tv Bloomberg Markets Bloomberg July 20, 2016 3:00pm-4:01pm EDT
welcome to bloomberg markets. we are covering stories out of cleveland, wall street, washington, d.c., and stockholm over the next hour. stocks are steadily climbing things to positive earnings results, but after the brexit market selloff and rapid recovery, our investors jumping into the market for the wrong reasons? david: then a win for valeant, with the drugmaker winning approval for two drugs and bill ackman voicing confidence on a conference call. over the past 10 years, spotify has grown from swedish tech startup to giant, but could a possible ipo cause wall street to turn down the volume? one hour from the close of trading. let's head to the markets desk julie hyman has the latest. recordse're on set for
today. it seems a guy quietly, but here we are at these record levels. the dow and the s&p are there. the nasdaq is the outperform her, but it is not at a record. it does not take much for the dollar and the s&p to get to record status. today, tack is driving the indices. you can see that the nasdaq outperformance today, and also by the fact the s&p information technology index is at its highest in about 15, 16 years. microsoft is helping lead the gains thereafter earnings beat estimates on the strength of its cloud business. the company, like many legacy tech firms, has been trying to migrate in that direction. cisco's chain at its highest and him us a decade, and facebook is also trading higher and at a record as well today. a lot of records to go around. it is not just limited to, sort of, software and social media. we are seeing gains in chipmakers as well. intel reports after the close of trading.
mermel technology reported after the close yesterday and beat estimates. micron is getting caught in the updraft of what is going on in technology and semi conductors today. david: a lot of news about deals today, most recently about the /inbev-sabmiller deal. it looks like there is one that is going to come through. the approval was imminent, and then the justice department came out and confirmed it. we have seen not just budweiser go up, some of the other impure makers, particularly molson-coor s with the joints think it did not own in his -- joint state it did not own in its joint venture with sab miller. kellogg's -- there is rumors of
a deal with craft times. -- craft heinz. it is actually the worst performer in the s&p 500. vonnie: will keep an eye on kellogg's. thanks. let's check the headlines. mark crumpton has more from our newsroom. mark: secretary of state john kerry has a message for turkey as it seeks the extradition of a u.s.-based cleric -- provide hard evidence. turkey alleges he is behind last week's failed coup attempt. secretary kerry says mir allegations of wrongdoing won't meet u.s. extradition requirements. he says he has made it clear with several phone calls. turkeys foreign ministers are off today and tomorrow after sweltering heat produced temperatures at 120 degrees fahrenheit. baghdad is the highest -- hottest city in the world today.
iraq is notorious for its merciless desert heat, but forecasters say the scorching highs are well above average for this time of year. the u.s. government seeking the forfeiture of more than $1 billion in assets officials say were misappropriated from a malaysian sovereign wealth fund known as 1mdb. ms. lynch: we have been able to that the money laundering gives us jurisdiction over those assets. we have also been able to locate specific assets in the u.s. and overseas. mark: the justice department says the funds laundered into the u.s. were used for various estimates -- assets, including production of the oscar-nominated movie, "the wolf of wall street." residence in baton rouge, louisiana, are remembering police officers killed in an ambush.
and community leaders have my discussions on ways to improve relations with the african-american community. the officers were fatally shot by a former marine on sunday morning heard three other officers were wounded. spacex has completed delivery of a docking port to the international space station. a docking caps off lended this morning, carry more than two tons of supplies. they used a robot arm 250 miles above america's great lakes. global news 2400 -- 24 hours a day. i am mark crumpton. this is bloomberg. vonnie: mark, thanks. let's get back to u.s. markets now. u.s. stocks are rising with the dow jones average on track for its ninth straight game, which would be his longest winning streak since 2013. join us is bloomberg gadfly columnist michael reagan. -- michael regan. could they be getting ahead of
themselves? michael: when you look at a market that continues to get higher day after day -- in earnings season, that is lackluster, yet the rally is pushing valuations up to the stratosphere. tor first instinct might be trust the stock market and see what it is trying to tell people -- that the economy is going to pick up, earnings growth will pick up, and that could be true -- that could be the case, but you have to wonder is it just people getting too exuberant, and that is where the fear of missing out comes in. sucked about the evaluation, but they see the market going up every day, and they think money has flown into the market -- i might as well go into the ride. some of the strategists are fluffing the idea out to whether or not it could be happening, and if it is happening, what does it mean -- how far could it go? one interesting note from julian
emmanuel at ubs saying market peaks over the last 50 years -- peak valuation has been about 19.7 times the current here's -- current year's earnings. even though valuations are not very high, we're still below that, and by his math, we could go up another 8% to, say, 2350. the.com bubble skews the average a little bit, but it is an interesting concept here you might not be sent about the fundamentals, but you might not want to miss out on the last leg of a rally that could be driven by exuberance. david: in your most recent, you used baseball metaphors -- one that is the last earnings are invariably the most exciting. to play the narrative out, we have to believe these are the last few innings of the game. michael: there are certainly doing that do not necessarily think it, that the market is
long in the tooth come the second longest bull market in history at this point. if it is a baseball game, it is going into extra innings at this point. age alone does not killing bull market. there is usually a recession that kills it. valuations to not usually kill it, but if it gets way too far ahead of itself, you have to vix iswhat the vonnie: below 12, and this could be a contrarian indicator. michael: everyone on wall street likes to be a contrarian. when it is low and people are not expecting volatility, the country and speaks up and says i -- think this is wrong. david: one thing you have been looking at his flows. what are the time is right now. massive there was a inflow in mutual funds leading up to the peak of the 2000 bubble. 's have shifted away
into etf's especially in looking billionlows, about $100 -- especially. looking at etf flows, there is about $100 billion. the risk-on mentality is going strong right now. vonnie: bloomberg gadfly columnist michael regan. thanks. check out his columns and stories at bloomberg.com. let's focus on one stock getting up 4%t today --valeant after two drugs passed fda regulatory hurdles. shares are down nearly 90% over the last year. the joining us now is antonin scalia potty, president and ceo of -- anthony -- anthony skill of potty. does this change her mind at
all? mr. scilipoti: not at all. even though there has been a changeover of management, we do not see changes in transparency, what is going on. david: joseph poplin joined as ceo. has anything changed under his leadership? mr. scilipoti: not from what we can tell. they claim there would be an increased exposure and transparency, and we have no depth to understand what the market potential is for each of their key drugs, and if you are going forward, you have to believe the pipeline is going to carry them. vonnie: let's listen to bill ackman -- a soundbite from his call. mr. ackerman: people have r&dharacterized valeant's programs historically. it has one of the most productive r&d programs of any pharmaceutical company in the country.
evidence of that is this week, where the company has two drugs up for approval, one of which was yesterday, and a third drug that was in front of fda advisory panel. obviously, ackman is taking some consolation in the fact that the r&d thought they were getting under speed -- getting some speed. this is an r&d program that has been starving for years. we have two or three drugs that have been approved, this is great, but valeant has somewhere between 20% and 25% of its even top that is up against generic elation. these drugs will have to run extremely fast to make of that offset. the pressure is no longer can this company operate as it did in the past, relying on acquisitions, because its balance sheet is already stretched. we have $200 million of cushion, essentially. $200 million to $300 million
that cushions them against the government. they need to be careful going forward. increasing leverage -- not a chance. you have to bet on this pipeline that has been starved. more on thee ask pipeline -- it was not the fda at large that approved this, but an advisory panel looking for psoriasis drug. when you look at the pipeline, are you satisfied they are doing research into looking into the right places, is psoriasis the right field for them? mr. scilipoti: they are not in a situation where they could say i think the future is in neurology, some specific area, and they can allocate hundreds of millions and/or billions of dollars into that program. they are having to go after those segments where they already have something quasi-developed, and or some
expertise. the opportunity is limited to what they have already in the hopper, if you will. david: i see. anthony scilipoti, president and ceo of veritas. millionhas 30 subscribed customers, but the company has been losing money. is now the right time for an ipo? will discuss that next. this is bloomberg. ♪
biggest beer merger in history. approvalsecurity trust for its takeover of sab miller. the justice department antitrust division filed a settlement agreement allowing the merger to proceed. airbnb has recruited fightolder to work to bias and his commission. holder will work with opponents on their housing issues. airbnb says it is adding full-time employees. the local currency in turkey is trading at record lows against the dollar as the country cuts -- as ratings were cut, pushing further into speculative or junk status. the failed coup has compounded
the fragile political landscape to the agency believes it will undermine turkey's investment environment, growth, and n that is your business flash update. now to spread -- spotify. sources tell bloomberg the company is aiming to go public in the second half of next year. the company is not making any money. bloomberg 's reporter alex -- the has been covering story. this is a hard industry to make money in. alex: it is a very hard into street to make money in. our sources tell us they can get there, to profitability, but before they go public, they are focused on figuring out these negotiations with labels. payouts to labels makes out about more than half of their sales. of their, $1.8 billion
sales got paid to labels. right now they are, kind of, embroiled in negotiations to try to bring that down below 50% of their annual revenue before they get there. why is that? because equity investors care so much about margin and margin improvement is the number one thing on management's mind before they feel like they can go public. spotify, according to our sources, sitting at 20%, 25% growth margin, compared to pandora at 27%, apple music at 40%. you can see the discrepancy there. they have some work to do when it comes to looking like a more fundamentally sound business. vonnie: the last 10 quarters -- a lot of quarters to lose money in. at what point will it start making money? is it concerned about that? alex: it will be when they wrap this up. the other thing i will point to is the company spends a lot more on r&d than some of their competitors. you have apple that gets to be the money honey for apple music,
and spotify is over here on its own only as a music business. million spending $250 on r&d, looking into video, trying to work on analytics to give song recommendations better. they have committed seems, the levers to get there if they need to, but the bottom line for them is going to be managing this biggest expense for them, which is the payouts to universal, warner, and the other big record levels -- labels. david: you cover ipo's, and the one we continue to wait for is u ber. news that they might be intended to write up a costly fight in china. alex: right, investors for uber are pushing the company to make nice in china. you will remember the local ride-sharing service, didi, based there. they are in 100 cities.
uber is aiming to be in 100. uber has been losing billions of dollars in this market. meanwhile, the company has promised to be profitable in more developed areas like north america later this year. when you look at what this company has done -- it has raised $15 billion -- a lot of investors who have their money locked up, and the ceo has said they are not going public anytime soon. it makes a lot of sense for investors to be pushing them saying this is going to be one of the biggest roadblocks to you actually being able to go public. let's figure this out and make nice. some of thetell us potential situations that have been tossed out is a fee agreement with didi, and some kind of share. have someyft agreements and parts of the world, or even a selloff. china is the battleground for
ride-hailing companies, and for uber it has been an important market, but investors think it is time to concede. david: alex barinka with the scoop. on the terminal and uber.com. that is alex barinka, who covers ipos for us. alibaba is up nearly 4% for the year -- is it ready to shoot up even more? that is coming up next. this is bloomberg. ♪
for six straight days, approaching a two-year low. we have been talking about how during earnings seasons you tend to see a downtick in volatility, but this one feels extraordinary. what is going on? joe: this is certainly what you see in earnings season. after the ardent season starts to wear off, the volatility for the market will subside. a -- tly, to ca -- two c isee vix below 12, that telling me the market is expecting a slower summer. a lot of traders like to take august off. i think people are looking at august and saying it is a slow time. volatility might pick up until we get to september and labor day. what are you seeing on an individual basis -- a drop-off in volume on individual stocks also, war party much only on the big -- or pretty much only on
the bigger level? joe: i am focused on the volatility in the market as a whole. that is typical of the tremendous revenue we have had. in terms of an individual basis, i cannot say with any certainty whether options volume is up or down. julie: got you. let's talk about individually the stock you're talking about today, alibaba, due to report earnings august 10, i believe. you are looking at the stock going into earnings, and you're looking at it to either stay around where it is, or potentially go up here. talk to me about your call. joe: yeah, i am looking at china, looking at alibaba. china is in the middle of a currency easing cycle, the lowest level in five years. that could be stimulus for the chinese economy. of course i do not necessarily want to buy into the chinese economy using yuan. i would rather do it in dollars. i would be looking at the august 85.90 call spread, bind the 85
strike, selling the 90 strike, 64 --g a one dollar $1.64. the volatility will be remaining elevated to the downside risk after earnings are too great for me. after earnings we would see a pop up or down. i would like to play it for two earnings, a 52-week ride high around the 86 area. take a little off before the earnings day. julie: joe, have to leave it there. appreciate it. joe tigay joining us from chicago, talking options. back to you guys. -- thank you. more ahead on bloomberg markets to it all in the green today. the dow up 1/5 of 1%. ♪
check of the headlines on bloomberg's first word news this afternoon. mark: it's day three of the republican national convention in cleveland. last night, donald trump officially became the party nominee. indiana governor mike pence, running mate, gets his turn tonight. ted cruz's campaign manager says he is expecting a speech from the senator that will be pleasing to the trump campaign and to republicans. he says mr. trump may be changing his mind about super pac's according to people familiar with the matter. trump refused money from super pac's during republican primaries and ridiculed opponents for relying on their support. turkish authorities will
consider extraordinary measures after last week's failed coup attempt, including a state of emergency, according to the ruling party's deputy chairman. hascrackdown and reprisal been severe. according to calculations, about 60,000 people have been detained or sanction. dubai, a residential skyscraper caught fire today in the densely populated marina district, sending pieces of the building's facade tumbling below. firefighters were able to get the blaze under control. no injuries were reported. official is olympic expecting a final decision by if the russian team will be banned from next month's games at rio. the international olympic committee is examining the legal options of a blanket ban after a report accusing russia's sports ministry of doping athletes.
news 24 hours a day powered by more than 2600 journalists and analysts in more than 20 100 countries. back to you. scarlet: thank you so much. the u.s. stock market closing in just under 30 minutes. the s&p at record highs and nasdaq pushing up by 1%. let's check in with abigail. abigail: we have a very nice rally for the nats jack. the first 1% move in eight sessions, putting the nasdaq itself within 3%, less than 3% of its record high. see if the nasdaq in days ahead can catch up. as for today's strength, we are looking at tech and biotech. health care is the best sector for the nasdaq from a strength point, being driven by that nasdaq. as for technology, the biggest boost not just for technology but the nasdaq overall, microsoft and cisco.
microsoft is higher having a great day after the company put fourthrong this goal quarter beating estimates. much of that was driven by strength in the cloud, and that is what is causing cisco to trade higher, in fact at levels last seen in november 2000 seven, considering that cisco provides the equipment for cloud data services. scarlet: microsoft helped set the tone for the nasdaq today, but there's a lot of big cat tech names reporting later on today. give us a run through. abigail: true. a number of big cat tech names are reporting after the close including intel, qualcomm, and ebay. after the company has guided down over the last couple of quarters, they are looking for a bit of a reversal. investors will also be looking for news on the iphone intel chips. sticking with chips, qualcomm shares are trading higher, less
so than ebay and intel, but higher nonetheless. jpmorgan's ron paul is a bit cautious on the weakening smartphone environment, and lastly, ebay. are a little blase going into it, looking for margins to maintain. defensive as opposed to offensive. of colinven true sebastian who is bullish on the stuff that does not yet see an inflection point. scarlet: thanks so much for setting the scene for us. david: in exactly one week, the red announces its decision on interest rates. with quantitative easing and zero interest rates in the rearview mirror, investors are watching on a decision for when the fed will resume raising rates again. scarlet: you can see that investors have turned a little more hawkish. the odds of a rate increase are about 46%, and you do not really get above 50% until next
february. contract that -- contrast that with one week ago. in december when we could go, odds for a rate increase were 28%. go -- march, and then you actually, you do not have anything above 50% through september 2017. fairly dovish just a week ago. david: absolutely. michael, as i understand, your call is for rate rising somewhere in the middle of 2017. what is the argument for that versus september or december? michael: we think september has two issues. we think it is a little too soon .fter brexit the fomc will not be sure about the spillover effects from brexit, if it will flow through to any other countries, how much economic impact it will have, so we think they will wait and see on that. in addition, we started to see a
little stress and libor because the money fund reform is coming up. there are new regulations going into effect in mid-october, so we are starting at the beginning of libor stress that we think will amplify into the third quarter, so those things give the fed on the sideline through september and really even for the rest of the year. as we get into next year, the wee issue seems to be that had a lot of opportunities for the fed where most banks have been saying it is ok to hike, but there's been a couple of lingering concerns out there. thereby as has been whenever it is not a perfectly clear path to wait and see. err on the side of caution. wait and see certainly was the message from the bank of england. and a lot of people expected a similar response from the ecb. is there a scenario in which the
ecb meeting would have a meaningful impact on the fed decision making process next week after michael: not next week. again, if the ecb does something very aggressive and it changes foreign-exchange rates significantly, that will have a feed through the fed, but that takes long enough that the fed, we think, is pretty locked in. what people will be looking for with the meeting next week is we know that they downgraded the way they were talking about the labor market in the last meeting. couple of soft payroll reports, so they talked about weaker labor markets. that is going to have to change, though. they will talk about a stronger labor market, which will be hawkish, but the question is if there is any mention of any of these overseas risks. david: if we do get any mention of overseas risks, i think people will push out tightening thoughts all the way until next year.
if we do not, we will price in a little bit of a chance that they will move as early as september, even though we think that will not pan out. david: and the u.s., we are seeing stocks hitting records and bonds rallying. how do you reconcile that? what does it tell us? michael: we are not only seeing bond yields fall, we are seeing the yield curve flattening. lotear yields falling a faster than five-year yields. mathematically, that just means that we are pricing in for very low interest rates to last for a very long time. a lot of people are trying to tie this into an economic , about secular stagnation, saying growth will the eyebleak as far as can see, so we need low interest rates to compensate for that. i think there is something else going on. if you look at u.s. markets
compared to a lot of markets around the globe, the yield sort of secular stagnation argument should be much more intense in europe or japan or any other places where the problems are even worse than they are here. we should be seeing even flatter we adjust forf that, but we are not seeing that effect. we are actually seeing relative to the level of rates the flattest yield curve is the u.s.. what i think is really going on .s just a yield wrapped you have investors around the globe saying that they need more yield and have to come to the u.s. to get it. theywhen they come here, say they can pick up a little more yield by taking more risk, so they move out the curve. i think it is that yield grab that is causing the flattening, not some sort of really dire economic scenario. i think this is technical.
scarlet: you had morgan stanley calling for the 10 year yield to of 2017.% by the end that -- again, we still have some risks out there, mainly overseas, that could spill here and taking yields back down. we were a lot closer to the one a couple of weeks ago. we are not out of the woods, but i do think -- the problem is you get yields that low, you are not after inflation, you're not getting any returns, so you are really counting on someone else buying this at an even higher price. david: got to leave it there, i'm sorry to say. thank you for joining us. scarlet: coming up next, we had to the rnc in cleveland where the republican nominee -- it's
bloombergthis is " markets," and it's time for a look at some of the biggest business stories in the news right now. aetna says it is ready to go to court to defend its planned takeover of rival humana. u.s. legislators are concerned it threatens competition and are considering a lawsuit to block the takeover. a person familiar with the matter says aetna is prepared to argue there are several ways to argue there are enough plans available in the market to ensure the elderly. shareholders have removed another roadblock for the
historic merger between two of the biggest u.s. chemical makers. members of the board of dow chemical and dupont said in a joint statement they voted in favor of the 50/50 split that clears the way for a deal to close this year and for a later split into three entities. a singapore state investment firm is offering $865 million as the nations biggest subway operator undergoes a reform after multiple service disruptions in recent years. according to a filing, the offer of values it at about $1.9 billion. the european commission will push before the end of the year to recognize china as a market economy in trade cases. the eu executive arm is also pledging new action that would help keep tariffs on chinese goods relatively high. the commission is addressing concerns about potential flooding of cheap imports from china.
david: a year after announcing his candidacy, donald trump can say he is the republican presidential nominee. he led most of the margins by most ofble -- he led the primaries by comfortable margins but now is about to go head-to-head with hillary clinton. just give us a sense of what to expect tonight. last night was supposed to be focused on jobs and the economy. i will say candidly i did not hear much of that in the speeches last night. what is the focus supposed to be tonight and do you expect speakers to hew to that? >> i think we will hear a mix of things. jobs, security. i think the main speeches happening today would be ted cruz, donald trump cost final primary rival, who was there until the bitter end. things got very personally heated -- things got very personal and heated between the two. and we also expect a video presentation from marco rubio. mike pence, the vice president -- mike pence, the vice presidential candidate and
governor of indiana, will be introducing himself to the country. scarlet: do we expect ted cruz and marco rubio to endorse donald trump? know, it's a good question. i think we will expect to hear -- we should expect to hear marco rubio and ted cruz support the republican ticket in general and at least root for the defeat of hillary clinton. if they do a full throated endorsement of donald trump, it's unlikely, especially in the case of ted cruz who has not done that yet. things got extremely bitter between him and donald trump in the end and it got to the point where donald trump was saying some nasty things about ted cruz's wife and i do not think ted cruz has forgotten about that. i think ted cruz will speak about the conservative party and the conservative movement. this is a man who is only about 45 years old and continues to have national ambitions. we could see him back. similar is true of marco rubio.
the other men who are rising stars in the party and want to maintain that reputation. it will be a mix of that and supporting republicans broadly, if not trump specifically or pointedly in november. david: let's talk about mike pence, the governor of indiana, speaking tonight. they had not campaigned together a ton. they are doing an event together this evening. ow is he doing on the trail? what do we expect from him tonight? is this merely an introduction or can we expect substantive policy platform statements from him as well? mostly anoing to be introduction. mike pence is in a way the antithesis of donald trump in terms of personality. quiet, reserved, polite governor from the midwest. very different from donald trump 's brash and fleet -- free flowing, unrestrained style. mike pence will be able to appeal on a substantive and stylistic level and communicate
with people who are not completely sold on trunk. that is one of the major reasons the trunk campaign decided mike pence should be the nominee. a wealth of experience donald trump does not have on the political level. he was a u.s. congressman for many years and has been governor for one term. i think we can expect to hear mike pence big about donald trump in a way that could resonate with republican elected officials and segments of the party that are not sold on him yet. david: we have yet to hear from eric trump, another trumped child. role the family is playing. we have seen them quite a bit throughout. how have their speeches been thus far? >> it is a really important role they play.
the kinder, softer, gently inside of him that nobody really sees, and that is kind of antithetical to his public persona. the path they have is a pretty donaldg one because trump is not seen as honest or trustworthy by a lot of americans. he has a very low approval rating at a big part of what the family is trying to do is to explain to the american public that he is more than the person you see when the cameras are turned off. that he is actually a nice, kind, generous person. there's a heavy discount american voters apply to anything about a candidate that is said by members of his or her family, so it remains to be seen , but that is at least the goal they are trying to achieve. david: before we have to let you go, when do we expect hillary clinton to announce who her running mate might be and any information on what the short list looks like right now? the expectation is it would be this friday or saturday.
the clinton campaign has not, to my knowledge, announced when that will happen. we know hillary clinton will be campaigning in florida. there are a few names that consistently come up in my about who is likely to be a finalist. is obviously very secretive about it, but the names that keep coming up our virginia senator tim kaine, a front runner, tom bill sack, the secretary of agriculture, and a sack,thers -- tom vil secretary of agriculture. beyond that, we know very little because the campaign is shrouded in secret see, unlike, i should say, the trunk campaign who was about their auditions. scarlet: coming up, it has been almost a year since ebay gave into carl icahn's demands by .pinning off paypal the question is -- is stub hub
awaiting earnings in just a moment from qualcomm, american express, and intel. joins us from san francisco. scarlet: qualcomm provides chips to smartphone makers. apple is its biggest customers. we are going to look for any kind of commentary from the company about apple and its orders from that company, but the backdrop is weakening smartphone demand. what is interesting about qualcomm is it really depends on overseas sales. when you look at their revenue, the u.s. is the red bar, which tiny sliver,ny, insignificant part of its revenue.
the united states on its own made up 1% of its revenue last year. that will be something -- though the fx rates and conversions will play a big role. cory: i do not think they will say anything about apple because apple will not allow suppliers to talk about what they do. that is true for intel as well, but revenues will likely be imus.ished -- de min intel plus participation in mobile is all about the data center. they say you might not have an intel chip in your phone, but the servers serving up the information are using the data center chips for intel, and those are the most profitable chips. 49% margins. those operating margins over the last year, and yet, that is in this is growing more and more slowly -- that business is
growing more and more slowly. looking forreally in this business is growth in servers while maintaining those high operating margins. areoperating margins margins any business would kill for. we're looking for growth in the server business. scarlet: of course, the one number, the one forecast possibility they do give his gross margins, so we will be looking closely at that number. david: i want to pull up a chart looking at the ticketing landscape. looking at stubhave -- stubhub biting on the heels of ticket master. there has been a lot of talk about it ebay might be interested in spinning it off. tell me what you think the
likelihood might be. cory: i'm blaming them for one of the only warriors losses this year. it is a very interesting business because they know so much about what consumers do and when they do it. david: great talking to you. as always. forlet: that does it "bloomberg markets." the s&p and dow higher at the close. the nasdaq, the real star performer following on the heels of that are than expected earnings out of microsoft. the market close is next. ♪
scarlet: u.s. stocks closing higher this afternoon, the dow closing up for the ninth straight day. -- longest winning straight winning streak in more than three straight years. we've seen earnings from big tech names, and today, we get numbers from intel, qualcomm, and ebay. plus, turkey ratings cut by s&p. we asked our guest with the coup attempt means for long-term growth projects. the: and gm's ceo considers country's largest automaker undervalued by investors. we begin with our market minutes -- dow and s&p 500 closing at record highs. this is the longest winning streak since 2013. if you break down different industry groups, six out of 10 were h