katie: 30 minutes into the u.s. trading day. here are the top stories. is apple a value stock? a monster buyback suggests that it could be. we will speak with steve sosnick . duolingo cools by the most since 2022. luis von ahn said a slowdown was expected. he joins me for an exclusive interview. shares of edewell -- rob

little joins us to talk about the state of spending. i'm katie greifeld in new york. another quiet day on the screen behind me. the s&p 500 unchanged. the nasdaq 100, more action but to the downside, currently off by .2%. also put the vix, not sure why but it never does much. slightly on the rise, trading with a 13 handle on the vix. let's find some excitement. less than blockbuster results for morning brothers -- warner brothers. poor performance at studios.

geetha ranganathan joins us now. what was your take away from the earnings? geetha: tv advertising and the network business continues to be under tremendous pressure. tv advertising fallen by 11% and that crimped but there were bright spots. cash flow was strong. this is a merger between warner bros. and discovery. they guided to an extra $1 billion on top of the 4 billion they already achieved. and then hbo max, good subscriber of momentum. they have a whole bunch of new international lunches upcoming. it is becoming a profitable business for them. the longer-term story is the

streaming business unfortunately will not be necessarily able to replace the linear business. katie: disney and warner bros. announced disney plus, hulu and max will be available in a bundle. everyone is asking, is cable coming back? what does that mean? geetha: you had the big cable bundle and then unbundle now you have the re-bundle. this speaks to how great the tv bundle was because there was something for everybody. you paid a lot more that you watched but it worked because profit numbers and economics and math work. and that is what both disney and warner bros. are trying to do, go for the four-quadrant approach. two of the best studios in hollywood will come on these services. it is a great way for both

subscribers, not only to reinvigorate growth but to curb cancellations and this is a great way for them to limit that. katie: as we learned on 30 rock, technology is cyclical. thank you. turning to the broader markets, steve sosnick is the chief strategist with interactive brokers. great to see you. let's talk about apple. i believe i was in conversation with nancy tengler who said you don't buy apple for growth, you buy it for its cash flows. that blew my mind. what is your take? steve: to me a growth stock one of the hallmarks is that it grows. and revenues on a sequential basis and profits in apple have been flat to down nation.

apple is a great company. i don't disagree with her argument. apple spends of tons of cash and the most recent announcement said we are going to return it to shareholders because there is not much we can do with it in the productive manner that we could or should. why not return it to the shareholders? that will cause a re-think because people still think of apple as a growth stock. it is a value stock. katie: what does that look like in how you should be thinking about apple in your portfolio? steve: it is never a bad time to add dividend paying stocks. in terms of that being inevitable that it will grow. you have to rethink, are you paying a little too much in terms of a pe or too high of a valuation for the premier value stock vis-a-vis where the growth

stocks. apple is not particularly expensive by that metric but also not cheap. katie: if apple repriced more like a value stock, i think that would take down the entire market? steve: it shouldn't. apple is not your typical value stock. cash flows are tremendous. we are about where we should be but if the market re-values, that would be very problematic. katie: i want your help working through something i have been thinking about with the magnificent seven grouping. if you take a look at the magnificent seven you have a lot of dispersions. you have the likes of tesla down 30% and amazon over 20%. this is all year to date. if he is like if you invested, you would be somewhat diversified.

steve: diversified in sort of terms of the three and a half. you're still treading the same turf. they are all tech stocks although in slightly different niches. to me, there is still a very heavy ai emphasis on this because you have nvidia, alphabet and microsoft along with others having treading the same turf and how the market is differentiating between the companies and their returns. i am glad you brought up ai because i was going to say the thing they are burning cash on by and large is ai. when you look at the outlook for ai spends, what does the future look like? steve: i think meta's conference

call was like saying it out loud. he said we are spending billions on ai and it could take years for that investment to pay off. at some point you can't keep spending you have to work on what you have and not just throw money at the problem. the example i give is the internet. we are not in but delicious territory we were then but the internet was the future prospect and it turned out to be everything everything -- everyone hope for what it took several years for investments and internet to actually make sense for a lot of companies. if it is taking meta however many years to trickle down and they are the best in place to use it, what does it mean for the other companies and the amount they are spending on it? i think it bodes poorly for the ai's been in the immediate term. katie: back to apple, the narrative that has developed

around apple is that is -- it is behind in developing ai. i know they announced some new ipads this week and adds work kind of made fun of on social media. using that as a fair characterization that apple is behind when it comes to ai? steve: i am not so sure. i use erie of the time and she is ai. in terms of generative -- siri all of the time and she is ai. in terms of generative ai i don't like to bet against them because they know what they are doing. i don't think they are the sexy version of ai. but some versions of artificial intelligence has been around for decades. i studied ai when i was in college and that unfortunately dates the practice several decades but that is kind of the point. this is the latest and greatest version of ai that is the most user-friendly version. apple may be behind the scenes in terms of the vanguard but we literally carry and speak to the

ai device all of the time. katie: ai has been around longer for -- than 18 months. it is always great to see you. i appreciate your time. i thanks to steve sosnick. we are going to look at what is going on underneath the markets. we have airbnb. >> airbnb feeling pressure today and this comes after a second quarterly week guidance. the earnings report was good but it didn't bring enough relief for investors. investors have been really focused on the travel companies. we saw what happened with expedia and booking, worse than expected guidance and worsening results. there is a lot of turmoil in the travel industry. there has been a really good year post-pandemic. there has been a lot of volatility in the market. the outlook and a decreasing

travel spending before the peak summer season is an issue. airbnb is optimistic about international travel in asia and -- asia. katie: when it comes to some expectations these companies are up against, a lot of them have not been able to quite clear the bar. tell me about bumble. >> good news in the online dating apps. the earnings report was quite good which is in big contrast with what we saw from match recently. really big support for the stock but much related -- much needed relief for a stock that was down. they swing to positive earnings to 33 million, up from a loss of 2 million in the previous quarter. jp morgan analysts quite optimistic and that is because comparing to match group which

had a bad earnings report and a decrease in users for quite some time, they say bundle looks quite attractive. another positive thing for investors is that the company increased its buyback program so that can potentially be more good news for investors who have seen a lot of struggle in bumble. katie: that sweetens the deal. what is going on with robinhood? it feels like they put up a beat and then some. >> robinhood doing great. earnings report was a second straight quarterly profit. everyone is talking about revenue from cryptocurrency, surging 232%. talking about retail resurgence. there is pressure from the sec about how they classify. we are about to see whether that will put more pressure downward for the stock. katie: really appreciate your

time and that round up. coming up, bad news for the bilinguals. the language app sees slower growth. we will speak to luis von ahn, the company ceo, in an exclusive interview. this is bloomberg. ♪ i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. katie: shares of the language learning app duolingo followed by 19% after it revealed slower user growth in the latest quarterly report. we are joined by the company ceo, luis von ahn, in an exclusive interview.

you beat on daily active user growth, beat on eps and also raise revenue outlook for the year but it feels like you are a victim of your own success in terms of the expectations for you. luis: we had 10 quarters of accelerating user growth and the last quarter 64% year-over-year daily active user growth. we have been down a little bit but it is impossible to have accelerating user growth forever. we are more focused in the long term. next quarter we feel will be better than this quarter. we are focused on the long term and see a huge opportunity ahead of us. katie: let's talk about numbers. daily active users rose 55 percent, more than double what it was 18 months ago. you can't have crazy growth forever in perpetuity and i'm sure a lot of people would like to.

what do you see as a normal, more reliable range going forward? luis: we expect that will be somewhere between 50% and 60% year-over-year growth. it is because we are just getting started. there are 2 billion people in the world learning a foreign language. we are the largest method in the world but we still only have 100 million monthly active users. there is a lot of room to grow. we are also very concentrated on teaching english better. there is something strange about the english learning market and duolingo. the overwhelming majority are learning english but less than 50% of our users are learning the and we are very concentrated on that. katie: that was a focus in the earning calls, the focus on the english product. tell me about where you are,

less than 50% learning english. where are you in terms of developing and attracting users to the english product? luis: english is different to learn than every other language. usually other languages are learned as a hobby and those coming in have little to no knowledge. english is different and is used to further your economic possibilities. most people who come in come with prior proficiency and want more advanced levels of the language. this is what we have been developing, much more advanced levels for english in particular . over the last year, we have now launched and have worked on for a year, all english courses at the intermediate to advanced content. the content is now they are and know we are working on getting the word out that it is available for advanced english learners. we expect that to have a big impact over the next couple of years. katie: how do you get the word

out? i know that duolingo is popular and i see the big green bird on tiktok. tell me about your marketing campaigns. luis: marketing is unhinged. we call it wholesome unhinged. we are very popular on all social media, instagram, youtube. it is organic and we pay very little for marketing generally. it is just all organic posts. it is a usually we are just very good at doing things that people like to see. our mascot does crazy antics. the good news is that we are able to put our message out and we are really trying to do that, especially for english learners to show we are efficacious for more advanced people. katie: when it comes to marketing, you have that out

across platforms. i see it the most on tiktok. i have to ask, if there is a tiktok man in the u.s., -- ban, what would that mean for you? luis: we have been looking into that. when we got big on social media over the last few years, tiktok was what we got big on. we realize there are some risks of tiktok in the united states so we have been diversifying. by now, youtube is larger for us than tiktok and also tiktok in the u.s. accounts for the minority of the views compared to international. we have many more views on tiktok internationally and more users coming in from youtube. our sense is that if tiktok were banned in the u.s., it wouldn't be that impact for us particularly because our belief is that most users if tiktok were banned would go to similar products and youtube has you two shorts and instagram has reels.

users would just platforms where we are pretty big. we are not particularly worried. katie: it would be good for me personally. i would probably be more productive. i do want to talk about your different prescription tears. you have free and super and now you have a third tier called duolingo max. you just started rolling that out more broadly in april. what is the difference between super and max? luis: we have three tiers. the free tier is about 91% of monthly users are free and we monetize them through ads. 8.6% of them are paying subscribers. the majority of them are in the standard premium tier called super duolingo.

started a third tier in the reason is because we realize there is appetite for some users to have some even more premium. so duolingo we have -- so we have duolingo max being rolled out. it has is some features that help you practice conversation a lot more and it generative ai. right now the price point is twice as much as super duolingo. we are still testing prices but seeing really good uptake on it. we are pretty excited by it. katie: just tell me quickly, that continue to of the max product, how much is baked into your 2024 forecast? luis: it is there, but the contribution is in the forecast. the way we roll out features, usually it is over a long period

of time because we roll them out in different languages and different markets. the contribution is there but it does not going to be huge. katie: i really enjoyed this conversation on what i'm sure is a busy morning for you. our thanks to luis von ahn, the ceo of duolingo. we will take a look at the companies making the most social buzz in our social climbers segment up next. this is bloomberg. ♪ (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com you know what's brilliant? boring. think about it.

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you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. katie: time now for social climbers, a look at the stocks making waves on social media. apple's new ipad pro and is drawing fire on social media. the ad shows a giant machine slowly crushing a pallet of creative tools such as instrument, paint, books before it reveals the new ipad. critics say the spot is cruel

and tone deaf and being viewed as a metaphor for the pose of the threat of ai. cheesecake factory bring home the dough to investors after the chain reported earnings that beat estimates due to its lucrative rewards program. the stock upgraded to outperform. we have roadblocks reporting weaker than expected -- roblox has raised red flags. you can follow it on the bloomberg terminal. looking at the markets, we have a little bit of a reversal underway. the s&p 500 higher by about .2%. it was unchanged about 26 minutes ago. a small reversal but a reversal nonetheless. the nasdaq 100 still lower but slightly less, currently done 1/10 of a percent. coming up, the name behind some

of your favorite brands such as banana boat is boosting its outlook. we will speak to the president and ceo, rod little. this is bloomberg. ♪

katie: edge will boosting earnings outlook for the full year. for more on these earnings we are joined by abigail doolittle. abigail: it makes me want to be on the beach. it was a very good quarterly beat. they beat up both net sales and adjusted earnings. they maintained the quarterly dividend at $.15 per share.

some are saying it is the lower end of the range but a boost is a boost. let's take a closer look at revenues and put it into perspective. nearly $600 million of revenue in the second quarter. it was above the first quarter, on a year-over-year basis. the shares are higher on the year as is the case with a nod of -- a lot of other personal care companies. kimberly-clark, proctor and gamble, a very limited market there. take a look at edgewell personal care, up 6%. katie: thank you so much for that set up. let's keep the conversation going with rod little. great to have you back with us.

the last time we spoke we spoke about international strength relative to the u.s.. has the u.s. come back or is international still leading the way? rod: good morning. we are still seeing the trends continue that we talked about. international markets continue to grow well for us in our categories. this is primarily shave and sun care business. what we are seeing is growth in the shaving market. we saw travel really reopen last year and projected to be higher again this year. our sun care business benefits as well with our brands banana boat and hawaiian tropic. domestically here in the u.s., if you take an aggregate index and average the categories we participate in, shave, grooming, sun care and feminine care, those categories grew about 5%

on a 52 week basis. one quarter ago, they grew 2%. still growing but we are seeing a slowing of the growth rate domestically here in the states in our categories. katie: is that just the bounce back of travel and that impulse still coming back or does that say something about the u.s.? rod: it is something about the u.s. specific to the u.s. around a shift in consumer habits toward spending on occasions at services. we are actually seeing that. consumers are challenged with inflation. things are expensive in the basket. you look for ways to reduce your spending in some areas to pay for things that have gone up in price.

when you look at our categories, we have not taken a lot of price against our brands. we have taken what i think is a minimal to moderate level of price. yet, the whole basket is still more expensive. you see consumers looking to use a product a little longer, maybe get one or two more shaves out of it to extend that purchase. also looking to trade down in price to a more expensive razor. we have the billie brand, an amazing brand. that was even in the market two years ago. i think it is a combination of all those things. also what is impacting us specifically is in the early start of the season here in sun care domestically in the u.s., the bulk of that business cells of the southern half of the

united states and it was very wet and rainy early so the whole sun care category was down. katie: my parents are in florida and i heard a lot about that. when it comes to your business, how seasonal is it? we are approaching summer in new york and we are wearing a lot of sunscreen. do you see the trends in your business? rod: we certainly do in our business. our two brands, banana boat and hawaiian tropic, they are occasion based brands. when they go to the park, the beach, the pool, that is when our brands traditionally get used. you do not think of our brand for an everyday spf experience. we are looking to build out our business in that every day spf range. whether we do that organically with our own brands or some new brands or acquire some brands,

there is definitely room in our portfolio to have that everyday spf part come into our lineup. in our brands that are more occasioned based, it definitely revolves around sunshine and temperature to drive sales so the bulk of our business of suncare domestically in the u.s. in q1 and q2, you get the early selling to retailers. you then get replenishment as you get into the summer. very much a seasonal business domestically. katie: a seasonal business and it sounds like there is potentially some m&a in your future. let's talk about retailers. you are in stores like cvs, walgreens and rite aid which declared bankruptcy in october 2023. what has the impact been on your business from that? rod: we have been impacted by

the drug channel struggle more broadly. we are overdeveloped in the drug channel. our brands have some of the highest shares in that channel versus some of the other channels. part of that is historically it has been one of our strongest areas of our sales team and our capability and our ability to be responsive to the drug channel and their needs. as the channel has suffered and seen foot traffic down double digits in some cases, we are not immune to that. we have been impacted by that. on writing specifically, that was a customer -- on rite aid specifically, that was a customer that we had to take 20 from a shipment basis -- we had to take to zero from a shipment basement. when you take the sales out, it goes from a sale to a zero. that is what happened to us last quarter with rite aid.

suncare that is a good point katie: -- katie:that is a good point. at least in new york city and other cities, you cannot walk into a cvs without seeing everything everything behind plexiglass. have you seen the impact of shoplifting on your business? rod: we have and it is not a new phenomenon. razor blades, for whatever reason, i guess it is price point and they are small have been something people have targeted for theft for a long time. well before the pandemic we had examples of razor blades being locked in cases where you have to ask a store employee to get the blades. that happens in the u.s. as well but definitely we are seeing a portion of that increase and you are now seeing that move beyond the drug channel into some of the mass channels with some of

the mass players having to do that as well. katie: it is probably a good point to leave it on, shoplifting. nothing new. definitely in focus in the last two years. our thanks to rod little, the ceo of edgewell personal care. let's get a check on the markets with abigail doolittle. abigail: a gain on the s&p 500. according to some market strategists the s&p 500 back above 5200. this is a weekly chart for the s&p 500. you can see in this range, breaking above 5200. if the index can close above 5200 today and more portly on a weekly basis it may suggest there is a new leg higher. if not, back into the range, the small range and the bigger range we were talking about.

there still remains a fair amount of uncertainty between what is going on with the bulls and the bears, earnings and the data that the fed is watching. for positioning in the s&p 500 what we're looking at here in green is the s&p 500. in white, the cfs t listening. there have been retreats. we happen to be in one of those retreats. the question is will we see more of a retreat. if that is the case, it is less likely we will see the s&p 500 stay above 5200 but if we see this level, this positioning go back higher, then might be a good sign for the bulls. today we have lots of earnings movers. they put of record sales and just a really good quarter. robinhood also higher about 0.3%. it had been higher earlier.

332% crypto growth among other metrics that beat airbnb, to the downside, the revenge travel out of the pandemic appears to be coming to somewhat of an end at least for airbnb. arm holdings down 1.8%. they boosted but the boost was lackluster. this is one of the few companies with ai revenue. perhaps investors looking for more of an ai boost. that stopped down 1.9%. it could be certainly down much more. katie: context matters there. overall, a tough crowd this earnings season. abigail thank. coming up, former house speaker paul ryan talks about the challenges of a divided government and the impact on the

presidential election. this is bloomberg.

abigail: this is "bloomberg markets." coming up, eileen lee joined the bloomberg tv at 2:30 p.m. this is bloomberg. katie: it is time for our daily wall street week conversation. david westin spoke with paul ryan at the global conference in los angeles about the challenges the next president might face. paul: number one will be tax policy. what is the tax policy we like in the future. number two would be tariffs. number three, it's reasonable to assume the next president will face a debt crisis. we don't know when that is or what form that takes place.

a lot of fiscal policy on the line. tax policy, trade policy, debt policy. david: let's take those in order. taxes. how much of that depends what happens in the house and the senate? paul: i feel good as a republican. it is basically a tied house right now. it depends on who will win the presidency. my guess is it is most reasonable to assume a divided government. that means biden or trump will not run the table. a lot of that stuff, the tax act and jobs act, that will affect the individual side. if republicans are more in control, that means we extend the tax act and jobs act. if biden gets what he is saying

he wants, i am not a trump supporter. i'm also not a biden supporter. he's basically saying all those small businesses will get a big tax increased. i'm talking about llcs and chapter s companies. the top rates and income tax rates could go up. at the very released -- at the very least you will see a fiscal cliff where the top rate goes back up. i could see a bargain like that between divided government. i have a hard time believing even the biden administration will let all the income tax rates go up. if they get their way, they are proposing a 44.6% capital gains tax. that is economic nihilism. if biden -- what biden is

running on and what he can actually do are two different things. if the top rate goes up, individual rate stays the same, it is really import for those medium and small sized businesses. david: you worked hard on the tax cuts and jobs act. before that you were a student of the economy. what is the delta on economic growth depending on whether those tax cuts get extended or not? paul: i'm sure there is good analysis but i would say half a point to one point. more importantly it is the future, productivity and wage increases. but we did the tax cut and jobs act we had real wage growth ahead of inflation especially for the bottom two quintiles. we are living on borrowed time. we are increasing productivity. a lot of the tax cuts are

productive cats cuts -- productive tax cuts. that gives you high living, faster wage growth. you will start draining that if you don't extend those things. over the long-term the effects on growth will be much larger than the short-term. over the long-term we will have a amend its impact. we are in a global economy. most of our businesses are pastors. if we are going to tell these pastors your tax rates will be up around 40% in you are competing in this global economy , that is ugly economics. that is anticompetitive. that is what they will do if they let section 1891a go away. david: president biden has not really dollars back very much. paul: i don't know who will be the president but trump is promising a 10% tariff across-the-board. everyone will fight china.

the biden presidency will fight china. a trump presidency will fight china. the question is what about the other countries? the frustration for me is neither of these two presidents want trade agreement. we should have done cpp but neither trump or biden or proposing any trade agreements. trump is proposing across-the-board tariffs. biden is not proposing that but he is not proposing new agreements to get new markets for products and the goods and services. if you are standing still on trade, you are falling behind. all the other countries are getting their own preferential trade agreements, leaving us on the outside looking in. you cannot just stand still in trade. unfortunately that is what we are doing. that is what both of these guys are hoping to. katie: that was former u.s. speaker of the house paul ryan and wall street week host david westin. tomorrow we will hear from jenny johnson, the president and ceo of franklin templeton. this is bloomberg.

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katie: it has not exactly been a healthy year for moderna. it is the worst performing large biotech the u.s. as investors question the company after pivot p.r.c. vaccines -- is the company's pivot to rsv vaccines. they are putting a lot of eggs behind rsv but they face some stiff competition.

gerry: their next product is expected to get approval next month. they will be in third place behind gsk and pfizer who already have rsv vaccines on the market, a head start and experience with selling vaccines to big pharmacy chains which is where a lot of the rsv market is. that is something moderna has not had experience doing. the government bought their covid vaccine in bulk. now they have to learn how to go out and sell shot. katie: some boots on the ground to sell the shot. covid sales going down. they have rsv. maybe they will be in third place. what else is in the pipeline? gerry: they are working on more than 30 drugs. they are relying on this technology that they believe in. one of the most ambitious parts of their pipeline is cancer treatments.

they have promising data on the melanoma vaccine, the most advanced cancer treatment. it could be a lucrative opportunity for them if it works out. katie: if it works out. that is a big if. we have promising data but in terms of actually getting a product to the market, how far away with something like that be? gerry: moderna, their are substeps they have to take with their melanoma vaccine. they have to complete a new manufacturing facility in the suburbs of boston. it is not imminent but their investors are certainly very -- watching very closely the progress with their programs. katie: i feel like moderna comes under some fire for spending a lot of money. i feel like a drug company has to spend a lot of money on development. gerry: they are spending over $4 billion on research and development. from moderna's perspective, they

believe in mrna technology. their ceo calls it a platform. they believe it worked in covid so it should work in these other places. they have spent heavily on r&d and now the question is can the revenue support that. katie: thank you so much. let's take a look at stocks hitting highs right now because amazon is hitting a new 52 week high. the company announcing it will launch a new online store in ireland in 25 that will offer products with local prices that don't include custom charges. you have barclays hitting highs with the ceo saying that the recent stock rally is evidence that investors support the u.k. bank's strategy to double down on its home market. we have a programming note. check out bloomberg space that will cover investments beyond earth. it is the latest editorial offering from our newsroom. that is bloomberg.com/space.

coming up, the bloomberg technology summit in san francisco is next. that does it for "bloomberg markets." i am katie greifeld. this is bloomberg.

>> from the heart of where innovation, money and power collide in silicon valley and beyond, this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: live from san francisco, i am caroline hyde. ed: and i am ed ludlow. this is a special edition of bloomberg technology. we will speak to