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00:00And right now we are two minutes away from the end of the trading day.
00:04Romain Bostic alongside Katie Greifeld taking you through to that closing bell with a global simulcast.
00:09It starts now. Carol Masser and Tim Stenevich in the radio booth as we welcome our audiences across all of our Bloomberg platforms,
00:15including our partnership here with YouTube on a decidedly risk on day.
00:20Carol Masser, the Nasdaq up more than 2% on the day, the S&P up 1.5.
00:24Everything is totally awesome, at least it is for this Monday, November 10th.
00:28Having said that, I've been looking at the semiconductor space.
00:30You've got 27 of the 30 names in the socks.
00:35They are up on the day.
00:36And I'm just looking at the index.
00:38You guys, it's up 3% here.
00:39So we have seen investors moving into that space in a big way.
00:42Some cryptos are getting a bid today.
00:44Bitcoin up 1.3%.
00:45Ether down 4 tenths of 1%.
00:47Tether is pretty much flat right now, Katie.
00:50So, yeah, even risk on in a certain sense.
00:54Cryptos. Is that what we call it?
00:55Is that like vinyls?
00:56What does that mean?
00:56You've got to watch Bloomberg Crypto tomorrow at noon to find out.
01:00Oh, Bloomberg Cryptos?
01:01Bloomberg Crypto.
01:03Oh, Cryptos?
01:04The Cryptos show.
01:05Let's quickly talk about physical Bitcoin.
01:08That, of course, is gold, which is really interesting.
01:10Just on a tear today, up about 2.8%, at least the last I checked,
01:15which kind of feels at odds with what we're seeing in the equity market
01:18and the crypto space, if you will.
01:20Not really fitting into that risk-on picture.
01:23But I don't know the last time that gold was really behaving as a true hedge in the last couple weeks.
01:28We should point out part of the enthusiasm today is certainly tied to the potential, potential for an end to the record government shutdown.
01:35But it's also rising on the back of some relatively strong earnings.
01:38And we're expected to get more earnings after the bill, including from CoreWeek, Rocket Lab, Occidental Petroleum, and Paramount Skydance.
01:46The S&P 500 up about 100 points here on the day.
01:49We wait for the numbers to settle, but no matter how you cut it, it's going to end up higher by roughly about 1.5% on the day.
01:55The Dow up 0.8% on the day.
01:57The Nasdaq Composite up 2.3%.
02:00And the Russell 2000 getting in on the action, gaining about 23 points or 0.9% of 1%.
02:05All right, let's go to the S&P 500, Romain.
02:08And you've got most names in the index higher today, 313 to the upside, and Katie, 188 to the downside, two unchanged.
02:14Let's take a look at the sectors as measured by my friend The Circle.
02:18And you can see that, again, a risk-on-day look at information technology.
02:22That is bright green.
02:23That was one of your big gainers today, up about 2.7% as a sector.
02:27Communication services also higher by about 2.5%.
02:30Consumer discretionary, industrials, the list goes on.
02:34In terms of what didn't exactly perform today, on the downside, you have consumer staples, real estate, and utilities.
02:40But again, that, too, fixed into this risk-on behavior that we saw.
02:45All right, I'm going to go to the individual gainers.
02:46Let's start with Palantir.
02:48Shears closing almost 9% higher.
02:50It's best day since April 9th.
02:52So that stock, a top gainer in the S&P 500, also the NASDAQ 100.
02:57Keep in mind, they were down about 11% last week.
03:00But jumping in today's session, I will point out Michael Burry and his Scion Asset Management,
03:06remember, just revealing about one week ago in a filing, a 13-hour filing,
03:10that at the end of September, it owned a bearish put options on 5 million Palantir shares
03:15with the value of about 912 million.
03:17But there's been this back-and-forth evaluation on this one.
03:20Many say way, way overvalued.
03:22And we certainly saw investors rethink it last week.
03:26But nonetheless, investors coming back in a big way.
03:29Semiconductors, I mentioned, definitely some outperformance in the overall sector today.
03:33I've got to mention Micron Technology.
03:34This was one of the outperformers, up about 6.5% in today's session,
03:39and a top gainer in both the S&P and NASDAQ 100.
03:43Micron, too, was up about 6% last week, even though the SOX was overall down about 4% last week.
03:49But again, investors continuing to move into it.
03:51You also had TSMC.
03:52Got to mention that one.
03:53The ADRs that trade here, up about 3% that,
03:56despite posting its slowest growth in 18 months amid the AI bubble debate.
04:00So that's been going on.
04:01And then I'm just going to mention Elf Beauty really quickly, up more than 8%
04:05after announcing today the brand's official launch at Ulta Beauty in Mexico.
04:10And just because I don't want Romain to get on me,
04:12I've got to mention C3 AI, that stock.
04:15Just a quick bump.
04:16Up as much as 12% intraday on the news from Reuters that they're exploring a potential sale
04:22or some other options.
04:23But the stock finishing with about a 3.6% gain at the close.
04:26So I'm done.
04:26All yours, Tim.
04:28Anything, Romain?
04:28No, not yet, Tim.
04:30Let's see what you got.
04:31Okay.
04:32Can't wait.
04:33I want to go with decliners.
04:34Shares of U.S. health care insurers and hospitals fell, including Centene, down 8.8% today.
04:41This, as lawmakers come closer to ending a government shutdown without securing any extension
04:45of the Affordable Care Act.
04:47This was actually the worst performer on a percentage basis in the S&P 500.
04:52Now, as part of the Senate deal to end the shutdown, Democrats were able to obtain a pledge
04:55for a separate vote on health care tax credits in the coming weeks.
04:59Oscar health.
05:00I know.
05:00They fell for that?
05:01We asked this question, actually, to Henrietta Tres a little earlier.
05:04Yeah.
05:06Whether or not that vote would happen or if Republicans would, you know, come to the
05:10table in good faith.
05:10And she said, that's the question she's been getting most from clients this afternoon.
05:14What does Calci say?
05:15What are the prediction marks?
05:15I haven't pulled it up.
05:17Yeah.
05:17Me either.
05:18Right now.
05:19But I know what it says.
05:19What does it say?
05:20Probably zero.
05:21Okay.
05:23Oscar Health, an honorable mention, fell 17.5% on other health insurers today.
05:28Shares of American Airlines also falling today down 2.5%.
05:31The company said weekend operations were challenging amid the government shutdown.
05:35Challenging?
05:35I think challenging many people who were trying to fly, regardless of the airline, would agree
05:40that they were challenging.
05:42Do you know how bad it was, Tim?
05:43Were canceled.
05:44I almost flew Frontier.
05:45Oh.
05:46Almost.
05:47Almost.
05:48Oh, wow.
05:49That's really harsh.
05:50Did you almost fire up the jet, Romaine?
05:53Believe me.
05:53Trust me.
05:54I was calling every friend I had.
05:57Is anyone flying north?
06:00Yeah, pretty much.
06:00You could have done the show from the Miami crew.
06:02I was just going to stand outside Palm Beach Airport and just hitchhike.
06:07I mean, to be fair, plenty of planes are going that way.
06:10I always think about that.
06:11You could have looked at an empty leg or something.
06:12Anyway, another few numbers here to just think about.
06:15American Airlines government shutdown, canceling 1,400 flights.
06:19The company saw over 57,000 delay minutes.
06:22This is according to an email statement by David Seymour, the company's COO.
06:25They also said that 250,000 customers were affected.
06:30Separately, Bloomberg's second measure out with some data that drew from a sample of credit
06:34and debit card purchases made by U.S. customers.
06:36And it said that transactions observed by second measure showed the biggest decline among airlines companies for the month ending October.
06:43That was American Airlines, down 6.5% from a year earlier.
06:48And finally, MetSera's share is falling by close to 15% today.
06:51This after Novo Nordisk declined to further raise its offer for the company.
06:55They make experimental weight loss drug.
06:58That bidding war between Pfizer and Novo Nordisk coming to an end.
07:02Pfizer getting victorious.
07:03We spoke to Bob Langwith about this.
07:05He's got a great piece on the Bloomberg Terminal about how this deal came together
07:08with a little help from the U.S. Federal Trade Commission.
07:12We should point out, yields actually slightly higher on the day, despite what the market seems to think,
07:16which is that we are going to get some more rate cuts given the state of the economy
07:19and the potential of that government shutdown to end.
07:22Meanwhile, we are keeping an eye on earnings.
07:24We're waiting to hear from Corweave.
07:25And we're starting to get a trickle of news right now on Paramount Skydance.
07:29I don't actually have the numbers for you just yet,
07:31but reading through the shareholder letter that they've put out,
07:33they're talking a lot about the cost-cutting and efficiencies that they've seen.
07:37The company says that it sees about $3 billion plus in total efficiencies now,
07:42and what they're saying is the first 100 days since they basically closed out on that deal.
07:47The company also talks about investing in the business.
07:50And get this, they're also talking about implementing price increases in the United States early in the first quarter of 2026.
07:58So, of course, David Ellison, who is just now sort of taking control over this company,
08:03putting a stamp on it, looking to raise potential prices there on its customers
08:07and scale-back costs to a certain degree, $3 billion in efficiencies.
08:12That's up from the $2 billion that the company had previously telegraphed,
08:15and now learning that the company plans to reduce its workforce by an additional 1,600 employees.
08:22Let's put a pin in Paramount right now and quickly talk about the real, real reporting earnings here.
08:26You can see shares are actually soaring after hours.
08:29They boosted their full-year revenue forecast.
08:31They also beat estimates when it comes to the look behind.
08:34Let's start there.
08:35The third quarter adjusted loss per share coming in at $0.04.
08:39The estimated loss per share had been for $0.05, so a little bit narrower than expected.
08:44You think about the look ahead here.
08:46The real real sees fourth quarter revenue, $188 million to $191 million.
08:51The estimate had been for $179.5 million, so that range ahead of the estimate.
08:58You can see the real real.
08:59Again, shares now up about 10% after hours, Tim.
09:02Still waiting on those numbers from Paramount's Skydance.
09:05Worth repeating some of these headlines.
09:07The company sees at least $3 billion in efficiencies, saw $2 billion.
09:10The company will reduce its workforce by 1,600 additional employees,
09:14and as Romaine mentioned, to implement the price increases.
09:17Romaine, the price increases, you've got to pay for over $7 billion for the UFC rights that David Ellison bought.
09:27The stuff with the Duffer brothers, famous for the Netflix series Stranger Things, right?
09:31And then the free press, which was relatively small compared to some of the other acquisitions.
09:37Hey, just real quick on the numbers, and one reason why it's taken a while for these numbers to get out.
09:40I mean, they have released them, but they're actually doing a very sort of adjusted sort of number
09:45based on these, basically taking a very short period from when the deal was basically completed in August
09:51through the end of November.
09:52So you're not going to really get any comps here.
09:54They are providing a bit of guidance here, and we're going to take some time to dive into that
09:58to make sure we do get it right.
10:00But it looks like they're telegraphing roughly about $8 billion in revenue going forward,
10:04on a forward basis here.
10:06But give us some time, and we will break down those numbers for you on Bloomberg Television
10:10when we come back after the break.
10:11All right, and we are continuing to watch that one in the aftermarket as we get more information.
10:15Just let me pull it up real quickly on the Bloomberg, and you're looking at Paramount now
10:19up about 1.5%, 1.9%.
10:22But again, here's a quick headline I'll just throw out.
10:25Paramount sees 2026 revenue of about $30 billion.
10:28So we're continuing to parse and get the numbers out.
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