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tv   Bloomberg Markets  Bloomberg  June 23, 2015 2:00pm-3:01pm EDT

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it. withet: aol closes deal verizon. mark: shaquille o'neal on his investments in the trading platform. good afternoon from bloomberg world headquarters in new york, this is the "bloomberg market day," this is scarlet fu. scarlet: much ado about nothing as we are little changed right now. the s&p 500 got within three points of the record high, holding at those levels mccamley gain any traction here. if you look at the data, we had durable goods, which was
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positive when you look at nonmilitary capital goods, only the second game this year. also the new home sales number was better-than-expected in may. but the questions are what is the federal reserve going to begin liftoff? prices are falling and yields are higher. ases may increase as early september, and in currency, it's all about the euro weakening. it's falling the most against months,ar in three 11116 come off by 1.5%. a victory for president obama and his trade agenda. the u.s. senate voted 60 to 37 to begin full-blown debate on the president's request for fast-track negotiating authority. the vote avoids the filibuster. previous presidents have enjoyed fast-track, a list of proposed trade pact that congress can reject or ratify, but not change. scarlet: walmart is taking down the confederate flag. they will no longer sell
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confederate flag roderick's in its stores or online. last week's church massacre renewed the debate over the manner. earlier today, olivia sterns talked about all of this with doug macmillan. doug: we don't want to sell anything that offends people. i was surprised that we carry some of these items through her marketplace, which is third-party sellers online. we have over 7 million items and we saw they were out there, we decided to discontinue it. onlyet: walmart isn't the one. the south carolina governor is calling on that was later to remove the one flying from the state capitol grounds. mississippi's house speaker want it removed from the state flag. the governor of virginia wants it vanished from state license plates. mark: homebuyers were out in force last month, new home sales rose in may to the highest level in more than seven years. sales were up two point 2%, beating estimates in april gain was revised upward to more than 8%. buyers are taking advantage of
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mortgage rates that are still new record lows. existing home sales are a multiyear highs as well. scarlet: there's a sign the demand for american-made manufactured goods is stabilizing. orders for business agreement rose in may for just the second time this year. looking for nonmilitary capital goods other than aircraft up .4%. orders for durable goods fell. the reflects a drop in volatile aircraft category. mark: it took six weeks for verizon to acquire aol, and now aol chief executive tim armstrong says verizon will turbocharge the aol business content. walden,g and marty president of product innovation and new business and new business at verizon spoke earlier today with betty liu and walden said content is king. of this is making sure we deliver premium digital excursus to consumers. that's how we make the flywheel go. content is a huge part of making
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that happen. and the over-the-top products having all of the best content, whether it is live come on demand were merging content, and then all of the content that aol brings absolutely will be part of that. arianna huffington signed a four-year contract to remain president and editor-in-chief of the huffington post. the announcement ends the uncertainty surrounding her future after the website was acquired by verizon. scarlet: on the subject of mergers and acquisition, deal making beats records setback in 2007 and the boom is poised to continue through 2017. that's according to johnson skate. here is earlier. investment cycles are normally seven or eight years. essentially we are looking at an expansion that could be as long as nine years. i actually think you are going to see a record amount of m&a activity beyond 2007 this year and next year, and potentially the year after. he named
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telecommunications, health care, and energy as the sectors most like to see more deals. storms severe solar slammed into the earth yesterday afternoon that increased the chances of fluctuations in the power grid and gps. polaro pushed shimmering auroras to places where more people can possibly see them. federal forecasters said the northern lights, the aurora borealis may be able be seen tonight as far as iowa or pennsylvania. the solar storm could last a day or longer. officialsaris unveiled the pitch for the 20, 24 x. it's been almost a century since summer games were held there. rome, boston, and hamburg were also in the bidding. france hosted the olympics winter games in 1992. is dead.end patent he appeared on broadway as a child, start on tv in its infancy, and then in middle-age found lasting fame as the father on tvs eight is enough. he died in santa monica
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california of publications from diabetes. dick van dyke was 86 years old. those the top stories of this hour. become: airlines have famous for nickel one-timing passengers -- nickel and dime and passengers. mark: shaq is making a name for himself off the court. in investing. he joins us to discuss his latest venture. aol is officially under the verizon umbrella. what does that mean for sites like huffington post? second joined us to break it all down. that in more coming up on the "bloomberg market day." the entire basketball world is waiting to see how the minnesota timberwolves, l.a. lakers, and philadelphia 76ers handle their top three picks. scarlet: the number nine pick was andre, it and he was named
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nba final nbc. he joins us now from san francisco. you.to see you won an olympics gold medal, you've been nba all-star, and i you won the nba championship and finals of ap. congratulations. >> it seems like it was two months ago. the time has been flying. i learned to wake up every morning and look at the mirror and call myself a champion. mark: one of the reasons that you took the job, if you will, with golden state, moved to golden state -- you were looking long-term. you are looking at your life after basketball. you have a specific interest in venture capitalism. tell us how that can about. nba -- being around the up to nine years being in the league. being able to have individual success with the 11 teams and championship teams, and be an all-star. playing with the best players in
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the world and being on the east coast and seeing how new york works a little, being close to their+++ strategic about my next moves. i was in the latter stages of my career. i felt like this was very underrated as far as being a basketball player. not too many guys look for this area in free agency. we saw this not only on the court opportunities, i thought i would have a great opportunity to move this team. but off the court, the positives outweighed so many of the places, and it felt like we were moving in that direction and really getting interested in venture capitalism and the tech road. the two worlds were merging at the right time as far as being a
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great place for basketball. mark: tell us about your relationship with the owner. he is a venture capitalists. what type of advice is he giving you? very intense, passionate owner. passionate, about winning. not just about his job, but his life. whatever he involves himself with, he wants the best in every aspect of the job. the front office has been amazing. we have the best people there. on the court we have some of the best coaches in the nba, steve who has five championship rings and the best players. just learning how to put your best foot forward, no matter what you get yourself involved with. there has been a lot of people that have helped me out. capitalwitz venture have embraced me and helped me to understand how everything works. they let me get involved with a few companies to explore. signed a four-year,
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$48 million deal with golden state. how are you putting that money to work? as a social media, drones, wearable devices? >> my main goal is to look at the next platforms that can help better,nicate and live and travel better. one of the first deals i have done is with the company that's an e-commerce marketing, secondhand clothing, where there are companies that buy, and people can sell their used close , the company brings them in, makes them like new and you can go on the site or the app and clothinglmost like new and it's an amazing thing. the company has grown three times, tripled its growth in the last year. over one million users. i came on as the men's style
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director. reallyand get men to keep an eye out for how they dress themselves or how they make their first impression. the men's line is growing pretty quickly, we opened in january and it's already got 10% of the whole company. quickly, you interned at merrill lynch during the 2011 nba lockout. thefly, what would you say biggest difference between silicon valley and wall street is? that is a very good question. i do think i can explain it in one word. they are very similar. one of the jobs i had all my internship was following a venture capitalist and seeing how that worked. they kind of come together little bit. it's all about what is next, you know how investment is.
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investors want to know how the company is going to continue to grow and how they continue to evolve. iguodala, and m.v.p. for the golden state warriors. sounds good to you. joining us from san francisco. thank you, we appreciate your time. scarlet: still ahead on the "bloomberg market day," shaquille o'neal will be joining us on his investment in trading platform loyal three. ♪
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mark: welcome back to "bloomberg market day," i'm mark crumpton
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with scarlet fu. scarlet: the overall indexes are flat. julie: i'm going to focus on individuals. abercrombie & fitch is one of them. a company executive presented at a jeffries retail conference today. ahead of that, they said abercrombie & fitch product changes are beginning to bear fruit, particularly at hollister. he says he seizes significant amount of product changes to come with back-to-school assortments, which should be rolling out in the next month or so. he says europe is stabilizing as well. abercrombie has been struggling 13 straight quarters of declining same-store sales. the come but he doesn't have a permanent ceo right now. chairman filling in for that role. at this conference, the coo does say he expects the business to stabilize this year. we shall see. shares were up 3% today. i wanted to look at a big changing of the guard, if you will that's going on today.
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that is , up 3% today and walmart down about .5%. that means that facebook by market cap is now larger than walmart. which is fascinating. take a look at my bloomberg terminal. i have a chart of the competing market caps of these two companies. obviously facebook is in the yellow, it's now just surpassed walmart. this could change day by day as we see fluctuations in the stock. that's where they are right now with walmart market cap of $233 billion and facebook at about $245 billion, consider by the way that walmart sales this year projected at $488 billion, facebook's about $17 billion. interesting dichotomy. it is a look at the two stocks, basically over the past two years. roughly since facebook's ipo. it's up about 129%, walmart has not fared nearly as well, up about 17.5%. you can see a lot of declines that we see for walmart have happened more recently. big changing of the guard.
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incredible that the market cap has comparable. julie hyman, thank you. airline change fees are in focus today at the u.s. department of transportation washington after years of rising passenger discontent. consumers say they are too high, airline say they lose money. remy explains. change fees are in focus as the u.s. department of transportation meets this week to address the issue. $3 billion, this is how much the u.s. airline industry rakes in from you in change fees in 2014. that is a record. it nearly triples the $950 million they made in 2007. take a look at who made the most in 2014. delta, united, american, u.s. airways, and jetblue. they made 85% of all change
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revenue that year. delta topped at 875 million dollars. united behind with $800 million. american more than $500 billion. u.s.mers pay now to pay domestic ticket. they all hit the top $200 mark. jetblue came in higher. as change fees have risen, so that consumer complaints. flyers rights.org is the u.s. most biggest nonprofit consumer organization. it petitioned in february to clamp down. they said change fees no longer bear any resemblance to a reasonable proclamation of the cost incurred by the airline. they exist merely as a tool to gouge consumers faced with the unpredictable nature of life. if the dot doesn't do anything, there is little incentive to change. change fees are a cash cow for airline companies and will continue to be.
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on the flipside side, there is one major u.s. airlines that doesn't charge a change fee -- southwest airlines is still free. mark: coming up on the "bloomberg market day," shaquille o'neal. ♪
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scarlet: earlier we heard from one nba star, andre iguodala. he is not alone. mark: shaquille o'neill knows a thing or two about tech investments. in early investment in google, he is putting his money to work in a company called loyal3, which helps investors buy into ipos without a fee. he was named to the company's advisory board, he joins us with loyal3's ceo, barry snyder. shaquille: i met barry during
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all-star weekend, he was talking about loyal3. usually when we talk about financial's just people can get involved. now everyone can get involved. everyone can get involved. this will definitely be a game changer. it levels the playing field. everyone can be involved. scarlet: you will also be on the advisory board. what does that mean? when you be a guinea pig for new ipo's? shaquille: i'm going to help with strategies and getting people being aware of the company. not a lot of people know about stuff like this. a lot of times when you talk to them they say i don't want to do that because of the fees. they need to understand that loyal3, no fees, you can invest
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as little as $10. everyone can get involved with favorite stocks you never really had access to. mark: mary, how you and it is refill investors who have a ton of other choices -- barry, how do you entice retail investors? barry: if you invest $25, you are paying a percent to fees and erodes your potential return. 100% of what you invest in loyal3 goes to buying stock. second, we have access to ipo's allowing everyday access to ipo's like go pro or virgin america. scarlet: if there are no fees, how do you make money? barry: from the issuer. we get the spread on ipos and we have a one-time fee on private companies. you invest in companies that do things that you stand for. where did that social consciousness come from, and does it mean there are times
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that you win the past might not have made a lot of money but your conscious was clear? based on experience, if i do something i believe in, the return kicks in. if i do something because i'm trying to get a quick hit, and i've done that a lot of times, i've never had a quick hit return. google, why i was first approached by google, i was like search engine, you can type in a word, i said this is the future. when i was first approached about that, i thought the same thing. when i met barry, he said this is going to work. not everyone -- now everyone can be involved. scarlet: you are a fan of buy-and-hold investing. tell us about how you are investing philosophy has evolved? in the 90's, you only wanted to invest in bonds. shaquille: i was very conservative, i switched my plan of thought. it was on the naked change the
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game, it's something that could change the game and something that people relate to. something that people will need. it will work. if i'm trying to get the quick hit, byron flip it, get the bigger term, that's never really worked for me. mark: was this always in the back of your mind? a lot of people don't watch business news on television, because it's very complicated. how did you break this down so the average man and woman could say maybe that is something i would be interested in? mary: we wanted to make it is easy to buy stocks as it is divisive thing online. it's a public policy issue in a way in terms of allowing more people to have access to the things they believe in and that they help create value in. it's great for companies. can saybeing a ceo they to its employee base and fan base, you all matter to me. you helped build this company. i care about you so much, i'm going to provide access to my ipo to same price as wall street.
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about small talking investors like this, we are a new channel to create new capital formation. scarlet: you talk about evening the playing field. do you think investing in public marketplace is rigged? shaquille: i wouldn't say rigged, but you have to have knowledge of what you are doing. you have to believe in what you are doing. i don't want to use the word rigged, that's a loaded word. but it's tricky. you have to know and understand what you are doing. mark: shaquille o'neal and barry snyder, loyal3 joining us in the studio. thank you. scarlet: more "bloomberg market day," after this. ♪
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scarlet: welcome back to the bloomberg market day. i am scarlet fu. german parliament official
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says lawmakers could vote next week on greece rescue agreement it greek lawmakers paid the way by approving bailout measures over the weekend. shows theoposal country is getting serious about a deal. now the greek prime minister has to assure his own government will back any agreement. >> i think it will be a very widespread consensus eons the of the government party. i think he can do that. that speak today. jerome powers the the chances about 50/50 the u.s. economy will improve enough to improve interest rates come september.
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his forecasting stronger growth in the first half of the year, growth in the labor market and greater basis for confidence in inflation returning to 2%. thekberry smartphone sales last quarter but revenue from software more than doubled. the ceo is betting the company future will no longer be the smartphone that once were the market leader. now they count on selling soft words that help companies manage the devices. we spoke to him earlier. >> there are multiple things one has to do. it is not one thing that is a magic thing. but i think over time with a good set of designs, which we said we were going to do, we were going to release at the end --the year, i think although all of those things will add up and we will get device backs on track -- back on track. scarlet: blackberry sold just 1.1 million last quarter. those are your top stories. coming up the next half hour, no
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more superstar basketball players but you can call it ethical investing or perhaps just taking a stand. more and more college investments are shunning coal and energy companies. will this have an impact on the industry's gusto we will discuss that. time warner cable binding charter is helping to make a banner year for merger and our position activity. according to blackstone, the numbers could get bigger. to what extent does the fed 20nge all of that jacob rolled jordan spieth joins us to discuss a win and his pursuit of the elusive grand slam. that and much more coming up on the bloomberg market day. a well-stocked has gone off-line. verizon officially goes on the deal to buy the iconic text company. -- iconic tech company. to martyccording waldon, the president of product innovation and new businesses. the pair spoke with any loop who
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asked how a well factors into the upcoming over the top content offering. >> part of this is making sure we deliver premium digital experiences to consumers. content is a huge part of making that happen. in our over-the-top product having all of the best content whether it is live, on-demand or emerging content, and all of the content aol brings will be part of that. we're super excited about mapquest, all of those. -- premium content consumers premium content consumers continue to come back to. content, iking about know you just signed or renewed a four-year contract with arianna huffington. what about your other content properties? are you going to sell them off? >> we are big believers in content. content has allowed -- allowed
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us to go into very significant markets and global news. if you look at where the world is going by 2020, there will be 40 billion in extra ending on mobile and 40 billion on video. there is really only a few properties that are the size of post and techcrunch. if you are an advertiser or partner. we bring the best of those platforms and the best of content. from a unique standpoint we have been able to raise prices, get global distribution. a lot of that is because of the content businesses. verizon will only turbocharged that. it will essentially be an 80-100,000,000,000 dollar opportunity over the next four years or so. we have very big plans to integrate and push that forward. i think it is very exciting. is excited. meeting all the people at verizon, i think they are
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excited. a really big opportunity for us and day one. day one. is i have watched you over the years build this tremendous platform for a well, one of the reasons why verizon is so excited to merge with the company. looking at the numbers. --arketer says a well shall share of global advertisement basis is still 0.5%. google 31% and facebook 7.9%. -- 71.9%. how do you catch up to that when you have google at such a big lead ahead of you? flex first of all, that is it that the life this deal is such a powerful deal, because the fact of the matter is our assets and platform and content are much more powerful than our market share right now. correcting -- connecting with verizon will turbocharged this.
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i would be surprised if we don't end up in the top three market will there's in the face. number two, there are a whole bunch of added assets coming. this will be a much expanded business over time. i spent 10 years at google. i have a lot of risk that for them. nobody owns the future. the assets we are putting together today are about the future. really, if you think about mobile, it is a platform shifts the same size the internet was that you will have to billion more people and hydrants -- hundreds of billions in revenue and probably the best set at that combo to go after that. a vague vision, and i think that is why a lot of people are excited about the deal. >> how exactly is aol turbocharging verizon's at offering?- ad thee believe all of
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capability, and the talent in the organization is unbelievable. that's one of the things we spent a lot of time making sure we got to know the talent and have a cultural fit. that helps to accelerate. putting the asset together and the capability tim has put together an connection with how we dosumers is this. it gives us a way to monetize about that act as network, which is what we're starting to do. we think we have the vision and canned -- can make it happen. scarlet: tim armstrong and marty walden at verizon with betty liu. coming up, universities are embracing a fight against climate change. there is one detail lost in the celebration, the celebration of words. we will explain next. ♪
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scarlet: welcome back to the bloomberg market day. i am scarlet fu. universities have won a lot of praise for selling off direct investment in cold in the name of climate change. when you dig into the details, it turns out the efforts are mostly windowdressing. georgetown university said it buy 1.5 billion in direct coal holdings. they later market unsubstantial. easy to say because british university health a none. wouldse announced it diverse only to site had no direct holdings. the divestments are only for direct holdings. when it comes to money overseen by outside investors, that is a whole different story as well. really becomes a story
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how far do you take the investments when it comes to coal companies you cope a really fund.xample is from the $4.5 billion. at least anywhere between 50-70 companies. it was not just any company. any company that gets 30 are more revenue from cold. that means utilities like for example duke energy. you these things you would think would make some kind of difference when you have the triple down affect. the tricky part is the big guys that you think are the biggest miners in the world. they get under 30% of revenue. they would not count. they are so giant so they are spread out. exactly. they are try to quickly diversify into nuclear energy and alternative energy but they
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have a lot of coal on the back. this is where you perhaps the more at stake in terms of coal companies. so many student activists would get on university campuses and ask for them to get rid of this in the endowment. it turned out to be largely empty gestures, mainly symbolic. now a lot of environmentalists accusing them of being complicit. they applauded the inventiveness -- the universities. we are going to do that because we're journalists. scarlet: the way you explain what happened with norway is a good indication of how deep it gets, how you have to look into the numbers and look at a company like duke energy. alix: utility very different. scarlet: alix steel will stay with me to look at how commodities close-out or settle in your trading. beginning with crude oil. crude oil prices are moving
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higher today. mixed dayn kind of a overall. a substantial gain of 1%. alix: it is. a few things are happening. there is a perception that demand is improving. i say perception because many analysts disagree on what demand is. you are seeing west african crude cargo floating in the water start to clear. there is brent overhang we have seen picking up a little bit. india coming back from refinery maintenance. slowly starting to buy the nigerian crude. scarlet: should mention energy stocks are up half a percent, the second-best for armor. energy stocks gaining half of 1%. they trail only telecom services company up by 2%. alix: goldman sachs had an interesting note about the effects of a oil export ban
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being lifted in the u.s. it is all hypothetical. they think it could happen by 2017, or at least some of the restrictions might be lifted. secretaryergy phishing to export oil to mexico. we can export to canada. there are different ways to get around that in essence. a really interesting note broken down. brent would fall. the spread between wti and brentwood narrowed to about four dollars. as much as 12 billion and interest spending. it would be really bad for refiners over all. that for the rail company as well. with whose business because oil would go overseas. interesting to see more of a black and white play what would happen in the energy market. scarlet: certainly more than what a lot of politicians are calling for. they only see the upside.
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alix steel back in about 15 minutes to take us through the market close. in the meantime, top stories from the bloomberg terminal. pakistani health officials say the death toll in the heat wave in the southern province has reached 622. the number of fatalities expected to move higher. power outages have hit the city leaving fans and air conditioners useless. the tunnel linking france and england closed after dozens of striking port workers stormed the tracks and set fire to tires. a day of chaos in the port city that began with the predawn ferry strike. truckers who diverted to the freight line got snarled in traffic. the union protesting potential job cuts. -- a journalist at the retired soccer star has said he plans to run for president fifa. blatter has resigned amid
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corruption scandal. mary donna of sharp critic of corruption in soccer but has had a number of on field and off that may affect his candidacy. those are your top stories. global m&a is booming with more than $1.5 trillion in deals so far this year. the volume on track to pass 3 trillion for the first time since the financial crisis. one of the bankers making it happen is john krasinski, head of the m&a group at lactone. he has set the run is far from over. -- head of the m&a roof at blackstone. >> it is survival of the fittest. the large, successful companies will continue to swallow up the weaker layers. you have externally cash on balance sheet. for the first time you have confidence, cash and conviction among shareholders.
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shareholders, if we were having the conversation two or three years ago, everyone wanted the cash back. want to see real, organic growth. they want growth of earnings and growth of dividends. why gekko because they basically have been taught by the activist community. -- why? the beautiful thing that has happened with the analyst that they have now paid attention to the hedge funds and activists and have learned many of the businesses have had to be restructured. so you have shareholders for the first time see the merits of m&a . remember, activists only supports m&a focused on the rigorous discipline strategies. basically the core strategy and not just epic -- diversification. about to pull back
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a bit. you believe in consolidation was necessary, for example, the media well-funded and comes together for the right reasons. is it not tricky it has been a full cycle of you we when things -- when it is hard to get credit it is a very interesting situation. people have been scratching their head saying they do not see a material slowdown. maybe short-term market correction. the investment cycle and expansions are normally seven or eight years. potentially we are now looking at an expansion as long as nine years. i think you will see a record this yearm&a activity and next year and potentially the year after. we touchedustries? on telecom. also talking about health care. >> telecom is one that has gone through a hole restructuring.
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some of that is migration more towards system and convergence mobilenology and telephony. that will continue to happen. health care different. one level driven by obamacare. another driven by health care management models and the pharmaceutical industry and the health care insurance industry all consolidating at different levels. there is a greater degree of integration there. is a more logical consolidation. that is strong players absorbing weaker players. you will continue to see a lot of weaker activity in the energy space. you have not seen enough because prices are low. we are seeing a lot of businesses potentially being available for sale because
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people are looking up portfolios and are saying i can afford to c and dn a and b but and he will have to go but have -- or have to be restructured with a third-party. you will see a lot more moving pieces in the energy space. scarlet: senior imaging director talking with francine lacqua. energy transfer looking to acquire williamsburg, $70 billion in a deal that is an equity deal primarily. williams rejecting the offer. we will continue to keep an eye on the headlines for you. coming up on the bloomberg market day, the second major -- major win this year after the masters. we will hear from jordan spieth next. ♪
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scarlet: 21 euros jordan spieth making history. the youngest champion since 1923 . jordan spieth spoke to mark crumpton and olivia sterns and began by asking him about the collapse of dustin johnson, which ended up giving him the win. shocking. i certainly felt for him. i certainly thought i have lost the tournament. as it sped past the hole, i was glad i had the chance to maybe play the next day. when the next one missed, it was a little bit delayed from the crowd reaction. tent.e in this i heard the crowd first. i watched on the computer screen and saw it had missed. i was in shock. we rely's we had one.
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had one. we i definitely felt for him, because on 17 i had done the same thing but i have another whole to make up for it. air. you are a rarefied not since tigers into a thousand -- 2002 has someone one open and this tournament. how does it make you feel? >> it is amazing. those names are the greatest to the field. although i am far from continuing to be mentioned with them it is nice to be in any kind of category with those guys . the best thing i can do is to stay focused on the open championship coming at four weeks time and get prepared and get ready to go to the home of golf to get the third one. arnold brought up palmer.
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the first to take an endorsement. do you regret signing such a long-term deal with under armour taco you are worth a lot more money. -- because you are worth a lot more money. >> i don't regret it at all. the terms of our 10 year extension, at least the impact on me was they asked active need to win major championships. .hat is the trust they took it went along the same lines when they originally signed me when i first went professional. nothing out of the ordinary or its acted based on the terms of the deal, and i am just pleased to help grow the company, and we're doing it together. >> can you share some of those terms? if you win a slam, what sort of cornice -- bonuses and therefore is in there for you? >> no i cannot. that is in the contract. game,n you look at their
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what kind of file to you try to ncorporate into your own? >> i look at the body language in the heat of the moment, how they are handling situations. they get frustrated when they don't pull off a shot, the shot they want to hit, but the way he rebound and deal with adversity and the heat of a major championship is what allowed them to win it. scarlet: that was u.s. open winner jordan's beef reeking with mark crumpton and olivia sterns. -- jordan spieth. we will explain greece and the market coming up. ♪
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>> it is noon and san francisco. >> this is the bloomberg market day. great prime minister facing opposition within his own government. the financial talk at the center of financial minds.
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one strategist tell us why that is a mistake. doug millon speaks out about the controversy surrounding the confederate flag. he says the retail giant is seeking ways to make a difference. scarlet: hillary clinton taking a stand on race issues. she says the removal of the confederate flag is long overdue. we want to start with breaking news for you. going right to julie hyman in the newsroom. julie: the latest with the telecom cycle -- saga. the board has rejected offer to acquire the company according to people familiar with the situation. the value would have been $11 billion. the head

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