July 10, 2025 • 26 mins
Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Intelligence hosted by Paul Sweeney and John Tucker
George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses Delta Airlines earnings. Delta Air Lines reinstated a profit outlook for the year, expecting an adjusted profit of $5.25 to $6.25 a share, and said travelers are coming back.
Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, discusses the latest tech news. Nvidia became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market. Plus, Meta Platforms has made high compensation offers to new members of its "superintelligence" team, including a more than $200 million package for a former Apple distinguished engineer.
Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses the latest retail and e-commerce news. Amazon expanded its annual Prime Day summer sale to four days from two, betting the extension would give shoppers more time to navigate the millions of deals on its web store. Momentum Commerce said its Amazon sales plunged 41% on Tuesday when compared with the start of Prime Day last year.
Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail discusses how Ralph Lauren is being impacted by tariffs. Ralph Lauren Chief Executive Officer Patrice Louvet said demand for its signature clothing remains strong.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence podcast. Catch us live weekdays at ten am
Eastern on Apple, Cocklay and Android Auto with the Bloomberg
Business app. Listen on demand wherever you get your podcasts,
or watch US live on YouTube.
Speaker 2 (00:23):
One of the stocks in the news is Delta Airlines.
Stocks up thirteen point eight percent here today. Delta Airlines
reinstated profit outlook for the year, and they say that
the travel in the US is climbing back, corporate travel
is strengthening, so looks pretty good, and consumers have become
a little numb to the ongoing trade disputes.
Speaker 3 (00:45):
That's, according to the CEO, is.
Speaker 4 (00:46):
Being numb good though exactly maybe relative to where you're
flying exactly.
Speaker 3 (00:52):
George Ferguson he does this stuff for a living.
Speaker 2 (00:54):
He files all the airlines and all the aerospace companies
for Bloomberg Intelligence joins us. Now, George, what did you
take away from kind of Delta? What's changed since they
pulled guidance and now they're reinstating their guidance.
Speaker 5 (01:06):
Well, I think what's changed since they pulled guidance is
that guidance got lower. But they didn't mention that right,
so they reinstated guidance, but at a lower EPs than
they had initiated at the end of the year. I
think the market still looks a little bit soft to us.
Speaker 3 (01:22):
For sure, fuel.
Speaker 5 (01:23):
Prices are giving airlines a bit of a bolster on
the bottom line. But I think, you know, what we
heard today was on the demand side was more of
the continuing story, and that is that premium is holding
up really well and Delta's going to do very well
there because of their loyalty programs and such. Basic economy
(01:45):
isn't And if you look at Delta's you know, price
paid per mile flown for customer, it was down and
every single market that they served or maybe flatish in
Latin America, but all the rest of the markets down
during the quarters. So to us, it looks like a
market that still needs to have capacity come out. Some
of it will see.
Speaker 4 (02:07):
The CEO pointed to progress in trade talks between the
US and other countries and the potential for some geopolitical
conflicts to abate. I mean the flying public, really, I
don't know, are they really thinking about this when they
book a flight on Delta or any other airline.
Speaker 5 (02:24):
Yeah, I mean, so when I think of that, I
think that's going to largely benefit his international business. I
don't know, you know, I was polis to pick him
because I get to Paris for Paris Air Show, you know,
every other summer, and when I was in Paris, it
was teaming with Americans. So it didn't seem like, even
with protests going on around, it didn't seem like demand
(02:47):
was off for international travel at least you know, anecdotally
and some of the places I've been to.
Speaker 3 (02:53):
So I don't know.
Speaker 5 (02:54):
I mean, I think it takes a little bit of
demand off, maybe a very little bit, but right now
the international traveler seems to be rolling right over top
of that and going anyways.
Speaker 2 (03:04):
George, how does an airline take capacity out of the system?
Is that just going from like ten flights between Newark
and Miami a day to I don't know, seven or eight.
Speaker 5 (03:14):
I mean, I think ultimately you gotta park airplanes. I mean,
you know, it's a capital intensive business. You don't want
to buy those airplanes and not utilize them. You take
your old stuff, you park it, you maybe retire it,
sell it off. But what I mean, what we're seeing
as three Q develops and so we'll watch as closely
to see what it does to demand. Is we're seeing
(03:37):
that the low cost carriers Spirit Frontier look like they're
taking large portions out of their plan for three Q.
Speaker 3 (03:48):
Now it may not hold.
Speaker 5 (03:49):
They may add some of those those routes back, some
of those seats back, but we're seeing numbers down twenty
percent in some of their capacity. On the full service side,
United and Delta is still adding. United adding the most
I think, I want to say, five is six is
percent when I looked at earlier today, Delta adding two
three ish percent, an economy that's not growing that fast.
(04:11):
American look kind of flat, meaning the economy is growing
at rates, you know, some two percent. So it feels
like the big full service are going to push through
here and try to push through and continued to subsidize
the front of the cabin, sorry, subsidized the back of
the cabin. That basic economy with the front of the
cabin strength. I feel like at some point they'll break
(04:32):
that front of the cabin. I think that's sort of
how the industry always works.
Speaker 4 (04:36):
We'll see in none of these reports do I see
anything mentioned about jet field prices. Should we be concerned
about that.
Speaker 5 (04:45):
Well, I mean, right now it's a tailwind, and if
that reverses could be a problem. Right, But I mean
jet fuel prices are down because of slower global growth, right,
I mean, I think the geopolitical backdrop doesn't help it,
but it doesn't seem to have pushed prices up.
Speaker 2 (05:01):
Firmer.
Speaker 5 (05:02):
I think I saw today Saudi's are talking potentially about
reducing some of the capacity ads they're coming on. I
don't know if that sounds strong enough yet, but if
jet fuel turns, that would be that would work against them,
because again, we've got an airline business. If you look
at Delta, they added three ish percent capacity or around
there for this quarter and revenues were flat. Right, So
(05:25):
they're adding capacity and revenues are flat. I generally don't
like that kind of.
Speaker 3 (05:30):
Backdrop business travel.
Speaker 2 (05:32):
Delta actually kind of called that out as perhaps corporate
travel is quote unquote strengthening.
Speaker 3 (05:38):
Are you seeing that across the industry?
Speaker 2 (05:40):
And where I guess where's corporate travel versus pre pandemic.
Speaker 5 (05:44):
Yeah, so they're not telling us anymore, right, and usually
you tell us when you're really excited about where it is. Look,
I think the summer flying seasons are all about leisure.
What I heard was that they that they were having weakening,
weaker pricing power in sort of the off peak demand times.
(06:05):
And my read through on that is that summer leisure
traveler where they know they got you right. All my
friends call me, they go, hey, George, I hear airfares
are down, but I'm trying to travel over July fourth
week on vacation with the family, and I'm paying a
crazy price. And I'm like, yeah, because you're going when
everyone else in the world wants to go somewhere, right,
So when I read off peak, I also think that's
(06:26):
probably a little bit of business travel, and so I
don't know that it's going swimmingly and they're not. They're
not giving us numbers. What I heard was kind of stabilized,
but I didn't hear to me, I didn't hear something
that sounded like it was getting much better. And again,
summer's about leisure.
Speaker 4 (06:44):
I live in the flight path of I guess it's
candy well everything. Yeah. Sometimes I look up and I'm like, oh, wow, Jed,
it's amazing to me George that I guess the engine
technology has advanced so much that I barely hear them.
Should I get excited about the advancements in jet engine technology?
Thirty seconds?
Speaker 5 (07:04):
Yeah. Look, first, I'm jealous because you're in the flight
path of everything.
Speaker 3 (07:08):
And yeah, you come over an.
Speaker 5 (07:10):
I'll sit there with a lawn chair and we'll watch them. Jeff,
jet engine technology is outstanding. It is probably even getting
quieter and more fuel efficient. It'll cost more to it'll
cost more to maintain over the long run, but going
the right direction.
Speaker 2 (07:24):
Years ago, George turned me onto this app flight Radar
twenty five.
Speaker 4 (07:27):
It's great.
Speaker 2 (07:28):
Yeah, so you can track every plane in now and
you could.
Speaker 4 (07:30):
There's also a button where you can push where you
can get the cockpit view. Yes, like pretend you're flying.
Speaker 3 (07:36):
Great. So now I'm completely addicted to that.
Speaker 2 (07:39):
George Ferguson's senior aerospace, defense and Airlines analyst of Bloomberg Intelligence,
giving us the latest here on Delta and again Delta
stock up about thirteen percent here today on news that
they are putting out guidance which they had pulled their guidance,
so Street taking that as a positive sign that the
company has some confidence in their business allegory.
Speaker 1 (07:59):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (08:13):
Speaking of technology, we like talking to men Deep Singing.
He's a senior tech and also Bloomberg Intelligence. All right,
you've scoled us on AI over the last several years.
I think I now understand what it is. I understand
that it's big. It's a big business. But four trillion
dollar market cap for NVIDI are you kidding me?
Speaker 3 (08:34):
What's going on? I mean, tell me that's overvalued.
Speaker 6 (08:37):
Well, when you see a company that's growing fifty percent
and is able to generate almost one hundred billion dollars
in free cash flow, then it's not. And that's where
you know you have to look at it from the
lens of what is sustainable versus what is happening right
now now. Typically chip companies, we know they have that
(09:01):
cyclical element where you know, after a period of rapid growth,
there is a digestion period. I don't think this time
is any different. But what we are witnessing now is
the super cycle in terms of the buildout of AI infrastructure,
so you are not going to see a very quick
slowdown simply because right now we are in AI land
(09:24):
grab mode. Everyone is. I mean, we talked about picks
and shovels for the longest time, you know, in the
past twelve months. That trade is still ongoing simply because
the demand for GPU compute really continues to rise. Because
you have this explosion in coding agents now. I mean,
(09:46):
think of what has coding agents done in the past
six months. That is the use case that every hyperscaler
is using now, every enterprise is looking to deploy. In fact,
Microsoft set thirty five percent of their new code is
written by a coding agent. That's all AIGPU based And
that's why there is so much exciting.
Speaker 4 (10:06):
And if I'm in a company with earnings coming up,
I don't have to wait very long to show the
results of my big investments in AI do It's already
there right well?
Speaker 6 (10:17):
I think for hyperscalers, especially Microsoft.
Speaker 4 (10:21):
Send users, I mean the regular Joe's out there.
Speaker 6 (10:24):
Yeah, I think again depends on w sector you are
in and how far along you are in terms of
deploying those I mean, what these companies have shown is
not only are they investing in AI data center build out,
they're actually deploying it in house. And Microsoft is the
prime example of that, where they've done a couple of restructurings.
(10:44):
They've set thirty five percent of their code is written
by AI. So it's hard to argue against the proof
points that they're giving us. And look at open Aiy's growth.
They've almost doubled their revenue in the first six months
of the year, and Tropic has foxed its revenue from
one to four billion, and in the first six months
of the year. That kind of growth, it's hard to argue.
(11:05):
Again said, you're right. I mean some of it will
be visible and you know the companies that are using
it as end customers. But really there is so much
runway because these use cases are all new and everyone
is looking at the productivity aspect, and that's what everyone
is excited about.
Speaker 2 (11:24):
All right, let's switch gears to something near and dear
to my heart, which is paying huge compensation packages for people.
It used to be like in my Wall Street, this
is like sports teams. He did it for bankers and traders.
Now in your world, the geek engineers are getting pay
packages of a couple hundred million dollars. I'm seeing Meta
Platforms has made high compensation offers to new members of
(11:45):
its super intelligence team, including more than a two hundred
million dollar package for a former Apple executive.
Speaker 3 (11:52):
What's going on here.
Speaker 6 (11:53):
Well, I mean with this AI wave specifically, when you
think about the transformer model and the subsequent development, a
lot of it has been pioneered by I would say,
you know one hundred to two hundred AI researchers that
were at the forefoil. So if you are one of those,
and everyone knows you're either working at open Ai or
(12:16):
Entropic or Google DeepMind, that's where you know. Meta was like,
we are lacking behind in our large angline model efforts.
We have really got all the compute and the data.
What is it that we can do to fill up
that gap in terms of whire model is not being
as heavily used as an open ai model.
Speaker 4 (12:37):
So they have.
Speaker 6 (12:38):
Brought in all the researchers. I doubt they'll be able
to fix all the problems with their model by bringing
in all the researchers over the next six months, but
what it could do is slow down open ai because
open ai was shipping product you know pretty much every month.
Now suddenly, if you lose two or three of your
key people, then maybe cheap doesn't get shipped in the
(13:01):
second half. So I think what Meta has done is
really made every attempt to slow others down and then
in the process they'll have more time to catch up.
And I think that seems to be the strategy.
Speaker 2 (13:14):
It's a show Hey O Tani type contract man Deep
saying thank you so much because you guys can't do
lave exactly.
Speaker 3 (13:21):
We're going to see it and lead go exactly.
Speaker 6 (13:24):
Yeah, you wait it on the way out of.
Speaker 2 (13:26):
The door, men Deep seeing senior tech analysts for the moment.
Bloomberg Intelligence. Here in our Bloomberg Inactive Broker's.
Speaker 1 (13:33):
Studio, you're listening to the Bloomberg Intelligence Podcast. Catch us
live weekdays at ten am Eastern on Apple Corplay and
Android Auto with the Bloomberg Business App. Listen on demand
wherever you get your podcasts, or watch us live on YouTube.
Speaker 2 (13:49):
All right, John Tucker Ball Sweeney, We're live.
Speaker 3 (13:51):
Here on Bloomberg Directive Broker Studio.
Speaker 2 (13:53):
Or streaming live on YouTube as well as to check
us out there Amazon Prime Day. I know you're all
over John, It's actually Prime Days plural. I think there's
four of them.
Speaker 4 (14:03):
So you spread it out and things are I don't know.
Speaker 2 (14:05):
But it just gets you just buy stuff in July.
I guess you wouldn't ordinarily be thinking about buying stuff.
But let's see how it's going out there in the
world of retail and etail.
Speaker 3 (14:14):
Put them.
Speaker 2 (14:14):
Goyle, senior US e commerce and retail analysts, joins us here,
she's at Bloomberg Intelligence. She's down there in prinstance, put
what are we learning about Amazon and Amazon Prime Days
and maybe how the consumers do in these days?
Speaker 7 (14:29):
Sure, so you know the days. It's four days this
year versus two days last year, so longer, which means
that people have more time to shop. So early reads
from different third party vendors suggest that sales were down
in its first day, and I'm not surprised by that
because there's no urgency, right you have till Friday midnight
to shop, so I think people are taking their time. Overall,
(14:52):
we do expect a Prime Day versus last year will
be up by the end of it. Consumers are looking
for deals, Prices are are going to go up with
the terriff situation and the best time until block Friday
to get deals is this week?
Speaker 4 (15:07):
Okay, you always leave it to me to ask the
stupid question, Well, what are the big sellers on the
AM on the amasode.
Speaker 7 (15:15):
So what they're pushing is exactly what they've pushed before.
You have electronics, you have home products, you have the
vacuum cleaners, you have the devices that they have, whether
it's the Alexa, it's really a little bit of everything
is on sale. The average discount that I've seen, you know,
there are clearly some things that are fifty to sixty
percent off, but I'd say the average discount is probably
(15:36):
in the twenty to thirty five percent range from just
the products that I've seen as I've been tracking it.
Speaker 4 (15:41):
But that's the stuff they're pushing. What is this stuff
people are actually buying.
Speaker 7 (15:46):
I think they're buying what they're pushing because people want
to buy what's on sale, right, So if it's not
on sale, why do I need to buy it today?
I can wait till I need it, all right?
Speaker 2 (15:56):
So next Wednesday we are picking up our new puppy,
and so we've spent the last couple of days taking
advantage of Amazon Prime buying a lot of dog stuff.
Speaker 4 (16:05):
Is that dog stuff? Manufactured overseas where you're now paying like.
Speaker 2 (16:09):
I don't know teriffs, and that's kind of where I
wanted to go poon them. If we haven't seen the
tariff impact yet, or maybe we have, I don't know.
When do you and the retail companies you talk to,
when do you think the tariff price increases? If any
come through to the consumer, they may not. When do
your companies think we'll see it?
Speaker 7 (16:31):
So I can tell you that I think they're there,
but they're selectively there. Companies have already started to raise prices. Nike,
for example, has raised the price of its sneakers that
are over one hundred and forty dollars by five dollars.
And that's that the ten percent pause teriff rate. When
I'd say, it depends where these rates settle. Right now,
we're hearing Vietnam twenty percent, and that's ten percent versus
(16:53):
twenty percent. So now Nike will it have to increase
its rates further? I think so they will act they
have to do that. They said the ten percent is
costing them an additional billion dollars in costs this year
in their physical twenty twenty six. If it goes to
twenty percent, Vietnam is a big sourcing country for footwear especially,
They're definitely going to have to take prices up unless
(17:15):
they're going to let the margin.
Speaker 6 (17:16):
Take a hit.
Speaker 4 (17:17):
Do these companies like Puma do they have to reinvent
themselves in light to all this, So to.
Speaker 7 (17:25):
A certain extent, they have to think about their cost
structure a little more. But what I would say is
Puma is a little more diversified. Right, It's a European name,
so the exposure to the US is less than what
it is for a Nike, so they do benefit from that.
Even ADDIAUS, for example, their exposure to the US is
less the Nike, so they can take what they make
in the higher tariff countries and use that for everywhere
(17:48):
else but the US. So they do have some strategies
that they can deploy and are already deploying. But strategies
will have to change, right, will materials get compromise if
the consumers not willing to pay for the added costs.
These retailers cannot absorb a twenty percent tariff, They just cannot.
Their margins are in the single digits, so it's just
(18:08):
not something they can afford.
Speaker 2 (18:10):
So what Yeah, interesting, So Bloomberg News is out with
the stories saying that talking about the running category, and
that's critical for a lot of these sneaker makers in
how competitive it is. How do you think about that
part of the retail space.
Speaker 7 (18:25):
So running is a very important category for all the
at leisure brands. I would say probably since the pandemic,
it's grown and important. So there have been more people
that choose to run. Now, is it going to be
easy for any of them to win the running race? No?
Because really the clear standouts in running today are the Adds,
the Asex, the Brooks, and the Nikes. Those are the
(18:48):
names that you kind of think of when you think
about running. And while Puma has its own shoe and
Sodas Adidas, it's going to be hard to penetrate in
that market because the others aren't slowing down. Everyone layser
focused on this category and we'll just have to see
who bites that what because it is a very very
competitive category in the leisure space.
Speaker 4 (19:07):
And I'll quote Calvin Coolidge here, I choose not to run.
Speaker 3 (19:12):
That's exactly right. I don't know though, I'll walk on
the warlock.
Speaker 4 (19:17):
There we go, All right, let'll stick with.
Speaker 3 (19:18):
That all right, put them goil. Thank you so much
for we appreciate that putting Goile.
Speaker 2 (19:21):
She covers all the retail stuff for Bloomberg Intelligence.
Speaker 1 (19:27):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple Coarcklay and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (19:42):
Fall swing you live here on Bloomberg and Active Broker
Studio streaming live on YouTube.
Speaker 6 (19:46):
Well.
Speaker 2 (19:46):
A lot of investors trying to get a sense of
how the consumer is faring during this time of uncertainty
brought about in part by all this discussion of tariffs
and what I might mean for the economy. One of
the areas they look at is the retailers. What are
the retailers well?
Speaker 3 (20:00):
Today?
Speaker 2 (20:00):
On Bloomberg Television, Ralph Lauren, CEO Patrese Louvey said that
demand for its signature clothing such as cable knit sweaters
remain strong even as the fashion industry is buffetted by
terras and an economic slowed down.
Speaker 3 (20:13):
Let's break that down a little bit. Mary Ross Gilbert
joins us.
Speaker 2 (20:16):
She's a senior equity analy's covered in the retail space
for Bloomberg Intelligence. She joins us from La via Zoom. So, Mary,
we heard from the Ralph Lauren CEO says he still
sees demand kind of pretty solid. What do you make
of his comments and what are you seeing across your
retail coverage.
Speaker 8 (20:34):
Yeah, so, Paul, we're seeing strength clearly with Ralph Lauren.
When we look at the data for the June quarter,
which they're going to report in early August, their sales
are trending up about twenty percent, and that's just for
the US market, and the US is about forty two
to forty three percent of their sales, and when you
(20:55):
look at the consensus third at six percent, so they're
really hitting it out of the ballpark. And it's not
just in the US, it's actually around the globe.
Speaker 3 (21:03):
So when you think about.
Speaker 8 (21:04):
China, China is supposed to be having a slowdown, but
not for Ralph Lauren. There are sales in the last quarter,
which was the March quarter, it was up twenty percent.
So they're really seeing some strength. And when you look
at some of the other brands out there, I think
you'll see some variability, You'll see some retailers kind of struggling.
(21:25):
So on the value side, we saw American Eagle shows
some struggles there, but part of it had to do
with some fashion misses, So there it was really associated
with execution. And then the other companies that are executing,
we're seeing good sales trends and so we're seeing off
price is still showing resilience. So we think the consumer
really is showing resilience.
Speaker 4 (21:47):
Where does Ralph Lauren make it stuff?
Speaker 8 (21:51):
That is a good question, John, So about twenty percent
comes from Vietnam. China is probably around seven or eight
percent is what we estimate, So they've been diversifying, and
of course we just got the news about a week
or so ago that Vietnam tariffs are going up to
twenty percent, possibly by August first, they haven't set an
(22:13):
exact date yet, and that's up from ten percent. So
when you think about non China tariffs for apparel retailers,
that's about ten percent, and so then does this mean
Vietnam at twenty percent is sort of the new We're
going up to twenty percent for non China, and China
right now is at thirty percent, so we estimate that
(22:35):
would be an incremental twenty six basis points impact. But
if anything, Ralph Lauren has the ability to pass on
price increases and to be less impacted. They have pricing
power with their consumers. Their average price point has been
marching up, and consumers are willing to pay full price.
If you look at their Wimbledon collection, good luck trying
(22:58):
to find something because a lot of it has been
sold out.
Speaker 2 (23:01):
So is that how you're approaching tariffs here?
Speaker 3 (23:04):
Mary?
Speaker 2 (23:05):
As you look across your research coverage of retail companies,
is the higher end will have a better chance of
passing along price increases versus maybe something towards the middle
lower end.
Speaker 8 (23:16):
Yeah, it's going to be a combination of how these
companies are able to mitigate the impact. I mean, we
certainly saw in two thousand and nineteen, you remember twenty eighteen,
twenty nineteen Trump one point zero it most of these
companies were able to sort of cycle past it. So
even companies on the value side will look for strategic
(23:39):
price increases, so they'll be very pointed in that. But
they're also sharing the costs with their suppliers, so the
suppliers are absorbing some of it. In that Trump one
point zero scenario, they actually absorbed half the cost, So
there are ways to mitigate it obviously, you know, focusing
on your cost, continuing to redo your costs, so all
(24:01):
of those things. So there will be an impact this year,
mainly in the second half, but then as we get
you know, into twenty twenty six, most of these companies
will be able to cycle past that and hopefully see
some margin improve it depending on how final negotiations come
out on tariffs.
Speaker 4 (24:20):
In the meantime, does Resilient demand more than makeup for
any hit top margins. And by the way, parenthetically, I
have to tell everybody I think that's Ralph Lauren.
Speaker 3 (24:29):
She's wearing I'm wearing Ralph Lauren.
Speaker 4 (24:33):
I'm not going to say it's a content of entry.
Speaker 8 (24:34):
I had no idea I came in, but I guess
I'm an example, but it's not really, it's not me.
When you look at the fact that they added five
point nine million.
Speaker 4 (24:45):
Cousins, they need to put you on the defensive.
Speaker 8 (24:49):
It's mainly younger consumers, so millennials and gen z love
the brand, so you will be seeing it more and
more on them, all.
Speaker 2 (24:59):
Right, be talking to you more and more because this
retaillers report, it is gonna be really a good view
as to how much they're taking in their margin versus
how much you and I are going to be.
Speaker 4 (25:09):
The CEO also cited for Ralph Lauren increased demand, not
just like from the tennis set, but from what's that
other sport that's kind of okay, No, the one that's
kind of like baseball, Yes.
Speaker 2 (25:26):
Slight set, like exactly.
Speaker 3 (25:30):
Thank you so much.
Speaker 2 (25:31):
Mary Ross, Gilbertie's senior equanalys covering retail for Bloomberg Intelligence.
Speaker 1 (25:35):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
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Bloomberg Audio Studios, podcasts, radio news. You're listening to the
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or watch US live on YouTube.
Speaker 2 (00:23):
One of the stocks in the news is Delta Airlines.
Stocks up thirteen point eight percent here today. Delta Airlines
reinstated profit outlook for the year, and they say that
the travel in the US is climbing back, corporate travel
is strengthening, so looks pretty good, and consumers have become
a little numb to the ongoing trade disputes.
Speaker 3 (00:45):
That's, according to the CEO, is.
Speaker 4 (00:46):
Being numb good though exactly maybe relative to where you're
flying exactly.
Speaker 3 (00:52):
George Ferguson he does this stuff for a living.
Speaker 2 (00:54):
He files all the airlines and all the aerospace companies
for Bloomberg Intelligence joins us. Now, George, what did you
take away from kind of Delta? What's changed since they
pulled guidance and now they're reinstating their guidance.
Speaker 5 (01:06):
Well, I think what's changed since they pulled guidance is
that guidance got lower. But they didn't mention that right,
so they reinstated guidance, but at a lower EPs than
they had initiated at the end of the year. I
think the market still looks a little bit soft to us.
Speaker 3 (01:22):
For sure, fuel.
Speaker 5 (01:23):
Prices are giving airlines a bit of a bolster on
the bottom line. But I think, you know, what we
heard today was on the demand side was more of
the continuing story, and that is that premium is holding
up really well and Delta's going to do very well
there because of their loyalty programs and such. Basic economy
(01:45):
isn't And if you look at Delta's you know, price
paid per mile flown for customer, it was down and
every single market that they served or maybe flatish in
Latin America, but all the rest of the markets down
during the quarters. So to us, it looks like a
market that still needs to have capacity come out. Some
of it will see.
Speaker 4 (02:07):
The CEO pointed to progress in trade talks between the
US and other countries and the potential for some geopolitical
conflicts to abate. I mean the flying public, really, I
don't know, are they really thinking about this when they
book a flight on Delta or any other airline.
Speaker 5 (02:24):
Yeah, I mean, so when I think of that, I
think that's going to largely benefit his international business. I
don't know, you know, I was polis to pick him
because I get to Paris for Paris Air Show, you know,
every other summer, and when I was in Paris, it
was teaming with Americans. So it didn't seem like, even
with protests going on around, it didn't seem like demand
(02:47):
was off for international travel at least you know, anecdotally
and some of the places I've been to.
Speaker 3 (02:53):
So I don't know.
Speaker 5 (02:54):
I mean, I think it takes a little bit of
demand off, maybe a very little bit, but right now
the international traveler seems to be rolling right over top
of that and going anyways.
Speaker 2 (03:04):
George, how does an airline take capacity out of the system?
Is that just going from like ten flights between Newark
and Miami a day to I don't know, seven or eight.
Speaker 5 (03:14):
I mean, I think ultimately you gotta park airplanes. I mean,
you know, it's a capital intensive business. You don't want
to buy those airplanes and not utilize them. You take
your old stuff, you park it, you maybe retire it,
sell it off. But what I mean, what we're seeing
as three Q develops and so we'll watch as closely
to see what it does to demand. Is we're seeing
(03:37):
that the low cost carriers Spirit Frontier look like they're
taking large portions out of their plan for three Q.
Speaker 3 (03:48):
Now it may not hold.
Speaker 5 (03:49):
They may add some of those those routes back, some
of those seats back, but we're seeing numbers down twenty
percent in some of their capacity. On the full service side,
United and Delta is still adding. United adding the most
I think, I want to say, five is six is
percent when I looked at earlier today, Delta adding two
three ish percent, an economy that's not growing that fast.
(04:11):
American look kind of flat, meaning the economy is growing
at rates, you know, some two percent. So it feels
like the big full service are going to push through
here and try to push through and continued to subsidize
the front of the cabin, sorry, subsidized the back of
the cabin. That basic economy with the front of the
cabin strength. I feel like at some point they'll break
(04:32):
that front of the cabin. I think that's sort of
how the industry always works.
Speaker 4 (04:36):
We'll see in none of these reports do I see
anything mentioned about jet field prices. Should we be concerned
about that.
Speaker 5 (04:45):
Well, I mean, right now it's a tailwind, and if
that reverses could be a problem. Right, But I mean
jet fuel prices are down because of slower global growth, right,
I mean, I think the geopolitical backdrop doesn't help it,
but it doesn't seem to have pushed prices up.
Speaker 2 (05:01):
Firmer.
Speaker 5 (05:02):
I think I saw today Saudi's are talking potentially about
reducing some of the capacity ads they're coming on. I
don't know if that sounds strong enough yet, but if
jet fuel turns, that would be that would work against them,
because again, we've got an airline business. If you look
at Delta, they added three ish percent capacity or around
there for this quarter and revenues were flat. Right, So
(05:25):
they're adding capacity and revenues are flat. I generally don't
like that kind of.
Speaker 3 (05:30):
Backdrop business travel.
Speaker 2 (05:32):
Delta actually kind of called that out as perhaps corporate
travel is quote unquote strengthening.
Speaker 3 (05:38):
Are you seeing that across the industry?
Speaker 2 (05:40):
And where I guess where's corporate travel versus pre pandemic.
Speaker 5 (05:44):
Yeah, so they're not telling us anymore, right, and usually
you tell us when you're really excited about where it is. Look,
I think the summer flying seasons are all about leisure.
What I heard was that they that they were having weakening,
weaker pricing power in sort of the off peak demand times.
(06:05):
And my read through on that is that summer leisure
traveler where they know they got you right. All my
friends call me, they go, hey, George, I hear airfares
are down, but I'm trying to travel over July fourth
week on vacation with the family, and I'm paying a
crazy price. And I'm like, yeah, because you're going when
everyone else in the world wants to go somewhere, right,
So when I read off peak, I also think that's
(06:26):
probably a little bit of business travel, and so I
don't know that it's going swimmingly and they're not. They're
not giving us numbers. What I heard was kind of stabilized,
but I didn't hear to me, I didn't hear something
that sounded like it was getting much better. And again,
summer's about leisure.
Speaker 4 (06:44):
I live in the flight path of I guess it's
candy well everything. Yeah. Sometimes I look up and I'm like, oh, wow, Jed,
it's amazing to me George that I guess the engine
technology has advanced so much that I barely hear them.
Should I get excited about the advancements in jet engine technology?
Thirty seconds?
Speaker 5 (07:04):
Yeah. Look, first, I'm jealous because you're in the flight
path of everything.
Speaker 3 (07:08):
And yeah, you come over an.
Speaker 5 (07:10):
I'll sit there with a lawn chair and we'll watch them. Jeff,
jet engine technology is outstanding. It is probably even getting
quieter and more fuel efficient. It'll cost more to it'll
cost more to maintain over the long run, but going
the right direction.
Speaker 2 (07:24):
Years ago, George turned me onto this app flight Radar
twenty five.
Speaker 4 (07:27):
It's great.
Speaker 2 (07:28):
Yeah, so you can track every plane in now and
you could.
Speaker 4 (07:30):
There's also a button where you can push where you
can get the cockpit view. Yes, like pretend you're flying.
Speaker 3 (07:36):
Great. So now I'm completely addicted to that.
Speaker 2 (07:39):
George Ferguson's senior aerospace, defense and Airlines analyst of Bloomberg Intelligence,
giving us the latest here on Delta and again Delta
stock up about thirteen percent here today on news that
they are putting out guidance which they had pulled their guidance,
so Street taking that as a positive sign that the
company has some confidence in their business allegory.
Speaker 1 (07:59):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (08:13):
Speaking of technology, we like talking to men Deep Singing.
He's a senior tech and also Bloomberg Intelligence. All right,
you've scoled us on AI over the last several years.
I think I now understand what it is. I understand
that it's big. It's a big business. But four trillion
dollar market cap for NVIDI are you kidding me?
Speaker 3 (08:34):
What's going on? I mean, tell me that's overvalued.
Speaker 6 (08:37):
Well, when you see a company that's growing fifty percent
and is able to generate almost one hundred billion dollars
in free cash flow, then it's not. And that's where
you know you have to look at it from the
lens of what is sustainable versus what is happening right
now now. Typically chip companies, we know they have that
(09:01):
cyclical element where you know, after a period of rapid growth,
there is a digestion period. I don't think this time
is any different. But what we are witnessing now is
the super cycle in terms of the buildout of AI infrastructure,
so you are not going to see a very quick
slowdown simply because right now we are in AI land
(09:24):
grab mode. Everyone is. I mean, we talked about picks
and shovels for the longest time, you know, in the
past twelve months. That trade is still ongoing simply because
the demand for GPU compute really continues to rise. Because
you have this explosion in coding agents now. I mean,
(09:46):
think of what has coding agents done in the past
six months. That is the use case that every hyperscaler
is using now, every enterprise is looking to deploy. In fact,
Microsoft set thirty five percent of their new code is
written by a coding agent. That's all AIGPU based And
that's why there is so much exciting.
Speaker 4 (10:06):
And if I'm in a company with earnings coming up,
I don't have to wait very long to show the
results of my big investments in AI do It's already
there right well?
Speaker 6 (10:17):
I think for hyperscalers, especially Microsoft.
Speaker 4 (10:21):
Send users, I mean the regular Joe's out there.
Speaker 6 (10:24):
Yeah, I think again depends on w sector you are
in and how far along you are in terms of
deploying those I mean, what these companies have shown is
not only are they investing in AI data center build out,
they're actually deploying it in house. And Microsoft is the
prime example of that, where they've done a couple of restructurings.
(10:44):
They've set thirty five percent of their code is written
by AI. So it's hard to argue against the proof
points that they're giving us. And look at open Aiy's growth.
They've almost doubled their revenue in the first six months
of the year, and Tropic has foxed its revenue from
one to four billion, and in the first six months
of the year. That kind of growth, it's hard to argue.
(11:05):
Again said, you're right. I mean some of it will
be visible and you know the companies that are using
it as end customers. But really there is so much
runway because these use cases are all new and everyone
is looking at the productivity aspect, and that's what everyone
is excited about.
Speaker 2 (11:24):
All right, let's switch gears to something near and dear
to my heart, which is paying huge compensation packages for people.
It used to be like in my Wall Street, this
is like sports teams. He did it for bankers and traders.
Now in your world, the geek engineers are getting pay
packages of a couple hundred million dollars. I'm seeing Meta
Platforms has made high compensation offers to new members of
(11:45):
its super intelligence team, including more than a two hundred
million dollar package for a former Apple executive.
Speaker 3 (11:52):
What's going on here.
Speaker 6 (11:53):
Well, I mean with this AI wave specifically, when you
think about the transformer model and the subsequent development, a
lot of it has been pioneered by I would say,
you know one hundred to two hundred AI researchers that
were at the forefoil. So if you are one of those,
and everyone knows you're either working at open Ai or
(12:16):
Entropic or Google DeepMind, that's where you know. Meta was like,
we are lacking behind in our large angline model efforts.
We have really got all the compute and the data.
What is it that we can do to fill up
that gap in terms of whire model is not being
as heavily used as an open ai model.
Speaker 4 (12:37):
So they have.
Speaker 6 (12:38):
Brought in all the researchers. I doubt they'll be able
to fix all the problems with their model by bringing
in all the researchers over the next six months, but
what it could do is slow down open ai because
open ai was shipping product you know pretty much every month.
Now suddenly, if you lose two or three of your
key people, then maybe cheap doesn't get shipped in the
(13:01):
second half. So I think what Meta has done is
really made every attempt to slow others down and then
in the process they'll have more time to catch up.
And I think that seems to be the strategy.
Speaker 2 (13:14):
It's a show Hey O Tani type contract man Deep
saying thank you so much because you guys can't do
lave exactly.
Speaker 3 (13:21):
We're going to see it and lead go exactly.
Speaker 6 (13:24):
Yeah, you wait it on the way out of.
Speaker 2 (13:26):
The door, men Deep seeing senior tech analysts for the moment.
Bloomberg Intelligence. Here in our Bloomberg Inactive Broker's.
Speaker 1 (13:33):
Studio, you're listening to the Bloomberg Intelligence Podcast. Catch us
live weekdays at ten am Eastern on Apple Corplay and
Android Auto with the Bloomberg Business App. Listen on demand
wherever you get your podcasts, or watch us live on YouTube.
Speaker 2 (13:49):
All right, John Tucker Ball Sweeney, We're live.
Speaker 3 (13:51):
Here on Bloomberg Directive Broker Studio.
Speaker 2 (13:53):
Or streaming live on YouTube as well as to check
us out there Amazon Prime Day. I know you're all
over John, It's actually Prime Days plural. I think there's
four of them.
Speaker 4 (14:03):
So you spread it out and things are I don't know.
Speaker 2 (14:05):
But it just gets you just buy stuff in July.
I guess you wouldn't ordinarily be thinking about buying stuff.
But let's see how it's going out there in the
world of retail and etail.
Speaker 3 (14:14):
Put them.
Speaker 2 (14:14):
Goyle, senior US e commerce and retail analysts, joins us here,
she's at Bloomberg Intelligence. She's down there in prinstance, put
what are we learning about Amazon and Amazon Prime Days
and maybe how the consumers do in these days?
Speaker 7 (14:29):
Sure, so you know the days. It's four days this
year versus two days last year, so longer, which means
that people have more time to shop. So early reads
from different third party vendors suggest that sales were down
in its first day, and I'm not surprised by that
because there's no urgency, right you have till Friday midnight
to shop, so I think people are taking their time. Overall,
(14:52):
we do expect a Prime Day versus last year will
be up by the end of it. Consumers are looking
for deals, Prices are are going to go up with
the terriff situation and the best time until block Friday
to get deals is this week?
Speaker 4 (15:07):
Okay, you always leave it to me to ask the
stupid question, Well, what are the big sellers on the
AM on the amasode.
Speaker 7 (15:15):
So what they're pushing is exactly what they've pushed before.
You have electronics, you have home products, you have the
vacuum cleaners, you have the devices that they have, whether
it's the Alexa, it's really a little bit of everything
is on sale. The average discount that I've seen, you know,
there are clearly some things that are fifty to sixty
percent off, but I'd say the average discount is probably
(15:36):
in the twenty to thirty five percent range from just
the products that I've seen as I've been tracking it.
Speaker 4 (15:41):
But that's the stuff they're pushing. What is this stuff
people are actually buying.
Speaker 7 (15:46):
I think they're buying what they're pushing because people want
to buy what's on sale, right, So if it's not
on sale, why do I need to buy it today?
I can wait till I need it, all right?
Speaker 2 (15:56):
So next Wednesday we are picking up our new puppy,
and so we've spent the last couple of days taking
advantage of Amazon Prime buying a lot of dog stuff.
Speaker 4 (16:05):
Is that dog stuff? Manufactured overseas where you're now paying like.
Speaker 2 (16:09):
I don't know teriffs, and that's kind of where I
wanted to go poon them. If we haven't seen the
tariff impact yet, or maybe we have, I don't know.
When do you and the retail companies you talk to,
when do you think the tariff price increases? If any
come through to the consumer, they may not. When do
your companies think we'll see it?
Speaker 7 (16:31):
So I can tell you that I think they're there,
but they're selectively there. Companies have already started to raise prices. Nike,
for example, has raised the price of its sneakers that
are over one hundred and forty dollars by five dollars.
And that's that the ten percent pause teriff rate. When
I'd say, it depends where these rates settle. Right now,
we're hearing Vietnam twenty percent, and that's ten percent versus
(16:53):
twenty percent. So now Nike will it have to increase
its rates further? I think so they will act they
have to do that. They said the ten percent is
costing them an additional billion dollars in costs this year
in their physical twenty twenty six. If it goes to
twenty percent, Vietnam is a big sourcing country for footwear especially,
They're definitely going to have to take prices up unless
(17:15):
they're going to let the margin.
Speaker 6 (17:16):
Take a hit.
Speaker 4 (17:17):
Do these companies like Puma do they have to reinvent
themselves in light to all this, So to.
Speaker 7 (17:25):
A certain extent, they have to think about their cost
structure a little more. But what I would say is
Puma is a little more diversified. Right, It's a European name,
so the exposure to the US is less than what
it is for a Nike, so they do benefit from that.
Even ADDIAUS, for example, their exposure to the US is
less the Nike, so they can take what they make
in the higher tariff countries and use that for everywhere
(17:48):
else but the US. So they do have some strategies
that they can deploy and are already deploying. But strategies
will have to change, right, will materials get compromise if
the consumers not willing to pay for the added costs.
These retailers cannot absorb a twenty percent tariff, They just cannot.
Their margins are in the single digits, so it's just
(18:08):
not something they can afford.
Speaker 2 (18:10):
So what Yeah, interesting, So Bloomberg News is out with
the stories saying that talking about the running category, and
that's critical for a lot of these sneaker makers in
how competitive it is. How do you think about that
part of the retail space.
Speaker 7 (18:25):
So running is a very important category for all the
at leisure brands. I would say probably since the pandemic,
it's grown and important. So there have been more people
that choose to run. Now, is it going to be
easy for any of them to win the running race? No?
Because really the clear standouts in running today are the Adds,
the Asex, the Brooks, and the Nikes. Those are the
(18:48):
names that you kind of think of when you think
about running. And while Puma has its own shoe and
Sodas Adidas, it's going to be hard to penetrate in
that market because the others aren't slowing down. Everyone layser
focused on this category and we'll just have to see
who bites that what because it is a very very
competitive category in the leisure space.
Speaker 4 (19:07):
And I'll quote Calvin Coolidge here, I choose not to run.
Speaker 3 (19:12):
That's exactly right. I don't know though, I'll walk on
the warlock.
Speaker 4 (19:17):
There we go, All right, let'll stick with.
Speaker 3 (19:18):
That all right, put them goil. Thank you so much
for we appreciate that putting Goile.
Speaker 2 (19:21):
She covers all the retail stuff for Bloomberg Intelligence.
Speaker 1 (19:27):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple Coarcklay and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (19:42):
Fall swing you live here on Bloomberg and Active Broker
Studio streaming live on YouTube.
Speaker 6 (19:46):
Well.
Speaker 2 (19:46):
A lot of investors trying to get a sense of
how the consumer is faring during this time of uncertainty
brought about in part by all this discussion of tariffs
and what I might mean for the economy. One of
the areas they look at is the retailers. What are
the retailers well?
Speaker 3 (20:00):
Today?
Speaker 2 (20:00):
On Bloomberg Television, Ralph Lauren, CEO Patrese Louvey said that
demand for its signature clothing such as cable knit sweaters
remain strong even as the fashion industry is buffetted by
terras and an economic slowed down.
Speaker 3 (20:13):
Let's break that down a little bit. Mary Ross Gilbert
joins us.
Speaker 2 (20:16):
She's a senior equity analy's covered in the retail space
for Bloomberg Intelligence. She joins us from La via Zoom. So, Mary,
we heard from the Ralph Lauren CEO says he still
sees demand kind of pretty solid. What do you make
of his comments and what are you seeing across your
retail coverage.
Speaker 8 (20:34):
Yeah, so, Paul, we're seeing strength clearly with Ralph Lauren.
When we look at the data for the June quarter,
which they're going to report in early August, their sales
are trending up about twenty percent, and that's just for
the US market, and the US is about forty two
to forty three percent of their sales, and when you
(20:55):
look at the consensus third at six percent, so they're
really hitting it out of the ballpark. And it's not
just in the US, it's actually around the globe.
Speaker 3 (21:03):
So when you think about.
Speaker 8 (21:04):
China, China is supposed to be having a slowdown, but
not for Ralph Lauren. There are sales in the last quarter,
which was the March quarter, it was up twenty percent.
So they're really seeing some strength. And when you look
at some of the other brands out there, I think
you'll see some variability, You'll see some retailers kind of struggling.
(21:25):
So on the value side, we saw American Eagle shows
some struggles there, but part of it had to do
with some fashion misses, So there it was really associated
with execution. And then the other companies that are executing,
we're seeing good sales trends and so we're seeing off
price is still showing resilience. So we think the consumer
really is showing resilience.
Speaker 4 (21:47):
Where does Ralph Lauren make it stuff?
Speaker 8 (21:51):
That is a good question, John, So about twenty percent
comes from Vietnam. China is probably around seven or eight
percent is what we estimate, So they've been diversifying, and
of course we just got the news about a week
or so ago that Vietnam tariffs are going up to
twenty percent, possibly by August first, they haven't set an
(22:13):
exact date yet, and that's up from ten percent. So
when you think about non China tariffs for apparel retailers,
that's about ten percent, and so then does this mean
Vietnam at twenty percent is sort of the new We're
going up to twenty percent for non China, and China
right now is at thirty percent, so we estimate that
(22:35):
would be an incremental twenty six basis points impact. But
if anything, Ralph Lauren has the ability to pass on
price increases and to be less impacted. They have pricing
power with their consumers. Their average price point has been
marching up, and consumers are willing to pay full price.
If you look at their Wimbledon collection, good luck trying
(22:58):
to find something because a lot of it has been
sold out.
Speaker 2 (23:01):
So is that how you're approaching tariffs here?
Speaker 3 (23:04):
Mary?
Speaker 2 (23:05):
As you look across your research coverage of retail companies,
is the higher end will have a better chance of
passing along price increases versus maybe something towards the middle
lower end.
Speaker 8 (23:16):
Yeah, it's going to be a combination of how these
companies are able to mitigate the impact. I mean, we
certainly saw in two thousand and nineteen, you remember twenty eighteen,
twenty nineteen Trump one point zero it most of these
companies were able to sort of cycle past it. So
even companies on the value side will look for strategic
(23:39):
price increases, so they'll be very pointed in that. But
they're also sharing the costs with their suppliers, so the
suppliers are absorbing some of it. In that Trump one
point zero scenario, they actually absorbed half the cost, So
there are ways to mitigate it obviously, you know, focusing
on your cost, continuing to redo your costs, so all
(24:01):
of those things. So there will be an impact this year,
mainly in the second half, but then as we get
you know, into twenty twenty six, most of these companies
will be able to cycle past that and hopefully see
some margin improve it depending on how final negotiations come
out on tariffs.
Speaker 4 (24:20):
In the meantime, does Resilient demand more than makeup for
any hit top margins. And by the way, parenthetically, I
have to tell everybody I think that's Ralph Lauren.
Speaker 3 (24:29):
She's wearing I'm wearing Ralph Lauren.
Speaker 4 (24:33):
I'm not going to say it's a content of entry.
Speaker 8 (24:34):
I had no idea I came in, but I guess
I'm an example, but it's not really, it's not me.
When you look at the fact that they added five
point nine million.
Speaker 4 (24:45):
Cousins, they need to put you on the defensive.
Speaker 8 (24:49):
It's mainly younger consumers, so millennials and gen z love
the brand, so you will be seeing it more and
more on them, all.
Speaker 2 (24:59):
Right, be talking to you more and more because this
retaillers report, it is gonna be really a good view
as to how much they're taking in their margin versus
how much you and I are going to be.
Speaker 4 (25:09):
The CEO also cited for Ralph Lauren increased demand, not
just like from the tennis set, but from what's that
other sport that's kind of okay, No, the one that's
kind of like baseball, Yes.
Speaker 2 (25:26):
Slight set, like exactly.
Speaker 3 (25:30):
Thank you so much.
Speaker 2 (25:31):
Mary Ross, Gilbertie's senior equanalys covering retail for Bloomberg Intelligence.
Speaker 1 (25:35):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
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weekday ten am to noon Eastern on Bloomberg dot com,
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Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.