1 00:00:01,720 --> 00:00:04,960 Speaker 1: Live from the Bloomberg Interactive Workers Studios. Is a Bloomberg 2 00:00:05,000 --> 00:00:08,479 Speaker 1: day Break for a Monday, November twenty one. Coming up 3 00:00:08,520 --> 00:00:11,719 Speaker 1: this hour, Bob Iger is back as CEO of Disney, 4 00:00:11,760 --> 00:00:14,840 Speaker 1: and share sore on the news. First Donald Trump now 5 00:00:14,880 --> 00:00:18,600 Speaker 1: Elon Musk invites Kanye West back on Twitter. More signs 6 00:00:18,600 --> 00:00:21,880 Speaker 1: of tensions easing between the US and China, and stocks 7 00:00:21,920 --> 00:00:25,800 Speaker 1: drop on concerned Beijing make Titan COVID restrictions. New York 8 00:00:25,840 --> 00:00:28,320 Speaker 1: Governor Hukel reacts to the deadly shooting at a gay 9 00:00:28,320 --> 00:00:32,040 Speaker 1: bar in Colorado Springs. Plus Buffalo begins digging out of 10 00:00:32,080 --> 00:00:35,480 Speaker 1: a historic snowstorm on Michael Bar. More ahead, I'm john 11 00:00:35,520 --> 00:00:38,320 Speaker 1: Stadtower and sports a heartbreaking loss for the Jets, the 12 00:00:38,360 --> 00:00:41,520 Speaker 1: Giants and Knicks both lost, a win for Kyrie Irving 13 00:00:41,520 --> 00:00:46,440 Speaker 1: and the next That's all s trading ahead on Bloomberg 14 00:00:46,479 --> 00:00:51,560 Speaker 1: day Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 15 00:00:51,640 --> 00:00:55,280 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:55,320 --> 00:00:59,640 Speaker 1: sixties and Francisco Sirius XAM one nineteen and around the 17 00:00:59,680 --> 00:01:03,000 Speaker 1: world long Bloomberg Radio dot Com and via the Bloomberg 18 00:01:03,040 --> 00:01:10,160 Speaker 1: business Side. Good Morning, I'm Nathan Hagar and I'm Karen 19 00:01:10,240 --> 00:01:13,840 Speaker 1: moscal Us Dock Index futures are lower this morning. We 20 00:01:13,880 --> 00:01:15,679 Speaker 1: are coming up to five on one on Wall Street, 21 00:01:15,680 --> 00:01:17,959 Speaker 1: and we check the markets every fifteen minutes throughout the 22 00:01:17,959 --> 00:01:20,400 Speaker 1: trading day. On Bloomberg U, S and P Future is 23 00:01:20,440 --> 00:01:23,280 Speaker 1: down twenty points down, Future is down ninety two and 24 00:01:23,360 --> 00:01:26,120 Speaker 1: as Day Future is down seventy two. The decks in 25 00:01:26,160 --> 00:01:29,680 Speaker 1: Germany is down about half percent. Ten year Treasury little 26 00:01:29,760 --> 00:01:32,000 Speaker 1: change this morning. The yell three point eight two per 27 00:01:32,040 --> 00:01:34,320 Speaker 1: cent and they yield on the two year four point 28 00:01:34,360 --> 00:01:37,800 Speaker 1: five two percent. NIMEX Scrude oil is down half per 29 00:01:37,840 --> 00:01:40,679 Speaker 1: cent or thirty seven cents at seventy nine seventy one 30 00:01:40,680 --> 00:01:43,280 Speaker 1: cents a barrel, and comexs gold is down eight tenths 31 00:01:43,280 --> 00:01:46,680 Speaker 1: per cent or fourteen dollars fifty cents at seventeen fifty 32 00:01:46,720 --> 00:01:49,920 Speaker 1: four fifty, announced Nathan Karen. We begin this morning with 33 00:01:49,960 --> 00:01:53,280 Speaker 1: a major changing of the guard at Disney. A familiar 34 00:01:53,320 --> 00:01:56,480 Speaker 1: face is returning to lead the company. We get the 35 00:01:56,560 --> 00:02:00,400 Speaker 1: story from Bloomberg stud Krisner. Disney Sports says Bob Japeck 36 00:02:00,600 --> 00:02:04,480 Speaker 1: is out and he's being replaced by his predecessor, Robert Iger. 37 00:02:04,680 --> 00:02:07,760 Speaker 1: Iger will serve a CEO for two years. His mandate 38 00:02:07,920 --> 00:02:10,840 Speaker 1: is to set the strategic direction for renewed growth and 39 00:02:10,919 --> 00:02:14,079 Speaker 1: to work closely with the board in developing a successor 40 00:02:14,120 --> 00:02:17,120 Speaker 1: to lead Disney. At the completion of his term, the 41 00:02:17,160 --> 00:02:20,200 Speaker 1: board did thank j. Peck for his service, including navigating 42 00:02:20,200 --> 00:02:24,480 Speaker 1: the company through the pandemic. Iger's position as chairman is unchanged. 43 00:02:24,680 --> 00:02:27,440 Speaker 1: In New York, I'm Duck, Chrisner Bloomberg Daybreak. All right, Dyke, 44 00:02:27,480 --> 00:02:29,640 Speaker 1: thank you all. Shares a Disney up about eight and 45 00:02:29,680 --> 00:02:32,520 Speaker 1: a half percent this morning. When other note on Disney, 46 00:02:32,560 --> 00:02:36,640 Speaker 1: the Wall Street Journalist reporting activist investor Nelson Pelts is 47 00:02:36,639 --> 00:02:40,079 Speaker 1: opposing the return of Igor as Disney CEO. The paper 48 00:02:40,120 --> 00:02:43,280 Speaker 1: says Pels's firm Try and Fund Management acquired a stake 49 00:02:43,280 --> 00:02:46,600 Speaker 1: worth over eight hundred million dollars in Disney this month. 50 00:02:46,720 --> 00:02:50,359 Speaker 1: Another big corporate story this morning, Karen, They continuing turmoil 51 00:02:50,560 --> 00:02:53,919 Speaker 1: at Twitter. Sources say there may be more employee layoffs 52 00:02:53,919 --> 00:02:56,880 Speaker 1: coming this week. Bloomberg said, backs to reports, it's causing 53 00:02:56,960 --> 00:03:00,640 Speaker 1: some concern among legislators. This talk a lot with Donald 54 00:03:00,639 --> 00:03:04,200 Speaker 1: Trump being reinstated. Has Congressman Adam Schiff on ABC has 55 00:03:04,240 --> 00:03:07,080 Speaker 1: heard on Bloomberg say the Twitter melt out and Elon 56 00:03:07,160 --> 00:03:10,160 Speaker 1: Musk need to be looked at. It just underscores the 57 00:03:10,160 --> 00:03:13,800 Speaker 1: the erratic leadership of Twitter now under Musk, but also 58 00:03:13,880 --> 00:03:18,440 Speaker 1: the security concerns with security people fleeing Twitter and what 59 00:03:18,600 --> 00:03:22,320 Speaker 1: that means for the protection of Americans private data. As 60 00:03:22,440 --> 00:03:25,160 Speaker 1: if saying that it goes against everything Musk has said 61 00:03:25,160 --> 00:03:29,120 Speaker 1: about setting up monitoring committees in San Francisco. I'm at 62 00:03:29,120 --> 00:03:32,040 Speaker 1: Baxter Bloomberg Daybreak, All right and thanks And a few 63 00:03:32,120 --> 00:03:36,360 Speaker 1: days after reinstating former President Trump back on Twitter, Elon 64 00:03:36,440 --> 00:03:39,320 Speaker 1: Musk is welcome back yea the artists formerly known as 65 00:03:39,400 --> 00:03:42,600 Speaker 1: Kanye West. He had been suspended from Twitter for two 66 00:03:42,600 --> 00:03:46,720 Speaker 1: weeks because of an anti Semitic tweet. Turning the markets Now, Karen, 67 00:03:46,760 --> 00:03:49,000 Speaker 1: it is a short and trading week because of Thanksgiving, 68 00:03:49,160 --> 00:03:52,160 Speaker 1: and the week is kicking off with losses in Asia. 69 00:03:52,480 --> 00:03:55,480 Speaker 1: Let's get the recap from Bloomberg's Annabelle Druelers in Hong Kong. 70 00:03:55,480 --> 00:03:58,800 Speaker 1: Good morning, annabel, Good morning, Karen, and Nathan. Trading sentiment 71 00:03:58,800 --> 00:04:01,520 Speaker 1: in Asia on Monday really took a hit from what 72 00:04:01,560 --> 00:04:04,760 Speaker 1: was happening in China. So essentially over the weekend we 73 00:04:04,800 --> 00:04:08,040 Speaker 1: saw the first COVID related deaths there in months, and 74 00:04:08,080 --> 00:04:10,839 Speaker 1: then that led to further concern that officials would start 75 00:04:10,880 --> 00:04:14,680 Speaker 1: to back away from this possible easing of COVID zero restrictions. 76 00:04:14,880 --> 00:04:17,719 Speaker 1: So as a result, we did see China shares sailing off, 77 00:04:17,720 --> 00:04:20,440 Speaker 1: and then that really hit sentiment across the board in Asia, 78 00:04:20,760 --> 00:04:24,640 Speaker 1: including in markets like Korea, with the Korean one for instance, 79 00:04:24,640 --> 00:04:27,640 Speaker 1: slumping more than one percent against the dollar. With this 80 00:04:27,920 --> 00:04:31,480 Speaker 1: treat back into safe haven's like the green back and 81 00:04:31,600 --> 00:04:36,400 Speaker 1: treasuries in Hong Kong. I'm annabel Ruler's Bloomberg daybreak right, Annabelle, 82 00:04:36,480 --> 00:04:39,480 Speaker 1: thank you on the geo political front, where this morning 83 00:04:39,480 --> 00:04:41,320 Speaker 1: at the Defense she is from the U S and 84 00:04:41,440 --> 00:04:44,360 Speaker 1: China will likely meet for their first talks and months 85 00:04:44,360 --> 00:04:48,760 Speaker 1: Aamy Morris has details from our Bloomberg newsroom and Washington. 86 00:04:49,200 --> 00:04:53,240 Speaker 1: Beijing suspended dialogue with Washington over how Speaker Nancy Pelosi's 87 00:04:53,320 --> 00:04:56,080 Speaker 1: visit to Taiwan back in August. Talk of a meeting 88 00:04:56,080 --> 00:04:59,160 Speaker 1: between Defense Secretary Lloyd Austen and China defenseman is to 89 00:04:59,400 --> 00:05:02,440 Speaker 1: wave fund huh is just the latest sign ties between 90 00:05:02,480 --> 00:05:05,200 Speaker 1: the US and China are starting to thaw. This after 91 00:05:05,320 --> 00:05:08,560 Speaker 1: Chinese President she Jin Ping's recent meetings with President Biden 92 00:05:08,760 --> 00:05:12,440 Speaker 1: and Vice President Harris, during which she emphasized more communication 93 00:05:12,560 --> 00:05:15,839 Speaker 1: is needed. Biden officials have repeatedly called for guardrails to 94 00:05:15,880 --> 00:05:19,040 Speaker 1: prevent tensions from getting out of hand in Washington. I'm 95 00:05:19,040 --> 00:05:22,120 Speaker 1: any more as Bloomberg Daybreak alright, Amy, thanks, Larry Summers 96 00:05:22,120 --> 00:05:24,679 Speaker 1: is speaking out about US China relations now. The former 97 00:05:24,800 --> 00:05:28,719 Speaker 1: US Treasury secretary is warning policymakers to focus on building 98 00:05:29,000 --> 00:05:32,560 Speaker 1: America's own economic strengths and its contests with China rather 99 00:05:32,640 --> 00:05:36,599 Speaker 1: than attacking its adversary. We in the United States probably 100 00:05:36,680 --> 00:05:41,480 Speaker 1: need to be careful about our evangelizing influence. I don't 101 00:05:41,560 --> 00:05:44,520 Speaker 1: think it's really for us to tell China how they 102 00:05:44,560 --> 00:05:49,320 Speaker 1: should organize their entire society. Former Treasury Secretary Larry Summers 103 00:05:49,320 --> 00:05:52,359 Speaker 1: made the comments on Bloomberg's Wall Street Week with David Weston. 104 00:05:52,480 --> 00:05:55,760 Speaker 1: Catch the program Fridays at six pm Eastern on Bloomberg Radio, 105 00:05:55,760 --> 00:05:59,600 Speaker 1: on television, and also on your favorite podcast platforms. Well, 106 00:05:59,680 --> 00:06:02,440 Speaker 1: Nathan in Washington this week, clues from the Fed our 107 00:06:02,520 --> 00:06:05,520 Speaker 1: front and center again. These Central Bank issues, minutes from 108 00:06:05,520 --> 00:06:09,280 Speaker 1: its latest policy meeting just ahead of Thanksgiving, and Bloomberri's 109 00:06:09,279 --> 00:06:12,599 Speaker 1: Minny deal. Judas has a preview. Fed officials lifted the 110 00:06:12,600 --> 00:06:15,960 Speaker 1: benchmark interest rate by another hefty seventy five basis points 111 00:06:15,960 --> 00:06:19,480 Speaker 1: at this month's policy session as they wage warrant inflation. 112 00:06:19,839 --> 00:06:22,760 Speaker 1: The minutes that for release Wednesday could spell out details 113 00:06:22,760 --> 00:06:26,239 Speaker 1: of the deliberations and what lies ahead. On Wall Street, 114 00:06:26,279 --> 00:06:29,000 Speaker 1: there's broad consensus the federal rais the benchmark right to 115 00:06:29,080 --> 00:06:31,520 Speaker 1: about four point five percent next month, and then to 116 00:06:31,640 --> 00:06:35,040 Speaker 1: around five percent early next year. There's also a full 117 00:06:35,080 --> 00:06:38,400 Speaker 1: schedule of economic data this week for manufacturing, to new 118 00:06:38,480 --> 00:06:41,840 Speaker 1: home sales, and consumer sentiment numbers that should point the 119 00:06:41,960 --> 00:06:46,800 Speaker 1: lackluster economic activity. Then eat out bloom Birthday break all right, Vinnie, Thanks, 120 00:06:46,800 --> 00:06:49,159 Speaker 1: and as we head into the holiday, investors are asking 121 00:06:49,160 --> 00:06:51,839 Speaker 1: whether or not the bear market is over well. Goldman 122 00:06:51,880 --> 00:06:55,039 Speaker 1: Sachs says no. In fact, the firm strategist say the 123 00:06:55,080 --> 00:06:58,440 Speaker 1: bear market will likely last through next year. Goldman predicts 124 00:06:58,440 --> 00:07:01,760 Speaker 1: the SMPI will end one three and four thousand points. 125 00:07:02,040 --> 00:07:05,560 Speaker 1: That's just nine ten percent higher than Friday's close. Well list, 126 00:07:05,560 --> 00:07:08,320 Speaker 1: and the futures are lower this morning, Nathan. They're down 127 00:07:08,320 --> 00:07:11,600 Speaker 1: about eighteen points down, futures down seventy one, and nasdag 128 00:07:11,680 --> 00:07:14,640 Speaker 1: futures down to sixties seven Sure to head your latest 129 00:07:14,680 --> 00:07:18,320 Speaker 1: local headlines plus a check of sports. And this is 130 00:07:18,360 --> 00:07:25,160 Speaker 1: Bloomberg r Karen, Thank you. It is five oh seven 131 00:07:25,240 --> 00:07:28,280 Speaker 1: on Wall Street, twenty seven degrees in Central Park. Gotta 132 00:07:28,280 --> 00:07:31,200 Speaker 1: crash out down Garden State Parkway after exit one thirty six. 133 00:07:31,280 --> 00:07:34,120 Speaker 1: Details coming up in traffic. First Michael Barr with more 134 00:07:34,120 --> 00:07:36,080 Speaker 1: on what's going on in New York and around the world. 135 00:07:36,080 --> 00:07:39,280 Speaker 1: Good morning, Michael, Good morning Nathan. The Buffalo area is 136 00:07:39,400 --> 00:07:43,480 Speaker 1: digging out from a historic snowstorm. Western New York was 137 00:07:43,600 --> 00:07:46,600 Speaker 1: clobbered by the Lake Effects snow. This woman who lives 138 00:07:46,600 --> 00:07:49,120 Speaker 1: in Buffalo says the snow is putting up a fight 139 00:07:49,400 --> 00:07:52,560 Speaker 1: against every piece of equipment the city is throwing at it. 140 00:07:52,840 --> 00:07:56,280 Speaker 1: The snow is so heavy and so deep that even 141 00:07:56,400 --> 00:07:59,920 Speaker 1: these bulldozers are barely making a damp and the snow 142 00:08:00,160 --> 00:08:03,800 Speaker 1: removal process. So we see trucks going by full of snow, 143 00:08:03,840 --> 00:08:07,960 Speaker 1: but they're not They're not touching our snow yet. Areas 144 00:08:08,000 --> 00:08:11,120 Speaker 1: like Orchard Park got at least eighty inches of snow. 145 00:08:11,560 --> 00:08:14,080 Speaker 1: We're learning more about the suspect and the deadly shooting 146 00:08:14,080 --> 00:08:18,920 Speaker 1: at an LGBTQ nightclub in Colorado Springs Anderson Lee Aldridge 147 00:08:19,320 --> 00:08:22,760 Speaker 1: is in police custody. Last year, police were called to 148 00:08:22,840 --> 00:08:25,760 Speaker 1: his mother's address on a report of a bomb and 149 00:08:25,880 --> 00:08:29,560 Speaker 1: firearms threat. The weekend shooting left at least five people 150 00:08:29,600 --> 00:08:32,960 Speaker 1: dead and more than two dozen others wounded. Colorado Springs 151 00:08:33,000 --> 00:08:37,439 Speaker 1: Police Chief Adrian Vasquez says two club patrons subdued the 152 00:08:37,440 --> 00:08:40,120 Speaker 1: gunmen before more people could be killed. I hate to 153 00:08:40,160 --> 00:08:43,000 Speaker 1: even venture, I guess how many people could have been 154 00:08:43,080 --> 00:08:47,360 Speaker 1: killed or injured beyond those already killed or injured. Truly 155 00:08:47,400 --> 00:08:52,679 Speaker 1: heroes those two, Chief Vasquez as authorities are studying Oldridge's 156 00:08:52,880 --> 00:08:55,640 Speaker 1: social media posts trying to learn a motive for the 157 00:08:55,640 --> 00:08:59,080 Speaker 1: mass shooting me while New York Governor Hoco is reacting 158 00:08:59,120 --> 00:09:01,720 Speaker 1: to the deadly color All the Spring shooting. New York 159 00:09:01,800 --> 00:09:04,440 Speaker 1: this is personal. This is the home of the lgbt 160 00:09:04,600 --> 00:09:07,840 Speaker 1: Q movement. We have many, many friends who are now 161 00:09:07,920 --> 00:09:11,600 Speaker 1: just devastated and concerned for their own safety. Governor HOCl 162 00:09:11,679 --> 00:09:15,120 Speaker 1: says New York State Police will be increasing surveillance and 163 00:09:15,200 --> 00:09:18,600 Speaker 1: protection for communities at risk of hate crimes. On top 164 00:09:18,679 --> 00:09:21,760 Speaker 1: of the Colorado shooting, HOCl says two men were arrested 165 00:09:21,760 --> 00:09:25,080 Speaker 1: over the weekend for threatening the Jewish community in New 166 00:09:25,160 --> 00:09:29,240 Speaker 1: York City. The United Nations latest climate summon in Egypt 167 00:09:29,360 --> 00:09:32,600 Speaker 1: comes to a close after a marathon weekend of negotiations. 168 00:09:32,920 --> 00:09:36,839 Speaker 1: There was one major breakthrough at cop and agreement by 169 00:09:37,000 --> 00:09:39,520 Speaker 1: the world's developed nations to provide a fund for so 170 00:09:39,679 --> 00:09:43,360 Speaker 1: called loss and damage to the poor and vulnerable nations 171 00:09:43,400 --> 00:09:47,400 Speaker 1: most impacted by climate change. Global News twenty four hours 172 00:09:47,400 --> 00:09:50,560 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 173 00:09:50,600 --> 00:09:53,160 Speaker 1: more than twenty seven hundred journalists analysts more than a 174 00:09:53,200 --> 00:09:57,400 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Nathan Okay, Michael, 175 00:09:57,440 --> 00:10:04,160 Speaker 1: Thanks five o nine on All Street Time with the 176 00:10:04,160 --> 00:10:07,040 Speaker 1: Bloomberg Sports Update, brought to you by Tri State. Howdy, 177 00:10:07,080 --> 00:10:09,199 Speaker 1: Good morning, John, stats shot all right, good morning to Anton. 178 00:10:09,240 --> 00:10:11,679 Speaker 1: Has been such a surprisingly good football season in New 179 00:10:11,760 --> 00:10:14,600 Speaker 1: York until yesterday, the Giants have been winning. His underdogs 180 00:10:14,679 --> 00:10:17,520 Speaker 1: they lost as a favorite of MetLife Detroit. Jamal Williams 181 00:10:17,480 --> 00:10:20,680 Speaker 1: scored three straight touchdowns. The Lions went from down six 182 00:10:20,760 --> 00:10:22,960 Speaker 1: three to up twenty four to six. They beat the 183 00:10:22,960 --> 00:10:26,200 Speaker 1: Giants thirty one to eighteen. Quiet day for sakekwon Barkley 184 00:10:26,240 --> 00:10:28,480 Speaker 1: only twenty two rushing yards and Daniel Jones, who had 185 00:10:28,480 --> 00:10:32,000 Speaker 1: not been interception since Week three, got picked off twice. Meanwhile, 186 00:10:32,040 --> 00:10:34,240 Speaker 1: the three other teams in the NFC East all one. 187 00:10:34,600 --> 00:10:37,319 Speaker 1: Philadelphia is now nine and one, Dallas one forty to 188 00:10:37,480 --> 00:10:40,360 Speaker 1: three at Minnesota. The Cowboys are like the Giants seven 189 00:10:40,360 --> 00:10:43,439 Speaker 1: and three, and the two teams play Thursday in Dallas. 190 00:10:43,440 --> 00:10:45,840 Speaker 1: Washington won as well as for the Jets, well they 191 00:10:45,960 --> 00:10:47,959 Speaker 1: win into England, they'd be in first place this late 192 00:10:47,960 --> 00:10:50,640 Speaker 1: in the season for the first time since. Certainly looked 193 00:10:50,640 --> 00:10:53,720 Speaker 1: like they were headed overtime until the Jets ten punt 194 00:10:53,760 --> 00:10:57,199 Speaker 1: of the day. Just Staff, press your free punt and 195 00:10:57,280 --> 00:11:00,520 Speaker 1: it's a good one. Tourist Jones to back the right 196 00:11:00,559 --> 00:11:18,920 Speaker 1: side to sixteen stabs left credit. Ryn Parks gets right 197 00:11:19,000 --> 00:11:21,280 Speaker 1: of the call. The game winning eighty four yard pun 198 00:11:21,320 --> 00:11:23,719 Speaker 1: returned by rookie Marcus Jones first point return for a 199 00:11:23,760 --> 00:11:26,959 Speaker 1: touchdown in the NFL this season came with five seconds left. 200 00:11:27,200 --> 00:11:30,280 Speaker 1: Pats one ten three. They've beat the Jets fourteen straight times. 201 00:11:30,559 --> 00:11:32,920 Speaker 1: Nick's lost in Phoenix one sixteen ninety five or two 202 00:11:32,920 --> 00:11:34,800 Speaker 1: and two on the road ship that ends tonight. Nets 203 00:11:34,800 --> 00:11:38,960 Speaker 1: back from their trip beat Memphis fifteen Tymy Irving returned 204 00:11:39,240 --> 00:11:42,840 Speaker 1: from his suspension two o'clock today in Qatar. It's the 205 00:11:42,960 --> 00:11:47,160 Speaker 1: US versus Wales in the World Cup. John Stashower, Bloomberg Sports, Nathan, 206 00:11:47,400 --> 00:11:51,000 Speaker 1: thank you, John SMP futures down eighteen points, Staff futures 207 00:11:51,000 --> 00:11:54,280 Speaker 1: down seventy one, nast A futures down sixty eight points, 208 00:11:54,440 --> 00:11:57,720 Speaker 1: Tenure Treasury a little change shield three point eight three 209 00:11:57,880 --> 00:12:00,400 Speaker 1: per cent. We kick off the trading week next with 210 00:12:00,480 --> 00:12:04,319 Speaker 1: Dennis Gartman, former publisher of the Gartment letter. This is Bloomberg. 211 00:12:07,440 --> 00:12:09,640 Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't 212 00:12:09,720 --> 00:12:11,640 Speaker 1: let someone else drive off in the Autie model you've 213 00:12:11,679 --> 00:12:14,400 Speaker 1: always wanted. Visit your local Tricee State Audie dealer to 214 00:12:14,400 --> 00:12:16,600 Speaker 1: get behind the wheel of yours today, or visit Autie 215 00:12:16,600 --> 00:12:23,760 Speaker 1: Offers dot com for more information, markets, headlines and breaking 216 00:12:23,800 --> 00:12:26,680 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 217 00:12:26,800 --> 00:12:29,880 Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape. This 218 00:12:30,280 --> 00:12:39,600 Speaker 1: is a Bloomberg Business Lash and I'm Karen Moscow stocks 219 00:12:39,600 --> 00:12:42,760 Speaker 1: are falling him in concerned that Shinam Titan COVID curbs 220 00:12:42,840 --> 00:12:46,120 Speaker 1: after a string of reported deaths, with investors seeking shelter 221 00:12:46,240 --> 00:12:48,800 Speaker 1: in the dollar. We checked the markets every fifteen minutes 222 00:12:48,800 --> 00:12:51,120 Speaker 1: throughout the trading day on Bloomberg right now. S and 223 00:12:51,200 --> 00:12:54,920 Speaker 1: P futures are down twenty points down, futures down eighty four, 224 00:12:55,040 --> 00:12:58,200 Speaker 1: nasday futures down seventy four. The decks in Germany's down 225 00:12:58,200 --> 00:13:01,079 Speaker 1: four tenths of upper set to year treasury down one 226 00:13:01,120 --> 00:13:03,920 Speaker 1: thirty second deal three point three percent in the yield 227 00:13:03,960 --> 00:13:07,000 Speaker 1: on the two year four point five three percent. NIMEX 228 00:13:07,040 --> 00:13:09,640 Speaker 1: scrude oil is down half percent or thirty seven cents 229 00:13:09,640 --> 00:13:12,920 Speaker 1: at seventy seventy one cents a barrel comes goal down 230 00:13:12,960 --> 00:13:15,760 Speaker 1: seven tenths per cent or twelve dollars at seventeen fifty 231 00:13:15,760 --> 00:13:19,360 Speaker 1: seven announced. The euro is at one pot two zero 232 00:13:19,480 --> 00:13:22,040 Speaker 1: against the dollar, British found one point one eight oh 233 00:13:22,120 --> 00:13:26,240 Speaker 1: nine and a one point six seven, and Bitcoin it's 234 00:13:26,360 --> 00:13:30,000 Speaker 1: down one point two percent at about sixteen thousand dollars. 235 00:13:30,000 --> 00:13:32,600 Speaker 1: And we continue to watch shares of Walt Disney this morning, 236 00:13:32,679 --> 00:13:35,640 Speaker 1: up about eight percent in early trading after a drought 237 00:13:35,679 --> 00:13:38,640 Speaker 1: back former leader Bob Eiger as chief executive. And that's 238 00:13:38,640 --> 00:13:41,800 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore 239 00:13:41,880 --> 00:13:44,120 Speaker 1: on what's going on around the world. Michael, good morning, 240 00:13:44,280 --> 00:13:46,800 Speaker 1: Good morning, Karen. A twenty two year old gunman opened 241 00:13:46,880 --> 00:13:49,960 Speaker 1: fire with a semi automatic rifle inside a gay nightclub 242 00:13:49,960 --> 00:13:54,240 Speaker 1: in Colorado Springs, killing five people and leaving twenty five injured. 243 00:13:54,600 --> 00:13:58,200 Speaker 1: Authorities saying he was subdued by heroic patrons and arrested 244 00:13:58,200 --> 00:14:01,920 Speaker 1: by police who arrived within minute. U N Secretary General 245 00:14:01,960 --> 00:14:05,400 Speaker 1: Antonio Guterres at today's conclusion of the COP twenty seven 246 00:14:05,400 --> 00:14:09,319 Speaker 1: Climate Conference, participants took an important step towards justice for 247 00:14:09,360 --> 00:14:12,600 Speaker 1: the world's poorest nations that have suffered because of climate 248 00:14:12,679 --> 00:14:16,480 Speaker 1: change impacts caused by other countries. In the NFL, the 249 00:14:16,600 --> 00:14:19,160 Speaker 1: Giants lost to the Lions. How did they get in there? 250 00:14:20,800 --> 00:14:23,800 Speaker 1: The Patriots beat the Jets ten three on the last 251 00:14:23,840 --> 00:14:27,360 Speaker 1: second punt return. The Ravens and Commanders were also winners. 252 00:14:27,680 --> 00:14:30,400 Speaker 1: NBA Kyrie Ervring returned to the Nets as they beat 253 00:14:30,400 --> 00:14:34,920 Speaker 1: the Grizzlies fifteen next loss, and the Wizards and Warriors won. 254 00:14:35,040 --> 00:14:37,840 Speaker 1: Global News twenty four hours a day on air and 255 00:14:37,960 --> 00:14:40,560 Speaker 1: on Bloomberg Quick Take, powered by more than seven hundred 256 00:14:40,600 --> 00:14:43,640 Speaker 1: journalists analysts more than d twenty countries. Michael bar this 257 00:14:43,760 --> 00:14:46,520 Speaker 1: is Bloomberg, Nathan, Thanks Michael five nineteen on Wall Street 258 00:14:46,560 --> 00:14:49,800 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 259 00:14:50,000 --> 00:14:52,080 Speaker 1: day Break, and we're pleased to kick off the training 260 00:14:52,080 --> 00:14:54,280 Speaker 1: week this morning with Dennis Gartman, former publisher of the 261 00:14:54,320 --> 00:14:57,160 Speaker 1: Gartment Letter, now chair of the University of acron Endowment 262 00:14:57,280 --> 00:14:59,400 Speaker 1: Investment Committee. Dennis, I want to get your take on 263 00:14:59,440 --> 00:15:01,720 Speaker 1: the broader mar ket, But first your reaction to a 264 00:15:01,760 --> 00:15:06,160 Speaker 1: Disney surprise announcement that Bob Iger's coming back. It wasn't surprise, 265 00:15:06,280 --> 00:15:08,480 Speaker 1: but I guess we really shouldn't be all that surprise 266 00:15:08,600 --> 00:15:12,640 Speaker 1: given the fact that while the former chairman was president, 267 00:15:12,640 --> 00:15:15,920 Speaker 1: CEO was chairman and president watched the stock go from 268 00:15:15,960 --> 00:15:17,960 Speaker 1: almost two hundred dollars a share down to ninety one 269 00:15:17,960 --> 00:15:20,880 Speaker 1: dollars a share. I think the board of director said, 270 00:15:20,920 --> 00:15:23,440 Speaker 1: let's go back to somebody that had taken the stock 271 00:15:23,520 --> 00:15:25,160 Speaker 1: up to almost two undred dollars a share, So we 272 00:15:25,160 --> 00:15:27,920 Speaker 1: shouldn't be too surprised by the fact. It's uh. I've 273 00:15:27,920 --> 00:15:31,440 Speaker 1: met the Strogger one day in the green room, very impressed, 274 00:15:31,760 --> 00:15:33,880 Speaker 1: and I think the markets impressed. The fact that this 275 00:15:34,040 --> 00:15:36,880 Speaker 1: that Disney's up a little what eight percent this morning 276 00:15:37,400 --> 00:15:39,400 Speaker 1: is a little overdone. I just I suspect, but I 277 00:15:39,440 --> 00:15:41,640 Speaker 1: think it's a good decision. I think it's a wise decision. 278 00:15:41,720 --> 00:15:44,280 Speaker 1: I think it's a decision that's probably long overdue. All right, 279 00:15:44,360 --> 00:15:46,720 Speaker 1: let's turn to the broader market here. Obviously we're getting 280 00:15:46,760 --> 00:15:50,560 Speaker 1: a leg lower this morning on concerns around the COVID 281 00:15:50,600 --> 00:15:53,320 Speaker 1: situation in China. There has been a lot of bullishness 282 00:15:53,360 --> 00:15:56,920 Speaker 1: around Chinese stocks in recent weeks from any institutional investors. 283 00:15:57,160 --> 00:16:02,640 Speaker 1: What's your view on China? Now? My view on China 284 00:16:02,680 --> 00:16:05,040 Speaker 1: has always been the very reticent about being an investor 285 00:16:05,040 --> 00:16:07,800 Speaker 1: in China. There's so many there's other places to be 286 00:16:07,840 --> 00:16:10,120 Speaker 1: invested in here in the United States and Europe. Far 287 00:16:10,160 --> 00:16:12,200 Speaker 1: better to be here than and in Europe than it 288 00:16:12,280 --> 00:16:14,800 Speaker 1: is in China. You just can't trust the Communists at 289 00:16:14,800 --> 00:16:17,480 Speaker 1: any one time. But the fact that they have had 290 00:16:17,520 --> 00:16:20,600 Speaker 1: a few more DestinE in uh over the weekend due 291 00:16:20,640 --> 00:16:23,360 Speaker 1: to COVID, I think it's a little disconcerting and it's 292 00:16:23,360 --> 00:16:25,840 Speaker 1: probably going to be another crackdown, So just be very careful. 293 00:16:25,920 --> 00:16:27,640 Speaker 1: It's a It's not a place that I'm going to 294 00:16:27,720 --> 00:16:29,440 Speaker 1: invest my own money. It's not a place that I'll 295 00:16:29,480 --> 00:16:31,800 Speaker 1: have the university backer and invest its money. It's a 296 00:16:31,800 --> 00:16:35,080 Speaker 1: place that I think people should be aware of. But 297 00:16:35,400 --> 00:16:38,720 Speaker 1: to basically be a shun of avoided if at all posses, 298 00:16:38,760 --> 00:16:41,680 Speaker 1: does it have the deats broader implications for the global 299 00:16:41,680 --> 00:16:45,920 Speaker 1: economy to have this kind of retrenchment potentially coming back, Well, 300 00:16:45,960 --> 00:16:48,200 Speaker 1: of course it would be. It would be illogical to 301 00:16:48,200 --> 00:16:50,840 Speaker 1: think otherwise. Of Course there will. But we need to 302 00:16:50,840 --> 00:16:53,320 Speaker 1: see China do better. We need to see China get 303 00:16:53,320 --> 00:16:56,560 Speaker 1: the stop shutting down completely. We need to see China 304 00:16:57,000 --> 00:17:00,160 Speaker 1: join the modern world and and and follow us things 305 00:17:00,200 --> 00:17:02,800 Speaker 1: that have gone here in the United States. So just again, 306 00:17:02,960 --> 00:17:04,800 Speaker 1: just be careful. It's just the place that I would 307 00:17:04,840 --> 00:17:07,080 Speaker 1: avoid it at all possible. I also want to get 308 00:17:07,080 --> 00:17:09,480 Speaker 1: your reaction to a new note we got this morning 309 00:17:09,520 --> 00:17:12,680 Speaker 1: from Goldman Sachs saying the bear market's likely to last 310 00:17:12,720 --> 00:17:15,280 Speaker 1: into three. They're putting their target for the S and 311 00:17:15,359 --> 00:17:18,439 Speaker 1: p UH pretty much where it is right now, around 312 00:17:18,440 --> 00:17:21,119 Speaker 1: four thousand. I don't suppose you would disagree with that, 313 00:17:21,200 --> 00:17:23,520 Speaker 1: given how barrish you've been on this market pretty much 314 00:17:23,920 --> 00:17:27,080 Speaker 1: a year, right, I will not disagree with them at all. 315 00:17:27,119 --> 00:17:29,639 Speaker 1: I have been bariss since January first of last of 316 00:17:29,760 --> 00:17:33,040 Speaker 1: this year. Continue to be bearish, even though I have 317 00:17:33,119 --> 00:17:34,880 Speaker 1: been wrong now for the past five weeks, so let's 318 00:17:34,880 --> 00:17:37,080 Speaker 1: be blunt about that. When I'm wrong, I'm wrong, and 319 00:17:37,119 --> 00:17:39,320 Speaker 1: I am surprised by the strength that we've seen. But 320 00:17:39,400 --> 00:17:41,359 Speaker 1: I think what we should understand is that the volume 321 00:17:41,359 --> 00:17:43,800 Speaker 1: has come in on the downside, the volume seems to 322 00:17:43,840 --> 00:17:46,800 Speaker 1: wane on the upside. Good bowl markets go up on 323 00:17:46,840 --> 00:17:49,240 Speaker 1: good volume and go down on bad volume, and we're 324 00:17:49,240 --> 00:17:51,879 Speaker 1: seeing the absolute opposite of that. So I think technically 325 00:17:52,200 --> 00:17:54,159 Speaker 1: you have to be reticent about being a buyer, be 326 00:17:54,280 --> 00:17:57,240 Speaker 1: very careful, and as I said, I've been Baris since 327 00:17:57,280 --> 00:17:59,440 Speaker 1: January first of this year. That's been the right place 328 00:17:59,480 --> 00:18:02,000 Speaker 1: to be. I've been wrong for the past five weeks, however, 329 00:18:02,000 --> 00:18:04,959 Speaker 1: and let's be bun about that. Are you changing your 330 00:18:05,040 --> 00:18:07,280 Speaker 1: view at all about where the path could be for 331 00:18:07,320 --> 00:18:11,160 Speaker 1: the FED going forward given the inflation data we've seen 332 00:18:11,280 --> 00:18:15,159 Speaker 1: in recent weeks and the continued strength of the labor market. No, 333 00:18:15,320 --> 00:18:18,520 Speaker 1: I think the Fed has has made it its path abundantly, 334 00:18:18,560 --> 00:18:21,240 Speaker 1: abundantly clear when they when they meet in two weeks, 335 00:18:21,280 --> 00:18:23,200 Speaker 1: there's there's no question they're going to raise the overnight 336 00:18:23,200 --> 00:18:26,040 Speaker 1: SED funds RAID by at least fifty basis points. I've 337 00:18:26,040 --> 00:18:27,480 Speaker 1: said that for a long period of time, and I 338 00:18:27,520 --> 00:18:29,679 Speaker 1: was continued to hold to that. Yes, there has been 339 00:18:29,680 --> 00:18:33,000 Speaker 1: a moderation and inflation, and no question whether we've had 340 00:18:33,200 --> 00:18:35,760 Speaker 1: a rather material amount of weakness in the in the 341 00:18:35,840 --> 00:18:38,320 Speaker 1: energy market, which is which some of the UH the 342 00:18:38,359 --> 00:18:41,200 Speaker 1: Set officials will point to. But on balance, we still 343 00:18:41,240 --> 00:18:43,240 Speaker 1: have to remember the fact that the FED has has 344 00:18:43,400 --> 00:18:46,119 Speaker 1: increased its balance sheet over the course the past decade, 345 00:18:46,160 --> 00:18:50,040 Speaker 1: taking its assets from nine billion dollars to nine trillion dollars. 346 00:18:50,080 --> 00:18:53,040 Speaker 1: That's inflation is always an everywhere monetary phenomenonal with the 347 00:18:53,359 --> 00:18:55,320 Speaker 1: two to three year lag, so I think we're going 348 00:18:55,359 --> 00:18:58,439 Speaker 1: to continue to see inflationary pressures be abundant, and I 349 00:18:58,440 --> 00:19:00,800 Speaker 1: think the FED has to remain consistent with its policies 350 00:19:00,800 --> 00:19:02,480 Speaker 1: of the past. So I think they raised the overnight 351 00:19:02,560 --> 00:19:05,560 Speaker 1: at funds raised fifty basis points at the December meeting 352 00:19:05,920 --> 00:19:08,840 Speaker 1: and probably fifty basis points at the first meeting over 353 00:19:08,880 --> 00:19:11,080 Speaker 1: there after the turn of the year. So now I'm 354 00:19:11,080 --> 00:19:13,600 Speaker 1: not changing my opinion on TED policy at all. All Right, 355 00:19:13,680 --> 00:19:16,400 Speaker 1: Dennis Scartman is always good to get your thoughts, and 356 00:19:16,440 --> 00:19:18,480 Speaker 1: I hope you have a happy Thanksgiving coming up here. 357 00:19:18,520 --> 00:19:22,080 Speaker 1: Dennis Gartman, former publisher of the Gartment Letter now chairman 358 00:19:22,400 --> 00:19:26,520 Speaker 1: of the University of Akron Endowment Investment Committee. Focus this 359 00:19:26,600 --> 00:19:29,959 Speaker 1: morning on COVID concerns in China. It's sending the broader 360 00:19:29,960 --> 00:19:33,120 Speaker 1: market lower. With SMP futures right now down twenty one 361 00:19:33,160 --> 00:19:37,159 Speaker 1: point staff futures down eighty nine. NASDAC futures are lower 362 00:19:37,240 --> 00:19:41,240 Speaker 1: by eighty five points ten. Your treasuries down one thirty second. 363 00:19:41,280 --> 00:19:43,760 Speaker 1: The yield three point eight three percent yield on the 364 00:19:43,800 --> 00:19:48,280 Speaker 1: two year four point five three crews moving lower this morning. 365 00:19:48,359 --> 00:19:50,600 Speaker 1: Nime X crewed down a half percent at seventy nine 366 00:19:50,640 --> 00:19:54,920 Speaker 1: dollars sixty five cents barrel, and checking Disney shares in 367 00:19:54,960 --> 00:19:58,160 Speaker 1: the pre market on word Bob Iger's coming back. They 368 00:19:58,160 --> 00:20:02,280 Speaker 1: are higher by eight this morning. You're listening to Bloomberg 369 00:20:02,400 --> 00:20:09,120 Speaker 1: Daybreak Bloomberg eleven three oh weather got a freeze warning 370 00:20:09,240 --> 00:20:11,680 Speaker 1: till ten am. We'll get up to the low forties 371 00:20:11,760 --> 00:20:15,879 Speaker 1: today with sunshine and a breeze. Upper forties tomorrow, low fifties, 372 00:20:15,920 --> 00:20:23,200 Speaker 1: sunshine by Wednesday. Right now, Bundle up Degrees broadcasting live 373 00:20:23,359 --> 00:20:27,359 Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg 374 00:20:27,359 --> 00:20:31,440 Speaker 1: e Living Freedom to Washington d C Bloomberg On to Boston, 375 00:20:31,520 --> 00:20:35,200 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine six, 376 00:20:35,480 --> 00:20:38,719 Speaker 1: to the country Sirius XM chantal one nineteen and around 377 00:20:38,720 --> 00:20:42,639 Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot com. 378 00:20:42,680 --> 00:20:51,960 Speaker 1: This is Bloomberg Daybreak and it's five thirty on Wall Street. 379 00:20:51,960 --> 00:20:55,560 Speaker 1: Good morning, I'm Tarin Moscow, I'm Nathan Hagar. Bloomberg Daybreak 380 00:20:55,600 --> 00:20:58,320 Speaker 1: is brought to you by SEI built on advanced technologies 381 00:20:58,320 --> 00:21:01,280 Speaker 1: and fifty years of innovation. See Eye offers asset Managers, 382 00:21:01,280 --> 00:21:05,240 Speaker 1: a comprehensive and flexible operations outsourcing platform. Go to se 383 00:21:05,280 --> 00:21:08,280 Speaker 1: i C dot com slash managers and we're just about 384 00:21:08,280 --> 00:21:10,760 Speaker 1: four hours away from the open of US training. Let's 385 00:21:10,800 --> 00:21:12,200 Speaker 1: get you up to date on the news you need 386 00:21:12,240 --> 00:21:14,119 Speaker 1: to know at this hour. We begin with a big 387 00:21:14,160 --> 00:21:17,400 Speaker 1: shake up at Disney. Bob Chapeck is out as CEO, 388 00:21:17,840 --> 00:21:21,720 Speaker 1: and longtime company leader Bob Iger is taking over. Bloomberg's 389 00:21:21,760 --> 00:21:24,680 Speaker 1: alex Web says Eiger's goal will be super charging the 390 00:21:24,800 --> 00:21:28,600 Speaker 1: streaming service Disney Plus. Disney made a massive pivot over 391 00:21:28,640 --> 00:21:31,520 Speaker 1: the past two years on the pressure from activist investors 392 00:21:31,600 --> 00:21:35,159 Speaker 1: to make themselves more like Netflix and actually invest in 393 00:21:35,400 --> 00:21:38,800 Speaker 1: streaming content Disney plus, and they did that. Netflix then, 394 00:21:38,800 --> 00:21:41,520 Speaker 1: of course has not had a brilliantier, so Disney has 395 00:21:41,640 --> 00:21:43,840 Speaker 1: has fallen sort of quite as much, but almost in 396 00:21:43,920 --> 00:21:45,680 Speaker 1: lockstep with that. So this is an effort to fix 397 00:21:45,680 --> 00:21:48,960 Speaker 1: some of that. Bloomberg's alex Web says a primary reason 398 00:21:49,040 --> 00:21:52,600 Speaker 1: for chpex dismissal was Disney's struggling share price, and right 399 00:21:52,600 --> 00:21:55,400 Speaker 1: now Disney shares are up more than eight percent, and 400 00:21:55,760 --> 00:21:58,840 Speaker 1: alex Web mentioned activist investors at Disney, Karen al the 401 00:21:58,840 --> 00:22:01,520 Speaker 1: Wall Street Journals reporting one of them, Nelson Pelts, is 402 00:22:01,560 --> 00:22:05,280 Speaker 1: opposing Iger's return. His firm Try and Fund Management acquired 403 00:22:05,280 --> 00:22:08,199 Speaker 1: a stake in Disney worth more than eight hundred million dollars. Well, 404 00:22:08,240 --> 00:22:11,960 Speaker 1: another corporate news Nathan More Twitter turmoil of a company's 405 00:22:12,000 --> 00:22:15,000 Speaker 1: head of operations and Francis quit and more layoffs could 406 00:22:15,000 --> 00:22:18,440 Speaker 1: come this week. CEO Elon Musko also welcome former President 407 00:22:18,480 --> 00:22:21,440 Speaker 1: Donald Trump and Yea, the artists formerly known as Kanye 408 00:22:21,520 --> 00:22:24,560 Speaker 1: West back to the platform. Must used a Twitter poll 409 00:22:24,640 --> 00:22:28,840 Speaker 1: to determine Trump's reinstatement, which California Representative Adam Schiff said 410 00:22:29,160 --> 00:22:32,720 Speaker 1: was irresponsible. It contradicts what Elon Musk said that he 411 00:22:32,760 --> 00:22:35,800 Speaker 1: was going to establish a council to evaluate this and 412 00:22:35,920 --> 00:22:39,919 Speaker 1: further contradicts Muska and his claim concern about bots on 413 00:22:39,920 --> 00:22:42,960 Speaker 1: his own platform to subject the decision to a pull 414 00:22:42,960 --> 00:22:46,320 Speaker 1: on the platform that could be easily abused. Representative Adam 415 00:22:46,400 --> 00:22:49,120 Speaker 1: Schiff made the comments on ABC news Is this week, 416 00:22:49,240 --> 00:22:52,879 Speaker 1: heard every Sunday on Bloomberg Radio. To markets Now, Karen, 417 00:22:52,920 --> 00:22:56,240 Speaker 1: futures are falling on concerned China. My titan COVID curves 418 00:22:56,280 --> 00:22:58,480 Speaker 1: after a string of deaths, s andp futures are down 419 00:22:58,480 --> 00:23:02,000 Speaker 1: about six tenths percent. Investors will also digest some economic 420 00:23:02,040 --> 00:23:04,480 Speaker 1: news this week when the Fed issues minutes from its 421 00:23:04,520 --> 00:23:08,560 Speaker 1: latest policy meeting. Well, in geo politics, Nathan Defense chiefs 422 00:23:08,560 --> 00:23:10,679 Speaker 1: from the U S and Shina will likely meet for 423 00:23:10,720 --> 00:23:12,840 Speaker 1: their first talks in months. It could be a sign 424 00:23:12,880 --> 00:23:16,760 Speaker 1: that tensions are easing. Former Treasury Secretary Larry Summers is 425 00:23:16,760 --> 00:23:20,040 Speaker 1: warning US officials to focus more on domestic growth and 426 00:23:20,200 --> 00:23:23,200 Speaker 1: not try to change Chinese policy. I don't think it's 427 00:23:23,240 --> 00:23:26,760 Speaker 1: really for us to tell China how they should organize 428 00:23:26,800 --> 00:23:30,240 Speaker 1: their entire society. I think it's for us to stand 429 00:23:30,359 --> 00:23:33,760 Speaker 1: up for some of our fundamental interests. It's former Treasury 430 00:23:33,800 --> 00:23:41,400 Speaker 1: Secretary Larry Summers. All right, Karen, thank you. This five 431 00:23:41,440 --> 00:23:44,320 Speaker 1: thirty three on Wall Street, twenty seven degrees in Central Park. 432 00:23:44,400 --> 00:23:46,800 Speaker 1: Still got that crash on the southbound Garden State Parkway. 433 00:23:46,800 --> 00:23:49,040 Speaker 1: We'll say you more in traffic first. Michael barb As 434 00:23:49,080 --> 00:23:50,680 Speaker 1: more on what's going on in New York and around 435 00:23:50,720 --> 00:23:53,040 Speaker 1: the world. Michael, thank you very much. Nathan quick Action 436 00:23:53,160 --> 00:23:56,199 Speaker 1: is being credited for reducing the number of victims the 437 00:23:56,240 --> 00:23:59,080 Speaker 1: mass shooting at a gay bar and Colorado Springs over 438 00:23:59,119 --> 00:24:02,560 Speaker 1: the weekend. The suspect, Anderson Aldrich, was tackled to the 439 00:24:02,560 --> 00:24:07,440 Speaker 1: ground by people inside Club Q before police arrived. Colorado 440 00:24:07,480 --> 00:24:10,840 Speaker 1: Springs Police Chief Adrian Vasquez, I think had somebody not 441 00:24:10,960 --> 00:24:13,399 Speaker 1: been there to detain him, he would have continued firing 442 00:24:13,440 --> 00:24:17,040 Speaker 1: that weapon. Chief Vasquez says five were killed and dozens 443 00:24:17,080 --> 00:24:20,480 Speaker 1: were hurt. Meanwhile, New York Governor Kathy Hokele was reacting 444 00:24:20,480 --> 00:24:23,920 Speaker 1: to the deadly nightclub shooting. HOCl says this is personal 445 00:24:24,040 --> 00:24:27,679 Speaker 1: as New York is the home of the lgbt Q movement. 446 00:24:27,880 --> 00:24:31,600 Speaker 1: I've asked the State Police Superintendent Steven Relly, who's with 447 00:24:31,680 --> 00:24:34,240 Speaker 1: me here today, to make sure that we have enhanced 448 00:24:34,240 --> 00:24:37,360 Speaker 1: protections that we're continuing to do our monitoring of social 449 00:24:37,359 --> 00:24:41,879 Speaker 1: media sites to be able to identify threats, HOCl says. 450 00:24:41,960 --> 00:24:44,480 Speaker 1: Here in New York City, two men were arrested over 451 00:24:44,480 --> 00:24:48,360 Speaker 1: the weekend for threatening the Jewish community. The FBI has 452 00:24:48,400 --> 00:24:51,800 Speaker 1: been working with the Idaho State Police combing through the 453 00:24:51,840 --> 00:24:55,120 Speaker 1: town of Moscow and surrounding areas trying to gather evidence 454 00:24:55,320 --> 00:24:58,560 Speaker 1: in the quadruple homicide of four University of Idaho students 455 00:24:58,880 --> 00:25:02,320 Speaker 1: on November thirteenth. Bodies of the three young women and 456 00:25:02,440 --> 00:25:05,640 Speaker 1: one young men were found in their off campus house, 457 00:25:05,640 --> 00:25:08,560 Speaker 1: stabbed to death. Authorities are still looking for a suspect. 458 00:25:09,160 --> 00:25:12,040 Speaker 1: Parts of New York State start the big dig out 459 00:25:12,440 --> 00:25:17,199 Speaker 1: after potentially historic snowfall. Lake effects snow clambered western New 460 00:25:17,280 --> 00:25:20,680 Speaker 1: York for days. This woman lives in Buffalo. It's very 461 00:25:20,720 --> 00:25:25,520 Speaker 1: slow moving, it's heavy, sticks to everything, and it's just 462 00:25:25,680 --> 00:25:29,440 Speaker 1: it's a very slow moving, exhausting process. Some areas got 463 00:25:29,520 --> 00:25:32,399 Speaker 1: eight to eight inches of snow in the Buffalo area. 464 00:25:33,240 --> 00:25:36,560 Speaker 1: NASA says today it's O'Ryan moonship will go into what's 465 00:25:36,600 --> 00:25:40,399 Speaker 1: called a distant retro grade orbit as close as sixty 466 00:25:40,400 --> 00:25:43,439 Speaker 1: miles and as far away as forty thousand beyond the 467 00:25:43,440 --> 00:25:47,400 Speaker 1: Moon to test the spacecraft's capabilities. Global News twenty four 468 00:25:47,400 --> 00:25:50,639 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 469 00:25:50,640 --> 00:25:53,480 Speaker 1: by more than undred journalists and analysts more than a 470 00:25:53,560 --> 00:25:56,920 Speaker 1: hundred twenty countries. H Michael barn this is Bloomberg, Nathan. 471 00:25:57,040 --> 00:26:04,240 Speaker 1: Thank you Michael on Wall straight time for the Bloomberg 472 00:26:04,240 --> 00:26:06,080 Speaker 1: Sports Update, brought to you by tri State out He 473 00:26:06,080 --> 00:26:08,560 Speaker 1: Here's John stand shown. Thanks Nathan. Has never been a 474 00:26:08,640 --> 00:26:11,160 Speaker 1: finish to the NFL game Like Jets, Patriots and Fox 475 00:26:11,160 --> 00:26:13,879 Speaker 1: bur there had only been two since the nineteen seventy merger, 476 00:26:13,920 --> 00:26:15,760 Speaker 1: where the first touchdown of the game came in the 477 00:26:15,760 --> 00:26:18,919 Speaker 1: final minute. But this game winning touchdown was an eighty 478 00:26:18,960 --> 00:26:22,080 Speaker 1: four yard point returned with five seconds left, the first 479 00:26:22,080 --> 00:26:25,040 Speaker 1: point return for a TV in the NFL this season. 480 00:26:25,119 --> 00:26:27,280 Speaker 1: It was by pass rookie Marcus Jones, and it gave 481 00:26:27,320 --> 00:26:30,200 Speaker 1: New England ten to three win their fourteenth win in 482 00:26:30,240 --> 00:26:32,960 Speaker 1: a row over the Jets. His coach with Robert Sala, 483 00:26:33,200 --> 00:26:36,920 Speaker 1: it's a crappy way lose feel like your exchange and 484 00:26:36,960 --> 00:26:39,200 Speaker 1: blows from a defensive standpoint, and both sides the ball 485 00:26:39,480 --> 00:26:42,440 Speaker 1: from both teams and somebody could just make a play 486 00:26:42,440 --> 00:26:44,840 Speaker 1: and get it to overtime. They made a play in 487 00:26:44,840 --> 00:26:46,760 Speaker 1: the UH in the King game, and asked about the 488 00:26:46,760 --> 00:26:49,639 Speaker 1: performance at his offense, Salo used an exp of Zach Wilson, 489 00:26:49,680 --> 00:26:52,040 Speaker 1: who had a three interception day against the Pats two 490 00:26:52,119 --> 00:26:54,240 Speaker 1: weeks ago, was only nine of twenty two. So in 491 00:26:54,280 --> 00:26:57,160 Speaker 1: the nc East, Miami and Buffalo are seven and three. 492 00:26:57,160 --> 00:26:59,159 Speaker 1: The Jets and Patriots are six and four. In the 493 00:26:59,280 --> 00:27:01,960 Speaker 1: NFC East, Philadelphia pulled out at one point when to 494 00:27:01,960 --> 00:27:04,400 Speaker 1: go to nine and one Dallas one forty to three, 495 00:27:04,480 --> 00:27:07,760 Speaker 1: cooling off right on Minnesota, so the Cowboys are seven 496 00:27:07,760 --> 00:27:09,920 Speaker 1: and three, tied with the Giants. The two teams face 497 00:27:10,000 --> 00:27:13,159 Speaker 1: off Thursday in Dallas. Worst effort of the season for 498 00:27:13,200 --> 00:27:15,360 Speaker 1: the Giants. They lost at home to Detroit thirty one 499 00:27:15,400 --> 00:27:18,840 Speaker 1: to eighteen. The Lions Jamaal Williams scored three straight touchdowns, 500 00:27:18,880 --> 00:27:21,200 Speaker 1: Daniel Jones at a TV run and passed, but was 501 00:27:21,240 --> 00:27:24,840 Speaker 1: also intercepted twice. Last night Late TV by Kansas City 502 00:27:24,840 --> 00:27:27,000 Speaker 1: Travis Kelsey's third of the game in the Chiefs top 503 00:27:27,040 --> 00:27:30,080 Speaker 1: the Chargers thirty to twenty seven. Nicks lost in Phoenix 504 00:27:30,119 --> 00:27:34,679 Speaker 1: one sixteen to ninety five. Nets beat Memphis at Barkley's fifteen, 505 00:27:34,680 --> 00:27:37,280 Speaker 1: Ben Simmons best game as a net and Carrie Irving 506 00:27:37,320 --> 00:27:40,880 Speaker 1: returned from his suspension. The US takes on Wales today 507 00:27:40,920 --> 00:27:44,760 Speaker 1: at the World John's Dash or Bloomberg Sports. Thanks John 508 00:27:45,320 --> 00:27:47,840 Speaker 1: seven on Wall Street time for the Tri State Business Report, 509 00:27:47,880 --> 00:27:51,600 Speaker 1: Here's Bloomberg Scott Carr. Pilots with Jet Blue, represented by 510 00:27:51,640 --> 00:27:55,119 Speaker 1: the Airline Pilots Association, are calling for a new contract 511 00:27:55,160 --> 00:27:58,320 Speaker 1: as negotiations with the New York based airline continue through 512 00:27:58,440 --> 00:28:02,200 Speaker 1: next month. The unions representatives met with Jet Blue management 513 00:28:02,280 --> 00:28:04,560 Speaker 1: last week in an effort to reach a short term 514 00:28:04,600 --> 00:28:08,280 Speaker 1: contract extension, but no agreement was reached. A New Jersey 515 00:28:08,280 --> 00:28:11,840 Speaker 1: based real estate investment firm, Bullish On Connecticut, has paid 516 00:28:11,880 --> 00:28:14,879 Speaker 1: seventy nine and a quarter million for a sprawling industrial 517 00:28:15,000 --> 00:28:18,600 Speaker 1: complex in Bristol. Hartford Business Journal reports the one point 518 00:28:18,600 --> 00:28:22,200 Speaker 1: two million square foot Bristol Logistics Centers sold in October. 519 00:28:22,400 --> 00:28:24,760 Speaker 1: It's likely to be one of the largest Greater Hartford 520 00:28:24,760 --> 00:28:27,479 Speaker 1: commercial real estate deals of the year. And the New 521 00:28:27,560 --> 00:28:30,760 Speaker 1: Jersey Commission on Science, Innovation and Technology has got plans 522 00:28:30,800 --> 00:28:32,920 Speaker 1: to launch a two and a half million dollar program 523 00:28:32,960 --> 00:28:36,240 Speaker 1: to support clean tech startups. The program provides grants of 524 00:28:36,320 --> 00:28:38,760 Speaker 1: up to a quarter million dollars each to help startups 525 00:28:38,760 --> 00:28:42,520 Speaker 1: develop their technologies with costs like testing and travel. That's 526 00:28:42,560 --> 00:28:46,080 Speaker 1: the Bloomberg Try State Business Report. I'm Scott Carr, Thanks 527 00:28:46,080 --> 00:28:48,800 Speaker 1: Scott eight on Wall Street. Bloomberg Radio is on the 528 00:28:48,800 --> 00:28:51,600 Speaker 1: air from San Francisco to New York, London to Hong Kong. 529 00:28:51,680 --> 00:28:53,640 Speaker 1: Let's check in with our global news team for some 530 00:28:53,680 --> 00:28:56,000 Speaker 1: of the top stories heard on our three hundred affiliate 531 00:28:56,080 --> 00:29:02,000 Speaker 1: radio stations around the world. I'm Steve potaskan K and 532 00:29:02,080 --> 00:29:05,640 Speaker 1: EX in Los Angeles. We're talking about the surprise return 533 00:29:05,720 --> 00:29:10,200 Speaker 1: of Bob Iger as Disney CEO. I'm Gina Servetti and 534 00:29:10,240 --> 00:29:13,840 Speaker 1: for KCBS in San Francisco. I'm reporting that it looks 535 00:29:13,880 --> 00:29:16,520 Speaker 1: like the fir rings at Twitter are not done yet. 536 00:29:17,000 --> 00:29:19,840 Speaker 1: I'm Stephen Carol on Bloomberg d a B Digital Radio 537 00:29:19,880 --> 00:29:22,880 Speaker 1: in London. We've been reporting on comments by the head 538 00:29:22,880 --> 00:29:25,920 Speaker 1: of the UK's biggest business lobby groups saying the government 539 00:29:25,920 --> 00:29:30,000 Speaker 1: needs to focus on growth. I'm Corney Donaho on ktr 540 00:29:30,160 --> 00:29:33,680 Speaker 1: H in Houston, target Amazon and Cole's warning that customers 541 00:29:33,720 --> 00:29:37,080 Speaker 1: are tightening their belts heading to the holidays. I'm Scott 542 00:29:37,120 --> 00:29:40,160 Speaker 1: Carr on w T A M. In Cleveland. I'm reporting 543 00:29:40,200 --> 00:29:43,680 Speaker 1: on the city's new tech and reimagining it's downtown lakefront. 544 00:29:44,400 --> 00:29:47,400 Speaker 1: Those are some of the stories. Are hundred Bloomberg journalist 545 00:29:47,440 --> 00:29:49,760 Speaker 1: analysts to working on this morning around the world. It's 546 00:29:49,840 --> 00:29:52,440 Speaker 1: five thirty nine on Wall Street. The following is an 547 00:29:52,560 --> 00:29:56,600 Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the 548 00:29:56,600 --> 00:30:00,800 Speaker 1: Bloomberg Editorial Board. UK Chancellor Jeremy hunts first budget had 549 00:30:00,840 --> 00:30:03,560 Speaker 1: to pass one test. Above all, it had to convince 550 00:30:03,600 --> 00:30:06,240 Speaker 1: investors that the Tories new leaders know what they're doing. 551 00:30:06,520 --> 00:30:10,080 Speaker 1: Hunt took no chances. He announced significant tax increases and 552 00:30:10,120 --> 00:30:12,840 Speaker 1: spending cuts that, in due course, should be enough to 553 00:30:12,840 --> 00:30:15,680 Speaker 1: get public borrowing back under control. The bad news is 554 00:30:15,680 --> 00:30:18,120 Speaker 1: that the forecast attached to the new measures is dire. 555 00:30:18,320 --> 00:30:21,880 Speaker 1: Britain's independent fiscal watchdog predicts the recession lasting more than 556 00:30:21,920 --> 00:30:25,480 Speaker 1: a year. Household disposable income adjusted for inflation will stay 557 00:30:25,560 --> 00:30:30,120 Speaker 1: below pre pandemic levels. Through give Hunt credit for facing reality, 558 00:30:30,280 --> 00:30:32,840 Speaker 1: but there's no disguising the gravity of this setback. To 559 00:30:33,000 --> 00:30:36,280 Speaker 1: Salvage's economy. The UK must do more to promote skills, 560 00:30:36,360 --> 00:30:40,560 Speaker 1: investment and trade, avoiding another fiscal meltdown. Is only a start. 561 00:30:40,960 --> 00:30:44,120 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 562 00:30:44,200 --> 00:30:47,120 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com slash 563 00:30:47,120 --> 00:30:50,200 Speaker 1: Opinion or O P I n go on the Bloomberg terminal. 564 00:30:50,440 --> 00:30:53,479 Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg 565 00:30:53,520 --> 00:30:56,600 Speaker 1: opinion editorials every weekday. At this time, terminal customers can 566 00:30:56,640 --> 00:30:59,760 Speaker 1: read more at O P I n go. SMP futures 567 00:30:59,720 --> 00:31:02,640 Speaker 1: are twenty one point down. Futures down ninety six nanstack 568 00:31:02,720 --> 00:31:05,680 Speaker 1: futures are lowered by eighty seven points ten. Your treasury 569 00:31:05,720 --> 00:31:09,920 Speaker 1: little changed three to is the tenure yield. Disney shares 570 00:31:10,000 --> 00:31:13,719 Speaker 1: up eight percent with the new boss literally same as 571 00:31:13,760 --> 00:31:17,320 Speaker 1: the old boss at Disney. Bloomberg quick takes alex Web 572 00:31:17,400 --> 00:31:22,960 Speaker 1: joins us next on that This is Bloomberg. Bloomberg Sports 573 00:31:22,960 --> 00:31:24,840 Speaker 1: brought to you by Audie. Don't let someone else drive 574 00:31:24,880 --> 00:31:26,960 Speaker 1: off in the outie model. You've always wanted to visit 575 00:31:27,000 --> 00:31:29,120 Speaker 1: your local price state Autie dealers to get behind the 576 00:31:29,120 --> 00:31:32,320 Speaker 1: wheel of yours today, or visit autie Offers dot com 577 00:31:32,360 --> 00:31:40,000 Speaker 1: for more information, markets, headlines and breaking news twenty four 578 00:31:40,000 --> 00:31:43,080 Speaker 1: hours a day at Bloomberg dot com, The Bloomberg Business 579 00:31:43,080 --> 00:31:52,600 Speaker 1: Outland at Bloomberg Quick Take, He's a Bloomberg business lash 580 00:31:52,880 --> 00:31:55,720 Speaker 1: and I'm Karen Moscow and stocks are falling along with 581 00:31:55,840 --> 00:31:58,360 Speaker 1: US stock index futures and a concerned that Hina my 582 00:31:58,480 --> 00:32:01,440 Speaker 1: tighten COVID curbs after a string of reported deaths with 583 00:32:01,560 --> 00:32:04,720 Speaker 1: investors seeking shelter in the dollar. We checked the markets 584 00:32:04,760 --> 00:32:07,520 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg guess 585 00:32:07,520 --> 00:32:10,320 Speaker 1: and p future is down twenty one points down, futures 586 00:32:10,320 --> 00:32:12,800 Speaker 1: down eight eight nasty futures down eighties six and the 587 00:32:12,840 --> 00:32:15,959 Speaker 1: decks in Germany's down about seven tenths of uppercent ten 588 00:32:16,040 --> 00:32:18,320 Speaker 1: year treasury that will change you'll three point eight two 589 00:32:18,320 --> 00:32:21,680 Speaker 1: percent yield on the two year four point five three percent. 590 00:32:22,120 --> 00:32:24,560 Speaker 1: Nine X scret oil is down about half percent or 591 00:32:24,560 --> 00:32:26,920 Speaker 1: thirty eight cents at seventy nine dollars seventy cents of 592 00:32:27,000 --> 00:32:29,840 Speaker 1: barrel comes go down seven tenths per cent or eleven 593 00:32:29,840 --> 00:32:32,840 Speaker 1: dollars seventy cents a seventeen fifty seven thirty an ounce. 594 00:32:33,240 --> 00:32:35,880 Speaker 1: The euro one point two three seven against the dollar, 595 00:32:35,920 --> 00:32:38,520 Speaker 1: British found one point one eight one three and again 596 00:32:38,600 --> 00:32:41,720 Speaker 1: one forty one point seven two and bitcoin is down 597 00:32:41,760 --> 00:32:45,560 Speaker 1: one percent at about sixteen thousand, one hundred dollars. That's 598 00:32:45,560 --> 00:32:48,240 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore 599 00:32:48,280 --> 00:32:50,840 Speaker 1: on let's going on around the world, Muncao, thank you 600 00:32:50,960 --> 00:32:53,360 Speaker 1: very much. Daren Police is searching for a motive after 601 00:32:53,400 --> 00:32:55,640 Speaker 1: its twenty two year old man opened fire and a 602 00:32:55,640 --> 00:32:59,480 Speaker 1: gay nightclub in Colorado Springs over the weekend. Five people 603 00:32:59,520 --> 00:33:02,240 Speaker 1: were killed old and twenty five people were injured in 604 00:33:02,240 --> 00:33:06,080 Speaker 1: the shooting. Local officials say the heroic actions of a 605 00:33:06,120 --> 00:33:10,280 Speaker 1: few patrons who subdued the gunmen saved lives. Ukraine's President 606 00:33:10,360 --> 00:33:13,960 Speaker 1: vladimir's Lensky says engineers are working around the clock to 607 00:33:14,040 --> 00:33:18,240 Speaker 1: bring energy facilities back online after heavy damage the country's 608 00:33:18,360 --> 00:33:22,920 Speaker 1: energy infrastructures suffered. In the NFL, the Giants lost, Patriots 609 00:33:22,960 --> 00:33:26,000 Speaker 1: beat the Jets ten three on the last second punt return. 610 00:33:26,480 --> 00:33:29,880 Speaker 1: The Ravens and Commanders were also winners. In the NBA, 611 00:33:30,080 --> 00:33:33,200 Speaker 1: Kyrie Irving returned to the nets as they beat the Grizzlies. 612 00:33:34,640 --> 00:33:37,720 Speaker 1: The Knicks lost, the Wizards and Warriors won. In soccer, 613 00:33:37,960 --> 00:33:40,880 Speaker 1: the US plays Whales in the World Cup. Today. Global 614 00:33:40,880 --> 00:33:43,200 Speaker 1: News twenty four hours a day on air and on 615 00:33:43,280 --> 00:33:46,560 Speaker 1: Bloomberg Quick Tank, powered by more than twenty seven under 616 00:33:46,640 --> 00:33:49,680 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 617 00:33:49,720 --> 00:33:53,000 Speaker 1: Barr and this is Bloomberg. Nathan Okay, Michael. Thanks, It's 618 00:33:53,040 --> 00:33:55,600 Speaker 1: five forty nine on Wall Street Live from the Bloomberg 619 00:33:55,640 --> 00:33:59,200 Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak. We want to 620 00:33:59,240 --> 00:34:02,160 Speaker 1: get more now on the big corporate story that broke overnight, 621 00:34:02,200 --> 00:34:05,840 Speaker 1: the change of leadership coming to Walt Disney. Bob Iger 622 00:34:05,960 --> 00:34:09,880 Speaker 1: is returning as CEL, ending a rocky tenure for Igor's 623 00:34:09,960 --> 00:34:13,480 Speaker 1: handpicked successor, Bob Speck. Let's bring in Bloomberg Quick Take 624 00:34:13,520 --> 00:34:17,960 Speaker 1: correspondent Alex Webb for more on this developing news. And 625 00:34:18,040 --> 00:34:23,000 Speaker 1: I guess, Alex, there's a little bigger sign that a 626 00:34:23,160 --> 00:34:26,040 Speaker 1: corporate boards lost confidence in his c in its CEO 627 00:34:26,160 --> 00:34:29,520 Speaker 1: than to bring the old guy back, for sure, and 628 00:34:30,400 --> 00:34:33,240 Speaker 1: he is. Recently, as this summer, Bob Speck was being 629 00:34:33,280 --> 00:34:37,120 Speaker 1: awarded a new multi year contract. So things have clearly 630 00:34:37,280 --> 00:34:40,480 Speaker 1: not been going brilliantly. It's been an interesting development over 631 00:34:40,520 --> 00:34:43,640 Speaker 1: the past two years because we go back to pre pandemic, 632 00:34:44,000 --> 00:34:47,160 Speaker 1: Disney was trading a significant discount to Netflix. Netflix was 633 00:34:47,160 --> 00:34:50,239 Speaker 1: trading around fifty times forward earnings. Disney was in the 634 00:34:50,280 --> 00:34:53,359 Speaker 1: region of twenty five times forard earnings. Activist investor came 635 00:34:53,360 --> 00:34:55,000 Speaker 1: in said, you guys need to be more like Netflix 636 00:34:55,040 --> 00:34:59,520 Speaker 1: scraptive and then invest money and invested capital in content 637 00:34:59,560 --> 00:35:02,239 Speaker 1: for your stream service. Disney plus Disney did this and 638 00:35:02,360 --> 00:35:06,280 Speaker 1: needs to say that of the valuation improved significantly, actually 639 00:35:06,320 --> 00:35:09,040 Speaker 1: overtook Netflix as a multiple AF forward learning because it 640 00:35:09,040 --> 00:35:11,080 Speaker 1: start to be valued as a growth stock. Now we've 641 00:35:11,120 --> 00:35:13,920 Speaker 1: seen over the past few months growth stocks is interest 642 00:35:13,960 --> 00:35:16,800 Speaker 1: rates to increase have been punished. So now the question 643 00:35:16,880 --> 00:35:20,840 Speaker 1: is does Disney pivot again? It has reintroduced the dividend already, 644 00:35:20,960 --> 00:35:23,479 Speaker 1: does it need to start the working capsule away from 645 00:35:23,640 --> 00:35:26,759 Speaker 1: investing in new content and returning more money to shareholders 646 00:35:26,800 --> 00:35:28,960 Speaker 1: in these new market conditions? Well, I mean, how much 647 00:35:29,000 --> 00:35:31,680 Speaker 1: of a pivot can we expect from someone like Barbiger, who, 648 00:35:31,719 --> 00:35:34,760 Speaker 1: as you know throughout his tangure, was the content guy. 649 00:35:34,880 --> 00:35:37,759 Speaker 1: I mean, he was behind all the major acquisitions that 650 00:35:38,080 --> 00:35:40,600 Speaker 1: Disney has done over the last several years, right, But 651 00:35:40,640 --> 00:35:44,319 Speaker 1: there was very clear sort of reason for those acquisitions, 652 00:35:44,400 --> 00:35:47,040 Speaker 1: namely franchises. And the thing is with the franchise is 653 00:35:47,080 --> 00:35:51,279 Speaker 1: that you hope that there are more predictable returns. You 654 00:35:51,320 --> 00:35:53,680 Speaker 1: know what the audience is like for Star Wars movie. 655 00:35:53,680 --> 00:35:56,280 Speaker 1: You know what the audience is like for a Marvel movie. 656 00:35:56,320 --> 00:36:00,200 Speaker 1: So therefore you are banking on recurring revenue in the 657 00:36:00,280 --> 00:36:04,560 Speaker 1: medium to long term from those franchises. Now, the thing 658 00:36:04,640 --> 00:36:08,480 Speaker 1: is with Disney Plus is that, yes, there is recurring revenue, 659 00:36:08,520 --> 00:36:12,239 Speaker 1: but audience can churn out quite quickly, and so you know, 660 00:36:12,239 --> 00:36:14,040 Speaker 1: if they see they don't have enough content they like, 661 00:36:14,560 --> 00:36:18,200 Speaker 1: they can go, actually, we're just going to scrap our subscription. So, um, 662 00:36:18,239 --> 00:36:22,000 Speaker 1: there's a slightly different calculation from the franchise model pioneered 663 00:36:22,080 --> 00:36:26,719 Speaker 1: or certainly pursued by by IG. Is there any particular 664 00:36:26,880 --> 00:36:30,000 Speaker 1: straw to point out that broke the back of the 665 00:36:30,080 --> 00:36:33,319 Speaker 1: board when it when it came to vib schapeg. It's 666 00:36:33,320 --> 00:36:36,000 Speaker 1: hard to tell. There's a lot of speculation out there, 667 00:36:36,040 --> 00:36:38,560 Speaker 1: perhaps to do with some of the internal politics stuff, 668 00:36:38,600 --> 00:36:41,359 Speaker 1: the fact that you know, they have huge businesses in 669 00:36:41,400 --> 00:36:45,440 Speaker 1: Florida with theme parks. There was it was not immediately 670 00:36:45,440 --> 00:36:49,080 Speaker 1: clear that as Rhonda scantists, you know, introduced rules that seemed, 671 00:36:49,320 --> 00:36:53,160 Speaker 1: for example, detrimental to the LGBTQ plus community that um 672 00:36:53,880 --> 00:36:56,600 Speaker 1: that Schapeg was not as outspoken against that as has 673 00:36:56,600 --> 00:36:59,120 Speaker 1: as would be for instance, Bob Iger. That's something that 674 00:36:59,200 --> 00:37:01,200 Speaker 1: didn't go down to really well with the rank and file. 675 00:37:01,520 --> 00:37:03,560 Speaker 1: So you could imagine the board might sit there and go, well, 676 00:37:03,560 --> 00:37:05,840 Speaker 1: if they've lost the investor, if he's lost the investor community, 677 00:37:05,960 --> 00:37:08,560 Speaker 1: and he's lost the employees, you know, maybe we need 678 00:37:08,600 --> 00:37:11,120 Speaker 1: to make a change, one assumes. And this is all 679 00:37:11,160 --> 00:37:14,080 Speaker 1: just you know, speculation at this stage that these were 680 00:37:14,080 --> 00:37:16,279 Speaker 1: the factors that that might have contributed to it. And 681 00:37:16,360 --> 00:37:20,680 Speaker 1: about our last minute here, Alex, how much hurdle could 682 00:37:21,040 --> 00:37:24,719 Speaker 1: activist investors pose for bob Iger. There's a report in 683 00:37:24,760 --> 00:37:27,320 Speaker 1: the Wall Street Journal this morning that Nelson Telts opposed 684 00:37:27,400 --> 00:37:31,319 Speaker 1: him coming back a CEO. Look, Bob Iger is someone 685 00:37:31,400 --> 00:37:34,000 Speaker 1: who has got a track record of getting investors on site. 686 00:37:34,040 --> 00:37:36,120 Speaker 1: You know, there were big doubts about those deals he 687 00:37:36,200 --> 00:37:38,640 Speaker 1: made over the years, and yet they managed to pay off. 688 00:37:39,960 --> 00:37:41,840 Speaker 1: You know, that's clearly going to be a challenge dealing 689 00:37:41,880 --> 00:37:44,480 Speaker 1: with that invested community. But he has the experience of 690 00:37:44,520 --> 00:37:46,600 Speaker 1: having done before. And that's the gamble right now that 691 00:37:46,640 --> 00:37:49,239 Speaker 1: the board is making and uh bob Iger is going 692 00:37:49,280 --> 00:37:51,000 Speaker 1: to be there for two years. Is it gonna be 693 00:37:51,040 --> 00:37:53,719 Speaker 1: like a caretakers situation, or could he make some real 694 00:37:53,800 --> 00:37:57,879 Speaker 1: changes just quickly. I mean, presumably he's going to try 695 00:37:57,920 --> 00:38:00,760 Speaker 1: to write the ship if Disney thinks that it's problematic. 696 00:38:00,800 --> 00:38:02,359 Speaker 1: But it's hard to imagine that he's going to be 697 00:38:02,360 --> 00:38:05,880 Speaker 1: making big long term decisions, um, given that it is 698 00:38:05,920 --> 00:38:09,080 Speaker 1: a relatively short period. All right, as always, Alex, good 699 00:38:09,120 --> 00:38:11,000 Speaker 1: to get you on with us. Have Bloomberg Quick Take 700 00:38:11,040 --> 00:38:14,160 Speaker 1: correspondent Alex Webb with us this morning. As we watch 701 00:38:14,280 --> 00:38:16,719 Speaker 1: Disney shares in the pre market. Investors seem to like 702 00:38:16,800 --> 00:38:20,800 Speaker 1: Bob Iger's return. Karen, They're up nearly eight percent. During Nathan, 703 00:38:20,840 --> 00:38:23,000 Speaker 1: it is five fifty three on Wall Street. It's time 704 00:38:23,000 --> 00:38:25,279 Speaker 1: now for the Bloomberg's Law report. Let's get to the 705 00:38:25,320 --> 00:38:28,840 Speaker 1: legal stories we're watching this morning. From Bloomberg's Joan Donnager 706 00:38:31,680 --> 00:38:34,560 Speaker 1: T mobile, We'll have to abolish its nationwide program to 707 00:38:34,600 --> 00:38:37,440 Speaker 1: collect complaints about work from its customer service reps. The 708 00:38:37,520 --> 00:38:40,720 Speaker 1: National Labor Relations Board ruled the T boys program qualifies 709 00:38:40,760 --> 00:38:44,000 Speaker 1: as a labor organization. Peloton Lulu Levin, which owns the 710 00:38:44,000 --> 00:38:46,960 Speaker 1: Mirror fitness device, and Nordic tract maker i Fit, persuaded 711 00:38:47,040 --> 00:38:49,880 Speaker 1: the US International Trade Commission to review part of a 712 00:38:49,960 --> 00:38:52,920 Speaker 1: judge's findings in a patent dispute with Dish Network and 713 00:38:52,960 --> 00:38:55,919 Speaker 1: a class action suit claims Old Dominion Freight Line cost 714 00:38:55,960 --> 00:38:59,280 Speaker 1: its workers three million dollars in retirement savings by filling 715 00:38:59,280 --> 00:39:03,000 Speaker 1: their four oh one hate plant with expensive investments. Bloomberg 716 00:39:03,080 --> 00:39:07,280 Speaker 1: Law everything you need on one legal research platform, guidance 717 00:39:07,400 --> 00:39:10,960 Speaker 1: of memlitis and Bloomberg Market Intelligence. Find out more at 718 00:39:10,960 --> 00:39:14,920 Speaker 1: Bloomberg Law dot com. A right joan, Thank you now. 719 00:39:14,960 --> 00:39:19,400 Speaker 1: Another legal story we're watching. The epic unraveling of cryptocurrency 720 00:39:19,480 --> 00:39:23,000 Speaker 1: exchange f t X has put it in what's called 721 00:39:23,080 --> 00:39:27,640 Speaker 1: a free fall bankruptcy. That bankruptcy has so far revealed 722 00:39:27,680 --> 00:39:31,480 Speaker 1: a chaotically run web of intertwined companies, a billion dollars 723 00:39:31,480 --> 00:39:34,840 Speaker 1: and liabilities that could not pay, the apparent misuse of 724 00:39:34,880 --> 00:39:38,800 Speaker 1: customer funds, billion dollar loans to its founder Sam Bankman 725 00:39:38,920 --> 00:39:41,960 Speaker 1: Freed and his top executives, and hundreds of millions of 726 00:39:41,960 --> 00:39:46,080 Speaker 1: dollars of unauthorized transfers on the data company foul for bankruptcy. 727 00:39:46,160 --> 00:39:49,920 Speaker 1: For more, Bloomberg'sjune Grosso speaks to bankruptcy attorney Jonathan Sheenson, 728 00:39:50,000 --> 00:39:53,520 Speaker 1: a partner at Greenberg Glusker. John Ray, who was appointed 729 00:39:53,520 --> 00:39:57,160 Speaker 1: to oversee f t X as its CEO during the 730 00:39:57,200 --> 00:40:02,600 Speaker 1: bankruptcy proceedings, has worked on major bankruptcy cases, including and Ron. 731 00:40:02,640 --> 00:40:05,560 Speaker 1: And he said, never in my career have I seen 732 00:40:05,640 --> 00:40:09,239 Speaker 1: such a complete failure of corporate controls and such a 733 00:40:09,320 --> 00:40:13,800 Speaker 1: complete absence of trustworthy financial information as occurred here. What 734 00:40:14,000 --> 00:40:18,520 Speaker 1: does that tell you? It sounds unbelievably dire for the 735 00:40:19,120 --> 00:40:23,160 Speaker 1: many customers and users out there. None of the financial 736 00:40:23,200 --> 00:40:27,840 Speaker 1: information is reliable. It's not even clear which of the 737 00:40:28,040 --> 00:40:32,640 Speaker 1: hundred plus entities are responsible for what and who owns 738 00:40:33,000 --> 00:40:35,799 Speaker 1: what assets, if any. And you know the fact that 739 00:40:35,920 --> 00:40:39,160 Speaker 1: John Ray was involved with then Ron, and he's making 740 00:40:39,200 --> 00:40:43,160 Speaker 1: this type of statement, it's pre alarming, pre alarming. Ray 741 00:40:43,280 --> 00:40:48,319 Speaker 1: said that a disparate group of supervisors approved disbursements by 742 00:40:48,360 --> 00:40:53,839 Speaker 1: responding with personalized emojis, and that corporate funds were used 743 00:40:53,880 --> 00:40:59,200 Speaker 1: to purchase homes and items for advisers and employees. Is 744 00:40:59,239 --> 00:41:02,880 Speaker 1: that MSN aagement or is that something beyond mismanagement? Is 745 00:41:02,880 --> 00:41:07,920 Speaker 1: that fraud? Oh, it's management. It is a clear breach 746 00:41:08,320 --> 00:41:13,520 Speaker 1: of their fiduciary obligations and duties to the company. And 747 00:41:13,800 --> 00:41:17,800 Speaker 1: it's hard to say it was unknowing despite the inexperience 748 00:41:17,880 --> 00:41:21,759 Speaker 1: of these individuals. I mean, they were heading up a 749 00:41:21,840 --> 00:41:27,319 Speaker 1: multibillion dollar enterprise and certainly had the wherewithal to have 750 00:41:27,520 --> 00:41:31,120 Speaker 1: proper advisors in place. I assume they did. And this 751 00:41:31,160 --> 00:41:34,640 Speaker 1: seems to me to be blatant fraud and misconduct and 752 00:41:34,640 --> 00:41:38,719 Speaker 1: it's actionable. And how likely is it that customers will 753 00:41:38,760 --> 00:41:41,719 Speaker 1: get any of their money back? I think there is 754 00:41:41,800 --> 00:41:45,600 Speaker 1: hope that customers will get some money back. It will 755 00:41:45,719 --> 00:41:49,640 Speaker 1: be not for quite some time, and customers will be 756 00:41:50,120 --> 00:41:53,280 Speaker 1: likely to get pennies on the dollar, and maybe pennies 757 00:41:53,360 --> 00:41:57,720 Speaker 1: is a little too leak, but customers will not get 758 00:41:57,920 --> 00:42:02,040 Speaker 1: most of their deposits and assets back from this exchange. 759 00:42:02,440 --> 00:42:05,920 Speaker 1: And the question really is how successful Mr Ray and 760 00:42:05,960 --> 00:42:09,680 Speaker 1: the other newly appointed directors are in terms of bringing 761 00:42:09,840 --> 00:42:14,360 Speaker 1: value and aspect transfers back into the bankruptcy estate to 762 00:42:15,040 --> 00:42:21,480 Speaker 1: enhance recoveries with customers and creditors. And that's Jonathan Sheenson, 763 00:42:21,600 --> 00:42:25,360 Speaker 1: a partner at Greenberg lu Skir, speaking with Bloomberg jun Grosso. 764 00:42:25,480 --> 00:42:28,320 Speaker 1: Catch more of that interview, plus analysis of the latest 765 00:42:28,440 --> 00:42:31,920 Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or 766 00:42:32,000 --> 00:42:35,920 Speaker 1: downloading the show at Bloomberg dot com slash Podcast. Attorneys 767 00:42:35,960 --> 00:42:38,920 Speaker 1: can find exceptional legal research and business development tools at 768 00:42:38,960 --> 00:42:42,319 Speaker 1: Bloomberg law dot com and on the Bloomberg terminal at 769 00:42:42,440 --> 00:42:46,760 Speaker 1: b law Go, and our top stories are straight ahead, 770 00:42:46,960 --> 00:42:48,239 Speaker 1: This is Bloomberg