we will talk about china. sending shockwaves. ken coleman be restored in the calm bearket -- can restored in the global market? comcast boosting its stake in vox media. we will hear from the ceo and chairman, jim bankoff. never a dull moment. matt: i want to get straight to a look at the markets after the route we saw on tuesday, the big turnaround yesterday, we are now seeing gains. green arrows across the board. 289, the00 up to

nasdaq up. let's take a look at the treasuries. a bit of selling in the 10 year. the yield raising three basis points. the long bond yielding 2.84%. a surprise from greece. the government says the economy unexpectedly grew .8% in the second quarter. economists had forecast the economy which rank. the greek economy had been crippled by months of haggling over that bailout. the greek parliament is preparing to vote on that new bailout package. the draft bill includes new spending cuts and tax increases. the rest of the eurozone also has to approve the deal before greece can unlock more than $90 billion worth of aid. matt: mark: china is trying to

restore calm, signaling support yuan.he authorities held a rare news conference saying there is no basis of the currency depreciation to persist. china says we will weaken the currency a little bit. going forward, we will let the market forces have a bigger swing and it. they did a step closer to being accepted by the imf. that decision will not be made until later this year. matt: policymakers also said they will step in to control large fluctuations. we've already seen them do that once. fellpeed at which the yuan this week sparked concern that it could threaten china's financial stability. mark: americans are starting to spend the money they've been saving on gas. in july.les up .6% sales of cars and building supplies led the way.

june's number was revised upward, but sales declined in electronics and at th department stores. matt: mortgage rates up this week after three straight weeks of decline. remaining under 4% -- the 15 year low is over 3%. goldman sachs will pay to or $72 million to settle a lawsuit by investors claiming the bank misled them about the safety of mortgage backed securities. -- will pay $272 million. the network is extending jimmy fallon's contract by five years. since ballin took over as host in february of 2014, the tonight show has dominated the late-night landscape versus -- thosecompetition

are the top stories we are following at this hour. matt: tesla is hoping to drive investors into a secondary share offering. how much do they actually need the money? mark: the former chairman of dean foods being probed for insider trading, allegedly passing of information that made its way to phil mickelson. matt: not nice being probed. media,ia betting on big nbc universal investing in vox media. china is trying to restore calm two days after that surprised evaluation rattled investors. intervention has driven dramatic moves across the board, especially in emerging markets. matt: with a fed right hike on

the horizon, markets from brazil to turkey could be in for a rough time. hike on the horizon. let's get your take on the fed -- a lot of people are speculating that china's move is possibly going to push janet yellen's rate hike back to december. do you think it will go in september or wait? -- themarkets have been fed will start very soon to increase rates. that will have an effect in financial markets. fortunately, in the case of emerging markets, there has been a lot of time to prepare for the first hike. there is uncertainty about the pace and the endpoint, but the initial hike should not cause

that much trouble across the board in emerging markets. mark: what has been going on in china over the course of the past week? will that cause the fed policymakers to rethink the timing of an increase? >> it's interesting, the recent ,ove by chinese authorities what it implies. this has been a long journey of 10 years, last year they started to appreciate the of 605 torom the lows about 640. the reality of the country has changed in a significant manner. it used to be a country that had a huge surplus, that is no longer the case. it is slowing. they are using the currency as a lever to balance the growth dynamics of the country is a

message that perhaps what we should expect going forward in terms of growth dynamics may not be as optimistic as some people thought. the chinese moved twice. was that something that added to what we saw -- some people panicked in the market. >> we have to put this policy action in context. the chinese currency has in exchange rate terms more than 15% over the past 18 months. much more so than the dollar. there's been a lot of talk of .his trend of the dollar now that the chinese economy is facing some headwinds, there are some natural market pressures

for the currency to be weaker. ist we are seeing authorities catching up to that and allowing some two-way movement in the currency. thing come be a good adding more flexibility to financial markets in china is a positive thing. what the chinese economy has been suffering from recently with the dollar appreciating is the same dynamics that some of the chinese competitors experienced when china devalued its currency more than 20 years ago. toused that as a way subsidize their export industry. matt: will the chinese stick to this? will they allow a 2% range from yesterday's fixed rate with only occasional and minor

intervention? if it continues to drop, will they intervene more strongly and then reversed their policy? >> they say they will. there's a lot at stake on the anddiscussion for inclusion they expressed their interest to be part of that. bringing china to the table and having china be subject to the scrutiny of the market dynamics it makes thing because them part of the overall dynamics. mark: what parts of the economy should be concerned right now? how should investors be presenting this positioning themselves -- how should investors be positioning themselves? prices are down, economic activity has been depressed.

there has not been any growth in manufacturing. you want to look at countries that are of high quality in .redit, countries like mexico you have to look for countries on the equity space that have the ability to generate some domestic sources of aggregate demand as a way to push economic growth. in that context, we like countries like india and thailand and mexico. matt: what about brazil? a lot of people have said that brazil and argentina need to get through the short term elections and some structural changes that need to happen. it could be a great distress to play. >> there is a lot going on in brazil. a lot of good things and a lot of uncertainty at the same time. a recognition of the government that the policies implemented in the past few years were no

longer working and that triggered a change in policy, tighter fiscal policy, better framework for monetary policy and infrastructure agenda as a way to spur growth. there is a lot going on on the political side that is creating uncertainty in the counterbalance on the positive side -- matt: bringing price down and making things a better value. >> hard times bring the policy and that is good for the future of emerging economies. rodriguez, always good to see you. ahead, tesla has big plans, including a more affordable electric car. the latest on the company's roadmap for expansion and how is planning to raise more cash. scoop on what

model s owners have to go through to use the superchargers. ♪

mark: welcome back to the bloomberg market day. matt: i want to get straight to julie hyman who has a look at the markets right now. you will show us individual stocks. julie: the top performer of the dow is cisco after the company reported earnings that beat estimates. shares up by 4%. that's giving the stock a boost. with is trying to come in a quarter here that was relatively strong as it makes its transition from john

chambers to the new ceo, chuck robbins. the company has beat analyst estimates for 40 four quarters -- 40 one quarters in a row. edison, doingsun well today, up by 7%. in announced joint venture with utility company dominion on its solar projects. there is a higher cost of capital for these solar projects . a lot of these solar companies are forming yield codes to hold their power assets. credit squeeze saying this refutes that their argument -- credit suisse saying this

bear argument. oil is also continuing to train lower income always good news for the airlines. jetblue, delta and ual getting a boost. i want to go back in time to yesterday. the rally with a turnaround we saw at the end of the session. stocks trending higher and then finally turning positive at the end of the day. saying goldman sachs's unit that executes share buybacks for clients had its busiest day since 2011 yesterday. part of the reason we saw that trend yesterday's companies were coming in and buying back their own stock. we've seen a lot of buybacks this year. the s&p 500 by back index has not outperformed by much. companies appear to be getting

less bang for their buck. matt: i love it when julie does these things because i get smarter about how to use this terminal in front of me. i get smarter in general. mark: let's take a look at the top stories we are following at this hour. jessica alba might want to give up her day job -- honest company is now valued at $1.7 million after a new round of funding. -- $1.7 billion. sincelue has risen by 50% the last round of fund raising a year ago. matt: coca-cola has promoted james quincy to chief operating officer.

he will have responsibility for all of coca-cola's operating units worldwide and will report directly -- shares have job 2.2% this year -- and dropped 2.3% this year. lindsey vonn has broken her ankle while training in new zealand. in her comeback season, she tied -- with 19 world cup titles. she became the most successful ski racer of all time this female ski racer of all time -- she became the most successful female ski racer of all-time. mark: tesla seeing money move into its shares today. they filed to raise have a billion-dollar's in a stock sale. elon musk says he will be one of the buyers. -- half $1 billion. ,att: let's bring jamie butters

the head of the car automotive team, on with us. a scoop you guys just put out on the wire that tesla sent a bunch of angry letters or annoyed letters to people who they say abused their superchargers. jamie: you love warned about this at the shareholders meeting. -- elon musk warned about this cricket model s sooners had been using the free because itr system isn't so much faster -- is so much faster. you don't want to stop for four hours or eight hours. this is for long-distance driving, you should not be using it at home. people are complaining saying apple used it once in my home

and you should not be scolding me like this. if i buy a test left $130,000 and i have a supercharger station close to me , why can't i just cruise by the supercharger station and charge up in 45 minutes? i did not realize you were not allowed to do that. jamie: they are trying to make it more clear now that it's for long-distance. about having a more cohesive tesla ownership community. they want everyone to have access to it and not pull up to a supercharger and they are all full of people who -- if you can $130,000 model s, you can afford a charger at home. matt: it is like grade school. the teacher is golding me.

-- scolding me. mark: tesla saying it hopes to raise $500 million in a stock offering. why does tesla need this money? tomy: they are getting ready introduce their first suv and they are building this gig of nevada and need to develop a more mass-market car, the $35,000 model 3. milliongone from $1.9 to $1.5 billion at midyear. loading back up on the catch, making sure the balance sheet is stable so they can get through this launch of the model x and be free cash flow positive early next year. mark: jamie butters joining us from detroit. thank you so much. coming up, more information about why the chairman of dean foods abruptly resigned. ♪

matt: an insider trading probe underway in bottling is -- criminal and civil authorities investigating whether davis leaked information about the company's 2012 spinoff of its white wave division to a las vegas gambler who tipped off phil mickelson. mark: he resigned last week. his counsel offered the following statement to bloomberg in response to the investigation. 14 years of distinguished service on the board of directors at dean foods company, mr. davis voluntarily decided to step down from the board last week."

mr. davis has cooperated with the securities and exchange commission in his investigation of alleged insider trading at dean foods company from day one. he has no knowledge of any material nonpublic information about dean foods company being communicated to mr. walters by anyone at any time. matt: you read the entire statement. i feel like a one sentence excerpt would have been enough. mark: this is an interesting story. matt: especially because we had a similar story last year. that alleged carl icahn passed the same las vegas gambler some inside tips who passed them on to phil mickelson. now come you got someone else who passed on tips to phil mickelson through a las vegas gambler. this isy, none of proven, everyone in this country is innocent until proven guilty. mark: no one has been charged.

matt: it's always interesting -- i feel like golfers have bigger gambling problems than almost any athlete. mark: why do you say that? matt: john daly is a big gambler , we've heard stories about other professional golfers who i won't even name who are big gamblers. some have admitted it. you don't hear that much about basket ballplayers -- michael jordan's father is a gambler. issue,se had a gambling but he should be in the hall of fame. gulf has more serious issues with gambling. you are leaving. i am.yes, imp -- matt: i will be back. ♪

♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. matt: welcome back to the bloomberg market day. let's get straight to the stories making news at this hour. doctors say jimmy carter's agent

family history will come look at his cancer treatment. he revealed the cancer has spread to other parts of his body. the former president is 90 years old. his father and three siblings all died of pancreatic cancer. he will be treated in atlanta. donald trump is leading by a wide margin in a state where voters will visit pulls first, iowa. -- benacked by 22% carson is the only other republican in double digits at 15%. faded into third at 9%. i was presidential caucuses are less than six months away. -- i was presidential caucuses. joe biden using his vacation to think about his next job possibility. he is talking with friends and family this week about a white house run in 2016. his third try for the democratic nomination. he will announce his decision next month.

boutiquear-old investment bank began trading today on the new york stock exchange under hli. shares thatd fewer were offered at prices below the marketed range. we spoke with the ceo earlier. >> we do well in good times and poor economic times. we did not suffer at all in the last downturn. this space wherein in the mid-cap space continues to grow and our market share continues to grow. we don't have as much competition as others do. matt: all the proceeds will go to the japanese financial services firm that purchased the company in 2007. the executives will cash in as well. more than one or 70 items that belonged to the king are up for auction today in graceland.

-- 170 items. the auction is part of elvis week. one of the items on the auction block is a his 15 diamond gold pinky ring which could go for $20,000. those were your top stories at this hour. coming up in the next half hour, wayfarer shares on fire this week after reporting a 60% jump in revenue last quarter. is that level of growth sustainable and will the company ever post profit? it could be the ultimate perk for new parents. theirg up the tab to fly baby and caregiver on business trips. is the company going to far? all that and much more, coming up. old media and new media coming

together. comcast, nbc universal has announced a $200 million investment in vox media. earlier today, erik schatzker and i spoke with the ceo and chairman, jim bankoff. jim: in this business, you don't know what's going to happen. you operate in a fluid industry and we want to be prepared when best to seize opportunity, to focus on our key initiatives. to build the great new media brands of a new generation. we will invest in those and build them up. we will invest in our technology and advertising capabilities and people and infrastructure. matt: nbc universal knows what's going to happen when this thinks it best when it invests $200 million. do they think they will get joint programming with you? absolutely. we are excited to collaborate on programming.

expectations -- expertise and video. we look forward to exposing one another's programming to one another's audience. brands align pretty well. nation in the sports category. whether it's that or recode or -- great, any of our alignment. nbc sports, cnbc news, the lifestyle brands like bravo and syfy, there is great opportunity to expose one another's programming. there's also opportunity on the advertising front. for scaleare looking and premium audiences and premium advertising. both companies are able to provide that and by joining forces, we can increase the scale and the platform. matt: can you give us one example? nation have a show on

nbc sports? jim: we have not nailed the details. the ink is still drying, but that is the thing we are certainly talking about. whether it's shows were coproductions come online and on air as well. ofk: can you give us a sense vox media's scale? jim: we don't release that, but we are profitable. our revenue has been doubling the past few years. we are experiencing tremendous growth in terms of our audience size and our revenue. we are doing it in a way that is not taking any shortcuts. we are producing premium content, premium advertising. as a result, premium media brands seeking to be authoritative. we appeal to younger adult audiences, they tend to be affluent audiences across the

world, 170 million unique visitors who come to one of our sites. we are about creating media brands and this partnership will help us extend. we won our programming to be wherever there are audiences -- whether it's on the nbc universal platform or facebook, apple, twitter, etc. erik: how was this deal hatched? who called who, how long did it take? jim: we have great relationships across the board at nbc universal and comcast. friendships that have been built over the years through our professional relationships. prior to this investment, comcast venture, a different arm , they comcast family operate as an independent entity. through that, the company got to know us and we built this relationships, we built that

trust. they were impressed with what we were doing and we were eager to work and find more to do together. vox tvny chance for a station? jim: stay tuned. we will see. no plans to announce right now. .att: that was jim bankoff coming up, online home goods gets ar wayfair massive boost. we will hear from the ceo. ♪

matt: welcome back to the bloomberg market day. let's take a look at how commodities close today and let's kick it off with oil. wti just nearly missed a six-year low today. the global glut and rising dollar curbed investor demand. crude dropped 2.8% in the session, closed down 2.4%. 90 million barrels about their five-year average after sliding last week. gold also declined, ending his longest run of gains in three months. the people's bank of china cal med investors fears of broader currency wars. usda rebounded after the outlook. take a look at corn and soybeans, all of here but at fairly low levels.

online home goods retailer reported better-than-expected earnings this week with revenues surging 66%. shares have exploded. the company still is not in the black. erik schatzker and i spoke with the ceo, niraj shah about how long it's going to take before the company is profitable. niraj: we've been comfortable with the analyst estimates to be profitable by the end of 2016. to 81% -- weted up have 200 basis points of advertising leverage which drove the profit line. matt: how focused are you on becoming profitable? it is not an amazon story where you are just focused on growth and you will occasionally make money one quarter to sway investors? niraj: home is a $250 billion

retail market in the united states. online, it'sting about 8% online and growing fast online. we are positioning ourselves and our growth is showing that we are trying very hard and having some success at being that when her. -- that winner. .e grew out of our cash flow in 2013, back to free cash flow positive and we were cash free positive -- matt: the you compete with competitorse your more brick-and-mortar stores like ethan allen and restoration profitable? are all erik: in some cases, the revenue growth is quite good.

they are more established businesses. niraj: obviously, anyone in physical good e-commerce competes with amazon. the same want to own items as someone else, you want to have a unique sofa, unique set of pillows. our 7 million items allows us to be the best destination online. by having reasonable prices come we take share away from ethan allen and restoration hardware. the absolute fact about the growth is we are taking share in the market that profitability is well underway there. -- on our way there. we can be profitable and still take share. rik: i get the point about having an exclusive line of goods. if you are going to carry the same inventory as amazon, how can you not afford to be competitive on price?

started, i was willing around on your website and amazon's website and i look showerheadgs -- a from the front page of the website and you want $80 for a showerhead that amazon is selling for $70. the choice is pretty clear there , especially if i'm a prime customer, i get the shipping for free. the weight watchers scale, you want to be dollars for something they are selling for $33. this $50 for something they are selling for $33. niraj: i don't think you would find a sample with amazon -- we are moving more towards a sample of items that amazon does not offer. these items are nonbranded. some of our top brands are brands we have curated, created,

merchandise and photographed. it's a category similar to apparel. people want unique items. unlike apparel, it is nonbranded. that combination gives you a lot of room to create something special. when we do go head-to-head with amazon, we are competitive. get a basket of 200 items across categories, you would find we are competitive. matt: how are you spending on marketing spending on advertising? a lot of people will say it's the biggest furniture website that you've never heard of. growth isto say your amazing from $2 million to 4 million customers in your -- 2 million customers to 4 million customers in a year. niraj: there are 60 million customers for whom we are the best option. our aided awareness is up to 62%. it was 6% when we started television advertising in 2012.

ofwere at 36% at the end 2013. 55% at the end of 2014. our awareness is growing well. over the next couple of years as we get 95%, you can see what the growth looks like. you can see what kind of growth is ahead of us. ,att: the founder of wayfair the ceo as well, niraj shah. now to a look at the top stories of the hour. edward jones will pay $20 million to settle sec claims that the firm overcharged customers in new bond sales. they used edward jones and its former head of municipal improperlyg with operating bonds to customers at higher prices after taking it into its own inventory. businessesurned to

to reverse falling sales of the ipad, trying to make a cabinet -- tablet more appealing for work. apple has never been considered a player when it comes to workplace technology, especially the ipad because it has no keyboard. which would really make it better for work. intel says it is hiring minorities at a faster rate than it had hoped. 40% of the year, hires have been women or underrepresented minorities. intel has been criticized for its lack of women and african-american employees. is rolling out a perk for new parents. the firm will put the bill for months and that's to bring baby and nanny on business trips. the only major private equity firm and one of the few u.s. companies to offer the travel policy.

betty liu joins me now. i don't understand why people are up in arms about this. someone said this is going to far. why not go if they have the why not pay for the persons nanny? send the butler and manicurist. they are likely working incredibly long hours if you are in the senior management role at kkr or blackstone. first, a shout out to our reporter who wrote the story. they've had this policy in place since may. as you pointed out, allows a father or mother to bring their baby and nanny with them in

the first year -- until the first birthday of that child. matt: when the baby is an infant and really should not be traveling. foremothersomen, who are breast-feeding, that could be a big convenience to bring some childcare with you. this is speaking to a larger issue right now. the talent wars going on between finance and tax and other parts of this country where people are bidding up for talent. you are seeing wall street financiers go over to silicon valley, graduating class of millennials wanting to start their own company versus looking at kkr. we want to put a more human face on this firm and help you with worklife balance. , theyall kidding aside

try to offer these extremely busy executives as much as they can. they get free breakfast, lunch and dinner, cars shuttling them around wherever they go. people were bringing nannies with them anyway. the firm said let's pick this tab up as well. we might as well. we make so much money. we don't want to coordinate ourselves. -- florida it ourselves. side, it isynical good pr, matt miller and betty -- mosttalking about it of these firms are dreadful when it comes to the number of minorities and women they hire. 13%, apollo and 15% and thekstone is the best --

numbers are getting better, but still paltry in terms of how equal they are. if this is one way for kkr to put on a better face and recruit more women and minorities, soviet. -- so be it. wait until you have a child. matt: that could be a long wait. thank you very much. we will talk. coming up, hollywood's jetsetters are the latest battlefront for first cost flyers -- first class flyers. maybe free nannies for them as well. ♪

matt: airlines are fighting for wealthy jetsetters at lax and ruling out some lowering

incentives to get them on board. uring incentives to get them on board. to court the most desirable passengers, the airlines are spending big money. i want to bring in molly. get high netts to worth individuals on the flight. you have hollywood people at lax. one of the offering? molly: the airlines are rolling out private chickens, special lounges, concierge services from the minute you get out of the taxi to when you are porting. -- warning. matt: american versus delta? molly: everyone is getting in on the game, except southwest. matt: seems a lot of airlines

have been courting hollywood stars. they want movie stars on their flights. molly: basically business executives also, anybody who is going on that route. this is the most lucrative route in the states, lax to kennedy. anybody flying that, they want. flightsific number of come i'm not sure. it is the biggest, most lucrative route. matt: a lot of us have to fly it back and forth, it is not very pleasant. they are adding a first class in front of business-class. it used to be the case all the time but it disappeared. >> american is the only one that offers full first-class service on these routes. everyone else is doing premium services and is upping benefits

and perks for people flying in premium cabin. matt: what is full first-class service? you get free champagne and you can lay down. molly: it starts with the curbside service through the check in. -- free life flat technology on the plane. matt: how much are we talking? molly: the highest priced ticket last year was on america's first class for $8,000. matt: a bargain basement price. we will take a quick break and be back in two minutes. ♪

matt: it is noon in los angeles, 3:00 p.m. here in new york and 8:00 a.m. in hong kong.

china's currency has rattled the global market but has this move been long in coming? betty: and why companies are seeing a different tune. houlihan lokey has advised on a town of local deals. we will look at what is next for the investor bank. matt: good afternoon, imf miller, now joined by betty liu -- i am matt miller, joined now by betty liu. day.: kind of a different much different from what we have seen before we saw this rebound. the dow up i-73 points.