alix: we are moments way from the closing bell. this is the bloomberg market day . i'm alix steel. ♪ [closing bell] you are looking at stocks finishing slightly in the green on this sunday. the s&p sort of clients way higher after the fed announcement after fed chair janet yellen was speaking. this is the second day of climbing for stocks. i should point out the dow jones

rose as much as 93 points off that high in one day, and still finishing 30 points higher for the day. we do have oracle earnings crafting right now. julie hyman has those numbers. julie: it looks like earnings-per-share are coming in well below what analysts had estimated. what analysts is had been anticipating. of $10.7revenue billion is a declined year-over-year. that was expected, but the decline looks to be larger than analysts anticipated. the company is reporting it looks like $10.7 billion. the key for oracle is going to be how many of its customers are i -- are migrating to the cloud as a platform for services.

it says here that the company's total cloud revenues rose 28 percent, but that increase would have been up 34%. --stant revenues were up 5% fell by 5%, but would have been up by 3%. analysts and investors were looking for a decrease based on the effects of currencies. as i mentioned, the software as a service and the platform as a service for revenue, coming in at $16 million. cloud revenue structure coming in at $160 million. the company said cloud sales will translate into more revenue and profits, 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. the ceo has been commenting on this in this eight minute and is really emphasizing -- this statement and is really emphasizing the move to the cloud. the move toexpect

the cloud to result in significantly more revenue for oracle. looking at that number, we will see if that offset any potentially negative reaction that one would expect in the overall headline. earnings-per-share looks like it is not right now. shares in the afternoon hours -- in the after-hours are moving down by 4%. it looks like the cloud is not of overallthe myth -- the miss of overall earnings-per-share. i will get to the bottom of why that ms. happened and what it is all about. -- why that miss happened and what it is all about. alix: part of that will be the impact of about 9% weighing on that company. though you mentioned the cloud numbers are going quite well. we do want to bring in christopher wolf, cio of portfolio solutions, on the other big story of the day, and that of course was jimmy lee of

jpmorgan dying, very unexpectedly at age 62. used to work with him, right? christopher: a very long time ago, yes. he was already regarded at that time at that time as a lion and everyone had wrist for his advice -- had respect for his advice and business acumen. this is a sad day. alix: what made him so different from other wall street guys? christopher: two things i observed directly, one is his passion for business, and second was his intensity. when you find that in this industry, people look to that as a sign of leadership and the way he was able to see through a lot of things. alix: in so many ways he created private equity and junk bonds for what is now jpmorgan. how hard is it to fill that kind of whole for a -- that kind of hole for a bank by jpmorgan when

the founder is no longer with them? christopher: it is hard to replace icons in the industry, but when you look across the industry you will find some of the biggest firms have pretty big engines. -- big benches. i do think it is a sad day. at the end of the day, it is a deep bench across the industry. alix: thank you for the information. again, jimmy lee dying at age 62, said to have died at the hospital after exercising antics anything shortness of breath. -- after exercising and experiencing shortness of breath. one thing traders and investors and bloomberg news reporters have in common is they are all looking for the fed. joe weisenthal joins me now, the bloomberg managing editor, to take a look. get into this

announcement, no one expected a big change of language. fomc where they think rates are going to go in the future. this dark blue line is the median dot. one of the big points today was that the median dot for the rest of the year is that there will be two more rate hikes for the end of the year. it looks probably like we will year,other rate hike this probably september. this is the december 14 median. going into this year, people were talking about june, and the economy seem to be roaring and rate hikes were coming. obviously that did not happen. you can see the slow economic data we have gotten so far this year in this mediocre recovery additive had a huge impact in this are just three of the

median forecast. in the trajectory of the median forecast. mediocre recovery and this huge impact in this trajectory of the median forecast. you can really see the impact with this chart. good stuff. also, christopher wolf is still with us. and bloomberg intelligence chief u.s. economist carl riccadonna. what was your biggest take away? rl: the lack of surprise that the rate increases held on. it would be very unusual for the fed to go to meetings write a row when they want to go at a gradual pace. orober -- it will be october december. that timeframe does not seem realistic.

you whatill cut surprised me, and that was the market reaction, which seems pretty confused. the 10 year spiked up to about 2.3% and ended relatively flat line. in saw a similar reaction stocks. we see the rate sensitive stocks moving higher throughout the day. like utilities, like consumer staples. those you would associate very closely with yields moving higher for the cyclical names like energy, financial, and also tech, and they were not having a strong performance. what do you make of that? 54: two things. the data coming out -- christopher: two things. the data coming out being reasonably strong will guide them toward higher rates later this year. and secondly, you have a bond market that is kind of pricing with less deflation risk. a lot of things going on in the last half-hour. joe: there were kind of two

lixes in that chart that a showed you. what did you hear in yellen's press conference that was than wasurther dovish indicated? rl: this is something increasingly on her radar screen. it was not like it was breaking news today, but it shows that she continues to be concerned about the type of issue, and therefore signaling that it is not just transitory factors in q1, but sustained headwinds in the economy like prices and strong dollar. the other thing that caught my year was her discussion of productivity. everyone is ringing their hands right now over low productivity numbers. but 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 in the

economy, we will need the labor to keep up with that. alix: what about inflation? you mentioned some energy prices being more transitory. does that mean that we take a the fed looks at that. will it change down the road? are focused on the pc and not the cpi. the pc numbers tell a slightly different story. and in some ways, a slightly lower story than the pci numbers. the fed needs the opportunity to build credibility. the conversation was free well exposed in that timeframe.

where you will end up between here and the end of the year is that they will have to put in place not just for his, but actions. a rate hike is likely in september. but the reality is that it is still data dependent. joe: the state of the economy right now, we've had a pretty strong jobs pick up. janet yellen mentioned we had a rebound. the call from earlier this we're thehis year was that transitory was pretty indicated. where do you see growth moving? 2.5% inher: it -- carl: the current quarter. to hit the fed target we have to be about 3% growth in the next two quarters, q3 and q4. i'm not sure we can get all the way to 3%.

it's a tall order. alix: i will have to leave it there. we will be right back. ♪

alix: welcome back. i'm alix steel. we want to get back to some big news today for wall street. jpmorgan vice chairman jimmy lee has unexpectedly died. morning at 62 years old. reportedly he had some shortness of breath while exercising and died later at the hospital. toning us now over the phone discuss is roger altman, evercore partners chairman and founder. user, thank you for joining 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 founded this for me 1995, the first deal we ever ,orked on was for westinghouse which involved the acquisition of what is today cbs .orporation and i worked on that with jimmy lee. experience many times over the intervening years, and i was shocked and very upset to learn this news a few hours ago. as jamie dimon said in his own statement, jimmy was a force of nature in the best sense. alix: i'm sorry for the loss of your friend and business partner. seems read about him, it like he was the guy who created m&a. he brought junk-bonds to jpmorgan at the end of the day in the private market.

what or his characteristics? -- what were his characteristics? roger: jimmy made leveraged finance into a widespread and big activity. a did that because he was person of great commitment. he believed in that and had the to maintain lots of followers. he did it by force of faith convictions and magnetic -- force of convictions and magnetic personality. he was a special person. alix: roger, what was the number one thing you learn from him working together? mind may becomes to a bit different than your question.

there was never a dull second when you spend time with jimmy. he was witty. he had a very strong personality , and it was always fun. you did not always agree with him, and i'm sure he did not always agree with me or many other people, but it was always a lot of fun. and in a business as intense as this, that counts for something. of so manynd memory amusing moments with jimmy. ,e had a great sense of humor among so many other things. alix: thank you for your perspective and am so sorry for your loss. roger altman on jimmy lee. usistopher wolf is back with now. i want to talk about with the , ands moving after hours that is, oracles. one of the -- one of those seems

to be fx. it was significantly strengthened by -- a significantly impacted by the strengthening of the u.s. dollar. why is this happening? christopher: they are hard to predict and move and what we might call random like motion. reportingith oracle their earnings or sales numbers, bradley eking they are sensitive -- broadly speaking they are sensitive to earnings products. our sense is that the currency movements are not going to go near term. hedging is a difficult exercise and lots of people are doing it. companies need tools to manage their exposure. looking at the analyst report in the next days and weeks, they may regard it in the -- in a similar fashion. you've got to pay attention more

to the currency hits and whether that is an opportunity to add or reduce. fair, oracle does have 3% of it exposure -- of its exposure coming from europe. we are talking about rates. christopher: we see to the trends. we are calling our transforming world trend. , at least theogy use of it, improving the efficiency and helping to preserve margins. think of it this way. someone employed today will have some kind of wage inflation, etc. three to five years ago -- from now, that same technology will actually cost less. things will be cheaper and cheaper, generally speaking. it gets you thinking about how companies are using margins --

are using technology to keep their margins high. profitablerporations longer. alix: thank you for joining me. we will be right back. ♪

alix: welcome back to the bloomberg market day. i'm alix steel. we want to get straight to the top stories. j.p. morgan chase vice chairman jimmy lee has died. ceo jamie dimon said he unexpectedly died this morning. he was the former head of the firm's investment bank. in a statement, jamie dimon said "jimmy was a great friend, mentor, leader to me and so ,"ny others he was only 62 years old. changing its

management team with several big names leaving the company. one of them is a former bigwig at nokia. several other executives will also depart. microsoft is forming a new team called the windows and devices group will stop -- group. at&t would slow down internet speeds after consumers used a certain amount of data. at&t said it will vigorously dispute the allegations. pier 1 imports reported after the bell and matched earnings per share at eight cents. however, the company missed slightly on revenue. pier 1 reestimate of its forecast -- reiterated its estimated forecast.

and donald trump should not expect a campaign contribution from rock icon neil young. here is why. ♪ alix: that is young's 1989 in'in the free world" and he is a canadian citizen who says he supports bernie sanders. but trump sell -- tells a different story and that he paid the appropriate licensing fees to play the song. bloomberg releases a special issue on code and title. linus tour of old, who is known for developing the linux code's book recently about -- spoke recently about his first line of code.

linus: the thing i really enjoy is that you 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 something, or borderline. but that doesn't happen in normal life. for being theown guy who started and still maintains lead -- lennox. the first computer i used was my grandfather's. 12.ink i was 11 or 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 you print ag basic, basically it is

saying, print that string forever. she claims that i made it right ite ot " sarah is the which is unlikely because we were not always the best of friends. but maybe i was trying to impress her. when i was 15, that is what i did. you see code. you don't have to think about it. you look at something and you know what it does. if you are not a programmer, you think it is almost noise. but if you have been doing it a long time, you can read it like any other language. you can write code that looks beautiful, but doesn't actually solve the problem. which is why still working on projects 25 years later. it's hard to write a code. alix: make sure to pick up a

special to the issue of bloomberg businessweek on programming and coding. it is a must-read. thanks for watching. i'm alix steel. have a great night. ♪

>> from our studios in new york city, this is "charlie rose." charlie: the former chief economist and head of asset management at goldman sachs, he has not rode down from retiring in wall street. at prime and esther david combat asked him to combat resistant superbug. , he was tasked with advising economic performance. i am pleased to have him back at this table.