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tv   Bloomberg Markets  Bloomberg  March 21, 2016 3:00pm-4:01pm EDT

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welcome to bloomberg markets. from bloomberg world headquarters in new york, good afternoon. i'm betty liu. today,are fluctuating struggling but here their highs of the session. meanwhile, the atlanta fed presidents is the rate hike me be justified . and did you see this? apple unveiling and dated smallscreen iphone along with some health products. our investors cheering the move? valeant shares rising after a shakeup at the drugmaker. bill ackman joining the board. we are about an hour away from the close of trade. stocks are close to the highs of the session but we have been this five-weeke rally here. julie hyman is back with the latest. julie: the struggle continues.
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they are the highs of the session but that is not saying much. stocks are up about .2% across the board. the gains we are seeing are relatively muted today. the nasdaq about .3% and the volume is low. look at the volume by sector, all of these are as you see at the top of your screen are down. telecom and materials trading volume seeing substantial declines across the board. 20% dropeing about a versus the 20 day and 100 day averages. if you take a look at oil prices, that is something that is worth mentioning. were some headlines coming out saying that even though iran was not ready to freeze
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production now, it would be at some stage. there was commentary iran wants to ramp up its production before they want to do any kind of freeze. they come down and volatility has coincided with an increase in oil prices and stocks for that matter. bank of america and merrill measure of volatility in white has come down as crude has come down. february 11 is when we saw the short term low and the rebound in oil, we have seen that coincide with the suppression of volatility. and that drop in the vix means a drop in trading volume. thee: if you look at bloomberg, we have seen overall a drop in u.s. trading volume. most recently last week, we had
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the expiration of futures and options contract. in volumelittle spike related to the fed. we have seen it come back down and of that code -- the vix has been declining. i finally want to look at some of thee other assets today with gold prices under pressure. the dollar index seeing a little bit of a rebound in the 10 year yield seeing a considerable bump up today after we got existing home sales data coming in lower than estimates with the month over month decline. check of theget a headlines and the bloomberg first word news with mark crumpton at our news desk. president obama met with cuban president raul castro today. their talks come at a time of warming relations between the two countries. following the meeting, both leaders spoke to reporters.
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castro: the blockade stands as the most important obstacle to our economic development and the well-being of the cuban people. that is why it's removal will be of the essence to normalize bilateral relations and actually, it will bring benefits. four more than: half a century, the site of a u.s. president in havana would have been unimaginable. but this is a new day. tomorrow, president obama's visit continues with a major speech that cuban officials say will be carried on television. before leaving for argentina, the president plans to meet with cuban clinical dissidents and attend a baseball game between the tampa bay rays and the cuban national team. a majority of americans support restoring diplomatic ties between the u.s. and cuba.
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more than 50 percent of americans approve of the way president obama is handling relations with you but, but most americans disagree with the plan to close the tribute -- the prison at guantanamo bay. hillary clinton took several jabs at donald trump today. in a nod to his often controversial rhetoric, ms. clinton implored the crowd to stand up to bullies and said israel's security is nonnegotiable. mr. trump suggested he was neutral in the israeli-palestinian conflict. esther trump has taken his campaign to the nation's capital today. you're looking at mr. trump meeting with members of current and former members as mr. trump asked to unify republicans behind his candidacy despite fierce opposition from prominent conservatives. alabama senator jeff sessions
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arrange the meeting. i'm mark crumpton. betty: thank you so much. mark crumpton with the first word news. ago,, as you saw hours introducing a smaller, cheaper iphone in an effort to attract more customers and appeal to those using older models. the iphone itself represents 66% of the company's annual sales and earlier today, tim cook summed up the importance of the iphone. tim: we built the iphone for you, our customers, and we know that it is a deeply personal device. the iphone is an extension of ourselves. betty: it is for me. isning us with his reaction an analyst from credit suisse.
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you are watching this event from beginning to finish. what did you think? good movehink it's a for the company. the important move was they introduced the iphone at a fairly disrupt price point. lot of phonesa that were two or three years old. as a potential to grow their user base -- betty: i thought this was just going to encourage people to replace their older phone. guest: 80% of apple possibly him today is $500. they have a fairly a 15% market share in the phone market. a refresh in that category.
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that is the key difference. wasn't that a key difference that gave apple some bragging rights? they did not need to be in a segment like that? the high-end end of the phone market is now very mature. the issue being is there's not much more growth there. if apple wants to attract more new users, they will have to go to lower price points. think of it this way -- betty: how is it good for their earnings? capture users that would go to android every way -- anyway, the average user might buy an ipod or watch and that is what ends up being accretive to earnings overtime. betty: one thing i noticed is it
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wasn't just that price point. they lower their price point on a couple of products. the apple watch went down $50, and i think that much as well for the ipad air. they are cutting prices. apple does not cut prices. guest: they have always discounted products. the apple watch has been a disappointment. everything in this is ms. is disproportionately about the iphone. they have also introduced the ipad 9.7 inches. the portfoliois moving down market. betty: does that smack of desperation at all? the ipad pro needed to be refreshed. it almost two and a half years old. pencil brought the user
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and ink proof screen technology and that should arrest the decline say have been seeing. then the iphone business, this should trigger an additive to units over time. at this tearing of prices they have done is they have introduced a new price point. betty: now we have several tiers of rices. is that mixing a message to consumers? guest: you have to start covering more and more price points over time. from a consumer perspective, take the iphone business. if i want to buy an entry-level phone, i buy what is available at the end of this month. if i met powerful user, i buy the iphone 6 -- you want different screen sizes and different technologies at different price points. if they are going to grow their overall share, given their
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retention rate, i think in the end it is a good move. mentioned the apple watch which is frankly a bit of a disappointment, but tim cook saying it's the biggest selling smart watch in the world. a lot of people are saying if it is, why cut the price and why not release the numbers? they have always argued they did not want to give away sensitive information but i agree the reality is it has been a disappointment. think the health apps with the apple watch could be interesting, but not in the first generation. it might take two or three generations with a complete ecosystem. but it comes back to the same thing -- the watch and ipad are not crucial products today. you can't leave home without your phone. i think we are going to see
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further information and a better ecosystem there. sign: is it a troubling they have already cut the price? guest: it is a little. it didn't have much impact on numbers, but it shows one year afterwards, without a refresh, they have brought out new bands and had to cut the price. you say it is he best selling smart watch out there -- guest: they have very broad distribution but with the watch, we will have to see two or three more generations before we can decide how successful it will be. betty: thank you very much. talking bankse and whether citigroup should break up. first though, you're looking live at donald trump deal post office building in washington. he is holding a news conference after his meeting with public and congressional leaders. he says he can easily get the delegates he need to win the republican nomination. ♪
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betty: you are watching bloomberg markets. analysts at kbw say citigroup should consider a split to unlock shareholder value, including selling overseas units. citigroup shares are down about 17% over the past year. earlier, the kbw ceo joined bloomberg to explain the plan. we looked at some of the parts and evaluated it. if we do that, and for the $45 a share, we think it's $62. the real ring is to break it into two businesses.
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if you do that, you can unlock some of the global tax or higher banks.ion on these we think it's a logical decision for the banks to make. david: it's no longer too big to fail? tom: it is the fourth largest bank and even after the split, one of the pieces will still be the fourth largest bank in america today. we think it's the beginning of the process, not the conclusion in and of itself. thed: you don't think markets are telling us there's a lot of excess capacity and there needs to be some mergers or acquisitions or some of them are going to have to go away? tom: that's a great idea. that oure key things firm has been to look at the industry in total. these are the banks the world regulators think are too big to fail and have an extraordinary
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amount of capital requirements. they have dodd-frank rules that restrict what they do. i think none of those banks will be allowed to be bigger because of consolidation. , i thinkgo below that that is for a variety of reasons. i don't think these two big to fail banks will be made bigger. they will have to figure out how to get shareholder value out of them in the meantime. david: there are different kinds of consolidation. one person say we are on the breaking point of the huge restructuring of banks. for some people to buy other parts of businesses and reallocate all of these businesses, both european and u.s. tom: i agree and when you look at this, the rules and capital requirements are so high that
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these banks cannot have an acceptable return for their shareholders, nor can they earn their cost per capital. the logic says that. as this goes on, a company like -- which ishich has a fantastic company. that board has to be saying what is the right decision for our shareholders? we think they should continue the course they have been doing, maybe move faster, make themselves smaller and do what you have said. >> the regulators will love what they are hearing because it is what they want. optimum way to maximize value at a place like citigroup? tom: we are kind of geeky about this and the chairwoman of the fed actually said that. she said we set the rules and of the banks decide to rake up, so be it. i think the bar has been set too
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high for these banks to keep their current business models. citigroup is the first one but we should be asking banks that have subpar are a wee if they are going to be on the list. bankamerica and morgan stanley, they are going to have to answer the question what is an acceptable return for shareholders? ahead on bloomberg markets, today's options insight as we had to break -- here's a look at some of the sectors on the move today. ♪
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betty: this is bloomberg markets. i'm betty liu. stocks are touching fresh highs itsy with the dow on longest winning streak since
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october. julie hyman is standing by with how the options market is handling it. julie: joining me for today's options insight is a derivatives strategist from mtm holdings. we have had this rally in recent days. it is low volatility and low volume, yet you are steadfast in your view that we are in this higher volatility environment. what is indicating that to you, that we are not in a lower volatility environment? jim: going back to august of last year, once spot next got above 40, we took that to mean we had shifted into a higher regime which we expected to last several years. historically, we have 30 years of implied volatility data and over that time, each of these regimes have lasted about five years on average. admittedly, it's being tested
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now but every time you come into a trough with volatility low and vix flirting with this 14 level, there will be questions as to whether or not this elevated floor in volatility persists. there are a couple of things we can look at. we remain in this high volatility environment. julie: what would those be? jim: everyone is fixated on the vixen that makes sense, but there was a dislocation between spot vix and the rest of the futures curve. it's priced off a blend of s&p 500 index options and the rest tracedvix futures curve freely. every once in a while there's a dislocation between spot takes and the rest of the futures curve. i think we have a graph of that. it was at this level in 2012. julie: in other words, the gap
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between them is at the widest since 2012? jim: and importantly, that one month is about 17 in that general neighborhood. significantl a elevation there and it hasn't broken down to a level we would really raise our hand and say we think there is great concern about this thesis for an extended high volatility environment. julie: what that implies is market participants are pricing in a higher vix one month from now than we are currently. but they could be wrong. jim: that's a great point. it's not a zero probability outcome that we are right or that volatility doesn't continue lower from here. we are looking at markets like everyone else and discerning the probability of that. think we are six or seven months into the volatility
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environment and what we are saying is it is a great time to look at options strategies, including overwriting existing stocks as additions. stock replacement, where if you are in a stock that's up sharply, sell some of that down and replicate the exposure by call spreads and figure out what position is appropriate and we are talking about hedging and getting long volatility with client as well. how are youfically, doing that last part of it? jim: keep in mind that term structure is steep. it's not always a perfect environment to get long volatility. what we are recommending is going out and buying 20-30 call spreads in vix. the may future this is priced is 18.50.
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for certain clients, mainly institutional, we are talking about going off to april and selling the 16 strike put against that. in that case, you do the entire and cane for about $.50 play a potential shock we foresee between now and may expiration. thank you so much. we will see if the volatility does come back at some point. stay with us. we have more bloomberg markets mikeand we are talking pearson leaving valiant as ceo. those shares surging today after tumbling over the past year. ♪
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oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring eric burdon & the animals,
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micky dolenz, the monkees lead singer and cruise host, the 5th dimension, the lovin' spoonful, rare earth, spencer davis, three dog night, and many more! imagine enjoying all that great music on the fabulous celebrity summit, leaving fort lauderdale and making ports of call in jamaica and the bahamas. you'll be back in the days of bellbottoms, peace signs, and so much more, with special theme parties and 20 fun-filled celebrity interactive events. cabins are filling up fast, so come on, relive the era you remember so well. the flower power cruise, february 27th, 2017. let your freak flag fly. don't miss the grooviest trip at sea. betty: from bloomberg world headquarters here in midtown manhattan, you are watching bloomberg markets. let's check the headlines with the first word next. mark: president obama says he
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believes the cuban trade embargo but he can't predict when that will be. the president made his remarks at the joint news conference in havana with raul castro. mr. obama said the speed at which congress and the embargo will likely depend on how cuba addresses concerns about human rights. -- hasnt castro has been set an economic blockade is the most important obstacle to cuba's economic relevant and the well-being of the human people. -- cuban people. this mess more than $9 million last month, expenditures including advertising, campaign mailings, and airfare, mostly on trumps own airline. thanampaign has spent more $33 million since he joined the race. mr. trump has camp -- contrary to $34 million of his own to the campaign. dish mitt romney has
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recorded robo calls for voters in utah. caucus-goers to join him in supporting senator cruz. he also announced that he is endorsing senator cruz. ted cruz is leading donald trump 53 percent to 11% in the salt lake tribune. chief justice john roberts criticizing confirmation process during a speech in boston. new york times reports that justice roberts advised the senate to ensure that nominees are qualified but to leave politics out of it. he said that ugly confirmation fights damage the courts legitimacy and authority. global news 24 hours a day, powered by 2400 journalists and more than 150 news bureaus around the world. i am mark crumpton. betty: markets are closing in just about half an hour.
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stocks are still higher. the nasdaq is struggling as we head toward the close. abigail doolittle has more. nasdaqr: we do have the just modestly higher going into the close. lets to go look at the top winners to get perspective. paypal, shares have been higher all day. $54 andes up to compelling risk to reward profile. and an analyst sees the possibility of partnerships with visa and mastercard after recent meetings. possible catalyst, some in that really stands out. top .5is one of the moves in the year today. growth. taking another look at a winner on the day, tessler shares are up seven days in a row, best a sense march 2013. company generating cash flow in the first quarter of this year. investigators are wondering what
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will happen. the real story is the big turnaround from february lows. loss of how list -- positive analysts commentary. they did boost shares above expectations. this is up to 5% from february lows. -- 65% from february lows. surprise, it of has been a bumpy year for my grommet, but it is now one of the top performers. this is coming from deutsche analystiterating by the sidney ho. the company can drive performance in the second half of the year, but it should be noted, he did cut estimates for the current quarter. that will be announced march 30th. thank you so much. abigail doolittle of the nasdaq. we are struggling holding on
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gains. we saw a bit of a drop for all of the indexes nearly close. valeant, the bombs keep dropping. stock is up today. to step down.ng the company also accusing the former chief financial officer of taking over for two months while harrison was gone. accusing him of improper conduct. this is howard schiller. and bill atkins is going to be joining the board. can you keep all of this straight? i will bring you the senior health care analyst at renshaw. he joins us now. crazytainly was kind of a press release that was released this morning. we still have up by reading on this stock. why? >> if they can stave off for four -- default, this would justify repainting of a buy rating three of. the lower guidance show that they can meet, they are able to get near-term issues resolved.
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it is a question of whether or not they can final their financial statements in line with the deadlines that are in the covenants with their debtholders. and state law and inventive default. they have not missed any payments as of yet. betty: you are confident they can do this? >> the main issue is whether or not they can get a clean bill of health from their auditors. if their auditors fight these material deficiencies and internal controls and reporting procedures and say they can't provide an unqualified opinion, then they might not be able to get the deal that they want from the creditors. it must be said that the reason for an auditor not to provide an unqualified opinion in this particular case relates to accounting misstatements, not allegations of fraud or thievery or embezzlement. it is a great area. andy: it is a gray area, what is the difference? when you look into it counting
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need,, based on a time of to allegations of misappropriation, fraud, we just don't know. these are known unknowns for valeant. >> we think this is really a case of misclassification of revenue as opposed to -- betty: just with philidor? >> yes. we have seen other issues line behind the woodwork. betty: you don't think the asked to propose recognition has anything to do with, just with philidor, the accountant? >> he was a pretty big candle for this company and could effectively do no wrong in the eyes of the street. it is a big scandal, a big debacle. it will leave a mark on his career. he is being forced to leave. betty: and he lost something over $2 billion on this. >> paying for beans, correct.
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betty: it is essentially the risk of default that would take away this by rating. what i am curious about, how do we know underlining businesses are fundamentally sound? and how do we know this isn't the type of the iceberg? >> let's take a look at businesses. people have compared valeant to the accounting fraud we have seen at enron. but these are fundamentally pharmaceutical products, sales oriented businesses. when you look at bausch & lomb orsay licks, these are not businesses that just disappear overnight. these are real, real demand. that demand can be measured by prescription growth. betty: would you compare them to an oil company? washen enron collapsed, it no longer an oil company.
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it was energy trading futures. god only knows exactly what they were doing. valeant was not speculating on derivatives related to the pharmaceutical industry. they were out there selling products. betty: but they were double booking their revenue, apparently. >> we would not classify it as double booking. we would say it is apparent revenue recognition, looking revenue the four they should have books it is not double counting. it is recognizing earlier than they should have, which is why the statements that were observed by the ad hoc committee showed reclassifying revenue from 2014 to 2015. betty: didn't they say they also had instances where they booked the revenue that they sold, they sold the drugs to philidor, and then they mistaken, or somewhere along the way, they booked to that same revenue that philidor tilde patient's back to valeant. they did double book. they recognized that was not
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going on all the time, but it was a portion of their revenue that was double booked, though. >> at this juncture, it is hard for us to say what the final outcome is going to be. if they realize that in deed was counted that should not have been counted, what we would say is two things. the worst kindy of fallout that could come out from the philidor debacle. betty: phantom menace. >> it is not unusual in the pharmaceutical domain. we have to look at the magnitude of what actually happened here. betty: so is not that unusual. >> there are other companies that have had this kind of thing happen. betty: but it is not dead. just because everyone is doing it doesn't mean it is right. >> we are not saying it to be recommended. we are simply saying that in this particular case, the pass is the past.
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if valeant can get through this immediate term issue, which is all about getting their financial statements, historical financial statements audited and filed in a timely manner, they should be able to stave off the default. the company's art still generating sufficient cash required for this year and next year, and underlying businesses are still healthy enough to command a certain value in the market. whether that value can be best recognized or realized by keeping valeant integrated as a whole as it is today, or whether best besets values can realized by shareholders by breaking valeant up remains to be seen. those are just eject objectives that valley of the board, and wherever -- valeant's boarded where the new management is will have to evaluate. the company will not sell off the crown jewels. but he is not going to be having the ship anymore. betty: we talk about underlying
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businesses and the value of them. you charging $118. that is almost $100 more than what is trading now. are these underlying businesses, do they really justify that price bracket? >> let's look at bausch & lomb. we have seen various analytical estimates take the current valuation of bausch & lomb at about $20 billion. that is just one division. can we just say that say looks has depreciated substantially 2015, whichddle of is one valeant acquired it for $15.8 billion? in cash? illion i don't think that is the case one can make. it is not as though the company has lost his products. or any of the franchises have disappeared. while we do think that valeant has suffered an impairment on some of the assets.
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for example, the spread acquisition, pink viagra, there are dead charges coming down the line. will -- that is a tax write-off for them at this point. >> these the kinds of costly mistakes valeant is going to have the wherewithal to perpetrate in the future. if they are able to get the house back on track. earlier, we are saying, even if it is this bureau, if it goes into default, there will not be enough cash left over in a yard sale to the situation to really pay off equity holders as well as bondholders. or the underlying value of the business is it should justify up price per share significantly above where it trades today. that is our argument. betty: 20 so much for joining us. the senior health care analyst at rodney and renshaw. still ahead, we are going to hear from the former bank of england governor mervyn king. find out his take on the global
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economic picture and whether the bank policy is still effective. ♪
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betty: this is "bloomberg markets, i am betty liu. our central bankers becoming powerless? mervyn king says that monetary policy now is diminishing with returns. mervyn: monetary policy for eight years has been cutting rates over and again. that has helped persuade people to spend today rather than in the future. we have brought forward spending from the future to the present. as time passes, tomorrow becomes today. we have dug a hole in spending,
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and central-bank are forced to do more and more. heading up a hill, they've got to pedal faster and faster to maintain the rates of spending, and that is why there is diminishing returns in much of policy. reporter: you mentioned that they are trying to do all of they can. you are looking at the bank of japan, experimenting with negative rate. how effective have they been? these were seen as extraordinary measures. see with japan in essence, area, the central banks are trying to push down the exchange rate. most countries in the world can say that if only the rest of the world was going normally, we would be fine. but since it isn't, what we aren't. what is left, pushed on the exchange rate. not everyone can. most countries have been trying to do that at the expense of the u.s. dollar. now the federal reserve is concerned about the strength of the u.s. dollar. reporter: the find interesting.
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janet yellen is asked about the prospect of using negative rates. the legality of them may be an question. were they discussed by you when you were at the bank of england? was this a viable tool for policymakers? mervyn: not in my time because to have gone that far would have imaged the banking system and make it less likely that it would be to sustain credit in the real economy. it never got to that point. the real issue is monetary policy is a bit like a painkiller. it is a sensible thing to take initially, and then you need to study the true substance of the underlying program. monetary solution is not the longtime solution. reporter: you talked about the pattern of demand. though interest rates are not a way to cover that. what is? mervyn: there is no quick fix. there is a series of things. the world went to quickly to
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this. we need to move away from it. you need to look at bruising productivity to give death roosting productivity to give people confidence. the u.s. can plate at leading role in encouraging the rest of the industrialized world to push further toward trade liberalization and services. all of these things will help, but there is no quick fix. reporter: your book out today, parts were released earlier in the telegraph in england. it raised a bit of a stir when you coming out as a proponent of the brexit, the u.k. leaving the european union. he talked about it being doomed. when you begin to think this was not viable? mervyn: i have not taken the addition on brexit, i want to do so. that would be very unfair on my successor. i have said the eurozone faces very serious problems, of which there are no easy way and it is
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not easy to fix currency. this is different from the european union. the future of the european union will in be too difficult group's of countries. one group in the euro area and the other group outside it. whether or not the u.k. stays in the european union, no one in britain actually wants us to join the euro. reporter: tomorrow we get new data on inflation in the u.k.. and the i figures are excited to be slightly higher. what is your reaction to that? it seems like such a low level. mervyn: it is not surprising given how weak demand is. where itghly 15% below would have been had we not had the crisis. there is potentially growth scope in the future for faster growth without inflation. it is not terribly surprising we are seeing inflation figures as low as they are. inare going through a period which all prices were higher,
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pushed up inflation, everyone said what a terrible problem. to my surprise, people seem to be worried about prices being so low. angie: you have been out of the office for a few years now. austerity? his as mervyn: i don't like the word austerity. there is fiscal regulation. it makes sense to tighten the budget, get rid of big budget deficit. we did so in britain in 2010. why? sterling had fallen by 20%, the biggest depreciation in british postwar history. the says of the about budget deficit in countries on the southern periphery of europe . they have no control over their exchange rates, posterity, or fiscal consolidation there civic voices -- simply pushes unemployment up. the word is too emotive. you need to analyze what else is going on in the economy. betty: that was mervyn king with
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david gura. we'll be right back. ♪
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betty: this is "bloomberg markets". markets are closing in 10 minutes time. julie hyman has more. look at theg a volume, it could be the lowest volume day of the year today. stocks started muddling along. betty: sleepy monday? julie: there is not even ncaa on today. we had all three major gaining a little bit, but coming off the highs in the s&p 500. nasdaq up a quarter of a percent. this was during by action in m and a. -- m&a. starwood moving to a higher bid for marriott, improved bid from marriott after getting the bid from the group led by china's on
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insurance.ang they backed with a higher, and starwood was accepted. and sherwin-williams agreeing to buy .he all-star -- valspar this would give sherwin-williams and entree into stores where it had not been before. they'll start shares are surging. ips, which gives analysis for finance and other industries acquiring market, for about $5.5 billion. both of those stocks are trading higher. and apple, just wanted to mention how that is trading in the wake of announcing a faller -- smaller iphone. stocks did not much change. no huge surprises. a lot of announcements made that were anticipated by the market. betty: they were indeed. a smaller iphone, i don't know. kind of a downgrade. julie: digg banks to gain some
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serious steam. betty: we want to bring in mike regan, the bloomberg just like columnist. -- gaslight columnist. and what julie was talking about, is that actually kind of an underrated story? reporter: when you looking at white s h for markets or the valspar, marriott and starwood, you are looking at $30 billion in deals just for monday. of thethat is 1/4 market? reporter: after a 12 point rally, not too much higher. it is indicative of the fact there was a lot of concern that in the beginning of the year, investment banking froze up for a little bit with trading. so this, it follows that out a little bit. people will be encouraged by
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that. on the flipside, you also have two fed speakers out a few days after they agreed not to live in march and cut chances for rate hikes to just two shares, they are saying don't be surprised we close this. betty: it is like,, please. and we all speak with one mouth. reporter: not really betting on april to heavily because there is no press coverage that month. betty: thank you. the gaslight columnist. that is it for "bloomberg markets " "what'd you miss?" is next. we are less than four minutes away from the closing bill on monday. ♪
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oh, hi! micky dolenz of the monkees here, getting ready to host the flower power cruise. (announcer) we're taking the love generation to the high seas and reliving the '60s. we'll celebrate that unbelievable era with the music that made it so special. there'll be over 40 live performances featuring eric burdon & the animals,
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micky dolenz, the monkees lead singer and cruise host, the 5th dimension, the lovin' spoonful, rare earth, spencer davis, three dog night, and many more! imagine enjoying all that great music on the fabulous celebrity summit, leaving fort lauderdale and making ports of call in jamaica and the bahamas. you'll be back in the days of bellbottoms, peace signs, and so much more, with special theme parties and 20 fun-filled celebrity interactive events. cabins are filling up fast, so come on, relive the era you remember so well. the flower power cruise, february 27th, 2017. let your freak flag fly. don't miss the grooviest trip at sea. scarlet: we are moments away from the closing bell. ♪
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tracey: u.s. stocks closing slightly higher between gains and losses, highest closing level of the year. alix: but the question is, what did you miss scarlet: can the stock rebound from a 61% drop in shares? a symbiotic between markets and politics. falling markets is good for donald trump. white 90 season women's clothing is a big growth opportunity. -- nike sees women's clothing as a big rose company. u.s. stocks kicked off the week struggling for direction. anywhere between 15% and 20% versus the 10 day average. here is a measure of how little stocks were moving. if you look at how they have moved

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