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tv   Bloomberg Markets  Bloomberg  November 12, 2015 2:00pm-3:01pm EST

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from bloomberg has headquarters in new york, good afternoon. have been putting together a string of megamergers. does that raise alarms for regulators? liberty media's john malone figured out a way for you to do that. life in the fast lane, banks love the new highway bill. we will tell you why. bloomberg's julie hyman has the latest. julie: we are seeing a selloff today. we've had a number of fed speakers today, most of them emphasizing that december is indeed a possibility and that now could be the time, could be for the fed to raise rates. evanse heard from charles that it should be a gradual increase in rates and the fed should make it clear that that
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will be the case. all of this weighing on stocks. it does have a lot to do with commodities as well. you will see that the worst performing groups today, energy and materials. they are the biggest drag. the s&p 500 trading lower today. if you look at what is going on in the oil market, we got the weekly inventory support a day late because of veterans day yesterday. it showed a bigger than estimated building inventories last week, it is the seventh straight week that inventories have risen. at the same time, production is rising. to an oversupply oil market and putting pressure on oil, which is at its slowest in two months. it's also putting pressure on energy stocks. williams companies are some of the worst performers in that group.
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>> when you look at others besides oil hitting lows, what are you seeing? julie: gold stands out as well. five-year low. we've seen a lot of investors pulling money out of exchange created products linked to gold. it's not down by that much today. nonetheless, reaching that five-year low is a milestone. it goes back to the fed and the expectation that december is more likely than not and over 50% chance of being priced into the futures market. because of that commentary that perhaps the trajectory will be gradual, although that is not new, but the market was her minded, we are seeing buying in treasuries today. >> thank you very much. let's get a check of the bloomberg first world news. mark crumpton is our news desk. mark: the white house says
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president obama will meet on the sidelines of next week's g20 summit with the leaders of germany, the u.k., italy, and france. they will discuss the fight against islamic state. which is not participating in the summit, is circulating a new proposal to end the syrian conflict. in addition to the meeting in turkey, mr. obama will travel to malaysia and the philippines. the president today awarded the medal of honor to a retired army captain who tackled the suicide bomber in afghanistan. is credited with saving a dozen other soldiers. star wasr track critically wounded when that bomb exploded, but he's learned to walk again after 33 operations. the metal is the nation's top military honor for battlefield bravery. the university of missouri is set to name a new interim president. the announcement comes three days after the school president tim walz and a chancellor resigned because of their lack
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of response to racial incidents .n and off campus greek demonstrators broke away from marches today in athens and through molotov cocktails towards the parliament building. a 24-hour general strike is disrupting services. huge crowds are protesting cutbacks order to get european bailout money. in romania, two more people have died of burns suffered in last month's fire at a bucharest nightclub great that brings the death toll to 53. than 60 others remain hospitalized with 15 of them in serious or critical condition. the october 30 fire began when the spark ignited foam decorations during a heavy metal concert, sending step -- sending fans stampeding for a single exit. you can get more on these and stories 24 hours a day on the new bloomberg.com. i am mark crumpton. david, back to you. -- david, back to you.
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just this week we got the biggest acquisition of the year, $107 billion deal fora rival brew-maker. ceo explains to stephanie ruhle and david westin why the stars aligned these kinds of megadeals. >> that's where most of the action is now. there's not a big increase in m&a in smaller transactions. why is that? most of the companies have the best access to capital. they have the strongest balance sheet, they have the cheapest borrowing rates, their stocks done quite well. there are probably struggling the most to get organic growth. they are so big, how do you get it organically? if it's mega deals that are on tap, is that bad for you, because mega deals complex financing and balance sheet and
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that is what big banks can provide, and you can't? >> we still get involved in some of them. it's not great for us in the sense that our sweet is probably sort of 500 million. we don't work on small things. work as often on the really huge ones because they do require a lot of financing. you have seen a little bit of an increase and i think it will come over time. where the m&a rebound started clearly was in 10 billion. >> what do bankers like more? a smaller deals pay fee in percentage terms but you have to work harder to get small deals. >> you do. theind of shy away from $400 million deals and we tried $2 billionthe category. ,> when you see transactions
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$50 billion of debt financing, inbev, do youer, grow concerned as a boutique shop that we are going to see more and more of those heavily debt-financed fields? >> not really, no. to put it in context, they're only going to be about 60 $10 billion deals globally this year . we compete with 25 or 30 firms. that's a tiny part of the m&a market. there are thousands of deals in the hundreds of millions range. there are hundreds of deals in the billion type range. it's a tiny part of the business, the megadeals. on tv and newspapers, that's what people talk about. >> the fact that m&a is the way that we're seeing growth right now, does that give you concern about the u.s. economy or the health of corporate america that we are not seeing organic growth, it's all acquisition and role of business? >> -- rollup business? >> i do have concern about the
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u.s. economy. there is some pressure towards deflation globally right now. look at the macy's numbers yesterday, really hard to get any kind of revenue growth at all. companies, they want to grow their business, they don't want an activist to tell them what to do so they are trying to consolidate their sector. the extreme would be an sab miller, inbev deal. that was the greenhill ceo. for more on how they are testing -- i want toits start with scott bok and his bank. i know you been tracking this trend and the industry. why have we seen that movement from the big banks to the smaller ones? >> the past five years we've seen a lot of these major investment bankers and they have
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gone to these boutique banks to create their own franchises. successful.credibly the ipo market is drying up a little bit and the banks depend heavily on these ipos. the secondary also not as promising as they used to be. theirill, if you look at shares over the last few months you see the shares have been depreciating over time. this is an opportunity for scott and greenhill to buy back some shares. he has seen some departures in europe as well. if you look at companies, phenomenal bank, what happened with every core, it boutique investment banks, it requires -- it acquires isi and becomes shop worthy to investing and trading and they have equity research, havetment banking, so they a canvas, a suite of all of these things. shares are up 5.8% year to date.
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david: that would make it attractive, that personal touch and the whiteness they're able to offer? banking culture had this traditional banking culture and then with the isi group of people they are a bunch of , they are very casual people, not to say they're not an amazing group of people, but you can see the colts very different, it's ray successful. ..eenhill can benefit it's very successful. carehave this health banking platform where they have the bank and then they have the trading and equity research as well david:. david: -- well. guest was talking about the regulatory challenges that were posed. he was saying it was on the heels of the vis-a-vis europe announcement. challenge is that
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and what is the speed of the dealmaking when he goes to regulators? sasha: it's been an interesting time. one big build in the case study has been halliburton baker hughes. come outeen analysts last week, for instance saying that they are reducing the chances of a deal happening because of the antitrust concerns. they have been very transparent about these concerns, and it has not abated other potential oil companies far from striking deals. bloomberg reported exclusive here. you can see antitrust is not really dissuading these acquisitions. these guys are fighting. they say, these are huge, lofty deals.
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aboutre very confident these deals closing. as scott said earlier, they did say there's one deal a year that usually can't succeed in terms of antitrust. we don't know what's going to happen. coming up in the next 20 minutes of "bloomberg markets," liberty media splitting into three stocks. ♪
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david: it's time for the bloomberg business flash.
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reportedly set to become the first major automaker to sell vehicles made in china in the u.s. the wall street journal reports recovery plans to start selling the buick envision next year. sachs [indiscernible] that's up from 280 in 2013. promotions take effect in january and usually lead to a higher based salary. goldman has close to 37,000 employees. you won't be scoring gold for the rangers are sinking timbers for the next, but madison square garden employees get a one-time hit worth $40 million. david o'connor will receive a restricted stock grant, compensating for awards he left behind at the agency where he worked for 20 years. you can always get more business news at bloomberg.com. let's head back to our markets desk. with an oil start
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services company, earnings they're missing analysts' estimates even as revenue was ahead of what analysts had been anticipating. the cup and a's commentary was interesting. the ceo saying, quote, for many the major theme across the industry is survival. efforts remain focused on allocated capital, helping customers to reduce their costs, and he says the short-term outlook for the industry remains uncertain. you can see shares are down by about 2.7%. a drive bulk shipping firm reporting a wider loss than estimated. shares are taking a large hit of nearly 14%. also reporting earnings today, the media giant fire,, first quarter missing estimates. the company did say that
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advertising, it posted lower results. commentary that came out of the company's call seem to help the stock when the comments were made. the company said it is these high single-digit grossing 2016 domestic affiliate revenue, that it's advertising growth should improve this quarter and then it should accelerate in this fiscal year. all of that seeming to reassure investors about the state of ad sales at the company, and seeing a little bit of rebound, although not a huge rebound, considering how much we have seen media stocks under pressure. liberty media announcing this morning it is reclassifying its common stock into three new tracking stocks. the move was spearheaded by billionaire chairman john malone, in an effort to save taxes and allow more targeted investments. y, i want to quote something from a note you sent out a few days ago.
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you said, it is suspiciously quiet at the liberty house at times when strategic maneuvers are normally in the works. spell it out for us, what's happening? analystay is their big day. i think what they're doing is creating three separate vehicles, one in sports. one is for live nation. it's interesting at live nation, probably going to be used as a vehicle to consolidate more media assets. david: when you look at the health of those three properties, what is doing the best? amy: that would be a hard one. they continue to operate well. it seems like the auto sales numbers continue to be strong. i think everyone is watching what they're going to do with the media. this earlier week of discovery, liberty global as well. david: there's a conference call at 12:30 with the ceo.
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why has liberty decided to do this? amy: it's eliminating the discount and increasing transparency to shareholders. investors always have their conspiracy theories about what liberty's next move is. the colonies getting bigger and bigger. david: john malone has engineered things like this before. there are a lot of colonies. this cap and he has been taken in a lot of different directions. julie: definitely. when there he could be he's going to sell the braves are perhaps swap it into a different asset, consolidate serious xm -- sirus xm. there is a lot of focus on media consolidation right now. the discount part narrows, stock goes up, and the types of announcement that shareholders are waiting for. david: you alluded to potential for take over here.
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are each of these ripe for that? which is the one that looks most ripe for take over? amy: it seems like the investors never gave liberty media a lot of credit for the braves. it is an asset worth north of $1 billion but it never got much value under liberty media. xm, the buy that continues to be a really good investment for both liberty and minority shareholders. david: can you position liberty for us in the broader media landscape, how big this cup and is and what it does within the larger media landscape -- company is and what it does within the larger media landscape? amy: they are creating three separate verticals. there has been so much focus on spotify, apple, pandora. they have been very clear in saying that that vehicle could actually raise a lot of cash. david: thank you very much. still ahead on "bloomberg markets," the oil slump is
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hitting canadian companies' bottom line. ♪
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david: welcome back to "bloomberg markets." a slew of canadian earnings are showing how difficult things have been had -- have become in canada soil hatch. bloomberg tv canada amalie richie joins us with more on the earnings front. talk about what some of the targets might be for these big companies in canada, the top six companies. generally canadian equities and in the natural resources sector in particular have been some of the worst performing equities around the world because of their exposure
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to a lower oil price. what we saw today is canada's biggest insurer coming out with their earnings and taking charge for $220 million on their oil and gas investments. they're able to balance things out within their numbers. he gives you a bit of a window into the ricochets of how the oil and gas sector is playing out in the financial world, and perhaps a bit of a harbinger or an insight into how canadian bank earnings might look. they begin rolling out in the next two weeks from now. david: are we seeing the better capitalized energy still in expansion mode? pamela: it is so costly to be in expansion mode in the oilsands. it is an expensive place to produce oil. all of those things make most expansions too costly. --umber of canadian oilsands the suncor's in the world are in expansion mode and they are continuing the projects there currently on.
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-- on his what's to come in the years after that and how that is going to work. demand is still there. the question is will it be too expensive. we see earnings out of canada. they're shifting some of their focus and spending dollars to assets in texas, because of what's going on in the oil price, alberta, the problem in western canada is being hit with a number of different reviews. they have a more left-leaning government in there right now and there's all kinds of royalty reviews going on. carbon levies have been applied in the last several months. there are all kinds of things being layered on top of it. in the general vein of climate change, they are heading these companies and making companies a little less interested in investing right now. david: we are heading into these climate talks in paris, we have a new prime minister who is more vocal about climate change than his predecessor. is this a wait-and-see moment because of that?
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absolutely. they have made sure that all of their new cabinet is on the same page with climate change. they have a climate minister and foreign affairs minister who will be at the g20 and be around the world at these various summits. they are making sure their entire government's voices are coming out on climate change. david: thank you very much, pamela ritchie, anchor with bloomberg tv canada. still ahead, coal may be down, but it's not out. record losses of cold powered generation. ♪ we live in a pick and choose world.
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love or like? naughty or nice? calm or bright? but at bedtime ... why settle for this? enter sleep number. don't miss the semiannual sale going on now! sleepiq technology tells you how you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! gift the best sleep of your life to your whole family. only at a sleep number store. right now save $500 on the veteran's day special edition mattress with sleepiq technology. hurry, ends sunday! know better sleep with sleep number. david: from bloomberg has headquarters in new york, this is "bloomberg markets." mark crumpton has the headlines
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at our news desk. a lebanese red cross official says the death toll in twin suicide attacks south of beirut is now 37. more than 180 others were injured in the blasts which occurred minutes apart. southern beirut is a stronghold of lebanon's militant hezbollah group that is fighting in syria alongside government forces. there has been no claim of her responsibility for today's attacks. bridge officials are upset about resistance to making a global climate accord legally valid. francois hollande says if the deal is not legally binding, there is no accord,". the deal would ask all countries to reduce emissions to european negotiators want mandatory cuts, but the u.s. has resisted because a potential roadblocks in the senate. the proposal will be discussed at upcoming u.n. climate talks in paris. the obama administration is giving the go-ahead to a new european union trade rule which out loads -- outlaws "made in
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israel" tags on goods produced in the west bank. the administration says it's no more than a technical guideline to help european consumers. the president will meet with the leaders of germany, the u.k., italy, and france next week to discuss the fight against islamic state. those discussions will take place on the sidelines of the group of 20 economic summit in turkey. russia, which will not participate in the summit, is circulating a new proposal to end the civil war in syria. in addition to the summit in turkey, mr. obama will travel to malaysia and the philippines. he will also hold his first meeting with candid up a newly elected prime minister. how big is the gender pay gap in the u.k.? hasrimus or david cameron his way, we will find out. the prime minister is proposing new rules that would affect government agencies and companies with more than 250 employees. they would have to publicize data on the difference between
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average pay for male and female employees. you can get more on these and other breaking stories 24 hours a day at the new bloomberg.com. i mark crumpton. david: the pressure is on for commodities today, the selloff being helped along by dollar strengthen worries about china. barrel.dropped to $42 a worries about china are helping to push down copper to 2009 lows. gold continues to lose its luster. staying with commodities, coal may be down but it's not out. 773 million use tons of coal in 2013. mario parker is a reporter on bloomberg's energy team based in chicago and he joins us now. this limits on coal power plants yet we still see
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usages hyatt -- as high as it was. president barack obama's administration came out with air toxics standards. some 23ed up retiring gigawatts of coal-fired electricity, that is enough to power about 18 million u.s. homes. the plants that are surviving are increasing their efficiency rates, feeding more coal to pick up that slack. you are seeing that kind of flattening and keeping the man afloat. david: one of the things you cite in her article is something that stood out to me in that report, how old so many of these plants are. we're talking about coal-powered plants that are 40, 50 years old. how much work is being done on these plants? >> that's the key. the plants the retired -- i think that's been a misconception -- the plants that
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are retired or not newer coal plants. these are plants that quite frankly would have retired within the next 5 to 10 years. plants that are surviving are ones that have been constructed relatively new, we're talking from the 1980's, 1990's and so forth. . those are plants that utilities felt they could put the investment in to upgrade the equipment for cleaner burning coal. we are talking powerplant scrubbers, technology that scrubs the mercury from them and allows them to continue to operate. david: where are these plants clustered? out.ey are spread we are the southeast, great plains region, of course appellation, the historical coal belt -- appalachia, the historical coal belt, and the
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midwest as well. talkedwhat we have not about his natural gas and how closely this is correlated to that. talk about that correlation and what that means for coal power. >> natural gas has been more damaging to coal than environmental regulations. the shale boom has unleashed waves of natural gas we would not have been able to imagine five or 10 years ago, and that has kept gas prices close to or below two dollars for most of the year. with the energy information administration came out saying this week is that we will see more demand for natural gas from fertilizer plants as well as chemical industries, and that should raise prices a little bit higher and make coal more attractive to be burned for electricity. david: give us a sense of what coal looks like in the future.
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we her about new ways of burning coal. what is the coal landscape in five or 10 years? >> we have to go back about five years when coal was dominating the electricity sector. we're talking a billion tons annually, and as you mentioned, we're going down to 773 million. the latest rules, so-called clean power plan, calls for coal to relinquish its top spot as the top electricity provider. that market will be a lot smaller than what it has been historically. we are looking at a 600 million ton market. the coal companies that will survive the shakeout will be vying for smaller pieces of pie. a lot of those producers will be in appalachia and out of wyoming. david: mario parker at our
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chicago bureau. note, samramming grobart investigates the company's technologies and industries. don't miss, the year ahead 2016. night at 9:00ow p.m. eastern. coming up, the big victory for wall street banks and the latest highway bill. ♪
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david: it's time to look at some of the biggest business stories in the news right now. investors are now all but certain the european will cut interest rates next month. 97%ers are pricing in a likelihood the ecb will cut rates by 1/10 of 1%. indicating he's ready to add tuesday most programs. the global mergers and acquisition group will head up the bid to host the olympic games. jean sykes will take leave from his day-to-day responsibilities at the firm but will sold -- serve goldman a limited capacity. walmart is trying to take the frenzy at a black friday. it's doorbuster bargains are being dropped. instead, sale items will be available online as well as in stores. you can always get more business news at bloomberg.com.
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the s&p on pace for its sixth down day in the past seven sessions. yesterday retail put a dent in the markets. julie hyman is here to shine some light on it. julie: think goodness they are off during -- offering it online. [indiscernible] a look at the big bright spot in retail today. shares up by 6.5%. fl yesterday along with macy's after macy's reported disappointing numbers. there was real concern on the part of analysts and investors that this would be the case for all of the departments for retail and maybe all of retail, period, that we were seeing more fundamental weakness. seems to rely on that notion. third-quarter profit in sales beating analysts' estimates. the company has been introducing new merchandise in its stores. that strategy at least appears to be paying off. if you look elsewhere in retail,
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some of the big declines from yesterday are coming back. some analysts are saying the drop yesterday was overdone. in addition to that, jcpenney is coming back. it is also reporting its full earnings tomorrow. all is not sunshine in retail. advanced auto parts, a very different segment, down 14% after the company said its third-quarter profit was below estimates and said it's ceo is also retiring from the company. advance auto parts has been under pressure. he is now going to be appointed to the company's board. all this means if you look at it isider retail etf, registering a decline on the day when you look on ballots at those movers we talked about, down 3/4 of 1%. we've seen a slump in retail recently. i've compared the xrt to the spy
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. really, all your you've seen retail stores tracking or even outperforming the broader market. it's the white line here. here the spy is taken off its recovery and is more established, whereas the retail group has continued to lag, and a lot of it has to do with these earnings reports we have gotten recently that do show some weakness. david: thank you so much. the new highway bill, and it has nothing to do with driving over the speed limit. banks fought hard to prevent dividends from becoming a funding source. how are they able to pull that off? bloomberg's phil mattingly explains. this year's 1000 plus page highway built contains an on-ramp to something magical in washington. $17 billion in government revenue that does not require raising taxes.
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contains a provision that would snag a massive windfall by reducing dividends the federal reserve pays banks. >> it's fundamentally unfair to have one industry sector pay for a specific piece of federal government infrastructure. phil: step one, lay the groundwork. hit lawmakers with a joint letter of opposition from the industry's most powerful trade groups who represent everyone, tiniest. morgan to the community bank. follow with an in-person meetings, lawmakers all asking for the provision. sent all the way up to the majority leader mitch mcconnell, only to be rejected. step two, doorstep trade flood capitol hill offices with bankers, the community size ban k kind. arm them with specific talking points. step three, secure the lawmaker
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letter. his effortsario, buttressed by a robust lobbying campaign, won the signatures of a bipartisan group of 150 lawmakers. .tep four, spread the word in a bipartisan op-ed circulated throughout capitol hill, smart policy from those sites -- both sides of the ideological spectrum. step five, make it official. the groundwork is delayed. laid on a friday night, high anga --huizinga introduced measure to replace the problematic language with another funding source. step six, take it to the floor. supportive lawmakers take the final pitch. then the vote, and victory. for now, at least.
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the house and senate still have to reconcile different versions of the bill. that means even more work for k street. perhaps more problematic for the industry, congress has identified this is a very real source of cash. >> should it cap again, -- it come up again, we're working closely with state associations and aba members across the states to make sure we can shoot it down. phil: bad news for the banks, great news for the lobbyists they employ. david: and people say nothing's happening on capitol hill. i'm struck by the degree to which these groups must've collaborated. this was a really well coordinated effort. >> in a quick -- this happened, really came out of nowhere at the end of july. a lot of this work behind the scenes -- david, you make a good point. everyone thinks this is a monolithic group, that all the
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banking industry works together. the community bank's interests often diverge from the big wall street banks. so, all of these groups coming together enjoying lobbying on this and agreeing on a single strategy, that had a lot to do with why it was successful. david: there are winners and losers here. walk us through that calculus. >> clearly the banking industry -- it would've cut 4% of the industry's revenues, $1.7 billion in revenue last year according to the fed. the loser, the federal reserve. lawmakers are basically taking the surplus account which the fed uses as a cushion, and using that to pay. the vice chair stanley fischer -- ben bernanke took to his brookings institution blog i call this a terrible president. -- perecedent.
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that was become from eyes lawmakers sought to take banks off the hook. david: do people talk about raising the federal gas tax? going to be aays group, particularly senator bob corker and senator chris murphy, a democrat from connecticut, they have a bill that is still in play and would increase the gas tax to fund this. increasing taxes is so dangerous, so third rail, that the white house, the president does not have to run for reelection, and the white house still will not endorse this is an idea. david: thank you so much. that is phil mattingly in d.c. jon meacham, the executive editor and vice president of random house, he will be on to discuss his new bio on george h.w. bush. that is on tonight at 5:00. coming up on "bloomberg markets"
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-- fiscal reports earnings after the close, what can we expect from the tech bellwether? ♪
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david: let's see what tech stocks are making moves this afternoon. what do you have for us? >> we have a small cap name with a big cap profile. barry dillard's iac interactive corp. out making an unsolicited bid for angie's list, offering $8.75 in cash per share. that represents a 10% premium from yesterday's close. investors are cheering this possible merger between the consumer review site and iac. sharinget analysts are
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should not refuse. angie's list is under pressure from activist investors. the president said that the company's quote unquote running thin. when we look at a longer-term chart, we see his point. scherzer off nearly 70% from the july 2013 peak. david? let's take a look at shares of cisco. the high bar set for the tech sector's bellwether result. stocks treading water, moving higher today. >> the one eyed man in the land of the blind? david: that's you. >> think of cisco. cisco is in a tough business. they sell internet hardware. if you think of the kind of
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companies they compete with, they are competing with hewlett-packard, ibm, hp on some level, oracle some. those are the reasonable comps. when you really look at what they are competing with, they are doing so much better than their competitors. david: how is chuck robbins doing at the helm of this company? one of his goals was to narrow the focus of what cisco does. the partnership with ericsson announced this week is an important limitation of what cisco will do. cisco focusing on the core router business. ericsson also, they have some overlap and product. it's one of the things we will be listening for, what are their intentions?
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what are their development intentions in terms of having businesses that overlap with ericsson? are they going to cooperate? how is that relationship going to work? a lot of the questions on the conference call -- is erickson also, i read the transcript of the conference call. the notion that both companies will see an additional $1 billion of sales in 2016 seems very aggressive. they did not fairly explained that on the conference call. we might get asked to flesh that out a bit. will see you expect we more partnerships like the one that we saw with ericsson? it's hard to imagine anything else quite like it. thenotion is leveraging
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sales tax more than anything else, and sort of offering competing products. certainly bad news for the likes of juniper and nokia. i mentioned that the stock has been historically a bellwether for the tech sector. does that continue to be the case? what can we learn about the health of that sector from the results today? cory: john chambers did a fantastic job. you can argue with the way they issued some of the stock and spent money buying back stock. they kept the company at the top of the heap. i think the future direction of this company is going to start to take -- chuck leading the way and talking about new directions for new businesses and talking about growth again. coming up in the next
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hour of bloomberg markets, jpmorgan's fund chief global strategist david kelly says there are warning signs in the labor market. ♪
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>> welcome to bloomberg markets.
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betty: stocks are heading south again in today's trade. bill dudley signaling a rate hike is approaching for >> i think it's possible that the conditions the committee has established could soon be satisfied. marketis u.s. job becoming too hot to handle? we speak with david kelley who says job growth could lead to a possible recession in 2017. sales information out in october. macy's stock is down. what is the status of retail with holiday shopping around the corner?

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