nuclear deal saying that it would ea historic mistake to squander this opportunity. >> the u.s. tax code, we will target -- talk with the former ceo. mark: and if google search determines the next president, it will be donald trump. we will find out what users are asking about other candidates. mark: welcome to bloomberg market day on this wednesday, august 5. let's check wall street. stocks moving higher on stronger corporate earnings news and the institute of supply management that service providers expanded

at the fastest pace in a decade since last month. the broader market s&p 500 is up about .4%. the s&p is the first winning day they've had in five days. one stock that we are watching on this wednesday is amplify snacks. the company has shares in the eye no. falling, down 1.6% at $45 a barrel. still trying to regain footing after the deep decline. taking a hit and extending losses that shows you service. let's look at how bond markets are trading. curve.ger end of the

they stated this morning that shows the service is our strength and in the u.s.. and the fed could hike interest rate. the dollar is also rising. dollar ised move, the that a four-month high right now. the bloomberg dollar index, let show that. the middle looked the top stories of the hour. president obama taking his case for the iran nuclear deal to the american people today. crippling economic sanctions on the islamic republic for verifiable limits on the nuclear program. he made a detailed sales pitch in washington just moments ago. obama: as is true with previous treaties, it does not resolve all problem and it certainly doesn't resolve all our problems with iran. it does not ensure a warming

between the two countries. but it achieves one of our most ethical security object is. i democrats have announced their support. senator chris murphy says there is no credible path to a better deal. the former secretary of state hillary clinton cost personal e-mail system, what she sometimes uses to conduct government's nest. is designed toit ensure materials were properly stored. activelyon is cooperating with authorities. the field of candidates is already divided between front-runners and more. they identify the top 10 participants in primetime televised debate tomorrow night. they will take part in an

earlier event. it donald trump will be front and center on stage. respect byll the slamming jeb bush. becauseits and waits you are not allowed to talk to the pac. the money is sitting there and he puts his best friend in charge and then they never talk. talkdy believes they never -- >> rick santorum is among the other candidate to make the primetime debate. workers less in july, according to the research institute. was -- the july jobs report is scheduled friday morning. the addition of 225,000 workers

with the jobless rate holding up 5.3%. expanding at the strongest pace in a decade, the institute for supply management nonmanufacturing index jumped by four point. it is the best reading since august of 2005. it includes orders and employment advance. the dollar strength is the widening of the trade pact. the strong dollar boosted imports and hurt exports in june. they grew by more than 7%, the biggest jump in three months. airbus, afrom one-hour flight between london and new york. vehicle rapid air approved by the patent and trademark office in july. four years after it was filed. the goal is to have the plane move it twice this needed -- the speed of

concorde. betty: that is a look at your top stories. one hour from new york to london, we could've used a plane like that yesterday. 12 hour gridlock. shining a light on executive pay, just past the ruling a moment ago. forces companies to reveal the pay gap between the ceo and the average typical worker in david joins us now with more on this. the relation of the dodd-frank law that is more than five years old. the eeocomparison of total pay package to a median worker.

that is what made this drag on. all of the employees that an international company. today, we got more in height into that. it could be very easy, something you do with the calculator. but it is very complex. so what we learn today is companies with a lot of discretion, they have some modeling to do it and they will take 5% of their work horse. they could exclude those from calculating that. betty: who could be exposed here? >> this is what has caused a lot of the controversy. liberty, $140 million. in 1983.

so there has been this big what can you actually tell about it? you covered hillary clinton speech and she spoke about this very subject. >> some people say the timing is very curious. the focus continues to be on executive pay and how high it is. what is the argument against revealing this kind of data? >> what can we ascertain? what will it be telling us about it? also because the dodd-frank, shareholders have a bigger say on pay packages.

that argument is, the more information we have in the more trip we have, the better. betty: thank you, david. i want to bring in the former chairman and ceo in san diego. mark: who'll talk tax lessee in just a moment but thank you for joining us. our colleague was talking about the rule on pay disclosure. what is your perspective on this? >> i think we will get data that's all over the lace. much concentrated in terms of the employee they. you have companies that have a deal. that is a sheol.

domain overthe time. and you think shareholders should be paying attention to a bigger issue. the company going after deals for tax savings. you say there tax reform. say activist investors be reined in because you yourself were in our studios talking about this. what do you hope to accomplish with what you are saying? >> there are a lot of different angle you hit upon. the core will be what is the future of elevation era in america. job creation.

very clear that they are in their own domicile company and they are at a severe disadvantage. competitiver and playing field is what it's all about. been the strength of this country. cost: ok, but when he said jobs, how many allergan and what are you trying to do to keep them in this country? look theou accelerating pace of m&a and behind the details of many of these details, it is clear you can't say the only motivator is tax. it is a very big source of arbitrage. in our case, when valiant first approached us, the talks started buying stock.

it was about $10 billion. when i do the math of what the by, youngs was proposed put a price multiple on that. and most of the first premium .as paid by the u.s. government answering your question on job loss, i'm no longer with the company because i stepped down with the bid from the activist. years, the ceo. and as far as i can estimate, it's about 1500 jobs worldwide. most of them here in california. this is the tale time and time again when you look at all these deals.

therefore, synergy needs to be found. we've got to pay for the deal. mark: you spoke about all of this on capitol hill. wolf pack that a drove allegan into partnership. why do you believe that he is the villain? >> the whole deal that was constructed between valiant was the first of its kind. the pharmaceutical company with a hedge fund. it was the way that it came together. the very first day of announcement making a profit of

a tidy $950 million. and secondly, you raise the the effectively sneak up on us. and the company, i totally understand it. i don't have an issue with it.

betty: you make some pretty strong allegations and opinions. what moren himself would you like to see him do? activist investors himself. what do you want to do to rein them in? >> i always go back to my principal point. the only body can access all those details.

activist's int general. they have a real role where places are underperforming. but i think we are in a phase right now where you can see strong and good companies also being subject to a lot of rusher. scrollback five years from now, 10 years from now. what happened during that time, -- betty: it's hard to make that distinction though, david. >> i come back and say it is in the eye of the hat -- i've the investor and i of the boulder. let's make sure everybody in the system place by the same rules.

betty: ceo of allergen, thank you for joining us. ♪

betty: welcome back to bloomberg market day. mark: a check of the markets on this wednesday. julie hyman is here with a look at what is going on wall street. julie: breaking its losing streak that it has been on. you can see the major averages mixed at the want with the dow turning lower. if you look at apple, it is looking up. stock is rebounding after five days. we actually had a downgrade today. bank of america merrill lynch

cutting it to neutral today. a revenue slowdown because of sales slowdown in the iphone. up about 1% in the slump we have seen. it is helping major averages to some extent. biggest drag on the s&p 500 .oday our media companies revenue coming in short of analyst estimates. if struggling, and cutting the were cast for cable tv profit because espn is not growing strivers is quickly. even after time warner beat estimates, they do not raise forecast for the second half of the year. and they question how strong the second half is going to be. bob iger became the ceo and was in it active. and since then, we've seen an incredible performance, particularly taking off in the

past three years for disney. it was at a record yesterday. that is the context in which you're going into today. this is one of the worst days it's had, the worst route we have seen since august of 2011. donald trump leading in the polls and winning the social media war. betty: he answered that question on all the respect last night. mp: i haven't needed to much. it may be a genetic thing. or maybe it's that you love what you can do. i love what i'm doing. whether its business or what i'm doing now because i think we really want to make america great again. emboldened by the polls coming out because they are so strong.

♪

mark: if google searches were used to pick the next president, donald trump would be the winner. betty: we broke down some of the google trends. it's a great story. i really enjoyed. >> it becomes like the eight all. the candidate hype is a very popular question. mr. trump was not the only one getting a lot of this look.

hillary clinton, jeb bush. relating to the other president. seriously? >> what is his full name? lots ofary clinton, questions about how tall she was. is not one, that that they were asking for her. the governor of ohio, people want to know the age of his wife. former senator from virginia, people asking on google why is he not getting news coverage? betty: people are so nosy. people very curious about chris christie and his weight.

>> it continues to be a popular question. and also asking if he was a bachelor. >> inc. you for joining us from washington. betty: i am leaving you on that note. mark: stay with us. ♪

mark: welcome back to bloomberg market day. thanks for staying with us.

us to look at some of the top stories we have at this hour. experts have begun examining an airplane wing fragment that could offer the first tangible lose about the fate of malaysia airlines flight 70. the flight banished more than a year ago with 239 people on board. the metal piece washed up on the indian ocean island and was sent to france where investigators will determine if it is from the missing boeing 77. they will discuss the investigation. of openness to roman catholics have been divorced and remarried. pope francis says the church still has a place for them. the pontiff said today that they have not been a communicated and should not be treated as such. his remarks were to a possible change on the church's stance from divorced people.

hitting taiwan and mainland china at the end of the week, and upgraded to super typhoon wind wind exceeds 150 miles an hour. battling northern california wild hires being held by cooler temperatures and higher humidity. 106 square miles and it isn't expected to be completely contained until at least monday. getting $1 billion in investment rum silver lake. the money will be used to step up growth and public safety.

>> these public safety networks are mission-critical and are growing in complexity. expands,t complexity we can move ourselves from just hardware provider to manage more of those on behalf of our customers. >> it would buy back is much is $2 billion of its stock. the luxury department store chain filed with a $100 million placeholder used to calculate registration fees. they plan to use the ipo proceeds to repay debt. the 2016 summer olympics are coming to rio de janeiro next month and comcast nbc universal is six acting record at sales

expecting them to exceed $1 billion. tv ratings can also benefit from the time zone. it's an hour ahead of the eastern united states. next half hour. it is the age-old debate, harvard or stanford. now a new startup promises to give you the magic words you need. amplify snack brand. the new york stock exchange. president obama delivered a vigorous defense of the nuclear deal today. it to president said that if congress fails to approve the

agreement, it would be a historic mistake. obama: nuclear material is not something you can hide in the closet. if iran cheats, we can catch them, and we will. >> does the white house believe that it got the message out today the way that it had planned? >> the president made all the points that he wanted to. repeating the mistakes of iraq and it is possible to support israel. of hold upll kind over the next five or six we. and that is the $64,000

question. the president believes the rest of the world does support his agreement with the exception of israel. president of the united states able to convince lawmakers that this agreement is also in the best interests of israel. cracks they thought that netanyahu was wrong. israel to beal for able to express those views and he sympathizes with those views. they have a rational base for why this allows that kind of verification that can actually slow them. that is what happens at the end of the agreement.

the sanctions are rolled back. sudden, president obama is no longer president. it is a complete hypothetical. the president was also at great pains to talk about prior diplomatic presidents, namely ronald reagan and his overtures to the soviet union. what was going on during the cold war was actually in a this dental threat to the security of the united states. >> they talked about the cold war. it is an appeal to democrats. one was the reagan administration and republicans or theyrate democrats would resonate better.

u.s. actually had to give up or make military concessions and that's not what's going on. and that the u.s. military backing is the ultimate backing for this agreement. the u.s. eventually feels that some military action is inevitable. >> do we have any sense that these overtures by the president and other members are actually changing minds on capitol hill? >> some of the democrats are keeping their options close to the vast. it there's really nothing to be gained. , youof these democrats hear some support that many of them say i will take the august

recess and go to israel or go to my district. many of them are also waiting for a little bit more information or clarity about the .ilitary aspects and so the president is having ongoing meetings in the white house with lawmakers and advocacy groups. that the iraq war argument also has an impact. it it is very difficult to get a strong read on it. sustain a veto if congress were to come back and try to pass a revolution. this agreement will stand and it won't take it for granted. we have breaking news on

baxter. >> that firm close a 10% stake in the health care company. outof the unit that it spun was earlier in the week when they made a humble takeover offer. and also a say in selecting the next ceo and other changes to corporate governance. baxter has already spun off. you latest activist campaign, we are seeing a reaction on this

screen behind me. there it is. does about 2%, mark. mark: getting into a top college like harvard is tougher than ever. ♪

mark: welcome back to bloomberg market day. julie hyman joins us once again and we take a look at oil. ie: let's start with stocks very quickly. we see a downturn in stocks as we started a relatively strong and have since come off a bit. media companies we've looked at a little while ago. take a look at where oil is today. it has been an interesting day. it had been rebounding until we got the inventory status. we had a little spike and then it came down even though we saw crude inventories 4.4 million barrels. i got a chart of the crude inventories.

in addition to the so-called refined products like gasoline and distillate. bitwill be seeing a little and gasoline inventories about a hundred thousand barrels last week. at this time of year, very unusual. in addition to that, the refiners are not seeing a strong margin with the inventory looking like this. they might see lower demand for crude oil. that is why we are seeing that drop in oil prices. i wanted to look at one oil mover. chesapeake energy has been battered recently and is the worst forming stock in the s&p this year.

there are new sources of cash. raising deals and it could involve sales and a drilling partnership. they need that money sending the stock down. i guess it is turned lower. it was largely strong. and finally, let's look at the treasury mark. we see an increase in yield. the highest in about a week's time and reflective of that idea that we are seeing some stronger economic data that would support an increase.

mark: bank of america has cooled on apple stock as of iphone sales. that china now accounts for 25% of all iphone sales and it will be difficult to increase that amount. a strong dollar will most likely take a bite out of the profits. the company is offering up to a year of paid time off for new mothers and fathers. the policy sets netflix apart from the vast majority of u.s. .nd lawyers -- employers microsoft is enhancing its parental leave at 12 weeks and

100% pay. finds women recently graduated from college as much as or more than men in 29 fields ranging rum engineering to art history. in most studies, women only earn 78 that's for every dollar earned by men. -- $.78 for every dollar earned by men. getting into an elite school is tougher than ever. harvard accepted only 5.3% of all applicants. it is really important for students to write a strong essay with their applications. has been researching what makes a osa -- a successful essay. >> there are keywords involved. they looked through these different essays and found

consistent themes. essaystance, and harvard , they used father and mother and it appeared as mom and dad and aunt for. stanford. cancer, difficult, hard, tough. happy,dd is passion, better, improve. research, community, knowledge, and future. we are talking about thousands of ef essays. harvard, over 300 for stanford.

cornell was very pragmatic. and volunteer public interest work did very well for applicants. mark: scarlet, i will see you next hour. julie is back at the breaking news dekes -- desk. the malaysian prime minister is speaking in a tv address and has can termed -- confirmed that the plane part .ame from mh 370 the missing plane that authorities have been searching for for a year. you've seen them speaking on television and giving that it cameand confirming from mh 370. have been cautioned that finding this part does not mean we will get to the bottom of the mystery.

clue thatfer a perhaps could give more information about the trajectory of the plane and why it went down. the malaysia prime minister confirming that the jet park found in the indian ocean coming from mh 370, that is the airline that went down in march of 2014. it has been a mystery ever since. we will continue to monitor the prime minister's remarks. bloomberg market day continues. ♪

mark: welcome back to the bloomberg market day. let's take a look at your top

sports stories. the nhl is taking a page from mlb when it comes to digital operations. they have signed a picture agreement with the interactive media and internet arm of mlb to operate its streaming services and nhl network. nhl commissioner gary bettman calls the agreement transformational. floyd mayweather jr. says his next and title bout will be against on roberto in september. to be nearlygure as lucrative as the reported $220 million he earned for his fight with manny pacquiao. it is the last in a six bout deal that he has with showtime network. the boxer has said repeatedly he will retire when the deal is finished. staying on sports. in today's edition, athletes started from one sports cooling product. it boasts an impressive roster

athletes. leeds -- the founder and ceo josh shaw traces the company's path to success in the emerging category of thermal regulation. as an entrepreneur, you look for holes in the market. nobody was building a global sports brand for innovation and accessories. personal care, grip, cooling, heating. the big boys were not paying attention to accessories. let'sitial vision was, bring the equity owners. i signed with alonzo mourning of the miami heat. dave nash, sergio garcia, dwyane wade. serena williams. they are not just getting equity .

to start in the personal care category. the ability to compete in that space with the larger corporations was challenging. we acquired a host of intellectual property and we launch that in 2011. we followed the acquisition of cooling technologies. the textile, when water and hair combine with textile, it cools instantly 15 degrees. it became an expansion into a portfolio. regulationof thermal which, in a nutshell, is controlling the temperature of athletes. need to to balance the

fund the business while preserving the brand. we were pushed by the incredibly large retailers who had a sizable multimillion dollar -- as hard as that was, it was the wrong answer for the brand we declined. we protected our position the most. today, the company has a brand. we have experienced 10 at growth in the last five years. i can confidently say we are on track for $1 billion and i think it will be far beyond $1 billion. josh shaw when bloomberg markets continues in a moment. ♪

mark: it is to :00 a.m. in beijing. scarlet: this is the market day.

warner arey and time taking dives. new york yankees skipper joe girardi embraces big dip -- they got a in his day job. ps in his embracing ap off hours and he told scarlet fu all about it. mark: scarlet fu sitting down with joe girardi. nice. "in the loop you notice --scarlet: you notice the stripes -- not necessarily pinstripes. if p5 hundred is up