00:00And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Scarlet Fu taking you through to that closing bell with a global simulcast. Carol Massar and Tim Stenovec Join us from the radio booth. Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube. A rare down day for the S & P 500 after six straight record highs. A bit of a pullback today, down 3/10 of 1%. Yeah, it’s like we’re waiting for something, maybe a Fed meeting or maybe maybe an earnings palooza as our Finlay Walker, our producer, has said, we’ve got booking Mondelez Caesars electronic look at way word just keep going your tough man Visa Starbucks frontier and Avis We’ve got a lot of earnings coming after the closing bell and of course we’ve got some big tech ones tomorrow and Thursday. Yeah, metal platforms tomorrow, Microsoft tomorrow as well. Ford as well, Qualcomm. And then, of course, the big one, Apple on a Thursday. And we also get details on how the Treasury plans to issue debt over the next quarter. This as we see Treasuries extend their gains. As Romain was just pointing out, this auction was better than expected, surprise demand for seven year notes. And tomorrow’s going to be really crazy because we think about the Fed meeting and the idea that you’re starting the morning with actual hard economic data that presumably the Fed I mean, I know it’s backwards looking, but presumably they’re not getting the report in advance. So you got a big GDP report and then you throw that in with the Fed and all their earnings here. It’s kind of understandable why some people might be on the sidelines today. Yeah, absolutely. We’ve had quite a run, too. Let’s not forget that there are some folks out there that maybe think things are once again getting a little lofty. All right. Well, after six straight days of gains for the S & P 500, six straight record highs for the S & P 500, a modest pullback on the day. It takes a while for these numbers to settle, but it looks like the S & P is going to end lower by around 17 to 18 points or about 3/10 of 1%. The Dow Jones Industrial Average down about a half a percentage point. The Nasdaq composite down about 4/10 of 1% and the Russell 2000 finishing lower by 6/10 of 1%. All right. S & P 500 almost an even split 256. Name Scarlett to the upside, 246 to the downside. All right. Let’s take a look at the iron out. Seven sectors in the red with industrials down by more than 1%. Carrier and UPS are the big laggards. They are consumer discretionary and health care also weaker as well. The gainers here, real estate investment, trust, utilities, each up by more than 1%. All right, guys, we are getting earnings. Let’s start with Booking.com. Avis also crossing the bar right now, but booking saying that gross bookings in the most recent quarter came in above street estimates, $46.7 billion EBITA, $2.42 billion, which is just slightly higher than what the street was looking for at 2.21 EPS. The bottom line adjusted has always 55.4. Street was looking for 50.3. So it looks like a beat on all of the main metrics, including on the top and the bottom line. $6.8 billion in revenue, 16% higher than 12 months ago. All right. Let’s also take a look at Avis, the rental car agency. Second quarter revenue, $3 billion, pretty much in line with what analysts were looking for, the second quarter Americas revenue, also meeting analyst estimates as well. So if you break it down a little bit more, international revenue, $707 million, slightly higher than what was anticipated as well. We could see Avis down about 1% in after hours trading. Okay. I’m looking at what’s happening with Caesars Entertainment. Second quarter net revenue coming in at $2.91 billion estimates excuse me, estimates for that were 2.86 billion that second quarter, same store net revenue, second quarter loss per share coming in at $0.39 overall. Second quarter, same store net revenue did beat estimates shares right now, well, they’re unchanged. All right. Let’s get to Corvo. That of course, playing into the semi space and has had quite a run this year. The company let’s go right to the forecast see second quarter revenue of about 1.0 to 5 billion plus or -50 million C second quarter adjusted EPS, a range of .70 5 to 225. That is above what the street is expecting of a dollar 64. And let’s go backward to the last quarter, first quarter adjusted EPS $0.92 versus an estimate of $0.63 a share. We’ll look for some color around that number because quite a gap there and first quarter adjusted revenue of 818.8 million. Again, that seems to be a big beat. The estimate on the street with 771.1 billion. And just taking a quick look at what this company is doing here in the aftermarket, as you bring it up, it’s up about 14%. So I want to I want to know a little bit more about those numbers. Yeah, I do, too. I do want to go back, though, to the two travel stocks that just actually reported booking and Caesars. Those lower a now in the after hours trade. And I am curious about this idea of kind of like where travel goes next. Booking of course not providing a hard forecast in the release but when you take a look at what Caesars has to say, it gives you some sense here that while things are, I guess, stable, it does not necessarily seem to indicate that they’re expecting any material growth from current levels going forward. Yeah, absolutely. I’m just taking a look at the booking statement from the CEO, Glenn Fogel, talking about. Reaching a milestone with connected trip transactions. There’s a 30% increase on Booking.com total transactions year over year, a healthy growth across different verticals, especially with flight tickets up 44%. So again, it comes back to people’s willingness to spend in this current environment, which is better than it was three months ago, but not enough necessarily for investors to feel completely comfortable with the company meeting and exceeding their forecasts on that willingness to spend in this environment. Scarlett, we’re getting some commentary from Tom Reeg, the CEO of Caesars, who says that in Las Vegas we posted solid gaming results in the face of softer market demand in our hospitality verticals. But net revenue and segment revenue increased 4%, driven primarily by Caesars, Virginia and New Orleans. So maybe people aren’t necessarily trekking to Las Vegas as a result of uncertainty, but they’re visiting these more regional areas and spending money there instead. All right. I’m a little obsessed by the crypto space. I want to go back to Corvo because the company’s chief financial officer, Graham Brown, saying the company’s fiscal first quarter revenue and non-GAAP EPS exceeded the high end of guidance driven by broad based demand. It made me want to go into the supply chain function of these guys, their customers. Number one customers, Apple, Samsung Electronics. I mean, it’s a wide range of industries. But again, the stock up about 11.6% here in the aftermarket. And keep in mind, it’s up about 21% year to date. So quite a bump to the upside here. And just a reminder for our viewers, we’re still awaiting to get earnings out of Starbucks as well as Cheesecake Factory. But, yeah, the the of course, the videogame company also expected to report sometime soon. But it gets to this idea, though, Carol, I mean, to your point, this idea of how these companies, the tech companies, of course, that you’re referring to, how they sort of transition like, is this all about A.I.? Is this all, of course, about crypto as well is out. So too is Starbucks. Where are we going, guys? Let’s do Starbucks for a year. Starbucks crossing the wire right now. The company saying that international comp sales as expected, were flat down about 0%. U.S. comp sales also were down, down about 2%. So a negative sign in front of that. But the good news is that comp sales were actually drop less than what the street was looking for. The street was looking for a drop of two and a half percent. Operating margin came in below expectations, 10.1%. The Street was looking for 11.6% here. And the company overall basically saying that as comp sales drop on that 2% level, both in North America, the U.S. and of course flat sales over international, it is saying adjusted EPS coming in at $0.50 a share. I just wanted to double check that number. The street was looking for 65, so it looks like a miss on a lot of key metrics here. But again, this is a company where the quarter to the past is less important than the guidance that they give for the future. All right. And to that end, let’s take a look at Electronic Arts video game publisher. It has maintained its full year net bookings forecast, sees it at around 7.6 billion to 8 billion ounce. We’re looking for $7.8 billion. And then also saying that the first quarter net bookings for the quarter that ended was .3 billion, slightly higher than the anticipated .24 billion. It also sees earnings per share this quarter of about $0.29 to $0.46 and still sees a full year EPS at about 309 to 379, sparkling just slightly lower in after hours trade. Okay, let’s go to Mondelez, the maker of Triscuit and Clif Bars, among others. John, about 3/10 of 1%. Not worry. Rose And good stuff. Hey, you know what? I want to do the ones that people aren’t necessarily familiar with. So if you go to Mondelez’s website, obviously there Oreos, Triscuits, come on. Or this is a healthy world that we’re living in. Yeah. The shares are ever so slightly lower in the after hours, down 3/10, 4/10 of 1%. The company still sees fiscal year organic net revenue at about 5%. The estimate was for 4.95%, said quarter net revenue above estimates at $8.98 billion. Second quarter adjusted operating margin 14.3%. Second quarter adjusted EPS above estimates at $0.73. The estimate was $0.68. All right. We’ve got Chips Ahoy and Brooks Crackers Tates cookies. You know it’s all right snack our it it states can use your visa to buy things made by Mondelez visa is out with third quarter adjusted EPS to 98 a share that is better than the forecast of 285 a share and third quarter net revenue coming in at 10.2 billion. Folks, that too is a beat. The estimate on the street was 9.87 billion stocks and bouncing around, but right now it’s up remain up about half a percent. And just real quickly, Merrill Holdings are kind of, I guess you call it, I know the crypto energy company to UPS a dollar 84. That compares to a loss from the previous quarter of $0.72 a share. So it looks like an improvement on the bottom line. Not a lot of analysts cover this. So hard to sort of match up with street expectations. Shares higher by about 2.6% in the after hours trading. All right. And don’t hit on Triscuits, as Tim would probably say at this point. I’m just going to blend that there. I do. I should point out to see Gates out, fourth quarter revenue coming in pretty much in line fourth quarter adjusted EPS to 59 versus 245. The estimate. Stock, though, is down about 8.3% in the aftermarket. So we’ll look for some more headlines on the Western Digital down as well because of that. So pulling down the sector.Stream Schedule:US BTV+
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