day. -- win for thert white house. >> the french president holds evenope for a great deal as angela merkel says negotiations look to be going backward. preview thel possible winners and losers in tonight's's nba draft. ♪ olivia: good afternoon. i am olivia sterns. mark crumpton. let's begin with the markets on this thursday. stocks are moving higher today. by reportsncouraged showing strong rising consumer spending last month. health care stocks also higher after the supreme court upheld the affordable care insurance

subsidies. the dow jones industrials has turned red, down about two point at 17,963. the nasdaq composite index is virtually unchanged. headed lower on this thursday. right now, gold futures are trading down fractionally among but they are at $1172.20. slipping to the lowest level in more than seven months, crude oil is trading now down over 4% at 5959 per barrel. olivia: treasuries are falling for the third time in four days, sending yields slightly higher. at 2.41 percent or this after we had jobless claims coming in below 300,000 for the 16th straight week. , it roseender data almost desk the most in six

years or less show you what happened on the currency market. how little action there is in the currency market, in particular how little action there is in the euro. the euro appears to be trapped in its tightest range in a month . european leaders meet in brussels and try to trade the financial aidmore for greece peerless take a look at the top stories at this hour. the u.s. supreme court is upholding the nationwide tax subsidies that are a core component of president barack obama passes health care law. the justices rejected a challenge that threatened to gut the measure and undercut his legacy. president obama: millions of americans would have had thousands of dollars worth of tax credits taken from them. would havensurance become unaffordable again. many would have become uninsured again. ultimately, everyone's premiums could have gone up. america would have gone backwards. that is not what we do.

that is not what america does. we move forward. today is a victory for hard-working americans all across the country whose lives will continue to become more secure in a changing economy because of this law. olivia: the ruling is the high court's second in three years to preserve obamacare in the face of republican backed legal attacks. millions of americans keep using federal tax credits designed to make policies affordable. also gavehigh court the obama administration another legal victory or justices ruled people who file housing discrimination suits do not have to show they were victims of intentional bias. that is a blow to lenders and insurers. the ruling was 5-4. plaintiffs can base their case in part on whether a policy has a desperate impact on a minority whip. the emergency meeting in brussels ended without an agreement on the greek debt

crisis. greek officials will continue to work with the country's's creditors. international monetary fund, the european national bank, and the european union. greek by mr. still sounded confident. think europe is full of disagreement and compromises. confident we will have a compromise that will help eurozone and greece to overcome. greece is running out of time. the bailout program expires next week and the country must pay the imf $1.7 billion by june 30. isvia: univision's canceling july 12 broadcast of the miss usa pageant after comments made by republican presidential candidate donald trump. mexican immigrants in his kickoff campaign. univision says is ending its

relationship with the miss universe organization, partly owned by trump. and taylor swift will put her top charted album "1989" on i tell us -- on itunes. apple music during the three-month official free trial will pay. she will debut on june 30. the plan to hold have been criticized by the music industry. that is a look at the top stories we are watching at this hour. mark: coming up in the next half hour, it will pursue and i -- an sites likeating match.com, okcupid, and the popular app tinder. then look atll long-term issues greece will have to address. mark: subsidies, allowing millions of americans to keep

federal tax credits to pay for health insurance. olivia: the million dollar bond is being turned on its head. the money managers are calling the shots and cooking up plans with corporate issuers. mark: it could alter the the $39 trillion u.s. bond market. here to discuss this phenomenon, lisa abramowicz. we are talking a seismic shift. before the crisis, you really thought of bonds being sold by banks going to investors and saying look, they have roadshows. you sell the bonds and say, should buy this. investors would choose whether or not to buy that. since the crisis, there has been a food fight for almost every single corporate bond sale that has come to market. basically every signal one, if you got in on the ground floor, you got big outside games. there is an entire industry built around it and you get an outpatient to a new sale and if you sell it right away, usually you will get the game right from

being allowed to participate. leavedoes this lead -- the big investors? they want to get in on the ground floor. you have got to be more aggressive. you cannot just wait for banks to come to you. you have to go to those companies you like. you have to go to the desks of these banks and say look, what is coming? we want this, we would buy this, and they will get in on the allocation and get more of what they want. olivia: what does this tell you about broader changes in the treasury market? it seems symptomatic of power going away from the banks. street is shrinking whether it is a response to regulatory changes were less of a risk appetite after the credit crisis, but you're seeing banks shrank and institutional investors have to take some of these roles over if they want to have the same kind of debt they have grown to appreciate. it has gained a lot of returns

over the past couple of years. was this going to happen naturally or were these regulations actually forcing their hand? lisa: from the people i talked to, this is deftly a part of it. inquiry has always been sort of , on very rare occasions radius to the credit crisis, post crisis, increasingly investors that want bonds may not have been able to find them, may not have been able to go to the dealer and say, do you have x bond in your inventory? can i buy that? i do think it is an offshoot of some of the regulations. olivia: any sense of what portion of the corporate that sales are now being initiated by the money managers going to the banks? lisa: i think it's sort of depends on how you define it.

i know one money manager who sends a list around every month of onset would like to see in the market to all the syndicate desks. it's sort of depends on how you universe.s because i think a lot of people would like to say there's doing it so they can get a better allocation. mark: the impetus for this, blackrock ringing someone in? is that how this started? lisa: their idea was to make a more aggressive effort in having a role underrating and creating response. you have seen in the past year, capital markets group, many other firms have efforts devoted to contacting companies. only lisa abramowicz can make the business of underwriting bonds interesting. thank you. mark: and make it make sense. this is very copper kidded. lisa: the u.s. bond market.

it is a big market. olivia: thank you so much as always. mark: still ahead, a match made in heaven for shareholders? allia: we will tell you about the plants to spin off its dating empire next. ♪

olivia: welcome back. i am olivia sterns. taking a look at some of the biggest laggards in the nasdaq composite today. good afternoon. matt: i am looking at interesting stories today, starting off with green mountain

coffee roasters here the current stock is not doing so well, down by 3.5%. bank of america lowing its price target $95 to $117. couple reasons. they will spend a lot of money the2016 to build up products. they do not think consumers will lash on -- latch onto the second-generation hot average brewing machine. they might have a good time with cold beverage machines and they machines, butirst next, want to talk about netflix. fuji media areh japan will open up the market and going to japan in the spring their they operate 52 million subscribers, but they want to make japan one of those countries. it does not look like consumers are really buying it that much. and carl icahn leaving the stock, a huge help to the stock. bed bath & beyond is also a company having its issues.

first-quarter profit missing expectations. we were looking for $.95. we got three cents. bed bath & beyond has to put out a lot of discounts and a lot of coupons, put a lot of office on its website, but is -- because it is trying to fight amazon.com. take a look at monster, a company in the news lately for a number of other reasons. it may be able to triple its legacy. according tos, analysts here, because it will use coca-cola come its relationship to really boost those sales, especially in europe. that stock right now, up about 2.5% p.m. monster by the way, on my terminal looking at analyst notes, i see 10 holds. 10 buys. no cells. -- sells. he started breaking out these color bars. has not really changed a lot. you can see it is held pretty evenly. breaking ali from the pack and

saying they think there is a lot more opportunity here than the rest of the crew expects. thank you so much, matthew miller. i associate you with monster beverages. matt: i do not take any of that stuff. the reason is not because i do not think it is healthy. it just tastes awful. mark: don't hold back. matt: every single version i've tried, monster, rebel, rockstar, they all taste horrible. olivia: thank you so much. mark: really, thank. -- thanks. overa: lululemon sold 300,000 hoodies. they can snap back if they are polled or catch onto something. so far, seven consumers have reported injuries to their eyes and face. customers can remove the court and lululemon will provide a non-elastic string to replace it. alibaba's jack ma is buying a

lot of land. purchasing more than 28,000 acres in new york state's mountain area. reserveerty is a major once owned by a rockefeller air. years old andht worth $10 billion. it has got 400 million users, up by about one third but still has not found a consistent way to make money and is facing increased competition from box and microsoft. emily: i know you are friends with mark zuckerberg. what kind of advice has he given you? >> and he has given me advice on a company scale. how do you set it up. you have to be a lot more thoughtful about how you compensate people and how you think about mundane things like titles or how people advance. how do you side -- decide to place bets?

you have more mature products, this whole portfolio. how do you keep that running women challenges are so different at either end of the spectrum question mark a lot of things like that. olivia: you can watch the entire interview tonight at 7:30 p.m. eastern right here in bloomberg television. mark: you may soon be able to own a piece of the top dating websites. interactive says it plans to pursue an idea ovitz match group provision, which owns sites like match.com, okcupid, and tender. olivia: it plans to sell one of it -- lesson 1% of its stock. cory johnson joins us now onset. cory: investors will have a chance to own a piece of tender. it is interesting it is taking these businesses, which they lumped together and package them into an ipo.

one of the reasons the stock is this investors recognize will probably get a bigger valuation as a separate company principally because of the characteristics of the business. it has only been a year and a half. talk to us about the timing of this. put this together long enough and what we have seen is a business growing really fast. it is a big is this. but we arerise you, looking at a business that is doing well over two injured million in revenues last corner -- last quarter. onwing pretty well at a year year basis. a billion dollar a year topline business. in terms of the growth, come here often? but yes, the year-over-year growth rate, you saw that came off last quarter. interestingly, in the last quarter of the company, they have invested in the businesses big time. have declined

substantially in the business, particularly in the last quarter. some of that is currencies as well. you can see only 11% margins. perhaps the idea of that ipl, they want to have rapid growth in the ipl. olivia: maybe rapid growth, but tricky margins. cory: i think the last quarter may have something to prove here before the ipo. surely they will make the case that was a one-time thing. on 30% grossgins margins, it is an enormously profitable business over $1 billion in revenues. as we know, tender is doing fantastically and within that growing very quickly. mark: we giggle about this but from a purely business standpoint, what makes these sites so popular? cory: from a business standard. this, what kids like are the options out there?

right? go get hammered in a bar and meet somebody? somebody at work? these are bad plants. olivia: leaving aside, millions of people are on match.com p are i think it is obvious. last quarter, the number of people using their services was 4 million people. olivia: that is a lot. what does it mean for their valuation? cory: they've got answers.com. all kinds of random businesses, together. these dating things, it is a separate business. i think the recognition of the company= is that this is a higher valuation come it has got fantastic gross margins and steady growth. will this push some of the other sites to maybe marry, if you will? olivia: i like that. cory: very clever. i think it may give them currency to do more acquisitions going down the line. an interesting thing about this is they have got economies of

scale with the way they run the businesses on the backend. there marketed to very different groups of people here that is why you have different brands altogether. mark: cory johnson talking about dating sites and why not? , deal ortill to come no deal? does it matter? greece will have to rebuild either way. countryw the indebted can get past? ♪

mark: welcome back. i'm mark crumpton here with olivia sterns. olivia: a meeting of euro area finance ministers broke up today even if creditors

give greek government everything is asking for, greece was still changes mark:.ep this mark: drama does not have to end in tragedy. this week's cover story. can greece save itself? should classic can. we see opportunities of resolve despite difficulty, there is a lot of optimism. people are still eager to move forward and make things better. mark: they felt some of the debt owners were trying to bring greece to its knees, that they were humiliating the greek people. did that resonate with the people in greece or is the clinical reality now hitting them that they might not like what they see? a little bit of both is

going on. people justifiably so, the one , theuffered a great deal lenders are not understanding just how difficult it has been to there is no framework beyond learning the money to help greece get back to greece. those have accepted all along that the deals are necessary. everyone is moving to a place where they are very tired with what is going on and whatever the outcome is, they're ready to have the outcome happen and move forward. deal or no deal, they need to move forward. what are the opportunities? when we think of greece, we think of beautiful places. it has done very well in tourism. there is a lot of room for improvement there, developing evenrent sectors, education tourism, or higher end is whaa lot of people are saying, that you have got beautiful locations, wonderful speak english, they know how to create amenities and catered to a higher end clientele.

is this enough to convince national investors that they want to come back? some of it will depend on what happens. we have seen investors move and in measured sort of ways here i think the case can be made and if the government is able to -- to creates opportunities, they will be attracted to the country and will go in. thank you very much. everybody should go out there on newsstands today. an awesome article. please go pick it up. meantime, i'm am signing off and mark is staying on. mark: we will talk about the supreme care -- supreme court ruling on a bomb get subsidies coming up next. ♪

♪ welcome back. i'm mark crumpton in new york. thank you for staying with us. let's go straight to top headlines at this hour. mitsubishi is recalling about forms at 60,000 vehicles in the united states over an airbag issue. there were concerns the air bass could push sun visors into passengers. certain eclipse sport boots, model years 2000-2005, and some eclipse spiders. cars chrysler and dodge that mitsubishi made for chrysler. cut a isnt of to apologizing for the eight deaths and hundreds of injuries tied to its company's airbags. to cut about and apologized at a news briefing in tokyo after the company's annual shareholders meeting. they risk -- says he has no plans to serve -- to step aside.

>> i feel responsible for what my products have caused. i should provide safety to our customers. i strongly feel i should continue to spearhead the mission going forward so i do not have any intention to resign at this point. mark: the grandson of the japanese company's founder, nissan recalls another 3 million vehicles with to cut a airbags. hank greenberg is hearing a court ruling that proved he was right. a federal claims court decided the terms of the federal bailout of aig were unfair, but in the lord -- awarded aig shareholders no compensation. betty liu had an exclusive interview with mr. greenberg. the government did something improper, overstepped its authority. they benefited to the extent of , and the oner more who overstepped their bounds got

rewarded and the shareholders, the victim of that, did not. about $40nberg taxon billion in the case. those are your top stories in this hour. coming up, the nba draft is tonight. we will have the latest on what phil jackson and the next might do after posting their worst season ever. we will then look at the changing demographics in america as minorities passed non-hispanic whites as the -- group of children under the age of five. and then we look at larry summers and find a what he thinks should be done to solve the greek debt crisis. back now to our top story, the monumental ruling of the supreme court upholding the subsidies that underpin president obama's's health care law. it is the second time the court has upheld a challenge to the affordable care act. bloomberg supreme court reporter greg has an on location for us

all day. also joining me is the ceo who sees the affordable care act in action every day. of the mount sinai health system. think is so much, gentlemen. let me start with you. according to chief justice roberts, who did vote with the majority, the four words at issue here, "established by the state," might be problematic but he does not believe they affect condors's intent when the law was passed. tell us about that. >> he said the overall intent of the law said -- suggests the government wanted subsidies play nationwide and not just to the few states that set up their own exchanges. he talk about if he restricted subsidies, collapsing insurance markets in the states that do not get the subsidies, that clearly cannot be what congress intended. dr. davis, you had one of -- how would this affect not only how you provide

care, but what this might mean for your bottom line? continues this business as usual. we have our own exchange. we are not going to be affected. it does not change what we will do but as a nation, it is as wely important but talked about, the end of the subsidies would be the death spiral for the exchanges in the majority of states in the country. we would have lost between 6 million 8 million people currently insured with subsidies who would've left exchanges. that has a catastrophic effect on the health care of these individuals. how would you describe obamacare's's and what if anything needs to be changed? >> it was about enhancing access, getting more people insurance. it was able to do that. there are enough 15 million more people in short today than were previously insured.

what we have to deal with going forward is how we are going to bend the cost curve and health care appeared what will we do to make health care more affordable? that means looking at where we are spending money now and the future. it means things like end-of-life care, you recall. death panels was the death of the discussion on what we will do about end-of-life care. we have diseases costing the nation a fortune and will cost even more in the future like alzheimer's divvy -- disease and type two diabetes can we have figure out how to bring drugs that are effective and innovative to market faster. we are not dealing with those questions right now. finally, we have got a big problem of what we will do about the cost of some of the new drugs that are coming on the market. we cannot for the strokes. medicaid, and commercial insurers, really not having adequate resources to pay for all of our health-care expenses, we have got to bend the cost curve and to do that, we will have to address some issues that have been tough until now. justice antonin scalia

summarized his dissent from the bench. he said, we should start calling thatlaw scotuscare, adding the justices favor some laws over some others. did they have in king versus burwell? classic goes back to those four words you just said. there is only one were to interpret that phrase. the majority he said had to rewrite the statute. his point was there doing that because they like the law and they want to save it and he says that is not the proper role of the supreme court. point,r. davis, at some this is one of those laws where it was not a -- it was not perfect in its initial stages and has not been perfect in implementation. has that in -- impacted how that has given people access?

>> it clearly has. there have been a number of stumbles along the way but that has not been surprising. every these of social legislation we have had since social security has had stumbles and required legislation thereafter to fix it or the tragedy here is the executive branch together is so dysfunctional that we are not able to overcome that and do the things and fix the things that need to be fixed. mark: the president of the united states had comments on this. he was in the rose garden and one of the things he discussed was the possibility of more legal challenges of the formal care act. let's listen to what the challenge had to say. president obama: my great hope is rather than dealing with challenges that have been settled again and again, that we can work to move forward. let's join together. make health care in america even better. in 2012, theknow,

was 6-3 p what are the chances the justices could , of an appeal of obamacare the formal care law for the third time? >> whether you have another challenge like this that really threatens the core of the law and the basically got it, there is no challenge like that on the horizon just yet here they may be another one we have not thought of yet. if obamacarehough is going to get overturned, it has to happen in the political arena. mark: i would be remiss by not telling our viewers that you are in aspen for the ideas festival. of course, you will be talking about health care. will the ruling alter what you tell the audience? ruling gone the other way, i would be talking about something very differently. this will be an important part

of our discussions. the focus is how do we go forward, how do we make health care better going forward? tot reforms are necessary make health care the kind of quality that we need, the access that we have to have, the efficiency we need to improve it going forward. the ceo president of mount sinai health systems joining us from toronto. outside the supreme court, gentlemen, thank you so much. still ahead, dreams will come true tonight. the possible winners and losers from tonight's's nba draft. "market makers" continues in a moment. ♪

mark: welcome back. julie hyman joins us with details. breaking news we are getting in the past few moments having to do with health care. julie: ongoing speculation over the consolidation of the industry. closing in on a deal to acquire humana. the deal is set to come as soon as this weekend. humana also is set to get an .ffer from cigna cigna had been talked about as a potential acquisition target. there has been a lot of talk in recent days about the potential combination within the industry and this is the latest on what

we might be seeing. people familiar are saying aetna is closing on a deal. bit up by 1.8%. you would think humana is doing the same. those shares are up eight point 5%. temporarily halted because of volatility. we tend to see it when news comes out like this and then there is a big jump in the stock. they posit momentarily to let the market catch its breath, so to speak. interesting news with the latest on what might be going on in the health insurance industry. let's see what is going on overall with major averages. the s&p, the dow, nasdaq, very little changed, all three of them are we called a mixed picture. understand why. this is the sector map of the s&p. it has to do with

the supreme court ruling today. the core is basically leaving unchallenged the idea that there can be subsidies for health care as part of the a formal care act. the health care index rising and the xl of, it tracks the industry and touched a record high today as well. hospital stocks responsible for a lot of gains today according to analysts. they had the most to lose if the court decision had gone in the other direction. take a look in particular up 14% , universal health gaining a little bit. i mentioned energy on the other end of things today. we are seeing energy stocks pull back.

a lower prediction of natural gas prices are far too much financial leverage it as for analysts recommendations of all stocks in the s&p 500, the second worst. take a look to see exactly what i'm talking about here. we have analysts recommendations. ratings onjority of transocean right now are self recommendations. second highest in terms of the worst analyst ratings in the s&p 500. another one, offshore is the worst. interesting we are the action in energy today. i also wanted to mention once

again we will take a look at aetna shares if we can. closedgain is set to be on acquisition of humana. there we go. we're seeing aetna and humana shares spiking and cigna shares higher as well. julie hyman with a look at the markets and that breaking news. thank you. a look at the market close with asia and europe. >> european stocks finished lower for a second consecutive day. four finance ministers meeting in the last week. it is still an impasse between greece and creditors. the most notable rhetoric came from the german finance minister who said, rather than making progress, greeks have moved backwards. still in athens, the session was finished higher. of the broader stoxx 600. greece accounts for less than 2%

of the euro area economy. if you needed evidence that greece does matter to europe, the euro stocks 50 and the afc by the mostn union since july 2011. i want to show you the three big moving stocks in europe today. second-biggest's retailer, second order profit missed estimates with the strength of the u.s. dollar, which raised costs. u.k. oil company up by 4% today because holdings recommends lying the stock, citing potential for shareholder returns. it is on track for its best we can five years. by appliance maker down 1.8%. the swedish newspaper industry stated the chief executive keith mclachlan plans to leave the country. with the athens stock market despite the lack of athenss amongst talks in

. .1% finished the session higher. the saga continues as the eurogroup finance ministers meet again on saturday morning. back to you in new york. mark: now let's take a look at top stories crossing the terminal this hour. the national hockey league, will it bet on las vegas? a formale is opening expansion to consider adding new franchises to its 30 team league. a second team in toronto, quebec city also in the running. formal applications are due july 6. the process closes august 10. his >>spieth continues for the grand slam. rory mcilroy looks to defend his championship. no matter who wins, there will be a bigger paycheck.

will receive $1.8 million. that is an increase of $275 from last year. to adjust every $5,000. overall prize money has soared to 10 million. basketball players at duke better watch out. the coach knows what you're up to on social media. mike tells espn he follows his players on twitter under an alias and sounds like he is quick to let them know if he does not like something. he says there are a lot of cool things his team does on twitter and he likes it. that is a look at the top stories at this hour. our next guest covers sports for us here on bloomberg. tonight, the makes need help. >> they need a lot of help. they have a lot of freedom. that will have an early draft pick. -- the next -- the

knicks have an early draft. certainly, the free agency in july, they have got options there as well. you move down, get your picks, move back up and get what you needed. quite certainly, yes. there are options there. .he number one overall pick there is lily from kentucky. from duke, and a lot of big men here. the knicks have some options. >> minnesota has options as well. they have the number one pick. >> it certainly sounds like the big guy who eschewed his seat. it is a big draft. from people who have been following this year in and year out, there were two picks and

then it drops off. the top two tier is much bigger. these kids suddenly become the leaders spirit are they ready for that? >> it depends. some are and some are not. >> he covers sports for bloomberg and we will be watching tonight here i appreciate it. still ahead, we will look at the changing demographics from whites the largest group of children under the age of five. ♪

mark: welcome back. for the first time in u.s. history, racial and ethnic minorities now surpassed

non-hispanic whites as the largest give americans under five years of age according to the census bureau. the story has been covered and washingtonnow from with more. the majority of america's's population under the age of five now made up of minorities as of 2014 data. why is this a milestone? this is the first five year age group that has ever been majority minority. this is the first group to move past that point and it is a sign of things to come and we will see more of that going forward. agree withsearchers that as well? do they think the trend will continue? likea: it definitely looks it to we're seeing more population growth among hispanics and blacks, particularly hispanics. last year, the death rate among non-hispanic whites surpassed the birth rate.

basically, nothing. hispanics grew by 1.2 million people. significant groups among hispanics continued. mark: what does this mean for the overall u.s. economy? jeanna: it is up in the air because things can change but after -- at the moment, it is a challenge because non-hispanic have higher education rates than people who are hispanic or black and they make a lot more. people who are hispanic or black make somewhere between 70 to $.80 for every dollar a nonwhite his panic worker makes. lower rates when it comes to college education. it will be a challenge because they will be the largest part of the labor force. you are in washington so i guess we have to talk about political implications.

what does it mean for the landscape? jeanna: it is another interesting point here. the states that are really becoming heavily minority are places like florida, the closest state in the 2012 election. also places like texas and california could have big cases for it because they are becoming a larger and larger share of the voting blocs. mark: you can see her story on bloomberg.com and bloomberg is next. thank you so much. senator bernie sanders of vermont, democratic residential candidate, will be on "with all due respect." 5:00 p.m. new york time. stay with us. ♪

mark: 2:00 p.m. here in new york. >> this is the bloomberg market day. mark: ended without any agreement.

the prime minister says he is still optimistic but his creditors do not agree. >> a big win for the white house. about cassettes is are upheld by the supreme court, allowing minds of men at -- millions of americans to keep their tax credits to pay for health insurance. mark: aetna is closing in on a deal with humana. we will look at what the combined company would look like. ♪ mark: from bloomberg world headquarters in new york, this is market great -- market day p or die mark crumpton with betty liu. heading toward the closing bell, you can see stocks are mixed right now and we are dominated by health care shares. a rally immediately after the decision came down from e