Bloomberg Intelligence

Netflix gave a forecast for the second quarter that fell short of analysts expectations, sending the shares down in extended trading. The streaming pioneer also announced that chairman and co-founder Reed Hastings is stepping down from the board after 29 years to pursue philanthropy and personal interests.

Revenue rose 16% in the first three months of the year to $12.3 billion, compared with estimates for $12.2 billion, the company said in a statement on Thursday. Earnings per share for the quarter were $1.23 compared with estimates of 76 cents.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:
Bloomberg Intelligence senior media analyst Geetha Ranganathan
Eric Clark, Accuvest Global Advisors CIO and LOGO ETF Portfolio Manager
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst, to recap PepsiCo earnings. PepsiCo Inc. said it’s starting to see salty snack sales grow after the company cut prices earlier this year. The maker of Doritos and Lay’s said its strategy of slashing prices by up to 15% in some brands and reducing internal costs through layoffs and plant closures was starting to pay off. After years of declines, organic revenue in its North American foods division increased 1% and volume grew 2%, the company said in its first quarter earnings Thursday.

- Siddharth Phillip, Bloomberg News Chief Correspondent for Global Aviation on Airline Issues, on Spirit Airlines at Risk of Liquidation. is at risk of being liquidated as rising jet fuel prices spurred by the US war with Iran further squeeze the bankrupt budget carrier’s finances, according to people familiar with the matter. Any decision by the company to potentially liquidate could come as soon as this week, said the people, who asked not to be named because the discussions are private. The situation is fluid as Spirit engages in ongoing talks with its creditors, and its plans could still change, they added. A Spirit spokesperson declined to comment. Representatives of creditor groups didn’t return calls seeking comment.

-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, discusses U.S bank earnings. U.S. Bancorp posted first-quarter profit that beat estimates, as Chief Executive Officer Gunjan Kedia rounds out her first year leading the largest regional bank and boosting its stock. Net income of $1.84 billion surpassed the $1.78 billion consensus estimate from analysts. The bank also posted net revenue that was up 4.7% to $7.29 billion compared with a year earlier, helped by momentum in capital markets and investment services, according to a statement Thursday.

- Matthew Griffin, Bloomberg Equities reporter on Madison Air Prices Biggest US Industrial IPO in Nearly 27 Years. Madison Air Solutions Corp. raised $2.23 billion in the biggest US listing of an industrial company in close to three decades. The Chicago-based provider of ventilation and filtration systems sold 82.7 million shares at $27 each after marketing them for $25 to $27, according to a statement Wednesday. The offering was multiple times oversubscribed, people familiar have said.The pricing gives the company a market value of $13.2 billion based on the number of outstanding shares listed in its filings.
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses Anthropic. Anthropic PBC has received offers from investors for a new round of funding that could value the company at about $800 billion or higher. The offers would more than double the $350 billion pre-money valuation Anthropic attached to its $30 billion fundraising in February. Anthropic has so far resisted the offers, and it's not clear if the company will accept investors' terms or raise money at an $800 billion value.

- Andrea Felsted, Bloomberg Opinion Columnist, discusses Hermès. Hermès shares tumbled as much as 14% as the disruption from the conflict in the Middle East dented the company’s sales growth. growth. Sales rose 5.6% at constant exchange rates in the first quarter, which was less than the 7.44% gain analysts had expected.

-- Steve Man, Bloomberg Intelligence Global Autos and Industrials Research Analyst, discusses Stellantis. Stellantis NV is discussing reviving a partnership with Dongfeng Motor Corp. that would involve joint car production in Europe and China. The companies are in talks about giving Dongfeng access to underused Stellantis factories in Europe, with Dongfeng possibly making cars from selected Stellantis brands in China.

-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, discusses U.S bank earnings. Bank of America Corp.'s stock-trading desk set a record, riding a wave of volatility that helped push the bank's earnings to the highest in nearly two decades. Morgan Stanley's stock traders had a record-breaking first quarter, with $5.15 billion from equity trading in the first three months of the year. PNC Financial Services Group Inc.'s $4.1 billion acquisition of FirstBank Holding Co. helped drive its revenue higher in the first quarter while impacting credit quality.
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Michelle Davis, Bloomberg News Senior Deals Reporter, discusses Amazon.com agreeing to acquire satellite operator Globalstar in a roughly $11.6 billion deal to expand the services of its satellite system.

-- Sid Philip, Bloomberg Chief Correspondent for Global Aviation, discusses United Airlines Chief Executive Officer Scott Kirby floating a possible combination with American Airlines, which would face intense scrutiny due to antitrust concerns.

- Craig Trudell, Bloomberg Global Autos Editor, discusses Lucid Group naming Silvio Napoli as its new chief executive officer and announced $750 million of fresh investment from its two biggest backers.

-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, discusses U.S bank earnings. Wall Street banks reported at least $100 billion of exposure to private-credit firms, an industry with many investors on edge over credit quality and the growing impact of artificial intelligence.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

***Broadcasting Live from the New Jersey Institute of Technology***

-- Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Bill Ackman kicking off formal marketing for the US initial public offering of his closed-end fund and his hedge fund. The IPO for Pershing Square USA Ltd. is expected to price on April 28, and could raise as much as $10 billion, according to a statement.

-Neil Sipes, Bloomberg Intelligence Financials Analyst, discusses earnings from Goldman Sachs. Goldman Sachs Group Inc. shares fell after the bank reported a surprise drop in bond-trading revenue, with fixed-income, currency and commodities revenue of $4.01 billion for the first quarter.

-Cassie Hallberg, CEO of NJIT-backed startup PureTrace Labs, discusses PureTrace Labs. The company is commercializing the technology of NJIT professor Hao Chen to dramatically speed PFAS testing turnaround and reduce cost. The technology is Paper Spray MS (PS-MS) and Desalting Paper Spray MS (DPS-MS) for rapid PFAS screening across water, soil, and packaging. (MS stands for mass spectrometry.)
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