good afternoon. worth best week this year. the price of cool tumbles as california becomes the first state to the best it all in the commodities. a big event in thoroughbred .orseracing will take place i will talk to the breeders' cup ceo. let's go to the markets desk. julie: we are seeing a quiet friday to end the week. a big week for stock. the s&p 500 is set to have its best week of the year.

industrials and health care have what gains there are. energy and financials have been pulling back. at energies declines today are coming on the back of a strong week for that group. asrgy what gains index actualls e yeart week of th as well. 5 percent gain for the week. oil prices gaining even more this week, up by 8%. david: how are agriculture commodities? soybeans, we have been watching soybeans today. look at this big jump we saw in

soybean prices. that is in the department of agriculture came up latest forecast for production. it brought down the forecast. there was concern about a glut .n soybean september cord going in the opposite direction. they unexpectedly raised the guild forecast corn for the all year. the agriculture commodities generally have underperformed right along with energy, right along with metals this year. still not very good news for corn, but a little bit better news on the soybean front. david: thank you very much. now with a check on the first news this morning, mark crumpton. mark: a developing story involving another shooting on a college campus. press the associated

reports a gunman is on lockdown -- the campus is on lockdown after a gunman fired shots. we will have more on this as it develops. a tiny oregon community college. one person is dead and three letters wounded and northern arizona university. the incident started after confrontation between two groups of students. an 18-year-old college student was taken into custody. >> to summer student groups got into a confrontation. the confrontation turned physical and one of our students produced a handgun. he shot four of our other students. one of our students is deceased. the other three are being treated at flagstaff medical center. david: nine people were killed

last week and president obama will meet with the victims families in about an hour. the european union and individual names and now have the power to seize refugee smuggling vessels after the un security council authorizes as urgencies or operation for one year which can be enforced by the military. nearly 3000 refugees have drowned or suffocated this year trying to cross the mediterranean in flimsy votes. to the add mitt romney list of those urging paul ryan to run for speaker of the accounts -- of the house. he said he appreciates the support he has been getting, but is still not running. the world soccer governing body says they will hold an emerging meeting.ncy

he is the subject of a swiss criminal investigation. he said he will step down after a special election to replace him. swindler bernie made to abandonhim chasing high-priced superstars. they are in los angeles to face the dodgers tonight in game one of their playoff series. that is a look at our first word news. can always find the latest news on bloomberg.com. the septemberom meeting showed that the central bank is more worried about global growth that u.s. economic data. they pointed out the labor market has improved considerably in made below the fomc's 2% target. dennis lockhart talked about the timetable for raising rates. >> i believe the economy remains

on a satisfactory track speaking or myself, i see a liftoff decision later this year at the october or december fomc meetings as likely appropriate. david: joining us now is michael and mike. thank you for being here. has consensus changed mu andch since this announcement came out? thisere is no consensus at point. after people said it will do 2000 seen at other people say they will do it in 2015. none of it has to do with anything. at all balls run that lousy september jobs report will was not good or terrible either. it will depend upon the data. that sounds familiar. [laughter] and of the year, if the numbers do not get any worse, you now had lockhart and the new york president saying that he is still in favor of 2015.

janet yellen says she is in favor of 2015. all of these people are voters. there is still a good chance it could happen this year but again, it is what the numbers tell them. david: charles speaking right now. >> he has also reported it at all. things are going well in the u.s.. all of this is happening over seas. >> they are not quite convinced of a december lift off. the latest numbers about 41% on your that number absent flows with the risks. it is a weird catch 22. the more the market rallies, the more people are going to think that there is a chance of a rate increase.

and tells the story of why we are caught in this range. the august back from lows, emerging-market stocks were upwards of 11% to the s&p 500 was up 6%. oil was up 30%. it is clear that those lows we saw in august were an overshoot of the concern about the economy ground is,he middle is anyone's guess right now. the more we rally the more those rate increase chances will go up. david: talk about the economic undercurrents going on right now. talked about the likelihood of a recession in the near term. >> we have recessions every seven years more or less since world war ii. so some point in the next year or two you can expect a recession. i do not think there is any indication of it now, but do expect some slow down after .retty good growth david:

david: what is your reaction? points out the cyclical aspect, but the thing i would guarantee is that if we did have a recession in 2018 it would not be because of the reasons she would think today. if everybody knew what was going to happen, that it would not happen. it is something that comes out of the blue or it could be that the federal reserve tightens monetary policy too much. there does not seem to be any sign that is happening. here: mike mckee was yesterday, and we were talking about futility of them in light of the data since the meeting took place. is there much to be gleaned? >> a little bit. not as when the actual statement comes out and also the press .onference from janet yellen from the markets perspective, both the stock market and the same coin, thee

bear market was much worse than your average market. the process must much worse than your average bear market. to project with the average recovery is going to be is a little dicey. since they were such non-average said, looking at a profit outlook for companies, it is not really a bullish economic indicator at the moment we are looking at probably a drop of 7% and earnings in this wener, even excluding energy are looking at a decline of earnings excluding energy. it is somewhat rare for them to have a steep decline. at earningsend to be expectations, but a 7% drop is hard to beat. say, theycally as you

sandbag us with their expectations. here is the interesting question for you. markets count six months to a year ahead. we have these poor earnings forecast with the current quarter. these are going to look pretty good. >> it all matters we get out of this range. rangestuck in this through 2010. the more stabilizes the more we will keep going up. >> they have to figure of monetary policy. what is going to be happening next year. if they think the economy is going to be better, but more pressure on them to raise. david: thank you very much. up, political campaigns are getting better and better at targeting voters.

that is thanks to new software. expectedtial offerings to reach $12.4 billion. the first splash of trading today. firstlifornia becomes the state to do vest from coal. those stories and more just ahead. ♪

david: welcome back to the bloomberg market day. it is time now for a business lash. italy is looking to shore up more than $4 billion. sellingl begin shares on monday. bank of america and citigroup are on the sale -- on the list

of interested groups. for 3500 dowmation jones customers may be in the wrong hands. they may have contact and payment information for former and current subscribers. they are not aware of any misuse of private information. they can be part of a broader campaign that goes to other companies. you can always get more business news on bloomberg.com. let's go back to our markets desk where julie hyman checks on company movers. julie::, coming out with its earnings yesterday.

by a pretty wide margin. thell be splitting of company from its production and finished product. the business has been going better but not enough to salvage the numbers for this quarter. shares kors, retail trending lower. sales trends actually decelerated and september after looking stronger in july and august. airlines are going in the opposite direction today and they are leading the gains we are seeing. both giving updates on their business last month. looking ahead coming out and saying it's year's margins are

going to be higher than anticipated. 7.2%.ber traffic rose by we have seen the airlines go up recently, rebounding at the same time that oil has been rebounding when usually the have more of an inverse react relationship. david: we still more than your way from the presidential election, what if you're in a swing state you are seeing a lot of political ads on tv. campaigns are trying harder to target specific voters. the company just announced a merger that might allow them to track voters across all screens. we got tim in washington. when are we doing with this information? >> they have relationships with cable companies and get second

by second data from those users. watching whatever you're going to watch and night on friday night tv, probably bloomberg television, they would be able to know what kind of viewership is there. they can create a model of viewership have a -- heavens of a certain type of person. david: and they know how to parent that way? here ishen they can say a list of people we want to they will then match the track data and figure out the most popular shows and parent up with the data on windows cheapest and best deals are. the track data the only way a letter -- old way of doing it was reaching the biggest audience. cable can do late-night

getting the same audience getting that same minute targeted way. but it will be a lot cheaper. and when up considerably in the last election. give us a sense of how much they are investing in this particular product. how much more important is political advertising? >>? people talk about it. barack obama's campaign used in 2012. it got a lot of attention and the ideas got out into the public. ofnds do not want an engine the secrets how they are getting sales there. and a lot of the ways it is possible for them, but a good advertising tool. since 2012 they have been able to attract brand clients as well. they have automakers who are advertiseor how they the ceo talks about jimmy dean

using this data. a smallgo after household already eating sausage, how much more can they eat, but it e-house all caps a lot more. -- but a big house will eat a lot more. david: still ahead in the bloomberg market day, not a lot to cheer about in the third-quarter ipo. ness has spilled over. what we can expect, next. ♪

david: will connect to the bloomberg market day. after a quiet quarter for the ipo's, there is one that is causing a lot of attention this week. as --o could be valued as at as much of $12 billion.

in our reporter. before we get to that let's talk about for a rate and the excitement surrounding this reticular company. >> evaluation according to bloomberg sources around the $12 billion mark in the companies of abeen pushing this idea wealthy markup. this is a premium product. we will be watching to see if they sent terms before they potentially go on the roadshow terms before they potentially go on the roadshow next week. david: peter vc looks at the quantity of ipo's. the third quarter was not a great one. >> we did see a slowdown in terms of volume relative to the second quarter.

it really comes on to the increased volatility in the markets. and what if uncertainty out there and macroeconomic environment with political instability in europe, china, the devaluation of the one. an increase in uncertainty. david: a bright spot has been biotech. >> has been. according to bloomberg data, not company is seth to price and ipo which is a big turn around from the past 2.5 that investorsne were clamoring to the buy-in. it seems like according to my sources, that the windows not closed yet but investors are going to be a lot more discerning. you need a proven product to go out. right now there is nothing in the next month that any company

work david: and ipo . -- can capitalist in make and ipo work. david: venture capital is still doing well. >> yes. there are those that are now timeg out and spend some getting the house in order >> and are now coming out to the public markets. order and are now coming out to the public markets. the biggestt to be u.s. listing this year as much as a $3.2 billion offering. and all persons is another when we will be paying attention to next week. david: just postponements and

translations. is that becoming a trend as well? >> we have had some withdrawals and was on the move but with the increase in market volatility oft we are seeing is windows any enclosing. we are seeing a lot of time with our clients trying to make most of the windows taking the time to really ready the organization. this is a long-term strategy when a company does and ipo and it is not about short-term gains. readytaking the time to themselves and be ready to operate as a public company once they ring the bell. david: thank you very much. still ahead on the bloomberg cuts: day, california from the biggest engines. ♪

i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. david: from world headquarters in new york, this is the bloomberg market day.

mark crumpton is the first word news. mark: an update on a story we told you about earlier. one person is dead and a possible suspect in custody after a shooting at southern texas university. it was reported around 11:30 a.m. local time. another person was wounded. school was on lockdown and classes scheduled -- canceled for the rest of the day. the u.s. will focus on existing rebel units battling islamic states. the change reflects the failure of the pentagon's effort to create a u.s. back from scratch. produced a handful of combat ready rebels. they argued that prosecutors failed to allege an official act under primary loss, and that some charges were too very.

vague, . the obama administration says the focusthe day -- on privacy administration will to opt out of third party providers. there will be less soybean supply next year. they lowered the estimate. analysts surveyed by bloomberg have predicted lower corn yields. that is a look at her first word news right now. if it was in the latest news on bloomberg.com.

david: thank you. the commodity markets just closed. let's take a look at the biggest movers. ramped up the biggest weekly advance, and sink rallied the most. very fascinating, closing down southernerating in america. what exactly will this do with the deadlines in california? much theyou very invitation to come on bloomberg is. -- news. a risky bet,ol is not for investors but obviously for pension ears.

today we have a couple of gdp from carbon. valued at 500 ilion dollars in the upcoming year 26 the -- 2016, with will begin testing divestingfrom -- holdings. the bottom line is that continued investments in thermal aal is a risky bet and is horrific thing for the public health of our children. david: you mentioned the size of those pension programs. a small percentage of that is coal. and this is mostly a rather symbolic gesture. >> there is a lot of financial

investors globally that are a technology the risk of the holders from citibank to hsbc, to berkeley's. fund combined value is about half $1 trillion. it is and said, continues to be a risky bet. the valuation has dropped continuously with consistency throughout the calendar year. the bottom line is it is a bad best because of the risk associated with the public health of our children globally. david: i would ask you about the way this change was made. after sandy hook element to school, say invested themselves of semiautomatic makers. why did you decide to go this rout to make this piece of

legislation yesterday. ? ? going thed -- legislative route puts it into the statutory. nonetheless, i'm very respectful of the analysts. they have their responsibilities. they make decisions based on cold, clear data. look at what it may be. credit where credit is due to governor jerry brown for signing was into law. it is the first of its kind in the nation and is our hope that will be a model of the pension plans not just from the country but throughout the world. investments are a risky bet for retirees and very bad for the public health of our children. david: thank you.

coming up in the next 20 minutes of the bloomberg market day the triple crown winner american pharoah is getting ready for his next race. that is driving up ticket prices. we will hear from the breeders' cup ceo. the new steve jobs a.l. fake -- pic opens today. what insiders thanks. drop.ut why it is a 6% ♪

david: welcome back to the bloomberg market day. it is time for our business flash and our first tory, disney is set to cross the $4 billion ark.office mor by age of beltran. -- age of all trunk. ultron. insurance companies will be taking it from those wildfires in northern: noon. it is estimated the fires caused more than $2 billion in economic damage last month. state farm is the largest form insurer in california, followed

by farmers and allstate. you cannot get more business news of the bloomberg.com website. .ulie hyman has more julie julie: million going to do a stock that has had a really bad week and a really good week. they got a downgrade. the equivalent of a cell. sell. we have seen the pullback that has been continuing since late summer that has put tesla into a bear market. that is number one.

number two it is below its 200 day moving average. now it is on his longest losing streak of the year. now you can see the whole chart. worst week since may of 2014. i remember all of the excitement about the new suv. waned?citement, it has >> it seems to have waned. it is an expensive car. part of it has to do with the production side. will he be able to make enough to meet the demand that is out there. the stock is having a fantastic lumber liquidators holdings best week in 7.5 years .ight

shares are accelerating and 20% today. we looked at tesla and it's bad week. here today to get some context on the up ticket has had on the back of enough dismal year. that 60 minutes report was back in late february, talking about the flooring it imported from china. the ceo resigned in may. increase inw an trading following year when all of this was going on as well. what is interesting about both tesla and lumber liquidators. we see a 20% gain.

the good and the bad. have a good weekend. in just a few weeks the breeders' cup classic will be held in club lexington kentucky. what is it mean to you? >> we are all very excited to be there.

david: hundreds of millions of dollars being spent on this very young horse. i've dug my hope global this particular industry has gotten. kentucky is still very important and a center for horse racing. areoves -- most americans focused on the triple crown, and this one has only been around since 1984, but it is probably the most international event in horseracing. while forces from ireland, england, and france this year.

that is what maketh it a very special event. the horses and their connection to people from the u.k. and all over the world that come to this event. david: for those who do not follow through road racing very closely, what sets it apart? >> first of all the triple crown is for three-year-olds only, and the breeders crown is about horses of all ages and all kinds of characteristic. juveniles,ng horses, four-year-olds and up. in the race this year we will have horses from ireland racing pharaoh is asican good as i have ever seen. >> let me ask you about american pharoah and that triple crown victory made racing in general happy for the sport.

he has been able to raise since then. what will it make for the breeders' cup to have american pharoah there? nbc's sports network is very excited about showing it. he's a very special animal. i had the good fortune of taking the family to see him. bob has done an amazing job with them. david: how much to get prices up, excitement and demand driven in part by american pharoah. but it is not a igo to and enthusiasm has really pushed those up. in general, they can get it for an amount that would be very low compared to sporting events. in super bowl and others. but the high-end can include a lot of interest and extras. premium inng for a

the secondary markets. it is hard to get a ticket. david: this is a relatively new event, started back in the 80's. how did it come premium about? a looking in 1982, with the idea for a year and championship for horse racing which really did not exist anywhere in the world at that time. amazingly enough, he was one of the few people was able to pull together the breeding industry in kentucky and around the world and provide support for the championships. million, and we will have a about $27 million in years.s over the david: many will be paying attention. what happens over these two days? usyears we have a whole has tod

leading into the days before. all for the citizens of kentucky i and lexington. we will have one great race after another. some of the greatest forces anyone will ever see. david: are these more attractive from a betting respective? >> it will be the same, but we are hoping that the interest of our friends in betting on this one will be higher than last year. david: thank you very much. good luck with it. up on the bloomberg market day, the much-anticipated steve jobs biopic opens today. we have an interview with andy cunningham. ♪

david: welcome back to the bloomberg market day. anticipated why avec -- biopic opens today. cunningham was right there for the lunch. we have a preview ahead of that interview. people are beginning to talk about how they are per trade.

there are a lot of opinions about this movie. it was very controversial. fan.obs family is not a i get a chance to speak with eric who wrote the film. we talked about the controversy and why did he want to do this after all that has already been written about the jobs, the movies, the tv shows about steve jobs. take a listen to what he wanted to do this film. >> there have been so many books around steve jobs, other movies. why do you think there is more of a story to tell? >> i think you can do 10 more movies about steve jobs and i think the 10 writers and said friday movie about steve jobs you would get 10 different movies, and all of them were going to see. interestings talking to him because he is very self-critical. he was very proud of the script and he feels that he really got

it right. we will have to see what the rest of the community thinks once the film comes out this evening. how he talked about just got it right and all of the people he spoke with in development. time with a lot of the other seven characters who were in the movie. the head of marketing, john ceo of apple and firing steve for jobs. he is a wonderful man and a great character. emily: we talked to some of those characters that he mentions. i talked to joe scully this week about his thoughts on the film. if they get a silly entertainment film that shows also spokede of the

with steve wozniak, the other cofounder. is going to see the movie tonight so would be interesting to hear their reviews was this gets out in theaters another people start to see it. david: tell us about the role that andy cunningham played. they: andy cunningham was head of pr. crafting great role in that animal message. it was interesting to hear from her. she spent a lot of time with joanna hoffman. joannaates to us that thinks that it is a good portrayal of steve. it shows the good, the bad, and the ugly, but there were many other people in his life that are not portrayed in the film.

they think that michael fassbender does a good job of bringing to life this complex character. the reception of the movie versus the book on which he said he based the script? many say this is a insight into steve jobs as the businessman. there was not the same sort of backlash in my recollection. emily: as for as i understand, steve's family was not necessarily happy with the way the book was written. david: my fact it was an authorized biography? emily: there were some anecdotes and details that his family would have preferred not to be written about. when it came to this movie, they were very much behind the scenes and saying do not do this. that could be why leonardo

dicaprio did not take this row. sony dropped the project. michael fassbender was not his first or second choice to play steve jobs is getting critical acclaim for the film and just i was on stageny and once again said that i am disgusted that his likeness and image have been hijacked by the spell -- film. david: thank you as always. tonight her guest is andy cunningham. coming up later, we will go to lima, peru for an interview with the un's secretary-general. ♪

>> welcome to the bloomberg market day.

good afternoon. here's what we are watching at this hour. markets moving some of their -- losing some of their steam. the s&p powering towards its best week of the year. with the big gains, is the market slashing a bearish sign? to miss that.t the pressure is building on paul ryan to become the next speaker of the house. will a call from his old running mate forces hand? we are about one hour from the close of trade. i want to head to the markets where julie hyman is standing by. we are coming down. howard: julie: