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00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Katie Gryffield, taking you through to that closing bell with a global simulcast.
00:08Carol Masser and Tim Senevic join us from the radio booth.
00:11Welcome to our audiences across all of our Bloomberg platforms.
00:14Carol Masser, including our partnership with YouTube here on yet another record-setting day across the board here in the United States.
00:21Kind of wild, right?
00:22You just look at the last half hour or so, we've seen stocks move up to their highs of the session.
00:27And this on a day where also, yeah, the momentum just building here into the close.
00:31It's a big week.
00:32Fed meeting, five of the mag seven reporting, U.S.-China trade talks.
00:36There's a lot coming out of investors.
00:37We'll see if the enthusiasm holds all week.
00:40Apple, Meta Platforms, Microsoft Alphabet, and Amazon.
00:44And Katie, I wonder if there will be questions on the call about the Reuters report,
00:48about the layoffs that are happening scheduled for tomorrow or set for tomorrow, according to Reuters, Amazon HQ.
00:55I have to imagine.
00:56So interesting to see not too much movement in the stock on the heels of that report,
01:00that Amazon laying off 30,000 corporate workers, saying basically that they overhired, which is interesting,
01:05because that was the narrative a couple years ago when it came to a lot of these big tech companies announcing their layoffs.
01:11But we've kind of gotten away from that, but certainly that narrative coming back with this Amazon report.
01:16Yeah, and we should point out, I mean, this is going to be, of course, the busiest week for earnings of this season so far.
01:21And that includes today.
01:22We get some names that could have some consequence to the market, like NXP Semiconductor, Cadence,
01:27which is also in the semiconductor software space, Whirlpool, and a few others, including Avis Budget, too.
01:33Yeah, and got a day where we're seeing what the VIX at, just under 16.
01:37So a lot of complacency in the market environment on a day when we're going to probably see another record here for me.
01:42Yeah, absolutely, and a lot of reasons to clap and cheer here on this Monday afternoon.
01:46Green across the screen for U.S. equities and record highs pretty much for everyone who wants one.
01:51The Dow Jones Industrial Average up more than 300 points or seven-tenths of one percent.
01:56That's a record high.
01:57The S&P 500 up more than 80 points or 1.3 percent to a record high.
02:01The Nasdaq Composite and the Nasdaq 100 each up roughly about 1.8 to 1.9 percent to record highs.
02:07And look at this, the Russell 2000, which is your relative laggard on the day, it's only higher by about seven points or three-tenths of one percent, 25.20.
02:15If that holds, as we wait for these numbers to settle, that will be, by less than one point, a record high.
02:22All right, folks, we already have some earnings crossing the Bloomberg term.
02:25I'll just quickly go to it.
02:26Avis Budget, third-quarter revenue, a slight beat, $3.5 billion.
02:30Street estimate was for $3.45 billion.
02:32And then just talking about third-quarter Americas per unit, fleet costs down 20 percent.
02:39So basically revenue meeting estimates.
02:42Let me just see what else we got.
02:43Yeah, that looks like what we've got so far.
02:45And we're looking at the stock unchanged here in the aftermarket, so we'll keep an eye on it.
02:49Hey, S&P 500, let's go back there.
02:52Record on Wall Street, highs, finishing near our highs of the session.
02:55Katie, 322 names in the S&P 500 actually gaining ground today, 178 to the downside, three unchanged.
03:00And certainly when you take a look at the sectors, you saw that strong breadth as well.
03:05Nine sectors in the green, that circle almost totally green.
03:08Two sectors in the red.
03:10Communication services, big tech, consumer discretionary, those are some of your biggest gainers when it comes to the sectors.
03:16Consumer staples and materials, your loan two sectors in the red, really points to this risk on appetite that enveloped this Monday session.
03:25As Romain pointed out, materials being down could point to optimism over U.S.-China trade talks.
03:30And consumer staples lower on the day, being your biggest loser, certainly bullish as well.
03:34All right, lots of green there.
03:35So let's get to some individual gainers.
03:37Got to talk about Qualcomm.
03:38Everybody talking about Qualcomm.
03:39Number one gainer in the S&P 500, NASDAQ 100 today.
03:43Up as much as almost 22 percent intraday.
03:47Finishing the day with a gain of 11 percent.
03:49Largest maker of smartphone processors, unveiling chips and computers for the lucrative AI data center market.
03:56And they really are looking to challenge NVIDIA in the fastest growing part of the industry.
04:00So that definitely caught investors' attention.
04:04We've got some more earnings remain.
04:05Yeah, let's just do a quick hit, Caden, since we're talking about chips.
04:08A big software design company used by a lot of the folks in the chip space here.
04:13EPS in the most recent quarter did beat $1.93.
04:15The street was looking for $1.79.
04:18Revenue in the most recent quarter also beat $1.34 billion.
04:21The street was looking for $1.32 billion.
04:24And more importantly here, we talk about the growth in this company.
04:2710 percent revenue growth on the top line.
04:29The bottom line, decent growth there as well, about 17 percent.
04:33And a widening of the operating margins to about 47.6 percent here.
04:37Though the shares are moving lower in the after hours trade.
04:40And here's why.
04:41We're now taking a look at the guidance going forward for the full year.
04:44The company says it expects $5.26 to $5.29 billion.
04:49It had previously had a range of $5.21 to $5.27 billion.
04:53We'll try to get you some more details on this and try to explain why such a negative market reaction.
04:58Let's quickly get over to Bed Bath & Beyond.
05:00Also reporting earnings as well.
05:03You can see the stock is moving higher after hours.
05:05That is because when it comes to third quarter net revenue, that came in at $257.2 million.
05:10That is actually just shy of estimates, which had been for around $260 million.
05:16But then you take a look at the third quarter adjusted EBITDA loss.
05:19That came in at $4.94 million.
05:23The estimated loss had been for $10.5 million.
05:26So much better than expected when it comes to the expected loss.
05:30The third quarter adjusted EBITDA loss.
05:32You can see shares flying right now, Carol.
05:34Now up 10 percent after hours.
05:36Yeah, speaking of stocks flying in the aftermarket, I want to go back to Avis because that stock is up about 9 percent here in the aftermarket.
05:45So investors liking some of what we got from the company, specifically third quarter adjusted EBITDA, really surpassing Wall Street estimates.
05:53We're looking at $559 million, up 11 percent year over year.
05:57Estimate was for $538.7 million.
06:00So we're seeing some strong numbers from that company, and we're seeing it certainly move higher in the aftermarket.
06:07I'm going to go back to some individual gainers as we wait for some more earnings.
06:10Keurig Dr. Pepper, I have to mention, up 7.6 percent at the close among your top gainers in both the S&P and the NASDAQ 100.
06:17Keurig Dr. Pepper raising $7 billion from Apollo and KKR to help finance its acquisition of JDE Pete's MV.
06:25So, you know, the company's planning to separate its beverage and coffee businesses by the end of 2026.
06:31Also reported their quarter sales of $4.3 billion.
06:33And then Cadence Bank, just quickly, up 4.4 percent here in today's session.
06:39That after Huntington Bank shares agreed to buy the bank for $7.4 billion.
06:43So we continue to see consolidation, certainly, among the regional banks out there.
06:47All right, Tim, over to you.
06:48Well, speaking of, go ahead.
06:49Sorry, just there was some news crossing the wire right now.
06:51Carol, we talk about Citizens Bank, First Citizens, excuse me, and Park National Bank, a tie up there.
06:57That headline just crossing the wire.
06:58Well, every one of my movers to the downside this afternoon has to do with M&A or potential M&A here.
07:04I want to start with Newmont.
07:06Shares falling today.
07:08This is, of course, the gold, copper, silver, zinc, and mining company down 5.7 percent on the day.
07:16Gold declined today, yes, down about 8.4 percent from those all-time highs earlier this month.
07:20But also, Newmont is studying a potential deal to gain control of rival Barrick Mining's Nevada gold assets.
07:26That, according to people with knowledge of the matter.
07:29Once again, shares down at 5.7 percent.
07:31I know, Romain, we got some more earnings.
07:33Yeah, Whirlpool earnings out.
07:34The company reporting net sales that it looks like coming in above expectations, about $4.03 billion.
07:39The street was looking for 3.93 ongoing EPS, basically on a continuing basis, $2.09 a share.
07:46The street, on average, is looking for about $1.4, 40 cents, excuse me, per share here.
07:53The company also says that for the full year, it does see EPS of about $7 per share.
08:00It had previously provided guidance of $6 to $8 per share.
08:04So, basically now, hitting in the middle of that guidance, in the middle of that guidance, at $7 a share, is higher than the average of street estimates, which we're looking for about $6.41.
08:14You see a 1 percent pop here, Tim, in the after-hours trade.
08:17Yeah, I'm just looking through the press release, looking for commentary from Mark Bitts, or somebody who I know you guys have spoken to quite a bit.
08:22We've spoken to him as well.
08:24He said that the fundamentals of the business remain strong.
08:26They're confident that the newly announced investment in our U.S.-based laundry facilities will continue to fuel our future growth.
08:32Jim Peters, though, the CFO, saying that the third quarter results continue to be impacted by the inventory loading from Asia competitors, though they're focusing on what is within our control and delivered cost takeout in line with expectations, putting us on track to achieve approximately $200 million of cost takeout in 2025, Katie.
08:50Yeah, really interested to see some of the details coming from that earnings call specifically.
08:54A lot of different angles in which Whirlpool is interesting, especially when it comes to consumer sentiment, but also when it comes to this company, how they're managing that inventory.
09:04I will say you take a look at the shares down about 32 percent through the close year to date, and then over the five-year basis down 52 percent.
09:12This is certainly a company that has had a rough go of it.
09:15Yeah, and ahead of earnings, we saw more than 17 percent of the float short.
09:20So, you know, if there's some little signs of improvement, you might see some short covering and maybe explain some of the trade.
09:26But we'll keep an eye on it as it continues to bounce around, certainly in the aftermarket.
09:30But we have seen a pop to the upside, 1.6 percent higher on Whirlpool.
09:34All right, guys, don't forget, NXP Semi also coming out after the close a little bit later on today.
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