five years old and it's one of the most valuable startups at her. investors say it has nowhere to go but up. oilivia: meg whitman tells us why she decided to split up her company. pimm: and check this out. this is a $237,000 watch. we have the gentleman behind this timepiece. ♪ oilivia: good morning. i'm olivia sterns. pimm: and i'm pimm fox. we are 90 date -- 90 minutes into the trading day. let's take a look at the stock market. a lot of buying going on. assent of as of percent. big banks are leading the gains, j.p. morgan chase, alls fargo, all of at least

percent. that is a gain of more than half a percent. let's take a look at some of the headlines. grease continuing to dominate the headlines today. the oecd cutting its forecast, bulimia part the risk of a greek default. -- hanschols joined us nichols joins us from london. his is their best and final offer, perhaps? that could beach week a little. ase offer that mr. tsipr creditors, that does not appear to be operative. mario draghi, the ecb president, said he wants a strong resolution to greece and he maybe hinted that the ecb would be looking a little more closely at how they are lending to the greek banks. they may impose deeper haircuts on the collateral they accept from greek banks under the

emergency liquidity assistance. all eyes are down to this meeting tonight. be jean-claude juncker will presenting the plan to mr. tsipras. the germans are saying they want to see progress, but that they are quite far away and the very content of the greek proposal suggest they have a lot more work to do. pimm: just a question about the politics involved, let's is a get some kind of agreement and the greek public doesn't like it . is it possible to have to renegotiate it has greece might get a new government? hans: you could have a new parliamentary majority and you could also have members of the opposition party help mr. the press -- mr. tsipras pass something. it may be too late for a referendum. it would likely come down to a parliamentary vote. pimm: thank you very much. consumers may be holding back

the service sector. service industry has expanded at the slowest pace in 13 months. the nonmanufacturing index came in lower than estimates. up 90% of the economy. consumers have been saving the money from paying lower gasoline prices rather than going out and spending it all. olivia: wendy's will buy back $1.4 billion in stock. part of the buyback will include a portion of the state owned by its largest shareholder. stepping upis shareholder rewards at a time when fast food competition is intensifying. and jamie dimon helped build two of the world's largest banks. that has made jpmorgan ceo one of the rarest managers. is $1.4 billion and a must-have of that is in jpmorgan.. -- in jpmorgan stock.

by a sale ofarted $110 million in citigroup shares. he helped create citigroup before being forced out. pimm: coming up in the next hour of the bloomberg market day, today marks the five-year -- fifth anniversary of growth for uber. we will talk about how it can maintain it rapid pace of growth. and make with -- meg whitman is pretty more industry consolidation. details on that and her plan to revamp to live packard. bloomberg exclusive interview. and in just a few minutes we will show you one of the world's most expensive timepieces. these stories and more coming up on the bloomberg markets a. olivia: shares of sorrento therapeutics are up 150% in the past 12 months. in the s&p isdex up just over 20%. pimm: it has been just over a

year since janet yellen warned of stressed by uh and in biotech stocks. investors who heeded her warnings missed out on some very large gains. can the sector continue to outperform? olivia: joining us now is sorrento's president and ceo. he joins us from the global health care conference here in new york. it has been a busy month for sorrento. you sold off the rights to symbolic for $1.3 million. it's a promising new job -- new drug to treat a number of cancers. why did you sell it? it is a blockbuster drug. teamve the collaboration

that knows how to move the drug forward, especially in a way that can be beneficial for the patient and the payers. pimm: i wonder if you can describe for us the work you are doing in the area of breast cancer. doctor: we have chemotherapy that can be useful for treating breast cancer patients. ,e also have the immunotherapy that weng of antibodies are focusing on primarily. we with our collaborators have it off the shelf and it's very powerful in killing the tumor cells. in,: i just want to break because people may not easily with all of these terms. can you describe this idea of an antibody library, or an antibody

, and maybe just take a 30,000 foot view so we can understand it. doctor: we have basically taken the human lymphocytes and isolated the genes out of the lymphocytes and have used gene cloning to put all of these antibody genes into a library that become a rich source for the discovery of antibodies from the library. we call that gina. -- g-map. it is the largest collection of human therapeutic antibodies. we have the best screening technology for the g-map technologies. olivia: given the incredible run your stock prices have had, a lot of eyebrows have risen.

a lot of people may suggest you are a takeover target. have you had any talks with potential buyers? are you interested in selling? doctor: there always discussions. our company is very undervalued at this moment, because that stages.ets in various --have in me know checkpoint andno checkpoint inhibitors therapies.ing the -- intobig into a very powerful platform of immunotherapy. and dealing with infectious disease. -- our goal is to

make sure we increase the shareholder value before anyone comes in to take over. olivia: clearly, you have been doing that. thank you for joining us from the jeffries global health care conference. pimm: still ahead on the bloomberg market day, david pl ouffe on how to stay ahead of the competition. and what uber moves are in hoover's future as it celebrates its fifth birthday. ♪

olivia: welcome back. i'm olivia sterns. pimm: and i'm pimm fox. stock moving higher today. -- news, butoves we are waiting for the unemployment report on friday. invia: we had a little rally the market and better than expected numbers coming out of the adp report this morning, the private report on hiring. and as been said, we are focused on the government report on friday. we did see a slowdown in the non-isn numbers. tom: we are going to go bloombergs julie hyman for a look at what is happening right now. julie: you bet cover the macro and i will cover the micro. if you look at the stock reaction in wendy's after it

announced it was going to prepurchase, or planned to purges one -- three point $4 billion of its own stock, we are seeing the stock -- plans to repurchase $1.4 billion of its own stock, we are seeing the stock move up. when you've is now the number three burger chain. burger king remained it never to position. burger king however, is no longer publicly traded. and wendy's has outperformed mcdonald's, which has been struggling. check out vera bradley today. those shares falling below the ipo price of $16 per share. now down 10%. the company cut its forecast. it was an interesting commentary from the ceo in the earnings opening statement. first of all, pointing out the company did not offer as many sales. on the one hand, that helped margins, but it hurt traffic. said we are the ceo not attracting new customers to

-- enough new customers to the brand. obviously, that's a problem stop -- that's a problem. sure exactly what is going on here, but there was a note out from cleveland research on ch robinson. it has a neutral rating on the stock, but also talks about the being relatively positive and that the stock would do well at least in the shorter term. those shares are up by about 5%. olivia: thanks, julie hyman. now we look at some of the stories crossing the bloomberg terminal this morning. oil prices shot up briefly after the government's report on crude inventory 45 minutes ago. julie also broke those for us. and stockpiles rose for the fifth straight week -- i'm sorry, stockpiles fell for the fifth straight week. that is the longest decline since last july. thel oil inventories remain

lowest we've seen in 80 years. those designed to make the industry safer have also made markets last quick -- less liquid. it is the biggest donation harvard has ever gotten. john paulson has given harvard's engineering school $400 million. in return, harvard will name the school after him. i hope so. paulson didn't get an engineering degree at harvard, but went to the business school there. those are the top stories this morning. pimm: uber is celebrating its fifth birthday and it's unlikely it will slow down anytime soon. in 300 cities in 68 countries and have evaluation of $50 billion. plouffewe asked david

about his plans. david: we have to continue to innovate and do even better. -- and ourhe service drivers are remarkable, as you know. they provide a good service a very friendly, very attuned to customer needs. we have to continue to innovate. right now, we are experimenting with food on-demand. youranie: do you think existing products need to improve? there are many in new york city that things -- that think that is they've got bigger and more successful, dry times are longer and cars are not as nice. should you switch back a bit? david: we are trying to improve everyday, but the numbers tell a story that we continue to grow continuing toople make a decision not to drive themselves, maybe even to ditch a car because they do not want the liability. we want to bring the service up

and bring it to more people. that is where something like where you-- pool bring that price point down low has existedooling for years. and our drivers are doing a remarkable job out there. any company has to get better, has to innovate. we will be in heated competition. of the big mover at uber is how we can help. we want to reduce congestion. we want to have more and more people make the decision not to own a car. david plouffe with our own erik schatzker and stephanie ruhle. what about the next five years? olivia: here to tell us how uber's experiment in food delivery and self driving cars

and more, sarah frier joins us from san francisco. give us a sense of what uber thinks it will look like five years from now at age 10. such: the reason uber has an incredible violation is that it is still a logistics company. because it has figured out how to deliver cars to drivers who want them on demand, what else ,an they deliver on-demand food, furniture, experiences? the possibilities are endless. in the next five years, they will be battling different kinds of competitors. since they've started, it hasn't been easy, but they have battled regulators, the taxi industry, local governments. now it will be more about google and amazon. is uber profitable? sarah: no, not yet. they're constantly raising money

and they have a very expensive business to run. it's about getting drivers on the road, but also getting prices cheap enough that consumers who aren't used to i willt will want to say use this because it is cheaper than owning a car or taking a cap. it is -- taking a cab. gottenbout owning a right now. for now, you can share a ride anywhere in entrances for seven dollars. -- in san francisco for seven dollars. olivia: you raise a great point, that clearly there is tension between the fact that huber said it is creating -- uber said it is trading tens of thousands of jobs and developing driverless cars. sarah: driverless cars are becoming more and more of a reality not only from google, but the car companies and selves. -- car companies themselves. that is maybe 20 years or so

down the line that it will really be at scale. right now, what they are dealing with in terms of the drivers is this constant debate over whether they are contractors or employees, because uber wants them to work many hours a week and have these standards they uphold when dealing with uber customers. but they are not categorizing them as employees of so as not them benefits and insurance. it has been quite the debate. pimm: bring us up to date on the fight for uber to be able to pick up passengers at such lax --ns as chicago and chicago airport and lax, and even overseas. sarah: they've constantly had to go to regulators and say, this is something to tumors want. this is the nicolas -- this is something consumers want. this is what they tell us they want. they want to be picked up by a

number instead of waiting by the instead -- by and uber of waiting in the cab line. but it is a system that has existed for years. as uber moves through the next five years, it will be even .arder because like i said earlier with amazon, they have already deliverybout same-day for prime customers. it extremely expensive and complicated to deliver. theseficult as we see battles with airports and stuff like that, this is tiny compared to what they will have to deal with in the future. pimm: thank you very much, sarah frier in san francisco. olivia: still ahead, scarlet fu was not the only one upset by the new york rangers's loss last week. ♪

olivia: tonight on the chicago blackhawks face-off with the tampa bay lightning in the first game of the stanley cup finals. the rangers fans may be licking their wounds still after the agonizing loss in the semi finals last week. does notugh the nhl officially play favorites, it would have been far better for the rangers two of one. -- to have won it. the ratings have gone up and the blackhawks are one of the original six. the rangers have -- if the rangers have won it, to expansion teams would have been in the finals. it surely would have boosted ratings. the most recent time that happened was in 2013 when chicago plays boston in a six-game series that average 5.7 5 million viewers. new york is the largest media market in the u.s.

chicago is number three. tampa, st. petersburg, that's number 13. new york is also the biggest city in the u.s. with the most fans watching games and buying hats and jerseys. these are also fans of teens the fans of other teams like to dislike, which makes the matchup involving new york a big draw. would it have been better for the nhl to have the rangers in the stanley cup? yes, but marginally. fourth problems cannot be solved with just one stellar series. -- sports problems cannot be solved with just one stellar series. hockey does not have as many devoted fans as football and baseball and basketball. the most watched was in 2011, game seven of the boston bruins versus the deck -- the vancouver canucks. 8.5 million viewers tuned in. compare that to football.

last season, a game on average on thursday night drew double that. major league baseball makes about $9 billion. the nhl, around $3 billion. olivia: i'm still kind of set the blue shirts lost. maybe the contest between the blackhawks and the tampa bay lightning will be good for those in the midwest my because a lot of people go to tampa and ap for their vacations, so maybe they will be able to watch it in tampa and also with the local team. olivia: to be honest, the way i decide who to root for is whichever team has more little kids cheering them on. pimm: we've got to say goodbye. ♪

pimm: welcome back. i'm pimm fox. let's take a look at some of the top stories at this hour. greases prime minister alexis siegrist has -- alexis

tsipras has a message for his saying they must get realistic. presidententral bank mario draghi that any plan must accomplish several goals. draghi: there should be a strong agreement and a strong agreement should be one includes fairness, but is also fiscally sustainable. pimm: recessive has submitted his own proposal and one official told bloomberg is not good enough. blatter may have more to worry about then who is going to succeed him. investigators are looking into him as part of the ongoing

corruption investigation. he has not been charged with any wrongdoing will start meanwhile, interpol has put six people accused in the scandal on the most wanted list. bloomberg news reported about identity theft problems and one victim, when he tried to find that how much data of the thieves it actually stolen, the irs said it was on 104,000 taxpayers and use that to get $39 million in fraudulent returns. and you have to pity poor warren buffett. he's no longer the second richest person in the world. according to the billionaire index, a spanish retail baron armand ortega is now worth more. ortega pioneered the concept of fashion retail and his company

stores. 66 the richest person in the world with an bill gates estimated $85.5 billion fortune. those are your stories right now. the markets are closing in europe, so for the latest, let's go to hans nichols. hans: it's mostly a positive story in europe today, none more positive than what we see happening in greece. take a look at the athens exchange index, up 4%. it is driven mostly by bank stocks. the national bank up 11%. hooray is up almost 10%, and ofers as well --pareas almost 10% and others as well. we have a continued view across italy, spain, the u.k., and germany -- all in the positive territory. let's do a quick currency check.

this is exciting because we see what happens when mario draghi speaks. here he is talking about economic data, coming in a little better than expected, hinting inflation targets are on track. it also say they will not go any slower on qe. we are at about 1.12. let's take a look at the pound as well. we saw some stark moves earlier in the day. this was some disappointing pmi data coming out. the pound took a beating. but it looks like it has claimed back most of its losses, ending right about $1.53. thank you very much hans nichols in london. coming up, would you pay $250,000 for a watch? one north american business shows us the newest addition to its portable wearable luxury. and atlantic city is apparently no cautionary tale for

developers considering northern new jersey as a site for casinos. we will have details. and netflix may plan to join hands with advertisers. how much money could netflix make and will it turn off its subscribers? are ahead on the bloomberg market day. tectonic plate shifts, that is describes then technology industry while she predicts more consolidation. in an exclusive interview with emily chang, she talked about industry, nations as well as the hewlett-packard split up. : i joined in september and the very first thing i said we would do is not to split the printer division. pc.printers, but just i decided it was not a good

idea. i felt this company needed to bed down, get organized, have continuity of leadership, get the right strategy, and really invest in r&d. i look back now and even if we wanted to at that time, i'm not sure we could have pulled off the separation. so we embarked on our five-year turnaround journey and made a lot of progress. oursee our stock price from net debt on the operating company was nearly $12 billion. almost $5 billion of net cash on the operating company. we have repaired the balance sheet. i said to the board late last spring, how do we accelerate this turnaround? the markets are moving at lightning speed and what can we do to be more responsive to the market and to shape the market? after many board meetings and a lot of discussion with the senior leadership team, we said it makes sense to separate these two companies to be more focused and more agile, and frankly,

have a capital structure that is that thesehe markets two companies can pursue. emily: was it difficult to get certain executives of the board on your side? ms. whitman: it's a journey you go through. you talk about it and have different scenarios and went through meetings. the board was fantastic stop they did exactly what boards are supposed to do. they questioned and asked for more data. it was a very interactive process and we brought everyone along to get everyone in the right place. emily: obviously, michael dell saw something in taking dell private. did you consider other possible scenarios? ms. whitman: we considered a lot of different possibilities, but decided we wanted to continue to be a public company, because we wanted our shareholders to get a chance to have that shareholder value creation. you might recall our stock price got as low as $11 and then we

built the company back up and our employees got to share in that value creation. , atink that'll happen again least over the longer term. we want people to be able to participate in the creation of these two companies and what will be shareholder value. to bring in emily chang, "bloomberg west" anchor. great interview, and did she talk about anymore layoffs? emily: she said more layoffs are coming. as you know, they are racking up another $1 billion in restructuring charges, and potentially $2 billion in the services division. i tried to pin her down on the numbers, but she just doesn't know. she said she does know they will have to let go of more people. she has already laid off 55,000 people. she did add there will be job creation as a part of this strategy, but we are looking at three more years before this

restructuring ends. at that point, is that when the cost-cutting ends and the restructuring ends? and she said she just doesn't know. she doesn't want to make a predictive forecast, but also said they need to get the company back to the lien and innovative company she believes it can be. her salary, her bonus and compensation are tied to the stock price in many cases. what other metrics is using to measure success? emily: she really believes is about focusing on four areas. one of them is the cloud. one of them is security. she is very bullish on cyber security. the other is mobility. these are the areas she will be .ocusing on it's the biggest split, she says, in the history of business and there are a lot of things she's looking at. number one will be coming can

she start growing revenue again? she laid out a few areas where she thinks she can bring growth back to the company -- the company, but for 15 years -- 15 quarters in a row topline growth has declined. pimm: thank you very much emily chang. more on that exclusive interview with meg whitman on bloomberg today at 4:30 p.m. eastern. swiss watchmaker has been crafting timepieces for 140 years, but has never made one like this. he's.,000 time details ahead. time piece.00 fine piece details ahead. ♪

pimm: welcome back. i'm pimm fox. let's look at some of the top stories across the terminal right now. it will be a first for the nfl and for yahoo!. on withue has signed yahoo! for the first life football game. yahoo! will stream the game between jackson and buffalo scheduled october 25 in london, and because of the location, the game will begin at 9:30 a.m. eastern time. and cbs is said to be preparing it showtime cable channel as a standalone subscription on broadband. that is according to the entertainment trade magazine "variety." the announcement could come as early as today or tomorrow. and access to the new and old programming. welcome to the world, college graduates. make lessege grads now than 15 years ago adjusting

for inflation. the average salary just over $37,000. men's wages have barely increased, while women salary sell -- sell almost 7%. those are your top stories. crafting luxury timepieces since 1875. its latest watch continues the tradition. lap timeroak concept michael schumacher says only 221 will be produced. the price is $230,000. joining me is the north american chief executive. as well as a watch expert. why does this at michael schumacher associated with it? guests: the watch has about five years of collaboration with michael.

inget it working with him 2010 and he came to us with a challenge. watch a can you make a system working at the same time? uswas a big challenge for and he has been a big person with attention to detail. it means five years of collaboration resulting in a very rich product in what it has to offer. timernograph, a lap function. the lap timer function is a world first for mechanical watches. it means a lot to us. beautifully and

it is a real function for racers. it makes it an intense watch. we built into it the materials -- pimm: how long did it take to make one of these? xavier: five years of development and a year to get the components. more than one month for one master watchmaker to assemble, and about a month of final quality control. pimm: do you want one, stephen? stephen: i think it's a little big for my rich -- my wrist personally, but it's incredible to think about the tiny gears and levers that go into making this. i wonder if you could tell us a little bit about the small innovations that make a small concept like this possible. xavier: the designer of the watch along with michael was telling us how the gears engage.

the problem was the gears touching each other. they designed a new system where the gear system comes from the top and slide laterally, so you avoid friction. that is one of the tiny innovations that's in the watch. and then you have three wheels within one watch. and a double spring development. it has been improved so it is smooth. all of that makes a very complete and innovative wash. for? are these all spoken 221 will be produced. have they sold out? could stephen still put in a bid? s] stephen could still line up, but a good number of them have been spoken for. makesaudemars piguet ultrathin watches and ultimately the stainless steel watch.

back in 1992. at the time it was huge, oversized. most watches were six millimeters. most watches were gold, precious metals. but in 1992, the court's revolution with killing most of the swiss watch industry. audemars piguet took a very bold step into developing a very extreme watch that was selling instead of -- selling in steel the price of a gold watch. with an working since then with innovation and breaking the rules. pimm: i want to thank you both very much. still ahead, new jersey is considering a vote to bring casinos to the northern part of the state. will this help reverse the siding fortune of gaming in atlantic city -- the sagging

fortune of gaming in atlantic city question mark that is next. city?n atlantic that is next. ♪

pimm: lawmakers in new jersey could and atlantic city's monopoly on casino gambling. just late and was introduced to ask new jersey voters -- a new legislation was introduced to ask new jersey voters to approve new gaming. could that hurt the casino business? it has seen revenues fall by 50% since 2006. joining us is our own betty liu.

betty: atlantic city used to generate something like $5 million in revenue each year. are at half that, as you mentioned. new jersey needs more revenue. where will they get it from? if not atlantic city, they will open up casinos and gambling in other parts of this tiny little state that i live in. northern new jersey, there is one area right by the -- pimm: the meadowlands complex. that he: i was thinking of metlife stadium where you can watch. pimm: but this is being proposed by a fireman as a magnet for the hudson river. golf: that is the liberty course. it will not just because he knows, but hotels, restaurants. i mean, they are all like that. but i was going to joke that you could watch the jets lose and then go and lose your money. [laughter] pimm: you are full of good news.

betty: democrats are pretty split on this. some are suggesting next year to see whether they will allow this. threeentioned, we've got companies in atlantic city who are going through bankruptcy court right now. pimm: is it something like four out of 10 that have already shut down? betty: that have artie shut down, right, and one is coming back. one that is going through bankruptcy is caesar's. i went about a month ago to watch gordon ramsay open up his grill there. i think we got the video of that. to revivell trying atlantic city. many have not given up hope that this strip will come back. pimm: and is also competition from places such as pennsylvania and new york, which also have forms of casino gambling. betty: right. pimm: i will see when just a few

moments, betty liu. let's check out what is going on in the world of options. let's go to julie hyman. julie: we are coming up on the top of the hour. let's take a quick look at how the major averages are performing. we are seeing a bounce back today after a decline yesterday. the nasdaq could potentially close at a record today. it was near that level when it was rising more than it did -- than it is now earlier session. joining me for the option's jerod wondered, a senior equity derivatives strategist at bgc partners. today the things we heard was from mario draghi, and one of the comments he made was a warning. get ready for volatility. tt seems to be a warning that has been issued a lot in the past six months or so. one of the things we are looking at recently is the difference

between volatility in bonds or stocks, because it is much higher for bonds than it is for stocks. when we see equities catch up? jared: no matter who you are, you have to pay attention to volatility. in currencies and income, you have seen meaningful increases this year. tlc, the etf people love, and also in the euro. these are all option -- octomom premiums at relative highs. -- these are all octomom premiumsat --optimum at relative highs. equitiessonable that are not any higher. but you're right, there's a sense that equity markets will catch up. as you have companies like wendy's with their buyback today

putting their foot pedal on the gas pedal -- their foot on the fromedal, and the funds the said are low that will change. julie: will it be when the fed actually does something? jerod: no, the fed will price in the move and it will be well off the date. or there will be a catastrophic s&p.and a jump in the it's difficult question, but i don't think investors will wait to find out. julie: the trade we are looking , which is thesrt retail etf. you are looking out further on the volatility or maturity curve, if you will. red: srt has been trading kind of flat this year. think of the yield curve on treasury markets. inside volatility in structured markets is usually in the

opposite way. we are taking advantage of that. looking at the 98 put calendar in september,g buying in december, you could do that this morning for a little under two dollars. it gives you a defined movement if the etf stays flat or if the structure flattens. you could make money on the trade. it is a risk of picking up the nicholckels. julie: thank you very much. we appreciate it. ♪

. .

pimm: good afternoon. pit'simm: new york.

>> states prepare a final proposal on a debt deal. pimm: jpmorgan chief executive jamie dimon joins the millionaires club, a rare compliment for a banking executive. we'll tell you how he did it. >> maria sharapova graces the of "bloomberg pursuits." magazine you about the 's focus on luxury for everyone. betty: we begin with a check on how the markets are trading at midday. the markets are higher right now. the dow is up by 80 points, about .5%. nasdaq trading at 5100, and