Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, November one, two. Coming up this hour,
Speaker 1: stock teachers rise as we begin a new trading month.
Speaker 1: Can President Biden deliver on promises to impose higher taxes
Speaker 1: on big oil credits? We says the bank is not
Speaker 1: for sale. We'll talk with the Swisslanders chairman, and the
Speaker 1: Fed begins its two day policy meeting. A salary transparency
Speaker 1: law takes effect today in New York City. Plus go
Speaker 1: at the Supreme Court in affirmative action at universities and colleges.
Speaker 1: I'm Michael barr More Ahead, John Stan Shower Sports much
Speaker 1: did it win for the Nets? The Bround's upset the Bengals?
Speaker 1: The World Series got reined out. That's All's trended Ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg Eliving, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius Exam one nineteen and
Speaker 1: around the world. Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business App. Good Tuesday morning, I'm Amy
Speaker 1: Morris I'm Nathan Hagar. Futures are moving higher this morning.
Speaker 1: We're coming up to six o one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes during the
Speaker 1: trading day. On Bloomberg, SMP futures are up thirty three points,
Speaker 1: STOUT futures up a hundred ninety seven, Nastack futures are
Speaker 1: higher by one twenty three points. The tenure treasury is
Speaker 1: up thirty seconds. The yield three point nine five nim
Speaker 1: X screwed is up one point four percent at eighty
Speaker 1: seven dollars sixty three cents a barrel. Amy Nathan Stocks
Speaker 1: Center the first day of November moving higher. If history
Speaker 1: is any indication, equities made build on October's games, which
Speaker 1: saw the SMP five hundred rise eight percent. Bespoke investment groups,
Speaker 1: as the SMP five hundred has registered in the average
Speaker 1: game of eight tenths of a percent in November. Amanda Gottias,
Speaker 1: chief investment officer at p nc ST Management, we're still
Speaker 1: playing a little bit of defense. We're still leaning US
Speaker 1: over international, larger over smaller capitalization. We kind of neutralize
Speaker 1: our growth and value bets here um. But with valuations
Speaker 1: following six plus, multiple points since the beginning of the year.
Speaker 1: Just on the S and P five you have to
Speaker 1: start getting interested um in opportunities at these leveled P
Speaker 1: n c ST managements. Amanda Gotti says markets will rally
Speaker 1: if the Fed gives a clear message on when rate
Speaker 1: hikes will end. Well, I mean it has been a
Speaker 1: big trading day in Asia. Chinese stocks surged overnight as
Speaker 1: speculation grows of the government's preparing to exit stringent COVID restrictions.
Speaker 1: The Hang Sang in Hong Kong rose five percent. Stocks
Speaker 1: in China gained three point six percent, and Nathan we
Speaker 1: continue to see historic profit from oil companies VP this morning,
Speaker 1: reporting its second highest quarterly profit on record and announcing
Speaker 1: two and a half billion dollars of share buybacks. Bloomberg
Speaker 1: Stephen Stabinski says it's a batter year for big oil.
Speaker 1: It's really hard to see anyone who is really losing
Speaker 1: out on the surging prices. And you've seen it across
Speaker 1: the board over the last week. You've seen you know,
Speaker 1: Shell total at so On bp IS is joining this
Speaker 1: larger group not just in Europe, in the United States,
Speaker 1: but you're also seeing this in you know, Saudi Aramco
Speaker 1: posted their second best quarterly profit ever. When it comes
Speaker 1: to Saudi Aramco, Bloomberg's Steven Stepanski's reports that the company
Speaker 1: posted its second highest earnings on record this morning. The
Speaker 1: results from Big Oil this quarter are do largely to
Speaker 1: surging prices at the pumps. Stephen mentioned amy We've seen
Speaker 1: record profits from Mixed On Mobile as well as Chevron.
Speaker 1: Both companies have masked more than thirty billion dollars in
Speaker 1: combined net income last quarter, and that has President Biden
Speaker 1: calling on Congress to impose higher taxes on oil companies.
Speaker 1: If they're not reinvesting in production, they don't, they're gonna
Speaker 1: pay a higher tax on their excess profits and face
Speaker 1: other restrictions. My team will work with Congress to look
Speaker 1: at these up. These options and are available to us
Speaker 1: and others. It's time for these companies to stop for
Speaker 1: profit cheering. The President Biden's promise to impose higher taxes
Speaker 1: will be hard to deliver. Democrats have unsuccessfully sought a
Speaker 1: so called windfall profit tanction more than a decade. Such
Speaker 1: a proposal would have a hard time passing the Senate
Speaker 1: and its current makeup, and Nathan Central Banks also in
Speaker 1: focus this morning, the FED begins its two day policy meeting,
Speaker 1: where it's expected to hike rates another seventy five basis points.
Speaker 1: At the same time, Australia's Central Bank has raised interest
Speaker 1: rates by a quarter percentage point. It looks like the
Speaker 1: r b A is pivoting away from larger hikes. According
Speaker 1: to Bloomberg's at Garfield Reynolds, it's definitely a pivot for
Speaker 1: the b A. The question is whether other central banks
Speaker 1: are going to be as concerned about the growth side
Speaker 1: of their mandate as the A. B A is signaling
Speaker 1: that it is. It's still concerned about inflation. It says
Speaker 1: more hikes are to come, but reading between the lines,
Speaker 1: it's concerned about growth mean that it's not wanting to
Speaker 1: go more than twenty five basis points of time. Bloomberg's
Speaker 1: chief rates correspondent Garfield Reynolds says cash rate in Australia
Speaker 1: now stands at two point eight five. That's the highest
Speaker 1: level since In corporate news this morning, Amy, we are
Speaker 1: focused on credit Swiss again. The Swiss Bank is not
Speaker 1: for sale. That's what the firm's chairman Axel Lehman saying,
Speaker 1: after shares have fallen more than fifty percent this year,
Speaker 1: Layman spoke to us in Hong Kong. We're going to
Speaker 1: you know, to slife again, so we don't have any
Speaker 1: take over this conscience and at that point we truly
Speaker 1: believe we want to stay independent. Credit Swiss chairman Axel
Speaker 1: Layman made the comments in an interview with Bloomberg News.
Speaker 1: You can catch the full conversation on Bloomberg dot com
Speaker 1: and on the Bloomberg terminal and back here in the US,
Speaker 1: the airline and travel recovery continues as the busy holiday
Speaker 1: season approaches. Delta Airlines pilots have voted to authorize a strike.
Speaker 1: We get that story from Bloomberg's Charlie Pellett. It gives
Speaker 1: union leaders the authority to call for a work stoppage
Speaker 1: once they have gone through steps set by federal labor law.
Speaker 1: The Delta unit of the Airline Pilots as Seation says
Speaker 1: about ninety nine percent of pilots who voted approved the proposal.
Speaker 1: The participation rate among Delta's roughly fifteen thousand pilots was
Speaker 1: ninety six percent. While aviators must follow steps set by
Speaker 1: the Railway Labor Act and can't randomly walk off the job.
Speaker 1: The strength of the vote represents Pilot's view about the
Speaker 1: lack of progress in negotiations in New York. Charlie Pilot's
Speaker 1: Bloomberg Daybreak. Thanks Charlie. In another note on the airline industry,
Speaker 1: for the first time since COVID cut air travel, US
Speaker 1: passenger traffic has been running above levels. Just over fifteen
Speaker 1: million people went through TSA security portals in the past
Speaker 1: seven days. That's about thirty nine thousand more than in
Speaker 1: and On the political front, the midterm elections are set
Speaker 1: for a week from today. That means a policy change
Speaker 1: from Twitter. The social media company has frozen some employee
Speaker 1: access to internal tools used for content moderation and other
Speaker 1: policy enforcement, and that's curbing the staff's ability to clamp
Speaker 1: down on missing formation ahead of the election. Bloomberg News
Speaker 1: has learned most people who work in Twitter's Trust and
Speaker 1: Safety organization are currently unable to alter or penalize most
Speaker 1: accounts that break rules around misleading information, offensive posts, and
Speaker 1: hate speech. Futures are higher. This is Bloomberg. It's six
Speaker 1: or seven on Wall Street. Let's bring in Michael Bard
Speaker 1: to find out what else is going on in New
Speaker 1: York and around the world. Good Morning, Michael, Good Morning Amy,
Speaker 1: and a salary transparency law takes effect today in New
Speaker 1: York City. It requires most companies to include a minimum
Speaker 1: and maximum salary ranges when they post job openings. The
Speaker 1: laws supporters say it's intended to close the pay gap
Speaker 1: for women and people of color, but critics are nue
Speaker 1: it will do just the opposite. The Supreme Court kicked
Speaker 1: off hearing arguments over affirmative action at universities. Conservative groups
Speaker 1: have sued both Harvard University and the University of North
Speaker 1: Carolin line up, claiming that their admissions processes aren't fair
Speaker 1: to white or Asian applicants. The courts three liberal justices
Speaker 1: cast a doubt on whether race is the sole indicator
Speaker 1: in admissions processes. Attorney Patrick Strawbridge represents students for Fair
Speaker 1: Admissions in the U n C case and says that
Speaker 1: race should only be used in a broader context of
Speaker 1: an application. Racial classifications are wrong. That principle was enshrined
Speaker 1: in our law at great cost. Following the Civil War,
Speaker 1: Justice Elena Kagan encountered, the race is part of the culture,
Speaker 1: and the culture is part of the race, isn't it.
Speaker 1: I mean that's slicing the Ballooney awfully them. Meanwhile, conservative
Speaker 1: justices have been casting doubt on whether the affirmative action
Speaker 1: programs are needed. A correction officer inside Rikers Island was
Speaker 1: injured after being stabbed over a dozen times. The New
Speaker 1: York City Department of Correction says it happened yesterday afternoon.
Speaker 1: The officer is said to be in stable condition at
Speaker 1: Elmhurst Hospital. Court documents say the man accused of entering
Speaker 1: the San Francisco home of how speaker Nancy Pelosi wanted
Speaker 1: to break her kneecaps. Speaker was not home. Police say
Speaker 1: forty two year Rold David to Pap attacked her husband,
Speaker 1: Paul Pelosi. Meanwhile, Democratic Congresswoman Debbie Dingle of Michigan discussed
Speaker 1: the attack on Paul Pelosi and heightened tensions over political
Speaker 1: rhetoric and violence. She referred to recent Elon Musk tweets
Speaker 1: on Pelosi. The conspiracy theories are also adding to the
Speaker 1: some putting kerosene on and people will read it, so, yeah,
Speaker 1: you know what, I will go after somebody. It's a
Speaker 1: new owner of Twitter's got some responsibilities too, and was
Speaker 1: horrified that he would participate in some of this conspiracy
Speaker 1: here he said it has now no truth Jeit. Congresswoman
Speaker 1: Dingle spoke on sound On, which airs at five pm
Speaker 1: on Bloomberg Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than hundred
Speaker 1: journalist and analysts more than countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg. Amy, all right, thank you, Michael. It's
Speaker 1: seems so nine on Wall Street. Time. Now for the
Speaker 1: sports report, brought to you by Tri State Audi. Here's
Speaker 1: John stash Our. All right, Amy, Brooklyn Nets have become
Speaker 1: somewhat of a soap opera. Very often has to do
Speaker 1: with Kyrie. I main scenes. It's always something with Kyrie.
Speaker 1: The latest his posting on social media a link to
Speaker 1: an anti Semitic video. Several fans last night sat courtside
Speaker 1: with t shirts that read fight anti Semitism. There's also
Speaker 1: the team's early season struggles, a one in five record,
Speaker 1: worst defensive the NBA so a much needed win at
Speaker 1: Barkley's one sixteen one O nine over Indiana. Chive Sports
Speaker 1: points Kevin Durant at thirty six. The Mother Night gave
Speaker 1: an upset win for Cleveland thirty two to thirteen over Cincinnati.
Speaker 1: The Browns were up twenty five nothing in the fourth quarter.
Speaker 1: NFL trade deadline four o'clock today, Giants could be looking
Speaker 1: for a receiver Jets. Why a Elijah Moore has asked
Speaker 1: to be traded. No quarterback change to the Jets. Despite
Speaker 1: Zach Wilson's th reinterceptions and the loss of the Patriots,
Speaker 1: the Jet coach got full confidence inside. We all do
Speaker 1: um um. You know, it's not like he hasn't had
Speaker 1: bad games before and he stepped up and has followed
Speaker 1: it with good days. So you know the way he
Speaker 1: preps and the way he practices and the questions he asks,
Speaker 1: We've got faith that will continue to continue to find
Speaker 1: ways to get better. Jets. It's up one Sunday against
Speaker 1: six and one Buffalo College Football. Auburn fired Ryan Harrison,
Speaker 1: so he didn't finish the second season of a six
Speaker 1: year contract, though all fifteen million dollars they're still paying.
Speaker 1: The previous Coach World Series resumes tonight at Philadelphia. After
Speaker 1: last night's Right nowt The Phillies have changed their Game
Speaker 1: three starter out is the x Mett Noah Synder guard
Speaker 1: in his Rangers Swarez the astros are sticky with a
Speaker 1: glance for colors. World Series is tied of one John
Speaker 1: Dash that lub sports and all right, thank you john
Speaker 1: S andd features a thirty four points high or Dell
Speaker 1: features up by one points, nastac features up by one
Speaker 1: hundred twenty seven points. The ten year treasury up thirty seconds,
Speaker 1: the yield at three point nine four percent. This is Bloomberg.
Speaker 1: The Bloomberg Sports Report was brought to you by Audie.
Speaker 1: Don't let someone else drive off in the autie model
Speaker 1: you've always wanted. Visit your local try state autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: autie Offers dot com for more information, markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: The Bloomberg Business at and at Bloomberg. Quick Tape Bruce
Speaker 1: is a Bloomberg Business Flash. I'm Nathan Hagar. The dollar
Speaker 1: and treasury yields are falling as investors await the Federal
Speaker 1: Reserves policy meeting. It kicks off today. The decision is tomorrow.
Speaker 1: Stocks and futures are in rally mode this morning. We
Speaker 1: checked the markets for you every fifteen minutes during the
Speaker 1: trading day on Bloomberg S and P futures are up
Speaker 1: thirty four points. Staff futures up two one. Nastack futures
Speaker 1: are higher by a hundred twenty seven points. The tenure
Speaker 1: treasure he is up twenty five thirty seconds yield three
Speaker 1: point nine four percent yield on the two year at
Speaker 1: four point one one p. Nime ex screws up by
Speaker 1: one point six percent, or a dollar forty two at
Speaker 1: eighty seven dollars. Ninety seven cents of Arrol comic gold
Speaker 1: is up eight tenths per cent, or twelve dollar sixty
Speaker 1: cents sixteen fifty three thirty announced. The euro point five
Speaker 1: against the dollar the end one forty seven point to
Speaker 1: five Big coins up one percent twenty thousand, six hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, thank
Speaker 1: you very much. Nathan. The Supreme Court at arguments in
Speaker 1: cases challenging the consideration of a student's race and college admissions.
Speaker 1: The cases involving Harvor to end the University of North
Speaker 1: Carolina could end affirmative action at public and private schools
Speaker 1: across the country protests by Jenner Bilsonaro supporters intensified as
Speaker 1: the Brazilian president remains silent over his loss to Lula
Speaker 1: da Silva on Sunday's elections protests. Here's block highways. They'll
Speaker 1: try to make up Game three of the World Series
Speaker 1: in Philadelphia. Last night, Phillies and Astro's game was postponed
Speaker 1: because of rain. In the NBA, the Nets one, the
Speaker 1: Wizards lost. In the NHL, the Capitals lost in a
Speaker 1: shootout with the Hurricanes three to The Browns beat the
Speaker 1: Ravens thirty two thirteen and Monday Night Football. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Tank, powered by more than twenty seven under journalist
Speaker 1: and analysts in more than a hundred twenty countries. I'm
Speaker 1: Michael Barron. This is Bloomberg Amy all right, Thank you, Michael.
Speaker 1: It is six nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. The White
Speaker 1: House has been calling on oil companies to invest more
Speaker 1: in production for months, but Bloomberg data show the biggest
Speaker 1: companies like Exxon and Shell and Chevron are all handling
Speaker 1: a lot of that money and they're handing it over
Speaker 1: to their shareholders and then just reinvesting only a fraction
Speaker 1: of their windfall. So now comes a warning from President
Speaker 1: Biden for oil companies, as the administration is promising higher
Speaker 1: taxes on oil company these that record those windfall profits
Speaker 1: without reinvesting in production. Joining us now to talk about it,
Speaker 1: President of the Short Group, Stephen Short, Stephen, thank you
Speaker 1: so much for taking the time with us this morning.
Speaker 1: The President is going to have to get congressional support
Speaker 1: to do this, But the question is if you can
Speaker 1: get that support, Willie Well, I think a lot of
Speaker 1: it amy depends on I guess, in about a week
Speaker 1: or so after the mid terms, who has control of Congress.
Speaker 1: I think if we still have the current uh Democrat
Speaker 1: control with the Vice president as the tiebreaker, Uh, then yeah,
Speaker 1: well we'll probably get this flow to by Congress, and
Speaker 1: Congress would probably try to enact uh some sort of
Speaker 1: windfall profit tax. Of course, on the other hand, UH,
Speaker 1: if we see any sort of red wave or or
Speaker 1: even a red tide where Republicans gained control on one
Speaker 1: of both houses, uh, then the likelihood of attacks uh
Speaker 1: windfall prof attacks UH dimensions greatly I think will be
Speaker 1: non existence. So now I think Amy. The question is,
Speaker 1: with a week Togo and some of the prediction markets,
Speaker 1: I markets you could bet on the outcome of next
Speaker 1: week's elections, do you seem to indicate that the Republicans
Speaker 1: will win at this point? Uh So, a lot of
Speaker 1: the rhetoric that we heard yesterday is what we've heard
Speaker 1: in the past. And perhaps it is just nothing but
Speaker 1: the campaign trail, trying to rally the troops before the election,
Speaker 1: but so close to the election, is it too little,
Speaker 1: too late? Well, it's all about rhetoric. Right. Markets trade
Speaker 1: on perception. They don't trade on reality. Often they trade
Speaker 1: on perception. Uh these are futures markets we are talking about.
Speaker 1: Uh So, what this will do is it casts the
Speaker 1: oil companies, whether it is the Western oil companies or OPEC,
Speaker 1: casts them as the villain. It takes the shine off
Speaker 1: of whatever ability you might have had in the situation,
Speaker 1: and it gives you talking points. The bottom line is
Speaker 1: the windfall profit tax. We've tried it before. We tried
Speaker 1: in the nineteen eighties and nineteen eight and nine nine.
Speaker 1: It did not work then, and if it were to
Speaker 1: be reenact, we reenacted. Uh then certainly, I am highly
Speaker 1: skeptical that it will work this time. Yeah, I wanted
Speaker 1: to get into that historical perspective. We have seen this
Speaker 1: before then in the nineteen eighties, Why didn't it work?
Speaker 1: Then we have a survey or not serve excuse me,
Speaker 1: a study put up by the Congressional Research um UH group,
Speaker 1: And essentially we've tried this in the nineteen eighties. And
Speaker 1: what happened was we had a price cap um after
Speaker 1: prices were decent um de regulated in the seventies, and
Speaker 1: that price cap what was taken off. And then Congress
Speaker 1: enacted this under the belief that oil companies were earning
Speaker 1: windfall profits. And this study that was put forth by
Speaker 1: um excuse me, by this independent congret me. As I said,
Speaker 1: the the crs UH determined that, UH, the tax ended
Speaker 1: up reducing the amount of oil produced because you're raising
Speaker 1: the cost of capital UH and thereby cutting off the
Speaker 1: supply of capital for the industry. So production was was
Speaker 1: cut in. Our dependence on foreign oil actually grew UH
Speaker 1: during the n UH. So effectively, what you had was
Speaker 1: the government being encounters over those ten years, estimated that
Speaker 1: the windfall tax revenues they would collect the I r
Speaker 1: s two dree billion, whereas they only create and they
Speaker 1: only collected eight billion at this point. Because once again, uh,
Speaker 1: you're looking at a situation when you tax something, Ideally,
Speaker 1: you're going to reduce the supply of whatever you're being uh,
Speaker 1: whatever you're being taxed on, because you're raising the cost
Speaker 1: of production. And just as this congressional research study put forward,
Speaker 1: uh effectively, Uh, it happened before. We'll reduce the cost
Speaker 1: of capital, you reduce production, you'll increase in ports, and
Speaker 1: you'll do nothing to impact price. Stephen very quickly thirty
Speaker 1: seconds here turning to the price of oil. Where do
Speaker 1: you see it headed from here right now? It depends
Speaker 1: on whether or not we are in recession. I know,
Speaker 1: I think uh, I think a big bank came out
Speaker 1: said a second quarter will be in recession. Certainly if
Speaker 1: we see that are modeling hat takes oil down below
Speaker 1: fifty dollars a barrel at this point, as uh, the
Speaker 1: economy drives up as demand drives up. Are modeling coming
Speaker 1: in so far from the new year is mid eighties two,
Speaker 1: about a hundred and twenty that would be arranged, so
Speaker 1: around a hundred dollars a barrel, assuming we do not
Speaker 1: go into recession. You go into recession forty all right,
Speaker 1: Steven Stork, thank you very much. Always great to get
Speaker 1: to your insight. Stephen Shark is president of the Short Group.
Speaker 1: S and P Futures now thirty six points higher, del
Speaker 1: Futures up two hundred fifteen points, NASDAC features up a
Speaker 1: hundred thirty nine points. Much more to come on Bloomberg Daybreak.
Speaker 1: This is Bloomberg. Bloomberg Daybreak is brought to you by
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Speaker 1: donor advised funds have been helping families create charitable legacies.
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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Free on to Washington, d C, Bloomberg
Speaker 1: nine to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg Ning sixty to the country, Sirius XM to the
Speaker 1: one nine team, and around the globe, the Bloomberg Business
Speaker 1: app and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's six thirty on Wall Street. Good Tuesday morning. I'm
Speaker 1: Ane Morris, I'm Nathan Hager. We're about three hours away
Speaker 1: from the open of US trading. It's time for the
Speaker 1: five Things you need to know to start your day.
Speaker 1: Brought to you by Interactive Brokers IBKR. Event Trader offers
Speaker 1: a new way to trade futures. Use event contracts to
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Speaker 1: Brokers dot com. First US futures are higher as investors
Speaker 1: geara for this week's FED meeting and the October jobs report.
Speaker 1: The Fed is front and center. That's according to Bloomberg
Speaker 1: macro strategist Vince Signarella, the Fed made pivots sooner than expected.
Speaker 1: I think that's what the markets are hoping for, some
Speaker 1: indication that the Fed acknowledges that their work is starting
Speaker 1: to find its way through the economy, specifically in housing,
Speaker 1: as we saw last week pending home sales down over
Speaker 1: on a month over month basis. That's what the market
Speaker 1: is hoping for, and Bloomberg Cingerella says markets will respond
Speaker 1: negatively if the FED does not forecast easy monetary policy
Speaker 1: in the near future. Expectations are for the FED to
Speaker 1: raise rates seventy five basis points tomorrow, followed by fifty
Speaker 1: in December. Meantime, Australia's Central Bank haik to interest rates
Speaker 1: today by just a quarter percentage point. That's sparked bets
Speaker 1: that the RB is pivoting away from large heights. Let's
Speaker 1: been a big day in Asia and each Chinese stocks
Speaker 1: surged overnight of speculation grows the government's preparing to exit
Speaker 1: COVID restrictions. The hang second Hong Kong Ros five percent
Speaker 1: stocks in China gained three point six percent. And Nathan,
Speaker 1: we're seeing historic profits from big oil, Saudi Aramco and
Speaker 1: VP posting their second highest quarterly earnings this morning after
Speaker 1: record profit from Exxon and Chevron. It has President Biden
Speaker 1: calling on Congress to impose higher taxes on big oil.
Speaker 1: Rather than increasing no investments in America or giving American
Speaker 1: consumers of break their excess profits, You're going back to
Speaker 1: their shareholders and buying back their stocks and the executive page,
Speaker 1: I'm going to skyrocket, give me a break. Enough is
Speaker 1: enough by President Briden's promise to impose higher taxes will
Speaker 1: be hard to deliver Democrats have unsuccessfully sought a windfall
Speaker 1: profit tax for more than a decade. The Incorporate News
Speaker 1: this morning, we're talking Credit Swiss again. Amy chairman Axcel
Speaker 1: Layman tells us the Swiss Bank is not for sale.
Speaker 1: If we picked out where we need to go, and
Speaker 1: we took some bold and really dare we important decisions
Speaker 1: for the group, and it's now really about looking forward
Speaker 1: and to execute that plan. Credit Swiss chairman axel Lehman
Speaker 1: made the comments in an interview with Bloomberg. You can
Speaker 1: catch the full conversation on Bloomberg dot com or on
Speaker 1: the Bloomberg terminal. Red headlines crossing the Bloomberg terminal, Eli
Speaker 1: Lily is cutting its adjusted forecast for the full year,
Speaker 1: and Johnson and Johnson is acquiring a BioMed in a
Speaker 1: deal valued at sixteen point six billion dollars. That's the
Speaker 1: five things you need to notice start your day, brought
Speaker 1: to you by Interactive Brokers, straight Ahead, your latest local headlines,
Speaker 1: and a check of sports. This is Bloomberg, all right,
Speaker 1: Thank you, Nathan sixty three on Wall Street. Now, let's
Speaker 1: bring in Michael bar to tell us what else is
Speaker 1: going on in New York and around the World. Good
Speaker 1: morning Michael, Good morning Amy. A salary transparency law takes
Speaker 1: effect today in New York City. It requires most companies
Speaker 1: to include salary ranges when they post a job opening.
Speaker 1: The law supporters say it's intended to close the pay
Speaker 1: gas for women and people of color, but critics argue
Speaker 1: it will do just the opposite. Maria Cola Cursio is
Speaker 1: CEO of Cindio, a company that makes software to analyze
Speaker 1: pay equity. As a company, if you have a philosophy
Speaker 1: of start low, stay low, or paid top dollar to
Speaker 1: the best negotiator, that's going to very quickly catch up
Speaker 1: with you from a pay equity and meeting pay gap perspective.
Speaker 1: A recent study found white women are paid seventy three
Speaker 1: cents on the dollar compared to white men, for black
Speaker 1: women at sixty four cents on the dollar. A deeply
Speaker 1: divided Supreme Court assert arguments that could end affirmative action
Speaker 1: policies at universities. Bloomberg said Baxter as the story the
Speaker 1: conservative majority suggesting a readiness to abolish the practice. Chief
Speaker 1: Justice John Roberts, I don't see how you can say
Speaker 1: that the program will ever end. Your position is that
Speaker 1: race matters because it's necessary for diversity, which is necessary
Speaker 1: for the sort of education you want. It's not going
Speaker 1: to stop mannering the affirmative action proponents at North Carolina
Speaker 1: and Harvard, arguing that the policies ensued diversity. Justice Clarence
Speaker 1: Thomas said he doesn't even know what diversity means in
Speaker 1: this context. In San Francisco, i'med Baxter bloomber Daybreak, Federal
Speaker 1: prosecutors say the man accused of attacking Paul Pelosi, the
Speaker 1: husband of House Speaker Nancy Pelosi, told police he wanted
Speaker 1: to hold the speaker hostage and break her kneecaps. David
Speaker 1: du pomp has been charged with two federal crimes and
Speaker 1: a state count of attempted murder. North Korea threatened to
Speaker 1: unleash a powerful action if the US does not halt
Speaker 1: joint military drills with partners, including South Korea. It might
Speaker 1: be an effort by Kim Johannune to lay the ground
Speaker 1: for his first nuclear tests in five years. Fans wearing
Speaker 1: fight anti Semitism shirts occupied some courtside seats at the Brooklyn,
Speaker 1: Indiana game last night, days after Nets guard Kyrie Irving
Speaker 1: tweeted out a link to a documentary film that includes
Speaker 1: anti Jewish tropes. Global news twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven under journalist and analysts more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg.
Speaker 1: Am all right, Thank you, Michael. About thirty six on
Speaker 1: Wall Street Time. Now for the sports reports, Actually six
Speaker 1: thirty six the sports report brought to you by Try
Speaker 1: State OUTI here's Jon's dash our all right, and he
Speaker 1: asked for that next Pacers game. It finished at home
Speaker 1: in all the Indietta one the other night. That was
Speaker 1: the next fourth loss row, and in three of them
Speaker 1: they allowed at least a hundred and twenty five points
Speaker 1: at Barkley's nets blew much but twenty five point, but
Speaker 1: they held on beat. The Pacers won sixteen one on nine,
Speaker 1: just the second one of the season. The coach Steve
Speaker 1: was the message after the game. That was a message
Speaker 1: on film this morning. That was the message in in
Speaker 1: uh our walkthrough. Um, you know we we had a
Speaker 1: disastrous defensive game Saturday night, And so the guys responded,
Speaker 1: proud of him. Now that the affront energy Kevin ran
Speaker 1: lad Brooklyn with thirty six points. Kybrie every had twenty
Speaker 1: eight both average and over thirty a game, but no
Speaker 1: one else has really been story in the work. Keef
Speaker 1: has has been the worst than the NBA. As the
Speaker 1: Nets ended their four game losing Streek, so did the
Speaker 1: Cleveland Browns. The upset the Bengals thirty two, the thirteen
Speaker 1: Nick Chubb, Hunter George Rushing two touchdowns, Browns at five sacks.
Speaker 1: So Baltimore now with sole possession of first a f
Speaker 1: C North and the Ravens just acquired line back of
Speaker 1: the ro Kuan SMIs from Chicago. Smith leads the entire
Speaker 1: NFL and tackles NFL trade deadline four o'clock today. We're
Speaker 1: here tonight of the College Football Playoff Committee. They'll unveil
Speaker 1: their first rankings. This week's a P pole has Georgia
Speaker 1: and Tennessee ranked one two. When the two teams meet
Speaker 1: Saturday in Mathis, Michigan. States has spending four football players
Speaker 1: for their involving in a post game brawl the other
Speaker 1: night at Michigan. Criminal charges could be coming. Phillies and
Speaker 1: Astros will try to play Game three in the World
Speaker 1: Series tonight in Philly the rain out last night means
Speaker 1: Game five will be Thursday, and if the series is
Speaker 1: still going, Friday will now be an off day. John
Speaker 1: Stationing Big Sports. All right, thank you, John. At sixty
Speaker 1: seven on Wall Street. Time to take a look at
Speaker 1: stocks and some of the names that are moving in
Speaker 1: the pre market. For that, we're joined by Bloomberg Radio
Speaker 1: and TV Markets correspondent Createy Gupta and Created. Let's get
Speaker 1: more details. First off on the breaking news involving those
Speaker 1: drug makers. Yeah, let's start with Johnson Johnson. Here looks
Speaker 1: like they're buying a bio mad for upfront payment of
Speaker 1: three dollars per share in cash. Amy get this is
Speaker 1: a classic M and A arbitrage that you're seeing in
Speaker 1: the stock market right now. J and J shares down
Speaker 1: at one point two percent. Remember the the acquisition or
Speaker 1: for lack of a better term, is always going to
Speaker 1: see their their shares take a little bit of a hit,
Speaker 1: even on a positive day like today in the broader markets.
Speaker 1: But on the other hand, a b O MAD up
Speaker 1: about forty eight percent in the pre market. A b
Speaker 1: m D is your ticker. There, Uh, just some more
Speaker 1: details of the deal here. This does include some milestone
Speaker 1: payments includes an enterprise value about sixteen point six billion dollars,
Speaker 1: and some of those ABA MED holders will also get
Speaker 1: some commercial and clinical milestones as well. Johnson Johnson, on
Speaker 1: the other hand, is going to fund the deal through
Speaker 1: cash on hand and short term financing. Remember this is
Speaker 1: a massive theme that we tend to focus on in
Speaker 1: the tech space, but across the S and P five hundred,
Speaker 1: a lot of these mega large cap companies, tech and
Speaker 1: otherwise have been sitting on piles of cash. Remember we
Speaker 1: were coming off of a period of easy lending, easy issuance,
Speaker 1: so a lot of companies have a lot of cash
Speaker 1: to really deploy in the M and A space, and
Speaker 1: Johnson Johnson is no exception. So, like I said, J
Speaker 1: and J, those shares are down at one point two percent,
Speaker 1: hovering about one seventy two per share, and a b
Speaker 1: O med up about a well forty eight percent, right
Speaker 1: to three hundred and seventy two dollars. Remember it's not
Speaker 1: quite at that three eight that you are going to see, uh,
Speaker 1: that the deal is going in for. But anyways, that's
Speaker 1: not the only one. We also have Eli Lily as well.
Speaker 1: L l Y is your taker there those years down
Speaker 1: about three tents of one percent. They actually just came
Speaker 1: out with earnings and are cutting their full year adjusted
Speaker 1: EPs forecast. And now I remember they have been dealing
Speaker 1: with some of the issues in the discount in the
Speaker 1: drug space, so and kind of discounting some of their drugs.
Speaker 1: They are involved in a legal case there. But they're
Speaker 1: also reporting a third quarter EPs of one one dollar.
Speaker 1: The consensus was a dollar ninety six. The problem here
Speaker 1: for these shares and why you're seeing them under pressure
Speaker 1: is the forecast is the forward guide. Is that even
Speaker 1: though some of these numbers on the surface are pretty good, overall,
Speaker 1: uh not so much. Alright, really quick thirty seconds China stocks,
Speaker 1: what you got? Well, we've about to talk about some
Speaker 1: of these rumors that are that are kind of surfacing
Speaker 1: here and and remember I have to emphasize or unverified.
Speaker 1: They are just rumors, but there are enough to give
Speaker 1: some of these Chinese companies a little bit of a boost.
Speaker 1: The likes of Ali Baba be A b A up
Speaker 1: six point three percent on the idea that perhaps there
Speaker 1: are meetings that are coming down the pipeline for some
Speaker 1: thoughts on how trying to can exit their COVID zero
Speaker 1: policy and I remember unverified still social media rumors, but
Speaker 1: like I said, enough to give it a boost, not
Speaker 1: just for those Chinese a yrs like Ali Baba, but
Speaker 1: some of the American companies that have massive exposure there.
Speaker 1: We love to look at the casino names for that.
Speaker 1: Las Vegas Sands can be our post to child lvs
Speaker 1: about five percent. Amy alright, Bloomberg Radio and TV markets
Speaker 1: correspond and that was the lightning round with creating Goop
Speaker 1: to creaty. Thank you so much. Always a pleasure looking
Speaker 1: at stocks as a whole. Ahead of the open SMP
Speaker 1: future thirty seven points higher. Del Future is up two
Speaker 1: hundred nineteen points, NASDAC features up a hundred forty three points.
Speaker 1: The ten year treasury of thirty seconds to yield at
Speaker 1: three point nine four percent. This is Bloomberg. The Bloomberg
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Speaker 1: news twenty four hours a day at Bloomberg dot com
Speaker 1: the Bloomberg Business at and at Bloomberg Quick TAKEE. He's
Speaker 1: a Bloomberg Business Flash. I'm Nathan Hagar. Futures are moving
Speaker 1: higher as the Fed gets ready for its to day
Speaker 1: rate setting meeting. Let's go live to the first word
Speaker 1: I can news task for today's morning call. Here's Bill Maloney.
Speaker 1: Good morning Bill, Hey, good morning Nathan. That's right you
Speaker 1: as features are in the green right now, deaf features
Speaker 1: up two hundred and six points, subs game thirty seven
Speaker 1: and and as that futures rise by one thirty eight,
Speaker 1: the US ten year falls to three point nine four percent,
Speaker 1: Gold is up eighteen oil is in the green, and
Speaker 1: bitcoin is trading higher by one point one percent. Hong
Speaker 1: Kong rose five point two percent overnight. Note that Shinese
Speaker 1: markets rallied after unconfirmed social posts on reopening, and European
Speaker 1: markets are firmly in the green this morning, back in
Speaker 1: the US, on the economic front, at ninety five sp
Speaker 1: Global Manufacturing p m I and at ten o'clock Joel's
Speaker 1: job openings and construction spending. Regarding some of the earnings
Speaker 1: this morning, Eli lily Cut, it's fisically your adjusted EPs forecast,
Speaker 1: while fives are raised its two outlook. In deal news,
Speaker 1: J and J to buy a bio met for three
Speaker 1: hours a share in cash and wrapping things up for
Speaker 1: Solar is raised to equate at Barkley's Everyonson Electric was
Speaker 1: cut to hold at Deutsche Bank, and Carbona raised a
Speaker 1: neutral over at JP. Morgim live from the First Breaking
Speaker 1: News Descon Bill Maloney Nathan Okay, Bill, thanks to you
Speaker 1: have live breaking news over your Bloomberg type squawk on
Speaker 1: the terminal s q U A go. That's a Bloomberg
Speaker 1: business flash and now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael Nathan, thank you
Speaker 1: very much. The Supreme Court heard arguments involving Harvard and
Speaker 1: the University of North Carolina that could end the affirmative
Speaker 1: mansion process in college admissions. The Court is a new
Speaker 1: conservative majority and one that seems ready to roll back,
Speaker 1: if not overturn it. Former Israeli Preminister Benjamin Netan Yahoo
Speaker 1: has cast his vote in Jerusalem. Israelis are voting in
Speaker 1: their fifth parliamentary election in less than four years. Net
Speaker 1: and Yahoo is looking to return to office. Bill try
Speaker 1: to make up Game three of the World Series in Philadelphia.
Speaker 1: Last night, the Phillies and Astro's game was postponed because
Speaker 1: of rain. In the NBA, the Nets one, the Wizards lost.
Speaker 1: In the NHL, the Capitals lost in the shootout with
Speaker 1: the Hurricanes three to Monday Night football, the Browns beat
Speaker 1: the Ravens. Global News twenty four hours a day on
Speaker 1: here and on Bloomberg Quickdake, powered by more than twenty
Speaker 1: seven hundred journalist and analysts more than a hund twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg. The following commentary is
Speaker 1: from Bloomberg Opinion. Tax loss harvesters prepare for a bumper crop.
Speaker 1: I'm Alexis Lean. This a calmness for Bloomberg Opinion. There's
Speaker 1: no sugarcoating the stock market plunge this year, but there
Speaker 1: is a small consolation prize. You have one of the
Speaker 1: best opportunities in years to lower your tax bill. That's
Speaker 1: because the U. S Tax code allows investors to sell
Speaker 1: poor performing stocks and use those investment losses to offset
Speaker 1: capital gains from selling better performing assets such as stocks, bonds,
Speaker 1: a home, or business. For some mutual fund investors, the
Speaker 1: benefit of tax loss harvesting will be amplified in December.
Speaker 1: Fund investors maybe in for a nasty surprise. Not only
Speaker 1: will most have suffered negative returns, but they may also
Speaker 1: be receiving a capital game distribution. Locking in stock glasses
Speaker 1: now can help to offset those unwelcome distributions. It's been
Speaker 1: a rocky here in the markets, but smart moves now
Speaker 1: can make taxes less painful. Came April. I'm Alexis Lee
Speaker 1: on this. For more opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or opi and go from the Bloomberg terminal.
Speaker 1: These has been Bloomberg Opinion and you can hear Bloomberg
Speaker 1: Opinion commentaries every weekday at this time. Terminal customers can
Speaker 1: read more at O P I n go. It is
Speaker 1: six fifty on Wall Street. Time to turn the news
Speaker 1: in science and technology. The Bloomberg n j I T
Speaker 1: STEM Report is brought to you by the New Jersey
Speaker 1: Institute of Technology, rank a top one hundred national university
Speaker 1: by US Use of Role Report and number fourteen in
Speaker 1: the nation on Money's Best Colleges List. Learn more at
Speaker 1: n j I T dot e DU. Now Here's what's
Speaker 1: making news and science, technology, engineering, and math. The Biden
Speaker 1: administration's restrictions on US citizens assisting China's chip industry will
Speaker 1: be more narrowly enforced than feared. That suggests a smaller
Speaker 1: than expected impact on Semikindr companies. The sanctions were introduced
Speaker 1: to keep cutting edge chip technologies out of the reach
Speaker 1: of China's military. Elon Musk is preparing to appoint new
Speaker 1: product leadership inside Twitter. Bloomberg News has learned Musk met
Speaker 1: over the weekend with close friends and advisers on how
Speaker 1: best to change the service he just bought for forty
Speaker 1: four billion dollars. Meanwhile, managers have been compiling lists of
Speaker 1: staff who could be cut, and Toyota says its profit
Speaker 1: fell thirty one percent in the last quarter because of
Speaker 1: a shortage of chips. The maker of the camera, Sedan,
Speaker 1: Prius Hybrid and Lexus luxury models said it faces many challenges,
Speaker 1: including rising interest rates, soaring materials costs, and fluctuating exchange rates.
Speaker 1: A shortage in semiconductors, COVID lockdowns in Shanghai, and flooding
Speaker 1: in South Africa also bit into Toyota's earnings. That's the
Speaker 1: Bloomberg and j I t Stem report. Amy all Right
Speaker 1: thank you, Nathan, and we're live from the Bloomberg Interactive
Speaker 1: Broker Studios where it is six fifty two on Wall
Speaker 1: Street time out of check what's going on in d C.
Speaker 1: And some of the top stories in our nation's capital
Speaker 1: include President Biden's warning to oil firms to reinvest in
Speaker 1: production or face higher taxes, North Korea maybe laying the
Speaker 1: groundwork for its first nuclear test in five years, and
Speaker 1: former President Trump looking to shield as tax returns from
Speaker 1: the public eye. Let's get more on these stories with
Speaker 1: the host of Bloomberg Sound On, Joe Matthew. Joe, thank
Speaker 1: you so much for joining us this morning. First, the
Speaker 1: President going to need some congressional support to do this
Speaker 1: when fall tax plan? Is he gonna get it? Well,
Speaker 1: you know you're asking the right question. Starting to think,
Speaker 1: you know, they're not getting back together here Amy the
Speaker 1: White House and big Oil. We've heard this message before
Speaker 1: from the President. A new level of rhetoric though, as
Speaker 1: as he refers to a windfall of war, accusing big
Speaker 1: oil ex Son Chevron Shell of war profiteering, it's a
Speaker 1: pretty heavy accusation. Is not going to make a lot
Speaker 1: of friends in Houston. Uh, not that they were making friends.
Speaker 1: So here we are the difference this time those that
Speaker 1: instead of begging oil companies to drill more, they are
Speaker 1: in fact asking to work with Congress to craft this tax.
Speaker 1: Uh if if these companies don't show that they're reinvesting
Speaker 1: in production, that part of the story hasn't changed. The
Speaker 1: reality check those that Democrats have tried to do this
Speaker 1: for years, a windfall tax, and if it wasn't already
Speaker 1: happening with Democratic control of the House, the Senate, the
Speaker 1: White House. Look, it could be another world after the
Speaker 1: mid terms here even if Democrats somehow keep control of
Speaker 1: the House, the votes are not in the Senate for this.
Speaker 1: So you know, it's a powerful message to send from
Speaker 1: the White House, to get on TV, send that message
Speaker 1: a week before elections. But that may be all it is.
Speaker 1: Is kind of a messaging moment for Joe Biden. I
Speaker 1: wondered about that because as Democrats have been pushing for
Speaker 1: this for for years, does this mean the president's kind
Speaker 1: of holding his own party accountable for not getting it
Speaker 1: done soon? That's an interesting way of looking at it,
Speaker 1: And I suppose you could say that. But look, you know,
Speaker 1: this is something that the Democrats, progressive Democrats have largely
Speaker 1: UH supported. And when we consider where we are now
Speaker 1: with a week to go, can you even imagine a
Speaker 1: week from today, we're finally voting three dollars and seventy
Speaker 1: five cents? Seventy six will say if we rounded up,
Speaker 1: is today's triple a national average above five dollars a
Speaker 1: gallon in California and in some areas of the country.
Speaker 1: The president had to do something, he had to say something,
Speaker 1: and at least if you're gonna be blamed for this,
Speaker 1: you can turn around of the American people and say,
Speaker 1: you know what, we tried everything we could, but we
Speaker 1: just couldn't get it through Congress. And that's the message
Speaker 1: that has, you know, worked for presidents over the years.
Speaker 1: All right, well, let's shift gears. Now. Look at North Korea.
Speaker 1: They're now threatening to unleash a powerful action at the
Speaker 1: US doesn't talk those joint military drills with partners, including
Speaker 1: with South Korea. Where's this going? Yeah, look, you know
Speaker 1: we're talking about a potential nuclear test. It's not a
Speaker 1: shocker here. As the US conducts military exercises with South
Speaker 1: Korea that's seen as someone of a provocation, but it's
Speaker 1: also pretty rich. After Kim Jong un just unleashed the
Speaker 1: biggest series of missile tests we've seen in years, largely
Speaker 1: to get the world's attention as as Russia sucks all
Speaker 1: the oxygen out of the room. He even sent one
Speaker 1: rocket over Japan, right. He rattled a lot of nerves
Speaker 1: in the region, which is partly why we have these activities.
Speaker 1: And we're talking, by the way, about two forty airplanes
Speaker 1: uh honing their wartime capabilities, as the Pentagon says, the
Speaker 1: Seventh Air Force says, they're they're flying about sixteen hundred sorties.
Speaker 1: It's it's hard to miss. But yeah, the North is
Speaker 1: threatening a new test, which would be the first and
Speaker 1: about five years. And frankly, uh, it's it's amazing how
Speaker 1: much he gets away with. It might not lead to
Speaker 1: anything if he does this, but it certainly gives you
Speaker 1: a sense of of the just the risk level and
Speaker 1: that part of the world around the Korean Peninsula. It's
Speaker 1: not to be forgotten. We spent a lot of time
Speaker 1: talking about China and Russia, but Kim Jong un is
Speaker 1: still causing trouble. I've got a lot more questions about that,
Speaker 1: but we are running out of time. Former President Trump
Speaker 1: wants the Supreme Court to block that Congressional committee from
Speaker 1: getting years of his tax returns. Now, his legal team
Speaker 1: filed an emergency application just yesterday. What does that tell you, Yeah, well,
Speaker 1: the tells me that we've reached the end of the
Speaker 1: line here. You know, an emergency application to the justices
Speaker 1: means that there are no other legal options at this point,
Speaker 1: and so a Chief Justice will have to figure out
Speaker 1: if if he wants to handle this on his own
Speaker 1: or or kick it to UH to other justices. But
Speaker 1: this is the Ways and Means Committee in the House,
Speaker 1: and the argument here is they've been looking for six
Speaker 1: years of his tax returns. The president has been incredibly
Speaker 1: successful keeping us all from reading them, going back to
Speaker 1: his time as a candidate, of course. But they argue,
Speaker 1: and this is what has to be decided, that there
Speaker 1: is in fact a legislative purpose forgetting these tax documents.
Speaker 1: This isn't just for an expose a It has to
Speaker 1: be for the sake of crafting legislation. The Ways It
Speaker 1: Means Chair Richie Neil says, Yeah, we're gonna make legislation
Speaker 1: that shows how accountable presidents must be, but we need
Speaker 1: to see his tax records first. Unclear how the Supreme
Speaker 1: Court weighs in on this one. But but President Biden
Speaker 1: and President Donald Trump, I should say the former president
Speaker 1: has been very consistent on this, and this is gonna
Speaker 1: be a riot if they do release it. It's not
Speaker 1: likely to happen, all right, Bloomberg Washington Correspondent Joe Matthew.
Speaker 1: Always a pleasure. Thank you so much, and you can
Speaker 1: read more about these stories on Bloomberg dot com or
Speaker 1: the Bloomberg Terminal. And a reminder, follow all of the
Speaker 1: latest on Bloomberg Radio in Washington, Bloomberg ninety nine one
Speaker 1: and one oh five point seven FM h D two.
Speaker 1: Some breaking news now, Nathan, Yeah, Amy, We're watching shares
Speaker 1: of Uber Technologies jump on earnings, crossing the Bloomberg Terminal.
Speaker 1: Third quarter revenue beat analyst estimates, though the rideshare company
Speaker 1: does see fourth quarter gross bookings that came in with
Speaker 1: a miss of what Wall Street was expecting. Still, investors
Speaker 1: seem to like what they're seeing on the top line.
Speaker 1: Right now, Uber shares are higher in the pre market
Speaker 1: by six point seven percent, futures moving higher as well.
Speaker 1: SMP futures up thirty eight point, staff futures up two
Speaker 1: undred fourteen and nanastack futures are higher by a hundred
Speaker 1: forty points. Much more to come on Bloomberg surveillance. That's
Speaker 1: coming up next for Amy Morris. I'm Nathan Hagar. This
Speaker 1: is Bloomberg