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00:00We are about two minutes away from the end of this trading day and trading week.
00:04Scarlett Fu and Christina Kino here in for Romaine Bostic and Katie Greifeld.
00:08And here to take us through the closing bell, we've got a global simulcast,
00:11which means Carol Masser and Tim Stenevich are on board.
00:14And together we bring all of our audiences across Bloomberg Television,
00:18Bloomberg Radio and YouTube worldwide to parse through the most crucial moments of the trading day.
00:22Maybe it was in the last hour when we have turned positive
00:25because there appear to be signs that the two sides in Washington are talking to each other.
00:30Maybe. Or aides are. Or something.
00:33They're talking to each other very publicly through the media.
00:36They're making speeches.
00:37Are they really having meetings?
00:38I don't know if they're having meetings with each other.
00:39All I will say is look at something like the airline stocks.
00:42They've been down as much as 2.6 percent, up as much as 3.8 percent right now.
00:47Just off their highs, again, about 2.3 percent.
00:49We know what's going on with airlines.
00:51We've seen reduced flights, problems at airports.
00:54But hopes of maybe the shutdown ending and getting back to a normal flight schedule
00:59has airlines rallying.
01:01So it's been kind of a wackadoo day.
01:03It has.
01:04Next week we're going to get more information, not necessarily from the U.S. government.
01:08Today was supposed to be a jobs day.
01:09And traditionally we'd be talking about that jobs report, but we're not doing that today.
01:13Instead, I'm going to look ahead to the earnings that we're going to get next week.
01:16We'll hear from Walt Disney.
01:17We'll hear from Corweave.
01:18We'll hear from Paramount Skydance.
01:20We'll also hear from Warner Brothers Discovery, or rather Maple Bear, Instacart.
01:28We're going to get C as well.
01:30And kind of a tech check as well with Cisco.
01:32Yeah, very busy.
01:33Yeah.
01:33Well, Tim, I'm looking at the sectors that are leading and lagging today, of course.
01:39As expected, it is definitely the infotech sector dragging the index down in the S&P 500,
01:45set for its worst week in a while.
01:47So very much expected, given the tech-led sell-off result this week.
01:50Absolutely.
01:51But as we mentioned, you know, the signs that the two sides of Washington, Democrats and
01:55Republicans, are speaking was enough to bring indexes into the green, at least the S&P 500
02:00and the Dow, by the end of today.
02:02You do see gains of just two-tenths of one percent for the Dow Industrials, and for the
02:07S&P 500, up one-tenth of one percent.
02:09The Nasdaq, still lower by two-tenths of one percent, showing that pressure from big
02:14tech.
02:14I just want to know, they're going to the round-robin bar in D.C. and actually having,
02:18you know, a martini and saying, guys, let's hash this out.
02:20I don't think so.
02:21I don't think so.
02:22I don't think that's how it works anymore.
02:23All right.
02:23So let's get to the S&P 500, folks, now that we are at the close.
02:28In terms of the market averages, Christine, we're looking at more names, actually higher
02:33today.
02:33It wasn't that way earlier in the session.
02:35389 names in the S&P 500 gaining ground on this Friday.
02:39112 to the downside, two unchanged.
02:41Well, Carol, I'm looking at the sectors again that have led us and lagged us in this equity
02:48session.
02:48I mentioned earlier, Infratech, of course, biggest loser today.
02:52But, you know, the biggest winners, energy sector.
02:55Look at that.
02:56So that is currently being led by Exxon.
02:59We're all seeing, of course, oil prices up today.
03:03So, you know, that's kind of helping cushion some of those declines in the S&P 500 that we're
03:08seeing earlier.
03:09And again, as Carol mentioned, you know, we've paired some of those losses already because
03:14of potential hope that we might see the beginning of the end of the shutdown.
03:18If we do, in fact, see our lawmakers grabbing some martinis somewhere in D.C. this weekend,
03:23one can hope.
03:24What are the odds?
03:25Something like that, right?
03:26All right.
03:26So we can keep our fingers crossed.
03:28Hey, so a lot of green.
03:29So let's get to some of the individual gainers.
03:31Got to mention Expedia.
03:32It's your number one gainer in the S&P 500.
03:34The stock finishing with a rise of about 17.5%.
03:39It is now up about 40% year-to-date.
03:42The company raising its full-year gross bookings and revenue outlook.
03:45It signaled that strong travel trends are continuing into the holiday quarter.
03:49So revenue this year now expected to increase 6.5% at the midpoint.
03:53Gross bookings are expected to grow 7%.
03:55That's both ahead of estimates and Expedia's previous guidance.
03:59I should point out the outlook does not take into account the U.S. government shutdown,
04:02and the company has yet to see an impact just over a month in,
04:06according to the company's CEO.
04:07All right.
04:08Over to Monster Beverage we go.
04:10This one, number two gainer in the NASDAQ 100,
04:13a gain of 5.2% here after the energy drinks company's third quarter results
04:17topped expectations.
04:18Analysts pretty positive about the company's gross margins and sales
04:22following the recent price hikes.
04:24And this one, too, is up about 32% here in 2025.
04:28And one more for you.
04:29We're talking about Topgolf Callaway.
04:32That went up about 14.3%.
04:35Yeah.
04:36Right?
04:36I guess people are golfing.
04:38Yeah, I guess.
04:39Remember we thought nobody...
04:39It got revived during the pandemic, and it has been building on that since.
04:43Exactly.
04:44So, again, a good number here.
04:46The company came out, boosted its net revenue guidance for the full year,
04:49as football fans took some extra time out for golf.
04:52Glad to hear that's happening.
04:54The company expects annual revenue of $3.92 billion at the midpoint.
04:58That's up from the previous expected $3.86 billion.
05:00And this was also above Wall Street's estimate of $3.89 billion.
05:04Stock up more than 30% year-to-date.
05:06About 10% of the float is short.
05:07But I've got to say, that's kind of how I grew up.
05:09My family went from golfing to football.
05:13Golfing to football.
05:13It's good to get up from the couch every once in a while.
05:15Yeah, exactly.
05:15They did go out and play a lot of golf, I should say that today, at least to get off the couch on that one.
05:20Hey, you got the gainers, I got the decliners today.
05:22I want to start with the shares of the meat processing company, JBS, falling 3.64%.
05:27Shares just dove late in the trading session at about 3.38 p.m.
05:32This after the president said in a social media post that he's told the Justice Department to probe meat packing companies.
05:37Here's what the president said in part, quote, I've asked the DOJ to immediately begin an investigation into the meat packing companies who are driving up the price of beef through illicit collusion, price fixing, and price manipulation.
05:49We will always protect our American ranchers, and they are being blamed for what is being done by majority foreign-owned meat packers, end quote, in part.
05:57He goes on to say more.
05:58We should note there are a host of reasons why beef prices in the United States have gone up.
06:03We've typically imported quite a bit from Brazil, but then tariffs on Brazil helped put an end to that.
06:10We were hoping, well, the U.S. was hoping to import from Argentina as well, but that's politically difficult when it, you know, affects the price of beef for American ranchers, many of whom did support the president in his last election.
06:23Once again, shares of JBS down 3.6%.
06:25We'll continue following this story.
06:27Also among the worst performers in the S&P 590 percentage basis, shares of the company formerly known as Square now called Block down 7.7%.
06:35The company did raise its full-year profit forecast and posted strong growth in consumer banking, though its third quarter revenues fell short of Wall Street's estimates.
06:43The company added 300,000 new primary banking users in the quarter, and the number of monthly active users in the cash app ticked up slightly to 58 million.
06:51Also, finally, sweet green shares hitting a record low today, down 7.5%.
06:58The restaurant chain cut its revenue guidance for the full year and missed the average analyst estimate.
07:02Red Brown, a consumer reporter for Bloomberg News, has a great piece out on the terminal today.
07:07I encourage everybody to go read it.
07:08It's about how the pricey menu add-ons that were added over the last few months have misfired.
07:13The ripple fries that were made with hand-cut potatoes and air-fried and avocado oil were removed from the menu just after five months due to being too complicated to make, and they were not popular with consumers.
07:22Isn't ripple a really bad drink?
07:25Huh?
07:25Isn't ripple a really bad drink?
07:27I don't know the drink.
07:28I think so?
07:29All right.
07:29Sweet green and fries just are a strange mix overall, you know?
07:32It's weird.
07:33All right, quick glance at yields.
07:35You can see a little change right now.
07:37They were up, they were down, they were up again, and now they're kind of, I mean, they're just all over the place.
07:41But we do have a big, big week in terms of issuance next week, $150 billion of threes, tens, and thirties, which will be shortened next week because of Veterans Day.
07:51So there's a lot of supply to absorb next week.
07:53Just something to keep in mind here because there's no official data that we're dealing with right now.
07:57We also have headlines coming out with Israel's outlook revised to stable from negative by S&P.
08:04And so if you look at the Israeli shekel, the dollar sinking to its session lows versus that currency.
08:10So the shekel is at its session highs in terms of strength, the dollar's at its session lows versus the shekel.
08:16So we'll continue to keep an eye on that.
08:18Carol?
08:18Thank you so much, Scarlett.
08:19Hey, let's get to some stories that definitely have caught our attention.
08:23So as we are in the longest government shutdown, 38 days and counting, we'll see whether or not, like we did see some movement today, but we'll see whether or not it comes to an end sooner rather than later.
08:32We are looking at different statistics to figure out what's going on in the economy.
08:35And here's an interesting story, a slump in cardboard box sales stoking fears of weak holiday retail shopping season.
08:43U.S. corrugated box shipments fell to the lowest third quarter reading since 2015.
08:47This is according to data from the Fiber Box Association.
08:50Yes, there is one.
08:51Packaging companies have warned that economic uncertainty is weighing on retailers and consumers with box plants reporting Tim flat or below normal orders in the month of October.
09:00Yeah, so shipments of corrugated cardboard can serve as a demand indicator for food and consumer goods.
09:06This time of year, though, critical for the box industry because shipments typically peak in October as retailers prepare for the holidays.
09:12So it gives us a good idea of or potentially could give us a good idea of what demand could look like in the holiday season.
09:18All right.
09:18Well, Tim, over here on the Clow Studio, we're taking a look at this Target story.
09:23So apparently they're now asking their workers to smile more.
09:27I'm not sure whether they have rules for them.
09:30That's a thing.
09:31Yeah, they have targets for how much they smile.
09:34But this is the whole strategy that they're leaning into now, which is apparently Minnesota nice, right, given that they are based in Minneapolis.
09:40But basically the idea is that for workers, if a shopper comes within 10 feet of them, then they have to make sure that they smile, make eye contact, greet and wave.
09:50That sounds like a nightmare for me personally.
09:52I think it actually comes really easily for you, Christine.
09:56But it's really interesting because it's just like the Starbucks baristas having to write inspirational messages on people's cups when they order something to go.
10:04Or if you guys are devotees of the movie Office Space, remember the pieces of flair that everyone has to wear?
10:09The 15 pieces of flair versus the 37 that Brian had because he was such an enthusiastic worker?
10:14I love the reference, Scarlett.
10:17Does everyone know it?
10:18Yeah, absolutely.
10:20I'm going through a litany of lines in my head that I could not say right now.
10:24But, yeah, you know.
10:25The bobs.
10:25Everyone knows them.
10:26Everyone knows the bobs.
10:27All right.
10:28Good stuff.
10:29And some interesting stories.
10:30Hey, guys, have a great and safe weekend.
10:32That is a wrap.
10:32All right.
10:54Bye.
10:56Bye.
10:58Bye.
10:58Bye.
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