Bloomberg Intelligence

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Hosts: Paul Sweeney and Scarlet Fu

On this podcast:

- Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, recaps Nvidia earnings.

- Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses Microsoft and Nvidia investing up to $15 billion in Anthropic.

- Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses Walmart earnings.

- Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, recaps Lowe’s earnings.
 
- Anthony Hughes, Bloomberg US ECM Reporter, recaps Klarna earnings.

-  Michael Shah, Bloomberg Intelligence Senior Pharma-Biotech Analyst, discusses Novo Nordisk undercutting Eli Lilly’s obesity drug price for cash-pay patients.

- Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail, recaps TJX earnings.

- Abigail Gilmartin, Bloomberg Intelligence Athleisure and Footwear Analyst, recaps Amer Sports earnings.

Bloomberg Intelligence, the research arm of Bloomberg L.P., has more than 400 professionals who provide in-depth analysis on more than 2,000 companies and 135 industries while considering strategic, equity and credit perspectives. BI also provides interactive data from over 500 independent contributors. It is available exclusively for Bloomberg Terminal subscribers.

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Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix Inc., Comcast Corp. and Paramount Skydance Corp. all submitting bids for Warner Bros. Discovery Inc., according to people with knowledge of the matter, setting the stage for one of Hollywood’s biggest companies to be sold. The submissions meet a Nov. 20 deadline for a first round of bids set by the board of Warner Bros. Discovery, the parent of HBO, CNN and the Warner Bros. movie and TV studios. The New York Times reported earlier Thursday that the three companies had put in offers.

- Beth Kowitt, Bloomberg Opinion Columnist, discusses her column: “Inside Walmart’s Masterclass in Reputation Rehab: Beth Kowitt.” Walmart Inc. was once criticized for its treatment of workers and impact on communities, but its reputation has been rehabilitated under CEO Doug McMillon. McMillon invested $2.7 billion in Walmart's workers, including pay increases and training, which improved retention and attracted more ambitious employees.

-Jody Lurie,  Bloomberg Intelligence Senior Credit Analyst discusses research from Bloomberg Intelligence on vacation budgets. Even amid rising economic concerns, over two-thirds of respondents to BI's proprietary travel survey said they'll spend more to go places in 2026, about the same as last year, according to BI's US proprietary US travel survey conducted Nov. 10-17. Those planning air travel say they favor a better experience, which may aid full-service airlines like American and United vs. Spirit and Frontier. Some 51% of respondents are eyeing hotel chains vs. 48% in 2025, benefiting Hyatt, Marriott, IHG and Hilton.

-Calvin Butler, CEO of Excelon, discusses the data center boom, its soaring energy demand, and what it means for the green transition. The electrification push is driving unprecedented demand for cables, transformers, gas turbines, and skilled engineers. This is causing multi-year delays and rising costs globally. The technological challenge of managing an energy grid dominated by intermittent renewables, and the most promising innovations emerging to solve it.

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Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses Walmart earnings. Walmart Inc. raised its full-year sales and profit outlook, a sign the world’s biggest retailer is winning over price-sensitive shoppers while absorbing rising costs. The company now sees net sales rising 4.8% to 5.1%, higher than its previous projection in August. It marks a second increase in forecast during the fiscal year. 

-Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, recaps Nvidia earnings. The company announced sales will be about $65 billion in the January quarter, and a half-trillion-dollar revenue bonanza due in coming quarters may be even bigger than anticipated. Nvidia's CEO Jensen Huang acknowledged concerns about an AI bubble, but said "from our vantage point, we see something very different" and that the growing role of AI will help maintain demand for Nvidia's products.

-John Butler, Bloomberg Intelligence Senior Telecom Analyst, discusses layoffs at Verizon. Verizon Communications Inc. announced wide-ranging layoffs Thursday morning that will shrink the company by as much as 20% of its non-union workforce, a major step in a turnaround plan led by new Chief Executive Officer Dan Schulman.  The largest wireless carrier in the US gave notice that it will begin by cutting more than 13,000 employees, according to an internal message Schulman sent to employees that was seen by Bloomberg News.

-Matt Henriksson, Bloomberg Intelligence Senior Medtech Analyst, discusses Abbott Laboratories agreeing to acquire cancer-screening company Exact Sciences Corp., in a deal with a total equity value of about $21 billion. In the biggest health-care deal in two years, Abbott will pay $105 per common share in cash, the companies said Thursday in a statement. The price represents a 51% premium to Exact Sciences’ closing price on Nov. 18, the last full trading day before Bloomberg reported that Abbott was nearing a deal. 

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Nvidia CEO Jensen Huang discusses the "off the charts" sales of the Blackwell advanced graphics processing unit (GPU), the company's new Vera Rubin platform and the outlook for demand from China with Bloomberg Tech co-host Ed Ludlow, in a special conversation as heard on Bloomberg TV and Radio.

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Nvidia, the world’s most valuable company, gave a strong revenue forecast for the current period, helping counter concern that a global surge in AI spending is poised to fizzle. Sales will be about $65 billion in the fiscal fourth quarter, which runs through January, the chipmaker said in a statement Wednesday. Analysts had estimated $62 billion on average, with some predictions ranging as high as $75 billion. 

The outlook signals that demand remains strong for Nvidia’s artificial intelligence accelerators, the pricey and powerful chips used to develop AI models. Nvidia has faced growing fears that the runaway spending on such equipment isn’t sustainable. Nvidia shares gained about 4% in late trading after the report was released. They had been up 39% this year through the close.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners
• Bloomberg Tech Co-Host Ed Ludlow
• Bloomberg News Big Tech Team Leader Sarah Frier

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Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, recaps Lowe's earnings. Lowe’s Cos. reported profit that topped expectations on a pickup in online sales and growth in demand from professional contractors. Adjusted earnings per share were $3.06 in the third quarter, the company said in a statement Wednesday, compared with the $3.00 estimate of analysts surveyed by Bloomberg. 

-Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail,discusses TJX earnings. TJX Cos. posted sales last quarter above estimates and raised its outlook, signaling that US shoppers are turning to cheaper options as the economy shows signs of stress. 
The discounter, which runs chains including TJ Maxx and Marshalls, said revenue hit $15.1 billion. Analysts on average expected about $14.9 billion. Its comparable sales topped estimates, too.

-Liz Hart, President of Leasing for North America at Newmark, discusses the state of commercial real estate. Despite economic uncertainty amid low consumer sentiment, retail remains strong. U.S. retail availability is 5.3%, above the all-time low of 5.0%, and 120-bps under the long-term average availability rate of 6.5%. This is largely due to a very limited development pipeline, dating back to the GFC. Since 2010, retail has delivered less than 1.0% new supply each year, enabling retail to manage obstacles such as a rising rate of e-commerce sales, the Pandemic, and the current low state of consumer sentiment.

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Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses top tech stories. Microsoft Corp. and Nvidia Corp. are committing to invest up to a combined $15 billion in Anthropic PBC, in a move that ties the AI developer closer to two of the biggest backers for its rival OpenAI. 

-Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, recaps Home Depot earnings. Home Depot cut its full-year earnings guidance, warning that some unsteady consumers are hitting the pause button on big-ticket home purchases. The company expects adjusted earnings per share to decline from a year ago, citing the overall weakness in the housing market and a lack of storms that hampered demand in certain categories.

-Matt Henriksson, Bloomberg Intelligence Senior Medtech Analyst, recaps Medtronic earnings. The medical device maker lifted the bottom end of its range for adjusted profit forecast for the year. The company also boosted its organic revenue outlook following better-than-expected results in the second quarter. 

-Abigail Gilmartin, Bloomberg Intelligence Athleisure and Footwear Analyst, recaps Amer Sports earnings. Amer Sports Inc. raised its full-year guidance for the third time this year after strong demand for its Salomon footwear drove quarterly sales to a record. Sales growth at the group’s two other units — including the Technical Apparel segment and the Ball & Racquet Sports unit — also surpassed expectations. As a result, overall group sales also hit a new high.

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Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Michael Shah, Bloomberg Intelligence Senior Pharma-Biotech Analyst, discusses Novo Nordisk undercutting Eli Lilly & Co. on obesity drugs for cash-pay patients, with introductory doses of Wegovy and Ozempic available for $199 a month. After the first two months, Novo will offer the drugs for $349 a month, 30% less than the current self-pay price, matching Lilly’s price for a low dose of Zepbound.

-- Liana Baker, Bloomberg News Managing Editor for Deals, discusses  Clayton Dubilier & Rice agreeing to buy Sealed Air Corp. in a deal valuing the packaging company that invented Bubble Wrap at $6.2 billion. The private equity firm will pay $42.15 a share for Charlotte, North Carolina-based Sealed Air, according to a statement Monday. That’s slightly below Friday’s closing price of $43.28 a share, after reports that CD&R was weighing a takeover. 

-Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail, discusses why Ralph Lauren, Gap, Macy's and Dillard's are set to post stronger full-price sales in 2026 as fresh styles, collaborations and limited editions gain traction on social media, while new store openings can lift Aritzia, Burlington and Urban Outfitters. According to Bloomberg Intelligence:  Tariff pressures should ease by 2H26, with selective price hikes and other measures poised to boost margins across most retailers.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst discusses his outlook for U.S restaurant sales in the fourth quarter. According to Bloomberg Intelligence: US restaurant same-store sales rose 0.7% in October, but could drop in November due to the government shutdown and a tough comparison. Time is running out on casual dining's edge over quick service as it faces steep base effects this month and in 2026. Quick-service chains like McDonald's and Domino's should outperform on easier comparisons, value and a bigger benefit from tax reform.

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Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. 

Hosts: Paul Sweeney and Scarlet Fu

On this podcast:

- Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, recaps Walt Disney earnings.

- Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail, discusses her research on “Gen-Z, Millennials to Cut Holiday Spending; Clothing May Hold Up.”

- Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals Analyst, discusses Novo Nordisk pulling out of a bidding war with Pfizer for Metsera.

- Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses earnings from Tyson Foods.
 
- Emily Mason, Bloomberg Fintech and Crypto Reporter, discusses earnings from Circle Internet Group.

-  Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, discusses the path ahead for Berkshire Hathaway CEO Warren Buffet.

- Justin Teresi, Bloomberg Intelligence Antitrust Litigation & Policy Analyst, discusses his research on a recent deal between Visa and Mastercard.

Bloomberg Intelligence, the research arm of Bloomberg L.P., has more than 400 professionals who provide in-depth analysis on more than 2,000 companies and 135 industries while considering strategic, equity and credit perspectives. BI also provides interactive data from over 500 independent contributors. It is available exclusively for Bloomberg Terminal subscribers.

See omnystudio.com/listener for privacy information.

Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, discusses Walmart’s CEO retiring in February. Chief Executive Officer Doug McMillon, who over a decade ushered the big-box behemoth into the Internet age, will be replaced by US head John Furner. Furner, 51, takes over as Walmart faces a fast-moving shift toward artificial intelligence, an uneven US economy, and a rapidly changing global workforce. 

-Madison Muller, Bloomberg News Health Reporter, discusses Merck agreeing to acquire Cidara Therapeutics, a biotech company developing a flu treatment, as part of its ongoing efforts to make up for the upcoming patent loss of its blockbuster cancer drug Keytruda. Merck will pay $221.50 a share in cash for Cidara in a tender offer, more the twice Thursday’s closing price, for a total transaction value of about $9.2 billion, the companies said Friday in a statement. 

-John Butler, Bloomberg Intelligence Senior Telecom Analyst, discusses the latest at Verizon. Verizon Communications is discussing plans to announce job cuts next week that could downsize the company by as much as 20%, according to people familiar with the wireless carrier’s plans. It's a major step in a transformation led by new Chief Executive Officer Dan Schulman. The size and scope of the potential layoffs are still being discussed, but they could impact 15,000 to 20,000 workers, the people said. Verizon has about 100,000 employees. The planned cuts are part of an aggressive strategy that Schulman recently unveiled to reclaim market share. 

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