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Apr 22, 2024
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abigail: this is bloomberg markets. i am abigail doolittle. your looking at a live shot of the principal room. that is coming up at 12:00 eastern and 5:00 london. this is bloomberg. ♪ katie: it is time for our daily "wall street week" conversation. the senate banking committee is looking at ways of advancing stablecoin legislation that would mandate 121 reserves -- one to one reserves. national security concerns remain. tim massad joins us with david west and. stablecoins are a hot topic. david: it is great to have you back. we have talked about stablecoins and the risks. you have another concern you have written about. tell us about the possible national security implications of stablecoins. tim: the issue is stablecoins can be transferred without going through banks, u.s. banks in particular. they are transferred on permission less blockchains. it is the role of u.s. banks in the global financial system that has given us the leverage to apply financial sanctions as a tool of foreign policy. you can debate when and where we should be using
abigail: this is bloomberg markets. i am abigail doolittle. your looking at a live shot of the principal room. that is coming up at 12:00 eastern and 5:00 london. this is bloomberg. ♪ katie: it is time for our daily "wall street week" conversation. the senate banking committee is looking at ways of advancing stablecoin legislation that would mandate 121 reserves -- one to one reserves. national security concerns remain. tim massad joins us with david west and. stablecoins are a hot...
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Apr 30, 2024
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we will do that with abigail doolittle. abigail: let's check in on the bloomberg agricultural index over the last month and a half or so and you can see there is a solid gain, up 5.4%. if we take a look on the year, a different picture, so those are some of the challenges on the year, some of the spot price is being down. if we turn to some of the stocks associated with agriculture we will see one on the year is up nearly 15%. scott's on the other hand -- scotts on the other hand is up, the lawn company. i don't know exactly that is the agricultural company we are talking about entirely today. but cnh and fmc down. a little bit of a mixed picture here, but where we have a very clear picture, coco on the year of course, a record rally. you have interviewed people around it. we have seen a big decline. the last few days, the worst decline on record going back to 1960. the last two days, down 27%. some liquidity causing the traders to exit and cocoa on this is tumbling. katie: thanks to abigail doolittle. joining us now is the
we will do that with abigail doolittle. abigail: let's check in on the bloomberg agricultural index over the last month and a half or so and you can see there is a solid gain, up 5.4%. if we take a look on the year, a different picture, so those are some of the challenges on the year, some of the spot price is being down. if we turn to some of the stocks associated with agriculture we will see one on the year is up nearly 15%. scott's on the other hand -- scotts on the other hand is up, the...
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Apr 8, 2024
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patrick clark and abigail doolittle joined me to discuss what is going on to the world of blackstone and real estate. if you think about how the last year has gone, how do you put this into context about what we have seen in the last year and are things changing? patrick: they are changing because blackstone is changing its behavior and when blackstone starts buying come of the market takes note. you heard john gray's say if you wait too long you might miss the buying opportunity and once interest rates start coming down everyone expects there will be a huge rush to deploy capital. prices are going to get lifted up by that and blackstone wants to be ahead of that. shelley: you've see the -- sonali: i'm interested in how this is lifting more boats. patrick: we have a lot of other -- abigail: we have a lot of other multifamily reits across the board. to your point, in terms of blackstone and john gray saying they are getting into real estate, this is well telegraphed. kkr, a lot of the other big players in this space have been talking about the idea of raising money for the opportunity
patrick clark and abigail doolittle joined me to discuss what is going on to the world of blackstone and real estate. if you think about how the last year has gone, how do you put this into context about what we have seen in the last year and are things changing? patrick: they are changing because blackstone is changing its behavior and when blackstone starts buying come of the market takes note. you heard john gray's say if you wait too long you might miss the buying opportunity and once...
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Apr 17, 2024
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we are also joined by bloomberg's abigail doolittle. do you see evidence that the commercial mortgage-backed security market is opening up? martin: i agree it is opening up and it is based off a new valuation and pricing metrics. it will take another 12-18 months to sort through all of that and see how all the existing loans are able to be refinanced. abigail: thank you so much for joining us. you founded your business more than a decade ago. it was 90% equity, 5% debt but now it is 50-50. you have seen a boom from the private lending. talk to us about that side of your business and does not reflect the market not being what it used to be? martin: i think the crux of our business is related to the lack of liquidity in the commercial banking world. the construction of residential multifamily housing. we are seeing the volume of transactions we are seeing is probably 10x of what it was a year ago. we have been able to deploy $1 billion through private lending. it will remain that way while the banks continue to tighten up their underwriti
we are also joined by bloomberg's abigail doolittle. do you see evidence that the commercial mortgage-backed security market is opening up? martin: i agree it is opening up and it is based off a new valuation and pricing metrics. it will take another 12-18 months to sort through all of that and see how all the existing loans are able to be refinanced. abigail: thank you so much for joining us. you founded your business more than a decade ago. it was 90% equity, 5% debt but now it is 50-50. you...
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Apr 23, 2024
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abigail doolittle, thank you. coming up, global cooperation in infrastructure investment. the president of the asia infrastructure investment bank tells us how banks work together to address issues such as climate change. this is bloomberg. ♪ (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was fast. that's where deloitte comes in. with the right combination of talent and technology to help advance and connect all that it takes to excel in business ... to the business i'm in. deloitte. abigail: you are looking at alive shot. coming up interview with kristin smith at 12:00 p.m. eastern. this is bloomberg. katie: time now for the daily wall street week conversation and the world bank has some help in promoting global economic growth. multilateral banks focus on infrastructure step into capital necessary to fund new projects. jin liqun is the president of the asian infrastruct
abigail doolittle, thank you. coming up, global cooperation in infrastructure investment. the president of the asia infrastructure investment bank tells us how banks work together to address issues such as climate change. this is bloomberg. ♪ (upbeat music) there's more to business than the business you're in. if you use data, that's the privacy business. manufacturing on demand? you're talking cloud business. got a few million hyper-connected customers? digital experience business. that was...
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Apr 9, 2024
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avalarahhh ahhh abigail: this is "bloomberg markets." i'm abigail doolittle. looking up in zabul room. tom vilsack, secretary of agriculture, joins bloomberg tv 12:30 new york time. this is bloomberg. ♪ katie: it's time for our daily "wall street week" conversation. alternative investment are having their time in the spotlight as investors search for yield and liquidity. how should investors be balancing the risk? christian olson is head of the alternative markets group at goldman sachs, along with david westin. we are looking forward to this. david: they are in the spotlight can it is not as if we don't know the goods. there is a lot of talk about alternatives and money flowing in alternatives. why now should we talk about putting more money into alternatives, and who should talk about it? >> couple different questions there. i spent the last 25-plus years at the intersection of wealth management and alternative investments, and it has never been more interesting. if you step back and look at what has happened to the private investment world, you are gone f
avalarahhh ahhh abigail: this is "bloomberg markets." i'm abigail doolittle. looking up in zabul room. tom vilsack, secretary of agriculture, joins bloomberg tv 12:30 new york time. this is bloomberg. ♪ katie: it's time for our daily "wall street week" conversation. alternative investment are having their time in the spotlight as investors search for yield and liquidity. how should investors be balancing the risk? christian olson is head of the alternative markets group at...
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Apr 25, 2024
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abigail doolittle has the details. abigail: sales of 10 point $7 billion in line. one thing relative to sales what was in line. it was down on a year-over-year basis. in addition to what you're talking about with the guidance. lots of strength. they benefited from lower feedstock and energy costs. if we look at it relative to some of the competitors on the year we will see the dow was underperforming but one real bright spot is after the january quarter which was where the stock diverged from dupont that you could see it is recovered and close this gap a lot. one reason to be positive even with that sales guidance if we break down materials and i think it's glossy coatings we are going to see that declines we've had in growth really on an upswing still down 5.4% closer to 25%. a lot of it depends on strong demand for construction. so not a bad trend here if it continues in that direction? katie: thank you so much for that set up. let's keep the conversation going with the dow chairman and ceo joining us now. abigail ran us through the quarter that was. of course th
abigail doolittle has the details. abigail: sales of 10 point $7 billion in line. one thing relative to sales what was in line. it was down on a year-over-year basis. in addition to what you're talking about with the guidance. lots of strength. they benefited from lower feedstock and energy costs. if we look at it relative to some of the competitors on the year we will see the dow was underperforming but one real bright spot is after the january quarter which was where the stock diverged from...
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Apr 2, 2024
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abigail doolittle, thank you so much. blackrock's tokenized fun has brought in over $240 million since its debut. we will look at its significance with carlos domingo, securitized ceo next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh 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. to me, harlem is home. but home is also your body. —last one everyone. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick—and—mortar in new york is not easy. chase ink has supported us from studio 1 to studio 3. when you start small you need some big help.
abigail doolittle, thank you so much. blackrock's tokenized fun has brought in over $240 million since its debut. we will look at its significance with carlos domingo, securitized ceo next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh...
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Apr 5, 2024
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let's turn back to these markets and check with abigail doolittle. abigail: it has been a roller coaster. we had losses and then gains. today is up. net we are looking at a loss for the s&p 500, at one point the worst down week for the s&p 500 going back to october of last year. at this point it is the beginning of january. we had this hot jobs report next week we have the cpi. some investors worry that the fed won't be raising until september. i think that some of the rates markets are pricing that in, the 10 year yield at 4.36. gold is up 4.1%. it could be an inflation hedge or some hedge against the idea that if the fed cuts as much as expected, a bit of a hedge against the potentially dovish action. oil up 4%. if you look at the nasdaq 100, the qqq version, we will see something that we have been watching and a lot of charts, individual charts. the uptrend out of the october lows that has been reversing for a while. this is the third wave of reversal, usually considered to be when a reversal is actually happening. a 50-day moving average for the
let's turn back to these markets and check with abigail doolittle. abigail: it has been a roller coaster. we had losses and then gains. today is up. net we are looking at a loss for the s&p 500, at one point the worst down week for the s&p 500 going back to october of last year. at this point it is the beginning of january. we had this hot jobs report next week we have the cpi. some investors worry that the fed won't be raising until september. i think that some of the rates markets are...
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Apr 24, 2024
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we will check the markets with abigail doolittle. abigail: of possibility of three up days in a row. small gains for the s&p 500 but given the selling in the last three weeks coming into this week that could be something. the russell 2000 down slightly now. that small-cap index has outperformed over the last two days. a little bit of a breather today. as for what could be next for the s&p 500, this actually -- yes, this is the s&p 500. this is the uptrend out of the october 2023 lows. the 50 day moving average starting to flatten. 200 day moving average. we have the s&p 500 hitting right up toward the top of the resistance. this is expanding as opposed to two parallel lines, that is typically bearish. investors don't know why they bought over the last couple of days. it suggests we could see the s&p 500 go back down towards the bottom of the range or probably close to 4700, somewhere thereabouts in quick time. what will it come down to? some of the tech earnings we have had. tesla reported last night. nothing quarter was great but it
we will check the markets with abigail doolittle. abigail: of possibility of three up days in a row. small gains for the s&p 500 but given the selling in the last three weeks coming into this week that could be something. the russell 2000 down slightly now. that small-cap index has outperformed over the last two days. a little bit of a breather today. as for what could be next for the s&p 500, this actually -- yes, this is the s&p 500. this is the uptrend out of the october 2023...
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Apr 10, 2024
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sonali: carley garner and abigail doolittle, we thank you for keeping an eye here. we are awaiting a press conference with president joe biden and the prime minister of japan. stick with us. this is bloomberg. ♪ [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. her uncle's unhappy. inv i'm sensing anves, risunderlying issue.ses it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price,
sonali: carley garner and abigail doolittle, we thank you for keeping an eye here. we are awaiting a press conference with president joe biden and the prime minister of japan. stick with us. this is bloomberg. ♪ [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100...
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Apr 19, 2024
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katie: our thanks to abigail doolittle. for more on commercial real estate, i'm pleased to say we are joined by the ceo of markets advisory. to start, just set the scene for us. what do you do at jll, and what your clients look like? >> thank you for inviting me to join. at jll, we advise both occupiers and investors on their strategy and implementation of that strategy. that is some of the largest corporate occupiers of office industrial retail space, and on the investor side, it is one of those names you just saw on the chart. it has been a tumultuous few years in the real estate sector. katie: yeah, definitely. to that point, what are you telling clients right now when they are asking for advice? what are you actually saying? andy: there are two really big factors that have had an impact over the course of the last few years, both of which were touched on a few minutes ago. the first is the pandemic. that was a shock to the system, and we had to immediately rethink the way we utilized our real estate. it also elevated co
katie: our thanks to abigail doolittle. for more on commercial real estate, i'm pleased to say we are joined by the ceo of markets advisory. to start, just set the scene for us. what do you do at jll, and what your clients look like? >> thank you for inviting me to join. at jll, we advise both occupiers and investors on their strategy and implementation of that strategy. that is some of the largest corporate occupiers of office industrial retail space, and on the investor side, it is one...
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Apr 10, 2024
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we will do that with abigail doolittle. abigail: in the premarket we had the s&p 500, futures down 1.5%. at this point we have the s&p 500 just 6/10 of 1%, cooler heads reacting. after that warm cpi print. above the 15 handle. we also have the bloomberg dollar index. heading to its best day since february at the highs. take a look at the 10 year yield. this is where the real action is. bonds with this big backup in yields as investors are pricing in the idea of higher for longer. swaps looking at just two cuts this year for the fed if you compare that to market expectation up six or seven last december. that of course means we have the two year yield close to back where it was last november and close to the psychological important level of 5%. confirming a bottoming pattern the does suggest we could see it go well above 5%, the highest level since last november. in the biggest backup in yields for the two year yield since the svb blow up in prices, that's the degree of repricing we are seeing. as yields go higher we have se
we will do that with abigail doolittle. abigail: in the premarket we had the s&p 500, futures down 1.5%. at this point we have the s&p 500 just 6/10 of 1%, cooler heads reacting. after that warm cpi print. above the 15 handle. we also have the bloomberg dollar index. heading to its best day since february at the highs. take a look at the 10 year yield. this is where the real action is. bonds with this big backup in yields as investors are pricing in the idea of higher for longer. swaps...
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Apr 26, 2024
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let's get a check on these markets with abigail doolittle. abigail: we are looking at gains today on the back of some great earnings reports and outlooks for alphabet and microsoft. on the week, the best week of the year. the s&p 500 up 2.7%. yields doing nothing, at least the two-year yields. at this point, just about flat. the dollar, not a lot of movement on the week. crude oil, the big story this week is all about stocks. that is typically not the case you will have bigger cross asset moves. the weekly chart of the s&p 500, one question could be because of the up week does that mean that stocks are going higher? i would argue not. you can see the week chart of the s&p 500 the uptrend, the dip in october, the uptrend out of that tober low to the trendline is never to show the trend. you can see when the trend reverses. we have a reversal over the last four weeks. it usually means volatility is ahead, uncertainty. you have two heavy candles here. when you put this together, that is heading down for the s&p 500 not on this chart, it seems li
let's get a check on these markets with abigail doolittle. abigail: we are looking at gains today on the back of some great earnings reports and outlooks for alphabet and microsoft. on the week, the best week of the year. the s&p 500 up 2.7%. yields doing nothing, at least the two-year yields. at this point, just about flat. the dollar, not a lot of movement on the week. crude oil, the big story this week is all about stocks. that is typically not the case you will have bigger cross asset...
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Apr 15, 2024
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trading day salutes get a check of these markets with abigail doolittle. abigail: we do have an update but we are well off the highs, the s&p 500 futures, you can see overnight up slightly, about 3/10 of 1% or about the same amount as now. closer to a tense of 1%, the best day in more than a week, but now down, cooler heads prevailing. much of this could have to do with those warmer than expected number is that while they signal strength in the economy, they may signal that the fed is going to be less likely to cut rates this year or two cut as many times as possible. let's take a look at yields because it seems that these rising yields, that two-year yields so close to 5% up about eight basis points, the 10 year yield of 13 basis points, not so far behind the two year yield at this point. as yields rise, a consent stocks lower. we don't have that yet but it does seem as though this is featuring into the calculus of investors, and it certainly has been over the last couple weeks, yields have just back of amended that to year yield of almost 1% this year. t
trading day salutes get a check of these markets with abigail doolittle. abigail: we do have an update but we are well off the highs, the s&p 500 futures, you can see overnight up slightly, about 3/10 of 1% or about the same amount as now. closer to a tense of 1%, the best day in more than a week, but now down, cooler heads prevailing. much of this could have to do with those warmer than expected number is that while they signal strength in the economy, they may signal that the fed is going...
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Apr 3, 2024
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we are joined by abigail doolittle with more. abigail: something interesting is despite the tragedy last week and what you were talking about, the uncertainty and debris, we don't have performance from some of the bulk carriers that would reflect that. take a look at the shares of genco, up 3.2%. international seaways up 5%. we have some strength. for the other carriers, small declines. investors don't think the collapse will affect the financials of these companies very much at all. relative to the ports this is some interesting data here. these are the ports that ships go to after they go to the port of baltimore. norfolk, virginia, the biggest percentage. 26%. charleston, new york, new jersey, halifax in nova scotia. 1.2%. we don't know how much traffic is necessarily being diverted. some of these ports could be affected and either a positive way in terms of ships going directly they are or may be negative if they have to go to the port of baltimore first and then go to these ports. interesting to keep track and an eye on the
we are joined by abigail doolittle with more. abigail: something interesting is despite the tragedy last week and what you were talking about, the uncertainty and debris, we don't have performance from some of the bulk carriers that would reflect that. take a look at the shares of genco, up 3.2%. international seaways up 5%. we have some strength. for the other carriers, small declines. investors don't think the collapse will affect the financials of these companies very much at all. relative...
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Apr 4, 2024
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abigail doolittle has it all. abigail: after a couple of days of a pullback, we have stocks trading higher. the s&p 500 is up 0.7% up for the second day in a row with small gain yesterday but today we have more heft to the buying power. some of it has to do a technology but some technology shares are also trading lower. we have apple and microsoft to the upside. apple is in this correction, down more than 10% from last year's high. the headlines are coming out over the last 24 hours that they may be looking into a home robot and that could be the next big thing. that would drive the stock not that much because it would take a while to move into the numbers but investors seem positive. microsoft is the same but land weston has a little bit of a downtime as well as alphabet. they are thinking about buying hub spot the crm software company and that stuck his up sharply. put that together with the nasdaq 100, we've had this monster rally at of the 2020 lows. what we will see is interesting because it's a different ver
abigail doolittle has it all. abigail: after a couple of days of a pullback, we have stocks trading higher. the s&p 500 is up 0.7% up for the second day in a row with small gain yesterday but today we have more heft to the buying power. some of it has to do a technology but some technology shares are also trading lower. we have apple and microsoft to the upside. apple is in this correction, down more than 10% from last year's high. the headlines are coming out over the last 24 hours that...
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Apr 25, 2024
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abigail doolittle has more. abigail: it's interesting to see that plunge, the worst day since october of 2022. some of it not only has to do with the fact that the guide was light and a bigger spend for ai but take a look at the shares of meta in this chart up white. at one point up more than 40% this year alone but over the last year into this quarter, up about 130% surprise to perfection. investors did not get that so you can see the plunge. below in yellow and green, microsoft and google. microsoft up about 5% and google up about 11%. tesla is coming off of its bottom after a little bit of hope around the cheap ev. my point is meta's price to perfection, coming back to earth but what's ahead for microsoft and google because that result or meta, really weighing on both of these shares. microsoft is having its worst day since i believe october, 2022. more than a year depending so the key for microsoft will be where earnings and revenue come in. analysts are modeling mid teens growth which is pretty solid. the b
abigail doolittle has more. abigail: it's interesting to see that plunge, the worst day since october of 2022. some of it not only has to do with the fact that the guide was light and a bigger spend for ai but take a look at the shares of meta in this chart up white. at one point up more than 40% this year alone but over the last year into this quarter, up about 130% surprise to perfection. investors did not get that so you can see the plunge. below in yellow and green, microsoft and google....
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Apr 24, 2024
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abigail doolittle is here with more on those results and what to expect. abigail: tesla, rallying in a massive way. up 10%. it has to do with not just of the quarter was really negative, as you mentioned. take a look at the chart. since last july it has been a trip -- downtrend. up 40% on the year. investors expecting the worst. from earnings they expected sales of 29 billion dollars, with adjusted profits it was down 53% on a year-over-year basis. speaking of, at this point the stock is about flat year-over-year, down 1.5 percent. earlier it had literally been flat as investors, cheered by what elon musk had said around the cheaper ev being likely, even by the end of this year. you mentioned a cash flow problem. take a look at that, down $2.5 billion, they burn through that in that quarter after so many quarters of positive cash flow. so, that is the big concern but that narrative around a cheaper ev being out sooner rather than later is helping out. meta over the last year, up 120 9% relative to earnings. investors looking at four dollars $.44 per share
abigail doolittle is here with more on those results and what to expect. abigail: tesla, rallying in a massive way. up 10%. it has to do with not just of the quarter was really negative, as you mentioned. take a look at the chart. since last july it has been a trip -- downtrend. up 40% on the year. investors expecting the worst. from earnings they expected sales of 29 billion dollars, with adjusted profits it was down 53% on a year-over-year basis. speaking of, at this point the stock is about...
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Apr 18, 2024
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we will do that with bloomberg's abigail doolittle. >> we are seeing something we haven't seen too much this week which is we have the opening higher and then the dip lower but we are actually higher so we may not look at the bearish reversal. this is the nasdaq 100 up about 2/10 of 1% after taking that depth. let's see whether the bulls can hang on. into today there has been some gain especially for the s&p 500 into today the index had been down for days in a row. going to the bloomberg terminal we can look at this and here is that day, the worst stretch all the way back to the very beginning of january what's important about this is we have the s&p 500 one-year uptrend snapping so the bulls are no longer control, the dip buyers are not out despite the small gains so it's interesting to see how much more the selling has to go and probably having a lot to do with rates, the two year yield near 5%, less liquidity coming into the market and the quiddity potentially coming out. beneath the hood today we had some big winners and losers on the upside, they put up a great quarter, the guidanc
we will do that with bloomberg's abigail doolittle. >> we are seeing something we haven't seen too much this week which is we have the opening higher and then the dip lower but we are actually higher so we may not look at the bearish reversal. this is the nasdaq 100 up about 2/10 of 1% after taking that depth. let's see whether the bulls can hang on. into today there has been some gain especially for the s&p 500 into today the index had been down for days in a row. going to the...
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Apr 4, 2024
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we want to turn to abigail doolittle who is here with a developer to discuss. abigail: with us is michael, the chairman, founder and ceo of a multi sector communicate -- real estate developer with $8 million in assets. it is great to have you with us. alix was talking about the pain in office, this is not news. what is surprising to me, especially having talked to other developers is the fact that we have not seen the crash that everyone is talking about. why not and will it happen? michael: we are at 20% vacancy which is a high number for new york city. but the system is digesting the vacancy is. i think what is important to understand is why is there a vacancy? some of it is covid but that went away. when you look at how many people are coming into the office today. refer covid seven out of 10 employees -- before covid seven out of 10 employees were at the office and right now it is 6.6. what we are seeing is office vacancy being driven by obsolete office. there are 450 million square feet of office in manhattan, and 90 million square foot of vacancy. 100 mil
we want to turn to abigail doolittle who is here with a developer to discuss. abigail: with us is michael, the chairman, founder and ceo of a multi sector communicate -- real estate developer with $8 million in assets. it is great to have you with us. alix was talking about the pain in office, this is not news. what is surprising to me, especially having talked to other developers is the fact that we have not seen the crash that everyone is talking about. why not and will it happen? michael: we...