consumers want to get away from the Elon Musk brand? Well, I think brand deterioration has been issued. We've talked about it to black eye from Musk, it's a black eye for Tesla. It's a fork in the road. It's a moment of truth for Musk and it all starts Jan 25th. You guys set realistic expectations to hit. And then I believe the stock starts
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Feed. On the latest edition of the tape podcast, a conversation with Dan Ives, a Wedbush securities. Dan, I know you've been dealing with this issue for all year. It's your job over the years has been kind of in part educate your clients on the EV market on the opportunities on the investment opportunities. A lot of things have turned here in the last 12 months. Yeah, I mean, it's been a perfect storm. I mean, the first part was the must, Twitter, circus show driven. But this last part's been demand wars. And look, China is the hearts and lungs of the Tesla story. Competition clearly increasing within the country domestically. You're seeing price cuts and some cracks in the armor. And I think right now the big worry is you saw the price card today. What does that mean for demand? And especially what does that mean for margins? Look, my view is that they've actually have now the scale to expand margins. So they have flexibility. They get caught prices, even other four to 5%. And margin still, you know, I believe could stay relatively range bound. But it's all about the fear of the unknown. You obviously have a key earnings. You key guidance coming around the corner January 25th, and Musk is the one that started the 5 alarm fire. He is the only one that could extinguish it. Dan, if brands want to get away from the Elon Musk brand, because that's what it is, right? Do consumers want to get away from the Elon Musk brand? Well, I think brand deterioration has been issued. We've talked about to black eye from Musk, it's a black eye for Tesla. It's a fork in the road. It's a moment of truth for Musk and it all starts Jan 25th. You got to set realistic expectations to hit. And then I believe
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Our focus on the technology sector this morning with Dan Ives, managing director at Wedbush securities. Dan, at the intersection of tech investing and monetary policy, let's talk about some of the wild cards that are out there for technology in 2023, interest rate policy. What's the expectation and what is the ultimate impact on technology? Well, ultimately, that's really been the black cloud over tech and risk assets. I mean, it's the fed continues to be on this hawkish path. Toward ultimately combat inflation, are they in the 7th inning, 8th or 9th? Now, the one thing it feels definitely like in the first sort of quarter to half, 2023, the federal be done with those hikes. And that's the important thing is that right now that's the biggest variable that I think in terms of investors really dive into the deep end of the pool and risk assets. It's fed driven. It's ten year driven. But we believe we are starting into 8th 19. That's why we be bullish on tax year. Can you further differentiate those names that are more consumer facing? Yeah, I think when you look at names that have really taken on the chin, the upper content teams like Amazon, which obviously is very heavily exposed in terms of the consumer trends, but are some of the parts of you up at the cloud business. I think that's an undervalued piece. You look at meta I mean, Zuckerberg and Facebook, that's really been what's a disaster year in terms of 2022 because of that aggressive, what we believe risky move ultimately on the metaverse strategy and now it's really about them peeling that back and focused on social media. And then you look at other names of course you will consume like alphabet in terms of Google and some of these other digital advertising plays, but like I was able to I believe there's gonna be a lot of M and a and I think a lot of these stocks are baking and almost Armageddon like news. And that's why any relief we gather in tech to rip a lot higher. And at the end of your note that you passed along you have favorite cloud names favor cybersecurity names favored under the radar names, favorite overall tech name, top M and a candidates. Let's go right through the list if you would, start with the favorite cloud names. Yes, your favorite cloud names, Microsoft and our opinion community to be the best way to play cloud. In terms of the strength we're seeing in Redmond. And I think that's going to be a resilient area of spend despite some of the macro storm cause. I also look at Salesforce.com. I mean, that's a common thrown out in the garbage here. I think there's going to be more activism. There's a core cloud seen there in terms of Salesforce. I also think Amazon in the cloud piece is a way to play that as well. And real quick, the favorite cybersecurity names. David cyber, I love nimes like Powell out to checkpoint cyber arc as well as tenable Z scalar and crowd strike of those names in the left wing. I think cybersecurity is going to be what I view as a rock Gibraltar sector. Just given the threat levels that we're seeing in 2020. And let's do top M and a candidates real quick, like 15 seconds here. Yeah, top M and a, I think cyber and cloud we're going to see those. Those are names like Veronese quo as tenable, could see a rapid 7. I think there's going to be just a tidal wave of M and a that hits packed in 2023. And I'll do this last one for you. The favorite overall tech name is Apple. Dan always a pleasure. We appreciate it. Dan Ives said web bush securities setting us up for the new year with technology. And as we look at the tech heavy NASDAQ index, it is right now 70 points higher. The tech futures. Just to have this morning's top stories plus your local headlines at a checkout markets. But first, let's get
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"If the frame is those shallow downturn or mild downturn, we would just say, you know, open yourself up to the possibility more and more that no downturn is something that we have to fully price in and something that is not yet fully in the price. The brilliant Luke how UBS asset management director of investment solutions live from New York this Monday morning, good morning. We are neglect on the S&P 500 on the NASDAQ as well. We turn about three quarters of 1% through much of this morning, the unrest in China, triggering some of the concerns, feels like Sal risk and ask questions later will ask some of those questions in just a moment. In a bond market a ten year 360 seven 75 twos tens. I mean, let's call it, it's basically negative 80 basis points on a yield curve this morning Lisa. The two year versus the ten year. The most negative going back to 1981. At what point are we reach the end of this, right? And we were just hearing earlier this morning, potentially negative a 125 basis points. What does that mean in terms of the depth of this recession? Brian Weinstein at Morgan Stanley talking up that number. That's some real, isn't it? And talking about a three and a quarter percent, ten year yield that we could see another leg lower in yields from here. Apple, one more thing to watch, the stock in the pre market is down by about 1.76%. Our latest reporting here at Bloomberg suggesting the turmoil at Apple's key manufacturing hub in China is likely to result in a production shortfall of close to 6 million iPhone pro units. This year, then I have joined us now senior equity analyst at Wedbush securities. Dan, I want to start with the apple story and understand it from your perspective. Do you see that as profit revenue loss or just deferred pushed out to the next quarter? Look at me, it's been a gut punch. In the most important quarter, the most important period for cooking Cupertino, going into holidays. I believe it is the third, and it ultimately demand right now is that stripping supply by about three to one. But I think really look, the clock struck midnight, finally apple is seeing what's really the hurt in terms of production in China. We think it could be 6 to 8 million units. So what does this mean in terms of apple's share price in terms of the earnings that they're going to see, even if it's deferred, what does that mean for the upcoming quarter? Well, I think in the near term streets factoring in that you're queer going to see misses on iPhone production as well as what we're going to see on deliveries. I think we should issue is even going to Black Friday. I mean, we're seeing a 25 percent 30% shortages in Apple stores. If that continues to increase, depending on what happens on production, then this could be some darker days ahead in terms of the coming weeks going into holidays. But I think right now, streets starting to factor that in. But let's just be clear. It's the Grinch that stole Christmas really for Apple and it's been a frustrating time for cook and Cupertino. This isn't a surprise, though, Dan. I mean, this is ultimately apple's China problem, that their dependence on China both from a demand side as well as the supply side, really ties their hands to policy that's highly unpredictable. How much is there a push internally to move away from production in China to increase perhaps demand and production elsewhere? Yeah, and in terms of what we've seen over the last year and a half, Apple has been able to navigate basically better than any other company in China. The problem is, is that now at the most important time, I'm between the protest zero COVID and what we're seeing in Foxconn, it's really been a train wreck. I think for Apple now, they could talk about diversifying, but realistically, probably best case they can move 5 7% in production at a China by 2024. So I think that really hands are tied here and that's sort of the frustrating situation because they are ultimately at the mercy of the zero COVID policy in China. Let's build on that a little bit more. When asked the question whether it's profit or revenue lost or just delayed deferred to another quarter. I think overwhelmingly the response from balls like you is that it's deferred just delayed until the next quarter, but Dan underlying that assumption is that these difficulties in production go away over the next three months. Dan, I've spent most of this morning asked in a question whether the work an assumption is we get rid of COVID zero or whether we're stuck with it and I can't get a definitive answer on that from anyone and unsurprisingly, that's the case. So Dan, where does your confidence come from? That the issues that this company are experiencing this quarter are temporary in nature and won't just spill over into most of the next year. Look, it's a great question. I mean, like our view is that ultimately, especially from a fox perspective, they will be able to ram production going into next month or two. And then ultimately, this will start to be more temporary. But to your point, it's an overhang. And it's really something they came to ruse for Apple at the worst time possible. And really ultimately right now, the street's going to assume it's temporary transitionary, but ultimately, if this continues in 2023, it would really sort of start to change the near term thesis. Well, that's the question you and I have explored a few times Dan. How will I know if I'm wrong? You seem to have put a date on it there if it spills into 2023. Is that fair is that your line, if this continues for another month or so, I might have to change my mind about where I see this thesis going. Yeah, if this continues for four to 6 weeks, look, then it starts to impact 2023. Then even iPhone 15 in terms of production. I think that's where it sort of cascades further. Right now it's contained. You see that even reflect in the stock, but no doubt. I mean, this is starting to turn into a nightmare on Elm Street for Apple in terms of what we're seeing coming down to China. It's contained and yet we have heard about Apple potentially giving discounts to certain businesses on the margins doing things that they have not done before because demand has so outstripped supply. And there's always been a willingness to spend a $1000 on a phone and people lining up around the block. And is there a bigger problem for apple that they're seeing both this issue on the supply side at the same time that demand is taking a hit in a way that perhaps they're starting to acknowledge on the edges. Yeah, then on the edges you saw that in iPhone 14 plus, which is really outside of strikeout in terms of as an overall deliveries. But if I look at iPhone pro in terms of 14 pro, it's three to one, demand over supply. That continues to be a robust. That's the frustrating thing for Apple. Even despite economic storm clouds, demand strong, they can't just can't produce it. And I think that's right now, what they're trying to figure out. And I think this is a key I'll call it 7 to ten days ahead, a special what we see coming at Foxconn. It's a serious question. If you were hosting a holiday party, would you insist the people come over take their shoes off? That's all we want to do. I believe, I believe once you do that, it changes the whole dynamic once you say ask someone to take their shoes off. Are you setting a message to someone, Dan? Look, I mean, Sarah and I had a good friend asked to
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"On Bloomberg daybreak. We'll be watching the markets and getting reaction to Tesla earnings are Dan Ives of Wedbush securities. And we'll hit the midterm campaign trail with Bloomberg government's Jack Fitzpatrick in battleground, Ohio. Bloomberg daybreak, weekday mornings at 5 on Bloomberg 11 three O, the Bloomberg business app and Bloomberg radio dot com. The markets in focus every business day, the Bloomberg markets podcast with Paul Sweeney and Matt Miller. Are there some sectors that you want to have more or less exposure to? We've got to vaccinate the whole world analysis of today's Wall Street action. What's the thought on apple here for Bloomberg intelligence Bloomberg opinion and influential newsmakers? The bond market was the boss. Bloomberg markets with Paul Sweeney and Matt Miller. Subscribe today at Bloomberg radio dot com. The Bloomberg business app or iTunes. Makes innovation happen. It also makes entrepreneurs like Anya o'dwyer, founder of innovate, a tech driven civil engineering and construction management firm, Anya says and JIT is defining the future. Extremely important as a hub of disciplines, all in one space with all of these brilliant minds. NGOs roll is huge when it comes to defining the future and how from an interdisciplinary point of view, they have it all there, whether it's the innovation hub, the makerspace, and JIT 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
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Now to probably the biggest corporate story of the moment After 14 years running the nuts and bolts of the world's biggest social media company Sheryl Sandberg is stepping down as chief operating officer of Facebook parent meta platforms Dan Ives is with us this morning for more on this managing director and senior equity research analyst at Wedbush securities Dan it is hard to overstate Sheryl Sandberg's impact turning Facebook into the powerhouse it is now What's the legacy that she leaves behind Look I mean she's a key reason that people know Facebook I mean of course Zuckerberg continues to sort of be the one that's going to take the legacy from here even though it's going to be choppy but Cheryl was a key part of the DNA of Facebook navigating all the challenges division the street credibility She leaves a massive hole at Facebook And right now I think it's some darker days ahead for Zuckerberg and team especially with Sandberg no longer in the co-pilot seat I talk a little bit more about that Why do you see darker days ahead now Well I think first off I mean the company is transitioning to metaverse obviously changing their name to meta the revenues in our company and our three to 5 years And that's going to be a bumpy transition And right now in terms of social media it's really these Apple privacy iOS changes that's been the gut punch of the business model And that's why right now I mean there was always a part she was going to leave The fact that she's leaving right as their transitioning to meta and the metaverse couldn't come exactly at the right time And I think that's why it's going to be a negative reaction for the street as it goes to this transition Does her departure say something about her feeling about the direction that Facebook is taking now now that it is meta platforms Look she's obviously become more than just a business leader I mean worldly iconic You're especially with a lot of endeavors charity So she's going to be really focused on that But you can look past her leaving at this time It's like looking at a tornado being like you know what I'll go the other way And I think that's the view of the street here And look I just want to come to Zuckerberg He's not exactly Sully sullinger flying the plane There's not super confidence that he can navigate some of these challenges And that's why the bench is going to have to ultimately come through But clearly these are almost impossible shoes to fill for the rest of the match And while we do know that those shoes are going to be filled at least at the moment by meta's chief growth officer Javier olivan what's your view on him What direction do you think he's going to take the company Well strong background is proven himself in and outside of the industry But these are herculean life challenges they have I mean transitioning to meta the name change to matters That's going to be easier said than done And this is also at a time social media I mean we've seen it from snap and others advertising continues to see massive headwinds And Cheryl is the one She was the pillar of strength for the street credibility Despite whatever the choppiness was And he's going to have to start to navigate some of those challenges But again this continues to really be a surprise to the street that happened now especially as they're going through this transition It's not just meta platforms that's been hit hard this year Tech stocks as a whole have been hammered They're starting to stabilize a bit Do you think the worst is over for big tech Look I believe the worst is over relative to what we're seeing on fundamentals I think street was anticipating a lot worse news ultimately in the video pow out those Z scarer sales source better than expected supply chain store in the eased Armageddon was priced in the tax stocks I believe way over correct and that's why you're starting to see investors look for bargains despite the inflationary Rubik's Cube Mac or I think tech stocks away over sold here overall I just quickly our last 30 seconds here Where do you see opportunity in tech I think software and cybersecurity I think cybersecurity front and zone needs a power out disease scale or tenable Apple Microsoft continue to be our top favorites in terms of tech And then I think in disruptive tech you look at EVs means like a Tesla I think way oversold here even though the Twitter circus show continues to play on Yeah something else for us to watch As always Dan thanks for your thoughts Dan Ives is managing director senior equity research analyst at Wedbush securities NASDAQ futures the tech heavy gauge on the rise about a half percent gain of 63 points for NASDAQ futures S&P futures are up 15 points That's a gain of four tenths percent in Dow futures are higher by 94 points a three tenths percent increase The ten year treasury down two 30 seconds yield 2.91% on the benchmark ten year note Just ahead another deadly mass shooting and President Biden may be headed to Saudi Arabia with gas prices on the rise 5 things you need to know to start your day coming.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Cracks in terms of slower hiring And I think you'll see Salesforce next week talk about strength overall Europe weakness has been spotty in terms of what we've seen That's why I apologize just keeps coming down to right now beat into these stocks Our discrete numbers coming down by ten to 15% for 2023 So if it's anything between a soft landing even just a slight modest recession then stocks today Texas especially way over sold here And that's why we're just right now in the scenario spray chart analysis just given what we've called Rubik's Cube macro in any bad news is just going to get exacerbated and that's what we're seeing today Any concern about the housing market Dan and we've seen a really bad numbers today in new home sales and I'm starting to hear more and more people say this could turn quickly and be maybe a gray swan that people had had difficulty spotting Well I view it I mean there's different view value that that also takes some of the fed's job You already take care of it right That would ultimately be less interest rate hikes that you'll see down the road after 50 and 50 You're going to see frost come out of the market Leverages come out of the system but that's why I do not view this as a dot com bubble burst two I don't look at OE 9 see any comparisons I just view as a massive over production risk is coming out of the system But again in the news cycle that we're in with what we're seeing horrific in Ukraine as well as zero COVID in China you're just seeing investors regardless of price get out of risk assets All right Dan good good overview there from your perspective We always appreciate getting the big tech call there Dan Ives managing director and senior equity analyst at Wedbush securities and again calling out some of the stronger areas from Dan's perspective in the tech stack call it the cloud which is certainly a big growth area.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"The statewide average of three 71 Amber Heard is next up to testify in the Johnny Depp defamation trial the actress could reportedly take the stand as early as Monday as the first witness for her defense Depp is suing his ex-wife for $50 million for allegedly implying in a Washington Post op-ed that he abused her Heard his countersuing for 100 million I'm Chris And dived to these Pellegrini in the Bloomberg newsroom It's Saturday on Wall Street but Chevron is getting a lot of attention from investors today That's because the oil giant is now on a Berkshire Hathaway's top holdings according to Bloomberg's Katherine linsky Look at obviously he's been invested in oil before He's had some Exxon shares previously and so he's familiar with the space but it's obviously quite a volatile market And I think there is some sense that he's now really big into oil And chic linsky also says Apple remained one of Berkshire's top holdings And CEO Tim Cook stopped by the massive Berkshire annual shareholder meeting in Omaha today Investors are picking up the pieces after a massive sell off on Wall Street yesterday Tech shares getting slammed Amazon following the most in percentage terms since 2006 and Apple also taking a hit partly because of COVID lockdowns in China Dan Ives of Wedbush securities says he's sticking though with his $200 price target on Apple We continue to focus on demand story I mean that continues to be the key why do you buy Apple Apple shares on Friday finish the session at about a $158 a share I've also said he's still a believer in tech stocks overall And Connecticut consumers will soon be able to know when their personal information is being tracked and how it's being used under a wide ranging data privacy Bill that's heading to governor Lamont's desk more from Bloomberg's Michael Barr The legislation dubbed a consumer Bill of rights cleared the House of Representatives by a vote of one 44 to 5 It passed unanimously in the Senate last week The bill also allows people to access correct delete and obtain a copy of their personal data as well as opt out from having their information used by marketers retailers and others for various purposes such as targeted advertising Thank you Michael And global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the newsroom I'm going to de Pellegrini This is Bloomberg You're listening to balance and power with David Westin on Bloomberg radio President Biden is asking Congress to provide $33 billion in emergency funds for Ukraine as well as the power to seize and sell assets of wealthy Russians funnel that money to Ukraine for reaction from Congress I spoke to Republican senator Steve daines of Montana just back from a trip to Ukraine to get his report from the ground on what military aid Ukraine needs to keep fighting against Russia What I saw in butcha our images that nobody should ever have to see in their lives Literally seeing the bodies being exhumed from shallow graves of women of children of innocent civilians who were living normal lives one day in a peaceful village just 20 miles north and west of Kyiv in the next moment brutally executed murdered by the Russians And the bottom line is this is a war crime situation but these war crimes are committed in butcher are being committed in plastic Mary opal and other places the Russians currently are bombing and committing their trusts across Ukraine This these humanitarian crisis these war crimes will not end until this war ends this war is not going to end until Ukraine wins the war That's a very important point to make We are not here to weaken Russia We are here to help the Ukrainians defeat Russia and drive them out of Ukraine Senator Danes as we consider what you just said is it in fact possible for Ukraine to quote unquote win What does that look like Is it driving Russia out of Ukraine altogether Yeah it is possible And we saw it early indicators There's certainly what happens north of Keith I saw the atrocities committed Remember the world fought that Ukraine would fold its 72 hours If you remember the United States government the Biden administration sent zelensky message saying we're going to send you a plane to get you out to save your life What did zelensky say I don't need a plane I need more ammunition And they drove the Russians out of Ukraine there out the north Now of course they come back to the east and around on the south He answers they can win they need to have the lethal aid to do it I met with the mayor of key The famous box of the guy 6 8 He looked at me and he said he said senator the Russians are fighting for a paycheck We are fighting for our freedom for our children and for our grandchildren You combine that passion with a trained army like the Ukrainians have and the lethal aid to win it they can win this war They've got to stop them right now Joe before they get to Odessa If Odessa falls that's a very important port city there on a Black Sea then Chinese tria falls and Moldova likely falls as well So this is why it's very important We expedite and speed up the cadence of delivering that lethal aid to the Ukrainians to win this war And by the way as profound implications for the price of energy for the food security this is a global a global geopolitical situation that we've got to have in the Ukrainians win it Well to get back to my first question then will Congress provide the $33 billion that the administration is asking for $33 billion is a lot of money I support getting the lethal aid to the Ukraine But I want to see what's in that line item by line item and then we'll make a decision because I want to be sure it's very very heavy and lethal way because again the humanitarian crisis doesn't end until the war ends And we've got to address humanitarian needs but the primary focus and you hear this over and over again from whether it's president zelensky the mayor of Kyiv the mayor of bucha Ukrainian leaders they need lethal aid to beat the Russians And we've got to change this narrative I want to hear it from President Biden from Jake Sullivan in The White House saying we are in this with Ukrainians to provide and legally to win the war not just prolong it or they'll somehow we can Russia What does Ukraine need that we have not already sent senator It's heavier artillery They need aircraft as well You know we had that horrible moment where secretary blinken greenlighted these Polish MiG 29s several weeks ago and the Biden administration walked it back Huge mistake and that not only was a huge mistake in terms of trying to lethal aid they need but also the message is sent of uncertainty I'm very concerned that President Biden is leading from the back of the room He's not leaving from the front That's why I went to Ukraine Ten different prime ministers and presidents across Europe went to Ukraine And then I looked at that and I said well I don't see any of the administration going I'm going to be the first American leader to get in there We did that it sent a very important message to Ukraine that we stand with them in terms of this battle against Russia It must have been happy to see the secretaries of state and defense in Kyiv I was very pleased to see secretary bling and secretary Austin make that trip That's a good thing They spent three hours of president zelensky The other thing I called on was for our State Department to reopen the embassy in Ukraine Remember we took out our diplomats moved into Poland Many countries did not leave Many countries now are restoring the diplomatic mission One of my requests was reopen the embassy in Ukraine I was pleased to hear secretary blinken said we're opening up the new embassy embassy The embassy again in Ukraine That's the important I spoke with ambassador brink He is currently ambassador U.S. ambassador to Slovakia I met with her in fact when I went through Eastern Europe she is now the nominee She's exactly the right person to serve in Ukraine Thanks to Republican senator Steve daines of Montana coming up my conversation with commerce secretary Gina raimondo about.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Driver or a construction worker pay off the debt for somebody that did a PhD program in gender studies That's wrong President Biden says he's considering canceling some student debt but not the $50,000 per borrower being sought by the leaders of his own party And in music history news back on this date in 1977 Steve Miller released jet airliner I'm Chris coraggio And dive to these Pellegrini in the Bloomberg newsroom It's Saturday on Wall Street but Chevron is getting a lot of attention from investors today That's because the oil giant is now on a Berkshire Hathaway's top holdings According to Bloomberg's Katherine linsky Look at obviously he's been invested in oil before He's had some Exxon shares previously and so he's familiar with the space but it's obviously quite a volatile market and I think there is some sense that he's now really big into oil And he also says Apple remained one of Berkshire's top holdings and CEO Tim Cook stopped by the massive Berkshire annual shareholder meeting in Omaha today Investors are picking up the pieces after a massive sell off on Wall Street yesterday Tech shares getting slammed Amazon following the most in percentage terms since 2006 And Apple also taking a hit partly because of COVID lockdowns in China Dan Ives of Wedbush securities says he's sticking though with his $200 price target on Apple We continue to focus on demand story I mean that continues to be the key why do you buy Apple Apple shares on Friday finish the session at about a $158 a share I've also said he's still a believer in tech stocks overall And Connecticut consumers will soon be able to know when their personal information is being tracked and how it's being used under a wide ranging data privacy Bill that's heading to governor Lamont's desk more from Bloomberg's Michael Barr The legislation dubbed a consumer Bill of rights cleared the House of Representatives by a vote of one 44 to 5 It passed unanimously in the Senate last week The bill also allows people to access correct delete and obtain a copy of their personal data as well as opt out from having their information used by marketers retailers and others for various purposes such as targeted advertising Thank you Michael And global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the newsroom did he spell it This is Bloomberg This.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Rescue operations are underway in Andover Kansas after a tornado ripped through town last night Emergency officials say they're amazed only four minor injuries were reported as a twister tour of four mile path of destruction through a populated area Fire chief Chad Russell says about a thousand buildings were damaged or destroyed So we've been through this before And it'll be years that we'll be recovering from this The federal storm prediction center says at least 15 tornadoes were reported Friday including in Kansas Nebraska and Florida An American and former marine fighting Russians in Ukraine is dead Erin McLaughlin reports According to his family 22 year old Willie Joseph cancel had been working for a private military company in the country since mid March His mother telling CNN he wanted to go over because he believed in what Ukraine was fighting for President Biden is reportedly considering for giving at least $10,000 in student loans per student The hill says Biden is thinking about taking action through executive order That's the latest I'm Julie Ryan And dived to these Pellegrini in the Bloomberg newsroom it's Saturday on Wall Street but Chevron is getting a lot of attention from investors today That's because the oil giant is now on a Berkshire Hathaway's top holdings according to Bloomberg's Katherine glinsky Look at obviously he's been invested in oil before He's had some Exxon shares previously and so he's familiar with the space but it's obviously quite a volatile market and I think there is some sense that he's now really big into oil And chiklin scale also says Apple remained one of Berkshire's top holdings And CEO Tim Cook stopped by the massive Berkshire annual shareholder meeting in Omaha today Investors are picking up the pieces after a massive sell off on Wall Street yesterday Tech shares getting slammed Amazon following the most in percentage terms since 2006 and Apple also taking a hit partly because of COVID lockdowns in China Dan Ives of Wedbush securities says he's sticking though with his $200 price target on Apple We continue to focus on demand story I mean that continues to be the key why you buy Apple Apple shares on Friday finish the session at about a $158 a share I've also said he's still a believer in tech stocks overall And Connecticut consumers will soon be able to know when their personal information is being tracked and how it's being used under a wide ranging data privacy Bill that's heading to governor Le Mans desk more from Bloomberg's Michael Barr The legislation dubbed a consumer Bill of rights cleared the House of Representatives by a vote of one 44 to 5 It passed unanimously in the Senate last week The bill also allows people to access correct delete and obtain a copy of their personal data as well as opt out from having their information used by marketers retailers and others for various purposes such as targeted advertising Thank you Michael And global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the newsroom did he spell it This is Bloomberg Broadcasting live from the Bloomberg interactive broker studio in New York Bloomberg and frio to Washington.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Profitable business boosting cash flow monetizing the platform He also brought up his track record at Tesla and SpaceX SpaceX has proof of his success What do you make of that Okay From a business model perspective I believe it goes to a paid subscription model I think they'll have a free piece but ultimately that's probably a key part of the strategy going forward And in terms of some of the job cuts of some of the cost cutting I mean look this is essentially leveraged buyout The only difference is he's leveraging cash flow shares to do it So it's going to create some more uncertainty going forward It's still a long time until this closes But that's why right now for months the easy part relatively was buying Twitter the hard part is going to be fixing it Can he do it Do you think Elon Musk can do it Well I believe it's a whole other animal than it has a space Technology we're talking about social media It's been uphill battle for the last decade And I continue to believe it I think Tesla shareholders believe this is that this is going to be a herculean white challenge from Musk And I think that's why you're seeing the overhang on Tesla shares because you essentially leverage the position and pass it by Twitter and ultimately test the shareholders that are feeling the brunt of this soap opera plan out Soap opera indeed Dan Ives of Wedbush securities Thanks so much for your insights there We'll continue to watch what happens with Twitter Of course we'll be continuing to follow along the latest on Apple and Amazon results and that does it for this edition of Bloomberg technology before we go I just want to say a special goodbye to a very special person on our Bloomberg team Mallory Abel housing who has been here running the show on the floor of Bloomberg technology for ten years Ten years so almost as long as I have she is moving on to her next adventure moving to New York.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"Weeks might have you thinking of trading in your guzzler and finally going electric Only problem is there aren't many electric vehicles to go around We're about 60% below a normalized inventory level Dan Ives covers the EV industry at Wedbush securities he says in a normal environment about one in every four new cars sold would be electric right now but this is far from a normal environment So much is dependent on Ukraine Russia But this is the same time as the worst supply chain shortage that we've seen ever I've said the nickel and lithium that go into EV batteries are getting more expensive and that's helping to drive up average sticker prices by about a $1000 longer term though I've says this crisis could speed EV adoption You're going to have the loyalists on both sides But right now you got 30 to 40% of buyers for automobiles they could sway either way And I think many of them will sway toward EVs especially this has been an unfortunate week up call I think for the world Nathan Hager Bloomberg radio What is dedication The thing that drives me every day is a day is very honest We call them day to day for short Every day he's hungry for something whether it's attention affection knowledge and there's this huge responsibility and making sure that when he's no longer under my wing that he's a good person I think the advice I would give is you don't need to know all the answers The craziest thing was believing that your dad knew everything so as a dad you felt like you had to know everything and you had to get everything right It's okay to make mistakes As long as it's coming from love then you know it kind of starts to work itself out I want him to be able to.
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"And Matt Miller I'm Jonathan Ferro Your record remark is shaping up as follows up 26 on the S&P a half of 1% call it 6 tenths of 1% higher Yields a higher two by 5 basis points to one 56 on €10 dollar heading south just a little weaker there on a Euro side of things that currency pay negative 0.05% crude down a 74 89 down four tenths of 1% A stock to watch in a pre market is Tesla just some brilliant numbers from that company The stock up in a pre market 6.74% Matt Miller the deliveries 308,600 in the fourth quarter on the year 936,000 That's up 87% over 2020 deliveries Absolutely It's incredibly impressive and it just shuts down Tesla critics who have for years talked about how they really couldn't ramp up production to industry standard levels They are producing basically a million cars a year now So it's unbelievable that well it's not unbelievable but it's far better than analysts had predicted Even the most bullish analysts like Dan Ives over at Wedbush are really impressed by these numbers So you can imagine that the shares are going to do quite well today By the way a 6% move for a $1 trillion company is a lot of money It's a huge chunk of change from that and credit where it's due It's unbelievable from where we were several years ago where we were preoccupied by existential risks We talked about how the credit price in the bond market I did We were laughing about it for months when it priced to remember that issue at around 5.3% And this company is just proven the doubt is wrong time after time after time You mentioned Dan Ives Katy he's bullish at 1400 a share test the right now at 1128 This is what he had to say A green tidal wave is taking hold The words of the analyst from Wedbush securities Yeah and that idea is giving a lift to other EV makers and pre market trading as well It's not just a Tesla story even though Tesla clearly has the front foot in this market of course Dan Ives also really bullish on Tesla because of the China story other analysts noting the output from its factory in Shanghai Also the other thing I would mention while we're talking about China that brings me to supply chain issues Tesla has navigated some of these supply chain challenges chip shortage being one thing that was really weight on automakers They've actually navigated this quite well in those production members prove that out John They've done it brilliantly That stock is up in a pre market Let's call it 6.8% Joining us now in the year ahead is you're my wife The chief economist at axa group Sure let's stand right here Big conversation about a Federal Reserve rate hike maybe the end of this first quarter For the ECB is that a conversation at all for 2022 or something we have to wait for for 2023 I think it's more for 2023 The forward guidance of the ECB is pretty clear from my point of view the set that Curie would continue until shortly before the first rate hike and they told us that QE would continue until at least October 2022 So at a stretch that could possibly technically high let's say in December of this year but I don't think it's the likeliest scenario I think Even the hawks and the ECB board are more interested in getting rid of QE that's clearly their number one focus The interest rate story and I think it's different What I think the CVS don't at the very end of last year is basically to give itself a 9 to ten month to decide what the appropriate pace for monetary would be and my guess is that given their current forecast they still don't expect inflation to be back to 2% at the end of their forecasting horizon It's not the kind of messages you send if you want to convince the market that a red hike is imminent I really don't think it's fully it's for 20 to 23 years but 2020 I'm divided as this committee though Jill as divided as it always has been over much of the last ten years more divided now which one is it you Oh it's true that the comedy the board the governing council is quite divided but if you look at the point of focus of the debate it's really about QE I really think this is where you would find the fiercest debates because QE is really at the border between military and fiscal policy It's always been a problem for the European Central Bank given the mastery treaty and the obsession about not blurring the lines between military and fiscal So the political economy if you want other governing council makes them very very very focused on interest rate well you do this really if you think that inflation is getting out of control But the Eurozone is not the U.S. I mean the risks of the current inflammation spike morphing into something a really sinister really under genus in Europe is I would say this juncture at least much lower than it is in the U.S. What you're back in that sense you mean why is it harder for inflation to take hold here I think several things First of all we are not as advanced as the U.S. in dealing with the legacy of the lockdowns If you look at where GDP is today we have one to actually quarter up with what we've lost in 2020 We will probably very shortly But our gap is still negative whereas in the U.S. it can be argued that it's already positive Probably because your fiscal stimulus has been to some extent an overkill The other reason is that big difference between Europe and the U.S. is that in the U.S. you have clear science of labor market scarcity You have a problem with your participation rates People have left the labor market and don't seem to be in a hurry to come back It's exactly the opposite in Europe In the Eurozone the participation rate today is where it was before the pandemic And in some countries it's actually higher In France for instance where I come from and where I talk to you today It's the highest ever recorded participation rates The last one we had in Q four So if we are in a very very different situation we have an inflation spike just like in the U.S. that's undeniable But the chances they turn to something self perpetuating are remain remain lower And what are the knock on effects from what the fed does I mean how much can the ECB rely on the fed to be the tail that wags the dog Well historically the CPS has often been able to maintain a sort of healthy lag in terms of policy response relative to what the fed was doing especially if the market believes that there are good reasons for the city not to follow suit to quickly And I would say this juncture given the fact that well demand might be a little wobbly because for instance demand from China is not a stellar as we would have wanted it to be Having a weak currency is helping the one 13 flex falters It's probably a good thing It offsets some of the weakness in the volume of external demand So if you're at the ECB right now or you look at the actions right yes to some extent it's going to add to the inflationary pressure but it's coming at a time when this extra boost to competitiveness is welcome Well of course the consensus seems to be at least for the first part of this year a stronger dollar which has to do with the normalization of Federal Reserve policy And on that subject the consensus seems to be that the fed is going to move at least by the beginning of the first half moving more potentially toward the march being alive meeting Why do you think they wait until.
KCRW
"wedbush securities" Discussed on KCRW
"The search giant profited from so many digital ads last quarter record sales, even amid talk in Washington to rein in tech biggies like Google. Sales were up 34% from a year earlier. $55 billion more broadly, tech firms like everyone else or trying to figure out what life looks like as pandemic recedes. Here's marketplaces Andy Euler. Some of the biggest tech companies represent about a quarter of the S and P. 500 Market Cab and Scott Kessler at the investment firm Third Bridge says these rich companies just got richer as a result of the pandemic. A lot of these companies from a revenue perspective have seen accelerated demand and growth given some of the challenges last year. He says quarterly results will likely reflect that. But Tech companies understand that subscription based services might struggle to win new customers if and when people go back to the office. Although Daniel lives at Wedbush Securities says even on the other side of the pandemic, you weeks back, you'll have 30 35% employees that would be working, removed or semi remote and that just puts more and more pressure on the cloud and from a digital infrastructure perspective. So he says the investments the tech firms made during the pandemic into the digital infrastructure will continue to benefit those companies through at least the next quarter. Made Euler for marketplace. When we write the financial history of 2021, there will be a chapter on the hedge fund you had never heard of R K. Go said manages the fortune of Bill Long a Wall Street guy. It made bets on stocks. It didn't really own using a fancy technique, and last month, it all went bust. So what? Well, some of the biggest banks in the world had lent money to RK goes And as the quarterly reports of those banks come in the combined losses by banks are now reportedly in the $10 billion range. Why didn't the banks see the risk? Eric Gordon is a professor at the University of Michigan's Ross School of Business. Good morning. Good morning, David. The hedge fund was using something called Total Returns swaps. I don't want to go too deep there, but it's fancy footwork that attracts less regulatory scrutiny. Yeah, it has two features that make it doubly dangerous. Won lots of leverage and two lots of secrecy. The funds does not have to disclose to anybody. What Its positions are. Doesn't own $100 Million of CBS doesn't own $100 million of any other company. Nobody but the fund knows. Yeah, and then you have this scary term risk contagion, the risk and the effects here or not just being felt by arcade goes Well, Here's the Hall of Shame. The big Swiss bank Credit Suisse Lost $5.4 billion Japanese bank tomorrow. $2.9 billion, closer to home, Morgan Stanley $900 million Nothing makes a banker's brain go to mush like the prospect of earning big fees and the banks earned big fees from these hedge funds. So Really smart people do sort of dumb things. So you think the regulators are gonna pay attention to this moving forward? After every episode of risk contagion, whether it's big financial crisis or any other one long term capital management. There are hearings. There are new regulations and those really smart bankers are smart enough to find ways around. Whatever the government comes up with. Eric Gordon, a professor at the University of Michigan's Ross School of Business. Thank you very much. My pleasure, David. Markets. Dow and S and P Futures air down to tense present here The SNP future is flat with the Federal Reserve meeting today. The 10 year interest rate is up at 1.63%. Excuse.
NPR's Business Story of the Day
A Pandemic Winner: How Zoom Beat Tech Giants To Dominate Video Chat
"Roughly one year ago. I heard colleagues referred to a meeting on zoom. It was one of those passing references where people assume you already know what they mean. But i didn't. I literally never heard of the brand within a few days. Of course i knew as did millions of others who likely had not known before. Zoom is by no means the only way for a video meeting but the company has come out ahead during the pandemic zoom is among npr's financial supporters. And we cover it like any other company. Npr's shannon bond has the company's pandemic story chief financial officer kelly steckel berg vividly remembers one specific date. Last spring march fifteenth. Last year was the day when everything changed. Its like we woke up and almost overnight that demand grew exponential demand from companies. Trying to keep running after sending everybody home. School setting up virtual classrooms then. The floodgates opened here at npr weeded stories about fitness classes. Moving to zoom. You're going to need a broom towel. Happy hours complete with drinking games. We figured out rules for virtual beer. Pong one of our producers watched her sister get married over zoom. You may now feel your ballot. Chests by april zoom meetings were attracting three hundred million participants a day thirty times the amount just a few months before zoom was an upstart and it was going up against products from giants like google and microsoft which are both npr supporters. So how did zoom beat these heavyweights real richness to simply way easier. Jason freed is ceo of base camp. A company that makes remote work software. He told me over his preferred app. Skype he's been working remotely for two decades. He says zoom made sending a meeting link as easy as sharing a youtube video open room. You get a you moral you. Send the url around people. That's it unlike. Other video meetings people you invite to zoom. don't have to log in or download. Software freed says that simplicity meant even though. The app was intended for companies. It was really easy for everyone else to use to but zoom was so popular and convenient. It had a downside. The fbi warning about zoom bombing intruders has started crashing zoom meetings because security was so lax townhall school classes. Aa meetings. were all targets. Dennis johnson knows all about this last march. He was defending his doctoral. Dissertation on zoom in front of family and friends with an unknown attacker scrawled racial slurs genitalia on the screen. A year later johnson still avoid zoom when he can every time. Somebody called me. Dr arteaga On so it just like a nasty taste in my mouth. Researchers uncovered other security and privacy flaws zoom told users meetings were fully encrypted when they weren't the company admitted shut down the accounts of activists in china after pressure from the government. Zoom went into damage control mode. It put everything except privacy insecurity on pause for three months and it reached settlements with federal and state regulators investigating the issues. Stucco burg's zoom. Cfo says the episode was a wakeup call. It was a humbling experience for all of us but we learned a lot through it and we have come out on the other side at a stronger a better company with a stronger and more secure platform now. After a year of daily life and major milestones conducted over zoom what happens when people get vaccinated and can go back to seeing each other face to face. Daniel ives as an analyst at wedbush securities there could be a roaring twenties type field. Whose covid where people are just gonna wanna get out and just almost a pent up demand but he says zoom has made such inroads into our lives in the past year. It's here to stay so they're still time to learn how to use the mute button
Bloomberg Radio New York
"wedbush securities" Discussed on Bloomberg Radio New York
"To another record high Monday as the Cryptocurrency touches the $44,000 Marcus In part because of Tesla's big $1.5 billion investment, becoming the biggest company yet to back the Cryptocurrency. Mike Novick Brats of Galaxy Digital, spoke earlier on Bloomberg television. Young people are buying into the future, and they see crypto currencies, Bitcoin and other kryptos as their currencies on DSA. So Elena's a genius in that he realized listen to the people. We'll put some of my balance sheet in there because he's worried about the dollar. Okay, that's a speculative bed. But it's more the messaging of what he was doing. That's important right, allowing soon to be allowing customers to buy in crypto. You're going to see every company in America do the same thing. Well, it looks like it's not just cos that's thinking about this. You have Mayor Francis Suarez. Miami thinking about adopting Bitcoin on its balance sheet, according to a tweet he had sent out today. How realistic is something like that and are more cities likely to think about it? Listen, there's a war for talent between companies and between cities, right We've got this tax arbitrage going on where people move out of New York, T o Miami or TOE AUSTIN, Texas. You've got cities fighting for the best human capital. Now you've got the biggest, you know, the wealthiest man in the world and one of the biggest stories doing it. You gotta think other CFO's and CEO is gonna say, what should we be doing? Let's talk about value here for a second, then where should Bitcoin be in six months? Listen, I originally bought big clue it in the year of 50 or 60,000. Things were happening so much faster than I had predicted. Right. The corporate adoption rate the institutional adoption rate is accelerating beyond certainly what I thought about tonight, I think between could endure $100,000. Tony's out for Maura and a look on Tesla's dive into Bitcoin Wedbush Securities managing director Dan Ives. Dan What's your Take on Iran and Tesla backing Bitcoin to this extent? A village really speculation the market the last few weeks would test the ultimate dive into the deep end of the pool when it came to big corn, and I think this is a move that significant. Because it tests on musk and no ultimate thing. It's really two parts because this is was the transaction peace and definitely this is going to have a massive impact today across corporations. Was MicroStrategy now, Tessa. But when most talks other listen, and I think this is going to be a big move in terms of the currency from a corporate perspective and investment, and so, Tessa It's just another potential talent from a moment. Um, perspective. Well when musk talks, you're one of the people who have to try and figure out what he's trying to say what it actually means. What's your take on these? These does coin. Tweets on I think the worry is you don't want a sideshow to ruin what's happening in the golden age of TV because house despite all the issues over the last few years back in the wall right now they're in Leadership position in the market that that's gonna be in the trillions over the coming years, GM and others going after it. I think that's the one thing that it's fine to invest on Bitcoin transactions. Few leader That's who musk is. We've seen it across the board. But you don't want the sideshow and some of the tweets to overshadow the broader story that Happening right now. And I think that continue to be a balancing act from investors, especially when you look it. Musk and everything he's accomplished. Right. I do want to move on to Apple. Lots of speculation through the weekend as to whether Apple isn't talked with Hyundai and Kia about an electric self driving car. Both those companies now coming forward, saying they're not In talks with Apple. What exactly is happening here? What exactly is Apple working on? Sure, So I think there's gonna be a lot of twists in terms on cooking Cupertino evey initiatives. I think what we saw with this Hyundai news. I still don't think that that dead but it's just shoes. That Apple is going to continue to pick a partner and they're not done there, and I think there's a few partners that they potentially could look at. We thought Hyundai also the W was potentially Ford. It's not a matter of if they're going to go into evey. It's matter when and I believe this is going to be a significant initiative in terms of the Apple car. It's about a partner. We believe over the next 3 to 6 months they pick in evey partner but clearly allowed twists and turns as we've seen with this Hyundai News over the last few weeks. And what will be apples key differentiator from the main competition, which is Tesla at this point? It's in my opinion, the best brands looking sure perspective Global, the Golden brand 1.4 billion IOS devices. You bring what I believe in the labs in Cupertino Autonomous with that unparalleled installed base to the right easy partner. We're talking about potentially 5 to 10% market share but $5 trillion market. That's why I believe that is going to dive into the deep end of the pool and easy and hopefully this could add $30 plus choose the stock as they're even just what I believe, partially successful in terms of establishing themselves. Do 2024 apple cars on the road? All right, Dan, as always love your golden metaphors here. Dan Ives of Wedbush Securities. Thanks so much, much to follow. Okay, coming up. Sales of the department store..
All Things Considered
Uber Sells Its Autonomous Vehicle Research Division
"Out of the self driving game. The ride hailing giant has sold its autonomous vehicle research unit to a startup. It hasn't quite given up on the idea of robo taxis, but it is recognizing it can no longer afford to spend billions of dollars on the technology. NPR's Camilla Domina ski reports. Uber has always aimed big. It wanted to operate around the globe. It wanted to replace personal car ownership. And when it came to self driving technology, uber wanted to play a starring role in that revolution and make a fortune off of it. There's a huge huge Like positive impact of society when driverless cars become a thing that was uber co founder Travis Kalinic at a World Economic Forum event in 2016, and after Kalinic was pushed out of uber because of numerous scandals, new CEO Dark Khazar shot he was still optimistic. He spoke at Davos and 2018. We will have Autonomous cars on the road. I believe with him that the next 18 months not as a kind of Ah test case but as a real case out there just a few months after that remark, a self driving uber on a test run, struck and killed a pedestrian and Tempe, Arizona. After that deadly crash, Uber pulled its test vehicles off the road for a while, but research into self driving software continued. The goal was to eventually offer rides without needing to pay drivers. But while self driving technology has been improving, it's not close to making uber any money and that research is very expensive. They put a lot of money. It's in the billions. Daniel Ives is with Wedbush Securities. After all these years, Uber's recognizing its limitations. It's never turned a profit and the pandemic has it. Bleeding money. Self driving could still be part of Uber's future and years to come through partnerships, but the company won't be developing the technology in house. This is a shitty jik vision, but ultimately going to really play out. They were gonna need to sell this business. They could not support that level of our he needed to make this successful. All that expertise is heading to a startup named Aurora that's working on self driving trucks. Uber isn't getting any cash in exchange. I have says this transaction is all about getting a money loser off the books. It's a sign the company that always dreamed big is narrowing its focus. Uber is doubling down on ride hailing and food delivery as it chases that elusive profit. Camilla dominates key NPR news
Wall Street Breakfast
US big tech dominates stock market after monster rally
"Big Tech gets a big test next week as apple facebook Amazon and Google. Parent Alphabet all step up to the earnings plate after a sizzling run for the sector wedbush securities things the reports will fuel up another tech rally into the end of the year despite the general nervousness over stimulus and the election apple is the firm's favorite thing name Microsoft and salesforce are the top cloud software picks and Z scaler is called the cybersecurity standout. There will also be some focus next week a US Senate hearing on section two, thirty immunity with twitter's Jack Dorsey facebook's mark. Zuckerberg and Google's Sundar Pichai all in the firing line. The economic calendar includes updates on new home sales, durable goods and consumer sentiment as well as what will be an eye popping Q. Three GDP report a historic thirty three percent quarter over quarter surge in Q. Three, GDP is expected to be reported to follow on the over thirty one percent drop in Q. Two despite the strong bouncing Q. Three the feds official forecast for this year is for GDP, to decline three point seven percent, which would mark the biggest single year drop since at least World War Two. Also on the schedule in the week ahead, look for some ideas to be generated out of the Robin Hood Conference and Spat Creation. Boards Town Motors Corporation could burn some rubber when it starts trading.
Bloomberg Law
Tesla shares are 'too high': Elon Musk
"Tesla shares tumbled over ten percent yesterday after CEO Elon musk said the electric car maker's stock is too high he did that in a stream of tweets Friday claiming he is selling almost all of his physical possessions and won't own a house denies an analyst at Wedbush securities told Bloomberg review these comments as tongue in cheek and it's you on being a lawn but musk told the Wall Street journal in an email he wasn't
Bloomberg Businessweek
The coronavirus outbreak is causing a spike in gaming usage
"And I can safely say that as I look out my back window across my little suburb of New York City here there is some kids playing video games I just know that it's true maybe they should be on the zoom in a class maybe they should be doing some class work but they're playing video games it's just a fact Michael actor is video game technology analyst for Wedbush securities he joins on the phone from Long Beach California I'm right Michael right I mean a lot of kids are playing videos out of adults are playing video games right now yeah I just took a break for playing video games this call so yes everybody's going to call that research don't you yeah exactly it is absolutely so what do we know about the the backdrop here I mean there is anecdotal evidence but I mean you've got your hands on real data here right yeah I I do but you know realistically there's two things we're gonna do whether we're indoors or outdoors we're gonna eat and we're going to entertain ourselves and you know it's it's intuitively obvious if we can't go to restaurants will eat at home if we can't go out to movie theaters and sporting events or even engage in physical activity we're going to do that at home and so you know clearly we're seeing from internet service providers that it internet usage is up a Verizon set up seventy five percent we got something yesterday from Comcast talking about wifi access and so the question is just what are people doing with the internet and then the answer is obviously they're watching a lot of video and applying a lot of games from the Spotify just said their usage is up people are just entertaining themselves in place games are the the most likely you know beneficiary of this you can do it on mobile you can do it on tablets you can do on the TV and people are doing that so are the supplies there to meet the demand of the telegraph had a report that whether to you Kerry the US there's definitely you know people are out there doing you know I'm playing video games it's a great escape right now especially those you know this feeling isolated from the rest of the world or from others and and the thing is the demands of the consoles are completely sold out so I'm just curious about supply yeah Nintendo switch is the one that it's impossible to get and you know obviously they didn't plan for a pandemic but they once again called animal crossing which is actually pretty much a single player game really fun though it's like a a life simulation you farming you trade in it's a it's a really really fun game so that the sales of acting were off the charts and people trying to get their hands on switches and I frankly think that's because there's a big demand for kids it you know adults probably can can play on PC or phone or they have consuls I'm you're not seeing ex boxes and PlayStations sold out the service which is really benefiting just because it's you know the hot item right now and they have the high came well it's also interesting you know you mentioned PC's because a lot of people and I think Carol and I are both in this category not the gamer category but more the a lot of folks are sort of amping up their work from home so they set up to me and I know we boosted our internet speed just to deal not only with my needs broadcasting the show but also in anticipation more streaming and other things that the the kids are doing with their school work and and things like that so I do wonder how that plays through especially that PC gaming part of the equation PC gamers it total about four hundred million people total and that's a lot of console gamers more like two fifty million interesting mobile mobile gamers one point five billion so you know the the the most frequently used devices are mobile phones and you can play games like candy crush on your tablet as well our PC you know the the dominate games are games like Fortnite league of legends you know so those are those are games people play all the time console tends to be things like Madden and FIFA and call of duty so the different types of experiences I think the the right analogy is like going to a movie theater to see a feature length film you know that that's what a console game is and watching YouTube videos with a mobile game is like so you know there are different types of activity for different types of devices but all really engaging and you know people play them all day long is it too early though to to make some investment calls based on what's happening now does that make any sense to even think about that at this point Michael I it's I mean beyond the pandemic I mean the pandemic is clearly going to drive up the use case for in the month of March and probably for the entire June quarter of you'll probably see some people one over permanently so you're gonna get some people who weren't really gamers before who find it you know this activities really enjoyable I actually think that we're on the verge of expanding the market just remarkably by streaming games and and that's you know Google's offering something called stadia I think Amazon's gain at going to enter the fray Microsoft and Sony each have products that allow you to play games on any device without a console or PC when that happens and I think that starts this fall and I think it grows over the next five to seven years it should double or triple demand for the content so anybody's got content is a beneficiary anybody who makes peripheral seal controllers are keyboards is a beneficiary and you know we're we're working with an ETF called gamers GMR that's ninety some odd stocks in the video game video game technology sector that's the pure play that's the easiest way to play it you're going to get exposure across border across industries to add a democratic system expand all walked right embraces you've got single you've got glue mobile you've got all the names in there well because they're also everybody other other than you know big big big companies like Google where gaming is not a big piece of their business but will be Sunday Amazon same thing but short of that yes he got all the publishers all the device makers hole the mole pure play mobile guys well and even I believe in keep me honest here Michael some of the semiconductor company's too and we talk about that with our inside our internal research analysts all the time about how when you look at the nvidia is another is of the world so much demand it seems these days I guess this was both on the PC and the and the console side is especially you know there's some there's some semiconductor demand that is driven by gaming right absolutely and you know nvidia in particular they make the high end graphics cards so you know that four hundred million PC gamers they they need a video card for two hundred fifty million console players the media video
AP News Radio
Stocks slump, despite Fed aid, as virus bill stalls again
"It was another big sell off on Wall Street with investors waiting for Congress to put more money into the economy the Dow and S. and P. five hundred fell about three percent of their value on the first trading day of the week even though the federal reserve unleashed several tools to support the economy if the congressional standoff with Democrats seeking more money for laid off workers over corporations and Senate Majority Leader Mitch McConnell denouncing their effort turned into those leveling up the soda of supermarket sweep Wedbush securities analyst Dan Ives says that's not what Wall Street wants to see really adding gasoline to the bonfire is what we're seeing in DC why our K. predicts stocks have not hit their bottom yet and could fall another five to ten percent hi Jackie Quinn
Bloomberg Daybreak
Walmart misses fourth-quarter earnings and guidance falls short of forecasts
"We are watching earnings from Walmart crossing the Bloomberg fourth quarter profit and revenue missing analyst estimates we'll have details straight ahead Nathan Karen thanks the economic hit from the corona virus is starting to affect corporate America now apple says its quarterly sales will miss forecasts as the outbreak hurts both supply and demand some analysts predict a quick rebound while others worry the effects could linger Dan knives as managing director of equity research at Wedbush securities we think it's more of an issue and you'll see significant rebounded unions temper turns iPhone demand which would also be across the supply chain side view more the timing issue rather than one that significantly then the man says factories in China getting back to work slower than expected while most of its retail stores in the country remain closed many Husayni senior analyst at Susquehanna financial the card is for pricing I think the number one question is more to do with not knowing what happens to the demand for these in demand destruction that is going to sustain for more than one or two quarters we could actually see more of a broad base to slow down tech stocks in Europe and Asia slid on the forecast from apple a flight to safety has the yield on thirty year treasuries below two percent its lowest level since September Alicia Garcia Herrera's chief Asia Pacific economist at the Texas your health effects because trying to is at the center of the supply chain frankly the stock market doesn't want to hear this news everybody's trying to cry and the fact that the supply chain constraints will affect them the stock market will react is just a question of time nasdaq futures are down seven tenths of one percent is apple ways on the index shares are down more than three percent in the
Talking Tech
iPhone tops 2019's best selling tech products
"Once again. Apple's IPHONE was the best selling tech product by far of the year. Twenty nineteen Bolivia. Tell you the fine imprint. I'm Jefferson Graham. You're listening to talking tech. My friend Daniel is is an analyst at Wedbush Securities and he compiled this chart for me showing doing the iphone at one hundred and eighty five million units sold in two thousand nineteen. That's down from the two hundred million plus in past years. Remember that for the first first. Three quarters of the year apple was still struggling with last year's models which were not that well received ten S.'s. And the ten are it. It was in September that they released the new eleven pro with that advanced camera that they got people excited. So that's where you're seeing the downfall in sales sales. Don't cry for Apple. They had amazing year. As you'll hear number two is the air pods at sixty five million. This is the Little Bluetooth headset. Set that so many people like to wear in their ears and a new edition came out in the fall called. The airports pro might one of my favorite products of the year and many others as well. It is sold out through February number three the Amazon Echo speaker sixty million units. That's a lot of speakers and as you know anybody somebody who's GonNa Amazon is usually finding these products on sale for ridiculously low prices as low as twenty dollars sometimes so they moved a lot of units number number four the IPAD. Nothing really new on the IPAD. This year it's just the same old tablet that was introduced in twenty ten but many parents really like buying an IPAD for their kids. Instead of having to buy a phone. As in an iphone they can get apps they can do video chat and you can get an entry level. I Pat Hat for three hundred. Three hundred and twenty nine dollars number five the Samsung Galaxy s line the premium phones from Samsung. which are wonderful alternative to the IPHONE? World intend to have new innovations that apple copies every year this year. It was the three photo lenses. Which Galaxy Galaxy did I and number six another apple product? The Apple Watch three of these top six products. Apples Apple Watch got cheaper at one hundred ninety nine dollars for one of the earlier editions. It got better in that every time. You flipped your risk. You didn't have a dead watch. You could actually see the screen for the whole time. So big improvements there and people seem to really like
Morning Edition
Facebook CEO Mark Zuckerberg faces Congress
"Facebook CEO mark Zuckerberg is testifying on Capitol Hill right now and he's facing a tough audience from disinformation and hate speech to a collection content is companies under pressure plus today he'll need to give specifics on Facebook's plan for a new digital currency and here tech correspondent Shannon bond has the story and I should note that Facebook is one of NPR's financial supporters the last time mark Zuckerberg testified at a congressional hearing he was under fire over whether a political consulting firm use the private information of Facebook users as part of an effort to sway the twenty sixteen election a year and a half later that immediate crisis has passed but Facebook is under even more pressure and scrutiny today democratic presidential candidate Elizabeth Warren says Facebook has too much power I say it's time to break them up let's enforce the anti trust laws yes mark Zuckerberg I'm looking at you this started as a place for college students to find each other but now it has become the world's most influential social media site and a crucial place for politicians to reach voters along the way it's become vulnerable to misinformation manipulation propaganda critics say Facebook needs to take more responsibility now that it's so big there is a kind of a denial of just how sweeping that role is and the real harms that the platform can have on vulnerable communities communities of color without adequate guardrail someplace that's the need to give to a former justice department official she now heads up the leadership conference on civil and human rights many of her concerns will be front and center today Facebook has been accused of enabling discrimination through its ad tools the US department of housing and urban development is sued Facebook over this issue the federal agency says Facebook let advertisers show or hide housing ads from users based on their race or where they live Nicole Turner Lee is a fellow at the Brookings Institution center for technology innovation in the case of Facebook what I think we're seeing is that the tool is being used in ways I think that they did not plan for this book says it is stop letting advertisers target ads for housing jobs and credit to people based on their ethnicity or where they live and just yesterday it pledged one billion dollars for affordable housing in California but Facebook wants to go further into people's lives and soccer Berg will have to defend his plans for a new global digital currency libra leaders worry it could be used for illegal activities like money laundering or define terrorism the currency is still in the theoretical stages but it's already in jeopardy just in the past couple of weeks some crucial partners including visa MasterCard and PayPal have dropped out entirely lever sounds dead on arrival Michael tractor is an analyst with Wedbush securities I don't think Facebook could pull it off without the support of all of the different banking and credit your credit card processors payment processors I just don't think that they have the wherewithal to actually do it themselves beyond the headline topics members of the house financial services committee will get to ask soccer Berg about everything else on their minds to what is the company doing to stop election interference is a bias against conservative says some politicians claim what is that politicians lie in ads there may even be questions about whether Facebook should be broken up as it was with Warren is calling for a scenario soccer Berg round the rejects Facebook on the defensive and lawmakers eager to pile on there could be
Mac OS Ken
Apple May Hit $1 Trillion Market Cap on US-China Trade Deal
"The US and China can come to a trade deal, then apple could be back at trillion dollar market cap. That's the thinking of Wedbush securities analyst. Daniel is Bloomberg had is saying that such a resolution could add twenty to twenty five dollars to Apple's share price in the coming months. The report has the analyst arguing that a US China deal would take away the primary China risk, which is a dark cloud over the stock, now even with that dark, cloud Ives things investors are pricing in worse than as likely to hit apple in his estimation. I've says now perform reading on shares his price target on the shares is two hundred thirty five dollars
90.3 KAZU Programming
Chipmakers are cause for broader concern
"Know, it's hard out there for a semiconductor chip manufacturer broadcom announced this week, it missed its earnings targets for the second quarter lowered expectations for the rest of the year two that did a number on broadcom share stock and a half a dozen other chipmakers electronics manufacturers as well. And none of that reports, marketplace's Benesch your bodes. Well, for the global economy things are going to get better. It'll be okay. Twenty nineteen it's going to be when things turn around that is what the US semiconductor industry has been telling itself, and everybody else for the past six months. Tristen garra is an analyst with our WBZ. About dairy patients for a week. And then the US China trade negotiations fell apart, the US government blacklisted, one of the semiconductor industries big customers why? And when US based broadcom, major supplier of why reported it had missed earnings yesterday. The trade wars collateral damage was made plain for all to see the high hopes for twenty nine nine came crashing down. It was a punch to tech investors. Daniel is managing director at Wedbush securities, not only head broadcom lost out on sales to why way orders in general were down is that this could be a canary in McColl mine for broader weakness, ahead brought her weakness, not just for other chipmakers. But for the entire tech sector uncertainty is debilitating for companies with complex supply chains. Like cell phone manufacturers. And there's a specific concern that a cycle of retaliation between the US and China is kicking in where US tech companies will be targeted. Craig else is with be Riley. F B R. The sector is at affective leading. Indicator for broader economic trend. Not only is the semiconductor industry. A bellwether for the economy else says, recently, it's been foreshadowing moves in the
Marketplace
Broadcom's $2 billion warning rattles global chip sector
"You know, it's hard out there for a semiconductor chip manufacturer broadcom announced this week, it missed its earnings targets for the second quarter lowered expectations for the rest of the year two that did a number on broadcom share stock in a half a dozen other chipmakers electronics manufacturers as well. None of that reports, marketplace's refinish for bodes well for the global economy things are going to get better. It'll be okay. Twenty nineteen it's going to be when things turn around that is what the US semiconductor industry has been telling itself, and everybody else for the past six months. Tristen Garrett is an analyst with our WBZ pretty much old. I could've campany about their expectation for aids can ahead, we cover, and then the US China trade negotiations fell apart, the US government blacklisted, one of the semiconductor industries big customers why? And when US based broadcom and major supplier of why reported it had. Missed earnings yesterday. The trade wars collateral damage was made plain for all to see the high hopes for twenty nineteen came crashing down. It was a gut punch to tech investors. Daniel is managing director at Wedbush securities, not only had broadcom lost out on sales to why way orders in general were down the here is that this could be a canary in the coalmine for brought a weakness ahead Rutter weakness, not just for other chipmakers, but for the entire tech sector uncertainty is debilitating for companies with complex supply chains. Like, say cell phone manufacturers, and there is a specific concern that a cycle of retaliation between the US and China is kicking in where US tech companies will be targeted Craig else with B Riley. F B R. The sector is at affective leading indicator for broader economic trend. Not only is the semiconductor industry. A bellwether for the economy else says, recently, it's been foreshadowing moves in the stock market in New York. I'm Sabrina sure. For
Marketplace
Broadcom's $2 billion warning rattles global chip sector
"Broadcom announced this week, it missed its earnings targets for the second quarter lowered expectations for the rest of the year two that did a number on broadcom share stock and a half a dozen other chipmakers electronics manufacturers as well. And none of that reports marketplace's finish your bodes. Well, for the global economy things are going to get better. It'll be okay. Twenty nineteen it's going to be when things turn around that is what the US semiconductor industry has been telling itself, and everybody else for the past six months. Tristen garra is an analyst with WBZ. About dairy patients for as. And then the US China trade negotiations fell apart, the US government blacklisted, one of the semiconductor industries big customers why? And when US based broadcom, a major supplier of wow, eight reported, it had missed earnings yesterday. The trade wars collateral damage was made plain for all to see the high hopes for twenty nineteen came crashing down. It was a punch to tech investors. Daniel is managing director at Wedbush securities, not only head broadcom lost out on sales to why way orders in general were down were years. Is that a canary in the coalmine for broader weakness ahead, runner, weakness, not just for other chipmakers, but for the entire tech sector uncertainty is debilitating for companies with complex supply chains like cell phone manufacturers. And there's a specific concern that cycle of retaliation between the US and China is kicking in where US tech companies will be targeted. Craig else is with be Riley, F B R sector is at affective leading indicator for. Broader economic trend. Not only is the semiconductor industry. A bellwether for the economy else says, recently, it's been foreshadowing moves in the
Marketplace with Kai Ryssdal
Best Buy names first woman CEO as Hubert Joly steps down
"Number one is a change at the top of the recently written off as defunct electronics retailer best buy the company this morning named Corey berry as its new CEO. She'd been chief financial officer the past three years, she will replace Bertolli who'd been in charge since two thousand twelve and is widely credited with earning best buy around so marketplaces, and your has more. Now what the change means for best buy in. It's never ending competition with Amazon and other internet retailers who bear show Lee was an outsider. Best buy brought him in from the hospitality industry to deal with plunging sales, dwindling profits as more people went online to buy TV's and laptops. Joe Feldman is with the consulting firm tells the advisory group Huber Joe Lee helped transform the company and turn things around and show that there is important position for consumer electronics retailer in America to go ahead and compete with Amazon under show Lee best buy matched online prices used stores warehouses to fill online orders and added services like in-home product installation, the incoming CEO Corey berry played an instrumental role in best buy's turnaround, branding consultant Denise Leon says berry should move the company even more aggressively into services over gadgets. Yes, we will continue to have more and more devices and more technology, but the way they're integrated into our lives is becoming more personal. And therefore, we require a service provider to be in person with us provide that kind of in-person service best buy his so far managed to avoid the fate of belly up big box retailers, like Circuit City, toys, R us and sports authority, but Michael pack. Her with Wedbush securities has eventually best buy ship is gonna run into one of those icebergs. It's been dodging. I believe my kids will never shop at best buy ever, they're nineteen. And I think my kids are pretty average. He says best buy can thrive as an electronics convenience store where we get phone chargers and adapters when he can't wait. But he doesn't think best buy needs a thousand stores to do that.
Mac OS Ken
The iPhone XR Is More Than Enough iPhone for Pretty Much Anyone
"We're starting to get predictions around. I phone ten are and its future loop ventures. Principal gene Munster isn't worried about short lines outside about both stores. Though. He does seem worried that others might be worried riding on his berm site. Mr. Munster said the prevailing narrative surrounding the new iphone ten are is that it's a disappointment a second class device that will never live up to the iphone ten s. I hadn't heard that. But apparently, he has he only brings it up, however to call it pure fiction Munster says he and his expect the iphone ten are to be the most popular iphone in twenty nineteen as consumers began to see the phone in the wild and recognize its value. Of course, that means value for apple as well, monster incumbency think iphone ten are will help push phone unit growth three percent higher fiscal year twenty nineteen versus fiscal year. Twenty eighteen. So then where were the lines last Bri day? The analysts seized three reasons for their absence won the iphone ten s to the early line waiting adopters. His data shows there is less excitement for the ten are amongst early adopters to online orders continue to take away from launch day demand at apple stores and three short lead times for the iphone ten are now averaging less than two weeks. Don't incentivize people to wait in line to get phone earlier because yeah lead times are short. My check in the middle of the night last night shows a wait time of three to five business days. Singing a similar song on iphone ten are as Wedbush securities analyst. Daniel is CNBC had the biggest apple bull around saying Friday that Apple's lower cost. I phone will be just what Apple's looking for in the middle kingdom speaking on the financial channels program power lunch. I've said it's all about China. We think this is sort of that fuel and the engine that apple is looking for in terms of that demand. Interestingly both Ives and Munster think the lower cost iphone could lead to a higher average selling price for iphone and Munster's case he thinks a little over half of iphone ten are buyers will by either the one hundred twenty eight gigabyte model or the two fifty six goodbye model versus the sixty four gigabyte version, though, it's not spelled out that way in the CNBC piece one assumes that that's I've thinking is. Well, the Cording to the report I've said the average selling price or ASP could be fifteen to twenty percent higher than analysts expectations over the next few quarters.
Bloomberg Markets
Microsoft beats Wall St targets on cloud services revenue
"Your winners and losers movers and shakers on this Thursday afternoon I'm. Gonna kick it off though with a look at Microsoft earnings Bloomberg equities reporter belly Lipshultz also in the house with, me, to talk about. Some of the names. On the move Microsoft fourth quarter revenue it's beat thirty point one billion versus the estimate that was out. There twenty nine point twenty two billion fourth-quarter earnings per share also a beat six cents better than what Wall Street was forecasting a dollar fourteen share versus the estimate of a dollar eight that was, out there, and they're, breaking down, some of their business metrics fourth quarter intelligent cloud revenue cloud crucial to so many of these technology companies including Microsoft and cloud. Revenue for the quarter of nine point sixty one, billion dollars so quick check on Microsoft in the after hours and we're seeing that stock. Little bit, lower right now just down about. A quarter percent but again these numbers just crossing the Bloomberg so we'll look for a more insight into that quarter and we'll have some analysis later on with our own analog What are you looking. At valley, just going off that options were. Pricing in about a four percent move after these earnings so present higher percent either way depending on that got it Doubt about one percent right now so you could see it pick up three as investors digest the data but looking at a company that missed and fell tremendously EBay suffering its worst sell off since October twenty, sixteen company cut its revenue outlook for the year and that restoked some concerns that ebays losing footing to a world. Kind of all encompassing, by, Amazon in the, e Commerce Department analyst, noting that some investors are getting, to the. Brink, where. They're going to potentially throw in, the towel on the company if it. Continues underperform. Stocks closing below thirty five dollars a share keeping in mind back. In February popping above forty six so quite a? Lot of volatility but a tough day for the company all right I, just want to mention. That you mentioned essentially brought up Amazon would you get the their prime day shopping total. And that was topping fourbillion chopper spending four point two billion during Amazon their prime day sell it's up thirty three percent, from a year ago? This according to estimates from. Wedbush securities The. Amazon, isn't, put the numbers out and it's a thirty six hour event that began on money but nonetheless I did want to take a look at Amazon shares and that stock was. Down at one point six percent in today's session but Amazon of course, looking at about fifty five percent gain so far in two thousand eighteen what else I'm looking at other companies reporting earnings regional entrust banks having another tough session fifth third BBN t. b. n. y. Mellon all reporting earnings all letting down in some way or another all plunging fifth third, posting and mix second quarter while BBN t- posting for your outlook that Raymond James called a bit softer than expected. Obviously today was a, tough, day four or, financial stocks broadly underperforming, in being the worst performer in, the main. Eleven, and. The s. p. so a tough, day for financials across the board you. Ever talking. About that and we actually had a guest I think it was. Yesterday was it David Dorfman John excuse me who? Likes some of the regional names fifth third by the way your third, because decline Kleiner and. The s. and p. e. bay is your number one decliner in the s&p five hundred As we speak Comcast let me just mention that. We talked, about it earlier big headline this morning kind of woke us all up Comcast saying it's no longer, going to be looking to. Compete with, Walt Disney, for a swath of, twenty first century FOX's entertainment assets so Comcast saying I'd rather focus instead of winning control the British,.
WBZ Morning News
Stock futures drop on disappointing earnings, trade tensions
"Morning good morning Andrew Your money's us Amazon has already announced that its, prime day event earlier this week resulted. In more people than ever before signing up for prime membership and once they signed up, clearly a lot of them went shopping Wedbush securities estimates shoppers spent four point two billion. Dollars collectively during the event that's up a third from a year ago that estimate tops a pre event prediction of three point four billion dollars from core site research it, was mostly a win for Wall Street yesterday as. The Dow and SNP ended higher but the NASDAQ, slipped a fraction is. Some big tech names backed away from recent highs stock futures today slipping following losses in Asia and a lower. Opening for most European markets as Japan reports a drop in. Both exports to and imports from the United States showing tariffs having an effect on trade right now SAP futures falling seven. NASDAQ futures down twenty two Dow futures losing sixty one. Oil futures also pulling back losing more than a half dollar to just above sixty eight dollars a barrel business reports at. Eight and, thirty Thirty eight past the hour I'm Andrew.