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00:00And right now we are two minutes away from the end of the trading day.
00:04Romain Bostic here with Caroline Hyde in for Katie Greifeld today as we take you through to that closing bell with a global simulcast.
00:10It starts now. Carol Masser and Tim Stenevich in the radio booth.
00:13Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube on a day where we see stocks trying to extend to record highs.
00:22But a few things Carol Masser might get in the way.
00:25Yeah, definitely. And we'll see whether or not some of the earnings that we get after the closing bell getting the other way.
00:29The more that we get so far, the earnings season has been done pretty well.
00:33But we'll see whether or not that continues as more important names continue to report.
00:38We're also set to get some government data at four o'clock today.
00:42That seems weird, right?
00:44Well, because of the government shutdown, we're actually going to get jobless claims.
00:48The state sends the data to the BLS. Michael McKee informed me a little earlier.
00:52So they're going to crunch some numbers and we're actually going to see some data.
00:55So what their abacus, abacuses, abacai, abacai.
00:58I don't know. Tell me.
00:59Figure it out.
01:00But then you've got a lot of the ongoing narratives.
01:02Does Carol not know that we have calculators now?
01:04No, I'm just saying.
01:05She's still using the TI-81.
01:06We are talking about the U.S.
01:07It's all about mental arithmetic, guys.
01:09But I think also what's interesting is, look, with tech and others in the green, many people are just pretty hopeful on some of the meetings that are coming as well.
01:15Tomorrow we start with Scott Besson and others in Malaysia.
01:18We get then she and Trump next week.
01:20I know there are some people kind of poo-pooing that.
01:22But I think to Caroline's point, I mean, this has been a market that, to a large extent, has been sentiment-driven all year long.
01:27So if you do see some sort of, I don't know, a detente or whatever you want to call it between the U.S. and China or even progress, maybe that does provide another leg for the rally.
01:35Yeah, U.S. and China, biggest two economies in the world, always important if they can figure things out.
01:41Quite a few earnings coming after the bell, including Intel, Ford, and Decker's as we get the closing bells here in New York.
01:46The Dow Jones Industrial Average up 146 points, or three-tenths of one percent.
01:51The S&P 500 up about 39 points, or six-tenths of a percent.
01:5467.38 looks like it's where we're going to settle.
01:57It takes a while for these numbers to settle.
01:58That's going to be a few points shy of its record high.
02:01The Nasdaq Composite up 200 points on the day, or nine-tenths of one percent.
02:04The Russell 2000 having a phenomenal day as well, of 31 points, or 1.3 percent.
02:09But just real quickly, Carol, I do want to point out, Dow Transports, the big laggard on the day, down about two percent.
02:14And part of that is on some concerning reports that we got out of Ryder, the big trucking company.
02:19Yeah, really important, right, in terms of things moving around the economy or not.
02:22So always important to watch.
02:24Hey, having said that, S&P 500, keeping a watch on that.
02:27And, Caroline, we had 284 names gaining ground on this Thursday, 217 to the downside, two unchanged.
02:33And let's have a little look at, on a sector-by-sector basis, who's been on the winners and who's been on the losers.
02:37It is a sea of red, even though we've managed to push it on over higher.
02:41Maybe we rely on just a few single names.
02:43But I think the one that we're digging into here is, is that the S&P that I'm looking at?
02:48Because currently in the S&P I'm seeing up six-tenths percent, and energy really are outperforming, industrials, IT as well.
02:54Just consumer staples are on the red.
02:56This is the wrong chart, I think.
02:57Intel actually crossing the wire right now, so let's just jump right to that.
03:00The company for the most recent quarter, the third quarter, says adjusted EPS came in at 23 cents a share.
03:07Now, the street was looking for 1.2 cents, so that does look like a beat.
03:10Revenue was up about 3 percent year over year here.
03:13Also looks like it's coming in slightly above what the street was looking for at $13.65 billion.
03:18But here's your forecast.
03:19The company says that for the fourth quarter, revenue will be in a range of $12.8 to $13.8 billion.
03:25The company also saying that it continues to see some marginal improvement here on the build-out of that data center and AI revenue business,
03:33which came in at $4.12 billion in the most recent quarter.
03:37And I think notably, our Ed Ludlow has been speaking with the CFO of the company,
03:41and really talking about how the market turned out to be stronger than they originally anticipated coming into the quarter.
03:45So they're particularly thinking that areas like server build-out was better.
03:49They saw a lot of money initially, as they say, going to GPUs for AI servers.
03:53But there is a significant amount of workload that can be handled by their own CPUs.
03:57So I think there is an area of growth.
03:59And they were saying, look, we were cautious about tariffs, we're cautious about noise.
04:02But on the data center side, a bit of a surprise when it comes into how much stronger it was in terms of demand.
04:08I'm also looking for any commentary about the U.S. government investment in Intel.
04:12Certainly, we did hear from the company on that in the press release.
04:17Quote, we took meaningful steps this quarter to strengthen our balance sheet,
04:20including accelerated funding from the U.S. government and investments by NVIDIA and SoftBank Group
04:25to increase our operational flexibility and demonstrate the critical role we play in the ecosystem.
04:30This is according to Intel's CFO, David Zissner.
04:33Yeah, and then addressing AI, right?
04:35So important.
04:36AI is accelerating demand for compute and creating attractive opportunities across our portfolio.
04:40And they talk about including in their core X86 platforms, they say new efforts in other, you know, metrics.
04:47But again, addressing some of those issues.
04:49And again, we're watching Intel in the aftermarket.
04:53I'm looking at that trade up about 3.7 percent.
04:56Up about 3.7 percent.
04:57And it gets to this idea here that what is sort of the future?
05:00We talk about a new CEO.
05:02We talk about new investments.
05:03But it's still the same old problems.
05:05And I am curious.
05:06I mean, I look at these comments, Caroline, coming out of your co-host, Ed Ludlow here.
05:11And again, I mean, how do you articulate to investors what the long-term story is?
05:16Yeah, about the foundry business.
05:17Who are going to be the ultimate demand base for the chips that they might or might not manufacture over in Ohio?
05:23They've got to stay committed to that particular build-out.
05:25And of course, that is why the U.S. government had been such a signal that they are going to ensure that people come to them for their chip manufacturing.
05:32That's why we do wonder about where AMD goes for its next chips to be made, where NVIDIA eventually does, and why it's such an important and strategic investment coming from there.
05:39We're actually seeing shares rise now in the after hours, up even more than they were earlier, just minutes ago.
05:45Of course, the call has not happened yet, but investors making their way through the press release, the commentary from Ed's interview with the CFO.
05:52Intel shares up 6 percent in the after hours.
05:54And King out with a write-through and saying, of course, OK, here, Intel giving an upbeat revenue forecast after PC demand grew, boosting optimism about a comeback attempt by the company.
06:05Company's fourth-quarter sales will be $12.8 billion to $13.8, with the midpoint of that range being $13.3, just below Wall Street's estimate of $13.4 billion.
06:15And that the CFO, Dave Zinsser, saying current demand is outpacing supply, a trend we expect will persist into 2026.
06:23And the company's third-quarter results exceeded its projections based on the underlying strength of our core markets.
06:29That sounds pretty upbeat.
06:31And, you know, investors' expectations, Romain, you know, are high.
06:33This stock is up 90 percent.
06:35And one big investor, the U.S., the number three investor in this company.
06:39And that seems to be why it's riding high.
06:40It's kind of interesting, too.
06:41They also talk about the refresh cycle on PCs, and that might actually be the bridge for this company.
06:46We talked about this a little bit yesterday about Tesla and its sort of robotic, autonomous future, but it still needs that money from the here and now to sort of bridge that gap.
06:54We're going to continue to break down the results coming out of Intel.
06:57The share is up 6 percent, but Ford's share is now moving in the opposite direction.
07:01Yeah, and let's get to it.
07:02Let's get to the forecast, which is something that we certainly care about.
07:05The company, Ford, saying it sees $1.5 to $2 billion adjusted EBIT hit in 2025 from the Novellis fire.
07:12This is that fire that we have talked about that has certainly impacted, was it aluminum specifically, and certainly made it shut down some of their factories.
07:23Also, the company sees fiscal year adjusted EBIT of $6 billion to $6.5 billion, had seen $6.5 to $7.5.
07:30And you can see that stock right now down about 3.3 percent here in the aftermarket.
07:34Hopefully, these end up being more one-off types of costs here, but a lot of questions really about the longer-term strategy,
07:41particularly with some of the peelback in that EV build-out and the refocus in on some of those ICE vehicles.
07:47We should point out the company also coming out with a statement right now about some new models,
07:51starting new model production here on that Ford F-150.
07:54A conversation in just a few minutes' time that we're going to have with the CEO, Jim Farley.
08:00And I think that it's notable, he's speaking once again directly to the administration here,
08:04that a Michigan-based company is going to be creating jobs, 1,000 of them, at factories in Michigan and Kentucky.
08:09They're talking about helping boost truck production to 50,000 units next year more broadly.
08:14Yes, they've been implicated by this fire, but they're really trying to remain committed to the fact
08:18that their plant is aiming to build 45,000 additional trucks,
08:22with the remaining 5,000 to be produced at the Kentucky truck plant.
08:25So, really trying to find that recovery story here out of Ford.
08:28Ford shares down 4 percent in the after hours.
08:31Again, we're going to hear from Jim Farley, the CEO of the company, 420 Wall Street time,
08:35sitting down with Romaine and Matt Miller.
08:37The company did cut its adjusted EBIT guidance for the full year.
08:40The guidance did miss the average analyst estimates.
08:42Shares still down just about 3.6 percent.
08:45Yeah, the automaker also saying planning to boost that F-150 and Super Duty truck production.
08:49We know trucks have been so important to Ford to boost the F-series production volume by 50,000 plus in 2026,
08:56citing customer demand, recover losses from that fire.
08:59But, again, a lot of questions will come on that fire.
09:01We assume one-time theme, but the longer it has had an impact,
09:05certainly the impact will carry over a little bit longer as well.
09:08I just want to get to some other earnings real quickly, and we'll get back to Intel and Ford.
09:12Decker is the maker of Uggs and Hoka Shoes, out with their results in line for the fiscal second quarter
09:17on a net sales basis, $1.43 billion.
09:20Here's your guidance going forward.
09:21The company says for the full year, expect $5.35 billion in sales.
09:26That's a little bit light than what the street was looking for at about $5.45 on average.
09:31The company says gross margins, though, should come in a little bit higher than what the street was looking for at 56 percent.
09:37Operating margin of 21.5 percent.
09:39That's your guidance for the full year, EPS adjusted, of course, as it typically is.
09:44$6.30 to $6.39, the low end of that range, right around what the street was looking for here,
09:50though you see the shares pulling back about 3 percent.
09:52Meanwhile, we can look at one particular company that's spiking on the back of its numbers,
09:56payments company, Western Union.
09:58We're seeing revenue $1.03 billion.
10:00That's just slightly ahead of expectations, but the adjusted earnings per share, they're looking strong.
10:03$0.47.
10:04The estimate was for $0.43.
10:06And they still see their full year operating margin of $0.18 to $0.20.
10:09We're seeing jump about, what, 4.4 percent, as there seems to be that resilience coming from this payment company
10:15amid some of the competition coming to the market.
10:17All right.
10:17You got payments.
10:18I got gold with Newmont Corporation.
10:20Shares bouncing between gains and losses in the after hours.
10:23The company out with numbers reporting adjusted earnings per share for the third quarter that beat the average analyst estimate.
10:30Adjusted earnings per share came in above estimates at $1.71.
10:34Sales at $5.52 billion that beat estimates of $5.29 billion.
10:39Shares up in the after hours, just about half a percentage point.
10:42All right, just a quick check again on Intel, up about 5.6 percent in the aftermarket following earnings,
10:46and Ford down about 1.5 percent.
10:49Of course, the Ford CEO, Jim Farley, coming your way in just a moment on Bloomberg platforms, Bloomberg TV and radio.
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