Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: day Break for Friday, October two. Coming up this hour,
Speaker 1: Amazon shares plunge after becoming the latest tech giant to
Speaker 1: post disappointed earnings. Apple A voids the tech route despite
Speaker 1: warning of a holiday slowdown. The earning spotlight turns to
Speaker 1: Big Oil. X On Mobile and Chevron are on tap
Speaker 1: to report, and Elon Musk officially takes over as CEO
Speaker 1: of Twitter New York City as its first ever female
Speaker 1: f d n Y commissioner. Plus, we're learning more about
Speaker 1: the hijack, passenger bus and queens. I'm Michael Barr. More ahead,
Speaker 1: I'm John Stageward swarts the Nets lost in overtime, the
Speaker 1: Ravens beat the Bucks, the Phillies and Astros begin the
Speaker 1: World series tonight in Houston. That's all training ahead on
Speaker 1: Bloomberg day Break on Bloomberg. He Live in Free on
Speaker 1: New York, Bloomberg on Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM
Speaker 1: one nineteen and around the world on Bloomberg Radio dot
Speaker 1: Com and via the Bloomberg Business. Then good morning. I'm
Speaker 1: Nathan Hagar and I'm Karen. Moscow and US stock index
Speaker 1: futures are lower this morning, dragged down by NASDACK futures,
Speaker 1: which are leading the declines. It is coming up to
Speaker 1: six oh one on Wall Street. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg SMP
Speaker 1: futures down twenty four points, now futures down forty one
Speaker 1: and NASDACK futures down one. One. Ten year treasury down
Speaker 1: twenty thirty seconds yield four point one percent, and they
Speaker 1: yield on the two year four point three seven percent. Nathan, Karen,
Speaker 1: we begin with an earnings related sell off. It's on
Speaker 1: track to white more than six hundred billion dollars in
Speaker 1: market value this week alone, and that's just from America's
Speaker 1: five largest tech companies. The latest culprit is Amazon. Those
Speaker 1: shares are down thirteen percent in early trading following earnings
Speaker 1: that fell short ed. Ludlow has details from our Bloomberg
Speaker 1: nine sixty newsroom in San Francisco. There was a severe
Speaker 1: after hours reactions Amazon's forecast of the fourth Courts of
Speaker 1: the Red You will be between a hundred and forty
Speaker 1: and a hundred forty eight billion dollars significantly below what
Speaker 1: the street is looking for. And that's a theme of
Speaker 1: this earning season. Right investors punishing companies, not just those
Speaker 1: missing on the top and bottom line, but those giving
Speaker 1: tepid forecasts. There was a long list of problems to Amazon. Really,
Speaker 1: currency continues to be a head wind to the tune
Speaker 1: of nine hundred million dollars in the course had gone
Speaker 1: and it will continue to impact Amazon going into the
Speaker 1: final three months of this year. Ed Lovelow for Bloomberg
Speaker 1: News in San Francisco grated, thanks well. Apple has managed
Speaker 1: to avoid the tech route. It shares are up almost
Speaker 1: one percent in early trading. Those sales of iPhones and
Speaker 1: services were softer than expected. Apple's revenue and profit both
Speaker 1: topped estimates. Still apples CFO Luca my history warrants of
Speaker 1: a holiday slowdown. Overall, we believe to company year over
Speaker 1: year revenue performance will decelerate during the December quarter as
Speaker 1: compared to the September quarter for a number of reasons. First,
Speaker 1: we expect nearly ten percentage points of negative year over
Speaker 1: your impact from fort in exchange. Apple CFO look at
Speaker 1: my story, says sales of Mac computers with a client substantially.
Speaker 1: Stay tuned for analysis on both Apple and Amazon coming
Speaker 1: up shortly when we speak live with the loop a
Speaker 1: Ventures co founder Gene Munster, and we have some more
Speaker 1: earnings in the meantime to get you caught up on
Speaker 1: Karen's Shares of Intel or up almost five percent in
Speaker 1: early trading. The chip maker's pledging a slash costs to
Speaker 1: combat a persistent slump and computer demand that's dragging down
Speaker 1: sales and profit. Gilliad Sciences shares are up almost five
Speaker 1: percent as well. That company boasted its earnings guidance for
Speaker 1: the full year, and shares of Pinterest are hired by
Speaker 1: almost eight percent. The social media company reported earnings and
Speaker 1: revenue that beat estimates well Up Next Nathan, the focus
Speaker 1: turns to big oil. Both Exxon Mobile and Chevron report
Speaker 1: this morning, and we get a preview from Bloomberg's Jeff Bellinger. Overall,
Speaker 1: the third quarter was likely a good one for the
Speaker 1: oil giants thanks to oil prices that remained elevated through
Speaker 1: most of the last three months. Bloomberg Intelligence says the
Speaker 1: company's fourth quarter outlooks will be key. It raised the
Speaker 1: post ability of weaker cash flow for Exxon Mobile due
Speaker 1: to falling crude and gas prices, and said there is
Speaker 1: the potential for slower profit growth at Chevron. X On
Speaker 1: Mobile put out a pre earnings release to let investors
Speaker 1: know that its chemicals and refining businesses were down compared
Speaker 1: to the second quarter. Jeff Blinger, Bloomberg Day Break, Thanks Jeff. Meantime,
Speaker 1: President Biden's demanding oil companies cut prices. That's after Shell
Speaker 1: reported its second highest earnings ever. The President says gasoline
Speaker 1: prices should reflect what energy companies pay for oil. Last quarter.
Speaker 1: The five largest oil companies made in the last quarter
Speaker 1: seventy billion dollars and profit in ninety days. Those comments
Speaker 1: from President Biden too a sharp response from oil industry leaders.
Speaker 1: They say refiners don't set the price of the pump
Speaker 1: and that Washington should leverage US energy production. But another
Speaker 1: major story we're following this morning, Nathan closes the book
Speaker 1: on a six month takeover Saga. Elon Musk has completed
Speaker 1: his forty four billion dollar acquisition of Twitter, and Bloomberg
Speaker 1: News has learning plans to assume the role of CEO today.
Speaker 1: There will surely be more changes on the way. We
Speaker 1: get details from Bloomberg Intelligence analyst Matthew Blosom, There's been
Speaker 1: a lot of speculation about how much Elon Musk is
Speaker 1: going to change Twister. You know how the room is
Speaker 1: about seven trib job cuts, the reinstatement of people like
Speaker 1: Donald Trump to the platform, a complete change in the
Speaker 1: business model, like twelve months. You could see him introduce
Speaker 1: some kind of subscription tire to the business. All sorts
Speaker 1: of things could change. I think it's gonna be an
Speaker 1: interesting few days and months, and I'm sure we're gonna
Speaker 1: hear quite a bit from him today about his plans.
Speaker 1: Bloomberg Intelligence analyst Matthew Blosom says Musk is expected to
Speaker 1: remain CEO in the interim, but may eventually see the
Speaker 1: rule in the long term. Turning to the U. S. Economy, Now, Karen,
Speaker 1: we wrap up the week with a few notable data
Speaker 1: points covering inflation, sentiment, and spending. We get more from
Speaker 1: bloomberg'san he Dells Junis the government issues data in September
Speaker 1: household income and spending. Today in Wall Street, will keep
Speaker 1: an eye on inflation figures tied to the report. Bloomberg
Speaker 1: Economics is any surprise could influence the course of Fellow
Speaker 1: will reserve interest rate hikes meantime. Bloomberg Economics as today's
Speaker 1: University of Michigan consumer sentiment and NIX relate October will
Speaker 1: remain low by historic standards, highlighting recession risks. Also one
Speaker 1: tap today the employment Costs index and pending home sales.
Speaker 1: Bloomberg day Break r if any thanks in Asia overnight
Speaker 1: it was all about the Yemen. The currency has rebounded
Speaker 1: this week, but is reversing that trend this morning, wakening
Speaker 1: to one seven point seven zero against the dollar, as
Speaker 1: after the BANKA Japan stood pad on its ultra low
Speaker 1: interest rate policy. On Bloomberg Daybreak, Asia anchor Brian Curtis
Speaker 1: has a story, This is the b o J pushing
Speaker 1: back against speculation it might change its tumb no go.
Speaker 1: The board left the negative rate, the ten uere yield cap,
Speaker 1: and the asset purchases unchanged. This was in line with
Speaker 1: all forty nine economists surveyed. The b o J did
Speaker 1: raise the inflation for a cast to two point nine
Speaker 1: percent for the year ending in March. A predicted price
Speaker 1: growth will slow to one point six percent in the
Speaker 1: next twelve months. The b o J is sucking a
Speaker 1: tight rope here as the Dobish dance puts downward pressure
Speaker 1: on the end while the government is spending billions supporting it.
Speaker 1: Brian Curtis Bloomberg, Gabrie right, Brian, Thanks s and P.
Speaker 1: Futures down twenty four points down, Futures down fifty Nasdack
Speaker 1: Futures down one twenty one and straight ahead your latest
Speaker 1: local headlines plus a check of sports. And this is Bloomberg.
Speaker 1: Thanks Karen. Six oh seven on Wall Street, forty six
Speaker 1: degrees in Central Park, slow on the b que East,
Speaker 1: found between Hamilton Avenue and Cabin Plaza. Details coming up
Speaker 1: in traffic. First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Good morning Michael,
Speaker 1: Good morning Nathan. We're learning more about the Nightmari's commute
Speaker 1: for public transit bus riders in New York City. Police
Speaker 1: saying m T A bus was hijacked in Queens yesterday.
Speaker 1: The bus driver is hailed as a hero after the suspect,
Speaker 1: armed with what turned out to be a bb gun,
Speaker 1: confronted the veteran driver. The forty four year old suspected
Speaker 1: the gunman, Dwayne Gandy, was taken into custody after the
Speaker 1: bus crashed into a ute lity pole. In MYPD, Deputy
Speaker 1: Chief Jerry O'Sullivan, I definitely want to command the driver
Speaker 1: for his actions. He did not move the bus until
Speaker 1: everyone was off that bus. I believe the driver was
Speaker 1: calm and did a great job. Deputy Chief O'Sullivan says
Speaker 1: the bus driver jumped out of the driver's side window
Speaker 1: to eventually escape. New York City Mayor Eric Adams appointed
Speaker 1: Acting Fire Commissioner Laura Kavanaugh to leave the Department on
Speaker 1: a permanent basis, making her the first female commissioner in
Speaker 1: the one hundred fifty seven year history of the Fire
Speaker 1: Department of New York. While we put in place in
Speaker 1: national search, looking over several names and interviewing several candidates,
Speaker 1: kept coming back to Laura over and over again, over
Speaker 1: and over again. I just kept coming back to her leadership.
Speaker 1: After getting sworn in, Kavanaugh says her journey to this
Speaker 1: moment was unexpected. New York City story is fundamentally one
Speaker 1: of making the impossible possible. Kavanaugh, who is forty, has
Speaker 1: served as acting commissioner since the retirement of Commissioner Daniel
Speaker 1: Nigro in February. Election sites across the country have been
Speaker 1: encountering threats and intimidation since early voting began in some states.
Speaker 1: Out of concerns for the safety of poll workers and voters,
Speaker 1: the NYPD has announced that they will be keeping a
Speaker 1: closer eye on polling places. With the mid term elections
Speaker 1: less than two weeks away, the NYPD is warning that
Speaker 1: racially motivated and anti government extremists good target poll workers,
Speaker 1: political rallies, politicians, and voting sites. Police say there are
Speaker 1: currently no specific threats in the city. North Korea fired
Speaker 1: too short range ballistic missiles today as it continues a
Speaker 1: barrage of launches in opposition to US and South Korean
Speaker 1: military drills. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barrn This is Bloomberg, Nathan. Thanks Michael. Turn up
Speaker 1: to six ten on Wall Street time for the Bloomberg
Speaker 1: Sports Update, brought to you you by Tri State OUTI. Here's
Speaker 1: John Stenshower. All right, Nathan. After a turbulent off season
Speaker 1: with a star player demanded a trade unless the coach
Speaker 1: and Geneal Menser fired. Maybe not a surprise. The Nets
Speaker 1: are off to the slow start. They lost at Barkley's
Speaker 1: Dadallas one overtime. Luke at Donsitch forty one point to
Speaker 1: the triple double for the Mass Kevin Duran, who was
Speaker 1: sent to that trade demand, scored thirty seven points. Kyrie
Speaker 1: even had thirty nine, but the Nets too much of
Speaker 1: a two man team. The duo took fifty two shots
Speaker 1: and the rest of the team only forty one, and
Speaker 1: the Nets are one and four. The Knicks had better
Speaker 1: balance than three and one. They played tonight in Milwaukee
Speaker 1: at Tampa Bay. Bucks started the season two and oh.
Speaker 1: Now they're three and five. Lost at home to Baltimore
Speaker 1: twenty seven to twenty two. The Ravens out rushed Tampa
Speaker 1: Bay two thirty one to forty four years. Tom Brady
Speaker 1: on what went wrong. They're down throwing run games at
Speaker 1: two point plays and short yardage start first quarter, started
Speaker 1: the third quarter very good offense football. They're only positive
Speaker 1: for Tampa right now in the NFC souve No. One's
Speaker 1: over five hundred, so the bus can win the division,
Speaker 1: but it's hard to see them making a Super Bowl
Speaker 1: run the way they're playing now, Giants or six and
Speaker 1: one without any production from last year's first round draft pick,
Speaker 1: wide receiver Kedarius Tony. He hurt one hamstring and then
Speaker 1: the other, and the Giants just traded Tony to Kansas
Speaker 1: City for third and sixth round draft picks. World Series
Speaker 1: begins tonight in Houston. The Astros won a hundred and
Speaker 1: six games in the regular season, the Phillies one eight seven.
Speaker 1: That's the largest disparity since oh six. That's nineteen o six.
Speaker 1: John statually wear Bluebern Sports Okay, John, thanks SMP features
Speaker 1: down down twenty six points, South Features down sixty six
Speaker 1: NASTAC futures leading the declines down down a hundred twenty
Speaker 1: three points or one point one percent. Amazon shares down
Speaker 1: twelve point seven per cent. We'll talk about tech earnings
Speaker 1: next with Gene Munster, the co founder of Loop Ventures.
Speaker 1: This is Bloomberg. Bloomberg Sports is brought to you by Audie.
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Speaker 1: don't get results that are off the charts when their
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Speaker 1: C dot com. Slash check watching some earnings crossing the
Speaker 1: Bloomberg Chevron blowing past analysts estimates for the second highest
Speaker 1: earnings in history, ex olerating a profit hall for the
Speaker 1: world's biggest oil explorers and Chevron shares of two point
Speaker 1: three and early trading. Meanwhile, futures are lower. SNP futures
Speaker 1: down twenty eight points and now futures down seventy four
Speaker 1: Fastack futures falling down one and a ten year treasury
Speaker 1: down seconds on four point zero zero percent. And as
Speaker 1: a Bloomberg Business Flash now here Smuggle Barr with Moore
Speaker 1: on what's going on around the world. Michael, Karen, thank
Speaker 1: you very much. With poles showing Republicans gaining ground. Democrats
Speaker 1: are turning to former President Obama as the mid terms approach.
Speaker 1: He's campaigning today in Atlanta for Senator Raphael Warnock, who
Speaker 1: was locked in a tight race against former football star
Speaker 1: Herschel Walker. Thursday Night football, the Ravens beat the Buccaneers
Speaker 1: two tonight, Game one of the World Series between the
Speaker 1: Phillies and the Astros. In the NBA, the Nets lost,
Speaker 1: the Warriors won NHL, the Bruins won, the Capital's lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quickdake, powered by more than twenty seven hundred
Speaker 1: journalists and analyst are more than countries him Michael Barr,
Speaker 1: and this is Bloomberg, Nathan. Thanks Michael. At six nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios.
Speaker 1: This is Bloomberg day Break. At the end of a
Speaker 1: bruising week for tech earnings, Amazon is the latest stock
Speaker 1: to get punished down, down twelve and three quarters per
Speaker 1: cent on a week holiday forecast. But if there's one
Speaker 1: somewhat bright spot, it maybe Apple. Those shares are higher
Speaker 1: by nearly one percent this morning. Let's get some more
Speaker 1: insights now from Gene Monster, the co founder of Loup Ventures.
Speaker 1: I spoke with Geane earlier this morning. He told me
Speaker 1: that tech investors are looking for two things right now,
Speaker 1: performance and potential. Investors in this environment want both, and
Speaker 1: what we've seen is that the companies that have offered
Speaker 1: the biggest potential you think about, Meta is the perfect
Speaker 1: example of that related to the metaverse, have been hit
Speaker 1: the hardest. Google to a lesser extent, but still this
Speaker 1: idea of investors waiting for something to emerge is usually
Speaker 1: very important for tech investors, but this names period it's
Speaker 1: less important. And I think one of the beauties of
Speaker 1: Apple is that their current performance has been solid and
Speaker 1: they still have this optionality around new markets that they
Speaker 1: can get into that can potentially have a step function
Speaker 1: up in their growth rate, which is hard to imagine
Speaker 1: given how big they are, that the law of numbers
Speaker 1: can still work in their favor. But I think that
Speaker 1: that is the is the balance that this company is working,
Speaker 1: and just to put it into perspective, Nathan, one final
Speaker 1: point is that Apple is the only big tech company
Speaker 1: to guide essentially in line with the street. They don't
Speaker 1: give formal guidance, but you can back into it and
Speaker 1: I think that that speaks to the strength of performance.
Speaker 1: And if you're curious the reason why, what was iPhone,
Speaker 1: It's just over half of their business. It was up
Speaker 1: ten percent year every year. That was in the face
Speaker 1: of a forty seven percent comp and so the number
Speaker 1: actually would have been even stronger if not for supply constraints.
Speaker 1: They're still supply constrained on the most popular pro models
Speaker 1: by three to four weeks, and typically at this point
Speaker 1: in the cycle, we're six weeks into the new iPhone cycle,
Speaker 1: you would see lead times of one to two weeks,
Speaker 1: and so I think that, um, you know, they are
Speaker 1: continuing to do well. They got the performance, and they
Speaker 1: got the potential around automotive and a R and and
Speaker 1: something in health. Talking about supply constraints, we were seeing
Speaker 1: a lot of constraints apparently coming out of Amazon's results
Speaker 1: projecting a much weaker than expected holiday quarter. And I
Speaker 1: assume that that that includes the earlier Prime Day promotions
Speaker 1: that we just saw, right, most of those promotes. Those
Speaker 1: promotions fell into the September quarter, and so it's it's
Speaker 1: less about the Prime Day impact. But I want to
Speaker 1: put some perspective, and they did guide lower than where
Speaker 1: the street was at for the December quarter. That's true.
Speaker 1: But I just I think there's this um, I think
Speaker 1: it's an overreaction. I just want to make the case
Speaker 1: that it is an overreaction. Is that the street was
Speaker 1: previously looking for twelve percent revenue growth for December. If
Speaker 1: you take the midpoint of their guns, it would have
Speaker 1: been four percent. So that is a slowing girl, There's
Speaker 1: no doubt about it. Uh. They usually hit the high
Speaker 1: end over the past twenty years almost percent of the time.
Speaker 1: They coming at the high end. That would be like
Speaker 1: six percent. So they guided down. That is true. The
Speaker 1: consumer is weak, that is true. Uh, the advertisers are weak.
Speaker 1: All of this is having a negative impact on Amazon's business.
Speaker 1: But the piece that surprises me is that I think
Speaker 1: it is uh just this reaction down is more commentary
Speaker 1: about that we're talking about earlier with Apple. Is that
Speaker 1: investors just demand performance today, and whether it's a small
Speaker 1: cap or a meg tech cap, they wanted today. And
Speaker 1: I suspect that investors will quickly move on and and
Speaker 1: and get more comfortable that Amazon's business isn't a good
Speaker 1: place longer term. Well, we've got John Gene, I've got
Speaker 1: to get your thoughts on Twitter now that Elon Musk
Speaker 1: apparently is at least an interim CEO. Is Twitter investable
Speaker 1: under an Elon Musk as the leader? Yes, anything with
Speaker 1: Ellen right now, he still has the golden touch, so
Speaker 1: it is investable. He's gonna kind of go away for
Speaker 1: two or three years and and take the rails off
Speaker 1: of it and run this like a private company that
Speaker 1: that that it will be, and we'll see what what
Speaker 1: he pops out. And I was encouraged to hear his
Speaker 1: commentary yesterday that he does not want this to become
Speaker 1: free for all because obviously he's gonna take some of
Speaker 1: the governor's off of what you can say, And I
Speaker 1: think that's that's important ultimately when you when you put
Speaker 1: this all together, Twitter still a side project for Elen.
Speaker 1: His his true passions are Tesla and SpaceX, and I
Speaker 1: think that, uh, we're thinking a lot about it now.
Speaker 1: Probably a year or two from now, we'rell be thinking
Speaker 1: a lot more about SpaceX and Tesla. Just about thirty
Speaker 1: seconds left, Gene, We've seen obviously tech shares broadly get
Speaker 1: punished this week. Would you buy back into tech at
Speaker 1: these levels? I think so. Forth if you have a perspective.
Speaker 1: I think that more than two year perspective. We own
Speaker 1: some of these, we own Meta, we own Amazon. They've
Speaker 1: had a tough week, but we're not selling them. And
Speaker 1: ultimately I think that, uh, you know, they have assets
Speaker 1: that are hard to replicate the world's population visits a
Speaker 1: Facebook property on a daily basis. Amazon has logistics that
Speaker 1: no other e commerce company can touch. And I think
Speaker 1: you probably have to assume that all that we're in
Speaker 1: economically is gonna fade or we'll go away. Eventually, we'll stabilize,
Speaker 1: and these companies are going to right size their growth
Speaker 1: rates back to what we're accustomed to. And that was
Speaker 1: g Monster, co founder of Louke Ventures. Or thanks to
Speaker 1: Gene for joining us this morning on Bloomberg Daybreak. As
Speaker 1: we continue to watch Amazon shares fall in the pre market,
Speaker 1: there now down twelve point seven percent, Apple shares are
Speaker 1: higher by almost one percent. Tesla is moving lower, down
Speaker 1: one percent, with Elon Musk taking over as CEO, not
Speaker 1: just of Tesla, but now of Twitter. SMB futures down
Speaker 1: twenty four points, Staff futures down forty six and nastack
Speaker 1: futures are lower by a hundred seventeen points. That is
Speaker 1: a drop of one per cent. This is Bloomberg. Bloomberg
Speaker 1: day Break, brought to you by Ancient Accountants and Advisors,
Speaker 1: the right fit tax and accounting firm that you need
Speaker 1: to succeed. Visit them at Ancient dot com slash v
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Speaker 1: v i P broadcasting live from the Bloomberg Interactive Broker
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Speaker 1: the Bloomberg Business and Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just
Speaker 1: about three hours away from the open of US trading
Speaker 1: time for the five things so you need to notice
Speaker 1: start your day. Brought to you by I B k
Speaker 1: R Investment Advisors switched to Interactive Brokers for lowest cost
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Speaker 1: r I a up first. US futures are falling this morning.
Speaker 1: That's let lower by tech as we wrap up a
Speaker 1: volatile week, and Amazon is leading to declines. Those shares
Speaker 1: are down about twelve points seven percent in early trading,
Speaker 1: Amazon predicting the slowest holiday quarter growth in the company's history.
Speaker 1: Bloomberg Intelligence senior analyst Punum Goyle has more in the results.
Speaker 1: Sales were weak across the board, guidance of the week,
Speaker 1: margins are week I mean overall, you know, the bright
Speaker 1: star here that used to be a WS is also
Speaker 1: weaker both on sales and margin. So I think there's
Speaker 1: a lot to digest, but it's kind of humming the
Speaker 1: same tunes as other results that we've seen earlier, where
Speaker 1: the consumer is slowing, spending is slowing, and hence the
Speaker 1: results are much weaker than expected. And Bloomberg and Tell
Speaker 1: Gince analyst put Him Goyle says Amazon's market values set
Speaker 1: to drop below one trillion dollars today, so furtherest week
Speaker 1: more than six hundred billion dollars and market value is
Speaker 1: on track to be erased from America's five largest tech companies.
Speaker 1: Well one company avoiding the tech round, Care and his Apple.
Speaker 1: Those shares are up by one percent after the company
Speaker 1: posted mostly positive results. Ed Ludlow has more from our
Speaker 1: Bloomberg nine sixty news room in San Francisco. It was
Speaker 1: a mixed bag of results. The stock really bounced around
Speaker 1: in after hours trading. The kind of thing that investors
Speaker 1: latched onto was the iPhone Sales in the quarter were
Speaker 1: weakened and expected. Remember the new iPhone fourteen hand cent
Speaker 1: launched on September sixteenth, which gave two weeks in the
Speaker 1: end of the quarter to get an early read on demand.
Speaker 1: There there was strength in MacBook, but weakness in services
Speaker 1: and iPad, and also impacts from foreign exchange. A stronger
Speaker 1: dollar continuing to be a head win for megacap text
Speaker 1: dogs for big tech companies all around the world. Ed
Speaker 1: Ludlow for Bloomberg News in San Francisco. All right, and thanks.
Speaker 1: Shares of Chevron more than two percent or an aged
Speaker 1: topped analysts estimates as the oil giant posted his second
Speaker 1: highest profit ever. We also heard from exce on it
Speaker 1: raised its dividend more than expected. As the oil giant
Speaker 1: disclosed one of his largest ever quarterly profits, and Elon
Speaker 1: Musk has completed his forty four billion dollar acquisition of Twitter.
Speaker 1: Karen Bloomberg News has learned he's gotten rid of the
Speaker 1: CEO and other major executives must plans to be Twitter's
Speaker 1: chief executive for now. He may also do away with
Speaker 1: permanent user bands, the category that includes former President Donald Trump.
Speaker 1: And that's the five things that you need to notice
Speaker 1: start your day. Brought to you by Interactive broker straight Ahead,
Speaker 1: your latest local headlines, plus the check of sports. And
Speaker 1: this is Bloomberg. Thanks Karen sixty three on Wall Street
Speaker 1: wear forty six degrees in Central Park on an accident
Speaker 1: westbound Belt Parkway near Erskine Street. Michael Barr's here with
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning Michael, Good morning Nathan. A quick
Speaker 1: thinking bus driver may have averted a tragedy in New
Speaker 1: York City. Police say a forty four year old man,
Speaker 1: Dwayne Getty, who was eventually arrested, style the bus and
Speaker 1: Queen's boarded it and pulled out a firearm toward the
Speaker 1: bus driver. In YPD, Deputy Chief John Klune, the bus
Speaker 1: driver immediately opened all the doors to allow all passagers
Speaker 1: to exit. Once on the bus, the milby made statements
Speaker 1: that he was being chased and that the right that
Speaker 1: the bus driver to continue driving. Police say the bus
Speaker 1: driver and the suspect then traveled for more than thirty
Speaker 1: blocks when the driver slowed down and jumped out of
Speaker 1: the window. The bus drove on until it hit a
Speaker 1: utility poll. New York City Mayor Eric Adams appointed Acting
Speaker 1: Fire Commissioner Laura Kavanaugh to lead the department on a
Speaker 1: permanent basis, making her the first female commissioner in the
Speaker 1: one d fifty seven year history of the f D
Speaker 1: n Y. Kavanaugh, who is forty, spoke after being sworn
Speaker 1: in where a shy, introverted only child could get a
Speaker 1: one way ticket to New York City, seeking to serve
Speaker 1: a higher purpose in the best city on Earth, and
Speaker 1: two decades later find herself here. Leading the greatest FI
Speaker 1: department in the world through unprecedented times is something that
Speaker 1: could only happen here. President Joe Biden traveled upstate New
Speaker 1: York to praise Micron's investment of one hundred billion dollars
Speaker 1: over the next two decades to build up semiconductor factories
Speaker 1: in the Syracuse area. New York Governor Kathy Hokel, speaking
Speaker 1: after the President praised Micron investing in the area that
Speaker 1: had lost a lot of manufacturing jobs over the decades.
Speaker 1: Are shared values and how we can work together the
Speaker 1: private sector and government, saying we can work together to
Speaker 1: this build and energize a community that have been forgotten
Speaker 1: for so long. The President's visit comes after Senator Chuck
Speaker 1: Schumer says he's feeling real good about the upcoming election.
Speaker 1: This after the Majority leader was called on a hot
Speaker 1: mic earlier speaking to the President expressing down about the
Speaker 1: democrats chances in the U. S. Senate race in Georgia.
Speaker 1: Workers at a Trader's Joe's in New York City voted
Speaker 1: against unizing. According to italy provided by the National Labor
Speaker 1: Relations Board, the vote was nine to four to sixty
Speaker 1: six against forming a union at the store, which is
Speaker 1: located in the Williamsburg neighborhood of Brooklyn. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. At Michael bar This is
Speaker 1: Bloomberg Nathan, Thanks Michael. Almost six thirty six on Wall
Speaker 1: Street time for the Bloomberg Sports Update, brought to by
Speaker 1: Tri State. Out of Here's John stash Our. All right, Nathan.
Speaker 1: The Nets getting plenty of storing from their stars again
Speaker 1: last night. Kyrie Every thirty nine points, Kevin Duran thirty seven.
Speaker 1: But they're getting a little from anyone else. Not good
Speaker 1: enough defense, and the Nets are one and four. They
Speaker 1: lost at Barkleys to Dallas one five and overtime. Mav
Speaker 1: star Luke Danton scored forty one. He had a triple double.
Speaker 1: Tom Brady came out of that very short retirement try
Speaker 1: and win his eighth Super Bowl, but Tampa Bay just
Speaker 1: three and five lost a home to Baltimore twenty two.
Speaker 1: Brady's only TV ask came in the final minute. The
Speaker 1: Giants expected white out kid Areas Tony to have a
Speaker 1: big season in his second season. He's hardly played, and
Speaker 1: the Giants just traded Tony to Kansas City for third
Speaker 1: and sixth round draft picks. Tony the last first round
Speaker 1: selection made by the former GM Dave Gettleman. David Sterns
Speaker 1: resigned as the team president Milwaukee Brewers, and some are
Speaker 1: connecting dots. The Mets are looking for a president, and
Speaker 1: Sterns is in New York. Native. World Series starts tonight
Speaker 1: in Houston with Justin Verlander on the bound for the
Speaker 1: Astro first ballot Hall of Famer about to win another
Speaker 1: Side Young Award, but his World Series career with Houston
Speaker 1: before that Detroit, Verlander owen six with a five point
Speaker 1: six eight e R. I would like to get a win. Yeah,
Speaker 1: I mean, I'm not gonna like I said, that's not
Speaker 1: my goal. Um So I don't want to. I don't
Speaker 1: want to say that that feels like it's lacking because
Speaker 1: in nately that would make it a particular goal of mine.
Speaker 1: My goal is to go out and give us the
Speaker 1: best chance to win it that ends up resulting in
Speaker 1: a win. Great Aaron Nola starts for the Phillies have
Speaker 1: been around since the nineteenth century that only won the
Speaker 1: World Series twice. The Astro and Philly's combined record this
Speaker 1: postseason st John Stash all right, John, thank you sixty
Speaker 1: seven on Wall Street Time to take a look at
Speaker 1: stocks some of the names moving in the pre market.
Speaker 1: For that, we are joined by Bloomberg Television anchor and
Speaker 1: Markets correspondent Danny Berger, as the earnings focus shifts from
Speaker 1: tech to big oil, and we're getting some big results
Speaker 1: this morning from x On Mobile and Chevron. Danny, Yeah,
Speaker 1: I mean expectations were already high, given how high not
Speaker 1: gas prices have been, given how high oil prices have been.
Speaker 1: An even so, Chevron and Exxon just blowing through expectations. Chevron,
Speaker 1: their EPs came in at five dollars and fifty six cents.
Speaker 1: The estimate was for just under five dollars. And Exxon,
Speaker 1: for their beat, it came in EPs at four dollars
Speaker 1: and forty five cents. The expectation had been three dollars
Speaker 1: and eight nine cents, So a big beat here. Again,
Speaker 1: prices playing into this, but also a lot of the
Speaker 1: Permian basin output, all of that was higher than expected
Speaker 1: as well. So really strong quarters continues off the back
Speaker 1: of about the record quarters. Chev On. This was their
Speaker 1: second highest profit ever UM and they're expanding capital expenditures
Speaker 1: because of this. Um x On, for its part, is
Speaker 1: boosting its dividend. Chevron is not, which is perhaps r
Speaker 1: x ON is outperforming pre market. It's up three and
Speaker 1: a third percent. Chevron is just over one and a
Speaker 1: half percent. But Nathan, you also got to wonder are
Speaker 1: these continued big old monster profits also going to attract
Speaker 1: the attention and potential criticism of the White House. Yeah,
Speaker 1: we heard some of that criticism just yesterday, once again
Speaker 1: from President Biden on the campaign trail. We got to
Speaker 1: keep talking though about tech. We've wrapped up earning season
Speaker 1: there with really disappointing results from Amazon. Yeah, I mean
Speaker 1: it's it's really all about the um there. You know,
Speaker 1: usually what's their their peak season, the Christmas holiday season,
Speaker 1: seeing sales growth at two to eight percent that is
Speaker 1: below expectations, so shares off by about twelve percent in
Speaker 1: the pre market this morning. It's not just this idea
Speaker 1: that consumers aren't spending as much. That is obviously a
Speaker 1: big part of it. The CEFO talks about this on
Speaker 1: the earnings call, that you know, wallets are getting pinched
Speaker 1: from the consumers, they're not spending as much of the season.
Speaker 1: But part of the issue also is that of course
Speaker 1: they one will recall during COVID times and we couldn't
Speaker 1: go to normal shops. People were spending pretty heavily UM
Speaker 1: on Amazon. So what did that mean? It meant that
Speaker 1: they plowed a lot of money into growing, into more
Speaker 1: sorting facilities, things like that, and now all of a
Speaker 1: sudden that are looking at a picture where growth isn't
Speaker 1: as strong, it isn't as fast. So it's something of
Speaker 1: perhaps they just spent too far, too fast, and now
Speaker 1: they need to rerange a bit. Yeah, and it's interesting
Speaker 1: as well though to see Apple shares now at one
Speaker 1: point one percent on an expectation that even with a
Speaker 1: consumers getting pinched, people could still be spending on iPhones
Speaker 1: and Apple services. Bloomberg TV Acre Markets correspondent Danny Burgers
Speaker 1: always good to have you on with us in the
Speaker 1: pre market as we take a look at stocks as
Speaker 1: a whole ahead of the open. Few tachers are moving lower.
Speaker 1: Lodal futures are trimming some of their declines after the
Speaker 1: earnings from ex On Mobile and Chevron DEL futures down
Speaker 1: thirty four points, SMP futures are down twenty one and
Speaker 1: NASDACK futures still leading the declines, down one percent or
Speaker 1: a hundred eleven points. You're listening to Bloomberg Day right.
Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't
Speaker 1: let someone else drive off in the Autie model. You've
Speaker 1: always wanted to visit your local try state Autie Deally
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Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business At and at Bloomberg Quicktape. He's a
Speaker 1: Bloomberg Business Flash and I'm Karen. Moscow and nasdack. Futures
Speaker 1: are leading declines this morning, another busy morning for corporate earnings,
Speaker 1: and we went the first word breaking news dance for
Speaker 1: today's morning call. And here's Tatiana Dari. Tatiana, good morning,
Speaker 1: Good morning, Karen. Like you said, Futures lowder this morning
Speaker 1: after more disappointing tech earnings, and now futures lower by
Speaker 1: fifty two points, AS and Peace lower by twenty five
Speaker 1: and NAS jagged down. Looking across as AT treasuries reversing
Speaker 1: recent gains with a ten year yield up nearly eight
Speaker 1: basis points. The dollar is stronger, while the Japanese and
Speaker 1: weakened as the b o J stuck to its easy
Speaker 1: policy back in the US. On the economic front, today,
Speaker 1: we have PC inflation data, personal spending and University of
Speaker 1: Michigan consumer sentiment. In early trading, we're seeing Amazon down
Speaker 1: twelve percent after forecasting its lowest holiday sales growth ever. Apple,
Speaker 1: on the other hand, is higher by one percent after
Speaker 1: its numbers. Regarding other earnings, Intel up five after bound
Speaker 1: two aggressively cut costs, and Chevron up to after after
Speaker 1: posting its second highest earnings in the company's history. Wrapping
Speaker 1: things up here, Ellen Moss completed his forty four billion
Speaker 1: dollar acquisition of Twitter, and he said to assume the
Speaker 1: role of CEO. Live from the first and breaking news desk,
Speaker 1: I'm Tatiana Dariak Karen. Yeah, that's going on, Tatiana, thank you.
Speaker 1: How to hear live breaking news over your Bloomberg type
Speaker 1: squawk on your terminal SCU A w K and that's
Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. Russian President Vladimir Putin claimed an hour's
Speaker 1: long speech that he has no intention of striking Ukraine
Speaker 1: with nuclear weapons, but Putin did point fingers at the
Speaker 1: US and other Western nations, claiming that they are escalating
Speaker 1: the war there. In Thursday Night Football, the Ravens beat
Speaker 1: the Buccaneers twenty two tonight, game one of the World
Speaker 1: Series between the Phillies and the Astros. In the NBA,
Speaker 1: the Nets lost the Warriors one. In the NHL, the
Speaker 1: Bruins won the Capital's Lost. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than journalists and analysts more than countries. Michael Barr
Speaker 1: and this is Bloomberg. Karen, all right, Michael bar thank you.
Speaker 1: At six nine on Wall Street. It's turned to news
Speaker 1: now in science and technology with the Bloomberg n j
Speaker 1: I T STEM Report, and it's brought to you by
Speaker 1: New Jersey Institute of Technology, ranked to top one hundred
Speaker 1: national university by US News and World Report and number
Speaker 1: fourteen in the nation on Money's Best Colleges list. Learn
Speaker 1: more at n j I T dot A d U.
Speaker 1: And now here's just making news and science, technology, engineering,
Speaker 1: and math. To NASA spacecraft at Mars, one in the
Speaker 1: surface and the other in orbit have reached the biggest
Speaker 1: meteor strikes and impact craters yet. The journal Science reports
Speaker 1: the high speed barrages last year since seismic waves rippling
Speaker 1: thousands of miles across Mars. The larger the two strikes
Speaker 1: turned out boulder sized slabs of ice, which may help
Speaker 1: researchers look for ways future astronauts skin tap into Mars's
Speaker 1: natural resources. The European Union has agreed on a deal
Speaker 1: to effectively ban internal combustion engine cars from twenty d five.
Speaker 1: It's a movement that would reshape transportation. It also would
Speaker 1: mark a significant step on the path to reduce carbon emissions.
Speaker 1: In thirteen years, carmakers would have to reach a zero
Speaker 1: emission target. And the battle is brewing around Europe's rooftop
Speaker 1: over the planet's most precious resource. The crystal clear waters
Speaker 1: issuing from the Alps could become increasingly contested as climate
Speaker 1: changing Lasier melt affect the lives of tens of millions
Speaker 1: in the coming years. Italy wants them for crop irrigation
Speaker 1: in the spring and summer. Swiss authorities want to hold
Speaker 1: up flows to ensure their hydroelectric plants can rev up
Speaker 1: when needed. And as the Bloomberg and J. I. T.
Speaker 1: Stemmerapoortt Nathan, thank you, Karen. We are live from the
Speaker 1: Bloomberg Interactive Brokers Studios, where it's coming up to sixty
Speaker 1: one on Wall Street Time Now to check what's going
Speaker 1: on in d C. Some of the top stories Internation's
Speaker 1: capital include President Biden crowing about the Chips bill while
Speaker 1: demanding oil companies cut prices, presidents saying some Americans are
Speaker 1: better off despite inflation, and former President Trump showing out
Speaker 1: twenty million dollars to support his sent candidates. Also making news,
Speaker 1: democrats struggles to find an economic message highlighted in races
Speaker 1: in Nevada. It's a story written by Bloomberg government reporter
Speaker 1: Emily Wilkins, and Emily is here with us now back
Speaker 1: from the Silver State. Emily, where I guess you've been
Speaker 1: talking to voters? What are they saying? So when I
Speaker 1: talked to a number of voters, a lot of them
Speaker 1: were undecided, which probably isn't that surprising given that that
Speaker 1: about a third of Nevada's electorate is completely unaffiliated with
Speaker 1: either party. And a lot of folks said that, you know,
Speaker 1: their top issue was the economy. It's the higher prices,
Speaker 1: it's inflation. This is a sign of what we are
Speaker 1: seeing nationally right now. And Democrats in Nevada, it's not
Speaker 1: that they're not messaging about the economy. They are going
Speaker 1: out and they are talking about it, but they're just
Speaker 1: trying to find a message that really sticks. You know,
Speaker 1: a lot of folks, you asked them what they blamed
Speaker 1: the economy on, and they'll acknowledge that, sure, there are
Speaker 1: problems with Ukraine, that there was the pandemic, but a
Speaker 1: lot of them still believe that the Biden administration, the
Speaker 1: amount of spending that they did, and just some of
Speaker 1: the decisions that they've made, has all played a factor
Speaker 1: into the current high prices that we're seeing. And that's
Speaker 1: what Democrats are up against as they go into election day.
Speaker 1: And that is a really interesting spot, Nathan, not just
Speaker 1: because there are so many races, You've got three house races,
Speaker 1: the Senate race, but also because that state was hit
Speaker 1: particularly hard by COVID and is still hit hard. Gas
Speaker 1: prices there are some of the highest in the nation.
Speaker 1: They've got problems with rent, problems with mortgages, and so
Speaker 1: it's very very much a key place where Democrats need
Speaker 1: to get their message together on the economy and make
Speaker 1: sure that they are projecting that message in the next
Speaker 1: two weeks and talking about those high gas prices. Emily
Speaker 1: Now that we've gotten these earnings from x On Mobile,
Speaker 1: the highest earnings in their hundred fifty two year history,
Speaker 1: and the second highest earnings ever for Chevron, you have
Speaker 1: to wonder whether this economic message is something that the
Speaker 1: President is gonna keep focusing on. It definitely seems to
Speaker 1: be the case because Biden has again urged oil companies
Speaker 1: to cut prices after seeing some of these really high profits.
Speaker 1: And this plays right into the part of the Democrats
Speaker 1: message is that they are blaming bit oil companies, calling
Speaker 1: them big oils, saying that they are the reason that
Speaker 1: prices are so high that they need to bring prices
Speaker 1: back down, and that is resounding with folks. A lot
Speaker 1: of Americans out there. They don't necessarily trust big corporations
Speaker 1: or they have some sort of skepticism about them, and
Speaker 1: so that's what that message plays off of. Of course,
Speaker 1: the turke is that Americans do need to actually hear
Speaker 1: that message. A lot of them, you know, they go
Speaker 1: to the grocery store, they go to the gas pump,
Speaker 1: they see the prices there. But hearing the message is
Speaker 1: a little difficult right now, just because there are so
Speaker 1: much information, so many ads being pumped on tv UM
Speaker 1: and that's really a trick that the Democrats are are
Speaker 1: going to need to sort of hone in focus on
Speaker 1: that message in in the next few weeks. And interesting
Speaker 1: to hear added to the message, Emily, this interview that
Speaker 1: the President gave last night to News Nation television network
Speaker 1: and one point saying many Americans are better off despite inflation.
Speaker 1: What's he what's his reasoning there? So this is something
Speaker 1: we've seen the White House to do a lot this year,
Speaker 1: and they've tried to point to the indicators that they
Speaker 1: think are good, even though inflation is out of forty
Speaker 1: year high. So in this interview, Biden ipointed to the
Speaker 1: fact that they've created between six thousand and seven thousand,
Speaker 1: six hundred thousand and seven hundred thousand manufacturing jobs UM.
Speaker 1: They also pointed to stronger than expected growth in the
Speaker 1: US economic output in the previous quarter UM and really
Speaker 1: trying to tout those signs. We've seen this, I said,
Speaker 1: as I said before, with the Biden administration continuing to
Speaker 1: tout the low unemployment UM. But of course that has
Speaker 1: come with the tradeoff, and the tradeoff has been inflation.
Speaker 1: And as we get to this point in the mid term, Emily,
Speaker 1: with the economic message coming to the four very interesting
Speaker 1: now to see former President Donald Trump sort of putting
Speaker 1: his toe in with quite a lot of money from
Speaker 1: his super Pact. Yeah, Trum is finally putting his money
Speaker 1: where his mouth is. He's given twenty million to candidates
Speaker 1: in October. A lot of these are candidates who are
Speaker 1: running for the Senate. Obviously that that's the big competitive
Speaker 1: one where it's still really unclear which way we'll go.
Speaker 1: Trump's invested into kind of some of the basic races
Speaker 1: that you would expect, Georgia and Nevada, Nevada, Ohio, Pennsylvania, um.
Speaker 1: But he's also invested in Arizona, which is interesting because
Speaker 1: the pack with ties to Republican leader Mitch McConnell cut
Speaker 1: it's spending in Arizona, so if it's focus on more
Speaker 1: competitive states, so you're really seeing Trump go ahead and
Speaker 1: step in there. Did also knows that it's not like
Speaker 1: Trump is draining his war chest right now. Uh, he
Speaker 1: has ninety two million dollars that he has raised, the
Speaker 1: largest in the Republican Party. Twenty million is nothing to
Speaker 1: sneeze at, but it also kind of shows that that
Speaker 1: he's keeping a lot of his powder dry at this
Speaker 1: point for potentially and potentially beyond. Yeah, And I wanted
Speaker 1: to get into that a little bit, wondering how much
Speaker 1: of an impact this amount of spending could have at
Speaker 1: this point in the election, when we're just less than
Speaker 1: two weeks away and there's already early voting underway. We
Speaker 1: got about thirty seconds left here. That's a really interesting question, Nathan,
Speaker 1: because it kind of goes to the question of how
Speaker 1: much saturation can Americans take. Certainly there are some folks
Speaker 1: who really haven't decided to start deciding who they're going
Speaker 1: to vote for. Maybe these ads reached down, maybe they
Speaker 1: see something that they really like. But for a lot
Speaker 1: of folks, they've been so bombarded with ads in these
Speaker 1: key swing states that they're just tuning things out at
Speaker 1: this point. And I saw that story you wrote on
Speaker 1: the Bloomberg Terminal. That's something that the voters in Nevada
Speaker 1: had been telling you as well, that they just feel
Speaker 1: like they're being bombarded by the ads. Want to encourage
Speaker 1: our listeners on the Bloomberg terminal check out that story
Speaker 1: from Emily Wilkins. Nevada races show Democrats struggle to find
Speaker 1: an economic message and more on all these stories we've
Speaker 1: been talking about. Just go to Bloomberg dot com or
Speaker 1: the Bloomberg terminal. Follow all the latest on Bloomberg Radio
Speaker 1: in Washington at Bloomberg and one oh five point seven
Speaker 1: FM h D two. Continuing to watch. Shares of x
Speaker 1: on mobile at one point eight percent after the highest
Speaker 1: earnings in its hundred fifty two year history. Chevron shares
Speaker 1: are hired by one percent as well, second highest earnings ever.
Speaker 1: SMP futures are down twenty two points, DAL futures down
Speaker 1: thirty three NASDAC futures still leading the declines, down one
Speaker 1: percent or a hundred fourteen points. Much more to come
Speaker 1: on Bloomberg Surveillance. That's next for Karen Moscow. I'm Nathan Hagar.
Speaker 1: This is Bloomberg