1 00:00:03,279 --> 00:00:06,920 Speaker 1: Globoo Business News twenty four hours a day's Bloomberg dot 2 00:00:06,920 --> 00:00:09,760 Speaker 1: Com the Radio plus Lobo lap and on your radio. 3 00:00:10,080 --> 00:00:14,040 Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Headquarters 4 00:00:14,120 --> 00:00:17,240 Speaker 1: on Katherine Colderie. Economic concerns weighed on the stock market 5 00:00:17,280 --> 00:00:20,279 Speaker 1: again today, dragging the SMP five hundred lower for the 6 00:00:20,320 --> 00:00:23,279 Speaker 1: fourth session in five It was a benchmark's biggest back 7 00:00:23,280 --> 00:00:26,120 Speaker 1: to back drop in almost three months. Bank shares were 8 00:00:26,120 --> 00:00:28,360 Speaker 1: among the biggest losers for a second day, along with 9 00:00:28,480 --> 00:00:31,560 Speaker 1: energy and raw material producers. We check the markets every 10 00:00:31,600 --> 00:00:34,120 Speaker 1: fifteen minutes to down. Industrial l average fell one hundred 11 00:00:34,120 --> 00:00:36,520 Speaker 1: points to day six tents of a percent. It closed 12 00:00:36,560 --> 00:00:40,080 Speaker 1: at seventeen thousand, six hundred fifty one. SMP five hundred 13 00:00:40,080 --> 00:00:42,280 Speaker 1: down twelve point six tents of a percent to close 14 00:00:42,320 --> 00:00:44,840 Speaker 1: at two thousand fifty one. Then as to Act down 15 00:00:44,880 --> 00:00:47,400 Speaker 1: thirty seven points eight tens of a percent, closing at 16 00:00:47,440 --> 00:00:50,960 Speaker 1: forty seven twenty five. West Texas Intermedia crude oil up 17 00:00:50,960 --> 00:00:53,479 Speaker 1: twenty two cents a barrel to forty three eighty seven. 18 00:00:53,800 --> 00:00:56,440 Speaker 1: Spout goal down ten dollar thirty cents ounce at twelve 19 00:00:56,480 --> 00:00:59,520 Speaker 1: eighty one. Fifty ten year treasury up seven thirty seconds 20 00:00:59,520 --> 00:01:02,200 Speaker 1: with the yield of one point seven seven and that's 21 00:01:02,200 --> 00:01:05,320 Speaker 1: a Bloomberg business flash, Thank you very much, Katherine Cowdery. 22 00:01:05,400 --> 00:01:07,839 Speaker 1: Just a recap of some of the earnings are being 23 00:01:07,880 --> 00:01:11,280 Speaker 1: released after the close of trading today, craft Heins are 24 00:01:11,280 --> 00:01:14,880 Speaker 1: reporting quarterly results seventy three cents a share versus analysts 25 00:01:14,959 --> 00:01:18,400 Speaker 1: estimates of sixty one cents to share. The shares of 26 00:01:18,560 --> 00:01:21,839 Speaker 1: craft Heins moved higher by a six percent and after 27 00:01:21,959 --> 00:01:24,960 Speaker 1: hours of trading. Also taking a look at the shares 28 00:01:25,000 --> 00:01:27,920 Speaker 1: of Tesla, they reported a loss of fifty seven cents 29 00:01:27,959 --> 00:01:30,399 Speaker 1: to share, but analyst estimates was for a loss of 30 00:01:30,440 --> 00:01:33,080 Speaker 1: more sixty cents to share. The shares of Tesla are 31 00:01:33,080 --> 00:01:37,160 Speaker 1: climbing five percent. Also, twenty first century Fox reported results 32 00:01:37,440 --> 00:01:39,440 Speaker 1: and he said that they earned forty seven cents a 33 00:01:39,560 --> 00:01:42,560 Speaker 1: share that matched analysts estimates, but the company also said 34 00:01:42,560 --> 00:01:45,880 Speaker 1: that revenue was higher than previously estimated. It was up 35 00:01:45,920 --> 00:01:50,360 Speaker 1: more than a billion billion dollars UH seven point to 36 00:01:50,560 --> 00:01:53,720 Speaker 1: three billion versus seven point one nine a billion. The 37 00:01:53,880 --> 00:01:56,480 Speaker 1: shares are moving higher by six percent. And finally, fit 38 00:01:56,560 --> 00:02:00,919 Speaker 1: Bit Company reports EPs earners for share of ten cents 39 00:02:01,360 --> 00:02:03,920 Speaker 1: versus analyst estimates of three cents. You think the shares 40 00:02:03,960 --> 00:02:06,760 Speaker 1: would be moving higher, but the company issued week guidance 41 00:02:06,760 --> 00:02:08,560 Speaker 1: for the second quarter, and the shares a fit Bit 42 00:02:08,760 --> 00:02:11,800 Speaker 1: are down ten percent. And Fox, thank you for that 43 00:02:11,919 --> 00:02:14,640 Speaker 1: masterful wrap of all these earnings coming in fast and 44 00:02:14,639 --> 00:02:17,920 Speaker 1: furious after the bell. I wonder if someday our next 45 00:02:18,000 --> 00:02:20,520 Speaker 1: guest will be listening to some report earnings for his 46 00:02:20,720 --> 00:02:24,600 Speaker 1: company we shall see. Dennis J. Joins us now. He's 47 00:02:24,639 --> 00:02:27,520 Speaker 1: a CEO and founder of a new, brand new baby 48 00:02:27,520 --> 00:02:32,320 Speaker 1: company called ballot Craft. They have a fantasy politics game. 49 00:02:32,360 --> 00:02:37,040 Speaker 1: That's what ballot Craft is. Think of fantasy football, fantasy baseball. Well, 50 00:02:37,040 --> 00:02:39,639 Speaker 1: Dennis and his co founder have dived right in to 51 00:02:39,760 --> 00:02:42,400 Speaker 1: do that. They are both Stanford grads, and of course 52 00:02:42,800 --> 00:02:45,480 Speaker 1: I'm here at the Hoover Institute at Stanford University for 53 00:02:45,560 --> 00:02:48,959 Speaker 1: John Taylor's Monetary policy conference tomorrow, which Dennis would know 54 00:02:49,000 --> 00:02:51,720 Speaker 1: a lot about. He has a BA in Economics UH 55 00:02:51,880 --> 00:02:55,280 Speaker 1: from Stanford University and MBA from M I. T. Sloan 56 00:02:55,400 --> 00:02:58,640 Speaker 1: and he joins us now. Dennis, welcome, Thank you. So 57 00:02:59,520 --> 00:03:02,880 Speaker 1: let's about ballot Craft. What is it? How do I 58 00:03:02,960 --> 00:03:06,320 Speaker 1: play this game? Sure? So, if you're familiar with fantasy 59 00:03:06,320 --> 00:03:09,360 Speaker 1: football or games like that, basically, we've we've taken that 60 00:03:09,440 --> 00:03:12,560 Speaker 1: model and adapted for politics. UM. So what you can 61 00:03:12,600 --> 00:03:15,080 Speaker 1: do is go into our site ballotcraft dot com and 62 00:03:15,120 --> 00:03:17,840 Speaker 1: sign up and you can um. We have all these 63 00:03:18,000 --> 00:03:20,160 Speaker 1: games going on for different contests that are coming up. 64 00:03:20,160 --> 00:03:23,359 Speaker 1: So you could go Kentucky for instances voting soon, Oregan 65 00:03:23,440 --> 00:03:27,320 Speaker 1: is voting soon, UM. And you can buy shares in 66 00:03:27,360 --> 00:03:29,520 Speaker 1: different candidates. So you may think Bernie will win an 67 00:03:29,560 --> 00:03:31,519 Speaker 1: Oregan or you think Hillary is gonna win Oregon. You 68 00:03:31,520 --> 00:03:34,040 Speaker 1: can buy shares UM and there's certain price that that 69 00:03:34,080 --> 00:03:37,240 Speaker 1: they sell at UM and that's roughly a prediction of 70 00:03:37,320 --> 00:03:39,840 Speaker 1: kind of who's gonna win. So maybe um, Hillary is 71 00:03:39,880 --> 00:03:42,560 Speaker 1: trading at in one state and you may think that's 72 00:03:42,560 --> 00:03:45,280 Speaker 1: too high or too low UM, and so you you 73 00:03:45,800 --> 00:03:47,400 Speaker 1: if you think it's too low, you buy shares in her, 74 00:03:47,600 --> 00:03:49,560 Speaker 1: and you know, if if that turns out to be correct, 75 00:03:50,000 --> 00:03:52,080 Speaker 1: then you win points on our game. So it's so 76 00:03:52,080 --> 00:03:55,920 Speaker 1: it's all play money UM. But we have leaderboards, etcetera. 77 00:03:56,000 --> 00:03:57,360 Speaker 1: For you know, so you can see who the best 78 00:03:57,360 --> 00:04:00,440 Speaker 1: players are and over time and so so yeah, so 79 00:04:00,440 --> 00:04:02,920 Speaker 1: that's that's that's basic concept. And we have games going 80 00:04:02,960 --> 00:04:04,920 Speaker 1: for you know, all the primaries and also for other 81 00:04:04,960 --> 00:04:07,800 Speaker 1: questions as well that are interesting too kind of our users. So, 82 00:04:07,840 --> 00:04:10,120 Speaker 1: for instance, is the UK going to vote to leave 83 00:04:10,120 --> 00:04:12,680 Speaker 1: the EU this summer? Is Mark Garland going to be 84 00:04:12,720 --> 00:04:15,720 Speaker 1: confirmed for the Supreme Court by the end of Obama's term, 85 00:04:15,720 --> 00:04:17,839 Speaker 1: things like that, and so that that's that's the basic 86 00:04:17,880 --> 00:04:20,320 Speaker 1: gist of the game. Do you earn money as a 87 00:04:20,320 --> 00:04:27,240 Speaker 1: participant if you win? No, you don't, So so it's 88 00:04:27,240 --> 00:04:29,279 Speaker 1: all for for right now for play money and so 89 00:04:29,279 --> 00:04:31,680 Speaker 1: so it's basically for bragging rights. Uh. And you can 90 00:04:31,680 --> 00:04:34,440 Speaker 1: play with your friends, uh, set up leagues, private leagues, 91 00:04:34,720 --> 00:04:38,200 Speaker 1: in the same way that you do it with fantasy football. Um, 92 00:04:38,240 --> 00:04:41,480 Speaker 1: so do you make money? So so for us as 93 00:04:41,480 --> 00:04:44,880 Speaker 1: a company, UM, what we're building is basically this this 94 00:04:45,040 --> 00:04:47,920 Speaker 1: uh kind of the site for people who really like politics. 95 00:04:48,080 --> 00:04:50,039 Speaker 1: And one thing that that that we've seen in the 96 00:04:50,040 --> 00:04:53,919 Speaker 1: market is, um that political advertising is moving online in 97 00:04:53,960 --> 00:04:56,320 Speaker 1: a really big way, uh in this cycle and cycle 98 00:04:56,400 --> 00:04:59,920 Speaker 1: to come. So two years ago digital political advertising was 99 00:05:00,040 --> 00:05:01,640 Speaker 1: les than a hundred million dollars and this year will 100 00:05:01,640 --> 00:05:04,880 Speaker 1: be over a billion dollars. And so we are kind of, um, 101 00:05:05,120 --> 00:05:08,880 Speaker 1: we're building We're building a site that kind of takes 102 00:05:08,880 --> 00:05:12,400 Speaker 1: advantage of that going forward. Well, you know, I was 103 00:05:12,560 --> 00:05:15,960 Speaker 1: at co Holt, the coffee house in trust your Union. 104 00:05:16,839 --> 00:05:19,760 Speaker 1: Uh here at Trusted Maril Unions should say here at 105 00:05:19,800 --> 00:05:23,000 Speaker 1: Stanford yesterday afternoon evening. I was working on some questions 106 00:05:23,040 --> 00:05:24,760 Speaker 1: for a big interview that Pim and I have tomorrow. 107 00:05:24,760 --> 00:05:27,479 Speaker 1: We're being Robert Capelan's president of Dallas FED. He's going 108 00:05:27,520 --> 00:05:30,320 Speaker 1: to be here at John Taylor's conference. And it's just amazing. 109 00:05:30,320 --> 00:05:32,960 Speaker 1: I overheard a couple of conversations someone who has started 110 00:05:33,000 --> 00:05:34,440 Speaker 1: something and they were looking at some other start up 111 00:05:34,480 --> 00:05:35,880 Speaker 1: they were going to use. And then a guy's walking 112 00:05:35,880 --> 00:05:37,880 Speaker 1: by and say, oh, were you guys talking about? That's 113 00:05:37,880 --> 00:05:40,680 Speaker 1: what Stanford's like? Now? Boy? Oh boy? I mean, so, 114 00:05:40,960 --> 00:05:43,839 Speaker 1: how did you guys get go in this direction? Your 115 00:05:43,920 --> 00:05:46,760 Speaker 1: you study economics, you're interested in tax policy and education, 116 00:05:46,800 --> 00:05:49,360 Speaker 1: but you obviously want to make some money here. You're 117 00:05:49,400 --> 00:05:52,039 Speaker 1: in a very competitive place with a lot of opportunity. Though, 118 00:05:52,040 --> 00:05:54,320 Speaker 1: what gave you the idea this would work? Yeah? So, 119 00:05:54,440 --> 00:05:56,479 Speaker 1: I I mean I think it actually dates back to 120 00:05:56,480 --> 00:06:00,640 Speaker 1: my time at Stanford studying economics. Um so uh, you know, 121 00:06:00,839 --> 00:06:03,600 Speaker 1: economists are are really fascinated with with these things called 122 00:06:03,600 --> 00:06:05,600 Speaker 1: prediction markets, uh, and that that was true kind of 123 00:06:05,600 --> 00:06:07,479 Speaker 1: when I was here, and it's been this long standing 124 00:06:07,480 --> 00:06:10,520 Speaker 1: fascination and so um that that's that's kind of where 125 00:06:10,520 --> 00:06:13,080 Speaker 1: the genesis was. But also thinking about so so I 126 00:06:13,120 --> 00:06:15,920 Speaker 1: have a passion for politics as well, um and and 127 00:06:16,000 --> 00:06:18,520 Speaker 1: we were thinking about how can we combine kind of 128 00:06:19,880 --> 00:06:21,640 Speaker 1: so so, there's a big problem in the United States 129 00:06:21,640 --> 00:06:23,960 Speaker 1: with kind of voter persupasion, you know, like it's low, 130 00:06:24,240 --> 00:06:26,960 Speaker 1: and particularly among millennials um and there so there's there's 131 00:06:26,960 --> 00:06:28,800 Speaker 1: people who care about politics. Is something that we care 132 00:06:28,800 --> 00:06:31,080 Speaker 1: about deeply, and we were thinking, you know, how can 133 00:06:31,120 --> 00:06:34,440 Speaker 1: we create something that you know, will encourage people to 134 00:06:34,440 --> 00:06:38,240 Speaker 1: to be more interested in politics? Um And kind of 135 00:06:38,279 --> 00:06:41,560 Speaker 1: we thought about fans football, how how what what impact 136 00:06:41,600 --> 00:06:43,960 Speaker 1: that's had on football viewership? You know, it's it's made 137 00:06:43,960 --> 00:06:46,680 Speaker 1: a lot of people who weren't fans before into fans. 138 00:06:47,000 --> 00:06:49,560 Speaker 1: And so we thought, you know, what what if we 139 00:06:49,640 --> 00:06:52,360 Speaker 1: kind of use that model and combined with kind of 140 00:06:52,400 --> 00:06:55,120 Speaker 1: the prediction markets that I'm familiar with from a time here, 141 00:06:55,640 --> 00:06:58,600 Speaker 1: um and create something that that's similarly compelling. Uh. And 142 00:06:58,600 --> 00:07:00,600 Speaker 1: that's that's what we've done and and and that's the 143 00:07:00,720 --> 00:07:03,440 Speaker 1: kind of feedback that we've gotten from a lot of users. So, um, 144 00:07:03,600 --> 00:07:07,080 Speaker 1: we were very hardened by It's a user emailed us 145 00:07:07,600 --> 00:07:10,960 Speaker 1: who's a teacher social stide, teacher junior high and he 146 00:07:10,960 --> 00:07:13,280 Speaker 1: said he's using Ballotcraft with his students. You know, over 147 00:07:13,280 --> 00:07:16,240 Speaker 1: seventy students playing ballotcraft and it's his way of kind 148 00:07:16,240 --> 00:07:17,880 Speaker 1: of bringing to life the things that he's teaching in 149 00:07:17,880 --> 00:07:21,480 Speaker 1: the classroom and so so yeah, so we've been very encouraged. 150 00:07:21,520 --> 00:07:23,160 Speaker 1: But but I think so so they're kind of the 151 00:07:23,200 --> 00:07:26,400 Speaker 1: two parts of two our um mission, you know, both 152 00:07:26,640 --> 00:07:28,640 Speaker 1: you know, build this business and also to to build 153 00:07:28,680 --> 00:07:32,120 Speaker 1: boost voter engagement. Thank you very much. Dennis Jiang, he 154 00:07:32,240 --> 00:07:35,160 Speaker 1: is the chief executive and the founder of ballot Craft, 155 00:07:35,280 --> 00:07:40,200 Speaker 1: joining us from Stanford University. You're listening to Taking Stockheim 156 00:07:40,280 --> 00:07:43,200 Speaker 1: pim Fox My Coast Kathleen Hayes. This is Bloomberg Radio 157 00:07:45,760 --> 00:07:48,720 Speaker 1: coming up Bloomberg Laws. Brought you by Jaguar Manhattan. Visit 158 00:07:48,800 --> 00:07:51,880 Speaker 1: Jaguar Manhattan today, where New York goes for luxury. Conveniently 159 00:07:51,880 --> 00:07:54,080 Speaker 1: located the fifty four and eleventh Avenue. Went online at 160 00:07:54,120 --> 00:07:58,080 Speaker 1: Jaguar Manhattan dot com. Jaguar Manhattan is at your service.