Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Friday, February four two. Coming up this hour,
Speaker 1: Tech shares rebound, is Amazon earnings boost sentiment, Facebook owner
Speaker 1: Meta comes off the worst one day crash and the
Speaker 1: history of the staff market. It's a big day for
Speaker 1: data as investors await the January jobs report and the
Speaker 1: crisis in golfing. UK Prime Minister Boris Johnson gets even worse.
Speaker 1: President Biden visits New York City on gun violence, plus playtiffs,
Speaker 1: have suit Governor Kathy Oakell over New York States Green
Speaker 1: District and plan I'm Michael barn Or a had John's
Speaker 1: dashower and sports St John's with a win at Georgetown
Speaker 1: and a strong denial for the Giants and the Brian
Speaker 1: Flores lawsuit. That's all straight ahead on Bloomberg day Break
Speaker 1: on Bloomberg Gilimen TREEO New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco,
Speaker 1: Sirius x M one nineteen and around the world on
Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business Act. Well,
Speaker 1: Good Friday, morning. I'm Nathan Hagar and I'm Karen Moscow
Speaker 1: and US Dock Index futures are climbing in the wake
Speaker 1: of Amazon earnings. Were coming up to final one on
Speaker 1: Wall Street, and we checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg Guess and the futures
Speaker 1: up twenty nine points down, futures up seventy three, NASDACK
Speaker 1: futures up one ninety two. The decks in Germany's down
Speaker 1: eight tenths of upper cent. The ten year treasury up
Speaker 1: three thirty seconds. He had one point eight two percent,
Speaker 1: and they yield on the two year one point to
Speaker 1: one percent. Comas gold is up half percent or eight
Speaker 1: dollars thirty cents at eighteen twelve forty. Unnounced the euro
Speaker 1: one point one four six six against the dollar. Nathan Well, Karen,
Speaker 1: what a difference of day makes right? Facebook sent the
Speaker 1: nastac plummeting yesterday, but this morning it is a reversal,
Speaker 1: with futures getting a huge boost thanks to Amazon's earnings
Speaker 1: after the bell. Shares of the e commerce giant are
Speaker 1: up nearly thirteen percent. The rally comes after Amazon posted
Speaker 1: blockbuster profit and raised prices for its US Prime membership.
Speaker 1: Ed Ludlow has the details from our Bloomberg nine sixty
Speaker 1: newsroom in San Francisco. The annual price of Prime will
Speaker 1: rise by twenty dollars to a hundred and thirty nine dollars,
Speaker 1: the first increase since two thousand eighteen. Executives touted the
Speaker 1: slate of life sports content to come a new series
Speaker 1: like Lord of the Rings. Beyond benefits like shipping discounts,
Speaker 1: Amazon was also able to negate higher input costs and
Speaker 1: labor challenges in the quarter, with monster profits. Some of
Speaker 1: that tight to gains on its investment in ev maker Ribbean,
Speaker 1: the cloud and advertising unit, which was broken out for
Speaker 1: the first time, also performed well in San Francisco. Ed
Speaker 1: Ludlow Bloomberg daybreak. All right, and thank you. But we're
Speaker 1: also seeing a major bounce back and two stocks that
Speaker 1: took up pounding yesterday. Snap, which lost almost a quarter
Speaker 1: of its value, is searching more than forty eight percent
Speaker 1: this morning. Pinterest is up sixteen percent in early trading.
Speaker 1: And again more from Bloombery stug create snaps fourth quarter
Speaker 1: of sales increased to one point three billion dollars daily
Speaker 1: active users of the company's Snapchat mobile app top forecast. Separately,
Speaker 1: the earnings from pinterest were above estimates, quarterly revenue jump
Speaker 1: compared to last year, and these games sparked a turnaround
Speaker 1: in social media stocks in the extended session, following a
Speaker 1: route triggered by the disappointing earnings from meta platforms. In
Speaker 1: New York, I'm Dick Prisoner, Bloomberg Daybreak, All right, Doug, thanks,
Speaker 1: speaking of that sell off tied to Meta turns out
Speaker 1: the one day crash now ranks as the worst in
Speaker 1: stock market history. Bloomberg's Charlie Pellett explains the Facebook parent
Speaker 1: plunged twenty six percent and erased about two hundred fifty
Speaker 1: two billion dollars in market value. That is the biggest
Speaker 1: wipe out in market value for any American company ever.
Speaker 1: Michael Nathanson with Moffett Nathanson titled his note Facebook the
Speaker 1: Beginning of the End in New York. Charlie Pellet Bloomberg Daybreak,
Speaker 1: All right, Charlie, thank you about the plunge and Meta
Speaker 1: shares has one potential silver lining for CEO Mark Zuckerberg.
Speaker 1: And let's get the lightish lie from Bloomberg's rend A
Speaker 1: young Good morning Nana, Good morning Karen. The big question
Speaker 1: is if Facebook users are flocking to TikTok, then should
Speaker 1: it be considered competition and if so, the more challenging
Speaker 1: landscape adds muscle to fight a pending government lawsuit against Meta.
Speaker 1: Since Meta's earnings miss yesterday, CEO Mark Zuckerberg has continued
Speaker 1: to cite competition from TikTok as a threat. That claim
Speaker 1: is at the heart of the FTC's antitrust lawsuit against Meta,
Speaker 1: which says it's a monopoly with no true competition. Meantime,
Speaker 1: Bloomberg sources say Zuckerberg is telling staff to focus on
Speaker 1: growing Facebook and Instagram's short video product Reels, which is
Speaker 1: a copycat of TikTok. Live in New York. I'm gonna
Speaker 1: need a young Bloomberg day break, all right, we need
Speaker 1: to thank you yesterday's Facebook led sell off saw the
Speaker 1: NASDAC plunge three and three quarters percent yesterday. The volatility
Speaker 1: is not a surprise for Morgan Stanley, Chief US equ
Speaker 1: strategist Mike Wilson. You know, we've had this narrative fire
Speaker 1: and ice, and we think it it's gonna be icier. Um,
Speaker 1: you know that doesn't mean recession as we negative payroll
Speaker 1: numbers for the next five months. But the idea that
Speaker 1: we're not gonna have some payback here from what was
Speaker 1: the spectacular, you know, kind of rebound during the pandemic,
Speaker 1: we think his naive. Morgan Stanley's Mike Wilson made the
Speaker 1: comments on Bloomberg Surveillance Catch the program on Bloomberg Radio
Speaker 1: and Television at seven am Wall Street Time. Well, yesterday
Speaker 1: it was all about corporate earnings, Nathan, and today we
Speaker 1: focus on jobs. The government's monthly payrolls report is at
Speaker 1: eight thirty am Wall Street Time. Consensus calls for a
Speaker 1: gain of one or twenty five thousand jobs in January,
Speaker 1: but plenty of predictions call for a much lower number.
Speaker 1: Bloomberg's Michael McKee explains this may be one of the
Speaker 1: most interesting and inconsequential jobs reports in many years. The
Speaker 1: omicron wave that's spread through the country in January likely
Speaker 1: caused many companies to pause hiring plans and many workers
Speaker 1: sick with COVID. Likely we're off payrolls during the month.
Speaker 1: Economists anticipate the weakest hiring in a year, and many
Speaker 1: think the economy may have lost jobs during the month.
Speaker 1: The unemployment and participation rates are forecast to be unchanged,
Speaker 1: but it's not likely to matter to markets or the Fed.
Speaker 1: The Central Bank has made its next policy moves clear,
Speaker 1: and investors will discount bad news as temporary. Looking for
Speaker 1: a payrolls rebound this month. Michael McKey, Bloomberg Daybreak. All right, Mike, thanks,
Speaker 1: We now turned the politics overseas, the crisis and golfing
Speaker 1: UK Prime Minister Boris Johnson's government has gotten worse. Let's
Speaker 1: go live to London and get the latest from Bloomberg's
Speaker 1: Max Ramsey. Good morning, Max, Morning to you, Nathan and Karen.
Speaker 1: Really a significant escalation of the challenges facing Boris Johnson
Speaker 1: with the resignation of four of his closest aids. We're
Speaker 1: talking about people in the Prime Minister's in a circle,
Speaker 1: including his chief of staff and communications directed. But most
Speaker 1: damaging has been the resignation of his policy chief. She
Speaker 1: really hit out of Boris Johnson because of her remark
Speaker 1: he made attacking the Labor Party leader Kere Starmer. This
Speaker 1: all comes in the wake of what's being called in
Speaker 1: to party get these lockdown breaking gatherings in Downing Street,
Speaker 1: and it's only been getting more serious full Boris Johnson
Speaker 1: Live in London, Max Ramsey boom back daybreak all right, Max,
Speaker 1: thank you, and in the oil past today geo political
Speaker 1: tensions and a fast tightening global market has crewed on
Speaker 1: track for a seventh weekly gain straight ahead your local headlines.
Speaker 1: This is Bloomberg all right here in thanks five oh
Speaker 1: seven on Wall Street. Rain fifty five degrees in central
Speaker 1: parks are gonna drop through the day, and already we
Speaker 1: got a bunch of accidents north Founder to eight seven
Speaker 1: between exits thirty six and thirty seven. Details coming up
Speaker 1: in traffic. First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The Tri State area is in the
Speaker 1: path of a winter storm Bloomberg. Needirelogious. Rob Carolin has
Speaker 1: the latest. Michael. We have a pretty wild contrast across
Speaker 1: the Tri State area. In the Hudson River Valley, temperatures
Speaker 1: have already fallen to around thirty two up around Stewart
Speaker 1: Field in Poughkeepsie. That cold air is going to be
Speaker 1: pushing southward into the city and that will change our
Speaker 1: precipitation over to some freezing rain for a before it
Speaker 1: goes over to sleet later this morning. To be very
Speaker 1: careful as the morning goes on, because Rhodes will become icy,
Speaker 1: especially those elevated surfaces as that colder air pushes down
Speaker 1: from the north. Winner Weather Advisory and effect from eight
Speaker 1: this morning through seven pm this evening, Michael, Thanks Rob.
Speaker 1: New York Mayor Eric Adams talked about curbing the surge
Speaker 1: of gun violence in the city during President Joe Biden's
Speaker 1: visit yesterday. It's enough, enough is enough, because we know
Speaker 1: we can do things about this, but for the resistance
Speaker 1: we're getting from some sectors of the government and the
Speaker 1: Congress and the state legislatures and the organizational structures out there.
Speaker 1: Mayor Adams talked about his new police unit to combat
Speaker 1: gun violence that replaces the controversy of old anti crime unit.
Speaker 1: We're not bringing back the anti crime unit of This
Speaker 1: is not going to be a plain closed unit. This
Speaker 1: is an anti gun unit with the officers are going
Speaker 1: to have and modified police uniform and they're going to
Speaker 1: be an unmocked bigs. Mayor Adams spoke on ABC's Nightline.
Speaker 1: Fourteen plaintiffs are suing New York Governor Kathy Hockle and
Speaker 1: state Democratic lawmakers. The lawsuit in the New York Supreme
Speaker 1: Court claims that the state's new congressional and legislative maps
Speaker 1: are unconstitutional. HOCAL has signed off on new maps that
Speaker 1: give Democrats a heavy political advantage over Republicans. Republican officials
Speaker 1: meeting in Utah have advanced the resolution that would formerly
Speaker 1: send your representatives Liz Cheney and Adam Kinzinger for their
Speaker 1: perceived disloyalty to former President Donald Trump, the GOP won't
Speaker 1: try to expel them from the party. New York City
Speaker 1: public school cafeterias are going vegan today as part of
Speaker 1: a new policy from Mayor Adams that starts this week.
Speaker 1: Public school students and queens had mixed reviews. I'll be winning,
Speaker 1: but it's Adams is a vegan himself. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: and when a hundred twenty countries. Michael bar this is Bloomberg.
Speaker 1: Try anything once. Thank you. Michael's five ten on Wall
Speaker 1: Street Town with the Bloomberg Sports. I'll take good morning,
Speaker 1: Jock Stead Showery alright, Good morning, Nathan. Two days after
Speaker 1: the Brian Flora's laws suit, the Giants responded with a
Speaker 1: strongly worded statement. They called Flora's allegations disturbing and simply false.
Speaker 1: They say they took Flora's candidacy to be their next
Speaker 1: coach serious and deny they had already made the decision
Speaker 1: to hire Brian day Ball before they interviewed Flora's worth,
Speaker 1: noting the now infamous Bill Belichick text meant for day
Speaker 1: Ball they went to Flora's took place even before day
Speaker 1: Ball had his interview. The Giants reacted to that text,
Speaker 1: saying they have no affiliation with Belichick, he does not
Speaker 1: speak for them. Day Ball and the Giants name Mike
Speaker 1: Cafk their offensive coordinary has been the quarterbacks coach in
Speaker 1: Kansas City, Doug Peterson, who coached Philadelphia their only Super
Speaker 1: Bowl win and named the new coach of the Jacksonville Jaguars. St. John's.
Speaker 1: With a ninety to seventy seven win at Georgetown, Julian
Speaker 1: Chempagny only seven points Patrick Ewing's Hoyas oh and nine
Speaker 1: in the Big East Top ten teams met out West
Speaker 1: Arizona beat d C L A seventy sixty six. NBA
Speaker 1: Warriors beat the King's their eighth win in a row.
Speaker 1: Clay Thompson's best games since his return twenty three points.
Speaker 1: Trey Young scored forty three Atlanta put an end to
Speaker 1: Phoenix's eleven game win streak. The Nets have lost six
Speaker 1: in a row. Plate tonight at Utah, James Harden named
Speaker 1: the reserve for the upcoming NBA All Star Game. Kevin
Speaker 1: Durant not the only Injurednet. Joe Harris has been out
Speaker 1: for some time, and now there's word Harris may need
Speaker 1: a second ankle surgery. To All Star Games this weekend,
Speaker 1: both in Las Vegas, NHL tomorrow Pro Bowl on Sunday,
Speaker 1: Opening ceremonies this morning in Beijing. Sight of the two
Speaker 1: thousand and eight Summer Olympics and now the Winter Games.
Speaker 1: John stash Eward, Bloomberg Sports, Nathan all Right, John thank
Speaker 1: USMP futures up twenty two points, Nowtout features up thirty one,
Speaker 1: Nestsect features leading the games on this Friday morning, up
Speaker 1: a hundred sixty eight points. On the heels of positive
Speaker 1: Amazon earnings. Talk about it next to Matthew Blocks him
Speaker 1: of Bloomberg Intelligence. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather winter Weather Advisory Today. This rain will change to
Speaker 1: sleet and snow, temperatures falling through the day. By tomorrow
Speaker 1: mostly sunny, upper twenties will be in the low thirties
Speaker 1: by Sunday, currently rain and fifty five in Central Park markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Cameron Moscow, Usta,
Speaker 1: Indis future is rallying as earnings optimism returns to the
Speaker 1: technology sector. Contracts and the tech heavy NASDAC up more
Speaker 1: than one per cent this morning as e commerce tighten.
Speaker 1: Amazon jumps about in early trading after posting a big
Speaker 1: beat on cloud computing profit and raising the price of
Speaker 1: prime and memberships. A hawkish chorus from central banks is
Speaker 1: weighing on stocks in Europe, and we check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, SNP
Speaker 1: futures are up twenty one points down futures up twenty
Speaker 1: nine and NASDAG futures of one eight. The decks in
Speaker 1: Germany's down one percent. The ten year treasury of four
Speaker 1: thirty seconds, he had one point eight one percent. They
Speaker 1: yield on a two year one point to zero percent.
Speaker 1: NIMEX screwed oil is up one point six percent of
Speaker 1: a dollar forty seven and ninety one dollar seventy four
Speaker 1: cents of barrel. Comics called up half percent or nine
Speaker 1: dollars fifty cents. At eighteen thirteen sixty announced the euro
Speaker 1: one point one four six nine against the dollar. British
Speaker 1: found one point three five eight and that's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, good morning, Good morning
Speaker 1: care In a major winter storm that already cut electric
Speaker 1: power to about three d fifty thousand homes and businesses
Speaker 1: from Texas to the Ohio Valley is aimed at Pennsylvania
Speaker 1: through New England. Ice and snow is expected to turn
Speaker 1: roads into skating rings. The crisis in Gulfing Boris Johnson's
Speaker 1: government deepened as four top aids quit. Among those quitting
Speaker 1: as UK Prime Minister's chief of staff Dan Rosenfield made
Speaker 1: the fewer over the party Gate controversy. The US leeds
Speaker 1: after the official opening day of the team figure skating
Speaker 1: event at the Beijing Winter Olympics. In the NBA, the
Speaker 1: Warriors won global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven under journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg, Nathan Alright, Michael. Thanks,
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. At the end
Speaker 1: of I think it's quite clear to say has been
Speaker 1: a wild week for tech earnings capped off by Amazon.
Speaker 1: Right now, the shares are up nearly thirteen percent on
Speaker 1: a big earnings beat in the cloud actually saw it
Speaker 1: drop in online e commerce sales, but cloud business does
Speaker 1: seem to more than have made up for it. Let's
Speaker 1: get more now from Matt Blocks, some tech media and
Speaker 1: telecom analyst at Bloomberg Intelligence. Matt, great to speak with
Speaker 1: you this morning, and it was really interesting to see
Speaker 1: the spike in the share price for Amazon after they
Speaker 1: announced that they were going to raise the price of
Speaker 1: prime memberships. What's your read on this earnings? Yeah, I
Speaker 1: think I think that's definitely the bit of news that's
Speaker 1: helped them out because their revenue growth outlook for the
Speaker 1: first quarter of two is actually a touch below where Alice.
Speaker 1: We're looking at Alice, we're looking for about nine pc growth,
Speaker 1: and they gave a range of three to eight. So,
Speaker 1: you know, I think people have taken confidence from the
Speaker 1: fact that that price increase about twenty dollars a year
Speaker 1: or fifteen percent or so on the price UM. I mean,
Speaker 1: on my accounts, only had about maybe three billion or
Speaker 1: so of revenue, which had given the scale of Amazon,
Speaker 1: isn't very much, but it's high margin revenue and it
Speaker 1: will help to compensate for inflationary pressure on wages and
Speaker 1: logistics costs, energy costs, um. So I think in terms
Speaker 1: of the profit outlook for the core on retail business, UM,
Speaker 1: that definitely helped. But you know, I think, as you mentioned,
Speaker 1: you know, the cloud business still growing very nicely, up
Speaker 1: forty year on year and with a very good margin,
Speaker 1: and the profits from that business outweighed the losses from
Speaker 1: the retail business in Q four. Obviously they invested very
Speaker 1: heavily and their flag they're investing heavily in the in
Speaker 1: the retail business to make sure that people got their
Speaker 1: goods and that they had enough staff to to manage
Speaker 1: the warehouses. Is that where the core businesses now for Amazon?
Speaker 1: Is it the cloud? I mean, obviously the the online
Speaker 1: retail business is the is the most visible side for
Speaker 1: Amazon for the consumer. But is the cloud really where
Speaker 1: it's at for Amazon? Um? Yeah? But do you know what,
Speaker 1: and I think maybe another reason why the shares are
Speaker 1: doing well today is that I guess you know that
Speaker 1: there are three places that's absolutely that the cloud is
Speaker 1: key to UM growth and profitability. But you know, online
Speaker 1: retail is always going to be UM, you know. And
Speaker 1: they've got a call business for them and linked to that,
Speaker 1: they have this new advertising led to the business, which
Speaker 1: for the first time they gave some more details on.
Speaker 1: So in the fourth quarter that generated just shy of
Speaker 1: ten billion dollars of revenue, up thirty two per year
Speaker 1: on year. By comparison, Meta generated about thirty three billion
Speaker 1: dollars of sales, so it's about a third of the
Speaker 1: size UM of metas, so not an insignificant business at all,
Speaker 1: and it's going to continue to grow. And it's a
Speaker 1: different kind of advertising to the stuff that meta gets,
Speaker 1: which I think people will see as more sticky. It's
Speaker 1: um it's what a lot of people kind of call
Speaker 1: kind of trade budgets. So it's more the stuff that
Speaker 1: if you know, if you're a marketing team and you're
Speaker 1: wanting to promote your product in a real bricks and
Speaker 1: mortar store, you would put under the line marketing dollars
Speaker 1: behind that. And that's the kind of business they're picking
Speaker 1: up as companies and brands look to advertise their wares
Speaker 1: across the Amazon footprints. So that's a really healthy business,
Speaker 1: be high margin for them, and adds a third leg.
Speaker 1: It's a very diversified platform. Obviously, investors are buoyed a bit.
Speaker 1: I think by the lift in the price of Prime memberships.
Speaker 1: Is there a risk though, that it drives some prime
Speaker 1: members away to see the price go up by by
Speaker 1: that match. I think there's there's a risk. I think
Speaker 1: that they obviously asked us yesterday an analyst core. I
Speaker 1: think the company's viewers that they don't see customers churning
Speaker 1: away because of that. I think there's um um, you know,
Speaker 1: some credence to that. I mean, they have spent a
Speaker 1: lot of money over the last couple of years, improving
Speaker 1: the quality of the prime offering, both in terms of
Speaker 1: accelerating deliveries in the US and internationally, and beefing up
Speaker 1: things like the music service and the video service. So
Speaker 1: you get a lot of value for that membership. Um,
Speaker 1: it's only going to four a month dollars, you know,
Speaker 1: which when you compare it to things like Netflix, UM,
Speaker 1: actually pretty good value still, and they haven't put the
Speaker 1: price up for quite a few years, so I think,
Speaker 1: you know, it's such a central part of most people's
Speaker 1: lives now, I think they'll be at a UM limit.
Speaker 1: Any subscribe to losses may maybe even continue to grow
Speaker 1: that prime base. All right, Thanks for this, Matt, as
Speaker 1: we continue to watch the share price of Amazon grow
Speaker 1: this morning, up more than twelve percent in the pre market.
Speaker 1: Matt Bloxham is a tech, media and telecom analyst from
Speaker 1: Bloomberg Intelligence five twenty four on Wall Street. Now, as
Speaker 1: we turn two jobs, getting ready for the January payrolls
Speaker 1: report to come out just a little more than three
Speaker 1: hours time. Already, there have been quite a few warnings
Speaker 1: that this could be a tough payrolls print thanks to
Speaker 1: the omicron variant. Let's bring a Jennifer Lee, now senior
Speaker 1: economis at BEMO Capital Markets. Of course you probably saw
Speaker 1: this week Jennifer, the Labor Secretary, Marty Walsh, and President
Speaker 1: Biden warning that we could see a slump in jobs
Speaker 1: growth in the month of January thanks to oh Macron.
Speaker 1: Pretty wide range in terms of what economists are thinking,
Speaker 1: we're going to see this morning. What's your view of
Speaker 1: what we're going to get? Straighting, let's get you have
Speaker 1: to date on the news you need to know at
Speaker 1: this shower. US futures are bouncing back in a big
Speaker 1: way after yesterday's sell off. It to do in large
Speaker 1: part to Amazon, which is surging at twelve percent following earnings.
Speaker 1: And Ed Ludlow has more from our Bloomberg nine sixty
Speaker 1: newsroom in San Francisco. It was a strong holiday court
Speaker 1: of for Amazon, despite supply chain disruptions, labor shortages and
Speaker 1: rising input costs, and really beat on the bottom line.
Speaker 1: It was monster profit, but the author house moves were
Speaker 1: driven by a boost in price to Amazon Prime. It
Speaker 1: will rise by twenty dollars to a hundred and thirty
Speaker 1: nine dollars in the US, and all the cool executives
Speaker 1: are really at pains to point out that this isn't
Speaker 1: just about discount on shipping. There's more value add like
Speaker 1: a pipeline of live sports content on new series like
Speaker 1: Lord of the Rings which should be coming this year
Speaker 1: and love Loo Boom Bang News San Francisco. Alright, ed, thanks.
Speaker 1: We're also seeing a bounce back in Snap and Pinterest
Speaker 1: shares following their earnings reports. Snap is surging fifty, Pinterest
Speaker 1: is up sixteen, well, Nathan, as all follows the worst
Speaker 1: one day crash and the history of the stock market.
Speaker 1: Facebook parent Meta plunge percent yesterday, are raising two fifty
Speaker 1: one billion dollars in market value. There could be a
Speaker 1: silver lining for CEO Mark Zuckerberg, though, and we get
Speaker 1: the details live with Bloomberg's Rendy to Young. Good Morning, Rendy,
Speaker 1: Good morning Karen. The big question is if Facebook users
Speaker 1: are flocking to TikTok, should it be considered competition and
Speaker 1: if so, the more challenging landscape adds muscle to fight
Speaker 1: a pending government lawsuit against Meta. Since Meta's earnings, miss,
Speaker 1: CEO Mark Zuckerberg has cited competition from TikTok as a threat.
Speaker 1: That claim is at the heart of the FTC's antitrust
Speaker 1: lawsuit against Meta, which says it's a monopoly with no
Speaker 1: true competition. Live in New York. I'm gonna need a
Speaker 1: young Bloomberg daybreak, all right, we need to thank you.
Speaker 1: Turning to the economy, now we do get the payrolls
Speaker 1: report for January this morning. Consensus calls for a gain
Speaker 1: of a hundred twenty five thousand jobs. Bloomberg's. Then he
Speaker 1: tells Judaicce reports the prior report covering December registered the
Speaker 1: weakest showing since December twenty twenty. January state it could
Speaker 1: be even weaker. The White House has said so much
Speaker 1: in a rare announcement earlier in the week Bloomberg Economics,
Speaker 1: as the government collected data one omicron cases, we're peaking
Speaker 1: when confirmed infections were rising faster than the delta wave.
Speaker 1: Then he dealt Bloomberg Daybreak, Sorry, Vinny, thank you, and
Speaker 1: turning to politics overseas, the crisis and golfing. UK Prime
Speaker 1: Minister Boris Johnson's government has gotten worse. Four top aides
Speaker 1: have resigned in the wake of the party Gates scandal
Speaker 1: and futures This morning, Nasdack futures jumping up one hundred
Speaker 1: points s ANDP futures higher up seven and a half,
Speaker 1: and DAL futures they've turned lower. They're down seventy three.
Speaker 1: Ten year Treasury up four thirty seconds, yield one point
Speaker 1: eight one percent. They yield on the two year one
Speaker 1: point to zero percent. Nimex crude oil is up one
Speaker 1: and a half percent of a dollar thirty two and
Speaker 1: ninety one dollar fifty nine cents of barrel comic schooled
Speaker 1: up six ten percent or ten dollars forty cents at
Speaker 1: eighteen fourteen fifty announced and Bitcoin this morning moving higher
Speaker 1: at thirty seven thousand, eight hundred eighty dollars. Straight ahead,
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg. N Thanks on Wall Street. Rain and
Speaker 1: fifty five degrees in Central Park and multiple accidents with
Speaker 1: this weather. Peter Vanill had the details for you a
Speaker 1: few minutes. First, Michael Barr with more on what's going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much. Nathan. President Biden met with New York
Speaker 1: City Mayor Eric Adams and Governor Kathy Hokel to talk
Speaker 1: about the recent wave of gun violence particula among law
Speaker 1: enforcement officers. The President also announced new initiatives that the
Speaker 1: White House says would help fund community policing and crack
Speaker 1: down on gun crimes. I'll keep doing everything in my
Speaker 1: power to make sure the communities are safer, but Congress
Speaker 1: needs to do its part. Two. Pass universal background checks,
Speaker 1: van assault weapons and high capacity magazines, clothes loopholes that
Speaker 1: keep out of the hands of domestic abusers, weapons, repeal
Speaker 1: a liability shield for gun manufacturers. Meanwhile, Mayor Adams talked
Speaker 1: about stopping the pipeline of illegal guns from gun dealers
Speaker 1: in southern States. We need to increase out funding to
Speaker 1: a t F so they can give us the sources
Speaker 1: of these guns that are coming into our city and cities.
Speaker 1: Mayor Adam spoke to ABC's Nightline. The winter storm stretching
Speaker 1: across the country is wreaking havoc on the roads. Parts
Speaker 1: of the Try and State area getting ready for winter
Speaker 1: weather advisories. Hundreds of flying have already been canceled. The
Speaker 1: United States is warning of a plot in which Russia
Speaker 1: would say is justification for an invasion of Ukraine. Bloomberg's
Speaker 1: had Baxter reports the us A saying that it has
Speaker 1: intel that Russia's plotting to release a fake video purporting
Speaker 1: a Ukrainian attack on Russia. Defense Department spokesman John Kirby,
Speaker 1: we do have information that it is that that that
Speaker 1: the Russians are likely to want to fabricate a pretext
Speaker 1: for an invasion, which again is right out of their playbook.
Speaker 1: And Kirby meanwhile says Russian troop movements into Belarus are
Speaker 1: very troubling. In San Francisco, I'm at Baxter, Bloomberg Gay Break.
Speaker 1: Republican officials meeting in Utah have advanced the resolution that
Speaker 1: would formerly sense your representatives Liz Sheney and Adam Kinzinger
Speaker 1: for their perceived disloyalty to former President Donald Trump, but
Speaker 1: not trying to expel them from the party. Global News
Speaker 1: twenty four hours a day on airand on Bloomberg quick Take,
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Speaker 1: and more than a hundred twenty trees. How Michael Bart,
Speaker 1: this is Bloomberg. Okay, Michael, thanks Ball Street. Time for
Speaker 1: the Bloomberg sports up date. Here's John Stashown. All right, Nathan,
Speaker 1: it's been thirty seven years since St. John's and Georgetown
Speaker 1: play as the top two teams in the Country. Patrick
Speaker 1: Eween was then playing for the Hoyas he now coaches.
Speaker 1: Then they haven't won a big East game all year.
Speaker 1: Red Storm one MDC ninety seventy seven. Julian to Pacy
Speaker 1: scored twenty seven points. They're having a big year on
Speaker 1: Staten Island. Wagner is fifteen and two. Last night nearly
Speaker 1: blew a twenty one point halftime lead, but beat Central
Speaker 1: Connecticut by two. The Seahawks twelve, winning the row. Next
Speaker 1: play tonight in Utah. They'll try to end this six
Speaker 1: game losing streak. Then nixt begin of five game road
Speaker 1: chip tomorrow night at the Lakers, who last night lost
Speaker 1: by one to the Clippers. Lakers without Lebron James right now,
Speaker 1: when they have dropped nine of their last thirteen. Phoenix
Speaker 1: Suns went to Atlanta forty one and nine, winners of
Speaker 1: eleven row. The Hawks beat the Sunstrey Young scored forty
Speaker 1: three points. Doug Peterson, the former Philadelphia coach, named the
Speaker 1: new coach of the Jacksonville Jaguars, sixth higher of the offseason.
Speaker 1: All six are white. Although Byron Leftwich was a finalist
Speaker 1: for the Jags job, and he took himself out of consideration,
Speaker 1: reportedly did not want to work with the Jags GM
Speaker 1: Trent Faulky. Still, only one African American NFL coach, Brian Flores,
Speaker 1: is said to be a finalist to get the jobs
Speaker 1: in either Houston or New Orleans. Even though Flora's just
Speaker 1: suthed the NFL and three teams, including the Giants, for
Speaker 1: racism and they're hiring practices. The Giant released a strongly
Speaker 1: worded statement defending the way they handled their recent coaching search.
Speaker 1: They say Flora's was a strongly considered candidate right up
Speaker 1: to the point where they desired to hire Briant Table.
Speaker 1: Dave All has hired Mike Cathgo to be his offensive
Speaker 1: pointer he had been with Kansas City. John stash Award
Speaker 1: Bloomberg Sports Nathan. Thanks John, It's thirty seven on Wall
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg
Speaker 1: z Cory. Beginning May fifteenth, all job postings in New
Speaker 1: York City must list a minimum and maximum salary. The
Speaker 1: rule applies to jobs that are remote or in person,
Speaker 1: salaried or hourly, that will be performed in the city
Speaker 1: by an employee working for a company with four or
Speaker 1: more employees. Eastern Generation provides more than eighteen percent of
Speaker 1: New York cities electricity. It's facing a more pressing debt
Speaker 1: burden and reduced profit after the pandemic cut demand for
Speaker 1: power management. Says capacity prices in the New York region
Speaker 1: will likely remain depressed in twenty two. Municipal bond investors
Speaker 1: may have made artificial distinctions among New York State borrowers
Speaker 1: and overallocated portfolios to bonds from New York issuers. The
Speaker 1: Vulcar Alliance says New York uses state public authorities to
Speaker 1: circumvent constitutional debt limits and backs billions in debt issued
Speaker 1: for city schools, the MTA, and university dorms. At your
Speaker 1: Bloomberg Try State Business Report, I'm ed Corey that it's
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Speaker 1: check in with our global news team for some of
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Speaker 1: Chen Wins in New York. We're talking about a price
Speaker 1: high for that Amazon Prime membership. M corney's Donaho on
Speaker 1: ktr H in Houston. A record fifty percent of small
Speaker 1: businesses raised wages in January. Find Caroline hit called Bloomberg
Speaker 1: dav Digital Radio in London, wom reporting on the crisis
Speaker 1: in Gulfing Forest Johnson deeply as several top aides quits.
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Speaker 1: reporting Ford inst Atlantis will idle some plants because of
Speaker 1: the semiconductor shortage. Those are some of the stories our
Speaker 1: twenty seven hundred Bloomberg journalists and analysts working on this
Speaker 1: morning around the world. It's nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. For the first
Speaker 1: time in a long while, there's good news about COVID nineteen.
Speaker 1: Case numbers and hospitalizations are declining across most of the US.
Speaker 1: A respite from COVID nineteen could well follow a return
Speaker 1: to normal. That modest but elusive goal should be possible
Speaker 1: once daily COVID hospitalizations fall two levels associated with a
Speaker 1: bad flu season. To be clear, the US isn't near
Speaker 1: that yet. Hospitals remain overburdened and thousands are still dying
Speaker 1: of COVID each day. But with better data collection and
Speaker 1: a nationwide effort to prevent another crisis. The country can
Speaker 1: reach a point of stability and stay there. Careful monitoring
Speaker 1: of hospital capacity, new variants, and maxine efficacy will be key.
Speaker 1: While the pandemic is still very much with us. With luck,
Speaker 1: the omicron wave will be over by spring. That calls
Speaker 1: for some cautious optimism. This editorial was written by the
Speaker 1: Bloomberg Opinion Editorial Board. I'm David Chipley. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion or OPA
Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg Opinion.
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Speaker 1: futures are up ten points down. Futures have turned lower
Speaker 1: down They're down forty eight NASTAC future is still higher,
Speaker 1: but trimming some of their gains, up a hundred eighteen
Speaker 1: points in the tenure Treasury is up three thirty seconds.
Speaker 1: The yield one point eight one up. Next, we'll talk
Speaker 1: Amazon earnings with Tuna Amobi over at c f r A.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. The rain
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Speaker 1: Stack futures are arrising this morning, led by Amazon, which
Speaker 1: is leading in pre market gains as earnings optimism returns
Speaker 1: to the technology sector. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now NAZDAG
Speaker 1: futures or of one hundred fifteen points up eight ten percent,
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Speaker 1: The ten year treasury of four thirty seconds. He had
Speaker 1: one point eight one percent yield on the two year
Speaker 1: one point to zero percent. Nine X screwed oil of
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Speaker 1: at eighteen thirteen ninety announced the euro one point one
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Speaker 1: point nine three bitcoin this morning, moving higher at thirty
Speaker 1: seven thousand, nine hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Muchael Karen, thank you very much. Russian
Speaker 1: President Latimer Boutin has arrived in Beijing for the opening
Speaker 1: of the Beijing Olympic Games. You'll also hold talks with
Speaker 1: Chinese counterparts Hi jing Ping. Meanwhile, the US leads. After
Speaker 1: the official opening day of the team figure skating event
Speaker 1: at the Games, President Biden paid a visit to New
Speaker 1: York City and met with Mayor Eric Adams about gun violence.
Speaker 1: Biden outlined his administration and what it wants to do
Speaker 1: to end the flow of illegal weapons. A snow and
Speaker 1: ice storm is crippling air travel from Texas to the
Speaker 1: East Coast. Thousands of flights have been canceled. More are
Speaker 1: expected today in the NBA. The Warriors won global news
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Speaker 1: Quick Take Power by more than twenty seven hundred journalists
Speaker 1: and analysts and more than a hundred twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg, Nathan. All right, Michael, thanks
Speaker 1: for coming up to five forty nine on Wall Street
Speaker 1: Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak.
Speaker 1: As we continue to watch shares of Amazon surge in
Speaker 1: the pre market of twelve and a quarter percent following
Speaker 1: the latest earnings, capping off what has been a very
Speaker 1: interesting earnings week when it comes to the ex sector.
Speaker 1: Tuna Amobi is back with us this morning to talk Amazon, tech,
Speaker 1: media and telecom analysts at c f R A Tuna,
Speaker 1: good morning. So a lot of gains for the cloud business,
Speaker 1: obviously a slump a little bit in terms of online
Speaker 1: e commerce sales. What's your read on these earnings? Good morning, Nathan,
Speaker 1: It's great to be with you again. Um. You know, look,
Speaker 1: I think going into those earnings, expectations were quite subdued, right, Um,
Speaker 1: we knew that the company was going to face significant
Speaker 1: inflationary and supply chain pressures for the holiday season, and
Speaker 1: they did. But I think what we saw in the
Speaker 1: earnings is that they quite masterfully navigated those uh and
Speaker 1: UM and that's why you see UM, you know, the
Speaker 1: results a lot of positive takeaways. Online sales you mentioned
Speaker 1: was quite weak, and I think the reason for that
Speaker 1: was the very difficult comparisons that they talked about that
Speaker 1: they had in the in the prior year with the
Speaker 1: tail winds from the pandemic, and invested quite heavily uh
Speaker 1: in labor, in stuff in and all those things. So
Speaker 1: that's why you see that those results were pressured. But
Speaker 1: on the cloud computing business, Amazon web Services, I think
Speaker 1: those results were much better than expected. I think we've
Speaker 1: seen some concerns against competition from the likes of Google
Speaker 1: and Microsoft in cloud, but Amazon Web Services pretty much
Speaker 1: held its own forty percent year of a year revenue growth,
Speaker 1: now well on its way to becoming a hundred billion
Speaker 1: dollar run rate business. Now. They also had some other
Speaker 1: bright sports advertising thirty two percent growth. That's one of
Speaker 1: the fastest growing businesses. So all in all, I think
Speaker 1: going into the Q one that they've just guided I
Speaker 1: think we feel quite good that they are holding up
Speaker 1: against significant headwinds. Let's talk a little bit more about
Speaker 1: those headwinds though. When you talk about inflationary pressures, I
Speaker 1: mean you can kind of say we're seeing evidence of
Speaker 1: that just in the fact that they're raising the price
Speaker 1: of Prime memberships. I mean, could that be a headwind? Well,
Speaker 1: you know that written the price of of prime was
Speaker 1: actually our take was that that was an indication of
Speaker 1: price and power. Um you know, anytime you take a
Speaker 1: price increase of in this case, h you you always
Speaker 1: wonder what impact is going to have on subscriber acquisition
Speaker 1: and retention. But they've done this least on two previous occasions,
Speaker 1: and over that period, Prime membership continue to grow pretty fast.
Speaker 1: We have no concerns this time will be different, you know.
Speaker 1: That being said, I think there there's a lot of other, um,
Speaker 1: you know, tail winds that we see across across the
Speaker 1: Amazon Web services, which will write you know, which should
Speaker 1: still remain the golden goose for many years to come.
Speaker 1: In terms of the advertising business, there's a lot of
Speaker 1: competition there. We saw the results obviously from Facebook parent
Speaker 1: met Up platforms, the big drop. There a lot of
Speaker 1: that driven by ad sales as well. Are there differences
Speaker 1: between the way Amazon does ads, uh, compared to how
Speaker 1: Meta and some of its other competitors do it. Well.
Speaker 1: You know, it's been a rurer coaster of advertising reports
Speaker 1: from the big tech um. You know, I think to
Speaker 1: your question, I think that the differences a little bit
Speaker 1: nuanced in terms of the size of the brands. UM.
Speaker 1: I think what the pandemic has done is that the
Speaker 1: big brands have been actually leading the the spending coming
Speaker 1: out of the pandemic. So that's why you see some
Speaker 1: of those variations in terms of the target you know,
Speaker 1: customer segments. Without being said, um, Amazon the advertising business
Speaker 1: is relatively smaller than much smaller as if as in
Speaker 1: fact to Google and Matter, so the group we see
Speaker 1: there is over a much smaller base. But overall trends
Speaker 1: in the digital advertising except for Meta, I think I've
Speaker 1: been all positive from the tech companies that we have
Speaker 1: seen so far. So that's one area I think we
Speaker 1: continue to have very high expectations for Amazon. Only about
Speaker 1: a minute left here. Do you think Amazon holds onto
Speaker 1: its market share in the cloud? I do, but they
Speaker 1: are you know, by FI the dominant player. What we
Speaker 1: see is that competition have intensified. So you may see
Speaker 1: Google and UH and Microsoft are continue to chip away.
Speaker 1: But it's a huge addressable market, is a very huge runway.
Speaker 1: I would argue we're still in the relatively early innings
Speaker 1: of that market globally. Alright, as always, thanks to your insights, Tuna,
Speaker 1: good having on with us this morning after those Amazon earnings,
Speaker 1: Tuna movie tech, Media and Telecom analyst at CFR a
Speaker 1: with us this morning and once again looking at Amazon
Speaker 1: shares in the pre market following those earnings here and
Speaker 1: they are up twelve. Sorry, Nathan, thank you. It is
Speaker 1: five or fifty four on Wall Street. Time for our
Speaker 1: Bloomberg the law report brought to you buy American Arbitration Association,
Speaker 1: and business disputes are inevitable resolved faster with the American
Speaker 1: Arbitration Association, the global leader in alternative dispute resolution for
Speaker 1: over ninety years. More at a dr dot org. Now
Speaker 1: let's get to the legal stories we're watching this morning.
Speaker 1: From Bloomberg's Jeff Bellinger, The Minnesota Wild of the National
Speaker 1: Hockey League settled the proposed Americans with Disabilities Act class action.
Speaker 1: Plaintiffs charged that the team's website fails to accommodate visually
Speaker 1: impaired people. A federal judge ruled the Food and Drug
Speaker 1: Administration must face a workplace harassment lawsuit filed by a
Speaker 1: black analyst who claims managers used racial stereotypes when referring
Speaker 1: to him. Georgia federal court records showed that Starbucks and
Speaker 1: a former store manager who accused the coffee company of
Speaker 1: age discrimination have settled the proposed class action. Bloomberg Law
Speaker 1: everything you need, all on one legal research platform, including
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at
Speaker 1: Bloomberg Law dot com. M All right, Jeff, thank you.
Speaker 1: And now another legal story we're watching. Some circuit court
Speaker 1: opinions are getting attention lately enough because of their content,
Speaker 1: but because of their tone. Legal writing coach Ron Scooperman
Speaker 1: joins Bloomberg Studing Grosso to discuss this new sarcastic trend.
Speaker 1: One judge, Ninth Circuit Judge Lawrence van Dyke, has taken
Speaker 1: opinion language to another level. Russ explained what Judge Van
Speaker 1: Dyke wrote in a Second Amendment case recently. Yeah, so
Speaker 1: he did something I can't remember seeing before, he wrote,
Speaker 1: a concurrence, which is of course pretty customary, and then
Speaker 1: he wrote a concurrence to his own concurrence. But what
Speaker 1: was really unusual is was, so this is, as he said,
Speaker 1: a Second Amendment case. So it's a high profile case.
Speaker 1: So he was sort of assuming that the case was
Speaker 1: going to go on bonk, and his concurrence to himself
Speaker 1: basically tried to write what he thinks the majority will
Speaker 1: come up with. So he wrote an opinion, you know,
Speaker 1: going the opposite way from what he wanted. But then
Speaker 1: what he did his he had all these footnotes and
Speaker 1: thought bubbles with a very kind of snarky, sarcastic tone,
Speaker 1: essentially claiming that, you know, anybody who supports this particular
Speaker 1: California gun regulation was just completely making things up and
Speaker 1: had all terior motives. Do you know, get those goals
Speaker 1: accomplished in the guise of an ordinary looking at Kinyon.
Speaker 1: So that's what I think he was trying to get across,
Speaker 1: sort of the trispecta, you know, write this almost like
Speaker 1: to put them on the defensive before they've even had
Speaker 1: a chance to rehear the case, sort of show that
Speaker 1: you can have a lot of what he would probably
Speaker 1: say kind of gobbled the standards and quotations from case law,
Speaker 1: and then you know, takes a very strong suggestion that
Speaker 1: they were you know, slimy for lack of a better word,
Speaker 1: and we're going to sort of make up the law
Speaker 1: in order to uphold the gun regulation and as legal
Speaker 1: writing coach, Ross Gooberman's begin with Bloomberg's Juan Grosso. Catch
Speaker 1: more of that interview, plus analysis of the latest legal
Speaker 1: news by subscribing to the Bloomberg Law podcast or downloading
Speaker 1: the show at Bloomberg dot com slash podcasts. Attorneys can
Speaker 1: find exceptional legal research and business development tools at Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at b
Speaker 1: law Go and again nowsday futures higher this morning, up
Speaker 1: one six points or seven tenths of a per cent
Speaker 1: s and P futures are up five points, so they've
Speaker 1: been giving up some of their games this morning, while
Speaker 1: down futures have turned lower. Down seventies six ten year
Speaker 1: treasury up five thirty seconds. You had one point eight
Speaker 1: one percent and the yield on the two year one
Speaker 1: point to one percent, the euro one point one four
Speaker 1: six five against the dollar, and still ahead on Bloomberg
Speaker 1: day Break. We have a check on the business headlines
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