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tv   Bloomberg Markets  Bloomberg  May 16, 2016 10:00am-11:01am EDT

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bloomberg television. betty: we are going to take you from new york to london to hong kong. here is what we are watching. oil prices surging to their highest level in six months, leading a rebound in commodities as goldman sachs increases its price forecast saying the crude oil market has moved into a supply deficit earlier than expected. warns a vote in favor of a brexit could travel beyond the u.k. border increasing negative rating actions on other e.u. nations. hasy: berkshire hathaway taken a stake worth $1 billion, betting the company will rebound from slowing iphone sales.
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let's head straight to the markets desk where julie hyman has the latest on this energy-fueled rally. julie: we see major averages gain traction. they were little changed at the open. .3% on the dow and s&p. up about 22 points. it has to do with the energy market. the goldman sachs call is feeling a gain in energy stocks. look at the groups on the move. energy shares up 1% as our materials. we are seeing that just oil prices higher but some of the other materials as well. on the downside, utilities and telecoms slower. otherwise, we have a lift in the commodity-led groups. oil prices are working higher on the call from goldman sachs. gold is also on the rise today. it is up by about 1%.
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interesting we are seeing a lift in stocks and gold at the same time. part of this is fueled by the e.t.f. buying of gold. e.t.f.dex tracks holdings of gold in the u.s. we have had a big lift this year as gold prices have risen. it is the 14th straight day these funds have seen inflows. it is a streak of people getting into gold. that is helping many of the gold miners. betty: big news about warren buffett seeing value in apple. julie: indeed. we are seeing apple shares rise as well as berkshire hathaway buys 9.8 million shares of the company. it makes them only the 56th shareholder. someone like warren buffett expressing this level of confidence in the company is helping to lift the shares, especially since they have been underperforming recently. we are watching out who because
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we arere hathaway -- watching yahoo! because berkshire hathaway is backing one of the bids for the core business. is founder of quicken loans leading the effort but berkshire is backing it. apple shares up 2%. $5.2 billion, pfizer is agreeing to buy the maker of the next room until eczema treatment. pfizer shares little changed. anacor, as you might expect, is surging. matt: citadel securities is going to buy automated trading desk assets from citi. we are seeing news one of the top liquidity providers and market makers in the world, that is what citadel says about itself, it is announcing it will buy certain assets of the financial services business at citi. reading directly from the citadel press release.
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we will continue to dig into that story. i want to look at where european equities are trading. there is a bit of a light volume day. down about .25%. ftse little changed. the dax gaining by 1%. that is slightly misleading because the dax has not traded since friday. germany.oliday here in it is a holiday across catholic europe. it is called pentecost in english. no dax trading. we don't have trading in switzerland. we don't have trading in spain or italy. although there is some electronic training -- trading in mediterranean countries. crude rising 3%. a great day for rent crude. that leads to some gains. commodities doing well as chinese data overnight depressed
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equity prices but boosted commodity prices. the central bank saying it will do what it can. iron is down. copper is up. across commodities, a lot of green arrows. because of that, the biggest , all of the miners are putting up the gains -- big gains. the biggest gainers on the ftse index. london is where most of the miners trade. i have put together a chart. 1326 is where you can find this on bloomberg. in white, i have the stock 600 trading today. the broader index. in purple, you can see the basic resources index. those are the miners. in blue, oil and gas shares.
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well and gas and commodity shares are doing the best of the bunch as you see the underlying prices rise especially for brent crude. we saw a selloff in equities at the same time we saw a selloff in bonds. you see yields rising. in the u.k., yields rising. the german equity markets are closed for the german debt markets are open. greece as welln bouncing back and forth all morning. betty: vonnie quinn has more from our newsroom. vonnie: a strong earthquake has show can -- shaken tokyo and other cities in eastern japan. the earthquake had an initial magnitude of 5.6 and hit 60 miles northeast of tokyo. no immediate reports of injuries or damage. metndary state john kerry with king salman about
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conflicts. he is trying to shore up a fragile truce in syria. there have been violations on both sides. meet tomorrow with russia's foreign minister. there has not been a terror attack with mass casualties on a transportation hub in a western nation for a decade. but terrorists had been trying according to a terrorism database looked at by bloomberg. scores of attempted attacks on airlines, railroads, and bus lines in the u.s., canada, and western europe. andmbination of luck ineptitude prevented further deaths. help opecht would repair finances damaged by war with islamic state. shrank lessnomy than forecast in the first quarter.
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fell 1.2% from a year earlier after a decline of 3.8% in the previous three months according to the federal statistics service. global news 24 hours a day powered by our 2400 journalists around the world. i am vonnie quinn. matt: thanks very much. i want to talk about the brexit debate. rages on. over the past few days, we have heard warnings about consequences of a brexit from the bank of england to the international monetary fund. today, a credit rating agency ways in. which is warning a perdition exit from the european union could lead it to downgrade the ratings of e.u. countries as well as britain. aritain would no longer be e.u. country at that point. .oining us is john vail
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let me ask you about these warnings. educated andy powerful person in the world outside of maybe boris johnson is saying it is a bad idea. and yet, the polls show the vote may be split down the middle in england. john: we don't think it is going to happen. i think people will vote their wallets. it is too uncertain to vote for something that could create quite a large economic influence and perhaps affect a lot of people's jobs. i'm sure most people in england are worried about that. matt: let me ask you to play devil's advocate, not knowing what position you support, if any. is there an economic reason, would there be economic benefit to the u.k. leaving the e.u.?
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inn: most people think that the longer run it might be positive. ."emphasize the word "might it is hard to make a solid case for that. they are linked to one of the world's largest economies. to delink could create a lot of trouble. they would have to renegotiate all trade treaties and reregulate their economy or deregulate. there is a lot of work to do with that if they go forward. it will create a tremendous amount of uncertainty that is never good for markets. betty: john, you think the issibility of this brexit going to keep the fed from doing anything in june, even though they should? john: it looks like it is going to happen. it was not our best case. we are not sure what will happen. in june or july. if they decide to skip gym for
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the purpose of brexit primarily, i think they should telegraph they will have a press conference in the way. whether they will raise rates in july or not, they should get the markets prepared for that so it is not a last-minute thing. betty: moving on to something else making headlines this morning, oil. goldman sachs came out with comments about how they see this deficit much earlier than anticipated. whatt you to listen to merrill lynch says about oil. >> where calling for $54 a barrel by year end and $59 average next year. in the short run, i am worried because when we get past the peak of the driving season, prices drop. we do see a pullback to $39 a barrel. that is a buying opportunity
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before we go into a multicore deficit. betty: is oil a buying opportunity? john: that is a difficult question. i would say now we are up to $50 on brent, that is probably as high as we should go in the intermediate term until we figure out what is next with opec and global demand. a lot of things we are seeing in the oil market are not apparent to the average investor. the chinese are stocking up heavily on crude for their strategic petroleum reserves. also, some traders in switzerland are said to be a massive large amounts of oil in tankers as inventory. there is a lot of speculation in the markets. hedge funds primarily are long oil in a massive way. the demand is not quite there suggest over $50 is
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right. you about thesk thatcers, the companies find this and pull it out of the ground and sell it to us. function, itmy grr are to date, the energy companies are up about 9%, 10%. if i pulled down and take a look at what they have done over the past 12 months, i can see they're still down 16%. do you think we have seen enough of a run in energy stocks to account for the run we have seen in the underlying commodities? john: i am not an energy stock expert. i will put that out first. i will say a lot of the large energy companies in the united states are nicely valued. they are already anticipating significant further increase in the rise in oil in my opinion.
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i guess we should not be too surprised if oil prices go up , putnergy stocks would too perhaps not at the same rate. betty: i want to talk about the empire manufacturing numbers that came out earlier this morning. it is one region out of the country. but kind of a surprise. does that tell you this economy is still fragile? why should the fed raise rates at this point? john: it does. that is one reason perhaps gold is going up today, because they are thinking the fed will be on gold due to this number. it is just one number. it does show how volatile the global business environment is, especially in manufacturing. it is a very uncertain time. the fed, i am sure, knows that. betty: john vail, good to see you.
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we will get you caught up on deals action. that is next. ♪
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live from berlin and new york city, i am matt miller. betty: i am betty liu. you are watching "bloomberg markets." it is time for a look at the biggest business stories in the news now. vacation costs would soar under brexit. michael o'leary says higher airfares and vacation costs is not speculation but a certainty. u.k.newed his call for the to remain in the e.u. earlier today. london says it was cash positive
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in the first half of the year. it was bailed out last year by shareholders who injected $400 drop into survive a 40% the price of the precious metal since 2011. the company also cut 5400 jobs. greendot will split liberals of chairman and c.e.o. an independent chairman will be named after the annual meeting. they also plan to appoint a director to satisfy the recommendation of the advisory firm. that is your bloomberg business flash update. let's head back to julie hyman for more on some of the big stock movers this morning. julie: a lot of it having to do with him and a activity -- in the day -- m&a activity. connect raising its offer for tribune to $15 a share.
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tribune shares are rising getting a significant lift. tribune previously rebuffed gun annett's overtures. adopted a poison pill plan to defend against acquisition. gannett shares not much changed. one of the few deals done during the turmoil within energy, range it inces to grind to buy the $3.3 billion all stock deal. .75 a share is where decided. they're using more valuable currency to acquire this company. range resources getting additional properties in northern louisiana as part of
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this deal. becauseooking at this they have agreed to buy the lifting gear business for $1.3 billion. shares are doing well today and this paves or clears the way for zoom line of china to buy the rest of it aside from the lifting gear business. matt: thanks very much. julie hyman with your look at the markets. still ahead, we are staying on him and a -- m&a. pfizer is back with a new multibillion-dollar purchase. details after the break. ♪
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betty: there has been plenty of m&a action this morning. pfizer agreeing to buy anacor pharmaceuticals for $5.2 billion. it is walking away from the $160
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billion takeover of allegan. joining us now is cynthia. is this what is to come from pfizer, smaller acquisitions? >> this is what we will see a lot of this year. they will decide by the end of the year whether they will split the company. this fits the bill in terms of the kind of deal they want to do. they want deals with assets fully developed. they don't want to buy early on in the development cycle to take out risk. do not haver assets nearly as much competition. this is a perfect fit for them. i would not be surprised to see a number of deals like this throughout the year. betty: what do they get? >> the main thing is a drug for atopic dermatitis. it is a very competitive market. this drug goes after mild to moderate patients. this could be a niche market for them to dominate. they also get a drug which competes against jublia.
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it is more about this drug that should be a competitor in atopic dermatitis. allegan would have bought them a lot of therapeutic areas they were not in. this is slowly building up in smaller bits, and this is in the dermatology area. more are we going to see smaller deals and fewer large deals? have beene big ones getting turned down by regulators on both sides of the atlantic. >> i don't think pfizer wants to go into this again, especially this year. if they decide they want to split, i don't think they want to go to investors again with another big deal and have another misstep. i think they want to do small deals that are less likely to ruffle the feathers of regulators or government. they have said they are not
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going after inversion. they don't believe they can be comfortable with where the government stands on issues at the moment relating to that. they have had problems with our didn't getting shut down. i think they want to stick to things that will build up the pipeline and company so they can comfortably say to investors here are two stand-alone entities strong enough to be on their own without having to go through the rigmarole and potential rejection of another large deal. matt: we have seen a lot of deals. i have the bloomberg function here. you can see health care products deal count in red climbing. the only reason it drops his before -- is because q2 is not over. do you expect the upward trend to continue? >> i think we will see it in smaller scale deals. nobody is looking for transformational deals. brent saunders at allegan has said we will look at a deal is a
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once-in-a-lifetime asset comes around, but we are focused on the smaller ones. j&j has hinted in that direction. it does not feel anyone is saying we want to spend $100 billion now. it feels like the tone of the market is to do smaller deals in core areas we are strong in. i think we will continue to see m&a activity but i don't think we will see blockbuster stuff like last year. betty: thank you. apple may reap the benefits of investing $1 billion in the chinese car service sooner than expected. it will go ipo. ♪
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show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments,
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simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. betty: live from bloomberg world had corridors and in berlin, i am betty liu. matt: i am here for mark barton watching bloomberg markets and looking at the brandenburg gate
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over my shoulder. i am excited to be here. let me check in with first word news. vonnie: thank you so much. the supreme court has compromised in the obamacare contraceptive case. sendagree to unanimously it back to the lower court saying both sides may be able to resolve the dispute. religious groups challenge the law requirement that contraceptive coverage be included in employee and student health plans. voters go to the polls in oregon and kentucky tomorrow. hillary clinton visited a union training center in louisville while bernie sanders campaigned in the state. bernie sanders is an puerto rico to talk about the worsening debt crisis before this primary. donald trump says if he's elected resident, he is unlikely to have good relationships with the french prime minister -- with the u.k. prime minister david cameron.
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donald trump says he is not divisive but he calls himself the unifier. colombia has made the biggest cocaine seizure in the country's history. commandos backed by helicopter seized about eight tons of cocaine on a banana plantation in the northwestern part of the country. police said they have seized more than 86 tons and also for this year. south korea and u.s. and japan will hold joint military exercises next month. they will be focused on cooperating on shutting down missile launches from north korea. they conducted their fourth nuclear test. global news 24 hours a day powered by our 2400 journalist in 150 news peers around the world. betty: thank you. wass start in asia where it a wild session in asian markets. you've got the nikkei finally
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finishing up barely up and the shanghai composite also were performing wildly on the disappointing data that came out from china. region story out of the hot in the heels of a strategic investment from apple, didi as an initial public offering in its site. we have the details from hong kong. to wait may not need that long before reaping the returns of its billion-dollar investment into chinese car hailing service didi. exact timing depends on how this market share with uber plays out in china. it currently values at 26 billion u.s. dollars and the company is backed by two of the big chinese internet three. uber may have a bigger valuation but didi dominates chinese
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market and has operations in 400 cities with 14 million drivers and 11 million rides per day. no word on the price of exchange or banks when the company decides to go public. here in europe, let's check on how markets are doing. there is low-volume because a lot of the weakest markets are closed. the dax in germany is closed for trading. we are closed in switzerland as well. the stoxx europe is down 1/10 of 1% and the ftse is down as well. the cac is down as well. taking a look at oil on the back of that goldman sachs call, we see supply and demand equal out pretty quickly with a huge jump in brent and the same thing in wti. it has been 3% so brent is trading at $49.07. take a look at gold and silver.
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john vail was talking about the bid in gold today with gold futures up more than half a percent and silver is up almost of 1% so the precious metals continue to rise on the concern about central-bank moves either too negative or holding 20 or not willing to increase rates as quickly as had been thought around the world. as far as stocks, the companies holding the ftse above water are the minors. they're the biggest percentage gainers. anglo is rising as well as the others. commodities on the back of what we see happening in golden oil and the news out of china that they will continue to support the economy there is really getting a big boost. charge that we put together.
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in white, you see the broader stoxx 600 european index. in purple, the basic resources -- oil and gas index and in blue, the basic resources indexed. those have switched places but any commodity-based stocks are really doing well. they have done well all year but they are still a laggards if you look over the past 12 months. looking at the bond market, you see a little selloff in stocks and a little bit of selloff in fixed income as well. that's why you see yields rising in the u.k. on german debt. the equities market is closed but the german debt market opened. in the u.s., abigail doolittle has the latest live from the nasdaq. looking at a bit of a rally for the nasdaq and the index is slightly higher.
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eron shares are slightly higher it's said it's the best bet in biotech and the stock could move higher by 30% over the next year. it is modeled to make $10.80 per share this year. for that to multiply, it implies some pretty big growth plus the stock is down more than 30% from its record peak last august. we will see how that plays out. seeinghat else are you helping technology stocks? the biggest boost is apple on the news of the disclosure that warren buffett's berkshire hathaway disclosed a $1 billion stake as of march 31 but also trading higher on the news of apple suppliers of semiconductors. these stocks are among the top of boost in the nasdaq.
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it could be bullish follow up to a note made by analyst andy hargreaves. he sees limited downside for the suppliers of apple. that could be another piece of what's going on. betty: thank you so much. we will get the latest snapshot of how the residential real estate market is oh -- holding up with confidence among u.s. homebuilders holding steady this morning. later this week, we will get housing starts and building permits and existing home sales. that will be released why both residential and commercial real estate prices have been for the most part rising. is there trouble ahead question mark joining us now is ethan henner who focuses on commercial real estate. good to see you. correctly,our note real estate prices are rising but it's not just economic
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fondles -- fundamentals but the feds? >> that's correct, that's what's so different this time. in past times and most recent bubble in 2007, we have seen very little economic vibrancy that would have led to higher rental rates or higher occupancy outside of multifamily. we have seen rental rates continue to increase in multifamily but that is more of a function of the supply/demand story. the retail and office and commercial sector have seen very little performance that typically drives values higher. rates go up cap which is the multiples on earnings and has only to do with rate coming down. betty: so that's possibly some sort of warning sign on the real estate market. you talk about needing to see in acceleration in the economy. we are in the midst of a presidential election, someone
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who is in your world is donald trump in commercial real estate. you have a view on what he could possibly do if the economy accelerates. >> like most americans, i have been fascinated with the donald trump campaign and candidacy. from the very beginning, i have been an outlier. for those who know me, i have predicting he would win in a landslide from the day he announced his candidacy. you look at the congressional approval rating and it's been below 10%. for decades now, as long as i can remember, americans have said we really don't like paul fishman. there comes a guy who has the name recognition and doesn't need the backing of the republican or democratic money machine to get out there. betty: how'd you see him helping the economy? >> he is a businessman. he understands what it takes and
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where the rubber meets the road in getting things done. comfortable having known him in the 1990's and observing him+++ he's got some pretty good ideas.
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matt: many people would like to think that but the concern is that he seems to be against free trade. he seems to have a populist protectionist bent. most laissez-faire capitalist on the street, that rubs them the wrong way. how do you balance those things? >> it's an important issue you raise and a great question. i think most people have gotten free trade and globalization a little bit wrong. to a certain extent, we live in a zero sum game but there is ultimate balancing. the wealth and jobs that have been created overseas because of free trade, there has been a loss of that in this country. i think we can feel very proud many millionsed of people in third world countries out of poverty. because of free trade and globalization. as americans asked if we want to pay the price of being philanthropic. it was forced upon us and i rank that is the core essence of what donald trump is talking about. note inn a final
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speaking about free trade, china is in the thick of this free trade debate. i read an article early this from the asian society that says chinese investors are now one of the largest investors in commercial real estate. they have put in a total of $100 billion in real estate in the united states. how does that change the game for you? >> money coming into this country from anywhere is extraordinarily good for this country. there have been fears -- i remember when the japanese bought rockefeller center. that time when the japanese bought a lot of great american real estate including pebble beach and the rockefeller center, we corrected -- we established the attractiveness and is management of real estate.
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the japanese cannot take rockefeller center home with them. it's still your for us to use and enjoy. their money is here as well and it boosts our economy. i think it's wonderful that we have a country that is a country of laws and people understand it's a safe place to invest in it's not surprising that chinese investors want to invest in u.s. real estate. betty: thank you so much and good to see you. come, is warren buffett ready to embrace internet shares as he takes an interest in apple and possibly acquiring yahoo! has he changed his tune on internet companies? we will explore that coming up. ♪
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betty: warren buffett has famously shunned technology companies. that thinking may have gone out the window. berkshire hathaway has closed a deal of 800 million shares on apple. he is said to be backing a group bidding for yahoo! core assets. is our bloomberg news reporter who covers berkshire hathaway and apple. is warren buffett changing his tune? >> i'm sure we would all love to know the answer. we need to put these things in perspective. when it comes to apple, we are talking about $1 billion which for you and i would be a lot of money but for berkshire hathaway, it's not that much. they have stakes and wells fargo and craft times that are worth
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$20 billion so $1 billion is relatively small. when it comes to yahoo!, we are talking about financing for the takeover. this is something that warren buffett has been doing for many years. he uses the berkshire hathaway resources to back various company bids for other companies. attached to that is his reputation and he often gets favorable deal terms. aam looking at that more as financing arrangement and not necessarily a long-term bet on yahoo!, the stock. betty: as far as apple, is it likely that it's not him so much as others in berkshire hathaway? >> he has these two guys who have been building their own portfolio at archer hathaway. based on the size, is probably one of them versus warren buffett. a source just told me that those guys of only an around berkshire for a couple of years and we don't know what their strategies
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are. they are not the same way out in public as warren buffett is. it's possible they are looking at a company like apple and they feel they can get their mind around it so they are willing to put money to work. you say it's not a huge amount of money for berkshire hathaway or apple. correct,culations are this makes them the 57th largest holder of apple shares. >> that's another great point. because berkshire hathaway needs to take larger positions, it does notlike to move a stock when they are investing in it. apple is good in that sense because there is plenty of flow and they can buy $1 billion without really tipping their hand. apple has had its issues and you can say apple is a case of berkshire buying low.
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that's what you want to do and eventually sell high. i get your point that this may be more of a financing deal with yahoo! but it has been through troubled times. how much of this has to do with --over the last five years yahoo! actually outperforming the s&p 500 it index mainly because of allie baba. when they decided the fate of their states, the stock really came down. how much of this is warren buffett buying into a stock that's fallen on hard times. toi think it comes down whether he trusts the management team that would come in and run yahoo! and whether he could structure the deal in a way where he held berkshire had its downside protected. of thet know the details financing so it's hard to say. betty: people say yahoo! is at
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tech company but also a media company and warren buffett has already invested in media. >> he's been involved in newspapers for four or five decades. you can even count his paper routes as a boy. he understands advertising understands the media business. if you look at yahoo! that way, perhaps it makes more sense. betty: good to see you, thank you so much. ahead, we will talk with one of my very favorite subjects in the world. coupe andin has a gts they only made a few and it's the only v-8 manual from aston martin and one of the few naturally aspirated v8's with manual shifting and mechanical steering left in the world. we will show you that next. ♪
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matt: in today's pursuits, true enthusiast noah sports car should have a few things manually operated. it also should have rearwheel drive. , it'ss age of technology rare to find a true manual car.mission on an rwd if you have $40,000, you can have your cake and eat it too with the aston martin koop. nothing compares to the feeling of dominating the road in a manual sports car. lots of automakers have stopped making manual transmissions altogether but not aston martin.
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electric speed aston oupein vantage gts c around los angeles last march. this is a car that they made for very special customers. and their only manual v-8 there are only 100 of them and they come with lots of little details. on the outside, there is carbon fiber everywhere. the angled front headlamps are the most readable of any modern car. the proportions between the gently curved hood, the elegant roofline, and a toned rear are perfect. on the inside, there are full indentations on the back and the best start button in the business. you will love how the doors open on an angle which makes it incredibly easy to slip into it. the car comes with a premium 700 watt surround sound system and special gts badging in the doors.
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this cost $140,000 which includes extra. what you really care about is how it drives. let me tell you that driving the 400 or even horsepower car is a total body experience. we are on mulholland drive which is the famously hily and winding road in los angeles. it's the perfect car to have on this road. perfect because of how precise and controlled the steering is an perfectly caused of the suspension. you have so much energy and power in a muscle machine. driving this vantage is how driving should be. british racing engineering and the best styling in the business. betty: that was beautiful. this is your favorite subject.
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have you taken a drive in that car? matt: i spent a lot of time in an aston martin vantagev-8, one from 10 years ago which is the same as the one i drove two years ago and the same as the one hannah elliott was in. the real bonus of that car is the mechanical steering. so many cars including porsches and bmws have computer assisted steering and the aston martin has the hydraulic assist. betty: ok. i'm very excited about it. coming up, the european closes next and we are getting closer so stay with us ♪ area
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from bloomberg world headquarters in new york, i am betty liu. matt: live from berlin where it's 5:00 p.m., i am matt miller and you're watching the european
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close. we will take you from new york to london and berlin in the next hour. this is what we are watching. retreat,shares are in falling for a third time in four days but stocks in the u.s. are showing some strength, rebounding from the longest streak of weekly losses since january. global investing strategies are what we are talking about. betty: warren buffett takes a bite into apple as the shares arising after berkshire hathaway stock1 billion of company and the oracle of omaha has shunned tech companies in the past but what has changed? crude oil is jumping to the highest

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