>> look, estee lauder is a high quality company, it is a global brand.ry few of those that are around and do quite well regardless of the environment. so, yeah, they took guidance down a little bit and the stock is not cheap, it is never cheap. but it is a brand that has established itself that is going to have a bid for it some people use a ton of makeup as you see jim on the set, other people use normal amounts. i'm not buying it because of the valuation, but this is not one that i would sell if i owned it. >> weiss, you may want to be careful about that roast a lot of comments on twitter about that jacket. >> let me just say one thing, if i can, frank only reason that i wore this jacket today is to keep the viewers' attention off of what jim is saying. >> whenever you start a sentence with the only reason, that is a sign josh, on a serious note, what do you think about estee lauder >> weiss, you look great loved you in caddy shack i want to talk bj's wholesale. this is as beautiful after a chart as you can find. it is fundamentally the right place in

we looked at estee lauder, why? >> they reported a very strong 2022 third quarter but they talked about market headwinds. this is a very interesting story. this was an amazing quarter. but then immediately he cut his forecast he cut his forecast, i would say, short -- short way to put it is because of covid huge amount of business in china. and what i want people to urge is this is one where you have to really wait to see what it says on the call. you have skin care doing well. makeup doing well. fragrance is doing well. but because of the lockdowns, you just don't get the business that you would otherwise so i think that people should listen closely and it may be an opportunity, if you believe that china is going to solve its problems >> well, we just had chuck robbins talking about certainly things got better as a result of a lockdown being taken off why is he telling a bit of a different story? >> let's say 618 did well. so the enterprise is doing well, chuck, but the actual individual is not going out or is wear

according to wall street journal, and could be worth $3 billion or more as estee lauder is a makeup companynd the other company sells men's clothing and fragrances. apple is set to cap the high-grade on the market with dividends. this is bloomberg. ♪ kriti: the amount of debt that apple has issued since 2020, $44.5 billion. this is a huge deal. it is pretty normal for apple to have a big bond issuance once a year. they are also known for being able to time the market. that it back in august, july, of 2021 and they are doing it -- doing it again right now. they have this track record. every time the issue at this debt, you see the share price of apple increase one .2% -- 1-2%. this is how much cash they have on their balance sheet. 17 $9 billion. -- 179 billion dollars. in light of the move, you are seeing the shares drop. the borrowing costs were enormous, big tech has been able to borrow money from the public at almost close to the treasury rate. that is how safe they are being. almost as safe as the u.s. treasury. this will be crucial. let us get a quick market check, the market was up mo

awaiting reports on jobless claims and existing home sales, and we're also watching for earnings from estee laudera new tool to let users share their stories directly to facebook, instagram and other social networks. the feature has only recently started rolling out, reposting tiktok stories could be a new way for some creators to share their work with followers on instagram and facebook without having to compete with reels which is really an effort to compete with tiktok. it's an arms race on your phones. apple is expected to unveil the latest iphone on september 7th. bloomberg reporting the iphone 14 which feature a better camera but will otherwise only have minor upgrades. there's going to be a version with a 6.7-inch screen. apple is getting rid of the mini version with the five-inch screen for nearsighted people like me that can't see a tiny screen. they're expected to unveil three new watch models and an ipad by the end of the year. once you go to a bigger screen, you can't go back. >> i used to like the minis when everything came out, and now it's like -- >> i never liked them. i'm a big gu

and estee lauder. they dropped the ball last time because of china. the now this time we got to find out if they're going to find the highest end fashion company. it would be a big change in strategy for the skin care company. i'm not sure necessarily i would like these. then again, prices have been. i can't wait to hear what he has to say thursday night. at the premiere equipment maker, we want to make sure customers are trying to solve the chip shortage sooner than later. i'm hoping it's sooner. we need the chips. on friday, the report davidson today put out research suggesting maybe even more. supply chain problems. aren't you tired of hearing that. we'll be haunted by price increases. this will push the fed in the direction we don't want. we don't want the fed to raise the rates. we don't want them to keep raising hard and fast. we have foot locker which use to be important indicator of how it's going. now i think foot locker falling out of favor with nike. this is an indicator. here's the bottom line. this is referendum on the consumer. please do

estee lauder in talks to buy the luxury brand tom ford.how at 5:00 p.m., i will be joined this evening by my good friend and colleague martin ashworth. he will be able to hear us on your bloomberg terminal. the podcast coming out later on. apple and spotify. kailey: we will continue the conversation on china and taiwan. house speaker nancy pelosi's travel plans are in the spotlight. she is expected to visit taipei on tuesday. we will discuss next. this is bloomberg. ♪ >> this is bloomberg markets: european close. i'm ritika gupta. coming up the former u.s. ambassador to china joining bloomberg television. this is bloomberg. ♪ keeping up-to-date with news from around the world, here's the first word. in the u.k., rishi sunak is bound to cut personal taxes. rival liz truss's campaign -- she is ahead of him in the contest to succeed boris johnson as prime minister and party leader. postal ballots started arriving today. the winner will be announced. house speaker nancy pelosi plans to visit taiwan despite warnings from china that there would

estee lauder is expecting a drop in sales amidst continued drop in china.ompany typically generates around one third of its revenue in china. a fellow retailer also warning about week is in the country with revenue falling more than 30% in the previous quarter. >> take a look at how u.s. futures are trading. i'm not really surprised given that we lack clear direction and the you new york session. swings were there but we have mixed data and earnings. investors were trying to figure out where to go from here. u.s. futures not doing much. we're pulling and pushing from most directions. strength and labor demand. u.s. jobless claims falling. existing home sales falling for a six consecutive month. you had the likes of cisco with an upbeat forecast but then cole's cutting guidance. it's a mixed picture. >> really mixed picture when it comes to the fx side of things. aussie dollar, we are seeing weakness as we see bullish bets for the dollar seeing two-year high after the fomc minutes. the kiwi also softer. we have the inflation number potentially even though it

estee lauder up 2.5%, they also have a solid second half outlook , folks returning to the world usingin those products. bj's wholesale club up, they had a huge day. it beat by 32% on the bottom line. 9% on the top line. improving what we saw with the other retailers. target that was the case as well. a messy quarter down 5.7%. as for the meme stocks you were talking about, here's bed, bath & beyond. interesting to take a look to make the case you have a double top going on that could go all the way to where it was before this big rally. the impetus of the selling, ryan cohen indicating to sell a large portion of the total state. plus call options, a very tricky exercise to make sure he would not create some type of profit or actually if you take a look, probably around current levels. it's going be intruding to see how this plays out. as we take a look at the day, i suspect we are off of the low point we have been. earlier today when we had been just at a small loss it has been the smallest trading range for the s&p 500 going all the way back to new year's eve of last year. >> great s

there is a report estee lauder is in talks to buy tom ford.ording to the wall street journal, a deal could be worth $3 billion or more. tom ford is known for its menswear though it also shares -- sells women's clothing and fragrances. interest shares fell more than 20% after it reported resilient sales end user numbers and elliott investment management confirmed a major stake in the company. the discovery platform says it had 430 million active users in the latest period broadly unchanged but better than analysts had forecast. that is your bloomberg business flash. manus: coming up, the biggest producer of fertilizers in the middle east has reported a fourfold increase in second quarter profits. we speak to the company's ceo right here on bloomberg. ♪ manus: fertiglobe reporting a fourfold increase in profits. the company says favorable farm economics, low grain stocks, boosts the prices of the luxury based products. joining me now is ahmed k el-hoshy, ceo fertiglobe. good to have you with me. another 750 million in the cash dividend, a comfor

coty sales increased as well estee lauder up 9% target sales grew high single digit sales as well ass with sephora the beauty is seeing no signs of slowdown >> there is no trade out happening. on consumer beauty side, it is the opposite >> while the lipstick indicator has been a look and nabi said for the today's trend, it is the f fragrance indicator. >> we love to talk about what we call the fragrance index fragrances are booming in the u.s. this category is 20% ahead of both the levels of 2019. this really speaks a lot to what is unique about this figure. that says who you are and how you feel which are two important elements currently >> scent is winning across the board. estee sales grew 22% ulta out performed with double digit growth fragrance is a standout. the xr it is xrt shares up 22%. brian. >> so courtney, given all this concern about the economy and what nordstrom tanked yesterday. what is the outlook for beauty going forward? >> that's a good question. all of the ceos and comments on the conference calls or interviews said this is a category that is resilient it goes to

estee lauder in the united states had a very good number, and so i think they'll do a 10% to 12% tope number when most are putting up mid-single digits >> quick thought on nvidia before we change subjects here >> no, i think nvidia, they negatively preannounced, right we have the numbers and we just want the macro color commentary. we've been hearing all quarter long pc week and it's terrible it wasn't getting any worse, on the flipside data center are growing quite nicely i just want to hear more about what the macro tells are from the company versus the actual numbers and i don't expect big fireworks. >> all right steph, thanks so much. i know you're going to stick around as we continue the conversation. >> yeah. >> tech was a big leader coming off the june lows and we mentioned that and the last few weeks we've seen some of that rally stalled and it is down 9% in the past week and could this be a technical breakdown and we'll bring in carter worth, and he knows all about what the charts are telling us. cater, give us insight into what you're seeing and what's going on with tech an

you're getting it at a very attractive valuation and estee lauder we trimmed just due to the issues inhina obviously a much more expensive stock at over 36 times, so we just -- we just took some off the table there. >> okay. let's do talk about energy now because oil is on pace for its worth month this year, down 8% in the month of august you're bullish, though, joe, right? you own oeg, pioneer natural, valero, you've been talking about oil going back up. crude is at 90 bucks again in at gas is on everybody's mind. >> again in the portfolio and constructing it, i view it as a hedge. if things are going to go wrong, if chairman powell and the federal reserve are going to be continuing to raise rates and not be able to combat inflation, the reason is going to be because energy prices remain subbornly high i think you have to carry energy at a little more of an overweight than what's in the s&p right now. so, approaching 10% is the right allocation, i believe. that's where i'm sitting we're also moving -- >> approaching 10%, all right. that's -- isn't that about double about double >> yea

shannon, you're first up estee lauder, return of travel and potentially some loosening of restrictionsr >> we're a little cautious, so we like health care. i think you can buy eli lilly at a premium valuation, but great fundamentals with an attractive risk/return profile. mid-teens topline growth and 23% lerm exp long-term expected epps growth >> mr. wonderful >> devon energy. everybody hates energy, everybody hates devon. i like cash flow management has recently come out and said, we'll distribute half of our cash flow back to investors. what's not to like that about that >> marathon oil. 82% of their production is domestic they have a whopping 21% free cash flow yield and they're going to be returning it to shareholders >> all right there we go. before we let you guys go, one last check of the markets right now. markets in the red across the board right now. a lot of concerns about whether this is a bear market rally or not. the nasdaq the hardest hit at 1.73% down, rising bond yields also hitting the tech-heavy index. and that's going to do it for the halftime report. have a great w

estee lauder is expecting an eight to 10% drop in sales this quarter amid continued lockdowns in chinassure from the strengthening u.s. dollar, the beauty company usually creates one third of its revenue from china. they are warning weakness in the country with revenue falling 30% in the previous quarter. gender imbalance has been a challenge for the aviation industry going back decades. with boeing estimating that 600,000 new pilots will be needed over the next 20 years the reason for optimism that perhaps more women will be attracted to the flight deck. joining us as a vice president of the international society of women airline pilots. thank you so much for joining us. tell us about the current situation when it comes to female pilots and what has been the hindrance in getting more women into the industry. >> thank you so much for having me on the show. i think right now what we are doing to try to get women more interested in becoming pilots is getting out there and giving a lot more role models and mentors available to younger women. so they can see it is not just a male dominated

the star last night, the readthrough is so definitive to estÉe lauder >> shares are up 2.6%.it was good. >> excellent quarter >> all right let's get to bob for more on that broader market of course as we await chair powell's remarks out of jackson hole. bob? >> david, sort of a flat-ish open take a look here, banks flat-ish, industrials flat-ish, semiconductors during a little better health care lagging today. we had a nice rally on the pce numbers better than expected, that will help the making progress on inflation argument but it hasn't translated to the market once it opened. china tech stocks are up today, great to see gary gensler on the air with jim and david here talking about that agreement between u.s. and china regulators, nice move up in chinese tech stocks today. alibaba has had a nice run, it's 102 today. these stocks have definitely moved in reaction to that. as for jay powell, the question is, it's very simple, what will he say to make stocks go down and what would he say to make stocks go up we'll deal with stocks going down right now any indication that the

neil: estÉe lauder, there is a dichotomy. what do you make of it? >> it is holding up well.during covid when there's an inventory shortage just about everywhere, not expect so many discounts. we are way over inventory everywhere so there are discounts coming back into this space piling on which perhaps will motivate the consumer during this inflationary time to get out there if they are feeling cautious. neil: thank you. i'm talking about rebecca heinrichs who is coming up on this odd thing going on in the east, the far east, talking china and russia, have joint military exercises as we and taiwanese get together for trade talks. what could possibly go wrong there? after this. ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for

they're buying the basics, the consumables, foochltd and beauty hopefully that's good for estee lauderl see the fact of the matter is they've good to get that consumerables piece more like 50% of total rev nigh. i suspect that's what they're going to say on the call. >> we heard from walmart yesterday too. i would ask you to compare them and tell me what this means about the american consumer in general. with walmart they were talking about seeing more customers coming in, trying to get to everyday low prices. they're beefing up on things like groceries that's great you can bring in more people, but it is a lower margin business. >> that's the whole problem with the margin stories for both companies. i mean, look, the margins fell 106 basis points for walmart yesterday. i haven't seen the gross margin number for target, but i suspect it's not pretty either that's because of the mix and also the markdowns to get the clearance and get it out of their inventories. so i think they're working it through. i think the consumer is feeling the pinch, especially on the lower end. the reason i li

estee lauder, i think of hem as a beauty company.ct china for the full year to grow double digits. stock is up 1.4%, they also had better earnings overall. stuart: here's an important company, we don't hear much about it. it's called verizon, and it's down 2.7 percent. >> moffett and may thanson cut them to -- nathanson cut them to sell. verizon has tried not to offer discounts, and that time is over. there's the haves and have nots, and right now they're a have not. the price target is down 25%. stuart: oh, that'll hit you. thank you very much, lauren. a fourth generation farmer in south georgia raising concerns after bill gates became largest individual owner of farmland in america. he's reportly purchased more than 200,000 acres in 18 states. well, will harris is the owner of white oak pastures, a farmer in georgia. sir, you have objections to gates owning this land. one of your objections is you say he doesn't know how to use it. how do you know that? >> good question. thank you for having me on, by the way, mr. varney. i meant e

estee lauder is in talks to acquire luxury fashion brand tom ford for $3 billion, it would help the brandprestige brand. they own mac, clinique and aveda. the securities and exchange commission charged 11 people in a fraudulent crypto pyramid and ponzi scheme that raised more than $300 million from retail investors. the company allowed millions of investor to enter into transactions through smart contracts that operated on the ethereum, trone block chains. they say they used assets from new investors to pay earlier investors in a typical ponzi structure. greg abbott inviting new york city mayor eric adams and washington, d.c. mayor muriel bowser to the southern border to get a look at the dire situation unfolding there, as new york and d.c. say they're struggling to deal with recent surges in migrants arriving in their cities. joining us now, former acting i.c.e. director, ron vitielo. thank you for being here. we know that there are new movie migrants in new york, largely because the biden administration has been bussing those migrants on its own without the help of greg abbott. they're