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Speaker 1: Broadcasting live to New York, Bloomberg eleven Brio to Washington,

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Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,

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Speaker 1: Bloomberg nine to the country US at Damn General one

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Speaker 1: nine and around the globe the Bloomberg Radio Pluck DApp

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Speaker 1: and Bloomberg Dot Gone. This is taking stock. Coming up

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Speaker 1: on taking stock. Have you ever wanted to get into jeans?

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Speaker 1: Blue jeans and not necessarily get into a pair, but

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Speaker 1: actually invest in a company that makes them. We're gonna

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Speaker 1: tell you all about a new way for a company

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Speaker 1: to combine themselves with equity investors plus their customers. That's

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Speaker 1: all coming up on taking stock. But right now, let's

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Speaker 1: go to Katherine Cowntery in the Bloomberg news Room or

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Speaker 1: Bloomberg Business Flash. Thank you, Pamna and Bloomberg. Taking stock

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Speaker 1: has brought to you by Bentley University. What you tying

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Speaker 1: up the finances at Converse and managing asset allocations at

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Speaker 1: JP Morgan have in common a business degree from that

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Speaker 1: the university. Because business is everywhere, prepare here. The stock

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Speaker 1: market is narrowing earlier losses, but is still retreating from

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Speaker 1: all time highs. As a new report showed week retail

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Speaker 1: spending and producer prices. Retail sales stalled in July, defining

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Speaker 1: Wall Street forecast for a game. Bloomberg's being del Judais

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Speaker 1: has a details. The Commerce Department reports total retail sales

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Speaker 1: were unchanged last month. Demand for all those offset weakness

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Speaker 1: and other sectors excluding autos, Retail sales drop point three percent,

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Speaker 1: the mostions the start of the year. The data cast

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Speaker 1: another cloud on the timing of a federal reserve rate increase.

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Speaker 1: Inflation remains muted. The Labor Department reports the producer price

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Speaker 1: index file point four percent in July, the first loss

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Speaker 1: since March. At the Bloomberg First work desk on Vidtel Judais,

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Speaker 1: Bloomberg Radio then as Episoda defluctuate between gains and losses,

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Speaker 1: and video, Yahoo and Apple are all rallying. We check

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

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Speaker 1: Industrial laverage is down forty eight points a quarter percent,

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Speaker 1: trading at eighteen thousand, five hundred six D four. Smp

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Speaker 1: if I foundered down three points an eighth of a percent. Two.

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Speaker 1: The Nasdaq is up a fraction. It is trading at

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Speaker 1: fifty two twenty nine West Tysis intermediate crude oil at

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Speaker 1: ninety nine cents of barrel two point three percent to

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Speaker 1: forty four forty eight spockled down nine dollar thirty cents

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Speaker 1: announced to thirteen seventy ten year treasury up of fourteen

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Speaker 1: thirty seconds with the yield of one point five one.

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Speaker 1: Among today's top business stories, Ted Burdick is stepping down

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Speaker 1: as chief investment officer for George Sarrows five billion dollar

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Speaker 1: family office after less than a year in the row.

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Speaker 1: People familiar with the matters say Burdick will remain in

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Speaker 1: his current post until a replacement is found, and will

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Speaker 1: then return to running a credit portfolio at the firm.

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Speaker 1: And now let's get an update of some of the

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Speaker 1: other stories we're following today. Catherine, thank you from the

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Speaker 1: Bloomberg News room. I'm Mark Crumpton. This news update is

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Speaker 1: brought to you by Blue Jeans Enterprise Video Cloud. See faces, Emotions, Energy,

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Speaker 1: see the people your team's video from any device. Start

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Speaker 1: a free thirty A trial at blue jeans dot com

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Speaker 1: and click the radio Mike, Blue Jeans worked Smarter, Connect Better.

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Speaker 1: The zycovirus continues to spread in Miami of Florida, Governor

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Speaker 1: Rit Scott says the state is still a big tourist destination.

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Speaker 1: We're gonna announce record tours and members for the second

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Speaker 1: quarter of this afternoon, so um, you have to keep

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Speaker 1: that up. There's we have over one point two main

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Speaker 1: topside of tours. Meantime, Puerto Rico says there have been

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Speaker 1: more than nineteen hundred new cases over the past week

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Speaker 1: and more than ten thousand, six hundred to date. Donald

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Speaker 1: Trump's campaigns apparently pulling out of New Jersey. The Republican

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Speaker 1: nominee has reportedly closed his campaign headquarters in New Jersey,

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Speaker 1: home to Governor Chris Christie. Federal election filing show he

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Speaker 1: last paid rent there only about a week after the

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Speaker 1: office opened in May. Several staffers reportedly haven't been paid

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Speaker 1: since June. A New Jersey state senator who supports Trump

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Speaker 1: tells Politico it was the campaign's plan all along to

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Speaker 1: close after New Jersey's June seventh primary, but the office

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Speaker 1: opened after Trump's eventual nomine nation was a foregone conclusion.

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Speaker 1: Nathan Hagar, Bloomberg Radio Washington, New Jersey officials don't want

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Speaker 1: a new Port Authority bus terminal in New York twenties.

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Speaker 1: State and federal officials are pressing for the construction of

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Speaker 1: a new terminal near the current one on the West side,

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Speaker 1: but several officials in New York support a smaller terminal

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Speaker 1: away from midtown. Global News twenty four hours a day,

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Speaker 1: powered by more than twenty six hundred journalists and analysts

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Speaker 1: in more than one hundred twenty countries. I'm Mark Crumpton,

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Speaker 1: this is Bloomberg, Katherine, thank you, and now let's get

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Speaker 1: a quick check of the benchmarks. Down. Industrial laverages down

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Speaker 1: forty points at eighteen thousand, five hundred seventy three. Smp

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Speaker 1: FI foundered down two point eight three. The nazzak is

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Speaker 1: up one point, trading at fifty two twenty nine. And

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Speaker 1: that's a bloom for a business flash. Bloomberg taking stock,

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Speaker 1: Blue Lust Life choose unclaimed properties of valuable na. Check

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Speaker 1: out that you live in a right front out. Can

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Speaker 1: I be your financial adviser? It's good to be king.

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Speaker 1: I thought of your eyes and I've got out in bucket.

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Speaker 1: Remember how much I wanted a big backyard with Grecian

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Speaker 1: statute s shaped edges and three from cold Well. I

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Speaker 1: got that. Bloomberg taking Stock, The lux Life on Bloomberg

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Speaker 1: Radio The lux Life while taking a look at the

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Speaker 1: way in which investors can access luxury products. It's not

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Speaker 1: just online, but they can actually invest in the company's

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Speaker 1: online themselves. Here to tell us more about a denim startup.

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Speaker 1: It's called Distilled d S t l D and they're

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Speaker 1: looking to complete the rays in a series a funding round.

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Speaker 1: Here to tell us is Mark Lynn. He is the

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Speaker 1: chief executive of Distilled and Ryan Fight He is the

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Speaker 1: chief executive and the co founder of seed invest. Gentlemen,

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Speaker 1: thanks very much for being here, Mark Lyn, I just

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Speaker 1: want you to start off by explaining exactly what we're

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Speaker 1: talking about. It's not just an online retail site. It's

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Speaker 1: a way in which you're looking to fund your business. Yeah,

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Speaker 1: that's right, Pam so we UM we're a digital e

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Speaker 1: commerce companies, so we actually UM sell all of our

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Speaker 1: products online and uh, we've raised some money from traditional

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Speaker 1: venture capitalists in the past. UM, and when we looked

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Speaker 1: at the different ways that we could raise capital going forward,

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Speaker 1: we UM actually found Ryan found seed invest and realized

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Speaker 1: that there was recently a change in how UM you

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Speaker 1: could market investments to your customers and to the general public,

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Speaker 1: which is all part of the Jobs Act, which was

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Speaker 1: assigned into legislation several years back, but the rules UM

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Speaker 1: just became available the finalization of those SEC regulations allowing

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Speaker 1: individuals to invest in companies that have not necessarily gone

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Speaker 1: public but private companies. Ryan give us more detail on this,

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Speaker 1: because there are many different platforms for investing or supporting companies.

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Speaker 1: For example, Indie Go Go Kickstarter, but that's not really

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Speaker 1: an equity raising platform, is it. It's not. So the

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Speaker 1: big difference is that with platforms such as seed invests

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Speaker 1: that take advantage of the Jobs Act, instead of getting

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Speaker 1: a T shirt or hat or your name in the

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Speaker 1: credits of a movie like you would with Kickstarter, with

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Speaker 1: um an equity crowd funding platforms such as seed invest,

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Speaker 1: you're actually getting equity in the company. So as a

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Speaker 1: company like Distilled hopefully takes off, you're actually gonna be

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Speaker 1: along for the upside. So how does this actually work?

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Speaker 1: I mean, if I go on Distilled website, which is

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Speaker 1: just D S T l D dot com, I can

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Speaker 1: look at all the genes they offer for men and women,

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Speaker 1: and then I can also click on the button invest

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Speaker 1: and Distilled and that brings me to seed invest. Do

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Speaker 1: I just need to sign up and can I invest

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Speaker 1: as much as I want? Or what's what's what are

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Speaker 1: the options? Sure? So if you were to click on

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Speaker 1: that link and go to seed invest dot com slash

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Speaker 1: distilled um, you'd basically be able to review you a

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Speaker 1: bunch of information about Distilled as a company and about

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Speaker 1: the round of financing, the raising and do your own

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Speaker 1: due diligence and if you decide to make an investment.

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Speaker 1: Our platform strives to make investing in a company, a

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Speaker 1: private company like Distilled as easy as buying a share

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Speaker 1: of stock. UM. You can't necessarily just invest whatever you want.

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Speaker 1: They're actually limits on how much any individual can invest

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Speaker 1: based on their income or net worth. And you're looking

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Speaker 1: to raise what about three million dollars? How have you

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Speaker 1: done so far? Gentlemen? Uh, the success has been been

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Speaker 1: been great. We launched several weeks ago and we've raised

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Speaker 1: about seven dollars so far UM with more coming in

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Speaker 1: every day, So we're expecting to hit our goal very soon.

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Speaker 1: And what's gonna what are you gonna do with the money?

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Speaker 1: What are you what are your plans for the capital?

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Speaker 1: So you know it's it's diversified. About fifty percent will

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Speaker 1: go into marketing, will go into product, and will go

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Speaker 1: into hiring new people. I got to ask about the

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Speaker 1: genes business because we had on UM a couple of

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Speaker 1: Bloomberg reporters yesterday talking about the skinny genes trend actually

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Speaker 1: hurting sales of fashion products because you never have to

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Speaker 1: buy new genes. And I'm thinking, especially if you're getting

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Speaker 1: you know, twelve thirteen ounces raw Denham, this is not

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Speaker 1: going to wear out quickly, right, Um, do you see this?

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Speaker 1: There's kind of only one style in many different styles. Uh, yeah,

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Speaker 1: that's right. UM. I mean, and we just to clarify,

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Speaker 1: we started in Denham, but we're you know, the plan

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Speaker 1: is to kind of distill down the business of of

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Speaker 1: luxury essentials across the board, and we do that by

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Speaker 1: kind of disintermediating the value proposition and not selling to

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Speaker 1: a retail stores, which is what allows us to sell

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Speaker 1: these kind of superlative quality products at a at a

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Speaker 1: third the price that you see from traditional contemporary brands. UM.

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Speaker 1: But we've really focus on essentials, so we actually only

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Speaker 1: make things in in like black, white, gray, and denim,

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Speaker 1: and we do do a lot of skinny jeans. We

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Speaker 1: do do a lot of raw jeans. But the idea is,

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Speaker 1: you know, fashion is the second most wasteful and polluting

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Speaker 1: industry in the world, and so we actually don't think

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Speaker 1: it's necessarily a bad thing that people are focused on

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Speaker 1: just doing kind of the baseline essentials in their closet.

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Speaker 1: People need fewer, better things, not more. I guess that's

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Speaker 1: why you need some thirteen ounced raw denim jeans, because

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Speaker 1: you're gonna keep those in your closet until you decide

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Speaker 1: to throw them out. They will not wear through Mark Land,

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Speaker 1: the CEO of Distilled d S t l D visit

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Speaker 1: the website ds T t l D dot com. And

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Speaker 1: Ryan Fight, the CEO and co founder of seed invest.

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Speaker 1: You can go straight to their website as well, or

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Speaker 1: you can get to it through D S t l

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Speaker 1: D dot com. Talking about fashion on a day when

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Speaker 1: markets are coming off a little bit the all time

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Speaker 1: highs that they hit yesterday, we'll get back to investing.

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Speaker 1: This is Bloomberg coming upon taking stock. The Olympics are

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Speaker 1: not the only hot thing in Brazil. Brazilian stocks are

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Speaker 1: up more than thirty percent so far this year. Are

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Speaker 1: there stocks that you should buy or is the run

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Speaker 1: over we've got more,