1 00:00:03,240 --> 00:00:06,640 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:06,720 --> 00:00:09,119 Speaker 1: dot com, so the radio plus mobile act and on 3 00:00:09,200 --> 00:00:13,160 Speaker 1: your radio. This is a Bloomberg Business draft from Bloomberg 4 00:00:13,200 --> 00:00:16,799 Speaker 1: World Headquarters, Signed Charlie Pellett hand. We do have the 5 00:00:16,880 --> 00:00:20,440 Speaker 1: folks from the group girls who invest ringing that closing 6 00:00:20,520 --> 00:00:23,759 Speaker 1: bell as we wrap up trading on this Friday, June six, 7 00:00:24,400 --> 00:00:26,360 Speaker 1: a down day, a down week, and we are brought 8 00:00:26,400 --> 00:00:31,360 Speaker 1: to you by National Realty Returns on cash in rented 9 00:00:31,400 --> 00:00:35,080 Speaker 1: real estate find them at n r i A dot net. 10 00:00:35,640 --> 00:00:39,640 Speaker 1: Stocks retreated SMP five hundred index having its steepest drop 11 00:00:39,680 --> 00:00:43,040 Speaker 1: in about two months, amid caution over tepid global growth 12 00:00:43,040 --> 00:00:45,960 Speaker 1: in a series of looming events, including next week SPED 13 00:00:46,040 --> 00:00:49,720 Speaker 1: meeting that have the potential to spur renewed market turbulence. Now, 14 00:00:49,960 --> 00:00:52,240 Speaker 1: for the week, we did see the SMP five hundred 15 00:00:52,240 --> 00:00:56,080 Speaker 1: index drop by point one four percent today. That index 16 00:00:56,200 --> 00:00:59,160 Speaker 1: was down nine tenths of one percent ending the week 17 00:00:59,280 --> 00:01:02,200 Speaker 1: heading into the weekend of two thousand ninety six, down 18 00:01:02,200 --> 00:01:07,280 Speaker 1: today by nineteen points down. Industrials fell one hundred eighteen points, 19 00:01:07,319 --> 00:01:10,679 Speaker 1: down seven tenths of one percent, to seventeen thousand, eight 20 00:01:10,760 --> 00:01:14,760 Speaker 1: hundred sixty five, Nastack down one point three percent, dropping 21 00:01:14,840 --> 00:01:19,839 Speaker 1: sixty four points to forty ninety four. Apple's next iPhone 22 00:01:19,920 --> 00:01:23,480 Speaker 1: will use modems from Intel, replacing qual Com chips in 23 00:01:23,560 --> 00:01:26,160 Speaker 1: some versions of the new handset, A moved by the 24 00:01:26,200 --> 00:01:30,080 Speaker 1: world's most valuable public company to diversify its supplier base. 25 00:01:30,440 --> 00:01:33,560 Speaker 1: A non Shriven Asen is a semiconductor and hardware analyst 26 00:01:33,640 --> 00:01:37,040 Speaker 1: for Bloomberg Intelligence. He was interviewed today right here on 27 00:01:37,160 --> 00:01:40,080 Speaker 1: taking stock. The Apple supply chain seems to be getting 28 00:01:40,080 --> 00:01:43,960 Speaker 1: more complicated from a supplier base, as well as the 29 00:01:44,040 --> 00:01:46,880 Speaker 1: number of components and the number of suppliers that go 30 00:01:46,920 --> 00:01:51,360 Speaker 1: into it. So um. It's interesting because Apple thus far 31 00:01:51,480 --> 00:01:55,560 Speaker 1: has only had three specific types of the iPhone UM 32 00:01:55,720 --> 00:01:59,200 Speaker 1: for each version, and now it's like it's likely to 33 00:01:59,200 --> 00:02:01,360 Speaker 1: get a little bit more complicated in that on a 34 00:02:01,480 --> 00:02:03,240 Speaker 1: down day for the rest of the market, Intel of 35 00:02:03,400 --> 00:02:06,120 Speaker 1: three tenths of one percent, Apple was down eight tenths 36 00:02:06,120 --> 00:02:08,960 Speaker 1: of one percent, Gold up four or forty Balance picking 37 00:02:09,000 --> 00:02:12,000 Speaker 1: up four tenths of one percent, Crew down three point 38 00:02:12,040 --> 00:02:16,360 Speaker 1: two percent, forty Arrow four oh two on Wall Street. Now, 39 00:02:16,440 --> 00:02:18,400 Speaker 1: let's take a look at some of the other stories 40 00:02:18,639 --> 00:02:22,200 Speaker 1: making news Charlie. Thank you from the Bloomberg News Room 41 00:02:22,200 --> 00:02:25,200 Speaker 1: by Mark Crompton. Hillary Clinton has given her first speed 42 00:02:25,320 --> 00:02:29,160 Speaker 1: since being indorsed Thursday by President Obama. She addressed the 43 00:02:29,200 --> 00:02:34,760 Speaker 1: Planned Parenthood Action Fund in Washington. A milestone together this week, 44 00:02:34,840 --> 00:02:38,400 Speaker 1: thanks to you and people all over our country. For 45 00:02:38,480 --> 00:02:41,959 Speaker 1: the first time, a woman will be a major party's 46 00:02:42,080 --> 00:02:49,360 Speaker 1: nominee for President of the United States. Earlier today, Mrs 47 00:02:49,360 --> 00:02:54,000 Speaker 1: Clinton met with Massachusetts Senator Elizabeth Warren, who endorsed her yesterday. 48 00:02:54,360 --> 00:02:57,280 Speaker 1: How Speaker Paul Ryan called Donald Trump's attack of a 49 00:02:57,320 --> 00:03:01,720 Speaker 1: federal judge a textbook definition of racism. Still, the Speaker 50 00:03:01,760 --> 00:03:05,840 Speaker 1: continues to support the presumptive Republican nominee. Ryan spoke to 51 00:03:05,960 --> 00:03:08,720 Speaker 1: ABC News suggesting that a person can do their job 52 00:03:08,760 --> 00:03:12,120 Speaker 1: because of the razor ethnicity. That's not that's not a 53 00:03:12,120 --> 00:03:14,639 Speaker 1: politically incorrect thing to do. That's just a wrong thing 54 00:03:14,680 --> 00:03:18,239 Speaker 1: to say. Senate Majority Leader Mitch McConnell tells Bloomberg Politics 55 00:03:18,240 --> 00:03:21,880 Speaker 1: Trump's attacks on ethnic groups and other Republicans need to end. 56 00:03:22,200 --> 00:03:25,200 Speaker 1: He says that Trump needs to pick an experienced running 57 00:03:25,200 --> 00:03:28,200 Speaker 1: mate because, quote, he doesn't know a lot about the 58 00:03:28,280 --> 00:03:32,600 Speaker 1: issues in Louisville, Kentucky. A memorial services underway for the 59 00:03:32,680 --> 00:03:36,240 Speaker 1: late boxing legend Muhammad Ali, who died last week at 60 00:03:36,280 --> 00:03:39,720 Speaker 1: the age of seventy four. Among those speaking today are 61 00:03:39,800 --> 00:03:43,040 Speaker 1: and Hats, the Republican Senator from Utah. He spoke of 62 00:03:43,120 --> 00:03:46,200 Speaker 1: his friendship with Ali, a friendship between a man of 63 00:03:46,240 --> 00:03:48,760 Speaker 1: the Muslim faith and a man of the Mormon faith. 64 00:03:49,200 --> 00:03:51,920 Speaker 1: Senator Hats said that Ali told him God gave him 65 00:03:51,960 --> 00:03:55,200 Speaker 1: Parkinson's quote to remind me always that I am human. 66 00:03:55,600 --> 00:03:58,680 Speaker 1: Global News twenty four hours a day, powered by our 67 00:03:59,040 --> 00:04:02,000 Speaker 1: journalists and more than one fifty news bureaus around the 68 00:04:02,000 --> 00:04:05,080 Speaker 1: world from the Bloomberg News Room, my Mark Crumpton, Charlie, 69 00:04:05,560 --> 00:04:08,440 Speaker 1: and we thank you. And Dan Gilbert, founder of Quicken Loans, 70 00:04:08,480 --> 00:04:11,320 Speaker 1: an owner of the Cavaliers basketball team, and A T 71 00:04:11,440 --> 00:04:14,040 Speaker 1: and T have each bit about five billion dollars for 72 00:04:14,440 --> 00:04:18,359 Speaker 1: Yahoo's core business, patents and real estate assets. This according 73 00:04:18,400 --> 00:04:21,479 Speaker 1: to people with knowledge of the matter. Again, recapping a 74 00:04:21,560 --> 00:04:24,280 Speaker 1: down Friday with the S and P falling nineteen points 75 00:04:24,279 --> 00:04:27,320 Speaker 1: to two thousand, ninety six, down nine tenths of one percent, 76 00:04:27,800 --> 00:04:32,120 Speaker 1: I'm Charlie Pellett, and that's a Bloomberg business flash move around. 77 00:04:32,240 --> 00:04:38,320 Speaker 1: Morton creates the motion move, you move like they do. 78 00:04:38,560 --> 00:04:45,080 Speaker 1: I've never seen anyone move that fast. People's move like 79 00:04:45,120 --> 00:04:52,480 Speaker 1: to get a purpose that he was called movers and shakers. 80 00:04:52,880 --> 00:04:55,280 Speaker 1: It costs a little more of that name. Cracked me up. 81 00:05:01,160 --> 00:05:05,400 Speaker 1: Bloomberg taking stocks movers and shakers with Pim Fox and 82 00:05:05,520 --> 00:05:11,400 Speaker 1: Kathleen As on Bloomberg Radio, moving and shaken. Yes, stocks 83 00:05:11,440 --> 00:05:13,320 Speaker 1: are lower today, and if we tell you the SMP 84 00:05:13,440 --> 00:05:16,160 Speaker 1: five hundred is down, do you know about a percent 85 00:05:16,320 --> 00:05:18,680 Speaker 1: point nine? That's one thing. But if we tell you 86 00:05:18,760 --> 00:05:23,559 Speaker 1: that only five, only fifty five share prices closed higher, 87 00:05:23,640 --> 00:05:27,640 Speaker 1: four hundred forty nine closed lower, one unchanged, you get 88 00:05:27,640 --> 00:05:30,480 Speaker 1: a sense of just how definitive this downturn was is 89 00:05:30,600 --> 00:05:34,800 Speaker 1: this week comes to an end. Joining now Dave Wilson. 90 00:05:34,880 --> 00:05:38,359 Speaker 1: He is our Bloomberg News Stocks editor, and he's going 91 00:05:38,400 --> 00:05:41,599 Speaker 1: to kick off the movers and the shakers. Sin. Indeed, 92 00:05:41,600 --> 00:05:44,240 Speaker 1: if you kind of look at the Dow Industrials instead 93 00:05:44,279 --> 00:05:48,640 Speaker 1: of the SNP five hundred, you see seven stocks clothes higher, 94 00:05:48,680 --> 00:05:52,080 Speaker 1: and the third best performer among them was Intel, and 95 00:05:52,480 --> 00:05:55,080 Speaker 1: shares had good reason to rise. The chip makers scored 96 00:05:55,080 --> 00:05:58,119 Speaker 1: its first major contract in the mobile phone business. People 97 00:05:58,160 --> 00:06:00,560 Speaker 1: familiar with the matter said the company will place qual 98 00:06:00,720 --> 00:06:03,560 Speaker 1: Calm as the supplier of some modem chips for the 99 00:06:03,600 --> 00:06:07,080 Speaker 1: next generation of Apple's iPhone. Intel's chips will go into 100 00:06:07,120 --> 00:06:10,000 Speaker 1: phones on a T and T S network and others 101 00:06:10,000 --> 00:06:14,000 Speaker 1: with similar technology UH. Qual Colms keeping the contract for 102 00:06:14,279 --> 00:06:19,839 Speaker 1: Verizons network and also UH for mobile phones in China. Well, 103 00:06:20,279 --> 00:06:22,600 Speaker 1: all that added up to a three tenths of a 104 00:06:22,720 --> 00:06:25,440 Speaker 1: percent gain for Intel. Not much, but on down day 105 00:06:25,520 --> 00:06:30,520 Speaker 1: certainly notable, and qual Calm shares fell two point one percent. Well, uh, 106 00:06:30,960 --> 00:06:34,159 Speaker 1: pretty sizable loss for urban outfitters today dave about five 107 00:06:34,160 --> 00:06:37,039 Speaker 1: point seven percent to twenty six dollars in change. In fact, 108 00:06:37,120 --> 00:06:40,080 Speaker 1: it's the worst Decliinate suffered in just about seven months. 109 00:06:40,640 --> 00:06:44,919 Speaker 1: Pretty straightforward. They warned of a sales decreases quarter and 110 00:06:44,960 --> 00:06:48,760 Speaker 1: has renewed concerns about just a steady slow down at 111 00:06:48,800 --> 00:06:53,320 Speaker 1: this once very thriving retail chain. Same story, sales are 112 00:06:53,440 --> 00:06:57,200 Speaker 1: falling by a percentage in the middle single digits in 113 00:06:57,240 --> 00:07:00,800 Speaker 1: the second quarter percentage point that is, which runs through July. 114 00:07:01,360 --> 00:07:03,440 Speaker 1: Companies said in made a second quarter sales were slow 115 00:07:03,480 --> 00:07:05,919 Speaker 1: and compared with the previous period, but that time the 116 00:07:05,960 --> 00:07:09,159 Speaker 1: CEO was blaming an unseasonally cool spring for the slowdown. 117 00:07:09,520 --> 00:07:11,640 Speaker 1: So if things are slow again, Dave, people are saying, 118 00:07:11,960 --> 00:07:13,800 Speaker 1: maybe it's not just the weather. Maybe they've got a 119 00:07:13,800 --> 00:07:16,840 Speaker 1: problem with their merchandise, with their product line. You know, 120 00:07:17,200 --> 00:07:19,840 Speaker 1: young shoppers are fickle. Not a good day for urban Outfair. 121 00:07:19,920 --> 00:07:23,080 Speaker 1: Speaking of problems, Tesla Motors may have a problem. US 122 00:07:23,160 --> 00:07:26,800 Speaker 1: regulators are looking into a possible suspension issue with the 123 00:07:26,840 --> 00:07:30,000 Speaker 1: electric car makers model lest Sedan, and the auto blog 124 00:07:30,120 --> 00:07:32,920 Speaker 1: Daily Kimban said a Tesla customer had to sign a 125 00:07:33,000 --> 00:07:37,600 Speaker 1: non disclosure agreement before a defective suspension part was fixed. Now, 126 00:07:37,920 --> 00:07:41,800 Speaker 1: Tesla center a statement that its suspensions have no safety 127 00:07:41,840 --> 00:07:44,960 Speaker 1: defects and that the bloged story was preposterous. But I 128 00:07:45,000 --> 00:07:48,600 Speaker 1: should point out uh Edward Niameyer, who works for The 129 00:07:48,680 --> 00:07:53,000 Speaker 1: Daily Kimban also a calumnist at Bloomberg View. So you know, 130 00:07:53,680 --> 00:07:55,960 Speaker 1: we we we take that into account, and we see 131 00:07:56,000 --> 00:08:00,160 Speaker 1: that Tesla Motors shares down four point six percent today, Well, 132 00:08:00,200 --> 00:08:03,200 Speaker 1: another company that's down. And again since UH four and 133 00:08:03,360 --> 00:08:06,480 Speaker 1: fifty five companies just closed lower, it's easy to find 134 00:08:06,520 --> 00:08:09,840 Speaker 1: the losers today. But H and R block stands out 135 00:08:10,280 --> 00:08:12,880 Speaker 1: up twelve and a half percent to close to twenty 136 00:08:12,920 --> 00:08:17,400 Speaker 1: four dollars and change the stock is spiking today because 137 00:08:17,640 --> 00:08:23,520 Speaker 1: yesterday the company reported that it's very solid results for 138 00:08:23,560 --> 00:08:26,840 Speaker 1: their fourth quarter. In fact, revenue was two point three 139 00:08:26,840 --> 00:08:29,760 Speaker 1: billion dollars, higher than the analyst estimates of two point 140 00:08:29,800 --> 00:08:32,640 Speaker 1: to eight. Uh. They're earnings per share three dollars and 141 00:08:32,679 --> 00:08:36,160 Speaker 1: sixteen cents, and that's our past analysts expectations by one cent. 142 00:08:36,400 --> 00:08:39,480 Speaker 1: One more thing, though, the investors really like today. The 143 00:08:39,559 --> 00:08:42,319 Speaker 1: board approved a ten percent increase in H and R 144 00:08:42,400 --> 00:08:46,040 Speaker 1: Blocks quarterly dividend to two cents per share. It's gonna 145 00:08:46,040 --> 00:08:49,800 Speaker 1: be payable on July first to shareholders as of June twenty. 146 00:08:50,520 --> 00:08:52,760 Speaker 1: I gotta mention my Land because it wasn't a great 147 00:08:52,840 --> 00:08:55,000 Speaker 1: day for drug stocks, and in my Land sort of 148 00:08:55,040 --> 00:08:57,800 Speaker 1: front and center. Uh. Wells Fargo coming out with the 149 00:08:57,800 --> 00:09:00,360 Speaker 1: report that said the drug maker maybe the next company 150 00:09:00,440 --> 00:09:04,439 Speaker 1: under fire from lawmakers and patient groups for price increases. 151 00:09:04,840 --> 00:09:09,000 Speaker 1: UH cited the three drugs where the company had increased 152 00:09:09,040 --> 00:09:12,600 Speaker 1: prices this year more than fivefold. Uh Now. My Land 153 00:09:12,679 --> 00:09:16,720 Speaker 1: called the analysis self serving and misleading to investors in 154 00:09:16,720 --> 00:09:19,720 Speaker 1: a statement. It is noteworthy, though, that my Lands one 155 00:09:19,720 --> 00:09:22,560 Speaker 1: of five companies that U S senators asked this week 156 00:09:22,640 --> 00:09:25,599 Speaker 1: to explain higher prices for the anti opioid drug and 157 00:09:25,640 --> 00:09:27,920 Speaker 1: the locks O. So you put that all together. My 158 00:09:28,040 --> 00:09:30,800 Speaker 1: Land down two points percent, other drug makers down as well, 159 00:09:31,040 --> 00:09:34,280 Speaker 1: Olegant down two point six percent, Mallcroft down four point 160 00:09:34,320 --> 00:09:38,480 Speaker 1: four percent, and Endo International within eight point four percent 161 00:09:38,640 --> 00:09:41,760 Speaker 1: loss on the day. Well, I know something I just 162 00:09:41,800 --> 00:09:45,720 Speaker 1: want to mention quickly, David. That's Walgreens and Writing, because 163 00:09:45,760 --> 00:09:49,320 Speaker 1: you've been noting that the reports out that the FTC, 164 00:09:49,440 --> 00:09:52,880 Speaker 1: the Federal Trade Commission, will approve wal Greens seventeen billion 165 00:09:52,880 --> 00:09:55,560 Speaker 1: dollar acquisition of Writing, which would be a combination of 166 00:09:55,559 --> 00:09:57,760 Speaker 1: the number one and number three drug store chains. Those 167 00:09:57,920 --> 00:10:02,319 Speaker 1: stocks both up pretty sharply today. Quickly. The Volatil Volatility 168 00:10:02,520 --> 00:10:04,680 Speaker 1: Index report now, and it's brought to you by cbo 169 00:10:04,760 --> 00:10:08,040 Speaker 1: E VIX Options and Futures. Volatility can be harnessed with 170 00:10:08,200 --> 00:10:11,319 Speaker 1: CBOE VIX options and future CEA disclosures. Learn more at 171 00:10:11,320 --> 00:10:15,400 Speaker 1: cbo e dot com Slash Powerful Outcomes Vix, the VIX 172 00:10:15,440 --> 00:10:19,800 Speaker 1: closing up boil Boy more than two point three points 173 00:10:19,840 --> 00:10:22,960 Speaker 1: to sixteen point nine seven. It's on track for its 174 00:10:23,040 --> 00:10:27,720 Speaker 1: largest weekly advanced since January. Up about all right, Dave, 175 00:10:27,800 --> 00:10:33,120 Speaker 1: you're up? H Hi. My name is Dave. Well, just 176 00:10:33,360 --> 00:10:35,760 Speaker 1: what do you think you're doing today? We're going for 177 00:10:35,800 --> 00:10:45,000 Speaker 1: a band to Dave Dave's Bluebird Bio. Indeed, they're working 178 00:10:45,000 --> 00:10:48,000 Speaker 1: on incredibly cool things that matter. That's what an employee 179 00:10:48,000 --> 00:10:51,040 Speaker 1: says in the quota on the company's website. Those cool 180 00:10:51,120 --> 00:10:55,920 Speaker 1: things revolve around treatments for severe genetic todaises and rare illnesses. Now, 181 00:10:55,920 --> 00:10:58,840 Speaker 1: Bluebird Bio went public three years ago this month. Sticker 182 00:10:58,960 --> 00:11:02,280 Speaker 1: is blue like the our Bluebird Bio started out at 183 00:11:02,320 --> 00:11:04,920 Speaker 1: seventeen dollars a share price jumped as high as one 184 00:11:05,080 --> 00:11:08,679 Speaker 1: ninety seven thirty five last year after study data showed 185 00:11:08,720 --> 00:11:11,600 Speaker 1: an experimental treatment for blood disorders let some patients go 186 00:11:11,679 --> 00:11:15,679 Speaker 1: without transfusions. The thing is, though Bloomberg Bio isn't the 187 00:11:15,760 --> 00:11:19,040 Speaker 1: only company with this kind of therapy. Another one is 188 00:11:19,080 --> 00:11:22,720 Speaker 1: Global Blood Therapeutics, would put out study data today. The 189 00:11:22,760 --> 00:11:25,400 Speaker 1: results showed its medicine increased the amount of hemoglobin and 190 00:11:25,440 --> 00:11:28,680 Speaker 1: sickle cell patients blood after ninety days, and Jenny Capitol 191 00:11:28,720 --> 00:11:31,200 Speaker 1: wrote in a report that Deonist is now on Bluebird 192 00:11:31,240 --> 00:11:34,880 Speaker 1: Bio to move along and developing instrug from cuttage twelve 193 00:11:34,920 --> 00:11:38,160 Speaker 1: month price estimate on the stock by to seventy one dollars. 194 00:11:38,160 --> 00:11:41,319 Speaker 1: Now Bluebird Bio following eight and a half percent, closing 195 00:11:41,320 --> 00:11:47,280 Speaker 1: at nine. Remember that's almost below it's high from just 196 00:11:47,440 --> 00:11:51,360 Speaker 1: last year. Yikes. Well that's be a call a mover 197 00:11:51,600 --> 00:11:53,720 Speaker 1: and a shaker, that's what you call it. A kliner. 198 00:11:54,000 --> 00:11:56,760 Speaker 1: Absolutely Global bud by the way up nine percent on 199 00:11:56,800 --> 00:11:59,000 Speaker 1: its study data. Well, there you go. That's a study 200 00:11:59,040 --> 00:12:01,160 Speaker 1: data I'd like to have. Dave Wilson, thanks so much. 201 00:12:01,480 --> 00:12:06,480 Speaker 1: This is taking Stock on Bloomberg Radio. Bloomberg taking Stock 202 00:12:06,600 --> 00:12:08,400 Speaker 1: is brought to you by Ancient Block and Ancient named 203 00:12:08,400 --> 00:12:10,720 Speaker 1: the best accounting from in North America for the sixth 204 00:12:10,800 --> 00:12:14,400 Speaker 1: year in a row by hedge week dot Com. This 205 00:12:14,559 --> 00:12:15,480 Speaker 1: is Bloomberg Radio.