Speaker 1: Live from the Bloomberg Interacted Burger Studios is Bloomberg day
Speaker 1: Break for Friday, January two. Coming up this hour, The
Speaker 1: Northeast races for a powerful winter storm. Apple shares rally
Speaker 1: after sales top estimates, shares of robin Hood plunge on
Speaker 1: week earnings, led by drops in Crypto training, and Toyota
Speaker 1: is back on top, reclaiming the mantel of the world's
Speaker 1: top selling carmaker. Thousands will gather this morning at St.
Speaker 1: Patrick's for the funerable rookie police officer gunned down along
Speaker 1: with his partner. I'm John Sucker. Details straight ahead, I'm
Speaker 1: John Stashtower and sports, The Rangers, Islanders and Devils all lost,
Speaker 1: Raphael the Dallas reached the finals of the Australian Open.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Treeo,
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM
Speaker 1: one nineteen and around the world Old on Bloomberg Radio
Speaker 1: dot Com and via The Bloomberg Business. A good morning.
Speaker 1: I'm Nathan Hager, and I'm Karen Moscow. US Dock Index
Speaker 1: futures are little change this morning. We are coming up
Speaker 1: to five out one on Wall Street, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, SMP futures and DOWN futures are a little change.
Speaker 1: Nowsday futures up sixty two. The decks in Germany is
Speaker 1: down one and a half percent. Ten year treasury down
Speaker 1: nine thirty seconds. You at one point eight three percent, Nathan,
Speaker 1: all right, Karen, we'll have more on the markets shortly. First,
Speaker 1: a powerful storm is bearing down on the northeast with
Speaker 1: the promise of snow over the weekend. Bloomberg meteorologist Rob
Speaker 1: Carroll and joins US Now with the details. What's looking like, Rob,
Speaker 1: The storms that's going to be developing off the North
Speaker 1: Carolina coast later today and developing explosively tomorrow off the
Speaker 1: coast of New England is going to produce quite a
Speaker 1: bit of snow, especially for portions of New England. It
Speaker 1: looks like for the district in Baltimore, the snow which
Speaker 1: starts by late today and ends night only puts down
Speaker 1: about one to three inches. We'll be dealing with snow
Speaker 1: developing in the Tri State area during the evening hours,
Speaker 1: and it looks like the city is probably gonna pick
Speaker 1: up about six to ten inches, with areas of Long
Speaker 1: Island seeing over a foot. New England gets the jackpot.
Speaker 1: The snow doesn't arrive until well after midnight tonight, but
Speaker 1: it comes down hard at times tomorrow and it's gonna
Speaker 1: be very windy. Parts of New England will seat well
Speaker 1: and excessive a foot all right, Rob, So when do
Speaker 1: you think the snow is gonna end? The storm will
Speaker 1: wind down in the district probably after midnight tonight went
Speaker 1: to three inches. Looks likely for the city it's gonna
Speaker 1: wind down late in the afternoon early evening on Saturday.
Speaker 1: And from Boston, we're talking about the snow ending not
Speaker 1: until the early morning hours of Sunday, and again there
Speaker 1: was probably over a foot in Boston. I'm Rob Caroline Bloomberg. Daybreak,
Speaker 1: All right, Rob, thank you, and of course I'll be
Speaker 1: checking back in with you to get the latest all morning.
Speaker 1: Now to the markets where shares of Apple are front
Speaker 1: end center there at more than four percent in early
Speaker 1: trading after sales that beat estimates. They get the details
Speaker 1: from Bloomberg Shirley Pellett. It's a sign Apple was able
Speaker 1: to work through a supply chain crunch fueled by the
Speaker 1: pandemic and chip shortages. The surprising strong results suggested fears
Speaker 1: of supply upheaval were overblown. Apple CEO Tim Cook had
Speaker 1: worn late last year the shortages could cost a company
Speaker 1: more than six billion dollars in sales during the all
Speaker 1: important holiday period, but the tech giant navigated the crisis
Speaker 1: and benefited from a flood of new products, including the
Speaker 1: iPhone thirteen, Apple Watch Series seven, and updated Max in
Speaker 1: New York, Charlie Pellett Bloomberg Daybreak. All right, Charlie, thanks
Speaker 1: down the flip side of earnings this morning. Look at
Speaker 1: shares of Robin Hood. They're down more than thirteen percent
Speaker 1: in the pre market after posting disappointing results pretty much
Speaker 1: across the board. Let's get the latest life from Bloomberg's
Speaker 1: Ornit a Young Good morning or Nita, Good morning, Nathan.
Speaker 1: A year after Robin had found itself at the center
Speaker 1: of a meme stock frenzy, it's now facing challenges that
Speaker 1: could be more difficult to overcome. With fourth quarter revenue
Speaker 1: and losses that were worse than expected, and the hits
Speaker 1: came from all directions. Steeper net loss, lower monthly active
Speaker 1: users and options, and cryptocurrency trading lipped below third quarter levels.
Speaker 1: That's not all, robin Hood says. Operating expenses are expected
Speaker 1: to rise fifteen to twenty percent this year. Robin Hood
Speaker 1: was already down close to seventy Since it's July I
Speaker 1: p O and this morning, shares are down another thirteen
Speaker 1: percent in the pre market. Live in New York, I'm
Speaker 1: gonna need a young Bloomberg Daybreak re Ney to thank you.
Speaker 1: The recent text sell off has taken a bite out
Speaker 1: of Mark Zuckerberg's fortune, and now Warren Buffett has surpassed
Speaker 1: the Facebook CEO. On Bloomberg's Billionaire's Index began. More on
Speaker 1: that from Bloomberg's Don Christner. It's a reminder of the
Speaker 1: enduring power of Buffet's approach to value investing. It also
Speaker 1: reflects a precipitous decline in tech stocks since the beginning
Speaker 1: of the year. Since then, Zuckerberg, co founder of Meta Platforms,
Speaker 1: has lost fifteen billion dollars, and the richest person in
Speaker 1: the world, Elon Musk, has seen his net worth fall
Speaker 1: by fifty four billion. The relative resilience has been in
Speaker 1: value the bedrock of Buffet's investment philosophy. His Berkshire Hathaway
Speaker 1: has outperformed TEX so far this year, declining just four.
Speaker 1: Tech is down in New York on Doug Prisoner, Bloomberg Daybreak.
Speaker 1: Thanks Doug, and you can blame some of that Tech
Speaker 1: weakness on the Fed, as investors now brace for a
Speaker 1: possible five rate hikes this year. This morning, there is
Speaker 1: an important economic reading that the Central Bank watches closely,
Speaker 1: the Employment cost Index, and today's reading could be another
Speaker 1: hot one. Let's get more from Bloomberg's Viney del judas
Speaker 1: everyone likes a fatter paycheck, and the third quarter employment
Speaker 1: cost index posted a record increase at the same time
Speaker 1: we all pay as businesses lift prices to recover labor costs.
Speaker 1: Bloomberg Economics, as today's number could be a keeper as
Speaker 1: inflation rages. It's more reliable than average gy really earnings
Speaker 1: as it's less affected by specific industry trends. Judai s
Speaker 1: Bloomberg Daybreak, Many thank you. Back to the markets now,
Speaker 1: Oil trading near its highest level in seven years, and
Speaker 1: fact crude is headed for a sixth straight weekly gain traders.
Speaker 1: A robust demand plus heightened geopolitical risks are causing the
Speaker 1: gains and checking prices Now nine x Scrude oil is
Speaker 1: up a third of upper cent or thirty one cents
Speaker 1: at eighty six dollars two cents a barrel. Brent is
Speaker 1: up four ten percent at eighty nine dollars seventy three cents,
Speaker 1: certainly a far cry from the height of the pandemic
Speaker 1: here and when oil touched thirty three dollars of barrel
Speaker 1: speaking of the pandemic, looks like Hong Kong is making
Speaker 1: a move to ease COVID restrictions, shortening quarantine requirements for
Speaker 1: incoming travelers. Bloomberg Daybreak Asia anchor Brian Curtis has the details.
Speaker 1: The Hong Kong government is reducing the quarantine from twenty
Speaker 1: one days to fourteen. That's still about the toughest in
Speaker 1: the world, and Hong Kong is maintaining a ban on
Speaker 1: people arriving from eight countries, including the US, the UK
Speaker 1: and Australia. The shorter quarantine period will begin February five.
Speaker 1: After fourteen days in a hotel room, people will have
Speaker 1: to self monitor for seven days. Brian Curtis Sploomberg Daybreak, Brian,
Speaker 1: thank you staying in Asia right now. Toyota finished out
Speaker 1: one is the world's top selling automaker again. The Japanese
Speaker 1: company kept production on track despite a year of so
Speaker 1: Apply chain turmoil. Toyota and its subsidiary so It ten
Speaker 1: and a half million vehicles at ten percent increase. Runner
Speaker 1: out Volkswagen Soldier shy of nine million s and p
Speaker 1: futures again. Little change this morning and straight ahead your
Speaker 1: latest local headlines plus a check of sports. And this
Speaker 1: is Bloomberg. Thanks Taring. It's five oh seven on Wall Street,
Speaker 1: snow showers already in Central Park, thirty degrees. Racing for
Speaker 1: even more from this northeastern headed our way details coming
Speaker 1: up first John Tucker with more on what's going on
Speaker 1: in New York and around the world. Happy Friday, John
Speaker 1: and Nathan. New York City police officers will give a
Speaker 1: final salute today to Jason Rivera, a rookie cock gunned
Speaker 1: down with his partner a week ago. A funeral mass
Speaker 1: planned at St. Patrick's Cathedral for the officer, who, at
Speaker 1: age twenty two, was recently married and barely into a
Speaker 1: second year of service. Cardinal Timothy Doland will preside over
Speaker 1: the service. The city's top leaders will attend. Rivera and
Speaker 1: a partner officer, Wilbert Mora, were fatally wounded January one
Speaker 1: by a gunman who ambushed them in a hallway as
Speaker 1: they responded to a family dispute. Moura's funerals being held
Speaker 1: next week. I had a call at Ukraine's leader. President
Speaker 1: Biden has reaffirmed total support the story from Bloomberg's at Baxter.
Speaker 1: In a White House readout, Biden underscored the commitment to
Speaker 1: Ukraine's sovereignty and territorial integrity. Biden said he's exploring other
Speaker 1: macro economic support and a decisive response of russia troops invade.
Speaker 1: But as communications continue to go back and forth, State
Speaker 1: Department Deputy Secretary Wendy Sherman says Russia continues to move
Speaker 1: at the border. Certainly see every indication that he is
Speaker 1: going to use military force. Sherman says sometime between now
Speaker 1: in mid February. Russia says, meanwhile, it will need time
Speaker 1: to look at US proposals. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg Daybreak, President Biden says he'll name his choice
Speaker 1: to replace retiring Supreme Court Justice Stephen Bryer by the
Speaker 1: end of February, and I'm saying his retirement. At the
Speaker 1: White House yesterday, Brier reflected on his decades on the bench.
Speaker 1: When you sit there and see all those people in
Speaker 1: front of you, people that are so different in what
Speaker 1: they think, and yet they've decided to help solve their
Speaker 1: major differences under law. President Biden intends to nominate a
Speaker 1: black woman to replace Brier. Former Alaska Governor Sarah Palin
Speaker 1: was spotted dining out again at a New York City
Speaker 1: restaurant two days after testing positive for the coronavirus. The
Speaker 1: visit to the m scale ilios drew attention from photo
Speaker 1: snapping bystanders. Palin had also dined at the same restaurant
Speaker 1: on Saturday, despite his city rule requiring patrons dining indoors
Speaker 1: at restaurants to be vaccinated. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake were powered
Speaker 1: by more than twenty seven hundred journalists in analysts in
Speaker 1: more than one hundred twenty countries. I'm John Tucker, This
Speaker 1: is Bloomberg. Nathan Okay, John, thank you. Coming up to
Speaker 1: five ten on Wall Street Time for the Bloomberg Sports
Speaker 1: Up Day. Good morning, Johns Tesshower, Good morning, Nathan Raphael
Speaker 1: the DA only one of tennis's big three who's playing
Speaker 1: the Australian Open. Roger Federer injured. Novak Djokovic deported Nadal
Speaker 1: into the finals, beat Mateo Barrettini in the four set semifinal.
Speaker 1: The other semi going on now Ddale Medved had won
Speaker 1: the first set with Stefano sits a pass. Only one
Speaker 1: says that Dal won the Assie Open that was thirteen
Speaker 1: years ago. If he wins Sunday, he surpasses Federer and Djokovic.
Speaker 1: Currently all three have one twenty Grand slams. Rangers in
Speaker 1: Columbus up to nothing five minutes in but then down
Speaker 1: four to two. Blue Jackets won five three. Artemi Panarin
Speaker 1: was in on all three Ranger goals. Islanders lost to
Speaker 1: the King three to two, so l A went two
Speaker 1: and one touring in the New York area. The Devil's
Speaker 1: lost in Tampa three two. They dropped six to seven
Speaker 1: at the Garden Tonight. It's the Rangers in the Minnesota
Speaker 1: Wild and Henry Lunkwist will have his jersey number thirty
Speaker 1: retired in advance. He went on the Tonight Show with
Speaker 1: Jimmy Fallon. It's amazing. It's a surreal feeling, you know,
Speaker 1: to have. Obviously, the moment itself is going to be incredible,
Speaker 1: but Olson opportunity to bring all the people uh to
Speaker 1: Madison Square, guard people that meant so much to me
Speaker 1: throughout my journey, friends, family, and most importantly all the
Speaker 1: fans to support me throughout my career. It's gonna be amazing. That.
Speaker 1: Plus fifteen years the Rangers starting goalie. Two NFL teams
Speaker 1: hired new coaches, Nathaniel Hackett and Denver. He's been the
Speaker 1: offensive praater in Green Bay, Chicago, going with Indianapolis assistant
Speaker 1: Matt Ebert Floss. The giants said to me deciding between
Speaker 1: Brian Dable and Brian Flora, as a decision could come
Speaker 1: today or tomorrow. John stash were Bloomberg Sports, Nathan Okay,
Speaker 1: John thanks SMP futures right now down three point, Staff
Speaker 1: futures down seventy nine. Nastack futures are higher, up fifty
Speaker 1: one points. Buoyed by Apple earnings, Apple shares up four
Speaker 1: percent in the pre market after sales and revenue that
Speaker 1: clawberd animals testaments will dig into the numbers. Next with
Speaker 1: Gene Munster, co founder of bloom Ventures. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather. You know what's coming. Lots
Speaker 1: of snow six to ten inches possible in the city,
Speaker 1: more than a foot on Long Island tonight into tomorrow
Speaker 1: night with the northeaster on the way. Currently snow and
Speaker 1: thirty degrees in Central Park. Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, The
Speaker 1: Bloomberg Business Atland at Bloomberg Quicktake, This is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. Nasdack future is moving
Speaker 1: higher this morning after strong earnings from Apple, while European
Speaker 1: shares are falling, extending a drop after Germany's economy shrank
Speaker 1: more than expected. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now, it's in
Speaker 1: p futures. They're lower, down about eight points, and death
Speaker 1: futures are down one hundred nine. Well, Nasdack futures are higher,
Speaker 1: up forty two the daks to Germany's down one point
Speaker 1: seven percent. A ten year treasury down ten thirty seconds.
Speaker 1: At one point three percent. They yield on the two
Speaker 1: year one point to one percent. Nine Max Screwed Oil
Speaker 1: is up six tens percent or fifty one cents at
Speaker 1: eighty seven dollars, thirteen cents of Barrel Comic School down
Speaker 1: two tenths per cent or four dollars at seventeen ninety one.
Speaker 1: Announced the euro one point five against the dollar, British
Speaker 1: found one point three three seven six and the end
Speaker 1: at one fifteen point six three Bitcoin and this morning
Speaker 1: moving higher at thirty six thousand, five hundred fifty dollars
Speaker 1: and Apple shares this morning up four percent. That's a
Speaker 1: Bloomberg business flash. Now, here's Michael Barr with more on
Speaker 1: what's going on around up. Here's John Tucker with more
Speaker 1: on what's going on around the world. John, Good morning,
Speaker 1: Good morning. Karen Rushes. Foreign Ministers says the American proposal
Speaker 1: to defuse tensions with Ukraine contains rational elements. President Biden's
Speaker 1: his will name his choice to replace retiring Supreme Court
Speaker 1: Justice Stephen Bryer by the end of February, and the
Speaker 1: Biden administration says it's recommended changes to China's requirements for
Speaker 1: COVID nineteen quarantine and ten sting among American diplomats, sports
Speaker 1: rangers and Islanders Devils all lose basketball. The Warriors beat
Speaker 1: the Timberwolves tennis. Raphael Nadal advances to the finals of
Speaker 1: the Australian Open. Global News twenty four hours a day
Speaker 1: on are Ind on Bloomberg Quicktake Power by more than
Speaker 1: twenty seven hood of journalists and analysts and more than
Speaker 1: one hundred twenty countries On John Soccer. This is Bloomberg. Nathan,
Speaker 1: all right, John, Thanks, It's five nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak with tech earnings in focus this morning. Obviously, the
Speaker 1: big story is Apple, and the shares are surging once
Speaker 1: again this morning, up nearly four percent after the iphonemaker
Speaker 1: came out with revenue and sales that blew past Wall
Speaker 1: Street estimates even in a supply chain crunch. Let's get
Speaker 1: more on these results now. Gene Munster is with US
Speaker 1: co founder of Luke Ventures. Gene, Good morning, eleven percent
Speaker 1: sales jump in the quarter. Does that surprise you at all?
Speaker 1: At first? It did, but as I kind of stepped back,
Speaker 1: I should have been surprised. They make the world's greatest
Speaker 1: consumer products. Arguably, I think there's really show it and
Speaker 1: this is what happens when you do that. There is
Speaker 1: an asterisk next to that eleven percent growth. If not
Speaker 1: for the supply chain headwind, they would have grown at
Speaker 1: eighteen percent off of tough comps. And so I've I've
Speaker 1: seen a lot of Apple quarters. I've studied this company
Speaker 1: for twenty plus years, and there's so many good quarters.
Speaker 1: They just kind of, at some level just blur together.
Speaker 1: And there's a recency biased here that I'm trying to
Speaker 1: guard against. But ultimately, I think this is just such
Speaker 1: a memorable quarter because they did it with so many
Speaker 1: headwinds against them and had some positive outlooks for March.
Speaker 1: Quite quite quite memorable. Does this give give you a
Speaker 1: reason to look at the tech sector more broadly and
Speaker 1: think maybe the sell off that we've seen in recent
Speaker 1: days might have been overdone. There is a moment, a
Speaker 1: fleeting moment, where I thought, just the relief that the
Speaker 1: icon did well and that just well, it did phenomenal
Speaker 1: in this and I felt like that was a relief.
Speaker 1: I do. I think that that's going to be a
Speaker 1: relief today tomorrow, But I think if you kind of
Speaker 1: look at the broader arc of where this is going,
Speaker 1: and I'm drifting outside of my area of expertise into
Speaker 1: monetary policy here, but the I still think there's some
Speaker 1: work that the FED needs to do. I think that
Speaker 1: tech stocks in particular are more sensitive to interest rates. Um,
Speaker 1: we're talking about some inflation numbers next month, and ultimately
Speaker 1: I think that that could continue to pressure some of
Speaker 1: these tech companies. But this I think that that kind
Speaker 1: of misses the broader point. And to your question is
Speaker 1: that we're going to start to put a bottom in
Speaker 1: some of these tech names, probably over the next three months.
Speaker 1: And I think at the point where the FED starts
Speaker 1: raising rates, I suspect that we're going to start to
Speaker 1: see uh, you know appleby properly rewarded. They won't get
Speaker 1: full credit for this quarter. If they did the stock,
Speaker 1: would you have twelve percent right now? They're not going
Speaker 1: to get it. Eventually, I think they will be credited
Speaker 1: for it. How do you see Apple navigating this quarter
Speaker 1: and going forward into two. You've got to think that
Speaker 1: supply chains are going to continue to be a headwind
Speaker 1: to a pretty great extent going forward, at least in
Speaker 1: the mid term for sure, and you know they talked
Speaker 1: about the impact is lessening. I think that that buries
Speaker 1: the headline, which it's still a measurable impact. In the
Speaker 1: March quarter, probably about four percent of their revenue they're
Speaker 1: going to miss out because of the supply chain. What
Speaker 1: what is uh in the case of Apple, what is
Speaker 1: surprises that even in holiday quarter they still are able
Speaker 1: to capture that revenue that gets delayed in the in
Speaker 1: the subsequent quarter. And so when you see these delays
Speaker 1: the impact of Apple, they give preferential treatment with their
Speaker 1: suppliers and and customers are willing to wait. In the
Speaker 1: case of iPads, right now, the lead times in six
Speaker 1: countries are forty plus stays usually their same business day
Speaker 1: at this point. So it is a um it's Apple
Speaker 1: is has the luxury of being first in line, and
Speaker 1: also customers allove their products. At think as far as
Speaker 1: the broader supply chain, it's still going to be messy
Speaker 1: and um, you know, most people are thinking this goes
Speaker 1: through uh two thousand twenty two for this year, who knows,
Speaker 1: maybe it's one, maybe it's two years. And I think
Speaker 1: it's still going to be kind of nagging at these
Speaker 1: earnings calls over the next few quarters. Looking at the
Speaker 1: tech sector more broadly, Gene, why are tech stocks affected
Speaker 1: so much by higher interest rates the tightening environment that
Speaker 1: we're expecting. There's two classes. The first class is kind
Speaker 1: of the big cap they have been affected, but it's
Speaker 1: been relatively modest there, you know, it's kind of down
Speaker 1: in similar amount that the nazeg is down something like that. Uh.
Speaker 1: And then there's the other class UH as kind of
Speaker 1: these earlier less profitable companies. And the answer questions the
Speaker 1: reason why is that every uh percentage increase in the
Speaker 1: interest rates has an impact on how investors value these companies.
Speaker 1: There that's the classic discounted cash well, and usually a
Speaker 1: one percent increase in interest rates has some between a
Speaker 1: ten and negative impact on earnings. And so when you
Speaker 1: have companies that's the simple reason why is the tech
Speaker 1: companies are more sensitive because they've got more variability in
Speaker 1: their earnings. Therefore they're more sensitive to interest rate increases. Well,
Speaker 1: at the moment, we are seeing a bit of a
Speaker 1: tech bounce this morning on the back of those very
Speaker 1: positive Apple earnings. Gene Munster, as always, thanks for the insights.
Speaker 1: Gene Munster is co founder of Loop Ventures, and looking
Speaker 1: at the market broadly mixed picture, but tech is on
Speaker 1: the rise, with SMP futures right now down almost four points,
Speaker 1: STOW futures are down seventy four, NASAC futures higher by
Speaker 1: fifty seven points, and again, Apple shares in the pre
Speaker 1: market are up four percent. The ten your treasury right
Speaker 1: now down nine seconds, the yield one three percent, and
Speaker 1: the yield on the two year one point to one.
Speaker 1: Just ahead, getting ready for a major winter storm in
Speaker 1: the Northeast. We'll check your tops Storia's next. You're listening
Speaker 1: to Bloomberg day Break Bloomberg eleven three oh weather that
Speaker 1: Northeastern is gonna bring a six to ten inches of
Speaker 1: snow in the city, more than a foot possible on
Speaker 1: Long Island to the four in New Jersey. Right now
Speaker 1: snow thirty degrees in Central Park. Broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg Living Free
Speaker 1: to Washington, d C. Bloomberg ninety one to Boston, Bloomberg
Speaker 1: one O six one to San Francisco Bloomberg and I'm
Speaker 1: sixty to the country, Sirius XM to the one nine
Speaker 1: team and around the globe to Bloomberg Business in Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: camerin Moscow, or just about four hours away from the
Speaker 1: open of US trading. Let's get you up to date
Speaker 1: of the news you need to know at this hour.
Speaker 1: That powerful snowstorm is heading for the northeast. Stay tuned
Speaker 1: for the latest for the Bloomberg meteorologist Rob Caroline in
Speaker 1: just a moment. But first nasday futures are higher thanks
Speaker 1: to Apple. The stock is up four percent in early
Speaker 1: trading after sales that beat estimates. Ed Ludlow has more
Speaker 1: from our Bloomberg nine sixty news room in San Francisco.
Speaker 1: Apple recorded record revenue of the hundred and twenty four
Speaker 1: billion dollars in the fiscal first quarter, record sales across
Speaker 1: segments like the iPhone, wearables, mac and services. There was
Speaker 1: disruption in the supply chain, particularly with semiconductors that largely
Speaker 1: impacted the iPad where sales missed estimates. But things look
Speaker 1: bright for Apple as they go into a big year
Speaker 1: in two Ed Ludlow Bloomberg News San Francisco. Alright ed
Speaker 1: thanks on the flip side. Shares of robin Hood are
Speaker 1: down fourteen percent this morning following disappointing earnings. Let's get
Speaker 1: the latest live from Bloomberg Junita Young, Branita Nathan. A
Speaker 1: year after robin had found itself at the center of
Speaker 1: a meme stock frenzy, it's now facing challenges that could
Speaker 1: be even more difficult to overcome, with fourth quarter revenue
Speaker 1: and losses that were worse than expected, and the hits
Speaker 1: came from all directions, a steeper knit loss, lower monthly
Speaker 1: active users and options in cryptocurrency trading slipped below third
Speaker 1: quarter levels. Robin Hood was already down close to sevent
Speaker 1: Since it's July I p O. And that's before the
Speaker 1: latest earnings. Miss Live in New York. I'm Gonnita Young,
Speaker 1: Bloomberg Daybreak, Rannita, thank you. Economic data also and focus
Speaker 1: this morning at ten am Wall Street time, the Labor
Speaker 1: Department issues its Employment Cost Index. That's the broadest measure
Speaker 1: of labor costs and one that the Fed watches closely.
Speaker 1: The Incorporate News Karen Toyota is back on top, finishing
Speaker 1: out one is the world's top selling automaker again, Toyota
Speaker 1: beat out Volkswagen by roughly one and a half million cars,
Speaker 1: and back to the markets. Now oil is trading near
Speaker 1: its highest level in seven years. In fact, crude is
Speaker 1: headed for a sixth straight weekly game. Traders say robust
Speaker 1: demand plus heightened geopolitical risks are causing the gains and
Speaker 1: checking prices now nine x Scrude oil is up three
Speaker 1: tens per cent or twenty seven cents at eighty six
Speaker 1: dollars eighty nine cents. Of barrel Brent is up four
Speaker 1: tenths per cent at eighty nine dollars sixty eight cents,
Speaker 1: and again NASDACK futures are also higher this morning, up
Speaker 1: fifty six points. S and P futures are lower, down
Speaker 1: four and a half, and down futures are down ninety
Speaker 1: one ten year Treasury down ten thirty seconds, yield one
Speaker 1: point eight three percent, the yield on the two year
Speaker 1: one point to one per cent. Comics gold is down
Speaker 1: a quarter percent or four dollars twenty cents at seventy
Speaker 1: announce straight to had your latest local headlines plus the
Speaker 1: check of sports. This is Bloomberg three on Wall Street.
Speaker 1: Snow showers thirty degrees in Central Park around the leading
Speaker 1: edge of the northeaster. John tuckers here with more on
Speaker 1: what's going on in New York and around the world. John,
Speaker 1: Good morning, Nathan. A morning funeral mass planned at St.
Speaker 1: Patrick's Cathedral for a rookie police officer gunned down with
Speaker 1: US partner a week ago. Details in this report from
Speaker 1: Bloomberg's Lisa Mateo. Jason Rivera was twenty too. He was
Speaker 1: recently married and barely into his second year of service
Speaker 1: on the force. Cardinal Timothy Dolan will preside over the service.
Speaker 1: Many of the city's top leaders will attend. Rivera and
Speaker 1: a partner officer, Wilbert Mora, were fatally wounded January twenty
Speaker 1: one by a gunman who ambushed them in a hallway
Speaker 1: as they responded to a family dispute. Maura's funeral is
Speaker 1: being held next week. Thousands of uniformed officers, as well
Speaker 1: as ordinary citizens, filed into the cathedral yesterday for Rivera's wake.
Speaker 1: Friends and fellow officers remembered Rivera and Maura as caring
Speaker 1: and dedicated. Lisa Mateo, Bloomberg Radio. Major winter storm expended
Speaker 1: to reach most of the East Coast today. Storm watches
Speaker 1: and warnings are posted and Bloomberg Media rounda just Robbed
Speaker 1: Carolin tracking the storm for us this morning. Rob John
Speaker 1: While the models haven't come completely together, but they are
Speaker 1: starting out to get closer in their solutions. So we're
Speaker 1: gonna bump up the totals, particularly from the city east
Speaker 1: out over Long Island will be parts of northwestern New
Speaker 1: Jersey that picked up about four inches from the storm.
Speaker 1: It looks like as you cross into the city, six
Speaker 1: to ten inches is likely. Once you get out on
Speaker 1: cross Long Island, we're talking about foot over a foot
Speaker 1: in many areas. In fact, there will be some places
Speaker 1: in eastern Long Island that are over eighteen inches from
Speaker 1: the storm. It all winds down lead tomorrow afternoon, and
Speaker 1: there will be some blowing and drifting, especially across the
Speaker 1: island in coastal Connecticut, John Rod Caroline. President Biden has
Speaker 1: thanks Supreme Court Justice Stephen Bryer for his decades on
Speaker 1: the bench. He has patiently sawed common ground and build consensus,
Speaker 1: seeking to bring the court together. I think he's a
Speaker 1: model public servant in a time and great division in
Speaker 1: this country will be retiring. Brier will serve out the
Speaker 1: remainder of the court's term. President Biden plans to nominate
Speaker 1: a black woman to replace him. China at Russia will
Speaker 1: sign an agreement to build a research station on the Moon.
Speaker 1: The two countries say they aim to complete basic infrastructure
Speaker 1: construction for the lunar station by the announcemus the latest
Speaker 1: signs of closer cooperation between the two countries. Russian President
Speaker 1: Vladimir Putin expanded to be the most notable old leader
Speaker 1: to visit Beijing for the opening of the Winter Olympics
Speaker 1: next week. Global News twenty four hours a day on
Speaker 1: the Ariana on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalist and analysts and more than one
Speaker 1: hundred twenty countries on John Tucker, This is Bloomberg, Nathan.
Speaker 1: Thanks John wall Street Town for the Bloomberg Sports update
Speaker 1: with John Stanks Nathan. It appears the next coach of
Speaker 1: the Giants will have the first name Brian, either Buffalo
Speaker 1: offensive quator Brian day Ball or Brooklyn native Ryan Flora,
Speaker 1: as it was just fired as the head coach in Miami.
Speaker 1: Flora's at his in person interview yesterday, two teams made
Speaker 1: hires Denver going with Nathaniel Hackett has been the offensive
Speaker 1: creator in Green Bay. Indianapolis assistant Matt Eberfloss now the
Speaker 1: head coach in Chicago Conference championship games on Sunday. The
Speaker 1: Chiefs went fifty years without going to the Super Bowl.
Speaker 1: Now they have a chance for three in a row.
Speaker 1: They host the surprising Bengals, who were two and fourteen
Speaker 1: just two years ago, and then it's the forty Niners
Speaker 1: and Rams in n l A. That's where Super Bowl
Speaker 1: fifty six will be played, the nine is Law Super
Speaker 1: Bowl fifty four and the Rams Law Super Bowl fifty three.
Speaker 1: The three New York area hockey teams all lost last night,
Speaker 1: Rangers in Columbus five to three. Or Timmy Panarin had
Speaker 1: a goal to assist in defeat. Rangers come home tonight
Speaker 1: to play Minnesota on Henrik Lunkwist Night, as number thirty
Speaker 1: will be retired. In fifteen years of the Rangers goalie
Speaker 1: Lunkwist won five hundred and twenty games. The Islanders lost
Speaker 1: the King's three to two. The Devils lost three to
Speaker 1: a Tampa. The Knicks play tonight in Milwaukee. That game
Speaker 1: does not start until ten o'clock. Raphael of Dale now
Speaker 1: thirty five years old, hasn't played all that much lately,
Speaker 1: but he's into the finals of the Australian Open. He
Speaker 1: meet Matteo Barrettini in four sets. The other semifinal matches
Speaker 1: going on now danil medvedevan Stefano sits Pass tied one set.
Speaker 1: Oh Medvedev just came back from two sets down to
Speaker 1: win his quarterfinal match Justin Thomas John rom part of
Speaker 1: a three way to if the league midway through the
Speaker 1: Farmers Insurance Golf at Torrey Pines. In the same game,
Speaker 1: John Stashedward Bloomberg Sports Nay Thanks seven on Wall Street
Speaker 1: Time for the Tri State Business Report with Bomberg said
Speaker 1: Cory work on LaGuardia's Terminal B and brand new American
Speaker 1: Airlines wing is finished. It's part of the Port Authorities
Speaker 1: eight billion dollar effort to transform LaGuardia into a twenty
Speaker 1: one century facility, which also includes a plan to replace
Speaker 1: Terminals C and D. When private managers take over New
Speaker 1: York City's public housing developments, they promised low income residents
Speaker 1: that they'll fix up their apartments and their buildings, but
Speaker 1: a new study shows that the switch can leave tenants
Speaker 1: more vulnerable to building neglect innovations, often with public funds
Speaker 1: footing much of the bill. Related Companies has hired former
Speaker 1: New York City Police Commissioner Dermott Shade to manage its
Speaker 1: properties in Manhattan. Shay is joining Related as President of
Speaker 1: Commercial Property Management. He will oversee operations at the company's
Speaker 1: buildings in New York, including Hudson Yards and the Deutsche
Speaker 1: Bank Center at Columbus Circle. Magew Bloomberg, Try State Business Report,
Speaker 1: my mid Cory on Wall Street Bloomberg Radios on the
Speaker 1: air from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in for with our global news team for
Speaker 1: some of the top stories heard in our three D
Speaker 1: filly radio stations around the world. I'm Steve potos Can
Speaker 1: on ww f L A, Tampa Bay. We're talking about
Speaker 1: an Amazon delivery company settling federal accusations of religious discrimination.
Speaker 1: UM Corney Donaho on ktr H in Houston. Boeing has
Speaker 1: begun the planning process for an all new airplane. I'm
Speaker 1: Gina Servetti and for w f l A in Orlando,
Speaker 1: I'm reporting that Orange Shoes futures are headed for the
Speaker 1: longest streak in more than thirty years as frost threatens
Speaker 1: Groves in Florida. I'm caw i head called boom bag
Speaker 1: Dab Digital radio in London with reporting that the government
Speaker 1: probe into alleged rule baking parties in Boris Johnson's office
Speaker 1: doing the pandemic could be strips of key details at
Speaker 1: the request of the Met Police. I'm ed Corey on
Speaker 1: w w J in Detroit. I'm reporting Toyota finished out
Speaker 1: one is the world's top selling automaker once again, and
Speaker 1: it's thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. This week, the Federal Reserve announced that
Speaker 1: it will soon be appropriate to start raising interest rates.
Speaker 1: That wasn't a surprise, the Fed had been foreshadowing it
Speaker 1: for a while, Yet markets greeted the news nervously. How come?
Speaker 1: The problem is that the Fed's new policy is still
Speaker 1: a long way from normal for an economy running at
Speaker 1: or above capacity. Investors know that if higher inflation persists,
Speaker 1: getting it under control will take more than a few
Speaker 1: quarter point interest rate hikes, but a more forceful throttling
Speaker 1: of monetary policy threatens serious collateral damage to the economy.
Speaker 1: For now, the Central Bank's approach looks right, but the
Speaker 1: Fed should keep watching the data with an open mind
Speaker 1: and be ready to change course if circumstances demand. A
Speaker 1: seditorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion
Speaker 1: or O P I N go on the Bloomberg Terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials
Speaker 1: every week at this time. Terminal customers can read more
Speaker 1: at O P I N Go Bloomberg eleven three oh Weather.
Speaker 1: It's snowing already was six to ten inches by the
Speaker 1: time this is done tomorrow, more than a foot on
Speaker 1: Long Island. Sunday mix of sun and clouds upper twenties
Speaker 1: for high snow in thirty degrees Right now, Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business apt and at Bloomberg Quick Take.
Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscownsday
Speaker 1: features on the rise after strong Apple earnings, while stocks
Speaker 1: are mixed at the end of a volatile week. Check
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: bloombergs that futures are up thirty eight points this morning
Speaker 1: SMP futures lower down seven and down futures down ninety five.
Speaker 1: The decks in Germany gaining or no lower, Sorry, decks
Speaker 1: in Germany lower down two percent right now ten Your
Speaker 1: treasury down nine thirty seconds. He had one point three percent.
Speaker 1: That yield on the two year one point to zero percent.
Speaker 1: Nine X screwed oil is at four tenths per cent
Speaker 1: or thirty two cents at eighty six dollars ninety three
Speaker 1: cents of barrel comex school down three tens per center,
Speaker 1: found dollars forty cents at seventeen eighty nine sixty. Announced
Speaker 1: the euro one point one three six against the dollar
Speaker 1: British found one point three three eight eight and the
Speaker 1: ends at one fifteen point five eight And checking Bitcoin
Speaker 1: this morning at thirty six thousand, six hundred fifty dollars.
Speaker 1: As a Bloomberg business flash, now here's John Tucker with
Speaker 1: more on what's going on around the world. John, there's
Speaker 1: a morning Karen Gusty. Winter's storm does remain on track.
Speaker 1: To batter the East coast. New York City could get
Speaker 1: as much as ten inches as snow. Rush's Foreign ministers
Speaker 1: says the American proposal to defuse tensions with Ukraine contain
Speaker 1: rational elements, and President Biden says he'll fulfill his promise
Speaker 1: to nominate the first black woman on the U. S
Speaker 1: Supreme Court after applotting retiring Justice Stephen Bryer. Ian sports
Speaker 1: Raphael Nadale advances to the finals of the Australian Open.
Speaker 1: The Rangers, Islanders and Devils all lose basketball. The Warriors
Speaker 1: beat the Timberwolves. Global News twenty four hours a day
Speaker 1: on Aaron on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts in more than one
Speaker 1: hundred twenty countries. I'm John Tucker. This is Bloomberg, Nathan.
Speaker 1: Thanks John. It's almost five forty nine on Wall Street
Speaker 1: line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: and it's a tale of two earnings this morning. On
Speaker 1: the one hand, you have Apple surging on sales and
Speaker 1: revenue that crushed estimates. On the other, a very different
Speaker 1: story from another Silicon Valley name at the center of
Speaker 1: the meme stock frenzy. So let's talk Apple and Robin
Speaker 1: Hood now with Bloomberg Quick Take correspondent Alex Webb with
Speaker 1: us this morning. So Alex app all, just to start off,
Speaker 1: just knocked it out of the park despite supply chains. Yeah,
Speaker 1: there are two things really that are happening here. On
Speaker 1: the one hand, Apple kind of quite successfully managed expectations
Speaker 1: that in it. It does this historically pretty well. It
Speaker 1: had told the investor community that it was going to
Speaker 1: be a tough quarter because of supply chain problems. In
Speaker 1: analysts had built in about ten billion dollars in in
Speaker 1: reduced revenue expectations. In reality, the impact was closer to
Speaker 1: six billion dollars, and so they needed to say, had
Speaker 1: a four billion dollar beat. At the same time, they
Speaker 1: were able to, for instance, take components that had been
Speaker 1: intended for iPad directed towards the iPhone. They do have
Speaker 1: a well old supply chain operation, so it was something
Speaker 1: that they were clearly able to get that rolling with
Speaker 1: Gusto and and we saw the big beat as a consequence.
Speaker 1: So how do you see Apple managing those expectations in
Speaker 1: the current quarter and quarters to come. We heard from
Speaker 1: CEO Tim Cook yesterday is saying they do expect bottlenecks
Speaker 1: in the supply chain to continue to ease. Does that
Speaker 1: smooth things out even further for Apple? Yeah? The thing
Speaker 1: is with Apples, we often talk about their growing supply
Speaker 1: services business, which in love itself is clearly a great
Speaker 1: way of generating predictable, recurring revenue. But it is also,
Speaker 1: and this is often understated, a fantastic way of time
Speaker 1: people more keenly to their devices. So the iPhone thirteen,
Speaker 1: which was not a substantial upgrade to the predecessor in
Speaker 1: many ways, um, it's still managed to post record numbers.
Speaker 1: And the that's a lot of it is because people
Speaker 1: need to upgrade their phone after perhaps three years, or
Speaker 1: they don't need to, but they certainly want to. And
Speaker 1: that is, to a great extent a function of the
Speaker 1: way they're tied to it's so keenly through things like
Speaker 1: music and nikeloud I Cloud and apps and planty more. Besides,
Speaker 1: speaking of apps, let's turn to Robin Hood getting crushed
Speaker 1: this morning, down almost four almost fifteen percent now in
Speaker 1: the pre market. I think a lot of analysts were
Speaker 1: expecting this was going to be a tough quarter for
Speaker 1: the fintech But this ship is really listing. Yeah, in
Speaker 1: many ways, as you say, was perhaps quite predictable because
Speaker 1: you know, not just the interest rate environment, we've seen inflation.
Speaker 1: People don't have as much capitals and retail investors don't
Speaker 1: have as much capitalists they might have done twelve months ago.
Speaker 1: That means they can't say, well, do you know what,
Speaker 1: I'm going to chuck a few hundred or maybe even
Speaker 1: a few thousand dollars into equities that I could do
Speaker 1: quite easily with this app Now they've got to think
Speaker 1: a little bit more carefully about how they're spending. And
Speaker 1: we're seeing the kind of dropped through onto the numbers
Speaker 1: of robin Hood. What does it say about the business
Speaker 1: model that robin Hood had. I mean, you know a
Speaker 1: little more than a year ago, it was firing on
Speaker 1: all cylinders, But now there's a lot of question about
Speaker 1: the payment for order flow and some of the other
Speaker 1: headwinds that it's been facing. How does lad Tendant by
Speaker 1: ten of get things back on track in something like
Speaker 1: robin Hood has always seemed like as it's actually so
Speaker 1: many of these kind of lockdown stocks. You think about
Speaker 1: Peloton or if um H Zoom or any of those
Speaker 1: other ones. They often seem like features or divisions units,
Speaker 1: or they should be of broader businesses because they are
Speaker 1: quite exposed if there's any problem in their core business.
Speaker 1: Whereas if they have some sort of natural head because
Speaker 1: they are another part, you know, other parts of the ecosystem,
Speaker 1: then they perhaps have a little bit more robust nous.
Speaker 1: And so we are seeing our competitors coming too the space,
Speaker 1: often from established banks, financial services organizations. So it's you know, clearly,
Speaker 1: diversification is a useful thing to look towards, but that
Speaker 1: requires capital. And when you're your share price is dipping,
Speaker 1: your cost capital increases, and cost capital more broadly is increasing,
Speaker 1: that becomes a challenge, all right. Bloomberg Quick takes Alex
Speaker 1: Web with us this morning talking about the latest earnings
Speaker 1: out of Silicon Valley this morning, and again robin Hood
Speaker 1: shares now down almost fifteen percent in the pre market,
Speaker 1: but Apple after the big earnings beat, Karen up three
Speaker 1: and two thirds percent in early trading, and Nathan, thank you.
Speaker 1: It is five a day, three on Wall Street, time
Speaker 1: for our Bloomberg Law Report. It's brought to you by
Speaker 1: American Arbitration Association business disputes are inevitable resolve faster with
Speaker 1: the American Arbitration Association, the global leader in alternative dispute
Speaker 1: resolution for over ninety years. More at a d R
Speaker 1: dot org. Now, let's get to the legal stories we
Speaker 1: are watching this morning. From Bloomberg's Jeff Bellinger, Unions filed
Speaker 1: a brief and federal appeals court saying healthcare workers are
Speaker 1: exposed to grave danger after the Biden administration's cancelation of
Speaker 1: its OSHA COVID nineteen standard. The i R s encourageous
Speaker 1: taxpayers to check their records to see how much child
Speaker 1: tax credit they received before filing their taxes. Some people
Speaker 1: may have received letters withincorrect information. Tampa Baye Delivery Service,
Speaker 1: which provides service to Amazon, will pay fifty dollars to
Speaker 1: settle a religious discrimination lawsuit over the firing of a
Speaker 1: Christian employee who refused to work Sundays. Bloomberg Law everything
Speaker 1: you need, all on one legal research platform, including guidance
Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg
Speaker 1: law dot com. All right, Jeff, thank you. Now another
Speaker 1: legal story we're watching. It's official. Just as Stephen Brier
Speaker 1: is leaving the Supreme Court after twenty eight years. President
Speaker 1: Biden says he plans to nominate the first black woman
Speaker 1: to the Court and would announce has chosen nominee by
Speaker 1: the end of February. He says no decisions have been
Speaker 1: made thus far for more Bloomberg's doing, Grosso speaks a
Speaker 1: constitutional law expert Stephen Vladek at the University of Texas
Speaker 1: Law School. You're gonna have Brier, who's been on the
Speaker 1: Court for almost thirty years, being replaced by someone new
Speaker 1: and a black woman. How does that change the dynamic
Speaker 1: on the court and among the liberals on the court?
Speaker 1: Three women now? The most significant thing it does is
Speaker 1: it really, I think elevates Justice sotodam i or that
Speaker 1: much further because she now becomes not just perhaps the
Speaker 1: rhetorical leader of the liberal wing, but the senior member
Speaker 1: of the liberal wins. So when it comes to parcelong
Speaker 1: out dissent, for example, in the high profile cases, you
Speaker 1: know that will fall to her as opposed to Justice prior.
Speaker 1: But I also think tune that the other way it's
Speaker 1: going to change the dynamics is, you know, I think
Speaker 1: it is going to reflect yet a further generational change
Speaker 1: one has to think that President Biden is going to
Speaker 1: appoint someone who is at the oldest in their early fifties,
Speaker 1: and so if that person serves for as long as
Speaker 1: Justice Briar serves, I mean the court is going to
Speaker 1: change again while they're on the court. So I think
Speaker 1: the internal dynamics will be harder for us to see.
Speaker 1: I think they will be most heavily felt among the
Speaker 1: three Democratic appointees than how they allocate their responsibility. Is
Speaker 1: there a chance, June, that the justice who replaces Justice
Speaker 1: prior might find her own mechanisms, her own ways of
Speaker 1: builden consensus with some of her colleagues. On the other side,
Speaker 1: is a relationship between the new justice and justice course, it's,
Speaker 1: for example, on criminal cases, a possibility we'll have to see.
Speaker 1: But again, I mean, I think what really makes this
Speaker 1: whole process feel so different from the last couple of
Speaker 1: times we've been here is that these differences in the
Speaker 1: short term are going to just pale in comparison to
Speaker 1: the short term differences we saw between Kennedy and Kavanaugh,
Speaker 1: Ginsberg and Barrett. Of the list of replacements, does one standout,
Speaker 1: I don't know about one, Jude. I think there are
Speaker 1: two from where on in. Katanji Brown Jackson and Leandre
Speaker 1: Krueger are such compelling candidates in different ways and low
Speaker 1: though I am to bet on any particular candidates in
Speaker 1: this race, I would be very surprised if it wasn't
Speaker 1: one of those two. They're both fantastically qualified, They're both
Speaker 1: very smart, they're both highly regarded. June. They had to
Speaker 1: come backgrounds, they had different experience that Katanji Brown Jackson
Speaker 1: was a district judge before she's an Appello Jude. She
Speaker 1: has trial experience. Leando Krueger before she's a California Supreme
Speaker 1: Court justice was a government lawyer who worked in the
Speaker 1: executive branch, but the also legal council. So I think
Speaker 1: there are handalyzing opportunities with both of them, and I
Speaker 1: think it's going to be a good problem for President
Speaker 1: Biden to have and trying to pick between them and
Speaker 1: the other names for being bandied about and that. Stephen
Speaker 1: Ladek of the University of Texas Law School, speaking at
Speaker 1: the Bloomberg's June Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news, by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg law dot com and on
Speaker 1: the Bloomberg terminal at b law go and nasdack Future
Speaker 1: is moving higher, up thirty points this morning. S and
Speaker 1: P Future is lower, down ten and down Futures down
Speaker 1: a hundred six, still ahead of Bloomberg daybreak and checked
Speaker 1: on the business headlines. All the news you need to
Speaker 1: start your day. This is Bloomberg