vonnie: olivia: eric and stephanie are off. matt: we get new headlines and new terms for grace. olivia: we will go live to athens in just a moment. new ceo from boeing and a new investigation into collusion in the u.s. treasury market. bloomberg wrote that story overnight. matt: that does not sound good. other top news. first of all, the prime minister of greece says he cannot believe that his proposal to end the bailout impact has fallen short. alexis tsipras in a meeting in brussels today with the heads of the imf, it eat cbn european union brady is going to pay for money. he told his -- in fact, the creditors have given the greek government to revise proposal. they made a counter offer and the bailout expires next week in greece and supposed to make a

1.7 billion dollar payment to the imf by june 30. christine lagarde said there will be no rateperiod. we'll will go to reactions in athens in a moment. the french are demanding the u.s. quit spying on friendly governments. they say wikileaks spied on the president of france along with two predecessors and they met today about it and u.s. ambassador been summoned to a meeting and the french foreign ministry for -- they have probably known about this for a couple of years now. olivia: president obama is expected to win back negotiation authorities for that asia trade bill today. the bill cleared the last major hurdle in the senate yesterday when the procedural vote. final passage requires only a simple majority and the battle pits the president against fellow democrats and uniqueness and environmentalists. shares of netflix rise in the premarket. the biggest gainer in the s&p 500 this year. they have declared 741 stock

split and that has almost doubled in 2015. the ceo says it would make the stock more acceptable and netflix has grown eightfold since 2012. call this extreme makeover royal style. queen elizabeth may have to move out of buckingham palace for a much-needed renovation. it has not been redecorated since she took the throne in 1952. the queen do is in germany today spends about one third of her time in the london palace. it was first used by queen victoria in 1837. everybody knows she spends most of her time at windsor castle. matt: that is her favorite palace. let's get you started now with the five things in you need to know about this morning. olivia: i want to go right to athens. we want to get out to our correspondent. creditors handed back advised terms on bailout funds and guy johnson is there on the ground

and enjoy -- and joins us now with the latest. guy: there seems to be a disagreement between the greek government and the imf. the imf confirmed that the package put forward by the greek government is a little heavy on tax. in fact, it is 92% skewed toward tax rises and the imf thinks that may not be good for the economy. consequently, they handed back a counterproposal to the greek government which mr. tsipras is not happy about. he is on his way to brussels and will be missing with -- will be meeting with the creditors later on. matt: you could not have guessed they were not going to take the first offer them are going to send -- you could have guessed they were going to not take the first -- offer and handle -- handsome back. guy: you know what? we were talking yesterday about how hard this proposal would be to sell. i suspect there are some big red

lines that may have been costs in the you -- in the new imf proposal as a result of which tsipras' job got a whole lot harder in brussels and a lot harder back in athens. it would be interesting to see if we get a decision tonight and whether that holds and whether or not that can clear the greek parliament because then remember, it will still be cleared by the german parliament. back to you. matt: guy johnson standing by in athens. i remain fascinated by this drama regardless of how long it goes on somehow. it just continues to drill meet somehow. -- two drill meet somehow. there are important issues. olivia: it remains of market moving story so let's get out to vonnie quinn with number four. matt: number two actually. vonnie: you can see in the first three, the stock exchange and benchmark took a severe drop. rejection by creditors of the

new proposal are all over strange. very quickly, bloomberg news learned that creditors were proposing a new set of proposals and it rose back again. the greek and germany spread is a place where we saw a big move. then it started to narrow and 90 can see the widening once again. it does look like we are entering the final stage in these negotiations. still differences on corporate tax intentions but if you look at the euro, a traded again below 1.12 this morning and it is now back 1.12. -- it is now back above $1.12. the bond market spread and finally bringing you s&p futures because it had an impact in the united states as well. we saw a drop in the s&p futures after those comments and coming back a little bit now. we continue to watch it as they meet in brussels right now. matt: surely not for the last

time, right? you made some strong points yesterday. even if they are successful in these negotiations, they still cannot pay, right? olivia: no, it is hard to find anybody who believes there will have to be a third restructuring and on some level maturities will have to be extended. there will have to be a third bailout. it basically, nobody thinks greece is solvent but they ask them to agree to this. a great to sit to the second bailout program. it is curious. either way, these are not -- the euro is moving by only a few cents against the dollar. matt: very good point. other deals in the work in other m&a stories. number three, the biggest grocery deal in a decade. for $10.4 billion in stock, these companies own stop & shop and food lion -- actually, shop and stop -- stop & shop we have. olivia: i think there may be one on the west coast. matt: to confusing either --

even further it will come to more than 4% of the cosi market and europe's north biggest food retailer. olivia: i like -- i know you like to say there is no merger of equals. this is an acquisition that we could argue. ahold is taking over dell hayes -- delhaize which i probably mispronouncing. and teh ahold will run the combined group. a lot of people work in -- were participating because there is fierce competition. to have pricing power, you need scales to compete with the likes of law -- of walmart or all the in europe. matt: if you can think of a case of a merger of equals, please tweet us. it is a marriage of a different kind of thing and it has been a business relationship in most cases. olivia: number four, global markets hitting new highs.

gaining for a fit day as japan's benchmark over there rose -- as gaining for the benchmark and they hit the one-month high and an all-time high while the dow closed yesterday at its highest level since the end of may. i particularly jazzed about the stock market there. i am jazzed. it has doubled since shinzo abe said he would double the money supply. you have to keep in mind with nikkei it is barely half of where it was in 1989. matt: especially in conjecture with the fact that the japanese economy has been set for two decades. we will actually do a story later on in the program about other economies that are overtaking the japanese economy. it will be interesting. there are some growing and some that are not an japanese -- and

japan falls into the latter back. number five, boeing built largest lane maker aims chief operating officer dennis miller berg to succeed ceo jim mcinerney. the move will be effective july 1. i want to bring in barclays analyst who covers boeing and comes to us from their trading floor. carter, this management shift has been in the works for 18 months now. it seems that boeing has done this secession really well but i wonder what you think first when you look back on jim mcinerney's tenure here? the dreamliner was kind of a nightmare and the u.s. defense department cut back spending and yet the shares over the last decade have a little bit more than doubled. how did he do? carter: when you look back over the last decade the 787 was a particular challenge but we have probably been in the longest period of expansion for the able industry that we have ever seen. i think the defense department declines were managed quite well by the income and -- by the

incoming ceo over the past watcher or five years so they were able to maintain profitability levels despite falling budgets. i think that in combination with the expansion of the civil aviation market really helped to drive the success in the stock of the last decade. matt: the incoming ceo grande the defense side and they have a big $50 billion contract to build the tanker and they are pushing that through. he is going to deal with a $60 billion commercial airline business. is he the right guy for this challenge? carter: yeah, look, i think this is a big job that takes a lot of skills. dennis comes at this from an engineering background. he has a fantastic technical acumen. he is a program manager by nature, so he is different in many respects to jim and that he comes at the job a it differently. that said, eight he inherits a portfolio were most of the businesses sort of enhance and

they have their product portfolio really lined up for the next 5-10 years. i think dennis inherits a job where it is about execution and less about a visionary kind of strategic change. i think this is kind of sticking to your knitting and that is what dennis has proven and has been a particular strength over the years. olivia: that is my question there. the succession plan was well telegraphed, he was previously coo and president, and we all knew that mcinerney was going to step down because he had reached the mandatory going retirement age which is an interesting conversation in and of itself, do you think that you bloomberg or is going to actually take the company in a new direction or is it going to be a continuation of mcnerney? carter: i think the 787 top accompanying an important lesson about technology and how far out on the technological curve you want to go and whether or not the airline customers will truly compensate you for that. i think the 787 was a

revolutionary investment that it did not create the value that the company thought it would. as a result, they really changed how they think about developing products and the product portfolio in a way that lowers risk and i think improves the longer-term margin potential of the company. i think for dennis, the real benchmark will be how high can billing profits go given the decisions that they have made over the course of the last decade and can the implement the lessons learned from the 787 in a way that makes the company more profitable than it has ever been before? matt: thank you for joining us. carter copeland talking about the change in boeing. by the way, mcnerney made $25 million last year. neil and berg will be very, very rich. -- dennis so be very, very rich. olivia: did you see that take off? it was vertical. matt: pretty awesome. i could watch it over and over

again. let's watch it again. it is amazing. i believe this was at the paris air show. they have done that couple times, not quite vertical. that is the most vertical i have ever seen it take off. i wish a pilot would do that. with a commercial flight. olivia: coming up, much more. on planes trains and automobiles. also, the department of justice is keeping the heat on wall street. this time they are targeting the $13 trillion treasury market. we are talking traders and more next. do not go away. ♪

matt: coming up later today on bloomberg television the cofounder and ceo aaron leavy on his company's partnership with ibm. that is coming up at 12:00 noon. an interview you do not want to miss. that is one of our top stories. he will talk about fox's deal with ibm. fox is clearing up with big blue to go over large -- two get over

large corporate customers and box lines will be able to store content on ibm's loud. they have established partnerships with apple and google to boost. quarterly profits that beat estimates. one are says deliveries were up 21% the second quarter with new orders up 18%. shares are rising in the premarket. lennar is up more than 9% this year so far, not counting today's 5%. the worst ways in the country to leave your car on the street is san francisco. the bay area has the highest weight of auto that in the nation last year according to a trade group sponsored by insurance company. -- highest of auto in the nation last year according to a trade group sponsored by an insurance company. olivia: the department of justice secured guilty pleas of more than $5 billion from five major banks. now, the doj has set its sights

on the $13 trillion treasury market. keri geiger leads financial fraud coverage and has followed the drgs and continuous investigation into banks and financial markets and the very beginning. also joining us, alex, she covers the u.s. bond market and is an authority on how the treasury market operates. [indiscernible] olivia: alex, i apologize. thank you for joining us both onset. the doj racks up tens of billions of dollars in fines on great breaking an interest rate manipulation. they are looking into alleged collusion in the treasury market. keri can you explain what it is they are looking into? keri: it is an outgrowth of what we saw with the foreign exchange and of course where we had a number of traders that were basically fixing the benchmark interest rate. what is the core issue is the

conduct in areas such as treasuries and libor that are largely unregulated. at conduct is traders basically talking to each other about order flow. either before or treasury auction before they will put a big fax order in and if that contact and the doj is really zeroing in on that because it could be considered antitrust or collusive the hitter by the department of justice. matt: so there is a difference here between just talking about what you are doing in a chat room -- that would be considered collusion -- and literally breaking or fixing a rate -- which is what the british bankers were found guilty of -- right? this is less serious than that, so far? that is what they are trying to figure out. keri: i think they are trying to get -- alex: basically what we know now is that the scrutiny at least

from the regulatory side and also within the banks has been patchy in this area of who can know what and when. actually, that is a big issue in the equity market, too, and it shows the difference between regulation and equity market and the bond market. olivia: explain that further. however equity markets rated and why? alex: keri probably knows more about it in terms of the history of the regulation, but it is so tightly regulated in the equity market. people cannot talk to each other without chaperones. if you are a research analyst talking to a banker, it is supposed to be not always as we have seen, but tightly regulated . if you look at the bond market and even treasuries, which is a huge, huge market, no one is really looking at this in the same way. matt: more and more of the wild

wild west. i am sure people are not running their house on chat rooms as much. keri: this happened about one year ago, ethics traders got in trouble for talking. it was collusion. they were considered to be manipulating the market that is not what the doj came down on. that is why this story is particularly interesting because even if they are just talking, you can get in trouble for that if it is about the wrong eggs. chat rooms are basically banned about one year ago. the department of justice does look at behavior. they went back to 2007, even though they are not really using chat rooms as far as we know, it is irrelevant because they look at behavior about seven or eight years ago. olivia: after treasuries, anything next? keri: there is always something next. olivia: thank you so much to alex skaggs and kieeri. matt: still ahead, one of the

greatest catches of this baseball season and it was not on the field. you've got to see this. ♪

olivia: welcome back to "market makers pimco -- "market makers." jolie: an optimism that is stabilizing economies and will go from europe to china. china as the top metal consumer. there may be another big move in the cards. chief market strategist at bull's-eye options joins me. we have seen this today balance for prices, what do you think are the prospects to continue? >> we don't want to get ahead of

ourselves. we want to see how it follows through, but if you look in the scope of the larger project here, you can see copper has gone straight down or down for more than four years. using these bounces typically but the three dollar level is a psychological pivot and the last time we got there in may, the market got slammed down for 1.5 months and now we are approaching the lows and we want to see how the markets are able to take on those blows or not. from a risk reward standpoint, i think this may be a position to ease into copper for the long term. julie: and why is that? because if you look at the headwinds out there, china is still sort of a question at the very least. dollar strength looks pretty intact, so why would it be a longer-term bet for you? alan: the midpoint over the last five years is about 3.50, so there is more to be gained on the upside than the downside potential. copper is disconnected from the

economic fundamentals. china is china what we hear and believe out of china are two different things. i think the housing market coming back is a positive sign. it used to be very correlated to what was happening in housing, but we do not put as much copper in our homes as we used to years ago. i am not really encouraged about copper because of the dollar equation, you have to be a believer that the dollar has top. but i don't think that is necessarily happening. i think you can lean on two dollars in copper. i think there is another vehicle you can use as a copper proxy and that stock has really been trading nowhere between $16 and $24 and stuck at $20 for the last month. that looks like it wants to do something. again, i have a psychological rise to the upside because i think a lot of the selling pressure has already been done. julie: it sounds like you may be adding year, but you are not adding a lot. alan: i'm not very encouraged. there are so many markets like

steel, gold, and coal and copper that have been being down as far as resources go because of the strength of the dollar. you are really fighting the dollar and unless we get solidly below 90, we are still in the solid uptrend in the dollar index. julie: all right, talking about copper here and the interplay. alan: thank you very much. julie: thank you, alan. olivia: a look at the top stories we are watching at this hour. the senate is preparing to give president obama a big victory on trade. the president is expected to win back lost track authorities to negotiate that asian trade deal. a procedural vote passed by the 16 to 37 margin yesterday and now only a civil majority is required for final passage. earlier this month, house democrats almost killed a trade deal. greases creditors have come up with a counter offer. prime minister alexis tsipras told his government that the creditors have not accepted his plan and now they have presented their proposal for a stalemate.

he meets with his creditors in brussels today. the greek bailout expires next week and greece must take the international monetary fund $1.7 billion by june 30. matt: no grace period. remember, christine lagarde said no grace period there. the federal court yesterday ordered a temporary halt in the proposal. the judge agreed with regulators who said it would hurt consumers. "the new york times" said is likely goes to walk away from the deal. the field of republican presidential candidates may get even more crowded. louisiana governor bobby agenda will announce later today whether he intends to run for the gop presidential nomination. he has given every indication that he well, so he probably will. jindal would be the 13th republican in the race. well 13 big named republican because there are writing candidates. olivia: at this point, you

should throw your name in there. matt: maybe i already have. [laughter] olivia: we are going to get the second and final revision to u.s. gdp coming out in just a few moments. matt: we are expecting a drop of 0.2%. olivia: what should be better than the previous reading of .7 of 1%. the slowdown in the first quarter was transcendent. let's get the vonnie quinn. vonnie: you must be absolutely telepathic because that is what we got. a contraction of -.2%. we were looking for that and we are looking for a contraction because we knew that construction standing and retail sales would come in a little bit better. we were looking for up to 1.9% from 1.8% and we actually got a better revision, 2.1% with the personal consumption revision there for the first quarter. markets will be trading today mostly on greece and greek news. these numbers were pretty much

telegraphed, so not paying a whole lot of attention to them. can see some 10 year treasury yields moving behind me and futures are not really picking up too much after that data. olivia: the gdp revision that clearly in line with expectations. matt: not as much of a bummer because we are already looking ahead. august the, the first quarter was like 100 years ago, so the second quarter is expected to grow 2.5% and that kind of takes this staying out of it. olivia: how about third quarter 2014? the economy rose 5%. matt: it was a lot better then and we have seen a real slow down. vonnie: economists pointing out it is different because of currency headwinds and energy headwinds and they will last probably throughout the last quarter. matt: don't forget the sharing economy which makes it different -- which makes it difficult. by the way, speaking of difficult, we are going to talk later about projections for 2050 gdp.

how good are economist at forecasting gdp last quarter compared to how good they are forecasting gdp in 35 years? olivia: a lot of variables there. coming up find out who is on their way up and who is on their way down. who is going to be the biggest economy in 2015, the rankings may surprise you. we will be right back. ♪

matt: is that -- but is the name? st. paul's, what a great look at the millennium bridge, right? olivia: that's the millennium bridge. that is basically the view. matt: 1:30 five in the afternoon in london which means everyone is on their way to the pub. talk about future shock. by the a 2050, the balance of power across the global shift dramatically. first take a look at the top 10 nations ranked by nominal gdp from 2014.

obviously, we are way ahead and china, japan, germany, etc. note that russia and italy are squarely in the top 10. now take a look at the top 2050 projections -- a dramatic shift. and only 35 years, mexico and indonesia will become more economically powerful than both italy and russia. in fact, those nations will be knocked off of the top 10 entirely. obviously, china clobbers the u.s. and summit kennedy is bloomberg's chief economics -- international economist and he has been going through the numbers. simon, first off, i have to ask about economists confidence and their ability to forecast 35 years. is this a deadlock, a done deal? simon: they struggle to project three to five months but they have 35 years. very much not a done deal. an interesting academic exercise and one that economists love to

undertake. economist plot out the route and that is what the economist intelligence unit are doing here. they are not without completely outside the realms of possibility. matt: we have seen the juggernaut of china. it is not hard to believe that they will completely overtake everyone else. it is interesting to see countries like mexico growing larger and larger in influence. simon: absolutely. these emerging markets will have catch up potential, and mexico with the potential of being so close to the u.s. can be pulled higher and you can see how big it is and how productive it can be. its population turns at all these things in writing up to something we were not even talking about 10-15 years ago and out china is on the move. it is important to note that even by that forecast in 2050

per capita income will still be half that of the u.s. by those projections, so still a poor country but yet a big country and growing fast. olivia: given your sense -- give us your sense of the prospect for china versus india stack up. the past years, india has been said to have a great demographic advantage and china with the one child policy, they will have a smaller and smaller work is going ahead, how do you see them stacking up? simon: china has been replaced by india and certainly recent trends in india are talking about bureaucracy and bread tape and that could go a long way to unleashing india which forever has been a bureaucratic and china on the flipside has been taking a little bit of a still growing 7% but perhaps not the double-digit speed we saw a few years ago, so certainly india

has the momentum now. matt: russia's intelligence unit does not give a lot of credit dividing their proven's attempt to enlarge the borders. i guess they do not see that going much further. simon: i think probably russia and most economists agree that their own -- that they are their own worst enemy. they came out of the cold war with great potential and that potential link to oil to some extent which is a bit outside its control. it has fallen since national sanctions. if the future is to be cleared up perhaps glimpse in the path to greater economic growth but they don't see the way out at the moment. matt: this strikes me as one of the things difficult to predict, especially 35 years out. economists do not know what oil is going to be price that next year, right? olivia: what do you think of the growth rates we are assuming? simon: that is the tricky thing. jim o'neill at goldman would say

he never sensed that the bricks rise would be a straight line to the moon, it would be one of tom's and -- it would be one of bumps and peaks and troughs and eventually they would get there. i would say that aie would say the same, this is a projection based on trends but any one of which can be blundered by outside shocks or internal shocks in the case of russia. matt: simon, thank you so much for joining us. simon kennedy, bloomberg chief economic -- international economic correspondent. look, i would not say parlor trick, but fun axis -- but fun academic exercise as simon pointed out. olivia: it is interesting to see that they matter as much as demographics. matt: the biggest assumption being that we are all still here. that is the long run, right? in the long run -- olivia: true. why one brokerage firm says commercial real estate is the

best investment you can make. ♪

olivia: if an investor put money in corporate on 10 years ago, that investor would be seeing a return of about 15% annualized. if that same investor put in on real in-state -- on field to stay, returns would be an incredible 100 80% according to what are the top real estate brokers in the country. we are joined now by hff ceo mark gibson. good morning, mark, great to have you on. everyone is excited about real estate right now if you look at the performance, up 24% in the past 12 months and it is double rise in s and p, what are you seeing from the perspective of a brokerage firm? how nervous are you about the

prospect of a rate hike? that going to cut the legs off all the enthusiasm? mark: i think the answer is we have already seen it. the bond wind-up proximally 140 basis points in roughly 90 days and i do think anyone could suggest that it stalled the pricing in markets from a real estate perspective or fundamental of real estate. a be a little bit of a background there is real estate has gone up over the last 25 years. what we see due to the performance a test had over the 15 or 20 year period, he have seen institutional investors, corporate plans, sovereign wealth funds, increasing allocations to the space because they see it as a necessary diversify or and in a well constructed portfolio based on performance history over the last 25 years. olivia: you are not facing for an imminent slowdown because the 10 year yield will hit three or 3.5%? matt: look at this chart we have. it is pretty amazing but not something you would not have guessed, right?

i mean i think a lot of people were thinking at the end of the middle of 2009, well, this is really a trough here. this is the time to get in although you had to be brave. mark: you have to go little counter intuitive. if you think about, broadly, real estate in general, it houses the u.s. economy. in a large part commercials, offers buildings hotels or whatever it may be. depending upon your view of the u.s. economy, we followed that. typically what we are seeing are increasing allocations in most of the high network space retail space, as well as institutional investment class. that is putting more capital into the space which gives us more consistency in price. matt: let me follow up to olivia's question about interest rates. we hear all the time at least on the retail side that an interest rate increase by the fed may spur people to actually go out and make a purchase who have been on the fence because they want to get ahead of any further increases.

do you think the same holds true in commercial and institutional? mark: that is a great question and hearts the anecdotal evidence but it would make sense from a human nature standpoint that people would do that. olivia: certainly that is what i did. matt: that is right. olivia is now a homeowner. mark: good. olivia: tell me about the deals you have been working on. matt: you gathered capital on the one side and then you find real estate investment or fund on the other side? mark: we do not take capital risk and we are not an investor. what we do is sell assets or raise funds to invest in real estate on behalf of an institutional investor. what we are seeing is a strong interest in the space to raise more capital. and what they found overtime is that if you invest in good markets and real estate and don't over leverage -- olivia: what types of projects? mark: it is very geographic universe. the class all types we are

seeing rent increases across the board. shopping centers, etc., hotels and the performance of real estate in general has been good. over the last seven years and particularly over the last 12-24 months in terms of gains and interest. olivia: $160 million in combined finances for a hotel in philadelphia, where i went to college, a city that everybody -- nobody could figure out why the philadelphia real estate market has not been doing better for the past 20-30 years, is it now hot? mark: we go back to job. let's take a look at job growth and take a look at the underlying economy in philadelphia which is driving and that would determine investors interest in philadelphia. geographically across the board, the coastal markets are clearly very important to institutional investors. now they are beginning as a foreign -- as a beginning investor to look at other markets. matt: a pleasure having you

here. you will want to stick around to watch this if you have not seen it yet. we will move from philadelphia to chicago here. take a look. olivia: this is pretty incredible. today's best images, we like to call the segment pictures, is matt: this. matt:might be the coolest new dad of all time and a cubs game and wrigley field last night. a man snatched a foul ball out of the grasp of the player, and not only was he barehanded but he was also feeding his baby a bottle with the other hand. olivia: you are saying the coolest new dad. if that happened, i would clobber him. how do you stand up and reach for the ball? you should be shielding your infant's school. matt: he has a good catch. i don't know. this is probably the coolest thing ever. olivia: no way. matt: mark, can you imagine growing up and having footage of your dad holding you and the

catching the ball? mark: that would be great. olivia: no way, buddy. he is not even covering the child's head. matt: after the review, the batter was called out and an interference. the fan and the baby were allowed to stay and they were not ejected. you typically get ejected -- you do? ok, yes. they gave him a pass because probably everybody in the stadium probably thought it was the most awesome thing. olivia: what if he did not catch it though. he did not even have a glove. that is so reckless. matt: olivia obviously has an issue with this. olivia: that ball is hurdling toward his baby's skull. matt: coming up in the next hour greendot deals and debit cards five-year deal with walmart and the stock exploded on the news. here what he has to say about this new deal. ♪

matt: analysts are busy, flooding the street with the cause. julie hyman joins us now with all the action. olivia: the flood. julie: let's start with the automakers. you guys are very -- you are just like a walking the source this morning. goldman sachs says it now prefers a g.m. who is moving to buy general motors and moving to a neutral on ford. this is goldman sachs analyst patrick r jimbo, and he says in part he thinks general motors will benefit more from the rising demand for the f1 50 pickup and as it happens, we had the opportunity to speak with the ceo of the company mark fields yesterday. bloomberg news at down with them and here is what he said about the truck. >> the customer demand for the

f-150 has been fantastic, better than what we expected. we are seeing higher revenue, a richer mix and lower cost on the vehicle itself. it is often a really great start. we are at full production now at both plants. we achieved that a couple of weeks ago, so we are now at the production in the system with the f-150. julie: i have transpose my automakers. ford f-150 -- did i mix them up? i don't know what i said that ford was raised and gm was cut to neutral. that was the ford ceo mark fields and you can see the stocks are trading as you would expect with analyst calls this morning. matt: julie: not, you should have strained me out. matt: right, the best-selling vehicle exactly, for 35 years in america. it is a very new vehicle. it has been a difficult process to transition over to an expensive process to transition over to this track.

there have been concerns which is why ford stock is still down the year to date and they have not been able to make them fast enough. now they are supposedly back up at full production hoping to build up inventory because people are buying these things like caught cakes. olivia: if the performance switches of year to date because gm is higher, we should mention that the goldman analysts say gm's china guidance was fundable and ford is less exposed to a weakening china. quickly wanted to mention that cablevision -- there has been speculation that cablevision may be the target of some kind of deal and we are seeing shares unchanged. saying this morning that because of the rise we have seen in cablevision shares it is on acquirable. it is too expensive for anyone to want to buy. olivia: craig moffett always want to listen to. julie hyman, thank you so much. matt: coming up, rapid fire negotiation in the greece debt crisis. creditors handed greece a revised proposal after tsipras'

plan was rejected. will the two sides come to an agreement today? we will bring you the latest. ♪

>> live from bloomberg headquarters in new york. this is "market makers," with erik schatzker and stephanie ruhle. matt: good morning. i'm matt miller. olivia: i am olivia sterns. erik and stephanie are off today. we've got a busy morning and let's get straight to it. we are watching for you at this hour a new report confirms the u.s. economy shrank in the first three months of the year just not as much as we previously thought it shrunk. the commerce department says the first quarter gdp fell of .2 of 1% and the economy shrank by .7 of 1%. consumer spending was actually stronger though the first reported. matt: thank goodness. olivia: it appears the next move

is up to greece. creditors have given the greek government and you proposal for ending the stalemate over bailout money. prime minister meets with the head of the imf, ecb and the european union today. he told his government meanwhile that the creditors had not accepted his economic reform plan and he proposed an earlier this week. matt: they came back with a counter offer. and you report revealing some of what iran is being offered during nuclear talks. the associated press says iran will get high-tech reactors and other state of the art equipment and in return the country must shutdown programs that could make atomic weapons. the report is based on a draft document from the talks and all of that is pretty obvious. looks like president obama will get a victory on his trade agenda. the senate is expected to pass a bill giving the president fast-track authority to negotiate a trade deal. all the legislation needs is a majority. president obama has been battling a coalition of fellow democrats labor unions, and

environmentalists to try and push this through. olivia: could be the biggest trade deal in a decade. we are watching this morning third-quarter earnings and top analysts estimates. the company was aided by a licensee payment from scotts miracle group. they overcame lower prices and a stronger dollar with help from a payment from scotts which expanded the licensing deal to sell roundup herbicide to consumers. roundup cells like crazy. matt: roundup? do you use roundup? olivia: no. matt: maybe you will now that you have property. olivia: i bought an apartment in manhattan with no balcony. matt: probably not. the company saw a 40% jump after it announced a five year renewal with walmart. i sat down with the ceo of green dot and begin by asking if they had to put up a fight for the deal? >> walmart has a very fair process for any kind of major

vendor renewal and i don't think this one would have been any different, but we are grateful for the outcome. matt: what does it mean for your business? i am fascinated by the prepaid debit card model. it sure helps to have a massive customer like walmart. >> no question about it. walmart -- we are in 100 degree of -- 100,000 retail locations coast-to-coast and clearly walmart represents a majority of those sales among retailers. we are proud and honored to be partnering with them. the reason it is important is because it gives us a campus that stretches the entire country when you think of the number of americans who walk through the hallways of an isles of a walmart store, they need to be able to see our products and maybe buy one and they utilize it as their banking account. as their project, so it is important to have that distribution and given us set scale. matt: i think i heard yesterday that one in 10 people in the world have shopped at a walmart.

what about the competitive nature of the business? there are a lot of different payments, apple pay springs to mind, are you concerned about these alternatives? >> i would not say we are concerned. remember that green dot is a bank and we are the inventor of the prepaid debit card industry if you will, but we are a banquet checking accounts, pre- paid cards and we are known as a technology called company that has all kinds of innovations. we think that all of the payment innovation and the way, if you will, the factor by which people access their payments is evolving and will evolve and we will be there right with the industry and might with the industry -- and right with the consumer. concerned is not the word, but i would say excited, optimistic and eager to be part of the change. matt: will you continue to work together with companies like apple? >> we certainly plan to be part of all the ecosystems after that matter to consumers whether it

is apple or the android applications or others. if it is important to consumers, it is important to green dot. matt: what about currency? an interesting currency walmart is working on -- does that compete with your business? >> no. these are part of consumer axis payment so we would be plan to be part of all of those that are important and relevant including currency. matt: it sounds if you are in a growth phase but analysts have expressed concerns about the shrinking client or partner base. how does the outlook appear to you? >> to be fair and i know it is hard to get so many companies to look at, i don't think we should be concerned about the shaky partner base but clearly, growth, in general, how does a company that has such scale that rose year over year in double digits and we have done that for quite a while. we had some years are we did not but generally, if you look at all of our years since our ideal has been well in the double digits and we have done it again from 2014-2015 and now of

course, we have that challenge to do that this year and next year and the year after. and you are always doing is looking for the next big idea, expanding your current products and services to make sure they can grow organically the best they can, and then to make sure you alluded to before all the innovation and make sure we are on the leading edge of that to benefit from that growth and benefit from those ideas. growth is what we are paid to do and that is really the most fun part of the job. matt: is organic growth your main focus over the possible you would go out and buy competitors? >> we have fought a number of competitors and acquisitions is part of a group. we have levers or pillars and acquisitions is part of it. organic growth is another part. in products is another part of that growth strategy, so you never rely on anyone strategy for growth and we have all of those at hand and we look to strategically implement all of them to continue to help us grow. matt: ceo of green dot. that company is buying back what

hundred $50 million in shares. giving money -- is buying back 100 $50 million in chairs so giving money back. with a growth company, wouldn't you want to be spending that? and analyst we spoke to said he is concerned about the growth because the portfolio has been shooting for the last couple of quarters. olivia: i would be very curious to see how many insiders hold how much of that stock which you can look up on the bloomberg terminal. still to come, an update on negotiations with what is happening in greece right now. editors tell alexis tsipras that the ball is in his court. will he put more concessions on the table and if he does, will he lose his job? ♪

olivia: good morning from new york. few are looking at pictures of

hong kong where it is 9:10 in the evening, 12 hours ahead of us. matt: i have been told that it is actually much brighter in hong kong. olivia: what do you mean? matt: then the camera shot would suggest. olivia: because there are a lot of lights. matt: remy told me that that camera looks into the dark water of the tour your harbor which is why it is so dark that hong kong is bright. olivia: it is and they have a light show which is lovely. meanwhile also in asia, not exactly next door to hong kong but in japan, we are looking at nikkei and the benchmark has rallied and closed at the highest level since 1996. the index is up 20% so far this year and to explain what is going on i will bring in tim craig, bloomberg intelligence director of asian research. tim, what is driving this rally and what is your sense of whether or not it is sustainable?

tim: there are underlying fundamental dynamics going on here that certainly are supporting the japanese market rally. there is ongoing development with -- where we continue to have additional arrows being fired in various forms. reform and restructuring at this point with significant focus on how many japanese companies become more profitable. we will see if that is successful. matt: that is not just a qe then, there are restructuring as well. olivia: right there was the first era of doubling the monetary supply and says they have done that, the stock market has doubled. matt: this is more than the fed qe. tim: this is an underlying corporate push to increase profitability. another is it is certainly helping to disperse better growth to an expert perspective. you look at earnings, revisions with the japanese market and it is one of the more significant markets over the course of the

last year from an estimate revision perspective. olivia: provision is up. tim: yes. the market at this point is not that cheap market, if you will. at 19 times forward earnings but there is expectation that we continue to have positive earnings momentum and i think that is part of what is going on. it is certainly a risk on trade right now with greece and whatnot as well. matt: i pull up here on the bloomberg japanese gdp over the last what? 15 years in this chart and i am not seeing any real breakouts other than a little bit of 2011. we are basically seen 1% or less of the last two decades. is this going to change? i we going to see a climb? or is that just accessible growth? olivia: is that the crazy thing

that the gdp does not map on equity markets at all by central banks? matt: it has not been a lost decade for japan. tim: it has been a last couple of jet -- couple of decades. they have an underlying sense of change, whether it be consumers that are starting to perk up a little bit. whether it be wages that are starting to be paid more and those two are interrelated. whether it is the openness to external factors. there are more tourists coming into japan now than there have been in years. all of this is part of abenomics and that is the positive aspect of things. olivia: we've got to talk about what is happening in asia. this unbelievable rubin equity rallies that has captured our imaginations here. i -- matt: is it volatile? olivia: no. what i read in the story was that in the past, every time the

market has sold out even a fraction, the chinese state media has come out and publicly talked up the market and this time they have not done that. tim: i would not say it is necessarily the media. in this rally since we started last september, every time there has been a pullback, there has been a policy move. whether it be a base rate cut, reserve requirement cut, and announcement about another aspect of opening up the financial markets. olivia: the government has been supporting the equity rallies, has something now changed? tim: i don't think so. we did have a significant correction last week. we have had a few of these in our the rally since september that have been sparked by an issue on margin accounts and things along those lines. that was one of the calls for last week's pullback. the core underneath of this rally, which has been in six

spikes over the course of the past 15 years in china, is all about retail momentum. this is a retail driven market,. and simple. get onto the scene and they run with it. they we chat about it and the stocks move higher. it has been extraordinary. we are up -- the high point before we hit the correction is 151% in september 1 and that has helped bring this back. matt: so we had two days ago, we had the biggest gain in eight years and overnight, we had again the biggest, even bigger, gain at -- you liked him: the $64,000 question at this point is where do we go from here because we had spikes in 15 years and everyone had ended poorly because as soon as you have the retail investors come in at some point, there is a catalyst and they head back out. in this instance, there is the opening up of the financial

markets. olivia: with the change in age shares and all that. tim: exactly. and other financial markets reforms opening up. if there can be a development of an institutional base of investment, it is for pensions through additional management. olivia: and the regulations have changed with foreign buyers buying chinese equities. tim, thank you so much. you need to come back on soon. matt: speaking of fluid and wild with when we come back we will give you the latest on greece. the fast-moving story that changes every minute. stay with us for the headlines. ♪

olivia: there is a lot of

back-and-forth going on today in the greece negotiation. we are in brussels monitoring the situation between creditors and greece. hans, deal or no deal? han: he have a negotiation. what is different is it is very public and very minute by minute recrimination counter offer, opera, rejection of a counter offer and here is where we stand. the germans are saved have agreed that we are a ways off and they said that a couple of minutes ago. merkel said the same thing sunday night when she talked about how much more difficult work to be done the prime minister of greece seems to be blaming the imf or the rejection and not accepting his proposal, i should not say rejection. and the creditors sent another proposal and the greek officials did not accept that. one thing that is clear and has

been constant, both sides have invested interest in getting a deal and making it seem that it is a really hard negotiation. that is where we stand now. it is unclear at this is for show or negotiations. olivia: none of this surprises me at all. if this is a counter offer and nobody got on monday that when he put forth a proposal, creditors would be -- matt: cool, ok thanks. clearly, they are going to come back with a counter offer on the question and it is when is the actual deadline? at what time -- go ahead and give it to us in central european time. went to me stop worrying about this? hans: central european time, you can worry seriously at 6:00 p.m. -- 6:00 a.m. on july 1 because that will be midnight july 30 new york time and at that point, i don't think i can go any further. matt: at no point to you stop

eating waffles and fly back to berlin in the next week. hans: i may in the next week because this could become a story happened in stock and the story is can tsipras muster a vote. i know olivia probably has a private jet available and we can gas up in one country and then go for the vote in athens. matt: we will all meet later. thank you very much. we will check back in with you. hans nichols. olivia: hans nichols will be back with you in a little bit. don't go away. "market makers" with that and i will be right back. ♪

olivia: welcome back to "market makers" we and we are a few -- and we are a few minutes away from the opening bell. here are a few things to look at with tracy alloway on set and

bill nichols head of u.s. equity trading. tracy: all that drama in greece do you think it matters for the euro zone economy? there are some people who say it does not and that all of that stress is contained. there is a data point out that suggests maybe they should rethink that business confidence in germany fell to a four-month low and it was worse than expected by a lot of economists. obviously, this is one data point. people are saying it had more to do with weakness in asia which is the key export market for europe rather than grace. but still, people are still picking about the contagion effect. matt: that is a weird indicator. tracy: the confidence survey. matt: it seems pretty volatile. bill: it is one day at a point and adds it to things that matter and something to keep an eye on, as you said, but one number does not the market make.

tracy: number two, ikea is raising their hourly minimum wage by 2% to $11.87 an hour. they say it helps retain employees. obviously, this is interesting in the context of the minimum wage debate in the u.s. but it is also interesting in the context of markets because we have a lot of investors now talking about wage inflation and earnings growth. specifically, they are worried that if we were to get a sharp uptake in wage inflation, you can see average hourly earnings now. if we got that sharp uptake that could force the fed and make them race -- raise interest rates faster and actually derail some of the economic extension we have seen and derailed stock markets that are really worried about that interest rate. olivia: wage inflation making to hikes. matt: you also have to be worried that the fed target rate increase to 0.25 20.50 would make a very big difference to markets.

how much do you think equity markets -- how much do you think equity markets would really care about 25 or 50 basis point hike? phil: we have been talking about this for a long time, seven years, eight years, going 2.254 .5 of 1%, does it really matter? always really got scared? let's rip the bandage off and do it already. i think the fed is perhaps overly cautious and for all the right reasons because you do not want to shock markets, but i think the u.s. is ready for .25. matt: you run u.s. equity at counter fitzgerald and he seemed nonplussed about it, so i think we cannot worry about that right? tracy: i like your gung ho attitude but people disagree. analysts wrote this week that the one thing they think could derail the stock market is an increase in wage inflation and an unexpected -- matt: what do you mean by derail the stock market? we have had such a big move. it stocks were to come back 5%

and 10%, people would get scared at that point in time but that would be a healthy correction. we have not had a 10% since last fall, we have had a bunch of 2% and 2% corrections. levels are at an all-time high and if we had this conversation nine months ago, the markets had a big rally and in a sense, you could kind of hit the reset button. they have performed in different ways, utilities are softer this year and other benefits -- and other companies benefited. matt: they should be reacting. olivia: that is the underlying assumption. phil: i think the question is are we catching up on wage growth? is this -- and what is the real employment rate russian mark the shadow economy and all that, i think corporate america is pretty healthy. you have big buybacks in place and we are probably a little extended in terms of valuation but in general, the landscape if you look back at 2008-2009, when

there was real cause for panic and we have come a long way since then, perhaps we are trying to get to a more normalized set of numbers with funds other than zero. olivia: number three, solar. tracy: there is a solar flare coming. this could wreak havoc on all kinds of things like gps positioning systems, aircrafts and it has not happened yet. we had a similar storm on monday that did not have a huge impact. the second one is supposed to start sometime this evening in new york. why are we as investors interested in it? well, believe it or not there is one study that says there is a link between stocks and crisis and geomagnetic storms. pretty reliable and say there are a tendency of people to get him bad moods around geomagnetic storms and when they feel that about the economy, they decide to sell. olivia: matt is unless -- is a mess. matt: don't even get me started

on full moons. olivia: we are not investors but alarmist. thank you so much. tracy: if you are thinking about selling something for today, stop for a second and wonder or not if it is the solar. matt: bill, thank you for joining us. so great to have someone so grounded and realistic on the program. bill: great to be here. matt: tracy, thank you so much. what is moving on the markets? julie: people are feeling bummed out because of the anticipation of the storm because it is lower. lennar is not. shares of 5.5% and remember, we got new home sales in better than estimated showing the highest rates of new home sales since 2008. lennar reflective of this and earnings beating estimates, new orders of 18% and they are up 28% because we are seeing home prices rise and revenues of 32%

for lennar. getting a boost their and also looking at epochs of this morning. the company saying officially yes, we are splitting our stock. the shares were at a record yesterday and they are at a record again today. it remember earlier this year about one month ago, netflix asked investors to boost the number of optimized shares to 5 billion from 170 million, so it became clear at that point they would split the shares. it is a 741 split and takes effect july 14. shareholders will be on record as of july 2. finally, let's take a look at fitbit. we have watched the shares rise every single day since its ipo last week until today. the shares and finally pulling back the .4%, but guess what? they rose 89% since the ipo and the "wall street journal" saying that fitbit may become a rare ipo that in the first week of trading actually continues to go up and trade above that first day pop.

unless this pullback turns into a much bigger one, it looks like it is indeed going to be that threshold. olivia: i did not realize that fitbit was climbing. matt: i'm surprised as well. when i look at the s-1 when they first filed for the ipo, i was shocked by the numbers. olivia: by the market shares. matt: by how much they make and how fast their growth is. $750 million in fitbit sales last year and people are expecting that to almost double. julie: the question is about sustainability and demand for the product. when you have a high attrition rate according to studies, there are questions about how it olivia: will do going forward. and the sustainability of don't -- of demand. thank you so much. julie hyman our senior market correspondent. matt: i want to bring bill nichols back in, head of u.s. equity trading. let me ask your take on ipos. we seem to be getting back to the point where there is a big

pop on the first day of trading and everyone who gets syndicate makes money. this is a special case. olivia: and then you look at at sea, and it is a different story. matt: are we back to the typical schedule as far as initial public offerings are concerned? go: looking back to the late 1990's when you had these deals every week by multiple firms and they were trading at a premium actor, that is bubble activity. you have a few and they are widely successful there is more balance. we are still a far cry from the real days and amount of the offerings and the dollar amount as well. this seems like a phase people are focusing on right now. apple, google getting into this fitness recognition. olivia: they went public at a time of competition is not. bill: now is the right time to do this type of thing so we will see how it translates. you do see a lot of secondaries and ipos and signals patched in the market. olivia: how do you make market

-- how do you make money in the market moving sideways? no: that is the question. it depends on what your goals are as a short-term fund manager, are you buying whole? it feels like what has been reported is a long-term approach and you use a pullback and energy to get long energy names of little bit. you perhaps sell some real estate. olivia: you look for rent because don't forget this is the biggest week of deals in several years already. bill: i think that is a little bit of a short-term part in the marketplace. i think in general, people generally do not like this market. it is an unloved bull market and i think that leads to an incremental buyer out there and perhaps we have not aim. matt: we are expecting 2.5% growth this quarter and we got no growth last quarter. if you look over the last few years, we average 1.5-1 .6% gdp growth and outlook is about the same. how can you build a good bull

market on an economy that is just trudging along and almost at japanese haste? bill: we are not of 30% this year, so you had a little bit of strength and your breaking out to new highs but you are not up 15 percent-20 5%. olivia: but we were up 30% in 2013 and the economy did not grow by more than 3%. bill: right, i think part of the 11, 12, 13 growth was in the context of 2008-2009. you come up as singular. matt: if they're going to buy and hold, stocks will grow up and not drop back down again. he'll: i think it is kind of a cliche with the stock figures market and you have to pick the right industry group. olivia: you say to watch financials. bill: i think maybe they are below margin and i think it is starting to wane a little bit. you have seen huge amounts of

regulation with less leverage in the system. as soon as that finds out and banks in just around that that perhaps will leave more margin and most stocks have had not the run. olivia: thank you so much and please, watch out for the solar flares. bill: i am ready. matt: great segue as far as the regulatory situation is concerned because we will talk about wall street once again facing new regulations or maybe the regulatory system will suggest and that is good for stocks, at least in that sector. coming up next, we will talk to an author who wrote the story -- the book literally on wall street and regulations. stay with us for richard farley on "wall street wars." ♪

matt: wall street may be yet again facing the threat of more regulation.

the latest bill which would restrict the fed's emergency lending powers has brought together elizabeth warren and david bidders. two senders who are otherwise at opposite ends of the political spectrum. richard frawley, a partner at the law firm of paul and hastings, just wrote a book detailing the history of financial regulation called "wall street wars." you literally wrote the book on it. this is a history of what happened as far as regulation and wall street overturned -- are concerned. what do you think about outlook as far as the future is concerned? richard: i think it is uncertain the state. matt: that is a safe answer. thank you so much. richard: i will give you the real answer. i think it is an alliance between the extremes on the right and on the left to intentionally punish wall street. matt: continue to punish wall street. richard: and i think it is good politics, particularly if you are running in the primary.

neither the democratic or republican party with extremes on both side that determined the outcome and primaries. which is where the action is in most places because the whole redistricting issue, how many elections you really have a between the house of representatives. olivia: do the extreme right and extreme left agree on anything about regulation? richard: the agreed that the government should not do anything to help an institution, a bank when they are in trouble. for two different reasons. on the left, it tends to be a populist argument. on the bright, it tends to be a free market argument. the government should not get involved. they see agreement on that point. for example, we should not have bailed out anyone in 2000. let the auto companies fail, let merrill lynch feel and everyone fail. but the problem with that is in a panic, every bank ales unless

there is a lender's last resort because if you are a liability then your asset are long-term and there is no market to sell your loan, how do satisfied with jobs -- withdrawal? even a banquet many loans would fail. olivia: how do you get around this idea that banks are socialist getting bailed out by the government? it should: i do think anyone it was a stockholder in lehman brothers says capitalism is on the way down. olivia: it is capitalism on the way up and socialism on the way down. matt: because they did not get anything from anyone else's money. richard: correct. matt: let me ask about the other problem which is that the politicians who want to win these primaries also need to wage a general campaign and this race money. -- and thus raise money. look, they need to court thanks court financial institutions and court people like you and the and. richard: i do not see that.

i do not see too many people courting the wall street community. matt: is keller not going to get money from wall street? richard: if you are someone who was active in campaigns and you want to play a role and you have the financial wherewithal to make a contribution, you will end up choosing the lesser of two evils. olivia: which candidate do you feel has the appropriate regulatory touch? richard: i think there are a number of candidates. i won't make an endorsement but i think there are a number out there. olivia: is elizabeth warren heavy-handed? matt: we only have one minute left and i wanted talk about a subject near and it to my heart. [laughter] this is the history of wall street and obviously, we are all here because of alexander hamilton. what is your thought on the fact that he could be replaced or at least pushed over a little bit on the $10 bill? does that make any sense? richard: look, i think that all of this is symbolic. i think if you ask the average american who alexander hamilton was and what he did to deserve

to be on the bill, i think you would get a wide range of issues and assignments. i think all of these arts symbolic and political. on the coin, we had susan b anthony, so i mean it is all politics and public relations. i don't get too worked up. i think ben bernanke did such a good job same that and we should put him on the $10 bill. matt: i did not know that. richard: ben bernanke is very much alive. matt: who is your choice for a woman on a piece of u.s. currency? richard: wow. i would have to give that some thought. matt: no sheila bair? richard: it should be sheila bair. she is in my book. that alone qualifies her. matt: she did write a recommendation as to barney frank who i think is very interesting that he writes a key piece of legislation for finance and goes to work for a bank

after. richard: there is nothing wrong with that. this is in the book and i will plug the book now. one of the interesting parts of the regulation after the break to oppression was the cry of the revolving door with joe kennedy was appointed chairman of the sec. it was a terrible idea, the wolf is in the chicken house and it ended up being the best employment of any regulatory. i think it is a bunch of malarkey. matt: you got to find -- you got to read the book and find out why babe ruth's and it also. thank you for joining us. olivia: netflix shares surging after they announced a seven to one stock split after close yesterday. his main investors will get adventurous for each when they currently own. the stocks already trading at another record high. joining us now on the phone is andy, an analyst at pacific crest and he has an outperform rating and a 655 price target on

netflix. andy, is this just to make the stock more appealing to retail investors and what does this mean for your price target? andy: that is generally what it does and it means my price target has to get in by a seventh, right? there is no fundamental impact from start -- impact from stocks. the stock exchange could go higher but from that perspective it is a good thing. olivia: you just literally cut your price target and slice it into a seventh. you don't think having a lower price makes you more appealing and drives money into the stock? andy: a good do that but that is not really what we do. our job is to determine the fundamental value and that the supply and demand dynamics of the shares. matt: but that is why they do it, right? that is the logic behind netflix putting out a split? andy: yeah, you would have to ask. i think that is the general

thinking and the logic behind it. olivia: netflix is currently changing at a multiple of about a cool 180 -- how do you justify that? anti-: you do a couple things. one, you think about internet economics and internet businesses and content is division businesses. we are usually a win or take all environment and overtime, you'd think that netflix is the winner and opportunities are bigger than what they are getting right now. the other thing you do is you split more u.s. business from international business. u.s. businesses are very profitable right now and easier growth not for what international business could be overtime. and looks a lot more expensive than what i would say it really is. matt: thank you so much. andy hargreaves of pacific crest talking about the 741 split. 147 split of netflix. we will take a quick break and when we come back, we will talk about google and e-mail mistakes that you could avoid in the future. ♪

olivia: we have all been there.

you hit send on an e-mail and your heart sinks when you realize you sent that totally inappropriate joke to your boss and not to your best friend or perhaps you did the classic mistake and you hit reply all. that can really hurt. no, your worst nightmare may be over. gmail added an unsend button and we have a look at some of the famous e-mails that really really should have been undone. >> it has happened to so many of us. sending an e-mail to the vonn person or sending the wrong info two tons of people. but the inter-webs can now rejoice since google has formally kicked off its undo send option that could save people their jobs or money. it is much harder to send ms mail mistake -- a mass mail

mistake than e-mail mistake. in one of the biggest blunders in 2009, 20 8000 students got these congratulatory e-mails from uc san diego only to be told it was a group of the administrative ever. in the pharmaceutical industry taking two of these were not make this e-mail headaches go away. back in 1999, when pfizer exec called a caesar drug this think oil of the century. -- an anti-seizure drug the black oil of the century. the gasquet e-mail said that data should not see the light of day to anyone. of course, there are e-mail errors in the finance field. one contractor for goldman sachs says an e-mail -- send anyone to a gmail.com account as opposed to ags.com account. there wasn't an undue send button but they did block access

to protect had confidential brokerage account information. it was reported this year that personal passport details including president obama and many of the world leaders were accidentally e-mailed by australia's immigration department to organizers of the asian football tournament in 2014. if any of these self-inflicted e-mail investments happen you can undo them with a quick of a button. matt: that is why i do not use e-mail. you know? no because i have been here for 15 years. i have always used the bloomberg terminal. i think before e-mail became prevalent and it was already capable of sending messages and you can always retract those messages. i have taken advantage of that option many, many times. olivia: i find that hard to believe. i could probably save my job protecting e-mails. matt: i don't retract e-mails to you, i retract e-mails to my boss. olivia: you can extract --

retract enough to an external server. matt: that is right. olivia: that does it for "market makers." thank you for watching us. matt and i will be back, so please join us for thursday morning. much more, including an interview with the ceo and cofounder of box. erin leavy will join this on his company's partnership with ibm coming up at noon. don't miss it. ♪

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scarlet: no deal yet. greece and its creditors asked a new proposal to extend the bailiff ahead of a key meeting

between prime minister tsipras and the heads of the ecb, imf and european commission. matt: boeing has a new ceo. he has some big decisions to make about the aircraft maker's future. scarlet: a new report predicting the latest "star wars" film will make a billion-dollar profit. scarlet: good morning, everyone. matt: we are ready to bring you all the breaking headlines on the situation in greece. scarlet: it is like a slow-moving train wreck. matt: finally picking up some steam. scarlet: let's take a look