1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,880 --> 00:00:13,320 Speaker 2: This is the closing bell on the stock movers report 3 00:00:13,560 --> 00:00:16,520 Speaker 2: the company's making moves at the close of US trading 4 00:00:16,760 --> 00:00:21,600 Speaker 2: with Carol Masser, Tim Stenobeck, Romain Bostic and Scarlet. 5 00:00:21,079 --> 00:00:23,560 Speaker 3: Food quick check on the s and P five hundred 6 00:00:23,560 --> 00:00:25,919 Speaker 3: condiment even split a little bit more to the downside, 7 00:00:25,920 --> 00:00:29,240 Speaker 3: two hundred and eighty six names, Scarlet to the downside, 8 00:00:29,240 --> 00:00:32,160 Speaker 3: two hundred and sixteen gaining ground on this Thursday, and. 9 00:00:32,040 --> 00:00:34,600 Speaker 4: The sectors are tilted to the downside as well. Consumer 10 00:00:34,640 --> 00:00:38,040 Speaker 4: discretionary which includes car makers which includes Tesla leading the 11 00:00:38,080 --> 00:00:41,479 Speaker 4: way lower by more than one percent. Materials and healthcare 12 00:00:41,600 --> 00:00:44,280 Speaker 4: also weaker on the day. On the flip side, Energy 13 00:00:44,280 --> 00:00:46,960 Speaker 4: stock skinning three quarters of one percent as oil prices rise, 14 00:00:47,159 --> 00:00:49,800 Speaker 4: Tech and communication services also finishing in the green. 15 00:00:49,840 --> 00:00:51,680 Speaker 3: All right, guys, as we wait earning some of the 16 00:00:51,720 --> 00:00:55,640 Speaker 3: individual gainers. Of course, Google Alphabet up at its highs 17 00:00:55,680 --> 00:00:58,080 Speaker 3: four percent, finishing the day with about a one percent gain. 18 00:00:58,600 --> 00:01:02,080 Speaker 3: As we know the key point Apple Alphabet. Excuse me 19 00:01:02,320 --> 00:01:05,840 Speaker 3: talking about AI demand, I'm going to toss it over 20 00:01:05,840 --> 00:01:07,440 Speaker 3: to you remain because we got an Intel cross. 21 00:01:07,240 --> 00:01:09,560 Speaker 1: Until earning is crossing the wire right now. The company 22 00:01:09,560 --> 00:01:11,480 Speaker 1: says that for the second quarter, it did see a 23 00:01:11,520 --> 00:01:14,920 Speaker 1: significant contraction in its gross margins down to twenty nine 24 00:01:14,959 --> 00:01:18,080 Speaker 1: point seven. The street was looking for thirty six point six. 25 00:01:18,319 --> 00:01:20,479 Speaker 1: The company also saying that for the second quarter, it's 26 00:01:20,480 --> 00:01:23,800 Speaker 1: reporting revenue that did beat estimates twelve point eight six billion. 27 00:01:23,800 --> 00:01:27,000 Speaker 1: The street was looking for roughly about eleven point eight. 28 00:01:27,600 --> 00:01:29,920 Speaker 1: And I believe the bottom line, the adjusted loss per 29 00:01:29,920 --> 00:01:32,559 Speaker 1: share for the second quarter ten cents is share that's 30 00:01:32,720 --> 00:01:35,520 Speaker 1: wider than what the street was looking for. Here's your 31 00:01:35,520 --> 00:01:38,480 Speaker 1: guidance going forward for the third quarter revenue. Here's the 32 00:01:38,600 --> 00:01:41,560 Speaker 1: range twelve point seven twelve point six excuse me, to 33 00:01:41,640 --> 00:01:44,319 Speaker 1: thirteen point six billion dollars. The street was looking for 34 00:01:44,319 --> 00:01:46,640 Speaker 1: twelve point sixty four. So basically the bottom end of 35 00:01:46,640 --> 00:01:49,360 Speaker 1: the range is relatively in line with what the street 36 00:01:49,440 --> 00:01:52,160 Speaker 1: was looking for on average. The company says that it 37 00:01:52,200 --> 00:01:55,600 Speaker 1: does pribing to proceed with job reductions, reductions that should 38 00:01:55,640 --> 00:01:59,840 Speaker 1: account to about fifteen percent of its total workforce. The 39 00:02:00,040 --> 00:02:02,800 Speaker 1: company also saying that it says that some demand that 40 00:02:02,880 --> 00:02:05,720 Speaker 1: it has been seen as of late, guys is quote 41 00:02:06,160 --> 00:02:08,960 Speaker 1: a buy ahead, meaning maybe a bit of a pull 42 00:02:09,000 --> 00:02:10,359 Speaker 1: forward in some of that demand. 43 00:02:10,520 --> 00:02:12,679 Speaker 4: So just looking at the press release, what's notable here 44 00:02:12,720 --> 00:02:14,600 Speaker 4: is after the quotes where we got some of those 45 00:02:14,680 --> 00:02:17,560 Speaker 4: highlights that you mentioned, remain is the first subhead is 46 00:02:17,600 --> 00:02:20,320 Speaker 4: progress on driving greater Efficiency and Execution. I do you 47 00:02:20,320 --> 00:02:22,320 Speaker 4: think that gives you a sense of the theme here 48 00:02:22,480 --> 00:02:24,560 Speaker 4: that Intel's working with, right They need to prove that 49 00:02:24,600 --> 00:02:27,000 Speaker 4: they're making progress. The CEEO in particular, it is making 50 00:02:27,080 --> 00:02:30,080 Speaker 4: progress with cutting costs and streamlining things to get this 51 00:02:30,200 --> 00:02:32,680 Speaker 4: company in a position to be able to benefit from 52 00:02:32,720 --> 00:02:33,200 Speaker 4: an upswing. 53 00:02:33,320 --> 00:02:36,280 Speaker 1: They mentioned about one point nine billion dollars infrastructuring charge. 54 00:02:36,320 --> 00:02:38,800 Speaker 1: It's also kind of interesting to hear that foundry business, 55 00:02:38,800 --> 00:02:41,680 Speaker 1: the real foundry business that everybody's concerned about. A slight 56 00:02:41,720 --> 00:02:44,360 Speaker 1: beat on revenue, guys a four point four to two 57 00:02:44,400 --> 00:02:46,600 Speaker 1: billion street was looking for four point three nine. 58 00:02:46,639 --> 00:02:48,480 Speaker 5: On the cap X side of things, the company said 59 00:02:48,480 --> 00:02:52,120 Speaker 5: it's ending planned projects in Germany and Poland, also saying 60 00:02:52,160 --> 00:02:56,800 Speaker 5: that it's slowing progress when it comes to Ohio. So 61 00:02:56,840 --> 00:02:58,400 Speaker 5: that's one thing to keep it eye on too. 62 00:02:58,440 --> 00:02:59,920 Speaker 6: For saying yeah, yeah, I mean. 63 00:03:00,240 --> 00:03:02,360 Speaker 3: Going a little bit more deeper into the press release, 64 00:03:02,560 --> 00:03:06,840 Speaker 3: Li Bhutan, the CEO of Intel, talking about laser focused 65 00:03:06,919 --> 00:03:10,359 Speaker 3: on strengthening their core product portfolio and our AI roadmap 66 00:03:10,760 --> 00:03:13,120 Speaker 3: to better serve customers, also taking the actions needed to 67 00:03:13,120 --> 00:03:16,280 Speaker 3: build more financially disciplined foundry, and again just going back 68 00:03:16,320 --> 00:03:19,360 Speaker 3: to what our kujoh And Sabani said of Bloomberg Intelligence, 69 00:03:19,440 --> 00:03:23,800 Speaker 3: so important he said to Intel's future outlook is what 70 00:03:23,840 --> 00:03:25,680 Speaker 3: they do at the foundry and growing that business. 71 00:03:25,800 --> 00:03:26,840 Speaker 6: Yeah, and it's kind interesting too. 72 00:03:26,880 --> 00:03:28,360 Speaker 1: I mean, I'm just kind of going through this, and 73 00:03:28,360 --> 00:03:30,079 Speaker 1: it looks like some of the upside that we saw 74 00:03:30,120 --> 00:03:32,280 Speaker 1: in the most recent quarter was from a little bit 75 00:03:32,280 --> 00:03:34,800 Speaker 1: of a rebound in those PC sales. We should point 76 00:03:34,800 --> 00:03:37,720 Speaker 1: out the data center business did beat slightly three point 77 00:03:37,800 --> 00:03:40,200 Speaker 1: nine to four billion dollars, as did client computing at 78 00:03:40,240 --> 00:03:43,560 Speaker 1: about seven point eight seven, but Intel products revenue overall 79 00:03:43,720 --> 00:03:45,920 Speaker 1: came in at about eleven point eight So you definitely, 80 00:03:45,960 --> 00:03:47,920 Speaker 1: and that's been the concern, right this idea that as 81 00:03:47,920 --> 00:03:50,200 Speaker 1: they try to transition more to AI and more to 82 00:03:50,240 --> 00:03:52,160 Speaker 1: these other services, how do they do that with a 83 00:03:52,240 --> 00:03:54,440 Speaker 1: legacy PC business that we know had been in decline. 84 00:03:54,440 --> 00:03:57,080 Speaker 1: But at least for right now, that legacy PC business 85 00:03:57,080 --> 00:03:57,800 Speaker 1: still holding up. 86 00:03:57,800 --> 00:03:58,320 Speaker 4: So maybe that. 87 00:03:58,280 --> 00:04:01,400 Speaker 1: Provides a bit of a bridge for Tom and I'm so. 88 00:04:01,360 --> 00:04:03,600 Speaker 4: Glad you point out the legacy business versus a part 89 00:04:03,600 --> 00:04:05,240 Speaker 4: of the business that they want to highlight the data 90 00:04:05,240 --> 00:04:08,600 Speaker 4: center and AI revenue. Because gross margin for the second quarter, 91 00:04:08,680 --> 00:04:11,680 Speaker 4: the adjusted gross margin was the low thirty percent twenty 92 00:04:11,720 --> 00:04:14,040 Speaker 4: nine point seven percent. Analysts we're looking for a thirty 93 00:04:14,080 --> 00:04:16,320 Speaker 4: six point six percent, so that's a big miss there, 94 00:04:16,480 --> 00:04:17,680 Speaker 4: especially on profitability. 95 00:04:18,279 --> 00:04:20,599 Speaker 5: All right, Well, shares Intel right now hired by about 96 00:04:20,600 --> 00:04:23,960 Speaker 5: three point one percent. Starting to get some numbers out 97 00:04:23,960 --> 00:04:27,320 Speaker 5: of Anumont right now. The company's second quarter sales came 98 00:04:27,320 --> 00:04:30,960 Speaker 5: in above estimates at five point three two billion dollars 99 00:04:31,040 --> 00:04:34,800 Speaker 5: estimates for four point nine billion dollars. Newmont second quarter 100 00:04:34,839 --> 00:04:38,360 Speaker 5: attributable gold production coming in at one point four eight 101 00:04:38,839 --> 00:04:41,520 Speaker 5: million ounces. The estimate was for one point three nine 102 00:04:41,600 --> 00:04:44,320 Speaker 5: a million. Shares in the after hours right now hired 103 00:04:44,320 --> 00:04:45,760 Speaker 5: by about one point three percent. 104 00:04:45,800 --> 00:04:47,520 Speaker 3: All right, I want to go back to Intel because 105 00:04:47,560 --> 00:04:50,400 Speaker 3: we are seeing the stock continuing to trend hire. I'm 106 00:04:50,440 --> 00:04:52,440 Speaker 3: looking at our Ian King out with his write through. 107 00:04:52,520 --> 00:04:55,599 Speaker 3: Right now, Intel shares are up six percent, so Street 108 00:04:55,680 --> 00:04:58,320 Speaker 3: certainly feeling like maybe Intel's starting to deliver on some 109 00:04:58,400 --> 00:05:01,200 Speaker 3: of the changes that it's been making. In ian r 110 00:05:01,279 --> 00:05:04,320 Speaker 3: Ian King reporting that it gave us stronger than it 111 00:05:04,360 --> 00:05:07,679 Speaker 3: anticipated revenue forecast for the current period, third quarter sales 112 00:05:07,720 --> 00:05:10,400 Speaker 3: expected to be twelve point six billion to thirteen point 113 00:05:10,480 --> 00:05:13,279 Speaker 3: six and just talking about as you pointed out, Remain 114 00:05:13,560 --> 00:05:14,800 Speaker 3: company benefiting from. 115 00:05:14,640 --> 00:05:16,400 Speaker 6: That resurgence in the PC industry. 116 00:05:16,640 --> 00:05:19,680 Speaker 3: Still some challenges, including loss market share and a struggle 117 00:05:19,680 --> 00:05:21,840 Speaker 3: to attract customers to its foundry business. 118 00:05:22,120 --> 00:05:23,960 Speaker 6: Again, so important to the company's future. 119 00:05:24,000 --> 00:05:26,000 Speaker 1: All right, we're going to continue on Intel. We just 120 00:05:26,000 --> 00:05:27,920 Speaker 1: want to give you an update here on Deckers. Those 121 00:05:27,960 --> 00:05:30,520 Speaker 1: earnings crossing the wire, the shares up ten percent in 122 00:05:30,560 --> 00:05:33,599 Speaker 1: the after hours trade. A seventeen percent jump in net 123 00:05:33,600 --> 00:05:35,960 Speaker 1: revenue in the most recent quarter to nine hundred and 124 00:05:36,040 --> 00:05:39,000 Speaker 1: sixty four and a half million dollars. That is a 125 00:05:39,040 --> 00:05:41,880 Speaker 1: beat on the top line, number on the bottom line, 126 00:05:41,880 --> 00:05:43,840 Speaker 1: EPs coming in at ninety three cents of share. I 127 00:05:43,880 --> 00:05:46,560 Speaker 1: don't really have a comparison for you to analyst estimates, 128 00:05:46,560 --> 00:05:49,240 Speaker 1: but you see the share reaction. They're pretty healthy revenue 129 00:05:49,279 --> 00:05:51,440 Speaker 1: growth in the most recent quarter, and for some investors, 130 00:05:51,560 --> 00:05:52,479 Speaker 1: I guess that's good enough. 131 00:05:52,600 --> 00:05:52,800 Speaker 2: Yeah. 132 00:05:52,800 --> 00:05:55,400 Speaker 4: I'm looking at the breakdown here of the brands. Remain's 133 00:05:55,440 --> 00:05:59,240 Speaker 4: favorite brands, Hoka, those net sales increased almost twenty percent, 134 00:06:00,320 --> 00:06:05,080 Speaker 4: increased almost nineteen percent. However, the other brands decrease nineteen percent. 135 00:06:05,120 --> 00:06:07,000 Speaker 4: So it's very much a tale of different brands here 136 00:06:07,040 --> 00:06:07,600 Speaker 4: at Decker's. 137 00:06:07,839 --> 00:06:10,080 Speaker 1: Yeah, thing about that is yeah, I'll go ahead. 138 00:06:10,120 --> 00:06:11,560 Speaker 5: Oh, I was just going to say, I mean, it's 139 00:06:11,680 --> 00:06:14,560 Speaker 5: it's clear that Oka, Hoka, and ugg are powering. Yeah, 140 00:06:14,680 --> 00:06:16,680 Speaker 5: this company. I mean the other brands to have an 141 00:06:16,720 --> 00:06:19,840 Speaker 5: included down nineteen percent. Hoka bringing in six hundred and 142 00:06:19,839 --> 00:06:21,960 Speaker 5: fifty three point one million in revenue, I'll bring it 143 00:06:22,000 --> 00:06:24,279 Speaker 5: in two hundred and sixty five point one million in revenue. 144 00:06:24,279 --> 00:06:25,279 Speaker 5: Which of those two is your favorite? 145 00:06:26,240 --> 00:06:26,520 Speaker 2: Neither? 146 00:06:26,680 --> 00:06:27,240 Speaker 3: And you know that? 147 00:06:27,480 --> 00:06:29,240 Speaker 1: And I assume that you know the Hokah thing was 148 00:06:29,279 --> 00:06:32,400 Speaker 1: up because I felt, and the Uggs revenue was up 149 00:06:32,400 --> 00:06:35,279 Speaker 1: because of a scarlet fus closet. But also, did you 150 00:06:35,440 --> 00:06:38,480 Speaker 1: I was looking at the geographic breakdown forty nine percent, 151 00:06:38,600 --> 00:06:43,000 Speaker 1: fifty percent jump in international net sales compared to a 152 00:06:43,080 --> 00:06:45,839 Speaker 1: three percent jump in domestic net sales. 153 00:06:45,880 --> 00:06:48,600 Speaker 6: There's that week dollar it work. Yeah, all right, I'm 154 00:06:48,640 --> 00:06:49,520 Speaker 6: going to go back to Intel. 155 00:06:49,640 --> 00:06:51,640 Speaker 3: Okay, you guys continue talking about to I'm just like 156 00:06:51,680 --> 00:06:55,159 Speaker 3: an Eddian's story in King's just in terms of what 157 00:06:55,320 --> 00:06:58,680 Speaker 3: we're thinking about in terms of employees that are going 158 00:06:58,760 --> 00:07:00,839 Speaker 3: to be there, like forgive me. 159 00:07:00,839 --> 00:07:01,479 Speaker 6: A lost of place. 160 00:07:01,640 --> 00:07:04,279 Speaker 3: Layoffs will reduce staff by about fifteen percent, and the 161 00:07:04,320 --> 00:07:07,800 Speaker 3: company does expect further cuts through attrition and the splitting 162 00:07:08,120 --> 00:07:09,400 Speaker 3: off of business units. 163 00:07:09,440 --> 00:07:11,320 Speaker 6: Is came from the CFO. 164 00:07:11,160 --> 00:07:13,840 Speaker 3: David Sisner in an interview with Ian and so they're 165 00:07:13,880 --> 00:07:16,400 Speaker 3: looking to end the year with about seventy five thousand employees. 166 00:07:16,440 --> 00:07:19,000 Speaker 3: That's down more than twenty percent from the end of 167 00:07:19,040 --> 00:07:21,120 Speaker 3: the June quarter. And keep in mind that Bloomberg News 168 00:07:21,160 --> 00:07:23,360 Speaker 3: has been reporting this out that they were looking to 169 00:07:23,400 --> 00:07:25,760 Speaker 3: cut their workforce by roughly that amount, so it looks 170 00:07:25,760 --> 00:07:27,480 Speaker 3: like they are delivering on what they had said. 171 00:07:27,560 --> 00:07:31,000 Speaker 4: Intel also as that it sees restructuring substantially complete by 172 00:07:31,000 --> 00:07:33,200 Speaker 4: the fourth quarter of twenty twenty five. So we might 173 00:07:33,200 --> 00:07:36,440 Speaker 4: get another couple of kitchens and quarters here, but by 174 00:07:36,880 --> 00:07:39,480 Speaker 4: what third quarter of twenty twenty excuse me, first quarter 175 00:07:39,480 --> 00:07:41,640 Speaker 4: of twenty twenty six, when the earning start coming out, 176 00:07:41,640 --> 00:07:43,480 Speaker 4: that's when we'll start to see evidence of improvement. 177 00:07:44,400 --> 00:07:48,400 Speaker 2: This stock mover's report from Bloomberg Radio. Check back with 178 00:07:48,520 --> 00:07:51,080 Speaker 2: us throughout the day for the latest roundup of companies 179 00:07:51,160 --> 00:07:54,240 Speaker 2: making news on Wall Street and for the latest market 180 00:07:54,280 --> 00:07:58,760 Speaker 2: moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, 181 00:07:58,840 --> 00:08:02,160 Speaker 2: Bloomberg dot com. End on Apple CarPlay and Android Auto 182 00:08:02,240 --> 00:08:03,840 Speaker 2: with the Bloomberg Business App.