1
00:00:00,080 --> 00:00:06,040
Speaker 1: Burke eleven Global business news twenty four hours a day

2
00:00:06,240 --> 00:00:09,159
Speaker 1: at Bloomberg dot com, the radio plus mobile LAP and

3
00:00:09,320 --> 00:00:12,920
Speaker 1: on your radio. This is a Bloomberg Business Flash from

4
00:00:12,920 --> 00:00:16,440
Speaker 1: Bloomberg World hand Quarters. I'm Charlie. Held at thirteen minutes

5
00:00:16,480 --> 00:00:18,720
Speaker 1: to go ahead of the close on a Wednesday, The Dow,

6
00:00:18,880 --> 00:00:22,279
Speaker 1: the SMP, NEZ Stack all hired down, SMP on track

7
00:00:22,400 --> 00:00:25,840
Speaker 1: for a new record. Those quarterly numbers out of Microsoft

8
00:00:25,840 --> 00:00:29,639
Speaker 1: and Morgan Stanley spurred optimism that corporate earnings can support

9
00:00:29,720 --> 00:00:33,360
Speaker 1: further gains. Microsoft shares they're up six percent right now,

10
00:00:33,400 --> 00:00:36,599
Speaker 1: Morgan Stanley up one point eight percent. The Dow up

11
00:00:36,640 --> 00:00:39,599
Speaker 1: forty nine points to eighteen thousand, six hundred eighty gain

12
00:00:39,640 --> 00:00:42,880
Speaker 1: of three tents of one percent, SMP five hundred index

13
00:00:43,000 --> 00:00:46,040
Speaker 1: up ten to seventy four, a gain of five tenths

14
00:00:46,080 --> 00:00:48,720
Speaker 1: of one percent, as Stack up fifty seven a gain

15
00:00:48,760 --> 00:00:51,640
Speaker 1: of one point one percent. Ten Year down eight thirty

16
00:00:51,680 --> 00:00:54,800
Speaker 1: seconds yield one point five eight percent, and Gold down

17
00:00:54,800 --> 00:00:58,280
Speaker 1: eighteen thirty ounce the thirteen fourteen, a drop there of

18
00:00:58,360 --> 00:01:02,400
Speaker 1: one point four percent. Oil West Texas Intermediate up twenty

19
00:01:02,440 --> 00:01:05,560
Speaker 1: nine cents ninety four barrel, a gain of seven tenths

20
00:01:05,600 --> 00:01:09,000
Speaker 1: of one percent. I'm Charlie Pellett and that's a bloom

21
00:01:09,000 --> 00:01:11,800
Speaker 1: bread business flash. Thank you very much, Charlie Pellett. It's

22
00:01:11,840 --> 00:01:13,800
Speaker 1: time now for the e t F Report. It's brought

23
00:01:13,840 --> 00:01:16,480
Speaker 1: to you by Sector Spider e t F S. Why

24
00:01:16,560 --> 00:01:18,560
Speaker 1: buy a single stock when you can invest in the

25
00:01:18,720 --> 00:01:22,520
Speaker 1: entire sector visits sector spdrs dot com or called one

26
00:01:22,920 --> 00:01:26,319
Speaker 1: six sector e t F. Let's go to Katherine Calorie

27
00:01:26,480 --> 00:01:29,200
Speaker 1: for the e t F report. E t F are

28
00:01:29,240 --> 00:01:32,080
Speaker 1: growing at a faster rate than utual funds, and Fred

29
00:01:32,120 --> 00:01:36,320
Speaker 1: Tom's echief executive at td Ameritrate Holding, expects that pattern

30
00:01:36,400 --> 00:01:38,520
Speaker 1: to continue. Listens a trend I think you're going to

31
00:01:38,600 --> 00:01:41,240
Speaker 1: continue to see in particularly in this world where low

32
00:01:41,280 --> 00:01:44,280
Speaker 1: cost indux funds, in a world where returns are rather

33
00:01:44,319 --> 00:01:46,679
Speaker 1: hard to come by. Tom Take says there's some td

34
00:01:46,760 --> 00:01:50,040
Speaker 1: Ameritrate clients that rely heavily on e t s. It's

35
00:01:50,120 --> 00:01:52,280
Speaker 1: been a long term secular trend that we're you know,

36
00:01:52,280 --> 00:01:55,680
Speaker 1: we're well possessioned for um. You know, trading clients use

37
00:01:55,720 --> 00:01:58,520
Speaker 1: a lot, use index products, a lot for the the

38
00:01:58,640 --> 00:02:03,120
Speaker 1: s p Y and SDX symbol through increasingly future symbols

39
00:02:03,200 --> 00:02:05,240
Speaker 1: uh to get exposured other things around the world to

40
00:02:05,320 --> 00:02:08,919
Speaker 1: be able to trade five. In addition, td Ameritrated seeing

41
00:02:08,960 --> 00:02:12,320
Speaker 1: its long term investors shift from traditional mutual funds to

42
00:02:12,440 --> 00:02:14,959
Speaker 1: E T S T D A. Meritrat is planning to

43
00:02:15,040 --> 00:02:18,359
Speaker 1: launch a digital advice platform or robo advisor for its

44
00:02:18,360 --> 00:02:22,040
Speaker 1: self directed clients next year. Road Boy advisors typically use

45
00:02:22,160 --> 00:02:26,200
Speaker 1: ETS to build their portfolios. That's your Bloomberg ETF report.

46
00:02:26,400 --> 00:02:31,440
Speaker 1: I'm Katherine Cowdery. You're listening to Taking Stock with Kathleen

47
00:02:32,280 --> 00:02:37,799
Speaker 1: Fox on Bloomberg Radio. Oil oil prices are up after

48
00:02:37,960 --> 00:02:40,840
Speaker 1: the ninth weekly U S Crewed draw down. Here to

49
00:02:40,880 --> 00:02:44,639
Speaker 1: tell us more about oil, commodities and medals is Gordon Johnson.

50
00:02:44,680 --> 00:02:48,079
Speaker 1: He is managing director and head of Alternative Energy Research

51
00:02:48,120 --> 00:02:51,400
Speaker 1: at Axiom Capital Management. Gordon, thank you very much for

52
00:02:51,440 --> 00:02:53,520
Speaker 1: being with us. Hey, thanks for having me. All right,

53
00:02:53,600 --> 00:02:56,760
Speaker 1: so go ahead, Let's start off with oil prices. And

54
00:02:56,880 --> 00:02:59,320
Speaker 1: why do you think we're seeing this rally at least

55
00:02:59,360 --> 00:03:02,040
Speaker 1: a modest rally and oil prices, but also the rally

56
00:03:02,040 --> 00:03:05,280
Speaker 1: and commodity based stocks. Yeah, so, I think the rally

57
00:03:05,280 --> 00:03:09,040
Speaker 1: and commodity based stocks has been driven mainly by expectations

58
00:03:09,040 --> 00:03:13,400
Speaker 1: of stimulus um clearly after the Brexit vote, unexpected Brexit

59
00:03:13,480 --> 00:03:16,560
Speaker 1: vote UM, A number of central banks came out and

60
00:03:16,600 --> 00:03:20,399
Speaker 1: said definitively that they were going to UM stimulate UM

61
00:03:20,440 --> 00:03:23,359
Speaker 1: it's needed. And then you have China and Japan for example,

62
00:03:23,520 --> 00:03:25,639
Speaker 1: China and Japan, but more specifically than you had the

63
00:03:25,639 --> 00:03:29,560
Speaker 1: big win in Japan UM and they're a central bank

64
00:03:29,600 --> 00:03:32,079
Speaker 1: and they're essentially their their leader came out and said

65
00:03:32,080 --> 00:03:34,240
Speaker 1: that he was going to drop helicopter money. So it's

66
00:03:34,480 --> 00:03:36,440
Speaker 1: we don't think it's being driven by fundamentals. We think

67
00:03:36,440 --> 00:03:38,840
Speaker 1: it's being driven by expectations on stimulus. So we think

68
00:03:38,840 --> 00:03:42,680
Speaker 1: the rallies are very weak with respect to UH substance.

69
00:03:43,400 --> 00:03:46,040
Speaker 1: Now you've done a little research that explains that about

70
00:03:46,040 --> 00:03:50,680
Speaker 1: a hundred billion dollars in helicopter stimulus money from Japan

71
00:03:51,360 --> 00:03:53,960
Speaker 1: would equate it just two point four per of GDP

72
00:03:54,120 --> 00:03:56,120
Speaker 1: for the country. That's correct, So that that's a that's

73
00:03:56,120 --> 00:03:59,200
Speaker 1: a good point. So so the point is people here

74
00:03:59,320 --> 00:04:02,880
Speaker 1: helicopter money in the robot traders UM and the machines

75
00:04:03,200 --> 00:04:05,360
Speaker 1: see helicopter money, or you know that it's put in

76
00:04:05,400 --> 00:04:07,720
Speaker 1: the headlines and sucks go crazy. When you do the map,

77
00:04:07,760 --> 00:04:10,280
Speaker 1: it's only two point four percent of Japan's GDP. Javan

78
00:04:10,320 --> 00:04:13,960
Speaker 1: has a debt to GDP ratio roughly two. Keep in mind,

79
00:04:13,960 --> 00:04:16,240
Speaker 1: trying to did about a trillion dollars in new credit

80
00:04:16,320 --> 00:04:18,000
Speaker 1: in the first quarter. That was a record amount. That

81
00:04:18,040 --> 00:04:20,760
Speaker 1: was essentially stimulus. And they have a that the GDP

82
00:04:20,920 --> 00:04:25,000
Speaker 1: similar to Japan's a bit higher, and a trillion dollars,

83
00:04:25,040 --> 00:04:26,960
Speaker 1: not a hundred billion, but a trillion dollars only brought

84
00:04:27,000 --> 00:04:29,280
Speaker 1: them two months of good data. The data has subsequently

85
00:04:29,320 --> 00:04:32,599
Speaker 1: turned lower. So the point is a hundred billion dollars

86
00:04:32,640 --> 00:04:34,640
Speaker 1: is like trying to kill an elephant with the fly swatter.

87
00:04:34,680 --> 00:04:37,040
Speaker 1: We think it means nothing fundamentally, but it's again, it's

88
00:04:37,080 --> 00:04:41,360
Speaker 1: it's it's driving headlines and and invigorating animal spirits. All right, Well,

89
00:04:41,400 --> 00:04:43,440
Speaker 1: trying to kill an elephant with a fly swatter is

90
00:04:43,480 --> 00:04:46,960
Speaker 1: a fool's errands. About the United States, and will the

91
00:04:47,040 --> 00:04:49,919
Speaker 1: United States have to embark on some kind of fiscal

92
00:04:49,920 --> 00:04:52,599
Speaker 1: stimulus program, I don't think so. I mean I think

93
00:04:52,640 --> 00:04:55,599
Speaker 1: the United States, um, you know, if you think about it, um,

94
00:04:55,680 --> 00:04:59,680
Speaker 1: unemployment is below five percent, and there's already discussions whether

95
00:04:59,680 --> 00:05:02,359
Speaker 1: there's any slack left in the economy. UM. So I

96
00:05:02,400 --> 00:05:06,200
Speaker 1: think another major stimulus in the United States is highly unlikely. Um.

97
00:05:06,400 --> 00:05:08,400
Speaker 1: And just really quick on oil, I think the real

98
00:05:08,480 --> 00:05:10,680
Speaker 1: issue I have with oil and why we think over

99
00:05:10,680 --> 00:05:13,360
Speaker 1: the near term oil prices are gonna fall is because

100
00:05:13,360 --> 00:05:16,440
Speaker 1: our worries lie with the products gasoline and diesel UM.

101
00:05:16,520 --> 00:05:18,400
Speaker 1: And if you look at the products, they're stuff to

102
00:05:18,440 --> 00:05:20,839
Speaker 1: the gills across the world, the US, EU and and

103
00:05:20,920 --> 00:05:25,719
Speaker 1: also Asia. UM. So you know that is essentially demand

104
00:05:25,800 --> 00:05:28,280
Speaker 1: for oil. And then from a supply perspective, we think

105
00:05:28,279 --> 00:05:31,039
Speaker 1: OPEC is going to increase supply UM. So we just

106
00:05:31,040 --> 00:05:33,320
Speaker 1: think from a supply demand perspective, we think supply is

107
00:05:33,320 --> 00:05:35,560
Speaker 1: gonna overtake demand for oil again in the fourth quarter,

108
00:05:35,600 --> 00:05:37,360
Speaker 1: and you get some you're gonna get some pressure there,

109
00:05:37,520 --> 00:05:39,159
Speaker 1: all right. I was taking a look at some of

110
00:05:39,160 --> 00:05:43,000
Speaker 1: the transports sectors. For example, railroad shipments are falling at

111
00:05:43,000 --> 00:05:46,520
Speaker 1: the fastest rate I believe since like two thousand and

112
00:05:46,720 --> 00:05:51,920
Speaker 1: nine profits are down five straight quarters. How does that

113
00:05:52,120 --> 00:05:54,840
Speaker 1: play into your strategy? So look, I mean so again

114
00:05:54,880 --> 00:05:57,760
Speaker 1: people are talking about strong demand in the US UM.

115
00:05:57,800 --> 00:06:00,799
Speaker 1: But again and but again this is more headline stuff.

116
00:06:00,880 --> 00:06:03,159
Speaker 1: If you look at the actual data points, so specifically

117
00:06:03,160 --> 00:06:05,040
Speaker 1: in the still sector, four key things we look at.

118
00:06:05,040 --> 00:06:08,080
Speaker 1: We looked at UM car cells measured by STAR, which

119
00:06:08,080 --> 00:06:11,239
Speaker 1: is total UM you know, annualized car cells that's rolling

120
00:06:11,279 --> 00:06:13,400
Speaker 1: over now. Um you can pull that up Boo Bloomberg

121
00:06:13,520 --> 00:06:15,760
Speaker 1: s a r UM. We look at m s c

122
00:06:15,960 --> 00:06:18,160
Speaker 1: I data, so that's U S Service Center data in

123
00:06:18,160 --> 00:06:19,760
Speaker 1: the still space. And if you look at that data

124
00:06:19,760 --> 00:06:22,480
Speaker 1: it just came out yesterday, it was bad. Um. Uh.

125
00:06:22,560 --> 00:06:25,159
Speaker 1: We look at rick counts and and clearly rick counts

126
00:06:25,160 --> 00:06:27,080
Speaker 1: are off the lows. But if you look at the chart,

127
00:06:27,120 --> 00:06:30,160
Speaker 1: we're still near record loads. So still demand in that

128
00:06:30,240 --> 00:06:33,320
Speaker 1: aspect is bad. And then we look at the architecture

129
00:06:33,320 --> 00:06:35,760
Speaker 1: billion decks for nonready and that's good. So three out

130
00:06:35,760 --> 00:06:37,960
Speaker 1: of the four indicators are bad. If you look at

131
00:06:37,960 --> 00:06:41,880
Speaker 1: things like durable cells, durable goods orders, UM holds, elimentories

132
00:06:41,920 --> 00:06:45,120
Speaker 1: to cells, import prices, export prices, all these things are

133
00:06:45,279 --> 00:06:48,880
Speaker 1: are basically pointing to recession in the US. So look,

134
00:06:48,920 --> 00:06:52,200
Speaker 1: we have a major company reporting our names at four o'clock.

135
00:06:52,520 --> 00:06:54,360
Speaker 1: United Rental is one of the companies we cover with

136
00:06:54,400 --> 00:06:57,480
Speaker 1: the cell rating. We think the numbers are gonna be bad. Uh,

137
00:06:57,480 --> 00:06:59,400
Speaker 1: when when we think the U S UM overall the

138
00:06:59,480 --> 00:07:02,080
Speaker 1: US is still o marred in UM. You know, economic

139
00:07:02,640 --> 00:07:05,560
Speaker 1: economic weakness. So we think that despite the strengthen the stocks,

140
00:07:05,560 --> 00:07:07,479
Speaker 1: we think fundamentals are not good and we think that's

141
00:07:07,480 --> 00:07:09,479
Speaker 1: gonna play out as earnings come out. You just want

142
00:07:09,480 --> 00:07:11,679
Speaker 1: to follow up on your comments having to do with steel.

143
00:07:11,720 --> 00:07:13,680
Speaker 1: I know you've been following the industry for a while.

144
00:07:13,680 --> 00:07:17,000
Speaker 1: What about the imports of steel into the United States? Yeah,

145
00:07:17,000 --> 00:07:19,040
Speaker 1: so it's interesting if you look at it. Imports are

146
00:07:19,080 --> 00:07:21,600
Speaker 1: spiking up right now, and nobody's talking about this. And

147
00:07:21,880 --> 00:07:24,080
Speaker 1: keep in mind, so what happened is still prices in

148
00:07:24,120 --> 00:07:26,360
Speaker 1: the US spiked up, not because of demand, but because

149
00:07:26,400 --> 00:07:30,280
Speaker 1: of protectionist measures the U s U Commerce. Essentially, the

150
00:07:30,320 --> 00:07:33,320
Speaker 1: US government put very aggressive tariffs on a number of

151
00:07:33,360 --> 00:07:36,000
Speaker 1: imports of still from a number of different countries, and

152
00:07:36,000 --> 00:07:38,400
Speaker 1: that caused prices to spike higher. So if you look

153
00:07:38,400 --> 00:07:42,760
Speaker 1: at the spread of US prices to international prices via Europe, China, Turkey,

154
00:07:42,840 --> 00:07:47,080
Speaker 1: or whatever, US prices are near record premiums to international prices.

155
00:07:47,080 --> 00:07:49,760
Speaker 1: So so what what would you expect? You expect more imports,

156
00:07:49,800 --> 00:07:51,600
Speaker 1: and you're starting to see that in the data. Imports

157
00:07:51,640 --> 00:07:54,320
Speaker 1: are now spiking higher, but still the stocks continue to

158
00:07:54,360 --> 00:07:57,240
Speaker 1: run higher. In fact, just yesterday, still dynamics came out.

159
00:07:57,280 --> 00:08:00,320
Speaker 1: Everybody expected them to talk very positively about que the

160
00:08:00,400 --> 00:08:02,600
Speaker 1: second half last year and their two que print. They

161
00:08:02,600 --> 00:08:04,520
Speaker 1: said the second half is gonna be great this year.

162
00:08:04,560 --> 00:08:06,840
Speaker 1: They're saying they see pressure in the second half. Despite

163
00:08:06,880 --> 00:08:09,120
Speaker 1: that fact. You know, the stock UM has you know,

164
00:08:09,160 --> 00:08:12,600
Speaker 1: over the past probably three months, is up nearly so

165
00:08:12,880 --> 00:08:15,160
Speaker 1: again we see some fundamental week that's coming in the

166
00:08:15,160 --> 00:08:17,480
Speaker 1: second half, and I don't think investors are a position

167
00:08:17,520 --> 00:08:19,680
Speaker 1: according weeks. Well, just to follow up on what you're

168
00:08:19,720 --> 00:08:22,680
Speaker 1: talking about with Steel Dynamics st l D, the shares

169
00:08:22,720 --> 00:08:25,720
Speaker 1: are down one and a half percent today, but combine

170
00:08:25,760 --> 00:08:29,960
Speaker 1: that with yes Hayes four decline and you've got pressure

171
00:08:30,080 --> 00:08:33,480
Speaker 1: on a Steel Dynamics. Tell me about the link between

172
00:08:33,679 --> 00:08:39,760
Speaker 1: money printing perhaps by central banks and commodity prices. Yeah, so,

173
00:08:39,960 --> 00:08:42,760
Speaker 1: um so yeah. I think the link between central banks

174
00:08:42,760 --> 00:08:46,640
Speaker 1: and commodity prices is um again sentiment driven. So but

175
00:08:46,720 --> 00:08:49,360
Speaker 1: the thought is, think about this, if if every single

176
00:08:49,400 --> 00:08:53,360
Speaker 1: central brank in the world does, indeed UM drop helicopter money,

177
00:08:53,400 --> 00:08:55,280
Speaker 1: and they do it in a substantial way. It's not

178
00:08:55,320 --> 00:08:58,560
Speaker 1: a hundred billion, let's say it's four trillion UM. Essentially

179
00:08:58,559 --> 00:09:00,960
Speaker 1: you're putting money UM in the pockets of people, but

180
00:09:01,000 --> 00:09:06,040
Speaker 1: also you're you're directing money specifically at infrastructure projects, buildings, etcetera.

181
00:09:06,400 --> 00:09:09,160
Speaker 1: That would create UM, that would create, as we saw

182
00:09:09,160 --> 00:09:11,079
Speaker 1: in China in two thousand and eight and nine, demand

183
00:09:11,120 --> 00:09:14,439
Speaker 1: for still demand for UM a number of different commodities,

184
00:09:14,440 --> 00:09:16,600
Speaker 1: and US support all of these different um you know,

185
00:09:16,640 --> 00:09:19,360
Speaker 1: commodity stocks. However, if you look at what people are

186
00:09:19,400 --> 00:09:21,720
Speaker 1: actually saying when I say people specifically, if you look

187
00:09:21,760 --> 00:09:23,400
Speaker 1: at what Japan is saying, if you look at the

188
00:09:23,480 --> 00:09:25,480
Speaker 1: you know, the backdrop of the US, clearly it looks

189
00:09:25,480 --> 00:09:27,240
Speaker 1: like we're not going to get a big stimulus package.

190
00:09:27,280 --> 00:09:29,560
Speaker 1: I don't think you have support in Congress, even if

191
00:09:29,559 --> 00:09:32,600
Speaker 1: the President wanted to do that. Um Uh. It's just

192
00:09:32,679 --> 00:09:35,160
Speaker 1: not matching up with the expectations that people have. And

193
00:09:35,200 --> 00:09:37,640
Speaker 1: again we think it's gonna play out in earnings. Um

194
00:09:37,720 --> 00:09:39,360
Speaker 1: And if you look at the fact that the Chinese,

195
00:09:39,440 --> 00:09:42,080
Speaker 1: you want the Chinese currency, they've devalued their currencies to

196
00:09:42,120 --> 00:09:45,640
Speaker 1: the lowest level in nearly a decade. Um Uh. What

197
00:09:45,679 --> 00:09:48,680
Speaker 1: that means is that they're they're essentially exporting their deflation

198
00:09:48,720 --> 00:09:51,240
Speaker 1: to the rest of the world. That is very scary

199
00:09:51,280 --> 00:09:53,520
Speaker 1: because if China is exporting it's deflation to the rest

200
00:09:53,520 --> 00:09:56,640
Speaker 1: of the world. That's very negative for commodities, not positive.

201
00:09:56,679 --> 00:09:58,360
Speaker 1: And right now people just aren't looking at a lot

202
00:09:58,360 --> 00:10:01,720
Speaker 1: of these dynamics. So, Gordon Johnson, what are you recommending

203
00:10:01,720 --> 00:10:04,720
Speaker 1: that people do with their money right now? Uh? You

204
00:10:04,760 --> 00:10:07,880
Speaker 1: know the old adage bylow sell high. I would argue,

205
00:10:07,920 --> 00:10:09,959
Speaker 1: we're pretty high right now. In fact, were at record

206
00:10:10,040 --> 00:10:12,800
Speaker 1: highs and the fundamentals don't match up. Um. The last

207
00:10:12,800 --> 00:10:15,400
Speaker 1: few times we're at you know, um uh, you know,

208
00:10:15,480 --> 00:10:18,640
Speaker 1: record highs, there were fundamental factors to support it, right.

209
00:10:18,840 --> 00:10:21,360
Speaker 1: You know, during the tech bubble, at least people thought

210
00:10:21,400 --> 00:10:25,040
Speaker 1: that these companies were gonna grow at you know, astronomical levels. Um.

211
00:10:25,240 --> 00:10:27,720
Speaker 1: During the housing bubble, at least people thought that, you know,

212
00:10:28,040 --> 00:10:29,840
Speaker 1: home prices were going to continue to go higher and

213
00:10:29,840 --> 00:10:32,240
Speaker 1: that was going to cause economic growth. What do people

214
00:10:32,240 --> 00:10:34,600
Speaker 1: think now, why are we at record levels? We're at

215
00:10:34,640 --> 00:10:37,040
Speaker 1: record levels because people are putting their bets that, hey,

216
00:10:37,080 --> 00:10:38,960
Speaker 1: stocks are going up so they can still continue to

217
00:10:38,960 --> 00:10:41,280
Speaker 1: go higher, and the federal you know, the central banks

218
00:10:41,280 --> 00:10:43,040
Speaker 1: are going to support us. But if you ask people

219
00:10:43,040 --> 00:10:45,920
Speaker 1: how they feel about fundamentals and how they feel about economies,

220
00:10:45,920 --> 00:10:47,640
Speaker 1: they don't feel so positive. So I think now is

221
00:10:47,679 --> 00:10:51,280
Speaker 1: the time to sell. Thanks very much, Gordon Johnson, Managing

222
00:10:51,320 --> 00:10:56,760
Speaker 1: Director ahead of Alternative Energy Research at Axiom Capital Management.

223
00:10:57,240 --> 00:11:00,160
Speaker 1: This is taking Stock. I'm pim Fox for going to

224
00:11:00,240 --> 00:11:02,480
Speaker 1: take you through to the close on Wall Street. And

225
00:11:02,640 --> 00:11:03,920
Speaker 1: this is Bloomberg.