1 00:00:02,920 --> 00:00:06,240 Speaker 1: Live from the Bloomberg Interactor Berger Studios. This is Bloomberg 2 00:00:06,280 --> 00:00:10,080 Speaker 1: Daybreak for a Thursday, April two. Coming up this hour, 3 00:00:10,400 --> 00:00:14,440 Speaker 1: shares of Netta surge after Facebook adds more users than expected. 4 00:00:14,520 --> 00:00:18,159 Speaker 1: Apple and Amazon report this afternoon. President Biden plans to 5 00:00:18,160 --> 00:00:21,520 Speaker 1: deliver remarks today on more support for Ukraine, and Americans 6 00:00:21,560 --> 00:00:25,200 Speaker 1: grow more pessimistic about their finances as infliction takes a toll. 7 00:00:25,320 --> 00:00:27,680 Speaker 1: New York's MTA wants to ramp up its fleet of 8 00:00:27,720 --> 00:00:31,000 Speaker 1: electric buses. Plus docr FLGI clarifies is a comment that 9 00:00:31,040 --> 00:00:33,920 Speaker 1: the US is not in the pandemic phase. I'm Michael 10 00:00:33,960 --> 00:00:37,080 Speaker 1: blarn More Ahead, I'm John Stay Sharon Sports fit straight 11 00:00:37,120 --> 00:00:39,760 Speaker 1: win for the Yankees, the Mets lost as the benches 12 00:00:39,840 --> 00:00:45,360 Speaker 1: empty in the NFL draft, agins tonight. That's all training 13 00:00:45,400 --> 00:00:49,360 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York, 14 00:00:49,520 --> 00:00:54,200 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,480 --> 00:00:59,240 Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nineteen and 16 00:00:59,320 --> 00:01:02,080 Speaker 1: around the world Old on Bloomberg Radio dot Com and 17 00:01:02,240 --> 00:01:09,240 Speaker 1: via The Bloomberg Business. Good Morning, I'm Nathan Hagar and 18 00:01:09,319 --> 00:01:13,559 Speaker 1: I'm Karen Moscow, and futures this morning are higher. SNP 19 00:01:13,720 --> 00:01:17,039 Speaker 1: futures up seventy five points down futures have three hundred 20 00:01:17,080 --> 00:01:19,959 Speaker 1: eighty five and Naztec futures have three hundred twenty three. 21 00:01:20,400 --> 00:01:22,800 Speaker 1: Ten year treasury up to thirty seconds, you have two 22 00:01:22,800 --> 00:01:24,720 Speaker 1: point eight two percent and a yield on the two 23 00:01:24,840 --> 00:01:28,000 Speaker 1: year two point five eight percent. And I make screwed 24 00:01:28,000 --> 00:01:30,119 Speaker 1: oil is up eight ten percent or eighty five cents 25 00:01:30,120 --> 00:01:32,440 Speaker 1: at a hundred two dollars eighty five cents and barrel 26 00:01:32,520 --> 00:01:34,520 Speaker 1: Nathan Karen, we are seeing a two and a half 27 00:01:34,560 --> 00:01:37,160 Speaker 1: percent lift and Nastac futures this morning. It comes after 28 00:01:37,360 --> 00:01:42,560 Speaker 1: Facebook parent Metas earnings shares are up almost eighteen percent 29 00:01:42,720 --> 00:01:46,920 Speaker 1: after Facebook's main social network added more users than projected. 30 00:01:47,280 --> 00:01:49,760 Speaker 1: Company says revenue would have been higher if not for 31 00:01:49,800 --> 00:01:52,320 Speaker 1: the war in Ukraine. Man Deep Singh is senior technology 32 00:01:52,320 --> 00:01:56,040 Speaker 1: analysts for Bloomberg Intelligence. The core of Facebook and Instagram 33 00:01:56,080 --> 00:01:59,360 Speaker 1: engagement seems to be holding up quite well, so I 34 00:01:59,400 --> 00:02:02,800 Speaker 1: think these are are definitely good numbers. They missed on 35 00:02:02,840 --> 00:02:04,960 Speaker 1: the top line, but we know it's because of the 36 00:02:05,000 --> 00:02:07,720 Speaker 1: ad pricing, and I think that was sort of expectant 37 00:02:08,200 --> 00:02:11,880 Speaker 1: Bloomberg Intelligence senior analyst Mandieve Singh says Facebook added thirty 38 00:02:11,919 --> 00:02:15,520 Speaker 1: one million new daily active users in the recent quarter. Well, Nathan, 39 00:02:15,600 --> 00:02:18,359 Speaker 1: let's look at some other stocks on the move following earnings. 40 00:02:18,360 --> 00:02:20,440 Speaker 1: Your poor shares a qual calm Or up more than 41 00:02:20,520 --> 00:02:23,480 Speaker 1: seven percent. The chipmaker gave a strong sales forecast with 42 00:02:23,520 --> 00:02:26,760 Speaker 1: the current quarter. Ford beat earnings estimates and reaffirmed its 43 00:02:26,800 --> 00:02:29,360 Speaker 1: guidence for the year. That stocks out more than two percent, 44 00:02:29,639 --> 00:02:32,560 Speaker 1: And the biggest loser this morning is Telenoc Health shares 45 00:02:32,600 --> 00:02:35,919 Speaker 1: are plunging more than thirty five percent, the telemedicine company 46 00:02:35,960 --> 00:02:38,640 Speaker 1: cutting its revenue and earnings guidance for the year, and 47 00:02:38,720 --> 00:02:41,040 Speaker 1: the earnings continue to roll in today, Karen, With big 48 00:02:41,080 --> 00:02:43,800 Speaker 1: tech once again leading the way. After the bell, we 49 00:02:43,840 --> 00:02:46,200 Speaker 1: hear from Apple and Amazon, and we get a preview 50 00:02:46,200 --> 00:02:48,960 Speaker 1: now from Bloomberg's Tom Busby. Well investors will see if 51 00:02:48,960 --> 00:02:52,320 Speaker 1: Apple saw continued growth and sales of iPhones, iPads, max 52 00:02:52,480 --> 00:02:56,880 Speaker 1: and services despite supply chain problems and chip shortages. Forecast 53 00:02:56,880 --> 00:02:59,639 Speaker 1: call for earnings per share of one dollar forty three 54 00:02:59,639 --> 00:03:02,840 Speaker 1: cents on revenue of just over ninety four billion dollars. 55 00:03:03,320 --> 00:03:06,280 Speaker 1: Apple also expected to announce a share buyback program of 56 00:03:06,320 --> 00:03:09,800 Speaker 1: as much as ninety billion dollars. As for Amazon investors, 57 00:03:09,800 --> 00:03:12,440 Speaker 1: we'll see if it's Amazon Web Services, the cloud computing 58 00:03:12,520 --> 00:03:15,240 Speaker 1: unit will off set and expected slow down and online 59 00:03:15,280 --> 00:03:18,960 Speaker 1: sales now that many pandemic restrictions have been lifted. Forecast 60 00:03:18,960 --> 00:03:20,920 Speaker 1: call for earnings per share of eight fifty five on 61 00:03:20,960 --> 00:03:24,200 Speaker 1: revenues of more than a hundred sixteen billion. I'm Tom Busby, 62 00:03:24,360 --> 00:03:27,000 Speaker 1: Bloomberg Daybreak. All right, Tom, thank you. Well. It's also 63 00:03:27,040 --> 00:03:30,040 Speaker 1: a busy day for earnings in Europe, with seventy companies reporting. 64 00:03:30,080 --> 00:03:33,480 Speaker 1: Shares a barclayser up almost two percent, fixed income, currency 65 00:03:33,480 --> 00:03:36,600 Speaker 1: and commodities revenue jump, thirty seven percent of the British bank. 66 00:03:37,200 --> 00:03:41,680 Speaker 1: Shares of Standard Chartered are soaring thcent. Earnings topped estimates 67 00:03:41,680 --> 00:03:44,320 Speaker 1: and the lender raised its revenue outlook. And it's also 68 00:03:44,360 --> 00:03:46,240 Speaker 1: a big day on the economic front, Karen, we get 69 00:03:46,280 --> 00:03:49,400 Speaker 1: a closely watched reading on first quarter GDP this morning. 70 00:03:49,400 --> 00:03:52,840 Speaker 1: The forecast is for a one percent gain. Bloomberg's Michael 71 00:03:52,880 --> 00:03:56,960 Speaker 1: McKee has details COVID and Russia's war slowed growth dramatically 72 00:03:56,960 --> 00:03:59,320 Speaker 1: in the first three months of the year. Some analysts 73 00:03:59,320 --> 00:04:02,920 Speaker 1: even fake the economy contracted, but a dismal GDP figure 74 00:04:03,000 --> 00:04:06,560 Speaker 1: will mask some true strength. Consumers spending is forecast to 75 00:04:06,560 --> 00:04:09,480 Speaker 1: be strong, and business investment appears to be holding up. 76 00:04:09,800 --> 00:04:12,480 Speaker 1: Real estate was a strong point during the quarter. The 77 00:04:12,480 --> 00:04:15,200 Speaker 1: impact on growth is likely largely to have come from 78 00:04:15,200 --> 00:04:18,919 Speaker 1: a slower pace of inventory building as companies finally restocked. 79 00:04:19,400 --> 00:04:22,880 Speaker 1: Higher oil prices play a role as well. Michael McKee 80 00:04:22,920 --> 00:04:25,960 Speaker 1: Bloomberg Daybreak, All right, Michael, thank you, But higher inflation 81 00:04:26,000 --> 00:04:29,080 Speaker 1: as taking a toll on the personal finances of many Americans, 82 00:04:29,080 --> 00:04:31,279 Speaker 1: and it's also heading their outlook. We get the latest 83 00:04:31,320 --> 00:04:34,040 Speaker 1: line from Bloomberg's Randy A Young. Good morning Randia, Good 84 00:04:34,040 --> 00:04:36,919 Speaker 1: morning Karen. A gallop pole shows less than half of 85 00:04:36,960 --> 00:04:41,000 Speaker 1: Americans rate their financial situation as good or excellent, and 86 00:04:41,120 --> 00:04:44,880 Speaker 1: some forty eight percent say it's worsening. That's a similar 87 00:04:45,040 --> 00:04:47,839 Speaker 1: level seen a month into the pandemic and during the 88 00:04:47,880 --> 00:04:52,720 Speaker 1: financial crisis of twenty eight So what's driving to worry? 89 00:04:52,760 --> 00:04:55,240 Speaker 1: The survey finds that a record thirty two percent of 90 00:04:55,240 --> 00:04:58,200 Speaker 1: Americans rank inflation and a high cost of living as 91 00:04:58,240 --> 00:05:02,160 Speaker 1: the most important financial problem facing their family today. Live 92 00:05:02,200 --> 00:05:04,520 Speaker 1: in New York, I'm renned a Young Bloomberg Day break 93 00:05:04,560 --> 00:05:06,600 Speaker 1: all right, Nita, thank you. Let's turn to some moves 94 00:05:06,640 --> 00:05:09,640 Speaker 1: in Asia now. Overnight, the Japanese yen hit a two 95 00:05:09,680 --> 00:05:12,560 Speaker 1: decade low against the dollar. The move comes after the 96 00:05:12,800 --> 00:05:15,760 Speaker 1: Bank of Japan doubled down on bond purchases. The central 97 00:05:15,800 --> 00:05:17,960 Speaker 1: Bank said it would buy an unlimited amount of bonds 98 00:05:18,000 --> 00:05:20,880 Speaker 1: that fixed rates every business day and checking the end 99 00:05:20,960 --> 00:05:23,279 Speaker 1: right now it is at one thirty point nine five 100 00:05:23,320 --> 00:05:25,520 Speaker 1: against the dollar. Well, now, Nathan will look at the 101 00:05:25,600 --> 00:05:28,200 Speaker 1: latest on the war in Ukraine. President Biden plans to 102 00:05:28,200 --> 00:05:31,600 Speaker 1: deliver remarks later today on support for Ukraine as his 103 00:05:31,640 --> 00:05:34,880 Speaker 1: administration looks as end Congress a proposal for weapons that 104 00:05:34,920 --> 00:05:38,039 Speaker 1: Bloomberg said Baxter has that story. The White House says 105 00:05:38,120 --> 00:05:40,080 Speaker 1: it could go to the Hill as early as today. 106 00:05:40,279 --> 00:05:43,360 Speaker 1: Spokeswoman Jansaki says they're still working on the final ast. 107 00:05:43,400 --> 00:05:44,880 Speaker 1: You don't have a number for you at this point 108 00:05:44,880 --> 00:05:47,200 Speaker 1: in time, but there is plans for this to be 109 00:05:47,480 --> 00:05:50,640 Speaker 1: a proposal to go through the fiscal year, and it 110 00:05:50,680 --> 00:05:55,240 Speaker 1: will include um as our path packages have included security 111 00:05:55,520 --> 00:06:00,440 Speaker 1: or military assistance, humanitarian economic assistance, which seems to suggest 112 00:06:00,520 --> 00:06:03,320 Speaker 1: a large number. The President has promised delivery by the 113 00:06:03,400 --> 00:06:06,000 Speaker 1: end of the week. In San Francisco. I'm at Baxtter 114 00:06:06,080 --> 00:06:08,520 Speaker 1: Bloomberg day Break. All right, ed, thanks Meantime, in Europe, 115 00:06:08,600 --> 00:06:11,240 Speaker 1: several countries are looking for clearer guidance from the EU 116 00:06:11,400 --> 00:06:14,640 Speaker 1: on Russia's demand to pay for natural gas in rubles. 117 00:06:14,760 --> 00:06:18,200 Speaker 1: Russia cut the taps to Poland and Bulgaria yesterday because 118 00:06:18,240 --> 00:06:20,320 Speaker 1: they refused to pay in the currency, and now The 119 00:06:20,320 --> 00:06:24,440 Speaker 1: Financial Times reports several European nations, including Germany, are preparing 120 00:06:24,520 --> 00:06:28,200 Speaker 1: to open ruble accounts to meet Vladimir Putin's demands. This 121 00:06:28,240 --> 00:06:31,520 Speaker 1: all adds to a volatile energy market. According to Patrick Dehan, 122 00:06:31,640 --> 00:06:34,520 Speaker 1: head of petroleum analysis at gas Buddy, there's a lot 123 00:06:34,640 --> 00:06:38,000 Speaker 1: in said about Russia and Ukraine and now Russia today 124 00:06:38,160 --> 00:06:42,360 Speaker 1: escalating the situation by UH stifling the flow of natural 125 00:06:42,400 --> 00:06:45,599 Speaker 1: gas to Poland and Bulgaria. And of course we have 126 00:06:46,320 --> 00:06:50,320 Speaker 1: a global economy that's been rebounding. Patrick de Han with 127 00:06:50,400 --> 00:06:53,440 Speaker 1: gas Buddy spoke with our Washington correspondent Joe Matthew on 128 00:06:53,440 --> 00:06:56,080 Speaker 1: Bloomberg Sound On. You can catch the show weekdays at 129 00:06:56,120 --> 00:06:59,760 Speaker 1: five pm Eastern on Bloomberg Radio. Right now, SMP futures 130 00:06:59,760 --> 00:07:02,839 Speaker 1: are up seventy five point STOUT future is up three 131 00:07:02,920 --> 00:07:05,360 Speaker 1: nastack future is up three twenty five points. That's a 132 00:07:05,400 --> 00:07:07,720 Speaker 1: game of two and a half percent ten. Your treasury 133 00:07:07,760 --> 00:07:10,720 Speaker 1: is up to thirty seconds. The yield two two and 134 00:07:10,800 --> 00:07:12,800 Speaker 1: the yield on the two year right now two point 135 00:07:12,880 --> 00:07:16,280 Speaker 1: five eight percent. Straight ahead, your latest local headlines and 136 00:07:16,320 --> 00:07:23,840 Speaker 1: a check of sports. This is Bloomberg in sound five 137 00:07:23,880 --> 00:07:25,760 Speaker 1: oh seven on Wall Street where a forty one degrees 138 00:07:25,800 --> 00:07:28,200 Speaker 1: in Central Park dealing with a truck accident on Route 139 00:07:28,200 --> 00:07:30,920 Speaker 1: one and nine towards Route four forty in Jersey City. 140 00:07:31,000 --> 00:07:33,680 Speaker 1: Details kind of in traffic. First, Michael Bars here with 141 00:07:33,680 --> 00:07:35,480 Speaker 1: more on what's going on in New York and around 142 00:07:35,520 --> 00:07:38,080 Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York's 143 00:07:38,160 --> 00:07:41,480 Speaker 1: MTA plans to ramp up its number of electric buses, 144 00:07:41,560 --> 00:07:46,000 Speaker 1: part of the agency's goal for zero emissions by twenty forty. 145 00:07:46,120 --> 00:07:48,840 Speaker 1: For the nation's largest bus fleet, The m t A 146 00:07:48,840 --> 00:07:52,640 Speaker 1: anticipate sixty new electric buses will start arriving later this year, 147 00:07:52,640 --> 00:07:56,240 Speaker 1: with another four hundred seventy coming in three to four years. 148 00:07:56,600 --> 00:07:59,160 Speaker 1: It will transition its shifty eight hundred bus fleet to 149 00:07:59,200 --> 00:08:04,520 Speaker 1: all electric vehicles. Dr Anthony Fauci has clarifying comments he 150 00:08:04,600 --> 00:08:07,520 Speaker 1: made suggesting that the COVID nineteen pandemic is over in 151 00:08:07,520 --> 00:08:11,080 Speaker 1: the US. Fauci said this initially on the PBS News Hour. 152 00:08:11,560 --> 00:08:14,680 Speaker 1: We are certainly right now in this country out of 153 00:08:14,720 --> 00:08:19,000 Speaker 1: the pandemic faith. But now Dr Fauci says the pandemic 154 00:08:19,040 --> 00:08:21,360 Speaker 1: in the U s isn't over, but is in a 155 00:08:21,400 --> 00:08:25,560 Speaker 1: more controlled stage. New York's highest court has rejected new 156 00:08:25,560 --> 00:08:30,280 Speaker 1: congressional maps widely seen as favoring Democrats. The state's Court 157 00:08:30,280 --> 00:08:32,920 Speaker 1: of Appeals agreed with a group of Republican voters who 158 00:08:32,960 --> 00:08:37,960 Speaker 1: said the district boundaries were unconstitutionally gerrymandered and that the 159 00:08:38,040 --> 00:08:41,520 Speaker 1: legislature didn't follow proper procedure in passing the maps. The 160 00:08:41,520 --> 00:08:44,720 Speaker 1: decision may delay New York primary elections by as much 161 00:08:44,720 --> 00:08:47,840 Speaker 1: as two months. The parents of American Trevor Reid said 162 00:08:47,840 --> 00:08:50,840 Speaker 1: they dared not build up their hopes when they first 163 00:08:50,840 --> 00:08:53,640 Speaker 1: heard their son might be freed from Russia after being 164 00:08:53,679 --> 00:08:56,200 Speaker 1: held three years. Yesterday they got the call that they 165 00:08:56,200 --> 00:08:59,240 Speaker 1: have been waiting for. The former marine was swapped for 166 00:08:59,280 --> 00:09:01,960 Speaker 1: a Russians and are being held by the US. They 167 00:09:02,040 --> 00:09:04,360 Speaker 1: expect read to come home in a few days. Key 168 00:09:04,440 --> 00:09:07,800 Speaker 1: negotiator and former US Ambassador to the United Nations. Bill 169 00:09:07,920 --> 00:09:11,559 Speaker 1: Richardson says that he has worked with two different administrations 170 00:09:11,559 --> 00:09:15,160 Speaker 1: since twenty nineteen to secure Read's release and notes that 171 00:09:15,400 --> 00:09:18,160 Speaker 1: these kinds of deals take a long time to come 172 00:09:18,200 --> 00:09:22,720 Speaker 1: to fruition. These exchanges take a long time. During the 173 00:09:22,720 --> 00:09:26,440 Speaker 1: Trump administration, it didn't work, and the relationship between President 174 00:09:26,440 --> 00:09:29,160 Speaker 1: Trump and the Russians was better than it is now, 175 00:09:29,280 --> 00:09:33,120 Speaker 1: but it didn't work, so it depends on timing luck. 176 00:09:34,240 --> 00:09:37,520 Speaker 1: Richardson says. Other Americans are still being held in Russia, 177 00:09:37,559 --> 00:09:40,000 Speaker 1: including w n B A Star, Britney Grinder, and another 178 00:09:40,040 --> 00:09:43,679 Speaker 1: former Marine, Paul Wheeland. The crew for astronauts arrived on 179 00:09:43,800 --> 00:09:47,439 Speaker 1: our inside the International Space Station and dragon hatches open 180 00:09:47,559 --> 00:09:50,800 Speaker 1: and they are welcoming the crew for extronauts on board. 181 00:09:51,160 --> 00:09:54,439 Speaker 1: The NASA crew blasted off from Florida yesterday morning. Global 182 00:09:54,480 --> 00:09:56,800 Speaker 1: News twenty four hours a day on air and on 183 00:09:56,840 --> 00:10:00,160 Speaker 1: Bloomberg Quick Take, powered by more than hundred journalist tod 184 00:10:00,160 --> 00:10:02,520 Speaker 1: analists more than a hundred, twenty countries. I'm Michael bar 185 00:10:02,679 --> 00:10:09,920 Speaker 1: This is Bloomberg, Nathan Michael. Thank you almost five ten 186 00:10:09,920 --> 00:10:12,200 Speaker 1: on All Street time for the Bloomberg Sports Update. Good morning, 187 00:10:12,280 --> 00:10:14,319 Speaker 1: John Stanho Alright, good morning. They think a couple of 188 00:10:14,440 --> 00:10:17,560 Speaker 1: Yankees sluggers have been quiet heating up, so the Yankees 189 00:10:17,600 --> 00:10:20,360 Speaker 1: there fifth in the row five two over Baltimore Stadium. 190 00:10:20,400 --> 00:10:23,280 Speaker 1: Joey Gallo, no home runs in his first fourteen games, 191 00:10:23,280 --> 00:10:25,600 Speaker 1: now two and two nights, and Giant Carlos Stanton, with 192 00:10:25,640 --> 00:10:28,400 Speaker 1: his first home run since the second game of the season, 193 00:10:28,400 --> 00:10:31,280 Speaker 1: finally gets to three hundred and fifty career home runs. 194 00:10:31,280 --> 00:10:34,240 Speaker 1: Only six players that have ever gotten there faster. Yanks 195 00:10:34,280 --> 00:10:36,600 Speaker 1: go for the sweep this afternoon. Mets failed to get 196 00:10:36,640 --> 00:10:38,600 Speaker 1: to sweep in St. Louis. Had a four one lead 197 00:10:38,640 --> 00:10:41,440 Speaker 1: early on, but the Cardinals erupted and one ten to five. 198 00:10:41,520 --> 00:10:44,920 Speaker 1: Nolan Eronado erupted in the eighth inning. Did not appreciate 199 00:10:45,360 --> 00:10:48,520 Speaker 1: Joan Lopez is up and in pitch, the bench is empty, 200 00:10:48,600 --> 00:10:54,240 Speaker 1: the Cardinals manager, Carlos Marmal. When you come up top 201 00:10:54,320 --> 00:10:59,280 Speaker 1: like that and and jeopardize someone's career in life, yeah, 202 00:10:59,320 --> 00:11:02,599 Speaker 1: I take it. And uh, I don't think anyone in 203 00:11:02,640 --> 00:11:06,640 Speaker 1: the big leagues appreciates getting thrown up top. No one 204 00:11:06,679 --> 00:11:09,640 Speaker 1: has every right to react the way he did and 205 00:11:09,800 --> 00:11:13,040 Speaker 1: go after him, and we'll protect that. The Mets. J. D. 206 00:11:13,240 --> 00:11:14,760 Speaker 1: Davis got there with a pitch of the top of 207 00:11:14,840 --> 00:11:16,679 Speaker 1: the eighth was the fifth time in the series of 208 00:11:16,800 --> 00:11:20,280 Speaker 1: met got hit nineteenth time this season. No other team 209 00:11:20,320 --> 00:11:22,200 Speaker 1: has been hit by a pitch more than eleven times. 210 00:11:22,480 --> 00:11:25,000 Speaker 1: Rangers at the Garden lost to Montreal four to three. 211 00:11:25,040 --> 00:11:27,719 Speaker 1: Close out the regular season tomorrow night where Washington. That 212 00:11:27,760 --> 00:11:30,200 Speaker 1: could affect whether they then played the Cats in the 213 00:11:30,200 --> 00:11:32,880 Speaker 1: first round of Pittsburgh beats Columbus. Tomorrow, the Rangers will 214 00:11:32,880 --> 00:11:35,640 Speaker 1: face the Penguins. The Bucks will face the Celtics in 215 00:11:35,720 --> 00:11:38,760 Speaker 1: the NBA second round. Milwaukee finished off Chicago. Golden State 216 00:11:38,800 --> 00:11:41,640 Speaker 1: closed at a series with Denver. NFL Draft starts tonight 217 00:11:41,679 --> 00:11:44,400 Speaker 1: in Las Vegas. Like last year, Jacksonville has the first pick, 218 00:11:44,840 --> 00:11:48,120 Speaker 1: Jets have the fourth and tenth picks. Giants have the 219 00:11:48,120 --> 00:11:51,320 Speaker 1: fifth and set up John stash Hewn Bloomberg Sports Nathan 220 00:11:51,679 --> 00:11:54,720 Speaker 1: all Right, John, thank you. SMP futures up seventy two points, 221 00:11:54,760 --> 00:11:58,040 Speaker 1: staff futures up three hundred seventy NASTAC futures higher by 222 00:11:58,120 --> 00:12:01,040 Speaker 1: three hundred one points or two and a third percent. 223 00:12:01,559 --> 00:12:08,599 Speaker 1: You're listening to Bloomberg Daybreak. Bloomberg Daybreak brought to you 224 00:12:08,640 --> 00:12:10,559 Speaker 1: by the New York Community Trust. Jour name Will live 225 00:12:10,559 --> 00:12:12,440 Speaker 1: on as a champion of the causes you care about 226 00:12:12,480 --> 00:12:14,559 Speaker 1: for years to come through a charitable bequest to the 227 00:12:14,600 --> 00:12:17,800 Speaker 1: New York Community Trust. Learn more at Philanthropists dot n 228 00:12:17,960 --> 00:12:24,880 Speaker 1: y C. Markets headlines and breaking news twenty four hours 229 00:12:24,880 --> 00:12:27,839 Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at 230 00:12:27,960 --> 00:12:36,880 Speaker 1: and at Bloomberg Quicktape. This is a Bloomberg Business flash 231 00:12:37,480 --> 00:12:40,520 Speaker 1: and I'm Cara at Moscow. European stocks rallying along with 232 00:12:40,640 --> 00:12:43,959 Speaker 1: US stock index futures after upbeed earning strengthen the bull 233 00:12:44,000 --> 00:12:47,200 Speaker 1: gage for the economy and markets contracts on the tech 234 00:12:47,240 --> 00:12:50,920 Speaker 1: heavy NASDACK jumping more than two percent, paced by gains 235 00:12:50,960 --> 00:12:54,400 Speaker 1: and meta platforms, just after Facebook's main social network added 236 00:12:54,400 --> 00:12:58,200 Speaker 1: more users than projected. Facebook shares are up about sevent 237 00:12:58,880 --> 00:13:01,920 Speaker 1: in early trading. Yes p futures they're up seventy points 238 00:13:02,000 --> 00:13:04,440 Speaker 1: down Future is up three hundred fifty five and nastack 239 00:13:04,480 --> 00:13:07,200 Speaker 1: Future is up two hundred ninety four. Again, that's up 240 00:13:07,200 --> 00:13:09,560 Speaker 1: to and a quarter percent. The decks in Germany's up 241 00:13:09,559 --> 00:13:12,320 Speaker 1: one point nine percent. Ten year treasury of three thirty 242 00:13:12,400 --> 00:13:14,640 Speaker 1: seconds yield two point eight two percent, a yield on 243 00:13:14,679 --> 00:13:17,640 Speaker 1: the two year two point five eight percent, nine make screwed. 244 00:13:17,679 --> 00:13:19,800 Speaker 1: Oil is up half percent, or forty eight cents at 245 00:13:19,800 --> 00:13:22,760 Speaker 1: a hundred two dollars. Forty nine cents of barrel comes gold. 246 00:13:22,760 --> 00:13:26,000 Speaker 1: Little change in eighteen eighty seven. Sixty announced the euro 247 00:13:26,120 --> 00:13:29,360 Speaker 1: one point zero five to four against the dollar, British 248 00:13:29,360 --> 00:13:31,440 Speaker 1: bound one point to five three two, and the yen 249 00:13:31,559 --> 00:13:34,520 Speaker 1: is at one thirty point nine four. Bitcoin this morning 250 00:13:34,559 --> 00:13:37,160 Speaker 1: up one point seven percent at thirty nine thousand, seven 251 00:13:37,240 --> 00:13:40,360 Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's 252 00:13:40,400 --> 00:13:43,240 Speaker 1: Michael Barr with more on what's going on around the world. Muchael, 253 00:13:43,280 --> 00:13:46,199 Speaker 1: Good morning, Good morning, Karen. President Joe Biden plans to 254 00:13:46,320 --> 00:13:50,640 Speaker 1: deliver remarks today on support for Ukraine. His administration looks 255 00:13:50,679 --> 00:13:53,439 Speaker 1: too soon send the Congress a proposal for weapons and 256 00:13:53,559 --> 00:13:58,160 Speaker 1: umnitarian assistance for Key that would last through September. Dr 257 00:13:58,240 --> 00:14:01,520 Speaker 1: Anthony Falci is clarifying com n team made suggesting that 258 00:14:01,640 --> 00:14:05,000 Speaker 1: the COVID nineteen pandemic is over in the US. Punty 259 00:14:05,080 --> 00:14:07,440 Speaker 1: now says the pandemic is not over, but in a 260 00:14:07,480 --> 00:14:11,719 Speaker 1: different phase. Round one of the NFL draft begins to night. 261 00:14:11,800 --> 00:14:15,000 Speaker 1: The Jaguars have the overall number one pick. The Jets 262 00:14:15,200 --> 00:14:18,120 Speaker 1: have the fourth and tenth pick, the Giant select fifth 263 00:14:18,120 --> 00:14:21,560 Speaker 1: and seventh. In the NBA Playoffs, the Warriors advanced to 264 00:14:21,640 --> 00:14:25,240 Speaker 1: the next round after beating the Nuggets in Game five one. 265 00:14:25,800 --> 00:14:28,760 Speaker 1: In baseball, the Yankees beat the Orioles five to The 266 00:14:28,800 --> 00:14:31,600 Speaker 1: Medicine Nationals lost the Red Sox one. The A shut 267 00:14:31,600 --> 00:14:34,640 Speaker 1: out the Giants one zip. In the NHL, the Rangers lost. 268 00:14:34,880 --> 00:14:37,680 Speaker 1: Global News twenty four hours a day on air and 269 00:14:37,920 --> 00:14:41,360 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 270 00:14:41,400 --> 00:14:44,000 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 271 00:14:44,000 --> 00:14:46,680 Speaker 1: Michael Barr. This is Bloomberg Naked, all right, Michael. Thanks, 272 00:14:46,680 --> 00:14:49,080 Speaker 1: It's five nineteen on Wall Street Life from the Bloomberg 273 00:14:49,120 --> 00:14:52,640 Speaker 1: interractor broker's studios. This is Bloomberg Daybreak. I'll go ahead 274 00:14:52,680 --> 00:14:55,200 Speaker 1: and go there. There is a lot for investors in 275 00:14:55,360 --> 00:14:59,680 Speaker 1: Facebook parent meta too, like the shares are surging, with 276 00:14:59,760 --> 00:15:02,040 Speaker 1: the social media giant reporting a return to use their 277 00:15:02,040 --> 00:15:06,080 Speaker 1: growth after last quarters first ever loss in that category. 278 00:15:06,240 --> 00:15:08,400 Speaker 1: Let's turn out a man Deep seeing get more on 279 00:15:08,440 --> 00:15:11,960 Speaker 1: these earnings. Senior tech analyst at Bloomberg Intelligence, Man Deep, 280 00:15:11,960 --> 00:15:14,520 Speaker 1: good morning. So can we say then that the user 281 00:15:14,680 --> 00:15:19,680 Speaker 1: dropped in the previous quarter was a fluke, well not necessarily, 282 00:15:19,840 --> 00:15:24,000 Speaker 1: I think the expectations going into the quarter or dire. 283 00:15:24,280 --> 00:15:27,120 Speaker 1: The sentiment was really negative and so what they did 284 00:15:27,240 --> 00:15:30,400 Speaker 1: was really didn't come out with any further bad news 285 00:15:30,960 --> 00:15:33,680 Speaker 1: as well as they said they're going to curtail their 286 00:15:33,720 --> 00:15:37,920 Speaker 1: expense growth around metal wors, so net net revenue growth 287 00:15:38,000 --> 00:15:40,920 Speaker 1: both slow and nothing has changed on that point. It's 288 00:15:41,000 --> 00:15:44,520 Speaker 1: just the expense growth won't ramp up as fast as 289 00:15:44,560 --> 00:15:47,520 Speaker 1: they laid out the last timber on. We were certainly though, 290 00:15:47,760 --> 00:15:53,080 Speaker 1: seeing investors really piling into this stock this morning. What 291 00:15:53,160 --> 00:15:56,080 Speaker 1: do you think is behind the move that we're seeing 292 00:15:56,120 --> 00:16:00,440 Speaker 1: for the shares? Well, so you look advertise, I think 293 00:16:00,720 --> 00:16:03,920 Speaker 1: is a large trillion dollar plus market and it continues 294 00:16:03,960 --> 00:16:07,480 Speaker 1: to be a duopoly with Alphabet and Meta being the 295 00:16:07,560 --> 00:16:11,040 Speaker 1: true top players. And at the scale that Meta is 296 00:16:11,080 --> 00:16:15,120 Speaker 1: at at, even if there is a deceleration in top 297 00:16:15,200 --> 00:16:19,400 Speaker 1: line growth, this company still has over thirty operating margins. 298 00:16:19,480 --> 00:16:22,360 Speaker 1: And if they are telling us that, you know, costs 299 00:16:22,360 --> 00:16:25,120 Speaker 1: won't go up the same way as it did last quarter, 300 00:16:25,200 --> 00:16:28,760 Speaker 1: you know, costs were up whereas revenue was up seven 301 00:16:29,600 --> 00:16:33,400 Speaker 1: but going forward it will probably the cost night of 302 00:16:33,400 --> 00:16:36,320 Speaker 1: the equation will look much better. I think that is 303 00:16:36,320 --> 00:16:38,760 Speaker 1: what is pacifying the investor. And as I said, the 304 00:16:38,840 --> 00:16:42,440 Speaker 1: multiples had compressed to a point where they were pricing 305 00:16:42,520 --> 00:16:46,240 Speaker 1: in a worst case scenarios. Obviously that won't play out. 306 00:16:46,560 --> 00:16:48,680 Speaker 1: Do you buy that cost story though? Man Deep, but 307 00:16:48,840 --> 00:16:51,880 Speaker 1: the I mean certainly. Mark Zuckerberg has been talking about 308 00:16:51,880 --> 00:16:53,920 Speaker 1: spending quite a lot of money on the meta side 309 00:16:54,320 --> 00:16:59,320 Speaker 1: of meta platforms, and inflation still out there. We also 310 00:16:59,480 --> 00:17:05,040 Speaker 1: inflat ship doesn't impact Facebook's operations as much as it 311 00:17:05,160 --> 00:17:09,120 Speaker 1: does other companies. Yes, other companies will pull back on advertising, 312 00:17:09,160 --> 00:17:13,280 Speaker 1: but eventually the ad spending will go up if we 313 00:17:13,320 --> 00:17:15,920 Speaker 1: are not going into a recession. So the top line 314 00:17:15,960 --> 00:17:19,080 Speaker 1: book come back. And on the cost side, look, metal 315 00:17:19,119 --> 00:17:23,280 Speaker 1: worse was a big thing for Facebook CEO last quarter. 316 00:17:23,480 --> 00:17:27,280 Speaker 1: This time around, the tone had changed considerably. Now it 317 00:17:27,480 --> 00:17:29,960 Speaker 1: was more about, okay, this is something for their ads. 318 00:17:29,960 --> 00:17:34,120 Speaker 1: Will continue to invest, but we will invest in line with, 319 00:17:34,320 --> 00:17:37,560 Speaker 1: you know, the expectations of the market around metal works 320 00:17:37,640 --> 00:17:40,119 Speaker 1: and not be as aggressive as they laid out the 321 00:17:40,200 --> 00:17:43,600 Speaker 1: last time around. So definitely a big change in tune 322 00:17:43,640 --> 00:17:45,879 Speaker 1: in terms of the spending on the metal works. So 323 00:17:46,119 --> 00:17:49,040 Speaker 1: does that change in Toneman deep point to more of 324 00:17:49,080 --> 00:17:53,280 Speaker 1: a focus than on competition on the social media side. 325 00:17:53,320 --> 00:17:58,320 Speaker 1: It is pretty pitched competition for uh, not just you know, Twitter, 326 00:17:58,480 --> 00:18:01,440 Speaker 1: some of the like see if you can call them 327 00:18:01,440 --> 00:18:05,880 Speaker 1: that social media platforms, but of course TikTok absolutely, So 328 00:18:05,960 --> 00:18:10,639 Speaker 1: what they're doing now is really pivoting aggressively to you know, 329 00:18:10,720 --> 00:18:15,480 Speaker 1: match TikTok's algorithm, the AI based approach that TikTok has taken, 330 00:18:15,520 --> 00:18:18,280 Speaker 1: and so Facebook is doing the same. And the risk 331 00:18:18,400 --> 00:18:23,200 Speaker 1: over there is Facebook's core kind of mode is around 332 00:18:23,240 --> 00:18:27,120 Speaker 1: their social graphs, so now that they're making this pivot 333 00:18:27,200 --> 00:18:31,320 Speaker 1: to AI based recommendation, they lose that advantage. At the 334 00:18:31,400 --> 00:18:34,600 Speaker 1: same time, Facebook is kind of throwing a lot of 335 00:18:34,680 --> 00:18:38,520 Speaker 1: resources to catch up to TikTok and YouTube, and I 336 00:18:38,560 --> 00:18:43,200 Speaker 1: do think because of facebooks or meta scale in this business, 337 00:18:43,640 --> 00:18:46,760 Speaker 1: they still have that advertiser base that will trust them 338 00:18:46,800 --> 00:18:49,320 Speaker 1: to you know, improve the r o I on ad 339 00:18:49,320 --> 00:18:52,240 Speaker 1: spending just about thirty seconds left here, Mande. But just 340 00:18:52,280 --> 00:18:55,320 Speaker 1: out of curiosity, do you see any impact for Facebook 341 00:18:56,240 --> 00:19:00,760 Speaker 1: elon Musk's takeover of Twitter. No. I think twitdle was 342 00:19:00,800 --> 00:19:03,440 Speaker 1: too small of a player in the ad space, so 343 00:19:03,600 --> 00:19:06,720 Speaker 1: it doesn't have uh that kind of daring on the 344 00:19:06,800 --> 00:19:09,400 Speaker 1: digital ad space. But at the same time, I think 345 00:19:09,480 --> 00:19:12,600 Speaker 1: that was probably a bottom in terms of evaluation in 346 00:19:12,640 --> 00:19:15,920 Speaker 1: the digital ad space. Thanks for this, mandep great having 347 00:19:15,960 --> 00:19:18,480 Speaker 1: you on this morning. Thanks for getting up early. Really appreciated. 348 00:19:18,800 --> 00:19:22,439 Speaker 1: Man Deep Saying, senior tech analyst at Bloomberg Intelligence with 349 00:19:22,520 --> 00:19:24,760 Speaker 1: us this morning. As we continue to watch shares of 350 00:19:24,800 --> 00:19:27,959 Speaker 1: Facebook in the pre market after the positive earnings result, 351 00:19:28,400 --> 00:19:32,080 Speaker 1: we are seeing a surge with metal platform shares up 352 00:19:32,160 --> 00:19:36,640 Speaker 1: just about seventeen percent in early trading. As far as 353 00:19:37,160 --> 00:19:40,480 Speaker 1: overall broader markets go, that's helping to drive a lift 354 00:19:40,760 --> 00:19:44,240 Speaker 1: for futures contracts. You have SMP futures up seventy one point, 355 00:19:44,280 --> 00:19:47,480 Speaker 1: staff futures up there at sixty. NAZAC Future is leading 356 00:19:47,480 --> 00:19:49,359 Speaker 1: the way with a two and a third percent gain 357 00:19:49,480 --> 00:19:54,120 Speaker 1: up three hundred two points, just ahead a big slowdown 358 00:19:54,280 --> 00:19:59,200 Speaker 1: expected in first quarter GDP and inflations taking a hit 359 00:19:59,359 --> 00:20:02,080 Speaker 1: on the how sold outlook. Top stories of the morning 360 00:20:02,160 --> 00:20:08,560 Speaker 1: just ahead on Bloomberg day Break, Bloomberg eleven three oh 361 00:20:08,560 --> 00:20:10,879 Speaker 1: weather varying amounts of clouds and sun breezy today with 362 00:20:10,920 --> 00:20:12,960 Speaker 1: high sneer fifty five degrees. We could get up to 363 00:20:13,000 --> 00:20:16,399 Speaker 1: around sixty with sunshine and a breeze tomorrow, mostly sunny, 364 00:20:16,440 --> 00:20:19,680 Speaker 1: low sixties for Saturday. Right now forty one in Central Park, 365 00:20:22,200 --> 00:20:26,720 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:26,840 --> 00:20:30,680 Speaker 1: Bloomberg E Looving Freedom to Washington, d C, Bloomberg On 367 00:20:30,920 --> 00:20:34,160 Speaker 1: to Boston, Bloomberg one, O six one does San Francisco 368 00:20:34,240 --> 00:20:37,440 Speaker 1: Bloomberg and I'm sixteen to the country, Sirius XM CHO 369 00:20:37,520 --> 00:20:40,840 Speaker 1: one nineteen and around the globe the Bloomberg Business and 370 00:20:40,920 --> 00:20:50,400 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg daybreak. Man, It's 371 00:20:50,440 --> 00:20:52,760 Speaker 1: five thirty on Wall Street. Good morning, I'm Nathan Hager 372 00:20:53,000 --> 00:20:55,560 Speaker 1: and I'm camerin Moscow. We are just about four hours 373 00:20:55,600 --> 00:20:57,720 Speaker 1: away from the open of US trading. Let's get you 374 00:20:57,760 --> 00:20:59,199 Speaker 1: up to date on the news you need to know 375 00:20:59,240 --> 00:21:02,280 Speaker 1: at this hour. Meta shares are up almost seventeen percent 376 00:21:02,400 --> 00:21:06,200 Speaker 1: this morning. That's after earning showed Facebook adding more users 377 00:21:06,200 --> 00:21:09,760 Speaker 1: than projected. Man Deep sing as senior technology analyst at 378 00:21:09,760 --> 00:21:13,280 Speaker 1: Bloomberg Intelligence, and he says the overall report is strong 379 00:21:13,480 --> 00:21:16,760 Speaker 1: despite missing revenue estimates. Last time. They give us a 380 00:21:16,800 --> 00:21:19,840 Speaker 1: surprise that they're spending an additional you know, twenty billion 381 00:21:19,880 --> 00:21:22,440 Speaker 1: dollars on this Reality Labs. That's the first time we 382 00:21:22,600 --> 00:21:25,320 Speaker 1: learned about those numbers this time around. There saying they 383 00:21:25,359 --> 00:21:27,920 Speaker 1: don't plan to increase it, but they plan to pair 384 00:21:28,040 --> 00:21:31,119 Speaker 1: back a little bit. And the core Facebook and Instagram 385 00:21:31,160 --> 00:21:34,919 Speaker 1: engagement seems to be holding up quite well. Bloomberg Intelligence 386 00:21:34,960 --> 00:21:38,119 Speaker 1: analyst man Deep Singh says Facebook added more than thirty 387 00:21:38,160 --> 00:21:41,320 Speaker 1: million new users in the quarter, and big tech earnings 388 00:21:41,320 --> 00:21:44,880 Speaker 1: continue today. Karen with Amazon and Apple reporting after the bell. 389 00:21:44,920 --> 00:21:49,000 Speaker 1: Bloomberg Intelligence says Amazon sales may slow and Apple's growth 390 00:21:49,040 --> 00:21:51,399 Speaker 1: could be down compared to last year. Well. Turning to 391 00:21:51,440 --> 00:21:53,760 Speaker 1: the economy, Nathan, we get a reading on growth today. 392 00:21:53,960 --> 00:21:56,680 Speaker 1: Us GDP is expected to show a one person game 393 00:21:56,760 --> 00:21:59,480 Speaker 1: when the figures are released this morning, and according to 394 00:21:59,520 --> 00:22:03,840 Speaker 1: new finding, scaring higher inflation is affecting many Americans financial outlook. 395 00:22:03,920 --> 00:22:05,960 Speaker 1: Let's get the latest on that live from Bloomberg's You 396 00:22:06,000 --> 00:22:07,919 Speaker 1: Need a Young Good morning, Grina, Good morning Nathan. A 397 00:22:07,960 --> 00:22:11,000 Speaker 1: gallop pole shows less than half of Americans rate their 398 00:22:11,040 --> 00:22:14,960 Speaker 1: financial situation as good or excellent, and some forty eight 399 00:22:15,000 --> 00:22:18,520 Speaker 1: percent say it's worsening. That's similar to levels seen a 400 00:22:18,600 --> 00:22:21,600 Speaker 1: month into the pandemic and during the financial crisis of 401 00:22:21,640 --> 00:22:24,840 Speaker 1: two thousand eight, So what's driving the worry? The survey 402 00:22:24,880 --> 00:22:27,920 Speaker 1: finds that a record thirty two percent of Americans rank 403 00:22:28,160 --> 00:22:30,960 Speaker 1: inflation at a high cost of living as the most 404 00:22:31,000 --> 00:22:35,240 Speaker 1: important financial problem they're facing today. Live in New York, 405 00:22:35,320 --> 00:22:37,359 Speaker 1: I'm gonna need a Young Bloomberg day break, all right, 406 00:22:37,400 --> 00:22:39,440 Speaker 1: RI need to thank you well. Overseas, the Japanese en 407 00:22:39,560 --> 00:22:41,840 Speaker 1: hit a two decade low against the dollar. Right now, 408 00:22:41,840 --> 00:22:44,600 Speaker 1: the rant the end is trading at one thirty point 409 00:22:44,680 --> 00:22:47,320 Speaker 1: four and nine against the dollar. In turning to Ukraine, Karen, 410 00:22:47,359 --> 00:22:50,160 Speaker 1: President Biden delivers remarks today as he prepares a proposal 411 00:22:50,200 --> 00:22:52,639 Speaker 1: for Congress to ship more weapons and aid to Kiev. 412 00:22:52,920 --> 00:22:56,120 Speaker 1: And meantime, the Financial Times reports Germany and other European 413 00:22:56,200 --> 00:22:59,200 Speaker 1: nations could open ruble accounts to pay for Russian gas. 414 00:22:59,440 --> 00:23:02,159 Speaker 1: Patrick de Haunt of gas Buddy says uncertainty in Russia 415 00:23:02,200 --> 00:23:06,120 Speaker 1: and COVID and China could cause continued volatility and gas prices. 416 00:23:06,119 --> 00:23:09,680 Speaker 1: Certainly a very bumpy and volatile summer as we continue 417 00:23:09,720 --> 00:23:13,320 Speaker 1: to see markets digest burying headlines that seemingly are on 418 00:23:13,359 --> 00:23:16,440 Speaker 1: opposite ends of the spectrum. Patrick Dehn with gas Buddy 419 00:23:16,480 --> 00:23:19,359 Speaker 1: spoke with our Washington correspondent Joe Matthew on Bloomberg. Sound 420 00:23:19,359 --> 00:23:21,800 Speaker 1: on Catch the Show weekdays at five pm Eastern on 421 00:23:21,840 --> 00:23:25,159 Speaker 1: Bloomberg Radio, and futures are high er SNP Future is 422 00:23:25,240 --> 00:23:27,800 Speaker 1: up sixty nine points down. Futures have three hundred forty 423 00:23:27,880 --> 00:23:30,720 Speaker 1: nine at nashtak Future is jumping up two hundred nineties. 424 00:23:30,760 --> 00:23:33,520 Speaker 1: Straight ahead your latest local headlines plus a check of sports. 425 00:23:33,840 --> 00:23:40,680 Speaker 1: This is Bloomberg. Thanks caring on Wall Street forty degrees 426 00:23:40,720 --> 00:23:43,439 Speaker 1: in Central Park. We got accident clean up down the 427 00:23:43,440 --> 00:23:46,879 Speaker 1: northbound uh Grood one and nine at Root four forty 428 00:23:47,040 --> 00:23:49,440 Speaker 1: in New Jersey City. Now Michael Bars here with more 429 00:23:49,440 --> 00:23:51,520 Speaker 1: on what's going on in New York and around the world. Michael, 430 00:23:51,560 --> 00:23:53,800 Speaker 1: thank you very much. Nathan. New York's mt A is 431 00:23:53,920 --> 00:23:58,159 Speaker 1: going for zero emissions by forty The authority plans to 432 00:23:58,280 --> 00:24:01,359 Speaker 1: ramp up its number of elect trick buses. The m 433 00:24:01,440 --> 00:24:04,800 Speaker 1: t A anticipate sixty new electric buses will start arriving 434 00:24:05,000 --> 00:24:08,439 Speaker 1: later this year. The m t A plans to transition 435 00:24:08,480 --> 00:24:11,480 Speaker 1: it's fifty hundred bus fleet to all of interature vehicles. 436 00:24:11,920 --> 00:24:15,480 Speaker 1: Dr Anthony Fauci caused quite a stir after comments he 437 00:24:15,520 --> 00:24:18,880 Speaker 1: made to PBS suggesting that the US is not in 438 00:24:18,920 --> 00:24:23,520 Speaker 1: the pandemic phase of COVID nineteen anymore. He clarified those comments, 439 00:24:23,520 --> 00:24:26,400 Speaker 1: saying the pandemic isn't over, but the country is now 440 00:24:26,480 --> 00:24:29,960 Speaker 1: in a different phase. Health experts say cases are going 441 00:24:30,040 --> 00:24:33,440 Speaker 1: down because many people now have some kind of immunity 442 00:24:33,480 --> 00:24:36,359 Speaker 1: to the virus. Dr David Aeggis, I think what was 443 00:24:36,400 --> 00:24:38,840 Speaker 1: implied and what was meant is that we're at a 444 00:24:38,920 --> 00:24:41,480 Speaker 1: better state in terms of the war on COVID nineteen. 445 00:24:41,720 --> 00:24:44,200 Speaker 1: What it means is is that we are now having 446 00:24:44,240 --> 00:24:47,359 Speaker 1: significant numbers of COVID ueen infections in the United States, 447 00:24:47,520 --> 00:24:50,200 Speaker 1: has evidenced by the recent infection of our Vice president. 448 00:24:50,280 --> 00:24:53,000 Speaker 1: But at the same time, hospitalizations and deaths are not 449 00:24:53,119 --> 00:24:58,119 Speaker 1: going up. Dr Aggas spoke to CBS. Trevor Reid, a 450 00:24:58,200 --> 00:25:02,480 Speaker 1: former Marine held in Rush since was released to US 451 00:25:02,520 --> 00:25:05,360 Speaker 1: officials as part of a prison swap with Russia. Key 452 00:25:05,400 --> 00:25:09,160 Speaker 1: negotiator and former US Ambassador to the United Nations Bill Richardson, 453 00:25:09,440 --> 00:25:12,440 Speaker 1: says that their focus now turns to other detained Americans 454 00:25:12,440 --> 00:25:16,040 Speaker 1: in Russia, including w n B A Star Brittney Grinder. 455 00:25:16,400 --> 00:25:19,720 Speaker 1: It's very murky what has happened, but she deserves to 456 00:25:19,800 --> 00:25:23,480 Speaker 1: come home. And it's important that we focus on her. 457 00:25:23,600 --> 00:25:27,000 Speaker 1: But also there's another marine. His name is Paul Wheeling. 458 00:25:27,119 --> 00:25:31,400 Speaker 1: He's been there almost three years. Former Ambassador Richardson says 459 00:25:31,480 --> 00:25:34,720 Speaker 1: Reed's parents expect him home in a few days. President 460 00:25:34,760 --> 00:25:37,840 Speaker 1: Biden honored Teachers of the Year at the White House. 461 00:25:38,080 --> 00:25:40,520 Speaker 1: Biden says being a teacher is one of the toughest 462 00:25:40,640 --> 00:25:44,240 Speaker 1: jobs anywhere, and so I think people won't realize it's 463 00:25:44,280 --> 00:25:49,080 Speaker 1: hard how much you prepare. President Biden says he overcame 464 00:25:49,119 --> 00:25:51,760 Speaker 1: his stutter as a child because of his parents and 465 00:25:51,880 --> 00:25:54,919 Speaker 1: his teachers. Global News twenty four hours a day on 466 00:25:55,080 --> 00:25:57,880 Speaker 1: air and on Bloomberg Quick Tank, powered by more than 467 00:25:58,880 --> 00:26:01,160 Speaker 1: journalists and analyst and more in a hundred twenty countries. 468 00:26:01,480 --> 00:26:09,960 Speaker 1: Michael Barr, this is Bloomberg Danther. Thank you, Michael wall Street. 469 00:26:09,960 --> 00:26:12,520 Speaker 1: Time for the Bloomberg Sports Update with John all Right, 470 00:26:12,560 --> 00:26:14,720 Speaker 1: Nathan amidst this hot start by the Mets came a 471 00:26:14,880 --> 00:26:18,280 Speaker 1: flurry of Mets getting hit by a pitch nineteen times 472 00:26:18,280 --> 00:26:20,760 Speaker 1: and twenty games. It happened five times in St. Louis, 473 00:26:20,760 --> 00:26:23,639 Speaker 1: so many were wondering when the benches might empty with 474 00:26:23,720 --> 00:26:26,520 Speaker 1: the Met charging the mat instead. It was a cardinal 475 00:26:26,560 --> 00:26:29,399 Speaker 1: who came charging Nolan Eronado eighth inning after an up 476 00:26:29,440 --> 00:26:32,120 Speaker 1: and end pitch by the Mets go On Lopez. Eronado 477 00:26:32,200 --> 00:26:34,720 Speaker 1: had had three hits three RBIs. St. Louis won the 478 00:26:34,720 --> 00:26:37,280 Speaker 1: game ten to five, with Carlos Carrasco gave up seven 479 00:26:37,359 --> 00:26:39,400 Speaker 1: runs eight hits. The Mets still win the series. They've 480 00:26:39,440 --> 00:26:42,240 Speaker 1: won all six series they've played, although they've yet to 481 00:26:42,280 --> 00:26:45,520 Speaker 1: have a sweep. Yankees today go for their second straight 482 00:26:45,600 --> 00:26:47,600 Speaker 1: series sweep. They won their fifth and row with the 483 00:26:47,600 --> 00:26:50,480 Speaker 1: Stadium five to two over Baltimore. Michael King got the 484 00:26:50,480 --> 00:26:52,480 Speaker 1: winning to leave home runs for John Carlos Stanton and 485 00:26:52,560 --> 00:26:55,480 Speaker 1: Joey Gallo, and a Yankee suddenly have the best record 486 00:26:55,520 --> 00:26:57,920 Speaker 1: in the American League. Rangers at the Guard and lost 487 00:26:57,920 --> 00:27:00,639 Speaker 1: in Montreal four to three. Closed out the regular season 488 00:27:00,680 --> 00:27:03,320 Speaker 1: tomorrow against Washington NBA playoffs. Couple of m v p 489 00:27:03,560 --> 00:27:06,480 Speaker 1: s led their teams to series clinching wins. Thirty three 490 00:27:06,480 --> 00:27:09,400 Speaker 1: points for Jana's son to the Compo. Milwaukee finished off 491 00:27:09,480 --> 00:27:12,840 Speaker 1: Chicago thirty for step Durry. Golden State wanted series with 492 00:27:12,880 --> 00:27:16,200 Speaker 1: Denver NFL drafts in Las Vegas, but New York will 493 00:27:16,240 --> 00:27:19,800 Speaker 1: dominate the early going Tonight after picks by Jacksonville, Detroit, 494 00:27:19,920 --> 00:27:23,760 Speaker 1: and Houston, it's the Jets, then the Giants, then Carolina, 495 00:27:23,800 --> 00:27:26,080 Speaker 1: then the Giants again, and three picks after that the 496 00:27:26,200 --> 00:27:30,040 Speaker 1: Jets again, unless there's a tray the Giants GM Joe Shane. 497 00:27:30,080 --> 00:27:32,080 Speaker 1: If you get greedy and you're like, let's move back 498 00:27:32,400 --> 00:27:35,440 Speaker 1: and then that guy's gone, you are you gonna sleep 499 00:27:35,480 --> 00:27:37,440 Speaker 1: better at night knowing you've got an extra sixth round 500 00:27:37,480 --> 00:27:39,359 Speaker 1: pick and you move back four spots, but you lose 501 00:27:39,400 --> 00:27:42,200 Speaker 1: the guy you want, or you just let's just take 502 00:27:42,240 --> 00:27:44,280 Speaker 1: the guy and not degree. So you played through all 503 00:27:44,280 --> 00:27:47,760 Speaker 1: those situations, you'll not known who Jacksonville will take first overall. 504 00:27:48,119 --> 00:27:51,760 Speaker 1: John Stashower, Bloomberg Sports Nat thanks John seven on Wall 505 00:27:51,800 --> 00:27:54,240 Speaker 1: Street Time for the Tri State Business Report with Bloomberg, 506 00:27:54,240 --> 00:27:57,680 Speaker 1: said Corey. Four months ago, New York City lawmakers voted 507 00:27:57,720 --> 00:28:01,320 Speaker 1: to require ads for jobs to include dollery ranges in 508 00:28:01,359 --> 00:28:04,680 Speaker 1: the name of giving job applicants, especially women and people 509 00:28:04,720 --> 00:28:07,679 Speaker 1: of color, a better shot at fair pay. But on 510 00:28:07,720 --> 00:28:10,760 Speaker 1: the verge of implementing the measure, lawmakers will probably vote 511 00:28:10,760 --> 00:28:14,280 Speaker 1: today to postpone it for five months after employers waved 512 00:28:14,320 --> 00:28:18,080 Speaker 1: red flags. More New York compartment renters are declining to 513 00:28:18,080 --> 00:28:22,520 Speaker 1: renew leases as they faced rate hikes landlord equity residentials, 514 00:28:22,520 --> 00:28:24,919 Speaker 1: as the current renewal rate of the company's buildings in 515 00:28:24,960 --> 00:28:28,800 Speaker 1: the area is around sixty percent, down five percentage points 516 00:28:28,840 --> 00:28:31,879 Speaker 1: from the beginning of the year. Thousands of people who 517 00:28:32,040 --> 00:28:34,840 Speaker 1: lined up for the first day of legal retail sales 518 00:28:34,880 --> 00:28:38,720 Speaker 1: at New Jersey marijuana dispensaries ended up spending about one 519 00:28:38,760 --> 00:28:43,320 Speaker 1: hundred fifty three bucks apiece. Spenseries grossed about two million 520 00:28:43,360 --> 00:28:46,040 Speaker 1: dollars for more than twelve thousand customers in the first 521 00:28:46,080 --> 00:28:49,840 Speaker 1: sales day, according to the State. Drew Bloomberg Try State 522 00:28:49,880 --> 00:28:54,240 Speaker 1: Business Report. I'm Ed Corey on Wall Street. Bloomberg Radio 523 00:28:54,320 --> 00:28:56,400 Speaker 1: is on the air from San Francisco to New York, 524 00:28:56,440 --> 00:28:59,160 Speaker 1: London to Hong Kong. Let's check in with our global 525 00:28:59,160 --> 00:29:00,960 Speaker 1: news team now for some of the top stories heard 526 00:29:00,960 --> 00:29:03,840 Speaker 1: on our three hundred affiliate radio stations around the world. 527 00:29:06,400 --> 00:29:09,400 Speaker 1: I'm Steve Podas kana K of X in Los Angeles. 528 00:29:09,480 --> 00:29:12,800 Speaker 1: We're talking about California making a top five list of 529 00:29:12,840 --> 00:29:15,160 Speaker 1: the best places to work in tech, but it's not 530 00:29:15,320 --> 00:29:18,680 Speaker 1: number one. I'm Courtney Donahoe on ktr H in Houston. 531 00:29:18,760 --> 00:29:22,240 Speaker 1: The number of Americans upbeat on their finances falls to Lewison. 532 00:29:23,440 --> 00:29:26,760 Speaker 1: I'm Joan Donnager telling k CDs listeners in San Francisco. 533 00:29:26,960 --> 00:29:30,400 Speaker 1: Facebook hosted the User Numbers that Matter to Wall Street. 534 00:29:30,560 --> 00:29:33,320 Speaker 1: I'm Caroline hit called Bloomberg, DAB Digital Media and Onto 535 00:29:33,360 --> 00:29:37,160 Speaker 1: workporting on earnings, beats on parties unstandard charted as almost 536 00:29:37,240 --> 00:29:40,920 Speaker 1: seventy companies in Europe published results today. I'm ed Corey 537 00:29:41,000 --> 00:29:44,240 Speaker 1: on w w J in Detroit. I'm reporting Ford slightly 538 00:29:44,280 --> 00:29:47,600 Speaker 1: beat earnings expectations in the first quarter. And those are 539 00:29:47,640 --> 00:29:50,280 Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists 540 00:29:50,280 --> 00:29:52,440 Speaker 1: and analysts are working on this morning around the world. 541 00:29:52,680 --> 00:29:55,320 Speaker 1: It's five thirty nine on Wall Street. The following is 542 00:29:55,360 --> 00:29:59,560 Speaker 1: an editorial from Bloomberg Opinion. Congress is moving closer toward 543 00:29:59,640 --> 00:30:04,720 Speaker 1: imposed new restrictions on billions of dollars in out banned investments. Unfortunately, 544 00:30:04,880 --> 00:30:08,680 Speaker 1: the rules could overwhelm regulators and entangle US companies and 545 00:30:08,720 --> 00:30:11,200 Speaker 1: red tape. The issue is coming to a head now 546 00:30:11,440 --> 00:30:14,880 Speaker 1: as House and Senate negotiators prepared to reconcile two massive 547 00:30:14,920 --> 00:30:19,560 Speaker 1: bills aimed at improving US competitiveness against China. One proposal 548 00:30:19,560 --> 00:30:23,200 Speaker 1: in the House bill would create a committee scrutinizing investments 549 00:30:23,240 --> 00:30:27,600 Speaker 1: that might increase dependence on China for critical goods and services. 550 00:30:27,840 --> 00:30:31,680 Speaker 1: But it's far too broadly written. Countless harmless transactions could 551 00:30:31,720 --> 00:30:35,040 Speaker 1: fall under his remit. Once more, the required review process 552 00:30:35,080 --> 00:30:38,160 Speaker 1: would be easy to politicize. It would also put US 553 00:30:38,240 --> 00:30:42,720 Speaker 1: companies at a disadvantage to competitors facing less burdensome regulations. 554 00:30:43,320 --> 00:30:47,200 Speaker 1: The US isn't wrong to worry about emerging vulnerabilities, but 555 00:30:47,360 --> 00:30:50,440 Speaker 1: rules like these would create more problems than they solve. 556 00:30:51,000 --> 00:30:54,000 Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board. 557 00:30:54,120 --> 00:30:56,920 Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to 558 00:30:56,920 --> 00:31:00,200 Speaker 1: Bloomberg dot com, slash opinion or OPA and go on 559 00:31:00,360 --> 00:31:03,880 Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. Listen for 560 00:31:03,920 --> 00:31:07,600 Speaker 1: Bloomberg Opinion editorials every weekday. At this time, terminal customers 561 00:31:07,600 --> 00:31:10,440 Speaker 1: can read more at O P I n GO SMP 562 00:31:10,560 --> 00:31:13,080 Speaker 1: futures up sixty seven points now down, futures up here 563 00:31:13,160 --> 00:31:15,960 Speaker 1: and at thirty four NASTACK futures higher by two hundred 564 00:31:16,000 --> 00:31:23,720 Speaker 1: eighty two points. This is Bloomberg Bloomberg eleven three oh 565 00:31:23,800 --> 00:31:26,280 Speaker 1: weather mix of sun and clouds, breezy, mid fifties for 566 00:31:26,360 --> 00:31:29,000 Speaker 1: highest today will be near sixty with sunshine in a 567 00:31:29,080 --> 00:31:32,680 Speaker 1: breeze for Friday, mostly sunny, low sixties on Saturday. Right 568 00:31:32,680 --> 00:31:39,280 Speaker 1: now forty in Central Park. Markets. Headlines and breaking news 569 00:31:39,400 --> 00:31:42,040 Speaker 1: twenty four hours a day at Bloomberg dot com, the 570 00:31:42,040 --> 00:31:45,560 Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a 571 00:31:45,600 --> 00:31:55,360 Speaker 1: Bloomberg Business flash and I'm camered Moscow. European stocks rallying 572 00:31:55,360 --> 00:31:58,080 Speaker 1: with US stock index futures after UPPIAT earnings after the 573 00:31:58,120 --> 00:32:00,800 Speaker 1: bull cache for the economy and markets to spelling growth 574 00:32:00,800 --> 00:32:03,920 Speaker 1: fears for now contracts on the tech heavy NASDACK jumping 575 00:32:03,920 --> 00:32:07,840 Speaker 1: more than two percent, pacing five gains in meta platforms 576 00:32:07,920 --> 00:32:11,440 Speaker 1: is after Facebook's main social network added more users than projected. 577 00:32:11,680 --> 00:32:13,800 Speaker 1: And we check the markets every fifteen minutes throughout the 578 00:32:13,800 --> 00:32:17,080 Speaker 1: trading day on Bloomberg shares the meta platforms, they're rising 579 00:32:17,080 --> 00:32:19,640 Speaker 1: in early trading, up almost seventeen percent. S and P 580 00:32:19,840 --> 00:32:23,680 Speaker 1: futures are higher, up sixties seven points. Now futures are 581 00:32:23,800 --> 00:32:26,280 Speaker 1: three hundred thirty one and NASDAK futures are up two 582 00:32:26,720 --> 00:32:29,360 Speaker 1: eighty four. That's up two point two percent. And attend 583 00:32:29,400 --> 00:32:31,760 Speaker 1: your Treasury up five thirty seconds hell two point eight 584 00:32:31,800 --> 00:32:34,480 Speaker 1: one percent. That's a Bloomberg Business Flash. Now here's Michael 585 00:32:34,480 --> 00:32:36,640 Speaker 1: Barrow with more on what's going on around the world. 586 00:32:36,680 --> 00:32:40,240 Speaker 1: Michael Karen, thank you very much. Russian President Vladimir Putin 587 00:32:40,280 --> 00:32:43,760 Speaker 1: warned that any country is attempting to interfere in Ukraine 588 00:32:44,040 --> 00:32:48,200 Speaker 1: would face a quote lightning fast response from Russia. It 589 00:32:48,280 --> 00:32:51,200 Speaker 1: comes as NATO is saying it will welcome Finland and 590 00:32:51,280 --> 00:32:55,280 Speaker 1: Sweden with open arms should they decide to join. Later today, 591 00:32:55,400 --> 00:32:59,280 Speaker 1: President Joe Biden plans to deliver remarks on support for Ukraine. 592 00:32:59,760 --> 00:33:03,560 Speaker 1: Row One of the NFL draft begins tonight. The Jaguars 593 00:33:03,600 --> 00:33:06,040 Speaker 1: have the overall number one pick, the Jets or fourth. 594 00:33:06,040 --> 00:33:09,600 Speaker 1: The Giants elect five. In the NBA playoffs, the Warriors 595 00:33:09,640 --> 00:33:12,560 Speaker 1: advanced the next round after beating the Nuggets in Game five. 596 00:33:14,120 --> 00:33:17,040 Speaker 1: In baseball, the Yankees beat the Orioles five to the 597 00:33:17,080 --> 00:33:20,000 Speaker 1: Mats and Nationals lost the Red Sox one. The a 598 00:33:20,320 --> 00:33:23,000 Speaker 1: shut out the Giants one zip. In the NHL, the 599 00:33:23,120 --> 00:33:26,400 Speaker 1: Rangers lost Global News twenty four hours a day on 600 00:33:26,560 --> 00:33:30,000 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 601 00:33:30,360 --> 00:33:33,520 Speaker 1: hundred journalists and analysts in more than a hundred twenty countries. 602 00:33:33,720 --> 00:33:36,520 Speaker 1: Michael Barr, this is Bloomberg, Nathan, Michael, thanks for coming 603 00:33:36,560 --> 00:33:38,520 Speaker 1: up to five forty nine on Wall Street Life from 604 00:33:38,520 --> 00:33:41,920 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg, Dave break. 605 00:33:42,000 --> 00:33:44,920 Speaker 1: Let's get more now in these earnings from Meta platforms 606 00:33:44,920 --> 00:33:48,840 Speaker 1: and a return to user growth for Facebook. The shares, 607 00:33:48,880 --> 00:33:52,040 Speaker 1: as Karen mentioned, are surging this morning, and we're joined 608 00:33:52,080 --> 00:33:55,640 Speaker 1: now by Angelo Zeno, senior industry analyst at c f R. 609 00:33:55,720 --> 00:34:00,200 Speaker 1: A Angelo, good morning. Up in the pre market, but 610 00:34:00,680 --> 00:34:03,600 Speaker 1: Meta is still well off, it's high for the year. 611 00:34:04,120 --> 00:34:07,560 Speaker 1: You're changing your price target after these earnings. Well, we 612 00:34:07,720 --> 00:34:10,400 Speaker 1: we didn't change our target price. We actually lowered it 613 00:34:10,440 --> 00:34:13,840 Speaker 1: to two dollars. It was just more tempering some of them, 614 00:34:14,239 --> 00:34:18,000 Speaker 1: the higher expectations we kind of had several months ago, um, 615 00:34:18,040 --> 00:34:20,040 Speaker 1: you know, kind of compressing the multiples a bit down 616 00:34:20,120 --> 00:34:24,520 Speaker 1: to about seventeen times three estimate. So um at the 617 00:34:24,600 --> 00:34:28,480 Speaker 1: end of the day, yeah, I mean tempering the expectations here. Um, 618 00:34:28,520 --> 00:34:30,840 Speaker 1: I think you've overall in the in the broader market, 619 00:34:30,960 --> 00:34:35,719 Speaker 1: you've kind of just seen a downwardly revised um, you know, 620 00:34:35,800 --> 00:34:39,439 Speaker 1: shift in multiples, and that's where we sit right now. 621 00:34:39,760 --> 00:34:45,760 Speaker 1: So what's driving this down shift in expectations for you? Yeah, listen, 622 00:34:45,920 --> 00:34:48,640 Speaker 1: I think as far as the the mobile AD space 623 00:34:48,920 --> 00:34:52,880 Speaker 1: or the broader AD space, UM goes, this is just 624 00:34:53,040 --> 00:34:56,160 Speaker 1: an environment that that's just extremely me challenging to deal with, 625 00:34:56,200 --> 00:34:59,399 Speaker 1: probably the worst we've seen in years and overall, I mean, 626 00:34:59,440 --> 00:35:01,480 Speaker 1: we we just came out of two great years for 627 00:35:01,520 --> 00:35:03,719 Speaker 1: the AD space and we're now having to kind of 628 00:35:03,760 --> 00:35:07,560 Speaker 1: deal with mounting headwinds related to rash Ukraine, which is 629 00:35:07,640 --> 00:35:12,640 Speaker 1: leading to europe softness, unfavorable currency because of UM. You 630 00:35:12,680 --> 00:35:14,480 Speaker 1: know that some of the moves by the FED here 631 00:35:14,800 --> 00:35:18,480 Speaker 1: in more competitive landscape and overall lower engagement levels when 632 00:35:18,480 --> 00:35:21,120 Speaker 1: you kind of look at some of the pandemic numbers 633 00:35:21,160 --> 00:35:24,680 Speaker 1: a year ago. So overall, kind of that mix UM 634 00:35:24,719 --> 00:35:27,600 Speaker 1: is leading towards kind of our lower expectations, not only 635 00:35:27,640 --> 00:35:32,160 Speaker 1: for alpha for meta, but for the broader UH media space. 636 00:35:32,600 --> 00:35:35,160 Speaker 1: Do you think meta platforms is going to have to 637 00:35:35,239 --> 00:35:39,960 Speaker 1: do more with the meta side of meta platforms? Yeah, 638 00:35:40,000 --> 00:35:42,080 Speaker 1: I mean, unfortunately that's going to be a kind of 639 00:35:42,080 --> 00:35:45,359 Speaker 1: a three, five, potentially ten year type of endeavor. But 640 00:35:45,440 --> 00:35:48,440 Speaker 1: you know, when we think about meta in general, they 641 00:35:48,760 --> 00:35:51,319 Speaker 1: do have a number of kind of growth opportunities tied 642 00:35:51,320 --> 00:35:53,520 Speaker 1: to them, including reels, which is kind of more of 643 00:35:53,520 --> 00:35:57,040 Speaker 1: those shorter form videos out there. That's that seems like 644 00:35:57,080 --> 00:36:00,200 Speaker 1: it's really gaining some nice traction in a quick way. Um, 645 00:36:00,200 --> 00:36:02,799 Speaker 1: it's kind of their answer towards TikTok You've kind of 646 00:36:03,400 --> 00:36:06,760 Speaker 1: got there. They're looking at more of an AI driven 647 00:36:06,880 --> 00:36:09,919 Speaker 1: ad platform to combat to some of the issues we've 648 00:36:09,960 --> 00:36:12,560 Speaker 1: seen with the I O S changes from Apple. And then, 649 00:36:12,600 --> 00:36:15,680 Speaker 1: of course, to your point, the Metaverse Reality Labs did 650 00:36:15,680 --> 00:36:19,160 Speaker 1: growth thirty year of a year. Uh So overall, they're 651 00:36:19,160 --> 00:36:21,680 Speaker 1: seeing some good traction on that side of things, but 652 00:36:21,880 --> 00:36:24,279 Speaker 1: off a very low base. Again, this is gonna be 653 00:36:24,320 --> 00:36:27,360 Speaker 1: a multi year project on the on there and trying 654 00:36:27,400 --> 00:36:30,840 Speaker 1: to retool their platform to better serve a younger audience 655 00:36:30,880 --> 00:36:33,680 Speaker 1: out there. You mentioned that to forty price target from 656 00:36:33,680 --> 00:36:36,239 Speaker 1: out of platforms. Right now, the shares are trading at 657 00:36:36,480 --> 00:36:39,600 Speaker 1: two oh four fifty in the pre market, so not 658 00:36:39,760 --> 00:36:43,480 Speaker 1: too far from that benchmark you mentioned Apple Angelo. They're 659 00:36:43,480 --> 00:36:45,960 Speaker 1: going to be reporting after the bell today, continuing with 660 00:36:46,000 --> 00:36:49,000 Speaker 1: the big tech earnings this week. What are your expectations, 661 00:36:49,040 --> 00:36:53,040 Speaker 1: what are you looking for going into Apple's reporting? Yeah, 662 00:36:53,040 --> 00:36:55,040 Speaker 1: so as far as Apple is concerned, we're looking for 663 00:36:55,080 --> 00:36:57,319 Speaker 1: about five percent year of a year growth on the 664 00:36:57,360 --> 00:37:00,319 Speaker 1: revenue side of things, very similar type numbers for the 665 00:37:00,400 --> 00:37:04,680 Speaker 1: June quarter. I think it's an extremely important UM number 666 00:37:04,719 --> 00:37:07,799 Speaker 1: to be looking at here in terms of UM. What 667 00:37:07,840 --> 00:37:10,920 Speaker 1: they're going to say as far as not only on 668 00:37:10,960 --> 00:37:13,400 Speaker 1: the smartphone side of things, which is seeing some struct 669 00:37:13,480 --> 00:37:16,600 Speaker 1: which saw some sharp declines in the first quarter, specifically 670 00:37:16,640 --> 00:37:19,320 Speaker 1: out of China UM due to some of the issues 671 00:37:19,360 --> 00:37:21,520 Speaker 1: going on there. But but what they have to say 672 00:37:21,719 --> 00:37:24,520 Speaker 1: as as far as supply constraints have to go, how 673 00:37:24,520 --> 00:37:26,960 Speaker 1: they're handling it, especially as they kind of guide for 674 00:37:26,960 --> 00:37:30,239 Speaker 1: that June quarter. And then UM for us, it's all 675 00:37:30,280 --> 00:37:33,200 Speaker 1: about capitals. It's all about the services number. We're looking 676 00:37:33,200 --> 00:37:35,800 Speaker 1: for seventeen percent growth on the services side of things. 677 00:37:35,840 --> 00:37:38,640 Speaker 1: That's what's gonna keep the multiple going. In terms of Apple, 678 00:37:39,080 --> 00:37:41,279 Speaker 1: if there is a big hiccup on the services side 679 00:37:41,280 --> 00:37:43,560 Speaker 1: of things, I think you start seeing problems in terms 680 00:37:43,600 --> 00:37:45,960 Speaker 1: of the Apple story. But we're not looking for that 681 00:37:46,000 --> 00:37:49,279 Speaker 1: at well. And then of course Apple capital allocation is 682 00:37:49,320 --> 00:37:51,800 Speaker 1: the other side of story for Apple in the March quarter, 683 00:37:52,000 --> 00:37:54,080 Speaker 1: and we're looking for a hundred billion dollar buy back 684 00:37:54,360 --> 00:37:57,560 Speaker 1: in a seven percent division years. Ye. Yeah, I was 685 00:37:57,600 --> 00:38:00,200 Speaker 1: gonna ask Angel with about thirty seconds left here, if 686 00:38:00,200 --> 00:38:03,600 Speaker 1: the China slowdown continues, does that put more emphasis on 687 00:38:03,719 --> 00:38:07,680 Speaker 1: services for Apple in the quarters of upcoming Yeah, it 688 00:38:07,960 --> 00:38:10,680 Speaker 1: absolutely does. But again this is this really is the 689 00:38:10,719 --> 00:38:13,640 Speaker 1: growth story for Apple. The company trades that amid mid 690 00:38:13,680 --> 00:38:17,759 Speaker 1: twenty type multiple because of that services stories. So as 691 00:38:17,760 --> 00:38:20,359 Speaker 1: long as they can continue in the mid teens type 692 00:38:20,400 --> 00:38:23,120 Speaker 1: of growth number, I think we should be fine. Um 693 00:38:23,280 --> 00:38:25,839 Speaker 1: or long term investors should be fine out there. All right, 694 00:38:25,840 --> 00:38:28,880 Speaker 1: Angelo's you know, senior industry analyst at cf are a 695 00:38:28,960 --> 00:38:30,879 Speaker 1: great to get your thoughts this morning. Thanks for being 696 00:38:30,920 --> 00:38:33,719 Speaker 1: with us, Karen, great, Nathan, thank you. It is five 697 00:38:33,760 --> 00:38:36,440 Speaker 1: fifty three on Wall Street at this time. Now for 698 00:38:36,520 --> 00:38:40,800 Speaker 1: the Bloomberg Law Reboard, brought to you by American Arbitration Association. 699 00:38:40,880 --> 00:38:45,439 Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association, 700 00:38:45,480 --> 00:38:49,000 Speaker 1: the global leader in alternative dispute resolution for over ninety years. 701 00:38:49,320 --> 00:38:52,000 Speaker 1: More at a d R dot org. Now, one of 702 00:38:52,000 --> 00:38:55,120 Speaker 1: the stories we're following this morning this week, the Supreme 703 00:38:55,120 --> 00:38:58,440 Speaker 1: Court question President Joe Biden's effort to resend that Trump 704 00:38:58,600 --> 00:39:01,600 Speaker 1: were a main in Mexico policy, which has forced tens 705 00:39:01,600 --> 00:39:04,040 Speaker 1: and thousands of asylum seekers to say south of the 706 00:39:04,080 --> 00:39:07,920 Speaker 1: border while their asylum applications are processed. Texas and Missouri 707 00:39:07,960 --> 00:39:11,839 Speaker 1: contend the program is legally required under an immigration law 708 00:39:12,040 --> 00:39:15,480 Speaker 1: because the number of asylum seekers far outstrips the detention 709 00:39:15,520 --> 00:39:19,600 Speaker 1: capacity during oral arguments the courts. Conservative justice is generally 710 00:39:19,680 --> 00:39:22,120 Speaker 1: signal support for a lower court order that forced the 711 00:39:22,160 --> 00:39:25,359 Speaker 1: administration to restart the program for more of Bloombergs Jon 712 00:39:25,400 --> 00:39:27,960 Speaker 1: Grossos speech to ly On Fresco, a partner at Holland 713 00:39:27,960 --> 00:39:32,880 Speaker 1: and Knight. This is a Trump era policy. Administrations change 714 00:39:33,040 --> 00:39:38,560 Speaker 1: and policies change. Why can't the Biden administration institute its 715 00:39:38,560 --> 00:39:42,000 Speaker 1: own policy. Well, because there's two separate arguments that are 716 00:39:42,000 --> 00:39:44,280 Speaker 1: being made by the State of Texas, and we'll find 717 00:39:44,280 --> 00:39:47,359 Speaker 1: out if they're correct or not. The first is that 718 00:39:47,640 --> 00:39:53,959 Speaker 1: the statute itself actually requires the Biden administration to use 719 00:39:54,080 --> 00:39:58,120 Speaker 1: this remain in Mexico policy in a situation where there's 720 00:39:58,160 --> 00:40:02,960 Speaker 1: not enough detention space to actually hold every single person 721 00:40:03,080 --> 00:40:06,399 Speaker 1: coming across the border while their case is decided. That's 722 00:40:06,480 --> 00:40:09,439 Speaker 1: the argument that the State of Texas is making. That's 723 00:40:09,480 --> 00:40:13,000 Speaker 1: their first argument, and so if the Biden administration is 724 00:40:13,000 --> 00:40:17,080 Speaker 1: actually violating a statute, then that's a very simple argument 725 00:40:17,160 --> 00:40:19,600 Speaker 1: per State of Texas to make and to prevail on. 726 00:40:19,760 --> 00:40:22,560 Speaker 1: And then their second argument is, well, even if they 727 00:40:22,600 --> 00:40:26,479 Speaker 1: didn't violate the statute and they have discretion for how 728 00:40:26,600 --> 00:40:31,200 Speaker 1: to interpret the statute, their ending of the migration protocols 729 00:40:31,320 --> 00:40:35,759 Speaker 1: in this situation is arbitrary and capricious because they're not 730 00:40:35,840 --> 00:40:40,800 Speaker 1: providing sufficiently good enough reasons for ending the Migration Protection 731 00:40:40,840 --> 00:40:43,960 Speaker 1: protocol or what's known as remain in Mexico. Can you 732 00:40:44,000 --> 00:40:48,200 Speaker 1: read anything into the fact that the Supreme Court rejected 733 00:40:48,239 --> 00:40:53,160 Speaker 1: the Biden administration's request to block the lower court's decision, 734 00:40:53,760 --> 00:40:56,279 Speaker 1: You would think, ordinarily that that would be the end 735 00:40:56,320 --> 00:40:58,839 Speaker 1: all be alls, that it's very clear you're gonna end 736 00:40:58,880 --> 00:41:02,200 Speaker 1: up back with the Saints the three decision to philosophized 737 00:41:02,200 --> 00:41:07,560 Speaker 1: administration from listing the migration protection protocols. But what you 738 00:41:07,600 --> 00:41:11,600 Speaker 1: could sense in the argument was these justices personally grappling 739 00:41:11,680 --> 00:41:13,680 Speaker 1: with a lot of the argument in a way that 740 00:41:13,800 --> 00:41:18,080 Speaker 1: made it clear that perhaps they hadn't really been as 741 00:41:18,200 --> 00:41:21,080 Speaker 1: informed as to the details of both the statutes and 742 00:41:21,200 --> 00:41:24,440 Speaker 1: the policies placed on the border, such as there's certainly 743 00:41:24,480 --> 00:41:27,320 Speaker 1: reason to believe that the decision could change. They didn't 744 00:41:27,360 --> 00:41:31,160 Speaker 1: seem to be fully aware of everything going on as 745 00:41:31,239 --> 00:41:34,319 Speaker 1: this argument, and so from that I could see the 746 00:41:34,360 --> 00:41:36,799 Speaker 1: position changing. But of course, I think if you were 747 00:41:37,280 --> 00:41:40,000 Speaker 1: a person who was trying to stay on the safe side, 748 00:41:40,400 --> 00:41:42,040 Speaker 1: you would say, well, of course it's going to stay 749 00:41:42,080 --> 00:41:44,440 Speaker 1: at the same six to three as it was before. 750 00:41:44,520 --> 00:41:48,240 Speaker 1: I think that would be logical as the conventional wisdom. 751 00:41:48,640 --> 00:41:51,719 Speaker 1: But I just think that there was enough new information 752 00:41:51,760 --> 00:41:55,400 Speaker 1: and insight from this hearing that I can see at 753 00:41:55,480 --> 00:41:58,040 Speaker 1: least one vote changing. The question is whether there will 754 00:41:58,080 --> 00:42:01,360 Speaker 1: be two. That's an interesting question. And that's Leon Fresco, 755 00:42:01,400 --> 00:42:03,800 Speaker 1: our partner at Holland and Nights, speaking at the Bloomberg 756 00:42:03,840 --> 00:42:06,640 Speaker 1: Student Grasso. Catch more of that interview, plus analysis of 757 00:42:06,680 --> 00:42:09,640 Speaker 1: the latest legal news, by subscribing to the Bloomberg Law 758 00:42:09,680 --> 00:42:13,840 Speaker 1: Podcast or downloading this show at Bloomberg dot com slash podcast. 759 00:42:14,080 --> 00:42:17,400 Speaker 1: Attorneys can find exceptional legal research and business development tools 760 00:42:17,440 --> 00:42:20,240 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 761 00:42:20,600 --> 00:42:25,040 Speaker 1: at b Law. Go and again. Futures are jumping this morning. 762 00:42:25,280 --> 00:42:28,440 Speaker 1: S and P Futures up sixty three points down. Futures 763 00:42:28,520 --> 00:42:31,759 Speaker 1: up three hundred and four. Nasdaq futures have more than 764 00:42:31,840 --> 00:42:35,359 Speaker 1: two percent, up two hundred sixties seven points ten, Your 765 00:42:35,400 --> 00:42:38,920 Speaker 1: Treasury up six thirty seconds. Yeld two point eight zero 766 00:42:38,960 --> 00:42:41,960 Speaker 1: per cent and still ahead. On Bloomberg day break and 767 00:42:42,080 --> 00:42:43,920 Speaker 1: check on the business headlines and all the news you 768 00:42:43,960 --> 00:42:46,640 Speaker 1: need to start your day. This is Bloomberg.