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Bloomberg: Beyond the Bell 02/24/23

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Madison Mills.

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Beyond the bell Bloomberg’s comprehensive cross-platform coverage of the U.S market closed darts right now and right now we are two minutes away from the end of the trading day Romaine Bostic alongside Katie greifeld we’re counting you down to the closing bell here to help take us beyond the bell

It’s a global simulcast with Carol masser and Madison Mills Welcome to our audiences across Bloomberg television radio and Bloomberg Originals as well as for those folks streaming on YouTube and Carol we’re going to get to the stock market news of the day but we do want to

Get back real quickly to some breaking news here this on Tesla a Ross Gerber who had been seeking or said he was going to seek an activist board seat uh for on Tesla’s board now saying that he’s going to withdraw that bid uh Gerber saying that he did speak with

Tesla this week before dropping that board Pursuit uh Tesla in his words or a source is telling us that Tesla plans to address some of the issues that he had including succession planning with regards to Elon Musk yeah absolutely we’ve talked with Ross Gerber several times here on our broadcast about that

Pursuit of his listen Ross Gerber has been out there like a Kathy Wood supportive of Tesla the company supportive of Tesla the vehicle and supportive of Elon Musk generally and so when he initially said he was going to go for a board seat that was quite an eye-opener for everyone keep in mind

That the company has agreed to meet with Gerber next week around Tesla’s investor day on March 1st that’s a big day for the company and they are going to talk about the company’s governance in particular and you know look at the board there are people that are certainly friendly to Elon Musk in

Particular and Gerber has been a little worried about Elon being spread a bit thin yeah I mean that might be an understatement I am curious though because you mentioned the investor day here and that just the timing of this here but the idea of sort of what an

Activist can do in this situation given the current structure of their board and of course given the voting shares that Elon Musk himself holds yeah no absolutely but listen there’s been a lot of press spent around this and a lot of people are wondering about it and it’s

Hard especially since Tesla’s been on a chair this year all right we’re going to talk a little bit more about this but we do want to get back to the broader Market as we get the closing Bells here in New York it is red all around but we

Are off the lows of the day a Dow Jones Industrial Average lower by about 336 points or one percent the S P 500 down about 42 points or about one percent at one point on the day it was testing that 200-day moving average but it’s going to

Close above it at 39.70 the 200 day right now sitting at 39.40. meanwhile let’s take a look at the NASDAQ Composite which is down 195 points at 1.7 percent and it is closing below that 200-day moving average remember it broke above that last month for the first time

In the year now closing below that so a little bit of a downward trend line here at least in the short term the Russell 2000 going to finish the day uh down about nine tenths of a percent and of course we should point out the Russell

And the Dow have been firmly above their long-term moving averages as a lot of people still think there’s a lot of life in some of those cyclical names yeah good point and you know despite a name like Nvidia having a great week up almost nine percent for the week over

All if you take a look at the trade here you can see clearly the risk off trade Katie you had almost 400 names in the S P 500 lower today so definitely a much more negative tone here in terms of sentiment and it’s certainly risk off if

You look at some of the industry groups as well at the top you do have a little bit of green the materials Industry Group up about seven tenths of a percent then you have some of the banks as well higher rates that should be good for Bank stocks at least that’s what you’re

Seeing today but then you go down the list it’s a lot of red you have software real estate and Carol you were mentioning the tear the Tesla has been on not so much today that’s bringing down the auto group as well all right good to know let’s get to some

Particular gainers because there were a few standouts beyond meat we broke their earnings after the closing bell yesterday that stock up at its highs up 33 percent finishing the day with about a 10 percent gain here fourth quarter net revenue topped Alice expectations it’s adjusted per share loss narrower

Than the average s so some indications that this company was progressing toward its goal of becoming profitable Stock’s been on a tear this year it’s up about 50 percent but keep in mind heavy short about 37 percent of the float is shorted so something to think about in terms of

The trade far-fetched also a standout up more than 11 percent in today’s session it’s a specialty online retailer e-commerce Marketplace for those luxury boutiques around the world they did come out fourth quarter Revenue beat expectations and analysts were broadly positive uh as the company reiterated guidance for 2023 so notoring some of

Their Partnerships that they have with Neiman Marcus and others CFO though also stepping down planning to this year as well so some news there and Edison International this was top in the S P 500 kind of plain vanilla company a utility it was up about 4.2 percent here

After a fourth quarter earnings in Revenue beat so just wanted to put that one in the list as well now and just real quick let’s say I had another mover a Gainer range resources up here on the day on the back of speculation here on the Bloomberg report that Pioneer

Natural maybe uh weighing a bit Yeah well speaking of Bloomberg reporting moving the markets I’m going to start off with Adobe here Shares are down a little over 7.5 percent after that Bloomberg news report that the justice department is preparing an Anti-Trust lawsuit to block the company’s acquisition of figma analysts of course

Seen that deal being critical for adobe’s growth and that suit from the doj could be filed as soon as next month so really interesting to watch and that is pulling down the overall sector today as well and then I got to talk about carvana guys shares with the company

Saying as much as a little over I think they’re over 20 percent in the closed biggest drop since December 7th after they reported a much wider loss than what analysts estimated we know the Stock’s been on a wild rally this year Rising more than 110 percent through

Thursday uh but you know they’ve got Market valuation of 1.5 billion total debt of 8.1 billion and only 316 million in cash and then we’ve got Tesla down about 2.5 percent uh that’s just you know Tech going down today after that hot pce data this morning Pop Quiz

Maddie what was the biggest decline in the S P 500 this week I know Romaine you know why did I not pull that up before our conversation because I know you love that question it was moderna well his second so dominance five days or four days did you do a

Specific search here four day week I know because it was a holiday well I did it four days and I got moderna okay well I mean once at one point when you get to my cloud they’ll give you the real Bloomberg terminal takeaways that I’m not wrong

It’s not delayed it’s looking into the future all right all right real quickly let’s get to the yield space because there was a lot of activity there your two-year yield up 11 basis points just on this day alone about 19 basis points on the week here you add that of course

10 basis points last week 22 basis points a week before 10 the week before that we’ve basically gone from about 4.1 and change to more than 4.8 percent here similar moves across other parts of the curve here so a bit of a repricing uh from where we were uh Carol just a

Little while ago and that really kind of sets us up for next week here yeah because we’ve got some earnings mainly like a lot of the retail type of companies going to be reporting not a whole lot of economic dataway I think we get some durable goods uh coming out but

I’d be curious to see what the catalyst is going to be to either move this Market higher or lower well I do Wonder especially coming off of the personal spending number right consumers are out there still spending right they’re saving their spending their incomes are

Up so what do the retailers say and what does it tell us about the strength of the consumer so important as we know to economic growth going forward and it’s also going to be interesting to hear commentary about what they’re doing to either protect or sacrifice their

Margins how much pricing power do these retailers have left that’s what I’m going to be looking for next week and looking at just I mean we’ve been talking about this that consumer resilience right whether or not consumers are continuing to just spend spend spend and we’ve been talking about

This too Carol that consumers also saving more and as noted in that pce data this morning but then we said that I know a lot of people didn’t really look at the Michigan sentiment data a revision on that but that was also higher as well and we’re going to get a

Consumer confidence data out of the conference board next week so I guess you know there is an argument to be made that if the consumer is I guess relatively happy or at least they’re not scared away and they have the capacity to spend which at least for now looks

Like they do then are we maybe worrying a little bit too much I think it’s remarkable that consumers are still spending yeah considering some of the sentiment that’s out there as rates go up I mean the home sales number the highest in a year yeah I know a lot of

It was in the South but nonetheless that to me shows strength and this is that more evidence to this soft Landing idea and and are we in that wage price spiral too because we’re seeing wages so high I will make the point though you know this

Sort of this sentiment on the ground and what we’re actually seeing in the data this is something we’ve been talking about I feel like since the pandemic kicked off three years ago the fact that consumers are miserable but they’re still spending a lot um yeah absolutely I do want to get back

Just to a couple events after next week we sort of alluded to a Tesla having an investor day next week and we had the news that Ross Gerber at least based on uh Bloomberg reporting with people familiar with the situation is going to withdraw his bid for a board seat and

Then Goldman Sachs having their investor day too and we know David Solomon has been uh let’s just say under scrutiny as a blate yeah and don’t forget you’ve got the Buffett you know yeah on Warren Buffett letter that gets said 8 A.M tomorrow and I do feel like I want to

See what he has to say you know he got out of TSM you know wondering if that’s going to be in it what he talks about broad macro if he has any ideas so uh that should be on our radar at least for the next 24 hours it does get back to

The question that what is going to be the Catalyst next week it sounds like we’re going to get a lot of talking but uh we’ll see maybe it’s earnings uh maybe attorneys but there’s I mean look there’s a lot I mean you can talk about Target you talk about some of the other

Big retailers and then a couple of big uh names you got Salesforce also reporting as well so you do have some names that could potentially move the market here depending on what they come out Macy’s Nordstrom with all those department stores Best Buy we’re now less than a month away from

The FED meeting oh gosh are we counting down to that already yeah okay put up the clock I just heard the dot plots what can I tell you the totplots you know that’s what we economic types like to look at all right guys that’s a wrap

Um before we go yes is it your birthday no you don’t know when my birthday is um sorry I just what it’s a breaking news bar right now this is on metal platforms learning about the usftc is going to drop its Anti-Trust case over meta’s VR startup buy now I assume we’ll

Have to dig a little bit deeper into this but I assume this is referring to that acquisition that it was making of the headset maker of the software maker excuse me that they were trying to integrate uh into that headset here of course we know that they had already had

A minor victory in court over this so the FDC appears to be dropping its case Anti-Trust case all right good to know stock is flat in the after hours but uh the news continues to flow even after the market on this Friday all right guys have a great weekend that’s a wrap for

Our cross-platform coverage radio tv YouTube Bloomberg Originals we do it all we call it beyond the bell we will see you again same time same place on Monday




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