WEBVTT - Closing Bell: Cerebras Soars, Cisco Climbs, Boeing Drops on Smaller China Order

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>This is the closing bell on the stock movers report

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<v Speaker 2>the company's making moves at the close of US trading,

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<v Speaker 2>with Carol Masser, Tim Stenoveek, Romain Bostik, and Katie Greifel.

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<v Speaker 1>All right, let's go through some of the individual gainers

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<v Speaker 1>if I may, And no surprise, I'm going to start

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<v Speaker 1>with that big IPO Serebris that went up what was it,

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<v Speaker 1>one hundred and eight percent at its highs today, finishing

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<v Speaker 1>the day with a game of about sixty eight percent. Yes,

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<v Speaker 1>you could say some money left on the table, but

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<v Speaker 1>a very strong IPO. We know it was oversubscribed. I mean,

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<v Speaker 1>pick your superlative. And I've got to say all my

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<v Speaker 1>gainers have kind of an AI component to them, so

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<v Speaker 1>Cerebras jumping as you know, trading debut at raise five

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<v Speaker 1>and a half billion, market cap is way above that

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<v Speaker 1>on upsized, hotly anticipated IPO, this year's largest so far

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<v Speaker 1>first time share sales raizy nearly sixty percent more than

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<v Speaker 1>its target when it launched. And again, like I said,

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<v Speaker 1>above the marketed range and so on and so forth.

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<v Speaker 1>So we should point out that our ed Ludlow did

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<v Speaker 1>talk to the CEO, Andrew Feldman. He talked about the

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<v Speaker 1>IPO was more than twenty five times oversubscribed. He said

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<v Speaker 1>the company's prepared to work on further developing its unique

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<v Speaker 1>AI computing, aiming to take a place among the leading

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<v Speaker 1>providers of technology in the lucrative market. So a lot there,

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<v Speaker 1>and I highly recommend that you check out that interview.

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<v Speaker 1>I said there was kind of an AI theme. So

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<v Speaker 1>let's flip it on over to Cisco, your number one

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<v Speaker 1>gainer in the NASDAQ one hundred m the S and

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<v Speaker 1>P five hundred today up more than thirteen percent, jumping

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<v Speaker 1>by the most in more than fourteen years. The company

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<v Speaker 1>did deliver a better than anticipated sales forecast and announced

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<v Speaker 1>plans to cut thousands of jobs and attempt to focus

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<v Speaker 1>on the fast growing AI market. The company also announcing

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<v Speaker 1>those layoffs will affect more than four thousand jobs, or

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<v Speaker 1>fewer than four thousand, I should say, and the reductions

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<v Speaker 1>will result in as much as a billion dollars in

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<v Speaker 1>severance costs an other one time expense. I'm talking tech,

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<v Speaker 1>and I know we've got another tech name crossing the.

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<v Speaker 3>Two applied materials. These numbers crossing now second quarter net

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<v Speaker 3>sales coming in heavier than expectations seven point nine to

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<v Speaker 3>one billion dollars. The estimate had been for seven point

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<v Speaker 3>sixty seven billion dollars. When it comes to second quarter

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<v Speaker 3>adjusted EPs coming in just about at expectations two dollars

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<v Speaker 3>and eighty six cents. But the reason that you see

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<v Speaker 3>the stock climbing after hours right now has to do

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<v Speaker 3>with their third quarter net sales forecast. They see that

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<v Speaker 3>figure between eight point four five billion dollars to nine

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<v Speaker 3>point four to five billion dollars, so a billion dollar

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<v Speaker 3>range there. The estimate though had been for eight point

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<v Speaker 3>one five billion dollars, so boosting that outlook for their

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<v Speaker 3>net sales, and you can see that's boosting the stock.

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<v Speaker 3>This was a Stockharrell that was higher by seventy eighty

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<v Speaker 3>percent year today through today's close, so the bar was

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<v Speaker 3>high as well.

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<v Speaker 2>Yeah.

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<v Speaker 1>Absolutely, but looking like at least initially we'll see what

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<v Speaker 1>happens on the call, that it might gain certainly into

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<v Speaker 1>tomorrow session, certainly gaining in the aftermarket. Hey, I'm going

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<v Speaker 1>to go back to one more that also has a

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<v Speaker 1>little bit of an AI slant to it, and we're

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<v Speaker 1>talking about Ford Ford up about six point six percent today,

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<v Speaker 1>the rally in this name continuing for a second day.

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<v Speaker 1>I think it's a two day gain of about twenty percent.

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<v Speaker 1>Enthusiasm for Ford's Pivotory energy storage the latest sign that

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<v Speaker 1>investors are eager to embrace companies that stand to benefit

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<v Speaker 1>from power hungry data centers. Remember companies investing two billion

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<v Speaker 1>to get into the energy storage business, which includes producing

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<v Speaker 1>large energy sales for the storage business. You did have

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<v Speaker 1>one analyst make a call yesterday over at Morgan Stanley

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<v Speaker 1>who kind of sparked the enthusiasm in this story or

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<v Speaker 1>this narrative. But another one, and I know, Tim, you

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<v Speaker 1>pointed this out. Dan Levy over at Barclay's put a

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<v Speaker 1>note out today. He cautioned that the automaker must still

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<v Speaker 1>deliver on the promises that it's making in this bet,

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<v Speaker 1>but nonetheless, investors buying in again, rallying big time for

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<v Speaker 1>a second day.

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<v Speaker 4>Here, Tim, Well, the cars drive themselves.

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<v Speaker 1>I don't know, one can only hope.

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<v Speaker 4>Okay, let's talk a little bit about some stocks that

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<v Speaker 4>fell today. Boeing shares down four point seven percent. This

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<v Speaker 4>came after China agreed to buy two hundred planes from

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<v Speaker 4>the company. It's a multi billion dollar deal with Mark,

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<v Speaker 4>the nation's first purchase of US made commercial debts in

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<v Speaker 4>close to a decade. Two hundred sounds like a lot,

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<v Speaker 4>but not when analysts were expecting five hundred seven thirty

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<v Speaker 4>seven max to be ordered from Chinese airlines as well

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<v Speaker 4>as some wide body aircraft as well. George Ferguson over

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<v Speaker 4>at Bloomberg Intelligence said that in order for two hundred

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<v Speaker 4>jets quote is a disappointment for a market looking for

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<v Speaker 4>three hundred or more and details around the type. China

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<v Speaker 4>has only placed orders for thirty nine Bowing planes this decade.

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<v Speaker 4>So if it is carried through, and that's an important

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<v Speaker 4>part of the conversation, if it is carried through, it

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<v Speaker 4>could mean a return to buying from the US, according

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<v Speaker 4>to Bloomberg Intelligence.

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<v Speaker 1>All right, wellesh got an application software company Figma reporting

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<v Speaker 1>some results here after the close. Just real quickly, I'm

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<v Speaker 1>going to go to the OUTLOOKSIS second quarter revenue three

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<v Speaker 1>hundred and forty eight million to three hundred and fifty

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<v Speaker 1>d million, folks, That is above what the street was

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<v Speaker 1>forecasting of three twenty nine point seven. Go backwards to

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<v Speaker 1>the quarter that was first quarter revenue that two came

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<v Speaker 1>in better than forecast three hundred and thirty three point

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<v Speaker 1>four million street estimate three hundred and sixteen million. And yeah,

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<v Speaker 1>the company seeing fiscal year revenue one point forty two

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<v Speaker 1>to one point forty three billion. That two is fairly

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<v Speaker 1>above the street estimate of one point thirty seven to

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<v Speaker 1>one point thirty seven to one point thirty seven billion.

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<v Speaker 1>That's not a range, folks, that's just a number. And nonetheless,

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<v Speaker 1>Figma is up about almost twenty percent here in the

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<v Speaker 1>app market.

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<v Speaker 4>Yeah, I mean, but remember, don't forget it. Back in August,

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<v Speaker 4>Figma was out one hundred and twenty two dollars a share,

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<v Speaker 4>and you know that Adobe was going to buy it

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<v Speaker 4>before it went public. There were concerns about now about

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<v Speaker 4>like what AI could do yeah to this business, and

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<v Speaker 4>it's been on a steady moved down since then. So yeah,

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<v Speaker 4>some good news for Figma here, but broadly speaking, still

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<v Speaker 4>off of those highs from last year.

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<v Speaker 1>Twenty two percent of the float is short, so investors

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<v Speaker 1>could be doing possibly some short covering as a result.

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<v Speaker 4>All right, let's get to some of the other decliners

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<v Speaker 4>on the day today. Doc Simity shares taking a hit.

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<v Speaker 4>This is the healthcare software firm. You may have used

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<v Speaker 4>the firm to communicate with doctors remotely, in fact, maybe

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<v Speaker 4>send a messages or even do remote appointments. Shares down

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<v Speaker 4>twenty three percent today, gave a full year forecast. It

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<v Speaker 4>was weaker than expected. AI investments pressuring at the company's earnings.

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<v Speaker 4>JP Morgan lowered its price target, has did Goldman, Sachs, Truest, Wells, Fargo, Bimo, RBC, Mazuho,

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<v Speaker 4>among others, also lowered their price targets, and finally, shares

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<v Speaker 4>of Wolverine Worldwide, known for those Wolverine ten thousand mile

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<v Speaker 4>boots Katie, but also Chaco's Sockeny, Meryl Sweaty, Betty Wow

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<v Speaker 4>as well. Shares fell by two percent today. The footwear

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<v Speaker 4>and apparel maker reporter first quarter profits and revenue that

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<v Speaker 4>topped Wall Street estimates, though it issued what Bloomberg Intelligence

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<v Speaker 4>called a quote cautious outlook. We're Wolverine Worldwide shares down

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<v Speaker 4>two percent, and.

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<v Speaker 3>Of course that's follows Birkenstock yesterday that they wipeout that

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<v Speaker 3>we saw for their shares down about thirteen percent. But

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<v Speaker 3>let's talk about the bond market. I'm going to do

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<v Speaker 3>my best. Romaine Bostic impersonation here because you take a

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<v Speaker 3>look at what happened in yield today, a little bit

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<v Speaker 3>of divergence, but really a quiet day overall. We know

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<v Speaker 3>that it's been a very dramatic time in the bond market.

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<v Speaker 3>We saw that big sell off yesterday, especially at the

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<v Speaker 3>long end, but pretty quiet today. You could call that unchanged.

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<v Speaker 3>But the absolute levels that we're talking about, I mean,

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<v Speaker 3>nearly four and a half percent for the ten year

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<v Speaker 3>treasure yield, above five percent for the thirty year yield,

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<v Speaker 3>it's pretty amazing.

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<v Speaker 2>The Stock Movers report from Bloomberg Radio. Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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<v Speaker 2>making news on Wall Street and for the latest market

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<v Speaker 2>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

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