Broadcasting live to New York, Bloomberg even to Washington, d C. Bloomber to Boston, BLUEMBERG twelve hundred, to San Francisco Bloomberg to the country General one, and around the globe the Bloomberg Radio plus appen Bloomberg got gone. This is taking Stock coming up on taking Stock. We want you to mark your calendars for September the twelfth. Why because that's the launch date for new Iridium satellites. Yes, they'll be
going on a SpaceX Falcon nine rocket. And we've got the chief executive of a Ridium to tell us more. Right now, let's go to Charlie Pellett in the Bloomberg news room for Bloomberg Business Flash, and I think of him Fox right now, stocks little change a SMP five
hundred index down to point one eighty. We've got the Dow lower by eight points, or drop of less than one tenth of one percent, at eighteen thousand, five y one, nastack holding onto a gain of eleven points now at fifty two twenty four the record, by the way, fifty two twenty eight on nestack up now buying two tenths of one percent. The tenure up fifteen thirty seconds, yield one point five three percent. Gold up six dollars anounced, climbing five tenths of one percent to thirteen forty two.
Crude oil lower now buys seven tenths of one percent. West Texas Intermediate Crew down thirty one cents of barrel forty two seventy Right now on w t I, the Walt Disney Company will report after the closing bells shares up six tenths of one percent, gaining fifty four cents to nineties six dollars and twenty nine cents. Paul Sweeney is director of North American Research for Bloomberg Intelligence. He says one area of investor interests will be Disney's newly
open theme park in China. Well, I think an early read on Shanghai Disney. This is a five and a half billion dollar investment they made. They just opened the park uh last June. Uh. It's still very very early days, but investors are going to want to get some early feedback in terms of attendance, guests spend um to get
comfort on that investment. A surprise in today's economic data, the productivity of American workers unexpectedly declined for a third straight quarter, deepening efficiency woes that have characterized the economic expansion. The Labor Department says the measure of employee output per hour decrease that an annualized rate of five tenths of
one percent. Federal Reserve Bank of New York says increased US household borrowing to finance vehicles and credit card purchases offset declines in the amounts of voortgage and student loan debt outstanding to propel total consumer debts slightly higher in the second quarter. And now let's take a look at other stories making news. Thank you Charlie from the Bloomberg News room. I'm Raimi. In a censio. Search crews have recovered the black box of the sunken freighter al Faro.
It was found fifteen thousand feet below the surface of the Atlantic Ocean. The freighter sank during Hurricane Joaquin in October of twenty five teen. The National Transportation Safety Board's mission had been on hold because resources needed for the effort were not available. All thirty three crew members died after the vessel lost propulsion and sank. A federal judge has upheld former Illinois Governor Rod Bolgoievitch is fourteen year
prison sentence on corruption charges. Bogoievich was originally sentenced in twleven for trying to exchange an appointment to President Obama's old U S Senate seat for campaign cash. The Olympic athletes are going for the Golden Rio, but Hillary Clinton thinks it's also the perfect place to go for votes. Bloomberg's Bob Moon explains the Democratic presidential nominees ad buying during TV coverage of the Summer Games. Who's approaching fourteen
million dollars? I'm Hillary Clinton, and I approved this message. If hearing that is normally your trigger to grab the remote and skip the commercial. Candidates and advertisers, No, that doesn't work when you're watching a live event. And I approved this message, and I approved this mass approved this message, and I approved this message. Donald Trump requested ad rates from stations and key states, but it's been relying on free media attention. I don't even need commercials if you wanted.
Republican ad maker Will Ridders suggests Clinton is scoring votes every day and says he'd love to know what Trump is waiting for. Bob Moon, Bloomberg Radio and New Jersey's Six Flags Great Adventures planning to open what it says is the world's first interactive gaming coaster adventure. Writers of Rage of the Gargoyles become virtual reality fighter jet pilots as they do battle. It sets open septembery Global News twenty four hours a day, powered by more than journalists
and analysts in more than one twenty countries. I'm Rainy in essensio. This is Bloomberg, Charlie, and we thank you it again. Recapping stocks trading mixed right now. The down SMP are both lower, little changed. Nav Stack Harbor by seven points, a gain of two tenths of one percent. I'm Charlie Pellotts and that's a Bloomberg business flash. You're listening to are taking stock with bim box in gap
Lee Hayes on Bloomberg Radio. How do you change the tire on an automobile that is traveling at seventeen thousand miles per hour? Well, your first test would be to call Matt desh He is the chief executive of a Ridium Communications. They're based in Washington, d C. Matt joins me here in the studio. Thank you very much for being here. Thanks for having me phim. Now you notice I started with this idea of trying to change attire while the cars traveling at seventeen thousand miles per hour.
I want to use that as the segue to get you just to explain what is the satellite swap and how does that fit into what a Ridium does. Well. Aridium runs the world's largest satellite constellations. We have satellite constellation. We have sixty six satellites today, as you said, flying around the planet at seventeen thousand miles an hour, about four hundred and eighty five miles above the planet, which is quite low. But they all need to be replaced.
And they're nineteen years old, and we have been working for the last six or seven years to build brand new satellites. And as you said, they're going to be launching very soon. And and we have who replaced them one by one in space. It's very careful operation, highly researched. We we put the two satellites up next to each other, which in space terms is maybe twenty miles apart, you know, and uh, literally within microseconds you drop the links to one and put and reconnect them to the new one.
Customers on the ground don't even know that they're their call was interrupted and the new satellite is operating for the next fifteen to twenty years. Uh. And everybody asked, what do you do with the old satellites, Well, we have to bring them out of orbit, so over the you know, two thousand eighteen will be exciting year as we do or but all those satellites and they burned up in the atmosphere. Has this ever been accomplished before? No? No, In fact, you could call this one of the biggest
tech refreshes in history. Um three billion dollars satellite network. Not not for the faint of heart, but it's such a powerful network because it does things that no other network does. When we thought about the fact that we had to place that, we we didn't want to take away that competitive advantage we have over every other system. So we said, we've got to really make it so it'll be a seamless transition from one to the other. So it takes a little more work and effort, but
it's worth it. And as part of that effort, you've got two new services with this launch, right, You've got Certace and air on yabout that, Yeah, So the new satellites are much more powerful and we had some extra space on them too, so instead of just being a communications provider, we wanted to do it even better than last time. So Services our brand name for a broadband service that enables very small devices to operate up to
one point for megabus per second. But maybe even the more revolutionary one is the area on one, which is we are going to track every airplane, every commercial aircraft in the world, no matter where it is, in real time and provide that information to air traffic controllers so they can provide better service to two airlines and more direct routes, fuel savings, and of course we won't be
missing any airplanes any longer in MH three seventies. Pretty unlikely if we know, literally down to the second, where every airplane is. Now. This is all going to take place at Vandenburg Air Force Base in California. This is where the launch is scheduled in September. That's right. If we were to go to the base today, what would we see. Well, we just started the process of processing the first batch of satellites, so we we launched Keen satellites at a time five on a lower tier five
on an upper tier. It's the heaviest payload that SpaceX has launched. Uh. SpaceX is the company that makes the rocket, that's right. This is the Falcon nine rocket that will be taking us to space. We we we were one of their earliest customers, so we took a bet on them seven years ago or so. I knew that they fit our profiles very well, and we've kind of grown up together. They've become quite successful as that we and we're ready now to use seven of their rockets to
launch seventies satellites over the next eighteen months. It's quite, as you said, a dance in space of constantly putting satellites up, positioning themselves, drifting them between planes, moving them into position, swapping satellites. It's going to be a very very busy, uh eighteen months. But yes, SpaceX is going to launch us out of Annaberg Air Force Base starting on September nineteen for the first one, and then the next launch will be in December, and then February and
every two months after until we're done. I gotta have you just described as quickly as you can the history of a ridium, because this was, by no means a
short thing. That we would get these launches done. No, we have quite a history going back to the early nineties when Motorola envisioned this company to compete with cell phones globally and probably spent six billion dollars or something during the the high growth nineties, launched the system to great fanfare, went bankrupt one years later in the biggest bankrupt ever in history, at least for a week until Enron happened. And uh, and then we started. We really
took the company in two thousand. In the last sixteen years, it's grown to be quite a profitable, large, successful company, able to replace its satellite networks. And it's probably a lot of people are surprised when they hear the name of Ridium because they remember the nineties. But we're not that company anymore. We're we're quite new, successful, thriving company. Thank you very much for coming in and sharing this with us. Is the chief executive of a Ridium Communications.
They are based in Washington, d C. And the first launch of the next generation constellation of satellites is September from Vandenburg Air Force Base in California. You're listening to taking Stock. I'm pim Fox and this is Bloomberg coming up on taking stock. The shares of Valiant Pharmaceuticals are hired today by more than twenty percent. Of the pharmacy company Endo International higher by more than twenty percent. We'll find out why