exit are being put at 10% to 15%, but they want to continue talks with creditors. for $30mana, purpose million, it could be the holdover for a mega health care deal. there is one thing that one small european country is sure of, coca-cola. ♪ scarlet: good afternoon, everyone. alix: we want to get right to the markets right now. i was a backing a massive selloff already. we are off by not even 1%. one level i do want to point out to everyone is the 2055 on the

average,0 day moving we have bounced that level twice, so clearly that is a level to pay attention to. if we break through there will be a technical followthrough there. see the riskcan off with flight to treasuries moving higher, prices for australian suburb -- australian and british sovereign debt, the 10 year yield was down, oh so sensitive to what the fed does not. and of course you really have to wind up looking at the euro-dollar as well in terms of the premium money. you saw them come up stronger us the board with the yemen, but again the euro not accelerating as much on the downside if you had bill gross putting it in at 70% 80%. scarlet: two risky given the greek turmoil and the rate hike around the federal reserve, he would likely look at other pairs to trade rather than this

particular one. energy: -- alix: the indexes the biggest loser of the day, the worst two-day slide since the end of march. the worst one-day slide if we continue at this rate since november of 2008. scarlet: certainly everything else is kind of eh. alix: the latest on the fallout from the greek referendum, the named a newment has finance minister one-day ahead of the meeting in brussels. the economist was alexis tsipras's lead bailout negotiator before he called the bailout referendum. he says that creditors do not want him involved in a negotiation. happens is really what

in greece. how do we set a new greek program in place? second is to prevent crisis from spreading, to ensure financial stability in the euro area and making sure they have the necessary tools of authorities to ensure stability in your area. greece is also expanding the bank holiday and capital -- and capital controls through next wednesday, leaving the levels unchanged. as angela merkel is in france and is talking to francois hollande about the greek crisis, they will respect the greek boat and say the door remains open for negotiations. scarlet: president obama is making a rare visit to the pentagon. the coalition led by the u.s. over the weekend against islamic state targets, the president

expected to hold a news conference later in the hour. mehdianother run is being -- being made ready. talk about not quitting, they are going to raise their bid i-4 dollars to six dollars per share when teva attempts to take over mylan. scarlet: can you keep track of all of that? alix: that, i got. health insurance? forget it. one retailer looking to save $30 million and jobs. american apparel has lost million dollars in the past five years. is raisingucks prices again, increasing raising five cents to $.20. for example, small brood and large group coffee will go up by $.10 more than most areas of the pipe -- bringing the the price of a large coffee to

$2.55 per store. is that something else? is, these prices are down year on year. it's not like they are getting huge input. scarlet: did they raise the prices when it was going up? alix: they tend to lock in about 18 months ahead for the next year. knows coffee steel prices. alix: coming up in the next hour, hillary clinton making the rounds in new hampshire, reporters following her words literally kept intel. and over a recent executive dismissal with accusations of censorship on the night. scarlet: turmoil in greece causing the country to lose value over the next year with

one big standout on the exchange and we will tell you what that is. our top story is of course greece, they will be keeping emergency liquidity unchanged. scarlet: erik schatzker and guy johnson spoke with will gross and ask him what would happen if more liquidity was let in. >> throwing more at it is certainly problematic. those billions of euros that go to bed -- greek banks or the ela ultimately has to be written off, producing 100 ilion dollars in programs that it this point they owed to themselves. the funds have basically been withdrawn and turned into euros. the ecb is stuck with a 10. suggests not wanting to be political, but at the same time

you have to use a central bank it is the eurozone. diplomatic, problematic, legalistic potential situation that is not easy to forecast, but i would suggest that if he does not at some point provide additional funds, if greece does the $3, you know, 21ston debts on july 20 or , there is going to be a significant problem. >> do you think that a full-scale ale in is possibly even inevitable at this point? >> that is certainly possible. greece is a bigger country and the problem there becomes that if it happens in cyprus and greece, why cannot happen in

spain, italy, and portugal? in other peripheral countries? the slide for liquidity begins in peripheral countries. it is certainly a possibility. >> we were told that it would be doom and gloom, that the markets would fall out of ed, yet the market reaction has been stunningly call. are you surprised by this? >> i am surprised. sunday was day here, saturday was fireworks day in the united states and it appears that we are in the eye of a hurricane. and over the next few weeks we will take a look at whether the , whethert extend off

or not they want a significant restructure for their $300 billion plus euro where the troika does not. that right office primarily government and supernaturally owned that that they believe will set a precedent for other peripherals in the greek plan where write-offs are inevitable, but actually i think -- i am going to say that the germans are being disingenuous with their portion of it because they have had massive restructuring of their own debt after world war i and world war ii, reducing it to 100% of gdp. the german example of which they claim should not be applied to theireeks, that has been historical experience over the past 100 years. >> how long can you run an economy like this without a functioning taking system? don't think they can.

i think they have a week or two to settle this and the arrangement needs to be coordinated with the ecb and eu. basically to my way of thinking, the zone is led by merkel and the germans, coming to some agreement in terms of restructuring versus a write off . to the extent that there is not a write off, european banks and other institutions are safe from the standpoint of keeping their , the institutions and so on and to the extent that there is a write off the -- they will is not, eventually want restructuring to be done within the next few week. if the greece cannot meet the 3 billion euro payment at that point, basically the ela, the

$100 billion in funds will have to be declared in default because the ecb cannot lend on default it currency. >> very quickly before we go, is it, so-called, your base case scenario for this country? >> i think it is. 70% to 80%. that is whether it has been determined whether or not austerity, to the debt that they have enforcement in greece, to the extent that there is restructuring or debt write-offs , that will be hard to agree upon. and to the extent that the germans are willing to extend

line, it is an 80% to 70% probability. alix: coming up, trump is getting even more heat and is getting personal with one of his republican rivals over the weekend. we will discuss. ♪

scarlet: welcome back. to julieare going hyman for look at the markets and we are talking about some serious big movers. i'm trying to think of smart ways to say big mover moving down.

julie: weight watchers is indeed the company trying to get you to slim down and are making a bigger move. alix: there you go. julie: the stock is up 11% right now after an activist hedge fund was buying up the senior loans of the company and might be making some sort of buyout overtures to the company's majority owner, a luxembourg taste company that owns 61% of weight watchers. weight watchers has been very troubled. over the past year to date you can see that they are down by 81%. there was a big drop in the spring before they came out with their latest revenue decline, it really has been hurt by all -- all of the fitness wearables and the free at it you can get on your phone to track your calories, your steps, etc.. problematic for weight watchers as the shares fell by so much. i want to take a look at the bloomberg terminal as well. we are seeing an enormous short interest in weight watchers.

43%, yet over 60% after we had that negative earnings report in the spring. nonetheless this means that we up eight onan exacerbation as the people do short covering. another deal that is happening today, humana. $230 paid in cash. delving more deeply into this in the next hour with alex neil. we finally wanted to mention go pro, that the climate we are seeing today, shares pulling back nearly 3%, now more like 2.3%, goldman sachs initiated the stock with a neutral saying that future growth will be contingent on the introduction of a drone in 2016 and that in order to up the pace of growth they are going to need to sell a lot of those drones. i don't know if i am in the market for one of these.

but i do like the title. alix: you know who wrote that. julie: i don't want to take credit. scarlet: for a look at the terminal, the debate in south confederate flag has been opened. the matter will come to a public are, several options expected, including keeping the poll and putting a different lag on it. stone mountain state park, georgia, has a public splay of the state flag and there is discussion of whether there is a conflict there for the future. alix: members of congress are facing a daunting summer work load and impending deadline against the government -- and deadline. that is before the government loses the authority to send transportation money to the states in the middle of the summer driving season. eric holder, returning

to private law practice. he worked at the arm from 2001 to 2009, when he became attorney general. he left in april after six years with the federal government and process as a judge, router, an attorney for. alix: not one hopeful, but two hopefuls got some heat over the weekend. donald trump's recent comments have caused a sharp divide among the gop field. many rivals distancing themselves from the mogul. scarlet: the hillary clinton campaign decided to use ropes to contain the crowds around the campaign. video of it has since gone viral. mark halperin joins us with more. we have got to start off with donald trump -- why would he make it disparaging tweet about one of his rivals wives? what is the night? >> as you know, he

likes attention and gets it easily. inore politics, as entertainer if someone lashes out at him, he lashes out hard. you probably recognize that you cannot get her snow about a candidate's spouse, but at the same time he's not backing down from the general i when he made disparaging remarks about mexicans coming into the united all the candidates are now learning how to trump. you tangle with him at your in terms of his remarks in trump will and you to go after them, he's unpredictable in this race, andy early if he served there is one guy who draw into the conversation and they are

roping in the press. i'm sure that every other candidate would love to do that, >> she is bad idea? taking a lot of heat for it, and i am going to take some heat by saying i will talk more about it and this was just a logistical thing to keep her parade moving smooth the shows and ihen donald trump think in part it is about doing and absolutely. mark, thank you so much. so interesting that for to eight

years ago this would not have been an issue at all. there would not have been online deal and it would not be going i will like this. that tonight,ss mark will be speaking to the council onf the foreign relations, so stay tuned for that. scarlet: a reddit revolt. 150,000 petitioners -- petitioners join demanding that the ceo leave. ♪

scarlet: alix: -- alix: the center of the kleiner perkins termination case, one hundred 50,000 people called for her removal after she fired victoria taylor, the active responsible for monitoring many of the popular reddit q&a's. >> others accuse her of trying to censor content.

cory johnson is in san francisco. we had to mention that she was at the center of that trial. is there a link there between what she is doing at reddit and her past? johnson: there is certainly some irony, which is why have been paying attention to the the people who care about reddit. alan howell came to be widely known because she sued her employer for sexual harassment. the courts found that she was indeed -- that kleiner perkins did not discriminate against her because she was a woman but because she was a crummy investor and those were the decisions they made and the courts found on behalf of kleiner perkins. on the other side of things now, firing a prominent woman at reddit, pushing her out without explanation as to why, a woman who was very popular with users.

let's take a step back to talk about what reddit is and what ask me anything is. reddit is a place where users come to discuss whatever they want to discuss, whether it cap videos or depression -- there are serious subjects and things that care -- people care very deeply about, where they feel there is a forum where they can say anything allowed by the moderator. these are places where people go to post and move the conversation along, keep it civil, make it alive. that is the joy of reddit. this woman, victoria taylor, who was working there as the person sort of in charge in helping -- of helping these communities grow, when she was surprisingly fired, by all accounts, the entire community there, already antsy about changes that were being made involving making it , they wereate

already antsy when the person sponsoring the conversation was pushed out, they responded by asking for her resignation and 300ing much of a site, discussions, dark over the weekend. much,thank you so fascinating story. interim ceo, right? what happens there? scarlet: have you ever gone on reddit? alix: no, but i'm sort of stuck in the 20th. i didn't realize that they were volunteer. anyways, i am gone. alix: you are leaving, i will miss you as always, but we have lots more coming up. even though the stock exchange has lost one third of its value in the past year, coca-cola is doubling up. more on that tory. ♪

back to thee bloomberg market day. let's get to a look at the top headlines of this afternoon.

an executive move at goldman sachs, the former cohead of investment banking is retiring. the vice children will become the senior direct -- chairman will become senior director. john kerry is downplaying speculation that a deal on iran's nuclear program is imminent. negotiators are still shooting for a deal by tomorrow. over the past two days we have made genuine progress. i want to be absolutely clear with everybody. we are not yet where we need to be. alix: the chairman warned against rushing into a deal that would be too lenient. hundreds of thousands of faithful cheered pope francis as he arrived to celebrate mass in ecuador. proud, --o the

waved to the crowd. the heatwave has pushed europe 2001. highest level a temperature of 104 degrees fahrenheit an imperva reappeared and the ceo of rolls-royce is moving quickly. fornd has been sluggish shift engines. sales and orders grew last month in large part due to the u.s. economy. fueling an expansion that has been fueled by weakness.

coming up on the bloomberg finally sealing the deal with aetna. tech companies are delaying ipos. and investors led to safety in u.s. bonds and jerk greases no vote yesterday. turmoil keep the fed from raising rates anytime soon? we will have that coming up. stock exchange has lost a third of its value in the past year. the future is uncertain, but if there's something they are sure of, it is coca-cola. largest coke bottle and vendor. there are so many references you can make and ponds. >> when i was starting to look

into this, i thought this was going to be a horrible stock, falling down. but i was surprised, and it is diverse of vacation. we're talking about the bottling co., it is therefore spied across 28 countries in eastern europe as well as russia as well as nigeria. this is top bottler for coca-cola products across the region. to the exposure is not in greece is only 5%. atis in russia in 19% mainly 13%, and nigeria, poland, then romania. a load investors are saying there is not summits exposure, so we can actually ante up and go into the stock. on the athens stock exchange, coca-cola sure rally 28%. in the meantime, in the new york

stock exchange, is this actually down by about 6.5%. he would think with all of the debt crisis that is happening, it would be less busy, but a lot of investors are coming up. alix: would russia be more important for this company, fundamentally? >> exactly. i crunched some of the numbers, and looking at the annual financial resorts from 2011 through 2014 it has actually fromfollowing for russia fo 10% to four point 6% in volume. in the past year, it has grown by about .6%. attributed to putin's politics or the ukrainian war. the sanctions that are happening right now. on the flipside, over the past eight years greece actually saw volumes rise for the first time. before that, it had fallen about 14%. dividend here is 3.35%.

is it separate because it is the bottling company? >> i would have to get back to you on that. alix: what about etf's? >> there is actually one stock, one etf that is called the tax 20. this is that the top 20 stocks on the athens exchange, and gives exposure to foreign investors. coca-cola hbc is one of them. but the other 19 are driving down this etf. the returns over the past year has lost 52% of its value. lost 25%. to his you can exposure, but the question is why would you want exposure with this falling? alix: fair enough. thank you. i would never have known this. now back to one of our top corporate stories. at sealing the deal to why smaller rival umana for 35 ilion

dollars. olivia sterns was joined by our health reporter. he also runs the health care or analysis firm he squared. she asked him how confident they are that these deals will get past the antitrust authorities. >> the first one is more likely to be successful than subsequent deals. that is why aetna went first. is being reduced, and that is something that people do not like. people do not like hmos to begin with, and there are no getting pretty -- now getting bigger and more powerful. i think this deal would go through, i would be less confident about subsequent deals because there is less competition. olivia: humana is now going to be be number one provider

medicare. how big do you think the regulatory risk is? >> one way they can address this is by acquiring companies, requiring companies to do best businesses when they acquire markets. when you think is the next most likely deal? >> we have heard a lot about anthem and stigma tying up. olivia: do you have to raise the price? >> probably. the scarcity value. olivia: but they just reiterated the price and went public with it initially. does this incentivize them to raise the price? wants tos if and that buy signal. but segment is not really want to be bought and. olivia: when you think of the prices for these deals? up moree sick now was

than 50% year to date. and this is still a pretty punchy premium. >> you can see if you look at is up andks, cigna and them is up. it does put some pressure on this management. olivia: do you think anthem is overpaying? >> not if they want to get scale. ultimately we wind up with three or four major hmos. if you want to be a player you have to have scale. but overpaying is a question you cannot answer until five years after a deal anyway. olivia: humana actually lowered their profit forecast today. united health care could actually come in here and blow up this deal. how likely is that? that a united umana deal would actually be too much for regulators to swallow. would be number two

post this deal. i do see united being an acquirer. olivia: we are showing how many subscribers these five big health insurers have. this is a time between the five biggest players. do you agree? >> united is really in a tough spot. they are huge. on the are their hands they do not need to do a deal, because they are t just so big. question, and the and humana saying this will produce lower prices for consumers. do you think that is fair? never been lower prices in the 40 years i have been tracking health prices. lower relative to some imaginary number. there is no cost control,

premiums will go up next year. olivia: is this bad for consumers? >> price inflation over the last seven or eight years has been more moderate than it was in the preceding decade. withld say has more to do the economic factors than anything the hmos can do. alix: that was our bloomberg health reporter. profiting from the new world of pharma author as well. investors warm startups like airbnb and it has the attention of the sec. ♪

alix: welcome back to the bloomberg market day. it is time for a look at the markets. we have 15 minutes before the closing bell. julie hyman was looking at the action, which was not that exciting. only oneu were not the to think there would be a more dramatic action to the great referendum, and the supposition maybe we may now see a greater than from the eurozone. we do not know. we are down around half a percentage. if there is indeed a dire consequence, maybe the ecb will be supportive. there is also talk about the facts there will not be that much spillover in terms of negative affect but there are questions outstanding. not down that much but it is a broad-based selloff.

500,of red in the s&p 10 industries groups are down. energy, materials, industrials down the most. commodities is pushing down the stocks as well. it was to get look at the treasury markets. as we see this risk off environment, even though it is not that dramatic, we're seeing it will go into treasuries. pushing the yield down to 2.29%. looking to the u.s. as a potential haven. i also want to point out the next today -- vix today. up again today as stocks are down. that is something you might expect. about 17.5. over the longer term, this will give you a bit of perspective. this is the vix over the past

year. we have seen a big move. past yeare over the is about 15. it is higher than the average, but i'm going to go ahead and vix, and thehe average now goes to about 20. it is still below the long-term average for the vix. finally, i want to take a look at oil prices. we are things -- seeing such a big move. as you said, it is a bit mysterious. largerde is much than we saw and other commodities. it is still being driven by the same thing we saw in other commodities. around $60, and

now it has broken out more significantly below $60. i'm not a technical strategists. --annot tell you when is what is going on. alix: this is puzzling people across the board. thank you. now to a look at some of our top stories making headlines. in soccer of the u.s. win over japan in the final of the women's world cup was a record breaker. it through the stock market , watched in more than 15% of the homes in the 56th tv markets. now wimbledon, it was sister versus sister today. serena williams one. venus to advance to the quarterfinals.

both sisters are champions at wimbledon. serena is on track for a grand slam. she has already won the french open this year. oreos are getting a skinning new look -- skinny new look. the cookies look like regular oreos and have a similar cookie to filling ratio, except they are slim you mer. four of the cookies contain 140 calories. hugecompanies are raising amount of cash, allowing them to delay an ipo. but now the securities exchange commission is investigating whether investors are legal selling private technology stocks, according to the wall street journal. chang ined by emily san francisco. it is great to see you back. how serious is this investigation? broad this is a

investigation that the sec has been talking to. sandhill exchange was recently fined for doing just this. tradinget for exploded shares really right before facebook's ipo. after that it dried up, but since 2013 we have seen the market pickup as more companies like airbnb and pinterest are staying private longer and byger but they are growing leaps and bounds. when employees are looking to do is when companies allow them to sell their stocks they tried to trade their shares on the secondary market, even if the practice.ohibits this it is interesting that the sec is ratcheting up its probe into what exactly these exchanges are

doing. we will be speaking of the ceo of second market, who say they trade only legitimate shares. just how serious the investigation is. alix: what a fine so interest is that the secondary market is nothing new. these huge valuations of been there for years. why now? emily: it is just getting bigger and bigger. they have seen a burst of activity recently, especially among the middlemen who are trading the shares, or swapping the shares, and they are looking into things called special purpose vehicles. and a hedge fund manager who was supposedly organizing away for individual investors to get into , the information has also reported that another investor who has his own firm called sherpa was also organizing a

special purpose vehicle to a lot of individual investors to get into a company like uber. they specifically prohibit employees from doing it, but there seems to be ways for employees to do it anyway. employees what liquidity, and they are figuring out ways to get that liquidity. second marketers are saying that regulators need to look into this, and is happening, and it needs is some sort of oversight. they certainly need to address the fact that the technology a wantes are seeing liquidity as they are working at them. alix: thank you. storyn catch this and much more at 5:30 p.m. eastern. deadlinead, another for greece. the greek government has come up with another bailout plan for its creditors to approve tomorrow.

we're going to see how global markets are reacting or not reacting. ♪

alix: the greek prime minister has to present a new bailout plan to his creditors tomorrow in brussels, but the risk of an oms. still lo yesterday morning i woke up and saw we will be dealing with a no vote in greece. i expected massive selloff in the market can a huge reaction to the bond market and what if -- what did we actually see? >> portuguese markets responded the most around peripheral debt.

it is very tricky to say whether this is complaints and he, or whether nothing is happened yet. we have not the the full play out of what is going on in greece. beenthe markets have somewhat complacent because central banks around the world are saying we will do whatever stabilize the situation. on the other hand this could turn ugly. decide to eventually sell some of the risk your -- riskier assets more able than they did today. but it is ethical to say what will trigger that. a financial contagion is somewhat limited, and you have the ecb aggressive with their qe , that could limit any kind of downs life, and you do not want voting that without risky assets.

>> are you going to go by 10 or 30 year u.s. treasury's that have been swinging all over the place and have these massive 8% gains in a reset losses, this is a pretty volatile area. it is not your typical safe haven. my point is that before having actual catalyst, there is not an easy place to hide. you have to have conviction. it is july, a lot of people are on vacation, trading volumes are low. there is not a clear result of what happened in greece. , no matterre yet what the vote is, it is going to be chaotic because it does not result everything. alix: what did that tell you about expectations of a rate hike? interesting.s very two-year yields did fall substantially. they are at the lowest level since may. this is different from what

happened with the 10 year end to the 30 year. people are actually pushing back expectations for when the fed will raise rates. people are really saying that this will actually give then officials pause to go ahead and hike rates sooner because we do not know what the fallout is going to be. could be some slowdown in spending because of what is happening, and there could be ramifications that people are not aware of that is concern right now. alix: i am so glad you are back. coming up on what you missed, we will have much more what you can expect tomorrow from greece and its next move. joe joins us live next. ♪

from where moments away the closing bell. i am alix steel in new york. joe: and i'm joe weisenthal.

alix: stocks shrug off concerns about greece after the say no. below $60 a barrel. joe: question is, what did you miss? it is up to the prime minister to devise a plan to stay in the euro. nearly one billion for every minute of trading. where should you be putting her money? theill speak to one of largest gas and utility companies and the nuggets date. -- in the united states. let's get back to what happened