Global business news twenty four hours a day. If Bloomberg dot Com, the radio plus mobile last and on your radio. This is a Bloomberg Business flag from Bloomberg World handquarters. Son Charlie tell Us. Stocks lower. This update brought to you by national realty providers of one hundred percent satisfaction guaranteed New York City realty investments. See them at an r i A dot net. Now let's head right over to the first word breaking news desk for today's afternoon call,
and here's at Lalan. Good afternoon, Charlie Manu. Savages are lower today, with the Dow down seventy points, SMP loses seven and NASDAC falls eight. Small capsicks hunder down five, and the US tenure yelled at one point six to nine out of ten. SMP sectors are lower, led by losses in telecoms and utilities, and the only sector with gains is healthcare down Transports to client NASDAC biotechs are up six you, atilities lose thirteen, and the VIX increases
six percent. Leaders to the downside in the Dow include Verizon, McDonald's and DuPont, while down leaders to the upside include Mark, Intel, and Johnson and Johnson rax Space was taken private today at a four point three billion dollar deal. Big Lots loses four percent after missing comps sales. Autodesk gains eight percent after reporting a surprise second quarter profit. Splunk is
down eleven percent after second quarter billings miss estimates. And it was a big day for the US rates market, with a two year old rising back to his level prior to the disappointing May payrolls report after yelling miss Morning says the case for a rate hike has strengthened in recent months. Live from the First Word Breaking news desk at the lawn. Charlie all right, thank you very much. Ed onto here live breaking news over your bloom bread
time squawk squ a w K on your terminal. I'm Charlie Pellets and that's a bloom breg business flash moon. We're taking stock the Lutch life stocks, Bronze real estate. I've got houses in l A, Paris and Vale. It's good to be gain. They got to find the chefs around waiting for you to place your own. You must be rich, honey, and nobody has two televats. Sad Bloomberg taking stock the lux Life on Bloomberg Radio, The Lux Life, Yes,
the Lux Life. When it comes to telling time, sometimes you don't even have to look at your watch, you can just hear what it has to say. And James Malcolmson is the watch editor of The RAB Report, and he's got something to say about a seven and a half million dollar rare minute repeater watch from Fetique. Philip, thanks very much for being with us. James are good so telling people what exactly is a minute repeater. Well, a minute repeater is to watch the chimes of the
time mechanically. It's actually one of the oldest types of watch complications, which means an extra action on the watch besides telling the time. And it's really all about the good sound. And they put these companies put an enormous amount of resources into getting just the right sound. And we're going to have eleven of these watches actually in one place, which is an extraordinary, extraordinarily rare occasion. They're so rare you never see them in one place. What
is the striking mechanism inside of a repeater watch? How does it make the sound? Well, it actually has a little hammer inside. It's a small polish metal hammer that strikes a wire like gong that goes around just inside the watch case, and that that gong is made of high carbon steel and it's a resonant. But the sound you hear is not just the gong. It's actually the entire watch that acts a little bit like a guitar,
and it takes a long long time to tune them up. Now, is there something that we need to understand in terms of it being a minute repeater rather than a watch that strikes the wars or the minutes. Well, minute repeaters do it on demand, so the watch has to know what time it is and then it has to activate the strike mechanism. So that's most watches, as he may know, they just spend the hands around the dial at a certain speed to tell the time. They don't actually know
what time it is like a digital watch. Might these watches know what time it is and they'll strike it on demand. That's a minute repeaters. They strike the hours, the quarters in a minute. They're actually beautiful to hear. Is the sort of provenance of a minute repeater or any kind of repeater watch connected to the introduction of electric light. In other words, you'd be able to hear
the time, not just see the time. Well, these things were made first in the mid seventeenth century, and that was back before gas light, so there actually was a need to hear the time before you could actually see your watch, so they did have a practical purpose, but they were all they've always been very expensive, so only a gentleman or a noble could have board one. Tell us about Protect Philippe and their minute repeaters, Well, Protect philip has been around for about a hundred and seventy
six years UM. They're generally considered to be the most prestigious of the complicated mechanical watchmakers, and they've been making minute repeaters throughout their history. Most of their repeaters that are on the market now though, date from around that's when they really started their program again, and they've highly coveted. UM. They hold their value very very well in the market,
which is unlike most watches. What kind of money are we talking about for a premier minute repeater, Well, the watches will have range from about three thousand dollars for the most affordable one, and they go up. The ones we have will go up to about eight hundred twenty five thousand, but they can go up into the two million dollar mark. There was one that was introduced last year that goes at that high as the As the market for high end watches becomes larger and more popular,
is there any demand to make more of these minute repeaters? Well, I'll watch companies try and industrialize their processes so they can make watches more easily, and that's actually been a problem in the industry. Uh. The nice thing about minute repeaters though, a traditional minute repeater has to be tuned by hand, so there's only so much industrialization you can do,
and that keeps the numbers down. And for those people that own them, that's a nice thing because that means the value will probably stay with him for a long time. How can people learn more about how a minute repeater actually works? Is there a class? Is there a program that you can participate in so that you can actually come away learning what goes on inside your watch? Well, you can go online. The companies do some education, and of course the media uh does a good job both
on the web bend and in print. As we do UM will actually be showing how the mechanism works. So when we broadcast this and that will be a three o'clock on Tuesday on rob report dot com, and are there any other watch companies like Adam RP, Gay and Bulgarie that make these kinds of watches. You know, most
of the top watch companies do make minute repeaters. It's always been the top three traditional companies Bashawn, Constance and Protect Police than Odomaraguey, who generally been regarded as producing the best traditional minute repeaters. But a lot of companies are getting into the game now. I want to thank you very much James Malcolmson. He is the watch editor for the rob Report giving you details about a minute
repeater watch. This is Bloomberg taking stock of luxury. Was brought to you by your Try State BMW Center's visit them online at try State BMW dot com. At BMW they only make one thing, the ultimate driving machine.