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tv   Bloomberg Markets  Bloomberg  June 25, 2015 3:00pm-4:01pm EDT

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here to stay. we look at the reactions. prospect of a deal for greece but leaders have their doubts. we wait for down as the final word from europe. hank greenberg continues his push for financial damages tied to the bailout of aig back in 2008. betty: good afternoon. alix: so good to have you here. look at the a markets. a lower day here across the order. the dow off by 57 points. if you take a look at the smp, you can see where some of the
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volatility comes into play. earlier in the morning, you had merkel coming out and saying there is no deal yet. greece is not there and france .aw --coming out he saw the smp fluctuating. then, the prime minister saying the eu leaders turned down the request to talk greece. we are trading right around the lows of the session. jumpedhealth care stocks sharply after the decision came down from the supreme court. since then, they have been trending down a little lower but still holding onto those gains right now. up 2.5% for the entire health care sector. alix: even health care cannot escape the pull. a 10 year yield. if you want to go for safety,
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that is what investors are doing. up almost 2.4%. the uncertainty over greece continues. headlines.ok at the u.s. supreme court upholding the nationwide tax subsidies that are a core component of president barack obama's health care law. the justices rejected the challenge that had threatened to gut the measure and undercut his legacy. is thent obama: it partisan law. millions of americans whatever thousands of dollars worth of tax breaks taken from them. many, insurance would have become unaffordable again. many would have become uninsured again. ultimately, everyone's premiums could have gone up. america would have gone backwards. that is not what we do. that is not what america does. we move forward. victory for hard-working americans all across this country whose lives will continue to become more
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secure in a changing economy because of this law. betty: a collapse in state insurance markets. we have learned at net is close to buying humana and could reach a deal this weekend. that is according to several people with knowledge of the manner. .etna they made a formal bid this week in the form of cash and stock all the exact offer details not available. any are puzzles will probably value human above the $28 million market cap. betty: the supreme court gave the obama administration a ruling of people who file
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housing discrimination suits do not have to show they were victims of intentional bias. a blow to lenders and insurers. the ruling was 5-4. the court that plaintiffs can race there case -- base their case. ministerszone finance have called it quits for today. greek officials will continue working with the country's creditors. the greek prime minister still sounded confident. isi think european history full of disagreement, negotiations, and compromises. after the government has agreed a proposal, i am confident we will compromise and it will help the eurozone and greece. greece's time is running out. the program expires next week in
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the country must pay $7.1 million by june 30. univision canceling its live broadcast of the miss usa pageant. mexicanrump derided immigrants in his campaign kickoff speech. univision says it is ending its relationship with the miss universe organization, which is partly owned by trump. alix: taylor slipped will put on appleharted album music. the move comes after she convinced apple to pay royalties for songs she played on its new streaming service. to debut a 30 set million -- with 30 million songs on june 30. the plan to withhold royalties during the free trial time has been criticized by the music industry. up, we hear from senator bernie sanders who makes his case for why he should be the democratic nominee for president. alix: and nike expected to
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release after today's closing bell. how its ties to basketball continue to drive results. nba draft.ght, the we discussed with the new york knicks might like and how they might use their salary to turn the team around. alix: all that and more coming up on the bloomberg market day. greenbergand appealing agent 15 court ruling that the terms of the federal bailout of aig were unfair but awarded no compensation to him or shareholders. betty: i followed the fight from the beginning. earlier, hank spoke to me exclusively about his reaction to the judge's ruling. to judgell due respect know, to suggest you know what a bankruptcy court
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would do and what the outcome would be is a little puzzling to me. there are many options at aig. they were being called on for collateral. a sovereignhave scene problem, they had a liquidity problem. the the rest of institutions had. they all had liquidity problems. morgan stanley got far more money from the fed that aig did. about 180 billion but they paid it all back and the government made $23 billion off of that transaction. if you did not have the authority to take equity, what -- theyd have done could have said to the , the securities or anythingling us
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but aaa rated. why would we respond to a collateral call? betty: that boils down to leadership, doesn't it? >> absolutely. to go toe going bankruptcy court, how do you bankruptcyat the court would do? aig did not have a sovereign cy problem. betty: you said before they had valuable assets. sold them could have to raise the money. of course they could have. they sold a i a later on. a huge value. every insurance company that aig sovereignty.e than they have plenty of collateral and assets. betty: are you going to seek
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redemption of your legal fees should you when this court? hank: i will. betty: are you funding this case alone? i know you are representing 275,000 shareholders but does anyone funding this with you? hank: a couple small good to reduce -- a couple small contributors. is ken teaming up with you? hank: he is. betty: but a small part of this. hank: that's right. betty: you and i have talked about this case for many years. hank: a few. betty: i know how much conviction you have. you will take this to the highest court if you need to. so, why? why is this so important to you? tell the world why is this so important to you? hank: i think our constitution is a sacred document.
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if the government overstepped its bounds in the executive branch, they have to be held accountable for it. without the constitution, what are we? what is the future of the country? if the government can overstep its bounds, they have to be held accountable. i am serious about that. this is not just conversation. betty: that was my exclusive conversation with hank greenberg about his appeal. alix: really feisty but he is also not alone. he is really front and center but it is not just him. betty: you know his style. he is annoyed that people keep talking about him and what he will get out of this. he says, i represent 275,000 shareholders is a lie and not alone. i am representing a huge group. he is also funding most of this on notes -- on his own but the revealed another man who never backs down as joined him in this
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as well. this is an undertaking by the government and they feel they should all be compensated. alix: thank you. coming up, senator bernie sand is responding to claire heaskill's criticism that cannot match up against clinton in the race for the white house. ♪
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betty: welcome back to the bloomberg market day. alix: let's go right to julie hyman. she is looking at how the health care sector is doing today. well: it is doing very today despite the fact the rest of the market has turned a little lower, health care remains a performer.
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it is also the best performing sector for the year. let's take a look at tenet healthcare to start things off. the hospital operator this morning saw a huge jump in shares. right now come up 12.6%. it is -- has climbed higher than the initial jump we saw in the session. we also see universal health, community health rally in today's session. bloomberg intelligence says community health could generate the most revenue related to the those stocks and are also climbing. basically, when the aca was instituted, it provided additional revenue sources for the hospitals in particular. they had a mandate when someone comes to them for treatment, they have to treat them whether or not they have insurance. now that more people are insured, they are collecting more money. i want to take a look at how
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stocks have done over the longer term since aca was instituted. this coming to us from bloomberg intelligence. you have a white line that is the managed care index, the index of health insurance. hospital index is the orange line and the s&p 500 index is the blue line. since aca was instituted, a pretty dramatic outperformance for those groups. let's turn to the health insurers. they did not see as big a bump today. we have some latebreaking news on aetna and humana from our deals team. aetna is closing in on an acquisition of humana. it seems like everyone in this industry has been mentioned as a possible acquirer in recent days. we will see you actually ends up teaming up. saw the hospital spike on the supreme court decision, we saw aetna -- humana spike once we got these headlines out. at aetnae a look
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shares. they are trading at a record today. cigna also. anthem up the most since last month. it is a pretty incredible day. is the gainsng have been so sustained given the speculation has now been brewing for several weeks. alix: and it is at a record high and that is supposed to be the acquirer and that is a rarity and we have seen that continue, especially in health care. thank you so much. betty: now look at the top stories crossing our terminal. the house of representatives passed a formative $50 million worker assistance measure, sending it to the president for his signature as part of a package for trade legislation. the trade adjustment assistance legislation continues, a program that helps u.s. workers who lose their jobs as a result of
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international trade. a big sticking point for the democrats. alix: another entry into the ever expanding field of republican presidential candidates. new jersey governor chris christie will officially join 2016rowded republican field on tuesday. the announcement will be and his hometown of livingston, new jersey. betty: not far from you. alix: are you going to go? betty: i am not here? no, i am not going to go. [laughter] presidential candidate bernie sand is received some harsh words from his colleagues. alix: joining us now, mark halperin. you had a chance to sit down with senator sanders earlier today we'll stop tell us about your interview. mark: iowa and new hampshire showing standers -- sanders of the vote. this morning, i asked senator mccaskill about sanders rise and
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when we sat down with sanders, i asked him about what his colleague said about him. morning, i asked senator mccaskill, your collie, about you and your chances. i want you to listen to what she said. senator mccaskill: i think the media is giving bernie a pass. i really read that he is a socialist. i think he would like to see medicare for all. he will back to see expansion of entitlements. he is not worried about debt at all. think iseone who i frankly against trade. he is against a lot of things. it is unrealistic in this day and age. like to stayyou away from personalities so let me ask you on the issues the senator raised and suggested were part of your socialist believes, guilty as charged?
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senator sanders: i find it surprising she says the media doesn't refer to me as a socialist. i am. do i believe in a medicare for all single-payer system? absolutely. do i believe in opposition to senator mccaskill ringing trade policies of air to the american worker and not just large corporations, i plead guilty. this is the first time a colleague has attacked me. you'll have to ask the senator why. and: as far as we know senator sanders know, this is the first time a democratic senator supporting hillary clinton has come after him and probably not a good when students. it comes at a time when our polls out today have arisen to get a quarter of the vote. 50%.s still about he is something of a threat to her. betty: it sounds like that. what about more room to grow for
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sanders? does he have more rim to grow? is still being creamed on foreign policy. he is not better amongst women. you will see tonight, i asked and can he close the gap. i think he still has room to grow and people are still getting to know him. alix: thank you so much. you can much more of the interview today at 5:00 eastern on "with all due respect you go betty: still ahead, stay with us. up next, we hear his take on today's decision. ♪
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betty: it was a monumental
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ruling. the u.s. supreme court upholding the subsidy that under president obama health care law. alix: gregg was at the scene outside the court earlier. discontinues business as usual because in new york, we had our own state exchange. we were not going to be affected. this is not change what we will do from day to day but as a nation, this is important because as we just talked about, the end of the subsidies would have been the debt spiral for the exchanges and the majority of the states in the country. we would have lost between six and 8 million people currently insured with subsidies. that has a catastrophic effect. eg: how would you describe obamacare's impact and what if anything needs to be changed? obamacare was not really
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about fundamental health care reform. it was about enhancing access, getting more people insurance. there are now 50 million more people insured today than were previously. what we have to deal with going forward is how are we going to bend the cost curve in health care? what are we going to do to make it more affordable? a means looking at where we are spending a lot of money now. thanks like end of life care, death paddles was the death of the discussion on what we will do about end-of-life care. we have some diseases costing the nation a fortune and will cost more in the future like alzheimer's and type. left to figure out how to bring effective drugs to market faster. with thoseealing questions now. finally, a big problem of what will we do about the cause of some of the new drugs coming on the market? those.ot afford
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with medicare, medicaid, commercial insurers not having adequate resources to pay for all of our health-care expenses, we have to bend the cost curve. we have decided to issues that have been tough. greg: dr. davis, at some point, this is one of those laws where it was not perfect in its initial stages. it has not been perfect in its implementation. has that impacted how it has given people access? clearly, it has. that is not surprising. every major piece of social distillation we have had as had have requiredat somewhat distillation thereafter to fix it. the tragedy here is the congress and executive branch are so dysfunctional that we're not able to overcome that and do the things and fix the things that need to be fixed. davis.that was dr. kent
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you but all about of the democrats are saying, this is it. we put the issue to rest. i am skeptical. alix: it is a difficult position for some republicans. what about the republicans that happened to be benefiting from obamacare and getting federal subsidies? how do you navigate those waters? betty: it is a congregated issue but at the least, you can bet some of these republicans will continue to talk about repealing it. alix: absolutely. thank you for being here. much more coming up on bloomberg market day. we are talking nike. ♪ we live in a pick and choose world.
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only at a sleep number store. right now, find the lowest prices of the season, with the c4 queen mattress set only $1499.98. know better sleep with sleep number. alix: welcome back to the bloomberg market day. let's take a look at the top headline. lululemon recalling the drawstrings used in over 300 house and hoodies -- 300,000
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hoodies. courts can snap back at their pulled. seven customers reported injuries. customers can remove the cord and lululemon will provide a non-elastic string to replace it. to build aking constellation of satellites to provide broadband services for the world. the company announced it raised by the hundred million dollars from a group of leading international companies. we spoke with virgin group founder richard branson. richard: most of my time is spent setting up non-for profits . he gave me this picture of connecting the 3 billion people who are not connected and he said you have virgin galactic and you can help us but the satellites up. themou can replenish
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within two hours notice and that it's something virgin galactic can do. it seems like a win all around. i was delighted to say yes. we became the founding shell. project,o funding the airbus and coca-cola. kroger has approved its first stock split in 16 years. the largest u.s. supermarket changed announced the 13% dividend increase. the company says it reflects the confidence in its growth prospects. in addition to the stock split, they'll pursue a new buyback program. the company has made 11.7 billion and share repurchase is since the start of 2000. macdonald says fewer people are picking soda for happiness. this is out of the restaurant chain stopped listing the drink as an option on menus. from 56% a year ago.
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the results were noted in a report commissioned by mcdonald's. that is a look at our top stories this afternoon. coming up, tonight is the nba draft. we will discuss how the next might use -- how the new york knicks might use their base to turn the team around. tender as part of an upcoming ipo. we give you the details on announcement. hospital shares are soaring thanks to today's supreme court decision. we will discuss how today's ruling affects the industry going forward. all that and more coming up on the bloomberg market day. one stock we are watching is nike which is due to report earnings after the close today. shares trading lower ahead of the release but report is shaping up to be solid. our bloomberg analyst covers the industry and joins us for more.
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guest: kind of a continuation of what happened last quarter. investors are going to look at domestic sales after a slight slowdown we had last quarter. conflict and labor there. we will look to see if it made it from the port into the course. expectations? a trade of 27 times versus a medium for the industry is about 18 times. are the expectations to lofty? chen: the category has been very strong for the last couple years. the number is 4% but if you take out the currency effect, it is the lower double digits. they are expecting higher growth. alix: what is the sport that is most important for nike? are:running and basketball the largest categories. foot locker, we felt 85% of our merchandise with nike. we are expecting to see a
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double-digit growth in basketball and maybe a little lighter on the running site. contracts $1 billion with the nba. how do you expect nike to leverage that? chen: for the first time, nike will have its logo on the jersey. id does did not have that right. it is one thing to have your logo on the jersey but it is another thing to keep their competitors off the jersey. the mba is the most international league we have. most of the exposure is outside the u.s.. it is very strong in china. the potential soccer scandal. what do you expect nike to say about that? the indictment of fisa officials faflects a deal -- fi officials reflects a deal with nike. chen: they will probably say they are cooperating with the authorities.
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only not much. alix: what kind of drag could this be for nike? chen: it happen many years ago and the investigation was before smartphones and everything. i don't much they will elaborate. alix: what will be the growth driver for nike competition? it is very stiff. skechers has been eating nike's lunch in terms of stock performance even though it is much smaller than nike. chen: skechers are a competitor but it is a different price point. they are in a similar price point but they lack the performance and have more of the fashion aspect. nike is part of the $120 market $350. can go up to i don't know if there are real competitor to get but you never know. alix: the largest takeover deal was in 2007. could skechers potentially or another company of its calaber
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--caliber be a potential acquisition target? chen: on one side yes, they can gain access into that market. the lower price point is something they don't have. they are large company that can create it on their own. i don't know if they need any distraction right now. alix: you sound so positive. what is the negative? chen: for the near future, positive trends. i went to the mall the other night and if you look around, every store that had acted where was the one that had the most shoppers. i think the transition is positive. for the future, i cannot really say anything negative. alix: thank you so much. it was great to get your perspective. nike earnings coming out after the closing bell. basketball is a big sport that nike is heavily invested in. recently announcing a contract
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with the nba. tonight, the league holds its draft in brooklyn and nobody knows what the new york knicks will do with the number four pick. phoenix are in dire need of talent after posting the worst season in franchise history. evan spoke with mark crumpton about the team's options. the lowest draft pick they have ads and they drafted patrick ewing. they have a lot of options. they can draft where they can get a pretty good player. in free agency, they have some options there as well. >> i told someone this sounds like a set up scene from that movie with kevin constant where youmove down and get what need before. they need a big man in the center. guest: there are some options there. there are a lot of other big guys there.
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there is willie from kentucky. a lot of big men here. frank will likely go further down in the draft. minnesota has options. they have a number one pick. guest: it certainly sounds like carl anthony. this is a deep draft. it is from people who have been following this, it is not like last year where there were two picks and it drops off. the top-tier is much bigger. these kids all of a sudden become millionaires. are they ready for that? depends. some handle it in different ways. $5 million starting salary for the number one pick. coming up on the bloomberg market day, taylor swift changes her tune and will now streamed music on apple. what that means for the industry. that ahead. ♪
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alix: time for a look at the markets. 15 minutes before the closing bell. let's head over to julie hyman. we were debating because of the sellout. goie: we saw stocks negative. that was right before we got the .atest greece headlines it seems to cast doubt on this. i don't know what those headlines did. they so many conflicting headlines. we are still seeing stocks not making a lot of headway here. we don't see big declines across the board. it could just he and manner thele not wanting this when
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question is still hovering. energy is weighing the most on the s&p 500 index today. is one of energy them. they have gotten a lot of negative ratings recently. analysts saying there is a lower as well for natural gas as far too much financial leverage. this reflects the negative commentary we have gotten about it. it is down 4% right now. i had a map of the analyst ratings. pay attention to the red. this is the number of cell ratings. this is not the highest number of cells we have seen since 2003 4 chesapeake energy. speaking of which, murphy was also downgraded.
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analysts saying the company has been cutting capital expenditures. that will weigh on production. frome flipside coming analyst commentary today, starbucks. piper jaffray reiterating this is a top pick for her. noticeable today is starbucks is trading at a record at a moment when the rest of the market is falling. she sees a nerd doubling of starbucks earnings over the next five years. she says her recent meeting with management only reinforces her bullish view. alix: that is able to call. julie: starbucks is a little like nike in that it is a stock that has done very well and the sentiment around it is still bullish. alix: thank you so much. not to a look at some of the top stories. travelns are expected to
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in big numbers is independence day thanks to a stronger economy and cheap gasoline. aaa says an estimated 41.9 million people plan to travel 50 miles or more from home during the holiday weekend yet my husband still wants to travel. that is the most since 2007 before the recession. the british open starts july 16. if he wins again, there is bigger paycheck waiting for him. the winner at saint andrews will when $1.8 billion. overall prize money as a sword soared to almost 10 million. the british-born actor was best john steedcret agent in the long-running television series. debuted in the u.s. in 1966. it continued for decades
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afterwards. was 93 years old. the creator of fox news channel will be sticking with the network. designed a new multiyear contract. he has been there since 1996. mr. ailes is 75 years old. investors looking for the one in the stock market may soon be unlocked. barry diller says it will spin off the match group in an initial public offering. up to a 20% stake is expected to be sold this year. joining us is cory johnson, editor at large. this is a very funky outfit you have on right now. they told me in the control room. cori: they told me it was good for radio. alix: why now for match.com? : buried in what has been acquiring a number of these dating services and lump them
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together into a company. we have seen quarterly result as part of the overall result. it is a business doing really well. in -- 950 million million in revenue in the last year. a very strong growth in terms of sales and revenues. alix: is that matches specific? okcupid, match, tender. if we look at the sales numbers, we see it is not only big, it is big and growing. they also have the princeton review. alix: not a dating site to be clear. if you look at the sales number four this company, you see revenues have been picking up steadily. the pace of growth has also been pretty impressive.
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last quarter was a down 13%. there are some currency adjustments. when you are doing $3 million a year and growing 14% every quarter, that is a powerful business. alix: what are they going to do with the cash and how much could that be? will sell said they 20% of the business. one reason is to shine a light on this business so they can see how big a business is and how the dynamic is better than some of the others. if you look at the operating profits for this dating business, it is unbelievable. most quarters in the last six, it is about 30% profits. you're doing operating profits of about 30% so that is about $200 million in profits every year. that is a powerful business. doingwhat do they end up with that cash? in some ways, they are an
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acquirer. cory: we can expect them to pay out of dividends. yes, they are something they are always working on. he is very clever when it comes this.ding ways to use alix: let's talk about another matchmaking deal. heror swift is now allowing 1980 nine album to be in itunes now. this the latest in the saga between apple and taylor swift as she pushed them to give to musicians. cory: spotify before. -- this was with spotify before. when apple came with their new music service, they were offering people a few months for free. she said she wanted to pull her
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while sheuse she felt is fine financially, she wanted to take a stand for the others who could use that revenue and apple has a lot of money. her belief was that all the artists should be paid when apple's sister beating music. they quickly turned around and decided they would pay for this trial period. and taylor swift is responding. it ends up being something that could have been a black eye for apple. now they can say we had this very popular artist and record and spotify doesn't. alix: they will still be paying fees to artists with the trial. a marketing expense. i think it is reasonable. these artists have created this thing of value for apple. they are not all making a lot of money out there. i think it is a reasonable thing and good on her for taking a
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stand on behalf of other musicians who were not as lucky as taylor swift. alix: thank you so much. love the jacket. [laughter] alix: don't forget to watch studio one point zero later today featuring dropbox ceo and cofounder drew houston. ahead, how health-care stocks are rallying in response to the supreme court decision to uphold obamacare and potential m&a. we will be right back. ♪
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alix: huge deal on the horizon and the health-care industry. at the closing in on an acquisition of humana. they made a formal bid this weekend any proposal will probably value humana above a $28 billion market cap. joining me is jason who covers equity research for medical and health-care services at bloomberg.
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this is like a love triangle of the health insurers. dealpart of this potential is offensive versus offensive? jason: net is being offense of the highest advantage plans. they wanted to get into this market but at the same time, cigna is potentially at play because anthem is bidding for cigna and cigna may be interested in humana on a more defensive note. alix: meaning and then, get off our backs. rhat kind of bidding wa might we expect to see? jason: if cigna once to make a bit come anthem would have to come back and make a higher bid for cigna. cigna said they would want their ceo to run the new company. it could be the bid is not high enough. aetna may come back and say he manages a great company and they have these high rated plans. you could see some sort of
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bidding war here. alix: a really big move in stocks because the supreme court ruled on the affordable care act. we are rolling in part for that. also joining us is brian. -- what is the next catalyst for the health care group now that the supreme court ruling is off its back? ryan: i think we will shift into the campaign season. a lot of republicans probably opposed the decision itself. the court gave them a chance to breathe a little easier. it will save them from having to engage in a very intense and highly publicized battle about how to respond if the decision had gone in the other direction. for republican presidential candidates, in their minds, this law is still wrong and it does
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uphold very well. the campaign is giving them a new talking point. if you want this change come you cannot really rely on the courts and you will not get change with president obama so we need to get a republican in the white house. whether or not that plays itself out is another story. that is something i think he will continue to hear on the campaign trail. alix: does this mean anything for the health insurance? they were already trying to pair up before the decision. would they lose customers? jason: for them, it is that certainty. now, this cloud of potential faults that could have lost insurance and basically it would leadbeen a sicker patients. it could have been highly health care cost. ensures they will not face that. they could go full steam ahead with this activity.
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it could be the same for hospitals in that they don't have to worry about this and they can go forward in and lamenting new models. alix: the hospital earnings were this deal.ed on thank you so much. it was a big day for health care. coming up on the bloomberg market day, we will count you down to the closing bell. the dell off by 61 points. the s&p off for and we are waiting earnings from nike. ♪
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alix: we are away from the closing bell.
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you are looking at stocks closing lower for a second day in a row. the dow off by 70 points. grindl it was a slow lower. energy leading the decline, the sectors down as well as well. the average off by 1.5% for the week. moving lower as we have no resolution from greece. joining me now is joe weisenthal. we do have one potential headline. valiant is making an approach zoetis.hat is -- guest: another pharmaceutical. i'm shocked. alix:

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