Bloomberg Intelligence

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals, discusses Metsera declining to further raise its offer for the US maker of an experimental weight-loss drug, bringing a bidding war with Pfizer Inc. to an end. Novo Nordisk A/S decided to drop out of the running for Metsera after Pfizer matched its latest offer and Metsera said it got a call from the US Federal Trade Commission flagging potential regulatory risks with the proposed Novo deal structure. -Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses the top tech stories. Taiwan Semiconductor Manufacturing Co. reported a 16.9% rise in sales for October, the slowest pace since February 2024. Separately, Nvidia Corp. Chief Executive Officer Jensen Huang said he had asked Taiwan Semiconductor Manufacturing Co. for more chip supplies as artificial intelligence demand remains strong. -Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses Tyson Foods saying it expects profits to be little changed next year as its beef segment continues to lose money. The company's beef segment is expected to see an adjusted operating loss due to a severe cattle shortage that has driven up prices and constrained volumes. See omnystudio.com/listener for privacy information.

Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Hosts: Paul Sweeney and Scarlet Fu On this podcast: - Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses Yum Brands strategic review for Pizza Hut. - Redd Brown, Bloomberg News Earnings Reporter, discusses McDonalds earnings. - Brian Egger, Bloomberg Intelligence Senior Gaming and Lodging Analyst, on Norwegian Cruise Line earnings. - Diana Gomes, Bloomberg Intelligence Senior Equity Research Analyst, on Kimberly Clark plans to buy Kenvue. - Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, on Warner Bros. Discovery earnings. - Mandeep Singh. Bloomberg Intelligence Global Tech Research Head, on ride-sharing business. - Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, on Berkshire Hathaway earnings. - Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, breaks down Spotify earnings. Bloomberg Intelligence, the research arm of Bloomberg L.P., has more than 400 professionals who provide in-depth analysis on more than 2,000 companies and 135 industries while considering strategic, equity and credit perspectives. BI also provides interactive data from over 500 independent contributors. It is available exclusively for Bloomberg Terminal subscribers. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Steve Man, Bloomberg Intelligence Global Autos and Industrials Research Analyst, discusses Elon Musk’s pay package. Musk's $1 trillion compensation package was approved by Tesla investors, with over 75% of votes cast in favor, and he will need to realize some of his ambitions to lead Tesla to the market value and operational milestones laid out in the pay deal. -Nathan Naidu, Bloomberg Intelligence Technology Research Analyst, discusses Take-Two Interactive Software delaying the release of Grand Theft Auto VI by six months to November 2026. The delay is to give the Rockstar Games team additional time to finish the game with a high level of polish. -Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses Wendy’s earnings. Wendy’s Co. sales beat estimates by declining less than expected in the third quarter, the latest example of fast food outpeforming as cash-strapped consumers cut back on spending. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Warner Bros. Discovery earnings. Warner Bros. Discovery Inc. reported third-quarter revenue of $9 billion, a 6% decrease from a year ago and below Wall Street's estimate of $9.2 billion. She also discusses Walt Disney Co. signing a new multiyear deal to make DraftKings Inc. the official betting site and odds provider for its ESPN sports networks, replacing a venture it had with Penn Entertainment Inc. - Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses the latest with ridesharing. DoorDash Inc. shares took a record plunge after the company said it will spend more on investments next year to build new products and bolster internal tools, weighing on its earnings forecast. Lyft Inc. projected an acceleration in bookings this quarter, easing concerns about the company’s efforts to expand globally and maintain customer loyalty. - Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Under Armour saying sales might fall as much as 5% this fiscal year, a bigger decline than Wall Street estimated. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu See omnystudio.com/listener for privacy information.

Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term. From New York’s City Hall to Virginia, where Democrats picked up a gubernatorial seat, and out to California, the victories will bolster morale in a party that’s been reeling after failing to win the White House, Senate and House of Representatives just a year ago. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. For reaction and analysis, host Doug Krizner speaks with: - Jeanne Sheehan-Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor - Greg Giroux, Bloomberg Government senior reporter See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu - Diana Gomes, Bloomberg Intelligence Senior Equity Research Analyst discusses Kimberly-Clark's plan to buy Kenvue. Kimberly-Clark Corp. agreed to buy Kenvue Inc. for roughly $40 billion, snapping up the embattled Tylenol maker’s storied brands in a gamble that would vault the Kleenex producer into consumer health’s top tier. - Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, joins to discuss the latest Amazon, OpenAI, deal. Amazon.com’s cloud unit has signed a $38 billion deal to supply a slice of OpenAI’s bottomless demand for computing power. - Matthew Palazola Bloomberg Intelligence, Senior Analyst, P&C Insurance discusses Berkshire Hathaway's latest earnings report. Berkshire Hathaway Inc.’s cash pile soared to $381.7 billion in the third quarter, a fresh record, and operating earnings surged 34% at Chief Executive Officer Warren Buffett’s conglomerate. See omnystudio.com/listener for privacy information.

Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Hosts: Paul Sweeney and Scarlet Fu On this podcast: - John Butler, Bloomberg Intelligence Senior Telecom Analyst, discusses Verizon CEO’s Strategy - George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst on Boeing Earnings - Anurag Rana, Bloomberg Intelligence Technology Analyst, recaps earnings from Microsoft, Meta and Google - Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst on Caterpillar Earnings - Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, on UPS Job Cuts - Tim Craighead, Bloomberg Intelligence Global Chief Content Officer, to discuss latest European Earnings - Peter Werner, Chair of Cooley's Business Department on the Future of Work, considering the acceleration of AI Bloomberg Intelligence, the research arm of Bloomberg L.P., has more than 400 professionals who provide in-depth analysis on more than 2,000 companies and 135 industries while considering strategic, equity and credit perspectives. BI also provides interactive data from over 500 independent contributors. It is available exclusively for Bloomberg Terminal subscribers. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu - Anurag Rana, Bloomberg Intelligence Technology Analyst, discusses Amazon Web Services generating $33 billion in revenue, a 20% increase from a year earlier, exceeding the 18% growth that analysts had expected. - Ryan Mallory, CEO of Flexential, on the growing strain on power amid AI Boom - Paul Hardart, Distinguished Clinical Professor at New York University’s Stern School of Business, on his Opinion piece, A Warner Bros. Sale Makes Sense. But at What Cost? See omnystudio.com/listener for privacy information.

Apple's fourth-quarter revenue edged past analysts’ estimates despite a surprise sales decline in China, where it’s been struggling to stage a comeback. Total sales rose 7.9% to $102.5 billion in the period, which ended Sept. 27, the company said in a statement Thursday. That slightly beat the $102.2 billion average estimate. The company benefited from stronger-than-expected services growth, helping offset the China slowdown. The Mac and wearables division also performed better than anticipated. Apple shares gained more than 3% in late trading after the results were released. They had been up 8.4% this year through the close. For more, Bloomberg Businessweek Daily spoke with Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners and Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech. See omnystudio.com/listener for privacy information.

Amazon's cloud unit posted the strongest growth rate in almost three years, reassuring investors concerned that the largest seller of rented computing power was losing ground to rivals. Amazon Web Services posted revenue of $33 billion, an increase of 20% from the prior year and the biggest year-over-year rise since the end of 2022. Analysts, on average, estimated 18% growth. The shares jumped about 10% in extended trading after closing at $222.86 on Thursday. The stock has lagged behind that of its industry peers this year, with investors worrying that the company has yet to benefit enough from its AI products. Microsoft Corp. and Alphabet Inc.’s Google have both generated faster growth in their cloud computing businesses than AWS. For reaction, Bloomberg Businessweek Daily spoke with Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure Poonam Goyal, Ed Ludlow, host of Bloomberg Tech Ed Ludlow, and Eric Clark, Chief Investment Officer at Accuvest Global Advisors. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu - Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses Chipotle shares plummeting after the fast-casual chain cut its outlook for a third time this year as diners pulled back from eating out, a fresh warning sign for consumer spending. - Geetha Ranganathan, Bloomberg Intelligence Senior US Media Analyst, discusses Comcast shares falling after the company reported its 10th straight quarter of losses in broadband customers and said it doesn’t expect the trend to turn around in the near future. - Robert Langreth, Bloomberg News Health Care Reporter, discusses making an unsolicited bid for Metsera to buy the company for at least $6.5 billion, seeking to trump an earlier agreed deal with Pfizer. See omnystudio.com/listener for privacy information.

Microsoft Corp. reported a steeper climb in spending than Wall Street expected, fueling anxieties about the high costs of providing AI infrastructure. First-quarter capital expenditures including leases, an indication of data center spending, came in at $34.9 billion, up from $24 billion in the preceding quarter, the company said Wednesday. Microsoft continues “to increase our investments in AI across both capital and talent to meet the massive opportunity ahead,” Chief Executive Officer Satya Nadella said in a statement. Total revenue increased 18% to $77.7 billion in the fiscal first quarter, while profit was $3.72 a share. Analysts on average estimated sales of $75.6 billion and per-share earnings of $3.68. The Azure cloud-computing unit posted a 39% revenue gain in the quarter when adjusting for currency fluctuations, beating the Wall Street estimate of 37%. Investor expectations for Microsoft were high heading into earnings, with all but one analyst tracked by Bloomberg rating the stock a buy. Meta Platforms said it expects total expenses to significantly increase in 2026, and will continue to invest at historic levels in artificial intelligence. The company also reported third-quarter net income of $2.71 billion, which included a one-time, non-cash income tax charge of $15.9 billion due to the implementation of the tax bill signed into law in July, Meta said in the statement. Without the accounting charge, Meta said net income would have increased 19% to $18.6 billion. Looking beyond the third-quarter, the company said it expects a “significant reduction” in US federal cash tax payments for 2025 and years to come due to the new law. Meta reported third-quarter sales of $51.2 billion, which beat analysts’ average estimate of $49.6 billion. For analysis of the tech earnings, Bloomberg Businessweek Daily spoke with Bloomberg Intelligence Senior Technology Analyst Anurag Rana and Ivan Feinseth, Research Director and Chief Investment Officer with Tigress Financial Partners. See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Treasuries extended losses after Federal Reserve Chair Jerome Powell said a December interest-rate cut was not set in stone, even after delivering a widely expected quarter-point reduction to prop up the labor market. The central bank reduced its benchmark lending rate to 3.75%-4% in its second straight cut — though two officials dissented. “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Powell said in the opening comments of his press conference. In their post-meeting statement, Fed policymakers on Wednesday repeated their assessment that “job gains have slowed” and said “risks to employment rose in recent months.” See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu - Michael Shepard, Michael Shepard, Bloomberg Senior Editor for Technology & Strategic Industries on Nvidia achieving a historic $5 trillion market capitalization as Chief Executive Officer Jensen Huang’s spree of deals catapults the artificial intelligence frenzy to new heights. - Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst, on Caterpillar shares soaring after the company posted stronger-than-expected earnings and revenue due to surging demand from AI data centers for its power-generation equipment - George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, on Boeing shares falling as much as 4.2% after the planemaker recorded a $4.9 billion accounting charge as it delayed the debut of its 777X jetliner, a level that was seen as high. Still, the company recorded positive free cash flow for the first time since the final quarter of 2023. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Lisa Mateo live from the BAM Mutual offices. - Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, on how Amazon.com plans to eliminate roughly 14,000 corporate jobs just months after Chief Executive Officer Andy Jassy warned that AI will shrink the company’s workforce. - Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, on United Parcel Service shares soaring after it smashed Wall Street’s profit expectations by cutting costs and eliminating 34,000 jobs this year. - Sean McCarthy, BAM Mutual CEO, on how2 2024 was a record year for muni bond sales, and it looks like 2025 will surpass that. Will there be a three-peat in 2026? See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu - Herman Chan, Bloomberg Intelligence Senior Analyst for US Regional Banks discusses how Huntington Bancshares agreed to buy Cadence Bank for $7.4 billion, the Ohio bank’s second major acquisition this year to expand in southern and southeastern states and the latest in a string of deals among US regional lenders. - Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals, on Novartis agreeing to buy Avidity Biosciences in a $12 billion deal that’s the Swiss drugmaker’s biggest acquisition in more than a decade and adds several potential blockbuster treatments as generic competition looms for its current top-sellers. - Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, details the impact of Hurricane Melissa on the Caribbean. See omnystudio.com/listener for privacy information.

Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Hosts: Paul Sweeney and Scarlet Fu On this podcast: - Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, recaps Netflix earnings. - Andrea Felsted, Bloomberg Opinion Columnist, discusses how the luxury goods company ‘Kering’ agreed to sell its beauty division to the cosmetics and beauty company’ L’Oreal’ in a $4.7 billion deal. - Steve Man, Bloomberg Intelligence Global Autos and Industrials Research Analyst, recaps Tesla earnings. - John Butler, Bloomberg Intelligence Senior Telecom Analyst, recaps AT&T earnings. - Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, recaps Mattel earnings. - Jody Lurie, Bloomberg Intelligence Credit Analyst, recaps Hilton earnings. - George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, recaps GE Aerospace and RTX earnings. Bloomberg Intelligence, the research arm of Bloomberg L.P., has more than 400 professionals who provide in-depth analysis on more than 2,000 companies and 135 industries while considering strategic, equity and credit perspectives. BI also provides interactive data from over 500 independent contributors. It is available exclusively for Bloomberg Terminal subscribers. See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, recaps Intel earnings. Intel returned to profitability in the third quarter and posted fourth-quarter sales guidance of roughly $13.3 billion, a higher level than expected. -Craig Trudell, Bloomberg Global Autos Editor, discusses Ford earnings and GM job cuts. Ford’s sales of high-margin SUVs, such as the Bronco and Expedition, along with solid sales of F-Series pickups fueled an earnings beat. General Motors cut hundreds of jobs on Friday, just days after raising its profit guidance for the year. -Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses Target corporate job cuts. According to Bloomberg Intelligence: Target's announced corporate head-count reductions can remove some cost from the business, but more importantly signals intent for a leaner, more focused strategy. See omnystudio.com/listener for privacy information.