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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot Com. The radio plus mobile LAFT and on your

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Speaker 1: radio is a Bloomberg Business Flush from Bloomberg World Headquarters

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Speaker 1: on Katherine Cowdery and AzaC closing bell sounds a down

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Speaker 1: Industrial Average is down ninety one points at the loss

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Speaker 1: of half a percent, trading at eighteen thousand, three hundred fourteen.

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Speaker 1: Smp F I foundered down fourteen points two thirds of

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Speaker 1: a percent to seven. Then ASTAC is down forty six

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Speaker 1: points nine tens of a percent at fifty one thirty seven.

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Speaker 1: Well stocks retreated, posting there's deepest drop in more than

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Speaker 1: a month. Declines and Visor dragged down healthcare shares and

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Speaker 1: a report race concerns on the stamina of growth and

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Speaker 1: consumer spending. David Lebovitz, Global market strategist to JP Morgan

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Speaker 1: Investment Management on where he's finding value in the market

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Speaker 1: right now. As a long term investor, I'm always trying

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Speaker 1: to figure out where value is being created, and I

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Speaker 1: think we can all agree that there has been value

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Speaker 1: created in financials globally. I mean the sell off we've seen.

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Speaker 1: Not every bank is trading at evaluation, which is necessarily

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Speaker 1: appropriate given its long term earnings prospects. So to me,

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Speaker 1: there's an opportunity here, but selection is really key. I

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Speaker 1: mean in my bottom fishing in Italian banks, No, probably

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Speaker 1: not in other market. Soil subtle to at its lowest

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Speaker 1: level in almost four months, falling deeper into a bear market.

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Speaker 1: Right now, West Texas intermediate crude oil is down thirty

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Speaker 1: nine cents of barrel, that's the loss of one percent.

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Speaker 1: Is trading at thirty nine sixty six. Spuck oled up

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Speaker 1: eleven dollars eighty cents ouns at thirty and a tenure

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Speaker 1: treasury is down six thirty seconds with the yield of

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Speaker 1: one point fifty four thirty seven. Among today's top business stories,

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Speaker 1: the world's safest assets are getting too risky for Bill Gross.

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Speaker 1: He's repeating his warning on sovereign debt after yields from

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Speaker 1: the U S to Australia touched all time lows in

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Speaker 1: the past month. As growth sees it, the danger of

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Speaker 1: the rally is that any reversal will be painful for investors.

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Speaker 1: Biogen shares rallied up nine point four percent after a

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Speaker 1: report by The Wall Street Journal that Mark and Allergan

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Speaker 1: have each considered to take over the biotech company. The

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Speaker 1: journal report that Biogem may not be interested in a deal.

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Speaker 1: Most automakers reported like vehicle sales that fell short of

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Speaker 1: analysts estimates for July, reinforcing concerns that the auto industry

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Speaker 1: may have peaked with last year's record deliveries. It's four

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Speaker 1: oh two on Wall Street. Let's get an update if

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Speaker 1: some of the other stories were following a Bloomberg Radio Catherine,

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Speaker 1: Thank you from the Bloomberg news Room by Mark Crumpton.

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Speaker 1: New York City Police Commissioner William Bratton is resigning. Mayor

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Speaker 1: Bill de Blasio says Bratton will retire next month and

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Speaker 1: that James O'Neill, the department's top chief, will succeed him.

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Speaker 1: Republican presidential nominee Donald Trump told supporters in Ashburn, Virginia,

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Speaker 1: today that the country's military is an up to part.

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Speaker 1: Our military is totally depleted, totally depleted. Our military is

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Speaker 1: not being funded properly. We don't have enough money going

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Speaker 1: and we need a strong military. President Obama said today

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Speaker 1: that Trump is unfit and woefully unprepared to lead. He

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Speaker 1: said that his con reversial statements should give his fellow

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Speaker 1: Republicans pause. This isn't a situation where you have an

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Speaker 1: episodic gaff. This is daily and weekly where they are

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Speaker 1: distancing themselves from statements he's making. There has to be

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Speaker 1: a point in which you say, this is not somebody

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Speaker 1: I can support for president the United States. A New

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Speaker 1: York congressman says, Hill cross party lines and vote for

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Speaker 1: Hillary Clinton. Richard Hannah is the first Republican House member

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Speaker 1: to announce plans to vote for Mrs Clinton. In an

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Speaker 1: op ed published on Syracuse dot com, Hannah writes that

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Speaker 1: Trump is quote unfit to serve our party and cannot

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Speaker 1: leave this country. Hannah plans to retire at the end

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Speaker 1: of the year. The Centers for Disease Control and Prevention

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Speaker 1: is making available sixteen million dollars in funding to fight ZEKEA.

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Speaker 1: The CDC says the money is to quote established, enhanced

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Speaker 1: and maintain information gathering systems global news twenty four hours

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Speaker 1: a day, powered by more than journalists analysts in more

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Speaker 1: than one hundred twenty countries. I'm more Crumpton, this is Bloomberg, Katherine,

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Speaker 1: thank you, and now let's get a quick update of

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Speaker 1: the bench marks as they begin to settle down. Industrial

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Speaker 1: hovers down ninety one points to eighteen thousand three. D

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Speaker 1: sp F I founded down fourteen points seven, then has

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Speaker 1: to act down forty six points to fifty one thirty seven.

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Speaker 1: And that's a Bloomberg business flash. Move around Mortengrad promotion

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Speaker 1: up the earth, move on. You moved like they do.

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Speaker 1: I've never seen anyone move that fast. Time. People's moved

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Speaker 1: like you've got a purpose. That he's called movers and shakers.

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Speaker 1: They cost a little more. That name cracked me up.

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Speaker 1: Bloomberg taking stock movers and shakers with Pim Fox and

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Speaker 1: Kathleen as on Bloomberg to you a definitive down day

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Speaker 1: in stocks today. Let's look inside the SMP five hundred

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Speaker 1: eight gainers for in fifteen losers, two stocks closing unchanged.

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Speaker 1: Weoving back to the show. Now our stock sit Dave

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Speaker 1: Wilson to kick off movers and shakers. You know, I

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Speaker 1: don't often mention the same stock two days in a row.

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Speaker 1: I'm going to do it this time though, And it's Biogen.

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Speaker 1: You know. Yesterday the shares were up more than four percent.

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Speaker 1: They licensed a treatment for spinal muscular atrophy from my

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Speaker 1: ownest pharmaceuticals. Today the stock had an even bigger gain

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Speaker 1: after the Wall Street Journal reported that Mark and Allergan

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Speaker 1: have each considered a takeover of the biotechnology company. The

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Speaker 1: report sided people familiar with the matter, and all. This

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Speaker 1: comes less than two weeks after the resignation of Biogen's

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Speaker 1: chief executive George Skango. So Allergan and Fiser, Well, let's

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Speaker 1: I should say Mark, Let's let's be precise there. Uh Well,

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Speaker 1: they didn't comment on the report. Biogen, though, certainly took

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Speaker 1: off the shares rows nine point four percent in today's trading.

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Speaker 1: I'll just tell you about the shares of Electronic Arts.

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Speaker 1: They are higher by more than one percent. After just

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Speaker 1: reporting UH quarterly results. UH company looking for fiscal year

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Speaker 1: twenty seventeen earnings per share of two dollars and fifty

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Speaker 1: six cents. They previously had estimated two dollars and fifty three.

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Speaker 1: Since the estimate was even lower, it was two forty seven,

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Speaker 1: so the company raising its guidance of that's for the

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Speaker 1: whole fiscal year of twenty seventeen. The company reported a

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Speaker 1: second quarter loss of seventeen cents to share. The estimate

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Speaker 1: was previously for thirty nine cents of loss. The company

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Speaker 1: beating results there as well. The company reporting also digital

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Speaker 1: revenue five sixty eight million dollars. That compares to estimates

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Speaker 1: of five and thirty two million dollars. Once again, the

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Speaker 1: shares of Netflix of rather electronic arts Right now, though

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Speaker 1: trading unchanged previously, we're up about one percent. Just have

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Speaker 1: to take a look at their retailers today. Some of

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Speaker 1: the nation's biggest reporting their biggest excuse me, suffering their

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Speaker 1: biggest introdict beta declines since May. We can look at

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Speaker 1: may See's down seven or quarter percent, Coals down early

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Speaker 1: eight percent, Nordstrom down nearly seven percent. Uh. Actually uh.

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Speaker 1: The slowdown has forced retailers to be more aggressive with markdowns.

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Speaker 1: According to Cleveland Research, the National Retail Federation is predicting

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Speaker 1: a rise in back to school budgets and commerce departments.

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Speaker 1: UH data from June show that households dipped in their

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Speaker 1: savings today to fuel their spending. But these reports about

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Speaker 1: a slowdown and less uh, less business from some the

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Speaker 1: anniverse street sale at Northstrom. I remember that well growing

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Speaker 1: up in the Pacific Northwest. This is according to Debt

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Speaker 1: Weller Fenton All Willing on retailer today. Travel stocks took

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Speaker 1: quite the hit today let's focus on the airlines, specifically Delta,

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Speaker 1: and they came out with the June and actually July

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Speaker 1: figures for revenue and the revenue from each seat and

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Speaker 1: mile flown dropped by seven percent. That was after a

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Speaker 1: June decline of five percent. Delta decided excess capacity on

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Speaker 1: Transatlantic roots oh with price cuts and currency losses, Delta

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Speaker 1: shares falling seven point eight percent and its biggest rivals

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Speaker 1: lower as well, American down almost six percent, Southwest off

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Speaker 1: four percent, in the United Continental with a loss of

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Speaker 1: six and a quarter percent. Today, shares of Fitbit are

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Speaker 1: trading lower by about two percent after the close as

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Speaker 1: they report quarterly results, a company saying that in the

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Speaker 1: second quarter they earned twelve cents a share, compared to

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Speaker 1: an s of analysts by eleven cents, so they beat

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Speaker 1: by a penny. They also confirmed their sales and profit

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Speaker 1: guidance for fiscal year twenty is sixteen once again. The

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Speaker 1: shares of fit Bit right now, though down four percent,

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Speaker 1: may have to do with the gross margins. They're saying

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Speaker 1: gross margins will be between eight and forty nine percent.

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Speaker 1: Quickly avon up PIM, I know it's a company you

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Speaker 1: follow closely. The most more than five months. Second quarter

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Speaker 1: profit topped analysts. Avon calling today with some good news

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Speaker 1: and it's time now for the Volatility Index Report. It's

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Speaker 1: Slash Powerful Outcomes VIX. The VIX moving higher today, up

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Speaker 1: more than seven and a half percent of zero point

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Speaker 1: nine seven, settling at thirteen point four one. Just an

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Speaker 1: interesting note from Peter Cheer, frequent guest on the program,

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Speaker 1: saying that there's a spy will effect that if you're

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Speaker 1: investing or you're running in a leveraged E T f

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Speaker 1: ET exchange traded product that bets on the movement of

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Speaker 1: the VIX, uh, that you need to buy more at

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Speaker 1: the close. As the VIX moved higher as it did today.

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Speaker 1: All right, Dave, you're uh hi, my name is Dave.

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Speaker 1: Just what do you think you're doing? We're going, Dave,

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Speaker 1: Dave Texas Roadhouse. No big profits stopping there, Dave, No,

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Speaker 1: not this time around. Now. This restaurant chain promotes hand

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Speaker 1: cut steaks made from scratch side orders and fresh baked bread.

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Speaker 1: Comedy operates in every US state except Hawaii, and also

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Speaker 1: has locations in the Middle East, Taiwan, and the Philippines.

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Speaker 1: Texas Roadhouse has been publicly traded since two thousand four.

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Speaker 1: Ticker t x r H. Between November two thousand eight

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Speaker 1: and last month to share search more than twelvefold in

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Speaker 1: set a record, but another way that had a long

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Speaker 1: way to fall, and that's what they did today after

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Speaker 1: Texas rose House for least second quarter results now Ernie's

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Speaker 1: beat the average analyst estimate in the Bloomberg survey. Thing is,

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Speaker 1: though they reflected a seven percent drop in the cost

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Speaker 1: of beef. Other issues raised concern amongst some analysts. One

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Speaker 1: is that sales growth at restaurants open more than a

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Speaker 1: year slowed as the quarter progressed. Another is that wages

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Speaker 1: increase at a faster pace, pointing to hire labor costs

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Speaker 1: down the road. Against that backdrop, shares of Texas Roadhouse

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Speaker 1: suffered their biggest one day low since the company went public.

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Speaker 1: They dropped almost twelve and a half percent in today's trading.

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Speaker 1: Thank you very much, Dave Wilson, Bloomberg Stocks. Commas. You

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Speaker 1: can Follow Dave on Twitter at The One Dave and

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Speaker 1: send him an email at d Wilson at Bloomberg dot

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Speaker 1: net to sign up for his Davy free email newsletter.

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Speaker 1: It will help make you a smarter investor. This is

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Speaker 1: taking Stockheim Pin Fox my co host Kathleen Hayes. This

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