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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 Katie Greifeld, taking you through to that closing bell with a global simulcast.
00:08We're joined now by Carol Masser and Tim Stenevich in the radio booth.
00:11Welcome to our audiences across all of our Bloomberg platforms.
00:15Carol Masser, this is the second day in a row we've seen massive outperformance by the Dow Jones Industrial Average.
00:20What does that mean?
00:21This will be the most we ever talk about the Dow Jones Industrial Average.
00:24What does that mean?
00:25You and I are all...
00:26Well, yesterday it meant that NVIDIA wasn't in it.
00:28That's what it meant.
00:29It's either a harbinger of things to come or a harbinger of gloom and doom.
00:32But do you know, I hate to say this, Romain, but you and I are old enough to remember that
00:35that's when people would mostly talk about the Dow Jones Industrial Average and not necessarily the other indices.
00:42So I don't know what it means when we're talking about it this much.
00:44I think it's cute Carol thinks I'm as old as she is.
00:46I think it's cute that you think I'm as old as you are.
00:50How old are you, Tim?
00:53Katie, your turn.
00:55I don't think it means much that the Dow is outperforming.
00:57I do think it means that Goldman is having a great day.
01:00So, too, is Cisco.
01:02That's a weight in the Dow.
01:03And that's a company that reports in the next coming minutes.
01:05So there you have it.
01:07Yeah.
01:07And I think the Cisco earnings are going to be good.
01:09Of course, you know, this is kind of the classic bridge between kind of the old school tech, if you will,
01:14kind of the back in the dot-com bubble, the telecom build-out, and now the AI infrastructure build-out.
01:19And the idea that Cisco, at least for right now, appears to have found a bit of a niche for itself in that AI space.
01:25It'll be interesting to see what those results look like in just a few minutes' time.
01:28You know, a lot of people are comparing this era to the first dot-com bubble era,
01:33and there are some similarities, too, with where we're seeing Cisco and Cisco's performance remain just in recent months.
01:40All right.
01:40Well, I know you hate to hear it, Katie Greifeld, but the Dow Jones Industrial Average, not only higher on the day,
01:45it's at a record high and has actually outperformed the S&P in six of the past eight sessions.
01:50We're seeing a seven-tenth of a percent gain here on the day, up more than 300 points.
01:54The S&P is poking out a gain, but only about four points or less than a tenth of a percent.
01:59The NASDAQ Composite and NASDAQ 100, each going to finish in the red on the day,
02:03as is the Russell 2000, which drops about three-tenths of one percent.
02:07All right.
02:08I'm going to go there.
02:09Go there.
02:10We've got 20 names in the Dow Jones Industrial Average.
02:12Oh, you did not.
02:13You did not.
02:14Higher in today's session.
02:15All right.
02:16Okay.
02:16And the S&P, 296 names gaining ground, 205 to the downside.
02:20Now, if Katie's circle is the Dow, I'm not screaming.
02:23Can you imagine if the producer said that to me?
02:25No, I don't think Finley would.
02:27Let's take a look at the circle, which shows the sectors in the S&P 500, the standards and poor's 500.
02:32You can see that big tech there represented.
02:34That is one of your best gainers on the day.
02:37Health care also having a big day.
02:39So, too, did financials.
02:40I mentioned Goldman being higher today.
02:42In terms of what didn't perform, energy is one of your biggest losers on the day.
02:47So, too, is communication services.
02:49That includes Amazon.
02:51Almost an even split.
02:52Of course, there's only 11 sectors.
02:54Six of them, though, in the green and five in the red, Carol.
02:57All right, folks, as we wait, earnings.
02:59AMD, your top gainer in the S&P 500 and the NASDAQ 100, a gain of 9% in today's session.
03:04The company projected accelerating sales growth over the next five years, driven by strong demand for its data center products.
03:10Remember, they had a meeting yesterday and the CEO making some comments.
03:15She said the total AI chip market will reach $1 trillion by 2030.
03:20So, again, that stock, definitely an outperformer.
03:22All of the airlines, check it out, folks.
03:25Among your top gainers in the S&P 500, you have United up 5%.
03:29You have Delta up 4.7%.
03:31SkyWest up about 4%.
03:33What's the matter with Delta?
03:35I got a little beef with Delta.
03:36Yeah, I know you did.
03:37What happened?
03:38What happened?
03:38He got stranded.
03:39Nothing happened.
03:40He got stranded.
03:42All right, anyway, expectations, hopes for the government opening.
03:47That has given some life to all of the air traffic controllers.
03:50Maybe some of that will ease.
03:51Transportation Secretary Sean Duffy said today that the administration aims to start lifting flight curbs within a week after the government reopened.
03:58So a time frame that comes just ahead of that.
04:00Very busy and important Thanksgiving holiday season.
04:05Were you at an airport recently or something, Romain?
04:07He was.
04:08Sadly.
04:09Okay.
04:09I think I spent more time at the airport this weekend than with my family.
04:12Aw.
04:13Okay, real quickly, Cisco, going to report earnings any moment.
04:15That stock, as Katie mentioned earlier, an outperformer in today's session will remain and mention.
04:20So we're looking for that AI payoff because the stock is getting very close, near its all-time high.
04:25Stock up 3% today.
04:27All right, Carol with the gainers.
04:28I got the declines.
04:28I want to start with Circle Internet Group down 12.2% today.
04:32The stablecoin issuer fell as concern that declining interest rates will weigh on future returns overshadowed better than expected third quarter revenue and earnings.
04:40We did speak to Jeremy Allaire a little earlier on Bloomberg markets.
04:44And he made the point that growth in the stablecoin industry, that more people adopting these, will offset some of the declining revenue that they're getting from rates coming down.
04:56Still, though, analysts and investors are questioning what happens moving forward in a declining rate environment.
05:02Revenue did increase to $740 million.
05:04That came in above the average analyst estimate.
05:07Also, shares of Paramount Skydance fell today by 7%.
05:10They were up close to 10% yesterday after earnings.
05:14Took a bit of a hit today.
05:16No fundamental news, but we did see shares move even lower than they were earlier in the session after Democratic representatives Jamie Raskin and Frank Pallone Jr.
05:24wrote to Paramount Skydance CEO David Ellison asking that the company comply with an investigation into the Paramount Skydance merger.
05:31And finally, BlackRock Coffee with its first post-IPO earnings report.
05:37Oh, cool.
05:37I didn't know Larry Fink was branching out.
05:40That's funny.
05:44It's two words, not one word, OK?
05:46OK.
05:46BlackRock, two words.
05:47They have not been sued yet?
05:49I haven't seen the news there.
05:51Down 5% today.
05:54BlackRock Coffee Bar.
05:55This, after the company reported its first quarter earnings report, its first one since the IPO back in September.
06:01It opened 11 new stores in the third quarter of the year.
06:03Total revenue up 24% compared to the prior period.
06:07Shares up around 15% since that IPO, but off 17% from those all-time highs.
06:12All right.
06:12We should remind our viewers that we are awaiting potentially for a vote in the House of Representatives down in Washington that could potentially bring an end to this 40-plus-day government shutdown, the longest ever.
06:24And, of course, with the end of that shutdown, in theory, would come the resumption of economic data.
06:29And that played a big factor in the moves that you saw in the Treasury market today, a rally in Treasury prices that push yields lower in anticipation that that data, once we start to see it, will actually ratify the need for more rate cuts.
06:43All right.
06:43So, good to know.
06:44Hey, listen, as we await some earnings crossing, including Cisco, just in case you guys were worried about Kim Kardashian and her financial future, looks like she just got a valuation of about $5 billion, a new funding round, Katie.
06:57Wonderful.
06:58Cisco earnings crossing the wire right now.
06:59Sorry to interrupt your Kim Kardashian conversation.
07:01No, please, go on, go on, go on.
07:02Actually, they're not crossing the wire.
07:03I was joking.
07:04Oh, stop.
07:05Just the wipe and everything.
07:07Wait.
07:07No, practice.
07:08Wait.
07:09You could do Webtoon, Romaine.
07:11Why don't you do Webtoon?
07:12All right.
07:12Well, anyway, I don't know.
07:14I mean, Webtoon, of course, is having a deal here with Warner Brothers, going to create some content for them.
07:18The share is moving higher here in the after-hours trade.
07:21That is the main headline.
07:23Actually, they're moving lower.
07:23Excuse me.
07:24That had gotten a little bit of a pop on that news.
07:26But you see the numbers here on your screen here, a miss on a couple of key metrics.
07:29And that does appear now to be pushing the shares lower down by about 20 percent.
07:34I do think we should turn back to Cisco.
07:36We are starting to get that trickling across the wire right now.
07:39It may take a while for us to break through these numbers.
07:41But they are providing a forecast for the full year.
07:44Adjusted EPS range, 408 to 414.
07:47That's a slight nudge higher from the previous guidance that they had given, guys, where they were looking at adjusted EPS of $4 to 406.
07:54So just basically a slight modification higher here.
07:57The company also saying that revenue for the full year will be $60.2 billion to $61 billion.
08:03The low end of that range is just a smidge above the high end of the previous range that it had given.
08:09Yeah, so we're getting the guide here.
08:10And you can see it's boosting shares by about 4 percent.
08:13Still waiting for some details here.
08:15And here's a little bit more.
08:16Second quarter adjusted EPS coming in between $1.01 to $1.03.
08:23The estimate for context had been for $0.99, so a bit of a beat there.
08:28They also see second quarter revenue between $15 billion to $15.2 billion.
08:33That is also above the estimated $14.72 billion.
08:39So a lot of raising going on here.
08:41And you can see that in the shares.
08:43Again, higher by 4 percent, Carol.
08:44And this is a company where the bar was fairly high going into these numbers.
08:48Yeah, gross margin.
08:49See, second quarter adjusted gross margin, 67.5 percent to 68.5 percent.
08:54The estimate, 68.2.
08:56And Chuck Robbins, chair and CEO of Cisco.
08:58I'm just looking at the PR Newswire release.
09:01We had a solid start to fiscal 2026.
09:03And Cisco is on track to deliver our strongest year yet.
09:07He said the widespread demand for our technologies highlights the critical role of secure networking and the value of our portfolio as customers move quickly to unlock the potential of AI.
09:18And this is really important to this company's future.
09:21Okay, you're looking at Cisco.
09:22I'm looking at what's happening with Flutter.
09:25Flutter Entertainment, that is.
09:26Third quarter adjusted earnings per share coming in at $1.64.
09:30The company sees fiscal year U.S. revenue at $7.17 billion.
09:34It saw $7.58 billion.
09:36The estimate was for $7.47 billion.
09:39That third quarter revenue, missing estimates.
09:41Shares right now in the after hours down about 6.2 percent.
09:44Third quarter average monthly players, $14.13 million.
09:48Flutter third quarter revenue coming in at $3.79 billion.
09:52That below estimates.
09:53FanDuel and CME Group unveil a new prediction markets platform as well.
09:57And as Katie said, the expectations for Cisco were pretty high.
10:00That stock rallying in the aftermarket up 4 percent, and it's already up about 25 percent year-to-date ahead of these results.
10:08So we'll look for more on Cisco and certainly on that call with investors and analysts.
10:12All right, guys, that's a wrap.
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