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Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for Friday, February four two. Coming up this hour,

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Speaker 1: Tech shares rebound, is Amazon earnings boost sentiment, Facebook owner

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Speaker 1: Meta comes off the worst one day crash and the

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Speaker 1: history of the staff market. It's a big day for

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Speaker 1: data as investors await the January jobs report and the

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Speaker 1: crisis in golfing. UK Prime Minister Boris Johnson gets even worse.

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Speaker 1: President Biden visits New York City on gun violence, plus playtiffs,

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Speaker 1: have suit Governor Kathy Oakell over New York States Green

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Speaker 1: District and plan I'm Michael barn Or a had John's

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Speaker 1: dashower and sports St John's with a win at Georgetown

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Speaker 1: and a strong denial for the Giants and the Brian

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Speaker 1: Flores lawsuit. That's all straight ahead on Bloomberg day Break

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Speaker 1: on Bloomberg Gilimen TREEO New York, Bloomberg one, Washington, d C,

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Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco,

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Speaker 1: Sirius x M one nineteen and around the world on

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Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business Act. Well,

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Speaker 1: Good Friday, morning. I'm Nathan Hagar and I'm Karen Moscow

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Speaker 1: and US Dock Index futures are climbing in the wake

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Speaker 1: of Amazon earnings. Were coming up to final one on

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Speaker 1: Wall Street, and we checked the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg Guess and the futures

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Speaker 1: up twenty nine points down, futures up seventy three, NASDACK

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Speaker 1: futures up one ninety two. The decks in Germany's down

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Speaker 1: eight tenths of upper cent. The ten year treasury up

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Speaker 1: three thirty seconds. He had one point eight two percent,

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Speaker 1: and they yield on the two year one point to

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Speaker 1: one percent. Comas gold is up half percent or eight

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Speaker 1: dollars thirty cents at eighteen twelve forty. Unnounced the euro

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Speaker 1: one point one four six six against the dollar. Nathan Well, Karen,

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Speaker 1: what a difference of day makes right? Facebook sent the

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Speaker 1: nastac plummeting yesterday, but this morning it is a reversal,

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Speaker 1: with futures getting a huge boost thanks to Amazon's earnings

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Speaker 1: after the bell. Shares of the e commerce giant are

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Speaker 1: up nearly thirteen percent. The rally comes after Amazon posted

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Speaker 1: blockbuster profit and raised prices for its US Prime membership.

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Speaker 1: Ed Ludlow has the details from our Bloomberg nine sixty

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Speaker 1: newsroom in San Francisco. The annual price of Prime will

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Speaker 1: rise by twenty dollars to a hundred and thirty nine dollars,

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Speaker 1: the first increase since two thousand eighteen. Executives touted the

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Speaker 1: slate of life sports content to come a new series

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Speaker 1: like Lord of the Rings. Beyond benefits like shipping discounts,

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Speaker 1: Amazon was also able to negate higher input costs and

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Speaker 1: labor challenges in the quarter, with monster profits. Some of

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Speaker 1: that tight to gains on its investment in ev maker Ribbean,

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Speaker 1: the cloud and advertising unit, which was broken out for

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Speaker 1: the first time, also performed well in San Francisco. Ed

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Speaker 1: Ludlow Bloomberg daybreak. All right, and thank you. But we're

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Speaker 1: also seeing a major bounce back and two stocks that

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Speaker 1: took up pounding yesterday. Snap, which lost almost a quarter

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Speaker 1: of its value, is searching more than forty eight percent

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Speaker 1: this morning. Pinterest is up sixteen percent in early trading.

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Speaker 1: And again more from Bloombery stug create snaps fourth quarter

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Speaker 1: of sales increased to one point three billion dollars daily

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Speaker 1: active users of the company's Snapchat mobile app top forecast. Separately,

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Speaker 1: the earnings from pinterest were above estimates, quarterly revenue jump

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Speaker 1: compared to last year, and these games sparked a turnaround

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Speaker 1: in social media stocks in the extended session, following a

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Speaker 1: route triggered by the disappointing earnings from meta platforms. In

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Speaker 1: New York, I'm Dick Prisoner, Bloomberg Daybreak, All right, Doug, thanks,

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Speaker 1: speaking of that sell off tied to Meta turns out

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Speaker 1: the one day crash now ranks as the worst in

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Speaker 1: stock market history. Bloomberg's Charlie Pellett explains the Facebook parent

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Speaker 1: plunged twenty six percent and erased about two hundred fifty

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Speaker 1: two billion dollars in market value. That is the biggest

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Speaker 1: wipe out in market value for any American company ever.

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Speaker 1: Michael Nathanson with Moffett Nathanson titled his note Facebook the

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Speaker 1: Beginning of the End in New York. Charlie Pellet Bloomberg Daybreak,

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Speaker 1: All right, Charlie, thank you about the plunge and Meta

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Speaker 1: shares has one potential silver lining for CEO Mark Zuckerberg.

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Speaker 1: And let's get the lightish lie from Bloomberg's rend A

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Speaker 1: young Good morning Nana, Good morning Karen. The big question

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Speaker 1: is if Facebook users are flocking to TikTok, then should

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Speaker 1: it be considered competition and if so, the more challenging

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Speaker 1: landscape adds muscle to fight a pending government lawsuit against Meta.

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Speaker 1: Since Meta's earnings miss yesterday, CEO Mark Zuckerberg has continued

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Speaker 1: to cite competition from TikTok as a threat. That claim

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Speaker 1: is at the heart of the FTC's antitrust lawsuit against Meta,

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Speaker 1: which says it's a monopoly with no true competition. Meantime,

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Speaker 1: Bloomberg sources say Zuckerberg is telling staff to focus on

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Speaker 1: growing Facebook and Instagram's short video product Reels, which is

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Speaker 1: a copycat of TikTok. Live in New York. I'm gonna

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Speaker 1: need a young Bloomberg day break, all right, we need

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Speaker 1: to thank you yesterday's Facebook led sell off saw the

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Speaker 1: NASDAC plunge three and three quarters percent yesterday. The volatility

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Speaker 1: is not a surprise for Morgan Stanley, Chief US equ

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Speaker 1: strategist Mike Wilson. You know, we've had this narrative fire

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Speaker 1: and ice, and we think it it's gonna be icier. Um,

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Speaker 1: you know that doesn't mean recession as we negative payroll

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Speaker 1: numbers for the next five months. But the idea that

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Speaker 1: we're not gonna have some payback here from what was

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Speaker 1: the spectacular, you know, kind of rebound during the pandemic,

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Speaker 1: we think his naive. Morgan Stanley's Mike Wilson made the

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Speaker 1: comments on Bloomberg Surveillance Catch the program on Bloomberg Radio

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Speaker 1: and Television at seven am Wall Street Time. Well, yesterday

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Speaker 1: it was all about corporate earnings, Nathan, and today we

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Speaker 1: focus on jobs. The government's monthly payrolls report is at

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Speaker 1: eight thirty am Wall Street Time. Consensus calls for a

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Speaker 1: gain of one or twenty five thousand jobs in January,

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Speaker 1: but plenty of predictions call for a much lower number.

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Speaker 1: Bloomberg's Michael McKee explains this may be one of the

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Speaker 1: most interesting and inconsequential jobs reports in many years. The

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Speaker 1: omicron wave that's spread through the country in January likely

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Speaker 1: caused many companies to pause hiring plans and many workers

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Speaker 1: sick with COVID. Likely we're off payrolls during the month.

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Speaker 1: Economists anticipate the weakest hiring in a year, and many

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Speaker 1: think the economy may have lost jobs during the month.

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Speaker 1: The unemployment and participation rates are forecast to be unchanged,

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Speaker 1: but it's not likely to matter to markets or the Fed.

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Speaker 1: The Central Bank has made its next policy moves clear,

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Speaker 1: and investors will discount bad news as temporary. Looking for

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Speaker 1: a payrolls rebound this month. Michael McKey, Bloomberg Daybreak. All right, Mike, thanks,

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Speaker 1: We now turned the politics overseas, the crisis and golfing

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Speaker 1: UK Prime Minister Boris Johnson's government has gotten worse. Let's

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Speaker 1: go live to London and get the latest from Bloomberg's

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Speaker 1: Max Ramsey. Good morning, Max, Morning to you, Nathan and Karen.

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Speaker 1: Really a significant escalation of the challenges facing Boris Johnson

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Speaker 1: with the resignation of four of his closest aids. We're

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Speaker 1: talking about people in the Prime Minister's in a circle,

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Speaker 1: including his chief of staff and communications directed. But most

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Speaker 1: damaging has been the resignation of his policy chief. She

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Speaker 1: really hit out of Boris Johnson because of her remark

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Speaker 1: he made attacking the Labor Party leader Kere Starmer. This

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Speaker 1: all comes in the wake of what's being called in

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Speaker 1: to party get these lockdown breaking gatherings in Downing Street,

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Speaker 1: and it's only been getting more serious full Boris Johnson

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Speaker 1: Live in London, Max Ramsey boom back daybreak all right, Max,

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Speaker 1: thank you, and in the oil past today geo political

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Speaker 1: tensions and a fast tightening global market has crewed on

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Speaker 1: track for a seventh weekly gain straight ahead your local headlines.

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Speaker 1: This is Bloomberg all right here in thanks five oh

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Speaker 1: seven on Wall Street. Rain fifty five degrees in central

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Speaker 1: parks are gonna drop through the day, and already we

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Speaker 1: got a bunch of accidents north Founder to eight seven

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Speaker 1: between exits thirty six and thirty seven. Details coming up

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Speaker 1: in traffic. First Michael Barr with what else is going

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Speaker 1: on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. The Tri State area is in the

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Speaker 1: path of a winter storm Bloomberg. Needirelogious. Rob Carolin has

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Speaker 1: the latest. Michael. We have a pretty wild contrast across

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Speaker 1: the Tri State area. In the Hudson River Valley, temperatures

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Speaker 1: have already fallen to around thirty two up around Stewart

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Speaker 1: Field in Poughkeepsie. That cold air is going to be

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Speaker 1: pushing southward into the city and that will change our

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Speaker 1: precipitation over to some freezing rain for a before it

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Speaker 1: goes over to sleet later this morning. To be very

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Speaker 1: careful as the morning goes on, because Rhodes will become icy,

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Speaker 1: especially those elevated surfaces as that colder air pushes down

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Speaker 1: from the north. Winner Weather Advisory and effect from eight

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Speaker 1: this morning through seven pm this evening, Michael, Thanks Rob.

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Speaker 1: New York Mayor Eric Adams talked about curbing the surge

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Speaker 1: of gun violence in the city during President Joe Biden's

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Speaker 1: visit yesterday. It's enough, enough is enough, because we know

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Speaker 1: we can do things about this, but for the resistance

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Speaker 1: we're getting from some sectors of the government and the

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Speaker 1: Congress and the state legislatures and the organizational structures out there.

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Speaker 1: Mayor Adams talked about his new police unit to combat

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Speaker 1: gun violence that replaces the controversy of old anti crime unit.

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Speaker 1: We're not bringing back the anti crime unit of This

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Speaker 1: is not going to be a plain closed unit. This

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Speaker 1: is an anti gun unit with the officers are going

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Speaker 1: to have and modified police uniform and they're going to

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Speaker 1: be an unmocked bigs. Mayor Adams spoke on ABC's Nightline.

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Speaker 1: Fourteen plaintiffs are suing New York Governor Kathy Hockle and

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Speaker 1: state Democratic lawmakers. The lawsuit in the New York Supreme

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Speaker 1: Court claims that the state's new congressional and legislative maps

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Speaker 1: are unconstitutional. HOCAL has signed off on new maps that

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Speaker 1: give Democrats a heavy political advantage over Republicans. Republican officials

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Speaker 1: meeting in Utah have advanced the resolution that would formerly

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Speaker 1: send your representatives Liz Cheney and Adam Kinzinger for their

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Speaker 1: perceived disloyalty to former President Donald Trump, the GOP won't

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Speaker 1: try to expel them from the party. New York City

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Speaker 1: public school cafeterias are going vegan today as part of

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Speaker 1: a new policy from Mayor Adams that starts this week.

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Speaker 1: Public school students and queens had mixed reviews. I'll be winning,

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Speaker 1: but it's Adams is a vegan himself. Global News twenty

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Speaker 1: four hours a day on air and on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: and when a hundred twenty countries. Michael bar this is Bloomberg.

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Speaker 1: Try anything once. Thank you. Michael's five ten on Wall

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Speaker 1: Street Town with the Bloomberg Sports. I'll take good morning,

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Speaker 1: Jock Stead Showery alright, Good morning, Nathan. Two days after

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Speaker 1: the Brian Flora's laws suit, the Giants responded with a

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Speaker 1: strongly worded statement. They called Flora's allegations disturbing and simply false.

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Speaker 1: They say they took Flora's candidacy to be their next

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Speaker 1: coach serious and deny they had already made the decision

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Speaker 1: to hire Brian day Ball before they interviewed Flora's worth,

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Speaker 1: noting the now infamous Bill Belichick text meant for day

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Speaker 1: Ball they went to Flora's took place even before day

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Speaker 1: Ball had his interview. The Giants reacted to that text,

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Speaker 1: saying they have no affiliation with Belichick, he does not

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Speaker 1: speak for them. Day Ball and the Giants name Mike

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Speaker 1: Cafk their offensive coordinary has been the quarterbacks coach in

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Speaker 1: Kansas City, Doug Peterson, who coached Philadelphia their only Super

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Speaker 1: Bowl win and named the new coach of the Jacksonville Jaguars. St. John's.

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Speaker 1: With a ninety to seventy seven win at Georgetown, Julian

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Speaker 1: Chempagny only seven points Patrick Ewing's Hoyas oh and nine

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Speaker 1: in the Big East Top ten teams met out West

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Speaker 1: Arizona beat d C L A seventy sixty six. NBA

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Speaker 1: Warriors beat the King's their eighth win in a row.

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Speaker 1: Clay Thompson's best games since his return twenty three points.

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Speaker 1: Trey Young scored forty three Atlanta put an end to

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Speaker 1: Phoenix's eleven game win streak. The Nets have lost six

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Speaker 1: in a row. Plate tonight at Utah, James Harden named

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Speaker 1: the reserve for the upcoming NBA All Star Game. Kevin

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Speaker 1: Durant not the only Injurednet. Joe Harris has been out

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Speaker 1: for some time, and now there's word Harris may need

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Speaker 1: a second ankle surgery. To All Star Games this weekend,

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Speaker 1: both in Las Vegas, NHL tomorrow Pro Bowl on Sunday,

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Speaker 1: Opening ceremonies this morning in Beijing. Sight of the two

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Speaker 1: thousand and eight Summer Olympics and now the Winter Games.

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Speaker 1: John stash Eward, Bloomberg Sports, Nathan all Right, John thank

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Speaker 1: USMP futures up twenty two points, Nowtout features up thirty one,

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Speaker 1: Nestsect features leading the games on this Friday morning, up

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Speaker 1: a hundred sixty eight points. On the heels of positive

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Speaker 1: Amazon earnings. Talk about it next to Matthew Blocks him

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Speaker 1: of Bloomberg Intelligence. This is Bloomberg Bloomberg eleven three oh

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Speaker 1: weather winter Weather Advisory Today. This rain will change to

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Speaker 1: sleet and snow, temperatures falling through the day. By tomorrow

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Speaker 1: mostly sunny, upper twenties will be in the low thirties

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Speaker 1: by Sunday, currently rain and fifty five in Central Park markets.

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Speaker 1: Headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg

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Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Cameron Moscow, Usta,

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Speaker 1: Indis future is rallying as earnings optimism returns to the

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Speaker 1: technology sector. Contracts and the tech heavy NASDAC up more

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Speaker 1: than one per cent this morning as e commerce tighten.

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Speaker 1: Amazon jumps about in early trading after posting a big

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Speaker 1: beat on cloud computing profit and raising the price of

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Speaker 1: prime and memberships. A hawkish chorus from central banks is

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Speaker 1: weighing on stocks in Europe, and we check the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, SNP

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Speaker 1: futures are up twenty one points down futures up twenty

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Speaker 1: nine and NASDAG futures of one eight. The decks in

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Speaker 1: Germany's down one percent. The ten year treasury of four

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Speaker 1: thirty seconds, he had one point eight one percent. They

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Speaker 1: yield on a two year one point to zero percent.

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Speaker 1: NIMEX screwed oil is up one point six percent of

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Speaker 1: a dollar forty seven and ninety one dollar seventy four

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Speaker 1: cents of barrel. Comics called up half percent or nine

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Speaker 1: dollars fifty cents. At eighteen thirteen sixty announced the euro

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Speaker 1: one point one four six nine against the dollar. British

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Speaker 1: found one point three five eight and that's a Bloomberg

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Speaker 1: business flash. Now here's Michael Barr with more on what's

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Speaker 1: going on around the world. Michael, good morning, Good morning

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Speaker 1: care In a major winter storm that already cut electric

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Speaker 1: power to about three d fifty thousand homes and businesses

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Speaker 1: from Texas to the Ohio Valley is aimed at Pennsylvania

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Speaker 1: through New England. Ice and snow is expected to turn

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Speaker 1: roads into skating rings. The crisis in Gulfing Boris Johnson's

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Speaker 1: government deepened as four top aids quit. Among those quitting

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Speaker 1: as UK Prime Minister's chief of staff Dan Rosenfield made

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Speaker 1: the fewer over the party Gate controversy. The US leeds

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Speaker 1: after the official opening day of the team figure skating

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Speaker 1: event at the Beijing Winter Olympics. In the NBA, the

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Speaker 1: Warriors won global news twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

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Speaker 1: seven under journalists and analysts more than a hundred twenty countries.

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Speaker 1: Michael Barr and this is Bloomberg, Nathan Alright, Michael. Thanks,

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Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg

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Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. At the end

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Speaker 1: of I think it's quite clear to say has been

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Speaker 1: a wild week for tech earnings capped off by Amazon.

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Speaker 1: Right now, the shares are up nearly thirteen percent on

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Speaker 1: a big earnings beat in the cloud actually saw it

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Speaker 1: drop in online e commerce sales, but cloud business does

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Speaker 1: seem to more than have made up for it. Let's

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Speaker 1: get more now from Matt Blocks, some tech media and

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Speaker 1: telecom analyst at Bloomberg Intelligence. Matt, great to speak with

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Speaker 1: you this morning, and it was really interesting to see

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Speaker 1: the spike in the share price for Amazon after they

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Speaker 1: announced that they were going to raise the price of

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Speaker 1: prime memberships. What's your read on this earnings? Yeah, I

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Speaker 1: think I think that's definitely the bit of news that's

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Speaker 1: helped them out because their revenue growth outlook for the

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Speaker 1: first quarter of two is actually a touch below where Alice.

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Speaker 1: We're looking at Alice, we're looking for about nine pc growth,

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Speaker 1: and they gave a range of three to eight. So,

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Speaker 1: you know, I think people have taken confidence from the

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Speaker 1: fact that that price increase about twenty dollars a year

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Speaker 1: or fifteen percent or so on the price UM. I mean,

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Speaker 1: on my accounts, only had about maybe three billion or

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Speaker 1: so of revenue, which had given the scale of Amazon,

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Speaker 1: isn't very much, but it's high margin revenue and it

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Speaker 1: will help to compensate for inflationary pressure on wages and

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Speaker 1: logistics costs, energy costs, um. So I think in terms

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Speaker 1: of the profit outlook for the core on retail business, UM,

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Speaker 1: that definitely helped. But you know, I think, as you mentioned,

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Speaker 1: you know, the cloud business still growing very nicely, up

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Speaker 1: forty year on year and with a very good margin,

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Speaker 1: and the profits from that business outweighed the losses from

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Speaker 1: the retail business in Q four. Obviously they invested very

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Speaker 1: heavily and their flag they're investing heavily in the in

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Speaker 1: the retail business to make sure that people got their

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Speaker 1: goods and that they had enough staff to to manage

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Speaker 1: the warehouses. Is that where the core businesses now for Amazon?

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Speaker 1: Is it the cloud? I mean, obviously the the online

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Speaker 1: retail business is the is the most visible side for

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Speaker 1: Amazon for the consumer. But is the cloud really where

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Speaker 1: it's at for Amazon? Um? Yeah? But do you know what,

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Speaker 1: and I think maybe another reason why the shares are

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Speaker 1: doing well today is that I guess you know that

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Speaker 1: there are three places that's absolutely that the cloud is

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Speaker 1: key to UM growth and profitability. But you know, online

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Speaker 1: retail is always going to be UM, you know. And

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Speaker 1: they've got a call business for them and linked to that,

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Speaker 1: they have this new advertising led to the business, which

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Speaker 1: for the first time they gave some more details on.

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Speaker 1: So in the fourth quarter that generated just shy of

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Speaker 1: ten billion dollars of revenue, up thirty two per year

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Speaker 1: on year. By comparison, Meta generated about thirty three billion

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Speaker 1: dollars of sales, so it's about a third of the

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Speaker 1: size UM of metas, so not an insignificant business at all,

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Speaker 1: and it's going to continue to grow. And it's a

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Speaker 1: different kind of advertising to the stuff that meta gets,

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Speaker 1: which I think people will see as more sticky. It's

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Speaker 1: um it's what a lot of people kind of call

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Speaker 1: kind of trade budgets. So it's more the stuff that

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Speaker 1: if you know, if you're a marketing team and you're

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Speaker 1: wanting to promote your product in a real bricks and

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Speaker 1: mortar store, you would put under the line marketing dollars

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Speaker 1: behind that. And that's the kind of business they're picking

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Speaker 1: up as companies and brands look to advertise their wares

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Speaker 1: across the Amazon footprints. So that's a really healthy business,

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Speaker 1: be high margin for them, and adds a third leg.

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Speaker 1: It's a very diversified platform. Obviously, investors are buoyed a bit.

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Speaker 1: I think by the lift in the price of Prime memberships.

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Speaker 1: Is there a risk though, that it drives some prime

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Speaker 1: members away to see the price go up by by

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Speaker 1: that match. I think there's there's a risk. I think

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Speaker 1: that they obviously asked us yesterday an analyst core. I

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Speaker 1: think the company's viewers that they don't see customers churning

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Speaker 1: away because of that. I think there's um um, you know,

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Speaker 1: some credence to that. I mean, they have spent a

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Speaker 1: lot of money over the last couple of years, improving

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Speaker 1: the quality of the prime offering, both in terms of

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Speaker 1: accelerating deliveries in the US and internationally, and beefing up

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Speaker 1: things like the music service and the video service. So

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Speaker 1: you get a lot of value for that membership. Um,

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Speaker 1: it's only going to four a month dollars, you know,

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Speaker 1: which when you compare it to things like Netflix, UM,

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Speaker 1: actually pretty good value still, and they haven't put the

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Speaker 1: price up for quite a few years, so I think,

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Speaker 1: you know, it's such a central part of most people's

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Speaker 1: lives now, I think they'll be at a UM limit.

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Speaker 1: Any subscribe to losses may maybe even continue to grow

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Speaker 1: that prime base. All right, Thanks for this, Matt, as

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Speaker 1: we continue to watch the share price of Amazon grow

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Speaker 1: this morning, up more than twelve percent in the pre market.

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Speaker 1: Matt Bloxham is a tech, media and telecom analyst from

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Speaker 1: Bloomberg Intelligence five twenty four on Wall Street. Now, as

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Speaker 1: we turn two jobs, getting ready for the January payrolls

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Speaker 1: report to come out just a little more than three

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Speaker 1: hours time. Already, there have been quite a few warnings

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Speaker 1: that this could be a tough payrolls print thanks to

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Speaker 1: the omicron variant. Let's bring a Jennifer Lee, now senior

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Speaker 1: economis at BEMO Capital Markets. Of course you probably saw

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Speaker 1: this week Jennifer, the Labor Secretary, Marty Walsh, and President

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Speaker 1: Biden warning that we could see a slump in jobs

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Speaker 1: growth in the month of January thanks to oh Macron.

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Speaker 1: Pretty wide range in terms of what economists are thinking,

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Speaker 1: we're going to see this morning. What's your view of

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Speaker 1: what we're going to get? Straighting, let's get you have

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Speaker 1: to date on the news you need to know at

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Speaker 1: this shower. US futures are bouncing back in a big

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Speaker 1: way after yesterday's sell off. It to do in large

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Speaker 1: part to Amazon, which is surging at twelve percent following earnings.

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Speaker 1: And Ed Ludlow has more from our Bloomberg nine sixty

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Speaker 1: newsroom in San Francisco. It was a strong holiday court

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Speaker 1: of for Amazon, despite supply chain disruptions, labor shortages and

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Speaker 1: rising input costs, and really beat on the bottom line.

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Speaker 1: It was monster profit, but the author house moves were

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Speaker 1: driven by a boost in price to Amazon Prime. It

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Speaker 1: will rise by twenty dollars to a hundred and thirty

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Speaker 1: nine dollars in the US, and all the cool executives

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Speaker 1: are really at pains to point out that this isn't

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Speaker 1: just about discount on shipping. There's more value add like

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Speaker 1: a pipeline of live sports content on new series like

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Speaker 1: Lord of the Rings which should be coming this year

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Speaker 1: and love Loo Boom Bang News San Francisco. Alright, ed, thanks.

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Speaker 1: We're also seeing a bounce back in Snap and Pinterest

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Speaker 1: shares following their earnings reports. Snap is surging fifty, Pinterest

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Speaker 1: is up sixteen, well, Nathan, as all follows the worst

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Speaker 1: one day crash and the history of the stock market.

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Speaker 1: Facebook parent Meta plunge percent yesterday, are raising two fifty

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Speaker 1: one billion dollars in market value. There could be a

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Speaker 1: silver lining for CEO Mark Zuckerberg, though, and we get

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Speaker 1: the details live with Bloomberg's Rendy to Young. Good Morning, Rendy,

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Speaker 1: Good morning Karen. The big question is if Facebook users

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Speaker 1: are flocking to TikTok, should it be considered competition and

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Speaker 1: if so, the more challenging landscape adds muscle to fight

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Speaker 1: a pending government lawsuit against Meta. Since Meta's earnings, miss,

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Speaker 1: CEO Mark Zuckerberg has cited competition from TikTok as a threat.

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Speaker 1: That claim is at the heart of the FTC's antitrust

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Speaker 1: lawsuit against Meta, which says it's a monopoly with no

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Speaker 1: true competition. Live in New York. I'm gonna need a

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Speaker 1: young Bloomberg daybreak, all right, we need to thank you.

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Speaker 1: Turning to the economy, now we do get the payrolls

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Speaker 1: report for January this morning. Consensus calls for a gain

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Speaker 1: of a hundred twenty five thousand jobs. Bloomberg's. Then he

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Speaker 1: tells Judaicce reports the prior report covering December registered the

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Speaker 1: weakest showing since December twenty twenty. January state it could

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Speaker 1: be even weaker. The White House has said so much

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Speaker 1: in a rare announcement earlier in the week Bloomberg Economics,

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Speaker 1: as the government collected data one omicron cases, we're peaking

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Speaker 1: when confirmed infections were rising faster than the delta wave.

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Speaker 1: Then he dealt Bloomberg Daybreak, Sorry, Vinny, thank you, and

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Speaker 1: turning to politics overseas, the crisis and golfing. UK Prime

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Speaker 1: Minister Boris Johnson's government has gotten worse. Four top aides

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Speaker 1: have resigned in the wake of the party Gates scandal

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Speaker 1: and futures This morning, Nasdack futures jumping up one hundred

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Speaker 1: points s ANDP futures higher up seven and a half,

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Speaker 1: and DAL futures they've turned lower. They're down seventy three.

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Speaker 1: Ten year Treasury up four thirty seconds, yield one point

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Speaker 1: eight one percent. They yield on the two year one

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Speaker 1: point to zero percent. Nimex crude oil is up one

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Speaker 1: and a half percent of a dollar thirty two and

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Speaker 1: ninety one dollar fifty nine cents of barrel comic schooled

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Speaker 1: up six ten percent or ten dollars forty cents at

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Speaker 1: eighteen fourteen fifty announced and Bitcoin this morning moving higher

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Speaker 1: at thirty seven thousand, eight hundred eighty dollars. Straight ahead,

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Speaker 1: your latest local headlines, plus a check of sports, and

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Speaker 1: this is Bloomberg. N Thanks on Wall Street. Rain and

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Speaker 1: fifty five degrees in Central Park and multiple accidents with

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Speaker 1: this weather. Peter Vanill had the details for you a

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Speaker 1: few minutes. First, Michael Barr with more on what's going

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Speaker 1: on in New York and around the world. Michael, thank

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Speaker 1: you very much. Nathan. President Biden met with New York

429
00:23:54,280 --> 00:23:57,720
Speaker 1: City Mayor Eric Adams and Governor Kathy Hokel to talk

430
00:23:57,760 --> 00:24:01,400
Speaker 1: about the recent wave of gun violence particula among law

431
00:24:01,480 --> 00:24:05,439
Speaker 1: enforcement officers. The President also announced new initiatives that the

432
00:24:05,440 --> 00:24:09,040
Speaker 1: White House says would help fund community policing and crack

433
00:24:09,119 --> 00:24:12,480
Speaker 1: down on gun crimes. I'll keep doing everything in my

434
00:24:12,640 --> 00:24:15,920
Speaker 1: power to make sure the communities are safer, but Congress

435
00:24:15,960 --> 00:24:20,080
Speaker 1: needs to do its part. Two. Pass universal background checks,

436
00:24:20,359 --> 00:24:25,040
Speaker 1: van assault weapons and high capacity magazines, clothes loopholes that

437
00:24:25,160 --> 00:24:29,080
Speaker 1: keep out of the hands of domestic abusers, weapons, repeal

438
00:24:29,560 --> 00:24:34,040
Speaker 1: a liability shield for gun manufacturers. Meanwhile, Mayor Adams talked

439
00:24:34,040 --> 00:24:38,320
Speaker 1: about stopping the pipeline of illegal guns from gun dealers

440
00:24:38,400 --> 00:24:41,800
Speaker 1: in southern States. We need to increase out funding to

441
00:24:41,920 --> 00:24:45,359
Speaker 1: a t F so they can give us the sources

442
00:24:45,480 --> 00:24:48,359
Speaker 1: of these guns that are coming into our city and cities.

443
00:24:48,800 --> 00:24:52,919
Speaker 1: Mayor Adam spoke to ABC's Nightline. The winter storm stretching

444
00:24:52,960 --> 00:24:55,879
Speaker 1: across the country is wreaking havoc on the roads. Parts

445
00:24:55,920 --> 00:24:57,960
Speaker 1: of the Try and State area getting ready for winter

446
00:24:58,000 --> 00:25:01,720
Speaker 1: weather advisories. Hundreds of flying have already been canceled. The

447
00:25:01,840 --> 00:25:04,400
Speaker 1: United States is warning of a plot in which Russia

448
00:25:04,440 --> 00:25:08,840
Speaker 1: would say is justification for an invasion of Ukraine. Bloomberg's

449
00:25:08,840 --> 00:25:11,920
Speaker 1: had Baxter reports the us A saying that it has

450
00:25:11,920 --> 00:25:15,720
Speaker 1: intel that Russia's plotting to release a fake video purporting

451
00:25:15,760 --> 00:25:19,840
Speaker 1: a Ukrainian attack on Russia. Defense Department spokesman John Kirby,

452
00:25:19,960 --> 00:25:24,119
Speaker 1: we do have information that it is that that that

453
00:25:24,240 --> 00:25:26,680
Speaker 1: the Russians are likely to want to fabricate a pretext

454
00:25:27,480 --> 00:25:30,280
Speaker 1: for an invasion, which again is right out of their playbook.

455
00:25:30,359 --> 00:25:33,600
Speaker 1: And Kirby meanwhile says Russian troop movements into Belarus are

456
00:25:33,760 --> 00:25:37,680
Speaker 1: very troubling. In San Francisco, I'm at Baxter, Bloomberg Gay Break.

457
00:25:37,880 --> 00:25:41,159
Speaker 1: Republican officials meeting in Utah have advanced the resolution that

458
00:25:41,160 --> 00:25:45,359
Speaker 1: would formerly sense your representatives Liz Sheney and Adam Kinzinger

459
00:25:45,480 --> 00:25:49,199
Speaker 1: for their perceived disloyalty to former President Donald Trump, but

460
00:25:49,560 --> 00:25:52,880
Speaker 1: not trying to expel them from the party. Global News

461
00:25:52,880 --> 00:25:55,680
Speaker 1: twenty four hours a day on airand on Bloomberg quick Take,

462
00:25:55,720 --> 00:25:58,760
Speaker 1: powered by more than twenty seven hundred journalists and analysts

463
00:25:58,800 --> 00:26:01,040
Speaker 1: and more than a hundred twenty trees. How Michael Bart,

464
00:26:01,119 --> 00:26:09,800
Speaker 1: this is Bloomberg. Okay, Michael, thanks Ball Street. Time for

465
00:26:09,800 --> 00:26:12,400
Speaker 1: the Bloomberg sports up date. Here's John Stashown. All right, Nathan,

466
00:26:12,440 --> 00:26:15,360
Speaker 1: it's been thirty seven years since St. John's and Georgetown

467
00:26:15,400 --> 00:26:17,760
Speaker 1: play as the top two teams in the Country. Patrick

468
00:26:17,840 --> 00:26:20,159
Speaker 1: Eween was then playing for the Hoyas he now coaches.

469
00:26:20,200 --> 00:26:21,840
Speaker 1: Then they haven't won a big East game all year.

470
00:26:22,160 --> 00:26:25,720
Speaker 1: Red Storm one MDC ninety seventy seven. Julian to Pacy

471
00:26:25,800 --> 00:26:28,040
Speaker 1: scored twenty seven points. They're having a big year on

472
00:26:28,160 --> 00:26:31,960
Speaker 1: Staten Island. Wagner is fifteen and two. Last night nearly

473
00:26:32,000 --> 00:26:34,919
Speaker 1: blew a twenty one point halftime lead, but beat Central

474
00:26:34,920 --> 00:26:38,080
Speaker 1: Connecticut by two. The Seahawks twelve, winning the row. Next

475
00:26:38,080 --> 00:26:40,520
Speaker 1: play tonight in Utah. They'll try to end this six

476
00:26:40,600 --> 00:26:43,080
Speaker 1: game losing streak. Then nixt begin of five game road

477
00:26:43,119 --> 00:26:45,760
Speaker 1: chip tomorrow night at the Lakers, who last night lost

478
00:26:45,800 --> 00:26:49,239
Speaker 1: by one to the Clippers. Lakers without Lebron James right now,

479
00:26:49,240 --> 00:26:51,960
Speaker 1: when they have dropped nine of their last thirteen. Phoenix

480
00:26:52,000 --> 00:26:55,119
Speaker 1: Suns went to Atlanta forty one and nine, winners of

481
00:26:55,119 --> 00:26:58,600
Speaker 1: eleven row. The Hawks beat the Sunstrey Young scored forty

482
00:26:58,680 --> 00:27:01,399
Speaker 1: three points. Doug Peterson, the former Philadelphia coach, named the

483
00:27:01,400 --> 00:27:05,320
Speaker 1: new coach of the Jacksonville Jaguars, sixth higher of the offseason.

484
00:27:05,400 --> 00:27:09,240
Speaker 1: All six are white. Although Byron Leftwich was a finalist

485
00:27:09,240 --> 00:27:11,600
Speaker 1: for the Jags job, and he took himself out of consideration,

486
00:27:11,680 --> 00:27:14,199
Speaker 1: reportedly did not want to work with the Jags GM

487
00:27:14,240 --> 00:27:17,840
Speaker 1: Trent Faulky. Still, only one African American NFL coach, Brian Flores,

488
00:27:18,280 --> 00:27:20,359
Speaker 1: is said to be a finalist to get the jobs

489
00:27:20,359 --> 00:27:22,679
Speaker 1: in either Houston or New Orleans. Even though Flora's just

490
00:27:23,080 --> 00:27:25,639
Speaker 1: suthed the NFL and three teams, including the Giants, for

491
00:27:25,800 --> 00:27:29,439
Speaker 1: racism and they're hiring practices. The Giant released a strongly

492
00:27:29,520 --> 00:27:33,520
Speaker 1: worded statement defending the way they handled their recent coaching search.

493
00:27:33,600 --> 00:27:36,840
Speaker 1: They say Flora's was a strongly considered candidate right up

494
00:27:36,840 --> 00:27:39,439
Speaker 1: to the point where they desired to hire Briant Table.

495
00:27:39,560 --> 00:27:42,160
Speaker 1: Dave All has hired Mike Cathgo to be his offensive

496
00:27:42,200 --> 00:27:45,400
Speaker 1: pointer he had been with Kansas City. John stash Award

497
00:27:45,440 --> 00:27:48,720
Speaker 1: Bloomberg Sports Nathan. Thanks John, It's thirty seven on Wall

498
00:27:48,760 --> 00:27:51,200
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg

499
00:27:51,280 --> 00:27:54,479
Speaker 1: z Cory. Beginning May fifteenth, all job postings in New

500
00:27:54,560 --> 00:27:58,000
Speaker 1: York City must list a minimum and maximum salary. The

501
00:27:58,040 --> 00:28:00,600
Speaker 1: rule applies to jobs that are remote or in person,

502
00:28:00,720 --> 00:28:03,560
Speaker 1: salaried or hourly, that will be performed in the city

503
00:28:03,560 --> 00:28:06,359
Speaker 1: by an employee working for a company with four or

504
00:28:06,359 --> 00:28:10,879
Speaker 1: more employees. Eastern Generation provides more than eighteen percent of

505
00:28:10,880 --> 00:28:14,240
Speaker 1: New York cities electricity. It's facing a more pressing debt

506
00:28:14,280 --> 00:28:17,399
Speaker 1: burden and reduced profit after the pandemic cut demand for

507
00:28:17,480 --> 00:28:21,320
Speaker 1: power management. Says capacity prices in the New York region

508
00:28:21,560 --> 00:28:26,399
Speaker 1: will likely remain depressed in twenty two. Municipal bond investors

509
00:28:26,440 --> 00:28:29,879
Speaker 1: may have made artificial distinctions among New York State borrowers

510
00:28:29,920 --> 00:28:34,159
Speaker 1: and overallocated portfolios to bonds from New York issuers. The

511
00:28:34,240 --> 00:28:37,760
Speaker 1: Vulcar Alliance says New York uses state public authorities to

512
00:28:37,840 --> 00:28:42,120
Speaker 1: circumvent constitutional debt limits and backs billions in debt issued

513
00:28:42,160 --> 00:28:45,800
Speaker 1: for city schools, the MTA, and university dorms. At your

514
00:28:45,800 --> 00:28:49,120
Speaker 1: Bloomberg Try State Business Report, I'm ed Corey that it's

515
00:28:49,840 --> 00:28:51,920
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

516
00:28:51,960 --> 00:28:55,000
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

517
00:28:55,080 --> 00:28:57,040
Speaker 1: check in with our global news team for some of

518
00:28:57,040 --> 00:28:59,640
Speaker 1: the top stories heard on our three hundred affiliate radio

519
00:28:59,680 --> 00:29:05,520
Speaker 1: stations around the world. I'm Steve Polas, got on Chen

520
00:29:05,640 --> 00:29:08,040
Speaker 1: Chen Wins in New York. We're talking about a price

521
00:29:08,160 --> 00:29:11,840
Speaker 1: high for that Amazon Prime membership. M corney's Donaho on

522
00:29:11,960 --> 00:29:15,080
Speaker 1: ktr H in Houston. A record fifty percent of small

523
00:29:15,120 --> 00:29:18,920
Speaker 1: businesses raised wages in January. Find Caroline hit called Bloomberg

524
00:29:18,960 --> 00:29:22,200
Speaker 1: dav Digital Radio in London, wom reporting on the crisis

525
00:29:22,200 --> 00:29:26,640
Speaker 1: in Gulfing Forest Johnson deeply as several top aides quits.

526
00:29:27,200 --> 00:29:30,080
Speaker 1: I made Corey on w w J in Detroit. I'm

527
00:29:30,080 --> 00:29:33,760
Speaker 1: reporting Ford inst Atlantis will idle some plants because of

528
00:29:33,800 --> 00:29:37,239
Speaker 1: the semiconductor shortage. Those are some of the stories our

529
00:29:37,280 --> 00:29:40,080
Speaker 1: twenty seven hundred Bloomberg journalists and analysts working on this

530
00:29:40,160 --> 00:29:43,520
Speaker 1: morning around the world. It's nine on Wall Street. The

531
00:29:43,560 --> 00:29:47,560
Speaker 1: following is an editorial from Bloomberg Opinion. For the first

532
00:29:47,600 --> 00:29:51,000
Speaker 1: time in a long while, there's good news about COVID nineteen.

533
00:29:51,520 --> 00:29:55,440
Speaker 1: Case numbers and hospitalizations are declining across most of the US.

534
00:29:56,000 --> 00:29:59,520
Speaker 1: A respite from COVID nineteen could well follow a return

535
00:29:59,560 --> 00:30:03,280
Speaker 1: to normal. That modest but elusive goal should be possible

536
00:30:03,400 --> 00:30:07,480
Speaker 1: once daily COVID hospitalizations fall two levels associated with a

537
00:30:07,520 --> 00:30:11,240
Speaker 1: bad flu season. To be clear, the US isn't near

538
00:30:11,320 --> 00:30:15,120
Speaker 1: that yet. Hospitals remain overburdened and thousands are still dying

539
00:30:15,200 --> 00:30:18,600
Speaker 1: of COVID each day. But with better data collection and

540
00:30:18,680 --> 00:30:22,560
Speaker 1: a nationwide effort to prevent another crisis. The country can

541
00:30:22,640 --> 00:30:26,280
Speaker 1: reach a point of stability and stay there. Careful monitoring

542
00:30:26,320 --> 00:30:30,800
Speaker 1: of hospital capacity, new variants, and maxine efficacy will be key.

543
00:30:30,960 --> 00:30:34,200
Speaker 1: While the pandemic is still very much with us. With luck,

544
00:30:34,360 --> 00:30:37,760
Speaker 1: the omicron wave will be over by spring. That calls

545
00:30:37,960 --> 00:30:40,960
Speaker 1: for some cautious optimism. This editorial was written by the

546
00:30:40,960 --> 00:30:45,360
Speaker 1: Bloomberg Opinion Editorial Board. I'm David Chipley. For more Bloomberg opinion,

547
00:30:45,400 --> 00:30:48,480
Speaker 1: please go to Bloomberg dot com, slash opinion or OPA

548
00:30:48,520 --> 00:30:52,320
Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg Opinion.

549
00:30:52,400 --> 00:30:55,240
Speaker 1: You get her Bloomberg opinion editorials every weekday. At this time.

550
00:30:55,320 --> 00:30:58,720
Speaker 1: Terminal customers can read more at OPI n GO sp

551
00:30:58,840 --> 00:31:01,160
Speaker 1: futures are up ten points down. Futures have turned lower

552
00:31:01,200 --> 00:31:03,560
Speaker 1: down They're down forty eight NASTAC future is still higher,

553
00:31:03,560 --> 00:31:05,960
Speaker 1: but trimming some of their gains, up a hundred eighteen

554
00:31:06,040 --> 00:31:08,520
Speaker 1: points in the tenure Treasury is up three thirty seconds.

555
00:31:08,560 --> 00:31:12,240
Speaker 1: The yield one point eight one up. Next, we'll talk

556
00:31:12,280 --> 00:31:16,520
Speaker 1: Amazon earnings with Tuna Amobi over at c f r A.

557
00:31:16,840 --> 00:31:23,840
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. The rain

558
00:31:23,880 --> 00:31:26,200
Speaker 1: will change to sleet and snow of the winter weather Advisory.

559
00:31:26,200 --> 00:31:28,800
Speaker 1: Today temperature is falling. Tomorrow we'll get into the upper

560
00:31:28,840 --> 00:31:32,160
Speaker 1: twenties and sunshine, sunny, low thirties for Sunday. Right now,

561
00:31:32,280 --> 00:31:38,320
Speaker 1: rain and fifty five degrees in Central Park. Markets headlines

562
00:31:38,360 --> 00:31:41,360
Speaker 1: and breaking news twenty four hours a day at Bloomberg

563
00:31:41,400 --> 00:31:44,800
Speaker 1: dot Com, the Bloomberg Business and at Bloomberg Quick Tape.

564
00:31:45,360 --> 00:31:54,920
Speaker 1: He's a Bloomberg Business flash, but I'm camering Moscow and now.

565
00:31:55,040 --> 00:31:59,520
Speaker 1: Stack futures are arrising this morning, led by Amazon, which

566
00:31:59,520 --> 00:32:03,040
Speaker 1: is leading in pre market gains as earnings optimism returns

567
00:32:03,080 --> 00:32:05,600
Speaker 1: to the technology sector. We checked the markets every fifteen

568
00:32:05,600 --> 00:32:09,000
Speaker 1: minutes throughout the trading day on Bloomberg. Right now NAZDAG

569
00:32:09,080 --> 00:32:12,160
Speaker 1: futures or of one hundred fifteen points up eight ten percent,

570
00:32:12,800 --> 00:32:15,840
Speaker 1: uh SMP futures of nine and down futures down at

571
00:32:15,840 --> 00:32:19,240
Speaker 1: fifty eight. The decks in Germany's down one point one percent.

572
00:32:19,320 --> 00:32:21,400
Speaker 1: The ten year treasury of four thirty seconds. He had

573
00:32:21,400 --> 00:32:23,840
Speaker 1: one point eight one percent yield on the two year

574
00:32:23,920 --> 00:32:26,800
Speaker 1: one point to zero percent. Nine X screwed oil of

575
00:32:26,960 --> 00:32:29,520
Speaker 1: one point to one point four percent, up a dollar

576
00:32:29,600 --> 00:32:32,040
Speaker 1: twenty eight and ninety one dollars fifty five cents a barrel.

577
00:32:32,160 --> 00:32:34,960
Speaker 1: Comegs gold up half percent or nine dollars seventy cents

578
00:32:35,160 --> 00:32:38,200
Speaker 1: at eighteen thirteen ninety announced the euro one point one

579
00:32:38,240 --> 00:32:40,560
Speaker 1: four six eight against the dollar, British pound one point

580
00:32:40,560 --> 00:32:43,160
Speaker 1: three five five three, and the ends at one fourteen

581
00:32:43,200 --> 00:32:46,280
Speaker 1: point nine three bitcoin this morning, moving higher at thirty

582
00:32:46,320 --> 00:32:49,640
Speaker 1: seven thousand, nine hundred dollars. That's a Bloomberg business flash.

583
00:32:49,720 --> 00:32:51,720
Speaker 1: Now here's Michael Barr with more on what's going on

584
00:32:51,880 --> 00:32:55,560
Speaker 1: around the world. Muchael Karen, thank you very much. Russian

585
00:32:55,560 --> 00:32:58,960
Speaker 1: President Latimer Boutin has arrived in Beijing for the opening

586
00:32:59,040 --> 00:33:02,800
Speaker 1: of the Beijing Olympic Games. You'll also hold talks with

587
00:33:02,960 --> 00:33:06,880
Speaker 1: Chinese counterparts Hi jing Ping. Meanwhile, the US leads. After

588
00:33:06,920 --> 00:33:09,880
Speaker 1: the official opening day of the team figure skating event

589
00:33:09,920 --> 00:33:12,520
Speaker 1: at the Games, President Biden paid a visit to New

590
00:33:12,600 --> 00:33:15,680
Speaker 1: York City and met with Mayor Eric Adams about gun violence.

591
00:33:16,040 --> 00:33:19,360
Speaker 1: Biden outlined his administration and what it wants to do

592
00:33:19,560 --> 00:33:22,600
Speaker 1: to end the flow of illegal weapons. A snow and

593
00:33:22,720 --> 00:33:25,560
Speaker 1: ice storm is crippling air travel from Texas to the

594
00:33:25,560 --> 00:33:28,760
Speaker 1: East Coast. Thousands of flights have been canceled. More are

595
00:33:28,840 --> 00:33:32,440
Speaker 1: expected today in the NBA. The Warriors won global news

596
00:33:32,440 --> 00:33:35,080
Speaker 1: twenty four hours a day on air and on Bloomberg

597
00:33:35,120 --> 00:33:38,120
Speaker 1: Quick Take Power by more than twenty seven hundred journalists

598
00:33:38,120 --> 00:33:40,440
Speaker 1: and analysts and more than a hundred twenty countries. I'm

599
00:33:40,480 --> 00:33:43,600
Speaker 1: Michael Barr. This is Bloomberg, Nathan. All right, Michael, thanks

600
00:33:43,640 --> 00:33:45,640
Speaker 1: for coming up to five forty nine on Wall Street

601
00:33:45,640 --> 00:33:49,160
Speaker 1: Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak.

602
00:33:49,200 --> 00:33:52,120
Speaker 1: As we continue to watch shares of Amazon surge in

603
00:33:52,160 --> 00:33:55,200
Speaker 1: the pre market of twelve and a quarter percent following

604
00:33:55,200 --> 00:33:57,560
Speaker 1: the latest earnings, capping off what has been a very

605
00:33:57,640 --> 00:34:00,600
Speaker 1: interesting earnings week when it comes to the ex sector.

606
00:34:00,640 --> 00:34:04,640
Speaker 1: Tuna Amobi is back with us this morning to talk Amazon, tech,

607
00:34:04,720 --> 00:34:08,000
Speaker 1: media and telecom analysts at c f R A Tuna,

608
00:34:08,120 --> 00:34:12,920
Speaker 1: good morning. So a lot of gains for the cloud business,

609
00:34:12,920 --> 00:34:17,360
Speaker 1: obviously a slump a little bit in terms of online

610
00:34:17,480 --> 00:34:21,880
Speaker 1: e commerce sales. What's your read on these earnings? Good morning, Nathan,

611
00:34:21,920 --> 00:34:24,359
Speaker 1: It's great to be with you again. Um. You know, look,

612
00:34:24,440 --> 00:34:29,640
Speaker 1: I think going into those earnings, expectations were quite subdued, right, Um,

613
00:34:29,680 --> 00:34:32,520
Speaker 1: we knew that the company was going to face significant

614
00:34:32,920 --> 00:34:36,719
Speaker 1: inflationary and supply chain pressures for the holiday season, and

615
00:34:36,760 --> 00:34:38,759
Speaker 1: they did. But I think what we saw in the

616
00:34:38,800 --> 00:34:43,959
Speaker 1: earnings is that they quite masterfully navigated those uh and

617
00:34:44,080 --> 00:34:45,960
Speaker 1: UM and that's why you see UM, you know, the

618
00:34:46,000 --> 00:34:49,920
Speaker 1: results a lot of positive takeaways. Online sales you mentioned

619
00:34:50,040 --> 00:34:52,480
Speaker 1: was quite weak, and I think the reason for that

620
00:34:52,719 --> 00:34:56,839
Speaker 1: was the very difficult comparisons that they talked about that

621
00:34:56,920 --> 00:35:00,200
Speaker 1: they had in the in the prior year with the

622
00:35:00,239 --> 00:35:04,680
Speaker 1: tail winds from the pandemic, and invested quite heavily uh

623
00:35:04,719 --> 00:35:07,400
Speaker 1: in labor, in stuff in and all those things. So

624
00:35:07,440 --> 00:35:10,319
Speaker 1: that's why you see that those results were pressured. But

625
00:35:10,400 --> 00:35:13,759
Speaker 1: on the cloud computing business, Amazon web Services, I think

626
00:35:13,760 --> 00:35:16,919
Speaker 1: those results were much better than expected. I think we've

627
00:35:16,960 --> 00:35:21,680
Speaker 1: seen some concerns against competition from the likes of Google

628
00:35:21,800 --> 00:35:25,879
Speaker 1: and Microsoft in cloud, but Amazon Web Services pretty much

629
00:35:26,160 --> 00:35:29,520
Speaker 1: held its own forty percent year of a year revenue growth,

630
00:35:29,560 --> 00:35:32,480
Speaker 1: now well on its way to becoming a hundred billion

631
00:35:32,520 --> 00:35:35,959
Speaker 1: dollar run rate business. Now. They also had some other

632
00:35:36,000 --> 00:35:39,480
Speaker 1: bright sports advertising thirty two percent growth. That's one of

633
00:35:39,480 --> 00:35:41,879
Speaker 1: the fastest growing businesses. So all in all, I think

634
00:35:42,640 --> 00:35:45,080
Speaker 1: going into the Q one that they've just guided I

635
00:35:45,120 --> 00:35:49,120
Speaker 1: think we feel quite good that they are holding up

636
00:35:49,160 --> 00:35:53,840
Speaker 1: against significant headwinds. Let's talk a little bit more about

637
00:35:53,880 --> 00:35:57,200
Speaker 1: those headwinds though. When you talk about inflationary pressures, I

638
00:35:57,239 --> 00:35:59,719
Speaker 1: mean you can kind of say we're seeing evidence of

639
00:35:59,760 --> 00:36:02,440
Speaker 1: that just in the fact that they're raising the price

640
00:36:02,440 --> 00:36:05,640
Speaker 1: of Prime memberships. I mean, could that be a headwind? Well,

641
00:36:05,680 --> 00:36:08,840
Speaker 1: you know that written the price of of prime was

642
00:36:08,880 --> 00:36:11,799
Speaker 1: actually our take was that that was an indication of

643
00:36:12,120 --> 00:36:14,719
Speaker 1: price and power. Um you know, anytime you take a

644
00:36:14,800 --> 00:36:19,720
Speaker 1: price increase of in this case, h you you always

645
00:36:19,800 --> 00:36:22,680
Speaker 1: wonder what impact is going to have on subscriber acquisition

646
00:36:22,719 --> 00:36:27,200
Speaker 1: and retention. But they've done this least on two previous occasions,

647
00:36:27,239 --> 00:36:31,000
Speaker 1: and over that period, Prime membership continue to grow pretty fast.

648
00:36:31,600 --> 00:36:34,960
Speaker 1: We have no concerns this time will be different, you know.

649
00:36:35,040 --> 00:36:39,640
Speaker 1: That being said, I think there there's a lot of other, um,

650
00:36:39,680 --> 00:36:42,719
Speaker 1: you know, tail winds that we see across across the

651
00:36:43,320 --> 00:36:46,800
Speaker 1: Amazon Web services, which will write you know, which should

652
00:36:46,800 --> 00:36:49,879
Speaker 1: still remain the golden goose for many years to come.

653
00:36:50,360 --> 00:36:54,759
Speaker 1: In terms of the advertising business, there's a lot of

654
00:36:54,880 --> 00:36:59,520
Speaker 1: competition there. We saw the results obviously from Facebook parent

655
00:36:59,600 --> 00:37:03,120
Speaker 1: met Up platforms, the big drop. There a lot of

656
00:37:03,160 --> 00:37:06,680
Speaker 1: that driven by ad sales as well. Are there differences

657
00:37:06,719 --> 00:37:10,719
Speaker 1: between the way Amazon does ads, uh, compared to how

658
00:37:10,920 --> 00:37:13,680
Speaker 1: Meta and some of its other competitors do it. Well.

659
00:37:13,719 --> 00:37:17,040
Speaker 1: You know, it's been a rurer coaster of advertising reports

660
00:37:17,080 --> 00:37:19,759
Speaker 1: from the big tech um. You know, I think to

661
00:37:19,840 --> 00:37:23,040
Speaker 1: your question, I think that the differences a little bit

662
00:37:23,120 --> 00:37:26,200
Speaker 1: nuanced in terms of the size of the brands. UM.

663
00:37:26,239 --> 00:37:28,359
Speaker 1: I think what the pandemic has done is that the

664
00:37:28,400 --> 00:37:32,280
Speaker 1: big brands have been actually leading the the spending coming

665
00:37:32,280 --> 00:37:34,960
Speaker 1: out of the pandemic. So that's why you see some

666
00:37:35,040 --> 00:37:38,360
Speaker 1: of those variations in terms of the target you know,

667
00:37:38,520 --> 00:37:43,760
Speaker 1: customer segments. Without being said, um, Amazon the advertising business

668
00:37:43,840 --> 00:37:47,520
Speaker 1: is relatively smaller than much smaller as if as in

669
00:37:47,600 --> 00:37:51,000
Speaker 1: fact to Google and Matter, so the group we see

670
00:37:51,000 --> 00:37:55,000
Speaker 1: there is over a much smaller base. But overall trends

671
00:37:55,080 --> 00:37:58,520
Speaker 1: in the digital advertising except for Meta, I think I've

672
00:37:58,560 --> 00:38:01,480
Speaker 1: been all positive from the tech companies that we have

673
00:38:01,680 --> 00:38:04,800
Speaker 1: seen so far. So that's one area I think we

674
00:38:04,920 --> 00:38:09,040
Speaker 1: continue to have very high expectations for Amazon. Only about

675
00:38:09,080 --> 00:38:11,239
Speaker 1: a minute left here. Do you think Amazon holds onto

676
00:38:11,320 --> 00:38:15,040
Speaker 1: its market share in the cloud? I do, but they

677
00:38:15,040 --> 00:38:18,120
Speaker 1: are you know, by FI the dominant player. What we

678
00:38:18,200 --> 00:38:21,520
Speaker 1: see is that competition have intensified. So you may see

679
00:38:21,520 --> 00:38:26,320
Speaker 1: Google and UH and Microsoft are continue to chip away.

680
00:38:26,440 --> 00:38:29,600
Speaker 1: But it's a huge addressable market, is a very huge runway.

681
00:38:29,600 --> 00:38:32,760
Speaker 1: I would argue we're still in the relatively early innings

682
00:38:32,920 --> 00:38:36,840
Speaker 1: of that market globally. Alright, as always, thanks to your insights, Tuna,

683
00:38:36,880 --> 00:38:40,160
Speaker 1: good having on with us this morning after those Amazon earnings,

684
00:38:40,160 --> 00:38:44,040
Speaker 1: Tuna movie tech, Media and Telecom analyst at CFR a

685
00:38:44,520 --> 00:38:47,280
Speaker 1: with us this morning and once again looking at Amazon

686
00:38:47,360 --> 00:38:49,759
Speaker 1: shares in the pre market following those earnings here and

687
00:38:49,800 --> 00:38:53,400
Speaker 1: they are up twelve. Sorry, Nathan, thank you. It is

688
00:38:53,440 --> 00:38:55,960
Speaker 1: five or fifty four on Wall Street. Time for our

689
00:38:56,000 --> 00:39:00,000
Speaker 1: Bloomberg the law report brought to you buy American Arbitration Association,

690
00:39:00,080 --> 00:39:03,520
Speaker 1: and business disputes are inevitable resolved faster with the American

691
00:39:03,600 --> 00:39:08,040
Speaker 1: Arbitration Association, the global leader in alternative dispute resolution for

692
00:39:08,120 --> 00:39:11,359
Speaker 1: over ninety years. More at a dr dot org. Now

693
00:39:11,440 --> 00:39:13,840
Speaker 1: let's get to the legal stories we're watching this morning.

694
00:39:13,840 --> 00:39:20,680
Speaker 1: From Bloomberg's Jeff Bellinger, The Minnesota Wild of the National

695
00:39:20,719 --> 00:39:24,880
Speaker 1: Hockey League settled the proposed Americans with Disabilities Act class action.

696
00:39:24,960 --> 00:39:28,680
Speaker 1: Plaintiffs charged that the team's website fails to accommodate visually

697
00:39:28,719 --> 00:39:31,319
Speaker 1: impaired people. A federal judge ruled the Food and Drug

698
00:39:31,320 --> 00:39:34,799
Speaker 1: Administration must face a workplace harassment lawsuit filed by a

699
00:39:34,840 --> 00:39:39,160
Speaker 1: black analyst who claims managers used racial stereotypes when referring

700
00:39:39,200 --> 00:39:42,120
Speaker 1: to him. Georgia federal court records showed that Starbucks and

701
00:39:42,200 --> 00:39:44,880
Speaker 1: a former store manager who accused the coffee company of

702
00:39:44,920 --> 00:39:49,320
Speaker 1: age discrimination have settled the proposed class action. Bloomberg Law

703
00:39:49,600 --> 00:39:53,800
Speaker 1: everything you need, all on one legal research platform, including

704
00:39:53,840 --> 00:39:58,120
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at

705
00:39:58,160 --> 00:40:02,120
Speaker 1: Bloomberg Law dot com. M All right, Jeff, thank you.

706
00:40:02,160 --> 00:40:05,120
Speaker 1: And now another legal story we're watching. Some circuit court

707
00:40:05,160 --> 00:40:08,200
Speaker 1: opinions are getting attention lately enough because of their content,

708
00:40:08,280 --> 00:40:11,760
Speaker 1: but because of their tone. Legal writing coach Ron Scooperman

709
00:40:11,840 --> 00:40:15,840
Speaker 1: joins Bloomberg Studing Grosso to discuss this new sarcastic trend.

710
00:40:16,360 --> 00:40:20,320
Speaker 1: One judge, Ninth Circuit Judge Lawrence van Dyke, has taken

711
00:40:20,320 --> 00:40:24,160
Speaker 1: opinion language to another level. Russ explained what Judge Van

712
00:40:24,200 --> 00:40:27,719
Speaker 1: Dyke wrote in a Second Amendment case recently. Yeah, so

713
00:40:27,800 --> 00:40:30,759
Speaker 1: he did something I can't remember seeing before, he wrote,

714
00:40:30,800 --> 00:40:33,960
Speaker 1: a concurrence, which is of course pretty customary, and then

715
00:40:34,000 --> 00:40:37,239
Speaker 1: he wrote a concurrence to his own concurrence. But what

716
00:40:37,400 --> 00:40:40,279
Speaker 1: was really unusual is was, so this is, as he said,

717
00:40:40,320 --> 00:40:43,120
Speaker 1: a Second Amendment case. So it's a high profile case.

718
00:40:43,400 --> 00:40:45,520
Speaker 1: So he was sort of assuming that the case was

719
00:40:45,520 --> 00:40:49,880
Speaker 1: going to go on bonk, and his concurrence to himself

720
00:40:50,320 --> 00:40:54,600
Speaker 1: basically tried to write what he thinks the majority will

721
00:40:54,640 --> 00:40:56,880
Speaker 1: come up with. So he wrote an opinion, you know,

722
00:40:56,920 --> 00:40:59,319
Speaker 1: going the opposite way from what he wanted. But then

723
00:40:59,360 --> 00:41:01,319
Speaker 1: what he did his he had all these footnotes and

724
00:41:01,400 --> 00:41:05,400
Speaker 1: thought bubbles with a very kind of snarky, sarcastic tone,

725
00:41:05,960 --> 00:41:09,719
Speaker 1: essentially claiming that, you know, anybody who supports this particular

726
00:41:09,760 --> 00:41:13,719
Speaker 1: California gun regulation was just completely making things up and

727
00:41:13,800 --> 00:41:17,400
Speaker 1: had all terior motives. Do you know, get those goals

728
00:41:17,440 --> 00:41:20,480
Speaker 1: accomplished in the guise of an ordinary looking at Kinyon.

729
00:41:20,800 --> 00:41:23,440
Speaker 1: So that's what I think he was trying to get across,

730
00:41:23,600 --> 00:41:26,759
Speaker 1: sort of the trispecta, you know, write this almost like

731
00:41:26,840 --> 00:41:28,879
Speaker 1: to put them on the defensive before they've even had

732
00:41:28,880 --> 00:41:31,759
Speaker 1: a chance to rehear the case, sort of show that

733
00:41:31,800 --> 00:41:33,480
Speaker 1: you can have a lot of what he would probably

734
00:41:33,480 --> 00:41:37,080
Speaker 1: say kind of gobbled the standards and quotations from case law,

735
00:41:37,680 --> 00:41:41,080
Speaker 1: and then you know, takes a very strong suggestion that

736
00:41:41,160 --> 00:41:44,799
Speaker 1: they were you know, slimy for lack of a better word,

737
00:41:44,880 --> 00:41:46,759
Speaker 1: and we're going to sort of make up the law

738
00:41:46,800 --> 00:41:49,479
Speaker 1: in order to uphold the gun regulation and as legal

739
00:41:49,560 --> 00:41:52,879
Speaker 1: writing coach, Ross Gooberman's begin with Bloomberg's Juan Grosso. Catch

740
00:41:52,960 --> 00:41:55,760
Speaker 1: more of that interview, plus analysis of the latest legal

741
00:41:55,800 --> 00:41:59,360
Speaker 1: news by subscribing to the Bloomberg Law podcast or downloading

742
00:41:59,400 --> 00:42:03,160
Speaker 1: the show at Bloomberg dot com slash podcasts. Attorneys can

743
00:42:03,160 --> 00:42:06,400
Speaker 1: find exceptional legal research and business development tools at Bloomberg

744
00:42:06,480 --> 00:42:09,600
Speaker 1: Law dot com and on the Bloomberg terminal at b

745
00:42:09,840 --> 00:42:13,839
Speaker 1: law Go and again nowsday futures higher this morning, up

746
00:42:13,880 --> 00:42:16,919
Speaker 1: one six points or seven tenths of a per cent

747
00:42:17,320 --> 00:42:20,239
Speaker 1: s and P futures are up five points, so they've

748
00:42:20,239 --> 00:42:22,359
Speaker 1: been giving up some of their games this morning, while

749
00:42:22,400 --> 00:42:26,319
Speaker 1: down futures have turned lower. Down seventies six ten year

750
00:42:26,360 --> 00:42:28,759
Speaker 1: treasury up five thirty seconds. You had one point eight

751
00:42:28,800 --> 00:42:31,520
Speaker 1: one percent and the yield on the two year one

752
00:42:31,600 --> 00:42:35,239
Speaker 1: point to one percent, the euro one point one four

753
00:42:35,360 --> 00:42:39,520
Speaker 1: six five against the dollar, and still ahead on Bloomberg

754
00:42:39,600 --> 00:42:42,200
Speaker 1: day Break. We have a check on the business headlines

755
00:42:42,239 --> 00:42:44,399
Speaker 1: and all the news you need to start your day.

756
00:42:44,960 --> 00:42:46,560
Speaker 1: And this is Bloomberg