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Speaker 1: Live from the Bloomberg Interacted Burger Studios is Bloomberg day

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Speaker 1: Break for Friday, January two. Coming up this hour, The

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Speaker 1: Northeast races for a powerful winter storm. Apple shares rally

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Speaker 1: after sales top estimates, shares of robin Hood plunge on

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Speaker 1: week earnings, led by drops in Crypto training, and Toyota

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Speaker 1: is back on top, reclaiming the mantel of the world's

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Speaker 1: top selling carmaker. Thousands will gather this morning at St.

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Speaker 1: Patrick's for the funerable rookie police officer gunned down along

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Speaker 1: with his partner. I'm John Sucker. Details straight ahead, I'm

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Speaker 1: John Stashtower and sports, The Rangers, Islanders and Devils all lost,

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Speaker 1: Raphael the Dallas reached the finals of the Australian Open.

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Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Treeo,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh

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Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM

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Speaker 1: one nineteen and around the world Old on Bloomberg Radio

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Speaker 1: dot Com and via The Bloomberg Business. A good morning.

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Speaker 1: I'm Nathan Hager, and I'm Karen Moscow. US Dock Index

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Speaker 1: futures are little change this morning. We are coming up

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Speaker 1: to five out one on Wall Street, and we checked

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Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.

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Speaker 1: Right now, SMP futures and DOWN futures are a little change.

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Speaker 1: Nowsday futures up sixty two. The decks in Germany is

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Speaker 1: down one and a half percent. Ten year treasury down

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Speaker 1: nine thirty seconds. You at one point eight three percent, Nathan,

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Speaker 1: all right, Karen, we'll have more on the markets shortly. First,

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Speaker 1: a powerful storm is bearing down on the northeast with

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Speaker 1: the promise of snow over the weekend. Bloomberg meteorologist Rob

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Speaker 1: Carroll and joins US Now with the details. What's looking like, Rob,

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Speaker 1: The storms that's going to be developing off the North

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Speaker 1: Carolina coast later today and developing explosively tomorrow off the

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Speaker 1: coast of New England is going to produce quite a

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Speaker 1: bit of snow, especially for portions of New England. It

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Speaker 1: looks like for the district in Baltimore, the snow which

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Speaker 1: starts by late today and ends night only puts down

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Speaker 1: about one to three inches. We'll be dealing with snow

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Speaker 1: developing in the Tri State area during the evening hours,

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Speaker 1: and it looks like the city is probably gonna pick

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Speaker 1: up about six to ten inches, with areas of Long

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Speaker 1: Island seeing over a foot. New England gets the jackpot.

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Speaker 1: The snow doesn't arrive until well after midnight tonight, but

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Speaker 1: it comes down hard at times tomorrow and it's gonna

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Speaker 1: be very windy. Parts of New England will seat well

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Speaker 1: and excessive a foot all right, Rob, So when do

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Speaker 1: you think the snow is gonna end? The storm will

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Speaker 1: wind down in the district probably after midnight tonight went

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Speaker 1: to three inches. Looks likely for the city it's gonna

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Speaker 1: wind down late in the afternoon early evening on Saturday.

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Speaker 1: And from Boston, we're talking about the snow ending not

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Speaker 1: until the early morning hours of Sunday, and again there

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Speaker 1: was probably over a foot in Boston. I'm Rob Caroline Bloomberg. Daybreak,

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Speaker 1: All right, Rob, thank you, and of course I'll be

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Speaker 1: checking back in with you to get the latest all morning.

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Speaker 1: Now to the markets where shares of Apple are front

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Speaker 1: end center there at more than four percent in early

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Speaker 1: trading after sales that beat estimates. They get the details

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Speaker 1: from Bloomberg Shirley Pellett. It's a sign Apple was able

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Speaker 1: to work through a supply chain crunch fueled by the

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Speaker 1: pandemic and chip shortages. The surprising strong results suggested fears

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Speaker 1: of supply upheaval were overblown. Apple CEO Tim Cook had

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Speaker 1: worn late last year the shortages could cost a company

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Speaker 1: more than six billion dollars in sales during the all

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Speaker 1: important holiday period, but the tech giant navigated the crisis

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Speaker 1: and benefited from a flood of new products, including the

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Speaker 1: iPhone thirteen, Apple Watch Series seven, and updated Max in

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Speaker 1: New York, Charlie Pellett Bloomberg Daybreak. All right, Charlie, thanks

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Speaker 1: down the flip side of earnings this morning. Look at

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Speaker 1: shares of Robin Hood. They're down more than thirteen percent

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Speaker 1: in the pre market after posting disappointing results pretty much

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Speaker 1: across the board. Let's get the latest life from Bloomberg's

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Speaker 1: Ornit a Young Good morning or Nita, Good morning, Nathan.

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Speaker 1: A year after Robin had found itself at the center

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Speaker 1: of a meme stock frenzy, it's now facing challenges that

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Speaker 1: could be more difficult to overcome. With fourth quarter revenue

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Speaker 1: and losses that were worse than expected, and the hits

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Speaker 1: came from all directions. Steeper net loss, lower monthly active

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Speaker 1: users and options, and cryptocurrency trading lipped below third quarter levels.

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Speaker 1: That's not all, robin Hood says. Operating expenses are expected

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Speaker 1: to rise fifteen to twenty percent this year. Robin Hood

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Speaker 1: was already down close to seventy Since it's July I

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Speaker 1: p O and this morning, shares are down another thirteen

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Speaker 1: percent in the pre market. Live in New York, I'm

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Speaker 1: gonna need a young Bloomberg Daybreak re Ney to thank you.

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Speaker 1: The recent text sell off has taken a bite out

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Speaker 1: of Mark Zuckerberg's fortune, and now Warren Buffett has surpassed

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Speaker 1: the Facebook CEO. On Bloomberg's Billionaire's Index began. More on

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Speaker 1: that from Bloomberg's Don Christner. It's a reminder of the

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Speaker 1: enduring power of Buffet's approach to value investing. It also

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Speaker 1: reflects a precipitous decline in tech stocks since the beginning

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Speaker 1: of the year. Since then, Zuckerberg, co founder of Meta Platforms,

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Speaker 1: has lost fifteen billion dollars, and the richest person in

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Speaker 1: the world, Elon Musk, has seen his net worth fall

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Speaker 1: by fifty four billion. The relative resilience has been in

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Speaker 1: value the bedrock of Buffet's investment philosophy. His Berkshire Hathaway

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Speaker 1: has outperformed TEX so far this year, declining just four.

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Speaker 1: Tech is down in New York on Doug Prisoner, Bloomberg Daybreak.

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Speaker 1: Thanks Doug, and you can blame some of that Tech

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Speaker 1: weakness on the Fed, as investors now brace for a

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Speaker 1: possible five rate hikes this year. This morning, there is

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Speaker 1: an important economic reading that the Central Bank watches closely,

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Speaker 1: the Employment cost Index, and today's reading could be another

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Speaker 1: hot one. Let's get more from Bloomberg's Viney del judas

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Speaker 1: everyone likes a fatter paycheck, and the third quarter employment

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Speaker 1: cost index posted a record increase at the same time

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Speaker 1: we all pay as businesses lift prices to recover labor costs.

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Speaker 1: Bloomberg Economics, as today's number could be a keeper as

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Speaker 1: inflation rages. It's more reliable than average gy really earnings

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Speaker 1: as it's less affected by specific industry trends. Judai s

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Speaker 1: Bloomberg Daybreak, Many thank you. Back to the markets now,

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Speaker 1: Oil trading near its highest level in seven years, and

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Speaker 1: fact crude is headed for a sixth straight weekly gain traders.

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Speaker 1: A robust demand plus heightened geopolitical risks are causing the

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Speaker 1: gains and checking prices Now nine x Scrude oil is

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Speaker 1: up a third of upper cent or thirty one cents

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Speaker 1: at eighty six dollars two cents a barrel. Brent is

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Speaker 1: up four ten percent at eighty nine dollars seventy three cents,

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Speaker 1: certainly a far cry from the height of the pandemic

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Speaker 1: here and when oil touched thirty three dollars of barrel

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Speaker 1: speaking of the pandemic, looks like Hong Kong is making

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Speaker 1: a move to ease COVID restrictions, shortening quarantine requirements for

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Speaker 1: incoming travelers. Bloomberg Daybreak Asia anchor Brian Curtis has the details.

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Speaker 1: The Hong Kong government is reducing the quarantine from twenty

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Speaker 1: one days to fourteen. That's still about the toughest in

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Speaker 1: the world, and Hong Kong is maintaining a ban on

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Speaker 1: people arriving from eight countries, including the US, the UK

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Speaker 1: and Australia. The shorter quarantine period will begin February five.

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Speaker 1: After fourteen days in a hotel room, people will have

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Speaker 1: to self monitor for seven days. Brian Curtis Sploomberg Daybreak, Brian,

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Speaker 1: thank you staying in Asia right now. Toyota finished out

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Speaker 1: one is the world's top selling automaker again. The Japanese

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Speaker 1: company kept production on track despite a year of so

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Speaker 1: Apply chain turmoil. Toyota and its subsidiary so It ten

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Speaker 1: and a half million vehicles at ten percent increase. Runner

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Speaker 1: out Volkswagen Soldier shy of nine million s and p

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Speaker 1: futures again. Little change this morning and straight ahead your

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Speaker 1: latest local headlines plus a check of sports. And this

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Speaker 1: is Bloomberg. Thanks Taring. It's five oh seven on Wall Street,

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Speaker 1: snow showers already in Central Park, thirty degrees. Racing for

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Speaker 1: even more from this northeastern headed our way details coming

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Speaker 1: up first John Tucker with more on what's going on

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Speaker 1: in New York and around the world. Happy Friday, John

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Speaker 1: and Nathan. New York City police officers will give a

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Speaker 1: final salute today to Jason Rivera, a rookie cock gunned

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Speaker 1: down with his partner a week ago. A funeral mass

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Speaker 1: planned at St. Patrick's Cathedral for the officer, who, at

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Speaker 1: age twenty two, was recently married and barely into a

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Speaker 1: second year of service. Cardinal Timothy Doland will preside over

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Speaker 1: the service. The city's top leaders will attend. Rivera and

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Speaker 1: a partner officer, Wilbert Mora, were fatally wounded January one

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Speaker 1: by a gunman who ambushed them in a hallway as

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Speaker 1: they responded to a family dispute. Moura's funerals being held

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Speaker 1: next week. I had a call at Ukraine's leader. President

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Speaker 1: Biden has reaffirmed total support the story from Bloomberg's at Baxter.

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Speaker 1: In a White House readout, Biden underscored the commitment to

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Speaker 1: Ukraine's sovereignty and territorial integrity. Biden said he's exploring other

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Speaker 1: macro economic support and a decisive response of russia troops invade.

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Speaker 1: But as communications continue to go back and forth, State

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Speaker 1: Department Deputy Secretary Wendy Sherman says Russia continues to move

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Speaker 1: at the border. Certainly see every indication that he is

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Speaker 1: going to use military force. Sherman says sometime between now

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Speaker 1: in mid February. Russia says, meanwhile, it will need time

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Speaker 1: to look at US proposals. In San Francisco, I'm at

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Speaker 1: Baxter Bloomberg Daybreak, President Biden says he'll name his choice

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Speaker 1: to replace retiring Supreme Court Justice Stephen Bryer by the

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Speaker 1: end of February, and I'm saying his retirement. At the

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Speaker 1: White House yesterday, Brier reflected on his decades on the bench.

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Speaker 1: When you sit there and see all those people in

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Speaker 1: front of you, people that are so different in what

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Speaker 1: they think, and yet they've decided to help solve their

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Speaker 1: major differences under law. President Biden intends to nominate a

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Speaker 1: black woman to replace Brier. Former Alaska Governor Sarah Palin

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Speaker 1: was spotted dining out again at a New York City

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Speaker 1: restaurant two days after testing positive for the coronavirus. The

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Speaker 1: visit to the m scale ilios drew attention from photo

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Speaker 1: snapping bystanders. Palin had also dined at the same restaurant

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Speaker 1: on Saturday, despite his city rule requiring patrons dining indoors

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Speaker 1: at restaurants to be vaccinated. Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake were powered

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Speaker 1: by more than twenty seven hundred journalists in analysts in

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Speaker 1: more than one hundred twenty countries. I'm John Tucker, This

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Speaker 1: is Bloomberg. Nathan Okay, John, thank you. Coming up to

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Speaker 1: five ten on Wall Street Time for the Bloomberg Sports

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Speaker 1: Up Day. Good morning, Johns Tesshower, Good morning, Nathan Raphael

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Speaker 1: the DA only one of tennis's big three who's playing

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Speaker 1: the Australian Open. Roger Federer injured. Novak Djokovic deported Nadal

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Speaker 1: into the finals, beat Mateo Barrettini in the four set semifinal.

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Speaker 1: The other semi going on now Ddale Medved had won

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Speaker 1: the first set with Stefano sits a pass. Only one

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Speaker 1: says that Dal won the Assie Open that was thirteen

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Speaker 1: years ago. If he wins Sunday, he surpasses Federer and Djokovic.

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Speaker 1: Currently all three have one twenty Grand slams. Rangers in

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Speaker 1: Columbus up to nothing five minutes in but then down

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Speaker 1: four to two. Blue Jackets won five three. Artemi Panarin

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Speaker 1: was in on all three Ranger goals. Islanders lost to

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Speaker 1: the King three to two, so l A went two

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Speaker 1: and one touring in the New York area. The Devil's

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Speaker 1: lost in Tampa three two. They dropped six to seven

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Speaker 1: at the Garden Tonight. It's the Rangers in the Minnesota

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Speaker 1: Wild and Henry Lunkwist will have his jersey number thirty

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Speaker 1: retired in advance. He went on the Tonight Show with

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Speaker 1: Jimmy Fallon. It's amazing. It's a surreal feeling, you know,

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Speaker 1: to have. Obviously, the moment itself is going to be incredible,

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Speaker 1: but Olson opportunity to bring all the people uh to

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Speaker 1: Madison Square, guard people that meant so much to me

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Speaker 1: throughout my journey, friends, family, and most importantly all the

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Speaker 1: fans to support me throughout my career. It's gonna be amazing. That.

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Speaker 1: Plus fifteen years the Rangers starting goalie. Two NFL teams

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Speaker 1: hired new coaches, Nathaniel Hackett and Denver. He's been the

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Speaker 1: offensive praater in Green Bay, Chicago, going with Indianapolis assistant

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Speaker 1: Matt Ebert Floss. The giants said to me deciding between

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Speaker 1: Brian Dable and Brian Flora, as a decision could come

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Speaker 1: today or tomorrow. John stash were Bloomberg Sports, Nathan Okay,

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Speaker 1: John thanks SMP futures right now down three point, Staff

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Speaker 1: futures down seventy nine. Nastack futures are higher, up fifty

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Speaker 1: one points. Buoyed by Apple earnings, Apple shares up four

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Speaker 1: clawberd animals testaments will dig into the numbers. Next with

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Speaker 1: Gene Munster, co founder of bloom Ventures. This is Bloomberg

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Speaker 1: Bloomberg eleven three oh weather. You know what's coming. Lots

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Speaker 1: of snow six to ten inches possible in the city,

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Speaker 1: more than a foot on Long Island tonight into tomorrow

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Speaker 1: night with the northeaster on the way. Currently snow and

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Speaker 1: thirty degrees in Central Park. Markets, headlines and breaking news

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Speaker 1: twenty four hours a day at Bloomberg dot Com, The

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Speaker 1: Bloomberg Business Atland at Bloomberg Quicktake, This is a Bloomberg

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Speaker 1: Business Flash and I'm Karen Moscow. Nasdack future is moving

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Speaker 1: higher this morning after strong earnings from Apple, while European

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Speaker 1: shares are falling, extending a drop after Germany's economy shrank

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Speaker 1: more than expected. We checked the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg. Right now, it's in

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Speaker 1: p futures. They're lower, down about eight points, and death

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Speaker 1: futures are down one hundred nine. Well, Nasdack futures are higher,

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Speaker 1: up forty two the daks to Germany's down one point

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Speaker 1: seven percent. A ten year treasury down ten thirty seconds.

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Speaker 1: At one point three percent. They yield on the two

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Speaker 1: is up six tens percent or fifty one cents at

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Speaker 1: eighty seven dollars, thirteen cents of Barrel Comic School down

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Speaker 1: two tenths per cent or four dollars at seventeen ninety one.

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Speaker 1: Announced the euro one point five against the dollar, British

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Speaker 1: found one point three three seven six and the end

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Speaker 1: at one fifteen point six three Bitcoin and this morning

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Speaker 1: moving higher at thirty six thousand, five hundred fifty dollars

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Speaker 1: and Apple shares this morning up four percent. That's a

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Speaker 1: Bloomberg business flash. Now, here's Michael Barr with more on

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Speaker 1: what's going on around up. Here's John Tucker with more

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Speaker 1: on what's going on around the world. John, Good morning,

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Speaker 1: Good morning. Karen Rushes. Foreign Ministers says the American proposal

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Speaker 1: to defuse tensions with Ukraine contains rational elements. President Biden's

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Speaker 1: his will name his choice to replace retiring Supreme Court

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Speaker 1: Justice Stephen Bryer by the end of February, and the

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Speaker 1: Biden administration says it's recommended changes to China's requirements for

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Speaker 1: COVID nineteen quarantine and ten sting among American diplomats, sports

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Speaker 1: rangers and Islanders Devils all lose basketball. The Warriors beat

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Speaker 1: the Timberwolves tennis. Raphael Nadal advances to the finals of

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Speaker 1: the Australian Open. Global News twenty four hours a day

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Speaker 1: on are Ind on Bloomberg Quicktake Power by more than

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Speaker 1: twenty seven hood of journalists and analysts and more than

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Speaker 1: one hundred twenty countries On John Soccer. This is Bloomberg. Nathan,

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Speaker 1: all right, John, Thanks, It's five nineteen on Wall Street

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Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: Daybreak with tech earnings in focus this morning. Obviously, the

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Speaker 1: big story is Apple, and the shares are surging once

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Speaker 1: again this morning, up nearly four percent after the iphonemaker

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Speaker 1: came out with revenue and sales that blew past Wall

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Speaker 1: Street estimates even in a supply chain crunch. Let's get

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Speaker 1: more on these results now. Gene Munster is with US

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Speaker 1: co founder of Luke Ventures. Gene, Good morning, eleven percent

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Speaker 1: sales jump in the quarter. Does that surprise you at all?

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Speaker 1: At first? It did, but as I kind of stepped back,

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Speaker 1: I should have been surprised. They make the world's greatest

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Speaker 1: consumer products. Arguably, I think there's really show it and

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Speaker 1: this is what happens when you do that. There is

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Speaker 1: an asterisk next to that eleven percent growth. If not

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Speaker 1: for the supply chain headwind, they would have grown at

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Speaker 1: eighteen percent off of tough comps. And so I've I've

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Speaker 1: seen a lot of Apple quarters. I've studied this company

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Speaker 1: for twenty plus years, and there's so many good quarters.

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Speaker 1: They just kind of, at some level just blur together.

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Speaker 1: And there's a recency biased here that I'm trying to

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Speaker 1: guard against. But ultimately, I think this is just such

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Speaker 1: a memorable quarter because they did it with so many

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Speaker 1: headwinds against them and had some positive outlooks for March.

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Speaker 1: Quite quite quite memorable. Does this give give you a

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Speaker 1: reason to look at the tech sector more broadly and

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Speaker 1: think maybe the sell off that we've seen in recent

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Speaker 1: days might have been overdone. There is a moment, a

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Speaker 1: fleeting moment, where I thought, just the relief that the

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Speaker 1: icon did well and that just well, it did phenomenal

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Speaker 1: in this and I felt like that was a relief.

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Speaker 1: I do. I think that that's going to be a

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Speaker 1: relief today tomorrow, But I think if you kind of

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Speaker 1: look at the broader arc of where this is going,

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Speaker 1: and I'm drifting outside of my area of expertise into

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Speaker 1: monetary policy here, but the I still think there's some

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Speaker 1: work that the FED needs to do. I think that

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Speaker 1: tech stocks in particular are more sensitive to interest rates. Um,

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Speaker 1: we're talking about some inflation numbers next month, and ultimately

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Speaker 1: I think that that could continue to pressure some of

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Speaker 1: these tech companies. But this I think that that kind

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Speaker 1: of misses the broader point. And to your question is

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Speaker 1: that we're going to start to put a bottom in

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Speaker 1: some of these tech names, probably over the next three months.

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Speaker 1: And I think at the point where the FED starts

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Speaker 1: raising rates, I suspect that we're going to start to

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Speaker 1: see uh, you know appleby properly rewarded. They won't get

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Speaker 1: full credit for this quarter. If they did the stock,

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Speaker 1: would you have twelve percent right now? They're not going

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Speaker 1: to get it. Eventually, I think they will be credited

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Speaker 1: for it. How do you see Apple navigating this quarter

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Speaker 1: and going forward into two. You've got to think that

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Speaker 1: supply chains are going to continue to be a headwind

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Speaker 1: to a pretty great extent going forward, at least in

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Speaker 1: the mid term for sure, and you know they talked

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Speaker 1: about the impact is lessening. I think that that buries

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Speaker 1: the headline, which it's still a measurable impact. In the

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Speaker 1: March quarter, probably about four percent of their revenue they're

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Speaker 1: going to miss out because of the supply chain. What

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Speaker 1: what is uh in the case of Apple, what is

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Speaker 1: surprises that even in holiday quarter they still are able

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Speaker 1: to capture that revenue that gets delayed in the in

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Speaker 1: the subsequent quarter. And so when you see these delays

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Speaker 1: the impact of Apple, they give preferential treatment with their

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Speaker 1: suppliers and and customers are willing to wait. In the

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Speaker 1: case of iPads, right now, the lead times in six

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Speaker 1: countries are forty plus stays usually their same business day

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Speaker 1: at this point. So it is a um it's Apple

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Speaker 1: is has the luxury of being first in line, and

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Speaker 1: also customers allove their products. At think as far as

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Speaker 1: the broader supply chain, it's still going to be messy

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Speaker 1: and um, you know, most people are thinking this goes

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Speaker 1: through uh two thousand twenty two for this year, who knows,

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Speaker 1: maybe it's one, maybe it's two years. And I think

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Speaker 1: it's still going to be kind of nagging at these

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Speaker 1: earnings calls over the next few quarters. Looking at the

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Speaker 1: tech sector more broadly, Gene, why are tech stocks affected

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Speaker 1: so much by higher interest rates the tightening environment that

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Speaker 1: we're expecting. There's two classes. The first class is kind

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Speaker 1: of the big cap they have been affected, but it's

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Speaker 1: been relatively modest there, you know, it's kind of down

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Speaker 1: in similar amount that the nazeg is down something like that. Uh.

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Speaker 1: And then there's the other class UH as kind of

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Speaker 1: these earlier less profitable companies. And the answer questions the

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Speaker 1: reason why is that every uh percentage increase in the

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Speaker 1: interest rates has an impact on how investors value these companies.

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Speaker 1: There that's the classic discounted cash well, and usually a

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Speaker 1: one percent increase in interest rates has some between a

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Speaker 1: ten and negative impact on earnings. And so when you

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Speaker 1: have companies that's the simple reason why is the tech

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Speaker 1: companies are more sensitive because they've got more variability in

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Speaker 1: their earnings. Therefore they're more sensitive to interest rate increases. Well,

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Speaker 1: at the moment, we are seeing a bit of a

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Speaker 1: tech bounce this morning on the back of those very

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Speaker 1: positive Apple earnings. Gene Munster, as always, thanks for the insights.

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Speaker 1: Gene Munster is co founder of Loop Ventures, and looking

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Speaker 1: at the market broadly mixed picture, but tech is on

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Speaker 1: the rise, with SMP futures right now down almost four points,

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Speaker 1: STOW futures are down seventy four, NASAC futures higher by

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Speaker 1: fifty seven points, and again, Apple shares in the pre

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Speaker 1: market are up four percent. The ten your treasury right

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Speaker 1: now down nine seconds, the yield one three percent, and

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Speaker 1: the yield on the two year one point to one.

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Speaker 1: Just ahead, getting ready for a major winter storm in

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Speaker 1: the Northeast. We'll check your tops Storia's next. You're listening

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Speaker 1: to Bloomberg day Break Bloomberg eleven three oh weather that

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Speaker 1: Northeastern is gonna bring a six to ten inches of

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Speaker 1: snow in the city, more than a foot possible on

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Speaker 1: Long Island to the four in New Jersey. Right now

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Speaker 1: snow thirty degrees in Central Park. Broadcasting live from the

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Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg Living Free

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Speaker 1: to Washington, d C. Bloomberg ninety one to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco Bloomberg and I'm

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Speaker 1: sixty to the country, Sirius XM to the one nine

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Speaker 1: team and around the globe to Bloomberg Business in Bloomberg

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Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty

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Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm

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Speaker 1: camerin Moscow, or just about four hours away from the

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Speaker 1: open of US trading. Let's get you up to date

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Speaker 1: of the news you need to know at this hour.

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Speaker 1: That powerful snowstorm is heading for the northeast. Stay tuned

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Speaker 1: for the latest for the Bloomberg meteorologist Rob Caroline in

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Speaker 1: just a moment. But first nasday futures are higher thanks

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Speaker 1: to Apple. The stock is up four percent in early

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Speaker 1: trading after sales that beat estimates. Ed Ludlow has more

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Speaker 1: from our Bloomberg nine sixty news room in San Francisco.

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Speaker 1: Apple recorded record revenue of the hundred and twenty four

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Speaker 1: billion dollars in the fiscal first quarter, record sales across

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Speaker 1: segments like the iPhone, wearables, mac and services. There was

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Speaker 1: disruption in the supply chain, particularly with semiconductors that largely

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Speaker 1: impacted the iPad where sales missed estimates. But things look

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Speaker 1: bright for Apple as they go into a big year

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Speaker 1: in two Ed Ludlow Bloomberg News San Francisco. Alright ed

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Speaker 1: thanks on the flip side. Shares of robin Hood are

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Speaker 1: down fourteen percent this morning following disappointing earnings. Let's get

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Speaker 1: the latest live from Bloomberg Junita Young, Branita Nathan. A

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Speaker 1: year after robin had found itself at the center of

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Speaker 1: a meme stock frenzy, it's now facing challenges that could

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Speaker 1: be even more difficult to overcome, with fourth quarter revenue

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Speaker 1: and losses that were worse than expected, and the hits

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Speaker 1: came from all directions, a steeper knit loss, lower monthly

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Speaker 1: active users and options in cryptocurrency trading slipped below third

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Speaker 1: quarter levels. Robin Hood was already down close to sevent

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Speaker 1: Since it's July I p O. And that's before the

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Speaker 1: latest earnings. Miss Live in New York. I'm Gonnita Young,

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Speaker 1: Bloomberg Daybreak, Rannita, thank you. Economic data also and focus

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Speaker 1: this morning at ten am Wall Street time, the Labor

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Speaker 1: Department issues its Employment Cost Index. That's the broadest measure

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Speaker 1: of labor costs and one that the Fed watches closely.

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Speaker 1: The Incorporate News Karen Toyota is back on top, finishing

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Speaker 1: out one is the world's top selling automaker again, Toyota

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Speaker 1: beat out Volkswagen by roughly one and a half million cars,

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Speaker 1: and back to the markets. Now oil is trading near

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Speaker 1: its highest level in seven years. In fact, crude is

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Speaker 1: headed for a sixth straight weekly game. Traders say robust

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Speaker 1: demand plus heightened geopolitical risks are causing the gains and

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Speaker 1: checking prices now nine x Scrude oil is up three

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Speaker 1: tens per cent or twenty seven cents at eighty six

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Speaker 1: dollars eighty nine cents. Of barrel Brent is up four

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Speaker 1: tenths per cent at eighty nine dollars sixty eight cents,

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Speaker 1: and again NASDACK futures are also higher this morning, up

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Speaker 1: fifty six points. S and P futures are lower, down

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Speaker 1: four and a half, and down futures are down ninety

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Speaker 1: one ten year Treasury down ten thirty seconds, yield one

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Speaker 1: point eight three percent, the yield on the two year

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Speaker 1: one point to one per cent. Comics gold is down

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Speaker 1: a quarter percent or four dollars twenty cents at seventy

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Speaker 1: announce straight to had your latest local headlines plus the

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Speaker 1: check of sports. This is Bloomberg three on Wall Street.

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00:23:39,600 --> 00:23:42,000
Speaker 1: Snow showers thirty degrees in Central Park around the leading

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00:23:42,040 --> 00:23:44,359
Speaker 1: edge of the northeaster. John tuckers here with more on

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00:23:44,480 --> 00:23:46,600
Speaker 1: what's going on in New York and around the world. John,

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00:23:46,840 --> 00:23:49,800
Speaker 1: Good morning, Nathan. A morning funeral mass planned at St.

432
00:23:49,800 --> 00:23:53,480
Speaker 1: Patrick's Cathedral for a rookie police officer gunned down with

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00:23:53,560 --> 00:23:56,440
Speaker 1: US partner a week ago. Details in this report from

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00:23:56,440 --> 00:24:00,760
Speaker 1: Bloomberg's Lisa Mateo. Jason Rivera was twenty too. He was

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00:24:00,840 --> 00:24:03,960
Speaker 1: recently married and barely into his second year of service

436
00:24:03,960 --> 00:24:07,440
Speaker 1: on the force. Cardinal Timothy Dolan will preside over the service.

437
00:24:07,600 --> 00:24:10,479
Speaker 1: Many of the city's top leaders will attend. Rivera and

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00:24:10,520 --> 00:24:14,280
Speaker 1: a partner officer, Wilbert Mora, were fatally wounded January twenty

439
00:24:14,359 --> 00:24:16,719
Speaker 1: one by a gunman who ambushed them in a hallway

440
00:24:16,800 --> 00:24:19,840
Speaker 1: as they responded to a family dispute. Maura's funeral is

441
00:24:19,880 --> 00:24:23,320
Speaker 1: being held next week. Thousands of uniformed officers, as well

442
00:24:23,359 --> 00:24:27,400
Speaker 1: as ordinary citizens, filed into the cathedral yesterday for Rivera's wake.

443
00:24:27,600 --> 00:24:31,320
Speaker 1: Friends and fellow officers remembered Rivera and Maura as caring

444
00:24:31,440 --> 00:24:36,000
Speaker 1: and dedicated. Lisa Mateo, Bloomberg Radio. Major winter storm expended

445
00:24:36,040 --> 00:24:38,800
Speaker 1: to reach most of the East Coast today. Storm watches

446
00:24:38,840 --> 00:24:42,200
Speaker 1: and warnings are posted and Bloomberg Media rounda just Robbed

447
00:24:42,280 --> 00:24:45,880
Speaker 1: Carolin tracking the storm for us this morning. Rob John

448
00:24:45,880 --> 00:24:48,440
Speaker 1: While the models haven't come completely together, but they are

449
00:24:48,440 --> 00:24:50,600
Speaker 1: starting out to get closer in their solutions. So we're

450
00:24:50,640 --> 00:24:53,120
Speaker 1: gonna bump up the totals, particularly from the city east

451
00:24:53,119 --> 00:24:55,679
Speaker 1: out over Long Island will be parts of northwestern New

452
00:24:55,760 --> 00:24:58,000
Speaker 1: Jersey that picked up about four inches from the storm.

453
00:24:58,240 --> 00:25:00,200
Speaker 1: It looks like as you cross into the city, six

454
00:25:00,240 --> 00:25:02,480
Speaker 1: to ten inches is likely. Once you get out on

455
00:25:02,600 --> 00:25:05,440
Speaker 1: cross Long Island, we're talking about foot over a foot

456
00:25:05,440 --> 00:25:07,320
Speaker 1: in many areas. In fact, there will be some places

457
00:25:07,320 --> 00:25:09,399
Speaker 1: in eastern Long Island that are over eighteen inches from

458
00:25:09,440 --> 00:25:12,200
Speaker 1: the storm. It all winds down lead tomorrow afternoon, and

459
00:25:12,240 --> 00:25:14,240
Speaker 1: there will be some blowing and drifting, especially across the

460
00:25:14,240 --> 00:25:18,560
Speaker 1: island in coastal Connecticut, John Rod Caroline. President Biden has

461
00:25:18,600 --> 00:25:21,800
Speaker 1: thanks Supreme Court Justice Stephen Bryer for his decades on

462
00:25:21,840 --> 00:25:25,800
Speaker 1: the bench. He has patiently sawed common ground and build consensus,

463
00:25:26,240 --> 00:25:29,560
Speaker 1: seeking to bring the court together. I think he's a

464
00:25:29,600 --> 00:25:32,560
Speaker 1: model public servant in a time and great division in

465
00:25:32,600 --> 00:25:35,119
Speaker 1: this country will be retiring. Brier will serve out the

466
00:25:35,119 --> 00:25:38,040
Speaker 1: remainder of the court's term. President Biden plans to nominate

467
00:25:38,080 --> 00:25:41,440
Speaker 1: a black woman to replace him. China at Russia will

468
00:25:41,440 --> 00:25:44,720
Speaker 1: sign an agreement to build a research station on the Moon.

469
00:25:45,359 --> 00:25:48,320
Speaker 1: The two countries say they aim to complete basic infrastructure

470
00:25:48,400 --> 00:25:53,439
Speaker 1: construction for the lunar station by the announcemus the latest

471
00:25:53,480 --> 00:25:57,199
Speaker 1: signs of closer cooperation between the two countries. Russian President

472
00:25:57,240 --> 00:26:00,520
Speaker 1: Vladimir Putin expanded to be the most notable old leader

473
00:26:00,520 --> 00:26:03,520
Speaker 1: to visit Beijing for the opening of the Winter Olympics

474
00:26:03,600 --> 00:26:06,199
Speaker 1: next week. Global News twenty four hours a day on

475
00:26:06,200 --> 00:26:08,760
Speaker 1: the Ariana on Bloomberg Quick Take, powered by more than

476
00:26:08,800 --> 00:26:11,080
Speaker 1: twenty seven hundred journalist and analysts and more than one

477
00:26:11,119 --> 00:26:14,399
Speaker 1: hundred twenty countries on John Tucker, This is Bloomberg, Nathan.

478
00:26:14,480 --> 00:26:21,920
Speaker 1: Thanks John wall Street Town for the Bloomberg Sports update

479
00:26:22,000 --> 00:26:24,600
Speaker 1: with John Stanks Nathan. It appears the next coach of

480
00:26:24,640 --> 00:26:27,920
Speaker 1: the Giants will have the first name Brian, either Buffalo

481
00:26:28,000 --> 00:26:31,720
Speaker 1: offensive quator Brian day Ball or Brooklyn native Ryan Flora,

482
00:26:31,720 --> 00:26:33,600
Speaker 1: as it was just fired as the head coach in Miami.

483
00:26:33,640 --> 00:26:36,760
Speaker 1: Flora's at his in person interview yesterday, two teams made

484
00:26:36,840 --> 00:26:40,160
Speaker 1: hires Denver going with Nathaniel Hackett has been the offensive

485
00:26:40,200 --> 00:26:43,800
Speaker 1: creator in Green Bay. Indianapolis assistant Matt Eberfloss now the

486
00:26:43,800 --> 00:26:47,399
Speaker 1: head coach in Chicago Conference championship games on Sunday. The

487
00:26:47,480 --> 00:26:50,240
Speaker 1: Chiefs went fifty years without going to the Super Bowl.

488
00:26:50,280 --> 00:26:51,639
Speaker 1: Now they have a chance for three in a row.

489
00:26:51,680 --> 00:26:54,600
Speaker 1: They host the surprising Bengals, who were two and fourteen

490
00:26:54,680 --> 00:26:56,359
Speaker 1: just two years ago, and then it's the forty Niners

491
00:26:56,359 --> 00:26:58,560
Speaker 1: and Rams in n l A. That's where Super Bowl

492
00:26:58,560 --> 00:27:01,119
Speaker 1: fifty six will be played, the nine is Law Super

493
00:27:01,160 --> 00:27:04,040
Speaker 1: Bowl fifty four and the Rams Law Super Bowl fifty three.

494
00:27:04,080 --> 00:27:07,240
Speaker 1: The three New York area hockey teams all lost last night,

495
00:27:07,359 --> 00:27:10,000
Speaker 1: Rangers in Columbus five to three. Or Timmy Panarin had

496
00:27:10,000 --> 00:27:13,159
Speaker 1: a goal to assist in defeat. Rangers come home tonight

497
00:27:13,200 --> 00:27:16,480
Speaker 1: to play Minnesota on Henrik Lunkwist Night, as number thirty

498
00:27:16,520 --> 00:27:19,200
Speaker 1: will be retired. In fifteen years of the Rangers goalie

499
00:27:19,480 --> 00:27:22,359
Speaker 1: Lunkwist won five hundred and twenty games. The Islanders lost

500
00:27:22,400 --> 00:27:24,879
Speaker 1: the King's three to two. The Devils lost three to

501
00:27:25,000 --> 00:27:27,480
Speaker 1: a Tampa. The Knicks play tonight in Milwaukee. That game

502
00:27:27,520 --> 00:27:31,160
Speaker 1: does not start until ten o'clock. Raphael of Dale now

503
00:27:31,160 --> 00:27:33,520
Speaker 1: thirty five years old, hasn't played all that much lately,

504
00:27:33,560 --> 00:27:35,680
Speaker 1: but he's into the finals of the Australian Open. He

505
00:27:35,760 --> 00:27:39,040
Speaker 1: meet Matteo Barrettini in four sets. The other semifinal matches

506
00:27:39,119 --> 00:27:43,440
Speaker 1: going on now danil medvedevan Stefano sits Pass tied one set.

507
00:27:43,480 --> 00:27:45,560
Speaker 1: Oh Medvedev just came back from two sets down to

508
00:27:45,560 --> 00:27:49,000
Speaker 1: win his quarterfinal match Justin Thomas John rom part of

509
00:27:49,000 --> 00:27:51,040
Speaker 1: a three way to if the league midway through the

510
00:27:51,080 --> 00:27:53,880
Speaker 1: Farmers Insurance Golf at Torrey Pines. In the same game,

511
00:27:54,160 --> 00:27:58,080
Speaker 1: John Stashedward Bloomberg Sports Nay Thanks seven on Wall Street

512
00:27:58,119 --> 00:28:00,520
Speaker 1: Time for the Tri State Business Report with Bomberg said

513
00:28:00,560 --> 00:28:04,200
Speaker 1: Cory work on LaGuardia's Terminal B and brand new American

514
00:28:04,240 --> 00:28:07,320
Speaker 1: Airlines wing is finished. It's part of the Port Authorities

515
00:28:07,359 --> 00:28:10,480
Speaker 1: eight billion dollar effort to transform LaGuardia into a twenty

516
00:28:10,520 --> 00:28:13,840
Speaker 1: one century facility, which also includes a plan to replace

517
00:28:13,920 --> 00:28:17,479
Speaker 1: Terminals C and D. When private managers take over New

518
00:28:17,600 --> 00:28:21,480
Speaker 1: York City's public housing developments, they promised low income residents

519
00:28:21,480 --> 00:28:24,119
Speaker 1: that they'll fix up their apartments and their buildings, but

520
00:28:24,480 --> 00:28:27,200
Speaker 1: a new study shows that the switch can leave tenants

521
00:28:27,240 --> 00:28:31,679
Speaker 1: more vulnerable to building neglect innovations, often with public funds

522
00:28:31,680 --> 00:28:35,720
Speaker 1: footing much of the bill. Related Companies has hired former

523
00:28:35,760 --> 00:28:39,040
Speaker 1: New York City Police Commissioner Dermott Shade to manage its

524
00:28:39,080 --> 00:28:42,960
Speaker 1: properties in Manhattan. Shay is joining Related as President of

525
00:28:43,000 --> 00:28:47,160
Speaker 1: Commercial Property Management. He will oversee operations at the company's

526
00:28:47,200 --> 00:28:50,560
Speaker 1: buildings in New York, including Hudson Yards and the Deutsche

527
00:28:50,600 --> 00:28:55,240
Speaker 1: Bank Center at Columbus Circle. Magew Bloomberg, Try State Business Report,

528
00:28:55,360 --> 00:28:58,880
Speaker 1: my mid Cory on Wall Street Bloomberg Radios on the

529
00:28:58,880 --> 00:29:01,640
Speaker 1: air from San Francisco to New York, London to Hong Kong.

530
00:29:01,720 --> 00:29:03,720
Speaker 1: Let's check in for with our global news team for

531
00:29:03,720 --> 00:29:05,320
Speaker 1: some of the top stories heard in our three D

532
00:29:05,560 --> 00:29:11,240
Speaker 1: filly radio stations around the world. I'm Steve potos Can

533
00:29:11,280 --> 00:29:14,400
Speaker 1: on ww f L A, Tampa Bay. We're talking about

534
00:29:14,400 --> 00:29:20,000
Speaker 1: an Amazon delivery company settling federal accusations of religious discrimination.

535
00:29:20,600 --> 00:29:23,920
Speaker 1: UM Corney Donaho on ktr H in Houston. Boeing has

536
00:29:23,960 --> 00:29:27,280
Speaker 1: begun the planning process for an all new airplane. I'm

537
00:29:27,320 --> 00:29:30,160
Speaker 1: Gina Servetti and for w f l A in Orlando,

538
00:29:30,440 --> 00:29:33,200
Speaker 1: I'm reporting that Orange Shoes futures are headed for the

539
00:29:33,240 --> 00:29:36,680
Speaker 1: longest streak in more than thirty years as frost threatens

540
00:29:36,680 --> 00:29:39,640
Speaker 1: Groves in Florida. I'm caw i head called boom bag

541
00:29:39,680 --> 00:29:42,400
Speaker 1: Dab Digital radio in London with reporting that the government

542
00:29:42,480 --> 00:29:46,120
Speaker 1: probe into alleged rule baking parties in Boris Johnson's office

543
00:29:46,200 --> 00:29:49,360
Speaker 1: doing the pandemic could be strips of key details at

544
00:29:49,400 --> 00:29:52,280
Speaker 1: the request of the Met Police. I'm ed Corey on

545
00:29:52,560 --> 00:29:55,880
Speaker 1: w w J in Detroit. I'm reporting Toyota finished out

546
00:29:56,680 --> 00:30:00,200
Speaker 1: one is the world's top selling automaker once again, and

547
00:30:00,240 --> 00:30:04,480
Speaker 1: it's thirty nine on Wall Street. The following is an

548
00:30:04,640 --> 00:30:09,080
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the

549
00:30:09,120 --> 00:30:13,400
Speaker 1: Bloomberg Editorial Board. This week, the Federal Reserve announced that

550
00:30:13,480 --> 00:30:17,000
Speaker 1: it will soon be appropriate to start raising interest rates.

551
00:30:17,440 --> 00:30:20,880
Speaker 1: That wasn't a surprise, the Fed had been foreshadowing it

552
00:30:21,000 --> 00:30:24,840
Speaker 1: for a while, Yet markets greeted the news nervously. How come?

553
00:30:25,120 --> 00:30:28,080
Speaker 1: The problem is that the Fed's new policy is still

554
00:30:28,160 --> 00:30:31,080
Speaker 1: a long way from normal for an economy running at

555
00:30:31,280 --> 00:30:35,800
Speaker 1: or above capacity. Investors know that if higher inflation persists,

556
00:30:35,960 --> 00:30:38,840
Speaker 1: getting it under control will take more than a few

557
00:30:39,000 --> 00:30:43,240
Speaker 1: quarter point interest rate hikes, but a more forceful throttling

558
00:30:43,320 --> 00:30:47,960
Speaker 1: of monetary policy threatens serious collateral damage to the economy.

559
00:30:48,400 --> 00:30:51,800
Speaker 1: For now, the Central Bank's approach looks right, but the

560
00:30:51,920 --> 00:30:55,360
Speaker 1: Fed should keep watching the data with an open mind

561
00:30:55,800 --> 00:31:00,040
Speaker 1: and be ready to change course if circumstances demand. A

562
00:31:00,120 --> 00:31:03,960
Speaker 1: seditorial was written by the Bloomberg Editorial Board. For more

563
00:31:04,040 --> 00:31:08,200
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion

564
00:31:08,320 --> 00:31:11,479
Speaker 1: or O P I N go on the Bloomberg Terminal.

565
00:31:11,800 --> 00:31:15,480
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials

566
00:31:15,520 --> 00:31:18,240
Speaker 1: every week at this time. Terminal customers can read more

567
00:31:18,480 --> 00:31:23,680
Speaker 1: at O P I N Go Bloomberg eleven three oh Weather.

568
00:31:23,720 --> 00:31:26,400
Speaker 1: It's snowing already was six to ten inches by the

569
00:31:26,480 --> 00:31:28,720
Speaker 1: time this is done tomorrow, more than a foot on

570
00:31:28,840 --> 00:31:32,480
Speaker 1: Long Island. Sunday mix of sun and clouds upper twenties

571
00:31:32,560 --> 00:31:38,400
Speaker 1: for high snow in thirty degrees Right now, Markets, headlines

572
00:31:38,480 --> 00:31:41,440
Speaker 1: and breaking news twenty four hours a day at Bloomberg

573
00:31:41,520 --> 00:31:44,840
Speaker 1: dot Com, the Bloomberg Business apt and at Bloomberg Quick Take.

574
00:31:45,120 --> 00:31:54,720
Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscownsday

575
00:31:54,800 --> 00:31:58,000
Speaker 1: features on the rise after strong Apple earnings, while stocks

576
00:31:58,000 --> 00:32:00,200
Speaker 1: are mixed at the end of a volatile week. Check

577
00:32:00,240 --> 00:32:02,440
Speaker 1: the markets every fifteen minutes throughout the trading day on

578
00:32:02,520 --> 00:32:06,000
Speaker 1: bloombergs that futures are up thirty eight points this morning

579
00:32:06,160 --> 00:32:09,480
Speaker 1: SMP futures lower down seven and down futures down ninety five.

580
00:32:09,800 --> 00:32:13,400
Speaker 1: The decks in Germany gaining or no lower, Sorry, decks

581
00:32:13,440 --> 00:32:16,080
Speaker 1: in Germany lower down two percent right now ten Your

582
00:32:16,120 --> 00:32:18,880
Speaker 1: treasury down nine thirty seconds. He had one point three percent.

583
00:32:18,960 --> 00:32:21,440
Speaker 1: That yield on the two year one point to zero percent.

584
00:32:21,880 --> 00:32:23,800
Speaker 1: Nine X screwed oil is at four tenths per cent

585
00:32:23,920 --> 00:32:25,920
Speaker 1: or thirty two cents at eighty six dollars ninety three

586
00:32:25,960 --> 00:32:28,440
Speaker 1: cents of barrel comex school down three tens per center,

587
00:32:28,480 --> 00:32:31,440
Speaker 1: found dollars forty cents at seventeen eighty nine sixty. Announced

588
00:32:31,760 --> 00:32:34,160
Speaker 1: the euro one point one three six against the dollar

589
00:32:34,200 --> 00:32:36,520
Speaker 1: British found one point three three eight eight and the

590
00:32:36,680 --> 00:32:39,600
Speaker 1: ends at one fifteen point five eight And checking Bitcoin

591
00:32:39,680 --> 00:32:42,520
Speaker 1: this morning at thirty six thousand, six hundred fifty dollars.

592
00:32:42,800 --> 00:32:45,160
Speaker 1: As a Bloomberg business flash, now here's John Tucker with

593
00:32:45,280 --> 00:32:47,640
Speaker 1: more on what's going on around the world. John, there's

594
00:32:47,680 --> 00:32:50,480
Speaker 1: a morning Karen Gusty. Winter's storm does remain on track.

595
00:32:50,560 --> 00:32:53,280
Speaker 1: To batter the East coast. New York City could get

596
00:32:53,280 --> 00:32:56,720
Speaker 1: as much as ten inches as snow. Rush's Foreign ministers

597
00:32:56,760 --> 00:33:00,520
Speaker 1: says the American proposal to defuse tensions with Ukraine contain

598
00:33:00,840 --> 00:33:05,080
Speaker 1: rational elements, and President Biden says he'll fulfill his promise

599
00:33:05,120 --> 00:33:07,080
Speaker 1: to nominate the first black woman on the U. S

600
00:33:07,120 --> 00:33:11,680
Speaker 1: Supreme Court after applotting retiring Justice Stephen Bryer. Ian sports

601
00:33:11,840 --> 00:33:15,480
Speaker 1: Raphael Nadale advances to the finals of the Australian Open.

602
00:33:16,080 --> 00:33:19,960
Speaker 1: The Rangers, Islanders and Devils all lose basketball. The Warriors

603
00:33:20,440 --> 00:33:23,400
Speaker 1: beat the Timberwolves. Global News twenty four hours a day

604
00:33:23,400 --> 00:33:26,040
Speaker 1: on Aaron on Bloomberg Quick Take, powered by more than

605
00:33:26,120 --> 00:33:29,040
Speaker 1: twenty seven hundred journalists and analysts in more than one

606
00:33:29,160 --> 00:33:32,520
Speaker 1: hundred twenty countries. I'm John Tucker. This is Bloomberg, Nathan.

607
00:33:32,720 --> 00:33:34,920
Speaker 1: Thanks John. It's almost five forty nine on Wall Street

608
00:33:35,000 --> 00:33:39,200
Speaker 1: line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,

609
00:33:39,240 --> 00:33:41,760
Speaker 1: and it's a tale of two earnings this morning. On

610
00:33:41,840 --> 00:33:44,200
Speaker 1: the one hand, you have Apple surging on sales and

611
00:33:44,280 --> 00:33:47,520
Speaker 1: revenue that crushed estimates. On the other, a very different

612
00:33:47,560 --> 00:33:50,120
Speaker 1: story from another Silicon Valley name at the center of

613
00:33:50,160 --> 00:33:53,600
Speaker 1: the meme stock frenzy. So let's talk Apple and Robin

614
00:33:53,680 --> 00:33:57,160
Speaker 1: Hood now with Bloomberg Quick Take correspondent Alex Webb with

615
00:33:57,360 --> 00:34:01,840
Speaker 1: us this morning. So Alex app all, just to start off,

616
00:34:01,960 --> 00:34:06,360
Speaker 1: just knocked it out of the park despite supply chains. Yeah,

617
00:34:06,360 --> 00:34:08,239
Speaker 1: there are two things really that are happening here. On

618
00:34:08,360 --> 00:34:13,680
Speaker 1: the one hand, Apple kind of quite successfully managed expectations

619
00:34:13,880 --> 00:34:17,360
Speaker 1: that in it. It does this historically pretty well. It

620
00:34:17,480 --> 00:34:20,120
Speaker 1: had told the investor community that it was going to

621
00:34:20,200 --> 00:34:23,160
Speaker 1: be a tough quarter because of supply chain problems. In

622
00:34:23,600 --> 00:34:26,279
Speaker 1: analysts had built in about ten billion dollars in in

623
00:34:26,560 --> 00:34:30,480
Speaker 1: reduced revenue expectations. In reality, the impact was closer to

624
00:34:30,920 --> 00:34:34,640
Speaker 1: six billion dollars, and so they needed to say, had

625
00:34:34,640 --> 00:34:36,640
Speaker 1: a four billion dollar beat. At the same time, they

626
00:34:36,680 --> 00:34:39,600
Speaker 1: were able to, for instance, take components that had been

627
00:34:39,640 --> 00:34:43,080
Speaker 1: intended for iPad directed towards the iPhone. They do have

628
00:34:43,200 --> 00:34:47,680
Speaker 1: a well old supply chain operation, so it was something

629
00:34:47,760 --> 00:34:49,840
Speaker 1: that they were clearly able to get that rolling with

630
00:34:50,040 --> 00:34:53,719
Speaker 1: Gusto and and we saw the big beat as a consequence.

631
00:34:53,960 --> 00:34:57,759
Speaker 1: So how do you see Apple managing those expectations in

632
00:34:57,840 --> 00:35:00,520
Speaker 1: the current quarter and quarters to come. We heard from

633
00:35:00,600 --> 00:35:04,400
Speaker 1: CEO Tim Cook yesterday is saying they do expect bottlenecks

634
00:35:04,440 --> 00:35:07,719
Speaker 1: in the supply chain to continue to ease. Does that

635
00:35:08,280 --> 00:35:12,600
Speaker 1: smooth things out even further for Apple? Yeah? The thing

636
00:35:13,000 --> 00:35:15,480
Speaker 1: is with Apples, we often talk about their growing supply

637
00:35:15,920 --> 00:35:18,799
Speaker 1: services business, which in love itself is clearly a great

638
00:35:18,880 --> 00:35:22,560
Speaker 1: way of generating predictable, recurring revenue. But it is also,

639
00:35:23,200 --> 00:35:26,319
Speaker 1: and this is often understated, a fantastic way of time

640
00:35:26,360 --> 00:35:28,920
Speaker 1: people more keenly to their devices. So the iPhone thirteen,

641
00:35:28,960 --> 00:35:31,680
Speaker 1: which was not a substantial upgrade to the predecessor in

642
00:35:31,760 --> 00:35:35,520
Speaker 1: many ways, um, it's still managed to post record numbers.

643
00:35:35,640 --> 00:35:39,439
Speaker 1: And the that's a lot of it is because people

644
00:35:39,480 --> 00:35:41,920
Speaker 1: need to upgrade their phone after perhaps three years, or

645
00:35:41,960 --> 00:35:43,840
Speaker 1: they don't need to, but they certainly want to. And

646
00:35:44,560 --> 00:35:47,000
Speaker 1: that is, to a great extent a function of the

647
00:35:47,040 --> 00:35:48,920
Speaker 1: way they're tied to it's so keenly through things like

648
00:35:49,080 --> 00:35:51,880
Speaker 1: music and nikeloud I Cloud and apps and planty more. Besides,

649
00:35:52,480 --> 00:35:56,280
Speaker 1: speaking of apps, let's turn to Robin Hood getting crushed

650
00:35:56,440 --> 00:36:00,480
Speaker 1: this morning, down almost four almost fifteen percent now in

651
00:36:00,600 --> 00:36:02,600
Speaker 1: the pre market. I think a lot of analysts were

652
00:36:02,600 --> 00:36:05,480
Speaker 1: expecting this was going to be a tough quarter for

653
00:36:05,680 --> 00:36:12,719
Speaker 1: the fintech But this ship is really listing. Yeah, in

654
00:36:12,840 --> 00:36:15,840
Speaker 1: many ways, as you say, was perhaps quite predictable because

655
00:36:16,640 --> 00:36:19,840
Speaker 1: you know, not just the interest rate environment, we've seen inflation.

656
00:36:19,920 --> 00:36:23,200
Speaker 1: People don't have as much capitals and retail investors don't

657
00:36:23,200 --> 00:36:25,719
Speaker 1: have as much capitalists they might have done twelve months ago.

658
00:36:26,120 --> 00:36:27,759
Speaker 1: That means they can't say, well, do you know what,

659
00:36:27,800 --> 00:36:29,919
Speaker 1: I'm going to chuck a few hundred or maybe even

660
00:36:29,960 --> 00:36:32,560
Speaker 1: a few thousand dollars into equities that I could do

661
00:36:32,640 --> 00:36:34,960
Speaker 1: quite easily with this app Now they've got to think

662
00:36:34,960 --> 00:36:37,719
Speaker 1: a little bit more carefully about how they're spending. And

663
00:36:38,480 --> 00:36:41,760
Speaker 1: we're seeing the kind of dropped through onto the numbers

664
00:36:41,800 --> 00:36:44,840
Speaker 1: of robin Hood. What does it say about the business

665
00:36:44,960 --> 00:36:46,840
Speaker 1: model that robin Hood had. I mean, you know a

666
00:36:46,880 --> 00:36:49,480
Speaker 1: little more than a year ago, it was firing on

667
00:36:49,560 --> 00:36:53,360
Speaker 1: all cylinders, But now there's a lot of question about

668
00:36:53,440 --> 00:36:56,040
Speaker 1: the payment for order flow and some of the other

669
00:36:56,120 --> 00:37:00,440
Speaker 1: headwinds that it's been facing. How does lad Tendant by

670
00:37:00,560 --> 00:37:04,640
Speaker 1: ten of get things back on track in something like

671
00:37:04,760 --> 00:37:07,960
Speaker 1: robin Hood has always seemed like as it's actually so

672
00:37:08,080 --> 00:37:11,359
Speaker 1: many of these kind of lockdown stocks. You think about

673
00:37:11,360 --> 00:37:18,200
Speaker 1: Peloton or if um H Zoom or any of those

674
00:37:18,239 --> 00:37:22,720
Speaker 1: other ones. They often seem like features or divisions units,

675
00:37:23,200 --> 00:37:26,839
Speaker 1: or they should be of broader businesses because they are

676
00:37:26,960 --> 00:37:29,320
Speaker 1: quite exposed if there's any problem in their core business.

677
00:37:29,880 --> 00:37:31,640
Speaker 1: Whereas if they have some sort of natural head because

678
00:37:31,640 --> 00:37:34,000
Speaker 1: they are another part, you know, other parts of the ecosystem,

679
00:37:34,280 --> 00:37:36,560
Speaker 1: then they perhaps have a little bit more robust nous.

680
00:37:36,680 --> 00:37:39,160
Speaker 1: And so we are seeing our competitors coming too the space,

681
00:37:39,280 --> 00:37:45,120
Speaker 1: often from established banks, financial services organizations. So it's you know, clearly,

682
00:37:45,239 --> 00:37:49,759
Speaker 1: diversification is a useful thing to look towards, but that

683
00:37:49,880 --> 00:37:52,560
Speaker 1: requires capital. And when you're your share price is dipping,

684
00:37:52,600 --> 00:37:55,800
Speaker 1: your cost capital increases, and cost capital more broadly is increasing,

685
00:37:55,920 --> 00:37:59,280
Speaker 1: that becomes a challenge, all right. Bloomberg Quick takes Alex

686
00:37:59,320 --> 00:38:01,800
Speaker 1: Web with us this morning talking about the latest earnings

687
00:38:02,560 --> 00:38:05,359
Speaker 1: out of Silicon Valley this morning, and again robin Hood

688
00:38:05,400 --> 00:38:08,840
Speaker 1: shares now down almost fifteen percent in the pre market,

689
00:38:08,920 --> 00:38:12,520
Speaker 1: but Apple after the big earnings beat, Karen up three

690
00:38:12,560 --> 00:38:15,840
Speaker 1: and two thirds percent in early trading, and Nathan, thank you.

691
00:38:15,920 --> 00:38:17,799
Speaker 1: It is five a day, three on Wall Street, time

692
00:38:17,840 --> 00:38:20,200
Speaker 1: for our Bloomberg Law Report. It's brought to you by

693
00:38:20,239 --> 00:38:24,320
Speaker 1: American Arbitration Association business disputes are inevitable resolve faster with

694
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Speaker 1: the American Arbitration Association, the global leader in alternative dispute

695
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Speaker 1: resolution for over ninety years. More at a d R

696
00:38:31,600 --> 00:38:33,480
Speaker 1: dot org. Now, let's get to the legal stories we

697
00:38:33,560 --> 00:38:40,320
Speaker 1: are watching this morning. From Bloomberg's Jeff Bellinger, Unions filed

698
00:38:40,360 --> 00:38:43,440
Speaker 1: a brief and federal appeals court saying healthcare workers are

699
00:38:43,480 --> 00:38:47,320
Speaker 1: exposed to grave danger after the Biden administration's cancelation of

700
00:38:47,400 --> 00:38:50,680
Speaker 1: its OSHA COVID nineteen standard. The i R s encourageous

701
00:38:50,680 --> 00:38:53,360
Speaker 1: taxpayers to check their records to see how much child

702
00:38:53,440 --> 00:38:56,759
Speaker 1: tax credit they received before filing their taxes. Some people

703
00:38:56,840 --> 00:39:00,760
Speaker 1: may have received letters withincorrect information. Tampa Baye Delivery Service,

704
00:39:00,840 --> 00:39:04,480
Speaker 1: which provides service to Amazon, will pay fifty dollars to

705
00:39:04,520 --> 00:39:07,560
Speaker 1: settle a religious discrimination lawsuit over the firing of a

706
00:39:07,680 --> 00:39:12,360
Speaker 1: Christian employee who refused to work Sundays. Bloomberg Law everything

707
00:39:12,440 --> 00:39:16,520
Speaker 1: you need, all on one legal research platform, including guidance

708
00:39:16,600 --> 00:39:20,880
Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg

709
00:39:20,960 --> 00:39:23,799
Speaker 1: law dot com. All right, Jeff, thank you. Now another

710
00:39:23,880 --> 00:39:27,040
Speaker 1: legal story we're watching. It's official. Just as Stephen Brier

711
00:39:27,280 --> 00:39:29,960
Speaker 1: is leaving the Supreme Court after twenty eight years. President

712
00:39:30,000 --> 00:39:32,359
Speaker 1: Biden says he plans to nominate the first black woman

713
00:39:32,440 --> 00:39:34,880
Speaker 1: to the Court and would announce has chosen nominee by

714
00:39:34,880 --> 00:39:37,239
Speaker 1: the end of February. He says no decisions have been

715
00:39:37,280 --> 00:39:40,160
Speaker 1: made thus far for more Bloomberg's doing, Grosso speaks a

716
00:39:40,200 --> 00:39:43,680
Speaker 1: constitutional law expert Stephen Vladek at the University of Texas

717
00:39:43,800 --> 00:39:47,080
Speaker 1: Law School. You're gonna have Brier, who's been on the

718
00:39:47,200 --> 00:39:50,960
Speaker 1: Court for almost thirty years, being replaced by someone new

719
00:39:51,120 --> 00:39:54,880
Speaker 1: and a black woman. How does that change the dynamic

720
00:39:55,040 --> 00:39:58,160
Speaker 1: on the court and among the liberals on the court?

721
00:39:58,320 --> 00:40:01,640
Speaker 1: Three women now? The most significant thing it does is

722
00:40:01,800 --> 00:40:04,360
Speaker 1: it really, I think elevates Justice sotodam i or that

723
00:40:04,440 --> 00:40:07,040
Speaker 1: much further because she now becomes not just perhaps the

724
00:40:07,120 --> 00:40:09,880
Speaker 1: rhetorical leader of the liberal wing, but the senior member

725
00:40:10,160 --> 00:40:12,760
Speaker 1: of the liberal wins. So when it comes to parcelong

726
00:40:12,800 --> 00:40:15,239
Speaker 1: out dissent, for example, in the high profile cases, you

727
00:40:15,280 --> 00:40:17,640
Speaker 1: know that will fall to her as opposed to Justice prior.

728
00:40:17,880 --> 00:40:20,040
Speaker 1: But I also think tune that the other way it's

729
00:40:20,040 --> 00:40:22,680
Speaker 1: going to change the dynamics is, you know, I think

730
00:40:22,760 --> 00:40:26,520
Speaker 1: it is going to reflect yet a further generational change

731
00:40:26,760 --> 00:40:28,920
Speaker 1: one has to think that President Biden is going to

732
00:40:28,960 --> 00:40:32,240
Speaker 1: appoint someone who is at the oldest in their early fifties,

733
00:40:32,440 --> 00:40:34,400
Speaker 1: and so if that person serves for as long as

734
00:40:34,480 --> 00:40:36,440
Speaker 1: Justice Briar serves, I mean the court is going to

735
00:40:36,560 --> 00:40:39,040
Speaker 1: change again while they're on the court. So I think

736
00:40:39,200 --> 00:40:41,799
Speaker 1: the internal dynamics will be harder for us to see.

737
00:40:41,880 --> 00:40:45,000
Speaker 1: I think they will be most heavily felt among the

738
00:40:45,120 --> 00:40:49,160
Speaker 1: three Democratic appointees than how they allocate their responsibility. Is

739
00:40:49,200 --> 00:40:52,360
Speaker 1: there a chance, June, that the justice who replaces Justice

740
00:40:52,400 --> 00:40:56,440
Speaker 1: prior might find her own mechanisms, her own ways of

741
00:40:56,560 --> 00:40:59,479
Speaker 1: builden consensus with some of her colleagues. On the other side,

742
00:41:00,080 --> 00:41:03,000
Speaker 1: is a relationship between the new justice and justice course, it's,

743
00:41:03,120 --> 00:41:06,439
Speaker 1: for example, on criminal cases, a possibility we'll have to see.

744
00:41:06,719 --> 00:41:08,759
Speaker 1: But again, I mean, I think what really makes this

745
00:41:09,000 --> 00:41:12,000
Speaker 1: whole process feel so different from the last couple of

746
00:41:12,040 --> 00:41:14,400
Speaker 1: times we've been here is that these differences in the

747
00:41:14,440 --> 00:41:17,440
Speaker 1: short term are going to just pale in comparison to

748
00:41:17,560 --> 00:41:20,760
Speaker 1: the short term differences we saw between Kennedy and Kavanaugh,

749
00:41:20,880 --> 00:41:24,400
Speaker 1: Ginsberg and Barrett. Of the list of replacements, does one standout,

750
00:41:24,960 --> 00:41:26,480
Speaker 1: I don't know about one, Jude. I think there are

751
00:41:26,600 --> 00:41:30,320
Speaker 1: two from where on in. Katanji Brown Jackson and Leandre

752
00:41:30,400 --> 00:41:34,960
Speaker 1: Krueger are such compelling candidates in different ways and low

753
00:41:35,080 --> 00:41:38,040
Speaker 1: though I am to bet on any particular candidates in

754
00:41:38,160 --> 00:41:40,279
Speaker 1: this race, I would be very surprised if it wasn't

755
00:41:40,280 --> 00:41:43,640
Speaker 1: one of those two. They're both fantastically qualified, They're both

756
00:41:43,760 --> 00:41:46,200
Speaker 1: very smart, they're both highly regarded. June. They had to

757
00:41:46,239 --> 00:41:49,160
Speaker 1: come backgrounds, they had different experience that Katanji Brown Jackson

758
00:41:49,239 --> 00:41:51,360
Speaker 1: was a district judge before she's an Appello Jude. She

759
00:41:51,440 --> 00:41:54,560
Speaker 1: has trial experience. Leando Krueger before she's a California Supreme

760
00:41:54,600 --> 00:41:56,840
Speaker 1: Court justice was a government lawyer who worked in the

761
00:41:56,920 --> 00:41:59,520
Speaker 1: executive branch, but the also legal council. So I think

762
00:41:59,560 --> 00:42:03,880
Speaker 1: there are handalyzing opportunities with both of them, and I

763
00:42:04,000 --> 00:42:06,440
Speaker 1: think it's going to be a good problem for President

764
00:42:06,520 --> 00:42:08,520
Speaker 1: Biden to have and trying to pick between them and

765
00:42:08,600 --> 00:42:11,760
Speaker 1: the other names for being bandied about and that. Stephen

766
00:42:11,880 --> 00:42:14,680
Speaker 1: Ladek of the University of Texas Law School, speaking at

767
00:42:14,680 --> 00:42:17,600
Speaker 1: the Bloomberg's June Grosso. Catch more of that interview, plus

768
00:42:17,640 --> 00:42:20,600
Speaker 1: analysis of the latest legal news, by subscribing to the

769
00:42:20,600 --> 00:42:23,759
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot

770
00:42:23,840 --> 00:42:27,440
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and

771
00:42:27,480 --> 00:42:30,520
Speaker 1: business development tools at Bloomberg law dot com and on

772
00:42:30,600 --> 00:42:35,040
Speaker 1: the Bloomberg terminal at b law go and nasdack Future

773
00:42:35,120 --> 00:42:38,320
Speaker 1: is moving higher, up thirty points this morning. S and

774
00:42:38,360 --> 00:42:40,960
Speaker 1: P Future is lower, down ten and down Futures down

775
00:42:41,000 --> 00:42:43,440
Speaker 1: a hundred six, still ahead of Bloomberg daybreak and checked

776
00:42:43,480 --> 00:42:45,279
Speaker 1: on the business headlines. All the news you need to

777
00:42:45,320 --> 00:42:47,520
Speaker 1: start your day. This is Bloomberg