Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: day Break for Friday, October two. Coming up this hour,
Speaker 1: Amazon shares plunge after becoming the latest tech giant to
Speaker 1: post disappointed earnings. Apple a voice the tech route despite
Speaker 1: warning of a holiday slowdown. The earning spotlight turns to
Speaker 1: Big Oil. X On Mobile and Chevron are on tap
Speaker 1: to report an Elon Musk officially takes over as CEO
Speaker 1: of Twitter New York City as its first ever female
Speaker 1: f d n Y Commissioner. West, We're learning more about
Speaker 1: the hijack passenger bus and queens. I'm Michael Barber. More ahead,
Speaker 1: I'm John Stage showIn sports. Then that's lost in overtime,
Speaker 1: the Ravens beat the Bucks. The Phillies and Astros begin
Speaker 1: the World series tonight in Houston. That's all training ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg Eliving Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one O six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nineteen
Speaker 1: and around the world on Bloomberg Radio Dot Car. I'm
Speaker 1: the Bloomberg Business app. Then good Friday morning. I'm Nathan
Speaker 1: Hagar and I'm Karen Moscow and US dock indext futures
Speaker 1: are lower this morning. We are coming up to five
Speaker 1: oh went on Wall Street and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP
Speaker 1: Future is down about thirty points this morning. Down Future
Speaker 1: is down ninety one and nastday futures down one thirty one.
Speaker 1: We're down one point two percent. Tenure Treasury down twelve
Speaker 1: thirty seconds. Healed three point and nine six percent. I
Speaker 1: mean yield in the two year four point three four percent. Nathan, Well, Karen.
Speaker 1: We begin this morning with an earnings related sell off
Speaker 1: that is on track to wipe off more than six
Speaker 1: hundred billion dollars in market value this week alone, and
Speaker 1: that's just from America's five largest tech companies. The latest
Speaker 1: culprit is Amazon. Those shares are down thirteen and two
Speaker 1: thirds percent in early trading following earnings that fell short ed.
Speaker 1: Ludlow has details from our Bloomberg nine sixty newsroom in
Speaker 1: San Francisco. There was this a verer after ours reaction
Speaker 1: to Amazon's forecast for the fourth quarter. The revenue will
Speaker 1: be between a hundred and forty and a hundred forty
Speaker 1: eight billion dollars, significantly below what the street is looking for.
Speaker 1: And that's a feme oft this earning season. Right, investors
Speaker 1: punishing companies, not just those missing on the top and
Speaker 1: bottom line, but those giving tepid forecasts. There was a
Speaker 1: long list of problems to Amazon. Really, currency continues to
Speaker 1: be a head win to the tune of nine hundred
Speaker 1: million dollars in the course had gone and it will
Speaker 1: continue to impact Amazon going into the final three months
Speaker 1: of this year. Ed Lovelow for Bloomberg News in San Francisco.
Speaker 1: All right, thanks well. Apple has managed to avoid the
Speaker 1: tech route. Shares are up one percent in early trading.
Speaker 1: Those sales of iPhones and services were softer than expected.
Speaker 1: Apple's revenue and profit both topped estimates. Still, Apple CFO
Speaker 1: lookam street warrants of a holiday slowdown. Overall, we believe
Speaker 1: to company year will be year. Revenue performance will decelerate
Speaker 1: during the December quarter as compared to the September quarter
Speaker 1: for a number of reasons. First, we expect nearly ten
Speaker 1: percentage points of negative year over year impact from fort
Speaker 1: and Exchange and Apples CFO Luka my story says sales
Speaker 1: of Mac computers will decline substantially. Stay tuned for analysis
Speaker 1: on both Apple and Amazon coming up shortly when we
Speaker 1: speak live with the Loup Adventures A co founder Gene Munster.
Speaker 1: In the meantime, Karen, we have some more earnings to
Speaker 1: get you caught up on. Shares of Intel or up
Speaker 1: about five percent in early trading, the chipmaker's pledging to
Speaker 1: slash costs to combat a persistent slump and computer demand
Speaker 1: that's dragging down sales and profit. Shares of Gill Lead
Speaker 1: Sciences are up three and a half percent. The company
Speaker 1: boosted its earnings guidance for the full year, and shares
Speaker 1: of Pinterest are hired by eight and a half percent.
Speaker 1: The social media company reported earnings and revenue that beat estimates.
Speaker 1: Well Up Next Nathan, the focus turns to big oil.
Speaker 1: Both ex On Mobile and Chevron report this morning. We
Speaker 1: get a preview from Bloomberg's Jeff Bellinger. Overall, the third
Speaker 1: quarter was likely a good one for the oil giants
Speaker 1: thanks to oil prices that remained elevated through most of
Speaker 1: the last three months. Bloomberg Intelligence says the company's fourth
Speaker 1: quarter outlooks will be key. It raised the possibility of
Speaker 1: weaker cash flow for Exxon Mobile due to falling crude
Speaker 1: and gas prices, and said there is the potential for
Speaker 1: slower profit growth at Chevron. X On Mobile put out
Speaker 1: a pre earnings release to let investors know that its
Speaker 1: chemicals and refining businesses were down compared to the second quarter.
Speaker 1: Jeff Bellinger, Bloomberg Daybreak and jeoff O wait for those earnings.
Speaker 1: President Biden's demanding oil companies cut prices. That's after Shell
Speaker 1: reported its second highest earnings ever. The President says gasoline
Speaker 1: prices should reflect what energy companies pay for oil. Last quarter.
Speaker 1: The five largest oil companies made in the last quarter
Speaker 1: seventy billion dollars in profit in ninety days. With the
Speaker 1: comments from President Biden too a sharp response from oil
Speaker 1: industry leaders. They say refiners don't set the price at
Speaker 1: the pump and that Washington should leverage US energy production well.
Speaker 1: Nathan and then their major story We're following the this
Speaker 1: Morning closes the book on a six month takeover saga.
Speaker 1: Elon Musk has completed as forty four billion dollar acquisition
Speaker 1: of Twitter, and Bloomberg News has learned he plans to
Speaker 1: assume the role of CEO today, there will surely be
Speaker 1: more changes on the way. We get details from Bloomberg
Speaker 1: Intelligence analyst Matthew Bloxom. There's been a lot of speculation
Speaker 1: about how much Elon Musk is going to change Twitter.
Speaker 1: You know, the room is about some tribe and job cuts,
Speaker 1: the reinstatement of people like Donald Trump to the platform,
Speaker 1: a complete change in the business model. Maybe like twelve months,
Speaker 1: you could see him introduce some kind of subscription t
Speaker 1: here to the business. All sorts of things could change.
Speaker 1: I think it's gonna be an interesting few days and months,
Speaker 1: and I'm sure we're gonna hear quite a bit from
Speaker 1: him today about his plans. Bloomberg Intelligence analyst Matthew Bloxom
Speaker 1: says Musk is expected to remain CEO in the interim,
Speaker 1: but may eventually see the role in the long term.
Speaker 1: Let's turn to the U. S economy now, Karen, we're
Speaker 1: wrapping up the week with a few notable data points
Speaker 1: covering inflation, sentiment, and spending. We get more from Bloomberg's
Speaker 1: viny Dell Judas the government issues data in September Household
Speaker 1: income and spending today in Wall Street, will keep an
Speaker 1: eye on inflation figures tied to the report. Bloomberg Economics
Speaker 1: has any surprise could influence the course of Federal Reserve
Speaker 1: interest rate hikes maintime Bloomberg Economics as today's University of
Speaker 1: Michigan consumer sentiment index for late October will remain low
Speaker 1: by historic standards, highlighting recession risks. Also on tap today
Speaker 1: the Employment cost Index and pending home sales Fini Del
Speaker 1: Judai s Bloomberg Daybreak Fenny Thanks. In Asia overnight, it
Speaker 1: was all about the yen. The currency has rebounded this week,
Speaker 1: but is reversing that trend. This morning. We can into
Speaker 1: one forty seven point four seven against the dollar. That's
Speaker 1: after the Bank of Japan stood pat and its ultra
Speaker 1: low interest rate policy. Bloomberg Daybreak Asia anchor Brian Curtis
Speaker 1: has a story. This is the b o J pushing
Speaker 1: back against speculation it might change its tomb no go.
Speaker 1: The board left the negative rate, the tenure yield cap,
Speaker 1: and the asset purchases unchanged. This was in line with
Speaker 1: all forty nine economists surveyed. The b o J did
Speaker 1: raise the inflation forecast to two point nine percent for
Speaker 1: the year ending in March. It predicted price growth will
Speaker 1: slow to one point six percent in the next twelve months.
Speaker 1: The b o J is walking a tight rope here
Speaker 1: as the Devish Dance puts downward pressure on the end
Speaker 1: while the government is spending billions supporting it. Brian Curtis,
Speaker 1: Bloomberg Day Break, Right, Brian, thank you, Local News straight ahead.
Speaker 1: This is Bloomberg Exparen. It's five oh seven on Wall
Speaker 1: Street work forty seven degrees in Central Park construction on
Speaker 1: the north bound New Jersey Turnpike Eastern Spur. We'll get
Speaker 1: to the details and traffic shortly. First, Michael Bars here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. We're
Speaker 1: learning more about a nightmarriage commute for public transit bus
Speaker 1: riders in New York City. Police and mt A bus
Speaker 1: was hijacked in Queen yesterday. The bus driver is hailed
Speaker 1: as a hero for not moving the bus until passengers
Speaker 1: could get off the vehicle after the suspect arm with
Speaker 1: what turned out to be a bb gun confronted the
Speaker 1: veteran driver. The forty four year old man Wayne Ganty
Speaker 1: was taken into custody after the bus crashed into a
Speaker 1: utility poll NYPD Deputy Chief Jerry O'Sullivan, I definitely want
Speaker 1: to command the driver for his actions. He did not
Speaker 1: move the bus until everyone was off that bus. I
Speaker 1: believe the driver was calm and did a great job.
Speaker 1: Deputy Chief O'Sullivan says the bus driver jumped out of
Speaker 1: the driver's side window to eventually escape. New York City
Speaker 1: Mayor Eric Adams appointed Acting Fire Commissioner Laura Kavanaugh to
Speaker 1: leave the Department on a permanent basis, making her the
Speaker 1: first female commissioner in the one d fifty seven year
Speaker 1: history of the Fire Department of New York. While we
Speaker 1: put in place in national search, looking over several names
Speaker 1: and interviewing several candidates, kept coming back to Laura over
Speaker 1: and over again, over and over again. I just kept
Speaker 1: coming back to her leadership. After getting sworn in, Kavanaugh
Speaker 1: says her journey to this moment was unexpected. New York
Speaker 1: City story is fundamentally and of making the impossible possible. Kavanaugh,
Speaker 1: who is forty, has served as acting commissioners since the
Speaker 1: retirement of Commissioner Daniel nine Ro in February. Election sites
Speaker 1: across the country have been encountering threats and intimidation since
Speaker 1: early voting began in some states. Out of concerns for
Speaker 1: the safety of poll workers and voters, the NYPD has
Speaker 1: announced that they will be keeping a closer eye on
Speaker 1: polling places. With the mid term elections just less than
Speaker 1: two weeks away, the NYPD is warning that racially motivated
Speaker 1: an anti government extremist good target poll workers, political rallies, politicians,
Speaker 1: and voting sites. Police say there are currently no specific
Speaker 1: threats in the city, North Koree of fire too short
Speaker 1: range ballistic missiles today as it continues a barrage of
Speaker 1: launches in opposition to US and South Korean military drills.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than twenty countries. Michael Barr, This
Speaker 1: is Bloomberg, Nathan, Thank you, Michael. Almost five ten on
Speaker 1: Wall Street time for the Bloomberg Sports Up Tape, brought
Speaker 1: to you by try State Autie. Good morning, John Stanshire,
Speaker 1: Good morning night. And after a turbulent off season where
Speaker 1: a star player demanded a trade unless the coach and
Speaker 1: general manager fired, maybe not a surprise the Nets are
Speaker 1: off to a slow start, lost at Barkley's to Dallas
Speaker 1: one nine, one five and overtime. Luken Down took forty
Speaker 1: one points in a a triple double for the Mad Kevin Durand,
Speaker 1: who was sending that trade demand, scored thirties seven points.
Speaker 1: Kyrie even had thirty nine, But the Nets are too
Speaker 1: much a two man team. The duo took fifty two
Speaker 1: shots and the rest of the team only forty one,
Speaker 1: and the Nets are one and four next to three
Speaker 1: and one place tonight in Milwaukee. The Tampa Bay Bucks
Speaker 1: are three and five after starting two and oh lost
Speaker 1: in home to Baltimore twenty seven. Twenty two. Ravens out
Speaker 1: rushed Tampa Bay two hundred and thirty one to forty four.
Speaker 1: Tom Brady on what went wrong sting red areastrom there
Speaker 1: down game at two point as m h s back
Speaker 1: up start the first quarter, start of the third quarter
Speaker 1: offense football the only positive for Tampa right now in
Speaker 1: the NFC South, No one's over five hundreds. The Bucks
Speaker 1: can win the division, but hard to see them making
Speaker 1: a Super Bowl run the way they're playing now. Giants
Speaker 1: are six and one without any production from last year's
Speaker 1: first round. Graphic whiteout can Darius Tony, who hurt one
Speaker 1: hamstring and then the other, and the Giants just traded
Speaker 1: Tony to Kansas City for a third and six mound
Speaker 1: draft picks. The World Series begins tonight in Houston. Astros
Speaker 1: won a hundred and six games in the regular season.
Speaker 1: The Phillies won seven. That's the largest disparity since the
Speaker 1: third World Series ever in nineteen o six. John Stashward
Speaker 1: Blue boots all right, John, Thanks Nastak. Futures down one
Speaker 1: in the third percent down a hundred forty eight points,
Speaker 1: dragged down by Amazon down thirteen point six percent. Apple
Speaker 1: shares a little bit higher. Will wrap up tech earnings
Speaker 1: this week with g Monster of lip Ventures. Next, This
Speaker 1: is Bloomberg. Bloomberg Sports Report was brought to you by Audie.
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Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Take. This is
Speaker 1: a Bloomberg business lash. And I'm Karen Moscow and US
Speaker 1: DOT index futures are falling this morning, led by the
Speaker 1: NASDACK with nousdack futures down one hundred fifty points, down
Speaker 1: one and a third percent. S and P futures down
Speaker 1: thirty two, Dow futures down a hundred, ten year Treasury
Speaker 1: down eighteen thirty seconds here three point nine nine percent.
Speaker 1: They yield on the two year four point three seven percent.
Speaker 1: And I've ex screwed oil down one a half percent
Speaker 1: at a dollar thirty at eighty seven dollars seventy eight
Speaker 1: cents of barrel. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with Moore on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen Job. Democrats say they are
Speaker 1: still a confident they'll maintain control of Congress after mid
Speaker 1: terms less than two weeks away, with poles showing Republicans
Speaker 1: gaining ground. Democrats attorney to former President Obama. He's campaigning
Speaker 1: today in Atlanta for Senator Raphael Warnock, who's locked in
Speaker 1: a tight race against former football star Herschel Walker. There's
Speaker 1: the night football the Ravens beat the Buccaneers twenty two. Tonight,
Speaker 1: Game one of the World Series between the Phillies and
Speaker 1: Astros NBA. The Nets lost Warriors one. In the NHL,
Speaker 1: the Bruins won the Capital's Lost. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven journalist and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr And this is Bloomberg
Speaker 1: Nathan Banks. Michael, We're coming up to five nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Brokers studios. This
Speaker 1: is Bloomberg Daybreak. At the end of a bruising week
Speaker 1: for tech earnings, and Amazon on is the latest stock
Speaker 1: to get punished right now, down thirteen and a half
Speaker 1: percent on a week forecast for the holiday quarter. But
Speaker 1: if there's one somewhat bright spot, it maybe Apple. Those
Speaker 1: shares are little change to the upside at the moment.
Speaker 1: Let's get some more insights now. Gene Monster is with
Speaker 1: us live, the co founder of Loop Ventures. It is
Speaker 1: great to speak with Eugene, and I've gotten a look
Speaker 1: at your note on Apple. You're right that investors are
Speaker 1: buying both performance and potential. Tell us a little bit
Speaker 1: more about what you mean, Well, the investors in this
Speaker 1: environment want both, and what we've seen is that the
Speaker 1: companies that have offered the biggest potential. You think about
Speaker 1: Meta is the perfect example of that related to the
Speaker 1: metaverse have been hit the hardest. Google to a lesser extent,
Speaker 1: but still this idea of investors waiting for something to
Speaker 1: emerge is usually very important for tech investors, but in
Speaker 1: this earning period it's less important. And I think one
Speaker 1: of the beauties of Apple is that their current performance
Speaker 1: has been solid and they still have this optionality around
Speaker 1: new markets that they can get into. They can potentially
Speaker 1: have a step function up in their growth rate, which
Speaker 1: is hard to imagine given how big they are that
Speaker 1: the law of numbers can still work in their favor.
Speaker 1: But I think that that is the is the balance
Speaker 1: that this company is working. And just to put it
Speaker 1: into perspective, Nathan, one final point is that Apple is
Speaker 1: the only big tech company to guide essentially in line
Speaker 1: with the street. They don't give formal guidance, but you
Speaker 1: can back into it, and I think that that speaks
Speaker 1: to the strength of performance. And if you're curious the
Speaker 1: reason why, what was iPhone it's just over half of
Speaker 1: their business. It was up ten percent year ever, a
Speaker 1: year that was in the face of a forty seven
Speaker 1: percent comp and so the number actually would have been
Speaker 1: even stronger if not for supply constraints. They're still supply
Speaker 1: constrained on the most popular pro models by three to
Speaker 1: four weeks, and typically at this point in the cycle,
Speaker 1: or six weeks into the new iPhone cycle, you would
Speaker 1: see lead times of one to two weeks. And so
Speaker 1: I think that, um, you know, they are continuing to
Speaker 1: do well. They got the performance, and they got the
Speaker 1: potential around automotive and a R and and something in health.
Speaker 1: Talking about supply constraints, we were seeing a lot of
Speaker 1: constraints apparently coming out of Amazon's results, projecting a much
Speaker 1: weaker than expected holiday quarter. And I assume that that
Speaker 1: that includes the earlier Prime Day promotions that we just saw, right,
Speaker 1: most of those promotes, those promotions fell into the September quarter,
Speaker 1: and so it's it's less about the Prime Day impact.
Speaker 1: But I want to put some perspective, And they did
Speaker 1: guide lower than where the street was at for the
Speaker 1: December quarter, that's true, But I just I think there's
Speaker 1: this Um, I think it's an overreaction. I just want
Speaker 1: to make the case that it is an overreaction. Is
Speaker 1: that the street was previously looking for twelve percent revenue
Speaker 1: growth for December. If you take the midpoint of their guys,
Speaker 1: it would have been four percent. So that is a
Speaker 1: slowing girl, There's no doubt about it. Uh. They usually
Speaker 1: hit the high end over the past twenty years almost
Speaker 1: nine percent of the time they come in at the
Speaker 1: high end. That would be like six percent. So they
Speaker 1: guided down. That is true. The consumer is weak, that
Speaker 1: is true. Uh, the advertisers are weak. All of this
Speaker 1: is having a negative impact on Amazon's business. But the
Speaker 1: piece that surprises me is that I think it is uh,
Speaker 1: just this reaction down is more commentary about that we're
Speaker 1: talking about earlier with Apple. Is that investors just demand
Speaker 1: performance today, and whether it's a small cap or a
Speaker 1: megatech cap, they wanted today. And I suspect that investors
Speaker 1: will quickly move on and and and get more comfortable
Speaker 1: that Amazon's business isn't a good place longer term. Well,
Speaker 1: we've got John Gene. I've got to get your thoughts
Speaker 1: on Twitter now that Elon Musk apparently is at least
Speaker 1: an interim CEO. Is Twitter investable under an Elon Musk
Speaker 1: as the leader? Yes, anything with Elon On right now,
Speaker 1: he still has the golden touch, so it is investible.
Speaker 1: He's gonna kind of go away for two or three
Speaker 1: years and and take the rails off of it and
Speaker 1: run this like a private company that that that it
Speaker 1: will be, and we'll see what what he pops out.
Speaker 1: And I was encouraged to hear his commentary yesterday that
Speaker 1: he does not want this to become a free for
Speaker 1: all because obviously he's gonna take some of the governor's
Speaker 1: off of what you can say, And I think that's
Speaker 1: that's important ultimately when you when you put this all together,
Speaker 1: Twitter is still a side project for Elon. His his
Speaker 1: true passions are Tesla and SpaceX, and I think that, uh,
Speaker 1: we're thinking a lot about it now. Probably a year
Speaker 1: or two from now, we'rell be thinking a lot more
Speaker 1: about SpaceX and Tesla. Just about thirty seconds left, Gene,
Speaker 1: we've seen obviously tech shares broadly get punished this week.
Speaker 1: Would you buy back into tech at these levels? I
Speaker 1: think so forth if you have a perspective of I
Speaker 1: think that more than two year perspective. I mean, we
Speaker 1: own some of these, We own Meta, we own Amazon.
Speaker 1: They've had a tough week, but we we're not selling them.
Speaker 1: And ultimately I think that uh, you know, they have
Speaker 1: assets that are hard to replicate the world's population visits
Speaker 1: a Facebook property on a daily basis. Amazon has logistics
Speaker 1: that no other e commerce company can touch. And I
Speaker 1: think you probably have to assume that all that we're
Speaker 1: in economically is going to fade or we'll go away. Eventually,
Speaker 1: we'll stabilize and these companies are going to write right
Speaker 1: size their growth rates back to what we're accustomed to.
Speaker 1: Thanks as always, Geen, great to get your thoughts on tech.
Speaker 1: Geene Monster, the co founder of Loop Ventures with us
Speaker 1: this morning. Looking again at shares of Amazon right now,
Speaker 1: they are down thirteen and a half percent in the
Speaker 1: pre market. Apple shares are higher by seven tenths percent.
Speaker 1: Take a look at Tesla as well, now that CEO
Speaker 1: Elon Musk is also CEO of Twitter. Tesla shares at
Speaker 1: the moment are down about one percent. STP futures down
Speaker 1: twenty seven points, staff futures down sixty four nast deck
Speaker 1: features leading to declines down a hundred thirty eight points.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Partly sunny
Speaker 1: today but cool. Highs in the upper fifties, sunshine tomorrow,
Speaker 1: high near sixty, will be in the low sixties under
Speaker 1: a mix of sun and clouds on Sunday. Right now
Speaker 1: forty seven in Central Park, broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York, Bloomberg Eving Treo to Washington,
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Speaker 1: is Bloomberg Daybreak and it's five thirty on Wall Street.
Speaker 1: Good morning. I'm Teren Moscow. I'm Nathan Hagar. Bloomberg Daybreak
Speaker 1: is brought to you by s E. I imagine you're
Speaker 1: asset management firms, operational infrastruct there's a competitive advantage. Let
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Speaker 1: get you have to date in the news you need
Speaker 1: to know at this hour, US futures are falling lad
Speaker 1: lower by tech as we wrap up a volatile week.
Speaker 1: Amazon is leading the decline, which shares down a thirteen
Speaker 1: and a half percent. Amazon is predicting the slowest holiday
Speaker 1: quarter growth in the company's history. Bloomberg Intelligence senior analysts
Speaker 1: Plunum Goyle has more on the results. Sales were a
Speaker 1: week across the board, guidance of the week, margins are week.
Speaker 1: I mean overall, you know, the bright star here that
Speaker 1: used to be WUS is also weaker both on sales
Speaker 1: and margin. So I think there's a lot to digest,
Speaker 1: but it's kind of humming the same tunes as other
Speaker 1: results that we've seen earlier, where the consumer is slowing,
Speaker 1: spending is slowing, and hence the results are much weaker
Speaker 1: than expected. Bloomberg Intelligence analysts put Um Goyles says Amazon's
Speaker 1: market value is set to drop below one trillion dollars today,
Speaker 1: So are this week more than six hundred billion dollars
Speaker 1: and market value as on track to be erased from
Speaker 1: America's five largest tech companies. Well, one of those tech
Speaker 1: companies avoiding the route, Karen is Apple those shares are
Speaker 1: up six tenths per cent after the company posted mostly
Speaker 1: positive results. Ed Ludlow has more on Apple's earnings from
Speaker 1: our Bloomberg NAIN sixty news room in San Francisco. It
Speaker 1: was a mixed bag of results. The stock really bounced
Speaker 1: around in after hours trading. The kind of thing that
Speaker 1: investors latched onto was the iPhone Sales in the quarter
Speaker 1: were weakened and expected. Remember the new iPhone fourteen hand
Speaker 1: cent launched on September sixteenth, which gave two weeks in
Speaker 1: the end of the quarter to get an early read
Speaker 1: on demand. There. There was strength in MacBook, but weakness
Speaker 1: in services and iPad, and also impacts from foreign exchange.
Speaker 1: A stronger dollar continuing to be a headwind for megacap
Speaker 1: tech stocks for big tech companies all around the world.
Speaker 1: Ed Ludlow for Bloomberg News in San Francisco. All right,
Speaker 1: and thanks. While staying in the tech world, the lad
Speaker 1: Musk has completed as forty four billion dollar acquisition of
Speaker 1: Twitterberg News has learned he has gotten rid of the
Speaker 1: CEO and other major executives must plans to be Twitter's
Speaker 1: chief executive for Dow. He may also do away with
Speaker 1: permanent bands on users, a category that includes former President
Speaker 1: Donald Trump. Turning to the U S economy, Karen, we're
Speaker 1: wrapping up the week with a few notable data points.
Speaker 1: This morning we get the Employment Cost Index, University of
Speaker 1: Michigan Sentiment, Pending Home sales and Household Income and Spending
Speaker 1: n S andp futures are down twenty eight points right now.
Speaker 1: Dal Future is down sixty six NASDAK Future is falling
Speaker 1: down one hundred thirty eight. Straight ahead your latest local headlines,
Speaker 1: plus a check of sports, and this is Bloomberg. Thanks
Speaker 1: three On Wall Street forty six degrees now in Central Park,
Speaker 1: could be slow on northbound FDR driving. Got construction going
Speaker 1: on the upper east side. Michael barrs here with more
Speaker 1: on what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Days and a quick thinking bus
Speaker 1: driver may have averted a tragedy in New York City.
Speaker 1: Police say forty four year old Dwayne Getty, who was
Speaker 1: arrested stop the bus and Queen's Board did it and
Speaker 1: pulled out a firearm toward the bus driver. Investigators say
Speaker 1: the gunman told the driver he was being chased and
Speaker 1: ordered him to drive in MYPD Deputy Chief John Klune.
Speaker 1: The bus driver immediately opened all the doors to allow
Speaker 1: all passengers to exit. Once on the bus, the mail
Speaker 1: mate made statements that he was being chased and that
Speaker 1: the right that the bus driver to continue driving. Police
Speaker 1: say the bus driver and the suspect then traveled for
Speaker 1: more than thirty blocks when the driver slowed down and
Speaker 1: jumped out of the window. The bus drove on until
Speaker 1: it hit a utility pool. New York City Mayor Eric
Speaker 1: Adams appointed Acting Fire Commissioner Laura Kavanaugh to leave the
Speaker 1: Department on the permanent basis, making her the first female
Speaker 1: commissioner in the one d fifty seven year history of
Speaker 1: the f D n Y. Adams called Kavanaugh proven and
Speaker 1: tested leader. Kavanaugh, who is forty, spoke after being sworn
Speaker 1: in where a shy, introverted only child could get a
Speaker 1: one way ticket to New York City, seeking to serve
Speaker 1: a higher purpose in the best city on Earth, and
Speaker 1: two decades later find herself here. Leading the greatest fire
Speaker 1: department in the world through unprecedented times is something that
Speaker 1: could only happen here. America's top diplomat address the humanitarian
Speaker 1: crisis in Haiti's sparking protests at the u N over
Speaker 1: whether military intervention is needed. Meeting with the Canadian Foreign
Speaker 1: Minister or Autoba Secretary of State Anthony B. Lincoln told
Speaker 1: reporters that Canada and the Biden administration agree that more
Speaker 1: likely needs to be done to help Haitian national police
Speaker 1: combat gangs. Between deepning food and fuel shortages, the growing
Speaker 1: color outbreak, and gangs blockheading ports, terrorizing civilians, the situation
Speaker 1: is simply unsustainable. The chaos in the nation is blamed
Speaker 1: on the July assassination of former president jo Nel Moissey.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quickdake, powered by more than journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm MICHAELA bar This
Speaker 1: is Bloomberg, Nathan. Thank you, Michael all Street. Time for
Speaker 1: the Bloomberg Sports Update, brought to you by Try State
Speaker 1: OUTI here's John Stenshower. All right, Anthon. The Nets are
Speaker 1: getting plenty of story from their stars again last night,
Speaker 1: Kyrie Evering thirty nine points, Kevin Duran thirty seven, but
Speaker 1: they're getting little from anyone else. Not good enough defense
Speaker 1: for the Nets are one and four lost in Barkley
Speaker 1: to Dallas one five and overtime. Mav star Luca Dontech
Speaker 1: scored forty one points at a triple double. Tom Brady
Speaker 1: came out of that very short retirement to try and
Speaker 1: win his eighth Super Bowl, but Tampa Bay Is three
Speaker 1: and five lost at home to Baltimore. Two. Bradys only
Speaker 1: td Fast came in the final minute. The Giants expected
Speaker 1: white out Canarius Tony to have a big season, but
Speaker 1: he's hardly played in the Giants traded Tony to Kansas
Speaker 1: City for third and sixth round draft picks. Tony the
Speaker 1: last first round selection made by the former GM Dave Gentleman.
Speaker 1: David Stearns resigned as team president Milwaukee Brewers and Summer
Speaker 1: connecting dots. The Mets are looking for a president. Stearns
Speaker 1: is a New York native. World Series starts tonight and
Speaker 1: used it with Justin Verlander on the mound for the
Speaker 1: Astros first ballot Hall of Famer about to win another
Speaker 1: Cy Young Award, but in his World Series career, we've
Speaker 1: used in him before that Detroit Verlander O wins six
Speaker 1: with the five point six eight r A. I would
Speaker 1: like to get a win. Yeah, I mean, I'm not gonna,
Speaker 1: Like I said, that's not my goal. Um So I
Speaker 1: don't want to. I don't want to say that that
Speaker 1: Philly is lacking because innately that would make it a
Speaker 1: particular goal of mine. My goal is to go out
Speaker 1: and give us the best chance to win. If that
Speaker 1: ends up resulting in a win, great Aaronola starts to
Speaker 1: the Phillies, who've been around since the nineteenth century, but
Speaker 1: the only one the World Series. Twice the Astros and
Speaker 1: Phillies combined record this postseason sixteen and two. John stash
Speaker 1: that war. Bloombergs for us. All right, John, thank you.
Speaker 1: Five thirty seven on Wall Street Time for the Tri
Speaker 1: State Business Report with Bloomberg. Didney's Pellgreeny or considered Trader
Speaker 1: Joe's in Brooklyn have voted against unionizing. The tally against
Speaker 1: only sixties six four, joining Trader Joe's United at the
Speaker 1: Williamsburg Store. A ding to the National Labor Relations Board,
Speaker 1: and if no objections are filed within five days, this
Speaker 1: vote will be certified. Major hedge funds and private equity
Speaker 1: shops expanding in Connecticut. We're hearing Citadel, Blue Owl and
Speaker 1: a division of Roth's child are among the finance companies
Speaker 1: extending footprints are expanding leases in Greenwich and Stanford, and
Speaker 1: sources say Varian Fund Management is also looking for more space.
Speaker 1: One new Mark broker tells us the four hour bed
Speaker 1: to desk commute ground trip is just too onerous now
Speaker 1: for those used to working from home. And as Westwood
Speaker 1: Bergen County's new hot real estate market, even as the
Speaker 1: housing market overall cools, North Jersey dot Com says Westwood
Speaker 1: is getting a lot of buyer interest now thanks to
Speaker 1: new developments and a thriving retail and dining space. With
Speaker 1: the Tri State Business Report, I'm Denise Pellegrini, Thank you
Speaker 1: Nasty on Wall Street. Bloomberg Radio is on the air
Speaker 1: from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three D affiliate
Speaker 1: radio stations around the world. Um Coerny, Dnahoe on kat
Speaker 1: R H in Houston. Sagging used car prices are starting
Speaker 1: to hurt the profits of dealers. I'm Wendy to lead
Speaker 1: on w f L A and Tampa this morning. I'm
Speaker 1: reporting on the latest time of court fight over a
Speaker 1: proposed transportations to attacks. I'm Stephen Carol and d AB
Speaker 1: Digital Radio in London. We've been reporting on the British
Speaker 1: Bank not West warning of worsening economic conditions as it
Speaker 1: took a bigger than expected charge for souring loans. I'm
Speaker 1: to these Polygriny and um W w J in Detroit.
Speaker 1: I'm reporting on some big changes in the works for
Speaker 1: Michigan landlords and renters and those are some of the stories.
Speaker 1: Are hundred Bloomberg journalists and analysts you're working on this
Speaker 1: morning around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. Few Americans
Speaker 1: remember the horrors that polio once inflicted on children. A
Speaker 1: massive vaccination campaign nearly eradicated polio from the globe. Now,
Speaker 1: this highly contagious, sometime debilitating disease is a threat once again.
Speaker 1: Just twenty nine cases of wild polio have been recorded
Speaker 1: so far this year worldwide, while only one case in
Speaker 1: the US has been recorded. Seventy positive samples of polio
Speaker 1: have shown up in nearby sewage testing experts estimate that
Speaker 1: for each case of paralytic polio, hundreds of others are
Speaker 1: infected without symptoms. Vaccine hesitancy and the rise of misinformation
Speaker 1: have created pockets of vulnerability, and even a small decrease
Speaker 1: in immunizations can lead to large outbreaks. Only through sustained
Speaker 1: investment can the world protect children from this devastating, yet
Speaker 1: entirely avoidable disease. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg
Speaker 1: dot com, slash opinion or OPI n go on the
Speaker 1: Bloomberg terminal. This has been Bloomberg opinion, and you can
Speaker 1: hear Bloomberg opinion editorial every weekday at this time, terminal
Speaker 1: customers can read more at O P I n go,
Speaker 1: and you can watch as futures move lower as some
Speaker 1: P futures are down thirty two points, now down, futures
Speaker 1: down ninety seven, and Nasdaq futures leading the declines, down
Speaker 1: a hundred forty seven points for a drop of one
Speaker 1: point three per cent. This is Bloomberg. The Bloomberg Sports
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Speaker 1: four hours a day at Bloomberg dot com for the
Speaker 1: Bloomberg Business apt and at Bloomberg Quick Tape. This is
Speaker 1: a Bloomberg Business Flash and I'm Cameron. Moscow stocks are
Speaker 1: sliding along with US DOCK Index futures as disappointing results
Speaker 1: from tech giants sours sentiment NASDAC pacing losses this morning
Speaker 1: down about one point three percent, with shares of Amazon
Speaker 1: dot Com down thirteen and a half percent after it
Speaker 1: had reported earnings. Apple faring better this morning, up more
Speaker 1: than half percent, and we checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, U
Speaker 1: s in P futures are down thirty one points down,
Speaker 1: futures down ninety three and nastack futures down on the decks.
Speaker 1: In Germany's down eight tenths of upper set ten year
Speaker 1: treasury down twenty two thirties seconds. He'll four point one
Speaker 1: percent yield on the two year four point three seven percent.
Speaker 1: Nine x screwed oil is down when at a third
Speaker 1: percent down a dollar twenty one and eighty seven dollars,
Speaker 1: eighty seven cents of Arrol Comic School is down nine
Speaker 1: tenths per cent or fourteen dollars ten cents at sixteen
Speaker 1: fifty one fifty announced, and the euro point nine three
Speaker 1: against the dollar. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Bloomberg has learned that
Speaker 1: Elon Musk is in control of Twitter and announced at
Speaker 1: the CEO and the company's lawyer. Sale is originally valued
Speaker 1: at forty four billion dollars. Billionaire also intends to scrap
Speaker 1: lifelong bands on users. Russian President Vladimir Putin claimed in
Speaker 1: an hour's long speech that he has no intention of
Speaker 1: striking Ukraine with nuclear weapons, but Putin did point fingers
Speaker 1: at the US and other Western nations, claiming that they
Speaker 1: are escalating the war there. In Thursday Night football, the
Speaker 1: Ravens beat the Buccaneers twenty two tonight game one of
Speaker 1: the World Series between the Phillies and the Astros. In
Speaker 1: the NBA, the Nets lost the Warriors one. In the NHL,
Speaker 1: the Bruins won the Capitol's lost Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts are
Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg.
Speaker 1: Thanks Michael. It's nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. Let's
Speaker 1: round out the week in tech earnings. For that, we
Speaker 1: are joined once again by Bloomberg Quick Take correspondent Alex
Speaker 1: Webb and boy Alex. What a way to end it
Speaker 1: here with Amazon shares right now? Just checking down thirteen
Speaker 1: and a half percent on this holiday sales forecast that
Speaker 1: really came in short of what Wall Street was expecting.
Speaker 1: I was just talking with Jean Monster from lou Ventures.
Speaker 1: He thinks that, you know, Wall Street's gotten used to
Speaker 1: Amazon sort of oh outperforming, and that maybe this is
Speaker 1: an overreaction. There's something to that. I think possibly the
Speaker 1: slight complication with Amazon, and this isn't the first quarter
Speaker 1: that we've seen this that yes, as as Jeans said,
Speaker 1: the expectation with Amazon is that if they or when
Speaker 1: they want to, they can turn us bigger and become
Speaker 1: profitable Now, the thing that happened during the lockdowns is
Speaker 1: they massively overspent on building out there essentially their warehouse capacity.
Speaker 1: And in this quarter they had already said in the
Speaker 1: quarter just gone, they had said that they planned to
Speaker 1: cut down on expenses, but again expenses increased more unproportionately
Speaker 1: than revenue increase. So you know, despite the promises they
Speaker 1: had made, they kind of disappointed on that front. You
Speaker 1: add into that the comments on the upcoming Christmas quarter
Speaker 1: or the quarter the way in, and it becomes doubly
Speaker 1: painful that, you know, revenue not as great, but also
Speaker 1: cost controls haven't been as good as expected. Well, how
Speaker 1: much more can Amazon shave casts? I mean quite a lot.
Speaker 1: You know, Amazon employees something like a million, I mean
Speaker 1: more than a million people globally. Um. You know, the
Speaker 1: fact is that it's e commerce business isn't terribly profitable.
Speaker 1: It gets most of its from profit from the cloud business.
Speaker 1: So you know, by extension, if you've tamped back on
Speaker 1: the on the e commerce business, then it kind of
Speaker 1: gives a bit of space for that, uh, those those
Speaker 1: um aws the cloud businesses profits to be enjoyed. So
Speaker 1: you know, there's I'm sure a huge amount of chaff
Speaker 1: at Amazon that can be cut back, it would just
Speaker 1: also mean that top line revenue growth might also be affected.
Speaker 1: And I guess this is a reflection as well that
Speaker 1: you know, not only are people cutting back on spending
Speaker 1: and deliveries are maybe not going to be as high
Speaker 1: as they were during the pandemic, but just that the
Speaker 1: cast picture is just enormous for Amazon as well. Yes,
Speaker 1: and when you have lots of orders coming in and
Speaker 1: you're able to say make if you have a street
Speaker 1: of twenty properties and you're able to deliver to half
Speaker 1: those properties, then the economics start to add up. But
Speaker 1: if those costs, if the spending starts to slow down
Speaker 1: and people are a little bit more circumspect about what
Speaker 1: they're buying, it doesn't become as cost effective to deliver,
Speaker 1: you know, the two three dollar piece to number forty two,
Speaker 1: because um number thirty eight is ordering a television. You know,
Speaker 1: if everybody's just buying small stuff, the economics become a
Speaker 1: little bit more challenging. Now turning to Apple, now it's
Speaker 1: holding up a little bit better in the pre market,
Speaker 1: up a little bit more than a half percent. What's
Speaker 1: Apple doing right that maybe some of the other tech
Speaker 1: companies that reported this week aren't one of the massive
Speaker 1: differences between Apple and say Amazon is it. All of
Speaker 1: its services kind of feed one beast, and that's the
Speaker 1: iPhone and even the Mac and the Apple Watch. You know,
Speaker 1: the Apple Watch doesn't really work unless you have an iPhone.
Speaker 1: Um the Mac works better with an iPhone because you
Speaker 1: can take your calls on it because it hands off,
Speaker 1: and so it has a coherence to it, which have
Speaker 1: just continue to drive its customers towards buying that thousand
Speaker 1: dollar chunk of you know, aluminium and Antistan saying aluminiums
Speaker 1: whereas Amazon, Amazon has a sort of panoply of different offerings,
Speaker 1: not all of which feed the next one. It's not
Speaker 1: all geared towards driving people towards Amazon dot com. It's
Speaker 1: not equally geared towards drowing people towards aws. It's a
Speaker 1: little bit less coherent because Apple has this compelling services business,
Speaker 1: this family of hardware, people go back time and again
Speaker 1: to buy the iPhone. I gotta ask you about Elon
Speaker 1: Musk now reportedly at least reported by Bloomberg CEO of
Speaker 1: firing Parague are Wall and making even more changes, potentially
Speaker 1: describing himself on his Twitter profile, which is I think
Speaker 1: it is a British term and I'm not sure it's
Speaker 1: used quite as much in the US. Yeah. It. Now
Speaker 1: the challenge to the work really begins. How do you
Speaker 1: turn this company into a success story, particularly a success
Speaker 1: story that warrants the forty four billion dollar sticker price.
Speaker 1: There are some leavers that he can start pulling. Twitter
Speaker 1: has not been as good at targeting ads as for instance,
Speaker 1: Meta has um it's average revenue p user. Not only
Speaker 1: does it have far fewer users than Facebook, about two
Speaker 1: hundred million compared to the two billion across the various
Speaker 1: Facebook platforms, but it gets less revenue per user than
Speaker 1: does its Silicon Valley rival. And so if you can
Speaker 1: improve the ads product, maybe maybe you can improve that.
Speaker 1: Maybe you can also look at charging corporate subscriptions. So
Speaker 1: if you're not just a private individual and you're trying
Speaker 1: to reach customers or would be customers, then you have
Speaker 1: to pay for the privilege on being on Twitter. It
Speaker 1: might be harder challenge because Twitter isn't necessarily an essential
Speaker 1: place to be. You know, there are not as many
Speaker 1: you says that they are on these other places. So
Speaker 1: how can he turned Twitter into a tech giant because
Speaker 1: at the moment it's a four billion dollar company makes
Speaker 1: it you know, at times ten times smaller by market
Speaker 1: captain Facebook, considerably smaller than Google or Apple. He's a
Speaker 1: long way to go. Now we'll have to see if
Speaker 1: I make some of those job cuts that were reported
Speaker 1: and he's now denying, but a lot more to come.
Speaker 1: Alex Webb of Bloomberg Quicktake as always great to have
Speaker 1: you on with us, Karen Nathan, It is five four
Speaker 1: on Wall Street, and now for a legal story we're
Speaker 1: watching this morning. Well, Adidas dropping a Yeah, the mercurial
Speaker 1: rapper formerly known as Kanye West and the wake up
Speaker 1: US anti Semitic remarks will cost Adidas a nearly two
Speaker 1: fifty million dollar hit to its earnings this year, but
Speaker 1: it will cost Yea even more, reportedly one and a
Speaker 1: half billion to break up. Also creates some arrests over
Speaker 1: the intellectual property rights developed in their almost decade long collaboration.
Speaker 1: For more Bloomberg's doing, Grosso speaks to attorney Zach Hurtz,
Speaker 1: who founded the law firm Sneaker and Street where legal services.
Speaker 1: Kanye has the trademarks for Yeasy wi z E Y
Speaker 1: yees Us, among others. His company has more than a
Speaker 1: hundred and sixty trademark applications and registrations for his Easy brand.
Speaker 1: So Kanye has the trademarks in this deal. What does
Speaker 1: Adidas have? Yes, So Kanye owned his ip that he
Speaker 1: brought to the table, which is as you stated, Easy
Speaker 1: and y z Y, and all the logos and trademarks
Speaker 1: associated with his brand in this deal, all the new
Speaker 1: designs for the Adidas shoes, the three fifties, the seven fifties,
Speaker 1: literally almost every shoe that Adidas has made with Kanye,
Speaker 1: the design patents for those appear to be owned by Adidas.
Speaker 1: What we see from the facts and everything on the table,
Speaker 1: with the design patents and the trademarks and such, it
Speaker 1: looks like Adidas owns almost all of the designs of
Speaker 1: the shoes and Kanye owns and was licensing his y
Speaker 1: z Y Easy brand to be put on those shoes.
Speaker 1: What does Kanye have the right to do owning the
Speaker 1: trade marks? He's gonna have the ability to use his
Speaker 1: own trademarks what he owns on other shoes. Depending on
Speaker 1: the contract, it might have a wind down period, might
Speaker 1: have some restrictions in it that say for X amount
Speaker 1: of time, you can't enter this sneaker market or you know,
Speaker 1: running shoes or sid shoes, something like that. But I
Speaker 1: think upon termination like we have now, it's up to
Speaker 1: Kannie to take his trademarks with him and to have
Speaker 1: new designs or use his trademarks for other purposes on clothing,
Speaker 1: and you really just create new designs and new sneakers
Speaker 1: and everything new on his own. He does own several
Speaker 1: other design patent. One was for the easy slide. To me,
Speaker 1: that's the most interesting one because although his name is
Speaker 1: on the design patent as an owner and the inventor,
Speaker 1: it's still associated with Adidas. There'll be a good legal
Speaker 1: argument or it'll be tricky to say that there's not confusion.
Speaker 1: So now as far as Adidas they on these designs,
Speaker 1: what can they do with that? Can they just put
Speaker 1: out the same shoes without the easy trademarks? Yeah, you're right,
Speaker 1: there's been talk about that, you know, and that has
Speaker 1: happened before. Other companies have done such a thing. And
Speaker 1: as leaves with the contract expires, they'll take off his
Speaker 1: branding and his trademarks. And some in the sneaker community
Speaker 1: I don't like that when that occurs, And I think
Speaker 1: in this situation, if Adidas to drift the Easy branding
Speaker 1: and started selling Easy, there'll be a lot of outreaches
Speaker 1: that Adidas for doing that after they terminated with Kanye,
Speaker 1: But I think that would be also sneak your heads
Speaker 1: and seas in the community who purposely wouldn't buy the
Speaker 1: shoes for that reason. That's that cur So Sneaker and
Speaker 1: Streetwear Legal Services speaking with the Bloomberg student Grosso. Catch
Speaker 1: more in that interview, plus analysis of the latest legal
Speaker 1: news by listening to the Bloomberg Law Show at ten
Speaker 1: pm Eastern Time or subscribing to the Bloomberg Law Podcast,
Speaker 1: and attorneys can find exceptional legal research and business development tools.
Speaker 1: Have Bloomberg Law dot com and this is Bloomberg