four-month low. it is a crucial moment for --ece, the puzzles do for proposals do today from alexis tsipras. thelet: we will talk with ever colorful john ledger as the company adds 2 million users to narrow the gap behind sprint. pimm: good afternoon, i am pimm fox. scarlet: and i am scarlet fu. let's take a look at the markets. we hit our highs one minutes after the market opened and since then we have been drifting down. we are pretty much revisiting our session lows here.

thecan see that pop at start of trading because china got a big rebound yesterday. pimm: the s&p is moving up from a four-month low. scarlet: it is still down 9/10 of 1%. there is the nasdaq over a two day. . we want to move over to oil and gold has commodities got hit hard. gold down by 2/10 of 1%. nymex crude, $53 a barrel. pimm: that is the biggest move in a month. scarlet: a check on the bond markets as well. pimm: ten-year treasuries falling for the first time in five days. a selloff in bonds. scarlet: there is an option to of bonds so there's a lot of supply coming on. pimm: just under 3%. let's take a look at what is going on in currencies, in the

dollar versus the euro. 110.24. the yen versus the euro, also a little bit of strength, and the pound sterling, 1.53 against the dollar. let's take a look at some of the top stories crossing the bloomberg terminal. greek prime minister alexis tsipras has until midnight to come up with an alleged -- a reform package in return for another bailout. a creditor is suggesting there might be some breathing room. here is alleviate blonde chart. >> they probably have to provide ,ebt relief, and this is what both sides have to do, have to take very serious measures. if one sided --

says, you do it and we will not, it will not happen. pimm: european leaders are insisting on spending cuts. greece has already promised to implement reforms on pensions and taxes. the u.s. labor market hit a speed bump when more americans than forecast filed for unemployment benefits. the data can be volatile this time of year because of the july 4 holiday and seasonal automobile plant shutdowns. scarlet: mortgage rates have dropped for the first time in three weeks. nervous investors put more money into government bonds. for a 30 yearice fixed mortgage was just over 4%. loretta lynch says the government will make federal marriage benefits available to same-sex couples, after the historic decision. she also says programs for

veterans, the elderly, and disabled will also apply to same-sex marriages. ibm says they have achieved a breakthrough in shrinking chips. they have chips that are seven nanometers, and a nanometer equals one billionth of a meter. very, very small. scarlet: you cannot see it. pimm: diners will have to wait until the end of 2016 to find calorie labels on all chain restaurant menus. the fda says restaurants will now have until december of 2016 to comply with federal menu labeling roles, one year beyond the original deadline. express, they're making it easier to leave home without it. amex is offering an online while it. use your password, and the checkout fills in all the

relevant information. among the retailers taking part, burberry, ticketmaster, and hulu. scarlet: it does not change the calculus in terms of using american express. do you have an american express? pimm: yes. scarlet: would that help you spend more? pimm: i would welcome anything to help you spend -- to help me spend less. scarlet: i need miles. pimm: i am encouraging saving. scarlet: that is not the american way. coming up in the next half-hour, the imf cuts its forecast for global growth, setting a weaker first-quarter in the u.s., and market turbulence from china to greece. pimm: we will take you to sun valley, idaho, to hear from some of the world's biggest movers and shakers at the allen and

co-conference. scarlet: speaking of movers and shakers, olivia sterns will be joining us. allstate talks about industry consolidation and diversifying its investments. atm: let's get a full check the markets with radio 70. it looks like a rally. ramy: it is a rally across the board, especially what we saw from yesterday. 8/10 of500 is up about 1%, similar to the dow and nasdaq. we are seeing a little bit of a pair in the gains for today. the dow had been up a little bit higher but we are still in the green. let me take you into the bloomberg terminal and take a look at the sectors on the s&p. eight out of 10 are still in the green, financials leading the way up by more than 1%.

telecoms, as well as utilities falling down about 8/10 of 1%. let's take a look at some of the risers right now, chesapeake energy being chief among them, up 3.8%. this is a needed bump because your to date, the stock has been down by 40%. this rise is because of bernstein. bernstein also suggested chesapeake could sell it self to possible suitors like exxon or conoco phillips to ease that midstream burden. it reiterates and outperform as well as a price target of $19. becauseing, travelers bank of america and merrill lynch upgraded it. the bank says it's underperformance actually makes it a good by. walgreens alliance is rising today.

this is a three month high. year to date is up more than 20%, and this is the largest u.s. drugstore chain q3 earnings. that was according to bloomberg analysts. its yearlyed forecast as high as three dollars and $.80 a share -- $3.80 a share. a very good day across the markets and these individual stocks. scarlet: we will see how long it lasts. pimm: still ahead on the bloomberg market day, we will be going out west to sun valley, idaho, where media and technology moguls are gathering. the latest will get on any potential deals that are brewing. ♪

♪ welcome back to the bloomberg market day. with a shot of manhattan, all looking self toward the statue of liberty. scarlet: it is hazy. we have some breaking news in the world of tennis. pimm: i know you are fascinated. scarlet: put some ice skates on them and maybe you will be. defeatingna williams maria sharapova at wimbledon. scarlet: she is looking for 21st major title. incredible. pimm: for someone who does not follow tennis, you are doing pretty well. let's look at some of the other top stories. international monetary fund has downgraded its forecast for global economic growth. it says the global economy will

grow 3.3% this year, down from three and a half percent in april. much of the downgrade is being driven by the performance of the u.s. economy. the u.s. forecast was lowered to 2.5%, down from 3.1%. both greece and china were cited as trouble spots. big action in the beauty business, procter & gamble has accepted an offer to merge 43 of its beauty businesses with coty. it includes cosmetics and fragrances such as max factor. pepsico is reporting earnings that exceeded analyst estimates. a stronger dollar is cutting into profits. pepsico says exchange rates will reduce earnings by 11% this year. yahoo! is rolling out a new fantasy sports service designed

for mobile devices. the move steps up competitions with such companies as draft kings and fanned dual. fantasy create basketball, baseball, football, and will compete for weekly and daily cash prizes. yahoo! is hoping to increase its revenue. group says 56 million people in north america play fantasy sports. scarlet: we are going to stay on sports later on to talk about the bidding war that broke out between the l.a. clippers and the dallas mavericks. --m: steve palmer versus scarlet: cuban versus balmer. ofrifecta of community -- computer glitches yesterday.

one new calmer drove up in a shiny white tesla sedan, guess who? elon musk making his first appearance at the summer camp for moguls. olivia sterns is there. in theley has matured past and now they work on deals. are there any you can tell us about? olivia: dealmaking is certainly in the air. this is the media conference of the year and were some of the biggest deals from last year were hatched. this is where verizon and aol decided to get together, where decided to murdochs go after time warner cable. there is dealmaking in the air. tu of twitter no speaking to snapchat.

give it a couple months, who knows what will happen? there isll of this as inevitably going to be a lot more consolidation, not just in media that intech and advertising. have gdp growth, and that means consolidation amongst clients, among media entities. of the old righty or of the legacy friday, and consolidation in our industry. time theresix year's will be more than four. olivia: as i mentioned, evan spiegel is here. bill sorrell announced he is doing a deal with snapchat. scarlet: what else are these moguls telling you? i know that james murdoch may

not necessarily be willing to tell you very much on the record but you are hearing snippets of conversation. olivia: you are definitely hearing snippets of conversation. spacex elon musk, founder's first year. i bumped into warren buffett yesterday. i spoke with bill miller of legg mason who was very impressed with the speed. elon musk set down with reid hoffman and talked about the future as he sees it with driverless cars. that is what the moguls and sun valley are thinking about. there's also plenty of deal talk beyond media and tech. a lot of people buzzing about the potential gm-fiat chrysler merger. i spoke to bill miller about the potential for a tie up. here is what he had to say.

bill: i think the changes coming in the auto industry. she recognizes the disruptive influences that are happening, and i think they have certainly a strategy to try and deal with that. not get into whether she recognizes or believes there should be consolidation. like to see would those two companies tie up. he is a shareholder in both of them. a sense there going to be a lot of consolidation. scarlet: olivia sterns, will check in a little later. pimm: coming up, he is no michael jordan but the fight over clipper's center deandre jordan has become the soap opera of the off-season. this is painting two very colorful billionaires against each other. ♪

♪ scarlet: this is the bloomberg

market day. fu, here with pimm fox. let's get you a check on the european market close. we want to bring in mark barton. mark: the biggest slide in in two months. greece has until midnight to present officials with the plan that includes spending cuts in exchange for a european bailout, and we have the eu leaders meeting on sunday to decide their response to greece's proposals. the country's exit is more likely than not even with a deal. there is a sense that any fallout from the greek crisis can be contained, and that is why we saw european stocks rise today. bmw rebounding from yesterday's loss, prompted by the drop in china's auto sales.

baron develop -- barratt developments slumped yesterday and today it's a profit will increase 45% this year, or more than projected. saipan is 2% lower. it lost a $2 billion contract to lay a russian gas pipeline under the black sea after its fleet waited seven months for the work to start. i will leave you with this, which tells you the sentiment is positive ahead of the latest greek deadline. , tick, talk. back to you. tick-tock, let's go to chinese stocks, stabilizing after the government intervenes to prop up shares. >> confidence and liquidity returned to the chinese a shares thursday as stocks rose the most since 2009.

on a trifecta of announcements from authorities, including from the securities regulator, banning major shareholders from selling shares in listed companies for at least six months. allowingng regulator banks to roll over loans backed by shares. the public security bureau, the police got involved, and are investing -- launching an investigation into what they call malicious shortselling. keep in mind, at least half the market, 1400 stocks remain halted from trading. scarlet: that was stephen engle reporting from asia. we do have some headlines with the new york stock exchange. pimm: talking about yesterday's suspension of training. scarlet: it was a software update that triggered the trading calls. the rollout was related to an upcoming sap timestamp requirement, and attempt to fix

the problem were unsuccessful. that led to additional communications problems. pimm: the closing auctions accepted orders, orders were executed, and updates to what they call a gateway was a reason for the computer shut down. this caused added communication issues that i guess they knew when that at about 9:30 the market opened, but were exacerbated as trading continued. scarlet: they managed to reopen trading after about three hours. we will keep an eye on any other headlines coming out of the nyse. to sports,turn because he is arguably the most hated man in dallas. free agent deandre jordan backed out of a commitment to sign with the dallas mavericks, instead signing with the los angeles clippers. pimm: jordan changed his mind

after steve ballmer and clipper players went to his house putting on the full-court press to get him to stay. joining us is scott/nick. is this all about money or is something else going on? scott: no, this is not about money. he just changed his mind. he made a commitment earlier in the week to mark cuban. what may change here is the process in the nba. have a week where players can negotiate contracts but cannot sign them until all of the accounting has been done. scarlet: this is not just a handshake? scott: it is a handshake in the beginning. mbi -- the nba has to do a bri, basketball related audit.

they need sometime after the conclusion of the finals so they have this one-week moratorium or you can talk with teams and agreed to contacts, you just cannot sign them because the numbers are not known. in between that week, deandre jordan said yes to dallas. -- they went to houston to talk to him and he chose to go back to l.a.. do you think some of the owners will press to change the collective bargaining agreement? scott: maybe they can push the even up by a week or so, if the numbers at the end are off by $1 million or $2 million. in the grand scheme of things, or 9 billionllion dollar annual revenue business, it will be close enough. that is one thing that has been proposed. pimm: is deandre jordan going to

bring a title to the clippers? scott: he did not last year. he is the leading rebounder. he is a very good player, but you have golden state, san antonio, lebron in cleveland. there is stiff competition. scarlet: thank you so much. i am going to leave it in your capable -- i'm going to stay a little bit longer. scarlet: i like it when you stay. pimm: we will be talking about one of the most colorful ceos. guess who? scarlet: john ledger. we will have more coming up. ♪

scarlet: welcome back to the bloomberg market day. let's get you some top headlines crossing the bloomberg terminal at this hour.

south carolina is preparing to turn the page this afternoon on the confederate flag. a billaley will sign removing it from the statehouse grounds this afternoon. the flag will come down friday morning. the south carolina house joined the senate and agreed to remove the plug after 13 hours of debate. an accounting firm executive who worked for some of the most important clients are set for sentencing -- he pleaded guilty last year to conspiracy and falsifying books and records. he suspected to receive leniency in return for cooperation with the government. oe did not know about mad ff's ponzi scheme but produced president -- fraudulent investor statements. the largest number of any crisis in almost 25 years -- another

7.6 million have been displaced from their homes as a result. turkey has absorbed most of the impact. 24,000 people have arrived from syria and turkey in june alone. kim jong-un has executed 70 officials, taking power in late 2011. terror far exceeds the bloodshed of his father's early role. -- rule. soccer's world governing body has expelled for executive committee members. chuck blazer for bribery and corruption. his guilty pleas were unsealed in may. since been cooperating 2011. he served on the executive panel for 16 years until 2013. that's a look at the top stories at this hour.

much more coming up in the next half hour, including uber whose valuation is that $50 billion. what some investors have to say about that. joining us.ill be will there be more consolidation in the insurance industry and what does that mean for his company? we returned to sun valley, idaho to hear from mark thompson. t-mobile is breaking down the border come announcing a new initiative that will allow customers to talk, text and browse the web in mexico and canada without paying roaming charges. the carrier added to millions describe her's in the second quarter, putting it not in that with sprint -- no and neck with sprint. emily chang will be speaking with john ledger. emily: thank you, scarlet. john ledger in new york.

thank you as always for joining us. you have done it again. 2.1 million new customers. extending roaming to canada and mexico. how do you keep doing this and mind the bottom line? john: great to see you again, emily. added 2.1 million net new customers this quarter, the ninth quarter in a row over one million. we have had four in the last six over 2 million. -- those are up 41% year-over-year. i cannot comment on profitability. we will do that on the 30th. we had pretty aggressive guidance for this year. me commenting negatively on them -- certainly a good sign. carrier 1 -- what we've done is we've taken

canada, mexico and the u.s. and made it one zone. everything works the same. whatever you are simple choice plan is, no extra cost. it's a tremendous opportunity going from georgia to boston is going to be exactly the same now when you go to canada and mexico. it will get a tremendous amount of attention. it's a highly competitive attack on the big dumb end of her carriers who make $10 billion in roaming. .- dumb and dumbers we are doing it through partnerships that will get a tremendous amount of attention. emily: you have twice predicted that t-mobile now has more customers than sprint. are you willing to do it again? john: i don't kick a dog when it's down.

i maintain that we are bigger than sprint if you don't allow them to count inactive customers that are in the base without usage. every single quarter, we are adding one million, 2 million customers. it is semi-irrelevant. we have just under 59 million customers and you can play that out -- i'm sure we are bigger than sprint. if you are watching closely, sprint has a lot bigger problems going on than whether or not their number three or number four. it's the direction that's the bigger issue. the on carrier revolution is -- un carrier revolution has momentum. emily: i have been watching closely and i follow your tweets. you guys seem to be buddy buddy until last week, he tweeted i'm tired of your un carrier bs.

it's all a big show. what happened, john? john: a producer must have given that to you. i know you don't follow him. i think he had a bad day. it was the end of the quarter. he made three or four announcements and know what he cares -- nobody cares because the brand is impaired. he got on twitter and i schooled him. you don't want to play against me in twitter. it's like going to the deep end of the pool and you don't know how to swim. maybe you and i can have the next twitter spat. best part you the about mobile without borders? when president trump puts that wall up to mexico and you cannot

go back and fourth, the phones will work slimmest late -- seamlessly. you can have coverage -- president trump doesn't want that to happen. but we wanted to be one big, happy family. canada, mexico and the u.s. president trump is helping me out here. i'm for this whole group. emily: you are aligning yourself with donald trump. you said it first. i always have to ask you about dish. -- does aat talks are deal with dish happen? john: what are your sources here? emily: i've got good sources. i don't know if i would count cory. john: now that you are doing all

the celebrity stuff, you have gotten an awful lot better. keep this in mind and i will come back to it many times. all of content is going to the internet, the internet is going mobile and all the people in that chain we'll have to figure out how to make capabilities across that continuum. we have one piece. when you ask me about dish, my answer is, this group has a pilot spectrum. -- pile of spectrum. they have some content, but they also have a flailing satellite business in a bit of trouble. is there some interest? yes. is it one of a bunch of things that make huge sense in addition to this aggressive standalone plan that we have come a getting spectrum? yeah. people have seen this as a unilateral focus. if i was dish, i would be panting at t-mobile. we have multiple options of

things we can do come including what we are doing right now. emily: what do you want? do you want to go home alone? john: i have not had a date in two years. i might go to that new verified tinder and see what i can find. in order to meet the needs of content going to mobile subscribers, we are all going to need partners or relationships. else, ith everybody need spectrum. my job is to continue to build the brand at the rate that i'm growing come i have a tremendous business, i don't need help from partnership right now but i will continue to look at all the other players and that content , various components of this -- think of it the other way. not only is t-mobile highly successful in a standalone basis, but who could do some

trend is the different things for customers if they were aligned in some way with t-mobile? i think that is something you need to dust off. emily: i woke up this morning and you had already done two periscopes. q&a to customers and your morning runs in central park. what is so great about periscope? john: i love periscope and twitter. sometimes i think i love twitter more than the people who run twitter love twitter. i use it to run my company. people say to me, what are you doing spending all day fooling around on twitter? i talked to thousands of hadvidual customers -- we 400 million twitter impressions and 45,000 tweets with #phonechain. every day, i talked to thousands of individual customers and i learn and i create offers.

paris scope is the new deal. today.cast do you use periscope? emily: you use it far more than i do. i will catch up with you on periscope and twitter. thank you for stopping by. scarlet: thank you so much, emily chang with john ledger. much more when we come back. a reversal of yesterday's trade, stocks are higher. treasuries are lower. ♪

scarlet: welcome back to the

bloomberg market day. let's get to a look at some top stories. the new york stock exchange knows what caused a computer malfunction that knocked out trading for three hours yesterday. investigators were looking at a faulty software update. -- even though trading was halted at the nyc, shares listed still traded on other venues such as the nasdaq. even in the midst of a fiscal meltdown, finance ministers have a sense of humor. the german finance minister says he will gladly swap roles with jack lew. he told him that the eurozone if theake in puerto rico u.s. would take greece in. and dollar buys the most in mississippi.

prices are 13% below the u.s. average. you get the least for your money in washington, d.c. the midwest and south are cheaper than new england. to a check on the big market stories of the day so far. look at the major averages right now, you can see there are still -- they are still in positive territory but have paired their gains from the open but the dow up 100 points higher. taking a look into my bloomberg terminal, this is the s&p 500 10 sectors. financials were up by .9%, health care up by 20% -- .8%. utilities leading that. not much change in the past hour. go,er into the banks we taking a look at j.p. morgan, citibank and bank of america. .pmorgan up by 1%

citigroup is up by the most by about 1.8% here. part of this rise is because of goldman sachs. margin starts to even out -- they have fallen 18 of the past 20 quarters because of slowing loan growth and weakness in fixed income currencies and commodities. rising estimates and favorable valuation could push these stocks and the broader financial sector higher. we will look at utilities. duke energy and dominion resources all down with southern company down by the most. let's look at crude. rebounding from its greatest find a fall in four years on china and greece fears. this is oil's best gain in the past month. taking a look at copper, the metal did hit a six-year low on wednesday. we saw china's stock market plummet.

analysts and traders are divided on koppers outlook. -- copper's outlook. we are seeing a bit of that today. copper futures up 2.2% and 3.15%.of freeport up thank you so much. the big movers of the session so far. we are also looking at shares of ethan allen. a big pop in the share price. that's over the past one year. let's get an intraday chart. there is the big pop, just about 10 minutes ago. that private equity firms are interested in a possible buyout of the furniture retailer. because of the share price -- look at ethan now and over the past couple of months, down 22%.

that may have made it attractive to potential buyers. ethan allen was not immediately available to comment. hirede, ashley furniture goldman sachs for a possible sale. we will keep an eye on this development. ethan allen getting a pop on some reporting that it may be a target for private equity. much more coming up. raising fresh funds in china. local competition and regulation remained big problems there and here in the u.s. how do investors size up the opportunity? ♪

scarlet: welcome back to the bloomberg market day. uber's china unit looking to raise another billion dollars in private money. the latest financing values it at $8 billion and brings the value of uber in total to $50

billion. uber has been burning through its cash as it takes a local competitors and legal barriers. is uber worth that much? david.hang spoke with he says private tech valuations are get rich. david: we are asked to take on a lot of risk. there's a lot of optimism causing pricing to be higher, causing expectations to be higher. riske asking to take high since 1999. pimm: with me is the general partner at benchmark capital. welcome. what do you think of what he said? >> i think david is right, although i don't think he was saying it about uber. i think he was saying about the market in general. expectations now -- valuations

have clearly risen in the capital markets. this, in orderh to make the kinds of returns that our limited partners and investors are looking for, when you extrapolate with those companies need to be worth in order to do that, the kind of profit and multiples they require start getting fairly challenged. you start extending the time. maybe they can get there in five years instead of three years. it just becomes a market where you really have to pick your spots carefully. scarlet: you talk about how they might be -- where is uber? >> is a different animal. to me, uber is like the third company in a troika of the last decade. google, facebook and now uber.

scarlet: that transformational? >> it's a fundamentally transformational company. google plus fundamental business, the market they play in is the advertising sector. facebook, the same. uber is playing in the transportation sector. scarlet: it's not really a tech company. is a tech uber company the same way i don't think google or facebook are advertising businesses. if you look at where they are marketollars from, the they are replacing is the transportation sector, which is globally absolutely massive. they are the most important company to do something of interest in the transportation sector that i have ever seen. scarlet: what is priced into the $50 billion valuation? what risks are not priced in? >> take all of this with a grain of salt. i'm a big believer at looking --

of looking at numbers. when you're talking about $50 billion, i see their numbers broken out by market. -- two bigme questions on uber right after it won his regulation and that is a domestic question and global question. the other is emerging markets, china and india. -- one question is regulation. i assume it to be billion dollars people are thinking that they will be able to work through the regulatory issues. to build be able thriving businesses in emerging markets. i don't know that for a fact. it's possible you could underwrite that deal without winning both. i have to see the data.

if i was looking at that deal, i would want to understand continued growth domestically and regulation issues -- do you have a view that they will ultimately prevail there and how will they fare in china and india? pimm: given what we saw at the new york stock exchange yesterday, the trading halt -- we saw this big called in trading. are you advising startups to steer away from the public markets? stay private for longer. the nysele things -- issue and the china issue are orthogonal to the question of how we are advising companies. the nyse issue is most interesting. it went down and it did not affect anything. that's a big deal. 10, 15, 20 years ago if the nyse went down, we were stuck.

the world has changed. china is an isolated -- that is a separate discussion to have about what it means. the selloff in china is a good thing long-term for everybody. in terms of advising company's go public or not, that is a function of what are the benefits of going public versus cost, what do you need to get public?o buy going a lot of times it doesn't make sense. scarlet: thank you for joining us. much more coming up on the bloomberg market day. ♪

scarlet: it is 1:00 p.m. in new york and 1:00 a.m. in hong kong. says itreek government will submit proposals for economic reform in the next few hours.

it could be the last chance for greece to reach a deal and stay in the eurozone. scarlet: we go back to sun valley, idaho. we will hear from the new york times ceo, mark thompson. pimm: we will take a look at what subway can do to limit the damage of the investigation into fogle. scarlet: good afternoon, everyone. matt: let's take a quick look at the markets right now. stocks open higher after the nyse outage was solved yesterday. they have since come back and our trading now around session lows at 121 on the dow. we were up at 200 points on the dow earlier.