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tv   Market Makers  Bloomberg  June 25, 2015 8:00am-10:01am EDT

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olivia: this is "market makers" at its new time. i'm olivia sterns. matt: i am matt miller. we will get to our man in brussels in a moment. olivia: we will also hear from the billionaire tech investor. we will hear all about his big plans coming up. matt: time for the top stories we're following for you. finance ministers. the greek have one plan. they have agreed to their own proposals, which they presented to finance ministers in brussels.
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>> we left here from the greek side. what their ideas are, what they could agree to and not agree to we will rewrite there. matt: he says the greeks are now moving backwards. the greek bailout program expires next week. the weight had been cleared for the obama administration for the trade -- asian trade deal. senate made it easier for president obama to negotiate and how democrats are likely to succeed. a legislation that provides assistant for displaced workers. a couple of hours away from momentous supreme court decisions as well. rulings are due on several milestone cases including the state of obamacare subsidies, and same-sex marriage. they have got to come out before
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that. olivia: will keep the chief executive officer title and he will report directly to him. the sandwich chain is getting more competition from casual restaurants such as the narrow bread and jimmie johnson franchise 30 u.s. sales fell by 3.3%. louisiana governor bobby jindal says he wants to shake up the presidential race. the 13th republican to announce he is running for president. he told a rally he plans to talk about his christian faith and his record cutting government. >> there are a lot of great talkers running for president already. olivia: meanwhile in the
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democratic race, bernie sanders is gaining on hillary clinton. clinton has a 50-24 lead in iowa where the risk presidential caucus will be held. clinton holds a 56 -- in new hampshire. look at that. donaldson soaring -- matt: that is awesome. he will get that clip as a gift and put it in a digital frame. all right. forget exciting baseball. the real excitement is in
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greece. the deadlock continues in negotiations between greece and creditors. hans nichols is in brussels still as the situation unfolds. hans, how are you holding up? hans: the better question is how they are holding out. everyone is gaining on them trying to get them to do a deal and they keep saying no. we had a bunch of finance ministers go into the meeting. no deal, creditors are on the same page, they have a document, the greeks have rejected that document. my favorite quote was from the deputy prime minister a finance minister. he said allow me not to be optimistic anymore. it seems to sum up most of the finance ministers going through. now it gets copper kidded. the bottom line is at this point, even the finance ministers are throwing up their hands and they are not quite sure how this gets resolved. they just do not know. matt: let me how -- ask you how
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involved he is. after he was taken away from the negotiating table, we have not heard much from him. hans: he still represents greece at the euro finance minister level. if you think of the next three hours or now two hours, it is one of the remaining chunks to negotiate their they have until sunday night or monday morning. at least representing the greek position. we done -- we do not know if he was silent going in or silent during the meeting. if he is silent, it will be a short meeting. olivia: we heard the german finance minister saying greece had gone backwards. sounding a lot more optimistic. hans: they are probably both exaggerating a little bit.
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consistently optimistic, almost unbelievably so but he is always the one saying they're very close to a deal. this is kind of, i'm not sure what reality is. i cannot necessarily adjudicate those two. at least both of them market examples of the opposite direction. matt: when is the absolute deadline? hans: there are certain questions we do not have answer to -- answers to. when markets are open, at a certain point, the story shifts to athens in brussels. -- and brussels. matt: thank you for that report from brussels. olivia: we will leave it there p let's show you how the markets
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are responding to the top five things you need to know this morning. we are seeing european stocks pairing earlier gains right now. a little bit higher, german bonds declining, sending yields up. though green's accounts are only 2% of the euro area economy, news about the deal is dominating sentiment. the euro stock index and the greek benchmark are now moving in unison by the most in four years. this is according to bloomberg data. of course, this is a recent move if you look at the athens index. it is off 4% right now. one of the overall benchmarks for the eurozone economy is still up about 15%. matt: those two incredibly to of urgent lines are highly correlated in recent days? olivia: what we -- what we read
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is there driving across the eurozone. matt: people care is the bomb line. goldman sachs president gary cohen says markets still are not ready for a rate hike. in a podcast, he said, we are probably less ready than people think. it won't at all the surprising to me if there are interesting market reactions based on official change in rate policy by the fed. though we feel we have been telegraphed and that everyone has had time to prepare himself or herself gary: -- gary is saying you cannot understand. what happens on the first or the second, there are a lot of things, a domino effect. matt: -- olivia: i've heard a lot of people come on and say we have had record low rates in six years. we have not had one in over nine
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years. julie: a gauge of 30 day volatility to a seven day high. traders have been bemoaning the lack of volatility here in the u.s. and then some. in other words, people borrowing money to trade stocks. one could say maybe that is a healthy move but all of this is reflecting skepticism or concern the chinese government is not going to be as stimulative as the market would like. matt: borrowing money is how the chinese market works. it is all on leverage.
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olivia: we worked is trading a new amount of capital at $10 billion. this is according to people familiar with the matter, twice the start up seven months ago. that is pretty shocking. matt: it is a lot it i have been to the buildings. interesting stuff. they operate buildings where people sublet space. a 10 billion -- olivia: they're trying to tap into this new trend there nearly one third of all american workers are contingent labor. they are freelance workers and our potential clients for this. it is a paradigm shift in the way people work. matt: we first met on mass.com. plans to spin off that dating site.
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match.com. a separate business unit back in 2013, to bring a sharper focus to the sprawling internet conglomerate. olivia: to be clear, matt and i did not meet on match.com. matt: i have a 10-year-old profile on it. olivia: the move was well telegraphed. matt: you might call it a chemical reaction to find out why dupont's victory might trigger a brought an unexpected ripple. -- a broad an unexpected ripple. ♪
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olivia: coming up, hank greenberg will discuss appeal
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and much more. that is up this afternoon with betty liu. you can call that a victory. matt: zero dollars. a small settlement. olivia: time for our top story spirit airlines adding at a slower pace to keep airfares from falling further. there already the lowest levels in four years. $445. a year ago, $468. it usually means fewer discount seats. now arrested two convicted murderers from prison. the in palmer is accused of bringing tools -- it sounds like a cohen brothers movie. his lawyers say he will plead not guilty. almost three weeks. alibaba billionaire jack ma is buying some land, quite a lot of land not purchasing more than 28,000 acres.
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he reportedly pay $23 million. it is incredible. a spokesman says he will use it for conservation purposes and those are your top headlines at this hour. matt: more than just a bruised ego. dupont fended off attempts by the activist investor on its board. the loss marks the first time in his storied career he suffered such a blow. that is not where the story ends. a partner at jones day says it was a watershed moment in activism and as a result, he changed when he counsels his clients. an editor for bloomberg reef -- brie i think the most interesting thing here, and thank you for joining us, is that you will counsel your clients differently because of dupont's's victory here.
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they worked off their tales and beat these guys. typically they scare into the corner and win every time. bob: probably dozens of circumstances or somebody would show up filing on 1% or 2%. the next thing you know things would change. no proxy fight. matt: the board does not want to deal with the proxy fight, the scrutiny and the problems. bob: a big part of that was the presumption was whatever the iss, a proxy rating agency, said that all shareholders would follow it like lemming. they didn't in the dupont case. dupont is a very well performing company. it had an advantage most companies have almost one third p or that was a big factor. olivia: and a lot of index funds. bob: if you work the buy side
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you are a shareholder base before hand, it is not preordained that what the iss says will happen. usually in the first meeting guys like me say here is how the votes will come out. olivia: that is what coleman -- kullman did. bob: she worked shareholders. it is not provable but the assumption around my company is they want the company. matt: i think this dovetails well with your report on bloomberg brief. activism has been so hot up till this point that pension funds florida retirees fund is thinking about it here they are
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putting together a list of the biggest winners and losers. bob: a list was put together of the top 100 best performing hedge funds stirred a lot of these small funds, i could not find a 13 f on them. activists are getting involved a lot more behind the scenes in a lot more smaller companies. it is something you could watch to your point. olivia: to the question on performance the stock was up and they did a lot of things he was pushing for, including buying back $1 billion in shares, cutting in costs. he will say actually his involvement in dupont was a success. bob: nelson was on this list. he has done pretty well absolutely.
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frankly, that is part of the fundamental change. it used to be the first meeting was, how do we beat these guys. the first question is, are they right? it is more director driven. i am not saying there is necessarily tension but it is director driven. rather than saying what do we have to do to beat these guys we say, well maybe something they are saying is correct. this is in a more general context. big investors, i think triggered by the letter last march where larry basically said, do not just buy back your stock. open to listen. it is a good thing. matt: what are your clients
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telling you about this example? how are they reacting? bob: another part of the story is, maybe you need to change some. investment banks, you really ought to do with people who actually own your stock and explain your strategy in a way that a 21st-century way, which is not just how do we do year-over-year earnings and all that stuff which has kind of fuel to the buyback phenomenon but what is our strategy how are we allocating capital, and why should you stick with us? matt: thank you so much for joining us. great to get your insight on this. nate baker thank you so much editor for bloomberg hedge funds. it is still an area where you can make a lot of money, which is why a thought we should bring you on here. olivia: great stuff. thank you so much.
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still to come, we will talk to the chief economist of the low. -- zillow. ♪
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matt: a shot of athens parliament. they are an hour later than central europe. we lost the picture of brussels. we have seen enough of brussels in my opinion. olivia: athens is more picturesque. tensions are running high. matt: the last minute he's being the next minute.
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when is the actual deadline? olivia: i would like to talk about u.s. housing. sales are at the highest levels in 70 years. home values were up about 3% for the month of may. the rest of the market may be the hottest segment of all. the chief economist joins us now onset. there have been a lot of strong signals coming out of the housing market. can you now say it has fully bounced back from a crisis? >> it is not fully bounced back. this week's's numbers existing home sales, normal people are starting to buy homes again. it is not just investor letter or stimulus lead. we're seeing fundamental demand with started to spur people.
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first homebuyer a starting to come up, which is really good news. olivia: it shows the labor force rate mapped onto home ownership. the new era of the new -- new normal, seems to be lower labor force. you're less likely to get a mortgage. >> you are correct we're seeing homeownership rates continue to decline somewhat, almost 70% in 2004. probably more people than should have been buying homes. it was too high. now it is the mid 64% range. historically since 1965, the average is 63%. there is a concept out there
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where people do not have homes anymore. the reality is we are on par. olivia: and the numbers kicked up. matt: and are the millennial's surprising you? a lot of us did not expect millennials to care that much to buy a car. they are doing that. is it same case with homes? >> i think it is it i think millenial's will surprise us. they rent their prom dresses, they go to her, they do not own anything and will not want to own homes. actually, aspirations for homeownership, they look more like the silent generation. the reason they have not been buying homes is they delayed getting married or having kids. matt: they may have had a bad investment. olivia: they have been living
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with their pants and they have student debt. matt: if someone buys a home now, how much time does that person have to wait until the investment starts to become a profitable one on paper? >> the length of time it takes you is about 2.3 years. matt: nationwide? >> that is nationwide. it varies dramatically. if you look at and hand, it is north of i've years and a place like detroit in riverside, it is not even a year in riverside. you should think about picking up the house. a lot of the reason that is so low is because rates are so low. olivia: what is going on with rent?
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is that sustainable that rent will keep going up? >> rent is crazy in this country right now. affordability. broadly, homeownership is really affordable but rents have never been less affordable. they have literally never been less affordable dating back to the early 1980's. people are now spending rent a lot more -- you know of what we speak. it is really expensive to rent right now. nationally, rents are rising more than home prices. matt: thank you very much. we have breaking news right now on the labor market. we will go to vonnie quinn. vonnie: i want to start with personal income and spending. we are seeing -- in personal spending. personal income up more than forecast. a half percent increase there. personal spending coming in 9%.
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it is all good news on the personal income 220 7000 last week. we are continuing in a positive range. continuing, 2.2 4 million. nothing is different about that over the next several weeks. we want to look at the core figure year-over-year. this is the curve furred -- preferred inflation figure. you will not have to go higher for the fed to begin raising rates. more concurrent figures will impact when the fed raises rates. olivia: time now for your top stories we're tracking for you. greek debt crisis are still an
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impasse. in brussels, the greek prime minister had one proposal. greece's creditors have submitted another proposal to the two sides have yet to compromise. now the eurozone finance ministers will review the plan. the greek bailout program expired next week. and think the markets are ready for the fed to raise interest rates? the goldman sachs president says you are wrong. he explained in a podcast on goldman's website. >> we're probably less ready than people think. it is interesting when something happens that we have been talking about for a long time. olivia: quantitative easing, he says, is a good example. and jpmorgan and federal regulators are in talks to settle a case where the wall street journal saying this morning the case could be
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settled with a fine this summer. investigating whether jpmorgan steered its private banking client into its own investment products. that generally leads to higher fees. matt: will same-sex marriage become the law of the land? we have got details and other wide-ranging discussions when we come back. ♪
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olivia: it is a warm and sunny morning. you are looking at a live picture on capitol hill. we expect monumental decisions out of the supreme court later today and tomorrow. justices say this could trigger major changes in every corner of the nation. for 6 million americans. also, we expect a ruling on same-sex marriage.
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it could reshape the conversation in some of the nation's most conservative state. it could be the biggest civil rights transformation in half a century. all over the issues and the hearing threat the or, we're joined now in front of the supreme court. greg, let's start with a same-sex marriage case as the court closes out the nine-month term. what do you expect to hear from the ruling and who is the swing vote? >> the broad expectation is that the court will say it is a constitutional right and part of the reason is justice anthony kennedy, who has written big gay-rights rulings over the past couple decades. the expectation is that he will join the liberal wing perhaps with others to say same-sex marriage is a constitutional right. olivia: did the justices say anything that would give hope before the obama administration has come out in support of get
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-- of same-sex marriage? >> the hearing was a little more balanced than people may have thought. justice kennedy asked enough questions that gay-rights supporters are certainly encouraging that they will get the ruling alongside. olivia: obamacare, the several hundred pages of the affordable care act, this centers on four words. what is the issue on the obamacare verdict? >> unlike the big case three years ago, this is not about obamacare being unconstitutional. it is about what it means. those words talk about tax credits people get when they buy insurance on exchanges to make insurance affordable. the four words are established by the state. the argument is you only get tax credits if you buy insurance set up by the state as opposed to the federal government and most of the state refused to set up their own statements, which
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would mean most in the country to not get tax subsidies and people cannot get insurance. matt: any inclination into which way justice kennedy and roberts are leaning? >> chief justice roberts said very little. he was the swing vote years ago. kennedy asked a number of questions that's adjusted he is open to ruling in favor of the administration of 12. olivia: we are expecting a ruling on housing. >> it is very big for lenders and insurers. in the fair housing act, whether somebody is suing for discrimination have to show intentional discrimination or use statistical proof for what is known as an impact statistical proof -- the supreme
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court indicated it might roll that back and say no, you have to prove intentional discrimination. it would be a big win for financial services companies. matt: a lot of very interesting decisions are coming out. the decision will get a lot of attention. clearly, the same-sex marriage case is the biggest and will grab the most headlines. have you ever seen this much interest in a case there? you have been covering the supreme court for a long time. >> certainly when they had gay marriage a couple years ago there was tremendous interest. bush versus gore, tremendous interest. this is a big one and it has the feel of a real moment in history in the court. people say it is a constitutional right. matt: other events bring us to
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the best nature of the day. at an lgbt pride month reception, at the white house last night, president obama had no problem scolding a heckler. president obama: listen, you are in my house. [laughter] as a general rule, i am just fine with a few hecklers. [laughter] matt: he dealt with that well i think. gave him a warning look. have you ever been given a warning look by a president? olivia: a warning look by you in the past few minutes. matt: no. olivia: i think the president has a point. take a look at this now. the cinnabon volcano is spewing
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volcanic asked -- mt. sunabung volcano is spewing volcanic acid. it had been dormant for four hundred years. matt: one of tesla's's cofounders is putting jet turbines into garbage trucks. why that make sense coming up. ♪
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matt: one of tesla's's cofounders is now looking at big trucks. ceo ian wright wants to help build electric powered trucks. we are talking about not pickups. trucks that hawkins. -- paul things -- haul things. it is a great video. i love this when it first.
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it went viral right away. but what are you using to power that? why a gas turbine generator? the idea of putting a turbine on a car, it is a very 1960's batman thing that did not pick up. olivia: the helicopter is about to land on the back of the truck. >> they tried to drive the wheels with them. you cannot do that. turbines are only efficient at full power and most cars run at low power per fuel consumption was horrible. matt: traction would be difficult. >> control is another problem behind that. now you have high powered batteries and electric motors where we contrive vehicles with electric motors with efficiency across the range in the turbine is keeping the batteries charged that we can run the turbine at
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its most efficient operating point and -- and then shut it down. matt: you use the turbine as an extender that we see in the m wi. they use a range extender. this is much more fuel efficient and powerful. >> the reason to use the turbine, it is at least 10 times better in fuel efficiency. olivia: this all sounds great. how far are we from actually having this rolled out? >> we have a couple rolled out for 18 months. olivia: any sense of how much fedex is saving on feel? >> i cannot really talk about that. we save more than half in fuel per check. matt: $35,000 per year per truck?
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olivia: what do say to people who say actually electric cars are not so green because nobody knows how to deal with the batteries yet? matt: and because you need to use mostly coal power plants for the electricity. >> that is trooper the turbine engine has lower emissions than in the u.s. you have lower emissions than if you do the turbine. matt: depending on how you charge your electric car. all right. you're getting actual corporate customers who are using this. where do you want to go with it? and the technology, it is a call name for a gas turbine. >> we plan to dominate the space in these kinds of trucks. imagine if one of these diesel
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engines came out there and said we have got a new technology that will give you 60% improvement in fuel efficiency same performance? would that change the world? >> it would it -- it would. it is very interesting stuff. you also designed an electric car. >> zero to 60. olivia: sean parker committing 1600 million dollars to launch a new charity to the parker foundation. we will find out next how he is instructing a world of philanthropy. ♪
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olivia: you may know sean parker as the first president of
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napster but now he is looking to make his mark in the world of philanthropy and is committing its hundred million dollars to launch the part of foundation. stephanie ruhle sat down with sean and out how he plans to put his money to work. sean: life sciences, in particular the emerging market field leveraging the immune system. it is the case that in order to maximize impact, i need to work on problems where, because of non--- some novel insight, the problem is essentially hackable. there is some relatively short-term way of having a large impact that may not have an tried. so cancer is interesting in the sense that there is no lack of resources since nixon declared the war on cancer. the u.s. government has spent hundreds of billions of dollars
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over $4 billion a year just on funding. plus countless billions of dollars spent by private donors. it is not a resource issue. it is a resource allocation issue, a philosophy of science issue. it has to do with how those resources are utilized. there is a lot of large, private foundations that stay away from cancer because they feel they have nothing to offer. my involvement in the field of cancer started from an insight that the immune system could play a role in both preventing and fighting cancer. we now have two fda approved drugs, both of which have been incredibly successful in treating melanoma. we are on the road to having a number of cell-based therapies that utilize your body's's own t cells to fight cancer. stephanie: as an investor are you involved in medical reap --
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medical research technology? sean: we try to keep them as separate as possible. the idea is exciting and important. i think any investment we did in this space would happen through the foundation and not individually. stephanie: do you feel like you are filling a void in terms of philanthropy in part because nia had lost so much funding? sean: there is no question there has been a huge historical hit to research and development in the u.s. because nih funding has not been restored and has not continued at the pace of inflation over the last decade or so. there is an organization working specifically on this issue and a bill in front of congress which hopefully will restore nih funding to previous levels.
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those are really important things. but i think fundamentally cancer research is extremely well-funded. there is a question about how effectively those funds are being utilized. i think that is the more important question in the case of cancer research. olivia: that was stephanie ruhle speaking with sean parker about the launch of his foundation. still to come, in the next hour we will have more of stephanie's interview with sean parker and they will talk about tech music, and facebook. matt: it is an incredible career when you think about it. he is not even 40 yet? are you serious? i feel like a real loser. still to come, larry summers tells us whether greece's proms are economic or cultural. our interview with him is next. ♪
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to wow! only at a sleep number store. right now, find the lowest prices of the season with the c4 queen mattress set only $1499.98. know better sleep with sleep number. >> live from bloomberg headquarters in new york. this is "market makers," with erik schatzker and stephanie ruhle. olivia: good morning, everybody. it is thursday, june 25. i olivia sterns. matt: good morning, olivia. i'm matt miller. erik and stephanie are off and we have a lot going on. a special guest is treasury secretary larry summers sounding off on greece. we will hear whether he thinks a deal can be done in his interview. olivia: a look at our top stories. consumers may finally be tapping their savings for lower gas prices. household spending rose and
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almost six years and that .9 of 1% beating economists estimates. durable goods such as cars rose by more than 2%. that category had fallen slightly in april. there are proposals to resolve the greek debt crisis. it is now up to the eurozone finance ministers who are meeting currently in brussels to try and finally figured this out. in brussels greek prime minister resuming talks with the country creditors. those creditors have one plan and the greeks have another. the prime minister was not impressed with the great position. -- with the greek position. >> we have not made progress. it is time for greece to decide. the responsibility for the decision is exclusively up to greece. they have so far moved backwards. olivia: greece is really running out of time here. the bailout program expires next week, june 30, and the country must pay back $1.7 billion by
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then to the international monetary fund. matt: in about one hour, the supreme court may rule on landmark cases. the high court term comes to an end next week and we are waiting on rulings for two big issues. one is the future of obamacare and the other is same-sex marriage. and the fight over president obama's free-trade agenda shifts back to the house today. house democrats are likely to concede and support legislation that helps displaced workers lose their jobs because of trade deals. yesterday, the senate gave final approval to a bill that will make it easier for the president to negotiate in asian trade agreement with the tbp. those are your top headlines. olivia: euro area finance ministers are dealing with competing proposals aimed at resolving the standoff over more aid for greece. on the story, ryan chilcote joins us from fans and hans nichols joining us from brussels. ryan, what is the significance of a deal to a lexus tsipras -- to alexis tsipras?
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brian: look, whether is -- ryan: whether there is a deal it has to be consummated here. if the greek prime minister does agree, something in brussels has to bring it back first and foremost to his own party. he has to sell it to his own party, to the coalition the party rolling along with his party because in addition to that, he has to sell it to the parliament. even with what they are offering right now, it looks entirely likely that he could sell this. but his selection mandate and his promise to voters in this country was that he would end austerity. what is on the table right now you could hardly call an end to austerity. if he gets back here, he will sit down with this cabinet then his party, and then he has to make sure they are on board with what has been agreed. if they are not able to agree to something then he basically has
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to prepare the country and the kind of financial chaos and potentially capital control and things like that could ensue. either way, when he gets back here to athens saturday morning, he will be a very busy man. olivia: hans bring us up to speed. we just heard from the german finance minister and hopes that we could get a deal and that greeks have been moving backwards. we also heard from the economy minister for the european commission. how far apart do they appear to be at this hour? hans: they appear to be far apart on all key negotiating tactics. pension reef arm taxes and defense spending according to the spanish economy minister. what we have by now is the finance ministers are in a meeting in brussels. they have two documents in front of them. the one all the creditors have agreed to and the counterproposal from the greeks. that will not go anywhere. right now we have a negotiation.
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you have from the finance ministers a mixture of amusement, frustration, and in some cases confusion. they are not certain what the greeks at them with their document and how it is different from the creditors document. it seems expectations were pretty low going into this meeting. after this meeting, it is supposed to conclude by 4:00 p.m. local time about one hour and later on the leaders will meet and take another go at the greeks and try to get them to agree to a document the creditors say they are unified on. matt: let me ask you about the feeling on the streets in athens. the decision is to either move into financial chaos or two except defeat and austerity at the risk of tsipras losing his job, but what are the people who voted him into office think? ryan: look, they think that it is very important what the deal is. they do not believe that their country can repay the money that it has already borrowed and
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they have had it up to their next in taxes -- up to their necks in taxes and they feel it is unfair that they should be asked to take on more austerity. they do not want a deal for the sake of a deal. remember, this saga has been going on for so long that i think the idea of reaching it's feverish pitch is something they do not buy into here because this has been going on for months and there is always some kind of resolution or intervention that has kept it all ticking along. olivia: thank you so much. ryan chilcote from athens and art and list thanks to hans nichols it was tires they working in brussels. still to come on "market makers" in the next hour, larry summers will be talking about greek reforms and trade legislation. find out whether the former treasury secretary thinks we will actually get a deal. ♪
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olivia: welcome back to "market makers. you are watching a live shot of athens. we are talking about greece. they meet once again for an emergency summit in brussels. european leaders are being there over the next few days. bloomberg "surveillance" anchor randy greeley interviewed larry summers, the former u.s. secretary treasurer. >> you could coach me or pressure me or incentivize me all you want and i am not going to be high jumping seven feet. it is just not going to happen. and certain things that happened more naturally in one country are less likely to happen at least immediately in another country. on the other hand, i think that it is very much a mistake to
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engage in coldrolled determinism -- and cultural determinism and cultural favoritism. people believed 50 years ago that south korea could never prosper because of its culture. in an earlier time, people believe that the confucian culture meant that china was forever doomed to slow economic growth. there are many, many statements of this is the way a certain culture seems and their, it cannot succeed economically. i do not think that is right. i think with the right kinds of leadership, people spoke even 20 years ago less than 20 years ago actually, about germany as a sick of europe. they had the cultural theory of so much attention to this end to that and so much need for social
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protection that germany could not become competitive and prosper. i think that obviously every country's historical context is different. but it is a matter of putting in place systems, a matter of leadership, it is a matter of incentives and i don't think there is any reason why greece cannot overtime, prosper and converge with the rest of europe. and that leads to the -- to be the objective. olivia: brendan greeley joins us on set. how confident is summers that we will get a deal? brendan: he seems confident that in three years, we will be talking about greece again. he said no debt deal is ever the last debt deal. he did say something interesting which is that the creditors are going to have to accept reality on the nature of the greek debt
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and that is something we have been hearing increasingly, but it will just never get repaid. no matter what it is. i thought his answer about coldrolled versus a physical problem with greece was really interesting in that he showed hope that greece could reform itself. he suggested sending technical help down to greece to help them figure out how to collect taxes. this was something germany suggested and it was not a suggestion that went over very well. olivia: sending german accountants and tsipras suggested having taurus. matt: germans are very good at taxes and accounting. i did not expect him to admit that there are cultural differences at play. while pointing out he does not think it is a good idea to rely on cultural determinism. brendan: i thought his example of mexico was great that there was not a time to long ago that what one did not think mexico
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was capable of collecting taxes and of course, they are. these changes can be made. i think i read from "business week" that greece for the last hundred years or over -- for every of the are has been on default on its debt. it does not feel like it is an accident. olivia: five years into the greek debt crisis and i learned something new. thank you for that. what about the trade deal? major trade legislation cleared up. did he have anything to say on trade? brendan: he has been writing a lot recently on trade and basically saying that both sides need to be realistic about what trade can do. here is what he said. larry i say we: need less promoting of globalization and more managing of globalization. over the next generation relative to the last generation. brendan: i thought that was fascinating. economists usually say they are pro-free trade and he is for the tpp but also in a measured way says, look, this will not solve all of our problems. we should focus is political energy on pandemics global
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warming, reforming international institutions like the imf. this time could be better spent. olivia: a we could fix a rotary bridge. brendan: yes, god for bid. matt: coming up speaking of infrastructure, the little airplane that could. one company wants to take on warren buffett's private jet business. we will look at what flex jet can do better than warren buffett. ♪
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olivia: welcome back to "market makers." here is a look at the top stories. this fate of a pilot is unknown after a u.s. a jet crashed. the mexican border and it
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sparked a fire and homes were evacuated. the national guard pilot was on a training flight and alone on board. whole foods, the grocery store that is well known for high prices, is accused of cheating shoppers. the protection department says overcharges are common. investigators a prepackaged foods are systematically weighed and priced wrong. whole foods is not denying the allegation but says it is not intentional. highways are expected to be especially busy next week and thank you -- thanks to the improving economy. aa says the number of americans traveling will hit an eight year high because consumer confidence is up and feel prices are down. those are your top headlines at this hour. matt: we should remind drivers that the left lane is purely for passing. overtaking only. still pullover to the left lane and sit there regardless of what speed you are going. olivia: i thought you were going to remind them to buckle up and not drink. matt: and buckle up.
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flex jet, a fractional jet ownership company, once to take market share away from net jet and i assume all of the competitors as well. the chairman kenneth ricky is here with us now. thank you so much. let me start by asking you what the difference is in your business model. what separates flex jet from net jet? kenneth: what really happens is two things. one, we are not like an investor owned company. most of our people are passionate about the business number one. from a business sized model, the biggest thing we do is they operate like an airline with a pilot's move from one play to another. our pilots stay with the plane and this provides a level of safety and they have a lot of pride in their aircraft and that dedicated concept is something we find our clients are attracted to. olivia: expojet would say they have an impeccable record as well. and if: absolutely. this is an extremely safe industry.
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jet -- expojet is oriented company and we just bought $2 billion worth of aircraft. 50 new gulfstream's. the iconic brand of our industry. we just sick to death this week and we are looking forward to going into the international market. olivia: how strong is growth in private aviation coming from abroad? whenever i hear stories on private jets, people say the biggest market really is still america. everyone is excited about the chinese starting to fly private and domestically mainly in china but no, the numbers in america and corporate travelers dwarfed the business abroad. kenneth: if you take all of america, it is about 1.2 million flight hours a year. the rest of the world is maybe 800,000. look at it this way -- there are 700 private jet come -- controlled sweet aircrafts going out of the u.s. markets and their only 110 worldwide. the opportunities are there. you have to say that the u.s.
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market is there and the world market is beginning. i think the biggest use now -- people think the worldwide market is trying to going to go into france and sell the private jets. it is really about people going around the world looking for opportunities. matt: where is a better place to take market share? people who normally would buy their own jet, do you trying convince them it is better off if -- and more efficient to fly with flexjet or people who normally fly first class all over the place -- ? move up kenneth: we do both, but i would tell you that there is a considerable amount going into a fractional business from coal aircraft ownership because the missions are changing so often so they need a different plane for a different mission and there are also some of the window dressing. they do not want to be perceived as having their own jet. matt: that is exactly what i thought and i'm wondering, at what point does it make sense to go flexjet instead of owning
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your own aircraft? how many hours do you fly a year? olivia: very quickly and it is extremely expensive to own your own playing. kenneth: it is expensive, of course, but it is also a blend. we find customers today that do some of both. if they have their own aircraft and use a fractional ownership of copper parts of their fine. olivia: busiest route, moscow? kenneth: sometimes it is. matt: thank you so much. we appreciate your time. chairman of flexjet. olivia: up next, richard branson will join us live from london. matt: he has his own plane. olivia: he has a couple. ♪
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♪ ♪ ♪ get excited for the 1989 world tour
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with exclusive behind the scenes footage all of taylor swift's music videos interviews, and more. xfinity is the destination for all things taylor swift. matt: we are a good minutes away from the opening bell in the u.s. get excited about that but also appear minutes away from talking to richard branson, virgin group
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founder, billionaire supreme incredibly interesting, swap and debonair guy also at 9:30 a.m. olivia: and the sick type order. matt: and a big supporter of kite boarding in general. here are the three things you should be looking at today. bloomberg managing editor joins us and we are heading to china first. joe: obviously, one of the huge stories has been the massive surge in chinese stocks. last week or so, we started to see that falter in a big way and the more you have seen the stocks, the more you have seen them tumble. you look at the csi 300, tech stocks that are trading in china, massive correction. 19% in the last several days. everyone is like, is this the end of the bubble? who knows question mark but we are seeing stress. matt: how much of the chinese stock market is controlled by the chinese government or by the party? don't they allow all the leverage in the system when they
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want to? olivia: they allow that leverage but step in to cut interest rates and the ratio. joe: it seems there are micromanaging of the systems whether it is how much banks can land and always adjusting the margin ratios. it is a widespread belief that the stock rally has been sort of the engineered and they like the stock rally and it serves an economic purpose to them. allows companies to deliver but they want to get it just right. matt: a 90% drop, why in the hell would they allow that? joe: i don't think they target the exact percentage every day and the forces and nature of markets can sometimes overwhelm the best regulators. olivia: up 120%. joe: exactly right. matt: number 2 -- a fresh stab at biotech. joe: biotech is another one of these incredible bull market stories. biotech's overall are up over 500% since 2009. all along, there has been a
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course of people saying, this cannot last, they are going to crash. it is just a beautiful chart to stop and talk about. that is what you want in your portfolio. all along the way, there's have been impaled on their short beds because they think, it is a garage and companies are not going to work out. once again, bears are stepping up to the plate. there possibly as -- bears options are against bartok and better luck to them next time. olivia: biotech is in a category of its own and get it sold new scheme -- and get and they get their own use game. joe: people feel like gambling and speculating, they buy biotech. the bowls save this time is different -- the bowls think they really are big products on the market. olivia: and that is true. there has been a revolution in cancer drugs driven by
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resolution on genomics, where you are seeing better drugs coming to market more quickly. matt: good point. number three, the beginning of the third headline makes me so happy. i am willing out to forgive -- to forget greece. i have suffered greek fatigue starting this morning. joe: we have been talking about that possibility. matt: that is the branch alina -- that is the brangelina of economic terms. joe: at some point, we will have to discuss the possibility that britain could lead the eu. in order to get reelected, david cameron said he promised a hold referendum in the next couple of years on britain leaving the eu. david cameron is having his first meeting and basically what he is saying is he will fight for better deal with the eu for britain and migration and stuff like that. those discussions seem to be starting in earnest. matt: everything is falling apart.
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joe: scotland will leave, the u.k. olivia: i think you have seen across the continent at the center cannot hold, including the england. that power is on the periphery. joe: the bloody thing about scotland is one of their arguments for leaving the u.k. is that they really like the eu, said their argument is a, the u.k. if they are threatening to leave the -- the eu, let us leave the u.k. so we can rejoin. matt: can i just ask you are very active on twitter, following this stuff every moment of your wake, how do you avoid fatigue, especially with something like greece? you've got to get so sick of it. joe: i don't find it to be a boring story. i think it rocks about financial stuff, history. matt: but when there is no change. every single day there is no change in the outcome. joe: speaking of following twitter and headlines, i like this new thing and the european finance ministers are starting to tweak a lot.
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the finnish prime minister tweeted all morning and the eu president tweeted about having a hunch they would get a good deal. it is enjoyable to watch. matt: joe weisenthal, thank you so much. let's go to senior market correspondent julie hyman for a look at three stocks on the move two minutes after the opening bell. julie: if you have greek fatigue, i have a solution. let's look at u.s. stocks moving. iac i is one of them. it is up 5% after saying it would spin off match.com into an initial public offering. this had aarti been telegraphed by combining some of the online businesses and dating services, specifically the board approved the ipo and match will sell less than 20% of its common stock in that transaction. either way aia ci is ahead of research for the largest division. also looking at martha stewart living. the company agreed to be part of
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a sequential brand but the new york post reporting this morning that there are other bidders. sequential has leaked the news of this deal before it was a done deal, so now there is a go shop clause and that deal. according to "the post," some include iconic global brands and authentic brands. finally, a look at molycorp's. the rare earth producer. i believe those shares might actually be halted because the company has finally announced that they are going to be filing for bankruptcy. this is something they have been talking about for quite some time. they are trying to restructure its debt and they have been set and from plunging commodity prices. where earth it goes into a lot of the different types of technologies that we use, and why do we care about this company going bust right now? i want to take a look at my bloomberg terminal very quickly at the market cap of molycorp. $6 billion -- how much the company is worth. just four years ago before the punch that we have seen.
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just a quick sort of change of fortune for molycorp as it now is preparing to file for bankruptcy. matt: maybe they should just make molly? that would probably be more profitable. julie: i don't even really know how -- olivia: really? matt: it is called molycorp because they might relate dylan? olivia: this is a great place to leave it. thank you so much, julie hyman. matt: i want to turn to a company with global ambitions. one web is looking to build a constellation of satellites to provide broadband services for the world. today, they announced they raised $500 million of funding from a group of leading international companies and among them airbus qualcomm virgin group coca-cola. they, big names. an interview first on bloomberg and i will handed over to london and joined by richard branson. manus? manus: thank you very much.
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we actually have a coughing fit about to come on. when you are at this level, you get cold. half $1 billion is what has been raised with huge names, qualcomm, virgin come all the big boys for one web. richard branson joins me now. sir richard, i believe this started on your island. you got together with greg and you discussed this. what was the draw? richard: well, most of my time is now setting up for-profits. this combined the best of both worlds. he gave me this pitch connecting the 3 billion people who were not connected and he also said, you've got virgin galactic, you can help us put the satellites up. and perhaps they will pull it out of the sky in five years time and you can replenish it. that is something virgin galactic can do.
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it seemed like a win-win all around and i am delighted to say , yes. we begin a founding child. manus: -- i really got the sense that this is about return on equity and about connecting the far distant parts of the world and the benchmark is going to be schooled, so there is a certain amount of relationships and giving back at a certain level as well as profit. richard: absolutely. there are 3 billion people that are connected and a lot are in the rural communities of india africa and other places. if they can be connected, they can be educated, they can be getting jobs, they can create their own businesses. tremendously exciting in many, many ways. manus: one of the first words that jumped out at me was,
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delivering broadband access. that struck me because that is very different to internet. that is different from getting facebook right in your face. this might be an upfront and honest and this could be good for telecoms, companies like galactica, i've got the spaceships, i want to make any so everybody participates. who do you think, in a business relationship would benefit the most? richard: i think everybody is sitting on that plot or -- on that platform. airbus will help build the satellites, we will help put them up he was maybe doing something else. everybody is contributing something, so everybody makes a little bit out of it. but honestly, the real beneficiary of this is going to be somebody else in an african village, or somebody else and indian village who never would
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have had a chance of getting that access. even a mobile phone. and we all know how that transforms people's lives. manus: that does transform people's lives. as with the agenda along. you wrote in "times," and you wrote a letter and prints position within the european union and you say, we must be in the room to fight for reform and not knocking on the door. so the question is, in terms of britain's position within the eu, do you think they would -- do you think david cameron's voice is strong in getting the right message? to think he is garnered support from what you have seen so far? richard: i think he is. i think he is fighting for britain's interests. and i think he is also fighting for european country interest because i think some of the changes that britain is going to ask or, most european countries will want to have implemented that into their countries as well. so far, so good.
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i have been in business 50 years. the idea of a person leaving the european union is terrifying, i think from great britain's point of view and from business in britain's point of view. i think it was important to speak out as the number of other business people. manus: a large people did speak out and a lot of significant signatories and i think that is one of the many voices. i will say one other thing on it -- when i was a young man, my father had been to war in europe. my grandfather had been to war in europe, my great-grandfather had been to war in europe. almost every single generation had been to war in europe. we would never dream that we would be fighting germany or fighting friends ever again and i think logic it is because we are now one cover market.
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you can travel, we can marry each other, we can live anywhere. and that is something i think should be emphasized as well. we want this wonderful community of people to stay together united and not get back into that core of -- that horror of the past generation. manus: we are actually living day to day and whether or not greece remains in the eurozone. is that the metaphorical war that does not corrupt that greece stays within the eurozone and europe gets it right? is that the right take from what you said? richard: i would personally love to see greece stay within europe and i hope sense will prevail and compromise would be reached and the matter can be settled once and for all. we have to cross fingers. i do think it could be dragged out much longer and i think everybody needs to know where they stand within the next 48
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hours and we will hopefully know where they stand. manus: what about coffee? richard: we make great coffee. manus: we wish you well. thank you much. two are for joining us on bloomberg. olivia, back to you in new york. olivia: thank you. i hope your coffee has cold off and you can enjoy it now. great interview. speaking of greece we also want to hear from stephen engle and her, global head of g 10 fx strategies at citigroup and he joins us now from his offices in new york. it looks like the latest headlines coming out in the past few minutes to not seem very good. i see one headline from angela merkel, the chancellor of germany, saying that on some items, greece appears to have been going backward. how do you trade these headlines? steven: most people are not trading the headlines. they are standing back and waiting to see how they play out. by our indications of positioning the euro position
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it is the shortest and has been in one year and it is the least in has been -- i'm side, the euro positions are just not there, dollar positions are not there and people are backing away from the market in part because of the fed but also because this is hard to trade. olivia: if you are not trading headlines, how are you positioned for the outline to be that greece stays in the european union? stephen: well, we think that they will probably pay for something over. if you look at some of the tech that has been leaked, they are talking about relatively small details. the europeans are insisting that the greek reforms come up front and some of them be implemented immediately. there was no talk of long-term fiscal relief there because that is the club they hold over greece. on that face book vote, they will probably be able to survive past the june 30 deadline.
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the question is whether or not the agreement will last for weeks or months. i think there is a fundamental divisions and it could easily fall apart before the end of the year. matt: how exactly do you figure they survive past june 30? or how did they meet in june 30 deadline as they have no money and christine lagarde has said there will be no grace period? steven: i think they're going to say yes. the question is whether or not you implemented and if you implemented in full. i think that that is the way it is going to go. he will find the best agreement they can and then start dragging their heels on the implementation and we will be back having this conversation within a couple of months. matt: a couple of months. we don't even get a years rest from the greek news. do we start seeing more trading activity? it is not just an currencies, we saw for example, greek bonds traded not at all a couple weeks
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ago. i mean zero times. the market seems pretty dead ball we are waiting for some kind of outcome. steven: this is like the fifth sequel of a bad movie. people have seen it all before and nobody is getting very excited about it. if they do drop out or if they do impose controls i think the market reaction will be a lot more powerful. very euro negative and very peripheral bond negative and very european equity negative and that we wait for the ecb to come to the rescue of the other peripheries and peripheral countries. olivia: thank you so much. joining us from city offices in new york. matt: a quick check at the top headlines. a guard who worked at the new york prison were to prisoners escaped will be arraigned this morning. he is accused of delivering tools to the convicts concealed in frozen meats. his lawyer said he did not know anything was hidden in the meat.
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he was just bringing them frozen meat, which you do. olivia: in a coen brothers movie. matt: this is the 20th day on the run. the sister of the man who cofounded subway is named president of the sandwich chain. suzanne greco's brother is battling leukemia and he will retain the title of ceo. several is facing increased competition in the past and casual food sector. sales fell last year by nearly 3.5%. there is management shuffling at citigroup. the head of global retail banking jonathan larson will also oversee u.s. consumer banking and mortgages. that is the first big change an ounce under new consumer chief stephen spurred. and the founder of china's biggest online commerce company goes shopping in the states. in this state, actually. alibaba landed in new york and he paid $23 million for more than 28,000 acres of land. the property is a nature preserve one's on by a
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rockefeller air -- hieir. -- heir. i feel like he got a pretty good price. olivia: let's get over to julie hyman he was taken a look at analyst action from this morning. we've got to be momentum stocks. downgraded. we are talking about netflix and amazon. let's talk about that asked been downgraded to a neutral over citigroup. they are giving four main reasons. first of all, the shares have just about double this year and yesterday, they touched a record. in addition to that, the city analyst inc. long-term that it will reach $950 a share but the market will not prescribe that fire until some of the international markets gain more traction. number three, and each of the past three years, netflix has shared underperformed third-quarter earnings and the final reason for this downgrade is explained by something on my bloomberg terminal. let's take a look. the anr function that shows the
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analyst sentiment. citigroup analysts are pointing out that southside analysts are most bullish and that is the green line here. those are most bullish, they are the highest percentage of by rating. that is the reason citigroup says to be less bullish right now. matt: that is a great chat, jewels. i love it. olivia: the incredible thing you can do on the bloomberg terminal. julie: let's talk about amazon who was at a record on tuesday. they closed at a record on tuesday and they are downgrading into a hold from the by. in part because of the performance that we have seen. he is also drawing attention to the use of capital leases versus capital expenditures. in other words, the company is borrowing money or tapping into the capital market in order to lease equipment versus buying it. he says that used to be one third of the capital leases they were doing and now it is up to half. he says that is something to watch at amazon. matt: thank you so much.
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we are getting more headlines on greece. on july merkel saying that she had the impression greek is going back is on some items and the eurogroup has now been indefinitely suspended. they will wait for greece to come back with a better proposal, so they are done for now. we will take a quick right and we are back in two minutes of more. stay with us here on bloomberg. ♪
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olivia: you heard from former facebook president and cofounder sean parker about launching his new foundation. we also asked about the current skyhigh valuations seen in silicon valley -- silicon valley haley -- silicon valley. >> i don't believe we are in a bubble. we are experiencing a unique moment in history where for the first time, the entire global population in the developed world is online and has computing in their pocket.
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when you think about one billion people on facebook, you think about the number of smartphones that are in people's pockets. the mobile computing revolution and the ability to always be on. this opens the door for the kind of disruption. it may not justify all of the valuations. there is a little bit of irrational exuberance. if anything, we are in a valuation bubble but i do not think we are in the market bubble because of the he will continue to see more multibillion dollar companies over the next 10 years coming out of this space. this is by no means over and i think we are just going to see more of the same. we may see a few companies and valuations getting ahead of themselves but i think generally speaking, it is not a bubble. >> to look at all fundraising right now? it just seems so easy, especially in terms of private fundraising. any company that appears to be in the valley the traditional
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money managers are throwing money in that direction. is that going to slow down? >> again, when you have a billion consumers utilizing this technology, essentially more than 24 hours per day -- stephanie: but not necessarily paying for it. >> the services are doing incredibly well whether it is uber or airbnb or spotify. these services are either subscription services or they are clearly customers are paying. that is another big difference between this environment and 1999. there is not only revenue here, there is real earnings here. stephanie: what you think about apple making it -- making this move into streaming music question mark you are one of the people who brought spotify here and i do not see a smartphone that does not have spotify on it. >> the music industry has been historically very resistant to
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change. it was a difficult process getting licenses done to bring spotify to the u.s. and globally. my sense is that there are a lot of new markets that are essentially following spotify's lead. hopefully, spotify will continue to have a leadership decision going forward. stephanie: is there something, and endeavor if you have to care about it, what is it? >> investors talk about market size a lot and it is really hard to pin that down. market size is often not clear until something is built. i actually -- i admit i fully underestimated just have the airbnb as a market really was. i probably underestimated how big facebook was to be honest. market size is hard to evaluate, but it is incredibly important. stephanie: is facebook too big at this point to get innovative
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and mobile? >> facebook is unique in its ability to understand -- i think this is really credit to mark -- he understands the need for the company to reinvent itself and the fact that he is not always going to be the first to originate a new idea. sometimes he will have to go to the market and buy a company like instagram. stephanie: he's got the money. >> yet, and the amazing thing is when you look at the instagram acquisition they were essentially free. the market absorbed those acquisitions because the market believed in the story. i think mark has been very good at recognizing where another company has a competitive advantage that is defensible and where it would be significantly harder and riskier for facebook to try and rebuild that technology then it would be to
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just acquire the company. olivia: that was former facebook president charlie baker -- sean parker speaking to stephanie ruhle. matt: that does it for us today on "market makers." olivia: i had a great time and hope you had a fantastic time. matt: i'm leaving tomorrow for the grateful dead in san francisco. olivia: you are going to miss the outcome and what happens with greece. matt: oh, no. i will just be watching grateful dead inside. olivia: we will bring you the latest in brussels, so do not turn on bloomberg television. matt: i will stay for another 30 minutes. ♪
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betty: it is five with -- 4:00 in brussels. matt: welcome to market day.
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we are focused on what is going on in the center of europe. betty: that is right. also the supreme court. the supreme court may well in the next few moments on whether to declare same-sex marriage a constitutional right. we are waiting for that decision on obamacare as well. those subsidies and much more ahead. matt: we are losing patience and creditors are, too. greece still not present an economic reform plan that meets the requirements. finance ministers said they do not know what to think anymore and they have just taken a break. waiting for greece to reply. betty: fear that millenials are catching the travel bug. more than half are using their days off for yet, vacation this year. betty:

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