welcome to bloomberg market day. the supreme court issues and historic ruling, legalizing gay marriage nationwide. we will get reaction to that position. pimm: dozens of people are killed in terror attacks from tunisia to france. betty: are u.s. stocks cheap or expensive? it turns out there is more than one way to measure the price-to-earnings ratio of the s&p index. pimm: good afternoon. i am pimm fox. betty: and i am betty liu. want to get straight, though, to julie hyman, who is getting a look at breaking news out of greece. julie: more headlines on greece, guys. the greek government -- in an e-mail to reporters, it says it has indeed rejected the creditors' five-month extension

proposal. to the e-mail in leaves of financing gap. the greek government has no mandate to sign a new memorandum. the greek government saying it is rejecting the extension proposal. also saying that creditors are also rejecting the greek government debt proposal. in other words, the negotiations continue on this front. , commentary from a strategist at the lindsey graham says greek headline watching continues, unfortunately. capturing the feeling in the markets about the negotiations as they drag on. you can see the s&p 500 on the screen behind me. you can see it bouncing around today in a tight range. we have seen the script a little bit lower. we are unsure if it has to do with these headlines but investors are sort of, despite themselves, watching the headlines. julie hyman in the

newsroom. let's look at how stocks are .erforming the dow jones industrial average is another story, mainly because of the move higher for shares of nike. the dow jones industrial average after nike comes out with sales and profits that exceed analyst estimates. let's move on to oil and gold, commodities. oil prices down a little bit, $59 will buy you that barrel of nymex crude. gold futures are up $.70 an ounce. markets? --, bond what do we want, bond markets? betty: how treasuries are doing. yields picking up slightly there. how dramatically have we changed here in the last month? over in the currency markets, the euro has been getting hit by all of these headlines coming out of greece. as you heard from julie, the

agreement has been rejected and that cannot be good news right now for the european currency. pimm: we will watch what happens with the euro against the dollar. let's look at the top stories crossing the bloomberg terminal at this hour. it was an historic morning at the supreme court. the justices ruled that same-sex couples have a constitutional right to marry. the biggest capped civil rights transformation in half a century. the court voted 5-4 and the said states lack any legitimate reason said states ly legitimate reason to deprive gay couples of the freedom to marry. here is president obama on the court's ruling. president obama: this ruling is a victory for america. this decision affirms what millions of americans already believe in their hearts. when all americans are treated as equal, we are all more free. pimm: the president also said end theay's ruling will

patchwork of laws on marriage across the country and the uncertainty they create for same-sex couples. more than 80 people are dead after terror attacks in four countries today. u.s. officials are investigating but say there is no evidence that the attacks were coordinated. in tunisia, gunmen opened fire at a beach resort popular with european vacationers could at least 27 people were killed in the government says most of them were tourists. one suspect has been arrested. in france, attackers targeted a company owned by -- factory owned by an american company. police say the terrorist decapitated a man and drove speed into the plant, hitting gas canisters. one suspect has been arrested. >> i would also like to say that all over the national territory, local officials responsible it become a powerful deployment to protect religious sites and sensitive establishments has been enacted to ensure production of the firms hit by terrorist attacks.

-- protection of the firms hit by terrorist attacks. pimm: in somalia, islamists .ttacked peacekeepers at a base the group also is trying to overthrow the western-backed government of somalia. -- the group al-shabaab is try to overthrow the western-backed government of somalia. in kuwait, at least 16 people died. statego, the islamic called for terror attacks to iod, theuring this pero muslim holy month of ramadan. betty: the vatican has signed a treaty with the state of palestine and says it hopes the official recognition will stimulate peace with israel. the treaty was signed today at a ceremony at the vatican. israel had expressed disappointment with the decision. this is the first legal recognition by the vatican of the palestinian state. president obama is on his way to charleston, south carolina, at this hour. he will be there to eulogize the minister who was killed in last week'church massacre.

clement to pick me was also a state senate -- clementa pickney was also a state senator. those are your top stories at noon. story we knowhe almost 60 people have been killed in the terror attacks in the four countries today. attacked tourists in tunisia. peacekeepers in somalia, french gas plant. there is no evidence that the events were coordinated. yet all the attacks have similar hallmarks. betty: what does this say about the strength of islamic extremists around the world? i want to bring in michael chertoff, founder of the chertoff group and former u.s. secretary of homeland security, joining us from washington. michael, do you believe even though there is no evidence right now that these attacks may have been coordinated?

michael: as you say, there's no evidence of coordination, but there is evidence of inspiration, meaning that part of what daesh or isis has done is it has counseled were advised people who believe in its ideology to carry out attacks. it is not a coincidence. it reflects a commonality of ideologies behind all of these attacks. pimm: michael chertoff, talk about france. it has been the site of many terror-related attacks. the french have a significant population of people who have immigrated from the middle east or parts of africa. some part of that population, a small part, but a significant part, is either radicalized or at least sympathetic to radicalization. we have seen some of these people carry out these attacks casein the "charlie hebdo" and what we saw today. according to news reports come in the authorities were actually monitoring one of the perpetrators of today's attack

of time several years ago. i think this reflects the concern that many western countries have that isis will use people who are citizens or residents of those countries as being part of the attack vector against innocent civilians. it,y: and that makes michael, much more complicated and much more difficult, i believe, to try to preempt them. what does france do to make sure they secure the country? right, itell, you are is very challenging because you have a large group of potential terrorists hit there is a limit to the resources any law enforcement agency has. it is one of the reasons we pay a lot of attention to our ability to collect intelligence. some of the programs like to criticize other programs that allow you to spot people who may

be connected to a terrorist group so you can stop an attack. we are going to see more of this and there is one other significant thing here. it was an american company that was attacked in france, and in tunisia, a hotel. for americans traveling overseas, what that is going to me is they want to be more and more careful that they will be at risk in third countries, and that is what we have to start thinking about. pimm: we also need to start thinking about isis in kuwait. tell us about that. michael: well, the attack there was on a shia religious facility, very similar to what we saw in the last couple months in saudi arabia. there the agenda is little different. i think isis leadership wants to provoke a fight with the shia and create basically sectarian war. we saw some of that going back almost 10 years ago when zarq awi, who headed the al qaeda

group in iraq, did the same attack shia institutions, mosques, as a way of striking against what he viewed as an apostate group. we see these terrorists operating on multiple fronts, focusing on westerners, including americans, but also the eternal battle between sunni and shia factions within iraq and other parts of the middle east. betty: michael, how likely are we to see -- take a sample of what happened in tunisia, for example -- how likely could we see that happen here on u.s. soil? michael: obviously, we have seen a number of attempted attacks in the u.s. we have seen other attacks disrupted. the notion of attacking a hotel where there are tourists is something we saw back in mumbai in 2008. i think we will see soft targets increasingly being targeted by the current generation of terrorists. that is not to say they won't like a other big attack,

9/11, but as we have degraded them over time, i think they are finding it easier now to bring multiple attacks against multiple easier targets. pimm: attacks on the united nations peacekeeping troops in somalia? right,: well, that is too, and another thing we've seen is that historically, orrorist attack ngo's charitable organizations because they view these as potentially winning the allegiance of the local populace, and what the terrorists want to do is have an monopoly of power in the areas they control. they want to use force to intimidate and then to the extent that they are going to be benefits given out, they want to have the ability to control the benefits and rewards those who are part of their group. betty: michael come before we go, what should be happening right now, knowing that in the last 24 hours, really, we have seen these attacks in four different countries?

what needs to be happening among intelligence agencies in all of those countries and here in the u.s. as well and in europe? michael: i think the intelligence agencies need to make sure they are sharing real-time current information about people who are potential threats out there. the word is going to have to go out and i know it has gone out here in the u.s. to people who, whether it is hotel owners are people of other infrastructure or other kinds of public facilities, they need to make sure they have a plan in place to raise security holes on a moments notice. a lot of that is not just prevention, it is response. if somebody winds up in a shop or hotel, you have to have the ability with local law enforcement to very, very quickly shut that down. otherwise, you could have a horrible tragedy like you are having in mumbai almost 10 years ago where the terrorists had 60 hours of mayhem before they were finally killed or apprehended. betty: all right, michael, thank

you so much for joining us on the street michael chertoff, founder of the chertoff group and former u.s. secretary of homeland security. we will have much more ahead, including reaction to that historic supreme court ruling on gay marriage. ♪

pimm: welcome back to the bloomberg market day. i am pimm fox, here with betty liu. betty: back to the big news of the day, the u.s. supreme court ruling 5-4 to legalize same-sex marriage in the entire country. that obviously includes the 14 states where it was against the law. pimm: the justices wrote that

individual states could not argue any legitimate reason to deprive gay couples of the right to marry good as you might imagine, this drew immediate and skating criticism from republican presidential candidates, and to get more insight, we want to bring in supreme court reporter greg store, who joins us from washington, and also ben stever meant. i wonder if you could start off by maybe characterizing the various positions, not all homogeneous -- the positions of the republican candidates, the wide range. ben: i think they are trained to underplay a little bit -- some of them are trying to underplay their opposition because they know in the general election, 60% of americans support same-sex marriage. of course they are trying to appeal the social's conservative -- appeal to social conservative voters so it is a wide range. greg, when did you make of chief justice roberts siding with the minority in this opinion? greg: it was a fascinating

opinion, coming after yesterday's ruling in the obamacare case. the chief justice said that there are great reasons why same-sex couples should celebrate this ruling and want to get married, but the constitution does not grant them that right and this is not a decision that should have been taken away from the people. what does thisr, tell you about future rulings from the court? greg: it tells you this is a closely divided court and justice anthony kennedy is going to be the swing vote. we will have other issues involving gay rights that will come up to the courts. issues about whether people with religious objections have to take part in some way or another in same-sex marriage ceremonies. this issue isn't over. , the supreme court has set resoundingly by a single vote that same-sex couples have the constitutional right to get married. this piecewrote about the pros and cons for gay couples to be married. one of the big pros and big

cons? ben: you have these couples, maybe some of them have been together for decades, and now they decided, do we do this? there are hundreds of benefits and obligations that come with it. the point that people need to know is that marriage matters at the end of your life or when something awful happens. when someone dies, to our health care decisions that need to be made. betty: let's break it down, though. a pro is you get retirement benefits. pensions, social security, easier to share retirement accounts, for one k -- 401k's -- betty: but there is a con with taxes. ben: generally you will pay more if you both make the same amount of money. if you both make six digits and you get married, you can see your tax bracket jump quite a bit. reg, i'm wondering if you

can describe the feeling in front of the supreme court. the people you have talked to -- tell us what the mood is like. greg: i have covered the court for 17 years and i've -- i am not sure i've seen a scene like this. it is like a party that keeps growing bigger and bigger. somepeople -- you can see of them behind me -- really a celebration of a movement that change the country very, very quickly, very, very rapidly. with thea lot of joy people around me right now. obviously, there are people upset by the ruling, but the people here are very, very happy. fory: greg, i want to read you -- we had several republican presidential candidates come out with statements right after the ruling. i will read one from jeb bush. "guided by my faith, i believe in traditional marriage, i believe the supreme court should have allowed the states to make this decision. i also believe we should love our neighbor and respect others, including those making lifetime

commitments." when he says this should be left to the states from which has been all along the argument of the republicans, how are the states now going to take a ruling like this and apply it locally? greg: there will probably be some resistance comes some county clerks who say no, i'm not going to do it. we have seen before this ruling alabama -- the alabama supreme court told his probate judges, don't obey the federal court ruling that same-sex marriage is legalized. there will be some resistance. out,s ben pointed nationwide at least, very strong majority approving of same-sex marriage, and that number has only been increasing and probably will only continue to increase after this ruling. tohr, the court is not done. they don't go on vacation until next week. what other rulings do we expect?

greg: we have a case on lethal injection and a drug that is very controversial. we have a case involving epa limits on mercury emissions. we also have a very important political case involving whether states can set up independent redistricting commissions and take the process of setting district lines for congress out of the hands of lawmakers. all of those on monday, the last day of the term. betty: before we go here on this, you are going to get married, you can also get divor ced. how does divorce play in the pro-con equation? butben: not to be a downer, divorce is always a possibility. you can end up paying alimony and loose possessions, but it is process than just walking away from an unmarried relationship. it is often fairer to the weaker party -- betty: if you are not married before, it is a lot more

difficult -- you have no power them. stay-at-home dad or mom who was in bringing in the money, it would be disadvantageous -- who was not bringing in the money, it would be a disadvantage position. pimm: more prenuptial agreements, too. betty: thank you so much to greg steverman of bloomberg news. much more ahead on bloomberg market day. coming up in the next half-hour, the greek government has rejected the latest offer from creditors. greek officials say the proposal adds austerity and would lead to a worse bailout situation for the country. the latest on where the talks stand. ♪

this is bloomberg market day. i'm betty liu, here with pimm fox. hymanlet's go to julie

with a look at the stocks that are moving today. julie: this is a deal that was reported upon to be potentially in the cards by "the wall street journal" and dow jones. today analysts are expressing skepticism that valeant would successfully come in and buy zoetis. morgan stanley says the deal would be a stretch because significant accretion would be difficult without significant cost-cutting, also point out that this sort of deal would elect the potential tax synergy z usually seeks when analysts toe -- and is pointing out that zoetis still digesting and other acquisition. this year, essentially, we have buy the company for $12.5 billion. that is the acquisition you see

here. it is still in the process of integrating that acquisition. also today, we are watching shares of peabody energy fall to a record low. this is a coproducer down 9% after it got a credit rating downgrade from moody's and also gave it a negative outlook. example,he latest guys. pimm:: getting crushed. betty: down 9%. thank you, julie, senior markets responded. pimm: i will hand the controls over to you. betty: have a good weekend. your weekend starts right now. are stocks cheap or expensive? it turns out there was more than one way to skin the cat here. ♪

betty: welcome back to "bloomberg market day." i'm betty liu. to the top stories crossing the

bloomberg terminal. a stalemate continues over the future of the greek bailout. the greek government rejecting an offer to extend the government's bailout program by five months. reese would have also received another $17 billion in aid. german chancellor angela merkel says she spoke to greet prime minister alexis tsipras to accept what she called a generous offer. in an interview with yahoo! pharmasset -- finance, she warned of waiting until the last moment. >> the thing about the conversations around greece that havebeen concern to me been the number of headlines, the number of times that it has gotten right to the edge. i have said this before. the risk of an accident goes up the more times you have these rushes to a deadline. betty: greece's bailout expires on tuesday. that is the same day greece must make a loan payment to the imf. americans are going more the economy.

consumer confidence climbed to a five-month high in june. the university of michigan index exceeded all estimates of a bloomberg survey. a stronger job market and record stock prices are making deep.olds more up u.s. regulators are investigating complaints of the power brake assist failed on some affords f1 50 pickup trucks. coversays the pro 250,000 pickups from 2011 and 2012 with 3.5 liter six soldier engines. the probe could lead to a recall. ford says it is cooperating. iris billionaire does this oh brian's group is planning to sell shares in an ipo and list on the new york stock exchange. jpmorgan and citigroup will manage the sale. no word yet on the shares to be sold and the price. icel was founded by oh brian and 2001 in jamaica.

to pay xm has agreed $210 million to resolve a lawsuit over royalties on recordings made before 1972. the case has been closely watched by the music industry can the settlement with sony and other music groups is the first of its kind. it all started years ago when members of a 60's group the xm bys seated serious saying the music was being broadcast without their permission. facebook survey showing the company is mostly white and male. a survey shows that most of them are men and 55% of them are white. those numbers are down only slightly from your go. that is a look at the top stories at this hour. now a look at the european market close. european stocks finished a week up by 3%. it has been a scarlet temper mill.

greece is rather elusive. we have heard there is going to be an extension of 13 and a half billion -- 13.5 billion euro payment to greece. autos, banks, and telecoms lead the charge. the risk and reward is that you go home this weekend and could potentially go home to beginnings of a deal for this parliament and the city, which is greece. the banks lead the charge of the day. the national bank of greece. the point about it is that if monday has no deal, you could see capital controls. if there is a deal, it could be the banks where you could perhaps see the best rewards. the usa on $5.7 billion worth of greek stocks. you are the single biggest shareholder in the greek stock exchange. it is the size of a medium-sized company, but there is no doubt about it. money every day this year has gone into the etf that follows the greek ranks. a couple of other and mental -- european stocks has

down 4.8% today. potash.ys make that's mixed fertilizer that makes everything grow. can they or will they expect an offer from potentially the po -- corporation? will they accept a 40 euro offer. who would've thought it could bring a stock up by nearly 40%? here's the euro for the day. not optimistic on a day like this or are they? will it be the qe that takes the euro lower? the euro dine a half of percent. a lot in europe this week. overnight, chinese stocks sank

the modes of this mounting concerns of the country's longest bull market may happy to -- may have peaked. on track for its biggest loss since june of 2007. asian stocks sliding along with the euro along greece concerns. there have been valuations too high. we saw this come through the technology and industrial space. morgan stanley issuing a note the juniorients that high was likely a peek. rising 44% for the daily limit in just a moment. it was suspended from trade. betty: that was your asia rep. who is the best ceo and banking here in the u.s.? bloomberg markets did something interesting. they crunched the numbers tournament bracket style.

number one, the ceos competed on the most-watched measure of profitability and return on equity. among the winners, jpmorgan's jamie dimon and also john stumpf of wells fargo. you can check out the full bracket on bloomberg.com. they went down the games, the brackets. you guys narrowed it down. mark crumpton is the voice that you are hearing. let's not tell them who the winner was. but who were the last two guys standing? john stumpf of wells fargo. it's a little chung and -- tongue-in-cheek, but it's about profitability. pery: growth and book value

share which is very important when you're talking about banks. -- who isnner is going to say it? mark: it was john stumpf. this is one of those things where you look at what he has done for the bank. you look at his reputation in the wall street community. you look at all these other metrics that we used and it seemed like he was the clear winner. if some of the had told me, who do you think it was between mr. stump and mr. blankfein? most people would've said mr. blankfein. the tim out in the bloomberg brackets. betty: barely when you crunch the numbers. you have a lot coming up in the next hour. mark: it's interesting. it has been a busy newsday. you and pimm fox have talked about the spring court ruling and the terror attacks that took place overseas. again, there is grease. is approaching.

the greek prime minister using some very strong and emotional language, saying we won't be blackmailed. people are saying, how does that help your cause when you are saying to your creditors that you are blackmailing us? the former u.s. ambassador thomas miller is going to be among our guests. he can give us the fly on the wall insight into what is going on and the history at how we got to this point. it seems to be lost a lot in the conversation. has is not something that happened in greece the last two or three years. this has been going on for a while. it has been going on for a while with the country is seeing that it has got a lot of free money and had access to a lot of credit. slatemes, it is on the when you get that notices in the mail that says you will give this card and get this card, but sometimes you say no. sometimes you reject that because it puts you in a hole like the one that greases in right now. thomas miller is going to give us some insight as we go down to the wire again.

greece will be able to pull another rabbit out of the hat. betty: they are still reliving the crisis from five years ago. luckily here, we seem to finally be getting out of bars and putting it in the history books. mark: we talked to one of our bloomberg reporters yesterday and she said even with this, international investors say they will still maybe take a bet on greece now. betty: we will see that. are stocksnext, our cheap or expensive? value the stock market and where you will put your money. ♪

welcome back to "bloomberg market day." i am betty liu. let us look at the top stories crossing the terminal this hour. shares down today after a report that valiant pharmaceuticals not make a takeover bid. they hit an all-time high on where that there might be an offer. bill ackman hasn't 8% stake inin zoetis. the state department says they cannot find 15 e-mails from hillary clinton's private service. they are investigating because he attacked years ago. the report says that the e-mails were sent to her by long time, not blumenthal. there are few words in them written by clinton herself. airbnb's latest rounds of financing may put it at valuations of $24 billion.

the finance is being driven by investment firms in both the u.s. and china. the company is excited to bring in $1.5 billion. would matchl, it facebook for the biggest investment round for a private tech company. it did not take long for the folks at ben & jerry's to celebrate today's supreme court decision legalizing gay marriage. the company is renaming its as i go, cookie dough i don't. dough, i dough. if you are heading to disney world next week, leave the selfie states at home. a report says that the house of mouse will be banning the states. taking effecte and disney parks in hong kong july 31st good disney says they will check back for that. there we are, using our own

selfie states in the office. it is just cory johnson using them. stop it, corey. let us get back to the markets. julie hyman with the bigs or a of the market day so far. -- big story of the market day so far. julie: is a better picture anyway. it brings you together if you ask someone to take it. as my stance on selfie sticks. let us talk about what is going on the stocks today. we have a bit of a mixed picture with the dow trading higher in the nasdaq of the bottom. nike's earnings came out beating estimates worldwide. orders yet to be delivered. it is up 13% excluding the effect that analyst had anticipated. up 1.5%.ee 3m united health extending gains for many of the health insurers been on the other hand of things, we have nasdaq. an particular, the nasdaq 100

and the underperformers we are seeing their include micron, coming out with earnings particular stale. missing estimates by 18%. biggest one-day decline since 2008. yahoo! has been feeling pain today and intel has been falling with micron as well. i also want to take a look at what is going on with rates today. we had some consumer confidence numbers ahead of estimates. if you look at the 10 year, we have seen selling and treasuries. the rates are now moving up 2.47%. the highest we have seen in a little while now for those rates. we had an interesting note coming out from bank of america-merrill lynch about the particularly in the debt market that are going to suffer the most, but all across the asset spectrum. they are looking at fund flows right now. this is a flow that is under percentage of management since 2000 nine. here you are looking at the unwind. the things most out risk our

master limited partnerships, high-yield debt. in other words, we are seeing a lot of unwinding of that trade. the unwinding beginning in that trade. the cluster of risk according to bank of america-merrill lynch is a that went rates go up, that will be in an lp investment grade high-yield debt. you can see what happens to see if any of those groups are the most vulnerable. betty: thank you so much, julie hyman. on stocks, as the u.s. bull market soldiers on in its seventh year, economist, analysts, and investors are asking one big question. valued?ks over our search for answers leads to another debate. reallyassess how stocks are good that is what is featured in the july issue of bloomberg market magazine. more --ins us now with

mike joins us now with more. talk to,ng on who you everyone has a different price to earnings ratio. what is the debate here? basically you have your traditional price-earnings ratio where you take the price of a stock index, divided by its earnings per share, either from the last year or the estimates for the year going forward. a lot of other people like to look at what they called schiller pe. instead of looking at one year of earnings, you look at 10 years of earnings. betty: the average that out? mike: you average those earnings and divide the price by the average of those earnings. that a content -- concept dates back to 19 30's and 1940's. everyone calls it the schiller pe because they have a website on it. about 27.er pe is

it's on a trailing basis about 18. those are above average. this schiller pe is a lot more above average than the one year. betty: the average is what? mike: that again is another source of debate. betty: why go down this route? [laughter] mike: it's a friday, i shouldn't have brought it up. the average is about 16. onlypeople like to look at since the alan greenspan era an average 24. above, but not quite as high. betty: obviously this is very important. people take this as to whether to buy or sell things. have people used the schiller pe as a buy or sell signal? mike: they are worried about valuations based on it. beste who are divisive

businesses say, if you look at the last 10 years say that we have bad use of financial crisis. if those were anomalies, possibly. if they were anomalies or part of a business cycle we would see a again? a lot of people would choose to see them as anomalies. one investor says that the schiller pe never flashes buy signal. even at the beginning of the bull market, it was above average length. the only do we have the recession and crisis earnings than, we also have the earnings during the.com bubble. at the trough of the bear market is where we tripled the market, it was not quite sending a resounding buy signal. that is why people are skeptical of it. betty: what the schiller say of this? mike: he talked to bloomberg radio and he said, the ratio is above average. it is one of the highest ever. the real wild is the perpetual

low interest rates that are spring up a lot of these financial models. people, believe they are tied to interest rates. as they go up, you will say a premium for stocks. and hesitatessays to tell people to get out of the market. betty: that is that caveat. mike: people have been afraid to spend above average for timeout. it has been flashing the danger sign for a wild. he is a little wary of interpreting it as a sell signal. betty: at every data point, you have to put it all in context. it is not so black and white here. very interesting. thecan read his story in july-august special rivalry issue of "bloomberg markets" magazine. much more ahead. the nba draft -- which teams got

better, which disappointed, and why were knicks fans booing? .e will break it down ♪

betty: welcome back. i'm betty liu. this year's nba draft is in the books. it happened last night. the minnesota timberwolves selected karl-anthony towns with the number one overall pick. there is the nba commissioner adam silver. there were surprises in the draft.

evan joined me now for more. what surprised you? evan: the biggest spotlight was on the mix. this was a rare position for the mix. they usually don't draft this low very often. on theok him huge gamble affected the fans were not so happy. they want to see a guy that they watched in college. that guy was like, it's a disaster. i'm not watching the nixon and market i'm selling my tickets. eben: they never seem happy. betty: why pick this guy? eben: phil jackson obviously has a plan. when they took over the team last year, they do not have a draft pick. first-roundfirst giraffe picked with the next. they also have a ton of cap room. he is nowhere position to more eat bench eyes and shook the

roster however he wanted it is a freedom that teams don't always have. he can have the team on both the on court and off court capabilities. he says the team is not ready now, but maybe a year or two when they are fully ready for the mpa. for the most part, it is a kind of wait and see. it is tougher european players because you do not have the amount of time to evaluate them. betty: the fans are not familiar with him at all. he's an unknown. over to ther philadelphia 76ers. i grew up with the 76ers, but they are terrible. eben: an interesting take. in the past you draft, they anded nerlens noel joel embiid. theoretically, you can only play two of them at a time. it will be interesting to see how they handle long-term.

i do not know if this means that noel will be traded. betty: who is this jahlil okafor? eben: is the big guy on do. he's a tremendous offense of player. defense may need as of a bit of work, but it will be interesting to see what the 76ers do. betty: thank you so much. much more ahead including the greek government injecting that new offer from creditors. it just happened in the last hour could prime minister tsipras compares it to blackmail. the latest on where negotiations go from here and a talk with a former u.s. ambassador to greece, thomas muller. ♪

10:00 a.m. in san francisco and 1:00 a.m. in hong kong. >> this is "bloomberg market day."

dozens of people are killed as terrorist attacks on the allotments, including tourists on a beach in tunisia. betty: the greek government rejects the latest offer from creditors saying that the proposal would lead to a worse bailout situation for the country. the latest on where the talks stand. zoetisnd shares of tank after valium pharmaceuticals refuses to buy the company. ♪ betty: good afternoon. i'm betty liu. i'm mark crumpton. let us begin with a look at the markets on this friday. stocks at this hour are mixed. negotiations continued toward a solution to greece's debt problems. we will have more on that in just a moment.