1 00:00:02,320 --> 00:00:05,720 Speaker 1: Global business news twenty four hours a day. If Bloomberg 2 00:00:05,720 --> 00:00:08,799 Speaker 1: dot com the radio plus Global and on your radio. 3 00:00:09,119 --> 00:00:13,680 Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Headquarters. 4 00:00:13,720 --> 00:00:17,640 Speaker 1: I'm Charlie Publicantal. The SMP NEZ stack all advanced today, 5 00:00:17,680 --> 00:00:21,000 Speaker 1: closing at or near their best levels of the session. 6 00:00:21,040 --> 00:00:24,079 Speaker 1: Folks from Renaissance read ringing the closing batto of New 7 00:00:24,160 --> 00:00:26,599 Speaker 1: York Stock Exchange. We are brought to you by the 8 00:00:26,720 --> 00:00:32,120 Speaker 1: American Arbitration Association. Business disputes are inevitable, resolve faster with 9 00:00:32,200 --> 00:00:36,600 Speaker 1: the American Arbitration Association, the global leader in alternative dispute 10 00:00:36,640 --> 00:00:40,000 Speaker 1: resolution for over eighty five years. Learn more at ad 11 00:00:40,240 --> 00:00:44,440 Speaker 1: R dot org. Stocks rebounded from a morning sell off 12 00:00:44,479 --> 00:00:48,040 Speaker 1: to fluctuate near a six week high. Treasuries advanced to 13 00:00:48,080 --> 00:00:51,400 Speaker 1: as investors await tomorrow's jobs report for clues about the 14 00:00:51,440 --> 00:00:55,280 Speaker 1: timing of the federal reserves next policy move. The tenure 15 00:00:55,360 --> 00:00:58,640 Speaker 1: up nine thirty seconds, yield there one point eight percent. 16 00:00:59,280 --> 00:01:02,640 Speaker 1: SMP five hundred index up five points to twenty one 17 00:01:02,680 --> 00:01:05,120 Speaker 1: oh five, a gain of three tents of one percent 18 00:01:05,520 --> 00:01:08,680 Speaker 1: down Industrials up forty six points, again of three tents 19 00:01:08,680 --> 00:01:12,120 Speaker 1: of one percent, while NASTAC picked up nineteen points an 20 00:01:12,160 --> 00:01:15,400 Speaker 1: advanced there of four tents of one percent. Crude lower 21 00:01:15,480 --> 00:01:19,080 Speaker 1: little change, down one cent to forty nine dollars oil 22 00:01:19,440 --> 00:01:22,560 Speaker 1: holding their forty nine dollars a barrel. Is OPEC members 23 00:01:22,600 --> 00:01:27,400 Speaker 1: decided today against setting a new output ceiling. Jason Schenker 24 00:01:27,560 --> 00:01:30,480 Speaker 1: is the president and chief economists of Prestige Economics. He 25 00:01:30,560 --> 00:01:33,319 Speaker 1: was our guest this afternoon right here on taking stock. 26 00:01:33,440 --> 00:01:36,520 Speaker 1: Even though it was a more positive meeting, no production 27 00:01:36,720 --> 00:01:40,800 Speaker 1: quota was adopted, no target was adopted. Uh and UH, 28 00:01:40,920 --> 00:01:43,039 Speaker 1: I know that the Saudis had worked very hard to 29 00:01:43,080 --> 00:01:45,880 Speaker 1: put together what turned out to be quite a complicated 30 00:01:45,880 --> 00:01:49,480 Speaker 1: proposal that they thought would make the interests of both 31 00:01:49,880 --> 00:01:52,760 Speaker 1: Iran and Saudi and all the rest of the members, 32 00:01:53,240 --> 00:01:57,440 Speaker 1: And yet it wasn't accepted. And and there's no production number. 33 00:01:57,480 --> 00:02:01,200 Speaker 1: Again and again gold crude well at forty nine dollars 34 00:02:01,240 --> 00:02:04,800 Speaker 1: a barrel, Gold down a dollar eight to twelve twelve 35 00:02:05,000 --> 00:02:07,680 Speaker 1: ninety the ounce, a drop of two tenths of one percent. 36 00:02:08,040 --> 00:02:11,280 Speaker 1: The SMP five had it index up five to five. 37 00:02:11,280 --> 00:02:14,360 Speaker 1: Again there of three tenths of one percent, and at 38 00:02:14,400 --> 00:02:16,440 Speaker 1: four oh two on Wall Street. Now let's take a 39 00:02:16,440 --> 00:02:20,520 Speaker 1: look at other news from around the world on Bloomberg Radio. Charlie, 40 00:02:20,560 --> 00:02:23,760 Speaker 1: thank you from the Bloomberg Newsroom. I'm Mark Crumpton. Hillary 41 00:02:23,800 --> 00:02:27,520 Speaker 1: Clinton is hitting Donald Trump hard on foreign policy. During 42 00:02:27,520 --> 00:02:30,640 Speaker 1: a speech in San Diego, Mrs Clinton said the American 43 00:02:30,720 --> 00:02:34,040 Speaker 1: people have a choice to make. It's a choice between 44 00:02:34,080 --> 00:02:39,560 Speaker 1: a fearful America that's less secure and less engaged with 45 00:02:39,639 --> 00:02:45,280 Speaker 1: the world, and a strong, confident America that leads to 46 00:02:45,440 --> 00:02:51,200 Speaker 1: keep our country safe and our economy growing. Mrs Clinton 47 00:02:51,240 --> 00:02:55,720 Speaker 1: called Mr Trump fundamentally unfit to be president. How Speaker 48 00:02:55,760 --> 00:02:58,799 Speaker 1: Paul Ryan says he will vote for Donald Trump. Speaker 49 00:02:58,880 --> 00:03:01,840 Speaker 1: Ryan made the announced via Twitter and in a column 50 00:03:01,919 --> 00:03:05,720 Speaker 1: for his hometown newspaper, The Gazette. Ryan had initially expressed 51 00:03:05,760 --> 00:03:10,200 Speaker 1: reluctance about supporting Donald Trump. President Obama gave the commencement 52 00:03:10,200 --> 00:03:13,280 Speaker 1: address at the United States Air Force Academy in Colorado 53 00:03:13,360 --> 00:03:16,480 Speaker 1: Springs today. The President told the graduates the US is 54 00:03:16,520 --> 00:03:19,440 Speaker 1: in a better position to lead than any other country 55 00:03:19,440 --> 00:03:22,680 Speaker 1: in the world. Our standing in the world is higher, 56 00:03:24,280 --> 00:03:28,400 Speaker 1: and I see it in my travels from Habanna, the Berlin, 57 00:03:28,560 --> 00:03:32,720 Speaker 1: the hochie Men City. We're a huge crowds of Vietnamese 58 00:03:32,800 --> 00:03:37,440 Speaker 1: lined the streets, some waving American flag. Just after that 59 00:03:37,600 --> 00:03:42,040 Speaker 1: graduation ceremony, and Air Force Thunderberg jet crashed south of 60 00:03:42,080 --> 00:03:45,960 Speaker 1: Colorado Springs just as the President had wrapped up his address. 61 00:03:46,200 --> 00:03:49,360 Speaker 1: An Air Force spokeswoman said the pilot ejected. There was 62 00:03:49,440 --> 00:03:52,760 Speaker 1: no information on the pilot's condition. No injuries on the 63 00:03:52,760 --> 00:03:55,880 Speaker 1: ground were reported. Global News twenty four hours a day, 64 00:03:55,920 --> 00:03:59,400 Speaker 1: powered by our journalists in more than one hundred fifty 65 00:03:59,400 --> 00:04:02,320 Speaker 1: news bureau around the world from the Bloomberg Newsroom by 66 00:04:02,400 --> 00:04:08,120 Speaker 1: Mark Crumpton, Charlie and we thank you, and again recapping 67 00:04:08,240 --> 00:04:10,840 Speaker 1: stocks higher across the board, closing at or near the 68 00:04:10,840 --> 00:04:13,600 Speaker 1: best level of the day. SMP five hundred index up 69 00:04:13,600 --> 00:04:17,560 Speaker 1: five points to oh five again of three tenths of one. 70 00:04:18,400 --> 00:04:22,840 Speaker 1: I'm Charlie Pellaton. That's a Bloomberg business flash. Move around 71 00:04:22,960 --> 00:04:29,120 Speaker 1: most great promotion. I dearly move. You moved like they do. 72 00:04:29,279 --> 00:04:35,680 Speaker 1: I've never seen anyone move that fast hard. People's moved 73 00:04:35,720 --> 00:04:43,240 Speaker 1: like to get a purpose. Tothings called movers and shakers. 74 00:04:43,600 --> 00:04:46,000 Speaker 1: They cost a little more. That name cracked me up. 75 00:04:51,880 --> 00:04:56,120 Speaker 1: Bloomberg taking stock movers and Shakers with Pim Fox and 76 00:04:56,240 --> 00:05:02,440 Speaker 1: Kathleen As on Bloomberg Radio. Movers and shakers. That's where 77 00:05:02,440 --> 00:05:05,560 Speaker 1: we're going now. Dave Wilson, our stock editor, is in 78 00:05:05,680 --> 00:05:08,720 Speaker 1: studio with me, Michael hos Pim Fox out of the office. 79 00:05:08,720 --> 00:05:11,960 Speaker 1: This afternoon. We did have a definitive up move. I 80 00:05:11,960 --> 00:05:14,200 Speaker 1: would say if you look at the internals of the 81 00:05:14,320 --> 00:05:17,560 Speaker 1: SMP five hundred, because three d forty six companies had 82 00:05:17,560 --> 00:05:21,120 Speaker 1: their stock price clothes higher, Hunt, five did have theirs 83 00:05:21,120 --> 00:05:24,520 Speaker 1: closed lower, and four were unchanged. Dave Wilson, when it 84 00:05:24,560 --> 00:05:25,920 Speaker 1: comes to moving and shaking, who do you want to 85 00:05:26,000 --> 00:05:28,480 Speaker 1: kick off with? Why not Johnson and Johnson. I mean, 86 00:05:28,560 --> 00:05:32,560 Speaker 1: after all, this is a company with three main businesses, drugs, 87 00:05:32,640 --> 00:05:36,880 Speaker 1: medical devices, and the smallest one consumer products. Well, Jane 88 00:05:36,960 --> 00:05:40,039 Speaker 1: J made a three point three billion dollar deal to 89 00:05:40,160 --> 00:05:46,160 Speaker 1: expand the consumer products unit. Companies buying closely held Vogue International, 90 00:05:46,240 --> 00:05:50,320 Speaker 1: which makes shampoos, conditioners and styling products. They're sold under 91 00:05:50,360 --> 00:05:54,480 Speaker 1: the brand names O g X, f f X Proganics 92 00:05:54,600 --> 00:05:57,960 Speaker 1: and Maue Moisture. And the idea of this deal one 93 00:05:58,000 --> 00:06:00,599 Speaker 1: over pretty well. Jane J shares with a gate of 94 00:06:00,680 --> 00:06:04,320 Speaker 1: one a half percent in today's trading. Well, I want 95 00:06:04,400 --> 00:06:08,400 Speaker 1: to take a look at Signet Jewelers. Now, they're very 96 00:06:08,440 --> 00:06:13,960 Speaker 1: popular in terms of k Jewelers veils jared all those 97 00:06:13,960 --> 00:06:17,159 Speaker 1: cool commercials lately, there about thirty six hundred stores. But 98 00:06:17,839 --> 00:06:20,480 Speaker 1: their share price was down pretty sharply today, at one 99 00:06:20,480 --> 00:06:24,080 Speaker 1: point as much as four percent. Why because Jim Grant 100 00:06:24,160 --> 00:06:27,560 Speaker 1: James Grant's investment newsletter took a critical view of the company, 101 00:06:27,640 --> 00:06:33,240 Speaker 1: sparking fears also about a possible Jim swapping scandal. Uh. Now, 102 00:06:33,320 --> 00:06:37,080 Speaker 1: Jim Grant, of course admits that he's bearish on Signet uh. 103 00:06:37,320 --> 00:06:40,040 Speaker 1: But it did raise concerns, and he focused in on 104 00:06:40,240 --> 00:06:44,440 Speaker 1: complaints and questions about Signet's credit operations. This has been 105 00:06:44,440 --> 00:06:47,640 Speaker 1: a long standing source of criticism for the chain, some 106 00:06:47,800 --> 00:06:51,960 Speaker 1: questions about how they operate more like a finance company 107 00:06:52,040 --> 00:06:55,120 Speaker 1: even than a jewelry change, and increased risks of investing 108 00:06:55,160 --> 00:06:58,359 Speaker 1: it in the process. His newsletter also mentioned a buzz 109 00:06:58,400 --> 00:07:00,800 Speaker 1: Feed story about customers can in their diamonds have been 110 00:07:00,800 --> 00:07:04,440 Speaker 1: annoyingly re placed with lesser quality gems, mentioning a Maryland 111 00:07:04,480 --> 00:07:08,880 Speaker 1: woman who said her engagement ring purchased at Cave Jeweler's 112 00:07:08,880 --> 00:07:12,600 Speaker 1: had its diamond swapped out for a man made stone. Dave, Well, 113 00:07:12,600 --> 00:07:14,080 Speaker 1: if you want to talk about a complaint, you have 114 00:07:14,120 --> 00:07:16,600 Speaker 1: to look at Oracle. I mean late yesterday, a former 115 00:07:16,760 --> 00:07:22,120 Speaker 1: senior finance manager at the business software maker father whistleblower lawsuit. 116 00:07:22,280 --> 00:07:25,680 Speaker 1: The plaintiffs slapt Lna Blackburn claims she was told to 117 00:07:25,720 --> 00:07:30,120 Speaker 1: inflate revenue from Oracle's cloud computing services. It's their Internet 118 00:07:30,160 --> 00:07:34,480 Speaker 1: based programs. Now. Oracle came out denied the allegation, said 119 00:07:34,520 --> 00:07:39,200 Speaker 1: they're going to sue Blackburn from malicious prosecution. In the 120 00:07:39,240 --> 00:07:43,560 Speaker 1: midst of all this, Oracle shares down four in today's trading. 121 00:07:44,120 --> 00:07:48,920 Speaker 1: Okay on to Box now. Box is a seller of 122 00:07:49,000 --> 00:07:51,640 Speaker 1: cloud based storage software. This is a big deal, right, 123 00:07:51,680 --> 00:07:55,880 Speaker 1: a very growing space. Box actually closing it down by 124 00:07:55,880 --> 00:07:58,480 Speaker 1: more than eleven percent of eleven dollars and thirty four 125 00:07:58,600 --> 00:08:01,040 Speaker 1: cents a share. In fact, it was the biggest drop 126 00:08:01,040 --> 00:08:05,320 Speaker 1: in nearly four months because it reported decelerated billings growth 127 00:08:05,480 --> 00:08:09,840 Speaker 1: that missed analyst estimates. A JP Morgan Chase analyst Mark 128 00:08:09,920 --> 00:08:14,360 Speaker 1: Murphy downgraded this doctor neutral, studding concerns over boxes strategy 129 00:08:14,440 --> 00:08:19,280 Speaker 1: of shifting from multi year prepaid terms to annual contracts, 130 00:08:19,560 --> 00:08:23,000 Speaker 1: fewer customers making add on purchases, and an increasing number 131 00:08:23,040 --> 00:08:25,480 Speaker 1: of deals being done toward the end of the year, 132 00:08:25,480 --> 00:08:29,000 Speaker 1: increasing the seasonality of the business. Earlier, we had Man 133 00:08:29,000 --> 00:08:31,920 Speaker 1: Deep sing from limbingg Intelligence Songs, a software analyst talking 134 00:08:31,920 --> 00:08:36,720 Speaker 1: about the big deal with Click and uh private equity 135 00:08:36,760 --> 00:08:42,880 Speaker 1: group Thomas Brova. Yeah yeah, Click q L I K 136 00:08:43,040 --> 00:08:45,640 Speaker 1: gotta love that spelling stock up three of the day. 137 00:08:45,800 --> 00:08:47,480 Speaker 1: I'm gonna give you a two fur and there is 138 00:08:47,520 --> 00:08:50,920 Speaker 1: a connection between them, So hang out a sec uh. 139 00:08:51,080 --> 00:08:54,920 Speaker 1: Nant Health Uh. This is an online provider of healthcare data. 140 00:08:54,960 --> 00:08:59,280 Speaker 1: They began trading today after million dollar initial public offering. 141 00:08:59,480 --> 00:09:02,280 Speaker 1: Check herund this one is n H shares up almost 142 00:09:02,320 --> 00:09:04,560 Speaker 1: thirty three percent on a day. Now here's the key. 143 00:09:04,840 --> 00:09:08,880 Speaker 1: Nant Health is among the companies controlled by Patrick Sun Jong, 144 00:09:09,240 --> 00:09:11,679 Speaker 1: who last month agreed to buy a twelve point nine 145 00:09:11,679 --> 00:09:14,800 Speaker 1: percent stay Contribune Publishing, and we had news out of 146 00:09:14,880 --> 00:09:17,840 Speaker 1: that company today. It's the owner of the Chicago Tribune 147 00:09:18,040 --> 00:09:20,920 Speaker 1: in the Los Angeles Times Tribute want a proxy fight 148 00:09:20,960 --> 00:09:25,440 Speaker 1: with Ghannette at its annual meeting. Tribune previously ejected the 149 00:09:25,520 --> 00:09:28,599 Speaker 1: two takeover offers from Gannette, and a person familiar with 150 00:09:28,679 --> 00:09:31,760 Speaker 1: the matter told us that Ghannette is leaning towards dropping 151 00:09:31,840 --> 00:09:35,520 Speaker 1: its bit. Put that altogether, you got Tribune Publishing shares 152 00:09:35,559 --> 00:09:38,720 Speaker 1: down one pent on the day and Gannette higher just 153 00:09:38,880 --> 00:09:41,440 Speaker 1: a tens of a present them. Well, let's take a 154 00:09:41,520 --> 00:09:44,800 Speaker 1: quick look at L Brands, you know, let's think of 155 00:09:44,880 --> 00:09:47,960 Speaker 1: Victoria's Secret. That's who you think of. And their stock 156 00:09:48,080 --> 00:09:49,959 Speaker 1: is up for a quarter percent at the close today, 157 00:09:50,040 --> 00:09:54,080 Speaker 1: seventy one dollars and change. They said uh today that 158 00:09:54,120 --> 00:09:57,360 Speaker 1: a later Memorial Day impacted their same store sales for 159 00:09:57,440 --> 00:10:01,319 Speaker 1: me um but but said they were flat last year. 160 00:10:01,640 --> 00:10:05,199 Speaker 1: They expected the holiday to lift June same stores sales, however, 161 00:10:05,240 --> 00:10:08,079 Speaker 1: since Sunday and Monday at the weekend would be included 162 00:10:08,120 --> 00:10:10,800 Speaker 1: in the month. And of course, retailers earned so much 163 00:10:10,840 --> 00:10:13,079 Speaker 1: pressure lately that just the fact that you don't do 164 00:10:13,160 --> 00:10:16,200 Speaker 1: worse makes people feel better. It is time now for 165 00:10:16,200 --> 00:10:18,720 Speaker 1: the Volatility Index Report, brought to you by cbo ex 166 00:10:18,800 --> 00:10:21,400 Speaker 1: Options and Futures. Volatility can be harnessed with CBIO ex 167 00:10:21,480 --> 00:10:25,600 Speaker 1: Options and Futures the disclosures. Learn more at cbo E 168 00:10:25,800 --> 00:10:30,400 Speaker 1: slash dot com Slash Powerful Outcomes VIX. So the VIX 169 00:10:30,480 --> 00:10:34,480 Speaker 1: closing a little bit lower today, down some point five 170 00:10:34,600 --> 00:10:38,920 Speaker 1: seven points to thirteen point sixty three. The VIX, of course, 171 00:10:39,200 --> 00:10:43,400 Speaker 1: is tracking and trying to recover after its second monthly 172 00:10:43,520 --> 00:10:48,640 Speaker 1: decline in May, the second in the past seven Alright, 173 00:10:48,760 --> 00:10:54,960 Speaker 1: d h Hi, my name is Dave. Just what do 174 00:10:55,000 --> 00:10:57,600 Speaker 1: you think you're doing today? We're going for a bankbound 175 00:10:57,640 --> 00:11:07,439 Speaker 1: wilcome four day. Let's talk American Woodmark. That's my stock 176 00:11:07,480 --> 00:11:09,920 Speaker 1: of the day. It's a maker of kitchen and bath cabinets. 177 00:11:10,160 --> 00:11:13,480 Speaker 1: Next month is the thirtieth anniversary of its initial public offering. 178 00:11:13,640 --> 00:11:16,600 Speaker 1: Shares trade under the ticker a m w t D 179 00:11:16,840 --> 00:11:20,840 Speaker 1: A m w D as an American Woodmark UH. Last 180 00:11:20,920 --> 00:11:23,240 Speaker 1: year they almost doubled in price, rose to a record 181 00:11:23,280 --> 00:11:26,000 Speaker 1: in December that They've been down and up this year, 182 00:11:26,040 --> 00:11:30,040 Speaker 1: and today they were down again, and it's because a 183 00:11:30,160 --> 00:11:34,520 Speaker 1: string of well received earnings reports ended American Woodmarks profit 184 00:11:34,559 --> 00:11:37,000 Speaker 1: for the fiscal fourth quarter, trailing onst average estimate to 185 00:11:37,000 --> 00:11:39,720 Speaker 1: Bloomberg Survey. Company had come out ahead in each of 186 00:11:39,760 --> 00:11:42,959 Speaker 1: the previous five quarters and beat the average projection by 187 00:11:43,000 --> 00:11:46,760 Speaker 1: an average of twenty nine percent, so clearly that didn't 188 00:11:46,800 --> 00:11:49,520 Speaker 1: happen this time around. In the fourth quarter, disappointment sent 189 00:11:49,600 --> 00:11:52,439 Speaker 1: American Woodmark to its biggest one day law since August, 190 00:11:53,400 --> 00:11:57,000 Speaker 1: company shares falling almost sixteen and a half percent. Ouch. 191 00:11:57,280 --> 00:11:59,800 Speaker 1: Dave Wilson, thank you. So much, he's our stock Senator. 192 00:12:00,040 --> 00:12:02,439 Speaker 1: Follow him on Twitter. At the one day, this is 193 00:12:02,480 --> 00:12:09,199 Speaker 1: Bloomberg Radio uber getting a three billion dollar plus investment 194 00:12:09,280 --> 00:12:13,120 Speaker 1: from Saudi Arabia. What does this mean for the company 195 00:12:13,160 --> 00:12:15,319 Speaker 1: should they get ready to go public? That's coming up 196 00:12:15,320 --> 00:12:16,760 Speaker 1: now on Bloomberg Radio.