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00:00About two minutes away from the end of the trading day, David Gurra, Isabel Lee here, and to help us
00:04take us through the closing bell, a global simulcast, we are joined now by Tim Stenevec, Norma Linda, bringing together
00:08our Bloomberg television, radio, and YouTube audiences worldwide to parse through the most crucial moments of the trading day.
00:15And Isabel, we've been kind of talking about this over the course of the last hour, some sleepiness to the
00:19general equities market today, but seeing a bit of movement there in the oil market as we wait for some
00:26announcement here when it comes to what's happening or not happening in the Middle East.
00:29Tim, I know you've been watching that as well.
00:31Yeah, and traders have been watching this closely too since I think February 28th, David, just still not getting any
00:36sort of signal, except the president did from the Oval Office say that the Strait of Hormuz is 100%
00:41open and controlled by the United States.
00:43Do you want to fact check that?
00:44Well, I do. I think the oil markets are fact checking that for us. What do you think? I mean,
00:48we have Brent up to $87 a barrel, another 5% today. WTI futures up to $82 a barrel. If
00:55that were the case, I would argue that we'd see that reflected in oil.
00:58And, you know, Tim and I were just talking on the show just a bit ago about the impact at
01:02the pump when you think about consumers and you think about this environment that we're experiencing.
01:07We've been talking about the fact that we're still seeing, you know, a solid job market, but you're still seeing
01:12consumers still grappling with spending.
01:14And, of course, if you think about that, that 100% tends to be some of the gas that they're
01:18experiencing when they swipe their card at the gas station.
01:22But, you know, even amidst all of this angst, all of this uncertainty in the environment, a lot of investors
01:27are still lavishing capital when it comes to risky assets.
01:30You look at Bitcoin ETFs. You look at high-yield bond funds. They're sucking in billions and billions of dollars
01:35every week.
01:36And equities have given those signs that their popularity is waning for one.
01:40Here are those bells ringing in the background. We're going to look here at the major indices closing here at
01:44the end of the day.
01:44NASDAQ down 86 points, about a third of percent. S&P 500 down six hundredths of percent.
01:50Again, a sleepiness, a lack of movement here, a lack of momentum here in these markets on this Monday, on
01:55this summer Monday, I should say.
01:57And finally turning to the Dow here down one-tenth of percent, 61 points, closing at 53,975, Tim.
02:02I think summer Monday is exactly the right way to describe this. Feels a little sleepy in terms of the
02:07equity trade today.
02:08Maybe Wednesday and Thursday we'll see a little momentum with CPI and PPI.
02:12In the S&P 500, though we did see 231 stocks move higher, 268 went to the downside, Isabel.
02:18It's not only sleepy, it's also gloomy. I feel like it hasn't been summer. It's just always been dreary.
02:24But if you look at the IMAP there, it's kind of a split between green and red.
02:27The biggest loser is the tech sector, down by nearly four-tenths of one percent.
02:32Financials is also in the red. Some gainers, consumer staples, energy, not a surprise, higher by two percent.
02:38Materials, communication services and health care, also solidly into green.
02:42All right, let's get to some of those stocks that were in the green today.
02:45Speaking of gainers, I want to start with shares of SpaceX.
02:48I want to draw your attention not to the 4.2 percent increase in the share price, but to the
02:54actual share price, $138.74.
02:58That means it's trading it back above that IPO price of $135.
03:03It did get up to $139 earlier in the session today, but it's been trading below that IPO price since
03:11closing below that level almost a month ago.
03:13That was back on July 16th. The 23 percent gain over the last two sessions before today have helped the
03:21company trade above its IPO price.
03:23We also saw last week the more than 900 million shares released for trading.
03:27That was the first in a series of lockups as they expired.
03:31But shares of SpaceX up above that IPO price, closing today at almost $139 a share.
03:37Also, some M&A news in the eVTOL industry.
03:41Archer Aviation shares up 12 percent today.
03:44This is after we learned that Boeing will sell several units to Archer, including WISC, SkyGrid, and InSitu.
03:50These specialize in developing technologies for flying taxis and for drones.
03:55As part of the deal, though, Boeing is going to take a close to 20 percent stake in Archer and
03:58enter into a tech-sharing agreement
04:00to retain access to the WISC core autonomous flight technology.
04:04I still haven't seen any of these flying through the skies, bringing us this way and that.
04:09But not yet.
04:10I don't know about you guys.
04:11We live close by, no.
04:12Not in the airspace over my house either, Tim.
04:14I'm still taking the bike and the subway to work as of now.
04:17But maybe that will change.
04:19It's okay.
04:20And from the air to the sea, how's that?
04:24I want to look at Marine Max.
04:26Shares surging 46 percent today.
04:28The most intraday going back to November of 2008.
04:31It's going to be acquired by Safe Harbor Marinos.
04:34That's a Blackstone infrastructure portfolio company.
04:36$53 a share represents an enterprise value of about $1.5 billion.
04:42The deal was unanimously approved by Marine Max's board.
04:45The share price represents a 96 percent premium to that closing price going back to earlier this year.
04:52And the transaction is expected to close by the end of the year 2026 pending regulatory approval and shareholder approval.
04:59And because it's being bought by Blackstone, it will be delisted from the New York Stock Exchange to become a
05:03privately held company.
05:04Once again, Marine Max shares up today by 46 percent.
05:07Well, I want to turn to some of the names that we're watching that were in the red today.
05:10I am looking at shares of Apple ending today lower by about 1.6 percent.
05:15Now, this comes after Jeffries cut the stock to underperform.
05:19This is a stock, of course, that was trading about dividend today.
05:22But this is another sign that Wall Street is getting more cautious on Apple.
05:26The big question here that Jeffries is essentially posing is the fact as to whether or not consumers will actually
05:32be able to afford the prices of iPhones.
05:35And as you can think about it right now, I thought that iPhones were already a little bit expensive, a
05:40little too expensive for that matter.
05:41But Jeffries just isn't really convinced the fact that Apple will be able to convince customers to pay even more
05:47for those cell phones.
05:48So you are seeing shares to the downside.
05:50From there, we head over to Trade Desk.
05:52We're seeing shares of that company down about 3 percent at the closing bell.
05:57The company essentially got a wave of downgrades on Wall Street.
06:02That coming from HSBC, DA Davidson, BNP Paribas, all of this coming after its results.
06:09We do know that Trade Desk issued a weak forecast.
06:12And so essentially you are seeing Wall Street analysts responding to that.
06:15But this is a stock that's been doing pretty – had a really tough year so far.
06:20I'm looking at shares of Trade Desk down about 65 percent so far for 2026.
06:26And last up, I'm looking at Intel.
06:29Shares down about 4 percent at the closing bell.
06:32Now, it is lower after it said that it looks to raise about 15 billion dollars in new stock.
06:37We were just talking earlier to Ian King.
06:39He said that this is a big deal.
06:41This news is a really big deal and also potentially its first public share sale since 1971.
06:47And this move is coming as the company looks to capitalize on renewed interest tied to the AI data center
06:52boom.
06:52This is something that, of course, we've heard from so many different companies.
06:55So Intel is certainly not alone there.
06:57But it has had a windfall that hasn't really taken off like the likes of its competitors, NVIDIA and AMD.
07:03Yeah, something complementary that I want to mention here before I get to yields, and I do want to mention
07:07fixed income in just a second here,
07:08is we're getting more details on that NVIDIA deal that was floated in the Financial Times, reported on the Financial
07:12Times this morning,
07:13that $500 billion deal involving NVIDIA.
07:16Now understand that there will be six partners on Wall Street who will be working with NVIDIA on that financing
07:20arrangement.
07:20Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR.
07:24They're going to establish a new partnership there with NVIDIA.
07:27So very much part and parcel with what you were just talking about there a moment ago.
07:30This interest in CapEx when it comes to chip making, certainly the story of Intel over the course of this
07:36morning.
07:36We're getting some earnings on this afternoon as well.
07:40Hims and Herz Health, which we talked about over the course of the last hour, seeing third quarter revenue, $880
07:45million.
07:45That is lower than what was estimated.
07:47$900 million was the estimate there.
07:49And this is a story here, Tim, of a company that's really trying to find its footing here.
07:54So much has been pegged on the success of GLP-1s here, and it's really trying to find a path
07:57forward here.
07:58Yes, involving that, but involving other pharmaceuticals as well.
08:01Right.
08:01Do they do a deal with a company that makes these?
08:04Do they no longer compound these because of challenges that the company has had from a regulatory perspective?
08:10Andrew Dudham, someone who we've spoken to in the past, the co-founder and CEO of the company,
08:15said that the company's never been, quote, in a better position to move faster or go further than we are
08:21today.
08:21He says in a statement, quote, as we rebuild the consumer health experience from the ground up with a doctor
08:26-led AI clinical engine,
08:27the depth and breadth of our relationship with customers worldwide has never been greater.
08:33Shares of Hims and Herz Health up about 3.4% in the after hours.
08:37I mean, the bar was pretty high heading into this report.
08:39We were seeing a lot of folks on Wall Street just thinking about the fact as to whether or not
08:43we were going to see this company still losing money
08:45as they shift towards some of those lower margin branded GLP-1s.
08:49So the fact that we are seeing revenue topping estimates, you're clearly seeing that playing out in the after hours
08:54trade.
08:55Craig, some more earnings here as they cross the Bloomberg terminal.
08:57Looking at Rocket Lab as well, of course, this is a rival to SpaceX and getting those earnings crossing the
09:01terminal.
09:02Rocket Lab seeing third quarter revenue of $250 million to $265 million.
09:06The estimate was $237 million.
09:08And this is the story of sort of how a company is doing again, yes, in complement with SpaceX,
09:12but also trying to expand into similar spaces as well.
09:15It acquired Iridium Communications a little bit earlier this year.
09:18And its stock has been trending quite high, Tim, here in recent weeks.
09:21Yeah, just to go over some of these numbers as we're watching shares in the after hours, down about 3%.
09:26The company sees third quarter adjusted gross margin to 35% to 37%.
09:30Second quarter revenue coming in just above estimates at $234.1 million.
09:36Certainly a much smaller competitor to SpaceX.
09:40But one of those that, interestingly enough, you see increasingly talked about as being,
09:46okay, well, it can do a little bit of what SpaceX can do, at least on the rocket side,
09:51but ever so slightly a little bit.
09:53The company does see third quarter revenue coming $250 to $265 million.
09:57The estimates for $237.4 million.
10:01They pay me to pay me to взback dollars for every year.
10:01That country's going to pay me to pay me to pay me to pay a bills.
10:01But that's the company does not pay me to pay me to pay me to pay me to pay me
10:01to pay me.
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