Bloomberg Intelligence

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-John Tozzi, Bloomberg Health care Reporter, discusses CVS Health planning to spin off its retail pharmacy business into a new company called CVS Pharmacy in the first half of 2028. The move will separate the drugstore business from the Aetna insurance unit and Caremark prescription benefits division, with both companies to be publicly traded. CVS shares plunged as much as 14% in New York on Wednesday after the announcement, which marks a shift away from the long-term trend of consolidation among major healthcare companies.

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. Mandeep discusses the impact of mid-term elections on the tech sector. Separately, he talks about earnings from Uber and AMD. Uber Technologies Inc. shares rose after the company posted quarterly earnings and gross bookings that met expectations. Total gross bookings for the third quarter were $59.8 billion, and adjusted earnings per share were 88 cents, which was about what Wall Street was expecting. Advanced Micro Devices Inc. gave a revenue forecast that exceeded analysts’ estimates, showing that demand for data center processors remains strong. The company’s fourth-quarter revenue will be $17 billion, plus or minus 3%, which easily topped the average analyst estimate of $16.3 billion.
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Bloomberg Intelligence hosted by Paul Sweeney and John Tucker

- Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Walt Disney’s layoff plans. Walt Disney Co. is moving toward thousands of job cuts with managers asked to target 20% in annual cost savings. The savings could come from job eliminations as well as from expense reductions, and some of Disney's operations will be affected disproportionately. Chief Executive Officer Josh D'Amaro aims to reinvest a portion of the savings into film and TV programming, technology and the theme parks and cruise ship businesses.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Apple earnings. Apple Inc. delivered a mixed outlook to investors in its first quarterly report under Chief Executive Officer John Ternus, with tightening profit margins overshadowing an upbeat sales forecast. The company predicted revenue growth of 7% to 10% during the holiday season, but warned that gross margins would be thinner than projected due to higher memory costs and expenses related to the new Siri AI digital assistant.
-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses Yum! Brands. Taco Bell is showing signs of recovery about three months after a cyclospora outbreak hurt results, with comparable sales rising 1% so far this quarter. Visits by "heavy" Taco Bell users have fully recovered to pre-outbreak levels, while lighter users are tracking to 95% of their prior frequency. Users of Taco Bell's loyalty program returned to the chain twice as fast as nonmembers, with membership growing 25% in the third quarter compared to the prior year.
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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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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

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