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tv   Whatd You Miss  Bloomberg  March 14, 2019 4:00pm-5:00pm EDT

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we have seen stocks take off. i would imagine that next week with the fed meeting, and of course no one is expecting that to change course at all, that would clear the fx market. today as you say, we did not selloff that much. we have had three days of gains on the s&p 500. fall slightly. let's dive deeper into the action. >> what it means for the technicals overall. this shows the range between 2600 and 2800. the buyer stepping up down
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below, the sellers strong, around 2800. it's a level people are talking about more so than recently. yesterday we went above it briefly. today we close below it. it often brings volatility the following day. interesting to note, a big uptrend on the year and whether is starting to reverse slowly in waves. that tells you the sellers are waiting for some piece of news. we could drop down into that range on slowing momentum. romaine: a database software day it'sad the best
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had since the first-ever training ahead back in october 2017. it gave a revenue outlook that defied all expectations. there was a lot of concern that the company would be barraged by evidence from amazon. reports have come in above analyst estimates. profitability, it is not there. for now, investors don't seem to be too concerned about it. the stock is up 78% in just the past two months and has more than tripled in the past year. about 21% of the float outstanding is in the hands of people at shortstop. caroline: us get to breaking earnings. oracle is a be compared to the .84.ates
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overall, it seems to be not moving the market much. we are looking at revenue per share. what is more important is some of the resignations we are seeing coming up on facebook. >> putting out a note on facebook saying that chris cox is deciding to leave the company. he has built out the first hr companies. he has trained a lot of people who currently work at facebook. he also mentioned burying -- burying the lead. chris daniels is also departing the company. he was running the business development team, among other things. joe: is the business week cover
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story this week. some turnover see of major positions within the executive branch. caroline: they will be integrating the backend of that and they also got a new head of facebook app. so we have more people coming up. shares are moving lower after hours on this news. i know we cannot go deep into individual subjects, but the san francisco facebook is such a juggernaut in terms of the ecosystem there. privacy and the way
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it deals with harassment and if -- misinformation. >> as you described, i cannot go into specific details of the country. in general, i would say that any conversation that has to do with withcy, social media, potential regulation for companies that are in that space will affect the sentiment toward the particular area. what we have observed from the beginning was the fact that people were probably more aggressive in thinking about what would be the impact into the earnings. then they have to prepare for providing, for potentially reduced fees to some of their clients. that only has an implication into the growth of their earnings.
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at the same time, i think the companies,oward the knowing there will be a potential implication in earnings is something that has changed since the beginning of that. there is a regulation, investors don't seem to be taking it seriously at all. , likethe kind of thing someday, is it too late? >> if you ask investors who do you see thehen headlines coming out from elizabeth warren and other democratic constituents, they are saying you might see a stock fall over 1%, but likely in a week you will see it bounced back. at this point it doesn't seem like too many people are taking
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these regulation concerns seriously. view onwant to get your these big companies that helped create the vision. is it a negative for you as an investor when you start to see these people leave, and you see among some of the essential core group that make the company what it is. event thatearly an cannot be ignored. generally, it's whether the impact of a certain individual impacts the way the company operates. in many cases you want to see whether or not the companies have the ability to continue to generate cash flow and grow their earnings. into the fundamentals and every thing else that goes underneath. a lot of the challenges people face when you see high-level turnover is whether or not it is
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something that needs to be investigated further as to anything that has to do with the operations. what we have seen in the majority of cases for firms that have been involved in turnover, it's really just personal and cultural issues as opposed to something that affects the earnings of the company. as investor, we are looking at the results of the company. and whether the management boards are doing everything they can to have the company operationally efficient and at the same time growing their earnings. caroline: we thank you both. we have more earnings coming from adobe. this company was expected to post a 4% increase in earnings per share. it did beat that in some. more than the 23% increase in
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revenue that was expected. lisa: the market is being driven lower with respect to facebook. companyx is leaving the . shares are down about 1.5% in after-hours trading. we will see if this comes after turmoil at the top or whether it said, it's time to leave. that does it for me with the closing bell. is stepping up next. this is bloomberg. ♪
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caroline: live from new york, i'm caroline hyde. u.s.s a snapshot of how stocks had a muted day overall. another chapter in the seemingly never-ending bread to saga -- never ending brexit soccer. adding another dimension damage to the british economy. foraps there are reasons hope. by some economists say the worst may be over for the global economy. and the unveiling of tesla's new crossover put the ceo back in the spotlight after series of setbacks. facebook cheap are officer chris cox is leaving the company. caroline: it's significant because we've got some key moves to deliver at facebook, the ongoing saga continues.
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day, everyraordinary few weeks or months i new scandal. now we're seeing some turnover. whether they're just trying to pivot the company in another direction. related to the scandal involving the college admissions indictments. g saying it will give investors a chance to withdraw some of its commitments after the units cofounder was charged in that investigation with collegeo paying admissions advisors to help get their children to college. let's go back to the repercussions to facebook. the stock sliding after-hours trading. let's bring in emily chang.
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are these moves unexpected? emily: this is a big deal. chris cox has been a book since almost the beginning. he is part of mark zuckerberg inner circle. he was one of facebook's first software engineers, going on 15 years. he very much state by mark zuckerberg side, weathering the various scandals. mark zuckerberg said in a cox had talked about leaving for several years. in 2016, heblems decided to stay on for a couple more years to try to help the work through these issues. of course the question is whether the problems facebook is facing now have to do with cox leaving. he is the architect of many important things that facebook. he was instrumental in newsfeed. the the one who blew up
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like button. as you mentioned, chris daniels is leaving. they do have a replacement for him. become the new head of the facebook app, but mark zuckerberg saying he will not fill the position of cheap product officer for the time being. and facebook continuing to deal with new issues. federaled that investigators are looking into facebook's data sharing agreement with other big tech companies. another probe is being led by california prosecutors around cambridge analytical. so facebook issues are not going away. joe: i want to go back to the narrative that mark zuckerberg posted to facebook, that chris cuts had come to him a few years ago and talked about leaving. they both -- chris cox had come to him.
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it doesn't sing like the issues have gone away. years,ack to last few have they made progress in the last few years on fixing some of the core issues with the product, or how far along are they on that? emily: facebook will tell you we've hired thousands of people to double down on safety and security. they have reprioritize personal information, a throwback to what made people love facebook initially. but if the scandals continue to happen, we are continuing to see new developments, bad press, you mediaigations, different organizations uncovering things facebook has been doing wrong or ways that have been misleading users. it clearly hasn't gone away. the question is, has he been responsible for fixing any of these issues, or is he leaving because he has not been ever to
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fix these issues? chang.: thank you, emily let's pivot to what is going on in washington with boeing 737 max 8 jets being grounded through at least april, pending a software fix. according to house lawmakers who were briefed earlier today. kevin cirilli is standing by with more from at least one congressman. kevin: word joined by congressman patrick mchenry. to talk about wells fargo, but i want to get your take on the latest developments with regard to bowling. are you satisfied with what the -- regard to boeing. what more needs to be done? said, i'm not an expert in financial service matters, but i follow this closely because of the national safety -- international safety implications. we want to know that the
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technology systems on this series of boeing just is the best. they will be up to quickly remedy this from all accounts, and i think it is right to ground the plane. but it wasn't just vote face pressure in washington this week. a question you asked to the ceo of wells fargo really getting a lot of attention. you were asking whether or not the situation with wells fargo would be put behind us, and the ceo said he cannot control the media. think, now that you've had time to take a step back from that hearing? what do you gather of new information in terms of where wells fargo goes from here? while time to me that sloan was not the ceo who oversaw the wrongdoing to
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customers, he is responsible for fixing it and cleaning it up. he's had 2.5 years as ceo to make the changes necessary. i think he is making the right steps. they have been fined by every federal regulator that oversees them on a daily and weekly basis. they have roughly 100 regulators in their bank, yet how we found out about the exposure to the bank was the the press. the press. this shows a regulatory failure. here was a useful, powerful tool. i think the oversight is important and good and necessary. it's not just about that coverage, it's about getting real results for their customers and for the american people. >> you mentioned that bombshell reporting from the los angeles this which first broke
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consumer story. is wells fargo transforming at the speed that it needs to to win back not just shareholders trust, but consumers? seen.t is to be his performance going forward will dictate that answer. i think it is important and necessary for us to have this hearing. you heard bipartisan criticism for the actions of wells fargo and their slowness in responding. and the unprecedented action the cap wellsserve to two fargo's growth is a clear sign they are not complying fully with their regulators to we will watch them closer and make sure doesn't have a larger consequence for the financial market. >> your calling on maxine waters to hold hearings on brexit. what would you like to see the
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house financial services committee look into with particular regard to brexit and its impact on americans? >> first, we need to make sure that if there is a hard exit, that our financial markets are prepared. if you want to think of it in terms of the international plumbing the financial system. we want to make sure the connectivity is ready to go if there is a heart break. we want that for sure and you also the types of things are committee should be focused on to make sure all our regulators are doing the right thing to ensure that the choppy waters of by mark are not exacerbated standards of the plumbing of the international financial those are the assured we want to give to the american people.
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>> are you optimistic there will still be hearings on brexit? >> i hope so. >> we appreciate the optimism. from boeing to brexit, we appreciate your time. back to you in new york. caroline: a great interview as always. i was still valid earnings coming. joe: they missed on revenue. real news is that the company saying is maintaining it this year 2019 revenue outlook. a lot of folks were concerned they would have to revise that. we had the big apple warning in january. about quarter of the company's sales are directly tied to apple and the iphone. there were some concern that they would have to revise their forecast, but they are sticking by.
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joe: they have come back from their troubles from last number. very close to its all-time highs. we will have much more on all these earnings and the developing story over at facebook. new york, this is bloomberg. -- from new york, this is bloomberg. ♪
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caroline: a key shareholders selling the remaining stakes in 500company for s&p inclusion. rock earnings again, the big news, the company is sticking by its revenue forecast
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for the full year. defining some of those concerns with regard to apple. get back to want to that evolving story around facebook, the fact that the key chief product officer is leaving, chris cox, one of the first key players over it facebook. he says the exit decision followed a strategy shift. saying the company needs leaders excited about that shift and outlined the thinking in a posting on the facebook social network. new replacement for the head of whatsapp, but daniels andng chris chris cox as chief product officer. joe: sometimes you would not expect these lower-level executive turnovers would cause markets to move. mind, they hadn
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a tremendous amount of control over the individual app, probably more control than you would find in division heads of other companies. two it's interesting after weeks ago mark zuckerberg talking about privacy and some of the new things about getting away from encryption and ways for people to communicate outside the standard ways they use it now. so it could speak to some of that strategy shift. the rest of your portfolio is going to become more encrypted. that's an interesting move. we will see how it continues to play out. this is bloomberg. ♪ want more from your entertainment experience?
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mark: i mark crumpton with bloomberg's first word news. a victory for british prime minister theresa may. she won the endorsement of politicians to seek to delay brexit day. her brexit plan which has twice been rejected by huge majorities in the house of commons is still in play. the comments voted to support the prime minister's motion how shehich sent out would ask to extend the deadline for march 29 to june 30 if a deal can be reached by next wednesday. the european union today announced international voters have pledged around $7 billion in aid for syria and refugees who fled the country. however, it is unclear how and
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when the money would be made available to those in need who suffered through a nine year civil war. >> it will help to save millions of lives and protect civilians across syria and across the region. we did hear from many today a strong call for unappealing access for all areas of syria to assist the most vulnerable people and on behalf of the united nations, i promise to you we will do everything within our power to achieve exactly that. mark: absent from the conference was syria's themselves. no government or opposition represented's were invited. a former british soldier will be charged in the slayings of civil rights protesters 47 years ago on bloody sunday, one of the bloodiest days of the conflict in northern ireland. spent yearse campaigning for justice while many supporters of the british
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military argued the soldier should be prosecuted for making split-second decisions decades after the fact. >> bloody sunday was not just a want him act carried out against defenseless civil rights activists. it also created a deep legacy of injustice and prolonged a bloody conflict unimaginable even on those days of 1972. has beenutely aware it a long road for the families to reach this point. today will be another extremely difficult day for many of them. as prosecutors, we approach our responsibilities with complete impartiality but not without compassion for all those impacted by our decisions. mark: the charges announced today, more than two years after police referred their findings
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to prosecutors and almost nine years after the conclusion of the bloody sunday inquiry, which found british soldiers opened fire without justification at unarmed fleeing civilians and then lied about it for decades. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. caroline: breaking news regarding boeing. 8 areknow, the 737 max out of commission, being grounded. the spokesperson commenting in an interview, saying they continue to build that particular plane. they are assessing the capacity constraints but halting deliveries. we are not moving after hours. romaine: thanks. things have been looking pretty dark in the global economy, but there are a few reasons the slowdown can prove not as bad as
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feared. one reason, central banks riding to the rescue. we took a look at this. look, guys. there is so much easy money that has been flowing in and out of the balance sheets here. you see the run-up we have had. i was talking to somebody and said there is a lot people who debate how much that is supporting stock prices but one thing supporting it is getting yields down. when you look at yields and how low they are, it gives you a sense why you are seeing the re-rating in stocks higher. it helps the multiples if you keep the yields down like that. caroline: i have a chart on that because the yields are negative. in japan, and germany, and switzerland but not just only two years, we are talking seven years, 10 year debt at the moment. the dovish pivot we have seen. not only have we seen negative yields before in 2016 to a higher level but the fact that the fed is once again talking about being dovish, the ecb regatta and i that talk.
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we now have $9 trillion worth of debt. joe:joe: how many people have been totally blown up thinking this is unsustainable or cannot last or is irrational? it shows it is hard to bet against some of these macro trends even though on the surface, you say how good can this be? romaine: central banks want this to last and it is almost going to. joe: it is not all bad news on the economic front. there is some improving data or i guess second derivative of improving data. romaine: how derivative is it? joe: the blue line is creeping up. it is still negative. this is what counts as good news these days. thanata is coming in worse expected but coming in less worse than expected relative to where it was earlier in the year. romaine: relative is the right word. give them a golf club.
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it is all about the trendlines. joe: at least there is a line in europe that is going up. joe: just needs to get -- caroline: just needs to get above the redline at some point. joe: chris cox leaving his position as chief product officer at facebook. the announcement moving the stock down in after hours trading. joining us now is sarah frier. week"d the "business cover story on the endless apologies and scandals at facebook. put this into context for us, the departure of chris cox. sarah: you have not heard about chris cox as much as sheryl sandberg or mark zuckerberg but he is so essential to the core of facebook. he was promoted recently to promote all of -- to oversee all of facebook's products. for years, he has been influential. he created the newsfeed. he runs the monday morning orientation for new employees.
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he is basically the soul of the company. he is leaving, which means to me that there are some tensions at facebook about the future of the product. hinted at those today saying facebook deserve somebody to take on the next step. he is excited about this privacy focused direction that zuckerberg wants to go in. romaine: it seems a little bit reasonable. he has been there a while and facebook is at an inflection point with regards to its identity, but we also saw month ago the founders of instagram and whatsapp depart. i'm wondering, is this more a consolidation by zuckerberg with regards to how he will run the company in the future? sarah: sucker berg -- zuckerberg stressant chris -- zuckerberg has trusted chris cox for years. this encrypted messaging vision is very different than what cox
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has focused on in the past. he is all about newsfeed, making sure information is organized and personalized for people. and is kind of encrypted messaging is a different way of thinking about things. he would not be able to see what kind of content people are sending to each other, which as i noted in my cover story for businessweek is a dangerous thing because they will not be able to see terrorist content or child pornography or any of those horrible things that can get sent on the network, too. a lot of trade-offs in the new product direction and maybe he was tired. caroline: chris daniels may be tired, too. it is interesting they have elevated the head of video, a female executive, to be taking over the reins of whatsapp. sarah: probably one of the most fastest rising executives at facebook. she has been really instrumental to a lot of their newest products. of the been in charge
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facebook watch initiative. now she is getting to grow in prominence. took over newsfeed after chris cox was elevated and will be doing whatsapp from here on out. really big changes at the top of facebook, some of the biggest changes since we have seen them in broiled in the continuous crisis they have been in over the last few years. joe: let's talk about the strategy shift more that mark zuckerberg talked about a couple weeks ago with a greater emphasis on privacy and encryption. when might we see the fruits of that were facebook users are given more tools or avenues to communicate that are in a safer space than we think of as the newsfeed and typical ways people use it? sarah: the way zuckerberg frames this is it is a new realm.
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newsfeed is not going away. instagram is not going away. there will be the new messaging tools where you can message people between apps. if you are on whatsapp, you want to send a message to someone on instagram and vice versa. whether people really want that is unclear but it helps facebook figure out what your identity is across all these apps, and it helps them get out of this policing content problem, which has been so overwhelming for them over the last few years. the difficult to do with two point 7 million users scale they are at. romaine: thank you, sarah. you can read her full story on facebook in the latest issue of "businessweek." this is bloomberg. ♪
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caroline:caroline: time now for a look at what stories are trending across the bloomberg universe. hercules capital took a beating from several research shops after its ceo was charged in a college admission cheating conspiracy. one of them was compass point, the firm that gave his daughter and internship. herculess rating on and said the executive has since stepped down. it is bad news if you are looking to rent an apartment in manhattan. has a story that says they are getting more expensive even with the winter weather still intact but because of the turbulent sales market, landlords are able to charge more. tictoc on twitter is reporting there are now more millionaires in the u.s. than the entire population of sweden and
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portugal. 10.2 million households have a net worth between $1 million and $5 million. you can follow all the stories on the bloomberg terminal and on tictoc on twitter. joe: now, the unveiling in just hours. elon musk will debut the brand-new model y. the electric crossover suv. buyers will have to wait a few month before getting behind the wheel. let's welcome jim osborne joining us from stamford, connecticut. thank you very much for joining us. big picture, the concern over tesla's demand is finite or not that great. how much does the new model y change the picture? >> it could cause more problems than help in the near term. you can see model 3 buyers delayed their decision until they get more details and comfort that the y is coming up
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considering elon musk said it will only be 10% more expensive than the 3. something to watch but the model 3 is having difficulties in the early innings of 2019. romaine: what do you think with regards to the ability of tesla to actually produce enough of these things? we know they have had issues trying to meet demand with regard to the model three on the production side. vision whatce or the production level will look like for the model y? jeff: not at this moment, but the market size both in the u.s. and china is much larger for suvs and crossovers than it is for sedans. that is a good thing for tesla. but in terms of their ability to make this, they have indicated it will likely be in nevada. you have a staff that has never made cars before, equipment that has not been set up, no testing of the car. so we really need to watch how quickly they can get this out the door. we are assuming late 2020 at the earliest but more likely 2021. caroline: 2021, wow.
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as ever, he is a great salesman if nothing else so there will be great fanfare but what do you expect about the rest of tesla and indeed some of the criticism that inspired elon musk's direction of late. he has been particularly under the eye of the sec. jeff: we value the company after 2020. in terms of investor perception and the types of phone calls we are getting, the erratic decision around opening stores, closing stores, going online, reopening the stores has people in a dizzy status as to what the status of the company is in terms of a strategic direction. certainly the y is something critical to watch. one key to metric we are watching is the deposit level. in the past, for the cars it has been $1000. if it is higher than that, it will be seen as a money grab and a crowdfunding exercise. joe: let's talk about that because typically automakers do not crowd fund.
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but tesla is not the typical automaker. what is your thinking on the balance sheet and how it is doing cash wise? jeff: certainly a precarious situation with the decline of sales so far in the first two month of the u.s. you are seeing inventory built up around the u.s. as well and some delays with customs in china and slow acceptance and deliveries in europe. q1 will be a pretty nasty quarter. i think they can navigate their way through that. certainly q2, things need to improve across all three major geographies for the 3. $900 million that debt payment they just made and a lot of uncertainty how the y get paid for in the near term, there is a lot more questions than answers. typically with these flashy reveals he has, he does not get into the nuts and bolts of the balance sheet. it is more to drum up the base and get people excited about the future. romaine: we are all going to be watching later tonight. jeff osborne, thank you for joining us tonight.
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when you finally hit that jackpot, you don't want to waste your time at the steering wheel. bloomberg reporters test drove 10 sedans to see which rare amenities package would be the best to be chauffeured in curricular line. caroline: was this your favorite? romaine: it was actually, the biggest of the three and also the most expensive. this is the phantom. $550,000. joe: when you get a chauffeur to work, what is the key thing to have? romaine: i was brought to work in a honda accord. we got to talk to the bosses about this. they do not have two seats in the background. they are called two thrones that include massaging, heating, and reclining. caroline: what i like that was put into great focus by these reporters, what champagne each one had. i need several. only one champagne cooler. bentley one of three optional
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bottles. i need that bentley i think. the maibach has a small refrigerator but they have silver flutes. joe: the only amenity in the back i need is an iphone charger. to me, that is the difference. caroline: you can get that in an uber and lyft. joe: i'm a simple guy. caroline: just saying. romaine: ok. morgan and up, jp jamie dimon on my he is all in on china despite the country's bumpy road ahead. that exclusive interview is ahead. this is bloomberg. ♪
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morgan's jamie dimon is all in on china despite what he calls the bumpy road ahead for the country. he spoke with francine lacqua in an exclusive interview earlier. take a listen. issues are real
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and need to be resolved. they need to resolve all these issues. we expect so. we think both parties want it, but they are complex. they talk about memorandums of understanding so far. if it does not get resolved, it is a reasonable thing for people in the markets to be worried about. big as thebe as united states in 30 years but it has a tough road. they are really smart but do not have enough food, water, energy. more research and capability and knowledge and rule of law, they don't have all that yet. instead of criticism, they have a way to go. there will be times in the future, five years out, where there will be bumps in the road in china. francine: what does that mean? as an investor in china come you slow down for four or five years until you see the lay of the land or go all in? jamie: we are not slowing down. people are slowing down because of trade, not because of what i just said.
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when we do have problems, they may be building up huge imbalance in their financial system. that will come home to roost one day. right now, they can handle it. china can micromanage. they can tell the fiscal people, the monetary field, the companies what they need to do and who they need to hire but that is not always true. it may cause a disruption. financialine: crisis kind of disruption? jamie: maybe. markets panic. they can handle it today but in five or seven years, the bigger the markets get, the less they can control all the things they would want to control. i am not going to say it will happen. the second they don't, the world will react probably more scared than they should be. romaine: that was jamie dimon speaking of course with francine lacqua. let's take a closer look at the
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numbers behind his opinion with asia ahead. china's slowdown is hitting an appointment at signs of recovery are starting to emerge. we have our guest joining us as she always does. a mixed bag of economic data coming out of china overnight. >> i would say where i find the real trouble in china's economy right now is the unemployment rate because we had been focused on industrial production. we knew it was falling. it actually fell again to the worst level since 2009. that is bad news that we knew was coming but the labor market was resilient. now, the un-up limit rate rose to 5.3% from 4.9%, which is the highest level in two years and you know what happens in the chinese economy. you want people to be happy, to have jobs. this can point to social instability if things get worse. joe: china's annual legislative assembly coming to an end. what would you say was accomplished this year? shery: they managed to set some expectations as they always do. mostly ceremonial thing.
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they have previously agreed to whatever comes out. but i have heard they have lowered their economic growth forecast statistics. we did see more detail on those tax cuts because now we know that policymakers in beijing want to boost demand. we sought to trillion yuan worth of tax cuts. that would be around $300 billion. the finance minister saying there could be more ahead so we got a sense of where policymakers are focused now. it would be less a monetary easing and trying to build on piles of debt. it will be more about stimulating the economy and helping demand through tax cuts. caroline: as you say, these things are pretty orchestrated and we tended know what happens before it comes out but we get a final hurrah. expecting anything from them tonight? shery: we are hoping to get clues about the timing and potentially an announcement when the new tax cuts would take place. that would really be a huge
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boost to the economy, but also, they are planning to pass the new rule on foreign investment regulations, which would be huge for these joint ventures and companies that want to work in china potentially clearing up many of the hurdles around intellectual property theft and other issues. we could see that happening, and we will see the law getting past. this also gives a sense of how china's policymakers felt rushed to get this through. caroline: always good to get your take. don't miss daybreak asia. bank of japan announcing this monetary policy decision following a briefing. joe: i will be watching economic data. per luminary numbers for march are out at 10:00 a.m.. romaine: the chinese premier league gave the closing. caroline: that is all for "what'd you miss?"
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joe: this is bloomberg. ♪
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♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." big exit at facebook. chris cox is leaving along with chris daniels, the head of whatsapp. what does it mean for the beleaguered social media giant? spotify's ceo says the company has suffered a big business impact from restrictions imposed by apple and it got more hostile after


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