you are looking at stocks finishing slightly in the green. the s&p clawing its way higher after the fed announcement, after fed chair janet yellen was speaking. i should point out at one point the dow jones industrial average rose as much as 93 points off that high, but still finishing about 30 points higher for the day. we have oracle earnings crossing right now. julie hyman has those numbers. julie: it looks like the earnings-per-share coming in well below analysts estimate. $.87 is what analysts had been anticipating. at $10.7revenue

billion is a decline year-over-year. that was expected. the decline looks to be larger than analysts were anticipating. they were looking for $10.9 billion. it looks like $10.7 billion. the key thing for oracle is going to be how many customers are migrating to the cloud or platform as a service, services for the company. it says the total cloud revenues rose 28%, but that increase would have been up 34% in currency. it would have been up 3% in constant currency. over half the company's revenue comes from outside the united states. analysts and estimates were looking for a decrease based on currencies.

$460 million, cloud infrastructure revenue coming in at $160 million. the company saying cloud sales will translate into more revenue and profit, and that has been the holy grail for so many of the old line technology companies that have been trying to migrate onto the cloud. commenting on this in the statement and emphasizing the movement into the cloud. to quickly expect it translate into significantly more revenue and profit for oracle. looking at that number, we will see if that offset any of the potentially negative reactions that were expected. shares in the the after-hours hours as they moved down by more than 4%. it looks like the growth in the cloud is not mitigating the missed overall earnings-per-share. i will see if i can get to exactly what that miss is all

about and why it happened, and i will update you once i do have that. we will continue to discuss oracle and the earnings as we get more details from the statement. alix: part of that will be the impact of about 9%. the cloud numbers are coming in come --ll for oracle going forward. we want to bring in christopher wolf on the other really big story of the day. lee, viceimmy president at j.p. morgan, dying very unexpectedly at the age of 62. used to work with him, right? there heer: when i was was already regarded as a lion. he had everyone's respect for his business acumen. this is a sad day. alix: in your experience of being around him even in a general way, what made him so different?

christopher: his passion for the business, and his intensity. those two things, a lot of people look to that as a sign of leadership in the way he was able to see through a lot of things. alix: and so many ways, he created private equity. how hard is it to fill that kind of hole for a big lie -- a big bank like jpmorgan? when the founder is no longer with us? christopher: large firms tend to pth. lots of deb some of the biggest firms have pretty big inches. that as an opportunity to build teams. it's a sad day and a tough thing, but at the end of the day , he did great things for the industry. age ofimmy lee. if the

62, said to have died at the hospital after exercising and experiencing shortness of breath. the other big story of the day has to be the fed as well as fed chair janet yellen's press conference. one thing traders and investors and bloomberg news reporters alike are looking at how changes as we move closer to the first rate hike. joe: going into the announcement, nobody really expected any sort of big change in the language. dots, askingt the the members where they and the interest rates are going to go. we have a chart right here, this dark thehe median -- basically median.. the median. for the rest of the year, there'll be two more rate hikes by the end of the year. it looks really likely that were going to get some sort of rate

hike this year. september is extremely likely. this is the december 14 median. going into this year, people were talking about june come -- coming.ne, rate hikes obviously that didn't happen. we just had june, no rate hike. the we can see the slow economic data we've gotten in this mediocre recovery. it had a huge impact in the trajectory of this median forecast. you could see all the way out to 2017. ultimately they are lower than was expected. you can see the big impact the week data has had this year on this chart. alix: good stuff. ,hristopher is still with us and carl, what was your biggest take away?

karl: the biggest take away was the lack of surprise that it held onto too rate increases this year. it will be unusual for the fed to go to meetings in a row when they want to be moving at a gradual pace. so the october-december timeframe doesn't seem realistic. not that big a, but the biggest take away is the rigidity of the in 2015. alix: you look at the yield on the 10 year, it all of a sudden spiked up to about 2.3% and ended -- then it relatively flat lines. a similar reaction in stocks, you see the rate sensitive stocks moving higher throughout the day, like utilities and consumer staples. like energy and

financials and tech not having that strong of a performance. >> i think you have two things going on. ,ata that has come out recently janet yellen pointed to that strength as what will guide them toward a higher rate environment later this year. the second thing is, you have a bond market that is priced in with deflation risk. a lot of correction has gone on in the last half-hour. >> on that tune your chart, there was the initial move down -- on that 10 year chart. then during the press conference they moved down again. what did you hear in the press conference that was perhaps further dovish than what the dots indicated? quick she emphasized the negative feedback loop from the stronger dollar. this has been increasingly on her radar screen. it wasn't like breaking news today, but it shows that she continues to be concerned about .hose types of issues

she signaling it's not just transitory factors in q1, but sustained headwinds in the economy that are weighing on activity. the other thing that caught my here was her discussion of productivity. is wringing their hands right now over these low productivity numbers. look at the fed forecast, 1.9% gdp growth this year. we need to have continued recovery in the labor market. if we see a big rebound of productivity, the job growth is not going to be there. low productivity growth is good news because in a slow-moving economy it will allow us to have a fast pace of job growth and continued to withdraw that slack in the labor market. alix: what about inflation? when you look at the detergent's -- at the divergence, will that change now as they see this

resolution down the road? >> i think the pc numbers tell a slightly different number than the cpi. it's a slightly lower number than what you see in the cpi. the fed needs to gain credibility. the opportunity to do that was pretty well exposed. i think where you are going to end up between here and the end of the year, they will have to put in place not just the words but the action. indicate are likely to more independence. >> the state of the economy right now, we had a pretty strong jobs pickup, janet yellen mentioned that we've had a rebound, her call from earlier in the year seems to have been

vindicated. where do you assess the economy at this moment? >> were at about a 2.5% pace in the current quarter after minor contraction that was point -- i -.2. it will be closer to to get the fed target would have to be at 3% growth in the next two orders. i'm not sure if we can get all the way to 3%, so it is a tall order. alix: we will have to leave it there. we will be right back. ♪

alix: welcome back to the bloomberg market day. i'm alex d.

-- alix steel. jimmy lee died this morning. he was 62 years old. reportedly he had shortness of breath while exercising and then died later at the hospital. altman,us is roger thank you for joining us and for your perspective on this very sad day. tell me about your relationship with jimmy. roger: i had the privilege of knowing jimmy for a long time. when we found in this firm in 1995, the first deal we ever westinghouse,for which involve the acquisition of what is today cbs corporation. i worked on that with jimmy lee. i had that experience many times over the intervening years, and i was shocked and very upset to .earn this news a few hours ago

as jamie dimon said his own statement, jimmy was a force of nature in the best sense. alix: and i'm very sorry for the loss of your friend and business partner. when i read about him, it seems like he was the guy who created him and eight. &a.m what were some of his favorite -- your favorite characteristics? person of great commitment. he believed in that, and he had the ability to attract lots of followers and supporters in terms of the corporate community

and the entrepreneurial community. he did it by the force of his convictions and his magnetic personality. he was just a special person. alix: roger, what was the number one thing you learned from him when you guys worked together? roger: what comes to mind is maybe a little different than your question. dull secondver a when you spend time with jimmy. he was witty, he was a very strong personality, and he was always fun. you didn't always agree with him, and i'm sure he did not disagree with me are many other, but he was always a lot of fun. as the business is, that accounts for something. i have a fond memory of so many amusing moments with jimmy.

he had a great sense of humor, among many other things. your roger, thanks for perspective. partnersman, evercore chairman and founder, on jimmy lee. christopher wolfe is back with me now. i want to talk about one of the stocks in the after hours, and that is oracle. why the issue seemed to be foreign exchange, it slipped about 9% off earnings. the company saying results were impacted by the strengthening of the u.s. dollar. how much is this going to continue to be a drag for companies? what i think is important about technology companies like oracle and others reporting earnings and sales numbers, broadly speaking, they are sensitive to the currency movements.

we talk about that global vision of investing, oracle is a good case around that. our senses that hedging is a andicult exercise ultimately companies have other tools to be able to manage their currency exposure. part of it should be regarded as transitory. for an investor, the bigger message about technology is you have to pay attention more to the currency hits and the opportunity to add or reduce. in the past you did not have to consider it as much. alix: what is moving tech right now? cyclical recovery being driven by the 10 year yield, or is it something more fundamental? >> would call that are transforming world motif. it's a little bit of the robots for humans thing.

we city's technology improving both efficiency and is helping them preserve margins. think of it this way. someone employed today's going to have some element of weight inflation, etc., and three or five years from now that same element of technology will actually cost less because those things are becoming cheaper and cheaper, generally speaking. how are companies using technology to keep their margins relatively high? the deployment of technology is probably good for investors because it keeps profit margins and corporate cash flow higher longer. alix: i appreciate you joining us, christopher wolfe. we will be right back. ♪

alix: welcome back. we want to get straight to some of the top stories this afternoon. ceo jimmy leease

has died unexpectedly this morning. in a statement, jamie dimon said jimmy was a great friend, leader, and mentor to me and so many others. .e was a master of his craft he was in comparable force of nature. years oh.was only 62 microsoft is reshuffling its management team with several big names leaving the company. the executive vice president is one of them, a former ceo of nokia. several other executives will also depart plus microsoft is forming a new -- a new team call the windows and devices. regulators are hitting at&t with a 100 million dollar fine over its unlimited data plan. the fcc said the company would lowdown internet be after

consumers used a certain amount of data. it will vigorously dispute the allegations. pier 1 imports reported after the bell and matched estimates with earnings-per-share of eight cents. however the company missed lightly on revenue, trailing estimates. pier 1 reiterated its 2016 $.83-80 seven cents. donald trump should not expect a campaign contribution from rock icon neil young. here is why. ♪ that is his 1989 classic, "rocking in the free world there go his manager said it was not doldrumsd for use in

campaign. a spokesman said the billionaire paid the appropriate licensing the for use of the song. those are your top stories. bloomberg businessweek released a special issue on code and programming. the title, if you can't read this, you better read this. >> the thing i really enjoy about programming is just the fact that you really can tell the computer exactly what to do and it will do what you tell it and nothing more. i don't know, maybe i'm autistic or borderline, but that doesn't happen in normal life. i am mainly known for being the guy who started and still x.intains linu

the personal computer i used was .y grandfather's commodore i think i was 11 or 12. the computer used a very traditional language called basic. my sister says that the first thing i showed her was the one that everybody starts with when 10, print a basic, string, and 20, go to 10. that's basically sending print that string forever. i made it right something that is very unlikely, sarah is the best. maybe i was trying to be nice and impress her with my programming skills. it didn't start out very serious , but by the time i was 15, that is what i did.

you see code, you don't even have to think about it. you look at something and you know what it does. if you are not a programmer, you would think it is almost noise, but if you do it a long time, you can read it like any other language. you can write code that looks beautiful but just doesn't solve the problem. still in thei'm same project 20 years later, because it is hard to write code. alix: pick up a special issue of bloomberg businessweek. thanks for watching the bloomberg market day. i'm alix steel. have a great night.

emily: we have everything you need to know about who is in and who is out. i'm emily chang and this is bloomberg west. the uber christmas model coming under threat in california. nintendo looks back to move forward and partners with activision. we'll get the latest from e3. i sit down with the ceo who gives me new details about how ch