April 24, 2024 • 21 mins
On today's podcast:
1) US Senate Passes Ukraine Aid, Arms Shipments to Resume in Days
2) Biden’s Gains Against Trump Vanish on Deep Economic Pessimism
3) Tesla Speeds Cheaper EV Plans, Calming Fears Over Strategy
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan
Hager and I'm Karen Moscow. Here are the stories we're
following today.
Speaker 2 (00:14):
We begin with news out of the nation's capital. The
Senate has passed the long awaited foreign aid bill. Bloomberg
Steve Potis has the details from Washington.
Speaker 3 (00:24):
Ninety five billion dollars in foreign aid to Ukraine, Israel,
in Taiwan. The package includes four bills that passed the
House over the weekend with bipartisan votes. The Senate vote
was seventy nine to eighteen. It does include the divest
bill for TikTok, now not included as the border package
that Republicans have demanded for months. Senator Lindsey Graham says
(00:46):
this one had to go.
Speaker 2 (00:48):
In fact, we did not get provisions for our border,
in my view, doesn't mean we can't deal with the
other problems the world faces we actually have.
Speaker 3 (00:56):
To President Biden, in a statement shortly after the vote,
said he planned to sign the legislation on Wednesday. Quote
as soon as it reaches my desk in Washington. Steve Podisk,
Bloomberg Radio.
Speaker 1 (01:08):
All right, Steve, thank you now to the latest on
the race for president fresh polling just crossing the Bloomberg terminal,
Swing state voters are simply not convinced that the economy
is improving under President Biden. Bloomberg's Amy Morris brings us
the results of the latest Bloomberg News Morning Console poll.
Speaker 4 (01:25):
The Real Clear Politics average of national polls shows Trump
and Biden and a virtual tie in the popular vote,
but across seven battleground states. In the Bloomberg News Morning
Console poll, Trump holds a six point lead. A majority
of poll respondents see the economy worsening by the end
of the year, and despite a resilient job market, only
twenty three percent said the employment rate would improve by
(01:47):
year's end. More than three quarters of poll respondents say
the president is responsible for the current performance of the economy.
The Biden campaign is counting on social issues, especially abortion,
to help energize Democrats, and for the first time in
the tracking poll, more than half of swing state voters
say abortion is very important to their vote in Washington.
Amy Moore as Bloomberg Radio.
Speaker 2 (02:07):
All right, Amy, thank you now to the latest on
the criminal Hushmuney trial of Donald Trump. There will be
no testimony today. Yesterday a tabloid publisher testified that he
pledged to be the former president's eyes and ears during
his twenty sixteen campaign. Details on that from Bloomberg Lah
host June Grosso in New York.
Speaker 5 (02:25):
The trial started with some heated arguments on Tuesday over
whether Trump had violated the gag order preventing him from
disparaging witnesses in the case. The judge called the defense
attorney's arguments that it was political speech silly. Then David Pecker,
the former publisher of The National Inquirer, retook the witness
stand to testify about how he killed stories about Trump's
(02:49):
extramarital affairs to boost his twenty sixteen presidential campaign. Pecker
will be back on the witness stand tomorrow in New York.
June Grosso, Bloomberg Radio, all.
Speaker 1 (02:59):
Right, thank you well. Turning to the markets now, we
are in the middle of a barrage of high tech
earnings and shares of Tesla surging ten percent this morning.
The ev maker is accelerating the launch of less expensive
cars and a bid to revive sagging to med The
news overshadowed a big shortfall in Tesla's first quarter earning
sales and margins CEO Elon Musk said, Tesla wants to
(03:21):
start production of new cheaper models this year.
Speaker 6 (03:24):
We've updated our future vehicle lineup to accelerate the launch
of new models. Head of previously mentioned start production in
the second half of twenty twenty five, so we expect
it to be more like the early twenty twenty five, if.
Speaker 7 (03:34):
Not late this year.
Speaker 6 (03:35):
These new vehicles, including more affordable models, will use aspects
of the next generation platform as well as aspects of
our current platforms, and we'll be able to produce on
the same manufacturing lenes as our current vehicle lineup.
Speaker 1 (03:46):
And Tesla CEO Elon Musk on the company's conference called
Tesla's automotive gross margin, a key measure of profitability, was
sixteen point four percent in the first quarter. That's smaller
and then expected, and far from the thirty percent peak
margin abraorted at the start of twenty twenty two.
Speaker 2 (04:02):
We're also watching shares of Texas Instruments this morning, Karen.
They are on the rise by more than seven percent.
The chip maker delivered a bullish revenue forecast for the
current quarter. More on that from Bloomberg's John Tucker.
Speaker 8 (04:14):
There are signs of a comeback Texas Instruments indicates that
a slump in demand for industrial and automotive components may
be easing. The company says sales will be as much
as three point nine five billion dollars. Customers have begun
to resume ordering chips after working through stockpiles of components,
and that's a good sign for the broader industry. Texas
Instruments has the broadest customer base among chip makers. It
(04:38):
serves as a bell weather for confidence in the economy.
John Tucker, Bloomberg.
Speaker 1 (04:42):
Radio, All right, John, thank you. Another company trending higher
this morning, Visa Shares a Visa more than two and
a half percent. The company reported a quarterly profit that
beat Wall Street predictions as US credit card spending climbed.
Speaker 2 (04:55):
And Karen the earnings continue Today. Forty companies in the
S and P five hundred war report, and heading today's
list is meta platforms. We get a preview from Bloomberg's
Tom Busby For investors.
Speaker 9 (05:07):
The big focus for the owner of Facebook, Instagram, WhatsApp,
the Metaverse, and more is whether digital advertising revenue was
strong enough to offset spending on its generative AI technology. Also,
growth in Facebook's active daily users forecast to be two
point eleven billion. Consensus calls for revenue of thirty six
point twelve billion dollars, almost all of that on advertising,
(05:29):
and adjustin earnings per share of four dollars thirty cents.
Tom buzzby Bloomberg Radio.
Speaker 1 (05:34):
All right, Tom, Thanks. Turning to the economy now, JP Morgan,
Chase share and CEO Jamie Diamond is speaking out about
the economy, and Diamond says he's on the conscious side
when it comes to whether there will be a soft landing.
Speaker 10 (05:46):
Even we've go over session and consumers in good shape,
but that doesn't mean you can fight off the effects
of stagflaci or something like that if it gets much worse.
And so I worry that it looks more like to
set these than we've seen before. If you go back
to the seve these deficits were half with the art
today the debt to GDP was thirty five percent, not
one hundred percent. And so part of the reason I
think we've had the strong growth is the fiscal spending.
Speaker 1 (06:09):
And JP Morgan and Jamie Diamond at the Economic Club
in New York. He addited that the US economy was
unbelievable and had been booming for.
Speaker 2 (06:17):
A while, and we're hearing from another banking boss this morning,
Karen Overseas UBS chairman Colem Kelleher says the Swiss government's
proposal to require the bank to hold substantially more capital
is the quote wrong remedy to the failings that brought
down Credit Sweee more than a year ago. Kelleker spoke
at the bank's annual general meeting in Basel, Switzerland.
Speaker 1 (06:39):
Find it's time now for a look at some of
the other stories making news in New York and around
the world. We're joined by Bloomberg's Michael Barr. Michael, good Morning, Good.
Speaker 11 (06:47):
Morning, Karen. College demonstrations continue over the Israel Amas war.
The president of Columbia University extended a midnight deadline for
student protesters at an encampment. Earlier, university President Minot Shafique,
citing a hostile environment, called for clearing the encampment occupying
the west lawn of the school's Morning Side Heights campus. However,
(07:09):
progress has been reported between the university and demonstrators. Columbia
offers its students hybrid learning, either in person classes or
in remote learning. It also calls for protesters who are
not students to be denied entry on the campus. New
York Mayor Eric Adams addressed that during his weekly media
(07:31):
briefing involving earlier protests when objects were thrown at officers.
Speaker 12 (07:35):
They are people who come, have nothing to do with
the issue and they want to aggravate. Now, if those
police officers didn't show a high level of discipline, this
could have been an ugly situation.
Speaker 11 (07:47):
At NYU Plywood. Barricades were put up by officials as
demonstrators staged walkout. It comes a day after around one
hundred and twenty people were arrested at a pro Palestindian rally. Yesterday.
Administrators showed up at Washington Square Park in a peaceful
protest against the arrests and NYU's president.
Speaker 13 (08:08):
The act of.
Speaker 8 (08:09):
Extreme police brutality and aggression that Linda Mills green lighted
last night is furthers our movement strengthens.
Speaker 11 (08:15):
US audio courtesy of ABC seven. Pennsylvania's Tuesday primary is
in the books. Democratic Senator Bob Casey and Republican challenger
David McCormick will face each other in the state's high
stakes US Senate contest this fall. Casey and McCormick a
former Hedge Fund ceo, won their respective party primary contests
(08:36):
after they were uncontested. Meanwhile, Congresswoman Summer Lee will be
on the ballot in November. The Pennsylvania Democrat be Backer
primary opponent Bavini Patel sixty one percent thirty nine percent.
Patel campaign by linking Lee to the congressional squad that
includes progressive Congresswoman Alexandria Ocassio Cortes, which Lee did not deny,
(08:58):
we are paving victory victory over dark money in politics
for Kane, our victory over the vice of politics. Lee,
who gave her victory speech in downtown Pittsburgh, were run
against Republican James Hayes, who ran uncontested. Global News twenty
four hours a day and whenever you want it with
the Bloomberg News Now, Michael Barr, This is Bloomberg Karen.
Speaker 1 (09:24):
Time now for the Bloomberg Scores update with John stash Hour.
Speaker 14 (09:27):
John, Good morning, Good morning, Karen. Madison Square Garden just
hosted four straight nights of playoff games, shades of thirty
years ago when both MSG teams reached the finals. The
next one, then the Rangers, then the next. Last night,
it was the Rangers Durn. They trailed to Washington early,
but in the second period, led by a goal, the
Capitals were on the power play.
Speaker 11 (09:45):
Savata chat Now takes the puck away.
Speaker 14 (09:47):
Paul Vetchki Pactor Crider Savata chat for the trailer.
Speaker 1 (09:50):
Miller shoots the Stars a short headed goal.
Speaker 3 (09:54):
After Chavata Chat strip Povetchka of the puck.
Speaker 4 (09:58):
Chantrey Beller capitalized.
Speaker 14 (10:00):
Wait Chers lead four to two a ninety eight point seven.
Rangers held on, beat the Caps four to three, and
like the Knicks, they're up to nothing in the series.
Also wins in the NHL for Florida, Colorado and Nashville.
That last Nick win was helped by that steal in
the final minute. NBA looked at the tape admitted Philadelphia's
Tyres Maxi was actually fouled twice. No call was made.
(10:21):
Nixon Sixers play Game three in Philly tomorrow, first time
in these NBA playoffs. Couple of wins by road teams.
Indiana got thirty seven points in Pascal Siakam won one
twenty five to one to eight at Milwaukee. Dallas got
thirty two from Luka. Doncicic beat the Clippers in LA
ninety six to ninety three. Minnesota's now up to nothing
another home win over Phoenix. The Mets since that sixty
and winnings streak had lost three straight outscored twenty to three.
(10:45):
Giants won five to one behind Logan Webb. Hear Old
eight scoreless innings. He's unscored upon in his last nineteen
innings at the stadium. Yankee scored four times in the
first inning Anthony Rizzo at two on Homer. That was enough.
They beat Oakland four to three. Red Sox lost in
Cleveland four to one. The Guardians are major League best
seventeen and six. The Astros, who've reached the LCS the
last seven years are seven and seventeen. Lost of the
(11:07):
Cubs seven to two. Mike talkmin to Homers for Chicago show.
Heyo Tanni Homer. In Washington, it went four hundred and
fifty feet Dodgers one, four to one. John Stash Atw're
Bloomberg Sports.
Speaker 1 (11:17):
Nathan tim all Right, John, thank you.
Speaker 15 (11:21):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak. Good morning.
Speaker 2 (11:33):
I'm Nathan Hager, and we are out now with the
latest swing state poll results from Bloomberg News and Morning
Consult on the seven battlegrounds they could decide the November
election between President Biden and former President Donald Trump. It
should suggests that any post State of the Union bounce
that the president may have enjoyed last month is all
but gone. Now for more, we are joined by the
national politics reporter who wrote the story on this month survey,
(11:56):
Bloomberg's Gregory Cordy. Greg Greek, Good morning, So we're back
to where we started for President Biden. Is that what
we're finding in this poll?
Speaker 7 (12:04):
Good morning, And yeah, I think that's pretty much where
we are. President Biden is certainly no worse off than
he was back in January February when he trailed foreign
President Trump by about you know, six percent. Presigning points
are so across these seven swing states that we're monitoring.
But and as you say, he got a little bit
(12:26):
of a bounce after saying that the Union address. People were
feeling a little bit better about the economy last month.
But we've had a couple of pieces of bad economic news,
particularly around inflation, and we've seen that the president's numbers
tend to move and lockstep with how people are feeling
about the economy, and this is a pretty pessimistic electorate
(12:46):
when it comes to the economy, and so we're seeing
Biden falling back to that same place that he was
a couple of months ago in trailing President Trump. In
most of these states.
Speaker 2 (12:58):
As we found in polls in the past, the economy
has been the overriding issue, though we have seen immigration
bump up as well. What other issues are voters thinking
about as far as we've found.
Speaker 7 (13:10):
Yeah, one thing that we saw in this lease this
month's pole is abortion getting a little bit more attention.
Of course, when we were in the field with this
pole this month, we had that Arizona Supreme Court decision
that reverted back to the pre Row versus Wade law
that was in effect beginning in eighteen sixty four that
(13:32):
prohibited pretty much all abortions in the state, regardless of circumstances.
And that resonated particularly in Arizona, of course, which is
a swing state in and of itself, but really across
the country, it's a mobilizing issue for Democrats, but it
remains to be seen whether it's something that can really
move the needle in persuading independence, where the economy is
(13:54):
still the number one issue.
Speaker 2 (13:55):
Now, I suppose it's probably a little too soon to
tell whether abortion has a trajectory to over take some
of those other issues, since it's about the first time
we've asked about this. But when it comes to third
parties like Robert F. Kennedy Junior, what are we seeing
when it comes to where he could potentially draw support from.
Speaker 7 (14:12):
Yeah, that's been a quite persistent question throughout this cycle,
is can third party candidates really make a difference here?
And we continue to really kind of scrutinize the evidence,
to go deep into the cross tabs to figure out
whether he hurts Biden more or Trump more, and it's
still kind of hard to say, although the feeling generally
(14:38):
is that Democrats are more worried, and that's partly because
even though RSK has some appeal on the Republican side,
Trump's supporters are pretty loyal to Trump, and even though
they like R. Fk Junior, they will stick with him. Kennedy,
of course, comes from a very powerful Democratic family, has
(15:02):
that name going for him, and has a lot of
appeal to Democrats and of course, Biden supporters aren't quite
as loyal, are looking for alternatives, and Kennedy could be won.
Speaker 1 (15:13):
Now.
Speaker 2 (15:13):
Of course, we've seen the president throughout this campaign of
campaigning on the legislative initiatives that he's managed to get through.
It hasn't really seemed to help him much in terms
of getting voters out. But we did see a major
initiative finally pass after a six month impass on Capitol Hill,
in the form of billions of dollars in foreign aid
and a potential forced sale of TikTok. Is there any
(15:37):
indication from the polling that we're seeing, Gregory, on whether
these sort of legislative victories are have a chance of
cutting through for the president.
Speaker 7 (15:47):
We'll have to see whether this foreign aid package will
break through the noise of this election cycle. But as
you suggest, when we have pulled on specific items of legislation,
the President's got accomplished things like infrastructure, the Inflation Reduction Act,
the Chips Act to build more semiconductors and increase manufacturing
(16:11):
in the US. None of us particularly resonate with voters,
don't not a whole lot of awareness. Now, of course,
this is what the President's campaign is going to be
doing over the next six months, is to remind people
of these accomplishments, to tell him what he's done on
the economy, to give it time for those to take effect.
You know, the foreign aid vote, there are some splits
(16:33):
in the electorate of whether even people want to pay
for it. One of the things we saw in this
poll was that support for Ukraine remains pretty strong, but
we saw a ten point decrease in support for aid
to Israel. This time. People are tiring of the Israel
Gaza war. They wanted to end, they want to cease fire,
and so President Biden still has some difficulties naying aapigate
(16:57):
on the Foreign afairs mount this.
Speaker 2 (17:00):
Gregory, thanks so much for being with us. S Bloomberg
National Politics reporter Gregory Cordy. We want to get more
now on the earning story of the morning from Tesla.
The electric vehicle maker did come in well short of
Wall Street estimates on earnings, sales and margins, but CEO
Elon Musk's promise of a faster shift to lower priced
cars seems to be giving investors quite a bit of assurance.
(17:22):
And for more we are joined by Bloomberg News Global
Cars are Craig Trudell. Craig, good morning. So this promise
to speed up the timeline for newer models as soon
as this year. This is something that a lot of
investors had been concerned about when it comes to the
staleness of the current Tesla lineup.
Speaker 13 (17:39):
Yeah, that's exactly right. I think, you know, the market
got really excited about this prospect of a twenty five
thousand dollars Tesla that you know, the company talked about
maybe being ready in the second half of next year,
late twenty twenty five. Somewhere around there. There was all
sorts of doubts about whether or not that plan was
something that Tesla was going to stick to, you know,
(18:00):
even last night with with all of this sort of
reassurance that came out of that call, I think, you know,
it very much appears to be the case that that
plan is no longer you know what Tesla is going
to do. And if you'll allow me to just brag
about our coverage a little bit, I mean, the big
take early this week, I mean, we reported precisely what
Musk said last night, this idea that you know, what
(18:24):
they're going to do is take some of the work
that they were doing on this next generation vehicle and
apply it to their existing lineup. I don't think that he,
you know, went so far as to say that we're
going to make the model why cheaper, because if he
does that, you know it you know, gives people reason
to wait instead of buying now. But he gave every
indication that that's precisely what they're going to do. As
(18:46):
we reported earlier this.
Speaker 2 (18:47):
Week, that's kind of the trajectory they're on in some respect, right,
I mean, Elon Musk has been slashing prices left and
right on the existing models. Does it matter that he
wasn't necessarily specific on whether this low cost idea is
going to be the model to or lower priced versions
of the existing lineup.
Speaker 13 (19:06):
It doesn't look like it'll matter for the day. I
do wonder whether or not, you know, it will matter
eventually because as you mentioned off the top, I mean,
the earnings performance of this company really has deteriorated, and
you know, revenue and earnings coming short of estimates. Also,
I would just mention, I mean more than two point
five billion dollars in negative free cash flow. That's the
(19:26):
worst free cash flow reading that this company has had
in its history. This is absolutely a company caught in
a bind of you know, lower growth and actually in
the first quarter you know, a decline in vehicle sales,
and so they need to find a solution to this,
(19:49):
you know, this spiral that they've been on of laid
of cutting cutting, cutting price, and you know, not getting
vehicle sales growth out of it. And there is a
sort of open question as whether or not, you know,
this approach of you know, getting cheaper vehicles to market faster,
but seemingly doing so with the same lineup is going
(20:09):
to be you know, the way, the right way forward,
and whether or not this will work out as planned.
Speaker 2 (20:14):
This is Bloomberg day Break Today, your morning brief on
the stories making news from Wall Street to Washington and beyond.
Speaker 1 (20:21):
Look for us on your podcast feed at six am
Eastern each morning, on Apple, Spotify, and anywhere else you
get your podcasts.
Speaker 2 (20:29):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg one oh six to one in Boston, and Bloomberg
nine sixty in San Francisco.
Speaker 1 (20:42):
Our flagship New York Station is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 2 (20:51):
Listen coast to coast on the Bloomberg Business app, SERIUSXM,
the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan
Hager and I'm Karen Moscow.
Speaker 1 (21:00):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan
Hager and I'm Karen Moscow. Here are the stories we're
following today.
Speaker 2 (00:14):
We begin with news out of the nation's capital. The
Senate has passed the long awaited foreign aid bill. Bloomberg
Steve Potis has the details from Washington.
Speaker 3 (00:24):
Ninety five billion dollars in foreign aid to Ukraine, Israel,
in Taiwan. The package includes four bills that passed the
House over the weekend with bipartisan votes. The Senate vote
was seventy nine to eighteen. It does include the divest
bill for TikTok, now not included as the border package
that Republicans have demanded for months. Senator Lindsey Graham says
(00:46):
this one had to go.
Speaker 2 (00:48):
In fact, we did not get provisions for our border,
in my view, doesn't mean we can't deal with the
other problems the world faces we actually have.
Speaker 3 (00:56):
To President Biden, in a statement shortly after the vote,
said he planned to sign the legislation on Wednesday. Quote
as soon as it reaches my desk in Washington. Steve Podisk,
Bloomberg Radio.
Speaker 1 (01:08):
All right, Steve, thank you now to the latest on
the race for president fresh polling just crossing the Bloomberg terminal,
Swing state voters are simply not convinced that the economy
is improving under President Biden. Bloomberg's Amy Morris brings us
the results of the latest Bloomberg News Morning Console poll.
Speaker 4 (01:25):
The Real Clear Politics average of national polls shows Trump
and Biden and a virtual tie in the popular vote,
but across seven battleground states. In the Bloomberg News Morning
Console poll, Trump holds a six point lead. A majority
of poll respondents see the economy worsening by the end
of the year, and despite a resilient job market, only
twenty three percent said the employment rate would improve by
(01:47):
year's end. More than three quarters of poll respondents say
the president is responsible for the current performance of the economy.
The Biden campaign is counting on social issues, especially abortion,
to help energize Democrats, and for the first time in
the tracking poll, more than half of swing state voters
say abortion is very important to their vote in Washington.
Amy Moore as Bloomberg Radio.
Speaker 2 (02:07):
All right, Amy, thank you now to the latest on
the criminal Hushmuney trial of Donald Trump. There will be
no testimony today. Yesterday a tabloid publisher testified that he
pledged to be the former president's eyes and ears during
his twenty sixteen campaign. Details on that from Bloomberg Lah
host June Grosso in New York.
Speaker 5 (02:25):
The trial started with some heated arguments on Tuesday over
whether Trump had violated the gag order preventing him from
disparaging witnesses in the case. The judge called the defense
attorney's arguments that it was political speech silly. Then David Pecker,
the former publisher of The National Inquirer, retook the witness
stand to testify about how he killed stories about Trump's
(02:49):
extramarital affairs to boost his twenty sixteen presidential campaign. Pecker
will be back on the witness stand tomorrow in New York.
June Grosso, Bloomberg Radio, all.
Speaker 1 (02:59):
Right, thank you well. Turning to the markets now, we
are in the middle of a barrage of high tech
earnings and shares of Tesla surging ten percent this morning.
The ev maker is accelerating the launch of less expensive
cars and a bid to revive sagging to med The
news overshadowed a big shortfall in Tesla's first quarter earning
sales and margins CEO Elon Musk said, Tesla wants to
(03:21):
start production of new cheaper models this year.
Speaker 6 (03:24):
We've updated our future vehicle lineup to accelerate the launch
of new models. Head of previously mentioned start production in
the second half of twenty twenty five, so we expect
it to be more like the early twenty twenty five, if.
Speaker 7 (03:34):
Not late this year.
Speaker 6 (03:35):
These new vehicles, including more affordable models, will use aspects
of the next generation platform as well as aspects of
our current platforms, and we'll be able to produce on
the same manufacturing lenes as our current vehicle lineup.
Speaker 1 (03:46):
And Tesla CEO Elon Musk on the company's conference called
Tesla's automotive gross margin, a key measure of profitability, was
sixteen point four percent in the first quarter. That's smaller
and then expected, and far from the thirty percent peak
margin abraorted at the start of twenty twenty two.
Speaker 2 (04:02):
We're also watching shares of Texas Instruments this morning, Karen.
They are on the rise by more than seven percent.
The chip maker delivered a bullish revenue forecast for the
current quarter. More on that from Bloomberg's John Tucker.
Speaker 8 (04:14):
There are signs of a comeback Texas Instruments indicates that
a slump in demand for industrial and automotive components may
be easing. The company says sales will be as much
as three point nine five billion dollars. Customers have begun
to resume ordering chips after working through stockpiles of components,
and that's a good sign for the broader industry. Texas
Instruments has the broadest customer base among chip makers. It
(04:38):
serves as a bell weather for confidence in the economy.
John Tucker, Bloomberg.
Speaker 1 (04:42):
Radio, All right, John, thank you. Another company trending higher
this morning, Visa Shares a Visa more than two and
a half percent. The company reported a quarterly profit that
beat Wall Street predictions as US credit card spending climbed.
Speaker 2 (04:55):
And Karen the earnings continue Today. Forty companies in the
S and P five hundred war report, and heading today's
list is meta platforms. We get a preview from Bloomberg's
Tom Busby For investors.
Speaker 9 (05:07):
The big focus for the owner of Facebook, Instagram, WhatsApp,
the Metaverse, and more is whether digital advertising revenue was
strong enough to offset spending on its generative AI technology. Also,
growth in Facebook's active daily users forecast to be two
point eleven billion. Consensus calls for revenue of thirty six
point twelve billion dollars, almost all of that on advertising,
(05:29):
and adjustin earnings per share of four dollars thirty cents.
Tom buzzby Bloomberg Radio.
Speaker 1 (05:34):
All right, Tom, Thanks. Turning to the economy now, JP Morgan,
Chase share and CEO Jamie Diamond is speaking out about
the economy, and Diamond says he's on the conscious side
when it comes to whether there will be a soft landing.
Speaker 10 (05:46):
Even we've go over session and consumers in good shape,
but that doesn't mean you can fight off the effects
of stagflaci or something like that if it gets much worse.
And so I worry that it looks more like to
set these than we've seen before. If you go back
to the seve these deficits were half with the art
today the debt to GDP was thirty five percent, not
one hundred percent. And so part of the reason I
think we've had the strong growth is the fiscal spending.
Speaker 1 (06:09):
And JP Morgan and Jamie Diamond at the Economic Club
in New York. He addited that the US economy was
unbelievable and had been booming for.
Speaker 2 (06:17):
A while, and we're hearing from another banking boss this morning,
Karen Overseas UBS chairman Colem Kelleher says the Swiss government's
proposal to require the bank to hold substantially more capital
is the quote wrong remedy to the failings that brought
down Credit Sweee more than a year ago. Kelleker spoke
at the bank's annual general meeting in Basel, Switzerland.
Speaker 1 (06:39):
Find it's time now for a look at some of
the other stories making news in New York and around
the world. We're joined by Bloomberg's Michael Barr. Michael, good Morning, Good.
Speaker 11 (06:47):
Morning, Karen. College demonstrations continue over the Israel Amas war.
The president of Columbia University extended a midnight deadline for
student protesters at an encampment. Earlier, university President Minot Shafique,
citing a hostile environment, called for clearing the encampment occupying
the west lawn of the school's Morning Side Heights campus. However,
(07:09):
progress has been reported between the university and demonstrators. Columbia
offers its students hybrid learning, either in person classes or
in remote learning. It also calls for protesters who are
not students to be denied entry on the campus. New
York Mayor Eric Adams addressed that during his weekly media
(07:31):
briefing involving earlier protests when objects were thrown at officers.
Speaker 12 (07:35):
They are people who come, have nothing to do with
the issue and they want to aggravate. Now, if those
police officers didn't show a high level of discipline, this
could have been an ugly situation.
Speaker 11 (07:47):
At NYU Plywood. Barricades were put up by officials as
demonstrators staged walkout. It comes a day after around one
hundred and twenty people were arrested at a pro Palestindian rally. Yesterday.
Administrators showed up at Washington Square Park in a peaceful
protest against the arrests and NYU's president.
Speaker 13 (08:08):
The act of.
Speaker 8 (08:09):
Extreme police brutality and aggression that Linda Mills green lighted
last night is furthers our movement strengthens.
Speaker 11 (08:15):
US audio courtesy of ABC seven. Pennsylvania's Tuesday primary is
in the books. Democratic Senator Bob Casey and Republican challenger
David McCormick will face each other in the state's high
stakes US Senate contest this fall. Casey and McCormick a
former Hedge Fund ceo, won their respective party primary contests
(08:36):
after they were uncontested. Meanwhile, Congresswoman Summer Lee will be
on the ballot in November. The Pennsylvania Democrat be Backer
primary opponent Bavini Patel sixty one percent thirty nine percent.
Patel campaign by linking Lee to the congressional squad that
includes progressive Congresswoman Alexandria Ocassio Cortes, which Lee did not deny,
(08:58):
we are paving victory victory over dark money in politics
for Kane, our victory over the vice of politics. Lee,
who gave her victory speech in downtown Pittsburgh, were run
against Republican James Hayes, who ran uncontested. Global News twenty
four hours a day and whenever you want it with
the Bloomberg News Now, Michael Barr, This is Bloomberg Karen.
Speaker 1 (09:24):
Time now for the Bloomberg Scores update with John stash Hour.
Speaker 14 (09:27):
John, Good morning, Good morning, Karen. Madison Square Garden just
hosted four straight nights of playoff games, shades of thirty
years ago when both MSG teams reached the finals. The
next one, then the Rangers, then the next. Last night,
it was the Rangers Durn. They trailed to Washington early,
but in the second period, led by a goal, the
Capitals were on the power play.
Speaker 11 (09:45):
Savata chat Now takes the puck away.
Speaker 14 (09:47):
Paul Vetchki Pactor Crider Savata chat for the trailer.
Speaker 1 (09:50):
Miller shoots the Stars a short headed goal.
Speaker 3 (09:54):
After Chavata Chat strip Povetchka of the puck.
Speaker 4 (09:58):
Chantrey Beller capitalized.
Speaker 14 (10:00):
Wait Chers lead four to two a ninety eight point seven.
Rangers held on, beat the Caps four to three, and
like the Knicks, they're up to nothing in the series.
Also wins in the NHL for Florida, Colorado and Nashville.
That last Nick win was helped by that steal in
the final minute. NBA looked at the tape admitted Philadelphia's
Tyres Maxi was actually fouled twice. No call was made.
(10:21):
Nixon Sixers play Game three in Philly tomorrow, first time
in these NBA playoffs. Couple of wins by road teams.
Indiana got thirty seven points in Pascal Siakam won one
twenty five to one to eight at Milwaukee. Dallas got
thirty two from Luka. Doncicic beat the Clippers in LA
ninety six to ninety three. Minnesota's now up to nothing
another home win over Phoenix. The Mets since that sixty
and winnings streak had lost three straight outscored twenty to three.
(10:45):
Giants won five to one behind Logan Webb. Hear Old
eight scoreless innings. He's unscored upon in his last nineteen
innings at the stadium. Yankee scored four times in the
first inning Anthony Rizzo at two on Homer. That was enough.
They beat Oakland four to three. Red Sox lost in
Cleveland four to one. The Guardians are major League best
seventeen and six. The Astros, who've reached the LCS the
last seven years are seven and seventeen. Lost of the
(11:07):
Cubs seven to two. Mike talkmin to Homers for Chicago show.
Heyo Tanni Homer. In Washington, it went four hundred and
fifty feet Dodgers one, four to one. John Stash Atw're
Bloomberg Sports.
Speaker 1 (11:17):
Nathan tim all Right, John, thank you.
Speaker 15 (11:21):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak. Good morning.
Speaker 2 (11:33):
I'm Nathan Hager, and we are out now with the
latest swing state poll results from Bloomberg News and Morning
Consult on the seven battlegrounds they could decide the November
election between President Biden and former President Donald Trump. It
should suggests that any post State of the Union bounce
that the president may have enjoyed last month is all
but gone. Now for more, we are joined by the
national politics reporter who wrote the story on this month survey,
(11:56):
Bloomberg's Gregory Cordy. Greg Greek, Good morning, So we're back
to where we started for President Biden. Is that what
we're finding in this poll?
Speaker 7 (12:04):
Good morning, And yeah, I think that's pretty much where
we are. President Biden is certainly no worse off than
he was back in January February when he trailed foreign
President Trump by about you know, six percent. Presigning points
are so across these seven swing states that we're monitoring.
But and as you say, he got a little bit
(12:26):
of a bounce after saying that the Union address. People were
feeling a little bit better about the economy last month.
But we've had a couple of pieces of bad economic news,
particularly around inflation, and we've seen that the president's numbers
tend to move and lockstep with how people are feeling
about the economy, and this is a pretty pessimistic electorate
(12:46):
when it comes to the economy, and so we're seeing
Biden falling back to that same place that he was
a couple of months ago in trailing President Trump. In
most of these states.
Speaker 2 (12:58):
As we found in polls in the past, the economy
has been the overriding issue, though we have seen immigration
bump up as well. What other issues are voters thinking
about as far as we've found.
Speaker 7 (13:10):
Yeah, one thing that we saw in this lease this
month's pole is abortion getting a little bit more attention.
Of course, when we were in the field with this
pole this month, we had that Arizona Supreme Court decision
that reverted back to the pre Row versus Wade law
that was in effect beginning in eighteen sixty four that
(13:32):
prohibited pretty much all abortions in the state, regardless of circumstances.
And that resonated particularly in Arizona, of course, which is
a swing state in and of itself, but really across
the country, it's a mobilizing issue for Democrats, but it
remains to be seen whether it's something that can really
move the needle in persuading independence, where the economy is
(13:54):
still the number one issue.
Speaker 2 (13:55):
Now, I suppose it's probably a little too soon to
tell whether abortion has a trajectory to over take some
of those other issues, since it's about the first time
we've asked about this. But when it comes to third
parties like Robert F. Kennedy Junior, what are we seeing
when it comes to where he could potentially draw support from.
Speaker 7 (14:12):
Yeah, that's been a quite persistent question throughout this cycle,
is can third party candidates really make a difference here?
And we continue to really kind of scrutinize the evidence,
to go deep into the cross tabs to figure out
whether he hurts Biden more or Trump more, and it's
still kind of hard to say, although the feeling generally
(14:38):
is that Democrats are more worried, and that's partly because
even though RSK has some appeal on the Republican side,
Trump's supporters are pretty loyal to Trump, and even though
they like R. Fk Junior, they will stick with him. Kennedy,
of course, comes from a very powerful Democratic family, has
(15:02):
that name going for him, and has a lot of
appeal to Democrats and of course, Biden supporters aren't quite
as loyal, are looking for alternatives, and Kennedy could be won.
Speaker 1 (15:13):
Now.
Speaker 2 (15:13):
Of course, we've seen the president throughout this campaign of
campaigning on the legislative initiatives that he's managed to get through.
It hasn't really seemed to help him much in terms
of getting voters out. But we did see a major
initiative finally pass after a six month impass on Capitol Hill,
in the form of billions of dollars in foreign aid
and a potential forced sale of TikTok. Is there any
(15:37):
indication from the polling that we're seeing, Gregory, on whether
these sort of legislative victories are have a chance of
cutting through for the president.
Speaker 7 (15:47):
We'll have to see whether this foreign aid package will
break through the noise of this election cycle. But as
you suggest, when we have pulled on specific items of legislation,
the President's got accomplished things like infrastructure, the Inflation Reduction Act,
the Chips Act to build more semiconductors and increase manufacturing
(16:11):
in the US. None of us particularly resonate with voters,
don't not a whole lot of awareness. Now, of course,
this is what the President's campaign is going to be
doing over the next six months, is to remind people
of these accomplishments, to tell him what he's done on
the economy, to give it time for those to take effect.
You know, the foreign aid vote, there are some splits
(16:33):
in the electorate of whether even people want to pay
for it. One of the things we saw in this
poll was that support for Ukraine remains pretty strong, but
we saw a ten point decrease in support for aid
to Israel. This time. People are tiring of the Israel
Gaza war. They wanted to end, they want to cease fire,
and so President Biden still has some difficulties naying aapigate
(16:57):
on the Foreign afairs mount this.
Speaker 2 (17:00):
Gregory, thanks so much for being with us. S Bloomberg
National Politics reporter Gregory Cordy. We want to get more
now on the earning story of the morning from Tesla.
The electric vehicle maker did come in well short of
Wall Street estimates on earnings, sales and margins, but CEO
Elon Musk's promise of a faster shift to lower priced
cars seems to be giving investors quite a bit of assurance.
(17:22):
And for more we are joined by Bloomberg News Global
Cars are Craig Trudell. Craig, good morning. So this promise
to speed up the timeline for newer models as soon
as this year. This is something that a lot of
investors had been concerned about when it comes to the
staleness of the current Tesla lineup.
Speaker 13 (17:39):
Yeah, that's exactly right. I think, you know, the market
got really excited about this prospect of a twenty five
thousand dollars Tesla that you know, the company talked about
maybe being ready in the second half of next year,
late twenty twenty five. Somewhere around there. There was all
sorts of doubts about whether or not that plan was
something that Tesla was going to stick to, you know,
(18:00):
even last night with with all of this sort of
reassurance that came out of that call, I think, you know,
it very much appears to be the case that that
plan is no longer you know what Tesla is going
to do. And if you'll allow me to just brag
about our coverage a little bit, I mean, the big
take early this week, I mean, we reported precisely what
Musk said last night, this idea that you know, what
(18:24):
they're going to do is take some of the work
that they were doing on this next generation vehicle and
apply it to their existing lineup. I don't think that he,
you know, went so far as to say that we're
going to make the model why cheaper, because if he
does that, you know it you know, gives people reason
to wait instead of buying now. But he gave every
indication that that's precisely what they're going to do. As
(18:46):
we reported earlier this.
Speaker 2 (18:47):
Week, that's kind of the trajectory they're on in some respect, right,
I mean, Elon Musk has been slashing prices left and
right on the existing models. Does it matter that he
wasn't necessarily specific on whether this low cost idea is
going to be the model to or lower priced versions
of the existing lineup.
Speaker 13 (19:06):
It doesn't look like it'll matter for the day. I
do wonder whether or not, you know, it will matter
eventually because as you mentioned off the top, I mean,
the earnings performance of this company really has deteriorated, and
you know, revenue and earnings coming short of estimates. Also,
I would just mention, I mean more than two point
five billion dollars in negative free cash flow. That's the
(19:26):
worst free cash flow reading that this company has had
in its history. This is absolutely a company caught in
a bind of you know, lower growth and actually in
the first quarter you know, a decline in vehicle sales,
and so they need to find a solution to this,
(19:49):
you know, this spiral that they've been on of laid
of cutting cutting, cutting price, and you know, not getting
vehicle sales growth out of it. And there is a
sort of open question as whether or not, you know,
this approach of you know, getting cheaper vehicles to market faster,
but seemingly doing so with the same lineup is going
(20:09):
to be you know, the way, the right way forward,
and whether or not this will work out as planned.
Speaker 2 (20:14):
This is Bloomberg day Break Today, your morning brief on
the stories making news from Wall Street to Washington and beyond.
Speaker 1 (20:21):
Look for us on your podcast feed at six am
Eastern each morning, on Apple, Spotify, and anywhere else you
get your podcasts.
Speaker 2 (20:29):
You can also listen live each morning starting at five
am Wall Street time on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine to one in Washington,
Bloomberg one oh six to one in Boston, and Bloomberg
nine sixty in San Francisco.
Speaker 1 (20:42):
Our flagship New York Station is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 2 (20:51):
Listen coast to coast on the Bloomberg Business app, SERIUSXM,
the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan
Hager and I'm Karen Moscow.
Speaker 1 (21:00):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Daybreak
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.