coming up, an exclusive interview with one of the smartest and most successful commodity investors. --via: and obama's specific obama's pacific trade deal, he does not -- he has not won the trade wars just yet. pimm: the latest blue apron is seeking valuation and there are more than 100 companies out -- thesese days, worth days worth more than $1 billion, can they really be worth so much? olivia: good morning, and welcome to the blooper and -- the bloomberg markets. the: let's take a look at markets right now, let's take a look at u.s. equities, they

rallied today, then dow jones was up, and the s&p 500 went up as well. olivia: are we going to look at currency markets? maybe not. let's take a look at job headlines going across the bloomberg terminal at this hour, this is at the throttle of that amtrak train that crashed, they say the train was going 106 miles per hour before it derailed. this was more than double the speed limit. lawyer says he told nbc news -- lawyer told abc says het he remembers breaking right before the crash. we have had positive train control for many, many years, and congress has mandated that these safety systems be installed by the end of this year, so we are very keen on

positive train control and based on what we know right now, we believe that had it been installed in this particular section of track, this accident would not have occurred. olivia: this has already been installed on most of the rain while -- rail lines between washington and new york. and today president obama obama is meeting with the leaders of six persian gulf nations. they're currently meeting in maryland over iran's nuclear program. were several other members of the saudi arabia and royal family in the saudi king's place. president obama is getting another chance with the asian trade bill today. this is after democratic leaders look for a compromise. this was speed approval of the asian trade of proof -- trade

approval. they will vote today on to related bills that democrats want to vote on today. senator warren widen -- senator :on wyden called this thisor whiten: -- wyden: will help our country to create more jobs across my state and across the land. olivia: many democrats have said that the asian trade deal would be a bad one for american workers, and they say it will cost american jobs and depress american wages. pimm: the u.s. dollar has increased for nine consecutive months through march, and now, it has fallen to the lowest level in almost four months, so what is responsible? bad retail sales. this may undermine the federal reserve's move to create interest rates. 20%, and thellied

currency is down 4% in the last month versus its trading partners. flying on corporate jets may be faster and more efficient than flying commercial, but it appears to be more dangerous. bloomberg news analyzed aviation records, and pilots skipped safetybasic hazard -- procedures and overlook basic hazards and there have been five times more fatal hazards on corporate jets and on commercial passenger airliners. and it is a week to remember in the art world. last night in new york, christie's had its second mega auction in two days. they had auction $1.4 billion worth of art. sotheby's competitors says wealthy buyers are turning their excess cash into art.

those are your top stories. in the still to come next hour of the bloomberg market day, we will look at the trade bill this afternoon and a live update from our bureau in d.c. pimm: plus, an interview with the man behind the biggest copyright case, kim.com. , fitbit, andber snapchat are worth billions of dollars, but are they really worth that much? venture capitalists roger mcabee will be here and we're looking forward to it. pimm: those stories ahead, more on the hour. now on commodities, bloomberg west to show you a chart that we haven't commodities index, we have seen the beginnings of a recovery over the past few months, so let's find out what the experts

have to say so there was a meeting in midtown manhattan regarding this. going to talk about all of that contact and go back where youst interview said long palladium and short platinum, now that was three years ago, but what do you think now? andortunately, it worked, we think that for the most part, in terms of where it is valued today, it is due to chinese investment command -- investment demand. this is one of the scarcest elements of the earth that it -- earth and it costs more than haveto produce and it will

a 60% discount over the next year, so platinum versus gold is a better investment value. >> many people have said this is from the real estate move their incident stocks? dwight: about a million ounces a year and a six ounce market, and the chinese were buying similar to the demand in gold. something that will probably turn around in the short-term, in the next few weeks or months, that over the next 12 months, we speak about so ifical inevitability, something has to move forward in these costs, that could create an elegant return. >> agricultural stocks something you are focusing on right now? they are dwight: farming stocks out there that are moved to asia crisis levels, so whether it is actually farming stocks in brazil, or

others which are trading at half according to analysts, the underlying estimates are of what -- estimates of what their land is worth, you have brookings returns and assets returning with a really solid management team and there are really more controversy all stock, which is corp. aivia>> many people say that is fraud. has phenomenal backing in singapore and it has .urvived and while noble corp has taken a huge hit, it is a country that is balancing its earnings and i think it has a really interesting value at this time.

oil prices, where are they going to be at the year's and? end?ar's dwight: over this year, given the amount of oil in storage and uncompleted wells, i think there is very limited upside for the balance this year. there is limited upside, i regret to see this in the prices? wight: there is a good number of them being turnaround -- being turned around in the maintenance season, so we should see those margins come off, so in the fall, i would expect those crude prices to be weaker. >> how about iron ore? : iron or is one where all of the companies around the globe are trying to get involved in a project of the same time,

and with the asian demand slowing, they are about at 55 right now, and to balance the market and to force the margins to play around, we will have to lower to about $40. says thatinhorn fracking needs to go, he hates that business, what do you think? that david did some interesting work and took a look at what the numbers had been, and one of the tough evaluate,to really are the curves of what those and that really are, fracking itself, the productivity, is going to offer a real interest and return for those who are interested. >> is he wrong? i think the productivity might overcome the historical thesis. >> dwight, it is always a pleasure to have you on, dwight

anderson, of osprey. stephanie ruhle will be at the conference in manhattan all day with everybody you want to heal from -- to hear from in the commodities world. -- pimm: he believes that david einhorn is wrong. olivia: he is not calling him a mother frack are. -- fracker. pimm: no. up, we and coming discussed the u.s. senate to vote on the trade bill. ♪

olivia: welcome to the bloomberg markets, i am olivia stern. pimm: and i'm pimm fox.

new report says that inflation is well under control, and unexpectedly fell last month, and the consumer price index fell in after april. the big reason is lower energy and food prices. a report today says that fewer americans than expected filed for unemployment and if it's. -- an up limit benefits. unemployment benefits. and sales picked up in march and kol's,or calls -- for kohl's, and before today, the stock was up 28%. bombardiery a --

cuts a most 1800 jobs. those are some of your top jobs. let's go to julie hyman with a look at what is happening in the markets. wanted to check on some of the big movers in today's session, and we have been talking about kohl's and also, jcpenney's shares were falling sharply coming out of the earnings report. just like what we saw with kohl's and macy's, cost sales were missing analysts estimates. sales were up 3.4%, analysts were looking for gains of three and a half percent -- 3.5%, but it really goes to the idea that jcp should be further along on is turnaround plan right now according to analysts and investors. take a look at harley, it is one of the worst investors and it -- harleybout 4%

davidson, it is one of the worst investors and it was down about 4%. you remembernt, if fell yesterday, after it's upgraded over neutral from bank of america, nevertheless, neutral is not a ringing endorsement. bank of america and merrill lynch were making that call citing the improvement of outlook for the u.s. dollar in terms of it going down. monsanto's move for syngenta signals more consolidation in the industry. back to you guys. pimm: thank you very much, julie hyman in the newsroom. the senate votes to advance president obama's foreign trade agreement. this comes days after fellow democrats blocked consideration of a bill to give him fast-track authority. olivia: peter cook, washington

chief correspondent joins us now. peter, what changed? we had a few democrats go over to the white house after that vote and they had a conversation with the commander of chief and had a change of tune, this is happened before. this was a pretty embarrassing moment for the president of the white house on tuesday, but now we are back and have to preliminary votes today, and the democrats wanted to have votes on these, and the main vote will be at 2:00 today. that is once again to move on the fast-track trade authority legislation, he needs 60 votes, and based on the last 48 hours, it looks like the president is going to get that. pimm: peter, is this just symbolic that the democrats and the senate will just come out and say we are not going to vote on abbott the second time it is that but thete on second time is a charm?

they are embarrassing their own president and i think that just highlights the democratic divide. by choosing on backing their president and fighting, to some agenda,the free trade they chose to fight it and embarrass their president. this is what is happening right now and the democratic party, and the president is going to get it together in the senate, so will it prevail in the house as well, does he move these trade deals with the pacific rim and europe? these are significant trade agreements and it would be a significant legacy piece for his economic agenda. olivia: i just wanted to ask you about the summit of gulf leaders taking place at camp david right now, the saudi monarch decided not to show up and sent others in his place. does that undermined the effectiveness of the conference? the white house is trying

to play good face on it saying that the white house has shown up at camp david to meet with the president. no doubt they will be talking about very serious issues. agreement,nuclear the fighting taking place in yemen, the threat from isil, but this is not the summit that the president first advertised a few weeks ago. this is a disappointment in terms of the final imprint, if you will, but the president said that something will be achieved, so we will hear more when it is wrapped up this afternoon. we will know more at that point, but this is not the summit, olivia, that he was hoping for just a few weeks ago. pimm: we want to thank our chief washington correspondent peter cook. we know that you are going to tell us about that vote later on today. olivia: next up, we take you into the famed manson -- mansion stick around,d

emily chang has an interview you won't want to miss. ♪

pimm: all right, tonight on the next edition of "studio 1.0," emily chang travels to auckland, new zealand two interview kim dotcom, and he is also the biggest copyright case holder in the nine states -- in the united states. olivia: here is a sneak peek. what aboutmily: julian assange, how closer you are to him? kim dotcom he puts --kim dotcom:

he puts a spotlight on the big issues. emily: what is your relationship to him? kim dotcom: what does it matter? [laughter] guysotcom: i like these and they themselves on the line for the betterment of all of us, so yes, i love to talk to them. you say you're going to be running for a political party in the u.s. in 2016? kim dotcom: there are a big group of people who want a lot to go on, they want their privacy back, they want their internet freedom. emily: you tweeted you are going to be hillary's biggest nightmare in 2016. how so? kim dotcom: i think it will be more julian. [laughter] kim dotcom: there will be roadblocks for her, so if i can provide some transparency with these people and make them part of what the internet party stands for, then i will be happy

to do that. your say that julian assange will be hillary's worst nightmare in 2016? how so? kim dotcom: well, he has access to information. emily: what information? kim dotcom: i don't know the specifics. emily: why hillary? kim dotcom: julian hates hillary. emily: and she signed her extradition request. so you have a bone to pick with her? kim dotcom: the crazy thing is that i actually like hillary, i like obama, it is just so crazy that all of this happened. pimm: all right, bloomberg west anchor joins us now, emily chang, what is the latest on the u.s.'s attempt to extradite kim dotcom? emily: a lot of speculation going on right now on what julian could have on hillary right now, but the extradition

was moved several times, and it was moved back to september, so there is a lot of doubt that this case will ever go to trial. it is an extremely difficult case to prosecute. people in hollywood disagree, but legal experts that we have been talking to say that it is going to be very difficult to prosecute kim dotcom, the middleman, when it was really the up loaders who are putting the illegal and pirated movies online, and these of the people who need to be supposedly punished, but here we are hearing extradition is moving back to september. olivia: emily, very cool interview, kim dotcom talking a lot of talk, but what is your big take away? what was it like? emily: my take away was that he is actually a smart guy. he has a solid argument as to why he should not be

responsible, on the other hand, he is a guy who has paid people to put up popular content. what is popular? movies and music that you cannot buy for free. it is going to be very difficult to get him out of new zealand, not only for the u.s. to extradite him, but the nation of new zealand has to agree. pimm: thank you so much, emily chang. don't miss the whole episode of "studio 1.0" with emily chang. 7:30 p.m.tonight at eastern time. tune in this evening. olivia: thank you, i will be back tomorrow. pimm: more on the markets, next. ♪

just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. pimm: welcome back to bloomberg markets, i am pimm fox. let's look at the top stories of this hour.

the engineer that was at the controls of the train a crashed in philadelphia does not remember anything about the crash. his lawyer said he suffered a concussion, head, and leg injuries when the train derailed. investigators want to know why peras going over 100 miles hour when it went off the rails in philadelphia, it was more than twice the speed limit. it killed seven and injured over 200. at bloomberg news looked u.s. aviation records and found repeated examples of pilots on smaller jets skipping safety checks and working extremely long hours or overlooking basic hazards. it all has to do with how much pressure the crews are under. the airline world, the pilot is insulated from pressure, and that is by design. you don't want an angry passenger in the back to be on the back of your mind when you

are deciding to lead in a storm or not, but in the corporate world, especially when you have a real high dollar passenger in plane, thoseour pressures increase. we have seen those accidents happen. pimm: in the last 15 years, there have been five times more fatal accident on high and turboprop corporate jets than on commercial passenger airliners. and the u.s. senate, after personal appeals of u.s. president obama, votes on the asian trade pact. they voted a few days ago that would have given the president these trade control deals, but voted it down, and today they will vote whether to give the president authority to beat up approval of the trade deal. and those are the top stories. markets, whenerg

do targeted ads go from informative to interest of? -- intrusive? and frito-lay is letting customers design their own packages. go ahead, get your smart phones ready. and carson block will be ,peaking with stephanie ruhle and she will ask him if he is shorting any energy companies. for the very latest, let's go to bloomberg's john farrell, he is -- jon ferro, he is live in london. the we move higher by 2% on benchmark, and that is the situation with equities, and let me take you to the board, it is on my bloomberg terminal, and

today, we finish pretty much dead flat. this comes from a session high of about 7.5%, finishing the day down. the story all day has been that weaker dollar, and on the euro, we roll over, and at 1.1358.of the day, give upover and we ofse gangs of 15748 -- gains 1.5748. the story today is the euro strength. but here is the big story, king dollar is not dead. the forecast for the dollar is 1.05, and the forecast shows that while the dollar has been

showing the weakness, the big bullishally -- dollar rally has not given up just yet. pimm: they are called it unicorns because once they were rare, but now, not so much. these companies are worth more than $1.5 billion, and include companies like uber, fitbit, and step jet -- snapchat. are all unicorns created equal? are joined by the cofounder of elevation partners and he joins us now to share his insight, roger, thank you so much for being here. tell us about these billion-dollar or more private companies. these are based on fundraising, maybe it is not real money? it is real money because people are writing checks with

on whatever percentage of the company you get at those valuations. clearly, there is something going on here that we have never seen before. there are private companies with billion-dollar valuations, facebook was there, twitter was there, but now there are more than 100. that is clearly without precedent. clearly, it is speculative mania by venture capitalist, but every company built on the back of americans has been built by people have speculative mania. that is what started the railroads. weep with all of this money into it, and the good news is, after the market corrects or corrects, you have this great new industry. i do think what we have going on now is from an american standpoint, a really exciting thing. personally, i look at this as an

investor and i say, wait a sec, i don't think is going on without interruption. pimm: when someone comes to roger and says, you know what? there is this company and we would love you to participate, what are some of the things in the checklist that makes you say, yeah, i will participate. roger: notwithstanding the unusual personality of the ceo, the service is usually personally -- is universally loved, and it has plowed the regulatory barriers very easily. uber,t know how to value 50 billion seems like a big number, but i could imagine a scenario where it is worth that much. within a list of 100, there is bound to be a few where we said, wow, where is that socket -- sock puppet?

some of these will not work out well. excited,estors get too at least we will wind up with a look atstry, so when i these now, i am looking at them all and say, i am going to wait. it is not because i don't think but are great companies, my 33 years in investor technology tells me there will be a good one at a lower valuation. markets go up in market -- go up and markets go down. things to grow to the sky. pimm: let me give you a thing, let's talk fitbit. if i understand the market, it will do over $4 billion in revenue this year and it has carved a position beneath apple in the wellness market. the problem with a product is that the data it gives you is not accurate. the good news of the product is the social experience is

marvelous. people really do use it and they really do love it. how do you value a situation like that? they're going to have to be cheaper than apple and you're going to have to watch over apple coming down and essentially grabbing their price point. i am personally a shareholder victim. i would like to see what they can do with it. how is this going to turn out? i don't have a clue. once it is public, things may go up and things may go down, but i don't know if that is what is going to happen. pimm: is there a unicorn out there that you don't want to play leapfrog with? sure there is one other today, and so i'm sure that there is a yes. -- this is about which that about applying technology to other sectors of the technology -- other sectors and thinking

about it. look at huber. -- uber. that has changed transportation. some of these are not going to end up in the s&p 500, but maybe the dow. the chance that we are going to have 100 of them rounds 20 -- rounds to zero. pimm: aol? toer: their best case was verizon,ay, and faor they want to get some technology mojo that they haven't had. i think that is highly unlikely that they will get that. culturally, the notion that they are going to adopt "huffington post" textile culture at verizon, i wouldn't count on it. most big deals don't work out

for the buyer, but it is a great day for the aol shareholder and for the buyer there -- shareholder there. julielet's go over to hyman with breaking news on avon. julie: avon is shopping around party,has a interested considering that the last trade for avon was under seven capital isain, ptg making this offer, which is a nonbinding offer. in other words, when you tend to see a surge in shares, you can trigger a halt, so the shares are not trading at this moment, but you do see a spike in those shares before the halt, but the shares were up at about 4.5% before that halt happened. i also want to mention other breaking news, and that involves pimco.

officer willancial be leaving the firm and oversee the liquidation of some of pimco's stock funds. it will oversee some active dividend and long short funds, but this is significant because pimco has tried to get a little bit more decisively into the equity business. it is known by merely as a bond shop. with her leaving, does that signify a significant pull back? a little double-header here for you, pimm. pimm: well done, julie hyman, avon and pimco changes to start. and just how accurate are those targeted facebook ads? ♪

pimm: welcome back to the bloomberg market day, i am pimm fox. let's begin some of the top stories that are crossing the terminal right now. it is one more thing for the federal reserve to consider when they debate raising interest rates. inflation at the wholesale level and effectively fell 4/10 of a percent last month. lowering food and energy prices are responsible for the decline. and a turnaround plan for jcpenney. first-quarter sales growth missed estimates and the ceo has tried to stabilize jcpenney by bringing back promotions and reviving private brands. but yet, the chain has yet to consistently post profits. and maybe american viewers are getting tired of reality tv.

amazon is dropping several programs, including "mob wives" and "teen moms." they will buy it shows from other suppliers. other networks that rely heavily aboutse programs are down -- are down. executive hasief left the firm. childs is taken over -- has taken over, and joins us on the phone. tell us about who is leaving and what it means? mary: there are a couple departures, and the biggest is maisonneuve.

they have been working on this for years, but it has failed to get traction. if you don't get your name and brand established as a manager, that shows it is tough to convince investors to come over for equities as well. they are not giving up on equities in this move, it is a kind of reshuffling and focusing on what works. i think they would tell you that. they are trying to double down on this relationship with research affiliates and other equity strategies, but they are liquidating to funds and -- two funds, and they are going to scrap it already. pimm: mary, can you describe what has happened at pimco since bill gross has left the firm and now this seemingly downplaying of their equity growth strategy? mary: yeah, so they have had massive outflows, we have been

tracking more than $110 billion out of that main fund that bill gross used to manage. they went from being the world's biggest fund to just having a very big fund. they have had a rough year from that perspective. investors are still wary, they have taken them off watch lists in some cases, and feeling a little bit better, but i think investors are still very concerned about all of the turmoil and they want to make sure that they are in safe hands. a reshuffling may not be a bad thing in terms of making people feel like they are keeping an eye on strategies, but at the same time, you want consistency, and that is not what investors are seeing. pimm: mary, all right, so we the chief investment officer is leaving equities at pimco, does this mean that they are now going to be seeing

further exits of managers of specific funds that focused on equities? of the think the teams funds that are liquidating, yes, they are definitely going. as first the rest of pimco, it has been an uphill battle, it always has been, there have been some cultural differences. but the main thing that we have heard for a wild it -- for a while is that she was having a hard time getting traction and getting people to take the stocks in the right way. i am not sure in where her views differed, but they had hard time in making it kind of go. it was not a surprise that she exited, but investors are not to be elated. pimm: thank you very bloomberg's ofy childs on the departure the chief investment officer for equities at pimco.

still ahead on the bloomberg market day, frito-lay is looking to supercharge sales of its frito-lay's potato chips. one away is customized bags. -- one way is customized bags. we will tell you about it, next. ♪

have frito-lay thinks they found a way to sell more lays potato chips. they are letting you design the packaging. well, sort of. they are allowing you to upload a personal picture and a phrase, the theme is, "summer moments." they will then upload the pictures and put them on the bags and shipped them to your location. -- of narcissism mixed with limited supply. >> of course we are going to be

doing this, this is a great idea, how to personalize something that is very impersonal, right? of potato chips, you can upload a photograph, there are going to be 10,000 banks made, they say if you do this now, it will be shipped to your location at the time of fourth of july. you have to be careful, because they are going to review every picture in terms of taste. ofty: this is in terms trends in retail and the food industries, so it reminds me a little bit of mcdonald's. not that they are putting photos on burgers. pimm: not yet. like coca-cola, with that campaign where they had that name of the individual on the bottle? it was like as a kid when you bought those license plates with your name for your bicycle. arey: exactly, they fighting a deeper and deeper

connection with their consumers, they are demanding more from their brands, and they want to feel, particularly millenials, more connected. they want to feel the story behind those brands and they feel like they are really engaged with them. pimm: i does want to know what you're going to talk about when you're coming up on the program? betty: this is a completely different topic, but the senate looks like it is going to vote on this, we have richard dobbs who just wrote a book on this, and he has talked quite a bit about global trade and how that is one of the destructors -- disruptors in this economy, so he is going to be joining me on that. world and it is going to be one of the biggest issues in the united states. pimm: i sense a botox moment coming on. [laughter] continue,re going to thank you very much, that is

betty liu, and let's go to julie hyman in the newsroom. julie: thank you so much, pimm, and indeed, we are approaching the top of the hour, and so let's get a look on the overall markets and where they are trading right now. all three averages are getting closer to a 1% gain, the s&p up three quarters of percent, the nasdaq is doing the best in technology leads gains today, and joining me is james who is a and itist with keene, will start off by looking at the broad markets today, we are seeing a sort of a reversal and the bond market, and that seems to be helping stocks as well, but what are traders looking at? we are not seeing a lot flowrge institutional coming through here and taking a stance in either direction, however, when we look at the broader market, we see futures

testing back into that range nearly all-time highs. as i see the markets moving higher here, i kind of want to stick with that momentum. and at such a low level, i can buy protection for a relatively cheap amount of premium. julie: interesting, and i want to focus on one stock in which not one a trade, and that we talk a lot about in these segments because it does not tend to be as volatile as necessarily as some of the others. i saw some bullish activity yesterday, walk me through that? creditsuisse does not usually have these kind of volatility, yesterday, higher, and traded most of it was over 12,000

contracts that traded by the end of the day and almost all of them were bought, so some of these institutional players are taking a stance here on credit suisse. we saw a very nice pop in those options. people started to buy them at around $.62 and they close around $.80. what do youie: recommend people to do to take advantage of the situation? eight calls for $.80, but there is unlimited upside. julie: james, thank you so much, don't go anywhere. there will be more bloomberg market day after the break. ♪

pimm: all right, good afternoon, it is 9:00 a.m. in san francisco, new here in new york, and midnight in london.

betty: and more information on the speeding train it crashed near philadelphia, the engineer says he does not remember the crash. pimm: and the senate will take a key vote on trade bills today. senators hammered out a compromise after democrats eventually stalled -- initially stalled legislation. we will have the latest from washington. betty: and we will get a preview of the new book about elon musk and about how spacex nearly killed tesla. pimm: all right, let's go to julie hyman at the markets desk for some breaking news on avon, no julie, what is going on? julie: we