Bloomberg Intelligence

Apple delivered a forecast for the holiday period that topped Wall Street estimates, even as it failed to impress investors who have bid up the shares in recent months. Revenue will rise 7% to 10% in the fiscal first quarter, which runs through December, Apple said during an earnings conference call Monday. Analysts had estimated 6.1% on average, according to data compiled by Bloomberg.
The shares slumped about 4% in late trading, a sign of the lofty expectations surrounding Apple. After a rally added roughly $1 trillion in market value to the company since late June, investors were betting on a blockbuster report.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Bloomberg Intelligence senior tech analyst Anurag Rana and Bloomberg News managing editor for global consumer tech, Mark Gurman.
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-Ryan Gould, Bloomberg Deals Reporter, discusses Marvell Technology agreeing to buy Lumentum at an enterprise value of $115 billion in an all-stock transaction. The merger is expected to be completed in the first half of 2028 and will give Marvell shareholders 67% of the combined business. The deal sparked concerns from investors, who sent shares of both companies sliding, due to the risks of embarking on a massive AI deal at a time when the market is jittery about the industry.

-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses Anthropic’s legal risks. According to Bloomberg Intelligence: With US law unsettled on AI oversight, Anthropic faces significant legal risk and enormous potential litigation exposure. Just as President Donald Trump's Commerce Department imposed export controls to halt the AI giant's Fable 5 and Mythos 5 models in June, Anthropic's AI models could similarly be blocked going forward under a legal framework with few clear timelines, precedents or standards.

-Jody Lurie, Bloomberg Intelligence Credit Analyst, discusses Marriott International earnings. Marriott International Inc. reported third-quarter earnings that beat expectations, as bookings surged across the company’s US hotels. The company recorded adjusted earnings per share of $3.02, according to a statement Monday. That was higher than the average analyst estimate of $2.85 in data compiled by Bloomberg.

-Roy Strom, Bloomberg Law Correspondent, discusses how a war is brewing in the corporate restructuring world as firms fight to secure talented lawyers specializing in out-of-court debt workouts. Weil Gotshal & Manges is shuttering its operations, putting its top bench of talent within rivals' reach, and intensifying the battle for specialized attorneys. Firms are positioning themselves for an expected economic downturn that will push companies to restructure outside bankruptcy court, with a strong restructuring practice seen as a way to insulate firms from loss of other types of work.
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Today's guests: Veda Partners Co-Founder & Managing Partner Henrietta Treyz, JPMorgan Asset Management Chief Retirement Strategist Michael Conrath, and Author "The Everywhere Millionaire" Owen Zidar.
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, discusses Intel’s shares plummeting after its revenue forecast missed analysts' estimates. The company was hurt by sputtering demand for PC processors and supply-chain problems with its data center components. Intel projects sales in the fourth quarter will be $15 billion to $16 billion, with profit of 25 cents a share, excluding certain items, which is lower than analysts' average estimates.

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Amazon earnings. Amazon.com Inc. shares dropped after the company reported greater capital spending than anticipated and the slowest growth in the core e-commerce business in three years. Revenue at the cloud unit, Amazon Web Services, accelerated for the sixth straight quarter, while online sales gained just 2% to $68.5 billion, the lowest increase since early 2023.

-Vincent Piazza, Bloomberg Intelligence Senior Equity Research Analyst, Oil & Gas, discusses earnings from Chevron and Exxon Mobil. ExxonMobil and Chevron beat profit expectations due to conflicts in the Persian Gulf and Russia driving refining results to record highs. The disruptions to global energy markets show little sign of easing, with price volatility forecast to escalate as strategic and commercial stockpiles run low.

-Emily Nicolle, Bloomberg Digital Finance Reporter, discusses Bitcoin sinking below $77,000 for the first time in more than a month after Binance Holdings revealed a record hack. The breach, in which attackers siphoned off over $6 billion, is the largest crypto theft on record and raises questions about the security of customer assets. Binance has reserved $6.34 billion of company funds in the wake of the incident, and an analyst said that Binance can absorb the losses.
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Intel plunged in late trading after its revenue forecast missed analysts’ estimates, hurt by sputtering demand for PC processors and supply-chain problems with its lucrative data center components. The shares plunged in extended trading as much as 17%. The stock had gained 5.6% this year through Thursday’s close.
Meanwhile, Amazon shares dropped after the company reported greater capital spending than anticipated and the slowest growth in the core e-commerce business in three years.
For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Bloomberg Intelligence senior semiconductor analyst Kunjan Sobhani and Bloomberg Intelligence senior tech analyst Anurag Rana from Schwab IMPACT in Boston.

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