1 00:00:02,520 --> 00:00:08,800 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,880 --> 00:00:13,160 Speaker 2: Stock Movers podcast, your roundup of companies making moves in 3 00:00:13,200 --> 00:00:16,480 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,440 --> 00:00:18,759 Speaker 3: Let's take a look at some of the stocks on 5 00:00:18,800 --> 00:00:20,880 Speaker 3: the move today. I'm Paul Sweeney alongside Lease Matteo, and 6 00:00:20,880 --> 00:00:22,759 Speaker 3: we're joined by Bloomberg's Christina Keeno. 7 00:00:22,840 --> 00:00:24,720 Speaker 1: Christine, what you have? Well, Paul, we got to take 8 00:00:24,720 --> 00:00:26,960 Speaker 1: a look at the banks today, big day, so let's 9 00:00:27,000 --> 00:00:29,360 Speaker 1: dig into it. I want to look at Goldman tick 10 00:00:29,400 --> 00:00:32,560 Speaker 1: her Gs. So Charlie mentioned, shares are down across the 11 00:00:32,600 --> 00:00:34,959 Speaker 1: board for all these banks reporting today, Goldman shares down 12 00:00:35,000 --> 00:00:37,280 Speaker 1: two tens of one percent, so pairing some of those 13 00:00:37,320 --> 00:00:40,760 Speaker 1: earlier losses. But you would not expect that from a 14 00:00:40,800 --> 00:00:45,279 Speaker 1: bank that just reported its best stock trading quarter in history. Right. 15 00:00:45,320 --> 00:00:48,400 Speaker 1: That's trading revenue of more than four four billion dollars, 16 00:00:48,400 --> 00:00:51,240 Speaker 1: which is about six hundred million more than what analysts 17 00:00:51,240 --> 00:00:54,400 Speaker 1: are expecting, a fixed income revenue, and investment banking fees 18 00:00:54,760 --> 00:00:58,840 Speaker 1: also healthily exceeding analysts estimates. But I was asking the 19 00:00:58,840 --> 00:01:01,920 Speaker 1: Marcus Live strategists just before I came on here, why 20 00:01:02,240 --> 00:01:05,160 Speaker 1: the reaction right? Very muted and that is because Goldmand 21 00:01:05,240 --> 00:01:09,200 Speaker 1: shares seem to be essentially a victim of their own success. 22 00:01:09,480 --> 00:01:12,880 Speaker 1: We did see those shares hit record highs earlier in July, 23 00:01:13,000 --> 00:01:15,560 Speaker 1: a lot of expectations heading into the earning season, and 24 00:01:15,680 --> 00:01:19,039 Speaker 1: even though Goldman handily beat them, it really was a 25 00:01:19,080 --> 00:01:22,080 Speaker 1: sense of christ perfection when it comes to the share price. 26 00:01:22,080 --> 00:01:23,399 Speaker 1: So we're just seeing a little bit of a pullback 27 00:01:23,440 --> 00:01:27,280 Speaker 1: here today. Bank of America also lower this morning. They're 28 00:01:27,319 --> 00:01:29,360 Speaker 1: down like four tens or percent, but they posted this 29 00:01:29,480 --> 00:01:33,000 Speaker 1: record second quarter. That's right, that's right, Lisa, Yes, So 30 00:01:33,080 --> 00:01:37,440 Speaker 1: Bank of America ticker BAC shares also pulling back this morning. 31 00:01:37,720 --> 00:01:40,880 Speaker 1: Interesting though, because you know, the equity trading revenue that 32 00:01:41,000 --> 00:01:43,800 Speaker 1: was really the key to Goldman's success was a little 33 00:01:43,840 --> 00:01:48,240 Speaker 1: bit softer, you know, compared in comparison for Bank of 34 00:01:48,280 --> 00:01:51,360 Speaker 1: America that did two point one billion dollars. That's you know, 35 00:01:51,600 --> 00:01:55,080 Speaker 1: that's nothing to sniff up, but and it did top expectations. 36 00:01:55,080 --> 00:01:58,080 Speaker 1: But it is slightly softer from the previous quarter, but 37 00:01:58,160 --> 00:02:01,200 Speaker 1: net interest income rising seven point one percent to more 38 00:02:01,240 --> 00:02:04,600 Speaker 1: than fourteen billion dollars. Also, Senior Brian moynihan commenting on 39 00:02:04,640 --> 00:02:08,160 Speaker 1: the state of consumers, saying that they are resilient, they're healthy, 40 00:02:08,240 --> 00:02:11,440 Speaker 1: they have healthy spending, they have acid quality. So pretty 41 00:02:11,520 --> 00:02:13,800 Speaker 1: upbeat assessment there of how households are doing. 42 00:02:14,000 --> 00:02:16,799 Speaker 3: And as Charlie Pellow just reported, we have the CEO 43 00:02:16,840 --> 00:02:20,400 Speaker 3: mister moynihan on Bloomberg Television with David weston two thirty 44 00:02:20,600 --> 00:02:24,000 Speaker 3: pm Wall Street Time today about our good friends stand 45 00:02:24,000 --> 00:02:25,960 Speaker 3: in New Brunswick, New Jersey, Johnson and Johnson. 46 00:02:26,080 --> 00:02:28,240 Speaker 1: Yeah, Johnson and Johnson took her Jay and J. So 47 00:02:28,280 --> 00:02:31,639 Speaker 1: that's the stock that's doing really well. This Mourning shares 48 00:02:31,639 --> 00:02:34,880 Speaker 1: out just over four percent. Earlier they were up even 49 00:02:34,960 --> 00:02:38,000 Speaker 1: higher six percent, and that's for the biggest gain in 50 00:02:38,200 --> 00:02:40,919 Speaker 1: two years. We did see their second quarter sales at 51 00:02:40,960 --> 00:02:44,919 Speaker 1: twenty three point seven billion dollars, beating expectations. Company also 52 00:02:45,040 --> 00:02:47,760 Speaker 1: raising its full year outlook. And so it's interesting because 53 00:02:47,760 --> 00:02:50,720 Speaker 1: we did have President Trump speaking a week earlier saying 54 00:02:50,720 --> 00:02:53,360 Speaker 1: that he would impose tariffs of as high as two 55 00:02:53,440 --> 00:02:56,840 Speaker 1: hundred percent on drug companies if they don't start shifting 56 00:02:56,880 --> 00:03:00,000 Speaker 1: their manufacturing toward the US in the next eighteen months. 57 00:03:00,320 --> 00:03:03,160 Speaker 1: But then, according to ceve CFO Joe Walk, that's actually 58 00:03:03,200 --> 00:03:05,440 Speaker 1: good news because that means it's a slow ramp up 59 00:03:05,440 --> 00:03:09,040 Speaker 1: to tariffs and the eighteen month runway is a recognition 60 00:03:09,200 --> 00:03:11,360 Speaker 1: that it takes some time for companies to be able 61 00:03:11,360 --> 00:03:13,520 Speaker 1: to do this right, and so they're treating that as 62 00:03:13,520 --> 00:03:18,320 Speaker 1: good news. Shareholders like it, and we're seeing its first 63 00:03:18,360 --> 00:03:18,919 Speaker 1: game in pre. 64 00:03:18,960 --> 00:03:24,720 Speaker 2: Sessions the Stock Movers podcast from Bloomberg Radio. Check back 65 00:03:24,760 --> 00:03:27,160 Speaker 2: with us throughout the day for the latest roundup of 66 00:03:27,200 --> 00:03:30,400 Speaker 2: companies making news on Wall Street and for the latest 67 00:03:30,440 --> 00:03:34,600 Speaker 2: market moving headlines. Listen to Bloomberg Radio Live, catch us 68 00:03:34,639 --> 00:03:37,960 Speaker 2: on YouTube, Bloomberg dot com, and on Applecarplay and Android 69 00:03:38,000 --> 00:03:40,040 Speaker 2: Auto with the Bloomberg Business app.