Bloomberg Daybreak: May 17, 2022 - Hour 2 (Radio)

heads the Buffalo today following Saturday's deadly mass shooting. Plus New York City's health chief urgess people to mask up. I'm Michael blarn More ahead, I'm trying Stashdower. And sports, The Yankees stay red hot with an easy win in Baltimore. The Islanders have hired a new coach. That's all training.

Head on Bloomberg Daybreak on Bloomberg he Live in Free on New York Bloomberg one, Washington d C Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco Sirius XAM one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business add and

Good morning, I'm Karen Moscow and Tom John Tucker. Bloomberg Day Break being brought to you by B and Y Melon Pershing's Insight Conference back in person June fifteenth through the seventeenth in Grapevine, Texas of must attend event for financial advisors. Register today at Insight dot B and y

melon dot com. And US futures are higher this morning six so went on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures up about seventy five points down. Futures have four hundred eighty NASDAG features up two hundred eighty nine. Tenure Treasury down six thirty seconds, yield two point nine zero percent. They yield on the two year two point six zero percent. And now I'm ex screwed.

Oil is up six tenths percent, John and Karen. The rising and futures follows a late day sell off on Wall Street. The tech heavy NASTAC was hardest hit, following more than one percent New York State manufacturing activity onlex ethidly contracted in May and that stoked concerns of slowing growth. Recession fears are real, according to the voyas senior portfolio manager Barbara Reinhardt, we think that the world is going to go from worrying about inflation to worrying about the recession,

probably in just a few months time. So we think that this is the very beginning of the worries that we see happening for the for the economy. Well Investment Management's Barbara Reinhardt made the comments on Bloomberg Business Week her weekdays from two to find pm Eastern on Bloomberg Radio. Meantime, John Cash is king. That's according to the latest Bank of America Fund Managers survey, which shows cash levels among investors hit the highest level since September of two thousand one.

Stegulation fears are the highest and fourteen years investors see hawkish central banks as the biggest risk, followed by a global recession. And speaking of central banks, we could get more clues on the path of interest rate hikes. Six FED officials speaking events today. The highlight comes this after do and when FED Share J Pale's interviewed for a live Wall Street Journal event. Well in Hia. Overnight, John starkshare Winners technology shares climbed as investors assessed China's efforts

to stamp out COVID. We get the recab from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Karen. The m s c I Asia Pacific Index gained for a third session, its longest winning streaks since mid March. China's tech companies jumped on optimism. Beijing may ease up on a year long clampdown following a meeting between regulators and corporate giants. Adding to the positive time, Shanghai reporting

three days of zero community transmission. This is a milestone that could lead officials to start unwinding the punishing lockdown and reopening. Stocks also rose in Japan after the nation announced it will allow small tourist groups on package tours into the country this month on an experimental basis. In Singapore, Juliette Sally, Bloomberg Daybreak, Thanks Juliet. Turning to corporate news, Fresh developments this morning and whether Elon Boss will pursue

he's takeover of Twitter. Let's get the latest from Bloomberg's Good Morning, Good morning John. Elon Musk says he'll proceed with his forty four billion dollar Twitter takeover only if the social media giant proves that less than five percent of its accounts are fake. He shared even more of his skepticism yesterday at a Miami tech conference, estimating that bots make up at least twenty of all Twitter accounts. Now.

Musk shocked the market last week when he tweeted that his offer was temporarily on hold and doubts are growing that he would be able to pull off his acquisition and that he may consider dropping his bidding price. Right now, shares of Twitter are down about two percent in early trading. Live in New York, I'm reneed a young Bloomberg day break. All right, Renita, thank you, while we move from one

billionaire to another. Now with news from Lauren Buffett, the Berkshire Hathaway chairman, said goodbye to one a long time bank misteake and and if they bet on another one. Filing shows that Buffett ended his long running investment in Wells Fargo in the first quarter and has now invested roughly two point nine billion dollars in s A group shares a city. You're up more than four percent this morning and car big day on the retail front just

a few minutes ago. Home Depot reported first quarter sales above estimates. We're also gonna hear later this morning from Walmart. That's gonna preview on that from Bloomberg's Tom Buzby. The focus for investors is whether sales continued to grow at the nation's biggest retailer and largest grocery seller amidst stubbornly high inflation, or whether consumers were forced to pull back

a bit last quarter. Bloomberg consensus calls for adjusted earnings per share of a dollar forty eight on revenues of just over nine million dollars and comp usales forecast rise two and a quarter percent. Tom Busby, Bloomberg Daybreak, Great Tom, thank you. Also, this morning, before the market opens, the government issues economic data on retail sales, we get a preview from Bloomberg's Lisa Mateo. The median forecast calls for a game, but Bloomberg Economics anticipates slower growth in April

retail sales. The reason signs of stress as inflation chips away at household finances. Consumers are turning to credit to pay for essentials such as food and gasoline. That doesn't bode well for discretionary spending. Lisa Matteo Bloomberg Daybreak. Thanks Luca, we now turn to developments involving the war in Europe. Senators have advanced a Ukrainian aid bill with wide support, Amy Morris since DeSales from our Bloomberg room in Washington.

The Senate overwhelmingly moved the bill forward with a vote of eighty one to eleven. The measure would give forty billion dollars an aid to Ukraine, including money for weapons training and humanitarian aid. Now this was a procedural vote. A final vote on the measure is expected as early as tomorrow if all lawmakers waive rules on debate, and then from there it would go to the President's desk.

Last week, Senator Rand Fall of Kentucky held up the bill over concerns about the cost and how the money would be spent in Washington. I'm anymore as Bloomberg Daybreak right, Amy, thank you. And it appears that Finland and Sweden's bid to join NATO is hitting a roadblock. Turkey's President er Towan has put the brakes on the move, saying he won't allow the countries to join the alliance because of their stances on Kurdish militants. Erdman calls Sweden a nesting

ground for terrorists. Even if he doesn't end up locking membership are Towan could extract concessions from NATO to allow it. And this is Bloomberg. Thanks Karen's six oh sipol of Wall Street, and let's bring in Michael Barne now to find out what else is going on in New York and around the world. John, thank you kindly, Sarah. President Biden heads the Buffalo, New York today after Saturday's deadly mass shooting at a supermarket. Authorities say the gunman is

an eighteen year old white supremacist. Buffalo Mayor Byron Brown. It's been hard. Uh, it's shocking, it's painful, and um, I've worked hard to hold this community together. Mayor Brown says he will also talk with President Biden about federal gun laws in New York. Of vigils held the Harlem Church last night for the victims in Buffalo. Among those in attendance at Bethelo Gospel Assembly, New York Attorney General

Letitia James. We are in pain for the thirteen individuals who were shot, in the ten beautiful lives that were lost, and for their families. That are suffering and for the Buffalo community that is in so much pain, so much anger. Along with a G James, New York Mayor Eric Adams also spoke. Adams talked about Buffalo and an eleven year old girl who was shot and killed by a gunman riding a scooter in the Longwood section of the Bronx

last night. We have to be consistent because if you take the life of young Kiera merely because of which she lived, you no more less demoniiced than a person that took the life of those ten innocent people in Buffalo. Mayor Adams also slam social media. New York City health officials urging New Yorkers to wear masks in all indoor public settings as the city approaches high risk COVID nineteen

alert status. New York City has been averaging around thirty reported new cases of COVID nineteen per day over the past week. Five states old primary elections today ahead of the November mid terms. In Pennsylvania, both parties hope to pick up an open Senate seat. In the Republican primary. TV star Dr Memon Oz has former President Trump's endorsement. Oz is running against former Bridgewater CEO Dave McCormick. But conservative commentator Kathy Barnett is surging in the polls Bloomberg

Government Elections, reported Greg Darrow. Sometimes when we have races where we have two front runners beating up on each other, sometimes a third candic can kind of steak up there by surprise. And but Barnett did rise in the polls

in the last seven or ten days bloombergs. Greg Darrow says, as for the Democrats, Lieutenant Governor John Fetterman, who had a health scare, probably has enough of a lead to still win the primary Global news twenty four hours a day on air and on Bloomberg Quick Tank, powered by more are than seven hundred journalists and analysts, are more than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael, thank you. He had six ten on the walls free

time down for the Bloomberg Sports update. He was John Stesshower. Thanks John. Here in mid May, the Yankee still yet to reach double figures in the lost called another way and this one in Baltimore, with the big hit coming from an unlikely source is hiding there down the right field line, a long number cent and there and it is it is a home run. Wow. He hit one right down the line and it just got over the high wall near the pole. Well, that is really something.

A three run home run for Travino, w f A and the Yankees first home run hit by a catcher Jose Trevino Kyle Hagas Yoka, both batting under two hundred. It's hardly hurt the Yankees. They are announced twenty six and nine nineteen wins the last twenty two games to beat the Oriel six to two. Josh Donaldson Anthony Rizzo with back to back homers of the ninth that ain't Luis Severino allowed only one hit. The out hit the Orls eleven to three the Yanks and only allowed seven

hits over the last two games. Mets and Cardinals reined out City Field straight doubleheader today for the weekend F seven Game seven's. The NBA and NHL playoffs took the night off, but back tonight with the start of the NBA's Eastern Conference Finals Celtics and Heat in Miami. They met in the East Finals two years ago in Miami won that series. Stanley Cup second round starts tonight with

an in state battle Tampa Bay and Ford. Also St. Louis at Colorado Rangers and Hurricanes Game one in Raleigh tomorrow. The Islanders, who just fired their coach, Barry Trots, promoted his assistant Lee Lambert. Pg H Championship teas off Thursday in Tulsa. Def Enny Champ. Phil Mickelson not playing, but Tiger woods Is says his legs, nearly injured in that

car accident last year, was feeling better. John Stash Atward Bloomberg Sports, John alright, thanks John, ahead of the Cans show for the the Lord Walls freed right now, the DAL futures of five under three points, smp E Mini futures up seventy four points, and the nasdack futures are up two D seventy six. You're listening to Bloomberg Day Break Day Preak, brought you by the Jewish Communal Thought j c f' donor advised thought is the smart choice to

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giving impactful. Visit j c F and Y dot org markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Apt and at Bloomberg quicktape is a Bloomberg business lash and I'm Karen Moscow and we continue to watch shares of Twitter this morning after Elon must declared he won't proceed with his forty four billion dollar takeover unless the social media giant can prove both make up fewer than five percent of

its users, and Twitter shares are down more than two percent this morning. Meanwhile, futures are on the rise. Stocks in Europe gay meaning as well, and risk appetite is returning to markets that have been hurt by concerns about global economic growth and searching prices as well as policy tightening. We check the markets every fifteen minutes throughout the trading

day on Bloomberg. Right now, is in P futures up seventy one points, Dow futures are up four hundred ninety one and NASDAC futures have two hundred sixty eight The decks in Germany's up one point six percent. At ten year treasury down eight thirty seconds, the Yale two point nine one percent yield on the two year two point

six one percent. NIMEX crude oil is up seven tenths percent, or eighty five cents and a hundred fifteen dollars five cents a barrel, and comic schools have seven tenths percent or twelve dollar sixty cents at eighteen twenty six sixty an ounce, the Euro one point oh four nine six against the dollar, British found one point two four six four the end at one twenty nine point two four and Bitcoin this morning higher up to percent at thirty thousand,

five hundred dollars and as a Bloomberg business flaves. Now here's Michael bar with more on what's going on around the world. Muchael Karen, thank you for much. President Biden travels to Buffalo, New York this morning to meet with the families of the victims of saturday supermarket shooting had left ten people dead, all of them black. This as we learned the eighteen year old suspected shooter was allegedly inspired by the Races Great Replacement theory. Five states will

hold primary elections today. Pennsylvania is trying to decide and open Senate seat ahead of the mid terms. Other states holding primaries are Idaho, Kentucky, North Carolina, and Oregon. In baseball, the Yankees beat the Orioles six to the Mets Games reigned out, the Red Sox and Giants won the Nationals, and A's lost. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred

twenty countries. Michael bar this is Bloomberg, John, Thank you, sir. It is six twenty on Wall Street. We were lying for the Bloomberg into Antibroker's studios. This is Bloomberg Daybreak. Well, the parade of earnings continuing this morning. Some of the retailers we heard a few minutes ago. For Home Depot, they're boosting the outlook for the year. They had a surprise increase in first quarter revenue, continued strong demand for

home improvements supplies. And also this morning when you get the fiscal first quarter results before the market open from Walmart, let's get a preview now from Jen Bartashes, senior analysts with Bloomberg Intelligence. Every time I count out the American consumer, I'm dead wrong. Jan Good morning, John. What are the results gonna tell us from Walmart? Abount the American consumer

in the midst of roaring inflation. Well, it's a it's an interesting thing because I think a lot of people are looking to Walmart to understand the state of the average consumer in the United States, and so it will be really a read through for other retailers in terms of how that person is performing. But all indicators show that people are still spending. Um. It may not be as aggressively as it was last year when people had

stimulus funds in their pocket, but they are still they're spending. Okay, So the top line, let's what are sales going to look like for Walmart? Well, revenue is estimated to commanded about a hundred and thirty nine billion dollars for the quarter UM, and that translates to an adjusted DPS of a dollar forty eight um in terms of same store sales. Right now, consensus is expecting something that's at the high end of the range that Walmart gave in terms of

what they were expecting UM. But what we see when we go to stores or that people are in the stores, and so it does seem that you know, there's a good chance that they could come in at that top end of that range. What are the comps? Is It going to be a difficult one because that you have the stimulus checks last year. It is a difficult comparison to last year. Last year, people had expended unemployment, they

had stimulus funding, um. And at the same time they were also many people were getting much higher salaries in terms of hourly pay than they had been before. So there was a lot of spending that was happening, and a lot of it was on discretionary items. So thanks for entertainment or for your home. Um. This year, there's still a lot of spending. It's maybe shifting categories however, UM. So people may be spending a little bit more on food,

a little bit less on decorations. Um. But the net effect is that the comparisons are difficult, but we're still expecting to see positive growth over last year. Okay. In terms of inflation, can Walmart pass along price increases or does that eat into their their margins that they swallow that they have the ability to swallow some, which which you know is part of why we think that gross margin is going to stay, you know, fairly flat or contract a little bit just because of the higher cost.

But because Walmart is such a large company, they have so much scale that they do have negotiating power with their suppliers to really keep prices under control, and where possible, they try to pass that through to their customers and not raise prices until they absolutely have to. Does Walmart have a credit card? I'm trying to engage whether or not people are spending more on credit or is it

cash right up front? Um? Well, they certainly a lot of people in stores they spend with with with credit cards at Walmart. Our first of five serve credit card data that we have that we look at shows that spending for the mass merchants UM started to tail off a little bit in April, and that's when we saw the height of the comparison to stimulus funding last year. UM.

So that is happening, um. But um, it's it seems that at the beginning of the quarter was stronger we had to think a very solid Easter UM, and then the difficult comparisons for stimulus really kicked in. We get the retail sales numbers from the government. I'm curious, do you is Walmart a better indicator than government figures? Well,

it's hard to say. I think the benefit the benefit of looking at a company like Walmart is that a huge number of people across the country shop there, um, and so it really does tell you kind of what your average consumer is, how they're how they're behaving, um. And you know, people buy food at Walmart, they also buy non food items at Walmart, so they get a

very good idea of how people are behaving. But when you look at a reach killer that's that big, what's the one thing that you're going to really latch on as soon as the earnings come across and uh more details later in the morning. Well, you know, everybody looks at the comps, which are important, but I'm also very looking very closely at where e commerce is because that is a business they've invested heavily in, so we want to make sure that it's still growing, although the growth

rate is probably going to be a little lower. And then breaking down that comparison um sales number into how the traffic meaning how many people are going into the stores, and then the ticket is how much are people spending each time they're in the store. So that will give us a lot more insight into how the consumer is behaving. All right, Jen always applies to appreciated. Jen Bartash is

from Bloomberg Intelligence. Bloomberg Intelligence providing unique real time research and context on the industries at all the market and government factors that impact business terminal customers. You can access this function at b I go. Right now the dalphiachs op four hundred eighty seven points SMP futures up sixty nine. You're listening to Bloomberg day Break, the Bloomberg Weather from Rob carollin sunny and breezy. The high temperature seventy five today,

clear and breezeat tonight, glows in the mid fifties. Tomorrow Morris sunshine breezy seventy to seventy five degrees. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Eleving creon to Washington, d C, Bloomberg on to Boston, Bloomberg one oh six one to San Francisco, Bloomberg NOME sixty to the Country Sirius XM to A one ninet and around the globe the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg day Break. So it's

thirty on Wall Street. Good morning. I'm John Tucker and I'm Karen Moscow. We are just about three hours away from the open of US Trading. It's time for the five things you need to Notice start your day. Brought to you by Interacted Brokers Simple ib k are Global Trader app depositing your local currency and trade stocks in the US, Europe and Asia. Start your free trial at

ib k r dot com Slash Global Trader up. First fresh developments this morning on Elon musk pursuit of Twitter, Bloomberg's or Need a Young joins US Live with more. Good Morning Nina, Good morning Karen. Elon Musk says he'll proceed with his forty four billion dollar Twitter takeover only if the social media giant proves that less than five percent of its accounts are fake. Dan I'ves, Managing director

of Web Bush Securities, beliefs Musk has other intentions. I believe this is really ultimately must getting cold feet with the deal, looking for a scapegoat. It's really turned into what I said it was the Twilight Zone situation. He's trying to ballot the deal, billion dollar breakup or drive a much significantly lower priced Twitter's back into the wall.

Dan I's of what Bush Securities made the comments earlier on Bloomberg Daybreak, Twitter relief used to statement saying it's committed to completing the transaction when the agreed price in terms. Live in New York, I'm really need a Young Bloomberg day break, all right, we need to thank you. Shares of Twitter right now, they are down about three percent in early treating the US futures are on the rise,

bonds are falling after yesterday's late sell off. Nancy Davy, founder of Quadratic Capital Management, says the market is still too optimistic about the ensibility to tame inflation. So much of the inflationary shock is not necessarily a result of the level of interest rates. It's other reasons that are pandemic related. So it's a really challenging time to try to thread the needle, and I think that's why we're

encouraging investors just to be very diversified. Nancy Davis of Quadratic Capital Management says if inflation doesn't come down with higher rates, she worries about stagflation. Well, John, stagflation so also on the mind of investors, as according to Bank of America's latest Fund Managers survey, it shows stagflation fears are high since two thousand eight. We're also going to hear from the fence. Today, six Central Bank officials will speak,

including Chair J Powell. He'll be interviewed during a live Wall Street Journal event this afternoon. And we'll also get more of a sense of consumer sentiment today when the government issues data on retail sales and will also get earnings from Walmart. Futures this morning are currently higher with this S and P futures up seventy points, Staff futures up four d eighty six, and NASDAK futures up two hundred sixty six. And that's the five things you need

to know to start your day. Brought to you by Interactive Brokers. Thanks Karen, six thirty three on Wall Street and time to bring in Michael barn to tell us what else is going on in New York and around the world. John, thank you very much, serve. President Biden travels to Buffalo today he will try to heal a community following Saturday's mass shooting. Authority people were killed inside a tops supermarket by an eighteen year old white supremacist.

Buffalo Mayor Byron Brown says he plans to talk to the President about gun laws. The availability of guns is just far too great in this country. Guns too often fall in the wrong hands, illegally and illegally. Something has to be done about that. At the federal level, it finally has to be the resolve to change that. Mayor Brown told a VC the shooting shakes your sense of security. In New York, a vigil for the Buffalo victims was

held at a Harlem church last night. New York Mayor Eric Adams spoke at Bethel Gospel Assembly and criticize social media. What happened and Buffalo is no different than the sickness of social media that has music telling our young people to go after each other and shoot each other. Along with Eric Adams, New York Attorney General Leticia James was also in attendance. New York City health officials issued an advisory urging New Yorkers to mask up indoors as the

city approaches high risk COVID nineteen alert status. Health Commissionaire Ashman Vassan said everyone should wear face coverings at all times and settings such as grocery stores, offices, and building lobbies. Five states hold primary elections today ahead of the November midterms. In Pennsylvania, both parties hoped to pick up an open Senate seat in the Republican primary. TV star Dr memon Oz is endorsed by former President Trump. However, conservative commentator

Kathy Barnett surging in the polls. As for the Democrats, Bloomberg Government Elections reporter Greg Darrow was asked about Lieutenant Governor John Futterman's announcement that he had a stroke last week. It's big news to occur in the winning days of the campaign, but I think Tutterman's lead in the polls over his Democratic opponents, led by Representative Connor Lamb, was probably substantial enough for he's probably gonna win the primary anyway,

Bloomberg's Great Jarrow. Other states holding primaries are Idaho, Kentucky, North Carolina, and Oregon. To veteran House Democrats from New York City would be forced into a primary face off. Repres sent a New Manhattan based district under a draft of a redrawn congressional map for the state. Representatives, Carolyn muloney and Gerald Nadler said on Twitter that they would run for the twelfth district seat. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered

by more than twenty seven hundred journalists and analysts. More than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, thank you, and it's now six thirties six, so well three time for the Boomberg Sports update. Here's John Stanchell. All right, John, another night, another Yankee victory, this one in Baltimore, start of the four game series. Yanks the

oriol six to two. The big hit not from Aaron Judge, you got the night off, rather from light hitting catcher Jose Trevino three run homer hit down the line of right field. Josh Donaldson and Anthony Rizzo with back to back homers in the night. Luis Saveno allowed only one hit. It was not a great night for Joey Gallow, Baltimore's first batter. Gallow dropped the fly ball went for a three base air and he also went over five with four strikeouts. But the Yanks still win, and they've now

taken nineteen in the last twenty two. Mets and Cardinals reigned out doubleheader today's City Field. The Islanders just fired coach Barry Trots. They are replacing him with his top assistant Lane Lambert. It's a good day, um, something that you know I have been preparing for for a long time um throughout many years in the game and many years as a coach. UM And uh so, there's there's

a level of excitement for sure. We've worked under Trucks for eleven years at three different places, filled in for him for several games this past season. As for the Rangers, off to Raleigh her game one with the Hurricanes tomorrow night. The two teams that two years ago in the Bubble Caro Wanna swept a Best of Thought qualifying round series. Year ago, Phil Minicholson won the p g H Championship

at age fifty. He's not playing this year's PGA It begins Thursday and Tulsa Michoelson criticized for comments made about joining a new Saudi Back tour. Eighty two year old Jack Nicholas says he was offered the job of running that tour and was offered off hundred million dollars and Nicholas turned it down due to his loyalty to the p g A and the job ended up going to Greg normand John Slomberg Sports John John, Thanks very much. Six thirty seven on Wall Street, Time down and take

a look at stocks. Some of the names that are moving in today's pre market, and for that we're joined by Bloomberg Radio on TV Markets corresponded Crittic Group to, Oh, there's absolutely nothing going on. Nothing. I don't know what you're boring unless Elon Musk. Apparently I'm getting whiplash. Yeah, it's I think you, and I think everyone else as well.

Elon Musk declaring he won't proceed with his forty four billion dollar takeover of Twitter unless the social media giant can prove bots make up fewer than five percent of its users. Twitter shares down three Off the back of that news, t w t R is your taker, and I should also mention when you see Twitter shares drop, especially on deal relayed news, Tesla shares tend to rise or move in the opposite direction, So t s l

A up three percent. Of this is interesting, John, because a lot of analysts on Wall Street are now increasing their odds of no deal. Dan i've's notably saying that he's now saying fifty chance that this deal does not go through. A lot of suspicions are here that the five percent of bots kind of rule, or the expectation of more there are more bots on Twitter is common knowledge and was already known before the deal, So perhaps this is being used as a mechanism to pull out.

But who Dan was telling us earlier, He just never thought this was gonna happen. That Elon is just making excuses at this point. There's also a breakup fee, a significant break a one billion dollar breakup fee for sure. But is one billion dollars a lot for Elon Musk? I don't know. It's a lot for me, more than like the next three generations of group that kids are gonna be worth. But anyways, He's definitely keep an eye

on the stock. This is important. We know the deal premium has been wider and wider because of this uncertainty of whether or not the deal would go through. Even if it does go through, does it recover to that former share price? That's the big question. M Let's get to some earnings, though, John, because I'm running out of time and my producer's gonna yell at me. Take two t t w O reported better than expected fourth quarter earnings, helped by popular video games like NBA two K twenty two.

Analysting the company's games late and expected strong bookings in years to come. That's all good for the stock, but and a big butt here. Take two did issue a tepid forecast for the coming yere. I didn't like that, you know what I mean? Oh my gosh, Um, we're grown ups, John, I I think you are. I'm a grown up. It's okay. Um, we should as talk about Home Depot h D is your taker up four percent?

They boosted their outlook surprise increase in forced quarter revenue continued strong demand for home improvement supplies despite higher mortgage trades. Remember we all are also expecting Walmart at seven am. Home Depot h D up four percent, Walmart w MT of nine tenths of one percent. I'm doing my part at Walmart two. I have yet to find a straight two by for not Walmart but Home Depot. So anyway, Kritty, thank you very much. We appreciate it. Thank you for

putting up with me. Bloomberg Radio and Television Markets corresponded Kritty Gupta looking at stocks as a whole right now, we have SMP futures ahead of the cash up about wall spreet up sixties seven points, DAL futures of four hundred and seventy two points, and the Bloomberg weather from Meteorolo just wrong. Carolin sunny and breezy. The high temperature year seventy five, Tonight clear in breezy, flows in the mid fifties. Tomorrow's I look mostly sunny and breezy my

seventy seventy five degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg Quick Tape. This is a Bloomberg Business Flash and I'm Karen Moscow Futures on the rise this morning to the first word breaking news. Dask for today's morning call, and here's Bill Malone a belt, Good morning, and good morning, Karen. US features are surging

right now. Dowt fugures up four dret and sixty four points, SUPs gain sixties seven, while Nasdaq features are up by two fifty the US ten year old at two point, gold is up for oil is climbing, and Bigcoin is higher by two percent. Hong Kong rose three point three percent overnight, while up of markets are also in the green this morning. Back in the US, on the economic front, at eight thirty, retail sales and at ten o'clock, the

NHB Housing Market Index and Business inventories. After the bell Us night take two EPs beat estimates and regarding earnings. This morning, Home Depot raised its forecast at their surprise gain in revenue. The Indian News Elon must say that Twitter must prove bot claims for the deal to proceed.

And another news Berkshire Hathaway took a stake in City Group shares, her up five and a half percent pre market, wrapping things up, and was raised overweight at Piper and shake check was raised over at Raymond James Live from the first to breaking News Descomb, Bill Maloney, Karen right, Bill, thank you, and here live breaking news over your Bloomberg type squawk on your terminal squ a w K, that's a Bloomberg business flash. Now here's Michael Barr with more

on what's going on around the world. Michael Karen, thank you very much. Ukrainian troops who have been holding out for weeks at a steel plan in the port city of Mariupol have finally surrendered to Russian forces. Injured soldiers have been taken into Russian controlled territory in eastern Ukraine. Five states will hold primary elections today. Pennsylvania's trying to decide an open Senate seat ahead of the mid terms.

Other states holding primaries are Idaho, Kentucky, North Carolina, and Oregon. In baseball, the Yankees beat the Orioles six to the Mets game reined out the Red Sox, and Giants won the Nationals and A's lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty hundred journalists and analyists more than a hundred twenty countries. Michael Barr and this is Bloomberg,

Karen Ry, Michael, thank you well. At six nine on Wall Street, and we turned to news and science and technology now with the Bloomberg and j I. T. Stam Report. And here's so it's making news and science, technology, engineering in math. Shanghai is slowly emerging from a punishing lockdown that can find millions of people to their homes for weeks. The city reported a third consecutive day of no new

COVID cases in the broader community. Authorities say that will allow them to unwind the restrictions that curtailed almost every aspect of daily life. Nest Lee, the owner of Gerber Baby food, said it's air freighting infant formula to the US, where a shortage had left shelves empty and parents scrambling.

The shortage started with supply chain issues during the pandemic and was exacerbated by a recall stemming from September complaint when infant formula made by Avit Laboratories was first linked to a case of a rare bacterial infection. To known. The owner of the Happy Family and Happy Baby label said it's working to boost production, as is Nestlelye, and Microsoft is planning to nearly double its budget for employees. Salary increases as it seeks to retain staff and a

hot labor market. The software It's pay high will mainly effect early to mid career employees, and CEO Satya Nadala says the company's talent is in high demand and as a Bloomberg and j I t Stem report, John, all right, thanks Karen. We were live from the Bloomberg interamt to Broker Studios where it is now six fifty one on Wall Street and time to check what's going on in d C. Some of the top stories in our nation's capital this morning. President Biden heading to Buffalo after the

mass shootings there. The Senate nearing passage of the forty billion dollar aid package for Ukraine, President Biden seeks to quell the baby formula crisis with some logistics helps, the Biden team eases its Cuba stance, and the U set to extend the COVID nineteen public health emergency. Let's take a deeper dive into some of these stories this morning.

We're joined by Bloomberg government reporter Emily Wilkins. Emily, as the President heads to Buffalo, that the things he can do offer sympathy, um, and they're also maybe more importantly than things he can't do. Yeah, I mean, John. The attitude in Washington has really now been for years that there's just not a lot that can be done in

terms of legislation on guns. Even measures that are really supported by a wide swath of the American public, such as doing background checks before um weapons are are purchased and sort of making those uh more more stringent and more wide reaching, those aren't going to be able to pass.

And we've seen those be stopped time and time again. Um. We do have a bill that is set to move today potentially on domestic terrorism, and that's obviously ties into the shooting because we know that the shooter targeted specifically black people. Eleven of the thirteen people who were shot were black. This is being investigated as a racially motivated crime. And so this legislation UH that would look in that would sort of authorize more offices in the federal government

to really look into domestic terrorism. We go wind up seeing that come to the floor this week as a result of this shooting. Is this likely to be a significant issue for midterm elections to a certain extent, We aren't expecting that it's going to be. I mean, gun violence has been an issue in the US for decades now, and usually when you look at polls from individuals on what their top issue is, it never really cracks the

top three. People care about the inflation, They're focused on gas prices, They're focused on the economy, and those are really the things that are going to be driving people to the polls of both in primaries as well as the November. The Senate aid package for Ukraine. How close are we We're close. We could be potentially seeing the

passage of this package on Wednesday, if not Thursday. UH. The Senate took a procedural vote last night to continue to move it, and you saw a broad bipartisans support for that. And if no changes are made to this legislation, it'll go right to Biden's test and that will give him that for billion dollars to be able to spend

for military aid, for humanitarian aid for refugees. And you really heard kind of from from all sides of of US government and even Ukrainian government just how critical this support from the US has been in kind of allowing Ukraine to continue to defend itself against Russia um and in some cases like Kharki, you know, really be able

to push back against Russian invaders. Who if anybody has opposed this, well, you saw ryand Paul hold it up, and his main concern is that he wanted language to be included in the bill that would specific name someone to oversee that for you billion dollars and how it was spent um. The reason that leaders had to concern with that is that they wanted this bill to move

a little faster. I don't think necessarily oversight is something that lawmakers are opposed to, but they're aware of the urgency and the speed with which this needs to happen. You also saw fifty seven Republicans vote against the measure in the House, and a lot of that was from lawmakers who cast themselves as physically conservative, who say that we need again more oversight and concerns just about how much the US debt deficit is growing given the funding

that that we're sending to Ukraine. Overall, though, John, it is important to note though that that the vast majority of Americans do still support aiding Ukraine. Um, you are starting to see a little bit of pushback, but but on the whole, especially from Congression leaders on both sides, there is still a lot of really strong support for

assisting and aiding Ukraine. The next story deals with moms and their babies, the President's seeks to quality baby formula crisis, the President taking ownership of this, Yeah, I mean Biden is sort of acknowledging that this is something that the administration needs to act on. This is a twofold problem. One of course, is because of supt chains. The other is because you did see a number of recalls from a major baby formula supplier, Abbott Industries, and you're seeing

both Congress and the White House looking to this. We're expecting to see gislation introduced later today in the House that could either put that would both put some more funding towards this issue of baby formulas as well as relax some federal regulations around it. UM. We're also seeing abbot industries respond really working with their suppliers, trying to get additional formula, bringing some international formula that they have

back over to the US UM. And so this has kind of been an all hands on deck situation for Democrats across government. Of course, it comes as Republicans have been criticizing Democrats saying that, you know, we're at this point where mothers are struggling to feed their children. That's certainly a very emotional UM talking point, and it kind of speaks to the larger economy, which Republicans do blame

on a number of Biden administration policies. And finally, Emily about the middle of a reminder, the pandemic isn't over. The US is extending the public health emergency. It is extended until mid July. John and this, you know, it's interesting that this is being extended at a time where you are getting to the point where a lot of restrictions have been lifted. UM. You know, a lot of people are no longer wearing masks, including on public transportation.

But what this does is basically allow a number of programs to continue operating in an expedited way when it comes to getting vaccines out there, when it comes to getting medications, when it comes to ensuring that Americans who might get COVID are able to be covered by healthcare. These are all components that are assisted by having this pandemic extended until until it is and we are expecting

also to go past mid July. We've got Bloomberg reporting, uh saying that you know, they're that the government Biden administration is is planning to continue to extend this just to allow the aid and assistance as Americans still recover from COVID. And I mean we're seeing cases go up in New York, We're seeing them go up in d C. And there we're beginning to question us, particularly in New York, whether or not an indoor mask mandate might be coming back. Yeah. Absolutely,

I am always a pleasure. Thanks a lot, Bloomberg government reporter Emily Wilkins, and you could read more about these stories on Bloomberg dot com or on the Bloomberg terminal and a reminder, you can follow all the latest on Bloomberg Radio in Washington Bloomberg ninety nine one one oh five point seven FM h D two. Ahead of the cash open on Wall Street, DALLA futures of four hundred sixty points, the doll, the smp E mini futures of sixty six. Right now, the DANZDACK futures are up two

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