more about evercore who survived auschwitz as a child. an experiment of dr. joseph brinkley and her life leading up to being one of the most influent holocaust educators and activists in the world. come visit also for festival of trieste open now january 7th with twilight, tuesday hours until 8 p.m. next week through december 20th. in all our other festival of truth events for families and nights out, including virtual conversation, indiana's favorite department store, ellis ayres and. an extra shout out to nicole's book that just chats nicole's newly minted author through the indiana historical society. we're all excited about her contribution to telling all of indiana stories. also includes the history of latino american hoosiers and asian american in this first book, drop today. so check out our website those. so thank you all for joining us tonight, especially thanks to sarah jim and jill and my teammate nicole and. every single participant. have a great rest of your tuesday and thank ♪ if. ♪ >> american history tv, saturdays on c-span2, exploring the peo

more about evercore who survived auschwitz as a child. an experiment of dr. joseph brinkley and her life leading up to being one of the most influent holocaust educators and activists in the world. come visit also for festival of trieste open now january 7th with twilight, tuesday hours until 8 p.m. next week through december 20th. in all our other festival of truth events for families and nights out, including virtual conversation, indiana's favorite department store, ellis ayres and. an extra shout out to nicole's book that just chats nicole's newly minted author through the indiana historical society. we're all excited about her contribution to telling all of indiana stories. also includes the history of latino american hoosiers and asian american in this first book, drop today. so check out our website those. so thank you all for joining us tonight, especially thanks to sarah jim and jill and my teammate nicole and. every single participant. have a great rest of your tuesday and thank

caroline: evercore isi, we thank you so much. coming up, ever gains versus apple. the battle continuance. -- continues. ed: that gamestop stock is down 1.4% having open higher. ryan:, the billionaire that was its chair is taking on the ceo role. no compensations but he is able to pursue other business interests outside. what a roller coaster with gamestop. the latest is ryan cohan for now is the ceo. this is bloomberg technology. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh ♪ caroline: epic games is the maker of popular online game fortnite laying off about 900 employees about 16% of its work was according to a source out says job cuts were announced in a memo to staff. it is one of the biggest privately held videogame companies in the world. speaking of epic, it has had a long-running battle with apple. we have an update. at the heart of it all epic claims apple's online marketplace policies violate federal law. claims a federal judge rejected two years ago. yesterday epic

. >>> and we have mark hahaney from evercore speaking out on apple. we have a very busy hour when "worldwide exchange" returns. every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. every business that's why comcast business de is launching theal. mobile made free event. with our business internet, new and existing customers can

evercore raised the estimates for fedex, they could also raise theirs. >> thank you very much for thatanagement has not been shy about calling out the macro challenges when they see them gold positions in the past quarters. i would like to hear the characterization of the macro that will pass along fuel costs. what is that doing to demand? the ernie expectations have come down pretty significantly in loss several months. the market kind of expects them for the latest print. >> let's turn back to the markets. not sure where we are now. let's focus on these two words i took providence today. proceed carefully. investors want to use to choose their view if there will be hikes, if any. proceed carefully. something to hang on there? if you want to see things more positively? >> we get the plot if you look over time what it suggests, it is not good at predicting what they are going to do. it has risen over time. we would be undershot where rates ended up. carefully is the right word to use. it just makes is data dependent as them. we are watching the same data come in, they are watching the

evercore isi is one that says apple is unlikely to face any material financial impact and that is because been discouraging certain people within the state service to avoid using its products, the apple products. and it would be difficult for beijing to take a more substantial action against apple well affecting jobs in the country. that has been a big issue there. unemployment figures, given that is where most iphones are assembled. another says the beijing crackdown on apple poses some spillover risks even that apple's growth story is heavily reliant on china. it takes about 20% of its revenue from the greater china region. if that crackdown does intensify, analysts say it could pose further spillover risks. vonnie: traders are also closely watching rates. annabelle: particularly after we had the jobless numbers overnight enforcing the case for the fed to keep rates higher for longer. but this is a really busy day ahead, or has been a busy day for fed speakers. saying we are rapidly approaching the time when the argument will not be about how high rates should go. bostic reiterating his

you have evercore isi reiterating apple has significant pricing power. just ignore the fact it gets real hot in your pocket, i guess. >> it appears to be the pricing that is forcing some consumers to look elsewhere. >> absolutely. i mean, that is -- that is pretty eye-popping number. the way they do the installment of payment plans, some of us forget about it and it's become a necessity, to some degree, of some kind. doesn't have to be apple. >> trying to revisit 4300, session highs. let's get a news update. >> carl, the manhunt for it the violent offender wanted in the killing of a texas ceo in baltimore has ended. the u.s. marshal's office says jason billingsley was taken into custody at a maryland train station last night. police say billingsley was connected to the murder of pava marie lepere from evidence through attempted rape earlier this month. she was found dead in her apartment on monday. >>> investigators issued search warrants to look at brianyan kohberer's online activity leading up to the murder of four idaho college students last fall. the

. >>> here to discuss further is the head of internet research at eve evercore, mark mahaney.about this. >> this is almost like going back to microsoft two years ago when they were making this internal decision on whether or not to invest in openai. they were trying to develop gen ai competencies internally and they realized they needed to get out of microsoft to do that. this is an acknowledgment by amazon that they can't do it all organically. there is a bit of a defensive element in here. the reason it's a positive is that the company is now willing to make these external investments. anthropic is pretty well known in the ai community and in the vc community. it's considered a high quality asset for some time. that's why it has some investors like google in there. amazon is making an investment. aws is making an investment in an asset that's considered high quality. this should increase the range of strategic and operational options for amazon. >> it sort of feels as if over the last few months the temperature has come down a little bit, just in terms of the street's intens

today, speaking off discretionary, gap, kohl's, burlington among the hardest hit in the session evercoreng costco and walmart as one of its top picks. >> costco and walmart are just kind of when you're worried about the consumer, that's the place you go a lot of things are piling up. we all know everyone's trying to run the student loan repayment through their numbers and gasoline prices where they are everything you're seeing kind of pop up seems to move in the direction of, there's going to be less to go around ford discretionary and intentions for holiday spending not that encouraging and even though we're a couple of months out and it usually doesn't necessarily follow and i just think it's a tough time right now to feel as if this is the moment to start taking risk even if what looked like cheap stocks. kohl's down a bunch today. the dollar stores have kept going down, even after they had the post-earnings jumps and dollar tree and dollar general looked pretty awful almost to the point where you wonder if you're finally getting to a washout stage and nobody thinks unemployment will

coming up this hour, evercore co-founder roger altman joins us and following encouraging comments fromoil. prices are ripping h

analysts at wedbush, evercore, bernstein, they all defend broadcom despite this information report and saying this stock drop could be a buying opportunity. >> meanwhile, this remarkable piece in the journal about what they're calling apple's spectacular failure in building its own modem chip? >> just a few weeks ago, like you said, apple had to succumb and sign another contract with qualcomm because they couldn't create their own wi-fi chip in house. it was too difficult to replicate within this period of time. this shows, though, the larger trend the hyperscale companies, google, amazon or aws, i should say, even meta, they're all trying to vertically integrate, create their own chips, move down the supply chain so they should push out the chipmakers. this could be a threat to many chipmakers, including nvidia, in the near term. what we see today with broadcom and google is an example of it, even if it's not true right now. >> just shows how hard it is when some of the best have trouble making it happen on their own. thanks. kristina partsinevelos, a ton of chip news. >>> still to co

greg covers broad line and hard line retail for evercore isi. why do you like costco so much?at way for a while. i think what makes it interesting now, even though it's done well this year, there are a couple of things in the plate in the next year that we think could be catalysts. one the fee hike, which they haven't done well over five years. we think it will come the end of this calendar year, probably december. and then another thing is that they are generating enough cash flow that despite the investments that they are making to grow clubs and the member value proposition, we think they are going to be up to probably close to 14 billion of cash the next four quarters. the last time they got above 13 they did a special dividend of $10 a share in 2020. two things out there the market may not appreciate with costco, the stock, rather than tretaile. >> are they compensating for same-store sales slowing by increasing the membership fee? what is it masking, if anything? >> well, i think there is a lot of costs for all retailers. so i think they have held off on hiking the fee b

evercore moving the stock to outperform and lifting the price target to $79 and 72, as we mentioned,tional turn around. >>> well, we talked about how well the energy complex was doing. everybody but nexterra. the energy giant's being sucked out of the stock, it is down 19.33% at this hour after the renewables company slashed its growth outlook citing tighter monetary policy and higher interest rates. the news adding a tough year -- adding to a tough year for nexterra whose stock has fallen 44%. and data analytics giant palantir getting a boost from a new 3-year, $250 million contract with the u.s. army that involves research into machine learning and a.i. the company also plans to integrate generative a.i. into its software platforms. shares of palantir are moving higher by nearly 7 percent right now on that a headline. >>> hollywood writers putting down their picket signs and picking back up their pencils. the writers are heading back to work. could the actors soon follow? not right now. we've got actor the, writer, comedian and saturday night live alum rob schneider who's standing

$4.79 comparable sales down 1.4% in june, but got better up 2.5% in july, 3.4% improvement in august evercoref a year with the lowest comp sale since 2017 for costco, but has growing traffic, growing membership. so a good setup going forward. membership fee expected to be worth $1.46 billion. and in membership renewal, that's one piece that is in focus. the possibility of an increase in those fees, the last membership hike was in 2017, costco usually hikes every five to six years, reluctant to hike the fee during this recent period of high inflation we're dealing with inflation is falling and he thinks the potential ty of the membership fee is coming in recent months. deutsche bank says we think it is coming, but more likely in december so we'll see if we get insight into that after the bell here today. >> we'll look forward to that in your reporting thank you. from 447 to 553, that's the 52-week range. the stock doing that in an extraordinarily flush consumer environment. >> yeah. >> what happens now if we're talking about a consumer that isn't as flush as it was >> i think that it is always

evercore's isi julian emanuel has a year-end s&p target of 4450 joining us at post 9 you've been expectingnot surprising. if you look at the last year and a half since the all-time highs in january, every time rates got too high, the market is starting to sell off. when you think about where we were in terms of returns on the s&p 500 and on the nasdaq, which is much more sensitive to rising rates, this is a normal correction >> how much more does it have to go it does feel like a little bit of a delayed reaction that the equity market is having to the bond market. >> it definitely is. when you think about sort of the psychology around a.i. that's been permeating the majority of the last six months and how easily the market rebounded off the silicon valley bank bottom, even as rates started rising, that tells you there's some buying, there is more legs but for us, again, this is part of the rebuilding of the wall of worry that as long as the labor market stays strong, we think this will be a buyable correction. >> are you on the lookout for falling yields and falling stocks >> that is one o

i would point out that research from evercore isi this morning also makes a points that, in fact, manyf these customers for disney will go to the virtual mbpds so if the programming is removed from charter, what do we think? the $2.2 billion doesn't disappear. in fact, they say, it will go to other video providers as opposed to leaving the ecosystem. you'll benefit because the youtube tv, which is basically is priced at par. i mean, they don't make any money from it. they pay higher rates than charter. so, who's the big loser here will be a key question. not to mention, jim, the question of sports rights. if espn does not have the leverage that it appeared to have, can it continue to pay at the same level? we've talked about competition from the likes of apple and amazon for sports rights, but if you are going to see a lessening of leverage, perhaps, does it mean sports rights actually starts to come down unexpectedly? what would that mean for pay, for example, as well? so, jim, we're following it closely. i don't know what your plan is. you've got every -- you don't have to worry beca

. >> got the same call last week out of evercore, basically ag schedules in europe, inventories buildinght, carl, that somehow that negative story would have been discounted in deere's stock, and it wasn't at all. another negative for deere. it hits again. that's the sign of a very tough market. but you know, against that is still the -- i care about the larry williams call because he was so negative, but i also think that we -- the only thing that people seem to want to buy is the oils. that super cycle piece that we saw this morning -- >> jpmorgan? >> jpmorgan. i thought that was a terrible piece, because you know i hate super cycles. >> their point is largely the stocks haven't kept up with the commodity prices. >> great. that's just a lot of effort. but it is a terrible moment. right now is a terrible moment in the market where you can say something negative. that boeing piece, all it said was, like, boeing's not doing as well as we thought. and boeing goes down big on that. what kind of market is this, david? >> what kind of market is this, jim? i'll ask you. >> it's a market that s

>> no, he's with evercore. >> he thinks rates will cause the economy to go into recession.and a half. i'm not an economist. this is a very humbling business. you can be right one day, wrong the next, right, wrong on the same day. at this point there is no evidence it is a recession is coming at all. maybe it is. but -- >> so what? >> do they need a recession to break the back of inflation? >> it doesn't seem like they do. >> it will come down to -- >> like i said, i'm an economist, i'm data driven, at this point, inflation is coming down, the economy is strong, people are gett ting hysterical because they say rates will be higher for longer. i'm not so hysterical. >> what do you see when you see the market, see prices where they are, do you see bargains? >> signs are starting to develop again. there had been a correction. maybe more of a correction. >> you call what we have been through a correction at this point? >> a little correction. >> pretty modest. >> maybe there will be more. tech had something of a correction. if there is a correction, at this point, since i don't

interesting for julian emanuel of evercore.lead reports out of uaw that they would take maybe a 30% pay raise instead of 36% or 40%. he thinks just closing that spread could contribute to more firmness in the market. i don't know where you stand on that. tom: i am not standing on anything right now. there are so many narratives and crosscurrents. i look at this and say that i will read and think about the optionality people like adam ruskin are giving us. lisa a: it just shows the volatility. if the uaw shifts its stance and this moves the entire multitrillion dollar bond market, this raises a question of where we are in terms of lesion expecting to. tom: tom was heated yesterday. wages are ebbing and we are getting disinflationary tendencies. why don't we go to our esteemed guest. jonathan: i want to look at exchanges. the euro is poised for the 11th week of a weakness against the u.s. dollar. let's see if we can turn that around. on the euro against the dollar at 1.0 611 -- 1.0611. lisa a: have we reached a level where it is

right on unemployment, and close on the funds rate we got one extra rate hike still hanging around evercored will leave rates unchanged in november, strike a stern resolute tone, and a high bar for future cuts, but will not exercise the option to hike unless progress on inflation or the labor market stalls out amid stronger growth. wall street's collective power will focus on gaming out how restrictive the fed expects to be on a real basis the current real rate, the fund's forecast minus the inflation forecast, averages about 2.4% per year. that's this year that's the middle -- the third set of bars there. 2.1% still high next year, compares to a long run neutral rate of 0.5% the fed still expected to release the june forecast to be stepping on the brakes may not be hiking today and it may be done, but it is likely to signal its battle with inflation is not over for the rest of this year and well into next year even if the forecast cuts, it does not see itself essentially as easing, joe >> all right steve, so you -- you're in d.c you're going to be there, i guess, huh you're just -- >> yeah

evercore joins the outperform race raitting.ic news. and then we have a very special interview as the ancgey slaps amazon with a big ant tree trust suit. all that and more after this. >>> durable goods out moments ago. rick santelli standing by at the cme. what did it say? >> we know these are very, very volatile. last month minus 5.2, month before that, positive 4.3. i think we're leveling out. we ended up up 0.2, which is the best number since the month before last when you're up 4.3, but not so bad -- revisions hitting now. last months if minus 5.2 to minus 5.6. minus 5.6 brings you to april of 2020. the month before that brings you to may of 2020. my point is we have covid distortion in a lot of these numbers. we should probably start going back pre-covid. and if you look at capital orderer, the approximatity for capital spending. well, defined an equal, you have to go all the way to march of 2022 so march of last year when it was up 1.2. that is good news. yields should move up a little on that. and if we switch from orders

craig: i think i will play the easy route evercore isi is out this morning with 25-30%.and whether companies are going to continue to push back. as far as we know they are saying no way and the union is sticking with those. tom: do you really work a 32 hour work week in london? craig: it feels like 32 hours right now. jonathan: you asked the question of why they did not pass on high wages to their workers because they did not have to and they thought they could get away with it. lisa: exactly. and for me with this discussion this is not a big part of their expenses. they could do it and survive but it will be on the -- what they can settle on. jonathan: the viability and sustainability. you don't believe in the questions around that? lisa: i believe that it could be overblown. es.ave change my tune a thousand jonathan: it could change again. from london, this is bloomberg. ♪ whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public a

there is a huge divide between andrew hollenhorst and what we see from edward hyman into evercore isiive may be a win for disinflation. tom: it is a two-year yield after rosenberg craters. the yield went up on jobs data, 30 year. no house hunting this weekend. thank you to our team for a spirited friday labor day report. stay with us. this is bloomberg. ♪ alix steel deliver alix: knob, u.s. payrolls topping estimates while wage growth starts to cool.

e evercore's annual online travel survey says that travel demand will be stronger going into 2024, mostlys and mixed results for expedia and airbnb. joining us with more is mark mahaney, head of internet research, we should note that airbnb, trading higher on word that hit late friday that it will join the s&p 500 this month. mark, good morning. >> good morning, mike. >> so the survey result, it's interesting, because we keep thinking maybe that the heavy demand for travel is going to wane. that it was just a little bit of a catch-up, but what does the survey tell us about what to expect for next year? >> you're right, it was a bit of a surprise. so we've run this survey for eight years. we always ask, what are your travel intention spends for the following year. you would have thought that we would have peaked out, you know, this year, maybe last year, but we haven't yet. we found a higher mepercentage, 50% plan to spend more on travel next year. it is also underlying that, at the margins slightly greater optimism about the economy. that's what drives that. and you already mentioned it.