1 00:00:03,200 --> 00:00:06,519 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,600 --> 00:00:09,680 Speaker 1: dot com, the Radio plus Mobile Act and on your radio. 3 00:00:09,960 --> 00:00:14,160 Speaker 1: This is a Bloomberg Business Flight Charm. Bloomberg World Headquarters. 4 00:00:14,160 --> 00:00:16,720 Speaker 1: Son Charlie called a down day for the SNP, a 5 00:00:16,840 --> 00:00:19,640 Speaker 1: down day for the Dow. An update for Nazdak Folks 6 00:00:19,680 --> 00:00:23,360 Speaker 1: from S and P Global Indices, ringing closing bell celebrating 7 00:00:23,400 --> 00:00:28,200 Speaker 1: the Dow's anniversary. We are brought to you by Carbonite. 8 00:00:28,680 --> 00:00:31,520 Speaker 1: You never know when disaster will strike your business, from 9 00:00:31,560 --> 00:00:35,880 Speaker 1: spilled coffee to malware attacks. Protect your digital files with 10 00:00:36,040 --> 00:00:40,480 Speaker 1: secure automatic cloud back up from Carbonite. Visit carbonite dot 11 00:00:40,479 --> 00:00:43,960 Speaker 1: com today to get free two free months with Offera code. 12 00:00:44,120 --> 00:00:49,000 Speaker 1: Broadcast stocks fluctuated after their strongest rally in almost three months. 13 00:00:49,080 --> 00:00:52,760 Speaker 1: Mixed data today, offering little clarity on whether the economy 14 00:00:52,800 --> 00:00:55,880 Speaker 1: is strengthening enough to withstand higher interest rates as early 15 00:00:55,920 --> 00:00:59,200 Speaker 1: as next month. Right now, the SMP down half a 16 00:00:59,200 --> 00:01:01,840 Speaker 1: point at the close to two thousand ninety, a drop 17 00:01:01,880 --> 00:01:04,920 Speaker 1: there of less than point one percent. Down, Industrials down 18 00:01:04,920 --> 00:01:08,080 Speaker 1: twenty four points, a drop of point one percent. Nez 19 00:01:08,160 --> 00:01:11,160 Speaker 1: dak eked out again, up six points tote oh one 20 00:01:11,480 --> 00:01:15,160 Speaker 1: an advanced there of point one percent. Gold down four dollars, 21 00:01:15,160 --> 00:01:18,000 Speaker 1: the ounce to twelve nineteen, a drop of point three percent. 22 00:01:18,280 --> 00:01:20,479 Speaker 1: The ten you're up ten thirty seconds. The deal there 23 00:01:20,560 --> 00:01:25,200 Speaker 1: one point eight two percent. Sears holding shares up today 24 00:01:25,240 --> 00:01:28,080 Speaker 1: by six and a half percent. It is considering options 25 00:01:28,120 --> 00:01:31,240 Speaker 1: for It's Ken, Moore, Craftsman and die Hard brands as well. 26 00:01:31,319 --> 00:01:35,680 Speaker 1: Was it Sears home Services repair business, signaling the retailer 27 00:01:35,680 --> 00:01:39,360 Speaker 1: may sell more assets to stem widening losses. Lauren Coleman 28 00:01:39,440 --> 00:01:42,600 Speaker 1: Lachner covers retail for bloom Brood News. She was interviewed 29 00:01:42,640 --> 00:01:46,520 Speaker 1: today right here on taking stock. The stores sales are declining, 30 00:01:46,760 --> 00:01:50,320 Speaker 1: sales UH same store sales, which is a measure that 31 00:01:50,360 --> 00:01:52,520 Speaker 1: we look at since it met, you know, it's light, 32 00:01:53,040 --> 00:01:56,960 Speaker 1: it's apples to apples. They've been declining. I think it's 33 00:01:56,960 --> 00:02:00,720 Speaker 1: been every quarter but one since the come ease merged. 34 00:02:00,880 --> 00:02:03,559 Speaker 1: So operationally, they've had a lot of problems and they've 35 00:02:03,600 --> 00:02:06,880 Speaker 1: tried a lot of things, but nothing that they've tried 36 00:02:07,000 --> 00:02:10,360 Speaker 1: is really managed to turn the business around. Abercrombie and 37 00:02:10,360 --> 00:02:14,600 Speaker 1: Fitch plunged after first quarter sales trailed analyst estimates. Abercrombie 38 00:02:14,680 --> 00:02:18,040 Speaker 1: down and now at four O two on Wall Street. 39 00:02:18,080 --> 00:02:20,760 Speaker 1: Let's look at the other stories making news. Charlie, thank 40 00:02:20,800 --> 00:02:23,919 Speaker 1: you from the Bloomberg News room. I'm Mark Crumpton. Republican 41 00:02:23,960 --> 00:02:28,000 Speaker 1: presidential nominee Donald Trump is responding to remark that President 42 00:02:28,040 --> 00:02:31,240 Speaker 1: Obama made at the G seven summit in Japan. The 43 00:02:31,280 --> 00:02:34,720 Speaker 1: president said world leaders are rantled by Trump. At a 44 00:02:34,760 --> 00:02:38,919 Speaker 1: press conference this afternoon in Bismarck, North Dakota, Trump responded, 45 00:02:39,080 --> 00:02:42,240 Speaker 1: he's a president who's done horrible job. Everybody understands that 46 00:02:42,320 --> 00:02:45,040 Speaker 1: he's a president who has allowed many of these countries 47 00:02:45,040 --> 00:02:48,560 Speaker 1: to totally take advantage of him. Democratic presidential front runner 48 00:02:48,639 --> 00:02:52,280 Speaker 1: Hillary Clinton calls Trump a union buster. During a campaign 49 00:02:52,280 --> 00:02:55,320 Speaker 1: stop in Las Vegas. Mrs Clinton told the United Food 50 00:02:55,320 --> 00:02:59,079 Speaker 1: and Commercial workers she cares about the issues important to them, 51 00:02:59,240 --> 00:03:05,000 Speaker 1: raising them and I'm to comprehensive immigration reform to at 52 00:03:05,120 --> 00:03:10,240 Speaker 1: last getting equal pay for women. Your fights are my high. 53 00:03:11,440 --> 00:03:14,560 Speaker 1: The U. S. Coast Guard says two super Hornet jet 54 00:03:14,639 --> 00:03:18,760 Speaker 1: fighters collided off the North Carolina coast. Four survivors were 55 00:03:18,760 --> 00:03:22,480 Speaker 1: taken to hospitals. Officials say they suffered minor injuries but 56 00:03:22,560 --> 00:03:26,320 Speaker 1: are unquote very high spirits. The collision happened about twenty 57 00:03:26,360 --> 00:03:29,959 Speaker 1: five miles east of North Carolina's outer banks. The four 58 00:03:30,040 --> 00:03:33,120 Speaker 1: crew members were plucked off a commercial fishing chip that 59 00:03:33,160 --> 00:03:35,720 Speaker 1: pulled them out of the Atlantic. The head of New 60 00:03:35,800 --> 00:03:38,720 Speaker 1: Jersey State Senate wants to move quickly on drumming up 61 00:03:38,760 --> 00:03:42,640 Speaker 1: support for two new casinos near New York. Steve Sweeney 62 00:03:42,640 --> 00:03:45,680 Speaker 1: says extra times needed to get voter approval in a 63 00:03:45,760 --> 00:03:49,560 Speaker 1: November referendum. Governor Christie says plans for the casinos are 64 00:03:49,640 --> 00:03:53,440 Speaker 1: on life support because of financial turmoil. In Atlantic City 65 00:03:53,880 --> 00:03:56,720 Speaker 1: Global News twenty four hours a day, powered by our 66 00:03:57,320 --> 00:04:00,880 Speaker 1: hundred journalists in more than one hundred fifty news zeros 67 00:04:01,000 --> 00:04:04,400 Speaker 1: around the world. From the Bloomberg Newsroom, I'm more fronted, 68 00:04:04,600 --> 00:04:07,440 Speaker 1: chart and we thank you and again. Recapping turned out 69 00:04:07,440 --> 00:04:10,080 Speaker 1: to be a down day. Stocks did fluctuate from much 70 00:04:10,160 --> 00:04:12,400 Speaker 1: of the session. The SMP down half a point down 71 00:04:12,440 --> 00:04:15,480 Speaker 1: in dust reels fell twenty three points, a drop of 72 00:04:15,520 --> 00:04:19,480 Speaker 1: point one percent. I'm Charlie Pellett. That's a Bloomberg business flash. 73 00:04:19,920 --> 00:04:22,920 Speaker 1: Move around most and create some motion at the elite. 74 00:04:23,880 --> 00:04:27,640 Speaker 1: Move on. You moved like they do. I've never seen 75 00:04:27,680 --> 00:04:33,840 Speaker 1: anyone move that back hid People's moved up to get 76 00:04:33,880 --> 00:04:41,800 Speaker 1: a purpose. That was called movers and shakers. It costs 77 00:04:41,800 --> 00:04:50,720 Speaker 1: a little more. That name cracked me up. Bloomberg taking 78 00:04:50,760 --> 00:04:54,800 Speaker 1: stock movers and shakers with Pim Fox and Kathleen As 79 00:04:55,120 --> 00:05:01,279 Speaker 1: on Bloomberg Radio, moving and shaken in the stock market today, 80 00:05:01,360 --> 00:05:04,360 Speaker 1: more down than up. We've got two hundred seventeen gainers, 81 00:05:04,360 --> 00:05:07,760 Speaker 1: two eighty four losers within the SP five hundred four 82 00:05:07,920 --> 00:05:12,200 Speaker 1: share prices closing unchanged our stocks. Dave Wilson is back. 83 00:05:12,240 --> 00:05:15,560 Speaker 1: What's catching your ideas? Companies with dollar in their name, 84 00:05:15,640 --> 00:05:18,920 Speaker 1: they're what what's catching my eye? Because we heard from 85 00:05:19,400 --> 00:05:24,880 Speaker 1: Dollar Tree and Dollar General today fiscal first quarter results 86 00:05:24,960 --> 00:05:29,240 Speaker 1: from both companies beating analysts average estimate in the Bloomberg 87 00:05:29,320 --> 00:05:33,560 Speaker 1: survey coincidentally by the same amount eight cents of share 88 00:05:34,160 --> 00:05:39,960 Speaker 1: and in percentage terms, biggest earnings relative to estimates since 89 00:05:40,040 --> 00:05:44,520 Speaker 1: twenty eleven. So and beyond that, Dollar Tree raised their 90 00:05:44,560 --> 00:05:47,159 Speaker 1: full year profit forecast, so they got the better of 91 00:05:47,240 --> 00:05:50,600 Speaker 1: Dollar General today in the stock market. Dollar Tree actually 92 00:05:50,600 --> 00:05:53,320 Speaker 1: the biggest gain UH in the S and P five 93 00:05:53,400 --> 00:05:56,200 Speaker 1: hundred on a day, up almost thirteen percent. Dollar General, 94 00:05:56,240 --> 00:05:58,560 Speaker 1: though no slaps with the four point six percent gain, 95 00:05:58,920 --> 00:06:02,160 Speaker 1: fourth largest in S and Let me tell you about 96 00:06:02,160 --> 00:06:05,039 Speaker 1: another retailer a day. This has to do with william Sonoma. 97 00:06:05,120 --> 00:06:07,280 Speaker 1: The shares of william Sonoma higher by one and a 98 00:06:07,360 --> 00:06:11,440 Speaker 1: half percent. The company reported results that exceeded analysts estimates 99 00:06:11,440 --> 00:06:15,280 Speaker 1: for the first quarter, the company also saying that same 100 00:06:15,279 --> 00:06:18,640 Speaker 1: store sales grew four and a half percent. West Elm, 101 00:06:18,680 --> 00:06:21,520 Speaker 1: one of the divisions of william Sonoma, reporting a nincent 102 00:06:21,640 --> 00:06:25,960 Speaker 1: same store sales increase, and the william Sonoma brand reported 103 00:06:25,960 --> 00:06:28,600 Speaker 1: a three and a half percent same store sales increase. 104 00:06:28,640 --> 00:06:31,160 Speaker 1: Once again, shares of Williams Sonoma up one and a 105 00:06:31,160 --> 00:06:32,960 Speaker 1: half percent. I guess we're all kind of takeing a 106 00:06:33,000 --> 00:06:37,120 Speaker 1: look at retailers and another discounter. I guess you could 107 00:06:37,160 --> 00:06:40,839 Speaker 1: call Costco Wholesale Corporation. It shares up the most and 108 00:06:40,880 --> 00:06:44,719 Speaker 1: more than six years, we've got Costco up about nearly 109 00:06:44,760 --> 00:06:47,280 Speaker 1: three point six percent of the closed at n and 110 00:06:47,480 --> 00:06:51,479 Speaker 1: sevente cents a share. And we've had bad news lately, 111 00:06:51,520 --> 00:06:55,920 Speaker 1: haven't we. Macy's Best Buy other ones with downbeat forecast, 112 00:06:56,040 --> 00:07:02,640 Speaker 1: but Costco today actually had it earnings topping analysts estimates, 113 00:07:02,640 --> 00:07:04,920 Speaker 1: with net income up five and a half percent of 114 00:07:04,960 --> 00:07:08,159 Speaker 1: five million dollars or a hundred giuse me a dollar 115 00:07:08,240 --> 00:07:11,480 Speaker 1: twenty four cents a share, uh, not compares with an 116 00:07:11,560 --> 00:07:14,560 Speaker 1: estimate of a buck twenty two. And Costco has been 117 00:07:14,600 --> 00:07:17,760 Speaker 1: able to reign in expenses to cope with the sales 118 00:07:18,000 --> 00:07:20,920 Speaker 1: slowed down at its stores, which has suffered from lower 119 00:07:20,960 --> 00:07:26,080 Speaker 1: prices at their gasoline pumps. So that is significant. Uh. 120 00:07:26,120 --> 00:07:29,120 Speaker 1: And also the company has been transitioning its members credit 121 00:07:29,160 --> 00:07:32,160 Speaker 1: cards to Visa through City Group of American Express, and 122 00:07:32,280 --> 00:07:35,480 Speaker 1: apparently analysts are concerned this could hurt membership or customers 123 00:07:35,480 --> 00:07:38,400 Speaker 1: are unhappy with the transition, but Costco doing pretty good today. 124 00:07:38,720 --> 00:07:41,680 Speaker 1: I gotta close the loop on US Foods Holding. This 125 00:07:41,720 --> 00:07:46,160 Speaker 1: is the food distributor. They went public late yesterday, sold 126 00:07:46,200 --> 00:07:49,360 Speaker 1: a billion dollars worth of stock first day of trading 127 00:07:49,360 --> 00:07:52,240 Speaker 1: for the shares, and indeed they went up. And in fact, 128 00:07:52,320 --> 00:07:54,240 Speaker 1: if you look at the most of the I p 129 00:07:54,320 --> 00:07:56,679 Speaker 1: O s in the US this year, they are higher 130 00:07:56,720 --> 00:07:59,560 Speaker 1: than their initial prices. And that was certainly the case 131 00:07:59,640 --> 00:08:03,040 Speaker 1: today for US Foods, as the shares rose eight point 132 00:08:03,080 --> 00:08:06,720 Speaker 1: three percent from their initial public offering price to close 133 00:08:06,760 --> 00:08:10,160 Speaker 1: at twenty four dollars and nine cents. I'll tell you 134 00:08:10,200 --> 00:08:12,800 Speaker 1: about the shares of Signet Jewelers, down about ten and 135 00:08:12,840 --> 00:08:15,880 Speaker 1: a half percent today Signet Jewelers owns K as well 136 00:08:15,920 --> 00:08:19,560 Speaker 1: as Zales, Jared and other chain of jewelry stores suffering 137 00:08:19,560 --> 00:08:22,560 Speaker 1: a slowdown. Comp store sales increasing just two and a 138 00:08:22,600 --> 00:08:24,640 Speaker 1: half percent last quarter, that missed the three and a 139 00:08:24,640 --> 00:08:27,960 Speaker 1: half percent gain that was estimated by analysts, and the 140 00:08:28,080 --> 00:08:31,200 Speaker 1: growth in the current period maybe even slower. The company said. 141 00:08:31,200 --> 00:08:33,640 Speaker 1: The results are sent the stock tumbling, as I said, 142 00:08:33,679 --> 00:08:37,680 Speaker 1: down more than ten and a half percent. Well, another 143 00:08:37,800 --> 00:08:43,040 Speaker 1: nationwide retailer discount who doesn't know the name of Burlington's stores. 144 00:08:43,120 --> 00:08:45,680 Speaker 1: That share price definitely seventy seven and a half percent 145 00:08:45,720 --> 00:08:48,600 Speaker 1: at the close today, sixty dollars and change. A couple 146 00:08:48,640 --> 00:08:52,360 Speaker 1: of things happened today. They beat at a very solid 147 00:08:52,440 --> 00:08:55,160 Speaker 1: beat on their earnings report. They came in a fifty 148 00:08:55,200 --> 00:08:58,680 Speaker 1: two cents to share. Uh, the earnings per share was 149 00:08:58,720 --> 00:09:01,520 Speaker 1: expected around forty one excuse me for the eight cents 150 00:09:01,559 --> 00:09:03,720 Speaker 1: for the quarter. It expects net sales to be up 151 00:09:03,800 --> 00:09:06,520 Speaker 1: six point three to seven three percent for the second 152 00:09:06,600 --> 00:09:09,200 Speaker 1: quarter of the year. Expects comparable store sales to increase 153 00:09:09,480 --> 00:09:11,360 Speaker 1: two and a half to three and a half percent 154 00:09:12,120 --> 00:09:14,800 Speaker 1: next quarter. B of a. In fact, after seeing this report, 155 00:09:15,160 --> 00:09:18,600 Speaker 1: raised its price started on Burlington to seventy five dollars 156 00:09:18,640 --> 00:09:22,959 Speaker 1: signing the beat and Compelling Valuation PIM. Thank you very much. 157 00:09:23,000 --> 00:09:25,480 Speaker 1: All right, it's time now for the Volatility Index Report. 158 00:09:25,520 --> 00:09:28,359 Speaker 1: It is brought to you by cbo E VIX Options 159 00:09:28,360 --> 00:09:31,760 Speaker 1: and Futures. Volatility can be harnessed with cbo E VIX 160 00:09:31,800 --> 00:09:35,320 Speaker 1: options in future c disclosures. Learn more at CVOE dot com. 161 00:09:35,360 --> 00:09:40,440 Speaker 1: Slash Powerful outcomes VIX. The VIX lower today down about 162 00:09:40,440 --> 00:09:45,120 Speaker 1: two cent, lower by point twenty seven, settling at thirteen 163 00:09:45,360 --> 00:09:49,679 Speaker 1: point nine oh and h. According to black Rocks strategist 164 00:09:49,880 --> 00:09:53,600 Speaker 1: Russ Costa rich investors expect VIX volatility to rise to 165 00:09:53,679 --> 00:09:56,880 Speaker 1: about twenty but fall by by the fall, and that 166 00:09:57,120 --> 00:10:02,720 Speaker 1: this may actually understate the potential rise in volatility. All right, Dave, 167 00:10:02,800 --> 00:10:08,440 Speaker 1: you're up? Uh hi, my name is Dave. Just what 168 00:10:08,640 --> 00:10:10,880 Speaker 1: do you think you're doing today? We're going for a 169 00:10:10,920 --> 00:10:17,920 Speaker 1: price down, Wilson, do Dave? Dave? You know, enterprise storage 170 00:10:17,960 --> 00:10:22,120 Speaker 1: solutions have been so hot. Well, pure storage not so 171 00:10:22,160 --> 00:10:25,720 Speaker 1: hot now Dave A busted I p O tell us 172 00:10:25,760 --> 00:10:28,920 Speaker 1: what happened? Well? You know, Pure Storage is a seller 173 00:10:29,040 --> 00:10:32,280 Speaker 1: of data storage systems built around memory chips rather than 174 00:10:32,320 --> 00:10:35,320 Speaker 1: the more traditional hard drives. Does a company was founded 175 00:10:35,360 --> 00:10:38,720 Speaker 1: in two thousand nine and went public last October, listed 176 00:10:38,800 --> 00:10:43,120 Speaker 1: under the ticker p STG. Pure Storage made its uh 177 00:10:43,360 --> 00:10:47,120 Speaker 1: initial public offering at seventeen dollars a share and fell 178 00:10:47,240 --> 00:10:50,000 Speaker 1: five percent in its first day of trading, not rising 179 00:10:50,040 --> 00:10:53,719 Speaker 1: like say u S Foods did today. While pure Storage 180 00:10:53,800 --> 00:10:57,319 Speaker 1: rallied to T sixty within the next two weeks after 181 00:10:57,440 --> 00:11:01,280 Speaker 1: its debut, the games didn't last. In December. Indeed, the 182 00:11:01,320 --> 00:11:04,320 Speaker 1: company became a busted I p O by falling below 183 00:11:04,400 --> 00:11:09,680 Speaker 1: the initial price again. Today, pure Storage matched its record 184 00:11:09,760 --> 00:11:13,320 Speaker 1: low of eleven dollars and five cents. After fiscal first 185 00:11:13,360 --> 00:11:18,000 Speaker 1: quarter results proved disappointing. Companies operating loss widen to forty 186 00:11:18,080 --> 00:11:21,280 Speaker 1: six percent of sales from the fourth quarters loss of 187 00:11:21,360 --> 00:11:25,240 Speaker 1: twenty nine percent. Now, pure Storage is adjusted loss and 188 00:11:25,400 --> 00:11:28,679 Speaker 1: revenue were in line with the analysts average estimates in 189 00:11:28,679 --> 00:11:32,640 Speaker 1: the Bloomberg Everybody. Nonetheless, the stock fell almost fifteen and 190 00:11:32,720 --> 00:11:35,800 Speaker 1: a half percent, and that was the biggest loss since 191 00:11:35,800 --> 00:11:39,520 Speaker 1: trading began last October. Thank you very much, Dave Wilson, 192 00:11:39,520 --> 00:11:42,600 Speaker 1: Bloomberg Stocks commis go ahead. Send him an email at 193 00:11:42,679 --> 00:11:45,880 Speaker 1: d Wilson at Bloomberg dot net. Sign up for his 194 00:11:46,000 --> 00:11:49,679 Speaker 1: daily free email newsletter. It will make you a smarter investor. 195 00:11:49,960 --> 00:11:52,840 Speaker 1: And of course you can follow Dave Wilson on Twitter 196 00:11:53,160 --> 00:11:56,600 Speaker 1: at the one Dave you're listening to taking Stock. I'm 197 00:11:56,600 --> 00:11:59,280 Speaker 1: pim Fox, my co host Kathleen Hayes, and this is 198 00:11:59,280 --> 00:12:09,720 Speaker 1: Bloomberg Grade Yo. Yeah e d U Tech Education in Focus, 199 00:12:09,720 --> 00:12:15,000 Speaker 1: a startup coming up on Boomberg Radio. Varsity Tutors. How 200 00:12:15,000 --> 00:12:16,800 Speaker 1: are they doing and what are they aiming for? You'll 201 00:12:16,840 --> 00:12:18,480 Speaker 1: find out right now on Boomberg Radio.