what is the broader outlook for softbank?orter: the thing is, it has become much clearer the stock market is crucial for a recovery in softbank earnings, and we will really have to see if there are any details of the cost-cutting effort that softbank unannounced, this will be very closely watched, because there were not many details yesterday. we have to see the asset sales, which will include fortress, and all these cost-cutting efforts, work its magic in helping the company's earnings recover. we will see. >> here is a quick check of the latest business flash headlines. galaxy digital second-quarter loss more than doubled to around half $1 billion. the poor performance was mainly due to unrealized optimism. however, they did report a position of $1.5 billion. they see bitcoin trading in that range for a while. >> we will get through 30,000 on this move up. we will see. i am doubtful. i think we will be in this range now. 20,000 or 30,000 range for a while. >> heightens government scrutiny. the company spent just $33 million

softbank reporting a record loss.ad is now the group will be buying back after 6.3% of their shares for ¥400 billion, about three -- 300 billion u.s. dollars. the announcement of another buyback from softbank. it has suffered from the pressure on its portfolio. that is the redhead from softbank, the earnings and the conversation there from masayoshi son. another redhead focused on india seeking to oust chinese firms from its phone market. we will try to get more details for you from that. we know two of the lower cost chinese firms count india is a large market. let's dig in to the coming week. the energy crisis emerging as a key theme this burning season. what are you looking for? >> we are starting with saudi aramco, the largest oil producer at the end of the week reporting on sunday. we know from bp and shell that have already reported that earnings will be huge. that is a given but it is the capital expenditure after the small opec increase that the market will be looking for. and we also have the german energy pr

our reporter has been covering softbank and she joins us in tokyo.ng for some pretty bad numbers? >> the bottom line figure was way bigger than analyst estimates that we have been seen because softbank had aggressively marked down both its publicly held and privately held assets. the other surprises included the news of the extra share buyback program. it already had a one trillion yen buyback program, and another 400 billion yen buyback. the announced commitment to huge cost-cutting, he said will include potential cuts in headcount. the details will be closely watched going forward. shery: he detailed problems, missteps in his portfolio which was interesting for an investor of his caliber. what are analysts saying looking at that and what do we think the outlook will be? >> he sounded pretty jarred when he was releasing all of these numbers. the response from the market so far, the market has not opened yet, the responses are pretty negative and analysts are saying that the results are mostly full of negative surprises. citi wrote there is no sign o

alibaba is obviously the first when you sell, the second one is softbank's telecom unit, the softbankrporation which is very easily -- it is very easy to build off their access, it is telecom and fairly defensive. another name they can potentially resort to selling. if they do sell at they want to have access to the cash flow which is an issue for them. what is happening -- go on. >> i want to pick up on something you are talking about. as we see interest rates go up, we see the euro of cheap money coming to an end. --era of cheap money coming to an end. how does this affect the [indiscernible] economy? they are not making as before. >> talk about the diversity of the portfolio, they bought uber, doordash, you did not see that much diversity in the names they have accumulated. big stakes, coupons, obviously, alibaba. if one does believe the economy will slow down, i think we have seen a bit of a tailwind on some of these names. the opening of the economies in the post lockdown has left a recovery in earnings and that is why they push shorter. over the longer-term, you are right, are t

. >>> softbank with a net loss of 3.1 trillion yen with almost three quarters of that in the division fund arm as the group confirms it exited uber. >>> shares in siemens slump with a quarterly loss it reviews the russia business no technical justification behind the cuts. >> we have no major announcement from the breakdown of operations this is why i cannot reconcile a technical reason for the supply of gas. >>> and moody's cuts the italy outlook to negative with the political volatility in rome the center level is falling apart ahead of the key general election >>> good morning welcome to another trading week. european markets digesting the strong payroll report of 528,000. almost double what the market considered very strong number the unemployment rate also lower. coming in lower heexpectations a recession defying number that reaction so far across markets has been positive. stoxx 600 today is all trading in the green as far as the heat map is concerned the index is up 5 percentage points the week as a whole, the stoxx 600, down .60% starting off on a better foot. this is the brea

there are some big flesh wounds in the softbank portfolio.uch more of -- how much more of a bruising will it take in this quarter report? >> that is what we are going to find out later today in softbank's earnings. unfortunately, it is not looking great because softbank has been reporting poorly. the june quarter was the worst performance since 2008. we are not expecting any positive numbers when it releases earnings today. as you said, the privately held companies are also expected to be facing some valuation losses. but there's less visibility on that because softbank does not disclose a lot of information on that. any details about privately held companies will be closely watched later today to see how much of the damage it has incurred on earnings. dani: we are looking at not just this quarter but perhaps further out, the rising rate environment. what is that long-term outlook for sapphic like with all the tech holdings at the moment -- for softbank like with all the tech holdings? min: there are a few analysts that expect bottoming out i

tech makes a comeback better than expected results what the quarter signals for the overall market softbank struggles continue. we will discuss what that means for how investors are thinking about a tech rebond. bed, bath and be gone. short term stay. ditching the shares as well this morning. is the meme rally over david, kick us off. >> yeah, i don't know. i don't know over for today, at least starting with cisco, that stock as you see, sara just told you, up 6.7%. the company reported fiscal q4 results that were a beat on the top and bottom lines although revenue did decline slightly now, last quarter, cisco stock actually was down sharply. this after the company warned about the impact of the war, of course, between russia and ukraine, and even more importantly, perhaps, at the time, trouble it was something in the supply chain due to lockdowns in china because of covid. the drop took place in the middle of that chart there, in the middle of may. different tone this morning when we spoke with ceo chuck robbins on "squawk on the street," we talked about a lot of things, including, i asked

from softbank.what we are sitting across the markets. >> just taking a look at what we are seeing in the bond space this morning. we did have those very strong u.s. jobs numbers on july. that set off the chances of the 75 basis point move from the fed back in play here. we are seeing a shorter duration jumping here. also, the long and as well, reflecting these concerns that the fed would hike spot far enough to trigger this possession. let's see what we are seeing in the equity space. stocks really facing some headwinds here. the other factor is the china's trade data we had. we have exports and growth jumping around 18% in july. a very strong reading but still, some headwinds facing the chinese economy as well. we have the growth in the property sector as well as the ongoing covid flareup. let's look at us after we are watching in australia. this is what the company rejected here. a take over from bhp that had valued the company at $25 per share in cash. that is a significant undervaluation and it

stay with us. ♪ shery: we're looking forward to softbank earnings and traders are bracing.tion at this point is a a net loss of $3.1 billion for the quarter that ended in june. there investment coming under scrutiny now. we know holdings include doordash, wework, coupon grab, they all suffered and they follow a key metric, -- haidi: incredible that softbank continues to not be able to catch a break even as investors cycle back into technology stocks and earnings recently have been positive. the alibaba effect. primary listing attempts in hong kong added a little shy into that part of the holdings but when you look at other pressures, operational pressures softbank has been under, a talent drain as well adding to all the pressures to deliver. they are losing a growing number of top executives at softbank and more responsibility on the founder's shoulders as we see the outlook generally for the japanese conglomerate turning dark. the total number of top-level departures from vision fund is at least 10 since 2020 so he's kind of on his own as he tries to plot a new course back

>> the seller is softbank.y plan to sell some or all of it so five shares in the filing with the sec and i just checked it out and softbank has a 10% stake in sofi . reported earnings the shares have been rallying and it comes after softbank reported $23 billion reportedly lost in this morning also exited in the prior quarter so the latest that softbank is trimming and it looks like they're selling at least some of the shares. >> raising money is softbank announcing it lost $21 billion last quarter. and it could be 19 billion for you. you're a san diego fan and the beloved chargers play in sofi stadium and los angeles but it's just softbank raising money. >> that's how we have to look at it. i would not look at this specifically. >> sofi is not cutting it is softbank and they own a lot of everything. >> it could affect the stock in the near term. at the same time if it will be a near-term issue, as a long-term investor, i don't think it is necessarily a sofi issue . >>> moving on, the i shares clean energy etf

>> so softbank's vision fund owns 25% of arm.uk-based chip company it's massive and it provides the blueprints for a lot of mobile phones all around the globe and originally softbank said that they would do a dual listing in london and new york. just a month ago, softbank said they would halt the london listing because of the drama within politics in the uk and so i asked rene, the ceo of arm specifically about this and he said, this is just salomon smith barney i'm reading too much into it we are in the process right now and he can't comment anymore which mean the nasdaq could still be in the cards and it would be one of the biggest ipos that we've seen in a while especially given how tough the market is. >> kristina, enjoy san francisco. >> thank you hard not to. >> grab a jacket coming up, three-stock lunch is live in in person. ty, we have a special visit from jeff kilberg, and he will join us in studio to share his top picks right after this - hiring is step one when it comes to our growth. we can't open a new shop or a new

shery: what does this mean for the outlook for softbank?has faced so many different challenges. >> right, some analysts do say these people can ultimately be replaced, but it does highlight the continue challenge softbank faces, and this adds to softbank's growing troubles especially at a time when global stockmarkets are performing very poorly, which is a giant blow to softbank's earnings. many say there is not a way vision fund could manage a turnaround without a global stock market rebound, which is beyond your control, so there is a lot of attention focused on something, a number of challenges -- soft bank, a number of challenges. shery: coming up, women make up a very tiny portion of board space on the nikkei225. our guest discusses the obstacles and what needs to be done next. this is bloomberg. ♪ shery: according to data compiled by bloomberg women held 32 more seats on the board of nikkei225 companies and the second quarter up from the previous quarter. despite this improvement the flow of women into boardrooms in japan as were made

masa son saying softbank needs to go into defense mode. layoffs could be ahead to raise cash the fund sold uber and open door. here is a quote from masa son. when we were turning out big profits i became somewhat delirious. looking back at myself i'm quite embarrassed and remorseful julia, before we had cathie wood there was masa son who believed in these high growth names betting on innovation and that bet, at least up through june, july, july, june through june through june was not a great one. >> yeah, i mean it's just so interesting, jon, thinking about how softbank and masa son's approach to start-ups and investing in some of these companies' growth at any cost flooding the market with cash really impacted so many different pieces of the ecosystem and now as you see him sell his shares at a discount last week, we'll start to see more of the pieces of the puzzle sort of fall apart here. but i really think that he played this crucial role in pumping up parts of the tech sector that maybe shouldn't have been. >> and private equity on the

softbank sold stake in uber and opendoor softbank shares with the loss and up in tokyo trading.stock two is berkshire the company reporting a $44 billion loss in the second quarter as its stock holdings also tumbled in value. berkshire did generate more than $9 billion in operating as gains from insurance and railroads offset losses at geico the company slowed purchases of stocks it still has around $105 billion in cash to deploy. finally, cvs health. the journal reports it will make a bid for signify health it is including a possible sale. initial offers were due this week signify up 18% pre-market. >>> on deck for the show, inflation data is front and center this week we get you ready for the cpi and ppi report. >>> if you haven't done so, follow our podcast if you miss "worldwide exchange" check us out on spotify or apple or your podcast app of choice. "worldwide exchange" in audio format we'll be right back. >>> welcome back to "worldwide excha exchange." we have a very busy week ahead here is what you should watch for. earnings today and aig and t2. on tuesday, coinbase and

haslinda: what is the outlook for softbank?ompany that has been moving top talent -- losing top talent. >> it is one of the other challenges softbank is facing. there could be a potential announcement later today or in the coming days of new positions being filled, that is another key thing to watch out for for sure. but for the company's performance, the fortunes are closely tied to how the stock market performs going forward. it is very closely tied to key index performances like the nasdaq. it is something that is beyond softbank's control. we will have to see what they have to say about the outlook later today. rishaad: vision fund and focus. what is the perception of this company? it has changed quite a bit in recent months. >> right. a lot of questions about the future of the vision fund, especially because of his poor performance -- its poor performance and departure of key figures. apart from the fact that we have to wait until the stock market rebounds, there's not much that softbank can do. a lot of people speculating

xfinity. >>> look at shares of sofi, falling down 8%, after softbank says it will sell all or part of its 9% stake in the company. meantime, sofi out with news of its own, announcing the launch of two new etfs, sofi web 3 and sophi smart energy the ceo, anthony noto, joins us here on cnbc it's good to see you, anthony. i definitely want to talk etfs but i feel like we have to start on the stock move and the softbank news which is overshadowing things what do you know about this sale why, any conversations >> i really can't comment on softbank's decision to drive liquidity. those results speak for themselves, as to sofi's results. we've been able to deliver record revenue the last four quarters in a row, really strong positive ebitda. our first gaap profitable quarter for the sofi bank in our first full quarter there and strong growth in members and products accelerating. what often gets overshadowed is our technology business that accelerated. so we had a strong quarter in terms of our operating metrics, and validates our strategy to be a one-stop shop and diversification of our busin

emily: you got a huge capital infusion from softbank. is this you putting that capital to work? else will we see you putting that money to work? vishal: we did get a huge capital infusion from softbank, and making homeownership more equitable while driving or business is the most wonderful innovation we can hope for. so, this is at the cutting-edge. by partnering with palantir, what we were going to do in five took 10 years, we have been able to leverage our softbank capital to actually make live this year. emily: i have to ask you about the macro picture it has been challenging for a lot of companies. in the last year you laid off 9% of the company, 900 people you laid off via zoom, then an additional 3000. i know you got a lot of heat for that. when you look back on that, what do you think went wrong, what would you have done differently? vishal: i think we get a lot of things that were very wrong. i should have handled the layoffs with more care and more empathy. we were very lucky that, because of the fact that we are a digital mortgage company, and a digital homeownership p

. >> and softbank now known for -- more known for huge losses, but you have to have huge gains to getyou can lose that kind of money. >> and it goes back to the wework thing now some wonder if wework the new version, 2.0, will have some staying power in this economy. >> we shall see. of course they lost mario as one of their key executives over there. i'm sure they'll miss him. thanks for watching "power lunch," folks. >> "closing bell" starts right now. we'll see you tomorrow >>> an upbeat start to the week has faded throughout the session. major averages wavering between gains and losses as we head toward the close the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen the dow now is barely positive s&p 500 down a quarter of 1% technology is underperforming. information technology the worst performing sector. that's what's dragging the nasdaq down about a quarter of 1% the semis, nvidia's warning, we'll hit on that in just a moment but that is taking its toll small caps doing well, up three-quarters of 1% today

is this a self i story or softbank story? >> more to do with softbank.ke and lowered it much more levels than here and they may sell some or all and i guess if you're in the business of buying stocks you don't want to get in front of buying the stock where the largest shareholder has suggested and i like the company and management and i was buying it last year at much higher levels and now i don't really want to step in front of this. it's a hat size and will get better. >> turning to travel >> my hat was 7 3/8. >> norwegian cruise lines plunging after missing the top of the bottom line. it doesn't expect ships to return to pre-pandemic occupancy until next year. >> this one is of particular concern because you send the consumer move away from goods to service and travel and they are struggling with the tailwind. you layer on the fact that they have not doubled their debt balance for the whole pandemic situation and there's likely more pain ahead >> is into with the irving to report down 26% and shares were down in the regular session after announcing th

pointing out softbank bought at the top yet again after throwing $38 billion into 183 companies just softbank is expected to report billions in losses from its two main start-up funds last month after posting 27 billion in losses for the fiscal year ending in march. tomorrow, jon, we'll get to earnings from alibaba, one of their holdings expected to report first-ever revenue decline along with jobless claims this busy week keeps on going along with corvo and the like. let's get to the judge and the half. >>> carl, thank you very much. welcome, everything to "the halftime report. i'm scott wapner front and center this hour the great debate stocks rallying nonetheless which begs the question can they keep surging if the fed keeps hiking we will take that to the investment committee today joining me for the hour, kari firestone, degas wright, mr. wonderful and joe teranova with me on set, let's check the markets. got a good day for the dow up 3% and the s&p better than that, nasdaq outperforming today, 214. there's the yield on t

japanese textjohn softban sees the japanese textjohn softbank seesit the japanese textjohn softbank seesompany alli babar. it marks a step back from the huge investment made in thousands by the chief executive. ali barber is one of china's biggest countries but has lost a third of its profit hit by the beijing crackdown on the tech sector. the 1970s exodus of ugandan asians is well documented. they were fleeing persecution at the hands of the then ugandan dictator, idi amin. he ordered them to leave the country within 90 days and accused them of milking uganda's money. thousands were displaced, and many forced to emigrate to the uk. among them was manju patel and her husband who arrived in london with their two young boys. now 85, manju has seen her dream come true and today, she and her sons run one of uk's most popular and award—winning indian restaurants. gaggan saberwal has their story. meet 85—year—old manju patel. manju owns and runs one of the uk's most popular gujarati restaurants. her restaurant, manju's, is located 48 miles south of london, in the city of brighton in england. b

they have sold about a third of their stake -- softbank has sold about a third of their stake of alibaba. >> that is a concern in some of the tech valuations in financial stability. there are reports that we have seen sale of derivatives raising $22 billion in cash which will help softbank's balance issue. analysts say it is more of an approach, then having a shot reaction -- a shock reaction. let's split the board. we are expecting to see a quarterly decline. we have had regulatory crackdown, u.s.-cina -- u.s.-china relations weighing heavily. they still see the stock as a by and undervalued. manus: certainly, goldman-s are shifting their view as well. you have alibaba boosting broader equity, you look at imagery from cctv about military exercises over taiwan. it does not look as if we are de-escalating. >> we are not. you're continuing to seek weakness coming through in that taiwanese market. down about four tens of 1%. pretty flat on the dollar. overall, it is a much bigger picture. when it comes to taiwan dollar -- we could see further pressure on this currency. there is relief that

the move marks a step back from the huge investmest made in 2000 by softbank�*s chief executive.hirds of its value from its peak in late 2020, hit by beijing's crackdown on the tech sector. a bbc investigation has revealed systematic abuse and torture inside russia's prison system. former inmates have spoken to the bbc about being raped and tortured. leaked footage of the abuse was circulated by an insider last year, and now victims have told the bbc why and how it happens, and how they're fighting forjustice. the bbc asked the russian prison service for a response but has received no reply. our correspondent oleg boldyrev has the story, and a warning that you may find some of the material in his report is disturbing. in 2020, this prison protest in siberia ledger hundreds of inmates being rounded up. human rights activists say at least 300 of them were then beaten and tortured. dennis was among them. what happened still haunts him. �* ,, �* them. what happened still haunts him. �* ,, �* haunts him. translation: the rison haunts him. translation: the prison officers _ haunts him.

i think softbank is using that light. >> it is a cash call. i think they netted a lot of money in 2021. of course, the background here is they hold a sizable chunk in alibaba. you can see that on your screen. 13 billion is what they did last year. 22 billion was the overall figure as far as that goes. that is according to the fbi t. it is still them reducing their shares but maybe less so of an impact when it comes to the price of alibaba itself. you to understand why they are taking money off the table right now given that shares have been struggling to get above 100 and softbank has its own problems in terms of meeting funding. >> absolutely. this is partly dental oil prices and a bit of overleaf there i would say. we have brent crude here. this is the worst week since 2020. is it down to demand? that is part of it. let's not forget that u.s. gasoline consumption has softened and at the same time, stockpiles and he was moving to the upside here. all those things probably to the downside. >> yes. tonight, we will see what happens to the iran

with this information from softbank and the macro economic headwinds. and off of jobs on friday and wage growth the lowest it has ever been. >> there has a been in decline in commodity prices. we saw that decline and there has been a spin and a decline. there is a hope the fed is going to be finished and that is driving stocks. i think if he looks at this bill in the semi conductor bill, he would be nuts not to add interest. he needs a shot across congress and he can't keep doing this with the inflation reduction act. >> it is 300 billion over time, i believe. >> right, i am skeptical. i'm not going to say they are liars, but i am skeptical. >> and i think the unemployment number was so high that the fed needs to step up. david, we can't be this hot without endemic wage inflation, we can't have that. >> by the way, we look like we are going to open higher. >> from the little that we kno , they just split it, i would say. but the futures were down, i would say. capitalism loses and if you are and environmentalist -- >> you are right. >> nothing positive

softbank will fall to under 15% at the end of june. disney is raising the price of its flagship disney plus streaming service by 38%. that's part of a plan to build on third-quarter results that based estimates failed and soups are progrowth. disney will introduce an add free option and raise the price to $11 per month. quarterly profits that beat estimates. demand for products helped whether supply chain challenges and flood a smartphone demand. the company which makes sony playstation's used its sales to negotiate better deals for customers and suppliers. sampson unveiled the latest generation of its foldable devices. the new gallon see -- galaxy fold flip four has 45% more visible display. it has a hinge and upgraded cameras. while the flip four has an updated battery and bigger storage of up to 512 gigabytes. samsung holds steady despite surging costs in materials and shipping. shery: u.s. futures are struggling for direction in the early asian section. we saw losses earlier. those are paring back after the s&p 500 rose to the thre

softbank was hit by the down turn in the tech sector. and finally, meituan it will sell the bulk or all of the $24 billion stake in the company to apiece chinese regulators >>> now to the latest developments in the tensions over taiwan. chinese military announcing it is resuming drills in the waters surrounding taiwan after more u.s. lawmakers visited the island following the visit from nancy pelosi eunice yoon has the latest from beijing. >> reporter: good morning, frank. china's foreign ministry said that taiwan independence forces will feel the counter attacks by beijing in the wake of the congressional delegation led by senator ed markey. the chinese today black listed seven taiwan officials who beijing described as independence diehards. that list includes the taiwan representative to the u.s. and according to the chinese government, all seven will be quote accountable for life though they did not give specifics on exactly what that means. china also published a video as part of its military drills saying that its air force had gone

the japanese billionaire took the unusual step of establishing personal space and softbank ventures inars. that was mixing the company and executive interests that drew the ire of investors. amazon, oracle and other data providers were pressed by a group of lawmakers about how they sell mobile phone location data. companies offered assurances that the information could not be used to track them in seeking abortion services. the supreme court decision to overturn women' s federal right to abortion sparked concern that location data can be used by law enforcement in states that outlawed or restricted abortion, to prosecute people who seek reproductive care. coming up, the retail earnings bonanza next week. we take a deep dive into that, e-commerce trends and much more. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. ♪ ed: breaking news and headlines crossing

softbank moves to sell down its stake in alibaba. we will have a full roundup of of those stories.his is bloomberg. ♪ francine: welcome back to the open, everyone. 21 minutes into the european trading day. we are holding on to some of the strong gains, i would not call them, but the dax gains .6 percent. stocks cooled in asia but were pushed up by optimism when it came to tech stocks. the story of investors obsessing over corporate profits, the outlook, and they are wagering on further federal reserve interest rate hikes supported by a lot of behaving, including treasury yields. we are looking at the story frankly hourly if not minute by minute. in the last two minutes, taiwan has said that china has launched missiles in the northeastern surrounding sea. this is something that i think was pretty much expected. but if there is an escalation we will bring you anything that comes from that. some of the drills from the military, we were expecting three days of life iron military exercises in response to nancy pelosi's visit started a couple of hours ago. taiwan play down the impact on

almost all of its stake in softbank. all of this uncertainty over the chinese economy, the surprise cut yesterday, leading to a fairly flat market on the msci asia index, some of the index -- the weakness being offset by gains elsewhere. dani: thank you very much. juliette saly in singapore. let's look at some of the key things that participants will be watching out for today. in less than an hour we will get the u.k. labor data. unemployment is expected to remain around 3.8% in the three months to june. the jobs market remains red-hot through the quarter. then we will get the germany survey for august, investor confidence. that has been hard-hit by soaring inflation, the energy crisis into the war in ukraine. 12:00 p.m. u.k. time, walmart will release its second-quarter running reports, followed by home depot. a couple of other u.s. data points this afternoon, housing starts and industrial production, following the weak u.s. data yesterday. will it confirm that or be hot enough to spur more bets for fed hikes? coming up

sold it to softbank, softbank sold it to hyundai.t has it been like working with hyundai at this stage of the journey? marc: oh man, it's been great. their chairman is very forward-looking and he has a team of execs who are really excited about making the future happen. you can see how great their cars are doing in the market. but i think one of their ideas as they do not want to be an old-fashioned our company. really today you need peter science and ai and other new technologies if you are going to remain competitive. and boston dynamics and the starting of this institute are a means of strengthening that element of what hyundai is. so it has really been a pleasure. emily: also in the interview that i mentioned with the engineer at google, he criticizes and questions the power that google has over all of this technology it is developing. take a listen to what he has to say. >> we need to start thinking out why google does not care about ai ethics in any meaningful way. why does it keep firing ai ethicists any time bring up issues?

they allowed it to raise cash while having the option to buy back baba shares now softbank is givingthat right. and they call it definitive step back from a 22-year-old bet on which masayoshi son built his name what is the next baba, that's the big question here? >> he can't stay away. with the nasdaq at session highs up 2.7%, s&p up 2% that will do it. "halftime" starts now. >>> thanks, jon. welcome to the "halftime report," i'm frank holland in for scott wapner key inflation lighter than expected what does it mean for the fed's next rate hike we'll discuss that and much with karen fire stone, jason snipe and on set, jim leeben that will, joe terranova. first, let's begin with a check on the rally at this hour. stocpi

softbank says it will sell some or all of its shares in so far -- sofi. 9% state, softbank reporting record net loss as it continues to hammer its vision fund portfolio. i want to get back to markets. shares of ev makers including energy companies jumping after the u.s. senate passed a landmark bill on climate. our ed ludlow back with the movers. ed: it moved as you would expect them to. a lot of ev names, $374 billion of energy and climate spending. you look at names like tesla around 5% closing up .8%. legacy names like gm and ford. it ends the manufacturing limit on the tax credit which is something we expected. it had been negotiated and that scene is the tailwind for demand. there are price limits. anything over $55,000 for an ev car sedan is not eligible and anything over $80,000 for a pickup or suv is not eligible. this is what we have been waiting for, the government to give this industry a bit of a push getting going. not so much for the stock so far. you look at the performance of tesla versus legacy names like gm and ford, today. they are still under pressure and we are st

i think since softbank a couple of weeks ago said they would sell some of their steak, that has awfulrhang. you get more clarity. i remember when we were talking about the softbank headline and said this thing probably gets back toward its low near five dollars before it is all said and done. there is probably no big rush here on this one. >> that makes sense. what do you think about sofi today? >> look, this is clarity. this is helpful. there is a 14% shared interest in the stock that is probably higher than the last reports. i think that is a dynamic. some of the things we have all addressed our consumer credit oriented. i think combined that with a high multiple tech dynamic and it may not be all that unique relative to figure legacy players. i actually think it is an interesting business. i think as a stock, it is something -- there is no foam oh that you have actually gotten through all of these headwinds. >> fair enough. that makes sense and helps us clear out what this means for a company involved with a loan portfolio. 40% of that is student loans. >>> coming up next, time for

the softbank had one of their biggest losses ever, almost $22 billion for the june quarter i'm just curious what you make of that? obviously they have had a lot of bad bets and technology has been hammered, but what kind of ripple effect that will have across silicon valley, vc, startups, because they were such a force? >> yeah, look, i'm one of the few people that actually worked for masa i spun out zdnet, took it public under masa, sold it to c-net so i've known masa for a long time. >> that's right. >> but masa is only big bets he does nothing that doesn't have giant risk. and when they win, they win big. i remember with him one year when he became the richest person in the world next to bill gates. but when he loses, this is what happens. and i think -- you know, i think people forget that there are ups and there are downs in the market and so if you look at what softbank did, they actually try to invent a new model, which is put as much money as you can in, raise the valuations as much as you possibly can and then price out the second place person that couldn't get the money like lyft

another big week of earnings on deck with disney, softbank, coinbase , and so much more set to reportlts. our traders are watching some of the key reports. which name are you watching? >> it is a great list, disney sticks out, for the first time in a long time you can purchase disney, pretty much at a market multiple, slightly higher. 19 times the numbers next year, they will probably have close to 25% or so eps growth. it is not about disney+ but the sum of the parts. the average price target on the street is $137. >> tim, your take on disney? >> disney has weathered a bunch of hits on the other players and i think you have reset expectations. disney reaffirms 240 to 250 subs on disney+. i think the numbers are fine and the reopening trade which we are things good, the evaluation might have been a little bit cheaper. i love evaluation. find your support at $95 to $100. it is on the upside. >> what are you watching this next week, mike? >> the options market applying a move of 30%, this thing got slayed after the reported in may, we had a lot of institutional sales coming from ford in

annabelle: checking in on softbank.is the first chance for traders to react to the company accelerating this stake sale in alibaba. that took a lot of strategist by surprise, but some are saying is a good news, the sale of alibaba stock because the company doesn't pay a dividend but others say it is a worrying sign. it is moving higher. in seoul, keeping an eye on sk telecom. it's one of the companies that's been deleted from the msci all country road index. let's turn now to look at the apple supplies in seoul and tokyo at the start of trade. most of these moving high. the reason for that is apple, very confident in the outlook for the iphone, they are telling their suppliers to make at least as many iphones as they did last year. this is another signal that we are getting of the resilience of a high income consumer. also looking in on the big,. we seen the metal hitting a six week high. there are concerns around supply chain disruptions. cool inflation, another supportive factor. we are seeing some of the companies mo

softbank announced misra is stepping down from his role as corporate officer and executive vice presidentis another to watch in tokyo poised to invest around $5.6 billion for electric car batteries in japan and the u.s.. in korea, trade numbers for august later. officials said wednesday, watching korea very closely. the bok announced the second quarter gp -- gdp, the economy expanding 2.9% year on year. and, ak pop -- a kapok etf launched. >> very cool. let's get the latest business flash headlines. tencent said to divest more than $14 billion of its equity portfolio according to the financial times. a food delivery giant is among the assets in line for divestment. earlier this month, tencent denied reports it was planning to sell almost all or most of its stake with about -- meituan stake. alibaba is among the first group of u.s. companies selected by u.s. regulators for audit inspections after last week u.s. inspectors were granted access to the paperwork of chinese companies. young china and jd.com have also been selected. bytedance is planning to lower the price of its block option so

. >>> in other corporate news, japanese firm softbank posted a $23$23 billion loss last quarte. they looked to raise cash and sold stake in uber and opendoor. think about that could you lose $23 billion in a quarter and still have your job? probably not. >>> we have more to do on "squawk box. roger ferguson on the next move from jay powell and hadthe fed? >>> check out the biggest winners and losers as the market has been on a win streak tesla and viatris and solar edge technology they could do well on the bill just passed. and monster beverage and norton and penn entertainment rbat beresnd i.t. security and caonedevag go figure. we're back after this. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. become an agent of innovation with invesco qqq ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's

i think there's a lot of changes in growth investing, with softbank and lots of firms raising largernd larger funds. but that is not what we have done so i can't speak to it. emily: all right. eric vishria partner at benchmark capital. i appreciate you stopping by. we will be right back. this is bloomberg technology. ♪ emily: the biggest producer of the nickel use an electric car batteries wants to be more than just a source of resources. the indonesia president spoke to our bloomberg editor-in-chief. >> what we want is the electric cars, not the battery, the tesla we want to build electric cars in indonesia, from ford, hyundai, japan, toyota, suzuki. we want a huge ecosystem of electric cars. emily: indonesia has held talks on potential partnerships with tesla over several years but there've been no agreements. coming up, look at how funding for women led to startups has changed since the pandemic, next. ♪ emily: back to a store that has had everyone talking this week in silicon valley, writing his deist -- his biggest check ever to controversial reworking founder -- wework founder

the car trading backed by softbank has its ipo fundraising target pricing shares well below their market read. we will get to read on the korea 20 day trade balance for august. exports and imports double-digit gains in the past 10 days. so will begin its biggest joint military exercises with washington after a five-year hiatus that failed to convince north korea to make concessions. here is a check of the latest business flash headlines. berkshire hathaway approval from u.s. regulators to buy as much as 15% of occidental petroleum. rupture spend the year wagering more on occidental after first making a bet on a houston bet oil company three years ago. occidental stock had its biggest again in five months. billionaire ryan cohen pocketed a $58 million profit from the sale of his stake in bed, bath & beyond, and investment he held for seven months. he scored a 56% gain. other retail traders are feeling the pain. bed, bath & beyond shares tumbled as much as 43% after his exit. hiring asset management will be in focus when china opens for trade after the movie investor service put a release

softbank sold it to hyundai. what has been like working with hyundai at this stage of the journey?it has been great. , their chairman is very forward-looking. he has a team of execs that are really excited about making the future happen. you can see how great their cars are doing in the market but i think one of their ideas is that they don't want to be an old-fashioned car company. you need computer science and ai and other new technologies if you're going to remain competitive. i think both the boston dynamics acquisition and the rest of these are a means of strengthening that element. it really has been a pleasure. >> in that interview i mentioned with the engineer at google, he criticizes and questions the power that google has. the technology that is developing. take a listen to what he had to say. >> we need to start figuring out why google doesn't care about ai ethics in any kind of meaningful way. why do we keep firing ai at this each time we bring up issues? given your work with google, do you think google is asking the right questions for the technology it is developing?

what do you make of this and what you think of the legacy of softbank will be in spite of this?sayoshi is a resilient individual. he went from boom to bust he reinvented himself the one thing i loved about him as he has appetite for risk. his ability to forget his failures is what teaches us. ultimately here can -- he can recover from that. so, i have faith in his ability to resurrect himself. i do think he got a bunch of companies on the wrong end. emily: nikesh arora ceo of palo alto networks. thank you for stopping by. coming up, how the crypto winter, coupled with an energy crunch, bypassing bitcoin mining. more on that coming up. this is bloomberg. ♪ emily: emily: time for our crypto report, the usually volatile crypto, with a narrow range ahead of the jackson coal meeting, covering around -- jackson hole meeting. he talked with crypto share. earlier to talk about the markets impact on bitcoin. >> it has been a difficult time and i was with a bunch of the miners in miami a month ago. the mood is a little darker. the bitcoin pricing under $20,000 is not good for anyone becau

in terms of softbank, down the most since april now, off sharply in tokyo because it reported its biggest quarterly loss on record. and nvidia earnings also playing into the chipmaker outlook for asia. tokyo electron just slumping, we did see that company posting a miss. alibaba did sharply decline but has recovered earlier losses. at has laid off about 10,000 workers in the space of three months. keep an eye this morning on hong kong property stocks because the government could be waiving double stamp duties for chinese buyers of property stocks which is supported for the sector here. dani: annabelle, thank you very much. coming up with manus and me, the ark investment ceo says the u.s. is already in recession but predict we will be out of it by next year. more on that story next. manus: plus, one decade's hottest bond market is imploding, china. we bring you the big take. ♪ >> we believe we're in a recession. two consecutive quarters of real gdp declines is the beginning of that definition. three consecutive months of declines in leading indicators which we have now would suggest the sa

. >>> softbank raised $22 billion in cash with the stake in alibaba. this year, the japanese conglomerate sold about one-third of the alibaba stake contract s allow them to retain the possibility of holding on to alibaba shares the ft poibnts out that they raised shares including these contracts. >>> and richard clarida has a new gig. he is returning to pimco serving as the global economic adviser and managing director. before joining the fed in 2008, he worked at pimco for a decade. clarida resigned earlier this year after a trading scandal he was cleared of wrongdoing brian. >> if only he was a member of congress, it would not be an issue. bertha coombs, thank you >>> speaking of the federal reserve. the markets continue to be laser focused on the flurry of central bank speakers and question when they will stop raising rates and maybe start cut borrowing costs. minneapolis fed president neel kashkari said it is not impossible it will cut rates next year, but unlikely right now given inflation is nowhere near the fed's 2% target let's talk about this

. >>> sofi is under fire this morning after softbank is selling its stake in the company. shares are down 3.5% dom, back to you >> courtney, thank you >>> back to the breaking news. former president trump said fbi agents raided his mar-a-lago estate yesterday in florida and accessed his personal safe the search warrant was part of the investigation into the former president's removal of classified official presidential records from the white house to his florida residence. trump was not at home during the time of the raid as he spends time in bedminster golf club in new jersey in the summer the search is an unprecedented federal law enforcement focus on president trump after months of questions of attorney general merrick garland was pursuing investigation into the the former president a huge developing story overnight. >>> president biden will sign hr-4346 known as the chips act and science act into law today the $52 billion bill is aimed at boosting semiconductor manufacturing and research here in the united states it is part of the $280 billion package aimed at nfunding

softbank is expecting to gain more than $34 billion from selling its taken alibaba, cashing it on itsestment to shore up finances as global markets deteriorate. its stake in alibaba was 15% -- will fall to 13% from 24%. samsung is unveiling the latest generation of its devices. the new phones have a 45% more durable display, with minimized bezels, and upgraded cameras. the z slip 4 has up to 104 gigabytes and upgraded battery. take a look at apple's biggest assembly partner, hon hai. it posted quarterly profits that beat estimates, demand for its products helping it weather supply chain snarls. the company which also makes dell desktops negotiated better deals with customers and suppliers. david: let's have a look at markets. we are one hour into the chinese session and it is an up arrow story. mainland china, hstech leading the gains, a proxy of other markets like the kospi for example. similar gains there. and for the taiex. 1% higher on the s&p. 0.4% on the tech-heavy nasdaq. dow jones futures, similar gains. a lot of earnings coming through. have a look at these movers. tech troni

softbank's stepping down from his role as executive vice president after tech stocks slowed to a record loss. the founder takes over as managing the second vision fund. that's it for daybreak australia. daybreak: asia is next. we set up for the start of trading this thursday. this is bloomberg. when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all