1 00:00:02,200 --> 00:00:05,560 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:05,640 --> 00:00:08,720 Speaker 1: dot com, the radio plus Molobiler and on your radio. 3 00:00:09,000 --> 00:00:13,200 Speaker 1: This is a Bloomberg Business Flash bloom Bloomberg World Headquarters, 4 00:00:13,200 --> 00:00:15,159 Speaker 1: Signed Charlie Pellet. There you have its sound of the 5 00:00:15,200 --> 00:00:19,079 Speaker 1: closing dollars. We wrap up trading on this Monday, May nine, fan. 6 00:00:19,360 --> 00:00:22,599 Speaker 1: We are looking at a down day for the Dow, 7 00:00:23,000 --> 00:00:25,960 Speaker 1: an update for the SMP five hundred index, and an 8 00:00:26,000 --> 00:00:31,240 Speaker 1: update for the Nestack Composite Index. SEC Enforcement divisions said 9 00:00:31,240 --> 00:00:34,560 Speaker 1: to be reviewing lending club disclosures. At headline crossing the 10 00:00:34,560 --> 00:00:37,839 Speaker 1: Bloomberg Professional Service, We are brought to you by National 11 00:00:37,920 --> 00:00:42,720 Speaker 1: Realty Returns on cash in rented real estate Find them 12 00:00:42,720 --> 00:00:46,320 Speaker 1: at n r I a dot net. Also moments ago, 13 00:00:46,400 --> 00:00:49,960 Speaker 1: a headline saying that Brazil's Senate chief says the Dilna 14 00:00:50,080 --> 00:00:55,440 Speaker 1: Russef impeachment motion can proceed. Equities advanced today gains by 15 00:00:55,480 --> 00:01:00,000 Speaker 1: healthcare and technology shares offset disappointing trade data from China 16 00:01:00,080 --> 00:01:04,200 Speaker 1: uh and prospects for higher US interest rates, drag commodities, 17 00:01:04,240 --> 00:01:08,960 Speaker 1: lower oil extended to clients after shifting winds moved wildfires 18 00:01:09,000 --> 00:01:13,520 Speaker 1: away from oil sands facilities in Canada's Alberta region crude 19 00:01:13,520 --> 00:01:17,080 Speaker 1: oil down today by two point eight percent, falling today 20 00:01:17,080 --> 00:01:20,039 Speaker 1: by a dollar twenty three to forty three forty two 21 00:01:20,040 --> 00:01:23,759 Speaker 1: for a barrel of West Texas Intermediate. Saudi Arabia will 22 00:01:23,800 --> 00:01:26,840 Speaker 1: probably keep producing crude at near record levels under its 23 00:01:26,840 --> 00:01:30,679 Speaker 1: newly appointed oil minister Khalid al Fali, as the world's 24 00:01:30,760 --> 00:01:34,800 Speaker 1: largest exporter, sticks with his predecessor's policy of defending market 25 00:01:34,840 --> 00:01:39,920 Speaker 1: share against higher cost shale. Bill O'Neil's is with Logic Advisers. 26 00:01:40,000 --> 00:01:42,400 Speaker 1: He was interviewed today right here on taking style. He 27 00:01:42,440 --> 00:01:45,039 Speaker 1: wanted to keep that market Chairman. That's what authorities have 28 00:01:45,120 --> 00:01:48,720 Speaker 1: been doing. They've been doing everything possible to knock out 29 00:01:48,720 --> 00:01:52,440 Speaker 1: the shale producers in the US, with as we just 30 00:01:52,520 --> 00:01:56,360 Speaker 1: pointed out, some modest success. Uh. He probably will be 31 00:01:56,480 --> 00:02:00,640 Speaker 1: even more so. Also, I think he will be left 32 00:02:00,720 --> 00:02:04,000 Speaker 1: likely to participate in the oil freeze talks that are 33 00:02:04,040 --> 00:02:06,200 Speaker 1: coming up in early June. They had that first round 34 00:02:06,200 --> 00:02:11,000 Speaker 1: of tale uh. Mr alphaide uh appointment appears to be 35 00:02:11,280 --> 00:02:14,040 Speaker 1: embarished for that as well. Ask some p up today 36 00:02:14,040 --> 00:02:16,000 Speaker 1: by a point to gain a point one percent. Now, 37 00:02:16,080 --> 00:02:18,120 Speaker 1: let's look at other news from around the world on 38 00:02:18,200 --> 00:02:22,240 Speaker 1: Bloomberg Radio Charlie, Thank you from the Bloomberg news Room 39 00:02:22,280 --> 00:02:25,960 Speaker 1: by Mark Crumpton. A joint analysis by the Urban Brookings 40 00:02:26,000 --> 00:02:29,799 Speaker 1: Tax Policy Center and the Urban Institute Health Policy Center 41 00:02:30,040 --> 00:02:33,560 Speaker 1: finds that Bernie Sanders tax and spending proposals would add 42 00:02:33,560 --> 00:02:37,160 Speaker 1: eighteen trillion dollars to the federal deficit over a decade. 43 00:02:37,480 --> 00:02:40,640 Speaker 1: The study says that negative effects on the US economy 44 00:02:40,680 --> 00:02:44,560 Speaker 1: could quote be severe. Sanders would also raise taxes by 45 00:02:44,560 --> 00:02:48,000 Speaker 1: more than fifteen trillion dollars over ten years, with most 46 00:02:48,040 --> 00:02:52,079 Speaker 1: of that paid for by upper income earners. Senator Sanders 47 00:02:52,080 --> 00:02:54,760 Speaker 1: spoke today at a rally in Atlantic City, New Jersey. 48 00:02:54,880 --> 00:02:59,880 Speaker 1: There are nine more primaries and Caucus's remaining from a 49 00:03:00,000 --> 00:03:02,160 Speaker 1: throw one in West Virginia. We hope to win the 50 00:03:02,320 --> 00:03:08,799 Speaker 1: up and then on June seven, there is the big 51 00:03:08,880 --> 00:03:14,600 Speaker 1: day because it's New Jersey of California. But the math 52 00:03:14,800 --> 00:03:18,040 Speaker 1: is against Senator Sanders in his race for the White House. 53 00:03:18,400 --> 00:03:22,919 Speaker 1: Officials in Western Canadas say they're cautiously optimistic that weather 54 00:03:23,000 --> 00:03:27,200 Speaker 1: conditions will allow them to finally contain a huge wildfire. 55 00:03:27,320 --> 00:03:30,280 Speaker 1: It is still unsafe for anyone who is not a 56 00:03:30,360 --> 00:03:34,320 Speaker 1: first responder to be inside their kids, that's Alberta Premier 57 00:03:34,400 --> 00:03:37,800 Speaker 1: Rachel Nutley. More than ninety thousand people have been forced 58 00:03:37,840 --> 00:03:41,200 Speaker 1: from their homes in the Fort McMurray area. Officials say 59 00:03:41,280 --> 00:03:45,360 Speaker 1: censors that monitor energy usage, overcrowding, and whether a handicap 60 00:03:45,440 --> 00:03:49,280 Speaker 1: accessible entrance is blocked are being installed at the historic 61 00:03:49,320 --> 00:03:52,920 Speaker 1: brooklyn Borough Hall. The Daily News reports the monitoring system 62 00:03:53,200 --> 00:03:56,120 Speaker 1: is part of a new pilot program, Global News twenty 63 00:03:56,160 --> 00:03:59,560 Speaker 1: four hours a day, powered by our journalists in more 64 00:03:59,600 --> 00:04:02,480 Speaker 1: than one hundred fifty news bureaus around the world. From 65 00:04:02,480 --> 00:04:05,600 Speaker 1: the Bloomberg News Room, I'm Mark Crumpton, Charlie, and we 66 00:04:05,720 --> 00:04:08,200 Speaker 1: thank you and again recapping a mixed picture for stocks. 67 00:04:08,240 --> 00:04:10,920 Speaker 1: The down lower down thirty four points or top of 68 00:04:10,960 --> 00:04:14,320 Speaker 1: two tenths of one percent, SMP five hundred index up 69 00:04:14,360 --> 00:04:18,200 Speaker 1: one point, a gain of point one percent. I'm Charlie Peloton. 70 00:04:18,320 --> 00:04:22,200 Speaker 1: That's a Bloomberg business flash move around most and creates 71 00:04:22,200 --> 00:04:28,680 Speaker 1: emotion at the move they do. I've never seen anyone 72 00:04:28,680 --> 00:04:34,960 Speaker 1: move that back card Peoplet's move like you've got a purpose. 73 00:04:40,000 --> 00:04:42,560 Speaker 1: That he was called movers and shakers. They cost a 74 00:04:42,560 --> 00:04:51,800 Speaker 1: little more. That name cracked me up. Bloomberg taking stock 75 00:04:51,960 --> 00:04:55,880 Speaker 1: movers and shakers with pim Fox and Kathleen As on 76 00:04:56,000 --> 00:04:59,880 Speaker 1: Bloomberg Radio Movers and Shakers her Monday, May the ninth, 77 00:05:00,000 --> 00:05:05,239 Speaker 1: twenty sixteen, two hundred and ninety issues of the SMP 78 00:05:05,320 --> 00:05:09,560 Speaker 1: five index advanced, two hundred and twelve decline, and three 79 00:05:09,560 --> 00:05:13,680 Speaker 1: remain unchanged. Dave Wilson, Bloomberg Stocks Commas Joining you now 80 00:05:14,120 --> 00:05:17,039 Speaker 1: for Movers and Shakers. Dave Wilson, Well, I'll tell you 81 00:05:17,080 --> 00:05:19,640 Speaker 1: it's amazing what a difference today can make. You know, 82 00:05:19,720 --> 00:05:23,279 Speaker 1: you go back to Friday. Endo Pharmaceutical comes out, cuts 83 00:05:23,320 --> 00:05:27,160 Speaker 1: their revenue and Ernie's estimates, shares fall thirty nine percent, 84 00:05:27,200 --> 00:05:30,120 Speaker 1: and other companies in the generic drug business go down 85 00:05:30,160 --> 00:05:35,560 Speaker 1: too because Endo says they're seeing more pressure on prices. Well, today, 86 00:05:36,240 --> 00:05:40,599 Speaker 1: the world's biggest makeup generics table pharmaceutical industries comes out 87 00:05:40,640 --> 00:05:44,240 Speaker 1: and says, we're not seeing that. In other words, as 88 00:05:44,240 --> 00:05:48,120 Speaker 1: they put it, Tava has not seen any fundamental change 89 00:05:48,240 --> 00:05:51,160 Speaker 1: or worsening in the pricing environment. And that was the 90 00:05:51,279 --> 00:05:54,359 Speaker 1: head of the company's generics Madison's unit that made that 91 00:05:54,440 --> 00:05:57,760 Speaker 1: comment to analysts on a conference call. Uh So, Tavia 92 00:05:57,880 --> 00:06:01,320 Speaker 1: shares up five percent and you a rebound in other 93 00:06:01,480 --> 00:06:04,920 Speaker 1: generic companies. I mean Alegan, notably with a six percent 94 00:06:05,000 --> 00:06:07,480 Speaker 1: game to have a reaffirm that they expect to complete 95 00:06:07,520 --> 00:06:10,680 Speaker 1: their forty and a half billion dollar purchase of Allgan's 96 00:06:10,720 --> 00:06:13,440 Speaker 1: generic's business by the end of June. Now you look 97 00:06:14,120 --> 00:06:18,240 Speaker 1: the Allgans, the second biggest game in the sandport, and 98 00:06:18,320 --> 00:06:21,440 Speaker 1: the biggest one belongs to another company in that business, 99 00:06:21,480 --> 00:06:24,720 Speaker 1: Malancroft up six point one percent on the day. I'll 100 00:06:24,720 --> 00:06:27,240 Speaker 1: tell you about a stock that fell today, Freeport mcmarhon Dave, 101 00:06:27,279 --> 00:06:29,560 Speaker 1: I know you've been following this as well, down more 102 00:06:29,600 --> 00:06:32,719 Speaker 1: than ten and a half percent today. Freeport mcmaren agreeing 103 00:06:32,800 --> 00:06:36,600 Speaker 1: to sell its Democratic Republic of Congo copper Mind to 104 00:06:37,000 --> 00:06:41,320 Speaker 1: China malibd in them for two point six five billion dollars. 105 00:06:41,360 --> 00:06:44,440 Speaker 1: Freeport McMahon is trying to reduce debts that it had 106 00:06:44,520 --> 00:06:49,000 Speaker 1: racked up during the commodities boom. China Molybdenum is going 107 00:06:49,080 --> 00:06:53,080 Speaker 1: to acquire Freeports indirect fifty six percent stake in the 108 00:06:53,160 --> 00:06:57,600 Speaker 1: Mind it produces cobalt once again. Shares of Freeport macaron 109 00:06:57,640 --> 00:06:59,680 Speaker 1: down ten and a half percent. But I'll tell you 110 00:07:00,000 --> 00:07:03,040 Speaker 1: about a turnaround. You look at Sophoby's the auction house. 111 00:07:03,080 --> 00:07:04,799 Speaker 1: You know they had a wider first quarter of loss 112 00:07:05,040 --> 00:07:08,240 Speaker 1: than Annelison and Bloomberg survey. We're expecting revenue trail the 113 00:07:08,240 --> 00:07:10,640 Speaker 1: average estimate by the wise more than three years. Fairness 114 00:07:10,640 --> 00:07:13,840 Speaker 1: stock goes down right well. Comedy comes out and says 115 00:07:13,920 --> 00:07:17,920 Speaker 1: an investor which didn't name, may raise his steak to 116 00:07:18,120 --> 00:07:20,920 Speaker 1: as much as ten percent. So that was the sort 117 00:07:20,920 --> 00:07:24,520 Speaker 1: of thing that got people's attention. And Sothoby shares up 118 00:07:24,560 --> 00:07:27,920 Speaker 1: six percent on the day. I just mentioned Cole's. The 119 00:07:28,000 --> 00:07:32,040 Speaker 1: shares move higher today by almost two percent, maybe as 120 00:07:32,080 --> 00:07:34,640 Speaker 1: a preview for what we're going to get later on 121 00:07:34,840 --> 00:07:38,960 Speaker 1: in the week. Best Buy also up two percent today, 122 00:07:39,280 --> 00:07:41,800 Speaker 1: and we know that retail sales will be coming out 123 00:07:41,840 --> 00:07:45,200 Speaker 1: on Friday. And Macy's shares also moved higher today. They 124 00:07:45,240 --> 00:07:48,680 Speaker 1: were about a tenth of a percent, uh two tents 125 00:07:48,680 --> 00:07:50,880 Speaker 1: of a percent I made departing thirty seven dollars seventy 126 00:07:50,880 --> 00:07:54,120 Speaker 1: one cents. But retail sales Macy's reporting on Wednesday, and 127 00:07:54,160 --> 00:07:56,760 Speaker 1: then the government's retail sales report will be on Friday. 128 00:07:57,000 --> 00:07:59,240 Speaker 1: It's not a terribly busy week for earnings, but we 129 00:07:59,280 --> 00:08:02,200 Speaker 1: did get results today out of Tyson Foods, the meat producer. 130 00:08:02,600 --> 00:08:05,559 Speaker 1: UH first quarter profit and revenue beating estimates. They raised 131 00:08:05,560 --> 00:08:08,560 Speaker 1: their full yer forecast. Their benefited from lower prices for 132 00:08:08,840 --> 00:08:12,480 Speaker 1: feed and animals, so their private margins are going up, 133 00:08:12,800 --> 00:08:15,840 Speaker 1: and so did their shares today. Tyson Foods up one 134 00:08:15,880 --> 00:08:18,880 Speaker 1: and a half percent. And I'll just tell you about Allergan, 135 00:08:19,040 --> 00:08:26,320 Speaker 1: of course, the maker of botox. Yes, Algan rising the 136 00:08:26,480 --> 00:08:29,520 Speaker 1: most this year, beating the games in many of the 137 00:08:29,520 --> 00:08:36,319 Speaker 1: farmer sectors. The shares of Allergan today up nearly six percent. Uh. 138 00:08:36,360 --> 00:08:37,960 Speaker 1: And I believe a lot of this has to do 139 00:08:38,000 --> 00:08:41,480 Speaker 1: with the clubs, right, Yes, I mentioned that they were 140 00:08:42,440 --> 00:08:44,600 Speaker 1: figuring that deal gets done by the end of June, 141 00:08:44,640 --> 00:08:48,240 Speaker 1: so definitely a plus there. Gotta mentioned London Club. I mean, 142 00:08:48,360 --> 00:08:51,040 Speaker 1: certainly the story of the day. Shares have fallen thirty 143 00:08:51,080 --> 00:08:55,640 Speaker 1: five percent. Founder and chief executive RENEWL Laplanche resigned from 144 00:08:55,679 --> 00:08:58,920 Speaker 1: the online finance company Lending Club found a twenty two 145 00:08:58,920 --> 00:09:01,760 Speaker 1: million dollars sailed loans. Tw a single investor was at 146 00:09:01,760 --> 00:09:07,400 Speaker 1: odds with that. Investors expressed instructions. Thank you very much, 147 00:09:07,480 --> 00:09:10,560 Speaker 1: Dave Wilson. Right now, time for the Volatility Index Report. 148 00:09:10,600 --> 00:09:13,120 Speaker 1: It's brought to you by cbo E VIX Options and Futures. 149 00:09:13,200 --> 00:09:16,160 Speaker 1: Volatility can be harnessed with cbo E VIX options and 150 00:09:16,240 --> 00:09:19,680 Speaker 1: futures CE disclosures. Learn more at cbo E dot com 151 00:09:19,720 --> 00:09:23,679 Speaker 1: Slash Powerful Outcomes VIX. Now the VIX lower today down 152 00:09:23,720 --> 00:09:26,680 Speaker 1: about one and a half percent, lower by zero point 153 00:09:26,720 --> 00:09:31,920 Speaker 1: to two, settling at fourteen point uh eight. But having 154 00:09:32,000 --> 00:09:34,959 Speaker 1: said that, we're seeing a lot of heavy trading right 155 00:09:35,000 --> 00:09:40,160 Speaker 1: around that open interest level of fifteen, and that may 156 00:09:40,240 --> 00:09:43,679 Speaker 1: indicate that while earnings releases have calmed down for at 157 00:09:43,720 --> 00:09:48,040 Speaker 1: least a moment, that many professional investors are taking advantage 158 00:09:48,040 --> 00:09:52,120 Speaker 1: of lower volatility to purchase some at a decreased price. 159 00:09:53,360 --> 00:10:00,000 Speaker 1: All right, Dave, you're my name is Dave. Just what's 160 00:10:00,040 --> 00:10:03,080 Speaker 1: do you you think you're doing? We're going for the prankdown? Wilson, 161 00:10:04,400 --> 00:10:11,520 Speaker 1: Dave da Mr Wilson, Dave Wilson, Busted I p o S. 162 00:10:11,640 --> 00:10:14,640 Speaker 1: I think that's gonna be another area of your specialty, 163 00:10:14,679 --> 00:10:17,840 Speaker 1: including your music. Well, it's certainly turning out that way 164 00:10:17,880 --> 00:10:20,560 Speaker 1: because many companies featured as Stock of the Day r 165 00:10:20,600 --> 00:10:23,240 Speaker 1: and deed Busted I p o S whose shares have 166 00:10:23,320 --> 00:10:26,840 Speaker 1: dropped below their initial public offering price. Now some companies 167 00:10:26,960 --> 00:10:29,800 Speaker 1: escaped the status, and today's pick is one of them. 168 00:10:29,840 --> 00:10:33,439 Speaker 1: It's the online home furnishings retailer Wayfair, whose ticker is 169 00:10:33,480 --> 00:10:38,240 Speaker 1: a single letter W. Wayfair first sold stock publicly in 170 00:10:38,240 --> 00:10:41,560 Speaker 1: October fourteen at twenty nine dollars a share. The I 171 00:10:41,679 --> 00:10:44,120 Speaker 1: p o went bust within three weeks, and the shares 172 00:10:44,160 --> 00:10:49,160 Speaker 1: eventually fell as much as from their initial price. Last year, 173 00:10:49,280 --> 00:10:52,160 Speaker 1: Wayfair made up the losses and then some. The stock 174 00:10:52,240 --> 00:10:55,240 Speaker 1: roses highest fifty six dollars eighty four cents last August, 175 00:10:55,400 --> 00:10:58,960 Speaker 1: and not everyone appreciated the rebound. Case. Capital's Whitney Tilson 176 00:10:59,040 --> 00:11:01,560 Speaker 1: said in November that the company was as big as 177 00:11:01,600 --> 00:11:06,000 Speaker 1: short position by far. Tillson compared Wayfair to lumber liquidators 178 00:11:06,000 --> 00:11:12,280 Speaker 1: whose UH products got into trouble with US regulators because 179 00:11:12,280 --> 00:11:14,720 Speaker 1: they contained too much formal to height at least some 180 00:11:14,840 --> 00:11:17,679 Speaker 1: of their wood products did. His beat against the stock 181 00:11:17,720 --> 00:11:20,520 Speaker 1: hasn't paid off the same way though. Wayfair report at 182 00:11:20,520 --> 00:11:23,360 Speaker 1: first quarter results today. While the company's lost with Wired 183 00:11:23,360 --> 00:11:26,839 Speaker 1: in the animost average estmate in Bloomberg Survey revenue beat projections, 184 00:11:27,000 --> 00:11:29,920 Speaker 1: the results sent the shares to a gain of ten percent, 185 00:11:30,040 --> 00:11:33,760 Speaker 1: and that's the second straight advance of ten percent plus 186 00:11:34,320 --> 00:11:36,760 Speaker 1: after an earning his report, and it's actually today's gain 187 00:11:36,840 --> 00:11:39,439 Speaker 1: is the biggest since the one that followed the fourth 188 00:11:39,480 --> 00:11:44,320 Speaker 1: quarter results. Thank you very much, Dave Wilson Wayfair based 189 00:11:44,400 --> 00:11:51,880 Speaker 1: in Boston, home of Bloomberg. Indeed Dave Wilson Bloomberg stocks 190 00:11:51,920 --> 00:11:55,240 Speaker 1: commas send him an email d Wilson at Bloomberg dot 191 00:11:55,400 --> 00:11:58,960 Speaker 1: net and sign up for his daily free email newsletter 192 00:11:59,240 --> 00:12:07,320 Speaker 1: Goodness cont Aking Stock Pumpkin bokradioeh whom We're Taking Stock 193 00:12:07,400 --> 00:12:10,200 Speaker 1: is brought to by the Town of Hempstead Industrial Development Agency. 194 00:12:10,280 --> 00:12:11,920 Speaker 1: Find out how to put the Town of Hempstead i 195 00:12:11,960 --> 00:12:14,760 Speaker 1: DA to work for your business. Call one eight hundred 196 00:12:14,760 --> 00:12:17,360 Speaker 1: five nine three three eight seven O or visit t 197 00:12:17,480 --> 00:12:18,959 Speaker 1: O h I d A dot org.