nastiest fights in washington. talking to a congressman about whether the house of representatives will bring that import, export fight back to life. he really much is worth? really less than 3 billion. we will bring you those numbers in a moment. mark: a long-lost book from the late, great dr. seuss hits bookstores today. should i get is already number one on amazon's list. we will look at that. betty: that afternoon. i am betty liu. mark: i am mark crumpton. a look at the markets on this tuesday. stocks rebounding from their longest losing streak since

january on better than forecast earnings syria take a look at the s&p 500 a year to date shows 3%.index of one point that is a look at the year to date chart. -- up one point 36%. nymex crude is on the rise. .t is up just over 1% take a look at the chart there. that a year chart or is that today? four-month chart down just over 4%. trading nearnt bear market territory. also looking at the four-month chart there. ar market chart. taking a look at consumer confidence, dropping the most since 2011. where did treasuries and up?

where our treasuries trading right now and? yield are still going out. that partly has to do with maybe the fed and the fact they are holding their first of their two-day meeting. yields rising for the first time in a week. they had been declining in response to much of what we are the in china and around world. finally, currencies take a look at the dollar rising for the first time in four days versus the yen. in stocks and commodities, that slow down. stabilizing the ross right there. stories crossing the bloomberg terminal at this hour. members of congress questioning secretary of state john kerry nuclear deal. he is appearing today before the house foreign affairs committee. first up, chairman ed royce. >> we're been surprised by almost every major nuclear development in nuclear history. they had treated on every test

cheated on every nuclear agreement they had signed. i asked, has iran earned the right to be trusted? rry said if they cheat on the agreement, they will respond quickly. pleadingr employee guilty to escaping inmates last month. admitted tothat she giving tools to help them break out. she agreed to be the getaway driver but changed her mind. the share of americans who own their own homes is at the lowest level in most -- and almost half a century. homeownership rate in the second quarter fell to just over 63%. would-be homebuyers have been held back by tougher mortgage -- standards and wage growth has not kept up. mark: president wrapping up his five-day visit to africa early

-- today. earlier he called on them to end what he called the cancer of corruption. someone has to: pay a bribe to go to school or start a business or do an official to do the job they are supposed to be doing anyway, that is not the african way. thent to remind you of dignity of the people you represent. mark: the president also said africa's democratic process is at risk when leaders refuse to give up power at the end of their terms. shares of baidu falling down the most since 2009 after china's largest search engine company projected quarterly sales by trailed estimates. yesterday the company posted second-quarter earnings that also fell short. the founder, robin lee, wants to tap the 12 billion in cash to make inroads in businesses like movie, home delivery and car services. t-mobile adding movie services on theream for free

wireless carrier. that is according to john ledger's blog post. the i'm carrier already has a list of streaming services that customers can utilize. uncarrier.alled revenuefizer posted that cap expectations. sales of the new cancer drug rose. meanwhile, merck fell more than half a percent from a year ago. they raise the profit forecast for the year. don't be surprised if pork is suddenly the menu special. pork prices have fallen 40% since last july. a jump in slower export growth boosting supplies in the u.s.. the largest producer after china. the federal government expects the pork prices to drop more than any other group this year. ef. the case with be

retail prices will drop more than anything else. those are your top stories. the export/import bank. the government agency with the authority to lend import has been shut down since june 30 when a gridlocked congress let the charter expire. this week only way to revive it is stalled -- has stalled as well. leaders in the house of representatives say they will not vote on a highway bill that includes the expansion of the role. does that have been -- business community really need it? where is the outcry from businesses that rely on big funds? joyce beatty of ohio urging colleagues to rescue it. she joins us now from capitol hill. thank you for your time today. is it your contention that companies like boeing, caterpillar and ge cannot support themselves and need tax payer funds to do it? >> we have been hearing this

from many of my republican colleagues, calling it corporate welfare, talking about the companies, but that is far from the truth. when you look at the number of small businesses that benefit from this, that is what this is about. just think about this. you have a federal agency and that agency said they wanted to help small businesses create jobs and expand the export, wouldn't you be in favor of that ? just think if they added it would not cost you anything and would bring dollars back into our budget? wouldn't you support this? i think it is an excuse and far from the truth. it is not about the companies that are the larger companies. it is about the small businesses we are shutting out and hurting. you speak of small businesses. according to officials, the

financing insurance authorized for the bank this year 20.5 billion dollars. $5 billion of that was for small business export reserves. where are we talking about 25%? how does it help? it helps those businesses. if you look at the great state of ohio, right in the heartland of it all. every day i hear my constituents who are small businesses creating jobs. painting manufacturing companies. female owned and minority businesses who are asking us to do what we have done for the past 80 years. why are we now holding this bill hostage echo we have reauthorize the export/import over the past 80 years. 16 times. just to add on what mark these are figures

well-known. the biggest recipient of export/import bank taxpayer money is bowling. boeing got 30% of the money. that is not a small business at all. >> and you are right. it is not a small business, but why are we going to punish the small businesses because of a few of the larger biz this is? it has to be more to this than that. in 2012 we had many of those , but ifinesses there you look at how we are from , the small businesses number of jobs, not only about the dollar they will receive but the jobs we will create for those companies and individuals who count on that. i think it is an excuse we are using corporate welfare and using these. it is only a few of my

republican colleagues. if we bring this to the floor, i am comfortable we will vote it out. if there are issues with the larger companies, let's fix that , but let's not hold everyone hostage to republicans. betty: here is the freedom partners chamber of commerce. they say exactly that. they say the export import bank's corporate welfare. beneficiaries have no interest in seeing the tax money dry up. what they want is for the american public to bear the risk for private companies off it. be doing a pretty good job as a free market economy of creating jobs on her own. why do we need the taxpayer money help businesses, inquiring many large companies create jobs gekko let the market dictate that. i think there are two sides

to this. if you look at it is not costing the government anything in bringing dollars back in, i would ask the question what happens to those companies yet so although it is a smaller percentage, think about it. if you take away the small companies who can't go without and continue to grow, tell me where those jobs are going to go. i only how he will help those individuals were here working hard. tell me how we will help those individuals working hard to succeed. that is the question we also have to answer. townley why we have democrats and republicans asking it to come to the lord to vote it out. tell me why we cannot put an amendment in it to fix if that is such a concern. companiesing is a few they are upset with and want to throw out the baby with the bathwater. i think you should end up for the small people, stand up for smalland expanding

businesses. female owned and minority. less we have a little bit than a minute left. the bank was created by president roosevelt in 1934. his aim was to help the u.s. and " reengage economically with the rest of the world." of the still the mandate bank? is the u.s. not engaged economically with the rest of the world? >> certainly we are engaged with the rest of the world, but one thing you want to make sure is the use exports -- import bank to help keep businesses there, because the more businesses are brought, the more jobs we can create. i think being engaged is about job creation. i think it is about creating opportunity of wealth for everyone and not just a few large companies. betty: thank you for joining us.

representative beatty. cold,he is leading in the but is republican presidential candidate donald trump being truthful about his network? bloomberg punched the numbers and pegs his fortunate just under $3 billion, far less any as claimed. prominent college doing away with the dreaded college 's.rance exams, act why george washington university no longer -- no longer requiring them. ♪ betty: welcome back to the

bloomberg "market day." i am betty liu here with mark crumpton. mark: going to julie hyman with a look at the market. she is looking specifically at the housing sector. she just told us that 30 seconds ago. betty: not reveal her secret. [laughter] julie: indeed i am looking at housing, good guess. etf.ng at the homebuilder we are seeing a rally. the broad sentiment and housing today. this also reflects what we have heard from specific companies. d.r. horton coming out with revenues that beat analyst estimates. not only did he sell more homes, too.alue was more, higher prices, up 25% on average. moret only did they sell

homes, the value was more, too. move today. they make fixtures for your home . at 10.5%. the company's earnings beat estimates. north american sales rose by 7%. interesting commentary on the underlying demand will increase the rest of the year and the modeling environment will continue to improve as well. all of this helping with housing. at the same time, have to point out what we're seeing in terms of prices. the case-shiller price index. we saw this for the year then ended in may. a little bit of a lacking figure. 4.9% year over year figure, which represents a slowdown in the pace. you can look at that as half-empty or half-full. arehalf empty side means we seeing a slowdown in the pace of increases. also means if you are a first-time homebuyer, maybe those prices will remain and

reach for you. in theory seems to be working, but in practice does not. this is the homeownership rate. the maximum the chart will go out, the 1960's and five-year increments. lowest since the 1967. even though some of the pricing according to economists truly shows encouraging signs in terms of homes.al buying that is not what we're looking at here if you look at the aggregate. really interesting figures. we talk a lot about the rental market and how that has an to such a degree as homes become less affordable and the missing component is job and wish -- wage growth. people not making as much money, cannot or to buy homes. mark: we've been hearing that for years.

about wage growth, labor market, participation rate. .hat is us are going chart since 1967. lyndon johnson. houses in general are lot more expensive as a percentage of your overall income. betty: now look at the top stories on the bloomberg terminal. microsoft latest operating system debuted tomorrow. longws 10 will not cause lines. the company says a free download for anyone who has a home or pro version of seven or eight. tech watchers say it will be more like google android or ios system. the book of mormon has finally landed in utah, home of the mormons. the tony award-winning play stars a two-week sold out in -- run tonight. kind of ruffling feathers there. those are your top stories at

this hour. that is not a classic example of religious freedom in this country, i don't know what is. it is hilarious. highly recommend it. coming up, how much is donald trump worth? the bloomberg billionaire team crunched the numbers. mark: first, we will hear from mr. trump in his own words. >> i am really rich. i made a lot of money. net worth. i think he is only worth seven after all that. after all expenses. i am actually worth well over then -- the total is -- ♪

betty: turning to politics. the latest coal from cnn shows donald trump is ahead of jeb

bush by three percentage points mark:. trump says he is worth more than 10 billion but the billionaire team found that worth may be closer to 3 billion. >> we do a lot of information on his liquid assets and debt. for his property federal this is your only goes so far. the highest range is 50 million plus, which describes a lot of his assets. for his buildings and golf courses we had to dig a lot deeper. you are looking at prevailing pertalization rates, priced square foot. essentially given the data provided of market value for these. valuables the most portion? >> there is a partnership with donald in nato really to trust.

555 california in san francisco. he has 30% of that partnership. those buildings combined worth 600 million for the donald. why is it so important donald trump convince people he is worth at least $10 billion? what is it worth to him on the campaign trail? , all about the confidence and portraying himself as the most successful, in., the riches candidate the race. the more you can add on, the better his story sounds. the more practical matter is how finance his have to own race. right now not seeking contributions. putting his own money into the race. about $1,000,005 of his own money so far. a rule of thumb generally is enriched candidates, those who finance or so brown campaign

will give more than 10%. 10% of 3 billion and 10% of 10 billion plus israel money. what accounts for the discrepancy between what donald trump says he is worth and the bloomberg billion or index has been able to discover? >> we know from at least one disclosure donald trump gave to reporters, he considers a line item of 3.3 billion for his brand, brand of development and licensing deals. line item forte a that. we gave him a premium for golf courses and the cash coming in through business deals. no straight line item for that. he also values his collection of golf courses in the same disclosure at 2 billion. as for us the campaign goes, is there a possibility donald trump will be tripped up by his contention he is worth

$10 billion? >> probably not. if you are talking about how this will impact the standing among voters, this alone will probably not move the needle. it does present the big danger for donald trump. he has built the campaign so far saying outrageous statements, much of his career. as it adds up, it could tip the .cales for another candidate at least that is what a lot of the republican establishment is thinking. this could be a piece of that. worth i am just going not 10 billion. you can check my numbers. i am signing off. coming up in the next half hour, the economics of dr. seuss. ♪

mark: welcome back. i'm mark crumpton in new york.

some of the top stories crossing the bloomberg terminal at this hour. economic news to begin this half hour. economic prices rose at a slower price -- home prices rose at a slower pace in may. that is less than what economist projected. the slower weight -- rate of appreciation may make it easier first time homebuyers. the index from the conference board fell to 90.9 this month. down from a revised figure through june. the new reading fell well short of the average forecast of .conomists polled by bloomberg david einhorn's big bet on gold looking more ill-advised by the minute. the president of green line capital -- greenlight capital been bullish on the price for years. 7.6% for third straight year. the green light main hedge fund

is living. now to greece where the athens stock exchange is a step closer to reopening. formarket has been close more than four weeks. the european central bank has set up on proposals that set new ground rules for trading. now it is up to the country's finance minister to decide when the exchange will reopen. a first for the national football league, a female coach. joining arizona staff. she will coach the inside linebackers. if she is not just a clipboard the first woman other than kickers to play in a man pro league. those are your top stories at this hour. coming up of the bloomberg market day, the pressure on twitter to grow revenue and users as the company searches for the new ceo.

the challenge is getting even leaves as the company them in droves. alex rodriguez the liberated his 40th birth day in style. slugger's the remarkable comeback season after being suspended all of last year for using performance-enhancing drugs. get jacob thed i title of a dr. seuss story we have not yet seen. the long-lost book on sale today, more than 20 years after death.oved authors here to discuss what it means for publishing and the estate of david girl.sel is what is this book worth? real fans of his books and works. this book hit store shelves today at random house. the initial print run of one million copies. a lot of people fans and don't

find this particular book. dr. seuss started more than 20 years here. what this means. we have seen it in the entertainment as well where you ssed, buts who have pa their legacy and what they are done continues to live on. dr. seuss enterprises has found new, novel ways of incorporating the work of dr. seuss and the film in musicals as well. soldyou see is someone who 650 million books. i was just looking at the nielsen ratings for children's books and of the top 10, four of them are dr. seuss books. calledr. seuss's estate

dr. seuss enterprises. sounds like a big deal. >> it is. there has been a long-standing relationship with that company and random house publisher for many years. dr. seuss published 44 books in his lifetime. ways this company is worth to get the dr. seuss brand out there. mark: getting the brand out there 20 years after the authors that. appreciate it. continuing with the conversation with head of the random house and golden globes young readers group. she joins me here in studio. thank you for your time. this is fascinating. tell me about finding a manuscript. almost like when we heard about harper lee. the manuscript from the addendum to her famous book. what does it mean for the world of publishing? >> one of the most wonderful things is when we got the call

from claudia, his assistant for years, they said we have found the spot. we think there may be something really wonderful in there. the amazing thing was going and fromg all of the things the box laid out on a big, glass table. get was rightd i there. almost the complete thing. beautiful, fine line. you knew it was seuss. totally recognized it. publisher and our director who worked with ted, after she spent some time looking at it, she that i think it is between 58 and 62. we figured out the two kids in the book are from one fish, truce -- to fish. we recognize that plaid outfit. have theazing to recognition right there. mark: how did it go on found in

unseen for this time? they packed up his office after he died. these were bits in peace is, and they put it in a box and in a different from outside his office. mark: literally like this. his belongings. >> his office was very full. clearly they were throwing out a lot of things. constantly working on a lot of things. things didfinished go to the san diego library. aside.t put the way anybody putting -- cleaning things out might put tidbits aside. mark: but does this mean overall for children's publishing? >> children's publishing is doing very well. toyou want your children grow up and be successful and be successful as people, not just in business or life, books are

an important part to understand each other, understand the world is bigger way. i think certainly dr. seuss worked as that. he expands the kids world and the grown-up world. mark: did he intuitively know this, that he was not just a children's author? that he was preparing young people for adulthood, preparing for how they interrupt with other people in society, how they interact with their family and friends. >> he had two different kinds of books. books to make his love of reading like one fish, two fish. easy to read, fun. loraxe had books like the , which there is a reason and a the speeches. or or the french. in any of those a grown-up could

read and get something out of it, too. mark: what does it mean for random house, this find? are nothose people who buying seuss for their kids, the people who may be don't even know dr. seuss, and they're not many of them in the united states, they come back to it. to haveeen a great way everybody come to this new book. the amazing thing has been people in the world feel the way we at random house field, which is we were blown away by the fact that this was a whole new book. we recognized it, but it is totally unique. rest of the world is just as excited as we are. mark: any other authors who have this type of longevity? >> there are definitely authors out there that have been around her longtime, richard scary

where publishing continues after their deaths. but i think dr. seuss is beyond all of them because he is for all ages. mark: any surprises it is already number one on amazon? >> not for me. mark: thank you so much for coming on. every time someone says dr. seuss, they get a smile on their face. thank you very much. still ahead, should the sat be mandatory for students who want to go to college gekko wymore universities are dropping the requirement coming up. ♪

mark: breaking news.

jonathan pollard the former u.s. government employee 1987. he pleaded ill tutus fighting and providing top classified information to israel. we are learning he will be 20 first.ovember his attorneys urged president obama to release him early. jonathan pollard, former 1980nment employee who in seven pleaded guilty to spying for israel will be released in november. stay with bloomberg television for more details and bring them to u.s. and as we get them. time for a check up a market. julie hyman standing by with the details. quite aansing not turnaround, but definitely an increase in stocks and turnaround for the net as stocks rise and remain near their highs for the session. the s&p now the winner on a percentage basis, up by 1.1%. i wanted to look at the different groups and movers

driving the gains. semiconductor stocks rising. this afternoon's stocks midday. micron in particular getting of the stuff by 7%. there is speculation intel made make a bid for micron. does not seem to be what is going on today, but worth mentioning for context. this semi conductor index up by 2%. also seeing basic materials stocks do very well today. freeport copper and gold fell sharply after the earnings report, today saying it will do a sweeping operational review. investors seem to be happy about that. eastman chemical coming out with earnings that pleased investors. we saw a big rebound in oil

prices today. that is helping energy stocks as well. earnings are helping. southwestern energy coming out with the forecast for 26 teams sharing -- sending shares higher. rising after it said it was cutting the dividend. suspending the ipo of the unit. the coal business very troubled and that seems to please investors as well. want to bring you something interesting going on in the energy complex. versusic of the s&p 500 the russell 2000 and russell 2000 energy index. you're seeing is in white and has had the biggest decline. on bloombergtory news asked my phone sends me a message it is ringing at my desk. seeing as big underperformance in small cap energy. wet are the implications?

saw a lot of folks come in and try to do bottom feeding after the prior big decline in the stocks that ended at the beginning of the year. they then rallied against the falling again. hedge funds, people not as experienced with commodity investing in commodity stocks investing may have fallen victim as they thought at the beginning of the year and did not sell in time for the latest downturn. an interesting diversion. small-cap stocks being hit the hardest. we will see who is feeling the pain i guess. we will see who is trying to call you during your head. thank you so much. a look at the top stories we're following. than $5l spending more billion on a british manufacture of gas, electric and water meters. the company buying l rose industries unit.

the deal will expand the company offerings and create a new platform for more acquisitions. investors do not appear to be discouraged by bps lowest quarterly earnings and at least a decade. shares are rising. analysts abp is made progress on cutting costs and the write-down of a mustard million on assets in libya was a one-time event. leadwagen pulled into the in the race to be the world for selling automaker. edging out toyota in the first six months of the year. both company sold more than 5 million vehicles. benefiteddid -- vw from the stronger demand in europe. top stories at this hour. should sat scores be mandatory to get into a good college? to bend more schools seem saying no. the latest to drop the requirement is george washington university and washington, d.c., one of the largest and most

prominent schools to make the move. scarlet fu joins me with more. why do they do this? have helpeds could me. sat and act become optional for rising college -- high school kids looking to go to college. this means the transcript becomes that more heavy weighted. not optional for everyone. people who are homeschooled need to submit the test scores and those who rely on high school where they require on euro valuation as well as college athletes and those applying to the program which confines of absolute agree with the medical school degree. mark: do we know what colleges are doing this? result of as is the task force recommendations that the school drops this as expandment so they can

this opportunity to lower income students. a lot of debate that the tests overall are biased to those who come from a higher income background. mark: what we see a side from the relief of a lot of young people who have to do this, a lot of economic component. a lot of parents pay for tutors, tutors to help the children prepare for the test. a lot of people make the case that is why it is finest is for those who can afford to do that. of that universities are under pressure to diversify the student body. this is one way they are going toward that. george washington university one of the largest and most prominent to do this. certainly not the only one. american university in d.c, wesley connecticut and wake forest in south carolina. accept ap advanced placement scores instead. they call themselves test

flexible. they include nyu in the city. university of rochester and hamilton college. we get a sense they miss out on anything if they do not take the test? we are also talking about i guess in a very pedestrian way we are talking about how people at a certain age handle pressure. this is a very intense period. actually walking into the room. i remember when i walked in i was sweating bullets. are you going to let him take the test? encourage him, because i believe it expands your thought process, and expands your capability to something thath is not comfortable to you. it is not a comfortable time for a lot of kids. goodet: it is a really point. also, to the extent college prepares you are real life, going to a standardized testing room and taking a test you don't want to take is a part of life.

as we all know, you don't get to choose a lot of things. you have to find some way to separate different applicants. i'm not saying i am a proponent or opponent to it, but certainly that argument to be made. mark: certainly one of those things, this is not a dress rehearsal for real-life. speak to theill reporter who wrote about how goldman sachs is giving silicon valley in d.c. -- silicon valley a run for their money. doing a lot to make themselves a player in the startup world. mark: see you in a few minutes. still ahead, twitter has hit plenty of turbulence in the second quarter. the company reports results after the bell as victims for a ceo. we will get the latest. ♪

mark: welcome back to the bloomberg "market day." iowa mark crumpton. to say it is a turbulent time in twitter would be an understatement. the company still perching work a permanent ceo. hundreds of employees have left the company recently. twitter users and revenue growth continue to lag behind expectations. up better window into twitter this afternoon when the company -- get a better window when the company reports second-quarter earnings. sarah prior joins us from san francisco. what are we asked acting from twitter today? today?cting from twitter >> everyone is wait and see mode. a company that has offered a lot. that they will improve product to draw and users. adt they well help the

technology improved to improve return on investments to advertisers, and most of all, that they will have stability at the top. costolo the latest in a string of leaders that have left the company. what they are waiting is whether they can have any clarity on the timing of the future. anything on the ceo search, and especially, anything that will help them feel confident in giving the high valuation it still has. mark: does twitter think investors are missing the big picture? what's with the company like investors to be focused on? >> twitter wants to be the destination for what is happening in the moment. they are hoping to reorganize the product a little bits of people in wall street and beyond can understand they can come to twitter when live events are unfolding and get what they need

to see, whether it is the vma's were riots in ferguson or anything like that. mark: why haven't twitter's update -- efforts to update the product showed results yet? because they have not done too much. they have promised a lot. they are going to have this project lightning rollout that will allow things to be grouped into channels. right now when you go to twitter it is just of reverse chronological scream of all and youople's posts have to decide who to follow. they are making it easier for new users, but they have not yet turned it into something where you have someone who has no idea what they're doing on the platform and can figure it out. googles second-quarter results, how much pressure is that putting on twitter? nice.ose are pretty if twitter does badly in terms

of advertising, it will risk that a lot worse. twitter has been known for having a good sales team. in the first quarter they disappointed for the first time. this quarter we will not be so focused on second-quarter revenue but what they say about the forecast for later in the year. will things get better at? that is what people will be looking for. on bloomberg.y she is sarah frier in san francisco. thank you. coming up, goldman sachs is not just a wall street powerhouse. it has also become one of the top investors in tech startups. how the bank made the transition when bloomberg market day continues on this tuesday in just a moment. ♪

markets are rebounding

from their longest losing streak since january when oil prices and chinese stocks slowing their declines. we will hear from you the cfo of ford. you can now do your own private jet. mark: good afternoon from bloomberg world headquarters in new york, i am mark crumpton was scarlet fu. u.s. stocks ending a five day decline as the selloff in chinese stocks moderated with a higher market. there is less to demand for treasuries. there is no rush to load up on treasuries as things could be