Speaker 1: By from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak for Tuesday, August nine, two. Coming up this hour,
Speaker 1: Federal agents raid former President Trump's residents at mar Longo.
Speaker 1: It's part of an investigation into whether he took classified
Speaker 1: documents from the White House. Bloomberg Team coverage straight ahead
Speaker 1: plus find ut which drugmaker lost more than a quarter
Speaker 1: of its value after week ear names con ed is
Speaker 1: asking Brooklyn and Queen's to reduce power amid high heat.
Speaker 1: Plus President Biden Vale's FEMA money for flood ravage residents
Speaker 1: in Kentucky. Michael Blarmer, More ahead, I'm John Stash Howard Sports.
Speaker 1: The Mets made at thirteen the last fifteen. They beat
Speaker 1: the Reds the Yankees into the five game losing street
Speaker 1: in Seattle. That's all straded ahead on Bloomberg Daybreak on
Speaker 1: Bloomberg eleven Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and
Speaker 1: Francisco Sirius XM one nineteen and around the world on
Speaker 1: Bloomberg Radio dot Com. I'm the Bloomberg Business app. Good Morning,
Speaker 1: I'm John Tucker. I'm Nathan Hagar. Futures are treading water
Speaker 1: this morning. We're coming up to six o one on
Speaker 1: Wall Street, and we checked the markets every fifteen minutes
Speaker 1: during the trading day. On Bloomberg, sp futures are up
Speaker 1: two points down, futures up forty six. Dance deck futures
Speaker 1: are lower by fifteen points. The tenure Treasury is down
Speaker 1: eight thirty seconds. The yield two point seven eight percent
Speaker 1: yield on the two year three point to one percent.
Speaker 1: NIMEX screwed is down eight tenths percent, down seventy cents
Speaker 1: at ninety six cents of barrel Comics gold is little changed,
Speaker 1: up at ollar seventy at eighteen o six ninety announced,
Speaker 1: the euro one point zero to three eight against the dollar,
Speaker 1: British pound one point two one two four, and the
Speaker 1: yen is at one thirty four point seven eight, John
Speaker 1: and Nathan. We're gonna have more on the markets in
Speaker 1: a minute, but first the bombshell overnight in the US politics,
Speaker 1: the MPI rating Donald Trump's Mara logo resort in Florida.
Speaker 1: We begin our team coverage with Amy Morris from our
Speaker 1: Bloomberg newsroom in Washington. The focus is unclassified documents the
Speaker 1: former president might have taken tomorrow lago from the White
Speaker 1: House when he left office. Trump's son Eric Trump told
Speaker 1: Fox News his father is being unfairly targeted. They don't
Speaker 1: want Aunald Trump to run and win again. In The
Speaker 1: raid began in the morning and lasted until six in
Speaker 1: the evening. Trump was in New York City at the
Speaker 1: time and released a statement calling the raid prosecutorial misconduct.
Speaker 1: House Minority Leader Kevin McCarthy tweeted that Republicans will conduct
Speaker 1: immediate oversight of the Justice Department if they take control
Speaker 1: of the House in November. In Washington, I'm Ammy Morris
Speaker 1: Bloomberg Daybreak. Heren reaction is pouring in this morning to
Speaker 1: the news and we continue our team coverage with Bloomberg
Speaker 1: Politics contributor Jeanie Schanzano. In this case, for a probable cause,
Speaker 1: they have to believe that crime was committed. A federal
Speaker 1: judge had to sign off on a warrant believing a
Speaker 1: crime was committed. And you have to imagine when in
Speaker 1: the balls the former president, what we're thinking about is
Speaker 1: even higher bar. In other words, the crime was committed repeatedly.
Speaker 1: It may have included classified material. Bloomberg contributor Jeanie Schanzano
Speaker 1: calls this a major development. Donald Trump says FBI agents
Speaker 1: even broke into his safe. Sources tell us the location,
Speaker 1: even the existence of the safe or closely guarded secrets
Speaker 1: for the former resident, and the search comes as Mr
Speaker 1: Trump Preparis and other bid for the White House, and
Speaker 1: as the January six committee also probes his actions. Robert
Speaker 1: Min's a partner, Ed mcarter and English goals the investigation
Speaker 1: shocking and unprecedented. The search warrant is really the nuclear
Speaker 1: bomb in the arsenal of prosecutors because it is so intrusive.
Speaker 1: It is not simply serving a subpoena and going through
Speaker 1: attorneys and producing records, literally showing up on your doorstep
Speaker 1: with a phalanx of federal agents who wi allow spend
Speaker 1: four or five hours going through your house. Robert minces
Speaker 1: Attorney General Merrick Garland was likely needed to sign off
Speaker 1: on the rate. More of this developing story around the
Speaker 1: morning here on Bloomberg Radio, including analysis from Brown University's
Speaker 1: When They Schiller Washington corresponded, Joe Matthew, all right, let's
Speaker 1: turn back to markets now, John us futures are mixed
Speaker 1: after yesterday's up and down day on Wall Street. At
Speaker 1: one point, the SMP five was up one percent before
Speaker 1: pulled back on shipmaker and videos revenue miss that the
Speaker 1: index closed little changed. David Deet's senior portfolio strategist at
Speaker 1: pe Pack Private Wealth, says everyone's waiting for tomorrow's inflation print.
Speaker 1: All eyes are gonna be on Wednesday's inflation report. If
Speaker 1: that's hot of it expected, expect to pull back, particularly
Speaker 1: monks on those megacap tech socks, and maybe a rotation
Speaker 1: back into some of those materials energy names which have
Speaker 1: not participated as much in July. Ppack Private Wealth David
Speaker 1: Diet says investors are concerned the Fed will continue to
Speaker 1: raise rates after last Friday's strong jobs report and this
Speaker 1: morning session shares of Novavax down. That's after the drug
Speaker 1: makers slashed to its revenue forecast. The story from Bloomberg's
Speaker 1: Charlie Pellett It's COVID nineteen vaccine, which already trailed competitors
Speaker 1: getting to market, failed to live up to expectations. Novavacs
Speaker 1: received about one point six billion dollars from the US
Speaker 1: government to develop its vaccine through the Operation Warp Speed program.
Speaker 1: The immunization uses a protein based technology that's similar to
Speaker 1: classic shots. Company officials had anticipated that the vaccine might
Speaker 1: appeal to those who have been hesitant to take shots
Speaker 1: made with newer technologies, but demand has not appeared strong
Speaker 1: so far. In New York, Charlie Pellett Bloomberg Day Break,
Speaker 1: Thanks Charlie. As corporate earnings come in mixed, the debate
Speaker 1: over whether we're in a recession continues. Bloomberg's Rnita Young
Speaker 1: joins US Live with the latest call. Good morning, Rinita,
Speaker 1: Good morning Nathan. Our Investment Management CEO caafy Wood is
Speaker 1: the latest to declare US recession. She says that the
Speaker 1: Fed will have to start loosening its policy sometime next year.
Speaker 1: We believe we're in a recession. Two consecutive quarters of
Speaker 1: real g D key declines is is the beginning of
Speaker 1: that definition. Three consecutive months of declines in meeting indicators,
Speaker 1: which we have now would suggest the same. Kathe Wood
Speaker 1: says she believes the economy will be coming out of
Speaker 1: a recession next year. She plans to keep her firm
Speaker 1: fully invested throughout the downturn in so called innovation companies
Speaker 1: which typically thrived during difficult times. Live in New York.
Speaker 1: I'm Nita Young Blueberg Daybreak. Thanks for Nita, and finally
Speaker 1: some news from Boeing this morning. The company you sent
Speaker 1: to resume deliveries of its seven eight seven Dreamliner as
Speaker 1: soon as tomorrow. That's almost two years after they were
Speaker 1: disrupted by manufacturing flaws. The FAA says Boeing has made
Speaker 1: the necessary changes to ensure the plane now meets certification standards.
Speaker 1: So I've got one more story for you, John. Micron
Speaker 1: Technology says it will use anticipated government grants and credits
Speaker 1: to help it invest forty billion dollars by the end
Speaker 1: of the decade to build out US semiconductor manufacturing capacity.
Speaker 1: Company expects to be into produced chips after says it
Speaker 1: will create as many as forty thousand jobs. Micron says
Speaker 1: the investments being funded with subsidies that thinks it will
Speaker 1: be awarded from the Chips in Science Act that just
Speaker 1: passed on Capitol Hill. Straight ahead, we have your latest
Speaker 1: of local headlines, plus a check of sports. You're listening
Speaker 1: to Bloomberg day Break. Thanks Nathans so seven on Wall
Speaker 1: Street Games. Time to bring in Michael bar to find
Speaker 1: out what else is going on in New York and
Speaker 1: around the world. John, Thank you, sir. The bad news
Speaker 1: the heat wave continues in the Tri State area. The
Speaker 1: good news it ends tonight. Bloomberg Meeting Religios. Rob Caroline
Speaker 1: has the latest. Good morning, Michael. We have a heat
Speaker 1: advisory and effect for the Tri State area until eight
Speaker 1: p m. This evening. The heat advisory though the last
Speaker 1: one of the week. It looks like temperatures are gonna
Speaker 1: cool off quite a bit as we head through the
Speaker 1: remainder of the week. Today we're up around ninety five. Tomorrow,
Speaker 1: it's eighty five and eighty five again on Thursday, then
Speaker 1: only eight five on Friday with much less humidity. So
Speaker 1: we're definitely gonna be breaking the heat wave. Michael, thanks
Speaker 1: for Rob Khan. Ed is asking residents in parts of
Speaker 1: Brooklyn and Queens to curb their energy use as high
Speaker 1: heat sears New York City. The utility asked homes and
Speaker 1: businesses and the affected areas to refrain from using power
Speaker 1: hungry appliances, including washers, dryers, and microwaves until the crew
Speaker 1: completes repairs. It also requested that residents only used one
Speaker 1: air conditioner President Biden extended help and the FEMA check
Speaker 1: book to flood soaked eastern Kentucky as he visited storm
Speaker 1: damaged areas. The President toured the water demolished neighborhoods, where
Speaker 1: he immediately issued federal disaster declarations so they could rebuild
Speaker 1: from last week's deadly storms. After meeting with families impacted
Speaker 1: by the flooding and the town of Lost Creek, President
Speaker 1: Biden says he will be back to help them rebuild
Speaker 1: from the flooding. All Americans, everybody has an obligation to help.
Speaker 1: We have the capacity to do this. It's not like
Speaker 1: it's beyond our control. The President also each unity in
Speaker 1: the response to the disaster. The Pentagon says it believe
Speaker 1: that as many as eighty thousand Russian troops have been
Speaker 1: killed or wounded and under six months of fighting in Ukraine.
Speaker 1: Under Secretary of Defense for Policy, Colin cull says it
Speaker 1: is pretty remarkable considering that the Russians have achieved none
Speaker 1: of Vladimir Putin's objectives at the beginning of the war.
Speaker 1: China has extended military drills near Taiwan's airspace and sees
Speaker 1: today Taiwan says China using war drills are planning a
Speaker 1: future invasion. Beloved actress and singer Olivia Newton John has died.
Speaker 1: She was famous for hits like physical and You're the
Speaker 1: One that I Want from her breakout role in Greece.
Speaker 1: Olivia Newton John was seventy three Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktech, powered
Speaker 1: by more than twenty seven hundred journalists analysts more than
Speaker 1: a twenty countries. Michael bar this is Bloomberg, John, Michael,
Speaker 1: thank you, and now sixteen on Wall Street. That's time
Speaker 1: for the Blueberg Sports Update. Here's John Star. Thanks Jo.
Speaker 1: When the Yankees were flying high first half of the season,
Speaker 1: they were relatively healthy nuts no longer than King, John
Speaker 1: Carlos Stantons on the injur list, it was police Steve Areno,
Speaker 1: Michael King done for the year. And last night in Seattle,
Speaker 1: Matt Carpenter foul the ball off his foot. It's a
Speaker 1: fracture that might end what's been a remarkable season for Carpenter.
Speaker 1: He had hit only seven home runs over his previous
Speaker 1: two seasons. Join the Yankees in late May. His slugging
Speaker 1: percentage since then is the best of the Major Leagues
Speaker 1: Yankees beat the Mariners nine to four in five games.
Speaker 1: Wasn't treat Josh Donaldson with his best game as a
Speaker 1: Yank two doubles, a home run, drove in three. So
Speaker 1: did Andrew been Intende Aaron Judge with home run number
Speaker 1: forty four and Jamison t Young won seven ins, allowed
Speaker 1: only three hits. City Field Mets beat the Red So
Speaker 1: that's thirteen the last fifteen to run homer in the
Speaker 1: first by Starling Marte. Mets put it away in the
Speaker 1: eighth pitch. Swere gonna drive eight two right back those
Speaker 1: at Kino under the track, here the fence reachers up here, Kata.
Speaker 1: It bounces office clove. If the score from second is
Speaker 1: Kata comes back. Deal around thirty hard take it for thirty.
Speaker 1: Stake one piece in with a triple. And that's how
Speaker 1: a five to one lad. That was the final w
Speaker 1: CBS to call the Dole make win triple. Chris Bassett
Speaker 1: worked eight innes, did not allow and Earn Roy Met's
Speaker 1: now lead the Braves by seven. A key Jet has
Speaker 1: suffered an injury at training camps. Apple McKay Beckton heard
Speaker 1: his knee, same one that kept him out last season.
Speaker 1: He had an m R I further test. Today an
Speaker 1: eventful day of the Giants. Several fights broke out that
Speaker 1: does sometimes happen the training camp. Linebacker Take Crowder, center
Speaker 1: John felice Fiano among those involved. Giants other preseason opener
Speaker 1: Thursday at New England, John Dash with Bloomberg Sports done
Speaker 1: all right, thanks John, And right now as we look
Speaker 1: at markets, they've turned mixed. The futures market down. Futures
Speaker 1: right now are eighteen points, sire s and p E
Speaker 1: many futures down just three points, and the Dansaic futures
Speaker 1: are lower by thirty eight points. Two year yield at
Speaker 1: three twenty one, the tenure right now at two seventy eight.
Speaker 1: Mr is Bloomberg I. Just ahead, we will speak with
Speaker 1: Wendy Schiller, directman of the director of the Talmut Center
Speaker 1: for American Politics and Policy at Brown University, Analysis and Perspective.
Speaker 1: After the FBI executes a Trump search warrant, markets headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape.
Speaker 1: He's a Bloomberg Business lash, Nathan Hagar. Futures are mixed.
Speaker 1: This morning, SMP futures down five point, staff futures up
Speaker 1: four NASTAC futures moving lower now down fifty seven points
Speaker 1: to drop a four tenths per cent. The ten year
Speaker 1: treasuries down nine thirty seconds, the yield two point seven
Speaker 1: nine percent, yield on the two year three point two percent.
Speaker 1: Nimex screwed is down to tenth percent, down fifteen cents
Speaker 1: ninety dollar sixty cents of barrel comex scold up two
Speaker 1: ten for center three dollars twenty cents at eighteen eight
Speaker 1: thirty announced. The Euro one point zero two three five
Speaker 1: against the dollar, the en one thirty four point eight
Speaker 1: zero Bitcoin down two point six percent at twenty three thousand,
Speaker 1: four hundred dollars. That's a Bloomberg business flash. And now
Speaker 1: here's Michael Bart with more on what's going on around
Speaker 1: the world. Mike, call Nathan, thank you very much. The
Speaker 1: FBI has searched former President Donald Trump's and Mara Lago
Speaker 1: estate as part of an investigation into whether he took
Speaker 1: classified records from the White Owls to his Florida residents.
Speaker 1: Trump says agents opened up a safe at his home
Speaker 1: and describes their work as an unannounced raid. Will have
Speaker 1: more on this story straight ahead. Teachers and staff returned
Speaker 1: to work today at public schools in Yuvaldi, Texas. It
Speaker 1: follows the deadly mass shooting in May at rob Elementary School.
Speaker 1: In baseball, the Yankees beat the Mariners nine four, the
Speaker 1: Mets beat the Reds five one, the Nationals and A's lost.
Speaker 1: The Orioles and Giants won Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalist and analysts more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael,
Speaker 1: thank you six nineteen Walster. We are lion from the
Speaker 1: Bloomberg into Anto Broker Studios. This is Bloomberg Daybreak. As
Speaker 1: Michael mentioned, stunning development of a younggoing legal battles evolving
Speaker 1: former President Donald Trump a search warrant executed at the
Speaker 1: home of the former president with some perspective this morning,
Speaker 1: Wendy Shoulder, director of the Talvin Center for American Politics
Speaker 1: and Policy at Brown University, if I'm not mistaken, first
Speaker 1: time zever happened to a former president where a search
Speaker 1: warrant was executed at the home of a former president. Wendy,
Speaker 1: your initial reaction, well, I mean, there's so many things
Speaker 1: to think about here. I think that clearly things are
Speaker 1: ramping up to figure out whether a case can be
Speaker 1: made against Donald Trump either for this, which is most
Speaker 1: of them, I say, an interfraction, but it's actually a
Speaker 1: criminal offense to remove classified documents from the government and
Speaker 1: particularly president. Everything has to go to the archives or
Speaker 1: be clear through the archives. But also the January six
Speaker 1: Committee continues its work on what his behavior was on
Speaker 1: January six and whether he actively participated in essentially insurrection.
Speaker 1: So there's a two sort of two fronts here. Plus
Speaker 1: he's got you know, a criminal investigation uh in New
Speaker 1: York State, So there's a lot going on. Politically, this
Speaker 1: helps the Republicans mobilized voters for mid term two. Particularly
Speaker 1: they're very very strong Trump supporting base. He's got a
Speaker 1: lot of people running for office across the country that
Speaker 1: he supported that won their primaries and not you know,
Speaker 1: governor of pet Venue who's actually testifying before January six
Speaker 1: here in today, Mostriano. So this can have a big
Speaker 1: effect as the FBI we know in the last couple
Speaker 1: of years, has had on elections, Uh, mid term, short term,
Speaker 1: good for the Republicans, um long term for Trump. For
Speaker 1: twenty four you gotta say it leans towards the bad
Speaker 1: for Trump and good for people like LANDA. Santis or
Speaker 1: Christine Ome or Kim Reynolds, any of the other people
Speaker 1: who might be thinking about running. So why has this
Speaker 1: been why can this be used this political opportunity for Republicans?
Speaker 1: Can you dive a little deeper? Yes, I mean it's
Speaker 1: a it's a it's a potential Della store. But you
Speaker 1: gotta lean towards the positive here in terms of mobilizing
Speaker 1: voters for the mid term, Republicans tend to get out
Speaker 1: mid terms up until twenty eighteen, more more consistently than Democrats.
Speaker 1: Their bases riled up. They've got an opposite party president.
Speaker 1: I mean, all all things count towards Republicans getting out
Speaker 1: the door who want change in the government. Now, the
Speaker 1: Trump supporters who mayor men not have gotten out, for
Speaker 1: all the Republicans across the country, they'll get out because
Speaker 1: already Kevin McCarthy is promising if the Speaker, he'll investigate
Speaker 1: the Justice Department. So the stakes really just went up.
Speaker 1: I think for the stability of government. And it's really
Speaker 1: extraordinary to think about, as you say, the impact of
Speaker 1: a former president on the subsequent midterm elections of a
Speaker 1: new president. This we haven't really seen. I mean, Clinton
Speaker 1: had reverb because of Monica Lewinsky going into two thousand's,
Speaker 1: but then they were September eleven, that tragedy and the wars,
Speaker 1: so things, you know, the subject changed. But now you
Speaker 1: know this is still going to be about Donald Trump
Speaker 1: two years later, about Donald Trump, and that's extraordinary. What
Speaker 1: will be behind his decision whether or not to run
Speaker 1: for president for Will they be legal reasons or political reasons? Well,
Speaker 1: there's also financial reasons. He's raising a lot of money,
Speaker 1: which pays for some portion of his expenses because as
Speaker 1: long as he's campaigning and out there involved in politics,
Speaker 1: you know, um, the FBC has to decide about this.
Speaker 1: But he can use a lot of that money to
Speaker 1: support what he's doing. Uh, So you know that that
Speaker 1: helps him, uh and it keeps him out of jail
Speaker 1: if he actually wins. The question is will this become
Speaker 1: Trump fatigued for key Republican suburban voters across the country.
Speaker 1: If the Republicans will like too much on Trump going
Speaker 1: into midwo and you've got also the question of abortion,
Speaker 1: gun violence, all the other things. In dolation guest prices,
Speaker 1: will voters decide they want over to focus on those
Speaker 1: things quality of life matters, not Donald Trump. And if
Speaker 1: enough of Bourbon voters do that, that could basically keep
Speaker 1: the Senate from going totally Republican or keep it sort
Speaker 1: of in that tide state that it's it. So I
Speaker 1: think the House, I think this will help the Hops
Speaker 1: quite a bit, But for the Senate, it's unclear voters
Speaker 1: really want to hear Aboutald Trump for the next couple
Speaker 1: of months, either way negatively or positively. Could he he
Speaker 1: could be legally disqualified from running for president as well. Well,
Speaker 1: I don't think anything will stop him from running. Honestly,
Speaker 1: even if they say you can't win, he'll say, well,
Speaker 1: elect me, will change the law. Elect Republicans, they'll change
Speaker 1: the law. Give him the Congress and they'll change the law.
Speaker 1: I mean, that could be the next step for Trump
Speaker 1: to ramp up his sort of hold on the Republican Party.
Speaker 1: You can't just say you're gonna investigate Mark Rlan. You
Speaker 1: have to actually promise to change the law. And that
Speaker 1: Biden won't sign that, but he can make members of
Speaker 1: converence go on the record saying we're going to change
Speaker 1: the law so former presidents can do whatever they want.
Speaker 1: That's the kind of thing that will start to scare
Speaker 1: key suburban constituencies, particularly Independence and some Republicans about the
Speaker 1: prospect of a Republican control of the House and send
Speaker 1: it together so you know, down fire President, hold the line.
Speaker 1: But come twenty four, I don't think this overall benefits
Speaker 1: the Republican party. We saw it happen in twenty Trump
Speaker 1: lost a lot of people defected from Trump. So this
Speaker 1: is a very risky proposition for the Republicans, but I
Speaker 1: think more so for twenty four than when they always
Speaker 1: a pleasure appreciated Professor Wendy Shilder, director of the Talvin
Speaker 1: Center for American Politics and Policy at Brown University. And
Speaker 1: as we look at the markets ahead of the cash
Speaker 1: open on Wall Street futures pairing some of the earlier gains.
Speaker 1: In fact, we have a term mixed right now, the
Speaker 1: down futures of just five points right now, the smp
Speaker 1: E mini futures, they've gone down down six points right now,
Speaker 1: down about two tens percent. And the Nassat futures sixty
Speaker 1: four points lower. That is down half of percent. The
Speaker 1: tenure yield to seventy nine. Right now the two year
Speaker 1: at three negative forty three bases point in version of
Speaker 1: the curve. There, you're listening to Bloomberg and still ahead.
Speaker 1: We'll continue with our top story that's stunning development of
Speaker 1: the ongoing legal battles involving former President Trump. Will check
Speaker 1: in with Bloomberg's Joe Matthew, broadcasting live from the Bloomberg
Speaker 1: Interacted Broker's studio in New York. Bloomberg E Living Freedom
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one does San Francisco, Bloomberg nine six to the country,
Speaker 1: Sirius XM two, the one nine T and around the globe,
Speaker 1: the Bloomberg Business at and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak. He's six thirty on Wall Street. Good morning.
Speaker 1: I'm John Tucker. I'm Nathan Hager. We're about three hours
Speaker 1: away from the open of US trading. Time for the
Speaker 1: five things you need to know to start your day.
Speaker 1: Brought to you by Interactive Brokers Charging margin loan rates
Speaker 1: from two point three to three point. Their clients can
Speaker 1: also an extra income by lending their fully paid shares
Speaker 1: of stock great subject to change. Learn more at ibkr
Speaker 1: dot com slash compare First. Former President Donald Trump says
Speaker 1: federal agents rated his residents at Mara Lago. It's part
Speaker 1: of an investigation into whether he took classified documents from
Speaker 1: the White House. We get analysis from Robert Mints, a
Speaker 1: partner ed m. Carter in English. It's absolutely shocking and
Speaker 1: completely unprecedented. This would require approval from the highest levels
Speaker 1: of the Department of Justice. Merrick Garland, the Attorney General himself,
Speaker 1: would certainly have had to have been a part of
Speaker 1: this decision, and I've signed off on this before going
Speaker 1: to a federal judge. Attorney Robert Mint says the search
Speaker 1: warrant is quoth a nuclear bomb and the arsenal of prosecutors.
Speaker 1: The search stems from a National Archives request about the
Speaker 1: transfer of president of documents to Mara Lango. We get
Speaker 1: more for Bloomberg political contributor and former GOP strategist Rick Davis.
Speaker 1: There is a penalty associated with violating this provision. It
Speaker 1: says that if you're convicted of violating this rule of
Speaker 1: holding these documents, especially top secret documents. You'll forfeit your
Speaker 1: office and be disqualified from holding any other office under
Speaker 1: the United States. Rick Davis says this investigation answer the
Speaker 1: former president's legal problems, which include a separate grand jury
Speaker 1: proben efforts to overturn the twenty twenty election. Donald Trump, meantime,
Speaker 1: says he's being targeted to derail another run for the
Speaker 1: White House. Sam We'll have more on this developing story
Speaker 1: throughout the morning here on Bloomberg Radio. First, let's turn
Speaker 1: back to the markets. The US futures have turned to
Speaker 1: lake lower after yesterday's session, which saw the SMP five
Speaker 1: hundred give up a one percent gain to close little change,
Speaker 1: and shares of Novas Novovas down about early trading after
Speaker 1: the drug makers slashed its revenue forecast. Bloomberg's Relata Young
Speaker 1: joins US Live with details. Good morning Rena, Good morning John.
Speaker 1: Novovacs exp exhales this year to be between two billion
Speaker 1: and two point three billion dollars. That's about half of
Speaker 1: the earlier estimate of four billion to five billion dollars
Speaker 1: for the year, and it's all because of its COVID
Speaker 1: nineteen vaccine, which already trailed competitors getting to market. It
Speaker 1: failed to live up to expectations. Demand for the vaccine
Speaker 1: felt both in the U. S A globally. Novovax also
Speaker 1: reports second quarter loss is wider than analyst expectations. Life
Speaker 1: in New York. I'm Nita Young, Bloomberg day break. Okay, Nita,
Speaker 1: thank you, And that's the five things you need to
Speaker 1: notice start your day. Brought to you by Interactive Brokers,
Speaker 1: Local headlines of the check of Sports. Next, this is
Speaker 1: Bloomberg Thanciate six thirty three on Wall Street. Now, let's
Speaker 1: bring in Michael Barnes to tell us what else is
Speaker 1: going on to New York hand around the world, John,
Speaker 1: Thank you very much. Sara Power Giant con ad as
Speaker 1: asking residents in parts of Brooklyn and Queen's to curb
Speaker 1: their energy use as high heat sears New York City.
Speaker 1: The utility reduced voltage by eight percent to protect equipment
Speaker 1: while cruise may gun specified repairs and several communities that
Speaker 1: are home to about a hundred ninety thousand customers. The
Speaker 1: heat advisory is in place for the area until a
Speaker 1: PM tonight. The New York City Council will hold a
Speaker 1: special hearing today concerning the recent bus loads of asylum
Speaker 1: secrets from Texas. Mayor Eric Adams is asking for a
Speaker 1: federal help as Texas Governor Greg Abbot threatens to send
Speaker 1: more migrants, and so our goal is every asylum secret
Speaker 1: that comes to New York, We're going to get them
Speaker 1: shelter and support that they need. Mayor Adams has Abbot's
Speaker 1: treatment of the migrants is inhumane. President Biden tour the
Speaker 1: devastation in eastern Kentucky, where at least thirties seven people
Speaker 1: were killed during flooding last week in Lost Creek. President
Speaker 1: Biden vowed to support Kentucky however long it takes to recover.
Speaker 1: I don't want any Kentucky telling me. You don't You
Speaker 1: don't have to do this for me. Oh yeah, we do.
Speaker 1: You're an American citizen. We never give up. We never stopped,
Speaker 1: We never bow, we never been. We just go forward
Speaker 1: and mats of what to do here. The President is
Speaker 1: sending FEMA money for people to help rebuild. China has
Speaker 1: extended its schedule of military drills around Taiwan, Bloomberg said.
Speaker 1: Baxter reports. President Joe Biden says he is not worried,
Speaker 1: but is concerned. While spokesman Karine Jean Pierre says they
Speaker 1: can't continue the way they are. They are provocative, irresponsible,
Speaker 1: and raise the risk of miscalculation. And Under Secretary of
Speaker 1: Defense for Policy Colin Call says the US is not
Speaker 1: going to pull back. What's important for US right now
Speaker 1: um is to make sure that Beijing understands that our
Speaker 1: forces in the region will continue to operate. Call says
Speaker 1: China should be very careful to protect against any miscalculations.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg Gay Break. Many
Speaker 1: in Hollywood are mourning the loss of Grammy winning singer
Speaker 1: Olivia Newton John. She gave us many hits, including physical
Speaker 1: Pierre Greece co star at John Travolta post him on
Speaker 1: Instagram Forever You're Danny, You're John. Olivia Newton John died
Speaker 1: after a long battle with breast cancer at age seventy three.
Speaker 1: The spokesperson for Ann Hah says the actress has now
Speaker 1: fallen into a coma and is in critical condition after
Speaker 1: her car crashed into a Los Angeles home. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take, powered by more than twenty seven journalists and
Speaker 1: analysts more than a hundred twenty countries. Michael bar this
Speaker 1: is Bloomberg. John, Michael, thank you, and it's now six
Speaker 1: thirty six on Wall Street. That's signing for the Bloomberg
Speaker 1: Sports Update. John all right, thanks John much. He did
Speaker 1: win for the Yankees. They had just gotten swept in St. Louis,
Speaker 1: had lost five and row only nine wins in twenty
Speaker 1: five games. But they won in Seattle nine to four.
Speaker 1: Josh Donaldson with a big night, four hits, two doubles,
Speaker 1: a home run he drove in three, Aaron Judge homer
Speaker 1: in the ninth that's number forty four, and Jamison Dion
Speaker 1: went to eleven and two. But the wind was costly.
Speaker 1: Matt car Finder broke his left foot fouling a pitch off.
Speaker 1: It's obviously not ideal. I mean, you know, treaty, treaty disappointing.
Speaker 1: But you know, I'm my mindset is that this won't
Speaker 1: be the end for me here this year. I mean,
Speaker 1: I'm hopeful that I can come back and contribute, and
Speaker 1: you know I haven't don't have a timeline yet, but
Speaker 1: um hopeful for the Sarpenter has been amazing since his
Speaker 1: debut in late May, bedding over three hundred fifteen home
Speaker 1: run Speaking of amazing, Mets made a thirteen the last
Speaker 1: fifteen in city Field, five one over Cincinnati before the
Speaker 1: Reds got an out. The Mets led Ton uping on
Speaker 1: the Sterling Marte Homer, Chris Bassett sharp and eight innings,
Speaker 1: and the Mets lead in the NL East up to seven.
Speaker 1: At Jeffs Training, Cats Apple McKay Beckon reinjured the knee
Speaker 1: that kept him at most of the last season. Several
Speaker 1: reports that Kevin Durant met with Josian told the owner
Speaker 1: of the Nets either trade me or fire coach Steve
Speaker 1: Nash and general manager Shawn Marks and Size already said
Speaker 1: he's not firing them, so the trade stops continue with Boston,
Speaker 1: Miami and Toronto seen is the most likely destinations for Durant,
Speaker 1: who was yet to start the four year, near two
Speaker 1: hundred million dollar contract that he agreed to a year ago.
Speaker 1: It's not known why he wants Nash out. The feeling
Speaker 1: had always been kd was the one who wanted the
Speaker 1: Nets to hire him. John's actually at Bloomberg Sports. Done
Speaker 1: all right, John, thanks very much. It is now It's
Speaker 1: thirty seven on Wall Street. That means it's time to
Speaker 1: take a look at some of the stocks, some of
Speaker 1: the names that are moving in the pre market, and
Speaker 1: for that we're joined by Bloomberg Radio and TV Markets.
Speaker 1: Corresponded Laura, right, Good are X of Santa Monica, California,
Speaker 1: the digital healthcare platform, and it is moving at the
Speaker 1: pre market this morning, Laura, it is on a chair
Speaker 1: up thirty eight percent. So basically, there was a dispute
Speaker 1: between the company that manages discounts that good our X
Speaker 1: customers get in Kroger and Kroger, which, as you know,
Speaker 1: is a very big retail chain. That meant that good
Speaker 1: our X customers could not get discounts on their drugs.
Speaker 1: That was bad for good our X sales. Now there
Speaker 1: is a deal, so once again customers can receive discounts.
Speaker 1: This explains why the stock has popped. JP Morgan, however,
Speaker 1: say that the third quarter forecast was a little light,
Speaker 1: and obviously are concerned about an elevated subscriber churn. But
Speaker 1: right now the market loves what it hears, all right.
Speaker 1: Next up Novavaxx. The long term outlook is pretty good,
Speaker 1: but it pretty much ends there for this stock. What's
Speaker 1: going on. Yeah, Novavacs down thirty one ahead of the bell.
Speaker 1: The drugmakers slashed its two revenue forecast to two point
Speaker 1: three billion dollars from five billion dollars previously. So Novavactress
Speaker 1: COVID nineteen vaccine has really failed to deliver on expectations
Speaker 1: in the US and low and middle income countries, and
Speaker 1: the COVID nineteen vaccine maker is said to be behind
Speaker 1: on updating its vaccine with new strains. But having up
Speaker 1: is this stock is known to experience huge intradaced swings,
Speaker 1: especially after an earnings update. Okay, and the chip stacks,
Speaker 1: we have to end there with what's going on on
Speaker 1: that front? Yes, starting with M Video down almost three
Speaker 1: in the pre market. Now, this is the valuably valuable
Speaker 1: publicly traded chip maker. It's coarsely revenue missed projections by
Speaker 1: more than a billion dollars or why the industry reduction
Speaker 1: of personal computers and videos. Graphic chips are essential for
Speaker 1: high quality gaming, and this has been impacted by an
Speaker 1: overall decrease in appetite for gaming. You know, we've seen
Speaker 1: decreases in sales from Xbox and PlayStation consoles due to
Speaker 1: return to work mandates. And squeezed consumer incomes for Micron
Speaker 1: that stock down four and a half per cent right now,
Speaker 1: they see their fourth quarter revenue apt or below the
Speaker 1: low end of a previously given range. But there was
Speaker 1: an update that Micron Technology plans to invest forty billion
Speaker 1: dollars by the end of the decade to build what
Speaker 1: they call a leading edge memory manufacturing plant in the US.
Speaker 1: They will employ forty people to do this and they
Speaker 1: expect production to begin the second half of this decade. Laura,
Speaker 1: what is the pleasure TV markets for? Responded Laura Ryan,
Speaker 1: thanks for joining us and looking at the stocks as
Speaker 1: a whole ahead of the open down futures that are
Speaker 1: five points right now, SMP evening futures down seven and
Speaker 1: then as futures seventy points lower. You're listening to Bloomberg
Speaker 1: Tape break and still ahead on Bloomberg, will check in
Speaker 1: with Joe Matthew, host Bloomberg's Sound Dog. We'll take a
Speaker 1: deeper look at the FBI search warrant. Executed Mari Lango.
Speaker 1: This is Bloomberg Taye break Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business and at Bloomberg quick tape. This is a
Speaker 1: Bloomberg business flash, Nathan Hagar. Futures are starting to move
Speaker 1: a bit lower, led by the tech heavy NASDAC futures.
Speaker 1: Let's go live to the first root breaking used desk
Speaker 1: for today's morning call. Here's Tatiana Darya. Good morning, Tatiana,
Speaker 1: Good morning, Nathan. Like you said, future somewhat makes this
Speaker 1: morning without future. So swinging between gays of losses now
Speaker 1: down two points, SMP down nine, and nas DUG down
Speaker 1: seventy two. Thes tenure yield is up four basis points
Speaker 1: to two spots seventy nine. Oil is down one, and
Speaker 1: Bitcoin is lower by three percent, falling below twenty four
Speaker 1: thousand in early trading this morning. Micron leading semiconductor's lower
Speaker 1: after lowering its forecast, and Vidia, m D Qualcom are
Speaker 1: all down about two percent or more in the pre market,
Speaker 1: and Poundier Technology slips two percent after being cut to
Speaker 1: sell at Deutsche Bank. On the economic front today, non
Speaker 1: farm pay, productivity and labor costs at eight thirty regarding earnings,
Speaker 1: Vaccine maker Nova Vax is down a thirty one percent
Speaker 1: after cutting its guidance, and genetic test maker twenty three
Speaker 1: and me down thirteen after its numbers and wrapping things
Speaker 1: up here tandem diabetics, what's cut too? Not just to
Speaker 1: underwait overweight at walls Fargo Live from the First Breaking
Speaker 1: News Desk. I'm Tatiana, Darry and Nathan Okay. Tatiana, thank
Speaker 1: you to hear live breaking news over your Bloomberg type
Speaker 1: squawk on your terminal s q U A go. That's
Speaker 1: the Bloomberg Business Flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Nathan, thank
Speaker 1: you very much. Federal investigators searched the Florida residents of
Speaker 1: Donald Trump is part of an investigation into whether he
Speaker 1: took classified documents from the White House when he left office.
Speaker 1: Trump was in New York City at the time of
Speaker 1: the search. More on this straight ahead. Taiwan's foreign ministers
Speaker 1: says China is using military drills to rehearse and invasion
Speaker 1: of the self governing island democracy. Meanwhile, Taiwan's military began
Speaker 1: its own live fire exercises and a show of readiness.
Speaker 1: In baseball, the Yankees beat the Mariners nine four, the
Speaker 1: Mets beat the Reds five one, the Nationals and A's
Speaker 1: lost the Orioles and Giants one Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Tank,
Speaker 1: powered by more than twenty seven journalist mantelist more than
Speaker 1: a hundred twenty countries on Michael Barr and This is Bloomberg, Nathan,
Speaker 1: Thanks Michael at sixty nine on Wall Street. Now, let's
Speaker 1: turn the news in science and technology. The Bloomberg n
Speaker 1: j I T STEM Report is brought to you by
Speaker 1: New Jersey Institute of Technology, ranked to top fifty national
Speaker 1: public university by US News and World Report and top
Speaker 1: ten in the nation for engineering by money dot Com.
Speaker 1: Learn more at n j I T dot e d U.
Speaker 1: Here's what's making news and science, technology, engineering and math.
Speaker 1: A Russian rocket has successfully launched and Iranian satellite into orbit.
Speaker 1: Iran has said the satellite, fitted with high resolution cameras,
Speaker 1: will be used for environmental monitoring and will remain fully
Speaker 1: under its control. Chinese e commerce giant Ali Baba Group
Speaker 1: let go of more than hundred employees in the last quarter,
Speaker 1: according to the company's latest filing. Ali Baba's cuts mirror
Speaker 1: widespread moves among global tech companies to rain in spending
Speaker 1: at a time of rising inflation, materials, costs, and political tensions.
Speaker 1: Once the most valuable company in China, Ali Baba, has
Speaker 1: seen its market value tumble after Beijing launched sweeping crackdown
Speaker 1: on the private sector more than a year ago, and
Speaker 1: electric vehicle sales in China. Our forecast to hit a
Speaker 1: record six million this year as demand for cleaner cars surges.
Speaker 1: The increased forecast represents a doubling from last year's three million.
Speaker 1: Underscores the dramatic growth in demand for cleaner cars in
Speaker 1: China and the challenge for legacy automakers to adapt in
Speaker 1: a market that is rapidly going green. That's the Bloomberg
Speaker 1: n j I t Stem Report, John Ally, thanks to Nathan.
Speaker 1: We are live in the Bloomberg Intrafter Broker studios where
Speaker 1: it is now sixty one Low Street. Time to check
Speaker 1: what's going on in d C. Of course, our top
Speaker 1: story this morning the FBI executing a search warrant at
Speaker 1: Donald Trump's Florida home. Also, we do have continuing primary
Speaker 1: elections are being held today. Let's take a deeper dive
Speaker 1: this morning with Joe Matthew, host Bloomberg's Sound On. Joe,
Speaker 1: what are the implications of the FBI executing the search warrant. Well,
Speaker 1: I don't think we know. That's kind of the curious
Speaker 1: part of the story. We don't know what they were
Speaker 1: looking for, and we don't know what they took from
Speaker 1: the home following UH last January the removal of fifteen
Speaker 1: boxes of documents and other items UH that belonged to
Speaker 1: the National Archives, not the Donald Trump. This is something
Speaker 1: that's been going on for months. I think people are
Speaker 1: more attuned to the January six related investigations. This is
Speaker 1: something that predates the committee hearings that we saw, Although
Speaker 1: there could be crossover here. The Department of Justice is
Speaker 1: simultaneously investigating Donald Trump's activities from the sixth of January. Look,
Speaker 1: those boxes back in January that that violated the Presidential
Speaker 1: Records Act belonged to the Archives. That's the way it
Speaker 1: works in this country. Included his so called love letters
Speaker 1: with Kim john N, some gifts, various things. They clearly
Speaker 1: didn't find what they were looking for. This could be
Speaker 1: a single top secret, documented classified document. John. We just
Speaker 1: don't know the distinction between a subpoena for documents and
Speaker 1: an actual execution of a search warrant important because usually
Speaker 1: you would go to subpoena round. I mean, especially with
Speaker 1: a former president. Uh, the the search warrant indicates something else. Yeah,
Speaker 1: like they were having trouble getting it from him, looked.
Speaker 1: Uh the president, the former president only gave those fifteen
Speaker 1: boxes back to the National Archives in January under the
Speaker 1: threat of legal action. Was it possible that d O
Speaker 1: J had reason to believe he was hiding something? That's
Speaker 1: the part we don't know here that would justify this
Speaker 1: this warrant. But a couple of things about the warrant
Speaker 1: that was approved by a federal judge on a very
Speaker 1: specific matter. If you look at the way these are
Speaker 1: done here, you have to have, first of all, a
Speaker 1: very clear case of probable cause of criminality and in fact,
Speaker 1: specific evidence that you know is in the location that
Speaker 1: you were going to search. That's how you get to
Speaker 1: judge to sign off on this. So they clearly knew
Speaker 1: what they were going in for. We learned about it
Speaker 1: from Donald Trump. The FBI was actually very quiet about this.
Speaker 1: The Secret Service facilitated the search. Donald Trump told us
Speaker 1: in a statement that they were in his house. But
Speaker 1: remember her Trump would have a copy of that warrant
Speaker 1: or at least somebody in the home at Marlago would
Speaker 1: have seen the warrants. So if Donald Trump wants to
Speaker 1: tell us right now what they were looking for, he
Speaker 1: probably could. This is there the possibility he could be
Speaker 1: legally disqualified from running for president again. I think running
Speaker 1: is one thing as opposed to holding office. You know,
Speaker 1: he can he can go through the motions of running
Speaker 1: for anything he wants. Whether this some evidence of criminality
Speaker 1: would keep him from taking office as a different conversation,
Speaker 1: and we're just gonna have to learn a lot more
Speaker 1: about this. We earlier spoke to Wendy Schiller at Brown University,
Speaker 1: who says something interesting that all of this, in her opinion,
Speaker 1: would actually energize the Republican base. Yeah, for the mid
Speaker 1: term as well as for the four election. I think
Speaker 1: that's clear. I mean, there are a lot of heads
Speaker 1: exploding on Twitter from last night going into this morning.
Speaker 1: Kevin McCarthy, the Republican leader in the House who may
Speaker 1: well be speaker following November, is promising investigations and hearings.
Speaker 1: He told Merrik Garland, the Attorney General, on Twitter, to
Speaker 1: clear his calendar because they're going to create likely a
Speaker 1: select committee similar to the style in which the January
Speaker 1: six Committee has been put together to investigate the d O.
Speaker 1: J Marjorie Taylor Green among the Trump supporters tweeting defund
Speaker 1: the FBI or hearing that refrain Now, I'm sure it's
Speaker 1: a hashtag by now remembering that they called the January
Speaker 1: sixth attack on the Capitol the FED direction. Uh So
Speaker 1: you know, look, this is going to deepen the mistrust
Speaker 1: that that conservatives have for federal law enforcement. There's no
Speaker 1: doubt about that. Uh. Even though we should also remind
Speaker 1: that Donald Trump picked Christopher Ray as FBI director after
Speaker 1: he fired James called me, this is a Trump FBI
Speaker 1: director in charge of this. Next great question. I'd love
Speaker 1: to hear from Merrick Garland today. I don't know if
Speaker 1: we will. Jim Jordan was on TV last night asking
Speaker 1: Christopher Ray and the Attorney General Garland to testify before
Speaker 1: the House Judiciary Committee on Friday. I would not hold
Speaker 1: your breath to see that happened, but I do feel
Speaker 1: like a hundred days before the mid terms, it will
Speaker 1: probably be who the Department of Justice to tell us
Speaker 1: at some point what in the world they were looking for.
Speaker 1: Maybe what they found. The FBI has been known to leak,
Speaker 1: and so has the Trump universe, so we may find
Speaker 1: this out earlier in a less official fashion. And I
Speaker 1: think I lost count. There are any number of investigations
Speaker 1: taking place. It's easy to least account. We've got the
Speaker 1: of course January six Committee in terms of actual law
Speaker 1: enforce when the d o J is investigating on a
Speaker 1: federal level the activities of Donald Trump on January six.
Speaker 1: There's another one in Fulton County, Georgia that is investigating
Speaker 1: and they've had depositions from many in Trump's orbit the
Speaker 1: effort to overturn the election result. And then of course
Speaker 1: you've got one in New York, of course, where you
Speaker 1: are sitting about Donald Trump's financial dealings. All three could
Speaker 1: have tentacles that intertwined, but it's unclear they're ongoing. Now.
Speaker 1: Oh yeah, there are primary elections being held today. You're
Speaker 1: the one guy's gonna ask me about that today. I'm
Speaker 1: guessing for remarked and Wisconsin. Uh, well, you know, I'll
Speaker 1: ask the broader question. What have we learned so far
Speaker 1: with the results that we've gotten in terms of the
Speaker 1: staying power of the influence of the former president. Well,
Speaker 1: they've been really mixed. Look he's he's had some big wins,
Speaker 1: he's had some big losses. You've look at you look
Speaker 1: at Georgia. Uh, it's not gone well for Trump and
Speaker 1: in fact, he's pretty much lost all the key races
Speaker 1: there that he tried to endorse. In influence, Arizona would
Speaker 1: be the the opposite of that. He did quite well
Speaker 1: last week with raceist gubernatorial primary, Senate primary, and so forth.
Speaker 1: It's very difficult to draw trend lines. This has been
Speaker 1: a real noisy period in each state, and jurisdiction seems
Speaker 1: to have its own concern. It is still expected that
Speaker 1: Republicans will take the House. On the other hand, they
Speaker 1: may not take the Senate. We could have a split
Speaker 1: Congress following this November Joe always a pleasure. Joe Matthew
Speaker 1: host Bloomberg Sound On. You can read more about these
Speaker 1: stories um Bloomberg dot Com or the Bloomberg termin And
Speaker 1: a reminder you can follow all the latest Bloomberg Radio
Speaker 1: in Washington Bloomberg ninety nine one at one oh five
Speaker 1: point seven FM HD two and ahead of the cash
Speaker 1: open on Wall Street. We have futures. They are up earlier,
Speaker 1: turning mixed, and now they are lower. All in the
Speaker 1: red DAL futures down only seven points, SMP E many
Speaker 1: futures nine points lower, and that as death futures right
Speaker 1: now they are down seventies six points. As earning seasons continues.
Speaker 1: In the SMP five hundred, four hundred forty one of
Speaker 1: the four hundred ninety eight companies reporting so far, about
Speaker 1: sevent have delivered positive earnings surprises. I'm John Tucker for
Speaker 1: Nathan Hagar. Just ahead Bloomberg Surveillance with Tom Keene, Lisa
Speaker 1: Ramolitz and Jonathan Farrell. You've been listening to Bloomberg date
Speaker 1: Y