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peloton is down 15%. more on these movers right after this (upbeat music) - [announcer] introducing the grubhub guarantee, our promise to deliver your order on time within the delivery window and for the lowest price compared to other apps, or you'll get back at least $5 in perks. what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change. if you're 55 and up, t- mobile has plans built just for you. whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. only at t-mobile. >>> welcome back, everybody. let's get a quick check on markets. the do

bad news for peloton may [relaxed summer themed music playing] ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ summer is a state ofmer with lincoln. ♪♪ ♪♪ ♪♪ they said it couldn't be done but you managed to pack a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq jack: peloton stock got slammed friday down 8.5% is this a sign the stay-at-home trade is over? >> it definitely could be this is a challenging time for peloton, members of recall that estates the treadmills are more of a return and basing subpoenas from government agencies tied to the closures around the recall, issues of inventory accounting but also when they reported and gave a weak outlook and a huge price drop, the reason the stay-at-home trade is probably over i don't have a peloton in this department, what you see is what you get but this kettle bell i've done everything i possibly do over the last thr

bad news for peloton ma at usaa, we've been called too exclusive.re created for officers. but as we've evolved with the military, we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73. and even his kids. and their kids. usaa is made for all who've honorably served and their families. are we still exclusive? absolutely. and that's exactly why you should join. ♪ music playing. ♪ there's an america we build ♪ ♪ and one we explore one that's been paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. (vo) at t-mobile for business, unconventional thinking jeep grand cherokee l means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs. being first on the scene, when every second counts. or teaching biology without a lab. we are the leader in 5g. #1 in c

peloton forecasts missing estimates by a longshot.nalysts were not inspecting the fitness company to slash the price of its most popular bike and peloton confirmed they are being subpoenaed by the government for more information about injuries regarding the treadmill and the sec is now investigating public's closures. even so, the ceo remains optimistic about the company's position and future. i spoke to him earlier. >> i think our business is in fantastic shape. we had a fantastically good 2021. we grew 114% for a subscription business which is our business and got into more than 56% prescription growth so we are feeling like the growth is there and we are making smart investments. we feel great. we have had an incredible year with covid. we are feeling great. emily: you are cutting the price of the bike by putting percent, about $400. why do that now? >> we are so proud to be able to offer the bike at a lower price point. going back, the founders and i, it was like nails on a chalkboard people talked about peloton as a product and e

that is not the case for peloton.ve been in growth mode for the past five to seven years and were still charging these somewhat high prices. they are now cutting the price of the original bike, introduced almost five years ago. they are cutting by 22%. i think that they should lower the price to under $1000. that is a key price point, gets into the heads of consumers psychologically. because they are already losing a ton of money on this price drop, may as well lose a little more and make up more in terms of consumer relationships, as well as their annual and monthly subscriptions. matt: great to get you on, thank you for joining us. mark gurman talking to us about peloton. it has been in a big slump today in terms of stock, investors supported with the numbers. for greg bonnell, i'm matt miller. this is bloomberg. ♪ mark: heide has strengthened into a hurricane with top winds of 75 miles per hour and is approaching cuba zaila view. ida could make landfall in louisiana near the war liens on sunday -- near new orleans

>> it definitely could be this is a challenging time for peloton, members of recall that estates thebpoenas from government agencies tied to the closures around the recall, issues of inventory accounting but also when they reported and gave a weak outlook and a huge price drop, the reason the stay-at-home trade is probably over i don't have a peloton in this department, what you see is what you get but this kettle bell i've done everything i possibly do over the last three months i want to get back to the gym i am so tired of this. >> carlton i have to disagree i hate going outside to work out and i love having my peloton right next to me, and even came with the 3-pound weights but i have to agree i would not be buying the stock. jack: you have to raise the weights a little bit to catch up with carlton i would say you can't get hit by a car as long as it continues to lead class assignments peloton fan. let's go to actual ideas, what are you bringing to the roundtable this week? >> very global this week's magazine plastic is under attack but this is a plastics company to sustainable m

jack: up next roundtable members get their ideas for the coming week and bad news for peloton may betay right there. ♪ monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. before nexium 24hr, anna could only imagine a comfortable night's sleep without frequent heartburn waking her up. now, that dream... . ...is her reality. nexium 24hr stops acid before it starts, for all-day, all-night protection. can you imagine 24 hours without heartburn? we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network. (vo) this is more than just a building. it's an ai-powered investment firm with billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect loca

the parent of grubhub down and peloton is the worst performer in the nasdaq after its results.e have those moves, rapid fire and more still ahead #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin that building you're trying to buy, gold bond - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! >>> welcome back, everybody. we have stocks moving to session highs in the wake of jay powell's comments this morning the fed chair speaking about the taper, which he does see potentially taking place this year, but talks about why he sees inflation being trans toir. this is lev stating stocks, depressing bond yields the nasdaq up 1.25% right now. energy and materials leading the way. energy in part because of hu

. >>> peloton shares tumbling today.e lower by about 8% >> saying it's been subpoenaed by both the justice department and homeland security department peloton reporting a wider than expected loss and slowdown in growth >>> we'll stick with fitness f45 reporting its first earnings since going public last month. the mark wahlberg-backed company grew by sales, with full guidance in line with expectations joining us here, is the founder and ceo adam gilchrist clearly there's a ton of growth. what is driving it the reopening, people wanting to get back to gyms or something about what you're offering >> firstly, thank you so much for having me back on your show. we're excited to be reporting our first quarter as a public company, but to answer your question specifically i think people are excited to get back into gyms. it's not just gyms, but restaurants. people are wanting to travel again. you know, what we obviously deliver, in our view, is the world's best workout, and we're really fortunate that we have recently announced

your rewards. >>> let's get a gut check on shares of peloton. a two-month low as shares down 9% got a bigger than expected loss, they guide below, and it's disclosing it's been subpoenaed for documents related to injuries that customers received on some of its equipment let's bring in james hardeman who downgraded the stock to neutral back in july james, good morning. thanks for the time today. >> morning thanks for having me >> big debate this morning about whether or not cutting prices is smart in this environment. where are you right now? >> yeah, i mean, look, i have always been a big believer that this company is going to be valued more on top line growth than on profitability. certainly near term prof profit profitability. i still believe that, but the magnitude of the loss they're guiding to for this coming year is pretty dramatic they're coming in about $800 million short of where the street was in terms of the ebitda loss that they're guiding to that's a pretty big deal >> indeed, yeah, we're going to be looking for more on that front.

peloton sinking and workday popping. though peloton is recovering a bit.was down a little more than 9, 10% 13 after the initial news hit a miss on profitability. we'll be right back. ♪ ♪ ♪ ♪ if you're 55 and up, t-mobile has plans built just for you whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. that's our everyday price. plus, our plans always come with unlimited talk, text and data included. so, switch to t-mobile and get 2 lines of unlimited for only $27.50 a line. that's half the price of verizon or at&t. only at t-mobile. the leader in 5g. and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. zbl >

high hopes for gap, not so much for peloton. how to play the ugly shoe trend, a perfect introduction to dom chu who is here with the numbers today. >> what are you trying to say about my shoes they're not my plantar fasciitis shoes, but let's talk about the markets. kelly, yes, they are at record highs right now. the dow and the s&p 500 and nasdaq each near session highs i'm going to put the gold star next to the s&p 500 and the nasdaq composite as well both of those hit record highs in today's session the nasdaq pacing gains up by 1.5% as for a lot of the places traders are watching right now, it has got to be cryptocurrencies, bitcoin prices just a hair below the 50,000 mark we did reclaim at one point. this is the highest level we have seen since may 14th or there thereabouts. bitcoin prices are certainly catching attention as a result of the move higher in bitcoin above the 50,000 mark, check out what's happening with some of the stocks we closely tie or associate to the bitcoin or cryptocurrency trade. namely what's going o

alix: that was emily chang speaking to peloton ceo. francine, are you a peloton user? francine: i am a nothing user. i am the worst person that does fitness. the last time i was on a treadmill was 1999. it is interesting they are trying to go for the younger crowd that makes less money. it is one of the only companies i hear that are trying to cut prices by 20%. alix: that is a good point. i have to wonder, i get the financing plan, $39 per month is not bad. it is still an expensive piece of equipment. i thought it was interesting what he was saying about some skipton services. i am a pilates not. they have streaming classes and you do not have to have the equipment. i think that is the extra source of revenue he was talking about, which was pretty interesting. francine: it is amazing when you section off the companies or the sectors that have done well in the pandemic. they were one of the ones that have done the best with gyms reopening and restaurants reopening, it might be a tougher couple of years ahead. alix: it would be really hard to get me back into the gym, i

peloton is its biggest customer.bout 18% to 25% of its revenue from peloton, so shares are weaker in the premarket. that company has talked about the idea it is trying to diversify a little bit away from peloton. cap -- gap to the upside here. a lot of that riven by the athleta brand, not necessarily old navy and banana republic. all of the focus is going to be on jackson hole and that 10:00 a.m. speech by jay powell. some of the potential movers could be a lot of those bank stocks, a lot of what is going to feed into this is reaction that we see in the yield space. we seen a lot of buy and come into some of these fixed income etf's. a lot of people making a bet that there's not going to be any real change here. we could see a move higher or lower in some of the bank stocks. some of the tech stocks have valuations aided by the moving gold. tom: a look this afternoon at the close. we begin our economic coverage of the morning's estimate he's, we start strong with stephen strongly -- with stephen stanley of amherst pie

and there could be big for a firm the shares had gotten hit earlier in the week after peloton earnings they have concern about revenue concentration for the company. peloton is a big partner for a firm amazon, though, the biggest retailer in the u.s., e marketerest mated they will account for more than 40% of e-commerce spending in the u.s. this year. the partnership on friday is the latest sign of a red hot lending space here younger consumers have moved toward the alternative lines of credit affirm is one of the better known options but we have square announcing the $29 billion deal to buy fin tack after pay to get into the space and paypal and american express, citi and apple is finally reportedly planning to launch installment lending in a partnership with goldman sachs back to you. >> it is a fascinating evolving area i think tim has a question for you. tim? >> well, i think the question is, they've already struck a pa partnership with apple canada on activity north of borard does this leave a place with we see these two companies fortunes, not amazon but a firm tied to amazon at

what isn't changing is the cost of a peloton membership, about $40 a month.t announcement after peloton reported a bigger than expected quarterly loss. the company was a big beneficiary of the pandemic struggling at times to keep up with demand for people who couldn't go to the gym to workout, but looks like they've pulled forward a lot of those orders and now are basically cutting prices to try to beef up the demand. guys, in the market. good time to buy. >> yeah. i'm not. >> i would do it. i think -- >> i could see you doing that. >> yeah. >> i hate bike riding on the stationary bike. >> you do? >> hate it. >> it's supposed to be really motivation although. we could be on the same team. >> i will do the stair stepper. >> all right. >> thanks. >> coming up on "today in the bay," waking up to fog and smoke. meteorologist kari hall has your microclimate forecast. >> you want to get in that outdoor workout early in the morning, not only will it be cooler but the air quality will be better. we're starting out temperatures in the upper 50s and low 60s. that time

pivoting to the other side of the spectrum on retail, peloton. bloomberg intelligence is with us on that story and we have to say that anyone who has taken level 1, level two, or level three, you know you can't mistake your inventory on the balance sheet. is that key concern, even though there are not restatements of financials, what does it say about internal control? >> that will be the first question they asked during the call. but it's also basically the decrease in the price of the bike around 20%. that is also being reflected in their revenue guidance for the fiscal first quarter. that is going to be another key question. why the price now? has the recall impacted them? is that what's going back quickly in the market? maybe they are trying to do other measures to increase growth post-pandemic. romaine: i am curious as to what the strategy comes if you lower the price of the bike and financing terms, how are they hoping to recoup some of that? >> first, print plus. second, the rumors we keep hearing about the new product, a rower that will b

shares of peloton are falling.oss in its subscription numbers peloton announced it would cut the price of its flagship bike by 400 bucks and peloton has been subpoenaed by the government for documents aligned with injuries. apple will look at users to tell them about commissions this comes as apple awaits a ruling in its legal battle with fortnight. >>> got a couple of big headlines out of china including a report that beijing is working on new rules that could ban certain companies from going public in the united states. >> reporter: thanks so much. the "wall street journal" as you mentioned is reporting now that china's stock market regulators is considering issuing new guidelines that would potentially stop internet companies from listing in the united states especially ones that have a whole lot of sensitive consumer data. that china considers sensitive also the "wall street journal" was quoting sources saying these new rules would target companies that would want to use the variable interest entity or the stru

. >>> peloton is dropping the price of its original at-home bike for the second time this year.osts close to $1,500. peloton said the cut is part of its mission to make the company's products more accessible and attainable. it's facing fierce competition from rivals producing cheaper products, and people returning to gyms. peloton's stock fell in after-hour trading after fourth-quarter financial results missed wall street estimates. >>> and here's a rich incentive to get vaccinated against covid. tyson is offering one of its employees a chance to win $10,000 once a week for the next five weeks if they get at least one shot in the arm. the company is already giving its vaccinated employees $200. tyson has made it a requirement for its workers to be fully inoculated by november 1st. $10,000, if that's not an incentive, i don't know what is, diane. >> i mean, that's something to cluck about. sorry, i had to. exciting news. egg-citing -- i'm going to quick with the jokes. >> keep it going. keep it going. i love that -- >> elise preston at the new york stock exchange. thank you. >>>

peloton speaking of the return to work, or stay-at-home stock play, peloton at this hour on revelationsre answers about just how many people might have been hurt by its treadmill and other products details straight ahead with the closing bell ringing in 38 minutes, the dow is up 263 points right now, the transports up 189. you can see , as i said it is a very muscular rally at this hour we are coming right back with pop stocks, whole bunch of names on the move don't go away. ♪ why do you build me up ♪ ♪ build me up ♪ ♪ buttercup baby just to let me down ♪ ♪ and mess me around and then ♪ ♪ worst of all ♪ ♪ you never call ♪ baby daydreaming again? but i love you still you know i'm driving, right? i do. ♪ buttercup baby just to let me down ♪ if you ride, you get it. geico motorcycle. 15 minutes could save you 15% or more. ♪♪ (vo) the rule in business used to be, "location, location, location." now it's, "network, network, network." so you need a network that's built right. verizon business unlimited starts with america's most reliable network. then we add the speed of verizon 5g. we provid

. >>> peloton is facing federal investigations over the safety of its equipment.e the justice department, homeland security, and the securities and exchange commission. now in may peloton recalled about 125,000 of its tread-plus treadmills, that's all of them. the action came less than a month after the company denied they were dangerous despite one child dying and ren usin peloton says it intends to, quote, cooperate fully with each of the investigations. >>> and one golf club just sold for six figures. tiger woods' backup putter sold for more than $393,000 at auction. reportedly making it the most expensive golf club ever sold. woods used it in his 2002 season when he won the masters and the u.s. open. the club was personally produced by the manufacturer, scotty cameron, and came with a letter of authenticity. no word on the buyer. anne-marie? >> diane king hall at the new york stock exchange. thank you. >> you got it. >>> so up next, back seat surprise. a woman at a mcdonald's drive-through spots an unusual passenger in another car. usual passenger in another c

peloton is announcing a redesign of its treadmill.as been a bumpy ride for peloton since recalling its popular treadmills but it says that its new tread was created with safety experts and safety as top priority. >> let's get this workout started. >> reporter: this morning, peloton gearing up for the release of its redesigned tread months after the at-home workout giant recalled more than 125,000 tread and tread plus machines. over major safety concerns. in march a 6-year-old child died after being sucked under a tread plus. the consumer products safety commission receiving multiple reports of children and pets injured from that machine. >> children should not be sucked under a conveyer belt that can kill them, period. >> reporter: at the time, safety experts issuing a warning, urging users with small children to stop using the product immediately. peloton initially calling that warning inaccurate and misleading, but later issuing a recall. >> when those recalls occurred the stock went down 15% in one day. that's a huge chunk. it rebo

>> i think it's tough to generalize you couldn't actually get a peloton bike for a period during thek there's a risk or maybe the market is determining this or guessing that it's out of step with the mode of wellness and fitness and weight loss of the moment in my memory weight watchers has really had to surf from different approaches based on what is perceived to resonate. you go from points to all the packaged foods to a dictated menu and then it was just the fitness trackers i mean, all of it. the basics of it is we know basically what has to be done. it's about what tricks seemed like they work right now for the current generation and this might be a little bit of a mismatch. >> mike yoshikami i'll give you the final word the stock's down 40% from the highs p whether it's that or peloton or anything else you put in the wellness basket what would you have people do with them at this point >> i think mike had it absolutely right how is peloton in demand but weight watchers is not so if weight watchers can't figure out what peloton is doing, i think that's really the challenge. i th

we will take a look at big tech trading plus why peloton is in the hot seat once again.ll joining us live from the new york stock exchange. good morning, diane. >> good morning. well training has been under way for a little more than 10 minutes. you have to mix market in the early action. lets look at the dow. right now it is under a little bit of pressure down 40 points. on the flip side you have nasdaq. nasdaq and s&p 500 continues to chase records. >>> in may peloton recalled its tread plus treadmills. the action came less than month after the company denied they were dangerous despite one child dieing and more than two dozen users being hurt. peloton said its intends to quote cooperate fully with each of the investigations. >>> live look now at lax where an arrest has been made after a security breech. it is the second incident at a southern california airport in just over a week. airport police say sunday morning a homeless man was able to pry his way underneath the airport perimeter fence, walk across the tarmac and then board an american airlines plane. >> for som

comments dennis lockhart will be joining us in a couple minutes your big money mover this morning is peloton find out why coming up and apple bending to antitrust measures when it comes to its app store it is friday august 27th, 2021 is you're watching "worldwide exchange" here on cnbc >>> good morning i'm seema mody in for brian sullivan here's a look at how global markets are setting up the day stocks future higher across the board. s&p 500 did retreat snapping a fo five-day winning streak. the dow jones industrial, check it out, up 98 points in premarket trade. treasuries ahead of the speech from jerome powell the ten-year yield at 1.3% the big action in the commodity market oil companies have been airlifting workers from gulf of mexico production platforms. look at wti crude on pace for the best week since february up about 10% let's go worldwide, though, and look how trading action is under way in europe. joumanna is live >> thank you, sema end up a tenth of a percentage point higher much of these industries trending around the flat line. we have the ftse higher and the minors putting i

peloton, the biggest gain in three weeks. no hard news. but we do know that u.s. covid cases are at their highest level since february on a weekly basis. look at this chart. there is some symmetry in peloton share price with different moves in the u.s. weekly covid rate. what we are seeing is that when peloton share prices peaked in january, it started to fall as those cases came down. as the cases have been rising, we see is the peloton share price has been rising. incredible gains of around 70% on monday, its biggest gain since november of last year when those approvals were going through for the vaccine. according to sources, the u.s. is going to be taking some doses from moderna to give to mexico. emily: thanks so much. i want to get back to the latest on the infrastructure bill and cryptocurrencies role in it. i want to bring in annmarie hordern in washington. what is the latest? >> we are seeing a little bit of a hurdle when it comes to the no currency bill. it really was a domino effect. senator shelby wanting to bring an amendment to the floor which has to

plus why peloton is in the hot seat once again.oins us live from the new york stock exchange on this monday. >> good morning. in the week ahead the labor department will release the august jobs report. economists are predict 750,000 jobs were added to the work force this month. keep in mind that economy grew by 943,000 jobs in july. peloton is in the hot seat facing federal investigations over the safety of its equipment. the agencies involved include the justice department, homeland security and the security and exchange commission. in may peloton recalled its tread plus treadmills. an action came less than month after the company denied they were dangerous. >>> amazon jumping on the buy now pay later trend. they have struck a deal. they will be able to split the total cost of purchases that are $50 or more into monthly payments. a firm said the two companies are testing the service with a pilot group of customers for now. >> i call that the new age lay away. >> i know. rent a center, right? >> right. going old school. all right.

i own the stock, i own a bike and the peloton facebook group, they're selling for $1,800, the cost of the new basic model. the key figure is the subscription retention model which is the lowest turn at 3% they also have a deal with medi health care to give 4 million eligible members access to a year of their subscription peloton is 3 million members a big opportunity to boost their base there i'm continuing to be bullish >> gina, i believe you are an owner of the bike but would not be an owner of the stock why? >> the challenge is valuation. right now this stock is priced for huge growth but more of a software subscription type valuation rather than the kind that occurs more in the gym industry and i am concerned where it settles is going to be lower than expectations because the software subscription means you actually have to get on the bike and do it, and people have competing and conflicting priorities inevitably that's what happens in the gym industry. >> gina, is there something they could say on the earnings call that would make you compelled to be a buyer of the stock which is

peloton does that. other manufacturers do.ur choices the hot people in new york, you have options, motivations. kumasi: our new friend telling us about friends that you invite to lunch -- cody. he is funny. reggie: he is our most popular instructor. mike: i haven't been back to the gym am going to go. 31 is behind me. a gorgeous sunrise making for a serene sunrise. the fog is valleys and looks comfortable. faster sunshine today. the warming trend begins. tracking smoke and monsoon moisture. they will be noticeable. storms likely over the sierra. greatest benefit, impossible detriment in the form of dry thunderstorms. a look at the high-pressure that is going to bring the heatwave up and down the west coast. you can see 90's. about 84 in san jose. mid to upper 70's for the peninsula. redwood city is going to be the outlier. a little more sunshine than the last couple of days. 70's around downtown. head up to the coast, the valleys, mid to upper 80's. we soar to 105. the risk of heat is rising. we have the excessive heat watch.

peloton is only taking you to the new york studio. mike: they don't do that? reggie: no. mike: it reggie: ok. mike: let's talk about hot. san jose, a few clouds and in the distance. sunshine today and a warming trend. i am tracking smoke and monsoon moisture that will ring storms over the sierra -- that will bring storms of the sierras. we will have a little bit in the lower but no air alert. the area of high pressure will be record high temperatures once again up and down the east -- west coast, especially in seattle and portland, where they would be setting all-time record highs if they hadn't set all-time record highs last month. we will get a touch of it but mainly inland. a sea breeze keeping most of us from overheating. temperatures around 90 in gilroy. 84 in san jose. mid to upper 70's for most of the peninsula. mid to upper 60's along the coast. near 70 and downtown, south san francisco. upper 60's northbay coast. 96 to 102 from cloverdale. 74 today. berkeley the cold spot. as you had inland, 94 to about 98 degrees. we fall back into the 50's and 60's, comfortable

you're right, jon, peloton is a perfect early example of this.strava running, recon food, one of my companies for food and cooking, all trails for hiking, public.com for stocks and finance, horizontal social media is unbundling and becoming verticalized we have seen this before with classified the early classified leaders in the '90s and 2000s were horizontal, craigslist and yahoo! had postings of all time taken verticalized, zillow for real estate, indeed for job lis listings, car listings so the reason that this happens is a couple fold for the user, it is advantageous to be in a specific vertical more of a safe space, dedicated space for that interest. like, you don't want to be that person always posting on instagram about food you want to do that in a food social network the services are able to build out specific features for that vertical, like strava. >> what are the new models that will emerge because of this? even though we like to say google failed the social network, it is arguable that youtube itself has an embedded social network th

. >> we'll get to how this all flows into gap and dell and hp and peloton and workday, but first, steve liesman has cleveland fed president liqoreta mester thanks very much loretta, thanks for joining us this morning. >> thanks, steve great to be with you >> yeah, let's talk where those guys kind of left off, which is this idea of the next steps for fed policy, and i guess the test that you guys have put out is a test of substantial further progress on both sides of the mandate, inflation and employment tell me, are we there yet? >> yeah, well, steve, thanks for pointing not forward guidance we get because that's the way i look at policy and where we are. so i'm comfortable that we are basically there. i think on inflation, you can make a very good argument that we have made substantial further progress in fact, we're well over 2% at this point some of that won't last, but some of it might, and we've also made a lot of very good progress on the employment side we still see the number of jobs lower than it was in february of 2020 before the crisis hit, but we've certainly made substantia

you own it. >> r.seach one >> what do you think of peloton? going to ask me about his instagram. >> you have to go. ali love, very smart >> but on peloton, i'll be honest, i'm a bit concerned into earnings here. i still own a little bit of it, but i trimmed it pretty substantially from when i bought it upon the recall because what concerned -- what i didn't realize was that they were actually going to stop selling the treadmill. i think this quarter is going to be incredibly disappointing. for the long term they made an incredible product, let's be clear. they did well. but they have to get back on their bicycles, literally, and get the treadmills back in the fold to make some more money we've actually seen some institutional selling into these numbers that you're seeing here as well as some shorts i'm very interested to see what they come in for the quarter here if you want to be a long-term buyer, that's up to you. i prefer more diversified fitness entity, which you can probably guess what it is. >> kourtney, thank you very much jon's latest

what i'd like to affirm is the dynamics we have folded into peloton when it was down whatever it was,en the slowdown that you saw in the checkpoints that analysts had incoming, given that they had seen the slowdown, it goes the other way today. a boost from the payment center aspects. tom: starting with oil, west texas, 70 to 72. gold had a nice lift, i know it's 18 or 19. i've gotten nothing in the yield space. 1.31% on the 10 year bond. equities, they give me a lift, a fractional lift. futures are up four. stay with us, this is bloomberg good morning. ♪ tom: what do you predict the taliban will do in the coming months and years? >> consolidation of their power and gaining international legitimacy and recognition. this is the priority for the taliban. not just the trends -- jihad or activities outside afghanistan. if you really watch carefully, what they have done in the past few days, they are engaged in a public relations offensive. trying to convince the world, if you listen carefully to what they are saying, you would think they are newly born democrats, peacemakers. the reason w

. >>> peloton's long rumored rowing machine may be on the way. 9 to 5 google discovered text in the pelotonerring to the device including how to do a rowing stroke and language suggesting peloton will offer water scenery that uses the view while working out. peloton wouldn't be the first to get into a smart rowing machine but could attract more subscribers for its memberships. >>> another chance to make all of your dreams come true. power ball is doing its first ever monday night drawing. joining the wednesday and saturday night drawings the lottery has held for years. listen to this, a third drawing will not change prize amounts and will not improve your tiny little chances of striking it rich but lottery leaders hope the extra day each week will result in larger faster jackpots. >> disney working to make larger than life characters a reality. imagine nears have been working to create full body exoskeleton systems that could bring giants to life. the current prototypes include the hulk and a character from star wars. the goal isn't to create one but a platform to support lots of different

. >>> moving business for peloton, but it comes with hurdles.eloton says it has a repair for those treadmills that got recalled earlier this year after a machine failure led to the death of a small child. it came after loosened screws caused the screen on the tread machines to fall off. it mostly impacted customers in the uk and canada. the company has not announced when the new fixed machines will go on sale in the united states. >>> the nation's food assist program known as snapp is changing. can you expect $121 per person to go up by $36. all 42 million people enrolled will receive the additional aid when changes go into infect in october. >>> the 49ers have one preseason game under their belt and are getting ready to take on the chargers next weekend. we'll expand and homelessness, housing, taxes, water, electricity, crime, wildfires. [sfx: bear roar] gavin, you've failed. we have to immediately cut taxes twenty-five percent. fix housing and homelessness. and make life in california affordable again. i'm a businessman, the only cpa running.

capped it off is the pandemic winners continue to disappoint pel peloton, etsy, roku, the list goesand on the expectations are lower for zoom expectations are coming in lower. a week ago, people were looking for a 5% jump in revenue that is down 3% to 4% and people are really now shifting the focus to the recent f9 acquisition and other traction with other products. the bar has been lowered significantly for zoom i guess that is the benefit of reporting late in the season >> it is interesting last week, morgan stanley upgraded the stock as we return to office, i'm on one or two zoom calls a day. >> my zoom calls have gone down significantly. i think a big issue for what you mentioned earlier, the heart of the debate for zoom is what will it look like going forward all i know is zoom, about 37% of the total revenue, comes from small businesses that is 1 to 10 employees versus to 20% prior to the pandemic that is the biggest headache a lot of unpredictability. also education is a tailwind for zoom this time last year there is a big push in the u.s. to get kids back in school whether y

to the app including how to do a rowing stroke and language that suggests peloton will offer a real water scenery that users could view. they will not be the first to get into the smart rowing market but could attract more subscribers for its milpitas. >> they have that treadmill but they did a recall. >> they did. thank you much. >>> coming up on "today in the bay," meteorologist kari hall is tracking your forecast for your whole work week. >> it's going to be a really nice day. enjoy the time outside. temperatures in the mid 70s and good air quality in the south bay. for the inland east bay heading toward low to mid 80s but a little bit of smoke and haze moving through. we'll talk more about air quality and end of the week warmup in a few minutes. >>> kari is talking air quality and i'm talking a quality view for drivers across the golden gate bridge. see the lights across the span. i have not seen the zipper truck. might have been early today. we'll talk about how your commute shapes up coming up. >>> it started as something that was supposed to be fun and ended up in a frighteni

peloton says sales have continued to soar, up 141%.gym are you back in the gym? spencer: i am back in the gym, but also doing outdoor workouts at home. last friday, i was in the gym, everybody wearing a mask. today, everybody mask. yesterday, i did an outdoor workout near my home, so i didn't have to worry about a mask. >> i have -- i work out every day. i have been a gym member for, fr don't know, 30 years? during the pandemic because we couldn't go, i hated to do it, but i quit my gym membership. >> so did i. >> they were closed and i realized, boy, maybe that's an expense i do not need. i started finding ways to do it at home. i don't know if i'll go back. i love it, but you've got to get in the car and drive there and it is expensive. >> i have changed. >> people of their pelotons. there is a positive addiction. kristen: a lot of people love this san francisco artist whose honey bears you have seen. williams-sonoma is partnering with finch to produce aprons, dishes and more with those honey bears on them. finch says one of the main

about half a billion dollars in peloton and with regard to chinese tech in particular, lee auto they0% used to hold $1.4 billion worth now it's just $50 million as of the end of run these positions may all have changed in the six weeks or so since then, brian, interesting moves nonetheless by coatue, a hedge fund we follow closely. >> maybe they see booster shots ahead as well. leslie picker, great to see you as always, thank you. >> thanks, brian. >> unbelievably, already time for our final trade, around the horn now, steve, kick it off. >> so i'm going to go with name i've been long for quite some time, chewy. everyone during the pandemic bought a pet or added a pet and they've got to feed those pets active customers are increasing, that means that sales are increasing, that means revenues are increasing, brian. chewy. >> chewy bonawyn. >> the trend is your friend. uber technologies. i know it's tempting to jump in, don't catch a falling knife. let it base, find a level. >> nadine. >> you need to trim your gold, gold hit the top end of our trading range today. if you've got some, t

doj asking for documents, and information related to injuries reported by peloton customers over itslls. the fitness equipment maker issued a widespread recall for those treadmills three months ago after a child was killed and dozens of users reported injuries >>> on wall street, the dow up 243, and record closes for the s&p and the nasdaq i'm shepard smith on cnbc. it's the bottom of the hour, time for the top of the news covid's origins, the u.s. intelligence communities report now out. where the agencies agree, and where they don't the capitol police officer who shot and killed ashli babbitt during the capitol insurrection speaks to lester holt. why the officer says he pulled the trigger. >>> and afghanistan in crisis, the pleas growing by the day to get evacuees outess sa members of congress say they'ref being overwhelmed with requests to get people out of kabul associated press reports some of those congress members are getting more than a hundred pleas per day. the state department urging congressional offices to coordinate their message through them both the senate and the hou

a lot of people turn to home workouts or maybe bought one of those peloton bikes to get some exerciseth restrictions easing, it remains to be seen how many fitness enthusiasts will return to their local gyms to stay afloat for more on all of this, which and now by francesca schuler, who is the ceo of in shape health clubs and the co founder of the california fitness alliance. francesca good to have you on here to have this conversation? obviously, you know, a lot of people realized during the pandemic. hey it's a lot easier for me to just work out at home, maybe more affordable in some cases. how are you going to get people to come back and our gyms and fitness centers going to be able to survive the pandemic in a long term sense? great question. what's been really interesting is what we really saw during the pandemic is the people who are at that top of workout pyramid who never struggle with motivation, who never hit their snooze alarm quickly turned to peloton at home fitness, etcetera. others did too early in the pandemic, but that went down rapidly during the 15 to 18 months that

shares were much lower because of financing related to the peloton slowdown.n amazon lifts higher. tom: lisa has got a peloton in the kitchen, the library. they are all over the abramowitz house. this is bloomberg. ♪ ritika: new orleans is in the dark. large parts may stay without power for weeks. hurricane ida pounded with heavy rain and powerful winds. more than one million homes and businesses without electricity. meanwhile, catastrophic amount of rain is expected. the hurricane prompted oil and natural gas is to shut down. refineries in louisiana also closed. local rains may have escaped. anthony fauci says the door was open to administering booster shots in the u.s. earlier than eight months after completed vaccination. he said the administration would base its decision on the data. he favors requiring shots for all children. alibaba is moving to resolve a sexual assault case that has rocked china's tech establishment. the published -- publicized a personal account. a former manager has said the company's handling of the complaints was humiliating. accord

meanwhile, peloton says orders for its bicycles are up nearly 150%. >>> coming up, why huge bombs were detonated next to the navy's newest aircraft carrier. >>> and we're talking to the mom whose son ran on to the field in the middle of a major league soccer game. that's next on "world news now." ♪["i'll be seeing you" by billie holiday] ♪ i'll be seeing you ♪ ♪ in all the old familiar places ♪ ♪ that this heart of mine embraces ♪ ♪ all day through ♪ [doorbell] ♪ in that small cafe ♪ ♪ the park across the way ♪ ♪ the children's carousel ♪ ♪ the chestnut trees ♪ ♪ the wishin' well ♪ ♪ and i ran i ran so far away ♪ ♪ i just ran i ran all night and day ♪ >>> it was a beautiful day on the pi 2ear-old boy decided to run. and he ran. he ran so far away. >> at least until mom caught up with him. our own will ganss is here with more on that. hey, will. >> reporter: yeah. morgan tucker from outside cincinnati, ohio, tells me her son, zaydek, has always been an energetic kiddo, learning to walk at 7 months. but these days he is running right into the middle of major league games. as any ted lass