we have a good stock review with romaine bostick. romaine: we start with j.p. morgan.equity figure catching people offguard. the treating numbers came in where the street was expecting, 33% jump in equity trading volumes. fixed income did well as well, a lot of that on the back of that in eem as well as in commodities. when we talk about that draw down, some of the reserves they had set aside, that seems to be underpinning the enthusiasm we see, that j.p. morgan seems to be providing a better outlook going forward. pnc also reported pretty strong lending numbers. that will also be in net positive if you are trying to read the tea leaves as to how the banks will do. still waiting for wells fargo, totally different basket case. citigroup will be out as well. tom: are you casting shade at wells fargo? [laughter] romaine: the shade has been there for quite some time. no disrespect to the ceo, he has got humans work to do, but they still have the regulatory overhang. still questions about not on the the trust of investors and regulators, but the trust of consumers. this is

romaine bostick joins us now. what do you think? e -- romaine: it is relatively unprecedented. they put out a statement saying they were putting in some restrictions. it is not clear how it will affect people already in these trades, but it will certainly affect anyone looking to jump into these. let's talk about the move we have seen. obviously gamestop alone is just -- i mean, i'm speechless. really, i just put the chart up. at 200% gain here, a $205 gain, here, excuse me. over the past six weeks, 1000% gain effectively. it is not just gamestop. right now, you appear to have a cadre of retail traders who effectively have a lift of the stocks with the biggest short interest, that have enough option activity that they can basically exploit this and drive up the prices. alix: right. you have what we have is anchors to look at breaking news, and every other one is about volatility. transocean up the most since june. you have nokia, amc, express, etc. >> i was just sitting at my desk and putting together a customized basket. anybody can

we join the equity market outlook with futures at -10 with romaine bostick. affirm he has been wonderful. what have you got, romain? romaine: let's start with some of the biggest movers premarket. twitter getting beaten down in that political vortex. a lot of folks are saying, once you start getting live events, this should help twitter and make up for whatever loss they might have on the political side. pelletier actually getting a downgrade to sell. this was a big direct listing last year. the shares almost tripled at one point. right now, of the eight analysts we track, only one has a buy rating for it. on the screen, we should point out expectations were low and they cleared a high bar. on fire right here, getting a price target, arrays of about 120. lisa: i want to be clear. tom would not feed his dogs chewwie. he gets something home delivered every morning. tom: i got a personal think you note from the leaders of chewwi e. i want you to cut it off and go right to affirm. i do not get fired up about the tech ipo world of romaine bostick, but i am here. t

i am back on this program with romaine bostick. ine: you said some of the weight coming off of the s&p this morning, and part of that is because of intel. we got earnings yesterday, a debacle of a rollout. the new ceo has not taken over yet. that will happen in february. but he did make an appearance on the call. financials were looking good. he gave an outlook for the manufacturing of capacity and the manufacturing strategy for intel, and he made it clear, intel is a chipmaker, with emphasis on maker, and they will continue to make chips. investors did not want to see that and fill maybe he should go the outsourcing route, farm out some of the problems they have been having internally, and that off to a taiwan semi are some other company to do it more efficiently, cost-effectively, and investors did not get that. that is probably why you are seeing the softness in the share. long-term, they will continue making chips. and ibm another company with a relatively new ceo and facing some issues. tom: i enjoyed losing money on ibm long a

tom: a big earnings report today, romaine bostick leading it. looking forward to it. right now, away from gamestop to someone who has to deal with volatility and confidence of our market operations. from wells fargo asset management, for years they have been strong in milwaukee and in wisconsin. i want to cut to the chase. how do short bubble delta gam a vortex full over into the -- gamma delta vortex move over? >> my concern is that institutional failures would not be good for the market in general but institutional players know what they are doing here and the retail investors could get hurt and it's not good for the business long-term. we want people to be comfortable investing, whether it is investing their own money or allowing us to help invest in the future of their money. that's what concerns me about that for the long-term. for the near term it creates more volatility. our managers are used to dealing with this and it is fairly mayor -- narrow right now, though i agree with the concerns of others. i worry about the spread of it because mostly we have seen som

romaine bostick, we will drag him out with some of those stories as well. we are focused on washington, but really trying to focus on the markets as well. kevin cirilli, stay with us on radio and tv, really leading the way into the washington evening. kevin will join us here in 15 minutes or something. we are talking to his people right now. brian levitt is at invesco, their global market strategist. he joins us. is the weak dollar trade done? it is not done from a longer-term perspective. in the near term, everybody got on board with that trade. he started to see some optimism from the united states with the vaccine rollout and potential for a better economy amid additional fiscal support, so interest rates have gone up a bit in the united states. comparedifferentials to the rest of the world have improved in the u.s.'s favor, the dollar catches a bid, but we need to remember that long-term, u.s. policy is likely to be accommodative for the foreseeable future, and is set forward to bring forward a significant mount of stimulus. the fed is not going to tigh

jonathan: tell us who did this to romaine bostick. tom: he's the only one that is betting against continuing. romain: i'm rich. [laughter] they brought me on to talk about microsoft, walgreens, and a bunch of other stocks no one really cares about. we talk about not only the moves in gamestop, but the after our moves. i was on air when elon musk had the one line tweet about gamestop and it took off. about doubled in premarket trading. there is a bigger story here. it's not just about pajama traders and the folks on reddit duking it out, this is about big dogs duking it out with big dogs. melvin capital, sure, yeah, there was a group of individual retail traders who went after melvin capital when they needed help getting bailed out, but there were a lot of big players, people who were long on gamestop and they were long on it because of fundamentals. did the fundamentals get you $200 to $300 a share? probably not. tom: looking at the premarket, it's all the same. gema, delta, theta, whatever they taught us years ago. when you end up los

caroline: we should just be promoting romaine bostick. 20 years. 0th anniversary today of him being at bloomberg. caroline: how are you celebrating? romaine: underground party. joe: turn off the camera. romaine: don't tell de blasio. joe: this is bloomberg. ♪ ♪ emily: i am emily chang in san francisco. coming up, retail investors at it again. bidding upstairs -- up shares of gamestop. this after robinhood calls in a one million-dollar lifeline following my interview

why don't you bring in romaine bostick who is interested and ready to go. this is serious stuff. jonathan: premarket prices, only one place to go to start. romaine: it is all about gamestop. it is up 140%. there was a brief chill that went through the market. gamestop dropped all the way down to $311 in the post market. this morning it got above $500. right now sitting up above 32%. $460. we should point out that you wake up in the morning, the old days he's to check dow futures to see what was going on. now you look at the reddit boards, this is what they're are talking about. gamestop. sundial growers, a penny stock of a cannabis company is up 61%. amc up 6%. it was up 300% yesterday. forget gamestop. tom: you are on in the afternoon. there is long and short. the behavior of the short squeeze is different in the morning. what did you and joe weisenthal observe yesterday? what was the behavior of the long crew? what was their behavior yesterday? romaine: if you want to good microcosm, look at the price action. you started to see a significant selloff in some of these names. as so

romaine: i'm romaine bostick. on wall street, record highs.oe: the question is, "what'd you miss?" caroline: no matter what your political leanings, today is a historic day. joe biden, sworn in as the 40 sixth president. it was inauguration day, but much different, i heavy security presence, social distancing, masks everywhere. the scene at the capital couldn't be more different, juxtaposed to what happened two weeks ago when a pro-trump mob stole -- stormed the building. biden faces a raging pandemic, struggling economy and social divide across large parts of the country. today also holds significance for the republican party. former president donald trump departs, doesn't attend. let's start with the biden administration. joe: joining us now with perspective is bloomberg opinion columnist robert dirge. robert, a very different image than what we saw just two weeks ago with that violent insurrection at the capital. -- at the capitol. what was your take on the tone, the incident clearly acknowledged in the speech with biden also attempting to

. >> i'm romaine bostick. everything closing out a record high today. joe:joe: the question is, "what'd you miss?" caroline: we take a beat, we take a breath. stocks and power that might surprise some people out there considering the pictures we saw 24 hours ago. this though is nothing new. over history, there has been various examples of protests and unrest has not caused major indices to lose. markets choosing to focus on finally some sort of clarity and certainty amid the chaos. joe: in d.c. yesterday, it does not scream clarity per se, but we seem to be getting closer to something of a clear idea of what the next administration and senate makeup is going to look like. but who knows what's really going on, other than the fact that stocks are going up in a straight line? here's the last five days of the major indices. the blue line is the blue line is the small caps. that makes sense. then you look at a day like today with the nasdaq rallying 2.5% and people piling into tech and momentum names, so everything goes up. romaine: when you talk about small

with more on what we are seeing, romaine bostick. romaine: yesterday, all the talk was whether the fed or a regulator would take the punch bowl away. it turns out it will be the brokers taking away the punch bowl, or they will start checking wristbands. interactive brokers is the latest the bit curbs on treating -- trading with blackberry, gamestop and others. interesting move, not only with a-shares themselves, but look awaiting the options -- but liquidating the options market. we saw yesterday from charles schwab. robinhood is also curbing trades as well. they are trying to clamp down. take a look at where we stand. gamestop was up over $500 in the premarket. it opened lower. came back to 22%. a similar story for amc, which opened down 40%. they have not climbed out of the hole yet. bed, bath & beyond had not been stamped out. it dropped 29% or so at the open, remaining down. but just because these stocks are going down, and traders are getting shaken out, does not mean they are going away. flip the board and take a look at where t

romaine bostick, your thoughts on the move. main: you talk about some of the biggest volume movers. united reported a loss for the quarter, worse than expected. full-year, $27.57. more importantly, the company trying to get investors attention after 2023 when they feel like they can get back to pre-covid financial levels. paypal, upgrading stock. crypto going to pay off. tom: come on. romaine: i don't know if you have been keeping tabs. tom: where are you one bitcoin? we know how ferro and lisa feels. help me here. is it for real? romaine: it is down on the day but some say that is the entry point for you, tom. [laughter] you have to be in it to win it. tom: please. romaine: pr headsets. tom: killed it. lisa: [laughter] romaine: basically a precursor to something more advanced. viewers and listeners can take part. flip up the board. i was looking at this. remember the bellwether stocks? you remember, tom. it used to be synonymous with the start of earnings season. people still pay attention. they came out with earnings. they wer

romaine bostick has been covering this all day for us. certainly this was not just institutional, not just retail investors today. there was institutional money moving around, but it's astounding to see robinhood turning things off essentially and other brokerages too, could have such a big impact. fontaine: we saw e*trade, interactive brokers, pretty much all the major ones flip the switch off. robinhood is going to flip the switch back on, at least partially. so some folks can get in or out. it will be interesting to see how that plays out tomorrow. the interesting thing here is that robinhood making it clear in its own language that this was not done at the behest of market makers. we have the coo of interactive brokers on our program a few minutes ago and he also said he was not under pressure. there's a lot of reporting that seems to be contradicting that. it's something we will have to parse as to whether there was pressure from the people who settle these trades and carry the risk and whether there was pressure from regulators on r

tom: romaine bostick, do you know what the short interest is on gamestop?omain:e remember, we were above 145 at the start of the week. that dropped below 100, believe it or not, at some point this weekend that was the bear correction. it is back higher right now, 123%, but when you look at the microstructure of the market, you are still seeing about 35%, 36% of the trade commune at that ask price. that gives you some sense of where we might be going, 19% coming in. that structure is more in favor of the bid than what it was earlier in the week. lisa: we have been hinting at it all morning -- can you give us a sense of what led to robinhood shutting down trading? what were the collateral requirements? romaine: there is the official word you are getting from robinhood, basically this is a decision we made our own to protect investors. there is reporting from bloomberg reporters this was about the collateral, the clearing, and the idea where there was a lot of concern. you're talking about two days in some cases per there was a lot of concern volatility was to

we may get there by romaine bostick's show this afternoon. lisa: which you are going to plug because he's doing nothing solid. i find it interesting what mark mccormick of td securities had to say, which is that the mobility data is tracking the vaccination schedules. as vaccines get this trip he did more quickly, we see people move around more, and this is -- get distributed more quickly, we see more people move around, and that is positive for oil. tom: welcome to all of you. i will give you the statistic i saw yesterday. good morning to san francisco, on bloomberg radio in their early-morning. it was the difference between mask wearing in san francisco versus mass wearing -- versus mass wearing in los angeles. a huge difference. why? what is the cultural imperative that gets you to that? lisa: we have seen that all over. why is there a cultural difference in something that seems more medical than a matter of opinion? tom: again, looking for political headlines as well. steven wieting is with citigroup private bank, and he joins us this mor

romaine: i am romaine bostick. taylor: and i am taylor riggs.ine: tech is leading the way higher on both sides of the atlantic. investors keep betting on a stimulus boost. tech firms led gains in europe as the market reaches its highest 11 months. the dollar has weakened. the new president used his inauguration as a plea for unity. how the policy agenda could put that goal to the test. the economy by inherited. u.s. jobless claims filing slightly last week with nearly one million americans out of work.

. >> joining us now is romaine bostick, who's been following the market moves all day long.edge funds that started this pulled out of their position today. bankruptcy has been discussed. meantime, nothing about the fundamentals of gamestop. to my knowledge have changed. how did we get here? >> this all started to fundamentals. you go back to 2019 and michael berry making a long dead on this company, the idea that it is less than $10 a shares, undervalued. a lot of other people came into the stucco and long with the idea there was a rebound here. the short-sellers appeared on the scene enforce. once they got involved and made the positions public, that seemed to enrage a certain sort of corner of the daytrading community. particularly this group on wall street on reddit who basically very openly said, we are going to blast it. you have a stock here that had a large short interest, a small flow, and a very active call option activity to help push the price up. you are looking at the volume of gamestop shares, which have eclipsed. names like facebook. names like tesla, which re

tom: in the research combine, romaine bostick and the equity markets and now i need economics, michaelee's purview. barrelmorris said $60 a on crude late this year. what does that mean? michael: it is less the level then the change of the level. how fast does it go up and how fast does that translate into headline inflation from oil. how fast does it get into gasoline? we have seen this move to the suburbs during the covid crisis. maybe we will buy more gasoline in 2021 and then it becomes a bigger part of household budgets. it is also headline inflation. we know oil prices go up and down. unless there is a breakout and it happens quickly, the fed will probably look through that. , we will get into the month's last year -- the months last year when we saw the economy collapse and we sought deflationary numbers. those will father of the cop -- of the cap conditions. -- of the calculations. lisa: thank you for being with us. we will have you back on shortly when we get the jobs numbers we will get in about 10 minutes. we want to get a view on what to expect with those numbers. julia coro

seriously, this afternoon, tune in with romaine bostick and the rest of the team, starting off an importants for microsoft. right now, matterhorn buck -- right now, matt hornbach joins us from morgan stanley. i want to go to your wonderful paragraph on the real yield. we sort of ignored the real yield here for weeks. right now, -0.13%. what is the distention of the next 30 days you say of the real yield? matt: making sure we do the right thing at a certain point -- but i will try. the real yield is extremely important. if we just look at what happened in 2020, you had a scenario in which the fed was keeping its foot on the neck of nominal yields, but meanwhile, you needed an outlet for the v-shaped recovery to play out in markets. it wasn't going to play out in the nominal yield. it had to play out in the break. breakeven inflation rates were rising, and nominal yields were stable. that obviously put downward pressure on real yields, and that was key to the performance of a lot of markets around the world, including the equity market, including the currency markets. that was one of the main

let's get to romaine bostick with our stock of the hour. remain: great interviews there. have to give the people what they want. what they want is gamestop. we can talk about the wisdom of the crowd support, upward thousand percent. more than 1000% over the last six weeks in gamestop. you see it on your screen. i will look on the side. you see that mother of all short squeezes is going on. this is not just combined to gamestop. there is a huge tug-of-war going on between a lot of the retail traders who are making bets on stocks that they think, or they feel should go higher here. the general idea here is look for stocks that have low flow, look for stocks that have high short interests, in relatively active options that you can exploit to try to push the stocks up. we have seen that reflection -- reflected in names like afc. you see that reflected in names we have not talked about before. the tootsie roll's of the world to name a few. we have a board that you can look at. but what you are seeing is this playing out across the board here in the options markets. you can see

. >> scott minerd speaking to caroline hyde, and romaine bostick. it's a day of reckoning for jay y. lee, who will be sentenced later monday. the ruling can reshape the electronics giant and the rest of conglomerates. the details ahead. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >> jay y. lee will be sentenced later today on a bribery charge in a ruling that will have ramifications not just for him and his company but all of south korea's conglomerates. always a tech reporter -- what are we expecting from today's trial? >> today's the big day for jay y. lee so you will find out whether he goes back to jail or remains free. this is a trial r