WEBVTT - Closing Bell: Super Micro Plunges, Dell Rises, Arm Gains

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>This is the closing bell on this stock movers report

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<v Speaker 2>the company's making moves at the close of US trading

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<v Speaker 2>with Carol Masser, Tim Stenovak, Romain Bostik, and Katie Greifeld.

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<v Speaker 1>It's a global simulcast. Carol Massler and Tim Stendek join us. Now,

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<v Speaker 1>welcome to our audiences across all of our Bloomberg platforms.

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<v Speaker 1>On an incredibly volatile day in financial markets. Carol Masser,

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<v Speaker 1>it's not just equities, it's everything in between. Here a

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<v Speaker 1>market that continues to be bounced around by the situation

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<v Speaker 1>in the Middle East.

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<v Speaker 3>Yeah, I mean I had so many names that are

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<v Speaker 3>on my gainer's list. I'm kind of crossing fingers. But

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<v Speaker 3>the unbelievable swings that we've seen, and we've so many

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<v Speaker 3>questions going into the weekend. I mean, do we see

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<v Speaker 3>the administration the President just talked about it in terms

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<v Speaker 3>of boots on the ground, does that potentially happen? Still?

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<v Speaker 3>Do we see carg Island so incredibly important when it

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<v Speaker 3>comes to exports out of the region, and so does

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<v Speaker 3>that happen? And just more disruption to the global energy trade.

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<v Speaker 3>So I think Yeah, you're definitely seeing a risk off

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<v Speaker 3>trade here going into the weekend.

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<v Speaker 4>But a balance as you see there from the S

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<v Speaker 4>and P as you mentioned earlier, Carol off its lows.

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<v Speaker 4>It was down as much as two percent earlier. But

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<v Speaker 4>as Carol mentioned, energy, certainly the focus WTI at ninety seven,

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<v Speaker 4>so off its highest levels of the day. Same with WTI,

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<v Speaker 4>are same with brand Rather's up as highest one hundred

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<v Speaker 4>and thirteen dollars a barrel, now up to one hundred

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<v Speaker 4>and twelve dollars a barrel. Still both of those up

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<v Speaker 4>more than two percent.

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<v Speaker 5>And as usual, I'm taking a look at where you

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<v Speaker 5>can find a haven asset right now. You're certainly not

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<v Speaker 5>going to find it in the bond market, You're not

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<v Speaker 5>going to find it in gold. But then you take

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<v Speaker 5>a look at what's going on in the dollar, the

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<v Speaker 5>Bloomber Dollar Index actually managing to put together a gain

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<v Speaker 5>right now, higher by about half a percent or so

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<v Speaker 5>on a very very risk off day.

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<v Speaker 1>A very risk off day here, as you parse all

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<v Speaker 1>of the action that we saw on the day and

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<v Speaker 1>on the week and maybe try to make some sense

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<v Speaker 1>of what to expect when you come into work on Monday,

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<v Speaker 1>Jones Industrial average is going to lose roughly about four

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<v Speaker 1>hundred points on the day, or about nine tenths of

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<v Speaker 1>one percent. The S and P it's down about ninety

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<v Speaker 1>nine to one hundred points or one and a half percent,

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<v Speaker 1>the NASDA composite down to more than four hundred points

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<v Speaker 1>or two percent even, and the Russell two thousand losing

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<v Speaker 1>about fifty six fifty seven points or about two point

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<v Speaker 1>three percent. I do just want to point out here, Carol,

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<v Speaker 1>all of the major indices now are closing either at

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<v Speaker 1>or below. The are two hundred day moving averages, and

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<v Speaker 1>the S and P five hundred doing something it hasn't

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<v Speaker 1>done since April of last year, and that's closed below

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<v Speaker 1>that thirty of that fourteen day RSI a technical indicator

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<v Speaker 1>of now over sold conditions.

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<v Speaker 3>Yeah, that relative strength index, right, that technicians certainly watch.

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<v Speaker 3>But do we get a bounce or do we continue

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<v Speaker 3>to kind of trend even lower from here? S and

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<v Speaker 3>P five hundred, guys, So as remain laid out all

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<v Speaker 3>the numbers, you're not going to be surprised. Three hundred

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<v Speaker 3>and eighty nine names to the downside on this Friday,

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<v Speaker 3>one hundred and fourteen actually gaining ground some decent rallies, Katie.

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<v Speaker 3>So it's always a reminder that there are names that

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<v Speaker 3>stand out.

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<v Speaker 5>Yes, certainly when you take a look at the sector

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<v Speaker 5>level as well as measured by the circle, not a

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<v Speaker 5>lot of green, but two sectors managing to finish in

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<v Speaker 5>positive territory. That is financials and that is energy just

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<v Speaker 5>barely but still above the line. Here though, nine sectors

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<v Speaker 5>in the red in terms of what your biggest losers were.

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<v Speaker 5>Utilities down by more than four percent, real estate off

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<v Speaker 5>by more than three percent, and tech as a sector

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<v Speaker 5>off by more than two percent.

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<v Speaker 3>Carol, all right, so this is so indicative of that

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<v Speaker 3>kind of day that was here. Remain you talked about

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<v Speaker 3>the swings, the volatility.

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<v Speaker 1>I'm surprise you found gainers.

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<v Speaker 2>I am too.

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<v Speaker 3>Well, check this out. Listen to this fed X. Yeah,

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<v Speaker 3>it was up twenty seven percent, guys at its highs today. Yeah,

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<v Speaker 3>and we're finishing with just a gain of about eight

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<v Speaker 3>tens of even percent. Made it, yeah, barely made it.

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<v Speaker 3>And the company we know the story right, raising its

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<v Speaker 3>full year profit forecast. We saw the stack up the

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<v Speaker 3>most in ten months before we kind of pulled off

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<v Speaker 3>those highs of the seton the company talking about restructuring

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<v Speaker 3>its delivery network, getting traction. A lot of stuff going on.

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<v Speaker 3>It also says it does not expect the war in

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<v Speaker 3>the Middle East to have a direct material effect on

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<v Speaker 3>its business, but the broader consequences, including higher energy prices

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<v Speaker 3>volatile shipping patterns, are adversely affecting the global economy.

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<v Speaker 1>No, come on in, I just want to say, was

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<v Speaker 1>up about seven to eight percent? You said twenty seven percent?

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<v Speaker 3>Was?

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<v Speaker 5>Oh?

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<v Speaker 3>I'm sorry, yeah, I was likery. Sorry, I started am sorry,

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<v Speaker 3>I had my.

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<v Speaker 1>Screen kind of kicking on. I hate correcting you, but no,

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<v Speaker 1>you love correcting me.

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<v Speaker 3>Seven point six percent. I'm sorry. I thought that was

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<v Speaker 3>a little crazy too, but I had my screen. You know,

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<v Speaker 3>I only have a little small screen to work with,

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<v Speaker 3>and I've got a lot of things going on.

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<v Speaker 1>Yes, I think all our screens are with the same size,

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<v Speaker 1>are they not?

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<v Speaker 5>Or how many?

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<v Speaker 2>How many?

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<v Speaker 3>Do you only have one paddle in front of you?

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<v Speaker 5>Just one? We got to get you another screen. We're

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<v Speaker 5>going to work on.

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<v Speaker 3>That, all right. I can get the screen too, all right, TVD.

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<v Speaker 3>I'm just going to move on like I don't know

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<v Speaker 3>if anything can save me now, all right, arm holding,

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<v Speaker 3>Let's see if I get this one right, because we

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<v Speaker 3>did see this one holding on to its g of

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<v Speaker 3>about two percent here at the clothes. It too, though

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<v Speaker 3>was a lot higher in today's session. In fact, it

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<v Speaker 3>too was up about seven point eight percent at its

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<v Speaker 3>highs today. Okay, so armholding was a top gainer in

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<v Speaker 3>the major averages HSBC upgrading this one to a Wall

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<v Speaker 3>Street high price target, raising it to a street high

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<v Speaker 3>two hundred and five from ninety dollars. Playing a little

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<v Speaker 3>ketchup there and says ARM is now firmly in the

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<v Speaker 3>middle of a transition from being a smartphone dependent semi

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<v Speaker 3>IP play into a major AI server CPU beneficiary that

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<v Speaker 3>remains undervalued by the market. The analyst frankly writing that,

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<v Speaker 3>and then just quickly, I want to go to Dell,

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<v Speaker 3>del to that one surging more than eight percent earlier

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<v Speaker 3>in the session, holding on to a gain here at

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<v Speaker 3>the close just about half a percent. And this one

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<v Speaker 3>really spiked a lot out of the gate, was a

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<v Speaker 3>top gainer in the SNP and basically winning on super

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<v Speaker 3>Micro's woes. Dell is a chief competitor to super Micro.

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<v Speaker 3>So the super Micro story I'm going to pass actually

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<v Speaker 3>over to TAM because it just gained Dell as the

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<v Speaker 3>result of what was I'm glad.

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<v Speaker 4>I'm glad you ended with Dell because I want to

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<v Speaker 4>You're welcome. I'm just going to start with super Micro.

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<v Speaker 4>But I messed it up. It's okay, I'm going to

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<v Speaker 4>go to super Micro. Now down more than thirty three

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<v Speaker 4>percent today, which is pretty wild. This is the worst

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<v Speaker 4>day going back to October twenty eighteen, that's when it

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<v Speaker 4>fell more than forty percent in a single day. The

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<v Speaker 4>US did charge the company's co founder, Yeshai on Wali

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<v Speaker 4>Leah with illegally diverting Nvidia powered servers to China in

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<v Speaker 4>violation of US export controls. The chargings chargers said charges

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<v Speaker 4>set or prosecutor said that Leon two others allegedly sold

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<v Speaker 4>the hardware to a Southeast Asian company and coordinated it

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<v Speaker 4>for its ultimate shipment to Chinese customers, and they made

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<v Speaker 4>efforts to evade scrutiny. Super Micro, for its part, said

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<v Speaker 4>it's cooperating with US authorities and it's put Leon another defender,

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<v Speaker 4>on administrative leave, and the company stated that the alleged

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<v Speaker 4>conduct is a contravention of the company's policy.

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<v Speaker 1>The story is fascinating also because of how fast it rose.

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<v Speaker 1>And remember when I got put into the SMP back then,

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<v Speaker 1>what was it, twenty twenty four, there were a lot

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<v Speaker 1>of people saying maybe that was premature, And now you

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<v Speaker 1>have this whole investigation here raising a lot of questions

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<v Speaker 1>here about what the future of the stock can be.

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<v Speaker 4>Yeah, we had a great chat with Bob van Voris

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<v Speaker 4>down at the courthouse earlier today and and he laid

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<v Speaker 4>out the potential implications for the individuals who've been charged.

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<v Speaker 4>And that's some serious shell time there. So continue, We're

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<v Speaker 4>going to continue following this story. I also want to

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<v Speaker 4>check on the Bloomberg Mag seven Total Return Index, because

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<v Speaker 4>every single member of the Mag seven was lower today.

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<v Speaker 4>This fell more than two percent as a whole. But

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<v Speaker 4>as I mentioned, this was what really pulled the market

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<v Speaker 4>lower today, the S and P five hundred and the

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<v Speaker 4>Nasdaq one hundred. Also, this is an interesting story. Swarmer.

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<v Speaker 4>It's a tiny drone software company, Swarmy Swarmer. Oh, just checking,

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<v Speaker 4>fell thirty percent today. This stock soared close to one

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<v Speaker 4>thousand percent in the first three trading sessions after its IPO.

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<v Speaker 4>Shows how the Warren Iron has reshaped the outlook for

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<v Speaker 4>the defense industry. Though. Swings like this echo what was

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<v Speaker 4>associated back in the day with memestocks for remain you

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<v Speaker 4>remember those, right.

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<v Speaker 1>Yeah, absolutely, I mean I was paying attention to this

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<v Speaker 1>earlier this week, and you know, I mean, you know, look,

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<v Speaker 1>I mean long term, I guess you can make a

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<v Speaker 1>bet here that you know, this is the future of warfare,

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<v Speaker 1>these sort of smaller, cheaper drones. But you know, like

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<v Speaker 1>I said, to get that kind of pop coming off

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<v Speaker 1>of that IPO seemed well, a little stretched, to say the.

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<v Speaker 4>Least, fross. Some might say frothy.

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<v Speaker 1>Some might say I would not say that.

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<v Speaker 4>I'm not saying it.

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<v Speaker 1>Yeah, I'm not saying that either. I do want to

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<v Speaker 1>just turn real quickly to what we saw in the

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<v Speaker 1>yield space here. The sell off continued in a huge

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<v Speaker 1>way here on the short end of the curve. Of course,

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<v Speaker 1>everyone now pricing out any chance of a FED rate

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<v Speaker 1>cut this year nine basis points on the day for

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<v Speaker 1>the two years, but we should just point out for

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<v Speaker 1>the week we're up something like seventeen basis points here.

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<v Speaker 1>So this gets to the idea of where investors heads

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<v Speaker 1>are at when it comes to yields. But really it

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<v Speaker 1>was a parallel shift not only on the day, but

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<v Speaker 1>really on the week as well. Your benchmark tenure yield

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<v Speaker 1>up ten bases ten to eleven base points on the week.

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<v Speaker 1>Third straight week where we've seen double digits out there

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<v Speaker 1>on that basis points or I guess what was that.

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<v Speaker 1>I mean, it's technically not double digits, but you know

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<v Speaker 1>what I mean, twenty basis points fourteen and then this

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<v Speaker 1>week now eleven.

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<v Speaker 5>And it's pretty wild to think just two days ago

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<v Speaker 5>we had a FED decision, we heard from Jerome Powell,

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<v Speaker 5>and bond traders thinking has changed so much since then.

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<v Speaker 5>Now the possibility of a rate cut in twenty twenty

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<v Speaker 5>six being totally priced out, and as I mentioned, the

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<v Speaker 5>US dollars seems to have been the big beneficiary of that.

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<v Speaker 5>I'm taking a look at the CFTC positioning data and

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<v Speaker 5>you have hedge funds and other speculators actually flipping positive

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<v Speaker 5>on the dollar for the first time this year. Certainly

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<v Speaker 5>aside of the times. When it comes to the current

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<v Speaker 5>thinking around how what's going on in the Middle East

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<v Speaker 5>with oil prices, how that's going to shape monetary policy.

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<v Speaker 3>Yeah, I mean it really comes down to timing, right,

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<v Speaker 3>Like when you know everybody keeps talking about the timeline.

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<v Speaker 3>You even got that from Fed chair J. Powell, essentially

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<v Speaker 3>like you can't make predictions, you can't really figure out

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<v Speaker 3>the outlook until you know when this done. And I

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<v Speaker 3>think this is going to be an interesting week. And

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<v Speaker 3>we had a conversation with a guest just talking about

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<v Speaker 3>potentially the escalation of this war, and I think it

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<v Speaker 3>just comes down to that.

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<v Speaker 1>Well, I don't know, Well, you guys, did you get

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<v Speaker 1>a chance to listen to some of the comments that

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<v Speaker 1>the President made as you just walk into the helicopter.

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<v Speaker 1>I mean, it didn't sound like, at least based on

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<v Speaker 1>what he was saying, that we're at the end of

0:10:19.800 --> 0:10:22.040
<v Speaker 1>this any time soon. I mean, he says, okay, we won.

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<v Speaker 1>But then of course when I asked about whether it

0:10:23.920 --> 0:10:25.880
<v Speaker 1>be a ceasefires that it's off the table. As far

0:10:25.920 --> 0:10:27.960
<v Speaker 1>as the straight of horror moves, he just seems to say, well,

0:10:28.080 --> 0:10:30.600
<v Speaker 1>it'll open at some point. Well, which is not necessarily

0:10:30.679 --> 0:10:31.360
<v Speaker 1>what the market want to see.

0:10:31.400 --> 0:10:33.240
<v Speaker 3>Why are we asking for two hundred billion dollars more

0:10:33.280 --> 0:10:35.679
<v Speaker 3>from Congress if the war is coming to an end

0:10:35.800 --> 0:10:36.800
<v Speaker 3>or if we're in a good position.

0:10:38.720 --> 0:10:42.760
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