Bloomberg Intelligence

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Bloomberg Intelligence hosted by Paul Sweeney, Scarlet Fu, and Norah Mulinda

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses Boeing cutting its full-year aircraft delivery target due to needing more time to accommodate higher production rates. The company will deliver closer to the lower end of its 787 Dreamliner guidance and come short of its target for 500 737 Max jets. Boeing's commercial airplane division posted a $697 million loss, but the company's free cash flow for the third quarter was $464 million, beating analyst estimates.

-David Welch, Bloomberg Detroit Bureau Chief, discusses General Motors plans to shift its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange to position the company as a tech-forward company. The company will retain the “GM” ticker symbol when it begins trading on the Nasdaq on Nov. 17, and the new listing offers eligibility for potential inclusion in the Nasdaq-100 Index. The listing shift is an attempt to get investors to view the company differently, as GM has been investing in self-driving systems and software-related services with potential for revenue growth with higher margins.

-Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, recaps UPS earnings. United Parcel Service Inc. boosted its financial guidance for the year, suggesting the courier expects to benefit from high prices and resilient demand through the holiday season. The company raised its adjusted earnings guidance and reported revenue of $92.6 billion this year, up from a prior forecast of $91.2 billion. UPS Chief Executive Officer Carol Tomé said "US consumers remain resilient and the outlook for holiday demand is strong", despite warning that average daily volumes in the fourth quarter would be down year over year.

-Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst, recaps Coca Cola earnings. Coca-Cola Co. raised its 2026 full-year outlook on strong international demand for soda, but notched lower-than-expected sales volume in North America. The company now sees organic sales increasing at least 5% this year, and reported strong growth in its sparkling soft drinks, with a particular boost from zero-sugar soda. Coca-Cola Zero Sugar saw a 16% increase in unit case volume sales, but sales volume in North America was flat, coming in below the average of analysts’ estimates.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Ed Ludlow, Bloomberg Tech host, discusses how Anthropic filed for an IPO, warning its technology carried existential risks even as it moved a step closer to being the first company focused primarily on developing the most advanced artificial intelligence models to go public. The company behind Claude expects to begin trading on the Nasdaq Global Select Market under the symbol ANT, a filing Monday with the US Securities and Exchange Commission showed. Anthropic filed confidentially in June for a listing. 

-Michael Shepard, Bloomberg News senior technology editor, on how the Anthropic IPO is being led by Goldman Sachs Group Inc. and Morgan Stanley, along with 20 other banks, the filing shows. Anthropic and some of its shareholders are offering stock in the IPO, according to the filing. The amount of shares they’re offering will be disclosed in a later filing.

-Mark Niquette, Bloomberg News real economy reporter, on President Trump’s affordability crisis and the upcoming midterm elections.

-Jody Lurie, Bloomberg Intelligence credit analyst, on how Norwegian Cruise bonds could stay pressured, as net leverage rising to over 6x by year-end suggests a prior goal of 4.5x is unattainable by next year without a large one-time capital infusion. Equity investors' impatience may mean bigger asset sales or other creative steps.

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Anthropic filed for an IPO, moving a step closer to being the first company focused primarily on developing the most advanced artificial intelligence models to go public.
The company behind Claude expects to begin trading on the Nasdaq Global Select Market under the symbol ANT, a filing Monday with the US Securities and Exchange Commission showed. 
For instant reaction, Bloomberg's Paul Sweeney and Jess Menton speak with Bloomberg Executive Editor for Global Tech Peter Elstrom and Bloomberg Intelligence Senior Tech Analyst Mandeep Singh.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom.

Today's show features:

• Whitney Tilson, Stansberry Research Editor
• Stephanie Guild, Robinhood Chief Investment Officer

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Apple debuting its foldable iPhone Duo, with people lining up overnight to get their hands on it first. The new device is in limited supply, with consumers placing new orders on Apple's website being offered delivery at the end of January, and some stores selling out of certain configurations within the first half hour.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses OpenAI seeking to raise  around $30 billion in a fresh funding round at a valuation of $1.25 trillion, according to people familiar with the matter. The company shifted the value discussed in the talks by $150 billion, from $1.4 trillion, and fundraising discussions are ongoing, said the people.

-Ben Elliott, Bloomberg Intelligence Consumer Finance Analyst, discusses earnings from American Express. According to Bloomberg Intelligence: American Express' accelerating card-fee growth and moderating customer-engagement expenses show the benefit of its Platinum refresh, as higher fees can take up to two years to reach earnings while expenses are recognized faster. Card fees are central to AmEx earnings, accounting for a large portion of net income after substantial rewards and marketing costs.

-Tamlin Bason, Bloomberg Tech Litigation Analyst, discusses Infosys earnings. Infosys Ltd. lowered its annual sales forecast as clients continue to hold back on technology spending, signaling that a broad-based recovery in IT budgets could prove elusive anytime soon. Revenue will climb 1% to 2% on a constant-currency basis in the year through March 2027, down from its July guidance of 1.5% to 3%.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Meta earnings. Meta Platforms Inc. shares fell after Chief Executive Officer Mark Zuckerberg told investors the company would bet even more aggressively on artificial intelligence. The company boosted its capital spending plans for the year and announced a new class of nonvoting stock that could be used to help pay for acquisitions and other expenses.

-David Welch, Bloomberg Detroit Bureau Chief, discusses Tesla earnings. Tesla Inc. pulled back its spending plans after investment last quarter trailed expectations, with capital expenditures to be around $20 billion this year. The company had been consistently short of the pace needed to hit its spending goal, particularly after a $4.73 billion outlay in the third quarter, with analysts having expected $7.95 billion on average.

-Liam Denning, Bloomberg Opinion Columnist, discusses the column: “SpaceX-Tesla Is a Strange, But Certain, Deal.” Elon Musk confirmed that SpaceX and Tesla have formed special committees to examine a potential merger, with Musk noting his personal preference for a deal. SpaceX's quarterly results eclipsed Tesla's, with SpaceX reporting its first quarterly positive net income of $4.4 billion, compared to Tesla's results.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, recaps Comcast earnings. Comcast lost 144,000 residential broadband customers in the third quarter, more than the 133,000 losses predicted by Wall Street. The company's media operations at NBCUniversal are performing well, with Peacock reporting a 17% increase in paid subscribers and Universal seeing its highest grossing film of all time.

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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.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Sana Pashankar, Bloomberg Space Reporter, discusses Elon Musk endorsing the prospect of combining SpaceX with Tesla, uniting assets from electric cars to AI data centers to rocket and satellite capabilities. Musk said the boards of both companies had formed special committees to consider the idea of a combination, but cautioned that getting enough support from Tesla shareholders may be tricky.

-Matt Henriksson, Bloomberg Intelligence Senior Equity Analyst, discusses Abbott Laboratories planning to spin off its nutrition unit into a separate publicly traded company through a tax-free distribution to shareholders. The new company will have annual sales of about $8.5 billion from its key brands, including Pedialyte and Ensure, and will be led by Daniel Salvadori as chief executive officer.

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses United Airlines forecasting weaker-than-expected earnings for the final three months of the year due to soaring jet fuel prices. United shares rose more than 4% after the carrier commented on strong operating revenue and reassurance on 2027 pretax margin targets.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix earnings. Netflix reported its slowest sales jump in three years and forecast a fourth consecutive quarter of slowing growth, amplifying concerns about the performance of the world’s leading online TV network. The company blamed its sales shortfall on the advertising business, which is on pace to deliver $300 million less than expected, and has overhauled its leadership to address a decline in programming quality.

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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

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, discusses General Motors earnings. GM shares fell as shareholders focused on a narrower profit outlook despite plans for another $20 billion in stock repurchases. The company now sees 2026 adjusted earnings before interest and taxes in a range of $14.5 billion to $15.5 billion, compared with the $14 billion to $16 billion range it projected in July. GM's board approved the new round of buybacks, which will be funded on an ongoing basis over a multi-year period of time, adding to the $29.5 billion already spent by the company buying back its shares since 2023.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Salesforce agreeing to buy Braze Inc. for almost $5.7 billion in enterprise value, paying Braze investors $47.50 per share. Braze gathers customer data in real time and uses AI to generate personalized messaging for different media and methods of communication, serving around 2,770 customers. The deal is expected to close in Salesforce’s fiscal 2028 and will be used to bolster several of its products, particularly those for marketing and customer communication via Agentforce.

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Nscale being in talks to sell computing power to Anthropic PBC in a deal that could be worth about $45 billion, according to people familiar with the negotiations. The deal would be for a second facility at Nscale's Monarch data center campus in West Virginia, which would deliver 460 megawatts of computing power using Nvidia's advanced Vera Rubin AI chips. A deal could be finalized as soon as in the coming days, but deliberations are ongoing and details of the plan could change, with Nscale still needing to secure financing to fund the supply of AI chips.

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses Hasbro earnings. According to Bloomberg Intelligence: Hasbro's raised outlook reflects further strength and better-than-expected growth for Magic: The Gathering, while the Consumer Products unit's 4% net sales increase for 3Q keeps it on track for low-single-digit growth this year. Comparisons will be tougher for both in 4Q, with sales growth likely to decelerate. Earnings in 3Q were aided by $55 million in tariff refunds, with margin pressure also likely to resume in 4Q, especially for the Consumer Products segment.

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