Speaker 1: Broadcasting live to New York, Bloomberg even to Washington, d C.
Speaker 1: Bloomber to Boston, BLUEMBERG twelve hundred, to San Francisco Bloomberg
Speaker 1: to the country General one, and around the globe the
Speaker 1: Bloomberg Radio plus appen Bloomberg got gone. This is taking
Speaker 1: Stock coming up on taking Stock. We want you to
Speaker 1: mark your calendars for September the twelfth. Why because that's
Speaker 1: the launch date for new Iridium satellites. Yes, they'll be
Speaker 1: going on a SpaceX Falcon nine rocket. And we've got
Speaker 1: the chief executive of a Ridium to tell us more.
Speaker 1: Right now, let's go to Charlie Pellett in the Bloomberg
Speaker 1: news room for Bloomberg Business Flash, and I think of
Speaker 1: him Fox right now, stocks little change a SMP five
Speaker 1: hundred index down to point one eighty. We've got the
Speaker 1: Dow lower by eight points, or drop of less than
Speaker 1: one tenth of one percent, at eighteen thousand, five y one,
Speaker 1: nastack holding onto a gain of eleven points now at
Speaker 1: fifty two twenty four the record, by the way, fifty
Speaker 1: two twenty eight on nestack up now buying two tenths
Speaker 1: of one percent. The tenure up fifteen thirty seconds, yield
Speaker 1: one point five three percent. Gold up six dollars anounced,
Speaker 1: climbing five tenths of one percent to thirteen forty two.
Speaker 1: Crude oil lower now buys seven tenths of one percent.
Speaker 1: West Texas Intermediate Crew down thirty one cents of barrel
Speaker 1: forty two seventy Right now on w t I, the
Speaker 1: Walt Disney Company will report after the closing bells shares
Speaker 1: up six tenths of one percent, gaining fifty four cents
Speaker 1: to nineties six dollars and twenty nine cents. Paul Sweeney
Speaker 1: is director of North American Research for Bloomberg Intelligence. He
Speaker 1: says one area of investor interests will be Disney's newly
Speaker 1: open theme park in China. Well, I think an early
Speaker 1: read on Shanghai Disney. This is a five and a
Speaker 1: half billion dollar investment they made. They just opened the
Speaker 1: park uh last June. Uh. It's still very very early days,
Speaker 1: but investors are going to want to get some early
Speaker 1: feedback in terms of attendance, guests spend um to get
Speaker 1: comfort on that investment. A surprise in today's economic data,
Speaker 1: the productivity of American workers unexpectedly declined for a third
Speaker 1: straight quarter, deepening efficiency woes that have characterized the economic expansion.
Speaker 1: The Labor Department says the measure of employee output per
Speaker 1: hour decrease that an annualized rate of five tenths of
Speaker 1: one percent. Federal Reserve Bank of New York says increased
Speaker 1: US household borrowing to finance vehicles and credit card purchases
Speaker 1: offset declines in the amounts of voortgage and student loan
Speaker 1: debt outstanding to propel total consumer debts slightly higher in
Speaker 1: the second quarter. And now let's take a look at
Speaker 1: other stories making news. Thank you Charlie from the Bloomberg
Speaker 1: News room. I'm Raimi. In a censio. Search crews have
Speaker 1: recovered the black box of the sunken freighter al Faro.
Speaker 1: It was found fifteen thousand feet below the surface of
Speaker 1: the Atlantic Ocean. The freighter sank during Hurricane Joaquin in
Speaker 1: October of twenty five teen. The National Transportation Safety Board's
Speaker 1: mission had been on hold because resources needed for the
Speaker 1: effort were not available. All thirty three crew members died
Speaker 1: after the vessel lost propulsion and sank. A federal judge
Speaker 1: has upheld former Illinois Governor Rod Bolgoievitch is fourteen year
Speaker 1: prison sentence on corruption charges. Bogoievich was originally sentenced in
Speaker 1: twleven for trying to exchange an appointment to President Obama's
Speaker 1: old U S Senate seat for campaign cash. The Olympic
Speaker 1: athletes are going for the Golden Rio, but Hillary Clinton
Speaker 1: thinks it's also the perfect place to go for votes.
Speaker 1: Bloomberg's Bob Moon explains the Democratic presidential nominees ad buying
Speaker 1: during TV coverage of the Summer Games. Who's approaching fourteen
Speaker 1: million dollars? I'm Hillary Clinton, and I approved this message.
Speaker 1: If hearing that is normally your trigger to grab the
Speaker 1: remote and skip the commercial. Candidates and advertisers, No, that
Speaker 1: doesn't work when you're watching a live event. And I
Speaker 1: approved this message, and I approved this mass approved this message,
Speaker 1: and I approved this message. Donald Trump requested ad rates
Speaker 1: from stations and key states, but it's been relying on
Speaker 1: free media attention. I don't even need commercials if you wanted.
Speaker 1: Republican ad maker Will Ridders suggests Clinton is scoring votes
Speaker 1: every day and says he'd love to know what Trump
Speaker 1: is waiting for. Bob Moon, Bloomberg Radio and New Jersey's
Speaker 1: Six Flags Great Adventures planning to open what it says
Speaker 1: is the world's first interactive gaming coaster adventure. Writers of
Speaker 1: Rage of the Gargoyles become virtual reality fighter jet pilots
Speaker 1: as they do battle. It sets open septembery Global News
Speaker 1: twenty four hours a day, powered by more than journalists
Speaker 1: and analysts in more than one twenty countries. I'm Rainy
Speaker 1: in essensio. This is Bloomberg, Charlie, and we thank you
Speaker 1: it again. Recapping stocks trading mixed right now. The down
Speaker 1: SMP are both lower, little changed. Nav Stack Harbor by
Speaker 1: seven points, a gain of two tenths of one percent.
Speaker 1: I'm Charlie Pellotts and that's a Bloomberg business flash. You're
Speaker 1: listening to are taking stock with bim box in gap
Speaker 1: Lee Hayes on Bloomberg Radio. How do you change the
Speaker 1: tire on an automobile that is traveling at seventeen thousand
Speaker 1: miles per hour? Well, your first test would be to
Speaker 1: call Matt desh He is the chief executive of a
Speaker 1: Ridium Communications. They're based in Washington, d C. Matt joins
Speaker 1: me here in the studio. Thank you very much for
Speaker 1: being here. Thanks for having me phim. Now you notice
Speaker 1: I started with this idea of trying to change attire
Speaker 1: while the cars traveling at seventeen thousand miles per hour.
Speaker 1: I want to use that as the segue to get
Speaker 1: you just to explain what is the satellite swap and
Speaker 1: how does that fit into what a Ridium does. Well.
Speaker 1: Aridium runs the world's largest satellite constellations. We have satellite constellation.
Speaker 1: We have sixty six satellites today, as you said, flying
Speaker 1: around the planet at seventeen thousand miles an hour, about
Speaker 1: four hundred and eighty five miles above the planet, which
Speaker 1: is quite low. But they all need to be replaced.
Speaker 1: And they're nineteen years old, and we have been working
Speaker 1: for the last six or seven years to build brand
Speaker 1: new satellites. And as you said, they're going to be
Speaker 1: launching very soon. And and we have who replaced them
Speaker 1: one by one in space. It's very careful operation, highly researched.
Speaker 1: We we put the two satellites up next to each other,
Speaker 1: which in space terms is maybe twenty miles apart, you know,
Speaker 1: and uh, literally within microseconds you drop the links to
Speaker 1: one and put and reconnect them to the new one.
Speaker 1: Customers on the ground don't even know that they're their
Speaker 1: call was interrupted and the new satellite is operating for
Speaker 1: the next fifteen to twenty years. Uh. And everybody asked,
Speaker 1: what do you do with the old satellites, Well, we
Speaker 1: have to bring them out of orbit, so over the
Speaker 1: you know, two thousand eighteen will be exciting year as
Speaker 1: we do or but all those satellites and they burned
Speaker 1: up in the atmosphere. Has this ever been accomplished before? No? No,
Speaker 1: In fact, you could call this one of the biggest
Speaker 1: tech refreshes in history. Um three billion dollars satellite network.
Speaker 1: Not not for the faint of heart, but it's such
Speaker 1: a powerful network because it does things that no other
Speaker 1: network does. When we thought about the fact that we
Speaker 1: had to place that, we we didn't want to take
Speaker 1: away that competitive advantage we have over every other system.
Speaker 1: So we said, we've got to really make it so
Speaker 1: it'll be a seamless transition from one to the other.
Speaker 1: So it takes a little more work and effort, but
Speaker 1: it's worth it. And as part of that effort, you've
Speaker 1: got two new services with this launch, right, You've got
Speaker 1: Certace and air on yabout that, Yeah, So the new
Speaker 1: satellites are much more powerful and we had some extra
Speaker 1: space on them too, so instead of just being a
Speaker 1: communications provider, we wanted to do it even better than
Speaker 1: last time. So Services our brand name for a broadband
Speaker 1: service that enables very small devices to operate up to
Speaker 1: one point for megabus per second. But maybe even the
Speaker 1: more revolutionary one is the area on one, which is
Speaker 1: we are going to track every airplane, every commercial aircraft
Speaker 1: in the world, no matter where it is, in real
Speaker 1: time and provide that information to air traffic controllers so
Speaker 1: they can provide better service to two airlines and more
Speaker 1: direct routes, fuel savings, and of course we won't be
Speaker 1: missing any airplanes any longer in MH three seventies. Pretty
Speaker 1: unlikely if we know, literally down to the second, where
Speaker 1: every airplane is. Now. This is all going to take
Speaker 1: place at Vandenburg Air Force Base in California. This is
Speaker 1: where the launch is scheduled in September. That's right. If
Speaker 1: we were to go to the base today, what would
Speaker 1: we see. Well, we just started the process of processing
Speaker 1: the first batch of satellites, so we we launched Keen
Speaker 1: satellites at a time five on a lower tier five
Speaker 1: on an upper tier. It's the heaviest payload that SpaceX
Speaker 1: has launched. Uh. SpaceX is the company that makes the rocket,
Speaker 1: that's right. This is the Falcon nine rocket that will
Speaker 1: be taking us to space. We we we were one
Speaker 1: of their earliest customers, so we took a bet on
Speaker 1: them seven years ago or so. I knew that they
Speaker 1: fit our profiles very well, and we've kind of grown
Speaker 1: up together. They've become quite successful as that we and
Speaker 1: we're ready now to use seven of their rockets to
Speaker 1: launch seventies satellites over the next eighteen months. It's quite,
Speaker 1: as you said, a dance in space of constantly putting
Speaker 1: satellites up, positioning themselves, drifting them between planes, moving them
Speaker 1: into position, swapping satellites. It's going to be a very
Speaker 1: very busy, uh eighteen months. But yes, SpaceX is going
Speaker 1: to launch us out of Annaberg Air Force Base starting
Speaker 1: on September nineteen for the first one, and then the
Speaker 1: next launch will be in December, and then February and
Speaker 1: every two months after until we're done. I gotta have
Speaker 1: you just described as quickly as you can the history
Speaker 1: of a ridium, because this was, by no means a
Speaker 1: short thing. That we would get these launches done. No,
Speaker 1: we have quite a history going back to the early
Speaker 1: nineties when Motorola envisioned this company to compete with cell
Speaker 1: phones globally and probably spent six billion dollars or something
Speaker 1: during the the high growth nineties, launched the system to
Speaker 1: great fanfare, went bankrupt one years later in the biggest
Speaker 1: bankrupt ever in history, at least for a week until
Speaker 1: Enron happened. And uh, and then we started. We really
Speaker 1: took the company in two thousand. In the last sixteen years,
Speaker 1: it's grown to be quite a profitable, large, successful company,
Speaker 1: able to replace its satellite networks. And it's probably a
Speaker 1: lot of people are surprised when they hear the name
Speaker 1: of Ridium because they remember the nineties. But we're not
Speaker 1: that company anymore. We're we're quite new, successful, thriving company.
Speaker 1: Thank you very much for coming in and sharing this
Speaker 1: with us. Is the chief executive of a Ridium Communications.
Speaker 1: They are based in Washington, d C. And the first
Speaker 1: launch of the next generation constellation of satellites is September
Speaker 1: from Vandenburg Air Force Base in California. You're listening to
Speaker 1: taking Stock. I'm pim Fox and this is Bloomberg coming
Speaker 1: up on taking stock. The shares of Valiant Pharmaceuticals are
Speaker 1: hired today by more than twenty percent. Of the pharmacy
Speaker 1: company Endo International higher by more than twenty percent. We'll
Speaker 1: find out why