we will get a preview of what to expect on these scarlet: giants. and taxi medallion drivers are fighting uber in court. betty: we will look at the storm of controversy in denver over a new television commercial for pot. scarlet: good afternoon, everyone. betty: let's begin with a look at how the markets are trading. we are seeing a big selloff going on right now in stocks, drag down by earnings. you can see the dow is pretty much trading near its intraday low. the same for the snp. we see a slight -- same for the snp. one of the earnings that drag down the index? after they missed

their sales numbers. you can see the weakness from china and other emerging markets hitting the top line and the stock is right now at its intraday low. in the oil markets and commodities, let's look at where crude is trading right now. wti crude dropped below $50 a barrel and we see a slight rebound from the three-month low. many oil traders they don't expect a rally anytime soon. scarlet: a week stock market is making for a slightly better bond market. prices are higher, which means yields are down. now at 68 basis points. the real mover here is the dollar, weakening for the first time in five days against the euro. movementee that slight

at the very end of the week after some weakness early on. betty: now to some of the top stories crossing the bloomberg terminal at this hour -- more than a thousand workers at new york city airports say they will walk off their job starting tomorrow. they voted unanimously to authorize a strike at jfk and laguardia airports. union represents baggage handlers and wheelchair attendance. it would he the largest strike since the contracted workers three years ago. the union says their pay is some standard. -- and cathay pacific are among the airlines that would be affected. lawmakers in the u.s. and iran have signed off on a deal that calls for iran to not wantatomic weapons if they sanctions lifted. the supreme leader says they will not stop there proxy wars

in yemen and lebanon. secretary of state john kerry calls that worrisome. y: i don't know how to interpret it except to take him at face value. comments can be made in public and things can evolve to make them different. it is very disturbing and troubling. iran's foreign minister defended the plan as it was presented to the parliament. powers,it was the world not iran that caved in to the talks. in the u.s., congress has 60 days to review the deal. president obama is thinking china for helping to negotiated. china is one of the world powers that took part in the talks. the european economy union is pushing for debt relief and greece. they say european creditors have agreed to ease payment terms of the greek government can deliver

on the bailout terms of its package. that contradicts the position of angela merkel who said over the weekend debt relief is merely one option to be considered later. the possibility of a greek exit from the euro may be back on the table next year. almost three quarters of the economist surveyed by bloomberg say greece could be forced out of the european union in 2016. call it the flip side of the commodities selloff. oil is hovering around the $50 mark. we have not seen prices like this since april. ,arlier on bloomberg television the head of strategy at bank of america merrill lynch called a buying opportunity. stocksi would buy energy now and here's why -- energy is the most hated. it has been in the history of our date. fund managers are more underweight on energy than they have ever been. in terms ofbottomed

revisions and so analysts got good at slashing on lower oil prices. energy earnings estimates have been cut down of more than half of where they were at the peak was a might be time to start to look for opportunities. scarlet: it was one year ago that oil began its fall to a six-year low. the rebound has been slow because inventories are high. those are your top stories. afternoon, we have food and tech on our minds. some big names are reporting after the bell. it secondnwrapping quarter results. charge,eading the tech apple, microsoft and yahoo! are reporting. latestome as ibm us earnings raise a huge red flag. let's get a preview with our team of bloomberg reporters on the story.

with us in new york is our restaurant reporter. tech is the big focus this morning with ibm and there's a lot of questions whether ibm's results are going to reflect what we will hear later today from apple. tost: ibm took a real hit its business in china and apple has been on fire in china, driving a lot of their growth in the last few quarters. the larger screen iphones have been eaten up. how will that reflect in the results? some analysts think it has been a strong quarter despite the economic turmoil. the real effect might be in the current quarter going forward. scarlet: the real turmoil might be in the quarter going forward. tech and foodh companies are different, but chipotle has supply issues that

hurt its results previously. will this continue to be a drag for chipotle? guest: we think so. we think they will be fully star -- fully stocked with pork. they signed up with a british supplier and have it back on the menu, but still a big chunk of the restaurants do not have it on the menu. i don't mean to keep jumping back and forth, but on results, we have three big numbers we are watching coming out from apple earnings. watch, the apple ipad at 10.9 billion and the iphone at 48.8 million units sold in this latest quarter. where are we likely to see a disappointment? disappointment has largely been coming from the

ipad. several quarters of decline and that's almost expected. sources are telling us apple is working on a larger screen ipad, just at the right time for that product line. the real focus is on iphone. analysts are expecting a big jump compared to a year ago and a strong quarter would suggest there is still life in the new product going into the upgrade when we get to the six and six s that will drive growth. investors seem to be convinced tim cook is doing what he needs to do. that might not be the case for other tech companies that will be reporting later on today, whether it is yahoo! or microsoft. the common thread is you have new ceos trying to put their stamp on the company. ofissa mayer still has a lot

work to do. now that the alibaba news has been announced, what will be the driver for yahoo! to get back on its feet and post revenue growth? guest: a lot of folks want better understanding of the tax situation and the spin off of that. analysts are looking for clarity and some of the write-downs from the note you deal -- no kia deal. analysts are looking for that from both of those companies. betty: back on chipotle and we had news rum shake shack. i know we want to hear about the pork issue, but what about pricing? guest: there is a chance a price hike is coming. hasn't deterred customers and gives you a indication of how strong this brand is. they have set we raised prices and it hasn't cover the cost, so they are still losing money on

beef. the prices are pretty premium for what they are offering. guest: definitely better fast food. , fine fast food. the idea is so far, the customers have taken it. can they go a little higher? it could be coming this afternoon. move on to shake shack. it's planning to sell shares that would dilute shares forces -- for shareholders. justifying its high pe. guest: this is danny meyer and some of the principles who hold putting 4 million into the market. it's an interesting stock. its volatile and has been a wild ride. it more than doubled its first day. it has been down a little bit, so it's interesting to watch.

scarlet: on the tech front again, looking at what shareholders are watching, many people are talking about the bubble that has already been brewing and is about to burst in the private funding market. into the sold over public market. are we going to get any more clarity on that front? are any investors moving so we might start to see that volatility in the public market? at apple, ite look will be interesting to see other market response. the last order after the release, there was some concern in the market about what kind of innovations were coming next. the question for apple's what's next? we've seen the success on the larger screen iphones and the apple watches out there. i imagine investors and analysts

are looking for some kind of is ahead and what depending on the response, you could see it in the marketplace as apple has been one of the darlings and folks think it could be the first company to get a trillion dollar market cap. thank you so much. tim higgins joining us from san and greg here in new york who will be covering the earnings from chipotle and shakes shack. still had, we will look at the worst performers today. you know a few of them. earnings has been a huge drag. this has been trouble for the dow. and we will have a cluster tech earnings. this is the bloomberg market day. ♪

scarlet: another blistering day in midtown manhattan. betty: we are in a heat wave. let's get a check on how the markets are trading. three hot in terms of selling going on. julie: luckily, we are inside. taking a look at the major averages, the dow has been the big loser of the day, down 1%. that has everything to do with a

trio of earnings reports. the dow is price weighted, not market cap waited. if you look at the three dow laggard dragging down than aboute, we are talking united technologies, ibm and verizon, all taking a big hit. nearlydown the most in four years after its earnings came in below estimates. remember that it selling it sikorsky helicopter unit to lockheed martin. it's remaining units, it's core elevators and its aerospace business, and market demand is not with the company was expecting. ibm also suffering. sales down 13%, down for the 13th straight quarter and down across all its lines of business . the company has been trying to turn things around but has not rated yet. verizon, one is

cutting its sales forecast. then there is qualcomm, which is higher today. " saysall street journal the company is planning a sweeping strategic review and may end in a breakup. barrys something rosenstein's firm has been pushing for. come atncement could the close of tomorrow. chipomm is known as a company, so what are these two businesses it is going to split into? this chart comes from bloomberg intelligence -- the white line is the chip business, which is about a 4.4 billion dollar business. this is technology licensing, the patent is this, which is a $2.4 billion business. just to give you an idea of the size of each of you look at them by sales, that the breakup we are talking about.

but it's all hypothetical, we don't know this is actually happening, but it is something the company is apparently discussing. now to a look at some of our other top stories at this hour. an 18-year-old french girl is making researchers take a new look at treating hiv. she has been in remission for 12 years without the drug. she was born with the virus and received anti-aids drugs until she was six. dr. say her case provides hope that those with hiv can control it without taking medicine their entire lives. is being given a stock grant worth 10 times what he usually gets. a cap ofer's award has $30 million. when phil knight retires, he wants parker to succeed him. taylor swift is teaming up with china's second-largest

e-commerce company to sell a fashion line there. dresses and sweatshirts will be .old swift is planning a november concert in shanghai. taylor swift is on a roll. she's a local celebrity endorser in china. betty: i feel like she is a global phenom. chinese market would appreciate a local celebrity. betty: probably a local celebrity would appreciate tagging on her platform. still ahead on the bloomberg market day, we will look at the companies working on the first generation of drugs to prevent migraines. market thats is a could be worth $8 billion year. ♪

betty: this is the bloomberg market day. scarlet: there may be some relief in sight for migraine sufferers. are working to market the first generation of migraine prevention drugs. betty: the stakes are high. in a market estimated worth to be $8 billion, here to talk about a race for a migraine fix is mark, who is following this story from paris. thate quite surprised there hasn't been a cure for migraines. i know plenty of people that suffered from it. why hasn't it been? think it is quite a complex topic. what there has been is drugs that you can take once you feel the migraine coming on. but those have not been that affected -- that effective. a have been developed for other

things -- for example, you have botox, which was not developed for migraines at all but it turns out that ihelps some people once they have them. but what is different now is these products are being developed specifically to prevent the migraine from happening. so you get an injection every quarter and hopefully, at least that looks like this is working at about half of patients, the migraine will never start. would be a good start. how far out are we from an actual cure? these had to go through stages and trial. how far away are we from getting these drugs in people's hands? aret: right now, drugmakers finishing what they are calling stage two trials. there are three stages of clinical trials you have to go through before you can market a drug. they are at the end of the second stage. so it is getting closer, but the

third stage is the hardest. probably a are still seeing the away from first product on the market. the most advanced drugmaker right now is the israeli generic drugmaker. looking at my sheet here -- amgen and eli lilly are migraine cure. do we know pricing for it or what it would entail? guest: we have no idea of prices because it is too early. it looks like a pretty serious treatment and not something you take just because you get an occasional headache. have to have to injections and it's basically a prescription drug, not a pill, and not something you could get over-the-counter. at least not yet.

thank you so much. you could always get a botox. .etty: not you one could do that. i have a picture for you, scarlet. scarlet: we do not reveal secrets here. remember i showed you this picture of my morning commute, which took forever. i come in from new jersey and it .ook me an hour and 45 minutes is it because we see so many cars on the road because of uber? i noticed this -- it was just right around the corner -- tons of yellow cabs around me. three or four of them were empty at the rush hour. so might bill de blasio be right? uber is not only taking away business from the taxicabs, which we know for sure, but they

are causing an immense amount of congestion. my commute might be evidence. five years ago, driving into new jersey would be about an hour. an hour at a minimum, and 15 minutes or an hour and half. scarlet: especially going down those narrow streets coming have cars parked in front of the buildings that are empty because they are uber cars waiting to take them to go to work. this vote could come as early as this week. the city council made it a stop to the growth of uber in new york city. that's it for me. you have much betty: more coming up. including a conversation on uber. we will be back. ♪

.

betty: welcome back. breaking news on the health care front involving st. jude medical. want to get to julie hyman for the news. julie: said to be in talks to

thoratec.plant maker thoratec said to retain an option to seek a different buyer will stop we're seeing shares of thoratec surge, trading at a record. saint jude it looks like earlier touched a record, but since then has come back down a little bit. the two companies in ongoing discussions. no final deal has been agreed upon. thoratec shares are trading higher, surging on these headlines. we will keep you posted and bring you any more developments in the story. as you know, there has been a lot of consolidation already within health care this year. betty: a time. thank you, julie hyman. now other top stories crossing the terminal, the republican presidential field is looking like the starting date at the kentucky derby with 16 entrance in the gate. who is going to win?

the latest to join the race is ohio governor john kasich who made his bid official an hour ago in columbus. and he saw a lot of people dying. uncle steve was not a churchgoing man, but in the middle of all of the violence in saidlood in the death, he to god, if you'll take me off this island, i will go to church -- betty: kasich served 18 years and commerce before becoming governor four years ago but he might not get into the first presidential debate next month in his home state. only the top 10 candidates in the polls will take the stage and he is currently number 12. a major newspaper in an early primary states has donald trump should quit the presidential race. an editorial did not mince words. the des moines register call sam a blowhard this calls him a blowhard and says he is degrading of john mccain is the last all. trump is not apologizing.

virtually the head person in washington. he is the head of the group that runs -- i mean, somebody is doing a bad job. it is corruption, massive corruption. massive in confidence. and the people are really being treated like -- >> i can't argue with any of that. betty: the latest poll shows trump with a double-digit ld over the large republican field of presidential candidates. however, the abc washington post survey was done before his comments about mccain over the weekend. the federal board reserves seats could be filled for the first time of the senate gives blessing. president obama's latest on many is university of michigan professor. the white house has her knowledge of foreign exchange issues will be welcomed when monetary policies are considered. former bank of hawaii seo alan lyndon is also awaiting confirmation. when all positions are filled,

there are seven members and that is a look at the top stories at this hour. coming up at the president of toshiba quits over a $1 billion accounting scandal. we will have the latest on the investigation into exactly what happened at the company. it has been five years since the dodd-frank reforms were signed into law. we will look at what they have accomplished so far as the volcker rule goes into effect today, hitting wall street. the fight between uber and mayor de blasio is coming to ahead head as the administration aims to cap uber plus growth. cabbies have been feeling the heat from uber competition. the value of a taxi medallion pastover $300,000 in the two years according to the city's taxi and limousine commission. to link with these on taxing the diane loans has ballooned -- delinquency on taxi by diane -- medallion loans has ballooned.

are watching the undercurrents, you knew this was all going to come to a head, right? what did you make of buildable as io's -- the mayors up it over the weekend? he was siding with you, right? >> the thing about his op-ed is if you looked at it and you listen to the debate that was unfolding, you might think in fact he was siding with us. but the reality is, the legislation that has been proposed is going to do nothing to address the crisis that is unfolding in the industry as we speak. you put up the graphic about the data. those numbers really only tell part of the story. because it is the what happens next question that everyone really should be talking about. betty: said the legislation -- correct me if i'm wrong, what is been proposed is to limit the growth of these ridesharing cars on the streets. sio's op-ed, something like 200 are added every month. so even if you slows the growth down, that will still bring down

the price of these medallions. >> as a practical matter, and there is a lot of irony to it, uber is attacking the mayor saying he is doing the bidding of big taxi, but this legislation doesn't help big taxi. the crisis unfolding in the industry is a direct result modele of uber's business in new york city. the fact is, it has been law from west 80 years in new york that you cannot pick up street hails unless you have a medallion. that is what anchors the value of the medallion. without that, it is worthless. there's nothing about this legislation that enforces new york state law. without it -- betty: so you are suing the city because your sake and first this law -- enforce this law that was put in place years before uber came on board. >> we don't need new legislation to solve the crisis unfolding, we just need enforcement of existing law. it is the failure to do that that is caused the medallion to

plunge. it is the usurping of the business by uber that has caused the meters to decline, the fares to decline. if we don't do something soon, it is what is going to put these credit unions out of business. betty: on the flipside, todd, is the consumer and uber who says, look, this proves our business model works. you know what? it works really, really well. i'm sure you've seen where they option, andblasio also listen, todd, to this ad. one of the ads that uber has put out that i think pulls at the heartstrings for new yorkers. airport from sunset park brooklyn and while taxis often refuse people in minority neighborhoods, uber is they're taking more people to and from communities outside manhattan and anyone. at the mayor is pushing the agenda of big taxi donors. betty: there you go.

either way, saying essentially, i mean, you read between the lines, taxi drivers disseminate. >> you are right, it does put the heartstrings and uber encompass like that like to say it is about competition or innovation. betty: but isn't it? >> ultimately, it is about the rule of law. even competition thrives on respect for the law. does notrk state, uber respect the law. that is what this case is about. there's no question competition is good for the markets. there is no question that innovation is good for the market. and there's a democratic process in place to save the policy considerations that created a regulatory structure have changed, and you need to advocate for change in the law. what you don't be to do is simply ignore the law. and that is the predicate of their business model, and i think that is what is underpinning the real debate. the real controversy that is at the heart of uber. betty: not just here, but in

india or california or anywhere else is that, what are the laws that apply to uber and what are they flouting? >> and there's a certain irony to it because you talk about the need for deregulation, when you have a company that decides it is simply going to disregard the law, you actually end up setting back the cause of the regulation. you ultimately hurt. pendulum swings. when you see the kind of breakdown in the system, you end up with it over response for regular. --ty: ok, so the medallions i thought this was interesting. delinquencies on taxi and items, $50,000 in 2013, now they to link with these are $167 million atdelinquencies are wanted six to $7 million as of may 31. i would imagine there are a lot of bankruptcies. >> the numbers are more stunning

because the ones you just quoted, those were the numbers to may 31,y 2014 2015, from basically under $50,000 to over $160 million. in the four past weeks, those number seven increased over $200 million. in increase in delinquencies four weeks. while we're talking about the political debate unfolding, a real crisis is at hand. and that is what is stunning. betty: what is the crisis going to look like? what does that mean, no taxis? >> good question. what you have to see the connection between is, this is an industry that depends on financing for its operations. so when credit unions and other lenders are no longer willing to refinance the loans for medallions for these lawrence -- closer to the short term and our clients have made heroic efforts to forestall this crisis. they are modified loans, --

betty: the credit unions. >> but these are nonprofit federally insured credit unions. what we're saying to the city, what we said in court is that we are out of runway. we will not be able to continue to do that. betty: i'm trying to get a sense, what does that mean exactly? >> foreclosures. and foreclosures, and a market that is already illiquid, that will drive the price of the medallion down lower, which in turn, because these banks in these lenders ultimately have to mark to market, ultimately, you're talking about a collapse of that portfolio. when that happens, yes, these vehicles come off the road. we talked about 10,000 jobs that uber says on the line, this is an industry that employs tens of thousands of people. betty: and uber says they employ 10,000 people. >> they justify this campaign against the mayor on the basis that he is potentially going to cost 10,000 jobs. but the collapse of the taxi

industry will cost the city of multiple of 10 times that. betty: but they will say, that is capitalism at work. >> no, it is breaking the law. betty: todd, they give her joining me, attorney and cofounder of crosby and higgins, the law firm. still ahead, much more. did you know for $725 million, you can buy a texas ranch that is the size of a small country? it has more than 1000 oil wells and many more cows. we will have the details after the break wil. ♪

to thewelcome back bloomberg market day, i am betty liu. some of the top stories this afternoon, the developing story we're following right now, looks as if the federal highway bill is finally ready to roll. senate majority leader mitch mcconnell said just moments ago theress is in agreement on measure. the transportation funding has been hung up with unrelated ills and differences between the house and senate. according to a new poll, the vast majority of americans support the restored relationship with cuba. history was made yesterday when embassies were reopened in washington and havana. that signal the restart apple diplomatic ties after more than half a century. -- restart of full diplomatic ties after more than half a century. than 1000 workers in new york city's airports say they will walk off their jobs starting tomorrow night. they voted unanimously to

authorize a strike at jfk and laguardia airports. their union represents a cure to officers, baggage handlers, and wheelchair attendants. the strike would be the largest since the union began organizing the subcontract airport workers three years ago. the service employs international union says their pay is substandard. delta, united, british airways will be among the carriers affected. the companies are not commenting. matt miller jetted over to laguardia airport this morning as this story was developing. want more, sohey what exactly do the workers want in this strike? matt: the sei you has been trying to organize these workers for three years, but they haven't been successful and they say the reason is that the company that employs them, aviation safeguards, employs stop themctics to from organizing. they won't let them wear buttons, they allege. they won't let them join unions,

of -- they allege. but safeguard says they are not following the officially rules within starting the union, getting a quorum and notifying the national labour relations board. we will see about 1000 workers both here at laguardia airport and jfk starting tomorrow night at jfk and then here in laguardia on thursday morning, go on a strike. and they will significantly slow down your trip. if you are flying, especially with united, and i met their baggage claim, or with delta, you will have problems likely getting your backs. problems getting a wheelchair if you need one. and you may have issues in the traffic outside the front because the security workers and the health care workers, really, are responsible for directing traffic. they are responsible for directing baggage and pushing people who have special needs to and from the gates. it will be interesting to see

how much of a slowdown in causes. there are 11,000 employees here at laguardia, 37,000 and jfk. it is not a huge centage of workers, but a group of people who want to organize and the sei you is trying to help them. aviation safeguards as they need to follow the official rules in order to do that. betty: is sounds like you need to be their hours ahead of time given that slowdown. matt, you talked with a few of these workers. what are they saying to you? matt: i walked around and talked to a number of people that work with different contract groups. there's another one called prime flight that deals with american -- aviation gift card -- aviation safeguard is primarily with united and delta. say,ke to them places look, we just want to fight for better terms and fight for union. others i talked to her in the management level and they said they would not be able to go on strike and the were a few who don't want to comment right now for fear of reprisal. not a lot of people are talking on the record about this, at

least as far as employees at the airport. they're trying to do their jobs right now. they have enough to do. but they will start striking tomorrow night at jfk starting with terminal 7 and on thursday morning here at laguardia. it is not so much getting to your flight that will be the problem, it is going to be getting away from the flight. you're going to need help people who are getting your baggage and those people will possibly not be here, although, maybe aviation safeguard will bring in some fillings, some scabs, so to speak. betty: it looks surprisingly empty and efficient behind you. matt: one flight from chicago just came in and another flight doesn't come in until 5:00. there is not a heck of a lot of action here right now. betty: but there will be tomorrow. thank you so much, matt miller. we are going to bring you all of the latest details as soon as they develop. i want to get to julie hyman who is watching all the action going

on in the markets right now. julie: we have a little bit of a selloff in the major averages, particularly in the dow jones industrial on negative earnings reports. the s&p and nasdaq also going a little bit more deeply into the red. if you look at the imap on my terminal, the various sectors and what they're doing, we are seeing a lot of red. in particular, utilities and industrials are trading lower, energy stocks are the lone standout today. stocks,he telecom verizon is leading them lower. the company added more subscribers than estimated last quarter, however, it cut its sales forecast for the full year, saying it expects growth of only up to 3% in sales to the full year, and that is because of price competition with smaller rivals. rivals are also falling today, at&t and t-mobile lower along with verizon. as for the energy bright spot, we are seeing a lot of the underlying commodities and not just in energy, but in

commodities in general, rising today. rebounding along with gold prices will stop consol energy up with oil, but also we should mention consol energy which is more of a natural gas and coal producer is rising after it said its biggest shareholder called on the company to spin off or sell its natural gas operations at southeastern energy management process it plans to meet with the company to consider monetizing those natural gas operations, but natural gas and coal have been down sharply this year as have the stocks. finally, a quick check on the u.s. dollar. it is trading lower today. that is one of the things that is helping to fuel to the rebound we are seeing in commodities as the dollar follows -- falls. betty: thank you so much, julie hyman. we have much more on the bloomberg market day. stay with us on bloomberg television. ♪

betty: welcome back. i am betty liu. this is a great story, a store you have to see to believe. there is a ranch for sale in texas. it is the size -- they like things big, right? the size of a small country. the largest ranch in the u.s. within a single fence, bigger than new york city and l.a. combined. it takes days to see the whole thing. asking price is $725 million. there's so many features to talk about. 1000 oil wells, 6800 head of cattle, 500 quarter horses and the total size of 800 square miles. mark crumpton joins me now with some details. mark: you did say they do things bigger in texas. this range is owned by the wagner family, the same family has owned this as long as texas has been a state. yes, i looked it up. 29, 1845 when texas was

granted statehood. over the past 20 years, members of the family have been fighting over this. they have been in and out of court. they could decide whether they wanted to liquidate the ranch or wanted just put it off and sell it amongst them selves. they have had more than six people from around the world calling up and inquiring about this ranch. this is a fascinating story. betty: they could parcel at all. mark: they could. betty: come on, mark, who needs 800 miles of land? the government. mark: who needs a big mansion in the hamptons? it depends on what you want. is one angle to the story that is getting lost in the expense and how much head of cattle and how much acreage there is. there is 120 people who work this ranch. what is going to happen to them? are they going to lose out if somebody else comes in and decides they want to sell off this ranch? the real estate agent is a gentleman who is the one who is

handling this sale, he said the challenge is not finding the money, it is finding the steward. keeping the brand alive is one of his main concerns. betty: there are a few billionaires out there, right, who owned lots of land. don malone, ted turner, and i'm sure a few others that don't come to mind just yet. mean,ose guys -- yeah, i free land, free country, you can own whatever you want. again -- it just kind of -- you know, is listening to you talk about this, we live in new york is sanere there francisco, a lot of our colleagues are there, and we are all jammed in these tiny little places will stop and you forget that america is a huge country. it has a lot of land and are people who actually literally can own this swath of land and sell it in one lot. mark: interesting -- betty: i don't know what that tells you. mark: they call it in a state

ranch, probably for one reason. there's a part that every one is interested in, this acreage is so big that there are parts of it that have not been explored to see if there is petroleum on it. regardless of how the still goes through, the family members are going to retain 25% of the mineral rights just in case they happen to strike oil on the land. betty: smart. thank you, mark crumpton, joining me in the next hour. we're much more ahead on the bloomberg market day. it is been five years since dodd-frank happen. it was signed into law. we will see what they have a calm pushed. -- accomplished. we will be back. ♪

betty: it is 10:00 in san francisco, 1:00 in new york, and 1:00 in hong kong. mark: this is the bloomberg market day.

congress begin debate on the iranian nuclear deal. we will speak to an investor who monitored a senate panel. betty: john kasich throws his republicancrowded ring. been five years since the dodd frank financial reforms were signed into law. what they have accomplished so far as the volcker real goes into effect today -- rule goes into effect today. mark: good afternoon, i am betty liu. .etty: i am mark crumpton let's take a look at the markets. dow jones industrial average. united technologies, ibm all reporting weaker earnings that dragons out lower.