1 00:00:02,520 --> 00:00:10,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The Stock Movers podcast, 2 00:00:10,800 --> 00:00:14,040 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:14,240 --> 00:00:16,480 Speaker 1: harnessing the power of Bloomberg Data. 4 00:00:17,200 --> 00:00:20,759 Speaker 2: It's a podcast, The Stock Movers. Here's Lisa Matteo. Do 5 00:00:20,880 --> 00:00:22,599 Speaker 2: you start with the old wise one? 6 00:00:22,800 --> 00:00:24,840 Speaker 3: Yes, let's start with the video. Let's go there. Okay, 7 00:00:24,920 --> 00:00:27,680 Speaker 3: So there's shares have been up as much as five percent. 8 00:00:28,520 --> 00:00:31,640 Speaker 3: The reason why there's this big reversal from the White House, 9 00:00:31,760 --> 00:00:34,440 Speaker 3: they had this earlier stance on measures designed to limit 10 00:00:34,600 --> 00:00:37,680 Speaker 3: China's AI ambitions, but Washington now saying they're going to 11 00:00:37,760 --> 00:00:42,040 Speaker 3: greenlight those export licenses for the H twenty AI chip 12 00:00:42,159 --> 00:00:44,800 Speaker 3: in China for in video. And the thing is it 13 00:00:44,800 --> 00:00:47,559 Speaker 3: could had I mean billions of dollars in videos revenue 14 00:00:47,560 --> 00:00:49,920 Speaker 3: this year because it can now fulfill those orders that 15 00:00:49,960 --> 00:00:53,000 Speaker 3: it kind of written off or as lost because of 16 00:00:53,040 --> 00:00:56,320 Speaker 3: the restriction set in place. Advanced micro Device has also 17 00:00:56,440 --> 00:00:59,040 Speaker 3: got some similar news, so their shares are up about 18 00:00:59,120 --> 00:00:59,840 Speaker 3: five percent too. 19 00:01:00,000 --> 00:01:02,360 Speaker 4: I don't understand this changing policy other than maybe just 20 00:01:02,360 --> 00:01:05,480 Speaker 4: a general thawing out between. 21 00:01:05,680 --> 00:01:10,400 Speaker 3: Yeah and Jensen. Wong was meeting with officials too, so 22 00:01:10,600 --> 00:01:12,280 Speaker 3: there might have been some talks there that kind of 23 00:01:12,360 --> 00:01:15,560 Speaker 3: changed the thought process behind it. We'll see, but yes, 24 00:01:15,680 --> 00:01:18,880 Speaker 3: making the announcement, so the shares are higher. Big banks 25 00:01:18,920 --> 00:01:22,000 Speaker 3: also big news this morning. Yes, JP Morgan Chase ticker 26 00:01:22,120 --> 00:01:24,720 Speaker 3: JPM shares have been down as much as one percent, 27 00:01:24,760 --> 00:01:26,880 Speaker 3: so I'm guessing investors we're hoping for a little bit more. 28 00:01:26,920 --> 00:01:29,720 Speaker 3: But it seems like good news. I mean, could be 29 00:01:29,720 --> 00:01:31,960 Speaker 3: the start of a deal making rebound. You had investment 30 00:01:32,000 --> 00:01:35,840 Speaker 3: banking fees climbing seven percent. Analysts were expecting a fourteen 31 00:01:35,840 --> 00:01:39,320 Speaker 3: percent drop. So you see the difference there. Jamie Diamond said, 32 00:01:39,319 --> 00:01:41,600 Speaker 3: deal making activity it started to slow, but it gained 33 00:01:41,640 --> 00:01:45,920 Speaker 3: momentum because sentiment improved. Within investment banking. You had debt 34 00:01:46,000 --> 00:01:49,440 Speaker 3: underwriting that rose twelve percent, fees from advising on mergers 35 00:01:49,520 --> 00:01:53,160 Speaker 3: acquisitioned climbed eight percent. But stock traders they really not 36 00:01:53,360 --> 00:01:57,640 Speaker 3: their best second quarter ever. Fixed income trading topped expectations, 37 00:01:57,640 --> 00:01:58,800 Speaker 3: so some pretty solid numbers. 38 00:01:59,680 --> 00:02:02,480 Speaker 2: Was just publishes moments ago. It's a city group on 39 00:02:02,560 --> 00:02:06,680 Speaker 2: their good competitor, JP Morgan Chase. The net income and 40 00:02:06,720 --> 00:02:10,720 Speaker 2: that's just that interest income guide better than expected. He 41 00:02:10,800 --> 00:02:12,880 Speaker 2: still got a neutral on it, but he's is it 42 00:02:13,000 --> 00:02:13,840 Speaker 2: major thumbs up? 43 00:02:13,960 --> 00:02:17,040 Speaker 4: Yeah, I don't know. It's it seemed like, at least 44 00:02:17,080 --> 00:02:19,800 Speaker 4: said really good numbers across the board, A ton of 45 00:02:19,800 --> 00:02:20,680 Speaker 4: money chased too. 46 00:02:21,240 --> 00:02:22,880 Speaker 3: And then on the flip side of jpmore and you 47 00:02:22,919 --> 00:02:25,560 Speaker 3: have Wells Fargo, so their taker WFC. Their shares have 48 00:02:25,560 --> 00:02:27,840 Speaker 3: been down three percent. Not as much good news. They 49 00:02:27,919 --> 00:02:31,400 Speaker 3: lowered full year guidance for net interests income to little 50 00:02:31,440 --> 00:02:34,360 Speaker 3: change from last year. Posted about eleven point seven billion 51 00:02:34,400 --> 00:02:37,000 Speaker 3: for the three months or June. That was lower than expected. 52 00:02:37,720 --> 00:02:40,280 Speaker 3: This is after another quarter of slow growth. So the 53 00:02:40,520 --> 00:02:43,760 Speaker 3: bright spot though for them, it's credit quality remained sturdy, 54 00:02:43,840 --> 00:02:46,800 Speaker 3: net charge offs dropping twenty three percent from a year earlier. 55 00:02:47,480 --> 00:02:49,919 Speaker 3: Provisions for credit losses they came in about one billion 56 00:02:50,000 --> 00:02:52,720 Speaker 3: lower than analyst projection. So that's the cliff notes version 57 00:02:52,800 --> 00:02:53,360 Speaker 3: for that. 58 00:02:53,520 --> 00:02:56,680 Speaker 4: Because the Wells Fargo, I think the small mid sized 59 00:02:56,720 --> 00:02:59,280 Speaker 4: businesses as well as some of the larger corporations. But 60 00:02:59,360 --> 00:03:02,639 Speaker 4: I mean, if you're going to see some I guess 61 00:03:02,680 --> 00:03:05,119 Speaker 4: some issues with credit quality out there in the American economy, 62 00:03:05,200 --> 00:03:06,959 Speaker 4: you might see it a place like Wells Fargo or 63 00:03:06,960 --> 00:03:07,920 Speaker 4: Bank of America. I don't know. 64 00:03:08,120 --> 00:03:10,640 Speaker 2: Moments ago, coming across the headline, stock Movers is a 65 00:03:10,680 --> 00:03:14,079 Speaker 2: movable feast folks and Lisa, this is the City Group 66 00:03:14,240 --> 00:03:19,840 Speaker 2: CFO on the conference call, saying credit cards spending, resilient. 67 00:03:19,760 --> 00:03:24,040 Speaker 4: Resilient, theos particularly, so I can I can attest to that. 68 00:03:24,120 --> 00:03:27,080 Speaker 3: I can attest to that too. Just got my last bill. Yeah, 69 00:03:28,040 --> 00:03:30,320 Speaker 3: so their tick or see right up one percent? 70 00:03:30,720 --> 00:03:31,080 Speaker 1: It didn't. 71 00:03:31,120 --> 00:03:33,880 Speaker 3: It had a big beat, particularly fixed income trading business too. 72 00:03:33,880 --> 00:03:36,960 Speaker 3: You talked about consumer spending, but fixed income trading business 73 00:03:37,520 --> 00:03:41,560 Speaker 3: twenty percent. It jumped for four point three billion dollars als. 74 00:03:41,600 --> 00:03:44,000 Speaker 3: We're looking for three point nine, so a bigger jump there. 75 00:03:44,360 --> 00:03:46,240 Speaker 3: Their best second quarter in five years. 76 00:03:46,880 --> 00:03:47,120 Speaker 1: News. 77 00:03:47,200 --> 00:03:49,400 Speaker 3: Yeah from City Group. Stock traders are called in one 78 00:03:49,440 --> 00:03:51,840 Speaker 3: point six billions, pushing fast expectations too. 79 00:03:53,280 --> 00:03:57,400 Speaker 1: The Stock Movers podcast from Bloomberg Radio. Check back with 80 00:03:57,520 --> 00:04:00,320 Speaker 1: us throughout today for the latest roundup of com he's 81 00:04:00,320 --> 00:04:03,360 Speaker 1: making news on Wall Street and for the latest market 82 00:04:03,400 --> 00:04:07,720 Speaker 1: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 83 00:04:07,800 --> 00:04:11,040 Speaker 1: Bloomberg dot com, and on Applecarplay and Android Auto with 84 00:04:11,120 --> 00:04:12,560 Speaker 1: the Bloomberg Business app.