an analyst to lead the charge on netflix, ken leon.alk to us about the immediate short-term rallies we see at some of these companies. i mentioned warner bros. paramount, does it take you by surprise? >> it is really looking at the business and whether it is a market that will grow, and there will be winners and losers. coming off of 2022, the industry movies and entertainment stocks were down. it serves as a bottom. then it is a question for analysts to figure out if there could be a winner in a highly competitive, newly disruptive area, video streaming. and what that does to their business, including the legacy areas, whether they need broadcast or film. it is complex. we had to sell on netflix most of 2022. we switched to a buy, because doing soul-searching, and maybe we were a little too severe on the valuation. saying netflix should not have traded at a premium. but what we think today, they should because they are really focused on winning. caroline: talk about the focus on winning, whether enough pain and stress, cutting out the

the stocks take a look at how they are faring joining me now cfra research director ken leon what areou watching in terms of earnings from two giants of finance? >> well for these two, are there looking at a environment we've seen significant declines in investment banking, from really the peaks of 2021. and the question is the uncertainty for this year, is really engaged by ceo confidence where they don't want to raise capital either for the business or for m&a, so dark clouds certainly over investment banking, trading should do well, because of high market volatility. so that will smooth out some of the steep declines, in investment banking fees. but the -- the trajectory what can they do with people's money for asset and wlt management. we're coming off a bear market those fees are down more stable businesses, longer term outlooks for goldman a lot of drama in terms of cutting back from aggressive consumer back strategy who is goldman what with a will they be in the future big question morgan stanley situated with number one position for wealth management just waiting for markets t

ken leon. the double raise for netflix next week to a buy. another story we are watching.cking on the focus of advertising. meta has been fined $440 million by the european union's main privacy watchdog. the penalty has to do with the way users data is used for personalized ads on facebook and instagram. meta has three months to ensure the processing of such information complies with eu rules. coming up, shares of salesforce rose after a pretty painful announcement. and that is about cutting staff by 10%. more of the restructuring plans for the company, next. and as we had to break, let's take a look at apple. shares losing china after an ugly month. the stock fell 12% in december. market value below $2 trillion. investors are concerned matters could get worse. because, of course, delays and iphone production, china's covid, and weakening demand as the economy slows down. this is bloomberg. ♪ get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website,

joining us now is ken leon from cfra to talk more and what to make of these numbers, ken specifically, when it comes to goldman sachs, it seems as if the provisions for potential credit losses in the consumer lending area as well as maybe higher expenses that went along with what we already knew about weakness in investment banking, causing some people to really kind of throw in the towel on the stock today. do you think that's a justified reaction >> so goldman disappointed, and i think looking out to 2023, do they have the right strategy or this is a management that has a work in progress, particularly with that expansive effort into consumer retail banking. that has been pulled back. they didn't take any large write-offs, but there's questions. you know, it's tough to stay just in the investment banking space, and that will come back when we get to a risk-on environment, but that's not going to be for the next six months, so they have an investor day at the end of february, and there's going to be more information about what is goldman's strategy looking at over the intermediate or

enfrenta cargos en estados unidos, la pregunta es si irÁ a la cÁrcel a este paÍs, hoy leÓn se lo pregunto directamente a kenencia federal dio a conocer que considera la posibilidad de prohibir la estufas de gas, ya que serÍa una mente de contaminantes y estarÍan vinculadas a ciertas enfermedades como el asma infantil. ahora los funcionarios de esa agencia han abierto un periodo de comentarios pÚblicos para saber quiÉn piensa sobre esto. reportera: la comisiÓn de seguridad de productos de consumo dijo que le preocupan los efectos que tiene el cocinar con gas, especialmente en la salud de los aÑos, y abriÓ el espacio para comentarios pÚblicos. la organizaciÓn cita de los resultados de estudios que dicen que el diÓxido de nitrÓgeno que se produce cuando se cocina con gas podrÍa estar relacionado con el asma, especialmente en los niÑos y personas de la tercera edad, sin embargo aclarÓ que no prohÍbe el uso de esta estufas en este momento, aunque dijo que estÁ investigando, el 35% de los hogares en estados unidos cocina con estufas de gas. alba lÓpez es el hd de este restaurante desde hace mÁs de tres dÉcadas y

we will catch up with ken leon. 49 minutes away to catch up with him. we will break down numbers when they come through. equity features down .3% on the s&p 500. yields a little higher at the long end. yields higher by five basis points. crude is an 80 handle, up .5%. from new york, this is bloomberg. ♪ >> keeping you up-to-date with the first word news, i'm leigh-ann gerrans. in the ukrainian city, rescue crew searching for 25 people missing after a russian missile hit an apartment building, at least 41 killed and dozens wounded. for the first time in six decades, chinese population is shrinking, latest milestone in a worsening democratic -- demographic crisis. data says at the end of last year, china had 1.4 billion people, 850,000 fewer than the year before. the number of births was the lowest since at least 1950. a new report says international trade that the global economy will slow over the next decade. according to a consultancy group, the war will reshape alliances and alter the flow of cross-border commerce. they forecast growth for 2.3% throug

. >>> let's stick with the banks and bring in raymond james' david long and ken leon who upgrades jpmorganbuy. let's start there on the heels of earnings. ken, why the upgrade this morning? how does it speak to what you saw in the results today and your upbeat perspective on it? >> so, we think bank stock pricing, they bottomed the last third quarter. we're seeing constructive outlook. in the case of jpmorgan, it's best in class quality. we don't see demand destruction here, and what's likely is we get through the first quarter. so, we're actually going to see a more optimisticscenario for banks for the rest of the year bank of america was very different and they're setting a lower bar where they're saying, the consumer is really going to slow down spending to really low single digit but at the same time, the results were pretty good i know jim cramer has a soft spot for wells fargo they were weaker than the top banks that we just mentioned and we would stay with quality we're just seeing in the traditional bank area healthy corporate lending. we're also seeing consumer loans and rising ne

ken leon is coming later. from your, this is bloomberg. -- from new york, this is bloomberg.han: five from new york city equities down three quarters of 1%. nasdaq down 8/10 of 1%. let's talk about those bank earnings and the outlook as well. the outlook critical for jp morgan. the outlook for net interest income, about 73 billion for nii in 2023. $74.4 billion preparing for tougher times ahead. 1.3, wells fargo done point 3.7%. both setting the stage for share repurchases. jonathan: in their defense i think the conference calls will be fascinating. the entire earnings season, people are going to lean forward to get the nuances of where are we in made? where are we in august? we don't have a clue, they don't have a clue. that's a fair march outlook. jonathan: i have no idea at the moment. let's talk about tesla. that stock has been hammered over the last few months. down another 5.63 percent waking up to the news of more price cuts in the united states and europe. up to 20%. stock down to 116. tom: there is a careful analysis. just on the simple case of who owns it and the in