Earnings. And your earnings read is. Some are cloudy, some are bright, some are messy. We will try to find a signal in all of the earnings noise. Im alix steel here with guy johnson in new york. So interesting to see the stock reaction to earnings. Finally, earnings seem to matter, but are we having the right takeaway if you are an investor . Guy difficult to draw a comprehensive conclusion. You need to take every stock on a casebycase basis. The answer to the question about the signal is really hard. Is there a signal in all of this, macro takeaway, something that we can deduce out of this that is useful beyond investing in the single stock story . What is happening in tech is so critical. Alix did you see the chart . Sell google, by microsoft. Guy now we wait for amazon to see what is the deciding vote. Will they provide the conclusion to this narrative . The existing market has broken because of you. Alix thank you. Guy the new homes market is not. That is a market that continues to still perform relatively strongly. Bank of canada leaves rates at 5 . I dont think anyone was expecting anything different. The housing market, fascinating narrative, continues to be one that is one you have to Pay Attention to but not Pay Attention to. Existing, you dont Pay Attention to. New is a litmus test of what is happening in the economy. Alix already near a 200 week low but now we are dipping. Apple raising prices for apple tv services. I should not have cut the cord. Guy you put everything back together and that is the story. They are all doing it because they feel they have pricing power. Interesting to see where the consumer will back off. Is the consumer going to back off and travel, restaurant, discretionary . Clearly not on subscription services. Alix and that when you are buying tmobile phones, because they are adding subscribers. Guy our question of the day is fairly straightforward, what is the signal in the earnings noise . Lets, this from a Technology Point of view. Ed ludlow and Mandeep Singh join us. We have had two big cloud reports, different directions, different stories, narratives. What is the signal that comes out of this . Mandeep for alphabet, and business was accelerating. Youtube subscription prices going up, grew 20 . They are benefiting from the live nfl. Everything looked good from the at perspective. The one thing that they miss on which the market is reacting to is the cloud number. Whenever a company talks about optimization, you know there is weakness somewhere, but a lot of hopes were driven around accelerating that growth which didnt happen. Alix why was the cloud revenue disappointing . It feels like the reaction was quite extreme to google and microsoft. Ed there is the google cloud a specific situation and then the comparison to the rest of the market. Customer cost optimization, which is cloud speak or cutting back a little bit. That can manifest itself in different ways. Data centers can move you onto server designs that have lower spec chips, or more cost efficient. Even though it missed estimates, topline growth of 11 . Compared with microsoft, azure grew 29 , accelerating quarter over quarter. Corporate cloud, 24 . How much of this is about the growth story overall . A lot of people look at google cloud and see it as the future Growth Prospect for that business. But we ended up having was a clear growth story for microsoft and not for google cloud. Why can microsoft grow at that pace and be the clear number two but google cannot catch up . Mandeep google is taking a different approach. That google cloud number, you also have workspace revenues. Gcp revenue, the infrastructure part did quite well when you parse through the numbers. The other thing to consider is, microsoft is standardizing on openai. The entire thing is built around openais large language model. Google is saying we are not going to have openai, we will build our own models, but if you want to train your models, you can do it on our cloud. You have to ask or so what the world will be five years down the line . Just two Large Language Models or multiple . If it is multiple, google probably has the right approach here. Guy these are companies that are still throwing off enormous amounts of cash. In a world of huge uncertainty, 5 10years, in a world of geopolitical difficulties, is the safe haven narrative around these stocks still alive and well . Ed quickly on the micro, there was a question over the expanded role to be president , chief Investment Officer. When i asked about progress on the new cfo, she said i still dictate Capital Planning and spending, and eyeball think about it more holistically and globally. Remember, we went into the earnings with our hopes pinned on the big five, including microsoft and alphabet. Earnings growth as a home was flat, but as a group, across the group, about 35 . That is where the ai story comes in. They still have to invest to support the infrastructure on the data center side for ai. They still have to do the r d. At the same time, even though there is that cash commitment, the earnings is what we are living and dying by, and that is what the market is looking at. Alix is the Market Reaction overdone . Mandeep in my mind it is. Google has a lead in terms of building its own model. Internet companies have an advantage with data. The digital ad wreaks acceleration is a positive sign. That is still a core business, what drives the Free Cash Flow. Guy headline crossing a little while ago on the bloomberg terminal relating to this controversial chip that we got excited about, the huawei phone. It looks like it was manufactured on asml kit. How does the story evolve from here . Ed asml makes the machines which makes the chips. Chinas domestic manufacturer made the processor that went into the huawei smartphone. Sources tell us they made that ship with an asml machine. There will be questions about now what happens as it relates to the current u. S. Technology export curbs on china. It is politically messy. Alix you cannot stop at all. It unveils how connected everything still is. Thank you so much, ed ludlow, Mandeep Singh. More earnings in the next hour. Mike siebert, the ceo of tmobile, will be joining us about the state of his industry. More on the question of the day. What is the signal in the earnings noise . The banana group moneta group chief Investment Officer joins us next. This is bloomberg. And this is an incredibly important week from an earnings perspective. Big cap names. All about the clouds. Business at microsoft did well whereas it disappointed in alphabet. Yeartodate returns have been good. Mehta, alphabet is one that you want to watch closely. You think about the tech group as a whole, ai has been a big driver. Sensitive to the ai driver points. Its an outlook on what the consumers will be doing. Absolutely about the guidance. When we think about future stock upside from here, we are focused on the earnings picture. Focused on big cap tech and communications to do the heavy lifting. Whether the big seven continue to produce the Earnings Growth most expect payment alix some of the top voices speaking with bloomberg on earnings season. That leads us to the question of the day, what is the signal in the earnings noise . If you were going to have a macro takeaway, i dont know that you could have one. Joining us now is aoifinn devitt. What do you think . Aoifinn ai is the new arms race. The cloud migration perhaps is old news. There was a lackluster response to that out of alphabet. Now it is all about ai. We know where the consumer is heading. We dont know anything about the transformative effects it is likely to have, but in years past when we talk about that cash building on corporate balance sheets, now we know where some of it is earmarked. Guy why do i want to own big tech right now . What is the Investment Case . Am i buying it because it is safe, because it throws off a lot of cash, am i buying it because of the ai narrative Going Forward . Im trying to figure out the motivation right now. A lot of people have a lot of money invested, but why . Aoifinn the question we get is why when i own anything other than the magnificent seven now . We have to look at it as being more than one sector, looking at the potential for those less interesting sectors like utility, health care, consumer durables. As to why you hold big tech right now, you hold it because that is the muscle memory Market Participants have had. They believe that will make money again. The actual fundamentals are very strong. There is the ability to get an edge on that. As we see, it is survival of the fittest. Consumers and corporates earmarking money to spend in this section. The transformation of covid has led to that importance of tech. Alix there was a nice note out saying that if yields stay higher, at some point, if they stay stickier and you have geopolitical risk, you have to drain out the ai premium. Guy at some point. Is this the point . I dont know yet. There is a big outside reaction into alphabets stock. Perhaps an overreaction, still plenty of good news coming out of this company. If you look at the earnings season more broadly, the bar is low. For tech, it is quite high. Maybe because they are missing it slightly, still pretty impressive. The rest of the equity market, the bar is low. We are clearing it, but is the rest of the equity market providing you that support that tech does to your portfolio . Alix we got some industrial names i did really well. Take a look at ge, rtx. Should industrials play a stronger role in your portfolio . If you say why wouldnt you own tech, would you own Something Else . Aoifinn industrials are a core part of our portfolio, one of the original inflationresistant stocks. Demand for that tends to be pretty inelastic. I have to say that that academic relationship between higher yields and demand for equities has been called into question. 5 yields are interesting. Less so if we are looking at high rates of inflation. You have to look at the inflation return. How does a 5 yield stack up against a 30 return on the nasdaq . I think we have to recalibrate how we think about those socalled interesting fixed income yields. I dont see a massive transition away from holding equities. That has affected utilities which are high dividend stocks, traditionally seen as bond substitutes in a portfolio. We have firm belief that has a role. We recognize the headwinds against Sustainable Energy are significant now. Guy you are saying the nasdaq is a better investment than the bond market right now . Aoifinn you need to have both. You cannot dump on if either of the other. Anyone that got out of equities and shifted into fixed income, i have 5 , you will have a serious case of fomo looking at what equity markets have done. It has surprised us all how resilient they have been. It just shows that one should not be too cute when shifting among asset classes. Alix so you expect correlation to come down, that 60 40 to do well . Aoifinn the fixed income is your ballast. Weve all been talking about inflation today, but there are times when we will have lower inflation, deflation, and that is where your fixed income kicks in. Geopolitical surprises, we have not seen a flight to safety in bonds. People are dumping bonds. The typical behavior is that that is where the safety trade is. There will be a time when bonds become that safety trade. Getting back into bonds, im a Firm Believer 60 40 has gone nowhere but we need to continue to add those alternatives as diversifiers into the mix. Guy thanks for joining us, aoifinn devitt. Still ahead, boeing shares rising. Financial targets maintained. It is meeting its Free Cash Flow targets, but it has cut the 737 targets understanding what is happening with spirit. Sheila kahyaoglu is bullish on the stock. She is next. This is bloomberg. J. P. Morgan Wealth Management knows its easy to get lost in investment research. Get help with j. P morgan personal advisors. Hey, david ready to get started . Work with advisors who create a plan with you, and help you find the right investments. So great getting to know you, lets take a look at your new investment plan. Ok, great this should have you moving in the right direction. Thanks jen. Get ongoing advice; and manage your investments in the chase mobile app. adventurous music be ready for any market with a liquid etf. Get in and out with dia. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Guy a bit of a roller coaster for boeing shares. Market is broadly lower but we saw an initial balance that has faded. Probably driven by the fact that they maintained financial forecast despite the fact that they have effectively, understandably downgraded expectations on deliveries for the 737 max. Sheila kahyaoglu joins us now. She has a buy rating on the stock, target of 275. Is it a surprise that they have maintained Financial Guidance despite what is going on with the 737, despite what is happening with spirit . Do you think that maintenance of the guidance is realistic . Sheila i think that is right on in terms of the stock reaction right now. What boeing has done is they have cut the 737 max deliveries. That is a big part of their Free Cash Flow, revenues. They cut it from 400 to 450. About 40 aircraft at the midpoint. We think thats about 400 to 500 million of cash cap. But they maintained their fullyear Free Cash Flow guidance. They are only halfway there. They maintain the fullyear guidance despite cutting the largest program. I think the stock reaction is mixed on how that is possible. How do you get to that three to 5 billion are Free Cash Flow to end the year . Alix how do they . What did they do to get there . Sheila two things. Boeing has generated 1. 5 billion in Free Cash Flow year to date. The target is 3 billion to 5 billion. They have delivered about 280 you to date, they have about 100 more to go. That gets us to 2. 5. 787, their target is 70 or 80 for the year. That gets us to another 500 million or the low end of guidance. Lets not forget, defense has lost a lot of money in q2 and q3. We expect an improvement in q4 to get us through the low end. Guy are the issues with the 737 max at spirit on their way to being fixed . We have seen the financial injection, Management Change happening at spirit. Can we put that issue in the rear mirror, or is this something that continues to be an issue for this stock . Sheila i think with spirit, the board is very aware. That is why pat shanahan is the new ceo. He is a boeing legacy executive. He knows the supply chain really well. I think he is there to turn that around. That is on better putting. Will not result in a turnaround right away but hopefully the issues improve, and the fact that they have liquidity injection immediately will be helpful. Their programs are changing in terms of the boeing contract structures. Given the fuselage and the engines are the most important part of making the aircraft, we have a key box checked off. Ge reported positive results yesterday but cut its engine delivery target little bit, given they are still seeing shortages in the supply chain. We are still bullish on ge given their service revenues, the issues that their biggest competitor, raytheon technologies, is having. Alix we have General Dynamics reporting. There backlog looks good, up 7 . You could also see defense in boeing looked allegedly good. Revenue up by 3 . Are these forecasts actually underestimating the defense spend, buildup of ammunition and weaponry that we will have to see in light of what is happening in ukraine and israel . Sheila we were talking about ai earlier, but i was thinking in that segment, what these industrial and Defense Companies are producing right now are very real. Ge, for a long cycle company, crushed estimates. We have a hold rating on the stock but the performance in defense was stellar. Revenue up 9 year over year. Those are big numbers relative. Ebit margins only up 4 , but they beat consensus more than we anticipated. You are seeing defense revenues come through pretty nicely especially on that restocking cycle, with ge exposed to combat, doing munitions and armored vehicles. We will see that throughout defense. Positive revenue revisions upward. Its just about whether they can maintain their margins. Guy i hear what youre saying that it has surprised. We have an uptick in some of the valuations of these companies. To what extent are these realities reflecting the fact that we now have two large wars taking place . Is the geopolitics story in the price already . What else can we add to the price . Sheila what is interesting, historically in defense players, even in players like booz allen, you see a cluster of valuations. All right behind each other. Now we are seeing some delta in the valuations. Northrup is almost double devaluation of another company. We are seeing ge and others on the cheaper and, but they are also the most supposed to international sales. You want to play the value plays that have the exposure foreground wars. Northrup is the revenue leader, while it has the valuation. They are set to report tomorrow. Alix looking forward to that. Great to catch up. Sheila kahyaoglu, we appreciate it. If you have two areas that western countries are sending a lot of weapons to, you have to replenish your own inventory. I wonder how long that takes. Coming up, the latest on oil. Inventories are up. We will speak to arjun murti. This is bloomberg. Nt have to worry about things like changing tax rates or filing returns. Avalarahhh ahhh the power goes out and we still have wifi to do our homework. And thats a good thing . Great in my book who aryou . No power . No problem. Introducing stormready wifi. Now you can stay reliably connected through Power Outages with unlimited cellular data and up to 4 hours of battery backup to keep you online. Only from xfinity. Home of the xfinity 10g network. Alix we are about an hour into the trading session. It is a truly ugly day if you are a long the nasdaq. Also, paypal issues. We will get to it later on in the show. Abigail is attracting the issues. Abigail the major indexes, the features down modestly. The nasdaq 100, futures down 1. 6 . We are looking at the worst day going back october 3. We may break even lower. It is about investors going with alphabet down 9 on the cloud weakness 26 22 growth. We have some other Big Tech Companies that are going to be reporting. Of course, metaafter the bell today will be the ad strength. What will Revenue Growth look like. High double digits teens. Microsoft or alphabet. It is also the yield story. Take a look at the 10 year yield backing up. We have a rising dollar back up again. Oil down for a fourth or fifth day. Of course, that have been some thought because of the israel hamas war that had been supply constraints. It is just continuing out of the summer lows up about 40 . Now, this area of congestion marked by the yellow line, it is breaking to the downside below the 50 day moving average. This chart suggests that the sellers are far more in control and looking for a reason to start selling in conservative efforts. It could take crude oil back to 80 a barrel. Alix gasoline inventory saw a build. We are enjoying this are you . Guy you are talking really fast about complicated things. Alix he always says it to mess with me. My point is, inventories are building in the u. S. , we were not expecting that. That is the takeaway. Lets go to someone else. Barrington is a Research InvestmentStrategy Firm investing in longterm strategy implications. The also close their inaugural Energy Investment fund. He also has experience in banking, research. Guy he probably understood what we were talking about. I love crack spreads too. Guy jet fuel is so expensive. Alix what is going on . Gasoline is very loose. That is creating the push and pull in the oil price. I have been reticent to say we are on track because of some of the Economic Uncertainty we see in the u. S. Theres going to be some uncertainty out there. I do not think it changes the fundamental longterm. In the nearterm, things will be rocky. They matter. To the point, what kind of Oil Volatility are you expecting . Literally a week ago. It arjun people should expect us to stay in the 100 and pull back to 70 and 80. The question is, when do you switch to super cycle mode . Remember the 70s we went from three to 30. In the 2000, 20 to 100. We pull back to 70. We have not quite morph into super cycle. People should be prepared within the coming years we are going a lot higher. America is a much more bigger producer now. There is production around the world that is bouncing to a certain extent what is happening. Arjun probably became over dependent on u. S. Shale. It was 90 of Global Supply growth and showing signs of maturity. We are going to need stuff from other places. In the absence of people trying, it is not going to magically bubble under the ground. Alix which is why we have been seeing some oil the deals. Who do you think is the next player to link up. You need who do you think is the next player to link up . You need inventory. Arjun samples about offense of and defensive deals. If oil turns down, if we do have a super cycle, these properties with a 6,575 long and curve which could end up looking conservative 65, 75 long end curve, which could end up looking conservative. Guy what is the cheapest oil company in the world right now . Arjun canada. Another place is your up. Guy exxon by shell,. Should shale by a u. S. Company and migrate its listening listing to the u. S. . We were joking before we came on about the multiple impact would be on shell. Is that a live discussion. Should that be a live discussion. Arjun arjun i think the challenge for all european majors is how do you escape europe, how do you escape these heavyhanded claimant only climates only legislation and can you restructure your business to have some sort of avenue you have the u. S. I think that is a big question and a lot of uncertainty. I felt like we are going to all try to escape europe. Alix what is interesting, you guys advise on the Energy Transition and you put your money where your mouth is. As Oil Companies are struggling to figure out what to buy and what their portfolio is looking like, what are you guys looking for . Arjun it helps us evaluate a whole range of different opportunities, what makes sense, what doesnt make sense. Some engineers are going through a lot of turmoil right now as we were talking about at the break. What doesnt meet future mean future government subsidies. Guy everybody got very excited. Everybody piled in. There was a lot of money that came into the space very quickly. Are those prices now realistic or good value . Arjun i think we have to sort through what is going to scale up without major government subsidies. That answer we do not know. Solar can definitely make sense. I think wenda has a bigger . Ind has a bigger question mark to it. Our comny is focused on Software Analytics company. How do you make oil in gas cleaner and are there some things in the newer technologies that could ramp up those two areas . Alix he was as excited if not more than i was. Guy mice to see you. Thank you very much. We are going to hear from muddy waters ceo. That conversation in the next hour. 22 days, that is how long the house has had no speaker. House republicans now picking mike johnson. As the next nominee. This is bloomberg. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. That first time you take a step back. I made that. With your very own online store. I sold that. And you can manage it all in one place. I built this. And it was easy, with a partner that puts you first. Godaddy. Coming up, tmobile ceo will be joining us coming up at 11 30 in new york, 4 30 in london. Alix congressman mike johnson has become the Republican Party of House Speaker in four weeks. The house is expected to hold its next floor vote at noontime. Bloomberg kailey leinz is on capitol hill. I also hear that mike johnson is guys dad name. Kaylee i will note this mike johnson is probably not old enough to be guy johnsons father. But is not a dig at guy. There is a feeling here in washington that this is might be the one that gets it done. I have seen three others try and failed to secure the number of votes they needed to get the gavel, both did not make it to the floor. Johnson is going to take it into the floor knowing that michael mccaul, it congressman from texas is there is unanimous support for johnson. Only three members voted present. We arent sure what the map will look like going into the floor. Guy mike johnson gets the gavel, then what . How sustainable would his 10year actually be . Huge volatility, how much would actually last . Is this the guy that could go the distance . Kaylee he could appear to be harder right to the party who caused such headaches. Mike johnson has been a he is something that appears to the much conservative wing. He has not had a superlong 10 in the house. He has not really held any prominent leadership positions. He does not have any build up in a mossy internally. You can actually get together at the republican conference more so than his predecessor were more to do. He has not had no had a leadersip position before. He is going to have to navigate with Senate Leaders trying to fund the government trying to get funding for israel and possibly for ukraine. That is where some of the difficulties might lie as well. Guy the other story, i am sure you are fascinated to see what this looks like when it actually comes out. Mattel is going to be out with numbers. This is a barbie. Alix i have a theory. The idea is the barbie movie is a huge hit. I feel like it was a huge hit for women from 20 to 60. Everyone else, not so much. If that is the case, i am not going to buy barbie. She did not leave like have to go buy a barbie. Will that be reflected in the sales . Guy i think the story is the fact that they have made a huge jump forward in terms of monetizing what they have. I think they have got 10 other produions that they are now working on and figuring out how to monetize the history, their toys. That is where the challenge really highs Going Forward. That is the challenge, making that work. They set the bar very high. The numbers could be epic later on in terms of how the movie is going to deliver for them. They are not done. I think there would be nothing to see here. I think theres more still potentially. I dont know. I hear your point. A fillet barbie came out at a very certain time in a very certain place ahead and had a certain message. What are some of mattels popular toys . Anybody. Guy you think about how lego and other businesses. I should point out, they sold the rights to barbie off to margo robbie. Alix you think it will be a lot different . What toys do you buy in mattel . Guy they got a whole living production. I think barbie is going to be fascinating but it is going to set the bar very high for mattel. A more serious matter, Sam Bankmanfried is going to testify at his. His lawyer says he is going to take to the stand. We will have more on the story, next. This is bloomberg. The chase ink business premier card is made for people like sam, who make everyday products, designed smarter. Like a smart coffee grinder, that orders fresh beans for you. Oh, genius for more breakthroughs like that i need a breakthrough card. Like ours with 2. 5 cash back on purchases of 5,000 or more. Plus unlimited 2 cash back on all other purchases. And with greater spending potential, sam can keep making smart ideas a brilliant reality the ink business premier card from chase for business. Make more of whats yours. Alix or we look at what is buzzing on wall street where we look at what is buzzing on wall street. Max, lets start with you. What is your take on this . Sorry, i missed the take. Alix on the Sam Bankmanfried having to testify. This is something the lawyers didnt want to do. Max he is someone who has been talking nonstop ever since the collapse of ftx. Very much interested in making his own defense. Definitely a own conventional legal strategy. Guy where will this take us . What is he going to say . He had been saying he did not knowingly did not know he knowingly committed fraud. They had when making the point over and over and over that these loans taking taken between ftx were known, were a very standard course of business and anyone could take a margin loan as a customer from ftx, just alameda had more of them. He had one from after another who had known him from high school. He knew that there was more wrong with ftx and its own finances let alone alameda. His own defense looks critical in terms of how he defends himself on the basis of what his lawyer was saying. Alix he can say all he wants. I did not know, i thought i was doing that. The evidence stacked up so much with those working with him. Can he convince a jury . Max it is a jury trial. In white collar cases it is hard to get conventions convictions. He has been very effective in the past at talking his way through problems. He sort of talk his way into the position, into becoming a person the richest person under 30. I think his gamble, he could convince the jury. In some sense there is the legal case and then theres the divide with Sam Bankmanfried. That said, what we heard from the friends that been damming. It has not set up this trial or testimony from bankmanfried in the way. It guy what is a win for Sam Bankmanfried . Somali he will be facing life in prison. He gets off home free or have a lesser penalty. If we have his friends had pled guilty. How does he prove that he is not guilty. Think about how many people he has won over . The fact that Michael Lewis went on 60 minutes and says this is not a scheme and a real business, it drew so much pushback by the people who had lost a lot of money from ftx. This entire debacle over the last couple of years. He has been very effective of Winning People over. Max there is a potential second trial as well as the alleged bribery of chinese officials. Even if he is acquitted, he is still looking at very serious federal charges with prison time. Alix do you feel the child is going as such that we can differentiate what is happening with the Sam Bankmanfried with the crypto space . Max if you talk to the crypto and a lot of people are very eager to distance themselves from this company and this person. On the other hand, in the mind of normal people and investors, it ties together. Sam bankmanfried years presenting himself as the friendly, regulated, nice guy face of the crypto industry. Watching him in a federal courthouse watching facing life in prison, that is going to have an impact. We have seen far declining interest in bitcoin in terms of violent volume. There are way lower than they have been. Somali the new York Attorney general suit against genesis. That is something people are watching closely. Allegedly . 1 million crypto fraud. This is another company, genesis is also going through its bankruptcy process. In addition to regulators going after more crypto firms and very concerned about how clients have been treated, you also have people who want their money back. Guy when can we expect him on the stand . Somali as early as tomorrow. Guy thank you very much. Perfect set up if it is meant to be tomorrow. Joining us from bloomberg businessweek. Tonight, tune into bloomberg originals, it is basically our first featurelength documentary. It is going to air for the first time. We are all very excited. At 6 p. M. New york time. Lets turn back to the market to figure out what is happening. Coming back to the european close, the index doing nothing. As we go through the season, look at the narrative that is developing. Look at world line today. This big tech is being absolutely battered. We have seen sectors evaluations changing significantly. All of the stocks are down today. Nearly 60 of the change. We will talk about the story and the impacts on the markets today. What we are trying to figure out is what is the signal coming out of the earnings season . What can we do to connect the dots and come out with a investable narrative. This is bloomberg. Its easy to get lost in investment research. Introducing j. P. Morgan personal advisors. Hey david. Connect with an advisor to create your personalized plan. Lets find the right investments for your goals okay, great. J. P. Morgan Wealth Management. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Guy wednesday, the 25th of october. The earnings season is providing plenty of things for us to talk about. Doesnt that look boring . Lots of great out there. We need to talk about all of the earnings. The countdown to the close starts right now. The countdown is on in europe. This is bloomberg markets, european close with the guy johnson and alix steel