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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Prisner. We begin in Washington, where President Trump signed

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Speaker 1: an executive order to largely dismantle the Education Department. Secretary

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Speaker 1: Linda McMahon has been directed to take all necessary steps

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Speaker 1: to facilitate its closure. The aim is to transfer functions

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Speaker 1: to states and other federal agencies. Here's McMahon speaking earlier

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Speaker 1: on Fox News.

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Speaker 2: But clearly he wanted to state and let Congress know

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Speaker 2: that he intends to work with them. I want Congress

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Speaker 2: to be a partner in this, and I believe they

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Speaker 2: will be because both sides of the aisle know that

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Speaker 2: what is happening to education in our country cannot be

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Speaker 2: allowed to stand because we are failing our students.

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Speaker 1: That was Secretary of Education Linda McMahon speaking earlier on

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Speaker 1: Fox News. This plan now faces potential clashes with both

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Speaker 1: labor unions and lawmakers. This would potentially include Cole. The

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Speaker 1: aim is to make the US less reliant on foreign imports.

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Speaker 1: The executive order does tap the Defence Production Act to

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Speaker 1: provide financing, loans and other investment. Separately, Trump said the

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Speaker 1: US will be signing a deal very shortly on rare

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Speaker 1: earth minerals with Ukraine.

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Speaker 3: We're also signing agreements in various locations to unlock rare

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Speaker 3: earths and minerals and lots of other things all over

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Speaker 3: the world, but in particular Ukraine. We're doing very well

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Speaker 3: with regard to Ukraine and Russia. And one of the

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Speaker 3: things we are doing is signing a deal very shortly

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Speaker 3: with respect to rare earths with Ukraine, which they have

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Speaker 3: a tremendous value in rare earth.

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Speaker 1: And we appreciate that President Trump speaking there. The Pentagon

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Speaker 1: is reportedly scheduled on Friday to brief Elon Musk on

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Speaker 1: the US military's plan for any war that might break

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Speaker 1: out with China. The New York Times says the meeting

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Speaker 1: reflects the extraordinary dual role played by Musk, both the

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Speaker 1: world's wealthiest man and someone given broad authority by President Trump.

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Speaker 1: Now we know that Musk is the chief executive of SpaceX,

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Speaker 1: a leading supplier to the Pentagon, and Tesla, a company

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Speaker 1: with operations in China. A federal judge has temporarily blocked

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Speaker 1: the government's Efficiency team from accessing the personal information of

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Speaker 1: Americans in the Social Security Administration system. Now, this decision

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Speaker 1: could delay payments to millions of beneficiaries. The restraining order

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Speaker 1: will apply for fourteen days while the judge weighs whether

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Speaker 1: to grant a longer term injunction and prohibit officials at

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Speaker 1: the Social Security Administration from giving Elon Musk and others

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Speaker 1: affiliated with DOJE access to the agency system. In Israel,

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Speaker 1: Prime Minister Benjamin at Niahu's request to fire the head

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Speaker 1: of the country's domestic intelligence agency has been approved by

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Speaker 1: the cabinet. The decision to sak Ronenbard deepens a power

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Speaker 1: struggle focused largely on who bears the responsibility for the

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Speaker 1: Hamas attack. On October seventh, the decision was made despite

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Speaker 1: thousands of protests rallying against bars removal. We moved to

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Speaker 1: earnings news next after the bell, Nike reported results above

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Speaker 1: analyst expectations. Yes, revenue was down nine percent to eleven

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Speaker 1: point three billion dollars. However, that was better than the

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Speaker 1: eleven percent drop Wall Street had predicted. We got reaction

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Speaker 1: from Bloomberg analyst Punam Goyeut.

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Speaker 4: What also stood out was a gross margin. It was

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Speaker 4: a little better, and that's also a good sign. But

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Speaker 4: you know what we're really watching for is that the

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Speaker 4: inventory number here right, because that is the reason why

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Speaker 4: sales are down so much, because they have to get

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Speaker 4: rid of all this inventory and they're discounting it. So

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Speaker 4: we still need to see that improve and it means

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Speaker 4: that four Q their fiscal four Q could still be choppy,

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Speaker 4: but they are moving in the right direction.

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Speaker 1: That is Punam Goye out for Bloomberg Intelligence. Then the

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Speaker 1: trouble came later in a call with analyst when Nike

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Speaker 1: forecast digital traffic would be down double digits in fiscal

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Speaker 1: twenty twenty six. The stock right now is off more

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Speaker 1: than four percent in late US trading, all so heart

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Speaker 1: after the belt from FedEx, the company lowered its full

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Speaker 1: year profit outlook for a third consecutive quarter. The company's

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Speaker 1: bottom line is being squeezed by mounting economic uncertainty and

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Speaker 1: sputtering demand. We got reaction to the news on FedEx

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Speaker 1: from Leek Classcow at Bloomberg Intelligence.

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Speaker 5: The demand picture is probably not as good as we

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Speaker 5: thought it might have been three months ago. You know,

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Speaker 5: when when you know President Trump was elected, and you know,

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Speaker 5: people thought the animal spirits will be released, and you know,

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Speaker 5: we'd have a less regulation, kind of lower tax environment,

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Speaker 5: which is obviously better for business. But fast forward today,

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Speaker 5: you know companies are reeling in their cap X because

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Speaker 5: they just don't know what the future holds.

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Speaker 1: That is Bloomberg's leak. Classcow shares and FedEx were down

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Speaker 1: more than five percent in late US trading. And that

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Speaker 1: is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Krisner, and this is Bloomberg