Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Wednesday. A coming up this hour, shares
Speaker 1: of Netflix plunge after its first subscriber loss in a decade.
Speaker 1: The port city of Mariopol and Ukraine is in jeopardy.
Speaker 1: Will have the very latest and the Justice Department and
Speaker 1: may appeal the public Transit mass ruling if the Centers
Speaker 1: for Disease Control says so. A Connecticut state police trooper
Speaker 1: who fired seven gunshots into a car, killing a man
Speaker 1: has been arrested. Plus Shanghai continues to ease COVID rules.
Speaker 1: I'm Michael Barr. More ahead, I'm Don Stairs. Showered sports.
Speaker 1: The Mets of the best record in baseball. They swept
Speaker 1: the double letter from the Giants. They Yankees one of Detroit.
Speaker 1: The Rangers shut out Whinnipeg. That's all straight ahead on
Speaker 1: Bloomberg day Break on Bloomberg You live in three on
Speaker 1: New York Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one in Boston, Bloomberg nine, Francisco, Syrius XM one
Speaker 1: nineteen and around the world on Bloomberg Radio dot com
Speaker 1: and via the Bloomberg business Side and Good morning. I'm
Speaker 1: Karen Moscow. I'm Nathan Hager. Bloomberg day Break brought to
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Speaker 1: US futures are lower this morning five oh one on
Speaker 1: Wall Street, and we checked the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg SMP future is down
Speaker 1: about eleven points down, futures down forty three, nasdack futures
Speaker 1: down sixty ten year treasury up ten thirty seconds, The
Speaker 1: l two point nine percent, and the yield on the
Speaker 1: two year is at two point five six percent. Nathan, Karen,
Speaker 1: we begin this morning with the plunge in Netflix shares.
Speaker 1: They are down more than twenty five percent following the
Speaker 1: company's disappointing earnings report. Let's get the latest life from
Speaker 1: Bloomberg's Rnita Young. Good morning, Granita, Good morning Nathan. The
Speaker 1: streaming giant unexpectedly lost the scribers for the first time
Speaker 1: in a decade, and it sees another drop of two
Speaker 1: million users this quarter amid heavy competition, so in an
Speaker 1: effort to improve results, co CEO Read Hastings says Netflix
Speaker 1: will introduce a cheaper advertising supported option for subscribers in
Speaker 1: the next couple of years. I'm a bigger fan of
Speaker 1: consumer choice and allowing consumers who would like to have
Speaker 1: a lower price and are advertising tolerant um get what
Speaker 1: they want makes a lot of sense. Netflix co CEO
Speaker 1: Read Hastings says the company will also start to crack
Speaker 1: down on people sharing their passwords. Live in New York,
Speaker 1: I'm ren need a young Bloomberg day break, all right,
Speaker 1: grined to thank you. While we are seeing the Netflix
Speaker 1: results impact other streaming services. Shares A Disney are down
Speaker 1: more than four percent, while Roku is off by six percent,
Speaker 1: and one of their stock of note moving this morning
Speaker 1: is IBM. Shares her up one and a half percent
Speaker 1: after the company's sales topped analysts estimates and the earnings
Speaker 1: continue to roll in Karen. With sixteen companies in the
Speaker 1: SMP five reporting today, they include Tesla. We get a
Speaker 1: preview from Bloomberg's Tom busby one big focus for first
Speaker 1: quarter earnings at the world's biggest electric auto maker how
Speaker 1: much the COVID nineteen shutdown to the company's Shanghai plant
Speaker 1: have impacted production. There also of concerned the impact of
Speaker 1: the global computer chip shortage and the ongoing supply chain
Speaker 1: issues that have affected all automakers. But Bloomberg and Census
Speaker 1: calls for adjusted earnings of two dollars twenty seven cents
Speaker 1: of share and revenues of seventeen point nine two billion dollars.
Speaker 1: Tom Busby, Bloomberg Daybreak, All right, Tom, thank you. Atturning
Speaker 1: to the economy, US tenure yields are really yields briefly
Speaker 1: turned positive this morning for the first time since March. Meanwhile,
Speaker 1: Chicago FED President Charles Evans says interest rates will probably
Speaker 1: rise above the neutral level, but how much higher will
Speaker 1: hange on whether inflation cools has expected. Probably we are
Speaker 1: going beyond neutral. I mean that's my expectation. When I
Speaker 1: see that, taking out special factors, I'm still left with
Speaker 1: three to three and a half percent inflation. That's not
Speaker 1: we want. And Chicago Fed President Charles Evans made the
Speaker 1: comments yesterday at the Economic Club of New York. We
Speaker 1: may get a clear picture behind the Fed's thinking, Karen,
Speaker 1: when it's regional economic survey, known as the Beige Book,
Speaker 1: comes out this afternoon. Bloomberg's Michael McKee has a preview.
Speaker 1: Americans say they are discouraged by inflation, but are they
Speaker 1: pulling back on spending an investment. The Beige Book will
Speaker 1: offer FED officials anecdotal evidence on the impact of rising
Speaker 1: prices and the outlook for the next few months. Activity
Speaker 1: has been mixed, showing some cooling and goods demand that
Speaker 1: could ease price pressures, although there's been a greater appetite
Speaker 1: for services recently. First quarter growth is forecast to slow
Speaker 1: considerably from the fourth quarters sizzling six point nine per
Speaker 1: cent annual rate. It's not definitive by any means, but
Speaker 1: the Baige Book will offer some color and whether that's
Speaker 1: slow down is going to be temporary or longer lasting.
Speaker 1: Michael McKee, Bloomberg Daybreak. All right, Michael, thank you, and
Speaker 1: we now want to update you on the latest developments
Speaker 1: in the war. The poor city of Mario pol in
Speaker 1: Ukraine is on the brink. Ukrainian defenders say they are
Speaker 1: surround it and they are appealing to world leaders for help.
Speaker 1: Bloomberg's Amy Morris reports Ukrainian President Voladimir's Alinsky posted a
Speaker 1: video to social media saying that the Russian Army is
Speaker 1: righting itself into world history as the most barbaric and
Speaker 1: in humane army in the world, in part because they're
Speaker 1: blocking efforts to create humanitarian corridors, especially in Mariopol, where
Speaker 1: the commander of one Ukrainian brigade is pleading for help
Speaker 1: from other countries to evacuate civilians from the ports city.
Speaker 1: Russia has given the fighters until two pm in Moscow,
Speaker 1: that's seven am Eastern, to lay down their arms and surrender.
Speaker 1: In Washington, I'm any Morris Bloomberg Daybreak, Alright, Amy, Thanks.
Speaker 1: Turning to the pandemic, the Department of Justice says it
Speaker 1: is prepared to appeal the mask mandate ruling if necessary.
Speaker 1: Bloomberg said, Baxter has that story. The d o J
Speaker 1: says it will appeal if the CDC decides that the
Speaker 1: mandate should remain in place after May three, when the
Speaker 1: current one expires. Currently, the recommendations remain place but not mandated.
Speaker 1: Under the ruling. The White House is keeping its mandate
Speaker 1: in forest and spokeswoman Jen Psaki says the administration says
Speaker 1: it is a smart thing to do. We're continuing to
Speaker 1: encourage people to wear masks in public transit. They'll make
Speaker 1: that decision because it's obviously not being implemented at this
Speaker 1: moment time, but will continue to abide by CDC guidance
Speaker 1: for now. It is a personal decision. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg daybreak, all right, and thank you
Speaker 1: well on Wall Street to days of free lunch at
Speaker 1: Goldman sacks are over marking the end of a pandemic
Speaker 1: office perk, and we get a story from Bloomberg's Charlie Pellett.
Speaker 1: The investment bank says it will transition back to paid
Speaker 1: for meal service for breakfast and lunch on April twenty five.
Speaker 1: Goldman also says it will boost the stipend for meals
Speaker 1: out of hours to thirty dollars from twenty five dollars.
Speaker 1: Wall Street firms have been using free food as part
Speaker 1: of the push to bring employees back to their desks
Speaker 1: during a pandemic that has fueled the rise of hybrid
Speaker 1: schedules and remote work. Goldman has been one of the
Speaker 1: most aggressive financial firms in pushing for a return to
Speaker 1: the office. In New York, Charlie Pellette Bloomberg Day Break.
Speaker 1: Thanks Charlie joined us later today. We'll speak live with
Speaker 1: Bank of America CEO Brian moynihan at noon Wall Street
Speaker 1: Time on both Bloomberg Radio and Bloomberg Television. This is
Speaker 1: Bloomberg South five oh seven on Wall Street where forty
Speaker 1: two degrees in Central Parker dealing with an accident on
Speaker 1: the Van Wick northbound past College Point Boulevard. Details coming
Speaker 1: up in traffic. First Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The New Jersey Catholic Diocese of Camden
Speaker 1: has agreed to pay eighties seven point five million dollars
Speaker 1: to subtle claims involving clergy sex abuse, with about three
Speaker 1: hundred alleged victims. It's one of the largest cash settlements
Speaker 1: involving the Catholic Church in the US. Mark Crawford is
Speaker 1: with the State Chapter of the Survivors Network of Those
Speaker 1: Abused by priests. I'm glad it's come to fruition. Um.
Speaker 1: I hope and believe that it will lead to some
Speaker 1: small level of closure and hopefully some validation for the
Speaker 1: victims of qudge abuse within the Diocese of Camden, New Jersey.
Speaker 1: Mark Crawford with the Survivors Network says the subtlement carries
Speaker 1: a unique agreement, including turning over documents. Connecticut State Police
Speaker 1: say a trooper who fired seven gunshots into a car
Speaker 1: and killed a man in twenty twenty after a high
Speaker 1: speed chase has been arrested in connection with the shooting.
Speaker 1: Authorities say trooper Brian North turned himself into the State
Speaker 1: Inspector General last evening. North fatally shot Mubarick Solomine in
Speaker 1: January of as Solomine sat in the driver's seat of
Speaker 1: a car in West Haven where the chase ended and
Speaker 1: police boxed in the car. The State Police union says
Speaker 1: North risked his life and is defending his actions. It
Speaker 1: looks like New York City doorman won't go on strike
Speaker 1: after all. Yesterday, at tentative deal was reached to a
Speaker 1: vert of potential walkout one day ahead of the deadline.
Speaker 1: The agreement reached the union and the Realty Advisory Board.
Speaker 1: It averts what would have been the first strike of
Speaker 1: the residential building service workers in New York in thirty
Speaker 1: one years. New Jersey's governor has some thoughts as the
Speaker 1: state prepares to legalize recreational pot sales. Governor Phil Murphy
Speaker 1: won't be partaking in pot, but he does have a preference.
Speaker 1: It's never been an animating thing for me. If we
Speaker 1: were legalizing Scotch, I would show up with a shopping cart.
Speaker 1: Governor Murphy says. Recreational pots sales begin tomorrow. A Chinese
Speaker 1: health official says four million more people in Shanghai have
Speaker 1: been allowed to leave their homes as coronavirus quarantine rules ease.
Speaker 1: That brings to a total of almost twelve million people
Speaker 1: who have been allowed to leave their homes as China's
Speaker 1: largest city tries to contain the virus outbreaks. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quicktake Power by more than twenty seven hundred journalists and
Speaker 1: analysts more than a hundred twenty countries. U. Michael barn
Speaker 1: This is Bloomberg. Okay, Michael, thank you. Almost five ten
Speaker 1: on Wall Street. Time for the Bloomberg Sports Update. Good morning,
Speaker 1: John Stanhower, Good morning, Nathan Shure. It's early, but don't
Speaker 1: look now. The Mets at night and three of the
Speaker 1: best record the Major leagues. Doubleheader sway for the Giants
Speaker 1: at City Field. If began with a big comeback Mets
Speaker 1: trailed four to one, tie the game, and then won
Speaker 1: it in the tenth inning. On the door, Garcia's pitch
Speaker 1: swing a lock rot toarts center field. That's gonna get
Speaker 1: down that they sent it rolls toward the wall and
Speaker 1: right center stores that Francisco Indoor comes through, Mets winning
Speaker 1: ten five for the final CBS to call Francisco into
Speaker 1: a rough first season in New York, but off to
Speaker 1: a hot start this year. He had two more hits
Speaker 1: of the nightcap won by the Mets three to one
Speaker 1: thanks to Max scherz Or his first met home starting
Speaker 1: serves Are flirted with a no hit or lost it
Speaker 1: in the sixth inning, but gave up just the one
Speaker 1: hit struck at ten and seven in inh sers are
Speaker 1: already three and oh in Detroit. That Garrett cole struggles
Speaker 1: continue this supposed Yankee Ace had to be taken out
Speaker 1: in the second inning, got only five outs. He issued
Speaker 1: five walks, but Clark Schmidt followed Cole with three. The
Speaker 1: third scoreless relief six strikeouts and the Yankees beat the
Speaker 1: Tigers four to two, fifty win for the Rangers. Three
Speaker 1: nothing over Winnipeg at the Garden. Ryan Strom sport twice
Speaker 1: and Igor says Sirkin with thirty one saves. The Rangers
Speaker 1: have won their last three games by a combined eleven
Speaker 1: and nothing. First time the Rangers have had three straight
Speaker 1: shutouts since the Eddie Jackoman days inten seventy three NBA
Speaker 1: Playoff wins from Miami, Memphis and New Orleans Nets and
Speaker 1: Celtics Tonight Game two in Boston, Kyrie Irvine find fifty
Speaker 1: thousand dollars for his middle finger salutes to the Celtic fans.
Speaker 1: On Sunday, John Stashward, Bloomberg Sports, Nathan all Right, John,
Speaker 1: thanks SMP futures down ten point, Staff futures down thirty eight,
Speaker 1: NASTAC futures down sixty one points. Shares of Netflix down
Speaker 1: twenty six percent points to lose forty billion dollars in
Speaker 1: value after the subscribe promiss We'll talk about it next
Speaker 1: with Alex Webb of Bloomberg Quicktake. This is Bloomberg, Bloomberg
Speaker 1: eleven three oh weather. Sunshine today hides in the upper fifties,
Speaker 1: more clouds than sun. Tomorrow with the high near sixty
Speaker 1: will be near seventy partly Sunday by Friday. Right now
Speaker 1: clouds forty two degrees in Central Park markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business out and at Bloomberg Quick Take, This
Speaker 1: is a Bloomberg Business Flash and I'm kared. Moscow US
Speaker 1: Dock Index futures are lower as investors way the impact
Speaker 1: of rising real yields on the appeal of riskier assets,
Speaker 1: and Netflix puts a damper on the earning season outlook.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg s and p Future is down twelve points
Speaker 1: this morning. At down Future is down forty seven nasdag
Speaker 1: Future is down sixty five and the in Your Treasuries
Speaker 1: up eight thirty seconds. The l two point nine zero
Speaker 1: percent yield on the two year two point five six
Speaker 1: percent nine Max Screwed oils at one point one percent
Speaker 1: of a dollar ten and a hundred three dollars sixty
Speaker 1: six cents of Barrel Comic schooled down half percent or
Speaker 1: ten dollars thirty cents at nine seventy announced. The euro
Speaker 1: one point o three three against the dollar. British found
Speaker 1: one point three zero to six, the n at one
Speaker 1: eight point three too, and Bitcoin this morning is up
Speaker 1: half percent at forty one tho five hundred dollars. Today
Speaker 1: we're watching for report on existing home sales at a
Speaker 1: ten o'clock Wall Street time than at to the Federal
Speaker 1: Reserve at least at its fige book and Tesla's among
Speaker 1: companies scheduled to report earnings today. That's a Bloomberg business flash.
Speaker 1: Now here's Muchael Barrow with more on what's going on
Speaker 1: around the world. Muchael, Good morning, Good morning, Karen. Russia
Speaker 1: is pouring more troops into Ukrainian cities and towns. The
Speaker 1: fighting in the East seeks slides the country in two
Speaker 1: in a potentially pivotal battle for control of Ukraine's industrial
Speaker 1: heartland of coal mines and actories. Winds kicked up a
Speaker 1: towering wall of flames in rural northern Arizona, tearing through
Speaker 1: two dozen structures and forcing the evacuation of more than
Speaker 1: seven hundred homes. In MLB, the Yankees one the Mets.
Speaker 1: Mets swept a doubleheader against the Giants. The Nationals swept
Speaker 1: a doubleheader against the Diamondbacks. The Red Sox won the
Speaker 1: A's beat the Orioles to one. The game was played
Speaker 1: before the smallest Oakland crowd in forty two years, almost
Speaker 1: thirty seven hundred fifty fans at the Colosseum. In the NHL,
Speaker 1: the Rangers and Bruins one. The Islanders lost in O
Speaker 1: G to the Panthers three too. Yeah. Yeah. It's global
Speaker 1: news twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty journalists antalyists more
Speaker 1: than a hundred twenty countries. On Michael bar This is
Speaker 1: Bloomberg Nathan by Michael Thanks five nineteen. On Wall Street
Speaker 1: Life from the Bloomberg Interactive Brooker Studios, This is Bloomberg Daybreak.
Speaker 1: And speaking of losing fans, how about Netflix? The shares
Speaker 1: are getting pummeled once again in the pre market after
Speaker 1: the streaming giant reported its first s describer loss in
Speaker 1: more than a decade. Alex Webb follows this company very closely,
Speaker 1: and Alex is with Us now anchor on Bloomberg Quick
Speaker 1: Take and tech columnist for Bloomberg Opinion. Alex, what happened? Well?
Speaker 1: Lockdowns basically lockdowns ended, and Netflix said a Lockflix And
Speaker 1: of course inflation, so Netflix had enjoyed massive growth during
Speaker 1: the lockdowns, and perhaps optimistically, there had been expectation that
Speaker 1: at least some of that growth would continue. It didn't,
Speaker 1: and they lost two undred subscribers. At the same time,
Speaker 1: people's household bills are getting, you know, expanding because of Netflix,
Speaker 1: and ultimately, streaming video is discretionary spending. So when people
Speaker 1: are looking at their bills and they say, well, you know,
Speaker 1: what can I fall to cut that twelve bucks a
Speaker 1: month for Netflix is something that people are getting rid of.
Speaker 1: So is that part of the reason. Do you think
Speaker 1: why we're seeing declines across the board for a lot
Speaker 1: of these companies with streaming exposure, This idea that people
Speaker 1: might be cutting back because of inflation, Shin is that
Speaker 1: is that part of the story? Absolutely, And of course
Speaker 1: people are realizing that it may not necessarily be more
Speaker 1: economical than the cable they might have had previously. That
Speaker 1: you know, in our household, we have an embarrassing number
Speaker 1: of streaming services. I think by the time you take
Speaker 1: it acout, Netflix plus, Discovery, Discovery Plus plus, Amazon Prime plus,
Speaker 1: Apple TV Plus and all these other things, HBO Max,
Speaker 1: you're getting close to that six dollars a month, depending
Speaker 1: what your cable contract looks like quite quickly. And it
Speaker 1: is of course not a space that everybody can win.
Speaker 1: So what does this mean for the streaming business going forward? Here?
Speaker 1: What does it have to do to a keep subscribers
Speaker 1: and be just turn things around entirely. Well, one of
Speaker 1: the big problems is that the differences between streaming video
Speaker 1: and the classic cable contract was is churn i e.
Speaker 1: The number of subscribers you lose in any given month.
Speaker 1: And when you had a cable contract, or you have
Speaker 1: a cable contract, it might be an eighteen month, two
Speaker 1: year contract, so you spend that money on customer acquisition
Speaker 1: upfront and then you're guarantee you know, perhaps a thousand
Speaker 1: dollars worth of revenue over the subsequent two years for
Speaker 1: the duration of the contract. Now that is not the
Speaker 1: case with streaming video, and they're all fighting month in,
Speaker 1: month out for those subscribers. That is a high marketing cost.
Speaker 1: They have been valued as growth stocks because they are
Speaker 1: adding subscribers, and Disney pivoted really from being a value
Speaker 1: to a growth stock because of Disney Plus. But when
Speaker 1: that growth starts to slow down, you have to wonder
Speaker 1: where you can find the value. Are they as valuable
Speaker 1: as an A T and T for instance, when you
Speaker 1: look at the long duration when of their earnings profile.
Speaker 1: Does that fight for subscribers become more difficult with the
Speaker 1: idea of opening up to advertising. We heard from read
Speaker 1: Hastings saying, you know, something that he had resisted for
Speaker 1: so long, the idea of putting ads on Netflix He's
Speaker 1: open to now. Yeah, it really was a sacred cow
Speaker 1: for a long time. But if they're looking at the
Speaker 1: fact that you know, customers may not want to be
Speaker 1: spending twelve dollars a month, well five dollars a month
Speaker 1: or wherever they end up pricing, an ad supported model
Speaker 1: is clearly more affordable. And one of the reasons that
Speaker 1: in relative terms television wasn't that expensive for us to
Speaker 1: watch is because it was all subsidized by advertising, say
Speaker 1: with most media, and so pivoting to like actually kind
Speaker 1: of tried and trusted model is clearly something they're willing
Speaker 1: to try. They think there are hundred million households out
Speaker 1: there sharing Netflix passport passwords. If they can convince those
Speaker 1: guys to go to a an ad supported approach, then
Speaker 1: they clearly see some upside. Yeah, I'm glad you mentioned
Speaker 1: the password sharing crackdown. How does Netflix actually get those
Speaker 1: subscribers back? Is that enough to turn things around on
Speaker 1: the bottom line for them? It's a tough one. I mean,
Speaker 1: I think basically the places they need to look for
Speaker 1: growth are outside the US. Probably in the US, anyone
Speaker 1: who wants Netflix has got Netflix already at this stage.
Speaker 1: You need to look to other markets. That's why they're
Speaker 1: massively expanding things like rein language content, because you know,
Speaker 1: Korean soaps are huge across Asia. If they can eat
Speaker 1: into some of those markets, and that they did add
Speaker 1: a million subscribers in Asia in the in the courts,
Speaker 1: that is possibly the best opportunity for growth. In the US,
Speaker 1: it's a question of stasis and trying to be sure
Speaker 1: they didn't lose the subscribers they have, and certainly we
Speaker 1: did see the popularity of squid Game last year, but
Speaker 1: apparently not enough to dampen the bleeding that we saw
Speaker 1: on subscribers in that earnings report. Alex web great to
Speaker 1: have you on with us this morning. Thanks for this.
Speaker 1: Alex Webb, Bloomberg Quick Take anchor and tech columnist for
Speaker 1: Bloomberg Opinion, and again checking Netflix shares in the pre
Speaker 1: market after that subscriber loss. Their down almost twenty six
Speaker 1: percent in early trading. Right now, SMP futures are down
Speaker 1: four points, Staff futures down six, Dance that futures down
Speaker 1: thirty three points. Just ahead, more U S weapons heading
Speaker 1: to Ukraine and the Biden administration punts on appealing the
Speaker 1: travel mask rule top store in the morning. Just ahead,
Speaker 1: you're listening to Bloomberg Daybreak Bloomberg eleven three oh weather
Speaker 1: in the early clouds will give way to sunshine today
Speaker 1: with a high near sixty degrees. Will be back near
Speaker 1: sixty with more clouds than sunshine tomorrow, partly sunny near
Speaker 1: seventy by Friday. Right now forty two degrees in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E living free on to Washington, d C, Bloomberg
Speaker 1: nine one to Boston, Bloomberg one of six, one to
Speaker 1: San Francisco, Bloomberg sixty to the country, Sirius XM to
Speaker 1: A one nineteen and around the globe, the Bloomberg Business
Speaker 1: at and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hager and I'm Karen Moscow, and we are just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you up to date in the news. You need
Speaker 1: to know what the sour and we begin with streaming
Speaker 1: a giant Netflix, which is slumping after Tuesday's shocking earnings.
Speaker 1: You report and shares are currently down twenty six percent.
Speaker 1: We get the latest live from Bloomberg's Renna need a
Speaker 1: young good morning, Ready to Good morning, Karen. Netflix unexpectedly
Speaker 1: lost subscribers for the first time in a decade, and
Speaker 1: the streaming giant sees another drop of two million users
Speaker 1: this quarter as competition continues to heat up, so in
Speaker 1: an effort to improve results, co CEO Read Hastings says
Speaker 1: Netflix will introduce a cheaper, advertising supported option for subscribers
Speaker 1: in the next couple of years. He also says the
Speaker 1: company will start to crack down on people sharing their passwords.
Speaker 1: Live in New York. I'm gonna need a young Bloomberg daybreak,
Speaker 1: all right, we need to thank you. Sixteen more companies
Speaker 1: in the SMP report earnings today, including Tesla, Bloomberg Intelligence
Speaker 1: is watching how competition and global supply chain disruptions are
Speaker 1: testing the electric vehicle giants ambitious annual delivery goals well overseas, Nathan,
Speaker 1: The key Ukrainian port city of Mariopol is in jeopardy
Speaker 1: as defenders say they are outnumbered by Russia. Ukraine is
Speaker 1: appealing to world leaders for help amid Russia is offensive
Speaker 1: in the country's southern and eastern region. Democratic Congressman Reuben
Speaker 1: Diego of Arizona tells Bloomberg's Joe Matthew the US is
Speaker 1: continuing to supply Ukraine with military aid, which should help
Speaker 1: in their fight in the Don Boss region. By US
Speaker 1: to trying them Jeff and and their own artillery as
Speaker 1: well as radars to actually counter the artillery is got
Speaker 1: into contracts to know where it's coming from. Ukraine is
Speaker 1: going to be able to have some levels of the
Speaker 1: evening of the playing field and Democratic Congressman Reuben Diego
Speaker 1: speaking with Joe Matthew on Bloomberg Sound on Catch the
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. Turning
Speaker 1: to the economy Now. For the first time since March
Speaker 1: of US tenure, real yields briefly turned positive this morning.
Speaker 1: It comes as Chicago FED President Charles Evans says interest
Speaker 1: rates will probably rise above the neutral level, but it
Speaker 1: will hinge on weather inflation cools as expected. And in
Speaker 1: the nation's capital, Nathan, the Justice Department says it's ready
Speaker 1: to appeal a ruling by a Florida to struck down
Speaker 1: the Biden administrations and nationwide mask mandate on planes, trains,
Speaker 1: and other public transport. The department said it will appeal
Speaker 1: if the CDC to Science Mass should remain in place
Speaker 1: pass the current assessment period that's due to expire May three.
Speaker 1: Future is this morning are moving lower. SNP Future is
Speaker 1: down about five points and down. Futures down five nasdack
Speaker 1: futures down thirty. The ten year treasury up twelve thirties.
Speaker 1: Seconds held two point eight nine percent, and they yield
Speaker 1: on the two year two point five percent. Straight to
Speaker 1: head your latest local headlines plus a check of sports,
Speaker 1: and this is Bloomberg. Thank you, Caring five thirty three
Speaker 1: on Wall Street, forty two degrees in Central Park. They've
Speaker 1: cleared the accident on the northbound Van Waken College Point.
Speaker 1: We'll update you on the delays in traffic. First, Michael
Speaker 1: Bars here with more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much, Nathan.
Speaker 1: It's one of the largest cash settlements involving the Catholic
Speaker 1: Church in the US. The Catholic Diocese of New Jersey
Speaker 1: has agreed to pay eighty seven point five million dollars
Speaker 1: to settle claims involving clergy sex abuse with about three
Speaker 1: hundred alleged victims. The agreement between the Diocese of Camden,
Speaker 1: which encompasses six counties in the southern New Jersey on
Speaker 1: the outskirts of Philadelphia, and the plaintiffs, was filed with
Speaker 1: the US Bankruptcy Court in Camden. Mark Crawford, with a
Speaker 1: state chapter of the Survivor's Network of Those abused by priests, says.
Speaker 1: This settlement also includes the diocese releasing documents detailing the
Speaker 1: alleged abus, with allegations dating back in some instances to
Speaker 1: the nineteen fifties, says victims, you know who in the sixties,
Speaker 1: seventies and eighties has come forward, So these allegations, I know,
Speaker 1: the fifties, sixties, seventies, you know, throughout several decades. Crawford
Speaker 1: says he's glad it has come to fruition Connecticut State
Speaker 1: police say a trooper who fired seven gunshots into a
Speaker 1: car and killed a man in twenty twenty after a
Speaker 1: high speed chase has been arrested in connection with the shooting.
Speaker 1: Authorities say Trooper Bryan North turned himself in into the
Speaker 1: state Inspector General. The Chinese health officials has four million
Speaker 1: more people in Shanghai have been allowed to leave their homes.
Speaker 1: Ask your ownA virus quarantine rules ease that brings to
Speaker 1: almost twelve million people now who have been allowed to
Speaker 1: leave their homes. The tunnel fire areas ravaging parts of
Speaker 1: the flag Staff. Arizona area officials say it has consume
Speaker 1: more than six thousand acres. Patrese Horsemen, chairman of the
Speaker 1: Board of Supervisors for Coconino County, said the fire's rapid
Speaker 1: advancement is caused by a dangerous combination of factors. The
Speaker 1: tunnel fire has been fueled by high winds and derived
Speaker 1: conditions in the county has deployed all available resources. We
Speaker 1: have requested assistance from the state of Arizona and the
Speaker 1: federal government. Patrese Horsemen with Coconino Counties as thousands have
Speaker 1: had to flee their homes. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than journalists and analysts more than a d
Speaker 1: twenty countries. Michael barn Is, Bloomberg. Nathan thanks Michael on
Speaker 1: Wall Street time for the Bloomberg Sports that Day with
Speaker 1: John Session Nathan. Nineteen innings of baseball played at City
Speaker 1: Field and two wins for the Mets, who are a
Speaker 1: major league best nine and three. A double editor swep
Speaker 1: of the Giants, Mets won the opener five to four
Speaker 1: in ten innings. They had trailed four to one. Francisco
Speaker 1: Lindor had the game tying and winning hits. They finished
Speaker 1: the sweep winning three to one. Max Scherzer has been
Speaker 1: as advertised, he's already three and oh. His first met
Speaker 1: started home was a near no hitter, lost it in
Speaker 1: a sixth inname, but Scherzer gave up just the one
Speaker 1: hit struck at ten and seven, and it's as for
Speaker 1: Garrett Call, his struggles continue. That the Yankees one in
Speaker 1: Detroit four to two. It was due to their bullpen,
Speaker 1: especially Clark Schmidt. Cole couldn't get out of the second
Speaker 1: in and he had five walks and three starts, Call
Speaker 1: making thirty six million dollars as yet to win as
Speaker 1: e r A is over six. His manager is Aaron Boom.
Speaker 1: I really believe he's collis for a big ear for us,
Speaker 1: and uh you know he's gonna you know, carry us
Speaker 1: for a long stretch. Uh, you know, just hasn't gone
Speaker 1: his way so far. But um, I do feel like
Speaker 1: he's close. He's just got a you know, get locked
Speaker 1: in with his rhythm and and he'll take it from there.
Speaker 1: And though the Yanks one, the hitting woes continued. Kyle
Speaker 1: hey Gasaoka's batting one oh three. Joey Gallo, who went
Speaker 1: over four with streak at fourth breakouts, is batting one.
Speaker 1: Another shutout win with the Rangers. That's three in a
Speaker 1: row first time since nineteen seventy three at the Garden
Speaker 1: thirty one stays for egors Histerician. Rangers got their fiftieth
Speaker 1: win three nothing over Winnipeg NBA Playhouse. Miami got forty
Speaker 1: five points from Jimmy Butler and went up to nothing
Speaker 1: on Atlanta. Memphis beat Minnesota, New Orleans upset Phoenix. Both
Speaker 1: series are tied a one net Celtics game to tonight
Speaker 1: in Boston. John Stash Edward Bloomberg Sports. Thanks John seven
Speaker 1: on Wall Street time for the tri State Business Report
Speaker 1: with Bloomberg z Corey. New York City residents at more
Speaker 1: than three thousand buildings canna breathe a sigh of relief
Speaker 1: now that workers have struck a labor deal, ending the
Speaker 1: possibility of a strike. More than thirty thou dorman superintendents
Speaker 1: and other building employees have negotiated a new contract with
Speaker 1: the Realty Advisory Board on Labor Relations. A union bidding
Speaker 1: to represent Amazon workers at a New Jersey facility has
Speaker 1: withdrawn its request. Local seven thirteen of the International Brotherhood
Speaker 1: of Trade Unions filed the petition last week, seeking to
Speaker 1: represent two hundred workers in an Amazon delivery station in Bayonne.
Speaker 1: Two environmental bills are about to take effect in New Jersey,
Speaker 1: causing major changes in the way restaurants operate. A ban
Speaker 1: on plastic bags and foam containers and new regulations for
Speaker 1: takeout containers so forced restaurant owners to I'm more expensive
Speaker 1: environmentally friendly products that yourew Bloomberg Trying State Business Report,
Speaker 1: I'm ed Corey. Thanks on Wall Street. Bloomberg Radio is
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Speaker 1: a union seeking to represent Amazon workers out of New
Speaker 1: Jersey facility withdrawing the petition for a vote. On Corny Donahoe,
Speaker 1: on kater h in Houston. Marathon Petroleum snaps up oil
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Speaker 1: our twenty hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. It's five thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: By most measures, the U s economy is doing well,
Speaker 1: but not when it comes to inflation, and prices will
Speaker 1: keep rising as long as the economy faces an excessive
Speaker 1: demand over supply. So it's needed our steps to boost supply.
Speaker 1: Policymakers should keep three broad approaches in mind. First, they
Speaker 1: should increase the rewards for work, especially for those with
Speaker 1: low incomes, for example by permanently expanding the earned income
Speaker 1: tax credit. Second, they should fight the trend toward excessive
Speaker 1: labor market regulation, such as absurdly strict occupational licensing requirements.
Speaker 1: And Third, they should reset immigration policy to welcome more workers,
Speaker 1: especially those with skills in short supply. The current bout
Speaker 1: of inflation could be addressed solely by restraining demand, but
Speaker 1: that carries a risk of recession. Expanding the country's capacity
Speaker 1: to produce should be part of the solution. This editorial
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Shipley.
Speaker 1: For more Bloomberg Opinion, please go to Bloomberg dot com.
Speaker 1: Slash opinion or op and go on the Bloomberg terminal.
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Speaker 1: flash him good morning, I'm catering Moscow and US stock
Speaker 1: index future is a little change this morning. Investors weighing
Speaker 1: the impact of rising we yields on the appeal of
Speaker 1: riskier assets and Netflix putting a damper on the earning
Speaker 1: season outlook following its earnings release. Those shares down almost
Speaker 1: twenty seven percent this morning, s and P futures again
Speaker 1: little change. Down futures are as well. Now's deck futures,
Speaker 1: you can count them into little change. The decks in
Speaker 1: Germany up one point two percent ten your treasury of
Speaker 1: eleven thirty seconds yell two point eight nine percent. The
Speaker 1: yield on the two year two point five six percent.
Speaker 1: NIMEX screwed oil is at three quarters of a percent,
Speaker 1: or seventy eight cents and a hundred three dollars thirty
Speaker 1: four cents of barrel comics gold is down half percent
Speaker 1: or nine dollars thirty cents at nineteen forty nine sixty announce.
Speaker 1: The Euro one point eight five eight against the dollar
Speaker 1: British bound one point three zero three three, the yat
Speaker 1: at one twenty seven point nine five and Bitcoin this
Speaker 1: morning up seven tenths percent at forty one thousand, five
Speaker 1: hundred eighty dollars. And that's a bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael Darren, thank you very much. Russia is
Speaker 1: launching an offensive in Ukraine in an attempt to slice
Speaker 1: the country into and I sellate part of the don
Speaker 1: Vis region. Russian forces assaulted cities and towns along hundreds
Speaker 1: of miles, and poured more troops into the country to
Speaker 1: control Ukraine's eastern industrial heartland. The Justice Department says it
Speaker 1: may appeal a judge's ruling that's struck down the mask
Speaker 1: mandate on public transportation if the CDC the sides at
Speaker 1: the mandate is still needed. In MLB, the Yankees one,
Speaker 1: the Mets swept a double header against the Giants. The
Speaker 1: Nationals swept a double header against the Diamondbacks. The Red
Speaker 1: Sox one, the A's beat the Orioles to one. The
Speaker 1: game was just played before the smallest Oakland crowd of
Speaker 1: just more than thirty seven hundred fans. And years. In
Speaker 1: the NHL, the Rangers and Bruins one. The Islanders lost
Speaker 1: in o t to the Panthers. Three. To Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg, Nathan. Yeah, that attendants count is just crazy.
Speaker 1: Thank you, Michael. It is five nine on Wall Street
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: We want to get more now and the disappointing first
Speaker 1: quarter results for Netflix. The shares are continuing to be
Speaker 1: punished in pre market trading, now down more than twenty
Speaker 1: six percent. Githa Wronganathan is back with US now, Senior
Speaker 1: media analyst for Bloomberg Intelligence. Geitha, good morning. I know
Speaker 1: you've been positive on Netflix in the past, but after
Speaker 1: a subscriber loss of two hundred thousand and a projection
Speaker 1: for two million more, are you changing your case on Netflix?
Speaker 1: Good morning, Nathan, Yes, I think I am. Um, So,
Speaker 1: you know, obviously I'm going into the first quarter. You know,
Speaker 1: we knew it was going to be a fairly light quarter.
Speaker 1: They had guided to some fairly tepid subscriber gains. But
Speaker 1: I think yesterday, you know, it was it really kind
Speaker 1: of came as a shock. I don't think anybody saw
Speaker 1: this even in their you know, kind of wildest imagination.
Speaker 1: But there seems to be now a fundamental question about
Speaker 1: the whole Netflix investment. Sis Um, you know they will
Speaker 1: first there's some questions about whether subscriber growth is going
Speaker 1: to be linear, whether it's kind of going to be
Speaker 1: smooth or not. And I think, well, you have kind
Speaker 1: of gotten used to the fact that it might not
Speaker 1: be smooth, it might not be linear. But I think
Speaker 1: now we're we're kind of looking at more fundamental questions
Speaker 1: about what the total addressable market itself is and whether
Speaker 1: they kind of reached a maturation point in most markets.
Speaker 1: What do you think about what the CEO Read Hastings
Speaker 1: had to say after the earnings yesterday that cracking down
Speaker 1: on passwords sharing is something that can help turn things around,
Speaker 1: that they can move into advertising, potentially a lower priced
Speaker 1: price point for subscribers to try to get some of
Speaker 1: the nutrition back. I think those are both Nathan uh,
Speaker 1: you know, double edged swords. So with with fastword sharing, Yes,
Speaker 1: they didn't mention that about a hundred million households across
Speaker 1: the world, So in addition to the two million members,
Speaker 1: they have a hundred million households who are possibly sharing
Speaker 1: Netflix account. But then again you have to wonder, yes,
Speaker 1: you can start to crack down in a very phased,
Speaker 1: in a very cautious way. Um, but again, is that
Speaker 1: really going to be a game changer? Is that going
Speaker 1: to move the needle in terms of subscriptions? Is that
Speaker 1: going to move the needle in terms of revenue. Yes,
Speaker 1: it could have some effect on the margin, but again
Speaker 1: I don't think anything is really going to have a
Speaker 1: material effect on the model, at least for another one
Speaker 1: to one and a half years. UM. So, yes, they
Speaker 1: did talk about some you know, new ways of increasing monetization,
Speaker 1: of improving engagement, of increasing the top line. But again,
Speaker 1: I think the fundamental thesis itself here is there's a
Speaker 1: big question mark on that in terms of that fundamental thesis.
Speaker 1: Does that play out for other companies with streaming services?
Speaker 1: Thinking of Amazon Prime, Disney Plus, Apple Plus, are they
Speaker 1: in trouble as well? I think so. I think most
Speaker 1: of the big legacy media companies are are definitely now
Speaker 1: have to look at this. This is a cautionary tale
Speaker 1: for all of them. Uh Now, with the tech giants,
Speaker 1: I think it's a little bit different. With an Amazon
Speaker 1: Prime or with an Apple. They do have very very
Speaker 1: deep pockets. They can go after different types of content
Speaker 1: to attract a wider subscriber base. And while Street is
Speaker 1: not necessarily going to punish them for being a lost
Speaker 1: leader simply because media is not you know, their bread
Speaker 1: and butter, it's kind of more like a side project
Speaker 1: or a hobby for the media companies. However, this really
Speaker 1: is where the future is. And I think what now
Speaker 1: is going to happen is it's kind of got a
Speaker 1: force media companies to take a look and see what
Speaker 1: that addressable market is. So we were talking about a
Speaker 1: billion a billion, you know, global internet households. We were
Speaker 1: talking about the Netflix subscription numbers going from that two
Speaker 1: hundred million level to to you know, to a four
Speaker 1: hundred to or six hundred to an eight hundred million
Speaker 1: level eventually by twenty But now that that's that is
Speaker 1: what is really in question here. And so now when
Speaker 1: Disney looks at their model, when all these other incumbents
Speaker 1: look at their model, we'll have to see that, you know,
Speaker 1: they'll have to examine the model more closely. And I
Speaker 1: think now there is that ceiling on what their total
Speaker 1: market could potentially be. Only about a minute left here, Githa.
Speaker 1: What about content? You know, Netflix has spent a ton
Speaker 1: on putting as many different types of shows and movies
Speaker 1: out there. Is that going to have to change? So
Speaker 1: I think one thing that we've got, of course, Netflix
Speaker 1: has done a fantastic job, Nathan, in terms of you know,
Speaker 1: originals in terms of bringing so many different pieces of content,
Speaker 1: local content to their subscribers, but I think not all
Speaker 1: of it is resonating. They did talk about, uh, you know,
Speaker 1: doing more there. Yes, they're spending eighteen billion dollars, but
Speaker 1: I think they're going to have to try and experiment
Speaker 1: in different areas. They're they're going to have to do
Speaker 1: more to see that, you know, content resonates and brings
Speaker 1: in more subscriptions. Thank you, as always, Githa Ranganathan of
Speaker 1: Bloomberg Intelligence, Senior media Analysts on the very disappointed quarter
Speaker 1: for Netflix and again the shares now down more than
Speaker 1: twenty six percent. Karen, I take it you expected the
Speaker 1: court to turn this suit away because you tweeted if
Speaker 1: this lawsuit succeeds, I will post a video of myself
Speaker 1: eating every single page of the Internal Revenue Code, one
Speaker 1: by one. That is true. I felt confident in making
Speaker 1: that promise that I would not be eating a gigantic
Speaker 1: ream of paper. Why were you so confident, Well, the
Speaker 1: position of the States was that it was unconstitutional for
Speaker 1: Congress to limit the state and local tax deduction, and
Speaker 1: Congress has been limiting the deduction for quite some time now.
Speaker 1: And there was never a constitutional question. More generally, Congress
Speaker 1: can control the tax code and grant or removed deduction
Speaker 1: with quite a bit of leeway. So I just thought
Speaker 1: the position of the states was rather ridiculous. Go over
Speaker 1: what the Second Circuit ruled about some of the arguments
Speaker 1: that New York and the three States put forward. So
Speaker 1: there's two aspects of the argument that of note one. Again,
Speaker 1: the states argued that Congress was mandated to provide this deduction.
Speaker 1: The court had little time dismissing that because they traced
Speaker 1: the history and showed various circumstances under which Congress had
Speaker 1: previously limited the deduction. Second, the states were arguing that
Speaker 1: Congress was trying to come and deer the states. That is,
Speaker 1: they were saying that the federal government was forcing them
Speaker 1: to change their tax systems. Usually in the law we
Speaker 1: look askance if Congress tries to force a state to
Speaker 1: do something. But the court dismissed that argument as well,
Speaker 1: saying that you can still have an income tax if
Speaker 1: you want, you can still have property taxes if you want,
Speaker 1: just at the federal level the deductions might be limited.
Speaker 1: The federal government is not forcing you to do anything,
Speaker 1: and would you say that the best chance the States
Speaker 1: had was at the Second Circuit, where the States has
Speaker 1: sort of had a home court advantage. I don't think
Speaker 1: they had a chance in the Second Circuit or on
Speaker 1: Mars Uh, this wasn't in. It doesn't matter right. The
Speaker 1: Trump administration opposed, Biden administration opposed that. I don't say
Speaker 1: any judge would faithfully accept the argument. So why do
Speaker 1: you think they continued to sue and try to appeal
Speaker 1: it to the Supreme Court. Well, historically the salt deduction
Speaker 1: has been understood as something that benefits the rich over
Speaker 1: the port. But in connection with the Act, which was
Speaker 1: highly politicized, you did have some Republican legislators describing the
Speaker 1: salt cap as a way to hurt Blue state. Given
Speaker 1: that political posture, I think perhaps they believed they could
Speaker 1: score some political points through this lawsuit. I don't think
Speaker 1: they expected to win. Andy gray wall, a professor at
Speaker 1: the University of Iowa College of Law, speaking with the Bloomberg,
Speaker 1: Shore and Grasso. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news, by listening to The Bloomberg
Speaker 1: Law Show at ten pm Eastern Time, or subscribing to
Speaker 1: the Bloomberg Law podcast, and attorneys can find exceptional legal
Speaker 1: research and business development tools at Bloomberg law dot com.
Speaker 1: Right now, futures are little change that Jackson, Germany is
Speaker 1: higher up one point one percent, cag in Paris at
Speaker 1: one point four percent, and the foot Sea one hundred
Speaker 1: is up half percent. The Tenuere treasury up eleven thirty
Speaker 1: seconds yield two point eight nine percent, and the yield
Speaker 1: on the two year is at two point five six percent.
Speaker 1: Nim Max screwed oils at three quarters of a percent
Speaker 1: or seventy eight cents and a hundred three dollars. Thirty
Speaker 1: four cents of barrel comes. Gold is down half percent
Speaker 1: or nine dollars at one thousand, nine hundred fifty dollars announced.
Speaker 1: The euro one eight five seven against the dollar British
Speaker 1: found one point three zero three three and the end
Speaker 1: this morning one twenty eight point oh six Bitcoin at
Speaker 1: forty one thousand, five hundred and sixty dollars still ahead.
Speaker 1: On Bloomberg Daybreak, I check on the business headlines and
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