kraft heinz may have finally turned a corner.aker of heinz ketchup and jell-o posted third-quarter earnings that beat estimates. kraft heinz promised it has started to set a strategic direction after a challenging few years. february, the company announced a $15.4 billion write-down on its brands. bristol-myers squibb has raised its profit outlook for the year, despite flat sales growth in the u.s. or its popular cancer drug. the drug faces competition from a rival therapy made by merck. that is your business flash update. altria is taking a hit, the u.s. maker of marble or of cigarettes reported earnings this morning, plus a $4.5 billion charge related to its investment in juul. the stock initially rose on the news but now is down more than 2%. our next guest says the market may be relieved that this charge was not higher. princeton,sight from kenneth shea. this is an investment that altria made, $12.8 billion for a 35% stake. when you say it could've been worse, there are issues here. could there be another shoe to drop, more w

sales shrank kraft heinz down this year but after today's action anybody feeling more bullish. >> it'st obliterated in the questioning ever the value of the brands and people have left it for dead it's interesting because i was just looking at analyst covering it there was one sort of market perform. everything else was a sell, underth. >> really. >> it's usefully hated that's sort of interesting to me obviously the shareholder base warren buffett and three g the biggest holders half the company. they'll wait do what they have to the leverage is the story. how do they pair down on the pe basis it's chao cheap but with the debt it's not. universally hated, left for dead, maybe it's time. maybe there is a little -- maybe a little life there. i mean we saw p and g i can't believe how well they have done. >> s&p actually making the point about leverage with the turn around plan they have to get the leverage down. >> absolutely. >> a lot comments from the ceo were interesting in terms of innovation he said before they were on innovation frenzy. >> what does that mean with a company like kra

in the meantime, look at kraft heinz.has been beaten down other the past year, but -- over the past year, but it is crushing it at this hour, up 31.5 -- 11.5%. the company's biggest investor is warrant buffett beat earnings expectations. that price there, a gain of $3.29, would be the best gain ever in the history of kraft heinz. nice move there. the vaping backlash now prompting altria to write down its investment in e-cigarette maker juul by $4.5 billion. juul's valuation has slipped by more than a third, altria group down 2.5%, and, of course, the numbers keep continuing to rise when it comes to deaths and illness due to vaping. should have been a happy halloween for etsy, instead growth worries are weighing on the stock. brokerages cutting price targets right and left. what are they citing? the effective sales tax and free shipping. it9 city, home of the handmade knit caps and all kinds of crafts down 16.5%. still at $44.07 p. i need to look here at what we're seeing on the right-hand part of your screen. dow jones in

kraft heinz hitting it out of the park with earnings. u.s.teel down on trade concerns and wayfarer, a big earnings miss. a lot of the companies that missed in terms of their forecast appeared to be beaten up. we also had investors looking ahead to that job data. noticing the nonfarm payroll is expected to be under 90 k in terms of job growth and we are supposed to see an impact of that big union strike impacting general motors reflected in this latest number which would be about 46,000 jobs. thoselet's get to some of movers after the bell. pinterest shares plunging. m jim announcing its expansion into china. that was a down day for oil as well in new york trading on a monthly basis. what are traders saying? su: first let's go to after hours. pinterest has been down as much as 21%. again, this is an ipo. in afterng hit hard hours. third quarter revenue falling fall short of projections. agen announcing it will take large stake, about 20%, in a company based both in beijing and cambridge, massachusetts, to expand its cancer drugs into china. ve

been short over the years -- campbell soup, kraft -- we saw earlier in the year, especially when kraft heinztarts to break and profitability roles over. at that point it does not matter what the multiple is when the earnings decline so significantly. when you look at the central bank and the support the markets have had over the last decade or so and you look at i guess the little ruckus we had on monday with japan, even thinking about possibly pulling some of their support out of the bond market, you had a market that reacted in a way that they could not function if the central banks were not there. i am confused as to how deep that runs, if that is really true, if that is really a reflection over the market is headed. chris: absolutely, you saw that in the u.s. market this week and last week as well. what it adds up to for us is that all of the stimulus, the quantitative eating -- quantitative easing over the last decade is here to stay. more likely than not, we are in a protracted period of low interest rates. it is easy to forget over the last 10 years that if we extend the analysis back

better profit coming in at kraft heinz. that stock is up 7%.ld wrestling entertainment down big after revenue fell short of those expectations. okay. what's the stock doing? can you show me that? okay. we will move on. you got it? no. all right. the ten-year treasury yield. have we got that, please? yes. that's interesting. 1.73%. this time yesterday, it was 1.83%. ashley: it's dropped. stuart: which means you've got an enormous rise in the price and a huge drop in the yield which implies money is coming in from overseas into our market. ashley: interesting today, we are seeing a big influx into gold, up 13 bucks. well above $1500. not sure why. stuart: back to $1510. ashley: that's interesting. stuart: so gold is up. what about oil? that doesn't really move the market much these days. it doesn't today. it's at $54 per barrel. right. >>> moving on, megacar merger. fiat chrysler and peugeot getting together in a $50 billion deal. five months ago, fiat abandoned merger talks with renault. this is going to work out better, do you think? look, this

it has big disadvantages >> you have sells on kroger, kraft, heinz you saw clorox was not getting goodnt that told you an earnings miss was coming any red flags as we head into next earnings season >> i think there's big red flags in packaged food you said walmart 250 basis points of private label growth last quarter. campbell's, swanson's is one of their products, that's moving to the bottom of the shelf. you want to be at eye level. >> absolutely. >> so we're seeing challenges there. smuckers is another example. folger's is bottom shelf we call it the craft beer trend which is a lot of people want to experiment with different brands, local brands and coffee is one >> and private label, too. it's fascinating thanks for the heads up. we'll check back in a little bit. thank you for joining me scott mushkin of r5 capital. >>> meantime, some new data revealing a growing disconnect in the housing market. what it is and what it means for the economy next it too we laid out our strategy vealing things we never revealed devices are like doorways that could allow hackers into your home. and li

kraft heinz the best performer in the s&p 500 today, now up by about 11.3%.t beat every estimate for adjusted ebita. haynes brands down lower by -- hanesbrands lower by about 8%. vonnie: going back to capitol hill now, a preliminary vote you are looking at. speaker nancy pelosi saying she has the votes needed to pass an impeachment resolution. can watch it on live or tune in here for context. this is bloomberg. ♪ this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's check in on the bloomberg first word news. kailey: house democrats about to hold a historic vote --ritika: house democrats about to hold a historic vote on whether to kick off the impeachment inquiry into president trump. the vote is expected to break down along party lines. it will lay out the rules and procedures for the investigation. inublicans say the process the democratic-controlled house will lead to a preordained result. those four months of protests have taken their toll on hong kong. the city has now

they're incredible >> plenty of earnings to get to i don't know where kraft heinz is up 6% >> raisingr mayer and filmily cream cheese >> even with organic sales down one-six zblth sales down 4.8%. they had a negative currency impact >> well, mack rhone and cheese -- macaroni and cheese mac and cheese is up what was lower, natural cheese, so what kind of cheese do they have >> they have velveeta. >> you know that franky down the block in that fullout was stacked with chef boyardee and velveeta >> this stock has a nice little pop. >> i was surprised ebitda decreased, that's a inwith i mean the fact that this company isn't falling apart, people like. and i can't believe they put a price increase for philly cream cheese >> falling apart listen, they were pay lotted for their zero-based bucketing, of course, for their focus on comforts and there were morning, there were those that warned you can't just cut cut cut you need to spend some money on things to sustain your brands or even find ways to reinvigorate those brands >> i agree >> and that's what happens i told you to get the unilever

kraft heinz out with earnings as well. the company beating on the bottom line.ngs beat estimates. the ceo says they are still competent and the ability to turn it around. results were below their potential, but that they were positive in terms of sequential improvement versus the first half of the year. a little but of brightness there in the quarter. that stuck up almost 4%. coming up, bnp delivering. whopping 35%.g a that is in today's wall street beat. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." coming up later today, tiffany wilding, pimco chief u.s. economist. now to your bloomberg business flash. ford probably averted a strike like the one that cost rival general motors billions of dollars. the automaker reaching a tentative agreement on a new contract with the united auto workers. includes $6 billion of product investment in u.s. factories. that also calls for the creation and retention of more than 8500 jobs. bnp paribas posting a third straight game in fixed income trading. the french bank outshined its wall street and european peers. at

let's get a check on some individual "market movers" shares of kraft-heinz are higher company saw a onei gain of it's canadian cheese business. it did miss on revenue for the quarter. that stock is higher by 12%. search -- estee lauder, that stock is down. >> ongoing wildfire emergency in california left insurance companies scrambling to lower their exposure >> insurance companies have paid almost $25 billion for wildfires in california the last two years and insurers are trying to make these numbers work hike being premiums and dropping wonch. last year there was a 6% increase statewide in policies that were not renewed but in fire prone nevada county there was a 38% jump in nonrenewals. those numbers do not include the aftermath of the camp fire in paris. that was the deadliest wildfire in california's history killed 85 people, left about 30,000 people homeless. and after a fire homeowners discovered that if they can get insurance, their premiums double or triple. one firm estimates 2017 wildfire season alone wiped out more than ten years of underwriting profits for companies that wri

wednesday, apple, facebook, starbucks and lyft out thursday, kraft heinz.. >> also next week important week for media. we get the unveiling of hbo max. launch of apple tv plus. and disney plus the following woke all week long on "closing bell" we're coulding special coverage in a series we have dubbed beyond the bundle. the company strategies and personalities remaking the media landscape with guests like facebook cofounder and andrew mccull up who has a streaming disrupting company and famed hollywood producer brian grazer all of which is to come in a crucial week for media mike, back to the broader markets this week. didn't quite get that record high but close to it. >> yeah. >> and a decent set of weekly performance around the world about 1.5% of gains. >> it's been low drama the market plodding to a high. we also didn't mention we have a fed meeting on the decision coming wednesday. >> the "closing bell" be on the bundle. >> it's a positive thing which means we are not fixated on the macroand doesn't seem like the biggest make or break moments for the m

green on the screen, kraft hinds heinz following earnings beat. dunkin' driven by demand for premium drinks and expresso and iced coffee. melissa: in the capitol, house approves impeach investigation into president trump. we'll have the latest from washington. first we kick it off with fox business team coverage. blake burman at at the white house. grady trimble in chicago and jeff flock in chicago. reporter: chicago purchasing manager es index dropped to the lowest level in 40 years. it had biggest drop in nearly 40 years. lowest level in four years. not such good news if you look at the last three months you can see growth in august, according to this index, but then, contraction in september and october. another question in this index is whether tariffs impact businesses for manufacturers in the midwest. 26% of them said that tariffs have a major negative impact for them. taking a quick look at manufacturing stocks. they're also down today. now it is important to point out this is a regional index. the national manufacturing index, that comes o

you soon >>> among this morning's corporate stories, kraft ties is out with the quarterly numbers kraft heinz69 cents a share that was 15 cents better than expected revenue came in below forecast, but organic sales fell by less than expected, that stock is up by 6.6%. >>> and a big auto deal to tell you about. fiat chrysler and pugeot parent group psa announcing their intention to work toward a merger the automaker's tentative proposal would see each company shareholders own 50% of the newly combined organization. fiat chrysler shares up 3.6% on that psa, those shares down by 13%. >>> and facebook beating wall street estimates on the bottom and top line for the third quarter. facebook's average revenue peruser came in better than expected check out that stock this morning. it's been up by over 4.5%. right now it's up 3.8% >>> the other big stock to watch today, apple that stock rising after the results beat the street. josh lip ton talked to the c.e.o. last night and he joins us with the highlights hey, josh. >> becky, iphone sales dropped to 33.4 billion. that beat estimates. it was an impro

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