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tv   Bloomberg Markets  Bloomberg  March 11, 2016 2:00pm-3:01pm EST

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david: live from bloomberg headquarters in new york, this is "bloomberg markets." definition. i am david gura. tracy: investors and traders decide ecb's latest policy measures are not so bad after all. stocks looking to end friday in the green. as we look to next week, it is all about the fed. david: an internal presentation ceo -- heleant tells executives it is not on any big issues. tracy: we will hear from the ceo of the cannabis trading platform of the potential for the commodity to be bought and sold. think it sounds far off? let's head to the markets desk where julie hyman has the latest. of thewe are on day two
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ecb rumination, digestion, whatever you want to call it. interpretation is more positive. stocks rising to the highs of the session with the nasdaq .eading the gains a continuation of the upward trend we've had ever since february 11 when we had stocks make their bottom thus far this year. march setting up to be a pretty positive month so far. map, a gain for the month of march of about 4%. that would make it the best month going back to october, breaking what has been a bumpy streak for u.s. stocks come even though stocks were higher in the month of february. also come in terms of today's sessions, the big gains we are seeing on individual basis here on a mixed bag between credit and financials.
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wells fargo gaining along with the financials today. we've seen this optimism that the ecb action will be helpful to banks down the road. large-cap technology rebounding as well. it is going along with the market on most days, helping lead gains and losses depending on which direction stocks go . maybe we've seen a bottom for oil. the market believes them, to some extent, today. gains of 2% is what we are seeing. the action meeting and oil, just as we've seen for stocks, we've seen the bottom, the 12 year low on february 11. we have since been seen a 45% gain in oil prices. goldman sachs making more positive commentary on oil today. there has been a gain in oil stocks as well.
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the s&p 500 energy index, look at its records in february 11, you have a 14% gain in those stocks in aggregate. tracy: stocks are up, credit is up, thank you ecb. there going to head over to first were news this afternoon. mark crumpton has more. mark: funeral services are underway in california at this hour for former first lady nancy reagan who died sunday at the age of 94. you are looking at a live shot of the memorial service at the ronald reagan presidential library in simi valley, california. people from across the political and entertainment worlds in attendance. among them, first lady michelle obama and former first lady roselyn carter and laura bush, who is there with george w. bush. and hillary clinton arrived just moments ago.
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these shots live from the ronald reagan presidential library in simi valley, california. mrs. reagan will be buried next to her husband on a hilltop on the library. john kasich is getting some support from his campaign from another person still in the race. marco rubio telling his supporters in ohio that the best way to be donald trump is to vote for governor kasich. >> john kasich is a better chance of winning ohio than i do. if a voter in ohio concludes that voting for john kasich is the best chance of stopping donald trump, i anticipate that is what they will do. mark: he says his candidate will win in ohio without marco rubio's help. attorneys for bowe bergdahl say donald trump's attacks are threatening his chances of getting a fair trial. hasrepublican front-runner
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adjusted several forms of punishment come including execution for bowe bergdahl. the charges include desertion. he walked off a base in afghanistan in 2009 and was held for five years by the taliban. he was released after a controversial prisoner swap with 51, bay detainees. -- five guantanamo bay detainees. iran was responsible for a cyber attack on a dam outside of new york city. the justice department reportedly has an indictment prepared, but it is unclear if the indictment will charge specific people within the iranian government. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. toid: u.s. stocks trying catch up to the global rally. the s&p 500 erasing earlier
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declines as investors warm up to the ecb's plan first in us. bazooka,en called a kitchen sink, the whole toolkit. as we are here on the day after, how has the market interpreted what mario draghi announced yesterday? michael: he has an interesting circle. , the dollar has not moved up much. you get a big stemless out of europe, you expect on weber -- upward pressure on the dollar. european equities are up. at the same time, the dollar is not in u.s. equities are following through on this rally. tracy: a really good point because it seems like the dollar is key here, right? the dollar has not strengthened, which is something you might have accepted -- expected when .ou see the ecb easing
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people don't have to worry about emerging markets, oil has strengthened off the back of that. michael: what i think helped set the table for this aggressive rally in risk assets is the failure of the dollar to rally. last year, it was the elephant in the room. that rally starting in the middle of january, you see failure signs. i'm not sure how much weaker it is going to get. the dollar.on that is starting to resonate and put the tailwind underneath crude and other commodities and help corporate earnings in the united states. opinion, thein my de facto tightening mannerism -- mechanism for the fed. interest rate hikes are really dollar hikes. david: tracy, you've got the
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bloomberg -- tracy: here is the current vix curve, returning to its normal state. a month ago, it was inverted. people were paying more for protection at the front end of the curve. you say this is important to the risk rally as well. michael: exactly. us is what happened in october 2. the curve was inverted or flat for six weeks after the chinese devaluation in august. once it reversed in october 2, it set up a vicious rally to the upside. having the same thing replay right here. you can expect more followthrough in the markets. i don't think we will go back to days anytime soon, but we are not going to see 25 prince on the vix anytime
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soon. tracy: you look at crude and now, do you think we've bottomed out? think what we've done and i said this about a month ago, we started a bottoming process. when you consider how much crude has lost over the last year and a half, a bottoming process is not a matter of three weeks. we've seen plenty of relief rallies in crude along the way. see a starting to 3-4-month bottoming process. you are starting to see the fundamentals starting to get in line to help support a rally in the second half. i think the equity markets are smelling that. it has been up or down for the last several months with crude. what will start happening more and more, equity markets will say weight, i get it, crude is bottoming here.
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but, i will get ahead of that. crudesee a rollover in and other commodities, the impact on equities will be less severe than it has been in the past. , thank youael purvis so much. right to have you with us. coming up in the next when he ,"nutes of "bloomberg markets much more on the fed. the former minneapolis fed president says they have the tools to meet their target. david: mohamed el-erian says oil prices may have found their footing. more from him up ahead. ,racy: you can trade wheat corn, soybean and soon, weed. some high finance, right, david? ♪
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tracy: welcome back to "bloomberg markets." it is time for the bloomberg business flash. betweenve resumed new jersey transit and their real-world -- railroad workers union. the union has authorized the onike deadline of 12:01 a.m. sunday. intel is planning to sell part of its venture capital unit, assets that could be worth as much as $1 billion according to people familiar with the matter. the company is working with ubs group to look for potential buyers for the asset. the portfolio is made up of companies across the world and housed within intel capital. a wallcompany is denying
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street journal report that said it's laundry detergent containing ingredient they promised users they would never use. they sell diapers, soap, lotion and cleaning products they say are free of harsh chemicals. its report isys accurate, fair and meets the standards. that is your bloomberg business flash update. david: julie hyman has a check on company movers and analyst calls today. julie: some headlines are just crossing the latest on this pepco situation. exelon has been attempting to buy pepco and has come up against resistance from d.c. regulators now. proposal is unacceptable, this comment coming in a filing. the council is ready to move on from this merger.
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pepco shareholders are not very happy about moving on because we see the shares taking a lake legward, down by 5% -- a downward, down by 5%. we will keep you updated on the developing situation. talk steelmakers for a moment. credit suisse in initiating talks, overall bullish on the sector. point.n a cyclical low it likes u.s. steel. that's why the company is going lower. call comes and there is talks of a cyclical low point, the stocks have already recovered. there is a year-to-date look at xls that tax steelmakers globally. it is up 22%, of even more from its low point in january. these stocks have been rebounding.
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announcements of export tariffs coming from the united states. interesting that the call is coming now. moving on to other stocks being affected by analyst calls as overweight at morgan stanley, a bold cost-cutting program to address the threat from ridesharing technology. is partnership with lyft knowledge men of the threat but also the opportunity coming from ridesharing technology. withthe shares, this stock a bit of discussion saying the shares have limited upside but they are going higher. ae shares are pricing in healthy portion of the less bad view of macau. not a very thing know, but the shares are going up. -- not a very sanguine note, but
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the shares are going up. david: we spec to get rates from the bank of japan on tuesday and investors are placing a bet on how much janet yellen and colleagues will be influenced by their foreign counterparts next week. will they follow their lead in adopting negative rates? uses -- fed official suggests using the flight attendant approach. thes on the safety of economy, the emergency equipment of negative rates -- businesses will be more willing to fly. joining us now is carl riccadonna. spell his argument out a bit more for us there. , you aren the plane told that a mask will fall down if you need the oxygen during the flight. you know what the plane is capable of doing and it will be deployed if needed. tracy: that is supposed to make you feel safe.
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carl: talk about all the things that can go wrong. it may be the case here that the fed should explore this as a policy option if it is needed. i agree the fed should always be planning for a rainy day and looking at extraordinary measures in the event that more stimulus is needed for the economy. the rate is close to zero, so there is little ammunition on that front. it's much more likely if more stimulus is needed, the fed is not going to go down the path of negative rates because we have not seen much success in its implementation around the globe. that -- in japan, there has been negative effects. q we did have positive results. negative rates, not so much. -- qe did have positive results.
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rates, it'snegative like saying there is this rare disease going around and we have this pill that might work, but in the last two patients we've used that pill on, it did not work. i don't think that gives the public more confidence. negative rates are like sticking a gun to banks's heads and forcing them to lend. a positiveto see economic environment where they feel compelled to lend, not forced to lend because their reserves are being eroded by these negative rates. tracy: i want to bring up a really, really cool bloomberg function that just went live today. dotgo.alled dote is the fed's current projection. , you cano september
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dots.ose dots, negative carl: it was most likely him because he has an understanding of that. we will get an updated dot plot next week. in december, it signaled for rate increases and cut -- coming in 2016. they don't want to capitulate, so maybe they drop one additional rate hike in single three coming this year. -- signal three coming this year. the economy is still frail. banks going inal the opposite direction, the fed does not want to have this dramatic policy divergence which would reinstate this strong dollar trend we've seen over the last year and a half. riccadonna is the chief u.s. economist for bloomberg intelligence. don't miss the former minneapolis fed president on
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bloomberg television next week. ahead, we've got details on the mood inside valeant following the return of michael pearson. that is coming up in just a few short minutes. ♪
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tracy: now to the drama behind the scenes at valeant. ceo michael pearson is learning to walk again after an ofreme about -- about pneumonia. tell us what the mood is like at valeant. >> according to our source, michael pearson has had a couple meetings with top senior management. everyone is waiting to hear what he will say. he has not talked publicly much
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recently. internally, he is telling people the it is not as bad, business is doing ok, it is not as bad as people think on the outside. there's been speculation about they have a lot of debt. the have to pay it down, will that be a problem? in meetings, he was saying we have a tremendous cash flow and we are not going to go bankrupt. most of the business is doing well. he mentioned a few small businesses he needed to take action on. his opinion is a positive picture. david: did he talk anymore about his sickness? there's been a lot of speculation. robert: he really did address that head on, talking in detail about what happened to him. he said come in fact, it was a severe case of pneumonia. he went to the hospital, thought and discovers his
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lungs are full of fluid. he was at one hospital for eight weeks. he addressed the rumors directly. he said none of it was true. it was just an awful case of pneumonia. earnings have valeant coming up next week. what are we expecting from michael pearson? will he be active in talking to investors and analysts? robert: never one is waiting for him to make a public statement. he's been absent for so long, no numbers disclosed, really. guidance when he came back. this will be the first appearance, all eyes will be on him. after that will be the official 10k and people look at that carefully.
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the board is investigating the relationship with the former or.cialty pharmacy philid there's a whole set of things that have come out. michael pearson said directly that everyone is on the edge from the board to be in countenance -- from the board to the accountants. that is one of the reasons they delayed the earnings to make sure there was not any shift. re "bloomberg markets" coming up next. ♪
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hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up.
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it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. when it comes to the fithings you love,. you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity. david: live from bloomberg headquarters in new york, this is "bloomberg markets." tracy: let's start with the headlines on the bloomberg first
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word. ohio's secretary of state has asked a federal judge to dismiss bernie sanders's lawsuit. he is suing to secure the right for 17-year-olds to vote in tuesday's primary if they turn 18 by election day. senator sanders attributes much of his success to younger voters. hillary clinton getting some support from a few powerful women in her latest ad. daviswashington and viola star in tv shows produced by shonda rimes. the ad was directed by tony goldman. the conservative publication "national review" is endorsing senator ted cruz for president. they write that no politician is perfect and senator cruz will
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find our endorsement comes with friendly and ongoing criticism. the editors continued that ted republicans's best chance for keeping the nomination from going to someone of low character. come, causingd some levees to run over their banks. three people died in louisiana following days of severe weather. the governor is touring damaged areas today. dayal news 24 hours a powered by our 2400 journalists in more than 150 news bureaus around the world. i'm mark crumpton. david: commodity markets closing in new york. let's take you look at the day's biggest movers, copper rallying today. metal prices all over got a boost after china strengthened the yuan. crude also in the green today,
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headed for the longest weekly gain -- signs of rising fuel demand and unsustainably low below, settling at just 39 dollars a barrel. tracy: i want to appreciate the stunning rally we've seen in the price of crude. oil rebounding from a 12 year early-mid2 since february. the international energy agency says the worst of the oil slump that drag prices to that 12 year low could be over. noted that the market may be starting to rebalance. mohamed el-erian also spoke earlier on bloomberg tv saying crude may have found its footing. ago, i said you could not justify oil prices
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being so low on the basis of supply and demand. there is massive this -- massive supply disruption going on. the market was not finding its feet after opec exited the role of producer. now, the market has found its footing and we are getting supply disruption. this rebound in oil is real and will remain volatile, but we are seeing the bottom forming in a significant way. pointed toreport what they projected as a $750,000 -- 750,000 barrel a day reduction. let's play a bit of that for you. >> oil probably did hit the bottom around $30 a barrel. on a given day, it could go anywhere. in terms of where is the real level, i do not see it going much below the $30. david: this is my question -- is oil the symptom or disease?
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we've spent so much time focused , doesn't really affect the underlying fundament is of the global economy? mohamed: it does. low oil prices have gone from a blessing to a curse. is because of the volatility that has come with lower oil prices. 3% daily moves and oil have become common. oil is not a penny stock, it is a widely traded commodity. if you get those moves in that commodity, it is telling you that the system is becoming less stable and this is really important. look at the volatility of oil because it gives you good insight as to how stable the underlying global economy and markets are. >> can the u.s. economy withstand the massive volatility? right backa leg down, can the u.s. economy keep on trucking? mohamed: there's a lot of good
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in the u.s. economy. it is good that allows us to grow by 2.5%, not where we should be. andan continue going ahead facing headwinds. one comes from volatility and the other comes from the weakening the emerging economies. was mohamed el-erian speaking earlier on bloomberg tv. you can catch mohamed el-erian on the upcoming podcast. a good time. that is out on monday. $5id: legal marijuana is a billion industry with an estimated 20 million consumers. anve is the ceo of electronic cannabis trading platform. he joins us now. these are early days in this
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trading platform. what are the hurdles to the expansion of it? steve: it is a federally illegal product. because we have to operate on a state-by-state basis, we look to state infrastructure to grow this business. we have built an ecosystem that allows industry participants and regulatory agencies the ability ,o truly track this product taking cash out of the system using some of the ace pay products that we've built. it is an early-stage industry. if you look at the growth, it is growing in such a unique way. you need infrastructure software to help this industry grow. if you look at the participants toe native roots, they have lower their costs. if you look at the commodity fairf, they have to find a
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and orderly marketplace to do so. they need that transparency. tracy: sales may be growing at a euphoric pace. -- contractsh x are not stabilized. how do you overcome that hurdle? steve: what we have today is a cash market place. for the physical product itself. to get to a derivatives marketplace, the most important thing is that settlement price that is delivered in a cash market. for us, the goal is to start within the physical market space, thus being able to deliver a cash settlement price in the future and moving on towards a derivatives marketplace. and mylook at the board team, we are wall street guys. we come from the e-commerce space. reason my board is so important -- look at the chairman, they had the wherewithal in a
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face-to-face marketplace to take that exchange and went electronic. because they saw the opportunity in the marketplace. the markets are changing. you need efficiency, you need these types of platforms. david: having interview people within the legalized marijuana industry, regulations have not kept it where things are. people said banking was a huge x factor. push -- how do you push forward? steve: we operate under dodd frank. the whole idea and the concept here is to truly deliver a product that can help scale this industry. at a federal level, the banking does not have the ability to end the market place.
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we've built in a cash management system through one of our strategic partners who is in the business. this giving these participants the ability to truly become good corporate citizens, allowing them to transact with wire, allowing them to send to ach and bring insurance to the industry, bring participants that will provide goods and services to people who have not had the ability to do so. tracy: let's say this exchange has taken off and you have the dirt -- the derivatives contracts. will we see high-frequency trading in weed futures? steve: if you look at the marketplace is opening up -- california will be one of the largest marketplaces in the country. we are at a $5 billion industry. ofwing at the fastest pace
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any industry in the world right now. california alone can truly triple these numbers. you have to have infrastructure. commoditization of this product is happening today. if you look at what the nestle's of the world need sugar for, you are finding -- if you look at the numbers in colorado, it is the edibles and consumables market outselling the flour 2-1. flowertization of the itself, you need a fair marketplace, just like with sugar. we have brought a team that can help this business globally. up in the next when he minutes -- 20 minutes,
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ben carson becomes the latest to endorse donald trump. we will look at where things stand heading into the key primary next week. tracy: inside sean parker's $55 million mansion. of the latest episode of "studio 1.0." ♪
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tracy: welcome back to bloomberg ." donaldflas "bloomberg markets trump picked up another endorsement this morning. dr. ben carson threw his support behind trump at an event in long beach, order. --called trump long beach, florida. donald trump: he is all mouth.
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get him out. megan, there was a nest on missing moment -- an astonishing moment during the debate. aloud comments from trump. >> have we turned into the mr. nice guy donald trump, the voice of stability? i think that was a temporary reprieve last night did he does not like when people interrupt his rallies. he tries to be tough and tries to be nice, it happens every time. we had the incident in north carolina where a 78-year-old attendee punched another protester in the face. this rhetoric is something that has been criticized quite heavily from the white house,
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the democratic party, some of trump's own rivals. it has not shown to be that damaging. many think it helps him and his image of being a tough guy. tracy: let's jump over to marco rubio now. he wanted voters to throw their support over to john kasich. what is happening there? megan: this is where we get into a topsy-turvy cycle. the theory is that marco rubio thinks he will win his home state of florida. holding him back into contention in this race. he knows he is unlikely to win ohio. has a trump leads and significant lead in both of these estates. if marco rubio can win florida and john kasich can win ohio, they put a serious dent into who at seems has been on an unstoppable moved to the
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nomination. dorequires voters to gamesmanship of their own. we have not seen voters responding to strategic voting. david: ted cruz saying to the audience, look, if you do not want donald trump to win, there are two routes. one is donald trump, i'm the other one, you should be voting for me. and johnarco rubio kasich till in this race, they draw support off each other and makes the pathway easier for and rubio and ted cruz split the share in florida. ted cruz has emerged as the strongest candidate to take him on, but marco rubio believes he still has the path in florida. i don't think many people outside of marco rubio's camp
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believe that. if you can take it to a contested convention, all bets are off. you can catch mark halperin and john heilemann on "with all due respect" today at 5:00. time for the bloomberg business flash. general motors buying crews automation come a small company that has been testing autonomous vehicles on the streets of san francisco. the purchase price was not disclosed. ford motor's establishing itself newhe valley to invest in platforms. the company will operate out of palo alto, california and dearborn, michigan. boeing delivered a record 200 airplanes to china last year. they beat out there rival, airbus.
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only 28 worldwide bodies like 777's. bodiesedict more wide later this year. tracy: let's head over to the markets desk where julie hyman has the latest on small caps. those gains outpacing were tracking those of the overall markets -- actually outpacing those. bigger than again we see in the large caps, not unusual to see a bit of a magnified move. i want to point out the movers we are seeing within the index. the telecom and fiber optics up 20%, those shares after the company's fourth-quarter earnings per share and revenue forecasts are coming in ahead of estimates. the gross margin also beating estimates, the stock was raised to buy as a result of that forecast.
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we are watching bojangles, the food company, the fast food after that company also coming up with earnings and a forecast. the ceo made some more negative, pessimistic comments about the quarter that just passed saying headwinds in competitive and competitors introducing breakfast all day and flooding in the carolinas -- the company is making a forecast for 2016 above estimates. are focusing more on the earnings forecast side of the equation. one down mover within the russell 2000, zoom ease -- zumie s. forecast numbers coming in below what analysts had been anticipating.
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again had been estimated. sales will fall 5-7%. the company it is -- says it is working to improve the supply chain and optimization. -- a lot of reinsurance reassurance being expressed in the shares today. insidecoming up, a look sean parker's pad on "studio 1.0" this weekend. ♪
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david: welcome back to parkererg markets." sean
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is on to his next act, offering new movie releases in home the same day they hit theaters. speaks with parker about his latest venture and his art and architecture, a look at his home. sean: this is the brody house. built in 1948. francis brody was a major art collector. this is a new thing for me. i have not owned many worldly possessions. in many ways, it is therapeutic because i spend all my time doing code. this was the first place where we made it our home. emily: i know you are super involved in a lot of the detail here, the art. sean: i love design, first and foremost. i've considered myself a product designer.
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these products do not become available very frequent lee. ellen's one piece of advice to me was don't ever take on the renovation of a historic property while hosting the oscars. and legal and tell me about these pieces. -- emily: tell me about these pieces. sean: they are very frail. i've gone from being the disruptor to being the character primarytown abby" whose response ability is to maintain the south. ; are you calling herself -- emily: are you calling yourself lord parker? sean: no. did when wehings we bought the property was all of this exterior space, including the fire pit and the wraparound
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and dining table, none of this actually existed. those are the peacocks at the playboy mansion. two thirds of the property borders the playboy mansion. underneath that leads into the playboy mansion that they don't know about. emily: what is it like? sean: it is actually completely normal. , we hadter turned two her birthday at the playboy mansion. i know that sounds salacious, but they have a private zoo with a huge number of monkeys and exotic animals. emily: sounds like quite a birthday party. sean: my experience at the playboy mansion is very wholesome. david: he's doing all right,
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evidently. check out the interview on "studio 1.0." that airs right here on boomer television. sunday, right here on boomer television. -- bloomberg television. up 1.3%.00 the nasdaq up about 1.5%. more bloomberg markets coming up after the break. ♪
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hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business.
2:59 pm
you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. when it comes to the fithings you love,. you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity. >> 3:00 p.m. in new york, 4:00 a.m. in hong kong. welcome to "bloomberg markets."
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carol: from bloomberg world headquarters in new york, i am carol massar come in for betty liu. stocks rallying on the study, poised to close in the green for the fourth straight week. energy and financials are the best performers as investors buy into the idea of more stimulus for the eurozone. tony crescenzi discusses whether improved communication from china and the european central bank will lead to calm in the financial market. yahoo! ceo marissa mayer speaking to charlie rose as activists and investors to go pressure and a potential sale looms. what is her future of the company? marissa: there are some things we probably did too quickly, some things we probably did too slowly and not enough. but i think that we learned from all that and we are constantly getting better. carol:


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