1
00:00:02,600 --> 00:00:05,960
Speaker 1: Global business news twenty four hours a day, if Bloomberg

2
00:00:06,040 --> 00:00:09,120
Speaker 1: dot Com, the Radio plus Mobile act and on your radio.

3
00:00:09,400 --> 00:00:13,920
Speaker 1: This is a Bloomberg Business Clash from Bloomberg World Headquarters

4
00:00:13,960 --> 00:00:16,599
Speaker 1: on Charlie Pelt. Sound of the closing bell at the

5
00:00:16,840 --> 00:00:20,480
Speaker 1: New York Stock Exchange with the DAL, the SMP, NEZDAC

6
00:00:20,640 --> 00:00:25,120
Speaker 1: all advancing on this Monday, stocks climbed as Federal Reserve

7
00:00:25,200 --> 00:00:28,800
Speaker 1: Chair Janet Yellen signaled the economy is still strengthening enough

8
00:00:29,040 --> 00:00:33,159
Speaker 1: to withstand gradual increases in borrowing costs despite recent gains

9
00:00:33,200 --> 00:00:37,640
Speaker 1: of slower job growth. Reaction from Ward McCarthy, chief financial

10
00:00:37,640 --> 00:00:40,839
Speaker 1: economist of Jeffreys, who is our guests this afternoon right

11
00:00:40,840 --> 00:00:44,120
Speaker 1: here on taking stock all the messages she wants, still

12
00:00:44,200 --> 00:00:48,240
Speaker 1: wants to try to gradually move interest rates away from zero,

13
00:00:49,040 --> 00:00:53,680
Speaker 1: but Friday's employment number was sufficiently scary in her her

14
00:00:53,760 --> 00:00:59,120
Speaker 1: mind um that she became much less specific in terms

15
00:00:59,120 --> 00:01:01,680
Speaker 1: of the timing of when the next rate hike might

16
00:01:01,760 --> 00:01:06,759
Speaker 1: be and effectively backed away from tower of her comments

17
00:01:06,880 --> 00:01:09,959
Speaker 1: recently when she said that the said would be raising

18
00:01:10,080 --> 00:01:13,479
Speaker 1: rates in coming months and FED policymakers will be meeting

19
00:01:13,800 --> 00:01:17,679
Speaker 1: next a week. Investors moved past the weakest monthly employment

20
00:01:17,680 --> 00:01:21,399
Speaker 1: gains since two thousand ten, to focus on the beneficiaries

21
00:01:21,440 --> 00:01:24,000
Speaker 1: of a lower dollar and a bounced in treasury yields

22
00:01:24,040 --> 00:01:27,520
Speaker 1: and lenders rebounded from their worstrop in almost two months.

23
00:01:27,840 --> 00:01:31,440
Speaker 1: Rising crude prices helped Haliburton climb to its highest in

24
00:01:31,600 --> 00:01:35,039
Speaker 1: nearly a year. Haliburton shares a four point eight percent

25
00:01:35,080 --> 00:01:38,920
Speaker 1: to forty four dollars eighty nine cents. Trans Ocean surged

26
00:01:39,240 --> 00:01:44,040
Speaker 1: today by fourteen points seven percent. Ticker on trans Ocean

27
00:01:44,080 --> 00:01:47,840
Speaker 1: by the way r i G. Federal Reserve Bank of

28
00:01:47,840 --> 00:01:50,840
Speaker 1: Atlanta President Dennis Lockhart says the Central Bank should wait

29
00:01:50,920 --> 00:01:54,279
Speaker 1: until at least next month to consider raising rates because

30
00:01:54,280 --> 00:01:56,800
Speaker 1: of a slowing labor market and the British vote on

31
00:01:56,880 --> 00:02:00,320
Speaker 1: European Union membership, adding his voice to the arden for

32
00:02:00,520 --> 00:02:03,680
Speaker 1: a delay. His comments came in an interview with Bloomberg

33
00:02:03,760 --> 00:02:06,360
Speaker 1: Radio and Television. Down Industrial is up one twelve, a

34
00:02:06,400 --> 00:02:10,160
Speaker 1: gain of six tenths of one percent, SMP and index

35
00:02:10,280 --> 00:02:12,359
Speaker 1: of ten, a game of five tenths of one percent.

36
00:02:12,760 --> 00:02:17,400
Speaker 1: Gold up forty eight ounce to and now let's take

37
00:02:17,400 --> 00:02:20,959
Speaker 1: a look at the other stories making us. Charlie thank

38
00:02:21,000 --> 00:02:24,400
Speaker 1: you from the Bloomberg News remind Mark Crumpton. Hillary Clinton

39
00:02:24,480 --> 00:02:28,960
Speaker 1: is getting closer to clinching the Democratic presidential nomination. Speaking

40
00:02:29,000 --> 00:02:32,440
Speaker 1: in Los Angeles, Mrs Clinton said she's excited about the

41
00:02:32,480 --> 00:02:36,520
Speaker 1: possibility of becoming the first female nominee for president. My

42
00:02:36,600 --> 00:02:40,520
Speaker 1: supporters are passionate, they are committed. They have voted for

43
00:02:40,560 --> 00:02:44,400
Speaker 1: me in great numbers across our country for many reasons.

44
00:02:45,080 --> 00:02:49,600
Speaker 1: But among those reasons is their belief that um having

45
00:02:49,639 --> 00:02:54,240
Speaker 1: a woman president will make a great statement, a historic

46
00:02:54,360 --> 00:02:57,560
Speaker 1: statement about what kind of country we are, what we

47
00:02:57,639 --> 00:03:03,359
Speaker 1: stand for. It's really emotional. At a news conference in Emeryville, California,

48
00:03:03,440 --> 00:03:07,640
Speaker 1: Bernie Sanders blasted Donald Trump for accusing the federal judge

49
00:03:07,680 --> 00:03:11,880
Speaker 1: presiding over a class action lawsuit against defunct Trump University

50
00:03:12,200 --> 00:03:15,680
Speaker 1: of being impartial because of his Mexican heritage. This is

51
00:03:15,720 --> 00:03:20,160
Speaker 1: the year two thousand and sixteen to attack a judge

52
00:03:20,639 --> 00:03:24,120
Speaker 1: because he goes a Mexican heritage. Man born in the

53
00:03:24,160 --> 00:03:28,240
Speaker 1: state of Indiana. Sanders says he's hoping to win California

54
00:03:28,440 --> 00:03:31,120
Speaker 1: and didn't answer a question about whether he would endorse

55
00:03:31,200 --> 00:03:34,560
Speaker 1: Hillary Clinton if he doesn't. Governor Cuomo is issued the

56
00:03:34,560 --> 00:03:38,520
Speaker 1: first executive order in the country requiring state entities to

57
00:03:38,640 --> 00:03:42,560
Speaker 1: drop any investments linked to Palestinian back boycotts of Israel.

58
00:03:42,760 --> 00:03:46,480
Speaker 1: He signed the order yesterday before marching in Manhattan's Celebrate

59
00:03:46,600 --> 00:03:50,200
Speaker 1: Israel Parade. A legal director for the Center for Constitutional

60
00:03:50,320 --> 00:03:55,040
Speaker 1: Rights says Cuomo's actions violate free speech. Global News twenty

61
00:03:55,040 --> 00:03:58,320
Speaker 1: four hours a day, powered by our two hundred journalists

62
00:03:58,480 --> 00:04:01,680
Speaker 1: in more than one hundred fifth news bureaus around the world.

63
00:04:02,000 --> 00:04:05,600
Speaker 1: From the Bloomberg Newsroom, I'm Mark Crompton, Charlie, and we

64
00:04:05,680 --> 00:04:07,920
Speaker 1: thank you and again recapping it was an update for

65
00:04:07,960 --> 00:04:12,400
Speaker 1: the Dow, the SMP and Nestack SMP five hundred index

66
00:04:12,520 --> 00:04:15,200
Speaker 1: up ten points to twenty one oh nine, a gain

67
00:04:15,240 --> 00:04:18,719
Speaker 1: of five tenths of one percent. I'm Charlie Pelaton. That's

68
00:04:18,839 --> 00:04:23,400
Speaker 1: a Bloomberg business flash move around mostly create promotion at

69
00:04:23,480 --> 00:04:28,520
Speaker 1: the elite. Move you moved like they do. I've never

70
00:04:28,520 --> 00:04:34,680
Speaker 1: seen anyone move that fast. Five people, Let's move like

71
00:04:34,720 --> 00:04:42,120
Speaker 1: you've got a purpose. That was called movers and shakers.

72
00:04:42,480 --> 00:04:44,880
Speaker 1: They cost a little more. That name cracked me up.

73
00:04:50,760 --> 00:04:55,000
Speaker 1: Bloomberg taking stock movers and shakers with Pim Fox and

74
00:04:55,120 --> 00:05:01,279
Speaker 1: Kathleen As on Bloomberg Radio. Stocks many to move higher today.

75
00:05:01,400 --> 00:05:04,760
Speaker 1: Janet Yellen says eventually she'll be pushing for that next

76
00:05:04,800 --> 00:05:08,000
Speaker 1: interest rate increase. And this was enough to help stocks

77
00:05:08,040 --> 00:05:10,440
Speaker 1: shake off some early worries about where she was heading

78
00:05:10,440 --> 00:05:14,320
Speaker 1: with her speech in Philadelphia. Perhaps people are saying, look,

79
00:05:14,320 --> 00:05:17,400
Speaker 1: if she feels good enough about the economy to boost

80
00:05:17,440 --> 00:05:20,400
Speaker 1: rates eventually, I feel good enough to buy some equities today.

81
00:05:20,560 --> 00:05:22,720
Speaker 1: Looking inside the SMP five hundred, we see the three

82
00:05:23,000 --> 00:05:26,080
Speaker 1: thirty five companies share prices closed higher a hundred sixty

83
00:05:26,080 --> 00:05:29,039
Speaker 1: eight lower to unchanged gableson our stocks. That it is

84
00:05:29,080 --> 00:05:31,320
Speaker 1: back to kickoff movers and shakers. I'll tell you. There

85
00:05:31,320 --> 00:05:34,440
Speaker 1: are a lot of stock moves related to the annual

86
00:05:34,480 --> 00:05:37,960
Speaker 1: meeting of the American Society of Clinical Oncology, which started

87
00:05:37,960 --> 00:05:42,200
Speaker 1: on Friday and runs through tomorrow. Maybe the most noteworthy one, though,

88
00:05:42,279 --> 00:05:45,679
Speaker 1: was in the shares of ab The uh study results

89
00:05:45,680 --> 00:05:48,039
Speaker 1: on the company's proposed treatment for a form of lung

90
00:05:48,120 --> 00:05:53,640
Speaker 1: cancer showed patients survive for a shorter time than typical

91
00:05:53,760 --> 00:05:57,760
Speaker 1: for those on chemotherapy. Now, the drugs being developed by

92
00:05:57,880 --> 00:06:02,480
Speaker 1: Stem Centrics, which Abby just finished buying for five point

93
00:06:02,480 --> 00:06:06,000
Speaker 1: eight billion dollars, so these results did not go over well.

94
00:06:06,279 --> 00:06:11,080
Speaker 1: Abvy shares down three point four percent in today's trading. Well,

95
00:06:11,160 --> 00:06:14,240
Speaker 1: let's look at somebody who moved higher today by some

96
00:06:14,320 --> 00:06:17,479
Speaker 1: four point six percent, and that is a devon energy.

97
00:06:17,680 --> 00:06:21,360
Speaker 1: Of course, there are oil and natural gas producer based

98
00:06:21,360 --> 00:06:24,919
Speaker 1: in Oklahoma City. They're making good on their plan to

99
00:06:25,000 --> 00:06:27,920
Speaker 1: sell three billion dollars worth of assets to fund drilling

100
00:06:27,960 --> 00:06:30,839
Speaker 1: and lower debt. They agreed to sell fields in Texas

101
00:06:31,000 --> 00:06:34,200
Speaker 1: and Oklahoma and a royalty interest in the Northern Midland

102
00:06:34,400 --> 00:06:38,440
Speaker 1: Basis for nearly one billion dollars to undisclosed buyers. The

103
00:06:38,560 --> 00:06:42,000
Speaker 1: largest transaction data was for reserves in East Texas for

104
00:06:42,080 --> 00:06:45,080
Speaker 1: five five million dollars. But they also agreed to sell

105
00:06:45,120 --> 00:06:48,760
Speaker 1: their position in the Anadarcho Basins Granite Wash area for

106
00:06:48,800 --> 00:06:52,120
Speaker 1: three hundred ten millions, So investors giving this a thumbs up.

107
00:06:53,000 --> 00:06:57,159
Speaker 1: T Mobile US, now there is an interesting plan going

108
00:06:57,240 --> 00:07:00,120
Speaker 1: on there. They came out with their latest offer for

109
00:07:00,200 --> 00:07:04,359
Speaker 1: subscribers and they're giving one share of their stock to

110
00:07:04,560 --> 00:07:09,000
Speaker 1: each one that signs a contract for service. Then beyond that,

111
00:07:09,040 --> 00:07:12,520
Speaker 1: subscribers can earn a share for customer referrals, and if

112
00:07:12,560 --> 00:07:15,120
Speaker 1: you've been with T Mobile US for five or more years,

113
00:07:15,280 --> 00:07:18,680
Speaker 1: you get two shares for referrals. And they had thirty

114
00:07:18,840 --> 00:07:23,480
Speaker 1: two point seven million what the industry calls post paid subscribers.

115
00:07:23,640 --> 00:07:26,000
Speaker 1: Those are the ones that signed contracts as opposed to

116
00:07:26,160 --> 00:07:29,800
Speaker 1: paying as they go. Well, put that all together in

117
00:07:29,920 --> 00:07:33,440
Speaker 1: T mobile US with a drop of one point three

118
00:07:33,520 --> 00:07:36,600
Speaker 1: percent in today's trading, So this idea of a share

119
00:07:36,600 --> 00:07:39,960
Speaker 1: giveaway didn't go over all that Well, what should I do?

120
00:07:40,080 --> 00:07:42,640
Speaker 1: Not what I say? That seems to be what's going

121
00:07:42,680 --> 00:07:46,080
Speaker 1: on with the best Buy today. The shares are down

122
00:07:46,280 --> 00:07:50,680
Speaker 1: some three point one percent at the close. After their CEO,

123
00:07:51,320 --> 00:07:55,160
Speaker 1: Hubert Jolie, sold nearly thirteen million dollars of his stock

124
00:07:55,280 --> 00:07:57,720
Speaker 1: stock he cut his equity stake in best Buy by

125
00:07:57,800 --> 00:08:02,040
Speaker 1: forty four percent. Uh he joined best Buy in twenty twelve,

126
00:08:02,120 --> 00:08:03,880
Speaker 1: and of course the company is saying that he has

127
00:08:03,880 --> 00:08:06,560
Speaker 1: no plans to leave his role. But of course this

128
00:08:06,680 --> 00:08:10,360
Speaker 1: news rattled investors because they are looking to Joey to

129
00:08:10,440 --> 00:08:13,120
Speaker 1: complete a turnaround of the retail chain, and he's been

130
00:08:13,160 --> 00:08:15,440
Speaker 1: latted for cutting costs and selling off foreign divisions. But

131
00:08:15,480 --> 00:08:18,080
Speaker 1: the company hasn't yet to return to study sales growth.

132
00:08:18,120 --> 00:08:22,760
Speaker 1: So Sunny selling stock sending a negative message to investors.

133
00:08:23,200 --> 00:08:25,679
Speaker 1: Good day for the car rental business for couple of reasons.

134
00:08:25,760 --> 00:08:29,840
Speaker 1: One is that Hurts Global Holdings. The board approved a

135
00:08:29,920 --> 00:08:33,840
Speaker 1: plan to split the equipment rental business from the main

136
00:08:34,000 --> 00:08:37,280
Speaker 1: car rental company, So that's going to happen, something that's

137
00:08:37,280 --> 00:08:39,360
Speaker 1: been in the works for a while. And then you

138
00:08:39,440 --> 00:08:42,760
Speaker 1: had Avis a his budget group, to be more precise,

139
00:08:43,080 --> 00:08:46,480
Speaker 1: come out at a Golden Sacks conference and talk about

140
00:08:46,720 --> 00:08:50,680
Speaker 1: how pricing was actually starting to recover in the rental

141
00:08:50,679 --> 00:08:53,720
Speaker 1: car industry. That's been an area where they've had issues

142
00:08:53,760 --> 00:08:57,439
Speaker 1: for some time. So you saw Hurts and Avis both

143
00:08:57,520 --> 00:09:01,480
Speaker 1: up seven point two percent in today's Ready. Well, uh,

144
00:09:01,480 --> 00:09:04,520
Speaker 1: it isn't a big move in Walmart stock today. It's

145
00:09:04,640 --> 00:09:06,920
Speaker 1: only about well, it's a quarter of a percent. But

146
00:09:06,960 --> 00:09:08,800
Speaker 1: I think people who are interested in Walmart want to

147
00:09:08,840 --> 00:09:12,360
Speaker 1: take note of Jeffrey's upgrading Walmart from neutral to buy.

148
00:09:12,679 --> 00:09:16,360
Speaker 1: The price target eighty two bucks from sixty and in fact,

149
00:09:16,480 --> 00:09:21,280
Speaker 1: Daniel Binder listed ten reasons to buy Walmart, opining that quote,

150
00:09:21,559 --> 00:09:25,199
Speaker 1: the battleship is starting to turn, so Walmart getting a

151
00:09:25,240 --> 00:09:27,800
Speaker 1: little boost there. Let's take a look now the Volatility

152
00:09:27,800 --> 00:09:30,080
Speaker 1: Index Report brought to you by cbo ev exs Options

153
00:09:30,080 --> 00:09:33,680
Speaker 1: and futures. Volatility can be harnessed with cboev ex options

154
00:09:33,679 --> 00:09:36,920
Speaker 1: and futures c disclosures. Learn more at cbo E dot com.

155
00:09:37,160 --> 00:09:41,800
Speaker 1: Slash Powerful Outcomes, vix Little move up point one five

156
00:09:42,400 --> 00:09:45,320
Speaker 1: in the vix to day to thirteen point six too.

157
00:09:45,840 --> 00:09:48,920
Speaker 1: And in fact it is as a Friday posting its

158
00:09:48,960 --> 00:09:51,400
Speaker 1: third weekly increase in the last four So we'll see

159
00:09:51,400 --> 00:09:57,520
Speaker 1: how this week goes. All right, Dave, H. My name

160
00:09:57,600 --> 00:10:06,160
Speaker 1: is Dave. Just what do you think you're doing? We're going, Dave,

161
00:10:06,360 --> 00:10:12,200
Speaker 1: Dave Bearracuda Networks. Dave, you're a stock of the day,

162
00:10:12,440 --> 00:10:14,440
Speaker 1: that's right. This is a company that helps businesses with

163
00:10:14,480 --> 00:10:18,680
Speaker 1: computer security and data storage as well as networking. Company

164
00:10:18,720 --> 00:10:20,840
Speaker 1: was founded in two thousand three and manut its initial

165
00:10:20,840 --> 00:10:24,080
Speaker 1: public offering a decade later. Baracuda is listed under the

166
00:10:24,120 --> 00:10:27,120
Speaker 1: ticker KUDA c U d A the last four letters

167
00:10:27,120 --> 00:10:29,720
Speaker 1: of that first name, comany on public and eighteen dollars

168
00:10:29,720 --> 00:10:32,640
Speaker 1: a share, and trade above that price for almost two years.

169
00:10:32,920 --> 00:10:36,280
Speaker 1: Disappointing earnings reports then took down the stock and fell

170
00:10:36,360 --> 00:10:38,800
Speaker 1: all the way to nine dollars and forty four cents

171
00:10:38,800 --> 00:10:43,160
Speaker 1: in January. Now, we reported in February that Barracuda was

172
00:10:43,200 --> 00:10:46,120
Speaker 1: working with Morgan Stanley to seek potential buyers. According to

173
00:10:46,120 --> 00:10:49,239
Speaker 1: people familiar with the matter. While the stock is rebounded

174
00:10:49,240 --> 00:10:53,400
Speaker 1: as the process has unfolded, the recovery was set back today.

175
00:10:53,679 --> 00:10:59,079
Speaker 1: That's because Barracouter received its very first celerating since going public.

176
00:10:59,280 --> 00:11:02,120
Speaker 1: The call came from jam P Securities, which cut its

177
00:11:02,160 --> 00:11:05,920
Speaker 1: recommendation equivalent itself from hold. Analyst Eric Superger wrote in

178
00:11:05,920 --> 00:11:08,960
Speaker 1: a report that the shares maybe too costly for the

179
00:11:08,960 --> 00:11:11,800
Speaker 1: company to attract the buyer. He added that sales have

180
00:11:11,920 --> 00:11:15,400
Speaker 1: been disrupted as some sales people have been fired and

181
00:11:15,440 --> 00:11:18,600
Speaker 1: others have quit. You put that all together, you got

182
00:11:18,600 --> 00:11:21,760
Speaker 1: a stock and Barracuda Networks at down nine point six

183
00:11:21,800 --> 00:11:25,360
Speaker 1: percent today and that's the biggest drop since January. Kuda,

184
00:11:25,480 --> 00:11:28,319
Speaker 1: I like that. See U. D A. Dave Wilson, thank

185
00:11:28,320 --> 00:11:31,520
Speaker 1: you so very much for joining us on taking stock today.

186
00:11:31,559 --> 00:11:34,520
Speaker 1: He is our stocks editor resident Musicologists. You can follow

187
00:11:34,600 --> 00:11:36,800
Speaker 1: him on Twitter at the one Dave Hey. You can

188
00:11:36,840 --> 00:11:40,959
Speaker 1: follow me Kathleen Hayes and Pam Fox to Orlando, Florida

189
00:11:41,000 --> 00:11:45,880
Speaker 1: tomorrow Pershing Insight sixteen. We are gonna be hearing about

190
00:11:45,880 --> 00:11:50,160
Speaker 1: the hottest investment trends, how Pershing is innovating. We're gonna

191
00:11:50,200 --> 00:11:53,560
Speaker 1: be looking at the newest technology tools two days Tuesday

192
00:11:53,600 --> 00:11:55,920
Speaker 1: and Wednesday right here on taking Stock on bloom MiG

193
00:11:55,960 --> 00:11:59,480
Speaker 1: Radio Bloomberg Advantage with Carol Master and Corey Johnson's Gonna

194
00:11:59,480 --> 00:12:02,079
Speaker 1: Be In Night as well. This is taking stock on

195
00:12:02,160 --> 00:12:07,520
Speaker 1: Bloomberg Radio. Bloomberg. Taking Stock is brought to you by

196
00:12:07,520 --> 00:12:10,720
Speaker 1: Audie meadow Lands and Zacocus, New Jersey, powered by Benzel Bush,

197
00:12:10,760 --> 00:12:14,000
Speaker 1: offering commitment to service, luxury and value with total transparency.

198
00:12:14,360 --> 00:12:17,000
Speaker 1: Start your journey at Audi meadow Lands dot net and

199
00:12:17,200 --> 00:12:18,559
Speaker 1: to find the way you drive