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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 Greifeld taking you through to that closing bell.
00:07It's a global simulcast.
00:08Carol Masser, Tim Stenevec, they join us now as they do every day at this time.
00:12Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:16our partnership with YouTube as we parse the most crucial moments of the day
00:20and more importantly, push ahead to earnings from NVIDIA.
00:23Yeah, I'm looking at NVIDIA.
00:24I've been kind of focused on it all day here,
00:26wondering how it was going to trade ahead of earnings.
00:28Right now, Romain, it's up about 2.9%,
00:30but we'll see whether or not we get enough from the company to keep the enthusiasm going.
00:36Okay, so where is it trading at right now?
00:38Roughly $186 a share, okay.
00:41$270 is the price target over the next 12 months that Angelo Zeno has on the company's stock.
00:47That's quite a bump.
00:48He thinks it can get there over the next 12 months.
00:50We'll see what happens today.
00:51We'll see what happens.
00:52You take a look at what the options market expects for NVIDIA after earnings.
00:56The implied one-day move right now is just under 7%.
01:01And stakes are high, of course, but it feels like, I don't know,
01:04maybe it's an easier environment to report into right now, Romain,
01:07given that you have seen this pullback.
01:09Yeah.
01:09Well, you should also point out in the options stuff,
01:11if you ever looked at the pricing on some of those puts in calls,
01:14particularly on the calls, yeah.
01:16It's a big reason why you're seeing kind of that lower sort of implied number there
01:20as a lot of people on the sidelines.
01:21But it also gets to the idea what John Belton was just telling us, Katie,
01:24this idea that what happened last quarter and even the guidance for the current quarter
01:27is probably a lot less consequential than what Jensen Wong has to say really about the next year and beyond.
01:33So always about that commentary from Jensen.
01:35No doubt about it, Romain.
01:36The closing bell is here in New York on this Wednesday afternoon.
01:42A bit of a turnaround from what we've seen the last couple of days.
01:45The market awaits a couple of key earnings, including from NVIDIA and Palo Alto Networks.
01:50The Dow Jones Industrial Average higher by 41 points, or roughly about a tenth of a percent on the day.
01:55The S&P adds about 25 points, or four-tenths of one percent.
01:58The NASDAQ indices each up roughly about six-tenths of one percent on the day.
02:02The Russell 2000 is sitting this one out unchanged on the day.
02:05Back to the S&P 500, I go, most names in the index lower despite a slight gain in the S&P index overall.
02:14Katie, 305 names to the downside, 194 gaining ground on this NVIDIA Wednesday, and we've got four unchanged.
02:21Yeah, let's take a look at the circle and the sectors.
02:24Similar to, yes, make-up to yesterday, you have six sectors in the green, five in the red.
02:28Tech, though, participating higher by about nine-tenths of a percent.
02:33And communication services materials also having a good NVIDIA Wednesday.
02:37What didn't do too hot today?
02:38Energy down by 1.3 percent as a sector.
02:42Utilities and real estate also bringing up the rear.
02:44All right, guys, let's get to some of the individual gainers as we await those NVIDIA earnings.
02:48Lows up about 4 percent in today's session.
02:51Throughout the day, we did see it as a top gainer in the S&P 500.
02:54The retailer reported profit that topped expectations, helped by consumer spending on home renovations, reported positive same-store sales growth for a second consecutive quarter on strength in its digital channel and in home services.
03:07Adjusted its full-year profit target to approximately $12.25 per share this fiscal year, accounting for uncertain economic conditions and its recently closed acquisitions.
03:16So an outperformer in that one.
03:18Have you ever been in the lows?
03:19I'm more of a Home Depot kind of gal, but when I first bought my home, I was in there all the time.
03:26I loved it.
03:27Oh, man.
03:28I loved it.
03:29It was kind of crazy.
03:30Have you ever been in one?
03:31Yeah, absolutely.
03:32Yeah, when I bought my home, like everyone who bought, when you first buy your house, you basically spend every weekend going there.
03:36I knew all the aisles.
03:37You get everything you need.
03:38You get back to do your project and realize, I have to go back because I forgot those screws.
03:41And then I go back because I forgot that.
03:43How many times?
03:43That's how they get you.
03:44Then you have to hire the person to actually do it.
03:45Right.
03:46You try to do it, and you run into some roadblocks.
03:49How many times I go down an aisle, and I just kind of feel like I'm staring at everything.
03:52Like, it's just kind of crazy.
03:53Hey, I know we're focused on NVIDIA, but Alphabet, you've got to mention that one, up about 3% in today's session.
03:59Earlier intraday, soaring the most in two months.
04:02A wave of glowing reviews for the newly released version of its Gemini AI model spurring investor confidence about the company's position in that ever-changing tech.
04:10Have you downloaded that yet, Katie?
04:12No.
04:12No, we were just talking about this.
04:14I don't seek technology out, so I haven't used Gemini.
04:17I haven't used ChatGPT.
04:19Ever?
04:20I mean, again, unwittingly, I'm sure I've used it in some sense, but I don't know.
04:24I can't access it on the Bloomberg computer.
04:26She still reads like a physical newspaper.
04:27You can access it on the Bloomberg computer.
04:29I know, but you need to take a course.
04:30Yeah.
04:31I'm not going to do that.
04:32But anyway.
04:33All right.
04:33Just a quick aside.
04:35What?
04:35Do you know how long it took me to get Katie to use Google Docs?
04:38Wow.
04:39I still don't.
04:40Tell us more.
04:40I still don't.
04:41Spill the tea.
04:41So five years, I guess, is the answer.
04:43We work at Bloomberg.
04:44We have the note on the terminal anyway.
04:47I know.
04:47The note is better.
04:48Yeah.
04:49Come on.
04:49No, it's not.
04:50Is it?
04:50Sorry.
04:50It is.
04:51The note is better.
04:52No.
04:52Google Docs is a gift.
04:53It's a gift that keeps on giving.
04:55Hey, by the way, shares of Google, guys, they're up almost 55% this year, and I believe
04:59they are the best performing member of the MAG-7.
05:02So put that in your pipe and smoke it.
05:09Hey, Constellation Energy, I have to mention that one.
05:12Definitely an outperformer in today's session.
05:14Number one gainer in the NASDAQ 100, up 5.3%.
05:17Government.
05:19U.S. government planning to buy and own as many as 10 large nuclear reactors, projects
05:23that could be paid for by a $550 billion pledge investment fund being offered by Japan.
05:27So, you know, all of these, of course, they own Three Mile Island.
05:31We had some news on that yesterday about getting a billion dollars in backing from the U.S.
05:34government on a reopening.
05:36So this was a big outperformer in today's session.
05:40Well, do you want to start with some energy when it comes to underperformers?
05:43The worst performer in the S&P 500 today on a percentage basis, Eversource Energy.
05:48Shares had their worst day since 2020 after regulators in Connecticut denied its request
05:53to sell its subsidiary, Aquarian Water Company.
05:56This rejection was due to concerns that the sale could double household bills and decrease
06:01economic regulatory oversight.
06:02Regulars said the proposed deal, quote, does not meet managerial suitability and responsibility
06:07requirements in a manner consistent with the public interest.
06:10Shares once again fell by more than 12%.
06:13Also, keep an eye on shares of Blue Owl today, down nine-tenths of 1%.
06:17Blue Owl Capital calling off a merger of its two private credit funds after scrutiny over potential
06:22investor losses sent its shares tumbling.
06:25This deal was supposed to be between Blue Owl Capital Corp, which is a publicly traded,
06:30one that's under the ticker OBDC, and then Blue Owl Capital Corp 2.
06:34That's non-traded.
06:35According to a statement Wednesday, the initial terms of the agreement barred investors in
06:39the private vehicle from redeeming their capital until the merger closed.
06:42The firm did cite current market conditions and will reevaluate its alternatives.
06:47And finally, some M&A news today.
06:49Moving stocks in two different directions.
06:51Abbott Laboratories falling 3% today after Bloomberg News reported that it's nearing a
06:57potential acquisition of Exact Sciences Corp in what would be its largest deal in nearly
07:01a decade.
07:02People familiar with the matter said.
07:03Exact Sciences closed higher by 23.7% today.
07:08Their diagnostic tests include Cologuard, which helps screen for colorectal cancer.
07:12It's the second leading cause of cancer deaths in the U.S.
07:15But it's been used to screen for colorectal cancer some 20 million times since receiving
07:19FDA approval back in 2014.
07:22All right.
07:22A quick check on yield.
07:23It's not a whole lot of activity there.
07:25You did actually see a bit of a rise on the day, basically about one to two basis points
07:30depending on where you're in the curve.
07:31In fact, the whole curve more or less shifting parallel here on the day.
07:34But honestly, guys, today really is a day about tech, about the AI spend, and about NVIDIA.
07:39There was an interesting story just earlier today out of the White House is actually kind
07:43of pushing Congress to take out some provisions from a new defense spending bill that would
07:48restrict AI chip exports.
07:50And of course, this is going to be a big issue that NVIDIA is going to have to address either
07:53tonight or at least in the future, because basically its ability to sell those high-end
07:58black-well chips to China, at least for right now, is basically a no-go.
08:02Wait.
08:02So did you just do our story?
08:04I think so.
08:05You did.
08:06Well, I pass it.
08:06That's cool.
08:07I pass it back to you then.
08:08I never know what you guys are prepared for, Carol, so I just try to help out.
08:12Any comments?
08:13Well, we're always prepared to talk about Bitcoin, Romain.
08:15Okay.
08:16All right.
08:16Sure thing.
08:17Do you have any comments on chip exports, since it was your story?
08:20You know what?
08:21The one thing we did say, and I think some of this initial reporting was coming from Axios,
08:24it's hard for me to keep track of where we are in terms of chip exports.
08:29Who's getting what?
08:30Who's not getting what?
08:31I don't know.
08:31Well, and I also think that, imagine if you were the CFO of a company that was trying
08:36to figure out, okay, how much are we going to be able to sell in certain parts of the
08:40world of which product?
08:41Because so much of that depends on the regulation.
08:44So if we can't plan for that, then, you know, how do we figure out how much we're going to
08:48spend in other areas?
08:48Well, we were just talking with John Belton over at Gabelli, and at least the point that
08:53he made, and to paraphrase it poorly, was that when it comes to NVIDIA and China sales,
08:58that it's less of an issue here, that, you know, a lot of that is well socialized at this point,
09:03that China is a difficult market.
09:05But longer term, I mean, if you don't have access there, that's a little bit of an existential
09:10problem.
09:11Well, and I think it's also interesting, at least according to the original reporting,
09:14is that it was about, you know, fulfilling purchases of U.S. customers before exporting
09:19to what they call countries of concern, including China, which again shows kind of the China-U.S.
09:24back and forth of, yeah, we're getting along, we're not getting along.
09:27I don't know.
09:28It's just kind of interesting.
09:29Nice job, girl.
09:30I just want to know, did you get the pinky ring yet?
09:32Not yet, but I'm waiting.
09:33Christmas is coming.
09:34Tattoo?
09:35Tattoo?
09:35Tattoo, yeah.
09:36I told you I got it.
09:38She got hers on the neck.
09:39I got mine somewhere else.
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