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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Doug Prisner. It is day thirty six of the US

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Speaker 1: government shutdown, and there are no signs of a resolution.

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Speaker 1: Thousands of federal employees are working without pay, and over

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Speaker 1: six hundred and fifty thousand have been furloughed. Meantime, a

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Speaker 1: shortage of air traffic controllers is forcing the FAA to

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Speaker 1: reduce flight capacity by ten percent at forty high volume airports.

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Speaker 1: We have more from Bloomberg's Charlie Pellett.

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Speaker 2: Word comes amid the longest US government shutdown in history.

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Speaker 2: On Balance of Power, Nebraska Republican Congressman Mike Flood was

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Speaker 2: asked if this will finally prompt lawmakers to end the shutdown.

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Speaker 3: I mean, why are we impacting somebody's weekend plans to

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Speaker 3: make a political point?

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Speaker 2: Listen.

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Speaker 3: I came back to Washington because I had this thought,

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Speaker 3: We'll get through the Tuesday elections and then we'll end

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Speaker 3: this farce.

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Speaker 1: And here we are.

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Speaker 3: I'm waiting, and I'm understanding that the Democrats are backing

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Speaker 3: further away from the table.

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Speaker 2: Data analytics company Serriums says the announced plans if they

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Speaker 2: impact the time forty airports in the US could cut

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Speaker 2: as many as eighteen hundred flights in New York Charlie

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Speaker 2: Pellett's Bloomberg Radio.

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Speaker 1: The Supreme Court heard oral arguments today on the legality

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Speaker 1: of President Trump's tariffs, and the justices seemed a little skeptical.

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Speaker 1: Chief Justice John Roberts called the tariffs attacks on Americans,

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Speaker 1: and he said that's always been the core power of Congress. Now,

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Speaker 1: the Trump administration has said the tariffs are authorized under

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Speaker 1: the nineteen seventy seven International Emergency Economic Powers Act or IEPA.

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Speaker 1: President Trump spoke about the case on Special Report with

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Speaker 1: Brett Baher on Fox News.

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Speaker 4: I heard the court case went well today, but I

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Speaker 4: just heard that a little while ago, because, as you know,

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Speaker 4: it's just two hours ago that they finished up. But

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Speaker 4: I will say this, it would be devastating for our

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Speaker 4: country if we lost that devastating.

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Speaker 1: President Trump, speaking on Fox News. There's more to report

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Speaker 1: on yesterday's crash of a UPS cargo aircraft at the

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Speaker 1: International Airport in Louisville, Kentucky. The NTSB investigation team is

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Speaker 1: on site at a location. The cockpit voice recorder and

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Speaker 1: flight data recorder have both been recovered. Also, footage was

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Speaker 1: released today showing one engine on fire before exploding in

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Speaker 1: a fireball beyond the end of the runway. Here is

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Speaker 1: NTSB member todd Inman.

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Speaker 5: Sometimes we get some very good information from items that

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Speaker 5: are found, and with a debris field a half mile long,

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Speaker 5: we were still making the determination of exactly where in

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Speaker 5: what parts of the airplane and where they're at.

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Speaker 1: That was NTSB member todd Inman. There officials are saying

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Speaker 1: at least twelve people were killed as a result of

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Speaker 1: this crash, and they also say the death toll is

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Speaker 1: expected to rise. We moved to earnings news next after

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Speaker 1: the bell. Qualcom reported results for the latest quarter above

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Speaker 1: analyst expectations, although a US tax charge took a toll

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Speaker 1: on profit. At the same time, Qualcom gave a bullish

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Speaker 1: forecast for revenue in the current period, and we got

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Speaker 1: reaction from Stacey Raskin, senior analyst of US Semiconductors at

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Speaker 1: Bernstein Research.

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Speaker 6: It was a pretty solid beaten raise. That charge was

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Speaker 6: a non cash tax charge, hits gap earnings, doesn't hit

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Speaker 6: pro former earnings. They netted out all the segments beat

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Speaker 6: in the quarters, handsats, Auto, IoT, The guide was actually

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Speaker 6: really strong. It was I don't know, six hundred million

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Speaker 6: dollars above consensus. I mean, many people are just worried

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Speaker 6: that most of the strength that's coming from from stronger.

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Speaker 1: Apple Stacey Reskin there from Bernstein. Shares in Qualcomm down

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Speaker 1: one point nine percent in late US trading. Robinhood Markets

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Speaker 1: reported quarterly earnings above Wall Street expectations. However, the company

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Speaker 1: fell short on cryptocurrency revenue. Here is robin Hood CEO

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Speaker 1: Vlad Tenev.

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Speaker 7: Q three was particularly strong, you know, record net deposits,

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Speaker 7: record trading revenues, revenues across the board. Prediction markets have

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Speaker 7: also been on fire. So what you're seeing is continued

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Speaker 7: sustained engagement powered by the Robinhood flywheel. More customers, deeper engagement,

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Speaker 7: more goal subscribers, bringing more assets in the trading volumes

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Speaker 7: have continued to increase as well.

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Speaker 1: That is Latin if he is the CEO of robin

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Speaker 1: Hood Market, speaking earlier to Bloomberg. Zoron Mumdani is now

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Speaker 1: the mayor elect of New York City. During his campaign,

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Speaker 1: Mamdani's promises included free childcare and free MTA buses. He

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Speaker 1: also pledged to address affordable housing, and he proposed city

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Speaker 1: owned grocery stores. Now, those initiatives would be funded by

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Speaker 1: raising taxes on corporations and residents with incomes over a

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Speaker 1: million dollars. Well, those goals rattled Wall Street, and now

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Speaker 1: Mundani says he's prepared to meet with JP Morgan Chase

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Speaker 1: CEO Jamie Diamond and other business leaders to discuss the

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Speaker 1: city's future, and Diamond says he's willing to help.

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Speaker 8: I'm hoping any mayor does what's right to help of

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Speaker 8: that city. If you do it right, it benefits all

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Speaker 8: the citizens. If you do it wrong, it hurts all

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Speaker 8: the citizens. So you know, yeah, I would help someone

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Speaker 8: if they wanted my help.

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Speaker 1: Jamie Diamond there, He is the CEO of JP Morgan Chase,

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Speaker 1: speaking earlier to CNN. Separately, Mayor elect Mamdani has named

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Speaker 1: former FTC chair Lena Kahn as one of four code

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Speaker 1: chairs of his transition team. They will advise on economic

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Speaker 1: policy and personnel. And that is news when you want

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Speaker 1: it with Bloomberg News. Now, I'm Doug Prisoner, and this

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Speaker 1: is Bloomberg