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tv   Bloomberg Markets  Bloomberg  October 28, 2021 1:00pm-2:00pm EDT

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vaccinated against covid-19. pfizer biontech says the government has purchased an additional 50 million doses of their vaccine. the food and drug administration is poised to clear the chop for children ages five to 11 shortly paving the way for a pediatric vaccine campaign in early november .global news 24 hours a . even the proposal was omitted from a framework announced earlier. after a meeting with the president, house ways and means committee chairman richard neal told reporters, salt will be in the endgame. salt has emerged as a key issue for a contingent of house democrats largely representing high tax areas. . european commission president ursula von der leyen says the world must do more to limit global warming including boosting financing to help
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developing countries. she spoke to francine lacqua ahead of cop26 which tips off this weekend in scotland. >> we are not on track at the paris agreement and the goals we set ourselves that are necessary to fight climate change. we see ahead of cop26 the commitments by the different countries, we are not there yet. we have to be much more ambitious, show more leadership, transform our economies and the way we consume. mark: she called for the rich countries to step up their commitment and financing to help poorer nations cope with climate change. china is sticking to its existing climate change targets to zero out admissions and not advancing any of its key targets. that is reducing the chances for more ambitious global action at the cop26 summit. matt miller joins us now in
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berlin. matt: thank you. mark zuckerberg is holding a keynote address in menlo park. >> i'm going to keep pushing and give everything i have got to make this happen. i know some will say this is not a time to focus on the future. i want to acknowledge there are important issues to work on in the present, there always will be. for many people, i'm just not sure there will ever be a good time to focus on the future. but i also know there are a lot of you reveal the same way i do. we live for what we are building. and while we make mistakes, we keep learning and building and moving forward. for all of you that share these values, i dedicate today to you. in my mind, you are the heroes in our society that pushed the world forward. as long as i'm running this company, i will do my best to celebrate this spirit and absolutely go for it. ♪
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matt: that was mark zuckerberg at facebook. we will continue to cover all that facebook brings us this hour. ed ludlow will join us from the ground they are outside of facebook headquarters in menlo park. what do we just hear from mark zuckerberg? i was expecting a little more. ed: i think he will get a drip feed of these news over the coming hours. facebook wants to set a long-term vision for the metaverse, a space where we all interact with each other through augmented and virtual reality headsets. he made that clear on the earnings call this week, this is what this is about, putting the meets on the bones of how this product looks, how facebook makes money from it.
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currently, the payments section is only 3% of total revenue. zuckerberg was clear in saying it would take a decade for the metaverse two materialize and make meaningful money. but in the meantime, they are spending big. operating income will be down to 10 billion in fiscal 21. that is the commitment from facebook. as well as raising capex in fiscal 2022. that is what we want to hear about, what is the combination of hardware through the 2014 acquisition of oculus? let alone, what is the metaverse , and how do they make money through it? matt: i think we get sidetracked talking about what the metaverse is, i could talk about it for a long time, and it's fun, but basically, they want to make a video game in essence, that we all spend money on and they can
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profit from. what about the name change, have you heard any suggestions? is it likely to happen today? ed: as you know, the verge reported that facebook is considering a name change and restructuring, similar to what alphabet did. create the holding company and have each individual business arm as its own separate entity. facebook's response is that they don't comment on rumor and speculation. you can see behind me the world famous facebook sign. it is covered up with a temporary canvas that also has the thumbs up. multiple staff have been inspecting it all day long, checking what is underneath. there are security guards guarding it, so the truth is we don't know if they will be announcing a name change. the verge has reported that they will, and there is a clue about that over my shoulder. matt: you told paul sweeney and
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myself about this on radio today. i immediately googled the side, and it does change intermittently, a lot like google, for certain events, they will change the sign, make it different colors, put a pattern on it. that could be what it is, it may not necessarily be a name, but it will be interesting to see what is behind that banner. any clue when it will be unveiled, what we will find out today? any idea about the schedule? ed: zuckerberg is speaking now at this event. he was due to speak for about one hour. we were led to believe that this would be as much about hardware as much as software. facebook reality labs works on virtual and augmented reality.
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the look with payments, it's a tiny portion of revenue, but this coming quarter, they will strike facebook labs out as a separate line item. what they discussed on this earnings call was this product called verizon, an app that will house the metaverse. if you google it, it is akin to a roadblock or minecraft, a videogame. in the literature, facebook says it is more than that, they wanted to be somewhere that people can interact for work purposes, a place where you can socialize with friends and family. we just don't know what that looks like in practice. matt: arguably, you can do that on grand theft auto or in some of the other multiplayer games, red dead redemption 2, but at
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another level, there are tv shows about how that could look. there is the movie "surrogate" where people just plug into the metaverse for the rest of their lives. it will see what mark zuckerberg's version -- interesting to see what mark zuckerberg's version will be. for more, let's bring in david trainer, ceo of new constructs. we heard mark zuckerberg at the top saying a lot of people will say it is not the time to focus on the future. they argue there are enough problems to deal with in the present. clearly, facebook has its issues. regulatory constraints are likely to increase. is this just a way to distract us from that? david: absolutely. all of this, the sign, name change represents a distract and
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diversion away from what we will realize, which is the modern version of big tobacco when it comes to facebook and instagram. i think mark has a big vision about the metaverse. it is important, he will look at facebook as the online version of a yearbook as a stepping stone to build a treasure trove of profits to build this great metaverse. but it is absolutely a diversion. everything is set up to get people to be distracted away from and divert attention away from the very ugly way that facebook has made billions and billions of dollars. matt: what is the big problem, with the way that facebook has made money, and build they face any consequences? do they support enough congressional campaigns so that they don't have to worry about it? david: great question. a couple years ago we started reading how facebook had to
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change their attitude. they realized that they had to pay to play in washington. if you were not spending big bucks, you would not get your way, and you may even get on the wrong side of the line. we will see if money can buy you absolution from what they've done. it has been an amazing business model. i like to joke with friends, everyone gives facebook all of their content for free. the problem is they exploited that. not that some other firm wouldn't have done the same thing. i believe the online yearbook was inevitable, some firm would do that. it has all of these things that we love about facebook, being able to edit and update, take advantage of other online capabilities that you could do in a digital yearbook as opposed to an off-line yearbook. but the way that facebook used
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the data, sold it off to people to get you to vote a certain way, the way they monetized, with your own personal property, your preferences, i think that will probably have to come to an end. the question of whether the regulators or legislators will do something about it, that is hard to tell. matt: at this point, i have to wonder whether mark zuckerberg can do anything about it. if you consider the polarization of society to the extent we are now seeing it as something that has caused, at least in part by social media, and facebook as the biggest part in that. is it too big to control at this point? we saw they had an experiment with a test account in india that instantly ran into these horrible images, got these extreme political messages.
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is that inevitable if you sign up on a platform like facebook? david: it is baked into the dna. the dna of the business is to profit from their user's preferences and predilections. the idea is that the algorithms are designed to bring you two things that will grab your attention. advertisers pay for attention. they pay more when they know it will be directed specifically to them because your preferences are for what they are trying to sell you at that time. it's all about having a more accurate grip on getting people's attention. that is in the dna of the business. in some ways you cannot blame them. that is what advertising and marketing has been all about. they just had the greatest of all time for this point in time in the evolution of our society platform for capturing and measuring people's attention and where it is directed.
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i think it is baked into the dna. i just don't know if it ever makes sense for a private enterprise, any private enterprise, to own all of that. i feel like it should be owned by the individuals. i think that is an existential question that we as a society will be wrestling with over the next several months and years. matt: we will have more on facebook, and looking at the video here, i'm not sure if that is real or if that is an avatar. this is bloomberg. ♪
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matt: let's get back to the facebook event where we are getting some breaking news.
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that was an avatar showing off its new ar and vr features at disconnect conference. that was not the actual background of mark zuckerberg's house. i don't even know if that is actually mark zuckerberg. that is actually kyoto, japan. facebook going through a release of a vr headset that users can use to use virtual home environments. you can put it on in your house and change that the decor. it will unveil a horizon program. facebook is testing new work accounts as part of oculus for business. ed was saying, in the metaverse, it will not all be about play, you can work as well as buy stuff, which i think is the big point. facebook is announcing its $10
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billion metaverse plan for the future of social media. it is, keep in mind, and $888 billion company. the marks do not hate it. >> the issue at hand here is that shares have been under pressure since it peaked in september. you saw the personal wealth of mark zuckerberg take a hit up to $25 billion. this has a lot to do with whistleblower concerns as well as peak growth for a lot of these companies. i want to get to that personal wealth picture. i want to compare zuckerberg to some of the others in the world. $13 billion is how much mark zuckerberg has made year to date. compare that to elon musk, right now the richest person in the world. he made $122 billion this year. back to the whistleblowers, i
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learned how much they can make. facebook has already issued $1.2 billion to whistleblowers. matt: really interesting way to make money. i guess they could do that in the metaverse as well and then use those meta-verse dollars to buy stuff online. the other issue is the impact from apple's privacy law change. has there been an effect on facebook yet? we will discuss that and much more to do with the social network. this is bloomberg. ♪
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matt: this is bloomberg markets. i'm matt miller. the national association of realtors as u.s. pending home sales -- real homes, nonvirtual
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-- fell 2.3 percent in november from a month earlier, the largest drop since april. signings were down 2.2% on an unadjusted basis. our next guest is an expert on the real estate market. invitation homes offers about 80,000 houses for lease in neighborhoods across the u.s. its latest earnings top third quarter estimates and is right about to raise rent. joining us now is janice tyler -- dallas tanner, ceo and president. let's talk about the shortage in the housing market. it is real and pretty substantial right now. how do you view it? dallas: two things that have us where we are today. first, coming off of a housing crisis 10 years ago where we have been slow -- builders don't want to put themselves out there in creating new supply.
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we have a thought of absorption. normal household demand. we are also see migration shifts to the south. above all else, we are dealing with the same supply constraints in housing that we are seeing across different sectors. it doesn't matter if it is the title met process with cities, or door and window packages, it has all been delayed because of the pandemic. it is just this near-term crunch that will take some time to work. . but we have also had cheap interest rates for a long time. it has been remarkable in terms of what it's done to demand. matt: home prices for buyers have been soaring in a lot of markets. i know there are other factors at play. i want to get to zillow and some of the other e-flippers. rents are rising, you are raising by 11%.
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which markets are seeing the most, which are closer to normal? dallas: rent has been going up the past three or four years pretty aggressively due to the supply and demand factors you talked about. it will not go to the sky but there is a near-term crunch on the margin. every time we get a home available to rent, we price it to what the market says the rent should be. that is only about 30% of our business. the other 65% are renewals. we are not pricing to market, we are staying true to our customers and finding the right balance. you are seeing it across the sun belt, southeast, these markets that are seeing 2x or 3x. they are feeling the pressures, and it is very real. matt: housing is clearly a regional thing. unlike computer processors, where the price is the same whether you buy it in menlo park
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or tuxedo park, the housing market looks very different in louisiana than it does in las vegas. where are you seeing the biggest increases? i know phoenix, for example, is a very hot market. dallas: new lease growth in the hot markets are in the double digits in terms of what we are seeing in our business. we represent a very small portion of the overall spectrum of housing. but what you are also seeing is builders are doing a good job of bringing new deliveries into play. it just takes time right now. whether it was lumber -- six months ago, we saw that price skyrocket. maybe now it is finished plumbing and lighting fixtures that are taking a while to get to the states. it has just been a logjam. as that frees up, supply will flow in.
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interest rates have been at historic lows for the last 36 months, and that has about people's purchasing power, which is driving up the price for the assets. matt: you see private equity going into residential housing. i was just talking about zillow, and you don't compete with them with your business model, but you must be when it comes to others. dallas: there are six point 5 million resale transactions every day in the u.s., not including all the new product that builders are bringing into the market every year. institutional capital, buying single-family homes is in the low single digits if anything in terms of what has actively been purchased in a given year. at the end of the day, the consumer has such pricing power right now for somebody that
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wants to buy a home. near zero interest rates in the economy. you also have families that are staying put longer because of the pandemic. we have not seen as many listings as we would normally see in a given year. it has created this really weird dynamic in the marketplace, and you are starting to see that he's up. you are seeing supply from a retail perspective start to creep back up. this year, there will be 1.6 million new deliveries. that is considered a pretty normal approach to the existing demand. but it does not account for the 2 million to 3 million units that were undersupplied and generally. matt: thank you so much. appreciate your insight. dallas tanner, ceo of invitation homes. this is bloomberg. ♪
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mark: i'm mark crumpton with bloomberg first word news. president biden announced a framework 1.70 $5 billion tax
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and spending package today. speaking at the white house, the president says the plan will provide what he called historic investment and make the u.s. competitive globally. president biden: these plans are fiscally responsible, fully paid for. they do not add a single penny to the deficit. they don't raise taxes on anyone making $400,000 a year. mark: the president added no one got everything they wanted, including me in the plan. he now goes to europe for the cop26 climate summit which begins on sunday. china is sticking to its existing climate change targets to zero out admissions and not advancing any of its key targets. that reduces the chances for more ambitious global action at the cop26 summit in glascow. a new report this week warned that without stronger efforts on emissions reductions, the world is on track for a 2.7 degrees celsius temperature rise, and
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increase that risks catastrophic consequences. 82 countries are at risk of not being able to vaccine at least 40% of their population by the end of this year. uncle the world health organization headset. the problem is a lack of supply. the nations need an additional 550 million doses to meet the vaccination targets. a who senior advisor called it "a very solvable problem." the justice department is promising to crackdown on white-collar crime. prosecutors are looking to roll back the trump administration's lighter touch approach to oversight. it will encourage more cases against senior executives who traditionally have been pursued less vigorously than their employees. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.
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amanda: i'm amanda lang. welcome to bloomberg markets. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. facebook connect 2020 one conference is underway. we have the latest from the company's headquarters in menlo park, california. and as supply chain constraints continued to plague retailers, we have an exclusive retailer with the ceo of tempur sealy, scott thompson. more on how that company is responding to the crunch. shares of overstock are higher today after recording a third-quarter revenue beat. we will discuss their decision to accept crypto in payments
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with the ceo jonathan johnson. amanda: overstock not alone in beating the street. enthusiasm in earnings is driving markets today. on the broad s&p 500, everything is higher except for energy. consumer discretionary is a winner. tesla is getting a move to the upside today. ford, almost double digit increases as they manage the chip shortage better than some of their rivals. the 10-year still around 1.57. hanging in around the same place. questions still about inflation and long-term growth expectations. it seems to be that the earnings outlook is solid, and where it is not, investors are heading for the exits. definitely story driven. one story we will be following is citigroup, saying it will require all of its employees to
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be vaccinated against covid as a condition of employment. the firm is citing orders from the president, asking staffers to submit proof of vaccination by december 8. those who comply will get a $200 thank you bonus. january 14 is the final cut off to upload vaccination cards as they give more time to get shots. if i could have a comment on this, we have these kind of mandates in canada already. we are seeing already, for instance, the transit symptom -- system in toronto leading to shut down some of their roots because people are not complying. you have already seen the effects when people do not comply. matt: hospitals get overcrowded, and people who get sick do not get healed. i don't know what to say about
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it. i am glad they are mandating it, i guess. amanda: they could do it sooner, presumably. matt: you should get vaccinated. why wouldn't you? amanda: agreed. matt: who cares what i think about that? supply chain constraints to need to globally. tempur sealy is no exception as it says it is not able to meet demand in the third quarter. joining us now is scott thompson, chairman and ceo of tempur sealy international. it really does look like the supply chain crisis is hitting across industries now. what are the raw materials you are running short, what are the problems you have, shipment problems, labor shortages, what is going on? scott: thank you for having me on. we just reported a quarter with
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20% increase in sales. the point that you make, we are still not supplying all of our customers with the products they want. our backlog increased over 100 million dollars in the third quarter. we turned down another $100 million in sales. if we had been able to fully service our customers, our sales would have been 40% growth as opposed to 20%. it is a big issue. when you asked about individual components, it varies. right now, chemicals are a little bit of a problem. we are working to get more chemicals imported. labor is not as big a problem for us as some, but it is more challenging than it was this time a year ago. i think we all have to realize that when you are talking about supply chains that stretch around the world, generally, supply chains are fragile and we
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keep bumping into issues. we have to expedite product to service our customers the best we can. amanda: the number i want to drill into is the gross margin decline. quite a bit below expectations. how much are you turning to higher priced input costs in some places because you cannot get what you need, what is playing into the higher costs you are seeing, despite the 20% sales increase? scott: when you don't have a steady supply chain in the factory, it becomes very inefficient with your personnel. we have had some disruptions in the factory because the supply chain has not worked perfectly. we call that plans running a little bit sloppy until the supply chain itself out. the good news is that will flip around and become margin expansion whenever the supply chain cleans up. the other thing is the backlog
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we have is primarily in our tempur-pedic product. that is the high end product, so we have a merchandising mix going on between the brands, sealy product and the tempur product. as far as the increased cost of components, we are fortunate that we are able to pass on 100% of our commodity cost to the retailers, ultimately to customers. we have passed on the cost of the commodity increase but the other two items are the major items for us. matt: i want to ask about the product. treating yourself to a good mattress is one of the smartest luxuries you can spend money on. we should all be spending about a third of our lives sleeping. what do we know about the science of sleeping, in terms of which mattresses give us the best nights rest?
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scott: without question, health and wellness has always been an area that tempur-pedic and concentrated on -- sealy concentrated on. there is a lot of technology that you can now get that will monitor your health and wellness, report back to you how you are doing from a sleep standpoint. we have a new smart base that monitors your sleep at night, takes the attributes of your sweet, sends it to the cloud, processes it, and then emails advice on how you can sleep better and more completely from a health standpoint. without question, it is a big trend, already in the industry before the pandemic, the the pandemic has accelerated people's concern about health and wellness, and that includes bedding. amanda: i want to ask your
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thoughts, when you said you could have seen a sales increase of 40% instead of 20, how much is diverted demand, how immediately leaks to a competitor? if i'm in the market for a new mattress, do i wait or the mattress i want or do i go to a rival? scott: half of that is firm back orders, so individual customers assigned to the bed. we will clean up most of that in the fourth quarter. in fact, we expect a record fourth quarter as we clean up that backlog. most of the industry has also been in constraint, so it would be difficult for the business to move somewhere else. the supply chain is hitting everyone in the industry, not just us. matt: great to have you on, interesting stuff. scott thompson of tempur sealy international talking about the
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supply chain crisis as well as the mattress technology his company is working on. shares of overstock popped on the company's third quarter earnings release. we will discuss with the company's ceo jonathan johnson. this is bloomberg. ♪
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matt: this is bloomberg markets. shares of overstock are higher today, having its best day since january, after the online retailer reported a revenue beat for the third quarter. for more, we have the ceo, jonathan johnson. thank you for the time. what drove this beat, what is
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driving your business as we recover from the pandemic? jonathan: we are a home furnishings company, people are still working from home, if not all the time. what drove things for us was our in stock percentage was higher than last year. not yet to pre-pandemic levels but higher than last year. that is because our best distributed supplier network is helping us beat some of the bottlenecks in today's supply chain. amanda: one of the things that you have been working on in the last year or two has been getting the product mix right, getting out of some areas, focusing on others. is that part of what is paying off, a bit of streamlining? jonathan: absolutely. we have become more focused, no longer a general retailer. we are a home furnishing company
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providing products for all. as we have gotten out of some products, we have gotten better breadth and depth in the home category. we had a great third quarter for outdoor furniture as people looked to extend their living spaces from the four walls of their home to the four corners of their property. lots of activity in the home space. matt: how have you dealt with shipping, our costs beginning to be a problem? our consumers balking at any orders because they are worried about returns? jonathan: we are all about providing smart value. our customer, she wants to know that she is getting as much product as she can for the price. we have worked very hard with our suppliers to keep costs down, even as inputs like shipping and labor have gone up. we have worked not to pass that
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on to the customer, and that has been appreciated, and i think that is my we are taking market share. as far as getting product to customer, we don't offer anything for sale on our site that is not ready to ship, not in a warehouse ready to ship. as far as returns go, we try to make that as easy and seamless a process as possible. a lot of it can be done self-service on the website, automated. of course, we have cracked customer service representatives who can help people process their returns. as more people get comfortable buying furniture online, that technology is better, the breadth and depth of products are better, descriptions are better, i think we are seeing a shift away from brick-and-mortar to online purchases. amanda: you know what they say
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for retailers, if amazon is in your space, you should be worried. if amazon is not in your space, you should be worried. how is that playing out right now? jonathan: we are taking market share. last year, we where the number five online home furnishing company, this year, number four. we continue to take market share in the third quarter. both that you mention are worthy competitors but we think we are smart value, and the customer service we provide, and the breadth and depth of products lets us compete with those that you mentioned in anyone else in the space. matt: thank you for your time. jonathan: thank you. amanda: coming up, the latest from facebook's connect event live from the company headquarters in menlo park, california.
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♪ ♪
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amanda: this is bloomberg markets. i'm amanda lang. we have been watching facebook connect 2021, underway as the company tries to make virtual-reality feel more like home as part of its plan to bring this immersive technology to broader swath of users. joining us now is add joining us outside menlo park in california. in terms of what facebook has said and done so far, stacking up against expectations, what are we hearing? >> mark zuckerberg has set this up as the future for the economy, talking about how it facilitates e-commerce, the virtual meeting between two people in different countries.
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they announced a range of functionality beyond gaming, saying that this will be a platform that you can use for health care, virtual workouts, you can conduct presentations and meetings. but we did get gaming news, that matt will be excited about. there will be a vr version for grand theft auto on the oculus. mark zuckerberg saying that by the end of the decade, horizon and the metaverse may reach a billion people and have hundreds of millions of dollars in revenue. facebook's full-year revenue is expected to be $118 billion, so a few million by the end of the decade puts it into perspective of how this fits into the existing business. matt: it looks like you are about to play a real-life version of rocker. -- frogger. paul sweeney, how much of this is a distraction, mark zuckerberg trying to distract
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wall street and washington from the problems of data collection, the problems of misinformation, and the problems of polarization? paul: it could be that and investors are saying it is not that big of a deal. investors are trying to focus on how much money they will spend on this business and over what time frame, and what does that do to our earnings outlook. there are some cynics who are saying there are fundamental problem for this company from a regulatory and legislative perspective, just in terms of general oversight, how the company is viewed within washington, d.c. and in society in general. those issues only seem to be growing. that could overtime be a challenge for the company and stock. to the extent that we can talk about a name change for the company or this thing called the metaverse, maybe that takes the
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shining light off of some of the bigger issues. amanda: to that point, one of the big questions will be, are we hearing about the strategy that will be the future of facebook? which seems to be the underlying promise here. will the street by that, or will the same facebook be with us for some time to come? ed: that is really the motivation here, the other segment including whatsapp payments through in the third quarter, but only about three percentage points of overall revenue. zuckerberg made no secret this would be a 10-year plan, but with the apple privacy changes to ios, what has been exposed is facebook's dependence on the core advertising. facebook relies heavily on sme's, which are more sensitive to swings in the economy. this is about diversifying their business away from that reliance on the core at products at a time when they are struggling to monetize what is
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coming in from whatsapp, handling transactions through the online marketplaces, for example. matt: i am looking at facebook stock over the last five years, up 140%, which looks great, until you compare it to some of the other big tax. unfair to compare with tesla, but it has not capped up with a mega cap tech stocks we have seen like microsoft or google. paul: one of the issues for facebook investors is the regulatory risk. since the beginning of silicon valley, washington has maintained a very light touch toward our technology industry. that has allowed a lot of these great companies like google, facebook, amazon to flourish. that has begun to change over the last five years. there are growing calls for regulation of big tech. if you poll wall street, half of
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that risk when it comes to it is facebook. there are data integrity issues, the way their products are being used by certain groups that are probably not supportive or proper for this society, is what a lot of folks will tell you. that is a concern for investors and i think we see that in the stock price performance relative to other names. matt: paul sweeney, ed ludlow talking about facebook. it has underperformed over the past five years. we will hear from facebook's business group vp at 5:00. this is bloomberg. ♪
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announcer: the most crucial moments in the trading day. this is "bloomberg markets: the close." with caroline hyde, romaine bostick, and taylor riggs.
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caroline: we are live from bloomberg world headquarters. we continue to roll on the record highs. stocks had for the best month in a year. that's as earnings role in. facebook connect kicks off. we will bring you full coverage. plus, we will stay in silicon valley as we talk to the ceo of ebay. all that and so much more. the s&p


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