1 00:00:02,520 --> 00:00:09,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,880 --> 00:00:13,160 Speaker 2: Stock Movers podcast, your roundup of companies making moves in 3 00:00:13,200 --> 00:00:16,480 Speaker 2: the stock market, harnessing the power of Bloomberg data. 4 00:00:17,880 --> 00:00:20,040 Speaker 3: Let's look at some stocks on the move today in 5 00:00:20,079 --> 00:00:23,759 Speaker 3: you where joined Ebenberg's equities reporter Sam On said, good morning, 6 00:00:24,200 --> 00:00:26,640 Speaker 3: So we've had a really mega day for earnings in 7 00:00:26,680 --> 00:00:30,800 Speaker 3: Europe and a lot of big banks Ubs, Barkley, Santander, 8 00:00:30,880 --> 00:00:32,080 Speaker 3: some breaking records. 9 00:00:32,479 --> 00:00:32,720 Speaker 2: Yeah. 10 00:00:32,840 --> 00:00:34,760 Speaker 4: I mean, I think if you've been watching the bank 11 00:00:34,800 --> 00:00:38,720 Speaker 4: earning season, if you are so inclined both from the 12 00:00:38,800 --> 00:00:40,479 Speaker 4: US and then through the Europe, if you have an 13 00:00:40,520 --> 00:00:42,839 Speaker 4: investment bank. The first quarter was very, very good for 14 00:00:42,840 --> 00:00:47,320 Speaker 4: equities trading, so sociat general, very very strong. Barclay's as well, 15 00:00:47,400 --> 00:00:50,160 Speaker 4: the most revenue in the equities trading section since twenty 16 00:00:50,200 --> 00:00:54,240 Speaker 4: twenty two. So overall, you're seeing all that volatility that 17 00:00:54,240 --> 00:00:56,320 Speaker 4: we got in the first quarter did very very well. 18 00:00:56,640 --> 00:00:59,160 Speaker 4: The question is is that going to continue? And remember 19 00:00:59,240 --> 00:01:01,520 Speaker 4: that this quarter only comes up to the end of March, 20 00:01:01,720 --> 00:01:04,000 Speaker 4: so this is before the turmoil that happened at the 21 00:01:04,000 --> 00:01:06,800 Speaker 4: beginning of April and has continued through April so far. 22 00:01:07,120 --> 00:01:09,600 Speaker 4: So the likelihood is that certainly on equities trading in particular, 23 00:01:09,880 --> 00:01:12,480 Speaker 4: and also fixed income because bond trading, you know, really 24 00:01:12,480 --> 00:01:14,160 Speaker 4: picked up at the start of the month. You may 25 00:01:14,200 --> 00:01:16,160 Speaker 4: well see this repeat over the course of the rest 26 00:01:16,200 --> 00:01:16,560 Speaker 4: of the year. 27 00:01:16,880 --> 00:01:20,679 Speaker 1: Now to energy, we've had total energies equinor as well. 28 00:01:20,959 --> 00:01:22,959 Speaker 1: I speaking to the CEO earlier, who is trying to 29 00:01:22,959 --> 00:01:25,920 Speaker 1: put on a brave face, and it seems total trying 30 00:01:26,000 --> 00:01:29,520 Speaker 1: to do the same despite this horrible outlook for oil. Yeah. 31 00:01:29,840 --> 00:01:31,319 Speaker 4: So you know, earlier in the week we had BP 32 00:01:31,480 --> 00:01:33,880 Speaker 4: out right, and BP sort of did. I think what 33 00:01:33,959 --> 00:01:36,200 Speaker 4: most people would be expecting all companies to do at 34 00:01:36,200 --> 00:01:38,039 Speaker 4: the moment, which is to pull back. And PEP obviously 35 00:01:38,080 --> 00:01:40,320 Speaker 4: have their own problems, but they're pulling back a little bit. 36 00:01:40,440 --> 00:01:44,360 Speaker 4: Share buybacks cut total energies. No, so it's share buybacks 37 00:01:44,520 --> 00:01:46,760 Speaker 4: kept the same. Outlooks still a little bit weaker, but 38 00:01:46,800 --> 00:01:48,520 Speaker 4: now those share buybacks are coming out of debt, and 39 00:01:48,560 --> 00:01:50,520 Speaker 4: the debt went up a little bit. So I think 40 00:01:50,520 --> 00:01:52,800 Speaker 4: what you're seeing today total shares down about three and 41 00:01:52,800 --> 00:01:54,840 Speaker 4: a half percent. Well, I think what you're seeing today 42 00:01:54,880 --> 00:01:57,440 Speaker 4: is a little bit of concern that that may not 43 00:01:57,520 --> 00:02:00,000 Speaker 4: be sustainable over the long term because if those if 44 00:02:00,080 --> 00:02:01,920 Speaker 4: that is coming out of the debt, it may well 45 00:02:01,960 --> 00:02:03,560 Speaker 4: be that they have to rethink that strategy is that 46 00:02:03,640 --> 00:02:05,440 Speaker 4: as the year goes on. But obviously we'll have to 47 00:02:05,440 --> 00:02:07,520 Speaker 4: see what happens with particularly oil prices and then their 48 00:02:07,560 --> 00:02:08,400 Speaker 4: macro picture too. 49 00:02:08,480 --> 00:02:10,799 Speaker 1: Traders maybe thinking they're dangling a current they can't afford. 50 00:02:11,200 --> 00:02:13,000 Speaker 4: Yeah, yeah, I mean very possibly. I mean, are you 51 00:02:13,080 --> 00:02:16,240 Speaker 4: seeing a lot of oil companies retrench mostly because of uncertainty? 52 00:02:16,280 --> 00:02:18,079 Speaker 4: You know, but you've seen the old press come down 53 00:02:18,080 --> 00:02:20,840 Speaker 4: a little bit. The fundamentals of that market have weakened 54 00:02:20,840 --> 00:02:22,880 Speaker 4: a bit. So the fact that they're sticking with what 55 00:02:22,919 --> 00:02:25,200 Speaker 4: they were planning to do is certainly causing a little 56 00:02:25,240 --> 00:02:26,079 Speaker 4: bit of concern this morning. 57 00:02:27,240 --> 00:02:31,440 Speaker 3: Thinking about music and whether you subscribe, how you stream, 58 00:02:31,600 --> 00:02:34,800 Speaker 3: it's hugely important for Universal Music getting a shot of 59 00:02:34,960 --> 00:02:35,880 Speaker 3: espresso today. 60 00:02:36,280 --> 00:02:39,440 Speaker 4: Indeed, yes, so Universal Music shares off about six six 61 00:02:39,520 --> 00:02:42,800 Speaker 4: percent when I got it from my desk, very strong 62 00:02:43,080 --> 00:02:47,000 Speaker 4: subscription revenue. So we actually had results out yesterday from 63 00:02:47,160 --> 00:02:48,959 Speaker 4: in the US from Spotify and they were a little 64 00:02:49,000 --> 00:02:52,080 Speaker 4: bit disappointing, but subscriber numbers were still going up, so 65 00:02:52,160 --> 00:02:54,400 Speaker 4: a little bit behind expectations, but they were still going up. 66 00:02:54,680 --> 00:02:57,640 Speaker 4: What you're seeing with Universal Music, is that subscription revenue 67 00:02:57,639 --> 00:03:01,600 Speaker 4: that they have been pulling in is getting stronger and stronger. Yep, 68 00:03:01,680 --> 00:03:04,959 Speaker 4: As you kind of alluded to their Sabrina Carpenter Kendrick Lamar, 69 00:03:05,160 --> 00:03:06,200 Speaker 4: both very very popular. 70 00:03:06,320 --> 00:03:08,240 Speaker 3: But I love the fact that you've glossed over the 71 00:03:08,280 --> 00:03:12,720 Speaker 3: issue that I probably don't know which musician wrote that song. 72 00:03:12,760 --> 00:03:15,320 Speaker 4: But anyway, well, well let's just see that you do. 73 00:03:15,760 --> 00:03:17,360 Speaker 4: I'm going to see that you do. I look at 74 00:03:17,400 --> 00:03:20,960 Speaker 4: you and I see a Sabrina Carpenter fan. But very 75 00:03:21,000 --> 00:03:24,040 Speaker 4: strong results there from University Music. So and because their 76 00:03:24,040 --> 00:03:26,440 Speaker 4: expectation is a little bit lower than Spotify, they're getting 77 00:03:26,440 --> 00:03:27,799 Speaker 4: a positive reception for it. 78 00:03:28,880 --> 00:03:33,040 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 79 00:03:33,120 --> 00:03:35,880 Speaker 2: us throughout the day for the latest roundup of companies 80 00:03:35,920 --> 00:03:38,960 Speaker 2: making news on Wall Street and for the latest market 81 00:03:39,000 --> 00:03:43,320 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 82 00:03:43,400 --> 00:03:46,640 Speaker 2: Bloomberg dot com, and on Applecarplay and Android otto with 83 00:03:46,720 --> 00:03:48,200 Speaker 2: the Bloomberg Business app.