1 00:00:03,360 --> 00:00:06,760 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,800 --> 00:00:09,840 Speaker 1: dot com, SO Radio plus Blobile and on your radio. 3 00:00:10,119 --> 00:00:14,560 Speaker 1: This is a Bloomberg Business Block from Bloomberg World Headquarters. 4 00:00:14,640 --> 00:00:19,120 Speaker 1: I'm Charlie, tell Cadal the SMPNZDAC all climbing today, best 5 00:00:19,280 --> 00:00:21,480 Speaker 1: level of the day at the close, they are a 6 00:00:21,600 --> 00:00:24,240 Speaker 1: surge right into the final few minutes of trading. Folks 7 00:00:24,239 --> 00:00:27,560 Speaker 1: from Southwest Airlines ringing that closing bell and we are 8 00:00:27,600 --> 00:00:30,320 Speaker 1: brought to you by Brooks Brothers Big Event. Their semi 9 00:00:30,360 --> 00:00:33,600 Speaker 1: annual sale is going on now through June twenty. Shop 10 00:00:33,600 --> 00:00:38,240 Speaker 1: early for the best selection. Visit Brooks Brothers dot com 11 00:00:38,280 --> 00:00:41,440 Speaker 1: to shop the entire collection or to find the location 12 00:00:41,680 --> 00:00:46,240 Speaker 1: closest to you. SMP five hundred index having its strongest 13 00:00:46,360 --> 00:00:49,600 Speaker 1: gain in a month of one point three percent today, 14 00:00:49,920 --> 00:00:53,640 Speaker 1: picking up twenty seven points to twenty one thirteen. The 15 00:00:53,760 --> 00:00:57,840 Speaker 1: nastac Compositive indecks up seventy six points to a gain 16 00:00:57,880 --> 00:01:02,080 Speaker 1: there of one point six percent. Down Industrials eighteen thousand 17 00:01:02,200 --> 00:01:05,080 Speaker 1: eight is where the down stands on this Thursday, up 18 00:01:05,120 --> 00:01:08,119 Speaker 1: two hundred twenty eight points, an advanced there of one 19 00:01:08,160 --> 00:01:11,960 Speaker 1: point three percent. Tenure down sixteen thirty seconds yield one 20 00:01:12,000 --> 00:01:15,399 Speaker 1: point seven four percent, goal down eleven three oh the 21 00:01:15,440 --> 00:01:18,760 Speaker 1: ounce the drop of nine tenths of one percent, and 22 00:01:18,800 --> 00:01:22,920 Speaker 1: crude oil up barrel fifty o eight again of one 23 00:01:22,959 --> 00:01:26,640 Speaker 1: point nine percent. The US May Index of leading indicators 24 00:01:26,640 --> 00:01:29,560 Speaker 1: fell two tenths of one percent. Ken Goldstein is an 25 00:01:29,560 --> 00:01:32,360 Speaker 1: economist at the conference Board. He was our guest today 26 00:01:32,480 --> 00:01:34,760 Speaker 1: right here on taking stock. What we see is what 27 00:01:34,840 --> 00:01:37,240 Speaker 1: we saw last month, in the month before, and very 28 00:01:37,319 --> 00:01:40,000 Speaker 1: likely next month in the month after that. And that 29 00:01:40,120 --> 00:01:43,360 Speaker 1: is an economy. It's not losing steam, is not picking 30 00:01:43,400 --> 00:01:46,360 Speaker 1: up steam. So we just continue to muddle along. That's 31 00:01:46,360 --> 00:01:49,120 Speaker 1: what the coincident Economic Index, the number that tells us 32 00:01:49,120 --> 00:01:51,520 Speaker 1: we'll be all right now. That's what it's telling us, 33 00:01:51,520 --> 00:01:53,800 Speaker 1: and the lead is telling us if you look not 34 00:01:53,920 --> 00:01:56,480 Speaker 1: just at the last month, the last few months, this 35 00:01:56,560 --> 00:01:59,000 Speaker 1: is just continuing to be a muddle through this summer. 36 00:01:59,160 --> 00:02:01,880 Speaker 1: Well shares of to Willio, the maker of mobile and 37 00:02:01,960 --> 00:02:05,720 Speaker 1: web applications backed by Bessima Venture Partners, doing anything but 38 00:02:05,920 --> 00:02:09,400 Speaker 1: muddling through Today it shares surging first day of trading 39 00:02:09,440 --> 00:02:13,079 Speaker 1: up ninety one point nine percent and now four o 40 00:02:13,200 --> 00:02:15,440 Speaker 1: two on Wall Street. Let's take a look at other 41 00:02:15,480 --> 00:02:20,680 Speaker 1: news from around the world right here on Bloomberg Radio. Charlie, 42 00:02:20,720 --> 00:02:23,200 Speaker 1: Thank you from the Bloomberg news Room by Mark Crumpton. 43 00:02:23,600 --> 00:02:27,320 Speaker 1: The U s. Supreme Court today block President Obama's signature 44 00:02:27,400 --> 00:02:30,919 Speaker 1: executive action on immigration at a four or four tie. 45 00:02:31,200 --> 00:02:34,200 Speaker 1: The Justice is upheld a lower court decision that the 46 00:02:34,240 --> 00:02:39,200 Speaker 1: action was unconstitutional. Karen Tumblin is with the National Immigration Center. 47 00:02:39,320 --> 00:02:43,119 Speaker 1: We're deeply disappointed in the result, which is justice by default, 48 00:02:43,680 --> 00:02:47,280 Speaker 1: not true justice or grappling with the tough legal issues, 49 00:02:47,720 --> 00:02:49,919 Speaker 1: and we're calling on the United States Department of Justice 50 00:02:50,000 --> 00:02:53,480 Speaker 1: to seek rehearing. In this case, the immigration action would 51 00:02:53,480 --> 00:02:58,320 Speaker 1: have deferred the deportation of millions of undocumented immigrants. Where 52 00:02:58,320 --> 00:03:01,400 Speaker 1: do we go from here? That the question Bernie Sanders 53 00:03:01,400 --> 00:03:04,240 Speaker 1: says he'll focus on during his press conference in New 54 00:03:04,320 --> 00:03:08,760 Speaker 1: York City today. Sanders acknowledged yesterday that he realizes he's 55 00:03:08,840 --> 00:03:12,959 Speaker 1: not going to be the Democratic presidential nominee. British citizens 56 00:03:12,960 --> 00:03:15,880 Speaker 1: are voting today in a referendum on the country's membership 57 00:03:15,919 --> 00:03:19,560 Speaker 1: in the European Union. UK law prevents us from reporting 58 00:03:19,560 --> 00:03:23,640 Speaker 1: on voting or discussion and analysis of referendum issues while 59 00:03:23,680 --> 00:03:26,720 Speaker 1: the polls are open, but will be following the results 60 00:03:26,760 --> 00:03:30,040 Speaker 1: as they come in. Special coverage begins at five pm 61 00:03:30,080 --> 00:03:34,040 Speaker 1: Wall Street Time here on Bloomberg Radio. Residents across the 62 00:03:34,040 --> 00:03:38,800 Speaker 1: Midwest are cleaning up following severe thunderstorms last night. This 63 00:03:38,840 --> 00:03:42,120 Speaker 1: man was in Pontiac, Illinois when a twister rolled through. 64 00:03:42,440 --> 00:03:45,480 Speaker 1: Got heard the alarms and everything, and everybody was up 65 00:03:45,520 --> 00:03:49,480 Speaker 1: and like a black snake, And thirty seconds later is 66 00:03:49,520 --> 00:03:53,200 Speaker 1: all over. At least four tornadoes ripped through the region. 67 00:03:53,720 --> 00:03:56,640 Speaker 1: Global News twenty four hours a day, powered by more 68 00:03:56,640 --> 00:04:01,400 Speaker 1: than twenty hundred journalists and analysts in more than one countries. 69 00:04:01,720 --> 00:04:06,600 Speaker 1: I'm more Crumpton. This is Bloomberg, Charlie, and we thank you, 70 00:04:06,640 --> 00:04:10,200 Speaker 1: and again recapping stock surging with the SMP five hundred 71 00:04:10,240 --> 00:04:14,680 Speaker 1: index rallying twenty seven points to thirteen, up one point 72 00:04:14,720 --> 00:04:18,000 Speaker 1: three percent. Down in dust reels also climbing one point 73 00:04:18,040 --> 00:04:21,120 Speaker 1: three percent up two d thirty points. Nan stack up 74 00:04:21,120 --> 00:04:25,040 Speaker 1: today by one point six percent. I'm Charlie Pellett, and 75 00:04:25,120 --> 00:04:29,640 Speaker 1: that's a Bloomberg Business flash. Move around motion creates some motion. 76 00:04:31,560 --> 00:04:35,600 Speaker 1: Move you move like they do. I've never seen anyone 77 00:04:35,680 --> 00:04:41,520 Speaker 1: move that back five vehic let's move like to get 78 00:04:41,560 --> 00:04:49,520 Speaker 1: a purpose is called movers and shakers. It costs a 79 00:04:49,560 --> 00:04:58,400 Speaker 1: little more about that name. Cracked me up. Bloomberg taking 80 00:04:58,440 --> 00:05:02,479 Speaker 1: stock movers and Shakers with bim box and Dad Lina's 81 00:05:02,800 --> 00:05:06,440 Speaker 1: on Bloomberg Radio Movers and Shakers for Thursday June the 82 00:05:06,480 --> 00:05:11,000 Speaker 1: twenty three six, four hundred and sixty six issues in 83 00:05:11,040 --> 00:05:15,000 Speaker 1: the SMP five hundred move higher, thirty seven decline and 84 00:05:15,200 --> 00:05:18,800 Speaker 1: to remain unchanged. Here to date, the SMP fire is 85 00:05:18,880 --> 00:05:22,920 Speaker 1: up three point two per cent. Dave Wilson, Bloomberg Stocks commist, 86 00:05:23,200 --> 00:05:26,400 Speaker 1: joining us now to begin our movers and shakers. Dave 87 00:05:26,720 --> 00:05:29,520 Speaker 1: best performer on the day in the standpoors five hundred, 88 00:05:29,520 --> 00:05:33,279 Speaker 1: and it wasn't even close. Micron Technology, the maker of 89 00:05:33,400 --> 00:05:36,520 Speaker 1: memory chips. He had a couple of analysts raising their 90 00:05:36,640 --> 00:05:40,279 Speaker 1: ratings on the stock. The more dramatic of the two, 91 00:05:40,360 --> 00:05:44,440 Speaker 1: you might say, occurred at NOMA, which raised Micron to 92 00:05:44,640 --> 00:05:49,360 Speaker 1: buy from the equivalent of cell. They're talking about shortages 93 00:05:49,400 --> 00:05:54,000 Speaker 1: of the chips, higher prices. Micron also lifted to buy 94 00:05:54,040 --> 00:05:57,200 Speaker 1: from the equivalent of whole. That's susquehanna. Now you put 95 00:05:57,240 --> 00:05:59,960 Speaker 1: those two calls together, you end up with a style 96 00:06:00,200 --> 00:06:03,719 Speaker 1: in Micron Technology that rose ten a half percent in 97 00:06:03,760 --> 00:06:06,719 Speaker 1: today's training. Well, have you guys ever noticed how I 98 00:06:06,839 --> 00:06:10,640 Speaker 1: love to look at retailers. Well, I'm looking at Macy's today. 99 00:06:10,720 --> 00:06:13,839 Speaker 1: The stock is up about one and three quarters percent, 100 00:06:13,960 --> 00:06:16,800 Speaker 1: thirty three dollars and change. They've picked a career insider 101 00:06:16,839 --> 00:06:20,880 Speaker 1: to be their next chief executive officer. They are betting, maybe, hoping, 102 00:06:20,920 --> 00:06:23,440 Speaker 1: and praying that a manager with a background and merchandise 103 00:06:23,520 --> 00:06:27,240 Speaker 1: can figure out a way finally to reinvent the venerated, 104 00:06:27,360 --> 00:06:32,960 Speaker 1: struggling though department store change. This man is Jeff Gannette. 105 00:06:33,360 --> 00:06:35,880 Speaker 1: He is a thirty three year company veterom. He's going 106 00:06:35,920 --> 00:06:38,359 Speaker 1: to take over the top post from Terry Londgren in 107 00:06:38,400 --> 00:06:42,680 Speaker 1: the first quarter of twenty seventeen. Mr London, turning sixty five, 108 00:06:42,839 --> 00:06:46,560 Speaker 1: will remain executive chairman after fourteen years at the Helm, 109 00:06:46,600 --> 00:06:50,479 Speaker 1: and we'll see if the new guy can do what 110 00:06:51,000 --> 00:06:52,520 Speaker 1: the old guys been trying to do for a while. 111 00:06:53,000 --> 00:06:56,480 Speaker 1: I'm going to talk about airlines. Southwest Airlines down one 112 00:06:56,600 --> 00:06:59,279 Speaker 1: and a half percent today. This comes after the company 113 00:06:59,320 --> 00:07:05,000 Speaker 1: announces delay in its new seven three seven Max jetliners 114 00:07:05,040 --> 00:07:08,000 Speaker 1: from Boeing. They were going to take delivery of sixties 115 00:07:08,000 --> 00:07:11,400 Speaker 1: seven of them. They have postponed that delivery and the 116 00:07:11,560 --> 00:07:18,160 Speaker 1: airline Southwest chief financial officer cited a soft and environment. Indeed, 117 00:07:18,200 --> 00:07:22,440 Speaker 1: they spoke of a challenging environment, and they said that 118 00:07:22,920 --> 00:07:27,720 Speaker 1: they are delaying the the purchase. I beg your pardon 119 00:07:27,760 --> 00:07:31,280 Speaker 1: delaying the delivery. They've already got the purchase, delaying the 120 00:07:31,320 --> 00:07:35,720 Speaker 1: delivery of those sixty seven Boeing seven three seven Max jetliners. 121 00:07:35,760 --> 00:07:38,120 Speaker 1: Southwest Air down one and a half percent. We'll talk 122 00:07:38,160 --> 00:07:40,560 Speaker 1: about fertilizer. You know, you basically have a couple of 123 00:07:40,560 --> 00:07:44,680 Speaker 1: big companies here in North America and they're competing with 124 00:07:44,880 --> 00:07:50,360 Speaker 1: companies state run in Russia and Belarus. Well, we got 125 00:07:50,400 --> 00:07:55,120 Speaker 1: some news out of those Eastern European countries today, Belarus 126 00:07:55,160 --> 00:07:59,440 Speaker 1: saying Russia's iroqally is ready to form a sales alliance 127 00:07:59,480 --> 00:08:02,720 Speaker 1: for pot as, one of the most widely used forms 128 00:08:02,720 --> 00:08:07,440 Speaker 1: of fertilizer. On top of that, Belarusian President Alexander Lukashenko 129 00:08:07,840 --> 00:08:12,120 Speaker 1: said his country signed a potash supply contract with India. 130 00:08:12,560 --> 00:08:16,360 Speaker 1: So positives for the industry, positives for the North American 131 00:08:16,400 --> 00:08:20,640 Speaker 1: companies that make potash. You've got Potash Corpus Saskatchewan a 132 00:08:20,840 --> 00:08:24,600 Speaker 1: five percent in US trading, and Mosaic with a gain 133 00:08:24,680 --> 00:08:27,600 Speaker 1: of four points seven percent. Wow, big day for black 134 00:08:27,840 --> 00:08:30,760 Speaker 1: Berry now. Granted, the share prices only only I should 135 00:08:30,760 --> 00:08:33,240 Speaker 1: say with quotation mark surrounded up to seven bucks at 136 00:08:33,280 --> 00:08:36,880 Speaker 1: the close, but it's a gain of three point nearly 137 00:08:36,880 --> 00:08:39,280 Speaker 1: three point nine percent. In fact, the stock was up 138 00:08:39,320 --> 00:08:41,839 Speaker 1: as much as four and a half percent today after 139 00:08:41,880 --> 00:08:45,480 Speaker 1: it forecast better than expected profit uh insisting it was 140 00:08:45,520 --> 00:08:49,200 Speaker 1: a way to make us ever shrinking phone business profitable again. 141 00:08:49,320 --> 00:08:53,000 Speaker 1: Our own John Butler, senior telecom services and equipment analyst 142 00:08:53,080 --> 00:08:56,680 Speaker 1: at Bloomberg Intelligence, was on the show earlier today, noting 143 00:08:56,679 --> 00:08:59,680 Speaker 1: that BlackBerry strategy now is to turn itself from a 144 00:08:59,720 --> 00:09:04,520 Speaker 1: hard or handset maker more and more into a software company, 145 00:09:04,400 --> 00:09:07,559 Speaker 1: h increasing software sales, but also so find a way 146 00:09:07,559 --> 00:09:11,599 Speaker 1: to bring some profitability from their shrinking smartphone division. PIM, 147 00:09:11,640 --> 00:09:14,400 Speaker 1: and I'll just tell you a little bit about Lucadia National, 148 00:09:14,480 --> 00:09:18,520 Speaker 1: of course, owner of Jeffreys Group, posting a fifty surge 149 00:09:18,520 --> 00:09:21,440 Speaker 1: in bond trading revenue. That's the biggest increase since the 150 00:09:21,480 --> 00:09:24,439 Speaker 1: third quarter, and that helped the firm recover from the 151 00:09:24,559 --> 00:09:28,240 Speaker 1: loss in the previous three months. Shares of Lucadia National 152 00:09:28,320 --> 00:09:32,880 Speaker 1: higher today by nearly five Well, it is time now 153 00:09:32,920 --> 00:09:35,559 Speaker 1: for the volatility index report, and it's brought to you 154 00:09:35,600 --> 00:09:39,760 Speaker 1: by CBOE VIX Options in Futures. Volatility can be harnessed 155 00:09:39,800 --> 00:09:42,560 Speaker 1: with cbo VIX Options in Futures c disclosures. Learn more 156 00:09:42,760 --> 00:09:46,839 Speaker 1: at cbo e dot com. Slash Powerful Outcomes, VIX Well. 157 00:09:46,880 --> 00:09:49,920 Speaker 1: The VIX closing lower today, down some nearly four points 158 00:09:49,960 --> 00:09:54,920 Speaker 1: to seventeen point four two UH. The vix UH is 159 00:09:54,960 --> 00:09:59,560 Speaker 1: reversing some recent moves we've seen lately, is still on 160 00:09:59,600 --> 00:10:01,960 Speaker 1: track the for its biggest monthly climb since a record 161 00:10:02,080 --> 00:10:07,679 Speaker 1: surge in August. All right, Dave, you're up. Hi, my 162 00:10:07,760 --> 00:10:12,559 Speaker 1: name is Dave. Just what do you think you're doing. 163 00:10:13,040 --> 00:10:20,559 Speaker 1: We're going for a pownil Dave Hey, Mr Wilson, tell 164 00:10:20,600 --> 00:10:25,320 Speaker 1: us about a company that has products in medical applications, paving, roofing, 165 00:10:25,400 --> 00:10:29,680 Speaker 1: as well as specialty gaels. We're talking about Craton performance 166 00:10:29,720 --> 00:10:32,880 Speaker 1: polymers that make all these chemicals. They were once owned 167 00:10:32,880 --> 00:10:35,440 Speaker 1: by the World That's Shell and taken public by the 168 00:10:35,440 --> 00:10:38,560 Speaker 1: private equity firm TPG in two thousand nine. Shares are 169 00:10:38,600 --> 00:10:40,960 Speaker 1: listed under the ticker k r A. It's the first 170 00:10:41,040 --> 00:10:43,480 Speaker 1: three letters of their first name. Creates on more than 171 00:10:43,520 --> 00:10:45,640 Speaker 1: triple in the first fifteen months of trading. Most of 172 00:10:45,640 --> 00:10:48,320 Speaker 1: those games were gone within months because a disappointed results. 173 00:10:48,360 --> 00:10:50,920 Speaker 1: So since then the stock has swung back and forth 174 00:10:50,920 --> 00:10:53,600 Speaker 1: in a trading range. Createtime near the high end of 175 00:10:53,600 --> 00:10:57,640 Speaker 1: the range. Today, after gating support from sun Trust Robinson Humphrey, 176 00:10:57,880 --> 00:11:00,160 Speaker 1: the only Wall Street firm with a by rate on 177 00:11:00,200 --> 00:11:04,240 Speaker 1: the stock, UH SunTrust anast Jason Fructel raised his twelve 178 00:11:04,280 --> 00:11:08,120 Speaker 1: month price estimate by thirty four percent to thirty nine dollars. 179 00:11:08,160 --> 00:11:10,079 Speaker 1: He wrote in a report that Createson is poised to 180 00:11:10,080 --> 00:11:13,640 Speaker 1: meet earnies and cost cutting goals after completing a one 181 00:11:13,679 --> 00:11:17,480 Speaker 1: point four billion dollar purchase of Arizona Chemical, which makes 182 00:11:17,800 --> 00:11:21,040 Speaker 1: pine based products. So you're talking about renewables. Uh I 183 00:11:21,040 --> 00:11:23,880 Speaker 1: should point out key Bank and mcquarie recommend holding Createson, 184 00:11:23,920 --> 00:11:27,440 Speaker 1: while UVS says sal that said buying was the order 185 00:11:27,480 --> 00:11:31,640 Speaker 1: of the day. Today, the stock rose seven point eight 186 00:11:31,679 --> 00:11:36,360 Speaker 1: percent and closed at its highest price since March twelve. 187 00:11:37,640 --> 00:11:40,679 Speaker 1: Dave Wilson, thank you so very much, our stocks editor, 188 00:11:41,480 --> 00:11:44,160 Speaker 1: and you can follow him on at the One Dave. 189 00:11:45,240 --> 00:11:47,600 Speaker 1: You can follow me at Kathleen Drew score hayes Hey, 190 00:11:47,640 --> 00:11:51,040 Speaker 1: he's at pim Fox. You can do hashtag taking stock. 191 00:11:51,080 --> 00:11:54,079 Speaker 1: This is at Bloomberg Radio had a whole lot more 192 00:11:54,160 --> 00:11:59,520 Speaker 1: coming up. The bank stress tests inaugurated on and initiated 193 00:11:59,679 --> 00:12:02,439 Speaker 1: and done today by the FED. Those results coming out 194 00:12:02,480 --> 00:12:07,240 Speaker 1: and will be analyzing them. Bloomberg taking Stock is brought 195 00:12:07,240 --> 00:12:10,320 Speaker 1: to you by kone Resnick Accounting, Tax Advisory, look Ahead, 196 00:12:10,440 --> 00:12:13,800 Speaker 1: Gain Insight, Imagine more. The professionals at cone Resnik can 197 00:12:13,800 --> 00:12:16,800 Speaker 1: help your business breakthrough. Find out more at kne Resnik 198 00:12:16,920 --> 00:12:20,200 Speaker 1: dot com