Speaker 1: Live from the Bloomberg into Raptor Burger Studios, as is
Speaker 1: Bloomberg day Break for Thursday, February two. Coming up this hour,
Speaker 1: Disney shares surge as earnings blow past testivals. Credit Street
Speaker 1: slumps after posting its biggest quarterly loss in four years.
Speaker 1: Wall Street braces for the latest reading on hot inflation
Speaker 1: and economists. Susan Collins becomes the first black woman to
Speaker 1: head a federal reserve bank. The d o J investigates
Speaker 1: Donald Trump's handling of White House records plus the easing
Speaker 1: of mass requirements in the Tri State area. Michael laugh
Speaker 1: More Ahead, I'm John Stashteller. Upset wins for Seaton Hall
Speaker 1: and Rodgers, the Islanders one and Nathan Shannon Chloe Kim
Speaker 1: won Olympic gold medal. That's All's tread ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nine team and
Speaker 1: around the world on Bloomberg Radio dot Com. I'm and
Speaker 1: via the Bloomberg business Side. Good morning, I'm Nathan Hager
Speaker 1: and I'm Karen Moscow and SMP futures are lower this morning.
Speaker 1: We are coming up to five on one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg. Right now, SND futures are down
Speaker 1: about eleven points. DAL futures are little changed. In nasday
Speaker 1: futures down fifty four The decks in Germany's up a
Speaker 1: tenth of uppercent ten year treasury that will change the
Speaker 1: yield one point nine three percent, and they yield on
Speaker 1: the two year one point three five percent. Nine Max
Speaker 1: Screwede oil is up a quarter percent, or twenty four
Speaker 1: cents at eighty nine ninety cents of barrel, and the
Speaker 1: euro one point one four four four against the dollar. Nathan, Well, Karen,
Speaker 1: we begin this morning with earnings and a huge surge
Speaker 1: in Disney shares. Right now, they're up more than seven
Speaker 1: and a half percent in early trading, the world's largest
Speaker 1: entertainment company reported first quarter sales, earnings, and streaming subscriber
Speaker 1: growth that all beat estimates. We spoke with Disney CEO
Speaker 1: Bob cha Peck after the results. We're full of optimism.
Speaker 1: We think that we've got a lot of energy and momentum.
Speaker 1: We've got a vision for the future, a vision where
Speaker 1: we're going to appeal directly to our audience U using
Speaker 1: technology and great storytelling. And uh, we really think that
Speaker 1: it's going to be a more exciting next one years
Speaker 1: than even our stellar first one hundred heres. Disney CEO
Speaker 1: Bob Chapeck spoke with bloombergs Emily Chang. Stay tuned for
Speaker 1: more of that interview coming up shortly right here on
Speaker 1: Bloomberg Day Break. Well, Nathan, we have some other stocks
Speaker 1: in the move this morning following earnings after the bell.
Speaker 1: Let me get the details live with the Bloomberg's John Tucker. John,
Speaker 1: good morning, and good morning, Karen. Uber shares up close
Speaker 1: to five percent of the pre market trading after fourth
Speaker 1: quarter revenue but beat estimates. The ride hailing giants so
Speaker 1: a little disruption from the Omicron variant that led to
Speaker 1: the most active users in its history, but Tell shares
Speaker 1: this morning up eleven percent. The toymaker reporting sales and
Speaker 1: profit that Blue Pass forecast. Mattel's outlook also came in
Speaker 1: above predictions, and shares of Twilio soaring up seventcent of
Speaker 1: the pre market the infrastructure software company's fourth quarter results
Speaker 1: in first quarter for forecast beat expectations. Of the three
Speaker 1: hundred twenty six companies in the SMP five hundreds that
Speaker 1: reported earning. So far, sevent have had positive earning surprises.
Speaker 1: Live in New York on John Tucker Bloomberg day Break. Okay, John,
Speaker 1: thank you, and the earnings continue to roll in today,
Speaker 1: with thirty companies reporting. Twitter is one of the biggest
Speaker 1: names on the today's list. Let's get a preview from
Speaker 1: Bloomberg's Tom Busby. The microblogging site reports fourth quarter earnings
Speaker 1: later this morning, the first earnings report under new CEO
Speaker 1: Parague Agrea Wall, who took over for founder Jack Dorsey
Speaker 1: in late November. Twitter makes most of its revenue from advertising,
Speaker 1: so key for investors is how the company will navigate
Speaker 1: those new privacy changes from Apple, which require explicit permission
Speaker 1: from users to target ads on its devices. Bloomberg podcasting
Speaker 1: revenue of one point five eight billion dollars and adjusted
Speaker 1: things of thirty two cents a share Tom Busby Bloomberg Daybreak,
Speaker 1: All right, Tom, thank you? All overseegs this morning shares
Speaker 1: a credit sweez Or down more than three percent. The
Speaker 1: Swiss Bank posted its biggest quarterly loss in about four years,
Speaker 1: and CEO Thomas Gonstein is warning that higher costs for
Speaker 1: pay and its restructuring will weigh on results all year.
Speaker 1: We also um included a new form of compensation in
Speaker 1: terms of our STP strategic delivery Plan, and this was
Speaker 1: very well received by by our employees and Credit Sweez
Speaker 1: is very committed to play market to pay market rates
Speaker 1: in terms of compensation. Credit swe CEO Thomas Gonstein says
Speaker 1: the company is focused on implementing a new strategy after
Speaker 1: scandals involving Archigo's capital management in Greensville Capital Now. Shares
Speaker 1: of Uni Leaver are also in focus this morning, Karen.
Speaker 1: They're down more than three percent in London. Company warns
Speaker 1: the inflation will dent profitability for two years. Unilever says
Speaker 1: commodity costs arising by more than across the consumer goods industry.
Speaker 1: Speaking at prices, Nathan, We're set for the next reading
Speaker 1: on inflation here in the US. The Government of Relations
Speaker 1: that consumer price index for January at eight thirty am.
Speaker 1: Wall Street Time economists forecast reading of seven point two
Speaker 1: percent a year over year. We get more from Bloomberg
Speaker 1: Economics correspondent Michael McKee January's Consumer Price Index won't lead
Speaker 1: the Fed to any kind of decision, but it will
Speaker 1: offer guidance about what they'll need to do down the road.
Speaker 1: Much of the jump in inflation has come from goods
Speaker 1: rather than services, as Americans, flush with stimulus cash, stayed
Speaker 1: home and bought things instead of experiences. The omicron outbreak
Speaker 1: last month probably kept that trend in place, but we
Speaker 1: did see inventories rising at the end of last year,
Speaker 1: which could mean some easing in transportation and bottleneck costs.
Speaker 1: Economists will also check the reopening trade cars, insurance, lodging, airfares,
Speaker 1: and food to see if prices are still rising. And finally,
Speaker 1: housing home prices up seventeen and a half percent through
Speaker 1: November one, will be feeding into the CPI for some time,
Speaker 1: even if higher interest rates start to slow home sales.
Speaker 1: Michael McKey, Bloomberg Daybreak. Okay, Mike, thanks for also watching
Speaker 1: the Fed. For another reason this morning, history is being
Speaker 1: made at the Federal Reserve Bank of Boston. More on
Speaker 1: that line from Bloomberg. Grinida Young, Good morning, Granina, Good morning, Nathan.
Speaker 1: The Boston Fed has named University of Michigan Economists Susan
Speaker 1: Collins as its next president. She becomes the first black
Speaker 1: woman to lead one of the Central banks twelve districts
Speaker 1: and will rep replace Eric Rosenren, who stepped down last year.
Speaker 1: The Collins, who earned a doctorate in economics at m
Speaker 1: I T, drew support from many, including former Vice chair
Speaker 1: Alan Blinder. I certainly think she's in the mainstream among economists,
Speaker 1: among liberal left, left of center economists, but certainly not
Speaker 1: far left. I mean, she's really in the mainstream, and
Speaker 1: I think that's basically where the Federal Reserve is these days.
Speaker 1: Former FED Vice chair and current Princeton Universe City professor
Speaker 1: Alan Blinder says Collins has every asset for the job
Speaker 1: and no liabilities. Live in New York. I'm Nita Young
Speaker 1: Bloomberg daybreak. Okay, Nita, thank you. S and P futures
Speaker 1: now down twelve point, Stoule futures down nine, Nastic futures
Speaker 1: lower by sixty points. Straight ahead, your latest local headlines
Speaker 1: at a check of sports. This is Bloomberg. It's five
Speaker 1: oh seven on Wall Street where forty degrees in Central Park.
Speaker 1: We have a earlier tractor trailer fire that's got the
Speaker 1: southbound easterns for the New Jersey TRIMPI closed. Michael barrs
Speaker 1: here with Marrom what's going on in New York and
Speaker 1: around the world. Good morning Michael, Good morning Nathan. The
Speaker 1: National Archives is asking the Justice Department to investigate whether
Speaker 1: former President Donald Trump violated federal law and the handling
Speaker 1: of documents then President Trump tore up some of them.
Speaker 1: The Archives also transported fifteen boxes of documents from Mara
Speaker 1: Lago after Trump representatives located them and notify the Archives.
Speaker 1: Former federal prosecutor Lorie Levinson the referral by the National
Speaker 1: Archive does not mean that there's necessarily going to be
Speaker 1: a criminal investigation of Trump or his advisors. It's simply
Speaker 1: a suggestion that someone needs to look into what happened here,
Speaker 1: loyal out law professor Lorie Levinson. The New York Times
Speaker 1: reports the Inspector General reached out to the Justice Department
Speaker 1: after they discovered what's believed to be classified documents that
Speaker 1: Trump took from the White House. New York Governor Kathy
Speaker 1: Hokel says the state will end a COVID nineteen mask
Speaker 1: mandate requiring face coverings in most indoor public settings, but
Speaker 1: We'll keep masking rules in place for schools for now.
Speaker 1: The state will drop its mask mandate for most businesses.
Speaker 1: Hocals has the numbers support, leaving the question of masks
Speaker 1: to individual localts. We saw those numbers literally off the charts,
Speaker 1: and now those numbers are coming down, and it is
Speaker 1: time to adapt. L has been saying she wants to
Speaker 1: see vaccination rates for children increase before she gets rid
Speaker 1: of a state requirement for the masks and school rules.
Speaker 1: Connecticut Governor Ned Lamont proposed a twenty four point two
Speaker 1: billion dollar budget for the fiscal years starting July one,
Speaker 1: boosts spending for state colleges and universities whose enrollment has
Speaker 1: dropped during the pandemic. LaMotte, in his State of the
Speaker 1: State address also announced tax cuts on automobiles. Three years ago,
Speaker 1: we're standing at the edge of a fiscal cliff, basic
Speaker 1: at three point seven billion dollar budget deficit, and today
Speaker 1: we're deciding what taxes to cut and what school programs
Speaker 1: to grow. Thanks to our third consecutive budget year of
Speaker 1: budget syrupluses. Governor Lamont also says the state has earned
Speaker 1: the right to no longer have a statewide mask mandate
Speaker 1: in schools. It's good news for the New York City
Speaker 1: subway system that carried more than three million customers on Tuesday,
Speaker 1: the busiest since the Umicron variant hit the city. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan Alright, Michael's thank you up to
Speaker 1: five ten on All Street Time for the Bloomberg Sports
Speaker 1: up Taking Morning, John stanho Al, Good morning. The eight
Speaker 1: in the US finally went into hardware at the Olympics.
Speaker 1: Took five days before their first gold medal, but now
Speaker 1: two more, including a second and women's snowboarding, Chloe Kim
Speaker 1: became a breakout star when she won the half by
Speaker 1: four years ago. She has admitted the suffering from some
Speaker 1: depression as she dealt with the new found FAMO. In fact,
Speaker 1: Kim said at one point she threw her gold medal
Speaker 1: in the trash before then retrieving it. She was all
Speaker 1: smiles in Faijing that she cruised the victory just as
Speaker 1: Nathan Chan did in men's figure skame the Super Bowl
Speaker 1: in l a commissioner Roger Gudell with his annual State
Speaker 1: of the Game press conference, he promised the league would
Speaker 1: do better in minority higher and he was asked what
Speaker 1: that would entail. Everything from looking at the Berney rule
Speaker 1: and seeing what changes should be made to that, if
Speaker 1: any changes, or should it be removed, which some people suggested.
Speaker 1: All of those things are part of that. We're gonna
Speaker 1: talk to other people who have independent people come in
Speaker 1: and look and help us evaluate it, because it's sometimes
Speaker 1: hard to evaluate your own policies and procedures to They'll
Speaker 1: admit it. At one time, stand up comic Byron Allen,
Speaker 1: now a media moguls and talks to buy the Denver
Speaker 1: Broncos become the NFL's first African American owner. NBA trade
Speaker 1: deadline three o'clock today is still a lot of James
Speaker 1: Harden for Ben Simmons, rumors that would be a blockbuster
Speaker 1: if the Nets and Sixers pulled the trigger. Nets have
Speaker 1: lost their last nine. They visit at Washington tonight, Struggling
Speaker 1: NIXT that Golden State Warriors lost last night at Utah
Speaker 1: by twenty six. Islander's a five goal first period of
Speaker 1: six three win at Vancouver two top twenty five teams
Speaker 1: lost in New Jersey, Rutgers knocked off Ohio State by two.
Speaker 1: Just the Seaton hallbeat Xavier by two. The Scarlet Knights
Speaker 1: and the Pirates helped their case to make next month's
Speaker 1: n C Double A two. John Stash were Bloomberg Sports
Speaker 1: all right, John, thanks. SMP futures down ten point Staff futures,
Speaker 1: I'm moving a touch higher now they're up five points.
Speaker 1: Nest that futures still lower. Down fifty three Disney shares
Speaker 1: of nearly eight percent in the pre market after earnings.
Speaker 1: Will hear from CEO Bob shade Peck just ahead. This
Speaker 1: is Bloomberg Blumber eleven three oh weather partly and we'll
Speaker 1: see sunny upper forties today, will be in the upper
Speaker 1: forties tomorrow, low fifties by Saturday, Super Bowl Sunday, the
Speaker 1: possibility of light snow right now forty in Central Park Markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, The Bloomberg Business at Hand at Bloomberg
Speaker 1: Quick Take. This is a Bloomberg business flash and I'm
Speaker 1: Karen Moscow and SMP futures are lower ahead of key
Speaker 1: US inflation data. Sin P futures down eight points down,
Speaker 1: futures are little change to higher up nineteen and the
Speaker 1: Nasdaq futures are down forty four. The tenure treasury little change.
Speaker 1: He has one yield on the two year one point
Speaker 1: three five percent. That's a Bloomberg Business Flower Show. Where's
Speaker 1: Michael Barr with more what's going on around the world. Michael,
Speaker 1: thank you very much. Camera in Russia and Belarus began
Speaker 1: their largest joint military drills and years today. Russia has
Speaker 1: repeatedly denied it plans to invade Ukraine after the US
Speaker 1: and its NATO allies warned of a build up about
Speaker 1: a hundred thirty thousand Russian troops near the border. Figure
Speaker 1: skater at Nathan Chan of the US won the gold
Speaker 1: and the men's individual event in the NHL. The island
Speaker 1: has won global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: seven hundred journalists and analysts and more than a hundred
Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan alright, Michael, thanks,
Speaker 1: It's eighteen on Wall Street Live from the Bloomberg Interact
Speaker 1: and Broker Studios. This is Bloomberg Daybreak. I'm Nathan Hagar.
Speaker 1: What's stock. Disney, the world's largest entertainment company, is reporting
Speaker 1: first quarter sales, earnings, and streaming subscriber growth that all
Speaker 1: beat estimates. After announcing the results, of Disney CEO Bob
Speaker 1: Chapeck sat down for an interview with Bloomberg ex Emily
Speaker 1: Chang to discuss the results and the path ahead. Let's
Speaker 1: listen in to that conversation now. I want to start
Speaker 1: with this month, marking two years with you as CEO,
Speaker 1: Bob Iger has officially ridden away from the happiest place
Speaker 1: on Earth, and I want to know how you're feeling.
Speaker 1: Do you feel like your strategy is clicking and that
Speaker 1: things are working well? I think, as evidence by our
Speaker 1: most recent quarter, everything's falling into place. You know, we're
Speaker 1: filled with optimism here at Disney. We're at the point
Speaker 1: where we're just at the start of the last year
Speaker 1: of our first one hundred and the inflection point for
Speaker 1: the start of the next one hundred. And I think
Speaker 1: if you look at our parks business, you look at
Speaker 1: our media business, all fueled by the great content that
Speaker 1: our internal storytellers get to tell we're full of optimism.
Speaker 1: We think that we've got a lot of energy and momentum.
Speaker 1: We've got a vision for the future, a vision where
Speaker 1: we're going to appeal directly to our audience, uh, using
Speaker 1: technology and great storytelling, and uh, we really think that
Speaker 1: it's going to be a more exciting next one years
Speaker 1: than even our stellar first one hundred. Heres give us
Speaker 1: some color on what's driving the burst in subscriber growth
Speaker 1: at Disney Plus compared to the slowdown last quarter. You know,
Speaker 1: we had said for a long time that it's not
Speaker 1: going to be a linear growth quarter to quarter on
Speaker 1: Disney Plus, that there were going to be some quarters
Speaker 1: a little higher, some quarters a little lower. And it's
Speaker 1: really almost directly a function of what the new content
Speaker 1: is that's flowing into the service. And obviously that content
Speaker 1: was impeded, uh and made a little choppy even more
Speaker 1: by the fact that you know, we had COVID and
Speaker 1: it interrupted our production cycles. But as we stated last
Speaker 1: earnings and the earnings as well, is that that flow
Speaker 1: becomes a little more steady, a little bit more predictable,
Speaker 1: a little bit more optimal during the second half of
Speaker 1: this year, and we expect that uh, we're going to
Speaker 1: actually add more substance second half of the year than
Speaker 1: the first half of the year, so we're very encouraged
Speaker 1: by that. Again, it will still be choppier than a
Speaker 1: perfect linear line, but you know, when you have great
Speaker 1: storytelling and great brands like we do, uh, it's it's
Speaker 1: gonna draw a lot of people across the globe. So
Speaker 1: we're excited about that. Now, you said it was hard
Speaker 1: to get people to the theater for family movies, and
Speaker 1: I wonder when you see that changing and what that
Speaker 1: means for the next few family titles. Well, we're very
Speaker 1: carefully watching the return to theaters. And obviously when you
Speaker 1: have something like Spider Man that comes out into the
Speaker 1: marketplace and it does you know, gamebusters numbers were very
Speaker 1: encouraged about that, you know. So it's called the eighteen
Speaker 1: to thirty four uh target uh demo. That seems too
Speaker 1: if you've got the right movie, big blockbuster, great film
Speaker 1: based on a franchise, that's back. We are a little
Speaker 1: more concerned though about the family films and some of
Speaker 1: the films that appeal to the over thirty five audience.
Speaker 1: But we're very very lucky in that um uh. We
Speaker 1: have the ability to take our films to all the
Speaker 1: audiences on Disney Plus, and we're encouraged. We hope that
Speaker 1: the family comes back to theaters, but we believe that
Speaker 1: even with a title Likencanto, which as you know, has
Speaker 1: proved to the world, that we can build a Disney
Speaker 1: franchise on on on the back of Disney Plus, because
Speaker 1: our merchandise licensed merchandise spiked as soon as it came
Speaker 1: out on Disney Plus. The music went from I think
Speaker 1: it was a hundred ninety seven on the top two
Speaker 1: hundred and Billboard to number one for multiple weeks in
Speaker 1: a row. We can build a franchise on Disney Plus.
Speaker 1: So we'd love for theatrical to come back for family movies. Uh.
Speaker 1: We hope it does. But if it doesn't, we we
Speaker 1: know that we're very secure in being able to use
Speaker 1: our own platform, Disney Plus to help do that. I
Speaker 1: want to talk about parks in more detail. You hit
Speaker 1: some all time records with revenue there, but attendance is
Speaker 1: still you know, lower or in line depending on the
Speaker 1: park that you're talking about. What's the outlook ahead as
Speaker 1: oh Macron Wings, are you preparing for new variants? Do
Speaker 1: you see hitting new records in attendance or is it
Speaker 1: all about revenue. We're we're preparing for anything. I think
Speaker 1: if the last two years have taught us anything is
Speaker 1: to remain flexible. But if we have a focus on
Speaker 1: our guest we believe that it's going to uh turn
Speaker 1: out just just find I think one of the reasons
Speaker 1: why we've had such a recovery in demand and attendance
Speaker 1: at our parks is a function of the fact that
Speaker 1: consumers are guests are fans trust us. Not only do
Speaker 1: we deliver great experiences and tell great stories, but they
Speaker 1: trust us. And we're going to move very slowly when
Speaker 1: it comes to attendance increases because we feel that we
Speaker 1: want to be very, very responsible. And some of the
Speaker 1: reasons why we don't have max capacity right now is
Speaker 1: that we still haven't turned on all of the live
Speaker 1: entertainment that we've got at the parks. Was as as
Speaker 1: you know, is a really big component of a great
Speaker 1: Disney experience. But we're moving slow on that because we
Speaker 1: want to make sure that as you identify people, that
Speaker 1: our guests feel very comfortable, and we do vas all
Speaker 1: the time in terms of what our guests feel is
Speaker 1: the appropriate density and so we're metering that. But I
Speaker 1: must say that the operating performance of parks Uh using
Speaker 1: that approach has been extraordinary, extraordinarily great. And that was
Speaker 1: Disney CEO Bob cha Peck speaking with Bloomberg's Emily Chang
Speaker 1: on the heels of first quarter earnings that beat estimates
Speaker 1: on nearly every metric, tough to avoid, the happiest place
Speaker 1: on Earth metaphors for investors. This morning, the shares of
Speaker 1: Disney and the pre market right now up more than
Speaker 1: seven and a half per cent. As for the broader market,
Speaker 1: futures are mixed ahead of the January CPI print s
Speaker 1: ANDP futures are down ten points down, futures up five points,
Speaker 1: NASAC futures are lower by forty eight points. Not a
Speaker 1: lot of movement in the bond space right now. The
Speaker 1: tenure is little changed, with the yield one point nine
Speaker 1: three percent, the yield on the two year one point
Speaker 1: three five percent up. Next, we'll have more on the
Speaker 1: earnings shaping markets this morning, including Credit Suis, Mattel, and
Speaker 1: Uber plus a historic new regional Fed president that's straight
Speaker 1: ahead as Bloomberg daybreak continues. Bloomberg eleven three oh Weather partly.
Speaker 1: The mostly sunny upper forties today and tomorrow will be
Speaker 1: in the low fifties by Saturday, light snow, possible Super
Speaker 1: Bowl Sunday. That'll be a change. Right now, forty degrees
Speaker 1: in Central Park. Criadcasting live from the Bloomberg Interactive Broker
Speaker 1: Studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg No. Sixty to the Country, Sirius
Speaker 1: XM Cho one nine, and around the globe, the Bloomberg
Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. We're just about four hours
Speaker 1: away from the open of US training. Let's get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. Earnings and inflation are front and center,
Speaker 1: and we begin with earnings. Shares of Disney are higher,
Speaker 1: up almost eight percent in early trading after first quarter sales,
Speaker 1: profit and streaming subscriber growth. All Beat analysts estimates CEO
Speaker 1: Bob Speck is optimistic, especially about Disney plus we're gonna
Speaker 1: actually add more substance second half of the year than
Speaker 1: the first half of the year, so we're very encouraged
Speaker 1: by that. Again, it'll still be choppier than a perfect
Speaker 1: linear line, but uh, you know, when you have great
Speaker 1: storytelling and great brands like we do, Uh, it's it's
Speaker 1: gonna draw a lot of people across the globe. So
Speaker 1: we're excited about that. Disney CEO Bob Kpex says subscription
Speaker 1: subscriptions for Disney Plus are now approaching one thirty million. Well,
Speaker 1: we do have some other stocks on the move this morning, Karen,
Speaker 1: following after the Bell earnings. Let's get the latest on
Speaker 1: those live from Bloomberg's John Tucker. John Nathan Uber shares
Speaker 1: of six percent in pre market trading. Fourth quarter revenue
Speaker 1: top to estimates. The ride handling giant reported the most
Speaker 1: active users in its history. Mattel shares up almost eleven percent.
Speaker 1: Revenue and earnings at the toymaker also beat estimates, and
Speaker 1: so did the company's forecast, and Twilio shares jumping seventeen
Speaker 1: percent in pre market trading. The infrastructure software company reported
Speaker 1: fourth quarter results that beat expectations and forecast revenue ahead
Speaker 1: of the consensus. Live in New York. I'm John Tucker,
Speaker 1: Bloomberg Daybreak, John, Thank you. In Europe this morning, shares
Speaker 1: a credit suite SARRE down more than four and a
Speaker 1: half percent. The bank posted its biggest quarterly loss in
Speaker 1: about four years after a large restructuring and litigation charges.
Speaker 1: All back here in the US, Karen, the focus this
Speaker 1: morning will be on inflation. Economist predict a CPI reading
Speaker 1: for January of seven point two percent year over year.
Speaker 1: And it's a history day at the Federal Reserve Bank
Speaker 1: of Boston. Nathan. We get the latest live from Bloomberg's
Speaker 1: Ranida Young. Good morning, Rinda, Good morning Karen. The Boston
Speaker 1: Fed has named University of Michigan economists Susan Collins as
Speaker 1: its next president. She becomes the first black woman to
Speaker 1: lead one of the central banks twelve districts. She'll place
Speaker 1: Eric Rosing Grin, who stepped down last year. Collins, who
Speaker 1: earned a doctorate in economics at m I, t drew
Speaker 1: support from many, including former FIT vice chair and current
Speaker 1: Princeton University professor Alan Blinder. He says Collins has every
Speaker 1: asset for the job and no liabilities. Live in New York,
Speaker 1: I'm Rnita Young Bloomberg Daybreak, all right, Randa, thank you,
Speaker 1: S and P. Futures lower down nine points down, futures
Speaker 1: that will change nasday futures down forty four and a
Speaker 1: straight ahead your latest local headlines plus a check of sports.
Speaker 1: And this is Bloomberg. All right, Karen, thank you. It's
Speaker 1: five thirty three on Wall Street, forty degrees in Central
Speaker 1: Park and accident clean up has the south end of
Speaker 1: Jersey Turnpike Eastern Spur close. Details coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York Governor Kanthy Hocle lifted statewide requirement
Speaker 1: to wear a mask indoors where show business is proof
Speaker 1: of vaccination. However, Governor Hocle will wait on mask requirements
Speaker 1: for schools until after kids return from February break. We
Speaker 1: are going to make an assessment that first week in March.
Speaker 1: Based on all the metrics, Governor hocal says, the positivity
Speaker 1: rate is down and hospitalizations are down as well. President
Speaker 1: Joe Biden has met with the heads of the nation's
Speaker 1: largest power companies with an eye towards climate change. Bloomberg's
Speaker 1: president says, these companies have to be at the forefront
Speaker 1: of the US effort to cut a mission. CEOs know
Speaker 1: exactly why clean energy future matters. It's an incredible opportunity
Speaker 1: for our country and uh and they know how urgent
Speaker 1: is to get this done. And there've been uh, you know,
Speaker 1: they've been key partners throughout this entire process, and Biden
Speaker 1: telling the companies their role will be crucial for the
Speaker 1: future of the country and the globe. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Gay Break. The National Archives is
Speaker 1: asking the Justice Department to investigate whether former President Donald
Speaker 1: Trump violated federal law and the handling of documents. The
Speaker 1: referral was made by how then president Trump dealt with
Speaker 1: the documents. Former federal prosecutor Lourie Levinson says the probe
Speaker 1: is not a surprise. He took fifteen boxes to his
Speaker 1: private residence at maral Lago. Some of those had documents
Speaker 1: that definitely should have gone to the National Archives, and
Speaker 1: then he had the habit of ripping up documents. Loyola
Speaker 1: law professor Lourie Levinson. One month after actor and comedian
Speaker 1: Bob Saget was found dead in the Orlando hotel room.
Speaker 1: Is grieving family announced that he died from head trauma.
Speaker 1: Saget's family said authorities determined that he accidentally hit the
Speaker 1: back of his head on something, thought nothing of it
Speaker 1: and went to sleep. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Tank, powered by
Speaker 1: more than twenty seven journalists and analyst more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: Thank you Wall Street. Time for the Bloomberg Sports Update
Speaker 1: with John Stannshower. Thanks Fafin. At the Olympics, two U
Speaker 1: S gold medals, both won by heavily favored Americans, both
Speaker 1: with Asian heritage, both attend Ivy League schools. Nathan Chen
Speaker 1: since finishing a disappointing fifth four years ago, as nearly
Speaker 1: completed his degree at Yale, and he's won almost every competition.
Speaker 1: He won the men's figure skinning easily, just as Chloe Kim,
Speaker 1: who goes to Princeton, became the first female to win
Speaker 1: back to back snowboarding goals. Roger Dale met the Super
Speaker 1: Bowl media his first public comments since the Brian Flores
Speaker 1: lawsuit that alleged Dolphins owner Stephen Ross offered Flora's bonus
Speaker 1: money for each game Miami loss. I found UM all
Speaker 1: of the allegations, whether they were based on racism or
Speaker 1: discrimination or the integrative of their game, all of those
Speaker 1: um to me. We're very disturbing. UM. They are very
Speaker 1: serious matters to us on hall levels, and we need
Speaker 1: to make sure we get to the bottom of all
Speaker 1: of them. Your dell and asked the NFL will play
Speaker 1: a game next year in Munich after the Super Bowl
Speaker 1: in the Olympics, the next big event and c double
Speaker 1: A tournament Seaton Hall and Rutgers, both open to get invited.
Speaker 1: Both helped their case with two point victories at home
Speaker 1: against top twenty five teams the Fire and S Top Xavier.
Speaker 1: The Scarlett Knights, who had that earlier big upset of
Speaker 1: for Do when they ranked number one, able to get
Speaker 1: by o High State. NBA Lakers lost in Portland. Lakers
Speaker 1: are four games under five hundred. Lebron James says they
Speaker 1: are playing in a fog. It will instant see if
Speaker 1: they make a trade to four. Today's three o'clock deadline,
Speaker 1: Nixon nets both said to be involved in trade. Tops
Speaker 1: Nix Tonight at Golden State Nets visit Washington. Big first
Speaker 1: period for the Islanders. They scored five times, they won
Speaker 1: six three at Vancouver. John Stash Atward Bloomberg Sports Nathan,
Speaker 1: Thank you John. It's five thirty seven on Wall Street
Speaker 1: time for the Tri State Business Report. Here's Bloomberg zed Corey.
Speaker 1: Manhattan apartment rents were close to a record high in January.
Speaker 1: Median rent jump twenty three per cent from a year
Speaker 1: earlier to three thousand, four hundred sixties seven dollars, according
Speaker 1: to a praiser, Miller Samuel in brokerage Douglas Element Real Estate.
Speaker 1: That's just shy the record for January each in twenty
Speaker 1: before the pandemic. New York State Pension Fund will divest
Speaker 1: more than two hundred thirty eight million dollars in shares
Speaker 1: and bonds of oil and gas companies, including Pioneer Natural Resources,
Speaker 1: HESS and Diamondback Energy. The move follows a review that
Speaker 1: found the company has failed to demonstrate viable net zero
Speaker 1: transition plans. New Jersey Transit has approved to two point
Speaker 1: six billion dollar operating budget. The spending plan was delayed
Speaker 1: because of a disagreement over pandemic stimulus funds in the
Speaker 1: American Rescue Plan. At a board meeting Wednesday, CEO Kevin
Speaker 1: Corbett said ridership is bouncing back. That your Bloomberg trying
Speaker 1: State business report. I'm ed Corey, Okay, and thank you.
Speaker 1: It's on Wall Street. Bloomberg Radio is on the air
Speaker 1: from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred affiliate
Speaker 1: radio stations around the world. I'm Steve Potastan on K
Speaker 1: and X in Los Angeles, where talking about Disney being
Speaker 1: the happiest place on Earth after sales earnings and streaming
Speaker 1: subscriber growth all easily be forecasts. Um Courney's Anaho on
Speaker 1: ktr H in Houston. Quarter of American Firms raised wagents
Speaker 1: in Covid. I'm Caroline had complete a DAB digital radio
Speaker 1: in London. We're reporting on starting salaries in the UK
Speaker 1: rising at a rapid pace according to the Recruitment and
Speaker 1: Employment Confederation because of inflation fears and a shortage of workers.
Speaker 1: I'm in Corey on w w J in Detroit, I'm
Speaker 1: reporting general motors and boards here. They haven't experienced disruptions
Speaker 1: to parts deliveries because of border protests silver vagacine mandates
Speaker 1: in Canada. Those are some of the stories our twenty
Speaker 1: seven hundred Bloomberg journalists and analysts are working on this
Speaker 1: morning around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. The Republican
Speaker 1: National Committee recently characterized the January sixth attack on the
Speaker 1: Capitol as an instance of legitimate political discourse. When asked
Speaker 1: for his opinion in sentim, Minority leader Mitt McConnell didn't
Speaker 1: mince words. He called January six a violent insurrection for
Speaker 1: the purpose of trying to prevent the peaceful transfer of power.
Speaker 1: By uttering that simple truth, McConnell performed an essential service
Speaker 1: to his party and the country. He seems to recognize
Speaker 1: the obvious that attempting to rebrand a violent attack as
Speaker 1: legitimate discourse isn't a winning campaign strategy. In two and beyond,
Speaker 1: Republicans have hardly been profiles and courage when it comes
Speaker 1: to standing up to former President Donald Trump, but McConnell
Speaker 1: has consistently spoken at at key moments to protect the
Speaker 1: integrity of the democratic process. For that, he deserves the
Speaker 1: support of republicans and the respect of democrats. This editorial
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Shipley.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash Opinion or OPA and go on the Bloomberg terminal.
Speaker 1: These has been Bloomberg Opinion. You can hear Bloomberg opinion
Speaker 1: editorials every weekday at this time, and terminal customers can
Speaker 1: read more at O P I n GO, SMP. Future
Speaker 1: is now down seven point staff futures up twenty three
Speaker 1: NASDAC futures lower by thirty nine points in the tenure
Speaker 1: down one thirty second yield one point nine three percent
Speaker 1: ahead of inflation data. We'll talk next with Wells Fargo
Speaker 1: senior economist Stairhouse. This is Bloomberg Bloomberg eleven three oh Weather.
Speaker 1: Sunshine upper forties today, a mix of sun and clouds
Speaker 1: Tomorrow upper forties, low fifties under a mix of sun
Speaker 1: and cloud Saturday and light snow possible Super Bowl Sunday.
Speaker 1: Right now forty in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape is
Speaker 1: a Bloomberg business last and I'm Karen. Moscow and SMP
Speaker 1: futures are slipping this morning. European stocks are little change.
Speaker 1: Traders are shifting at a defensive mode ahead of some
Speaker 1: p U S inflation data that may shape the use
Speaker 1: on how aggressively the federal tighten monetary policy to check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: SMP future is down about seven points and down Future
Speaker 1: is up thirty five. Nasdaq Future is down forty two.
Speaker 1: That decks in Germany is up to tenths of upper
Speaker 1: set and your treasury that'll change at one point nine
Speaker 1: three percent. The yield on the two year one point
Speaker 1: three four percent night Make Screwed Oil is up four
Speaker 1: tenths per cent or thirty six cents at ninety dollars
Speaker 1: two cents of Barrel Co makes Goal down to tenths
Speaker 1: per cent or two dollars ninety cents at eighteen thirty three.
Speaker 1: Sixty announced the euro one point one four four two
Speaker 1: against the dollar. British found one point three five six seven,
Speaker 1: and the ends at one fifteen point eight three bitcoin
Speaker 1: this morning at forty four thousand, six thirty dollars. That's
Speaker 1: a Bloomberg Business Flashtown. Here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, thank you very much, Karen.
Speaker 1: The protest over COVID restrictions blocking freight traffic from Detroit
Speaker 1: into Canada is starting to at crucial supply. Chains Ford
Speaker 1: was forced to handle a Canadian engine factory and operate
Speaker 1: an assembly plan that reduced capacity. Bob Sagett died of
Speaker 1: head trauma. That's according to a statement from his family,
Speaker 1: who say apparently Saget accidentally hit the back of his
Speaker 1: head on something, thought nothing of it and went to sleep.
Speaker 1: The US has won three gold medals of the Beijing
Speaker 1: Olympics so far, including by figure skater Nathan jen in
Speaker 1: the men's individual event. NFL commissioned to Roner Goodell says
Speaker 1: the league will deal with discrimination in a serious way
Speaker 1: if he finds team violations in the NHL. The Islanders
Speaker 1: one NBA action the Warriors lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than un journalists, an analyist more than
Speaker 1: a hundred twenty countries. I'm Michael bar This is Bloomberg.
Speaker 1: Nathan Okay, Michael. Thanks. It's five forty nine on Wall
Speaker 1: Street Live from the Bloomberg Interacted Broker's studios. This is
Speaker 1: Bloomberg Daybreak and Sarah House is with us now, senior
Speaker 1: economist at Wells Fargo. As we await could be another
Speaker 1: historically high reading on consumer prices for the month of January. Sarah,
Speaker 1: good morning. We're already near a forty year high on inflation.
Speaker 1: Is there any reason to think that today's number will
Speaker 1: be any different? Well, I think we're going to see
Speaker 1: another big gain in terms of the monthly reading. So
Speaker 1: we're looking for a zero point four percent increase, which
Speaker 1: would push the year over Europe to seven point two percent,
Speaker 1: so even higher than than where we're sitting right now.
Speaker 1: And when I think, when you step back and you
Speaker 1: look at the trend, at least over the past couple
Speaker 1: of months, we are seeing some signs of moderating, but
Speaker 1: even then we're seeing them pushed and continuing to run
Speaker 1: at a pretty high rate. So just because things are
Speaker 1: looking a little bit better doesn't mean they're nowhere near
Speaker 1: good enough for I think what the FET is looking
Speaker 1: for and of course what's going to be more friendly
Speaker 1: to consumers. Where are you seeing those signs of moderation
Speaker 1: and do you think we're close to peak inflation? Well,
Speaker 1: this month at least, I think we'll see some softness
Speaker 1: and energy, and in part just due to the seasonal
Speaker 1: think some of the softness will also be driven by
Speaker 1: travel services. As a Macron did weigh on demand in
Speaker 1: that area. But I think when you look ahead, UM,
Speaker 1: we'll probably see monthly games somewhere around zero point three
Speaker 1: to zero point four percent. That's about five percent annualized. Now,
Speaker 1: of course that's a step down from where we are,
Speaker 1: and we think some of that's going to come from
Speaker 1: goods inflation not rising nearly as steep as what we
Speaker 1: saw over over last year. But that doesn't mean that
Speaker 1: this is a benign environment by any means. We should
Speaker 1: still see good good inflation. UM, at least good prices
Speaker 1: continue to rise, So you think some of this is
Speaker 1: still driven by supply chain issues. I wonder whether we
Speaker 1: could start to see any effect from this, uh, this
Speaker 1: Trucker protest. I wonder if it's too soon to factor
Speaker 1: that in But is there still some of that in
Speaker 1: play here. I think it's probably a little bit soon
Speaker 1: for for the trucker protest, but it's a good reminder
Speaker 1: that we're still running on very thin inventories. Now. The
Speaker 1: inventory picture has stabilized a little bit here recently, if
Speaker 1: you're looking at the retail inventory to sales ratio, or
Speaker 1: just the fact that we were able to actually increase
Speaker 1: inventories for the first time all year in the fourth quarter,
Speaker 1: But there's not a lot of room for air further
Speaker 1: disruptions before you start to see those effects begin to
Speaker 1: hit prices again. So while we're looking for a moderating
Speaker 1: rate of goods, inflation is still likely to be strong,
Speaker 1: and there's all sorts of risks that that could change
Speaker 1: that that view, And of course there's still this debate
Speaker 1: going on about whether fiscal policy monetary policy is feeding
Speaker 1: into the price pressures we're seeing as well. Where do
Speaker 1: you stand on that and what effect, if any, could
Speaker 1: a more hawkish fed play on these historic pressures that
Speaker 1: we're seeing. Well, I still think that a lot of
Speaker 1: the inflation that we're seeing is still rooted in the pandemic.
Speaker 1: So the change in the pattern of spending that we
Speaker 1: saw along with the tremendous policy support both on the
Speaker 1: fiscal and in monetary policy side, and that of course
Speaker 1: is fading. So fiscal supports with the end of the
Speaker 1: child tax credit at the end of last year, you know,
Speaker 1: we really don't have much at all coming through the
Speaker 1: pike on that front. That's going to lead real disposable
Speaker 1: income to basically tread water um but essentially until about June,
Speaker 1: so that that factor is fading. And then of course
Speaker 1: you have the title monetary policy, which is likely to
Speaker 1: affect things like mortgage rates and therefore home prices. That's
Speaker 1: going to take a little bit to feed through. But
Speaker 1: these are factors that are leading to this overall slowdown
Speaker 1: that we're looking for. An inflation here. So in the
Speaker 1: last thirty seconds here, how much do you expect the
Speaker 1: CPI print a factor into what the FED the sides
Speaker 1: next month? Are you thinking we could see half percentage
Speaker 1: point great hike next month? Well, this will be a
Speaker 1: key data point. Now we do get one more CPI
Speaker 1: print before the March meeting, so this isn't the end
Speaker 1: all be all, but I think this inflation print, the
Speaker 1: next one and the next job's reading in and what
Speaker 1: we've be there and average early earnings are going to
Speaker 1: be the primary determinants of what the FETs thinking heading
Speaker 1: into that next meeting and whether fifty basis points could
Speaker 1: actually be on the table. More data dependence to come.
Speaker 1: Thanks for the Sarah, Good having you on. Sarah House,
Speaker 1: senior economist at Wells Fargo with us this morning. Karen Nathan,
Speaker 1: it is five three on WALLA Street. Time for the
Speaker 1: Bloomberg Law Report. We get to the legal stories we're
Speaker 1: watching this morning from Bloomberg's Jeff Bellainger. A federal appeals
Speaker 1: court refused to lift an injunction the blocks enforcement of
Speaker 1: the Biden Administration's vaccination requirement for federal workers. Medicare's care
Speaker 1: Compare website will include information on the COVID vaccine booster
Speaker 1: rates among residents and staff and individual nursing homes. Automated
Speaker 1: collection and unfiled tax return notices are being put on
Speaker 1: hold by the Internal Revenue Service. It's an acknowledgement that
Speaker 1: the agency needs to work through a backlog of unprocessed returns.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you know.
Speaker 1: Another legal story we're watching brings us to the election law.
Speaker 1: A divided Supreme Court delta blow to minority of voting
Speaker 1: rights by reinstating an Alabama congressional map that creates only
Speaker 1: one district likely to elect a black representative. A lower
Speaker 1: court had ruled that federal law required a second district
Speaker 1: because of the state's population is black. It's the first
Speaker 1: Supreme Court test for new districts being drawn around the country.
Speaker 1: For more in the decision, Bloomberg's during Grosso speaks to
Speaker 1: elections law expert Rebecca Green, a professor at William and
Speaker 1: Mary Law School. I've seen a lot of headlines that say,
Speaker 1: in one form or another that this is a blow
Speaker 1: to minority voting rights. Do you agree, and if so,
Speaker 1: how much of a blow. Well, if you believe in
Speaker 1: the protections the Voting Rights Act is supposed to afford
Speaker 1: minority voters in redistricting cases, then this is certainly a
Speaker 1: blow because the map that the state of Alabama drew
Speaker 1: is sort of textbook vote dilution. In other words, it
Speaker 1: packs minority voters in one district, and it cracks a
Speaker 1: group of minority voters in half to dilute their strength.
Speaker 1: So it's it's sort of textbook packing and cracking. Um.
Speaker 1: And to the extent that the court's order means that
Speaker 1: the maps will go forward with those diluted districts, then
Speaker 1: you know that certainly will be harmful I repartably to
Speaker 1: minority voters. Um. Like I said, this is sort of
Speaker 1: a textbook violation of Section to at least as far
Speaker 1: as the Court has been concerned. Up until now, there's
Speaker 1: no opinion for the majority. But in a concurring opinion,
Speaker 1: Justice Brett Kavanaugh, joined by Justice Samuel Alito, said that
Speaker 1: this decision was necessary because the lower court had acted
Speaker 1: too soon before coming election. Do you buy that reasoning, Well,
Speaker 1: it's certainly a novel claim. I mean, the Purcell principle,
Speaker 1: as it's known, is just sort of this idea that
Speaker 1: you shouldn't make changes Federal courts shouldn't make changes um
Speaker 1: right before an election, because it would confuse voters and
Speaker 1: would make it difficult for the election officials to administer
Speaker 1: the election. But neither of those issues are present here
Speaker 1: where we're months and months away from an election and
Speaker 1: where remedial maps could be drawn, you know, basically with
Speaker 1: the snap of a finger. So it's hard to square
Speaker 1: that argument. And it's certainly a very sort of big
Speaker 1: extension of the principle to say, you know, months out
Speaker 1: a federal court can't mess with the state's plan. And
Speaker 1: I think but especially worrisome about it is maybe it's
Speaker 1: going to mean that, you know, line gars dragged their
Speaker 1: feet to pass maps, because if they can get it within,
Speaker 1: you know, many months out from a primary election, then
Speaker 1: maybe they can win on the perspell principle, which just
Speaker 1: is a very bad sort of incentive to to set
Speaker 1: up and as your back A Green, a professor at
Speaker 1: William and Mary Law School, speaking with the Bloomberg's June Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news by listening to the Bloomberg Law Show at
Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast,
Speaker 1: and attorneys can find exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com. SMP futures are down
Speaker 1: about six points this morning. Dal future is higher of
Speaker 1: fifty NASDACK futures down forty QO and a ten year
Speaker 1: treasury little change. He at one point nme three per cent,
Speaker 1: and they yield on the two year one point three
Speaker 1: four percent. Nine make screwed oils up seven tenths per
Speaker 1: cent or sixty four cents at ninety dollars thirty cents
Speaker 1: of barrel and straight ahead. We have our top stories
Speaker 1: as Bloomberg day break continues. This is Bloomberg