1 00:00:01,160 --> 00:00:04,400 Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg 2 00:00:04,480 --> 00:00:08,360 Speaker 1: day Break for Friday, October two. Coming up this hour, 3 00:00:08,600 --> 00:00:12,200 Speaker 1: Amazon shares plunge after becoming the latest tech giant to 4 00:00:12,240 --> 00:00:15,920 Speaker 1: post disappointed earnings. Apple a voice the tech route despite 5 00:00:15,960 --> 00:00:19,200 Speaker 1: warning of a holiday slowdown. The earning spotlight turns to 6 00:00:19,239 --> 00:00:21,840 Speaker 1: Big Oil. X On Mobile and Chevron are on tap 7 00:00:21,880 --> 00:00:25,360 Speaker 1: to report an Elon Musk officially takes over as CEO 8 00:00:25,560 --> 00:00:28,560 Speaker 1: of Twitter New York City as its first ever female 9 00:00:28,680 --> 00:00:31,280 Speaker 1: f d n Y Commissioner. West, We're learning more about 10 00:00:31,280 --> 00:00:35,120 Speaker 1: the hijack passenger bus and queens. I'm Michael Barber. More ahead, 11 00:00:35,159 --> 00:00:37,720 Speaker 1: I'm John Stage showIn sports. Then that's lost in overtime, 12 00:00:37,760 --> 00:00:40,560 Speaker 1: the Ravens beat the Bucks. The Phillies and Astros begin 13 00:00:40,640 --> 00:00:45,640 Speaker 1: the World series tonight in Houston. That's all training ahead 14 00:00:45,680 --> 00:00:49,280 Speaker 1: on Bloomberg Daybreak on Bloomberg Eliving Free on New York, 15 00:00:49,440 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one O six one, Boston, 16 00:00:54,400 --> 00:00:58,840 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen 17 00:00:59,080 --> 00:01:01,880 Speaker 1: and around the world on Bloomberg Radio Dot Car. I'm 18 00:01:02,360 --> 00:01:09,039 Speaker 1: the Bloomberg Business app. Then good Friday morning. I'm Nathan 19 00:01:09,040 --> 00:01:12,480 Speaker 1: Hagar and I'm Karen Moscow and US dock indext futures 20 00:01:12,520 --> 00:01:15,080 Speaker 1: are lower this morning. We are coming up to five 21 00:01:15,120 --> 00:01:16,919 Speaker 1: oh went on Wall Street and we checked the markets 22 00:01:16,959 --> 00:01:20,040 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP 23 00:01:20,280 --> 00:01:23,240 Speaker 1: Future is down about thirty points this morning. Down Future 24 00:01:23,280 --> 00:01:26,800 Speaker 1: is down ninety one and nastday futures down one thirty one. 25 00:01:27,120 --> 00:01:30,520 Speaker 1: We're down one point two percent. Tenure Treasury down twelve 26 00:01:30,600 --> 00:01:33,399 Speaker 1: thirty seconds. Healed three point and nine six percent. I 27 00:01:33,400 --> 00:01:37,080 Speaker 1: mean yield in the two year four point three four percent. Nathan, Well, Karen. 28 00:01:37,120 --> 00:01:39,400 Speaker 1: We begin this morning with an earnings related sell off 29 00:01:39,400 --> 00:01:41,320 Speaker 1: that is on track to wipe off more than six 30 00:01:41,400 --> 00:01:44,720 Speaker 1: hundred billion dollars in market value this week alone, and 31 00:01:44,760 --> 00:01:48,440 Speaker 1: that's just from America's five largest tech companies. The latest 32 00:01:48,440 --> 00:01:51,720 Speaker 1: culprit is Amazon. Those shares are down thirteen and two 33 00:01:51,760 --> 00:01:55,200 Speaker 1: thirds percent in early trading following earnings that fell short ed. 34 00:01:55,280 --> 00:01:58,160 Speaker 1: Ludlow has details from our Bloomberg nine sixty newsroom in 35 00:01:58,200 --> 00:02:01,520 Speaker 1: San Francisco. There was this a verer after ours reaction 36 00:02:01,600 --> 00:02:04,320 Speaker 1: to Amazon's forecast for the fourth quarter. The revenue will 37 00:02:04,320 --> 00:02:06,640 Speaker 1: be between a hundred and forty and a hundred forty 38 00:02:06,720 --> 00:02:10,280 Speaker 1: eight billion dollars, significantly below what the street is looking for. 39 00:02:10,360 --> 00:02:12,760 Speaker 1: And that's a feme oft this earning season. Right, investors 40 00:02:12,760 --> 00:02:15,639 Speaker 1: punishing companies, not just those missing on the top and 41 00:02:15,680 --> 00:02:18,480 Speaker 1: bottom line, but those giving tepid forecasts. There was a 42 00:02:18,600 --> 00:02:21,480 Speaker 1: long list of problems to Amazon. Really, currency continues to 43 00:02:21,520 --> 00:02:23,280 Speaker 1: be a head win to the tune of nine hundred 44 00:02:23,320 --> 00:02:25,520 Speaker 1: million dollars in the course had gone and it will 45 00:02:25,520 --> 00:02:28,720 Speaker 1: continue to impact Amazon going into the final three months 46 00:02:28,720 --> 00:02:32,079 Speaker 1: of this year. Ed Lovelow for Bloomberg News in San Francisco. 47 00:02:32,320 --> 00:02:35,160 Speaker 1: All right, thanks well. Apple has managed to avoid the 48 00:02:35,160 --> 00:02:38,000 Speaker 1: tech route. Shares are up one percent in early trading. 49 00:02:38,040 --> 00:02:41,200 Speaker 1: Those sales of iPhones and services were softer than expected. 50 00:02:41,360 --> 00:02:45,799 Speaker 1: Apple's revenue and profit both topped estimates. Still, Apple CFO 51 00:02:45,880 --> 00:02:49,919 Speaker 1: lookam street warrants of a holiday slowdown. Overall, we believe 52 00:02:49,960 --> 00:02:53,840 Speaker 1: to company year will be year. Revenue performance will decelerate 53 00:02:54,040 --> 00:02:57,280 Speaker 1: during the December quarter as compared to the September quarter 54 00:02:57,360 --> 00:03:01,160 Speaker 1: for a number of reasons. First, we expect nearly ten 55 00:03:01,200 --> 00:03:05,400 Speaker 1: percentage points of negative year over year impact from fort 56 00:03:05,440 --> 00:03:09,360 Speaker 1: and Exchange and Apples CFO Luka my story says sales 57 00:03:09,360 --> 00:03:13,359 Speaker 1: of Mac computers will decline substantially. Stay tuned for analysis 58 00:03:13,400 --> 00:03:16,600 Speaker 1: on both Apple and Amazon coming up shortly when we 59 00:03:16,639 --> 00:03:19,680 Speaker 1: speak live with the Loup Adventures A co founder Gene Munster. 60 00:03:19,919 --> 00:03:21,679 Speaker 1: In the meantime, Karen, we have some more earnings to 61 00:03:21,720 --> 00:03:23,880 Speaker 1: get you caught up on. Shares of Intel or up 62 00:03:23,919 --> 00:03:26,799 Speaker 1: about five percent in early trading, the chipmaker's pledging to 63 00:03:26,880 --> 00:03:30,160 Speaker 1: slash costs to combat a persistent slump and computer demand 64 00:03:30,160 --> 00:03:33,080 Speaker 1: that's dragging down sales and profit. Shares of Gill Lead 65 00:03:33,200 --> 00:03:35,560 Speaker 1: Sciences are up three and a half percent. The company 66 00:03:35,560 --> 00:03:38,440 Speaker 1: boosted its earnings guidance for the full year, and shares 67 00:03:38,480 --> 00:03:40,800 Speaker 1: of Pinterest are hired by eight and a half percent. 68 00:03:40,880 --> 00:03:44,440 Speaker 1: The social media company reported earnings and revenue that beat estimates. 69 00:03:44,680 --> 00:03:47,000 Speaker 1: Well Up Next Nathan, the focus turns to big oil. 70 00:03:47,160 --> 00:03:50,000 Speaker 1: Both ex On Mobile and Chevron report this morning. We 71 00:03:50,040 --> 00:03:53,800 Speaker 1: get a preview from Bloomberg's Jeff Bellinger. Overall, the third 72 00:03:53,840 --> 00:03:56,520 Speaker 1: quarter was likely a good one for the oil giants 73 00:03:56,560 --> 00:04:00,280 Speaker 1: thanks to oil prices that remained elevated through most of 74 00:04:00,320 --> 00:04:03,920 Speaker 1: the last three months. Bloomberg Intelligence says the company's fourth 75 00:04:03,960 --> 00:04:07,320 Speaker 1: quarter outlooks will be key. It raised the possibility of 76 00:04:07,360 --> 00:04:10,720 Speaker 1: weaker cash flow for Exxon Mobile due to falling crude 77 00:04:10,720 --> 00:04:13,520 Speaker 1: and gas prices, and said there is the potential for 78 00:04:13,600 --> 00:04:17,000 Speaker 1: slower profit growth at Chevron. X On Mobile put out 79 00:04:17,000 --> 00:04:19,840 Speaker 1: a pre earnings release to let investors know that its 80 00:04:19,880 --> 00:04:23,880 Speaker 1: chemicals and refining businesses were down compared to the second quarter. 81 00:04:24,279 --> 00:04:27,919 Speaker 1: Jeff Bellinger, Bloomberg Daybreak and jeoff O wait for those earnings. 82 00:04:27,920 --> 00:04:31,680 Speaker 1: President Biden's demanding oil companies cut prices. That's after Shell 83 00:04:31,839 --> 00:04:35,479 Speaker 1: reported its second highest earnings ever. The President says gasoline 84 00:04:35,480 --> 00:04:39,159 Speaker 1: prices should reflect what energy companies pay for oil. Last quarter. 85 00:04:39,920 --> 00:04:43,080 Speaker 1: The five largest oil companies made in the last quarter 86 00:04:43,839 --> 00:04:47,720 Speaker 1: seventy billion dollars in profit in ninety days. With the 87 00:04:47,760 --> 00:04:50,640 Speaker 1: comments from President Biden too a sharp response from oil 88 00:04:50,680 --> 00:04:53,640 Speaker 1: industry leaders. They say refiners don't set the price at 89 00:04:53,640 --> 00:04:57,480 Speaker 1: the pump and that Washington should leverage US energy production well. 90 00:04:57,560 --> 00:05:00,040 Speaker 1: Nathan and then their major story We're following the this 91 00:05:00,200 --> 00:05:03,679 Speaker 1: Morning closes the book on a six month takeover saga. 92 00:05:03,839 --> 00:05:07,120 Speaker 1: Elon Musk has completed as forty four billion dollar acquisition 93 00:05:07,160 --> 00:05:09,840 Speaker 1: of Twitter, and Bloomberg News has learned he plans to 94 00:05:09,880 --> 00:05:13,039 Speaker 1: assume the role of CEO today, there will surely be 95 00:05:13,080 --> 00:05:15,560 Speaker 1: more changes on the way. We get details from Bloomberg 96 00:05:15,600 --> 00:05:19,080 Speaker 1: Intelligence analyst Matthew Bloxom. There's been a lot of speculation 97 00:05:19,120 --> 00:05:22,240 Speaker 1: about how much Elon Musk is going to change Twitter. 98 00:05:22,360 --> 00:05:25,160 Speaker 1: You know, the room is about some tribe and job cuts, 99 00:05:25,680 --> 00:05:29,080 Speaker 1: the reinstatement of people like Donald Trump to the platform, 100 00:05:29,279 --> 00:05:32,039 Speaker 1: a complete change in the business model. Maybe like twelve months, 101 00:05:32,040 --> 00:05:34,280 Speaker 1: you could see him introduce some kind of subscription t 102 00:05:34,320 --> 00:05:36,720 Speaker 1: here to the business. All sorts of things could change. 103 00:05:36,760 --> 00:05:38,960 Speaker 1: I think it's gonna be an interesting few days and months, 104 00:05:38,960 --> 00:05:40,400 Speaker 1: and I'm sure we're gonna hear quite a bit from 105 00:05:40,440 --> 00:05:44,560 Speaker 1: him today about his plans. Bloomberg Intelligence analyst Matthew Bloxom 106 00:05:44,600 --> 00:05:47,359 Speaker 1: says Musk is expected to remain CEO in the interim, 107 00:05:47,440 --> 00:05:49,760 Speaker 1: but may eventually see the role in the long term. 108 00:05:49,920 --> 00:05:51,760 Speaker 1: Let's turn to the U. S economy now, Karen, we're 109 00:05:51,760 --> 00:05:53,880 Speaker 1: wrapping up the week with a few notable data points 110 00:05:53,880 --> 00:05:57,160 Speaker 1: covering inflation, sentiment, and spending. We get more from Bloomberg's 111 00:05:57,200 --> 00:06:00,600 Speaker 1: viny Dell Judas the government issues data in September Household 112 00:06:00,640 --> 00:06:02,839 Speaker 1: income and spending today in Wall Street, will keep an 113 00:06:02,839 --> 00:06:05,960 Speaker 1: eye on inflation figures tied to the report. Bloomberg Economics 114 00:06:06,000 --> 00:06:08,680 Speaker 1: has any surprise could influence the course of Federal Reserve 115 00:06:08,720 --> 00:06:12,320 Speaker 1: interest rate hikes maintime Bloomberg Economics as today's University of 116 00:06:12,360 --> 00:06:16,240 Speaker 1: Michigan consumer sentiment index for late October will remain low 117 00:06:16,279 --> 00:06:20,440 Speaker 1: by historic standards, highlighting recession risks. Also on tap today 118 00:06:20,680 --> 00:06:23,920 Speaker 1: the Employment cost Index and pending home sales Fini Del 119 00:06:24,000 --> 00:06:26,800 Speaker 1: Judai s Bloomberg Daybreak Fenny Thanks. In Asia overnight, it 120 00:06:26,839 --> 00:06:29,479 Speaker 1: was all about the yen. The currency has rebounded this week, 121 00:06:29,520 --> 00:06:31,920 Speaker 1: but is reversing that trend. This morning. We can into 122 00:06:31,920 --> 00:06:34,680 Speaker 1: one forty seven point four seven against the dollar. That's 123 00:06:34,680 --> 00:06:36,760 Speaker 1: after the Bank of Japan stood pat and its ultra 124 00:06:36,839 --> 00:06:40,400 Speaker 1: low interest rate policy. Bloomberg Daybreak Asia anchor Brian Curtis 125 00:06:40,400 --> 00:06:42,720 Speaker 1: has a story. This is the b o J pushing 126 00:06:42,720 --> 00:06:45,960 Speaker 1: back against speculation it might change its tomb no go. 127 00:06:46,520 --> 00:06:49,080 Speaker 1: The board left the negative rate, the tenure yield cap, 128 00:06:49,120 --> 00:06:52,240 Speaker 1: and the asset purchases unchanged. This was in line with 129 00:06:52,279 --> 00:06:55,200 Speaker 1: all forty nine economists surveyed. The b o J did 130 00:06:55,279 --> 00:06:58,680 Speaker 1: raise the inflation forecast to two point nine percent for 131 00:06:58,720 --> 00:07:01,640 Speaker 1: the year ending in March. It predicted price growth will 132 00:07:01,680 --> 00:07:04,640 Speaker 1: slow to one point six percent in the next twelve months. 133 00:07:05,240 --> 00:07:07,400 Speaker 1: The b o J is walking a tight rope here 134 00:07:07,440 --> 00:07:10,120 Speaker 1: as the Devish Dance puts downward pressure on the end 135 00:07:10,280 --> 00:07:13,760 Speaker 1: while the government is spending billions supporting it. Brian Curtis, 136 00:07:13,760 --> 00:07:17,560 Speaker 1: Bloomberg Day Break, Right, Brian, thank you, Local News straight ahead. 137 00:07:17,640 --> 00:07:24,600 Speaker 1: This is Bloomberg Exparen. It's five oh seven on Wall 138 00:07:24,600 --> 00:07:27,800 Speaker 1: Street work forty seven degrees in Central Park construction on 139 00:07:27,840 --> 00:07:30,560 Speaker 1: the north bound New Jersey Turnpike Eastern Spur. We'll get 140 00:07:30,600 --> 00:07:33,320 Speaker 1: to the details and traffic shortly. First, Michael Bars here 141 00:07:33,360 --> 00:07:35,080 Speaker 1: with more on what's going on in New York and 142 00:07:35,200 --> 00:07:38,000 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. We're 143 00:07:38,080 --> 00:07:41,440 Speaker 1: learning more about a nightmarriage commute for public transit bus 144 00:07:41,680 --> 00:07:45,640 Speaker 1: riders in New York City. Police and mt A bus 145 00:07:45,640 --> 00:07:48,760 Speaker 1: was hijacked in Queen yesterday. The bus driver is hailed 146 00:07:48,760 --> 00:07:51,480 Speaker 1: as a hero for not moving the bus until passengers 147 00:07:51,680 --> 00:07:54,560 Speaker 1: could get off the vehicle after the suspect arm with 148 00:07:54,640 --> 00:07:57,280 Speaker 1: what turned out to be a bb gun confronted the 149 00:07:57,360 --> 00:08:00,640 Speaker 1: veteran driver. The forty four year old man Wayne Ganty 150 00:08:00,720 --> 00:08:03,240 Speaker 1: was taken into custody after the bus crashed into a 151 00:08:03,360 --> 00:08:08,840 Speaker 1: utility poll NYPD Deputy Chief Jerry O'Sullivan, I definitely want 152 00:08:08,840 --> 00:08:11,600 Speaker 1: to command the driver for his actions. He did not 153 00:08:11,720 --> 00:08:14,320 Speaker 1: move the bus until everyone was off that bus. I 154 00:08:14,360 --> 00:08:17,160 Speaker 1: believe the driver was calm and did a great job. 155 00:08:17,640 --> 00:08:20,920 Speaker 1: Deputy Chief O'Sullivan says the bus driver jumped out of 156 00:08:20,960 --> 00:08:24,960 Speaker 1: the driver's side window to eventually escape. New York City 157 00:08:25,000 --> 00:08:28,760 Speaker 1: Mayor Eric Adams appointed Acting Fire Commissioner Laura Kavanaugh to 158 00:08:28,840 --> 00:08:32,080 Speaker 1: leave the Department on a permanent basis, making her the 159 00:08:32,080 --> 00:08:35,200 Speaker 1: first female commissioner in the one d fifty seven year 160 00:08:35,280 --> 00:08:38,000 Speaker 1: history of the Fire Department of New York. While we 161 00:08:38,240 --> 00:08:41,440 Speaker 1: put in place in national search, looking over several names 162 00:08:41,480 --> 00:08:46,439 Speaker 1: and interviewing several candidates, kept coming back to Laura over 163 00:08:46,520 --> 00:08:50,199 Speaker 1: and over again, over and over again. I just kept 164 00:08:50,240 --> 00:08:54,800 Speaker 1: coming back to her leadership. After getting sworn in, Kavanaugh 165 00:08:54,880 --> 00:08:58,040 Speaker 1: says her journey to this moment was unexpected. New York 166 00:08:58,080 --> 00:09:03,200 Speaker 1: City story is fundamentally and of making the impossible possible. Kavanaugh, 167 00:09:03,240 --> 00:09:06,520 Speaker 1: who is forty, has served as acting commissioners since the 168 00:09:06,559 --> 00:09:10,720 Speaker 1: retirement of Commissioner Daniel nine Ro in February. Election sites 169 00:09:10,720 --> 00:09:14,280 Speaker 1: across the country have been encountering threats and intimidation since 170 00:09:14,320 --> 00:09:17,760 Speaker 1: early voting began in some states. Out of concerns for 171 00:09:17,880 --> 00:09:21,400 Speaker 1: the safety of poll workers and voters, the NYPD has 172 00:09:21,440 --> 00:09:24,400 Speaker 1: announced that they will be keeping a closer eye on 173 00:09:24,520 --> 00:09:27,840 Speaker 1: polling places. With the mid term elections just less than 174 00:09:27,880 --> 00:09:31,679 Speaker 1: two weeks away, the NYPD is warning that racially motivated 175 00:09:31,720 --> 00:09:37,120 Speaker 1: an anti government extremist good target poll workers, political rallies, politicians, 176 00:09:37,160 --> 00:09:41,080 Speaker 1: and voting sites. Police say there are currently no specific 177 00:09:41,120 --> 00:09:43,840 Speaker 1: threats in the city, North Koree of fire too short 178 00:09:43,960 --> 00:09:47,400 Speaker 1: range ballistic missiles today as it continues a barrage of 179 00:09:47,520 --> 00:09:51,480 Speaker 1: launches in opposition to US and South Korean military drills. 180 00:09:51,800 --> 00:09:54,360 Speaker 1: Global News twenty four hours a day on air and 181 00:09:54,559 --> 00:09:58,000 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 182 00:09:58,040 --> 00:10:01,280 Speaker 1: journalists and analysts more than twenty countries. Michael Barr, This 183 00:10:01,520 --> 00:10:08,840 Speaker 1: is Bloomberg, Nathan, Thank you, Michael. Almost five ten on 184 00:10:08,880 --> 00:10:10,839 Speaker 1: Wall Street time for the Bloomberg Sports Up Tape, brought 185 00:10:10,880 --> 00:10:13,320 Speaker 1: to you by try State Autie. Good morning, John Stanshire, 186 00:10:13,360 --> 00:10:15,880 Speaker 1: Good morning night. And after a turbulent off season where 187 00:10:15,920 --> 00:10:18,480 Speaker 1: a star player demanded a trade unless the coach and 188 00:10:18,520 --> 00:10:21,360 Speaker 1: general manager fired, maybe not a surprise the Nets are 189 00:10:21,360 --> 00:10:23,720 Speaker 1: off to a slow start, lost at Barkley's to Dallas 190 00:10:23,760 --> 00:10:27,000 Speaker 1: one nine, one five and overtime. Luken Down took forty 191 00:10:27,040 --> 00:10:29,760 Speaker 1: one points in a a triple double for the Mad Kevin Durand, 192 00:10:29,760 --> 00:10:32,440 Speaker 1: who was sending that trade demand, scored thirties seven points. 193 00:10:32,520 --> 00:10:35,160 Speaker 1: Kyrie even had thirty nine, But the Nets are too 194 00:10:35,280 --> 00:10:37,720 Speaker 1: much a two man team. The duo took fifty two 195 00:10:37,720 --> 00:10:39,680 Speaker 1: shots and the rest of the team only forty one, 196 00:10:39,720 --> 00:10:41,800 Speaker 1: and the Nets are one and four next to three 197 00:10:41,800 --> 00:10:44,160 Speaker 1: and one place tonight in Milwaukee. The Tampa Bay Bucks 198 00:10:44,160 --> 00:10:46,680 Speaker 1: are three and five after starting two and oh lost 199 00:10:46,679 --> 00:10:49,920 Speaker 1: in home to Baltimore twenty seven. Twenty two. Ravens out 200 00:10:50,000 --> 00:10:53,080 Speaker 1: rushed Tampa Bay two hundred and thirty one to forty four. 201 00:10:53,160 --> 00:10:56,079 Speaker 1: Tom Brady on what went wrong sting red areastrom there 202 00:10:56,120 --> 00:11:04,720 Speaker 1: down game at two point as m h s back 203 00:11:04,880 --> 00:11:10,080 Speaker 1: up start the first quarter, start of the third quarter 204 00:11:12,120 --> 00:11:14,439 Speaker 1: offense football the only positive for Tampa right now in 205 00:11:14,480 --> 00:11:17,240 Speaker 1: the NFC South, No one's over five hundreds. The Bucks 206 00:11:17,280 --> 00:11:19,400 Speaker 1: can win the division, but hard to see them making 207 00:11:19,400 --> 00:11:21,320 Speaker 1: a Super Bowl run the way they're playing now. Giants 208 00:11:21,320 --> 00:11:23,839 Speaker 1: are six and one without any production from last year's 209 00:11:23,840 --> 00:11:27,720 Speaker 1: first round. Graphic whiteout can Darius Tony, who hurt one 210 00:11:27,760 --> 00:11:30,200 Speaker 1: hamstring and then the other, and the Giants just traded 211 00:11:30,240 --> 00:11:33,000 Speaker 1: Tony to Kansas City for a third and six mound 212 00:11:33,040 --> 00:11:36,439 Speaker 1: draft picks. The World Series begins tonight in Houston. Astros 213 00:11:36,480 --> 00:11:38,440 Speaker 1: won a hundred and six games in the regular season. 214 00:11:38,440 --> 00:11:42,200 Speaker 1: The Phillies won seven. That's the largest disparity since the 215 00:11:42,320 --> 00:11:46,160 Speaker 1: third World Series ever in nineteen o six. John Stashward 216 00:11:46,160 --> 00:11:50,199 Speaker 1: Blue boots all right, John, Thanks Nastak. Futures down one 217 00:11:50,240 --> 00:11:52,600 Speaker 1: in the third percent down a hundred forty eight points, 218 00:11:52,640 --> 00:11:57,200 Speaker 1: dragged down by Amazon down thirteen point six percent. Apple 219 00:11:57,320 --> 00:12:00,880 Speaker 1: shares a little bit higher. Will wrap up tech earnings 220 00:12:00,920 --> 00:12:03,800 Speaker 1: this week with g Monster of lip Ventures. Next, This 221 00:12:04,320 --> 00:12:09,800 Speaker 1: is Bloomberg. Bloomberg Sports Report was brought to you by Audie. 222 00:12:09,800 --> 00:12:11,800 Speaker 1: Don't let someone else drive off in the autie model 223 00:12:11,840 --> 00:12:14,640 Speaker 1: you've always wanted. Visit your local tri state autie dealer 224 00:12:14,679 --> 00:12:16,600 Speaker 1: to get behind the wheel of yours today, or visit 225 00:12:16,640 --> 00:12:23,360 Speaker 1: autie Offers dot com for more information, markets, headlines and 226 00:12:23,520 --> 00:12:26,760 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 227 00:12:26,880 --> 00:12:30,400 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take. This is 228 00:12:30,440 --> 00:12:39,640 Speaker 1: a Bloomberg business lash. And I'm Karen Moscow and US 229 00:12:39,720 --> 00:12:42,960 Speaker 1: DOT index futures are falling this morning, led by the 230 00:12:43,160 --> 00:12:47,079 Speaker 1: NASDACK with nousdack futures down one hundred fifty points, down 231 00:12:47,120 --> 00:12:49,960 Speaker 1: one and a third percent. S and P futures down 232 00:12:49,960 --> 00:12:53,120 Speaker 1: thirty two, Dow futures down a hundred, ten year Treasury 233 00:12:53,120 --> 00:12:55,760 Speaker 1: down eighteen thirty seconds here three point nine nine percent. 234 00:12:55,800 --> 00:12:58,200 Speaker 1: They yield on the two year four point three seven percent. 235 00:12:58,520 --> 00:13:00,680 Speaker 1: And I've ex screwed oil down one a half percent 236 00:13:00,720 --> 00:13:03,120 Speaker 1: at a dollar thirty at eighty seven dollars seventy eight 237 00:13:03,160 --> 00:13:05,880 Speaker 1: cents of barrel. That's a Bloomberg business flash. Now here's 238 00:13:05,920 --> 00:13:08,720 Speaker 1: Michael Barr with Moore on what's going on around the world. Michael, 239 00:13:08,720 --> 00:13:11,560 Speaker 1: good morning, Good morning, Karen Job. Democrats say they are 240 00:13:11,559 --> 00:13:14,320 Speaker 1: still a confident they'll maintain control of Congress after mid 241 00:13:14,480 --> 00:13:17,960 Speaker 1: terms less than two weeks away, with poles showing Republicans 242 00:13:17,960 --> 00:13:22,239 Speaker 1: gaining ground. Democrats attorney to former President Obama. He's campaigning 243 00:13:22,240 --> 00:13:25,559 Speaker 1: today in Atlanta for Senator Raphael Warnock, who's locked in 244 00:13:25,600 --> 00:13:29,000 Speaker 1: a tight race against former football star Herschel Walker. There's 245 00:13:29,040 --> 00:13:32,840 Speaker 1: the night football the Ravens beat the Buccaneers twenty two. Tonight, 246 00:13:32,880 --> 00:13:35,080 Speaker 1: Game one of the World Series between the Phillies and 247 00:13:35,120 --> 00:13:38,800 Speaker 1: Astros NBA. The Nets lost Warriors one. In the NHL, 248 00:13:38,880 --> 00:13:41,760 Speaker 1: the Bruins won the Capital's Lost. Global News twenty four 249 00:13:41,800 --> 00:13:44,600 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 250 00:13:44,600 --> 00:13:47,080 Speaker 1: by more than twenty seven journalist and analysts more than 251 00:13:47,080 --> 00:13:50,000 Speaker 1: a hundred twenty countries. Michael Barr And this is Bloomberg 252 00:13:50,080 --> 00:13:52,440 Speaker 1: Nathan Banks. Michael, We're coming up to five nineteen on 253 00:13:52,480 --> 00:13:55,560 Speaker 1: Wall Street Live from the Bloomberg Interactive Brokers studios. This 254 00:13:55,640 --> 00:13:58,320 Speaker 1: is Bloomberg Daybreak. At the end of a bruising week 255 00:13:58,400 --> 00:14:01,120 Speaker 1: for tech earnings, and Amazon on is the latest stock 256 00:14:01,200 --> 00:14:03,959 Speaker 1: to get punished right now, down thirteen and a half 257 00:14:04,000 --> 00:14:07,680 Speaker 1: percent on a week forecast for the holiday quarter. But 258 00:14:07,720 --> 00:14:11,240 Speaker 1: if there's one somewhat bright spot, it maybe Apple. Those 259 00:14:11,240 --> 00:14:14,439 Speaker 1: shares are little change to the upside at the moment. 260 00:14:14,520 --> 00:14:17,120 Speaker 1: Let's get some more insights now. Gene Monster is with 261 00:14:17,200 --> 00:14:19,800 Speaker 1: us live, the co founder of Loop Ventures. It is 262 00:14:19,840 --> 00:14:22,240 Speaker 1: great to speak with Eugene, and I've gotten a look 263 00:14:22,240 --> 00:14:25,680 Speaker 1: at your note on Apple. You're right that investors are 264 00:14:25,720 --> 00:14:29,440 Speaker 1: buying both performance and potential. Tell us a little bit 265 00:14:29,440 --> 00:14:32,800 Speaker 1: more about what you mean, Well, the investors in this 266 00:14:32,960 --> 00:14:36,360 Speaker 1: environment want both, and what we've seen is that the 267 00:14:36,400 --> 00:14:40,200 Speaker 1: companies that have offered the biggest potential. You think about 268 00:14:40,280 --> 00:14:42,800 Speaker 1: Meta is the perfect example of that related to the 269 00:14:42,840 --> 00:14:47,600 Speaker 1: metaverse have been hit the hardest. Google to a lesser extent, 270 00:14:48,120 --> 00:14:51,120 Speaker 1: but still this idea of investors waiting for something to 271 00:14:51,200 --> 00:14:55,400 Speaker 1: emerge is usually very important for tech investors, but in 272 00:14:55,440 --> 00:14:58,320 Speaker 1: this earning period it's less important. And I think one 273 00:14:58,360 --> 00:15:01,680 Speaker 1: of the beauties of Apple is that their current performance 274 00:15:01,760 --> 00:15:05,240 Speaker 1: has been solid and they still have this optionality around 275 00:15:05,280 --> 00:15:08,200 Speaker 1: new markets that they can get into. They can potentially 276 00:15:08,360 --> 00:15:10,600 Speaker 1: have a step function up in their growth rate, which 277 00:15:10,640 --> 00:15:12,800 Speaker 1: is hard to imagine given how big they are that 278 00:15:13,440 --> 00:15:16,160 Speaker 1: the law of numbers can still work in their favor. 279 00:15:16,240 --> 00:15:18,720 Speaker 1: But I think that that is the is the balance 280 00:15:18,760 --> 00:15:20,520 Speaker 1: that this company is working. And just to put it 281 00:15:20,480 --> 00:15:23,520 Speaker 1: into perspective, Nathan, one final point is that Apple is 282 00:15:23,560 --> 00:15:27,160 Speaker 1: the only big tech company to guide essentially in line 283 00:15:27,160 --> 00:15:29,120 Speaker 1: with the street. They don't give formal guidance, but you 284 00:15:29,160 --> 00:15:31,720 Speaker 1: can back into it, and I think that that speaks 285 00:15:31,760 --> 00:15:34,920 Speaker 1: to the strength of performance. And if you're curious the 286 00:15:35,000 --> 00:15:38,120 Speaker 1: reason why, what was iPhone it's just over half of 287 00:15:38,120 --> 00:15:40,240 Speaker 1: their business. It was up ten percent year ever, a 288 00:15:40,320 --> 00:15:43,520 Speaker 1: year that was in the face of a forty seven 289 00:15:43,520 --> 00:15:46,720 Speaker 1: percent comp and so the number actually would have been 290 00:15:46,720 --> 00:15:50,600 Speaker 1: even stronger if not for supply constraints. They're still supply 291 00:15:50,640 --> 00:15:53,280 Speaker 1: constrained on the most popular pro models by three to 292 00:15:53,400 --> 00:15:56,120 Speaker 1: four weeks, and typically at this point in the cycle, 293 00:15:56,600 --> 00:15:59,080 Speaker 1: or six weeks into the new iPhone cycle, you would 294 00:15:59,120 --> 00:16:01,560 Speaker 1: see lead times of one to two weeks. And so 295 00:16:02,080 --> 00:16:05,080 Speaker 1: I think that, um, you know, they are continuing to 296 00:16:05,120 --> 00:16:07,680 Speaker 1: do well. They got the performance, and they got the 297 00:16:07,720 --> 00:16:11,320 Speaker 1: potential around automotive and a R and and something in health. 298 00:16:11,720 --> 00:16:14,760 Speaker 1: Talking about supply constraints, we were seeing a lot of 299 00:16:14,880 --> 00:16:19,960 Speaker 1: constraints apparently coming out of Amazon's results, projecting a much 300 00:16:20,080 --> 00:16:23,320 Speaker 1: weaker than expected holiday quarter. And I assume that that 301 00:16:23,320 --> 00:16:27,400 Speaker 1: that includes the earlier Prime Day promotions that we just saw, right, 302 00:16:28,680 --> 00:16:32,680 Speaker 1: most of those promotes, those promotions fell into the September quarter, 303 00:16:32,720 --> 00:16:36,040 Speaker 1: and so it's it's less about the Prime Day impact. 304 00:16:36,120 --> 00:16:38,960 Speaker 1: But I want to put some perspective, And they did 305 00:16:39,040 --> 00:16:41,720 Speaker 1: guide lower than where the street was at for the 306 00:16:41,840 --> 00:16:44,400 Speaker 1: December quarter, that's true, But I just I think there's 307 00:16:44,480 --> 00:16:46,800 Speaker 1: this Um, I think it's an overreaction. I just want 308 00:16:46,800 --> 00:16:49,480 Speaker 1: to make the case that it is an overreaction. Is 309 00:16:49,480 --> 00:16:52,320 Speaker 1: that the street was previously looking for twelve percent revenue 310 00:16:52,320 --> 00:16:55,600 Speaker 1: growth for December. If you take the midpoint of their guys, 311 00:16:55,640 --> 00:16:58,400 Speaker 1: it would have been four percent. So that is a 312 00:16:58,440 --> 00:17:01,880 Speaker 1: slowing girl, There's no doubt about it. Uh. They usually 313 00:17:01,960 --> 00:17:04,600 Speaker 1: hit the high end over the past twenty years almost 314 00:17:04,640 --> 00:17:06,200 Speaker 1: nine percent of the time they come in at the 315 00:17:06,240 --> 00:17:08,560 Speaker 1: high end. That would be like six percent. So they 316 00:17:08,560 --> 00:17:11,439 Speaker 1: guided down. That is true. The consumer is weak, that 317 00:17:11,680 --> 00:17:15,199 Speaker 1: is true. Uh, the advertisers are weak. All of this 318 00:17:15,320 --> 00:17:18,000 Speaker 1: is having a negative impact on Amazon's business. But the 319 00:17:18,040 --> 00:17:21,480 Speaker 1: piece that surprises me is that I think it is uh, 320 00:17:21,680 --> 00:17:27,920 Speaker 1: just this reaction down is more commentary about that we're 321 00:17:27,920 --> 00:17:31,320 Speaker 1: talking about earlier with Apple. Is that investors just demand 322 00:17:31,480 --> 00:17:34,600 Speaker 1: performance today, and whether it's a small cap or a 323 00:17:34,600 --> 00:17:38,960 Speaker 1: megatech cap, they wanted today. And I suspect that investors 324 00:17:38,960 --> 00:17:41,960 Speaker 1: will quickly move on and and and get more comfortable 325 00:17:42,040 --> 00:17:45,000 Speaker 1: that Amazon's business isn't a good place longer term. Well, 326 00:17:45,000 --> 00:17:47,080 Speaker 1: we've got John Gene. I've got to get your thoughts 327 00:17:47,200 --> 00:17:50,600 Speaker 1: on Twitter now that Elon Musk apparently is at least 328 00:17:50,600 --> 00:17:55,840 Speaker 1: an interim CEO. Is Twitter investable under an Elon Musk 329 00:17:55,880 --> 00:18:00,960 Speaker 1: as the leader? Yes, anything with Elon On right now, 330 00:18:01,000 --> 00:18:03,920 Speaker 1: he still has the golden touch, so it is investible. 331 00:18:03,960 --> 00:18:06,440 Speaker 1: He's gonna kind of go away for two or three 332 00:18:06,520 --> 00:18:08,800 Speaker 1: years and and take the rails off of it and 333 00:18:08,880 --> 00:18:11,359 Speaker 1: run this like a private company that that that it 334 00:18:11,400 --> 00:18:14,880 Speaker 1: will be, and we'll see what what he pops out. 335 00:18:14,920 --> 00:18:17,600 Speaker 1: And I was encouraged to hear his commentary yesterday that 336 00:18:17,640 --> 00:18:19,960 Speaker 1: he does not want this to become a free for 337 00:18:20,080 --> 00:18:25,040 Speaker 1: all because obviously he's gonna take some of the governor's 338 00:18:25,080 --> 00:18:28,280 Speaker 1: off of what you can say, And I think that's 339 00:18:28,280 --> 00:18:32,480 Speaker 1: that's important ultimately when you when you put this all together, 340 00:18:32,520 --> 00:18:35,600 Speaker 1: Twitter is still a side project for Elon. His his 341 00:18:35,680 --> 00:18:40,080 Speaker 1: true passions are Tesla and SpaceX, and I think that, uh, 342 00:18:40,200 --> 00:18:42,199 Speaker 1: we're thinking a lot about it now. Probably a year 343 00:18:42,280 --> 00:18:44,040 Speaker 1: or two from now, we'rell be thinking a lot more 344 00:18:44,080 --> 00:18:47,800 Speaker 1: about SpaceX and Tesla. Just about thirty seconds left, Gene, 345 00:18:47,880 --> 00:18:52,639 Speaker 1: we've seen obviously tech shares broadly get punished this week. 346 00:18:53,000 --> 00:18:57,280 Speaker 1: Would you buy back into tech at these levels? I 347 00:18:57,600 --> 00:19:00,320 Speaker 1: think so forth if you have a perspective of I 348 00:19:00,359 --> 00:19:03,399 Speaker 1: think that more than two year perspective. I mean, we 349 00:19:03,480 --> 00:19:05,800 Speaker 1: own some of these, We own Meta, we own Amazon. 350 00:19:05,880 --> 00:19:08,440 Speaker 1: They've had a tough week, but we we're not selling them. 351 00:19:08,520 --> 00:19:11,280 Speaker 1: And ultimately I think that uh, you know, they have 352 00:19:11,400 --> 00:19:15,320 Speaker 1: assets that are hard to replicate the world's population visits 353 00:19:15,320 --> 00:19:19,000 Speaker 1: a Facebook property on a daily basis. Amazon has logistics 354 00:19:19,000 --> 00:19:21,639 Speaker 1: that no other e commerce company can touch. And I 355 00:19:21,680 --> 00:19:23,720 Speaker 1: think you probably have to assume that all that we're 356 00:19:23,720 --> 00:19:26,920 Speaker 1: in economically is going to fade or we'll go away. Eventually, 357 00:19:26,920 --> 00:19:29,880 Speaker 1: we'll stabilize and these companies are going to write right 358 00:19:29,920 --> 00:19:32,440 Speaker 1: size their growth rates back to what we're accustomed to. 359 00:19:33,119 --> 00:19:35,560 Speaker 1: Thanks as always, Geen, great to get your thoughts on tech. 360 00:19:35,600 --> 00:19:38,479 Speaker 1: Geene Monster, the co founder of Loop Ventures with us 361 00:19:38,520 --> 00:19:41,199 Speaker 1: this morning. Looking again at shares of Amazon right now, 362 00:19:41,240 --> 00:19:43,080 Speaker 1: they are down thirteen and a half percent in the 363 00:19:43,080 --> 00:19:47,160 Speaker 1: pre market. Apple shares are higher by seven tenths percent. 364 00:19:47,520 --> 00:19:50,280 Speaker 1: Take a look at Tesla as well, now that CEO 365 00:19:50,320 --> 00:19:53,399 Speaker 1: Elon Musk is also CEO of Twitter. Tesla shares at 366 00:19:53,400 --> 00:19:57,480 Speaker 1: the moment are down about one percent. STP futures down 367 00:19:57,520 --> 00:20:00,480 Speaker 1: twenty seven points, staff futures down sixty four nast deck 368 00:20:00,520 --> 00:20:03,640 Speaker 1: features leading to declines down a hundred thirty eight points. 369 00:20:03,640 --> 00:20:09,679 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Partly sunny 370 00:20:09,720 --> 00:20:12,920 Speaker 1: today but cool. Highs in the upper fifties, sunshine tomorrow, 371 00:20:13,119 --> 00:20:15,720 Speaker 1: high near sixty, will be in the low sixties under 372 00:20:15,720 --> 00:20:18,000 Speaker 1: a mix of sun and clouds on Sunday. Right now 373 00:20:18,280 --> 00:20:24,480 Speaker 1: forty seven in Central Park, broadcasting live from the Bloomberg 374 00:20:24,520 --> 00:20:29,000 Speaker 1: Interactive Broker Studio in New York, Bloomberg Eving Treo to Washington, 375 00:20:29,080 --> 00:20:33,160 Speaker 1: d C, Bloomberg to Boston, Bloomberg one oh six one 376 00:20:33,280 --> 00:20:36,720 Speaker 1: to San Francisco, Bloomberg nine sixty to the country, Sirius 377 00:20:36,880 --> 00:20:39,320 Speaker 1: XM to the one nine team, and around the globe 378 00:20:39,400 --> 00:20:43,000 Speaker 1: the Bloomberg Business app in Bloomberg Radio dot Com. This 379 00:20:43,320 --> 00:20:52,200 Speaker 1: is Bloomberg Daybreak and it's five thirty on Wall Street. 380 00:20:52,280 --> 00:20:55,800 Speaker 1: Good morning. I'm Teren Moscow. I'm Nathan Hagar. Bloomberg Daybreak 381 00:20:55,840 --> 00:20:57,800 Speaker 1: is brought to you by s E. I imagine you're 382 00:20:57,800 --> 00:21:01,600 Speaker 1: asset management firms, operational infrastruct there's a competitive advantage. Let 383 00:21:01,800 --> 00:21:04,040 Speaker 1: s E I show you how a se I C 384 00:21:04,240 --> 00:21:06,800 Speaker 1: dot com slash I M S and we're just about 385 00:21:06,800 --> 00:21:09,160 Speaker 1: four hours away from the Open of US training. Let's 386 00:21:09,160 --> 00:21:10,520 Speaker 1: get you have to date in the news you need 387 00:21:10,600 --> 00:21:13,320 Speaker 1: to know at this hour, US futures are falling lad 388 00:21:13,359 --> 00:21:16,000 Speaker 1: lower by tech as we wrap up a volatile week. 389 00:21:16,320 --> 00:21:19,360 Speaker 1: Amazon is leading the decline, which shares down a thirteen 390 00:21:19,400 --> 00:21:22,800 Speaker 1: and a half percent. Amazon is predicting the slowest holiday 391 00:21:22,920 --> 00:21:26,640 Speaker 1: quarter growth in the company's history. Bloomberg Intelligence senior analysts 392 00:21:26,640 --> 00:21:29,600 Speaker 1: Plunum Goyle has more on the results. Sales were a 393 00:21:29,600 --> 00:21:32,960 Speaker 1: week across the board, guidance of the week, margins are week. 394 00:21:33,440 --> 00:21:36,080 Speaker 1: I mean overall, you know, the bright star here that 395 00:21:36,160 --> 00:21:39,160 Speaker 1: used to be WUS is also weaker both on sales 396 00:21:39,160 --> 00:21:41,840 Speaker 1: and margin. So I think there's a lot to digest, 397 00:21:42,000 --> 00:21:44,640 Speaker 1: but it's kind of humming the same tunes as other 398 00:21:44,720 --> 00:21:48,240 Speaker 1: results that we've seen earlier, where the consumer is slowing, 399 00:21:48,640 --> 00:21:51,760 Speaker 1: spending is slowing, and hence the results are much weaker 400 00:21:51,760 --> 00:21:55,720 Speaker 1: than expected. Bloomberg Intelligence analysts put Um Goyles says Amazon's 401 00:21:55,760 --> 00:21:59,399 Speaker 1: market value is set to drop below one trillion dollars today, 402 00:21:59,680 --> 00:22:02,280 Speaker 1: So are this week more than six hundred billion dollars 403 00:22:02,280 --> 00:22:04,920 Speaker 1: and market value as on track to be erased from 404 00:22:04,920 --> 00:22:08,080 Speaker 1: America's five largest tech companies. Well, one of those tech 405 00:22:08,119 --> 00:22:11,560 Speaker 1: companies avoiding the route, Karen is Apple those shares are 406 00:22:11,760 --> 00:22:14,760 Speaker 1: up six tenths per cent after the company posted mostly 407 00:22:14,800 --> 00:22:17,679 Speaker 1: positive results. Ed Ludlow has more on Apple's earnings from 408 00:22:17,680 --> 00:22:20,240 Speaker 1: our Bloomberg NAIN sixty news room in San Francisco. It 409 00:22:20,320 --> 00:22:22,679 Speaker 1: was a mixed bag of results. The stock really bounced 410 00:22:22,680 --> 00:22:25,119 Speaker 1: around in after hours trading. The kind of thing that 411 00:22:25,200 --> 00:22:28,119 Speaker 1: investors latched onto was the iPhone Sales in the quarter 412 00:22:28,160 --> 00:22:31,400 Speaker 1: were weakened and expected. Remember the new iPhone fourteen hand 413 00:22:31,440 --> 00:22:35,000 Speaker 1: cent launched on September sixteenth, which gave two weeks in 414 00:22:35,080 --> 00:22:36,920 Speaker 1: the end of the quarter to get an early read 415 00:22:36,960 --> 00:22:40,480 Speaker 1: on demand. There. There was strength in MacBook, but weakness 416 00:22:40,600 --> 00:22:45,120 Speaker 1: in services and iPad, and also impacts from foreign exchange. 417 00:22:45,119 --> 00:22:48,320 Speaker 1: A stronger dollar continuing to be a headwind for megacap 418 00:22:48,359 --> 00:22:51,040 Speaker 1: tech stocks for big tech companies all around the world. 419 00:22:51,359 --> 00:22:54,280 Speaker 1: Ed Ludlow for Bloomberg News in San Francisco. All right, 420 00:22:54,320 --> 00:22:56,360 Speaker 1: and thanks. While staying in the tech world, the lad 421 00:22:56,400 --> 00:22:59,320 Speaker 1: Musk has completed as forty four billion dollar acquisition of 422 00:22:59,320 --> 00:23:01,919 Speaker 1: Twitterberg News has learned he has gotten rid of the 423 00:23:01,960 --> 00:23:05,480 Speaker 1: CEO and other major executives must plans to be Twitter's 424 00:23:05,520 --> 00:23:08,159 Speaker 1: chief executive for Dow. He may also do away with 425 00:23:08,240 --> 00:23:11,880 Speaker 1: permanent bands on users, a category that includes former President 426 00:23:11,920 --> 00:23:14,200 Speaker 1: Donald Trump. Turning to the U S economy, Karen, we're 427 00:23:14,200 --> 00:23:16,240 Speaker 1: wrapping up the week with a few notable data points. 428 00:23:16,240 --> 00:23:18,840 Speaker 1: This morning we get the Employment Cost Index, University of 429 00:23:18,840 --> 00:23:22,080 Speaker 1: Michigan Sentiment, Pending Home sales and Household Income and Spending 430 00:23:22,600 --> 00:23:25,120 Speaker 1: n S andp futures are down twenty eight points right now. 431 00:23:25,240 --> 00:23:28,240 Speaker 1: Dal Future is down sixty six NASDAK Future is falling 432 00:23:28,280 --> 00:23:31,360 Speaker 1: down one hundred thirty eight. Straight ahead your latest local headlines, 433 00:23:31,400 --> 00:23:38,400 Speaker 1: plus a check of sports, and this is Bloomberg. Thanks 434 00:23:39,119 --> 00:23:41,360 Speaker 1: three On Wall Street forty six degrees now in Central Park, 435 00:23:41,359 --> 00:23:44,000 Speaker 1: could be slow on northbound FDR driving. Got construction going 436 00:23:44,040 --> 00:23:46,200 Speaker 1: on the upper east side. Michael barrs here with more 437 00:23:46,240 --> 00:23:48,440 Speaker 1: on what's going on in New York and around the world. Michael, 438 00:23:48,480 --> 00:23:50,520 Speaker 1: thank you very much. Days and a quick thinking bus 439 00:23:50,600 --> 00:23:53,560 Speaker 1: driver may have averted a tragedy in New York City. 440 00:23:54,040 --> 00:23:57,200 Speaker 1: Police say forty four year old Dwayne Getty, who was 441 00:23:57,320 --> 00:24:00,399 Speaker 1: arrested stop the bus and Queen's Board did it and 442 00:24:00,520 --> 00:24:04,080 Speaker 1: pulled out a firearm toward the bus driver. Investigators say 443 00:24:04,080 --> 00:24:06,359 Speaker 1: the gunman told the driver he was being chased and 444 00:24:06,520 --> 00:24:10,000 Speaker 1: ordered him to drive in MYPD Deputy Chief John Klune. 445 00:24:10,320 --> 00:24:13,720 Speaker 1: The bus driver immediately opened all the doors to allow 446 00:24:13,800 --> 00:24:17,560 Speaker 1: all passengers to exit. Once on the bus, the mail 447 00:24:17,680 --> 00:24:20,600 Speaker 1: mate made statements that he was being chased and that 448 00:24:20,680 --> 00:24:24,040 Speaker 1: the right that the bus driver to continue driving. Police 449 00:24:24,040 --> 00:24:27,280 Speaker 1: say the bus driver and the suspect then traveled for 450 00:24:27,400 --> 00:24:29,920 Speaker 1: more than thirty blocks when the driver slowed down and 451 00:24:30,040 --> 00:24:32,960 Speaker 1: jumped out of the window. The bus drove on until 452 00:24:33,000 --> 00:24:36,240 Speaker 1: it hit a utility pool. New York City Mayor Eric 453 00:24:36,280 --> 00:24:39,639 Speaker 1: Adams appointed Acting Fire Commissioner Laura Kavanaugh to leave the 454 00:24:39,680 --> 00:24:42,639 Speaker 1: Department on the permanent basis, making her the first female 455 00:24:42,640 --> 00:24:45,439 Speaker 1: commissioner in the one d fifty seven year history of 456 00:24:45,480 --> 00:24:48,840 Speaker 1: the f D n Y. Adams called Kavanaugh proven and 457 00:24:48,960 --> 00:24:52,440 Speaker 1: tested leader. Kavanaugh, who is forty, spoke after being sworn 458 00:24:52,520 --> 00:24:56,199 Speaker 1: in where a shy, introverted only child could get a 459 00:24:56,240 --> 00:24:58,879 Speaker 1: one way ticket to New York City, seeking to serve 460 00:24:58,960 --> 00:25:02,479 Speaker 1: a higher purpose in the best city on Earth, and 461 00:25:02,520 --> 00:25:06,120 Speaker 1: two decades later find herself here. Leading the greatest fire 462 00:25:06,160 --> 00:25:09,840 Speaker 1: department in the world through unprecedented times is something that 463 00:25:09,880 --> 00:25:14,840 Speaker 1: could only happen here. America's top diplomat address the humanitarian 464 00:25:14,920 --> 00:25:17,840 Speaker 1: crisis in Haiti's sparking protests at the u N over 465 00:25:17,880 --> 00:25:21,960 Speaker 1: whether military intervention is needed. Meeting with the Canadian Foreign 466 00:25:21,960 --> 00:25:25,160 Speaker 1: Minister or Autoba Secretary of State Anthony B. Lincoln told 467 00:25:25,200 --> 00:25:29,400 Speaker 1: reporters that Canada and the Biden administration agree that more 468 00:25:29,640 --> 00:25:32,800 Speaker 1: likely needs to be done to help Haitian national police 469 00:25:32,840 --> 00:25:37,200 Speaker 1: combat gangs. Between deepning food and fuel shortages, the growing 470 00:25:37,280 --> 00:25:42,520 Speaker 1: color outbreak, and gangs blockheading ports, terrorizing civilians, the situation 471 00:25:42,680 --> 00:25:45,760 Speaker 1: is simply unsustainable. The chaos in the nation is blamed 472 00:25:45,800 --> 00:25:50,200 Speaker 1: on the July assassination of former president jo Nel Moissey. 473 00:25:50,359 --> 00:25:52,840 Speaker 1: Global News twenty four hours a day on air and 474 00:25:53,000 --> 00:25:56,680 Speaker 1: on Bloomberg Quickdake, powered by more than journalists and analysts 475 00:25:56,680 --> 00:25:58,879 Speaker 1: more than a hundred twenty countries. I'm MICHAELA bar This 476 00:25:59,080 --> 00:26:06,760 Speaker 1: is Bloomberg, Nathan. Thank you, Michael all Street. Time for 477 00:26:06,760 --> 00:26:08,760 Speaker 1: the Bloomberg Sports Update, brought to you by Try State 478 00:26:08,800 --> 00:26:11,040 Speaker 1: OUTI here's John Stenshower. All right, Anthon. The Nets are 479 00:26:11,040 --> 00:26:13,480 Speaker 1: getting plenty of story from their stars again last night, 480 00:26:13,520 --> 00:26:16,800 Speaker 1: Kyrie Evering thirty nine points, Kevin Duran thirty seven, but 481 00:26:16,840 --> 00:26:19,320 Speaker 1: they're getting little from anyone else. Not good enough defense 482 00:26:19,359 --> 00:26:22,040 Speaker 1: for the Nets are one and four lost in Barkley 483 00:26:22,160 --> 00:26:26,040 Speaker 1: to Dallas one five and overtime. Mav star Luca Dontech 484 00:26:26,359 --> 00:26:29,320 Speaker 1: scored forty one points at a triple double. Tom Brady 485 00:26:29,359 --> 00:26:31,399 Speaker 1: came out of that very short retirement to try and 486 00:26:31,480 --> 00:26:33,600 Speaker 1: win his eighth Super Bowl, but Tampa Bay Is three 487 00:26:33,640 --> 00:26:37,360 Speaker 1: and five lost at home to Baltimore. Two. Bradys only 488 00:26:37,680 --> 00:26:40,560 Speaker 1: td Fast came in the final minute. The Giants expected 489 00:26:40,640 --> 00:26:42,800 Speaker 1: white out Canarius Tony to have a big season, but 490 00:26:42,840 --> 00:26:45,600 Speaker 1: he's hardly played in the Giants traded Tony to Kansas 491 00:26:45,600 --> 00:26:48,399 Speaker 1: City for third and sixth round draft picks. Tony the 492 00:26:48,480 --> 00:26:52,400 Speaker 1: last first round selection made by the former GM Dave Gentleman. 493 00:26:52,520 --> 00:26:56,480 Speaker 1: David Stearns resigned as team president Milwaukee Brewers and Summer 494 00:26:56,560 --> 00:26:59,719 Speaker 1: connecting dots. The Mets are looking for a president. Stearns 495 00:26:59,840 --> 00:27:02,159 Speaker 1: is a New York native. World Series starts tonight and 496 00:27:02,240 --> 00:27:04,240 Speaker 1: used it with Justin Verlander on the mound for the 497 00:27:04,280 --> 00:27:07,080 Speaker 1: Astros first ballot Hall of Famer about to win another 498 00:27:07,119 --> 00:27:10,440 Speaker 1: Cy Young Award, but in his World Series career, we've 499 00:27:10,560 --> 00:27:13,760 Speaker 1: used in him before that Detroit Verlander O wins six 500 00:27:13,800 --> 00:27:16,200 Speaker 1: with the five point six eight r A. I would 501 00:27:16,200 --> 00:27:19,520 Speaker 1: like to get a win. Yeah, I mean, I'm not gonna, 502 00:27:19,880 --> 00:27:22,919 Speaker 1: Like I said, that's not my goal. Um So I 503 00:27:22,960 --> 00:27:24,800 Speaker 1: don't want to. I don't want to say that that 504 00:27:24,800 --> 00:27:27,040 Speaker 1: Philly is lacking because innately that would make it a 505 00:27:27,119 --> 00:27:29,480 Speaker 1: particular goal of mine. My goal is to go out 506 00:27:29,480 --> 00:27:30,840 Speaker 1: and give us the best chance to win. If that 507 00:27:31,000 --> 00:27:33,639 Speaker 1: ends up resulting in a win, great Aaronola starts to 508 00:27:33,720 --> 00:27:36,359 Speaker 1: the Phillies, who've been around since the nineteenth century, but 509 00:27:36,440 --> 00:27:38,359 Speaker 1: the only one the World Series. Twice the Astros and 510 00:27:38,359 --> 00:27:42,680 Speaker 1: Phillies combined record this postseason sixteen and two. John stash 511 00:27:42,720 --> 00:27:45,040 Speaker 1: that war. Bloombergs for us. All right, John, thank you. 512 00:27:45,080 --> 00:27:46,959 Speaker 1: Five thirty seven on Wall Street Time for the Tri 513 00:27:47,080 --> 00:27:50,399 Speaker 1: State Business Report with Bloomberg. Didney's Pellgreeny or considered Trader 514 00:27:50,520 --> 00:27:55,080 Speaker 1: Joe's in Brooklyn have voted against unionizing. The tally against 515 00:27:55,200 --> 00:27:58,480 Speaker 1: only sixties six four, joining Trader Joe's United at the 516 00:27:58,520 --> 00:28:01,880 Speaker 1: Williamsburg Store. A ding to the National Labor Relations Board, 517 00:28:01,960 --> 00:28:04,359 Speaker 1: and if no objections are filed within five days, this 518 00:28:04,480 --> 00:28:07,640 Speaker 1: vote will be certified. Major hedge funds and private equity 519 00:28:07,640 --> 00:28:11,439 Speaker 1: shops expanding in Connecticut. We're hearing Citadel, Blue Owl and 520 00:28:11,480 --> 00:28:14,720 Speaker 1: a division of Roth's child are among the finance companies 521 00:28:14,720 --> 00:28:18,520 Speaker 1: extending footprints are expanding leases in Greenwich and Stanford, and 522 00:28:18,560 --> 00:28:22,240 Speaker 1: sources say Varian Fund Management is also looking for more space. 523 00:28:22,440 --> 00:28:24,920 Speaker 1: One new Mark broker tells us the four hour bed 524 00:28:24,960 --> 00:28:27,920 Speaker 1: to desk commute ground trip is just too onerous now 525 00:28:28,040 --> 00:28:31,359 Speaker 1: for those used to working from home. And as Westwood 526 00:28:31,400 --> 00:28:34,560 Speaker 1: Bergen County's new hot real estate market, even as the 527 00:28:34,560 --> 00:28:38,240 Speaker 1: housing market overall cools, North Jersey dot Com says Westwood 528 00:28:38,320 --> 00:28:40,880 Speaker 1: is getting a lot of buyer interest now thanks to 529 00:28:40,920 --> 00:28:44,240 Speaker 1: new developments and a thriving retail and dining space. With 530 00:28:44,320 --> 00:28:47,080 Speaker 1: the Tri State Business Report, I'm Denise Pellegrini, Thank you 531 00:28:47,200 --> 00:28:49,800 Speaker 1: Nasty on Wall Street. Bloomberg Radio is on the air 532 00:28:49,840 --> 00:28:52,360 Speaker 1: from San Francisco to New York, London to Hong Kong. 533 00:28:52,440 --> 00:28:54,320 Speaker 1: Let's check in with our global news team for some 534 00:28:54,360 --> 00:28:56,520 Speaker 1: of the top stories heard on our three D affiliate 535 00:28:56,600 --> 00:29:02,360 Speaker 1: radio stations around the world. Um Coerny, Dnahoe on kat 536 00:29:02,480 --> 00:29:05,520 Speaker 1: R H in Houston. Sagging used car prices are starting 537 00:29:05,560 --> 00:29:08,120 Speaker 1: to hurt the profits of dealers. I'm Wendy to lead 538 00:29:08,160 --> 00:29:10,560 Speaker 1: on w f L A and Tampa this morning. I'm 539 00:29:10,600 --> 00:29:13,080 Speaker 1: reporting on the latest time of court fight over a 540 00:29:13,160 --> 00:29:16,960 Speaker 1: proposed transportations to attacks. I'm Stephen Carol and d AB 541 00:29:17,120 --> 00:29:19,680 Speaker 1: Digital Radio in London. We've been reporting on the British 542 00:29:19,680 --> 00:29:23,000 Speaker 1: Bank not West warning of worsening economic conditions as it 543 00:29:23,040 --> 00:29:26,600 Speaker 1: took a bigger than expected charge for souring loans. I'm 544 00:29:26,640 --> 00:29:29,480 Speaker 1: to these Polygriny and um W w J in Detroit. 545 00:29:29,640 --> 00:29:32,160 Speaker 1: I'm reporting on some big changes in the works for 546 00:29:32,280 --> 00:29:35,840 Speaker 1: Michigan landlords and renters and those are some of the stories. 547 00:29:35,840 --> 00:29:39,000 Speaker 1: Are hundred Bloomberg journalists and analysts you're working on this 548 00:29:39,080 --> 00:29:42,000 Speaker 1: morning around the world. It's five thirty nine on Wall Street. 549 00:29:42,480 --> 00:29:46,880 Speaker 1: The following is an editorial from Bloomberg Opinion. Few Americans 550 00:29:47,000 --> 00:29:51,880 Speaker 1: remember the horrors that polio once inflicted on children. A 551 00:29:52,080 --> 00:29:57,720 Speaker 1: massive vaccination campaign nearly eradicated polio from the globe. Now, 552 00:29:57,760 --> 00:30:03,640 Speaker 1: this highly contagious, sometime debilitating disease is a threat once again. 553 00:30:04,080 --> 00:30:07,880 Speaker 1: Just twenty nine cases of wild polio have been recorded 554 00:30:07,920 --> 00:30:11,480 Speaker 1: so far this year worldwide, while only one case in 555 00:30:11,520 --> 00:30:15,440 Speaker 1: the US has been recorded. Seventy positive samples of polio 556 00:30:15,720 --> 00:30:20,280 Speaker 1: have shown up in nearby sewage testing experts estimate that 557 00:30:20,440 --> 00:30:24,360 Speaker 1: for each case of paralytic polio, hundreds of others are 558 00:30:24,440 --> 00:30:29,720 Speaker 1: infected without symptoms. Vaccine hesitancy and the rise of misinformation 559 00:30:29,800 --> 00:30:34,040 Speaker 1: have created pockets of vulnerability, and even a small decrease 560 00:30:34,080 --> 00:30:38,760 Speaker 1: in immunizations can lead to large outbreaks. Only through sustained 561 00:30:38,800 --> 00:30:42,840 Speaker 1: investment can the world protect children from this devastating, yet 562 00:30:43,000 --> 00:30:47,440 Speaker 1: entirely avoidable disease. This editorial was written by the Bloomberg 563 00:30:47,560 --> 00:30:51,080 Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg 564 00:30:51,160 --> 00:30:54,600 Speaker 1: dot com, slash opinion or OPI n go on the 565 00:30:54,600 --> 00:30:58,360 Speaker 1: Bloomberg terminal. This has been Bloomberg opinion, and you can 566 00:30:58,400 --> 00:31:01,920 Speaker 1: hear Bloomberg opinion editorial every weekday at this time, terminal 567 00:31:01,960 --> 00:31:04,400 Speaker 1: customers can read more at O P I n go, 568 00:31:05,200 --> 00:31:08,640 Speaker 1: and you can watch as futures move lower as some 569 00:31:08,720 --> 00:31:11,200 Speaker 1: P futures are down thirty two points, now down, futures 570 00:31:11,240 --> 00:31:14,440 Speaker 1: down ninety seven, and Nasdaq futures leading the declines, down 571 00:31:14,440 --> 00:31:16,800 Speaker 1: a hundred forty seven points for a drop of one 572 00:31:16,840 --> 00:31:23,120 Speaker 1: point three per cent. This is Bloomberg. The Bloomberg Sports 573 00:31:23,120 --> 00:31:24,880 Speaker 1: Report was brought to you by Audie. Don't let someone 574 00:31:24,920 --> 00:31:27,280 Speaker 1: else drive off and the Audi model You've always wanted. 575 00:31:27,360 --> 00:31:29,640 Speaker 1: Visit your local price state Audi dealer to get behind 576 00:31:29,680 --> 00:31:31,960 Speaker 1: the wheel of yours today, or visit autie Offers dot 577 00:31:31,960 --> 00:31:39,800 Speaker 1: com for more information, markets, headlines and breaking news twenty 578 00:31:39,800 --> 00:31:42,080 Speaker 1: four hours a day at Bloomberg dot com for the 579 00:31:42,120 --> 00:31:45,560 Speaker 1: Bloomberg Business apt and at Bloomberg Quick Tape. This is 580 00:31:45,560 --> 00:31:54,560 Speaker 1: a Bloomberg Business Flash and I'm Cameron. Moscow stocks are 581 00:31:54,600 --> 00:31:57,840 Speaker 1: sliding along with US DOCK Index futures as disappointing results 582 00:31:57,840 --> 00:32:02,800 Speaker 1: from tech giants sours sentiment NASDAC pacing losses this morning 583 00:32:02,880 --> 00:32:05,560 Speaker 1: down about one point three percent, with shares of Amazon 584 00:32:05,600 --> 00:32:07,920 Speaker 1: dot Com down thirteen and a half percent after it 585 00:32:07,920 --> 00:32:11,240 Speaker 1: had reported earnings. Apple faring better this morning, up more 586 00:32:11,320 --> 00:32:13,920 Speaker 1: than half percent, and we checked the markets every fifteen 587 00:32:13,920 --> 00:32:16,280 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, U 588 00:32:16,320 --> 00:32:18,600 Speaker 1: s in P futures are down thirty one points down, 589 00:32:18,640 --> 00:32:22,760 Speaker 1: futures down ninety three and nastack futures down on the decks. 590 00:32:22,760 --> 00:32:25,320 Speaker 1: In Germany's down eight tenths of upper set ten year 591 00:32:25,360 --> 00:32:28,440 Speaker 1: treasury down twenty two thirties seconds. He'll four point one 592 00:32:28,520 --> 00:32:31,760 Speaker 1: percent yield on the two year four point three seven percent. 593 00:32:32,160 --> 00:32:34,560 Speaker 1: Nine x screwed oil is down when at a third 594 00:32:34,600 --> 00:32:36,960 Speaker 1: percent down a dollar twenty one and eighty seven dollars, 595 00:32:36,960 --> 00:32:39,680 Speaker 1: eighty seven cents of Arrol Comic School is down nine 596 00:32:39,720 --> 00:32:42,160 Speaker 1: tenths per cent or fourteen dollars ten cents at sixteen 597 00:32:42,200 --> 00:32:46,640 Speaker 1: fifty one fifty announced, and the euro point nine three 598 00:32:46,680 --> 00:32:49,360 Speaker 1: against the dollar. That's a Bloomberg business flash. Now here's 599 00:32:49,400 --> 00:32:51,880 Speaker 1: Michael Barr with more on what's going on around the world. 600 00:32:51,960 --> 00:32:54,560 Speaker 1: Michael Karen, thank you very much. Bloomberg has learned that 601 00:32:54,600 --> 00:32:57,560 Speaker 1: Elon Musk is in control of Twitter and announced at 602 00:32:57,600 --> 00:33:02,440 Speaker 1: the CEO and the company's lawyer. Sale is originally valued 603 00:33:02,480 --> 00:33:06,440 Speaker 1: at forty four billion dollars. Billionaire also intends to scrap 604 00:33:06,560 --> 00:33:11,440 Speaker 1: lifelong bands on users. Russian President Vladimir Putin claimed in 605 00:33:11,480 --> 00:33:14,280 Speaker 1: an hour's long speech that he has no intention of 606 00:33:14,360 --> 00:33:18,320 Speaker 1: striking Ukraine with nuclear weapons, but Putin did point fingers 607 00:33:18,360 --> 00:33:21,280 Speaker 1: at the US and other Western nations, claiming that they 608 00:33:21,320 --> 00:33:24,760 Speaker 1: are escalating the war there. In Thursday Night football, the 609 00:33:24,840 --> 00:33:28,520 Speaker 1: Ravens beat the Buccaneers twenty two tonight game one of 610 00:33:28,560 --> 00:33:31,800 Speaker 1: the World Series between the Phillies and the Astros. In 611 00:33:31,880 --> 00:33:35,440 Speaker 1: the NBA, the Nets lost the Warriors one. In the NHL, 612 00:33:35,520 --> 00:33:38,640 Speaker 1: the Bruins won the Capitol's lost Global News twenty four 613 00:33:38,720 --> 00:33:42,200 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 614 00:33:42,200 --> 00:33:44,800 Speaker 1: by more than twenty seven hundred journalists and analysts are 615 00:33:44,800 --> 00:33:47,880 Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg. 616 00:33:48,360 --> 00:33:51,280 Speaker 1: Thanks Michael. It's nine on Wall Street Live from the 617 00:33:51,280 --> 00:33:55,200 Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. Let's 618 00:33:55,320 --> 00:33:57,480 Speaker 1: round out the week in tech earnings. For that, we 619 00:33:57,560 --> 00:34:01,600 Speaker 1: are joined once again by Bloomberg Quick Take correspondent Alex 620 00:34:01,640 --> 00:34:04,080 Speaker 1: Webb and boy Alex. What a way to end it 621 00:34:04,160 --> 00:34:08,040 Speaker 1: here with Amazon shares right now? Just checking down thirteen 622 00:34:08,080 --> 00:34:12,239 Speaker 1: and a half percent on this holiday sales forecast that 623 00:34:12,400 --> 00:34:14,800 Speaker 1: really came in short of what Wall Street was expecting. 624 00:34:14,800 --> 00:34:16,960 Speaker 1: I was just talking with Jean Monster from lou Ventures. 625 00:34:17,400 --> 00:34:20,120 Speaker 1: He thinks that, you know, Wall Street's gotten used to 626 00:34:20,160 --> 00:34:23,279 Speaker 1: Amazon sort of oh outperforming, and that maybe this is 627 00:34:23,320 --> 00:34:27,279 Speaker 1: an overreaction. There's something to that. I think possibly the 628 00:34:27,360 --> 00:34:29,799 Speaker 1: slight complication with Amazon, and this isn't the first quarter 629 00:34:29,840 --> 00:34:32,600 Speaker 1: that we've seen this that yes, as as Jeans said, 630 00:34:32,960 --> 00:34:36,560 Speaker 1: the expectation with Amazon is that if they or when 631 00:34:36,600 --> 00:34:38,800 Speaker 1: they want to, they can turn us bigger and become 632 00:34:38,840 --> 00:34:41,080 Speaker 1: profitable Now, the thing that happened during the lockdowns is 633 00:34:41,120 --> 00:34:45,239 Speaker 1: they massively overspent on building out there essentially their warehouse capacity. 634 00:34:45,400 --> 00:34:48,560 Speaker 1: And in this quarter they had already said in the 635 00:34:48,640 --> 00:34:50,640 Speaker 1: quarter just gone, they had said that they planned to 636 00:34:50,680 --> 00:34:55,719 Speaker 1: cut down on expenses, but again expenses increased more unproportionately 637 00:34:55,719 --> 00:34:58,560 Speaker 1: than revenue increase. So you know, despite the promises they 638 00:34:58,560 --> 00:35:00,520 Speaker 1: had made, they kind of disappointed on that front. You 639 00:35:00,600 --> 00:35:04,839 Speaker 1: add into that the comments on the upcoming Christmas quarter 640 00:35:04,960 --> 00:35:07,680 Speaker 1: or the quarter the way in, and it becomes doubly 641 00:35:07,760 --> 00:35:10,439 Speaker 1: painful that, you know, revenue not as great, but also 642 00:35:10,480 --> 00:35:13,279 Speaker 1: cost controls haven't been as good as expected. Well, how 643 00:35:13,360 --> 00:35:18,080 Speaker 1: much more can Amazon shave casts? I mean quite a lot. 644 00:35:18,120 --> 00:35:21,080 Speaker 1: You know, Amazon employees something like a million, I mean 645 00:35:21,520 --> 00:35:25,239 Speaker 1: more than a million people globally. Um. You know, the 646 00:35:25,280 --> 00:35:28,719 Speaker 1: fact is that it's e commerce business isn't terribly profitable. 647 00:35:28,760 --> 00:35:32,480 Speaker 1: It gets most of its from profit from the cloud business. 648 00:35:32,600 --> 00:35:34,960 Speaker 1: So you know, by extension, if you've tamped back on 649 00:35:35,040 --> 00:35:36,960 Speaker 1: the on the e commerce business, then it kind of 650 00:35:37,000 --> 00:35:40,000 Speaker 1: gives a bit of space for that, uh, those those 651 00:35:40,080 --> 00:35:44,239 Speaker 1: um aws the cloud businesses profits to be enjoyed. So 652 00:35:44,600 --> 00:35:47,200 Speaker 1: you know, there's I'm sure a huge amount of chaff 653 00:35:47,239 --> 00:35:48,960 Speaker 1: at Amazon that can be cut back, it would just 654 00:35:49,040 --> 00:35:52,440 Speaker 1: also mean that top line revenue growth might also be affected. 655 00:35:53,400 --> 00:35:55,440 Speaker 1: And I guess this is a reflection as well that 656 00:35:55,680 --> 00:35:58,040 Speaker 1: you know, not only are people cutting back on spending 657 00:35:58,080 --> 00:36:00,399 Speaker 1: and deliveries are maybe not going to be as high 658 00:36:00,400 --> 00:36:04,440 Speaker 1: as they were during the pandemic, but just that the 659 00:36:05,200 --> 00:36:10,439 Speaker 1: cast picture is just enormous for Amazon as well. Yes, 660 00:36:10,560 --> 00:36:13,640 Speaker 1: and when you have lots of orders coming in and 661 00:36:13,680 --> 00:36:15,760 Speaker 1: you're able to say make if you have a street 662 00:36:15,760 --> 00:36:18,239 Speaker 1: of twenty properties and you're able to deliver to half 663 00:36:18,320 --> 00:36:21,160 Speaker 1: those properties, then the economics start to add up. But 664 00:36:21,200 --> 00:36:24,120 Speaker 1: if those costs, if the spending starts to slow down 665 00:36:24,280 --> 00:36:26,239 Speaker 1: and people are a little bit more circumspect about what 666 00:36:26,280 --> 00:36:29,560 Speaker 1: they're buying, it doesn't become as cost effective to deliver, 667 00:36:30,200 --> 00:36:32,880 Speaker 1: you know, the two three dollar piece to number forty two, 668 00:36:33,280 --> 00:36:37,319 Speaker 1: because um number thirty eight is ordering a television. You know, 669 00:36:37,360 --> 00:36:39,600 Speaker 1: if everybody's just buying small stuff, the economics become a 670 00:36:39,640 --> 00:36:42,359 Speaker 1: little bit more challenging. Now turning to Apple, now it's 671 00:36:42,719 --> 00:36:44,640 Speaker 1: holding up a little bit better in the pre market, 672 00:36:44,719 --> 00:36:47,319 Speaker 1: up a little bit more than a half percent. What's 673 00:36:47,360 --> 00:36:49,879 Speaker 1: Apple doing right that maybe some of the other tech 674 00:36:49,960 --> 00:36:53,880 Speaker 1: companies that reported this week aren't one of the massive 675 00:36:53,920 --> 00:36:57,440 Speaker 1: differences between Apple and say Amazon is it. All of 676 00:36:57,480 --> 00:37:01,040 Speaker 1: its services kind of feed one beast, and that's the 677 00:37:01,080 --> 00:37:04,520 Speaker 1: iPhone and even the Mac and the Apple Watch. You know, 678 00:37:04,680 --> 00:37:06,880 Speaker 1: the Apple Watch doesn't really work unless you have an iPhone. 679 00:37:07,239 --> 00:37:10,440 Speaker 1: Um the Mac works better with an iPhone because you 680 00:37:10,440 --> 00:37:12,640 Speaker 1: can take your calls on it because it hands off, 681 00:37:12,680 --> 00:37:15,160 Speaker 1: and so it has a coherence to it, which have 682 00:37:15,440 --> 00:37:18,800 Speaker 1: just continue to drive its customers towards buying that thousand 683 00:37:18,880 --> 00:37:23,480 Speaker 1: dollar chunk of you know, aluminium and Antistan saying aluminiums 684 00:37:24,200 --> 00:37:29,399 Speaker 1: whereas Amazon, Amazon has a sort of panoply of different offerings, 685 00:37:29,840 --> 00:37:32,759 Speaker 1: not all of which feed the next one. It's not 686 00:37:32,880 --> 00:37:36,359 Speaker 1: all geared towards driving people towards Amazon dot com. It's 687 00:37:36,400 --> 00:37:39,440 Speaker 1: not equally geared towards drowing people towards aws. It's a 688 00:37:39,440 --> 00:37:43,920 Speaker 1: little bit less coherent because Apple has this compelling services business, 689 00:37:44,080 --> 00:37:47,719 Speaker 1: this family of hardware, people go back time and again 690 00:37:47,760 --> 00:37:50,120 Speaker 1: to buy the iPhone. I gotta ask you about Elon 691 00:37:50,239 --> 00:37:54,759 Speaker 1: Musk now reportedly at least reported by Bloomberg CEO of 692 00:37:54,880 --> 00:37:59,719 Speaker 1: firing Parague are Wall and making even more changes, potentially 693 00:38:00,200 --> 00:38:04,279 Speaker 1: describing himself on his Twitter profile, which is I think 694 00:38:04,280 --> 00:38:06,000 Speaker 1: it is a British term and I'm not sure it's 695 00:38:06,080 --> 00:38:09,439 Speaker 1: used quite as much in the US. Yeah. It. Now 696 00:38:09,480 --> 00:38:12,600 Speaker 1: the challenge to the work really begins. How do you 697 00:38:12,680 --> 00:38:17,000 Speaker 1: turn this company into a success story, particularly a success 698 00:38:17,040 --> 00:38:20,160 Speaker 1: story that warrants the forty four billion dollar sticker price. 699 00:38:20,920 --> 00:38:24,360 Speaker 1: There are some leavers that he can start pulling. Twitter 700 00:38:24,400 --> 00:38:27,080 Speaker 1: has not been as good at targeting ads as for instance, 701 00:38:27,160 --> 00:38:30,560 Speaker 1: Meta has um it's average revenue p user. Not only 702 00:38:30,600 --> 00:38:32,839 Speaker 1: does it have far fewer users than Facebook, about two 703 00:38:32,920 --> 00:38:35,560 Speaker 1: hundred million compared to the two billion across the various 704 00:38:35,560 --> 00:38:38,799 Speaker 1: Facebook platforms, but it gets less revenue per user than 705 00:38:38,880 --> 00:38:41,759 Speaker 1: does its Silicon Valley rival. And so if you can 706 00:38:41,800 --> 00:38:44,080 Speaker 1: improve the ads product, maybe maybe you can improve that. 707 00:38:44,360 --> 00:38:47,680 Speaker 1: Maybe you can also look at charging corporate subscriptions. So 708 00:38:47,760 --> 00:38:50,520 Speaker 1: if you're not just a private individual and you're trying 709 00:38:50,520 --> 00:38:52,480 Speaker 1: to reach customers or would be customers, then you have 710 00:38:52,520 --> 00:38:54,440 Speaker 1: to pay for the privilege on being on Twitter. It 711 00:38:54,520 --> 00:38:58,080 Speaker 1: might be harder challenge because Twitter isn't necessarily an essential 712 00:38:58,080 --> 00:38:59,799 Speaker 1: place to be. You know, there are not as many 713 00:38:59,840 --> 00:39:01,440 Speaker 1: you says that they are on these other places. So 714 00:39:01,920 --> 00:39:05,399 Speaker 1: how can he turned Twitter into a tech giant because 715 00:39:05,400 --> 00:39:08,319 Speaker 1: at the moment it's a four billion dollar company makes 716 00:39:08,360 --> 00:39:11,560 Speaker 1: it you know, at times ten times smaller by market 717 00:39:11,600 --> 00:39:15,080 Speaker 1: captain Facebook, considerably smaller than Google or Apple. He's a 718 00:39:15,080 --> 00:39:17,279 Speaker 1: long way to go. Now we'll have to see if 719 00:39:17,320 --> 00:39:19,680 Speaker 1: I make some of those job cuts that were reported 720 00:39:19,800 --> 00:39:22,239 Speaker 1: and he's now denying, but a lot more to come. 721 00:39:22,440 --> 00:39:25,239 Speaker 1: Alex Webb of Bloomberg Quicktake as always great to have 722 00:39:25,280 --> 00:39:28,400 Speaker 1: you on with us, Karen Nathan, It is five four 723 00:39:28,600 --> 00:39:30,879 Speaker 1: on Wall Street, and now for a legal story we're 724 00:39:30,920 --> 00:39:34,600 Speaker 1: watching this morning. Well, Adidas dropping a Yeah, the mercurial 725 00:39:34,719 --> 00:39:37,440 Speaker 1: rapper formerly known as Kanye West and the wake up 726 00:39:37,480 --> 00:39:41,000 Speaker 1: US anti Semitic remarks will cost Adidas a nearly two 727 00:39:41,440 --> 00:39:44,319 Speaker 1: fifty million dollar hit to its earnings this year, but 728 00:39:44,400 --> 00:39:47,120 Speaker 1: it will cost Yea even more, reportedly one and a 729 00:39:47,160 --> 00:39:49,960 Speaker 1: half billion to break up. Also creates some arrests over 730 00:39:50,000 --> 00:39:54,000 Speaker 1: the intellectual property rights developed in their almost decade long collaboration. 731 00:39:54,320 --> 00:39:57,560 Speaker 1: For more Bloomberg's doing, Grosso speaks to attorney Zach Hurtz, 732 00:39:57,719 --> 00:40:01,279 Speaker 1: who founded the law firm Sneaker and Street where legal services. 733 00:40:01,920 --> 00:40:06,160 Speaker 1: Kanye has the trademarks for Yeasy wi z E Y 734 00:40:06,480 --> 00:40:09,799 Speaker 1: yees Us, among others. His company has more than a 735 00:40:09,880 --> 00:40:15,560 Speaker 1: hundred and sixty trademark applications and registrations for his Easy brand. 736 00:40:16,000 --> 00:40:19,359 Speaker 1: So Kanye has the trademarks in this deal. What does 737 00:40:19,400 --> 00:40:22,520 Speaker 1: Adidas have? Yes, So Kanye owned his ip that he 738 00:40:22,560 --> 00:40:25,000 Speaker 1: brought to the table, which is as you stated, Easy 739 00:40:25,200 --> 00:40:27,520 Speaker 1: and y z Y, and all the logos and trademarks 740 00:40:27,560 --> 00:40:30,600 Speaker 1: associated with his brand in this deal, all the new 741 00:40:30,640 --> 00:40:36,200 Speaker 1: designs for the Adidas shoes, the three fifties, the seven fifties, 742 00:40:36,360 --> 00:40:39,440 Speaker 1: literally almost every shoe that Adidas has made with Kanye, 743 00:40:39,760 --> 00:40:42,400 Speaker 1: the design patents for those appear to be owned by Adidas. 744 00:40:42,440 --> 00:40:44,680 Speaker 1: What we see from the facts and everything on the table, 745 00:40:44,719 --> 00:40:47,120 Speaker 1: with the design patents and the trademarks and such, it 746 00:40:47,120 --> 00:40:50,239 Speaker 1: looks like Adidas owns almost all of the designs of 747 00:40:50,320 --> 00:40:53,759 Speaker 1: the shoes and Kanye owns and was licensing his y 748 00:40:53,880 --> 00:40:56,400 Speaker 1: z Y Easy brand to be put on those shoes. 749 00:40:56,920 --> 00:40:59,600 Speaker 1: What does Kanye have the right to do owning the 750 00:40:59,640 --> 00:41:02,960 Speaker 1: trade marks? He's gonna have the ability to use his 751 00:41:03,000 --> 00:41:06,160 Speaker 1: own trademarks what he owns on other shoes. Depending on 752 00:41:06,200 --> 00:41:08,359 Speaker 1: the contract, it might have a wind down period, might 753 00:41:08,360 --> 00:41:11,000 Speaker 1: have some restrictions in it that say for X amount 754 00:41:11,040 --> 00:41:13,920 Speaker 1: of time, you can't enter this sneaker market or you know, 755 00:41:14,000 --> 00:41:16,680 Speaker 1: running shoes or sid shoes, something like that. But I 756 00:41:16,719 --> 00:41:19,160 Speaker 1: think upon termination like we have now, it's up to 757 00:41:19,200 --> 00:41:21,360 Speaker 1: Kannie to take his trademarks with him and to have 758 00:41:21,480 --> 00:41:25,160 Speaker 1: new designs or use his trademarks for other purposes on clothing, 759 00:41:25,160 --> 00:41:27,920 Speaker 1: and you really just create new designs and new sneakers 760 00:41:27,960 --> 00:41:30,760 Speaker 1: and everything new on his own. He does own several 761 00:41:30,800 --> 00:41:34,040 Speaker 1: other design patent. One was for the easy slide. To me, 762 00:41:34,160 --> 00:41:37,080 Speaker 1: that's the most interesting one because although his name is 763 00:41:37,160 --> 00:41:39,960 Speaker 1: on the design patent as an owner and the inventor, 764 00:41:40,560 --> 00:41:43,200 Speaker 1: it's still associated with Adidas. There'll be a good legal 765 00:41:43,280 --> 00:41:46,120 Speaker 1: argument or it'll be tricky to say that there's not confusion. 766 00:41:46,640 --> 00:41:50,720 Speaker 1: So now as far as Adidas they on these designs, 767 00:41:50,760 --> 00:41:53,279 Speaker 1: what can they do with that? Can they just put 768 00:41:53,320 --> 00:41:58,000 Speaker 1: out the same shoes without the easy trademarks? Yeah, you're right, 769 00:41:58,000 --> 00:42:00,200 Speaker 1: there's been talk about that, you know, and that has 770 00:42:00,239 --> 00:42:02,800 Speaker 1: happened before. Other companies have done such a thing. And 771 00:42:02,920 --> 00:42:05,480 Speaker 1: as leaves with the contract expires, they'll take off his 772 00:42:05,560 --> 00:42:08,360 Speaker 1: branding and his trademarks. And some in the sneaker community 773 00:42:08,360 --> 00:42:10,080 Speaker 1: I don't like that when that occurs, And I think 774 00:42:10,120 --> 00:42:13,040 Speaker 1: in this situation, if Adidas to drift the Easy branding 775 00:42:13,080 --> 00:42:15,920 Speaker 1: and started selling Easy, there'll be a lot of outreaches 776 00:42:16,080 --> 00:42:19,000 Speaker 1: that Adidas for doing that after they terminated with Kanye, 777 00:42:19,280 --> 00:42:21,000 Speaker 1: But I think that would be also sneak your heads 778 00:42:21,000 --> 00:42:23,400 Speaker 1: and seas in the community who purposely wouldn't buy the 779 00:42:23,440 --> 00:42:26,440 Speaker 1: shoes for that reason. That's that cur So Sneaker and 780 00:42:26,560 --> 00:42:29,919 Speaker 1: Streetwear Legal Services speaking with the Bloomberg student Grosso. Catch 781 00:42:29,960 --> 00:42:32,480 Speaker 1: more in that interview, plus analysis of the latest legal 782 00:42:32,520 --> 00:42:34,960 Speaker 1: news by listening to the Bloomberg Law Show at ten 783 00:42:35,040 --> 00:42:38,280 Speaker 1: pm Eastern Time or subscribing to the Bloomberg Law Podcast, 784 00:42:38,360 --> 00:42:41,640 Speaker 1: and attorneys can find exceptional legal research and business development tools. 785 00:42:41,920 --> 00:42:46,120 Speaker 1: Have Bloomberg Law dot com and this is Bloomberg