germany's finance ministry as greece rejects its latest offer. traders getting information from online chat rooms?justice department is looking into it . mark: solar power may soon get it stay in the sun. will traditional power plants we left in the dark? betty: good afternoon. mark: welcome to bloomberg market day. it's begin with a look at wall street on this wednesday. u.s. and global stock heading lower today once again. investors keeping a close eye on greece, which remains locked with its creditors over debt.

s&p 500 down almost half a percent at 2114. two thirdses down of a percent. nasdaq down nearly half a percent at 5137. old futures fell, heading for the longest lump in four weeks futures fell, heading for the longest slump in four weeks. oil fell for the first time in three days, showing refinery operations boosted inventories of gasoline and distillate. oil is trading nearly 1.5% at this hour. betty: bond market, and mixed session. they are waiting what is going on in greece. you can see the 10 year yield is

at 2.4% right now. the euro, right now, is slightly stronger. cominglots of headlines out from greece. it looks like talks are stalling and there is concern greek exit. germany is downplaying the chances of an imminent deal with greece. the german finance ministry says there is a long way to go together deal done and it is up to greece to show some movement. the bailout expires next week on june 30. president francois hollande says he spoke to president obama about revelations of u.s. eavesdropping on french leaders. he says that the two spoke by phone following revelations by wikileaks that the national security agency eavesdropped on

the french president and his two predecessors. obama repeated promises to stop areng tactics that unexceptional between allies. mark: the president is expected to win fast-track authority to negotiate the asian trade deal. a procedural vote passed yesterday. only a simple majority is required for final passage. earlier this month, house killed thelmost trade measure. the backlash against the confederate flag has reached alabama. governor bentley has ordered the rebel flag taken down from the state capital. governor nikki haley says the flag should be removed from south carolina's capital. week or of mississippi state house has called for the removal of the symbol from its flag. controversy erected when the suspect in the south carolina shownhooting massacre was

posing with the flag. fox will not renew its contract with sarah palin. governor palin is still expect it to make guest appearances on fox. she plans to remain heavily involved in congressional and gubernatorial races next year. betty: another entry today in the race for the white house in 2016. louisiana governor bobby dingell will join the crowded contest for the public and presidential nomination -- for the republican presidential nomination. he will be the 13th republican candidate in the race. espn has named the official daily -- the agreement includes an exclusive agreement. espn has been involved with fantasy football. in draftll invest

king. mark: in the next half hour on bloomberg market day, facebook's instagram gets an upgrade, making the photo service more like struggling competitor twitter. we would hollywood it means for both companies. betty: ever wish you did not hit send on that e-mail? has a new unsent feature. an e-commerce giants like ebay and amazon wasted little time. they pulled the plug on sales of confederate merchandise. the business applications from this controversy. and u.s. treasury bonds. mark: we speak with the primary access -- they have

hours ahead of sales and discuss them with each other. anti-atter has drawn trust officials attention. colleaguesand your say the federal investigation ended with an open secret and the open secret was what? keri: it is about what goes on of theprimary traders auction's desk. we have 22 primary traders that are basically the engine behind the sales of u.s. treasuries during the auction. what we are finding out is that the department of justice is -- has been successful at looking at behavior like sharing information on foreign exchange orders or sharing information on chat rooms and e-mails about where we think the interbank interest rate should be, also

known as libor. we find that there are ways see typesraders can of order flow ahead of auctions and they are also talking in chat rooms. it could be open to abusive behavior. they can say that if it fits into the right category of conversation and trading and talking about the right kinds of information, it could be considered antitrust or cartel like behavior, which is what i've banks pleaded guilty to last month. betty: is there a gray area? when does it become something that is regular and a part of business or something that becomes price-fixing in a cartel? keri: i take it went from gray area to cartel like behavior with libor. it showed the department of justice will make cases either

types ofngs if certain order flow information or sales information is treated. they are going to look at this very carefully. it falls into a gray area and the broader picture is that the treasury, like fx, or the foreign exchange market, is a largely unregulated market. you have conduct the doj is cracking down on in largely unregulated markets. mark: there are no regulations in place to prevent this? they describe the regulation around the treasury department as patchy. you have a little bit with the fed, little bit with the treasury department, but you do not have one large overarching authority. you have similar issues with foreign exchange as well. betty: it is very preliminary, there is no accusation of

wrongdoing yet. do you know this may have or if there's a possibility of storming the treasury market at all? issue.hat is the if you are able to trade information about auctions or foreign exchange orders or whatever product it is, it is open to abuse. ,ou have the ability to possibly of course, to rig rates, manipulate markets, change prices. that is the focus of the department of justice. even if they are not profiting on it are making tons of money by talking about which -- rt mark: it seems like what you are saying is that what they want to do is close what could be an misuse keri:. definitely. it is a type of conduct that is open to abuse is on the market. facebook'sl ahead,

instagram apis changing its focus. mark: it is introducing new features to take on twitter. ♪

betty: welcome back. let's go straight to julie hyman with a look at which stocks are on the move on this wednesday. julie: good afternoon. there's concern that a planned merger between office depot and staples may not go through. this after another merger was blocked. with stocks trading lower, 3.7%.

office depot, two point 5%. analysts think that the prospects are still relatively good, given there is competition from online vendors. amazon and walmart both sell office supplies for example as well. pessimismof necessarily surrounding this, but you see it reflected in the share price right now. cisco is the deal that was blocked. it was blocked by a federal judge who says that the merger of the two companies would probably is competition and raise prices. is trading higher. investors are happy this is no longer hanging over cisco's head -- sysco's head. ford, goldman sachs is flip-flopping its recommendations on the company -- company.utting

selling quitebeen well for ford. they say gm is more vulnerable in china and ford is less exposed to that business. a flip-flop in the shares as well. i want to point out what is going on with fitbit. shares are off by 5%. it is the first time since the ipo that the shares have fallen. they rallied 85%. it is only less than a week old. mostly upward before today with the big rally. the wall street journal pointing out how rare it has been for ipos of over $200 billion over the past couple of years to remain higher in the first week of trading. typically we get the first-day pop and then the stock comes down. that is not happens. ed with fitbit. betty: take your money and run. mark: thank you. betty: let's get a look at the

top stories crossing our terminal. alibaba is one of the issues at today's yahoo! shareholder meeting. they want marissa mayer's to give them an update in yahoos stake in alibaba. debt fell to its lowest level after losing a deal with variety. it will no longer supply pictures to getty. getty took on $2.6 billion in debt to finance carlyle group spy out in 2012. carl icahn has gotten out of netflix. he sold the last of his netflix today. aiken: netflix is a great company, but i have been a a battle hardened

veteran of seven bear markets. there comes a time when you make your 500% on your money, you take your tips off the table. carl talked a lot about ambling. shares have more than doubled this year alone. us inohnson is joining new york right now on this. icahno you make of carl getting out of netflix? who knows. when he says makes perfect sense. he has had a fantastic run in the stock. it is worth noting that netflix has issues. they have enormous content costs that they are obliged to but is payable.d as the they have billions of dollars in these contingencies for future

content. over a business that has $5 billion in revenue and only profit.le million in mark: he had this for three years and made $1.5 billion. cory: it is a different kind of investment for carl icahn. it might reflect the investment style of his son. he was along for the ride. it is not the carl icahn we knew that took apart twa. mark: wow. you forget about that. you forget how long that he has been doing this. this is a guy who was able to go and find a piece of a company and find a way to break up our companies to create value. this is not at all what carl

icahn was doing this for. betty: instagram is setting its sights on twitter. cory: facebook is at an all-time high. it is not a coincidence. facebook is owned by since 2012 and is growing fantastically. it has over 300 million users who post 70 million pictures every day. betty: you do, i know. cory: market so excited about selfies onset. pictures, most of them posted by stephanie ruhle. people are talking about the places that they are at. they are trying to use the export button to find better ways to have people to communicate where they are and communicate what they are doing. the: but if you make

comparison, we have been talking about twitter for the past couple of days and people have been talking about what is wrong there. cory: twitter is an interesting way to communicate. picture is better and a little bit of video is better than text and evil will like to communicate that way. they are trying to give a sense places with the explorer button. betty: this is what is going to be hard. people use instagram to send out positive messages, pictures with their friends, what they are eating, where they are traveling. it is feel good. cory: that is what you call it. my people are negative. betty: when i say twitter, people look at it for news. april did not look at instagram -- people do not look at instagram for news.

cory: that is what is going to exploreith the button. place where be in a people are discussing what is happening right now. y'sty: you should've seen cor face when he took a picture with kim kardashian. thank you. more ahead on bloomberg market day. have you ever sent an e-mail to the wrong person? mark: we are going to take a look at some of the biggest electronic blunders of all time. ♪

mark: welcome back. betty: i love this story. oops addedaking the e-mail. feature. an unsend mark: for some, it comes way too late. the biggestme of e-mail blunders in history. it has happened to so many of us. sending a e-mail to the wrong person or the wrong info two tons of people. can rejoice.-webs google has formally kicked off its unsend feature. -send harder to send a mass mistake, but in the past years, students have gotten except in

ory e-mails.ate ,n the pharmaceutical industry in 1999, 1 pfizer executive called an anti-seizure drug the snake oil of the 21st century. a gsk e-mail said that data should not be seen from anyone outside. and their e-mail errors in the finance field. one contractor for goldman sachs sent an e-mail to a gmail.com account, as opposed to ags account -- to a gs account. they had to block access to the account to protect highly confidential brokerage

information. world leaders were accidentally e-mails by australia. them with thedo click of a button like a never happened. betty: that makes me feel better. maybe people should think before they send them. betty: we actually have the undo button here at bloomberg internally. i have been saved by that. what i am waiting for is the undo text button. mark: it is interesting. when they talk about the undo e-mail, it is obviously something that is not nice about someone. a niceld you undo e-mail? it is probably something crude,

and appropriate. you send it in the next thing you know, it was a bad idea. betty: i think the lesson here is to pick up a phone. that is littered is. try not to send anything on e-mail. mark: you are saying curse somebody out by phone. betty: the personal touch. i'm signing off now. what do you have coming up? mark: we're going to follow bloomberg market day, a snowball effect, giant retailers including walmart and amazon have agreed to stop selling confederate merchandise. take a look at the strategy behind the decision when we return. ♪

mark: welcome back to bloomberg market day. let's get straight to your top headlines at this hour.

a new report confirms the economy shrank in the first three months of the year, just not as much as previously estimated. arst quarter gdp fell 2/10 of percent. earlier, the government had said the economy shrank 7/10 of a percent. consumer spending was actually stronger than first reported. reports --ter reports from the second-largest u.s. homebuilder rose 27% in the quarter. when our shares are up this year. shares are up this year. lower grainrcame prices on the dollar. starting next week, there will be a new ceo at the world's largest airplane maker.

dennis millon burke will replace james mcnerney. he will remain as chairman and retire next year. >> they have really changed about how the think about developing products and a product portfolio in a way that lowers risk and approves the longer-term potential of the company. i think for dennis, the real benchmark will be how high can boeing profits go, considering the decisions they have made over the course of the last decade. can they implement the lessons of the boeing 787? had: the company has also to deal with the pullback in u.s. defense spending. the world's largest furniture retailer is raising its minimum wage in the u.s. by 10%. entry-levelw pay workers $11.87 an hour.

those are your top stories at this hour. coming up in the next half hour of the bloomberg market day, wall street is in the red today, setjapan's nikkei t has its highest level in 18 years. what is driving the rally in japanese stocks. in the energyt market. solar power and real are gaining and gaining fast. they may one day overtake plants.nal power greece says thanks but no thanks to the latest of proposal from its creditors. it is the country go from here, with funding due to run out in less than a week? alabama governor robert beckley ordered that confederate five should be taken down at the state capital. it follows the murders of nine people in a church in south carolina last week. the suspect in that case allegedly posted photos of himself online holding a confederate flag.

major online retailers say they will stop selling confederate merchandise. joining me is to main stand for, he has been working as a reporter for two decades and has covered the controversy. managing adamson, director at landor associates. let me start with you. flags are an important symbol of identity. how did a picture of the alleged shooter, how did that come on the one hand's per a narrative change in the confederate flag and on the other, call for retailers action? it was something that was waiting to happen and timing made it happen. consumers vote with their wallets.

consumers want to say that i like this company, i'm going to support it and buy from it. if they are not doing the right thing, they will be hung up on the bottom line. mark: this is one of those things where we see a tragedy, a affect amassacre social consciousness? guest: the two issues are out there and got connected to this tragedy. mark: this is a debate that preceded last week's tragedy. have local was the conversation? guest: in some ways it was deja vu for people here in georgia. we went through a battle over the symbol a decade ago. 80's to be part of our state flag. it we had a governor that should have been reelected by a landslide who lost in part because he cut a deal with the legislature to get rid of the confederate battle emblem or to reduce it to a small box on the flag. the winner of that election came back and promised a referendum,

pushed for potentially the confederate battle emblem to come back. the business community was up again and said it would be bad for economic development. they eventually ended up with the flag we have now, which is actually still the stars and bars part of the first national flag of the confederate states. he will largely believe the debate is in the past in georgia. the: how do you explain fact that national retailers are playing the confederate flag and similar merchandise from its website and store shelves? but manufacturers, their sales of the flag are surging. guest: it is going to take time for the two to catch up. they need to do the right thing and follow what is going on and their conscious and to be good. -- many fractures will stil the many fractures will soon

find out that the market is going to evaporate. mark: are people doing this because of bees i -- business expediency? brands today need to bend over backward to do the right thing. consumers vote with their wallet and if they don't like the behavior of a company, or brand organization, they will let them know very quickly and social media empowers that. mark: as you mentioned, in georgia, a big fight over the confederate flag over a year ago. at that time, the business community wanted the flag to stay. what is the business community saying now? guest: they would absolutely still agree. they want no part of that battle emblem in the state. they feel a kit makes a southern state look backwards and it feels like carmakers for example , they may shy away from a state

with the symbol that tells part of its population that maybe they are worth less than another part of the population. you're not going to see big fights over that now. the people -- there are still people who still believe the flag represents the south, represents the pride of the south. i think that is becoming more and more clear that that is a difficult argument to make. lack ofeast, it shows a empathy for another part of the population. especially given what the flag has represented in the past. mark: you spoke about the internet. our colleagues wrote the following today, quote, when governments may take 150 years to act, commerce can move in a flash. has the internet helped to change the heritage versus races and debates in the southern u.s.? guest: the more knowledge and information sharing there is, the faster brands have to react, .

it is but a magnifying glass on what has always and true -- it is a magnifying glass on what has always been true. mark: is there a risk for retailers? guest: no. they are doing the prudent thing for themselves and their business, following what people feel about them, social media, following good corporate citizenship. and duanen adamson, stanford. thank you for joining us. --ll ahead, depends nikkei japan's nikkei at an 18 year high. more on the milestone. ♪

mark: welcome back to the bloomberg market day. let's get straight to a check of the markets. julie hyman is standing by now with details. good afternoon. julie: stocks are pulling back, not huge declines, but nonetheless declines as investors weigh what is going on with greece and whether there is going to be a positive outcome. we have seen material stocks fall, financials, but also health-care stocks. a mix of different sectors doing poorly today. i want to point out, the action we have seen over the past year. an upward trajectory took us to a record in mid-may. a record close of 213082. we were climbing back up to that level yesterday before falling back today.

we made a run added that did not quite make it. as for other assets, look at treasury. we have seen a much more narrow range in the treasury trade as of late. a little bit of volatility today as yields went up and came down. the yield coming down by a little bit. take a look at the dollar index. a lot of volatility in the euro in response to what is going on in europe. the dollar had been benefiting but that has turned lower as well. oil prices have been falling for the first time in three days. we got a larger than estimated -- is ofs something that concern. i was talking with bloomberg intelligence analyst vince. a lot of traders are focusing on the second half of the aware

there's going to be an expected increased oil output and it will keep a lid on prices. let's check gold. it is set for its longest decline in about a month. we are seeing some risk appetite come back into the market. it is not reflected in the stock prices today. not a huge decline at the moment, that along slump -- but a long slump. mark: thank you so much. in europe, stocks retreated as optimism about a greek debt deal fades. some differences remain about reforms greece should make. >> nothing is ever simple when aboutes to the story greece. alexis tsipras is heading to brussels, only to find himself raised with the counterproposal from his creditors. the imf may have issues with

what athens has proposed. 80 that has to do with the way that taxation story is going to increase here in greece or maybe it has to do with pensions. we don't know at the state. the situation is incredibly fluid. their tigh -- they are trying to thrash out a deal. any changes going to make his life is in difference. yes to do with the economics and then the politics. fluid is probably the best way of discovering the situation right now. sharesvernight, asians gained for a fifth day. david ingles reports. david: japanese stocks reached a milestone, back to levels of 19 years ago. $20 -- d at just under

slumber.a 15 year we are up 20% this year alone. what will drive the next leg of this rally? that is still being debated. mark: now to the top stories crossing the terminal at this hour. remember this seen from back to the future? ♪ mark: it is about to become a reality. toyota has built a working model of a hover board. it uses liquid nitrogen cold magnets. chicago's navy.

plans to celebrate its 100th anniversary with an even bigger ferris wheel. it will debut next summer and stand 49 feet taller than the current affairs field installed -- current ferris wheel. periodsy, nhl overtime could have more open ice this coming season. the league will change the regular-season overtime period from four on 423 on three. issue that will still take place is games remain tied after five minutes of overtime. the board of governors still has to approve the change. that is look at the top stories on this hour. scarlet fu joins me. i do know if i like that. scarlet: why? mark: it is about defense. scarlet: at seven death, you want to see a goal scored.

games reached over time. mark: i am looking up some data. scarlet: it was a highlight of the day. mark: something else we are talking about. bloomberg's new energy finance team deals with massive shifts we are seeing right now in the power market according to the team, we're talking about trillions of dollars. the way you get electricity could up sensibly changed could changef forever. we have a chart that shows how solar power is going to overshadow. scarlet: the biggest revolution is going to take place on rooftops. there's never attached -- there

is a number attached. my question is for a place like need sufficient sunlight, and i am not sure we get that. climate change has made it so that new york is rainier and cloudier. if you don't get semi-, you will not get the solar powered roof. mark: according to data we got from our bloomberg team, it is still not happening fast enough. at some point, even if you get the solar power on rooftops of buildings, is it going to make a difference? are we playing catch-up because of all of the damage that has been done so far? scarlet: a really good question. people talk about natural gas as a bridge. -- few countries outside of the u.s. will replace with gas plants.

utilities, going back to the solar panels, they will be cheaper than new gas plants in 21 years. perhaps the moment has passed. mark: the finance team said that 2.2 trillion is going to 2040.ps by i believe we will follow this sector. scarlet: we are going to talk about a lot of interesting things, the state department messing up visas for people who want to come the united states as workers. foras real ramifications farms that rely on migrant labor. mark: still ahead, founder and ceo of foursquare tells us how even people with minimal knowledge of code can build

software that can change the world. ♪

mark: foursquare founder and ceo dennis crowley was not a math genius or computer wizard when he began coding the

location-based apps. how coding can be a tool for almost anyone to turn their idea into reality. dennis crowley: first line of code i ever wrote was probably making the turtle go around in seventh grade. a line orke a go in take a left or a right. commands --ecking typing commands to make it go left or right. pretty advanced. my name is dennis crowley and i'm the cofounder and ceo of foursquare. everyone has ideas for things that should exist in the world. everything that is going on now, you can assemble little bits of code the way you would like a

lego blocks and make, located things pretty quickly. the stuff i write is not very elegant. if it was enough to get the point across, enough to scrap a prototype together and enough to show real engineers, a come i have this idea, can you help me make something awesome from it / this is the first piece of code for foursquare. i guess i wrote this in late 2008, the big idea being, if you had all this information about where people had been, because they had checked in, could use that to make a list of all the places that are popular with my friends that i have never been to before. the stuff i wrote here is not scalable. the version of foursquare i built very early on could only support 5000 people using it before it crashed. but it is a good example, you

packed things together, and it gets the point across. now, it is more complicated than a minute ago. this is awful. it would crash. there is a stereotype about writing code or doing any type of engineering. that it is extremely difficult. i think there are a lot of people who are afraid of it. they see green text on a black computer screen and think it is the matrix, i can never code that. people should understand it is a very pareve way to prototype ideas and to take ideas that are in your head and make them into something other people can experience. mark: foursquare ceo dennis crowley telling us about his first line of code. bloomberge issue of week.

coming up in the next half hour of bloomberg market day, is a deal over the greek bailout imminent? germany says definitely not. we had live to brussels. how wall street is doing on this wednesday. investors are keeping a watchful eye on the greek talks. they remain deadlocked with creditors over that. s&p is down with 2111. the dow jones industrial average, a 145 point drop. nasdaq composite down two thirds of a percent at 5125. ♪

m it is 2:00 p.m. in new york and 2:00 a.m. in hong kong. ark: --

we will go live to brussels for the latest on the talks. >> ibm looks outside the box as it tries to reverse 12 quarters of -- they house a lot more than just books. the seeker treasuries rotting in some of our nation passes biggest libraries. ♪ mark: good afternoon from bloomberg world headquarters in new york. i am mark crumpton here with scarlet fu. scarlet: stocks were briefly positive and we quickly went back down and we are now just off of our lows in this session. the s&p 500 losing 12 points. if you look at bonds, 10-year note's over the couof