1 00:00:00,120 --> 00:00:06,080 Speaker 1: Um Global Business News twenty four hours a day at 2 00:00:06,120 --> 00:00:09,760 Speaker 1: Bloomberg dot Com, So Radio plus mobilest and on your radio. 3 00:00:10,039 --> 00:00:14,080 Speaker 1: This he's a Bloomberg Business Flash from Bloomberg World Handquarters. 4 00:00:14,120 --> 00:00:17,680 Speaker 1: Sign Charlie Pellett. Stocks closed well off their session, lows 5 00:00:17,840 --> 00:00:20,520 Speaker 1: Girl Scouts of USA by the way, ringing that closing 6 00:00:20,560 --> 00:00:24,759 Speaker 1: bell sell off in drugmakers drag stocks lower, adjolt to 7 00:00:24,880 --> 00:00:27,920 Speaker 1: markets that had been in a holding pattern before Friday's 8 00:00:27,920 --> 00:00:31,560 Speaker 1: speech from fed share Janet yelling that may provide clues 9 00:00:31,640 --> 00:00:35,320 Speaker 1: on when to expect higher borrowing costs. Stephen Casey is 10 00:00:35,520 --> 00:00:39,199 Speaker 1: FX trader and senior market analyst at Cambridge Global Payments. 11 00:00:39,400 --> 00:00:42,239 Speaker 1: He was interviewed today right here on taking Stock. I 12 00:00:42,280 --> 00:00:45,160 Speaker 1: think um the comments over the weekend from by Chairman 13 00:00:45,200 --> 00:00:47,199 Speaker 1: Stanley Fisher were a good indicator of what we might 14 00:00:47,240 --> 00:00:49,800 Speaker 1: see from chairman Yelling on Friday. I think she's gonna 15 00:00:49,840 --> 00:00:52,239 Speaker 1: do her best to keep September live. I personally don't 16 00:00:52,280 --> 00:00:54,400 Speaker 1: think there's any chance they're gonna hype before the election. 17 00:00:54,840 --> 00:00:57,120 Speaker 1: I think it's a fifty fifty shot at the December meeting. 18 00:00:57,400 --> 00:00:58,760 Speaker 1: I think she's gonna want to be a little bit 19 00:00:58,760 --> 00:01:00,840 Speaker 1: more optimistic, and I think she's gonna try to write 20 00:01:00,840 --> 00:01:02,840 Speaker 1: the ship for the dollar. It's sold off quite a 21 00:01:02,840 --> 00:01:04,240 Speaker 1: bit over the last six weeks or so, so it's 22 00:01:04,280 --> 00:01:06,880 Speaker 1: got some room to recover um, and I'm optimistic that 23 00:01:06,920 --> 00:01:09,119 Speaker 1: her comments will kind of kick it off. The ten 24 00:01:09,200 --> 00:01:11,319 Speaker 1: year down three thirty seconds with the yield of one 25 00:01:11,360 --> 00:01:15,800 Speaker 1: point five six percent. Gold down eighteen thirty to thirty 26 00:01:15,880 --> 00:01:18,360 Speaker 1: three for gold, that is a drop of one point 27 00:01:18,360 --> 00:01:21,959 Speaker 1: four percent. Crude oil West Texas Intermediate down two point 28 00:01:22,000 --> 00:01:24,759 Speaker 1: eight percent, tumbling a dollar thirty three a barrel forty 29 00:01:24,800 --> 00:01:28,240 Speaker 1: six seventy seven on w t I Brent down two percent. 30 00:01:28,640 --> 00:01:32,840 Speaker 1: Natural gas up today by one percent, mileing down five 31 00:01:32,880 --> 00:01:35,960 Speaker 1: and a half percent to lead the selling after provoking 32 00:01:36,000 --> 00:01:39,640 Speaker 1: the ire of lawmakers who are demanding an explanation for 33 00:01:39,720 --> 00:01:43,000 Speaker 1: a four percent increase in the price of a life 34 00:01:43,000 --> 00:01:47,600 Speaker 1: saving allergy shot. New numbers from the National Association of 35 00:01:47,600 --> 00:01:50,880 Speaker 1: Realtors shows sales of previously owned homes dropped more than 36 00:01:50,920 --> 00:01:54,400 Speaker 1: forecast in July from the nine year high, restrained by 37 00:01:54,520 --> 00:01:58,120 Speaker 1: limited choices for buyers. Median price of an existing home 38 00:01:58,240 --> 00:02:02,400 Speaker 1: up five point three percent from to two hundred forty 39 00:02:02,440 --> 00:02:07,360 Speaker 1: four thousand, one hundred dollars SMP down eleven seventy five, 40 00:02:07,360 --> 00:02:10,480 Speaker 1: a drop of five tenths of one percent down. Industrials 41 00:02:10,520 --> 00:02:13,840 Speaker 1: down sixty four, a drop of four tenths of one percent. 42 00:02:14,639 --> 00:02:16,880 Speaker 1: Four oh two on Wall Street. Now, let's take a 43 00:02:16,880 --> 00:02:20,560 Speaker 1: look at other news from around the world. On Bloomberg Radio, Charlie, 44 00:02:20,639 --> 00:02:23,160 Speaker 1: thank you from the Bloomberg News Room. I'm Mark Crumpton. 45 00:02:23,400 --> 00:02:26,480 Speaker 1: Prime Minister Matteo Rensey says the death toll from the 46 00:02:26,520 --> 00:02:29,680 Speaker 1: earthquake that hits central Italy today has risen to one 47 00:02:29,760 --> 00:02:33,800 Speaker 1: hundred twenty. He spoke after visiting rescue crews and survivors 48 00:02:33,960 --> 00:02:36,799 Speaker 1: in the hard hit town of Mtrees. Renzy says the 49 00:02:36,880 --> 00:02:40,600 Speaker 1: priority in the coming days will be rescuing any survivors. 50 00:02:41,000 --> 00:02:43,560 Speaker 1: The United States has been monitoring an attack at the 51 00:02:43,600 --> 00:02:47,440 Speaker 1: American University in Afghanistan today and says it remains in 52 00:02:47,520 --> 00:02:50,760 Speaker 1: contact with Afghan forces on the scene. Based on the 53 00:02:50,800 --> 00:02:54,000 Speaker 1: latest update that I have received, there's still forces on 54 00:02:54,040 --> 00:02:57,760 Speaker 1: the ground, Afghan forces that are still clearing the university. 55 00:02:58,160 --> 00:03:01,399 Speaker 1: But my understanding isn't the fighting has said at least 56 00:03:01,400 --> 00:03:04,480 Speaker 1: the shooting has stopped. The White House Press Secretary Josh Ernest, 57 00:03:04,800 --> 00:03:07,440 Speaker 1: one of Donald Trump's sons, is speaking out about his 58 00:03:07,520 --> 00:03:12,040 Speaker 1: father's tax returns. Eric Trump tells CNBC that not much 59 00:03:12,040 --> 00:03:15,400 Speaker 1: can be learned from tax returns. He says his father's 60 00:03:15,400 --> 00:03:18,400 Speaker 1: returns are massive, and you would have a bunch of 61 00:03:18,400 --> 00:03:21,560 Speaker 1: people who know nothing about taxes looking through them and 62 00:03:21,600 --> 00:03:25,400 Speaker 1: making assumptions on things they know nothing about. Donald Trump 63 00:03:25,440 --> 00:03:29,320 Speaker 1: has been criticized for not releasing his returns. Democrats say 64 00:03:29,400 --> 00:03:32,200 Speaker 1: Trump's returns would reveal whether he was paying a fair 65 00:03:32,240 --> 00:03:36,320 Speaker 1: amount in taxes. Michael Barr Bloomberg Radio. For the second 66 00:03:36,400 --> 00:03:38,560 Speaker 1: year in a row, commuters who ride out of the 67 00:03:38,600 --> 00:03:42,240 Speaker 1: Port Authority bus terminal on Fort Street may see a 68 00:03:42,360 --> 00:03:45,760 Speaker 1: change in their trip home. Starting September three, the Port 69 00:03:45,760 --> 00:03:49,360 Speaker 1: Authority says a dozen new Jersey transit routes will move 70 00:03:49,440 --> 00:03:53,760 Speaker 1: to new departure gates for the evening commute. Global News 71 00:03:53,840 --> 00:03:56,600 Speaker 1: twenty four hours a day, powered by more than twenty 72 00:03:56,960 --> 00:04:01,120 Speaker 1: hundred journalists and analysts in more than one in twenty countries. 73 00:04:01,520 --> 00:04:06,320 Speaker 1: I'm more Crumpton, this is Bloomberg, Charlie, and we thank 74 00:04:06,360 --> 00:04:10,040 Speaker 1: you and again. Recapping stocks lower SMP five hundred indecks 75 00:04:10,120 --> 00:04:15,160 Speaker 1: dropping eleven points to a decline of five tenths of one. 76 00:04:16,000 --> 00:04:20,480 Speaker 1: I'm Charlie Pellaton, that's a Bloomberg business flash. Move around 77 00:04:20,640 --> 00:04:26,800 Speaker 1: motion creates the motion. Move you move like they do. 78 00:04:26,920 --> 00:04:33,160 Speaker 1: I've never seen anyone move that fast hard people. Let's 79 00:04:33,200 --> 00:04:40,880 Speaker 1: move to get a purpose. That was called movers and shakers. 80 00:04:41,240 --> 00:04:43,680 Speaker 1: It costs a little more. That name cracked me up. 81 00:04:49,560 --> 00:04:53,800 Speaker 1: Bloomberg taking stock Movers and Shakers with Pim Fox and 82 00:04:53,920 --> 00:04:58,320 Speaker 1: Kathleen As on Bloomberg Radio. Are movers and Shakers for 83 00:04:58,360 --> 00:05:01,600 Speaker 1: a Wednesday, August the twenty fourth, taking a look at 84 00:05:01,640 --> 00:05:04,479 Speaker 1: the members of the SMP five hundred just one hundred 85 00:05:04,520 --> 00:05:08,480 Speaker 1: and six move higher, three hundred and ninety three decline 86 00:05:08,520 --> 00:05:12,880 Speaker 1: and six are unchanged. Joining me Dave Wilson, Bloomberg Stocks 87 00:05:12,920 --> 00:05:15,679 Speaker 1: Commas to begin our movers and Shakers. You know, within 88 00:05:15,760 --> 00:05:19,560 Speaker 1: the past hour, there were a couple of decisions by 89 00:05:19,680 --> 00:05:24,960 Speaker 1: a US regulatory panel that affected Teva Pharmaceutical. The panel 90 00:05:25,200 --> 00:05:30,160 Speaker 1: invalidated two patents on the drug makers multiple sclerosis medicine 91 00:05:30,240 --> 00:05:33,880 Speaker 1: kopact zone, and their schedule to roll on one other 92 00:05:34,040 --> 00:05:38,680 Speaker 1: patent for the drugs forty milligram version by tomorrow. Now 93 00:05:39,560 --> 00:05:43,560 Speaker 1: there's a lower dose version that is already facing generic competition. 94 00:05:43,640 --> 00:05:48,200 Speaker 1: That said, US sales of Kopact Zone generated nine of 95 00:05:48,240 --> 00:05:52,640 Speaker 1: Taba's revenue last quarter, so he's gonna understand the shares 96 00:05:52,720 --> 00:05:55,800 Speaker 1: foul in response to this rolling UH, Taba with a 97 00:05:55,880 --> 00:05:58,240 Speaker 1: loss of three percent in US training. And I'll also 98 00:05:58,279 --> 00:06:02,160 Speaker 1: add there is a court case UH involving the patents 99 00:06:02,200 --> 00:06:05,159 Speaker 1: as well, so this is one step in the process 100 00:06:05,480 --> 00:06:07,560 Speaker 1: didn't go to have his way though. I'm just gonna 101 00:06:07,560 --> 00:06:11,280 Speaker 1: tell you about HP, the seller of personal computers as 102 00:06:11,320 --> 00:06:14,360 Speaker 1: well as printers. They reported third quarter profit that topped 103 00:06:14,400 --> 00:06:20,200 Speaker 1: analyst estimates, helped by improving demand for laptops. The company 104 00:06:20,240 --> 00:06:24,200 Speaker 1: reporting third quarter fiscal adjusted earnings of forty eight cents 105 00:06:24,200 --> 00:06:28,760 Speaker 1: a share versus analysts estimates of forty five cents a share. 106 00:06:29,360 --> 00:06:33,840 Speaker 1: UH sales fell three point eight percent to eleven point 107 00:06:33,960 --> 00:06:37,200 Speaker 1: nine billion. That compares those two estimates of eleven and 108 00:06:37,240 --> 00:06:41,320 Speaker 1: a half billion, So HP shares right now down one 109 00:06:41,520 --> 00:06:47,360 Speaker 1: percent in after hours trading, and the HP reporting results 110 00:06:47,400 --> 00:06:51,400 Speaker 1: that exceeded analysts estimates. Teba was just one of which 111 00:06:51,440 --> 00:06:54,279 Speaker 1: you might call the specialty drug makers that fell in 112 00:06:54,320 --> 00:06:57,000 Speaker 1: today's trading, and in fact it actually didn't end up 113 00:06:57,000 --> 00:06:59,360 Speaker 1: falling as much as some of the others, and one 114 00:06:59,400 --> 00:07:02,920 Speaker 1: of them Island drug makers shares dropped for fourth day 115 00:07:03,000 --> 00:07:06,679 Speaker 1: as the US Senate broadened its examination of higher prices 116 00:07:06,720 --> 00:07:10,520 Speaker 1: for the allergy shot Eppipen and Democratic presidential Kennedy Hillary 117 00:07:10,520 --> 00:07:13,440 Speaker 1: Clinton said in the statement that my Lands price increases 118 00:07:13,480 --> 00:07:17,679 Speaker 1: were outrageous and called for an immediate rollback. Investors surely 119 00:07:17,800 --> 00:07:20,920 Speaker 1: rolling back my Land shares. They dropped five point four 120 00:07:20,960 --> 00:07:23,240 Speaker 1: percent today. And I just mentioned Para Go down three 121 00:07:23,280 --> 00:07:26,640 Speaker 1: point nine percent now, and Crowd down four point seven percent, 122 00:07:26,880 --> 00:07:30,680 Speaker 1: and Endo International down six point six percent, all those 123 00:07:30,720 --> 00:07:33,600 Speaker 1: stocks weighing on the s I'll tell you about the 124 00:07:33,600 --> 00:07:37,400 Speaker 1: shares of Starbucks up about one and a quarter percent today. 125 00:07:37,400 --> 00:07:41,760 Speaker 1: A report from Andrew Charles over at Cowen saying that 126 00:07:41,840 --> 00:07:46,040 Speaker 1: he sees sales getting back on track after yesterday's investor 127 00:07:46,200 --> 00:07:50,760 Speaker 1: visit at the Starbucks headquarters, saying that traffic re acceleration 128 00:07:50,960 --> 00:07:55,240 Speaker 1: is likely, but they expect a slow rebuild. Also, as 129 00:07:55,280 --> 00:07:59,920 Speaker 1: Stephen go Jack, research analysts for Cleveland Research, says that 130 00:08:00,000 --> 00:08:03,520 Speaker 1: at the Starbucks comp sales in the United States held 131 00:08:03,560 --> 00:08:07,120 Speaker 1: steady to improving slightly, and he says that Starbucks is 132 00:08:07,160 --> 00:08:11,440 Speaker 1: focused on cold beverage sales likely contributed to improved momentum. 133 00:08:11,480 --> 00:08:14,600 Speaker 1: Shares of Starbucks up one and a quarter percent. Let's 134 00:08:14,600 --> 00:08:17,760 Speaker 1: take a look at Kroger supermarket chain. Now, they may 135 00:08:17,800 --> 00:08:20,360 Speaker 1: be a top candidate to buy at least some of 136 00:08:20,400 --> 00:08:23,880 Speaker 1: the stores that Right Aid and Walgreens Boots Aliones will 137 00:08:23,920 --> 00:08:27,440 Speaker 1: have to sell to complete their red pending deal. That's 138 00:08:27,480 --> 00:08:31,240 Speaker 1: according to the policy research firm Capital Form, citing a 139 00:08:31,360 --> 00:08:34,839 Speaker 1: person familiar with the matter. Kroeger declined to comment. It 140 00:08:34,920 --> 00:08:37,800 Speaker 1: shares though, up two point three percent on a day 141 00:08:37,840 --> 00:08:41,360 Speaker 1: when right Aid fell two point four percent and Walgreens 142 00:08:41,520 --> 00:08:45,080 Speaker 1: dropped one point one percent. How about Lazy Boy Shares 143 00:08:45,120 --> 00:08:47,520 Speaker 1: of Lazy Boy I know you mentioned earlier today on 144 00:08:47,559 --> 00:08:50,439 Speaker 1: the program day, Wilson Lazy Boys shares down more than 145 00:08:50,520 --> 00:08:55,280 Speaker 1: twelve and a half percent. The company reported earnings and 146 00:08:55,360 --> 00:08:59,439 Speaker 1: revenue that were below analysts forecast for the fiscal twenty 147 00:08:59,679 --> 00:09:05,199 Speaker 1: seven team first quarter, and shares of the Monroe, Michigan 148 00:09:05,360 --> 00:09:10,560 Speaker 1: based furniture company UH showing a major decline today, Lazy 149 00:09:10,640 --> 00:09:13,719 Speaker 1: Boy down more than twelve and a half percent. I'll 150 00:09:13,760 --> 00:09:16,600 Speaker 1: just mention garment really quickly. You might know them best 151 00:09:16,720 --> 00:09:21,160 Speaker 1: for their personal navigation advices as they're described. They're also 152 00:09:21,280 --> 00:09:24,559 Speaker 1: big in fitness trackers and they were lowered to sell 153 00:09:24,720 --> 00:09:28,880 Speaker 1: from neutral at Goldman Sacks, largely because of a worsening 154 00:09:28,920 --> 00:09:32,839 Speaker 1: outlook in the fitness business and garments shares falling five 155 00:09:32,880 --> 00:09:35,760 Speaker 1: point seven percent in the wake of Golden's call. All right, 156 00:09:35,800 --> 00:09:38,800 Speaker 1: it's time now for the Volatility Index report, of of course, 157 00:09:38,840 --> 00:09:41,600 Speaker 1: brought to you by cbo E VIS Options and Futures. 158 00:09:41,880 --> 00:09:44,640 Speaker 1: Volatility can be harnessed with cbo E VIX Options and 159 00:09:44,720 --> 00:09:47,960 Speaker 1: Future to see disclosures. Learn more at cbo e dot 160 00:09:48,000 --> 00:09:53,040 Speaker 1: com Slash Powerful Outcomes VIX. The VIX really powering higher today, 161 00:09:53,120 --> 00:09:55,319 Speaker 1: up more than eleven and a half percent, up one 162 00:09:55,360 --> 00:09:59,840 Speaker 1: point four eight, settling at thirteen point eight six. Nevertheless, 163 00:10:00,040 --> 00:10:03,920 Speaker 1: readings below twenty are generally associated with periods of complacency 164 00:10:03,960 --> 00:10:08,160 Speaker 1: in the market, market activity remaining muted, where's subdued? Ahead 165 00:10:08,160 --> 00:10:13,960 Speaker 1: of tomorrow's Jackson Hole Symposium of the Federal Reserve. All right, Dave, 166 00:10:14,040 --> 00:10:19,800 Speaker 1: you're up? Uh hi, My name is Dave. Just what 167 00:10:19,880 --> 00:10:23,720 Speaker 1: do you think you're doing? Things? We're going for the 168 00:10:24,280 --> 00:10:30,680 Speaker 1: Dave Dave Hey. Mr Wilson tell us about a generic 169 00:10:30,920 --> 00:10:34,080 Speaker 1: drug maker, Lynnette. Well, you know I mentioned all those 170 00:10:34,120 --> 00:10:39,000 Speaker 1: declines among the drug stocks earlier. Lenette A definite exception 171 00:10:39,000 --> 00:10:41,080 Speaker 1: to that role. Now, this is a company that's been 172 00:10:41,120 --> 00:10:44,760 Speaker 1: publicly traded since nineteen sixty one. Listening to the ticket, 173 00:10:45,000 --> 00:10:48,160 Speaker 1: l c I Lenette shares have involved old past three years, 174 00:10:48,240 --> 00:10:51,839 Speaker 1: reflecting a takeover binge within the generics industry. They served 175 00:10:51,880 --> 00:10:55,880 Speaker 1: more than six fold another thirty percent in twenty fourteen 176 00:10:56,160 --> 00:10:58,480 Speaker 1: and peaked at the record seventy two hours and forty 177 00:10:58,480 --> 00:11:02,320 Speaker 1: four cents in twenty team. Then the dealmaking dried up 178 00:11:02,360 --> 00:11:05,599 Speaker 1: thanks to Valiant Pharmaceuticals and a few other companies, and 179 00:11:05,720 --> 00:11:08,760 Speaker 1: Lenett's rally turned into a route. The shares plunged seventy 180 00:11:08,800 --> 00:11:11,120 Speaker 1: seven percent in less than a year and hit bot 181 00:11:11,160 --> 00:11:13,040 Speaker 1: HIM at a two and a half year low in March. 182 00:11:13,559 --> 00:11:17,439 Speaker 1: Since then, Lenette stock has been recovering. The rebound accelerated 183 00:11:17,520 --> 00:11:21,880 Speaker 1: today after the company reported fiscal fourth quarter results. They 184 00:11:21,920 --> 00:11:25,000 Speaker 1: came out late yesterday. They showed earning surpass analysts have 185 00:11:25,040 --> 00:11:28,720 Speaker 1: adjustment to Bloomberg Survey by the widest margin in three years. 186 00:11:29,000 --> 00:11:32,680 Speaker 1: Revenue was also well ahead of projections. The results sent 187 00:11:32,800 --> 00:11:36,720 Speaker 1: Lynette's surging as much as twenty four percent today. The 188 00:11:36,760 --> 00:11:39,760 Speaker 1: shares closed with a gain of about fourteen percent, and 189 00:11:39,800 --> 00:11:42,600 Speaker 1: that was good enough for the biggest advance since November. 190 00:11:43,880 --> 00:11:47,040 Speaker 1: Thank you very much, David Wilson, Bloomberg stocks Commas go 191 00:11:47,080 --> 00:11:50,480 Speaker 1: ahead send him an email at d Wilson at Bloomberg 192 00:11:50,720 --> 00:11:54,800 Speaker 1: dot net. Sign up for his daily free email newsletter. 193 00:11:55,360 --> 00:11:59,480 Speaker 1: It will make you a smarter investor. I'm pim Fox 194 00:11:59,800 --> 00:12:07,280 Speaker 1: at This is Bloomberg. Bloomberg Taking Stock is brought to 195 00:12:07,320 --> 00:12:10,320 Speaker 1: you by Jaguar Manhattan. Visit Jaguar Manhattan today, where New 196 00:12:10,360 --> 00:12:13,439 Speaker 1: York goes for luxury, conveniently located at fifty four and 197 00:12:13,480 --> 00:12:16,360 Speaker 1: eleventh Avenue and online at Jaguar Manhattan dot com. And 198 00:12:16,440 --> 00:12:18,800 Speaker 1: Jaguar Manhattan is at your service.