Show Notes
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Bloomberg Intelligence hosted by Scarlet Fu and Alexis Christoforous
-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, recaps U.S bank earnings. Goldman Sachs Group Inc.'s equities traders reported revenue of $6.44 billion for the three months through September, beating the expectations of analysts. JPMorgan Chase & Co. reported a surprise drop in fixed-income trading revenue in the third quarter, the first such decline in more than two years. Citigroup Inc.'s fixed-income traders had their best third quarter in at least a decade, with revenue of $4.4 billion. Wells Fargo & Co. reported third-quarter results that topped Wall Street estimates as consumers and businesses held steady, keeping loan losses in check.
-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses earnings from Domino’s Pizza and his outlook for Jersey Mike’s. Domino’s Pizza Inc.’s US same-store sales grew 0.3% in the third quarter, below the 0.7% Wall Street had expected. The company faces an uphill battle as budget-conscious consumers eat out less and favor chicken amid the “proteinmaxxing” trend. Also, according to Bloomberg Intelligence: Jersey Mike's combination of strong sales growth, 10.4% in 1H, and a 99% franchised system is unique to the restaurant sector, positioning the company to outperform most quick-service peers on the top line and most fast-casual competitors on the bottom line amid inflation.
-Deborah Aitken, Bloomberg Intelligence Luxury Goods Analyst, discusses LVMH earnings. Sales at LVMH's biggest division slumped as worsening economic conditions and a consumer backlash in China hit its key Louis Vuitton brand. Revenue at the fashion and leather goods unit slid 5% in the third quarter on an organic basis, a bigger decline than analysts had forecast. LVMH Chief Financial Officer Cecile Cabanis said the backlash from consumers over the Molly Tea case "had a negative impact, at least at the beginning of the quarter" on Louis Vuitton sales.
-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses the latest at Netflix. Netflix Inc. secured exclusive broadcasting rights in Spain and Andorra for the men’s FIFA World Cup in 2030. Terms of the deal that includes all 104 matches weren’t’ disclosed in the company’s press release. Also, according to Bloomberg Intelligence: Netflix's 3Q results may do little to quiet the engagement debate even if revenue lands near guidance. See omnystudio.com/listener for privacy information.
More from Bloomberg Intelligence
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Meta Platforms boosted its capital spending outlook and announced plans for a new class of nonvoting stock, escalating its already-stratospheric bet on artificial intelligence. Capital expenditures will be $135 billion to $145 billion in 2026, the social-media giant said during its quarterly earnings report Wednesday, raising the bottom end of the range from $130 billion. The moves show that Meta has confidence that its spending on artificial intelligence will bear fruit. Chief Executive Officer Mark Zuckerberg has struggled to persuade investors to accept the company’s ballooning expenses for ambitious AI bets. But in recent months, Meta has made headway with its technology. Meta shares rose in after-hours trading on Wednesday. They had gained about 6% this year through the close in New York. For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Ed Ludlow, Bloomberg Tech co-host. See omnystudio.com/listener for privacy information.
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SpaceX exceeded estimates for quarterly revenue and profit, driven by substantial growth in its artificial intelligence and satellite internet businesses. Elon Musk’s satellite, rocket and AI conglomerate posted $4.4 billion in net income for the quarter ended in September, far better than analysts’ average projection of $1.88 billion. Revenue increased 161% from a year ago and also beat expectations. SpaceX shares rose in New York after the close of regular trading. For instant reaction and analysis, Bloomberg Businessweek Daily guest hosts Norah Mulinda and Alexis Christoforous speak with: Ed Ludlow, Bloomberg Tech co-host George Ferguson, Bloomberg Intelligence Global Head of Aerospace, Defense & Airline Analysis See omnystudio.com/listener for privacy information.
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