Transcripts For BLOOMBERG Whatd You Miss 20240713 : vimarsan

BLOOMBERG Whatd You Miss July 13, 2024

That the worst of this may be behind us. And they can start thinking about what the recovery is going to look like. Someet i know we have earnings coming out. Romaine travel companies will be reporting after the bell. On booking, what we are looking at, the g1 numbers coming in at 2. 29 revenue. That was the estimate for 2. 15. Well belowitda estimates. The estimate was for 363 million. So, no real forecast here. The company did say that covid19 would profoundly impact the travel industry. We will dig deeper to see if we can find a little bit more about any Forward Guidance for the company, basically saying they would emerge from the crisis in a position of strength. Scarlet right now, this is something that all companies are open for, to come out in a position of strength. For we go, i want to get an idea from you. This is something that Joe Weisenthal posited this morning. How much do you think this equity market rally has been premised on the idea that there will be more stimulus, a couple of other rounds to go . There is a lot more partisan bickering than the first three rounds. Swoon fore a market anyone in d. C. To get anything done. There seems to be an unstable equilibrium at play as a result. Obviously thenk market is pricing in a substantial amount of stimulus, also thinking that it is something that could continue. To our going back earlier conversation, you have to break apart what is driving this rally. There have clearly been winners and losers. When you look at what is contributing, the sectors that have the ability to grow. Many of them are trading up for the year. I think you have to look at, this is a market capitalization weighted benchmark and driving the rally and some of these returns are sectors and companies that are performing even in this work from home covid environment. Romaine just to bring some more earnings here, drop ox earnings crossing the wire. The headline numbers, q1 revenue coming in at 455 million, up 18 yearoveryear. Shares moving slightly higher in after hours trading, up about 2. 5 . The key for all of these companies will be what kind of guidance they can get, if any at all. We will dig through to see if we can find out any more information. Torlet we will continue bring more results as they cross. The bulk of the earnings season has gone. Part, seeing for the most a lot of the countries withdraw their guidance and try to highlight the positives. One final question to you before we let you go here. We know that cities and states are facing this collapse in tax revenue. Is divided on whether you come in and provide any kind of aid. How do you deliver it, how do you claim it, and how it plays out eventually . From where you said, what does this mean for things like muni s . I think, going back to my comments earlier, quality and credit selection are key. When we look at the facility that has been put in place, and something that is focused on the expiries, it has not been used yet. In compensated for taking on the risk but you have to do the additional level of work not only in the state selection but also in the specific credit selection. Just like i walked through in the equity market how we are thinking of covid defenses and to docyclicals, you have the same in the bond market in terms of what is sustainable, what tools these minister polities have, and what is part of this more defensive quality youre getting compensated for the risk versus what is highly exposed . Romaine always great to get your thoughts. Stay safe, stay well. Bitterly, City Private Bank head of capital markets. Uber crossing the wire just about now. Billionline, 15. 7 8 growth bookings, the estimate was for 15. 2 7 billion. Uber eats booking also above billion. At 4. 68 rideshare booking, above estimates. They are saying that total adjusted net revenue, 3. 2 6 billion 3. 26 billion. The platform, a slight beat here on uber. We will dive deeper in a moment. Scarlet we just got roku results crossing the wire. Net revenue, increase of 55 from the same time a year ago. A First Quarter pro forma loss of . 45 per share. Beatcoming in with a big on the top line. Of course, we will bring you more details as they cross. That does it for the closing bell. Whatd you miss . Is next. We will be joined by David Rubenstein for leadership live with the ceo of qualcomm. This is bloomberg. Romaine broadcasting live from new york to our viewers worldwide, i am Romaine Bostick alongside scarlet fu. This is whatd you miss . Scarlet despite some discouraging and disappointing jobs numbers, we did see u. S. Stocks gain on the day. Nasdaq, dow, and finishing higher. The nasdaq is now positive on the year. After the market close, we did of course continue to get earnings. Roku reported firstquarter results, revenue beating analyst estimates. 55 from the up same time a year ago. The loss for the quarter remains at . 45 per share. It is still a deficit. Roku reporting a pro forma loss in the First Quarter. Also got the big travel booking sites, one key revenue coming in it to . 29 billion, slightly above analyst estimates. So, the shares are falling. Gross travel booking in the quarter down 51 . 2 in the prior period. We will wait on tripadvisor. The other big company reporting is uber. Up 22 on there back of their earnings. Uber also reporting relatively positive earnings. There growth above the consensus estimates on the street. Monthly platform customers, all of that came in above estimates. We are seeing shares a little bit weaker in after hours trading. We will dig a little bit deeper and try to explain the movement. We do want to talk about the job market, the gig workers. We want to bring into this conversation, associate professor of sociology at the University College of Buffalo College of arts and sciences. A lot of the focus today was on the numbers in the u. S. That show that more than 33 Million People have filed for on employment benefits. You have numbers coming tomorrow morning likely to show the Unemployment Rate at at least a 60 year hybrid somewhere in all of this, you have gig workers, people who were not officially on any payroll other than their own. I wonder how they fit into these numbers and how we can better reflect their contribution to the labor force and what could be there drag on the labor force . It is hard to say. We just dont have enough data at this point to have the full picture of what is going on and the complexities. We do know that we have historical numbers of people filing for unemployment. Because of this economic crisis, people are searching for work wherever they can. One of those places that people often turn to is the gig economy. People can relatively easy start driving for lift, looper, or maybe deliver food for instacart, in large part because people are desperate. They need the work. Scarlet of course, there is a lot of i do want to see excitement, but a lot of investors had been counting on Companies Like grubhub to benefit from the pandemic partly because people continue to need the services they provide, and there are people who obviously need to keep their jobs as well. There are people like jim chain else who argue that Gig Economy Companies will come out harmed lawmakers on both sides of the aisle will be looking to beef up corporate responsibility. Do you see any evidence of us moving in that direction right now . It is certainly a big part of the conversation. What has become clear is that these workers are both very important and very vulnerable, especially to covid19. Thatcognize in a new way we havent before that these Frontline Service workers are very important to keeping the economy going. But they are also so vulnerable. I think that is opening up a lot of new conversations, and important ones, bound corporate responsibility. You are right, it may increase costs for employers in the long run, but i think that is what they should have been paying for them all along. Romaine i am curious about i guess some of the broader trends we are seeing in the labor market. You have obviously done a lot of research in this area. Talk about the leverage that employees have or may not have in the current economy, is there any sense that we would move to a different place in our economy where workers may be have leverage not just over pay and job security, but over things like protection from harm at work, people working in meatpacking plants, or even Just Office Workers being able to feel comfortable in that environment . Erin we may see that. It is hard to tell the future. Crisisis Public Health is opening up new arenas where suddenly going to work can also mean putting your life at risk in new ways. It is not necessarily just a job that is already considered dangerous and difficult like, by the way, meatpacking is. But the extent to which employers are responsible for fully protecting workers in the workplace, we are now exploring that in different ways. Scarlet what about organized unions in terms of providing some cover and protection for some of these freelance workers . There is a Freelancers Union. Just looking at the website, they do have content on how they are building up a political voice during this pandemic. Is this something that you , andve is there demand what would it take to get more of these workers involved in order for companies, employers to take notice . Erin that is a great question, and it is a tricky one when it comes to freelancers. Any Freelancers Union is not a traditional type of union that is bargaining with employers. A would be more like professional association, which can very much provide its and members with resources and support, but may not doing the same kind of bargaining work that we traditionally think of unions is doing. I think there is a great need for that. In some ways, the potential is limited because they are not going to the bargaining table with their employers. But anytime workers can come together to discuss issues in the workplace, discuss Creative Ideas for solving those problems, and not just with each other but also with employers. Createn Work Together to Innovative Solutions for the work ways. That is always a good thing. Scarlet we appreciate your insight here. Associaten is professor at the university of buffalo. We have just come out with guidance on tripadvisor. It is saying it is seeing little to no revenue in the second quarter. Significantly negative ebitda and the second quarter, but it does see some improvement in the third quarter. Tripadvisor sees a negative adjusted ebitda to persist through the third quarter. First quarter revenue dropped to 278 million dollars. Adjusted eps was seven cents per share. We are going to take a look at macys. To release other luminary results on june 9. It plans updates on the First Quarter results as well. Macys released preliminary First Quarter sales before the market opened. This is just kind of an update on future results and the scheduling of all of that. Much more coming up. Romaine welcome back. Want to bring you some headlines crossing the wire on macys. The Company Effectively pushing back the date of earnings reports. Luminary q1 Sales Numbers preliminary q1 Sales Numbers. The full results will not come until june. The company has said that its ceo will address folks on that may 21 date and again on june 9, when we will get the full results. We want to continue talking about what is going on in retail, specifically with the department stores. We have seen him in markets file for bankruptcy after efforts to manage that debt load, that unraveled during the pandemic. We want to bring in catherine doherty, a distressed debt reporter. Can you give us some sense of how high that was and how that weighed into the decision here to pursue bankruptcy negotiations . Nieman filed today with around 5 billion of debt. That hadignificant, been ballooning since a leveraged buyout from its current owners. The bankruptcy plans filed today called that debt by about 4 billion. It will be a significantly Different Company once it emerges. That will take time and also mean new ownership for the company with lenders exchanging their debt for new equity and effectively taking over. Scarlet one thing that is interesting here we look at the midmarket assets, there are 40 stores, four door goodman stores, and also the outlet kind of stores. And there is a brickandmortar version in germany of its online merchant. That is not part of this, is it . Why is that the case, that it is . Eparate from the other stores [inaudible] someet we are having technical issues. It is thursday and we are having some issues with our phone lines. Lets jump ahead and give you some other corporate news. A check of our business flash update. Shares of viacom cbs jumped. A surge in subscriptions during the pandemic. Plus, a new Distribution Deal with youtube. Irnas of biotech firm mode rising today. Given the ok for midstage trials. They are preparing an application for final approval as soon year. Extrairlines make you pay for luggage and food. Frontier airlines was planning to make you pay extra for a seat next to an unoccupied middle seat. It has since reversed course. The extra charge would have ranged from 39 to 89. That is your business flash update. Recape we just want to some of those uber headlines across the wire. Gross booking for the First Quarter, those numbers coming in at 15 billion, slightly above the consensus estimates on the street. A big part of the moves in the quarter actually did come from uber eats comedy food delivery company. Sales did help offset the ridehailing side of the business. You add that up together and what you get is net revenue on an adjusted basis, 3. 26 billion. Consensus estimate was for 3. 02 billion. That is what you are getting on the headline numbers. Shares moving a little bit lower, a slightly different reaction than what we saw with lyft. 20 . Scarlet lets take a look at roku. Shares are falling in extended trading after that company reporting revenue and active accounts that topped analyst estimates. Let narrower than what had been anticipated. Revenue, certainly a big increase from a year earlier. Higher than what analysts had been looking for. Roku said that overall advertising expenditure in the u. S. Is likely to fall in 2020 but they expect advertising revenue to still grow substantially from the previous period. The pandemic has led to increased tv viewing and streaming and roku was a beneficiary. Coming up, leadership live with David Rubenstein featuring the qualcomm ceo, Steven Mollenkopf. This is bloomberg. Scarlet during this global pandemic, the ability to communicate effectively and remotely is one of the most important things to keep the connection going. Qualcomm is a Global Leader in providing wireless technology. With on leadership live David Rubenstein, david is speaking with the ceo of. Ualcomm, Steven Mollenkopf ofid steve is the ceo qualcomm, which is a leading fighter of technology for smartphones. He has the advantage of coming from mile town of baltimore but he now lives on the west coast. He is a graduate of Virginia Tech and the university of michigan. He went to qualcomm right out of the university of michigan in 1994. He became the ceo in 2014. He previously served three years as the president and chief operating officer. Thank you for joining us. Steve thank you for having me. Say thatny People Technology companies have not been as hardhead as, lets say, tourism companies, hotel companies, restaurants. Is that true . Steve everyone has been hit at a human level, of course. What we are more towards the category of being hit less than others. Maintain able to our end markets are still sensitive to people being able to go out, go to stores, and by phones. With one exception, a lot of people by their phones online. We have certainly been very lucky in the way at which the company has been able to operate underneath this pandemic. What lets talk about qualcomm is. What does qualcomm actually do . Steve we consider ourselves the number one wireless innovator in the world. What that really means is that somebody has to go through and figure out how these cell phone are going to work. You have to figure out how to more the entire industry importantly, we invent the fundamental technologies underneath those cellular networks, then we figure out a way that everyone can get access to it. We have done that for 3g, 4g, and now we are in the process of doing that for 5g. It is really an Interesting Company in the sense that we have the ability to touch many industries. First, the cell phone industry. But now, almost every industry will be impacted. David you have how many employees . Steve about 37,000. David you are headquartered in san diego steve we have about 14,000 in san diego. Some inthe bay area, india and other places. Very highly concentrated in engineering. Have kind of Large Development centers that we use. David it is hard to believe that i lived most of my life without a cell phone. How many smartphones are there in the world today, would you say . Steve i forget the number, but it is Something Like 1. 6 billion per year are sold. David if you have a cell phone, you have some piece of Qualcomm Technology in it, correct . Steve yes. Every cell phone that is sold uses Qualcomm Technology in some way. So, all of the technologies that were required to figure out fundamentally how you get a cell phone to work, how you get streaming video to work, qualcomm did a lot of that. In addition to cell phones, we have a very strong

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