y is the deal." brendan: in iran. in return, the u.s. will relieve economic sections. erik: the jp morgan bank is cutting cost but not revenue. wells fargo is preparing for a world of higher interest rates. brendan: micron technology may be in place. chinese companies are running a $22 billion business as a semiconductor. we're looking at potential national security and regulatory roadblocks. ♪ brendan: good morning. i am brendan greeley. erik: i'm erik schatzker. brendan: we are looking at what is making news on the bloomberg terminal. we start with iran. -- six world powers

will restrict the country's nuclear program in exchange for ending sanctions. the obama administration must sell it to a skeptical congress and american public. phil mattingly is at the white house. first off, water -- walk us through what is in the agreement? what has the president tried to sell? phil: iran has agreed to cut 98% of its enriched uranium capacity. it is also agreed to a limit two thirds of its acting centrifuges. now one of the key points of the agreement and one of the key areas of skepticism on capitol hill has been inspections. according to the obama administration, the iaea will have access to all it wants to the potential nuclear sites that iran has in the country. in exchange for that, iran would start to receive sanctions relief to the tune of $150 billion in frozen assets as well as entrance into financial and energy markets.

still a lot of skepticism on capitol hill where lawmakers will have 60 days to review that proposal and consider rejecting it. if that occurs however, they would need two thirds to override what president obama threatened today. take a listen. obama: i'm confident that this deal will meet the national security interest of our state and our allies. vote thato any hinders the implementation of this deal. erik: we have to take you right .ow to speaker boehner speaker boehner: the deal right now is on a subtle. it will hand regime billions of dollars in sanctions while paving the way for a nuclear iran. this is not democrats were republicans. it is not a partisan issue at all. it is about right versus wrong.

we're going to do everything we can to get to the details. if in fact it is as bad a deal as i think it is at this moment, we will do everything we can to stop it. >> i know the president announced this morning in agreement with nuclear weapons with iran. proven peacelways without freedom is meaningless. congress will have a role. we will look at every detail. erik: back to you, phil mattingly in washington. no surprise that the initial response from the public and negative.flat out phil: the issue is not republicans in congress. have you need to look at this right now is that the obama administration is targeting democrats, specifically 14 democrats in the senate and 44 democrats in the house. that is how many people they need to support the steel to prevent congress from

overwriting any type of detail here. while republicans will, and for the most part have, come out unanimously opposed to this deal, the key thing to keep an eye on our the democratic senators who might have been wavering. so far, democrats have been muted in their acceptance of this. no one really going all out in support of this. we will keep an eye on those statements and not from necessarily republican leaders. the president begins to sell this deal to congress. that is the next step here. jim walsh is also with us. he is a nuclear nonproliferation expert who joins us now by scott. president said this morning. -- we will begin with something the presence of this market -- this morning. >> every pathway to a nuclear weapon is cut off. shows parents and

imaging necessary to verify that objective will be put in place. brendan: mr. walsh, we do know for a month that negotiators indiana have been looking at the actual technology underlying this agreement. what assurances from a technological standpoint do we have that a nuclear program has been stalled? jim: part of it is what the agency is able to tell us by on-site inspections. it means that all the spy agencies in israel and u.s. and france and great britain and canada among them have, as they put their eyes and iran. the director of national intelligence has to survive that under the current agreement, and certainly the new agreement is more stronger and robust, but under the current interim deal, iran would not be able to play cna ends -- shenanigans with

centrifuges without detection. that agency will have 24/7 access to these facilities. there are limits to how many centrifuges and limits on the amount of nuclear material they are able to keep. these are all things that should give us confidence that iran is abiding by the terms of the agreement. brendan: i was going to ask you about breakouts, but i like your work better -- shenanigans. from your read of the actual text we can see now, what is the breakout period for violating the agreement? jim: it's funny. there are two different questions. most people are not aware of this so i'm glad you asked. the breakout is defined as the amount of time that a country could produce one ball more the material. no country has woken out to build one ball. that is the definition of breakout. it does not include the additional time to take that softball sized lump of iron rich

in uranium to make it a reliable nuclear weapon that you could transport of a plane our missile. -- or a missile. you're talking about two years. the international committee would have to react and try to stop iran if they believed iran was pulling on the agreement. erik: you are analyzing the agreement on its merits. how much confidence do you have that anybody who matters in congress is going to analyze the agreement on its merits and use those to argue in favor of or against approving the steel -- this deal? jim: that is a good question and i'm going to completely. that question. i just testified before congress a few weeks ago before the senate foreign relations committee. it would not be a good idea for me to say that congress is going to decide this. that would not be cool for me to say so i'm not going to say that. brendan: as you ducked and stand back up, i'm going to swing him

with a same punch at a slightly different angle. the president this morning challenge congress to consider the alternatives as they consider the deal on the table. what are the alternatives? jim: there are not a lot of good alternatives. when i spoke to call this, i said there might be some ways to assess this. how does this compare to other agreements? is it better or stronger or weaker than those? i think it is stronger. what are the alternatives? there is always risk to action and inaction. policymakers have to look at the alternatives and see what the relative risk and what the relative payoff is. if we do not have this deal, our ,ptions are to do nothing increase sanctions, but if we do that, the current arrangements will fall apart. they will pull out of the interim agreement and that will not be added inspections on the ground. we could use military force, but that only buys you so much time.

why? as the top intel person of the u.s. has said, iran has the basic nuclear cap ability -- capability. military action is an alternative, but it only buys you time to fundamentally alter the landscape. those of the options ash do nothing, increase sanctions, or military action. this gives you a lot more benefits over time than any of the alternatives i'm aware of. former secretary of defense william cohen was on us earlier and said that the devil is always in the details. abouteeds to be known what was struck between the six powers and the iranians? jim: i will have a better idea when i get to all 158 pages. i think the concerns people will have is what happens after 15 or 20 years.

on the other hand, 15 years is a pretty long time. five years ago, people have not heard of isis. 15 years is an extremely long time in public policy terms. what will iran to 15 years now? are the things we can do now to have follow-up agreements or other sorts of steps to protect ourselves in the future? that is all worth considering. the other thing i would add is that why do agreements work? they do not work because one party is starting -- threatening the other party into capitulation. they work with both sides working in their self-interest. iran is at that fork in the road. now is the time to lock them in. if this agreement produces benefits for iran, it will stay in the agreement. if it doesn't, they will walk away. same thing for the u.s.. if the agreement is not serving the u.s., then we will walk away. agreements work because all parties benefit.

that is the best predictor of where we will be 15 years from now. brendan: jim walsh scattering from his own attic near campus, massachusetts. what i heard is that they know how to build a bomb. he cannot vomit out of their hands. fargo has strength. that can mean smaller profits for its mortgage lending units. ♪

brendan: welcome back. i'm brendan greeley. erik: i'm erik schatzker.

let us look at what is happening in financial markets. i'm particularly interested in what is happening in semi conductors. it is a particularly busy today for semiconductors. julie hyman is hereinafter i think we have to lead off with micron. think we have i to lead off with micron. doesn't everyone know they have a joint venture with hewlett-packard? julie: this is the investment arm of a chinese university that is planning, according to people familiar with the situation, planning to make a bid for $20 billion. it would make it $20 a share. that is a 90% premium to micron's close yesterday. they were trading at 1932.

i have been going through the analyst commentary. most are saying that this price is too low. too low, you might say? kids of the fact that micron shares are down 45% here today. if you look the average price through the year, you would be looking at a higher price. take a look at the bloomberg terminal. this is the deals in the chip industry of at least a billion dollars over the past five years quarter by quarter. the blue bar chart you are looking at here represents the deals value. it is so big last quarter because we saw a record amount in terms of deal value of chip yields. that was the planned acquisition of altera 467 billion dollars. the orange one is the average premium. average premium of 19% does not look so bad. however, if you look at the multiples that would be offered here, theoretically since the deal has not been made yet, you

look at these deals at least a billion dollars in the chip industry, 71% were valued at more than 10 times ebitda. this will be relatively unusual and that is why analysts are saying that the value on this is low. also consider the fact -- are we going to have antitrust concerns or congressional interagency to this deal being done? erik: any deal of this size being made by the chinese for a technology company is going to be open to a tremendous amount of scrutiny. we talked about a strategic asset or interest. at the very least, it is going to be happy -- have to be reviewed. they have a record of rejecting . brendan: also very consolidated market there.

only three or four major players lefthere. julie: this is the only one that makes dram. all the others are outside the united states. erik: julie, are there other things in semi conductors? julie: let us look at intel in altera. intel has downgraded to underperform this morning. slightly, butvery it's reporting earnings after the close tomorrow. if you look at other companies in the chip support data centers industry, that is not looking good. altera of very slightly. antitrustsay with the outlook for this deal is actually pretty good. erik: julie, thank you. brendan: we are going to take a look at the top stories outside of chip development. there was a surprise drop in

retail sales. last month, sales fell 3/10 of a percentage and gains have been smaller than reported. restaurants are clothing stores were among retailers who sales fell. johnson and johnson is reporting profits that beat estimates sales. it was excluding the effects of currency fluctuation. in $1.71. revenue fell almost 9% to $17.8 billion. fedex is in talks to buy at least 25 boeing 757 cargo jets. the value would be about $5 billion before expected. fedex is the only current commissioner -- commercial customer with a knowing plane. a nasa probe is giving the first look at pluto right now. for nasa, it was accounted to a celebration. the unmanned probe will get within 7800 miles of pluto. the started 9.5 years ago. it has traveled 3 billion miles

since then. those are your top stories. erik: it is a bit of a nerd fast in theire. erikbrendan: i had an invite to. but it's not really news. allison williams is joining us. erik: it is bank earnings week on wall street. wells fargo have already reported. allison is here to tell us what she thinks. something positive must've happened in the past hour because all the sudden the shares which had turned down on a fair quality earnings beat have traded higher. alison: i think it may be divesting of the call. look at the headline numbers and digging into the numbers, we see jpmorgan making progress on some of their key strategies they're lowering capital hurdle. progress oning

costs. all the negative side, cyclical issues. the negatives for jpmorgan. brendan: originations were up. profits are mortgages were down. is that a recipe over the medium-term for the client quality -- declining quality and mortgages? alison: there is a difference in the origination. when you apply for mortgage and when that mortgage actually closes. in the mortgage banking business, the profits are both at the time of the rate lock and sometimes at the time of closing. because of that, there can be differences between banks quarter to quarter. that may be one of the surprises to people this quarter. erik: all these banks for the most part, all these commercial and consumer banks, are looking forward to higher interest

rates. even goldman might benefit from higher interest rates. that is predicated on their ability to keep low-cost deposits, right? if the deposits decide they are no longer interested in being with jpmorgan because ally financial online is offering and rate,e, the -- a better the prospect goes up a little bit. it is a little dependent, but jpmorgan making the point that they expect a higher deposit fee at this time. they do expect deposits to move away from them faster than they have it previous cycles because of the extended loan environment and because rates are so low. i think that there is just so much room now. i think the other important thing this quarter that you are seeing is that you saw an increase in the net interest margin of both wells fargo and jpmorgan.

people are starting to get more positive on the fact that loan growth might start outpacing deposit growth. that is really what you need. brendan: exactly to that point, that is one of the things that came out and jpmorgan's earnings. they had a 5% quarter on quarter increased in the loan to deposit ratio. as a really huge move in just one quarter. alison: that was positive for both of these banks, but you have to be careful and extrapolating that across the industry. i was just speaking to our regional bank analyst and he was making the point that you might not see that at banks like pnc. it really depends on what is happening in the two parts of the bouncy. erik: thank you very much. allison williams covers thanks for bloomberg intelligence. brendan: more news coming up on "bloomberg market day." we will be back after a short

break. ♪

welcome back. olivia sterns is in athens this week. erik: so is david gora. brendan: earlier today, olivia sterns spoke with the economy minister here she asked about this 50 billion euro stabilization fund for asset sales. >> it will work more as a guarantee. we find we will go on with that huge privatization, which obviously does not exist. but i think that the euro loan that greece will receive, which is 80 billion, and a lot of money. i think it will provide some form of guarantee. brendan: what struck me there is his grin when he said that honestly don't exist. , get the sense that this fund which we suspect that the time

and know better now, is really a fig leaf for the creditors and greece to say, ok, we will take on the risk. we don't have a guarantee. while you're trying to get the greek loans in place, this is a guarantee. erik: the sense i got from hans nichols in brussels and other commentary coming out of europe is that it needs to be a good faith effort, even if the greece cannot give us 50 billion euros. they need to show something that they will make money. david was showing us how much opportunity is being wasted by letting these valuable pieces of public land sit idle. brendan: what greece has said all along is that they do not want to sell them at a fire sale. you will be back in a little bit. ♪

brendan: welcome back. i'm brendan greeley. let us get straight to the mornings top headlines.

igo shooters made history today in vienna. the u.s. and other global powers reach a deal with iran did the deal is aiming to prevent iran from building a weapon. in return, economic sanctions will be gradually lifted. conga's has 60 days to review the agreement. we just heard from house speaker john boehner. boehner: the deal from what i know thus far is on acceptable. it is going to hand a dangerous regime the liens of dollars in sections while paving the way for a nuclear iran. brendan: israel says it will use every means possible to get congress to reject the agreement. will notprime minister be able to count on his own coalition to approve the pension cuts and tax cuts. alexis tsipras will rely on opposition parties to save the day. he submitted austerity measures to parliament today. lawmakers must approve the legislation before they can be talks on a new bailout. paul krugman told bloomberg news that the cuts showed europe

wanted to let greece know who is in charge. >> this is not about how much greece is going to repay, which is very little regardless. it is about how much greece will have to suffer. it is all about sending a message. you cannot get a waiver of anything. greece has made it clear that they're not willing to contemplate leaving the euro. they had no bargaining power. it is actually a very sad day. it was a humiliation for greece. brendan: that showdown with his own party may leave tsipras to resolv reshuffle his cabinet. paul krugman also talked about donald trump's candidacy with bloomberg's joe weisenthal. he was not pulling punches. belligerent,it loudmouth, racist with not an amount of compassion for latino people. that is the person that

republicans can deal with. brendan: scott walker says america need someone that can stand up for america. he says he plans on bringing his combative style to the white house. >> my record shows that i know how to fight and win, now more than ever. america needs a president who will fight and win for america. brendan: walker's best known for taking on government employees in wisconsin. he is the 15th republican to enter the presidential race. those are your top stories at this hour. let's take a quick look at the markets. we have movement upward slowly. of 22's -- up 22.6%.

jpmorgan and wells fargo both beating estimates today. coming up, oil prices have been hovering at the $50 barrel range for months now. his chief energy going to help bake operations -- big corporations? plus, harper lee's new book is blowing away and helping much-needed sales for retailers like barnes & noble. how much is needed. what is next for oil after today's nuclear agreement with iran? these stories and more coming up on the bloomberg market day. an investment firm linked to a top chinese university is preparing a different micron technology. a person familiar with the matter says the offer would be for $23 billion. that is $21 a share. the deal would be the largest takeover of a foreign company and could raise national security concerns. cory johnson is here in new york. george robinson's washington.

jordan.art with you let us understand what this company is making the offer. jordan: the university of my crap is one of the biggest makers of memory chips. these are memory chips inside of personal computers and servers and smartphones now. the real significance of this deal is that semi conductor check ballinger -- technology is an unsexy part of the text industry -- tech industry. it is really hard to develop advanced semiconductor technology. china, what this deal, once a piece of it. they want to greatly accelerate their semiconductor development. there is potential for controversy here as well because pretty strict restrictions in the u.s. on exporting this kind of technology. brendan: we have been using china for shorthand. is this university purchasing the company or is it just china?

this is a business purchase or strategic acquisition? cory: when it comes to china, it is useful to recognize the connections. universities and companies that receive state funding -- at the end of the day, what would happen if this deal went through is that the country of china would receive a tremendous benefit in terms of it; for development. it takes many years, if not decades to produce these kinds of technologies. memory chips are not even the most advanced type of semi conductors. those are the microprocessors that intel and others make. still, strategically this would be still significant for china. cory: this is memory. these are not the smartest chips in the stack. these are not the things that intel makes. these are the dumbest of the chips out there.

for that reason, it might be some hope that this deal, which is generally looked at as debt arrival -- dead on arrival, might show hope. they are actually doing quite well. they are doing a number of investment. their main focus is on the memory. i think was 42% of sales last year. it is a strategic acquisition to get a top-flight manufacturing capacity to pop the stuff out. the kinds of chips that these are -- a smart review of this might review a competitive issue that may not be as great as it intel would buy this. brendan: how we understand what is going on the market. the numbers are pretty concentrated. samsung has 40% of it. micron has 26%. margins are down. costs are up. cory: the operating profit margins for this business have gotten a lot better.

i was surprised this morning as well. if you look at the margins last year at 31.7% and rapidly increasing as they refocused their business, they have made smart acquisitions that have seemed to work out. falling pc sales are hurting dramatically. we are going to find out more tomorrow when intel reports. when theues yesterday bad news from the data center. generally speaking in this business, it has traditionally been a pretty crummy business. it is very dependent on the cycle in the pc business. for that reason, you see concentrations of people who will build up a business to sustain those bad times that comes with the industry. i think this deal is completely dead because of what they do and not just where they do it. brendan: let us go back to jordan robinson. on you give the likelihood whether this deal will be approved in the u.s.?

jordan: i agree with corey. firm or toese-based try to buy and tell, no way would that ever happened. memory chips -- this is an industry that is much more likely to happen because the industry has gone through so much consolidation the past decade. we have seen ali sales and falling margins. at the end of the day, it is still essential technology. every computer needs of memory capability. we are not talking about the top level science and industry. there is a realistic shot this goes through. the security concerns are probably going to be a lot lower on this that he would be for other elements of the semiconductor and history. cory: the expertise that micron has is about improving yields and getting their machines to work fast, but not necessarily putting the most transistors on the smallest chip. brendan: perhaps a business purchase and not a strategic pressures -- purchase for china. thank you, jordan robinson and cory johnson.

we'll finally see the impact of low energy prices on company bottom lines. we will find out coming up next on "bloomberg market day." ♪

brendan: welcome back. we are an hour into the u.s. market day. time to get you caught up on market action around the world. let us start with your. mark barton is in london. k: european stocks swelled and mixed today. is oneest great deadline

parliament will vote on the latest reform proposal to get an aid package from its creditors. it is interesting that he thinks the deal will be approved with the support of opposition parties. the measures will be hard to implement and hard to reinforce impossibly hard for the public to accept. nevertheless, shares are not too bothered ahead of that vote. ae euro is still a bit of falloff from the week u.s. forecast sales numbers. the euro coming back against the dollar. the euro fell by 1.4 percent against the u.s. currency yesterday after greece struck the deal with creditors. this is one of the more interesting currency pairs to me. it is going up against the dollar. after the governor of the bank of london warned that an interest rate increase might be moving closer here in the u k, that is interesting. before we spoke, we has stagnating u.k. inflation data reinforcing those at the bank of england who think rates should stay unchanged.

the idea of higher u.k. interest rates is boosting the yield on the u.k. testing your today -- 10 year yield today i roughly 1%. year has on the 10 fallen by 700 -- 720 basis points. at 12.59 percent. what a three-day move in the greek bond market. julie: not as much drama here in the u.s. today, mark. look at the u.s. averages and we do have gains, but they're not big ones. we actually came out of the gate with even less change that we are right now. the s&p is gaining a quarter of 1%. that nasdaq is one half of a percent. i want to bring you a chart from jack of the bml private thing. price toking at the

sales ratio for the s&p 500. near recordg at a here of 1.84 times the sales of the s&p 500. he is saying that is one of the things that could perhaps curtail any further gains. he says it should not be a market timing tool, but it might just be something to keep in mind looking at valuations here. analysts are for adjusting -- projecting that s&p 500 sales fell as profits fell 6.4%. that is a good one to keep in mind. also looking at treasuries and we are seeing treasury prices rise for the first time in three days. yields fall to some extent. retail sales unexpectedly falling to 3/10 of 1% last month after a revised 1% gain. we are seeing yields move a little bit lower on that. also, we are seeking movement on the dollar with that move on

retail sales. this is a dip. the dollar. although it has recovered to some extent, little change now with the doubt down a quarter of 1%. asia, itmeanwhile in rose the third day after the yen fell to a two-week low. but the shanghai composite and the hang seng fell. they will report economic growth tomorrow. one big story out of that region, the world gambling mecca of macau has taken a hit. casino stocks have largely been avoided. one reporter provided a sliver of solace. stockse macau casino have really been an interesting trade. the haven't sold out so much that anyone could make sense of the stock prices soared good local reports on the government smoking onegin using the floors. casinos can obtain smoking rooms that they can prove that the

health of the people involved are not at risk. it alleviates one source of pressure on the revenues and will hopefully bring back changes. was bloomberg's david from hong kong. here are some the top stories crossing the terminal this morning. jordan spieth, winner of the masters and u.s. open, arrived in saint andrews for this week's british open. it is the third major tournament of the year. jordan spieth is on full speed after winning the john deere classic. law enforcement wants federal once majorly with baseball to expand protective netting for a few sections behind the plate all the way down to the first and third base line. this would block fly balls and that. the class-action suit was filed on behalf of an oakland athletics season-ticket holders. reds tom fraser won the home run db.

the baseball all-star game is tonight. the winner gets home field advantage in the world series. those are your top stories at this hour. oil prices tumbled last year and have been hovering in the $50 and $60 barrel range now. we haven't seen this for months now and cheap energy may be happening now. it may help out torture corporations. their reporting second-quarter earnings. mike reagan is here. thisuote somebody calling "zombie oil." it has been stumbling for months. mike: what is interesting is that consumers have been stumbling, too. we saw the retail sales drop. it is a head scratcher. is a dollar a gallon cheaper than it was last year. the us option that was all the money would show up in retail earnings. the question is -- is this a quarter it finally will?

it looks like a 4% sales growth at retailers in the s&p 500. low numbers,tty but in the environment we are looking at, they're pretty attractive. there is clearly tons of optimism built in the retailers. as a group, they are up 14%, the best among them. that is far and away the best. there is clearly a lot of optimism in the shares. whether or not it comes through, we have to wait and see. brendan: is this the long awaited wealth effect? , it makes youdown feel like you are wealthy when you're not. correspondent to this change into corporate earnings. a lot of it is speculation. michael at weed and called it. goldman had interesting note out a few months ago saying, consumers save around $100

billion in gas money. why is it not showing up in the earnings? credit card balances are coming down. consumers are pending to their own personal balance sheet a little bit. the pending thought is that consumers will get comfortable enough to increase their own spending. if you look at the valuation of retailers, it is astounding. obviously it is a pretty expensive market right now. they are at the top of the list of expensive sectors. one that i looked up was price to tangible growth value. for retailers, the s&p 500 is over 12. that has doubled the s&p 500. that has far and away been the best for the metrics itself. hedge funds have really piled in the stocks. discretionary stocks are required if the holdings for these funds. a fifth of these holdings.

there are a lot of people root for these companies. part of the story is that you have companies like amazon and netflix that there is a lot of optimism built into. netflix doubled this year and its stock price. amazon is up 50%. brendan: from what we have been watching, it sounds like the price of gas, as far as consumer sentiment is concerned, is noise. deleveraging. mike: people are spreading some growth in sales earnings. that is at least something for this group and what a lot of groups are looking at. this report today, i think a lot of people are saying that it will cause gdp estimates go down. we will see if it causes earning estimates to go down, too. brendan: fiddler going to help earnings? the answer is -- kind of. the most talked about book of the summer -- harper lee's

sequel is driving the barnes & noble bottom line. ♪

brendan: welcome back. we are now into the market day. 55 years after "to kill a mockingbird," harper lee releases a sequel called "go set a watchman." barnes & noble having a very good week. remy is an seo is here to tell us about it. it is a physical book that is selling really well. amy: you can imagine books make a lot of money. they are making a lot of money in digital. it is the most preorder book and

harpercollins history ever. it is also the most preorder book in amazon's history ever since the last "harry potter" book came out in 2007. in terms of its initial print run, there were 2 million copies that have been released. for perspective, we will talk about "game of thrones," for example. it is twice the month of the last book and two thirds the run of the last "hunger games" book. we know those all did so well. that could basically translate into revenues of $30 million and $40 million for news corp., the parent company of harpercollins. brendan: the real money is when the book becomes part of the curriculum in high school or university. could this joined the curriculum -- toto kill mockingbird kill it mockingbird?" ramy: it's an interesting question.

everyone adores it because it is a coming-of-age story of a little girl who sees racism and says, this is not right. however, not to be a spoiler alert, if folks do not want to hear this, do not listen. basically, the protagonist becomes a big it in the sequel. -- a big it in the sequel. he is seen at a ku klux klan meeting for example. this is not the attic is finished want to a number. finch i wantus to remember. some are saying this is an art that i want to remember. brendan: this is an issue because this is what he often wanted and there's so much money at stake. some the author said burn all the rest of it. i have published what i wanted to and that has got to be a. ramy: initially, harper lee said she did not want to publish any other book besides "to kill a mockingbird." she does not need any more money.

let me run you through some numbers. $5,000 -- $9,000 a day is what she gets from "to kill a mockingbird." she is 89 years old. this has been going for the past 50 as years -- 55 years. it will be interesting to see how many people pick up these copies. the initial run is 2 million copies. mockingbird," it is 40 million copies. it's a long way to go, but if there's another half-century, we will have to watch the numbers. brendan: we'll have to see if it is a trend for the industry or if it is good all-time sales music. coming up, texas governor greg abbott. ♪

brendan: interface alamogordo :00 a.m. in new york, 6:00 p.m. in brussels.

pimm: retail sales unexpectedly slid in june. janet yellen is still on track to raise interest rates this fall. nuclear accord with iran means another million barrels of oil hitting the markets. how quickly the islamic republic can get back online once sanctions end. texas governor greg abbott is here. businesses like toyota are moving their headquarters to the lone star state. brendan: good morning, i am brendan greeley. pimm: i am pimm fox. we are 90 minutes into the trading day. stocks, a little bit of buying today compared to yesterday. the s&p 500 gained about .3%.