bell]ng crude up thent first time since december. joe: the question is, what "what'd you miss?" scarlet: we asked our guests where the opportunities are in the asset class. our guests say that a greek exit is still less likely now than it was in 2015. scarlet: we have the explanation on the big market moves. we begin with market minutes. after confusion on where the direction is, stocks of close up on the day. fluctuating your the two-month highs. around the moving

average with consolidation after the games we have seen in recent weeks. overall it was some real excitement, but in the end just a really quiet day. not much economic data on the big central banks right now. in the meantime, things are very quiet. it's like two weeks of central-bank rhetoric that we are bracing ourselves for. beginning with market minutes, energy stocks were clearly the start. on friday you will recall that they rounded up their best week since october, clearly building on that today, they are at their highest levels this year. in terms of individual names, exxon mobil is at a high. dupont, monsanto, gaining. dupont a name that we are watching after its bid, even though it and dow chemical had already agreed to merge. meanwhileean -- joe:

interest rates and bonds continuing to yield across the curve. obviously these are still really low numbers, off their highs from earlier. we are starting to see a with -- a little more expectation on higher rates with inflation growth. is really been climbing over the last couple of days. currencies, the euro, down for the first time in four days since the polity -- since the policy decision on thursday. the euro has turned around, the loony in its third day, the aussie on a six today. commodity -- commodity currencies getting a boost. commodities, we have to talk about this, and iron ore. a 19% surge. you don't see this in a commodity. theoretically there is excitement about china. massive move today. amidsttting clobbered

the china downturn. just an incredible move. scarlet: alix steel is kicking herself for missing this right now. joe: just unbelievable. scarlet: let's take a quick dive into the bloomberg. speaking of that incredible rally, this is a fun time, the hrh function basically puts the asset into a histogram that shows the general range of how it moves over the day. as you can see, most days on iron ore are sort of -- this is the bulk. pick a color that we can see. is the general bell curve right here. normally it's around 1% moving in either direction. today it moved all the way over 18.75%. just completely outside the general range of what you would ever expect to see.

we will talk more about it on the show, but that's not a move that you see very much. especially in a commodity. absolutely. my deep dive, the gulf arab stocks, constantly moving in that direction. they are picking up momentum because of rising oil prices. abu dhabi is in green. dubai is in purple. abu dhabi and dubai entered the bull market first, sunday. cutter joined them today. here trailing behind them all is saudi arabia. it is on the -- on the cusp of a bull market, up 17% since its january lows. we were talking about those markets being destroyed at the beginning of the air, now they are up. it's incredible. see all ofu can those incredible charts and more on twitter. traci allen, you have got euro own deep dive to show us?

tracy: i do indeed. i got something unemployment just for you. i have here the prime age median wage growth in the 24 to 50 48 -- wage bracket. if you look here you can see that it tracks quite closely together, demonstrating that if you look hard enough you can actually find some signs of wage growth in the u.s.. that's one of the things that has a becks to people, why has the wage growth not come since the improvement? but it may not be is off the markets people are thinking? traci: one of the good things about this chart from matt basel or is that it stripped out some of the noise around the statistics. some things around demographics of people dropping out of the workforce. it's not average, it's median. on that basis, yeah, some signs

of wage growth. fisher would be happy. scarlet: i'm going to jump in for a moment. breaking news from shake shack. earnings crossing the wire right now. cents per share, the consensus estimate -- actually, adjusted etf is eight cents. adjusted headline is slightly better than they anticipated. the metricsales, that everyone focuses on for these retail restaurants and stores, that was up 11%. better than what analysts were looking for. they had anticipated 7.3%. in addition they are reiterating their outlook for their fiscal year, 2016. revenue, $51.1 million in the quarter. all right, i would like to bring in our first guest, stifel money manager chad morgan lander. further to go?

chad: it may well. it is all about what china's fiscal response will be, if there is a fiscal response. they have not actually committed to this great, tremendous thrust . yet, if they do it could actually re-accelerate the global economy. goingneral somatic for us into the year was this deceleration of growth within china and the emerging markets. that was all based off credit growth decelerating. even if it is a misallocation of lastal temporarily for the six months, you can see a floor under the markets. much of the recent rally plays into the emerging story and vice versa? can you determine cause and effect here? you don't know from that perspective, but in terms of convergence and opec, at least they are talking, right? hence the reason why there was

this level within oil prices. but if there is a breakdown, opec doesn't go back and at least normalize production. and or the chinese do not go back and actually start re-fleeting. then you start to see lower lows within the commodities complex. we got comments from the fed vice chair, fisher, with governor brainerd. she said she had to rules for monetary policy. the first was that we should not take the strength of the u.s. labor market for granted. these were two roles. the second is that we should put a high premium on clear evidence that inflation is moving towards the 2% target. fromng at emerging markets a fed perspective, often people talk about how the fed is a big driver of what's happening in emerging markets. how concerned are you about the pace of the fed rate hike and what do you see as the risk?

thing, the risk of a continual dislocation if the federal reserve raises rates two or three more times this year is rather high. you will start to see that on the commodities complex and currency side. we don't believe that they will raise rates as much as they are actually signaling. we are expecting maybe one will rate hike additionally this year . look, here's the reality. the reality is that they cannot raise rates when you have negative rates across the board with the european trading partners. that impulse into the currency markets would be quite strong. you are seeing that within s&p earnings on the top line. how much interplay is there? is the fed monitoring? will it affect the case next week? stating it,re not signaling it, or talking about it, but i've got to believe that behind closed doors they are

observing the relationship of what the action is to the european central banks. look, if the federal reserve next month decides to raise rates, then you are going to see a continuation of dislocation similar to what you have in january and february. we don't believe that they will raise rates, though. back to going emerging-market stocks for one second, i'm curious, all of the risk in this space right now, what have you been telling your clients about how to handle and measure that? we would recommend buying a basket. that was based strictly on valuations. when you see massive dislocation like this, you can compare the pe multiple of the s&p 500 to the emerging market as a basket and you come to the conclusion that on a risk to reward basis it's time to at least start slowly edging into that asset class. when it comes to the political

risk perspective, emerging markets always have risk. you can anticipate that there will be a continuation of heightened risk within brazil based on the dislocation within their economy. thatet: adam morgan said it will chop up a lot but wind up nowhere next year. he sees that as a case for the s&p 500. even with people coming into emerging markets. it might be the deal of the decade. are we nowhere? when you start to see the chinese government with a proper reacceleratese to or stabilize their economy, you will get a bid within the commodities complex. you are currently seeing a bounce. followk that if they through a bit more, it will embolden risk-taking on that side. joe: all right, thank you very much, chad morgan lander.

is the greek exit back on the negotiating table? next. ♪

market: i'm mark crumpton. let's get you first word news. the obama administration plans to release a list of people killed in drone and counterterrorism strikes over the next seven years. the list is expected to cover enemy combatants and civilians believed to have died as a result of airstrikes since the president took office. it won't cover areas like in iraq in syria, where american forces are targeting the islamic or in afghanistan.

donald trump spending his biggest money yet on campaign ads as the winner take all contests in florida and ohio drop closer. he plans to spend $2 billion on florida tv commercials, $1 billion in ohio. that's according to canter media see mag. cmag. a class-action lawsuit has been filed against governor rick snyder. trial anda jury unspecified damages. 12 chinese families with relatives on board missing malaysia airlines flight 370 have file a lawsuit in beijing. the families of 32 other passengers, mostly chinese, filed a separate lawsuit in malaysia. global news, powered by our 2400 journalists and 150 bureaus around the world. "carlet: "what'd you miss?

concerns that greece may need to exit from the eu. we are talking grexit. the director of eastern european debt a greylock capital is with us. >> what i heard today was that constructive dialogue was sovereign in the institution, which itself is halfway to success in negotiations, ultimately leading to debt relief. greece --e following actually, people who have not been following greece this closely, they suggest every once in a while -- is there a deal with greece? then they are surprised we are back at this. pointse the sticking that remain? what are the details in terms of what's holding it up? >> it still the same agreement as last year.

they were debating discussions. right now things are much more normal in terms of the proposal going back-and-forth. right now they are trying to find a way to implement the agreements from last year. as far as i can see, that is being made at every meeting that takes place. curious, we have disagreement in place, but we have seen -- but have we seen a change in the tone in these issues? >> i think it would be fair to say that they have not struck the agreement, so now the question is -- how to implement it and get those targets to reform the pensions and the tax code? those are key points of negotiation. obviously that's big on their agenda as well. i do think that it isn't direct, but it is in the process and

definitely not direct. scarlet: greece is now the only euro nation -- not the only euro nation in a bailout. there was an article about cyprus exiting the program. be reallyd it to remarkable. when the cyprus economy collapsed it seemed to be -- if you thought greece was bad, cyprus will be much worse. the banking system felt like it wasn't in much worse shape. how did cyprus get out of that program so fast? >> we were distressed is that was happening. as you can see, the investment didn't work out well. this time it's different. what happened at the cyprus bank was an agreement that hit the cyprus bank where they had to plug in the whole for the money.

in greece, for example, it's more of a sovereign lead issue, but the takeaway out of this is that with negotiations in a normal manner, you get breaks from europeans in terms of hitting the targets. that's different from the grease of 2012, when every single conversation was very confrontational. cyprus had a reference -- reputation last year. right now greece basically came out through negotiations with europeans. scarlet: what's the risk of populist outrage coming back? >> that's a very good question. we have seen the elections in slovenia and throughout europe. the populist movement that gained ground. in greece the negotiate -- the situation is contained at the moment. the interesting thing is that when they broke up in the last election, they created their own party within the parliament. but then they were not able to do that.

more or less acting rational in this case, hopefully going through with some sort of agreement. but will happen afterwards is an open question, but at the moment right now they are really committed to these negotiations. there were some quotes today about the state of negotiations that i found interesting, saying that the imf -- pushing for the heart harder line and the european commission was being more lenient. from time to time throughout this saga you hear about the imf wanting to take a hard line. explain that to us. dive into that a little bit. the different motivations that the bait -- basic counterparties have. >> my personal takeaway was the following -- if we have an agreement with greece it would not be fair to ask them for more and deviate from that agreement. so, all these issues between us

we will decide between the debt negotiation moments, which was different from one week ago, where basically there was this talk about the discrepancy between the imf targets and eurogroup targets. i think they want to make this sustainable in the long term. obviously the debt numbers that they have right now won't allow sustenance. basically, the imf is not interested in pulling things into the future. the imf wants to see results now. i also think that given that it is the most expensive debt, they will have a likely nominal role going forward. i do think that this disagreement between institutions to deal with the differences is part of the discussion. joe: all right, thank you very much for joining us. as braziloming up, goes through its worst depression since 1901, traders are piling into brazilian stocks. we explain why next. ♪

scarlet: i'm scarlet fu "what'd you miss?. " traders piling into brazilian stocks. in the brazil cap etf, the ticker there is ewz. the biggest weekly inflow from october of 2014. so, when you look at a bar chart you will see as the fund flows in, anything above the red line, if you pull up my terminal, represents inflow, anything

below it represents outflow. right here is what we're looking at. the latest week of inflow on the far right side. $250 million, going all the way back to october of 2014. clearly economist are debating isther the comeback justified. it doesn't matter, investors are looking ahead. joe: high yield etf's have seen the biggest inflows in a long time. there's obviously a lot of animal spirit rushing back. scarlet: perhaps the tipping point where the government may need to change over, which might be the reason for everyone to rush in. the brazilian currency is one of the best, which you would not have expected. joe: speaking of reason come

back, the s&p is only down just over 2% after today. if you want to check out the s&p 500, that's a market cap weighted index. compare that to the equal weight, here in green. that is imagining an which every dock was the same. virtually flat for the year, just down .17% on the year. it kind of makes sense. of theseeen a lot stocks with laggards this year. the tech has been a lot weaker. it makes sense that the market cap weighted index is weaker. if you were to work and look at the average stock, that's a remarkable comeback. >> that seems to be the theme. joe: exactly. to bring up commercial property prices. this is a moody's index. you can see that it's starting to plateau.

in january.fell .3% the big question is if we are starting to see a reversal in the astounding recovery of commercial real estate prices. scarlet: it is pretty much a straight shot. no indecision or wobbliness. >> for that reason we have seen a lot of investors pile into the asset class. scarlet: coming up, has the eu reached a deal with turkey to staunch the flow of refugees? we get a live report from the big meeting taking place in brussels, next. ♪

mark: i'm mark crumpton. let's get the first world news. services for nancy reagan will be held at the reagan presidential library in california. she will be buried next to her husband. the result is a new poll shown exclusively to bloomberg news highlights a growing distrust americans have for immigrants, even those who enter the country legally. "continued immigration into the country jeopardizes the u.s." north korea is making more threats against the u.s. and south korea. the threats have become

commonplace since the leader kim jong the-un took power, however it started to spike when washington's stage there annual defensive springtime wargames, which began today. north korea says they are really rehearsals for an invasion. day,l news, 24 hours a powered by 2400 journalists in in 150 news bureaus around the world. scarlet: scarle markets closed little over the day, nasdaq down. let's look ahead to asian markets opening in just a couple hours. paul allen is in sydney. hi, paul. paul: hi. acrossmixed picture the area today. it's currently looking flat at the moment.

we are watching japan very closely for fourth-quarter gdp data revised. it is expected to show the decline of 1.6% on quarter, according to our intelligence. we're also looking for the china trade ballots of february, expected to show an even bigger decline from 12.2%. has less to do with china's competitiveness and more to do with the weakening global demand, but it will be interesting to compare the numbers we get with some of the rhetoric we have heard over the weekend regarding growth figures. the one move that everyone is fixated on here is the jump in irr prices. what are you hearing on -- in iron ore prices. what are you hearing on that? paul: the biggest jump on record watching one'll be rtescue metals.ke

it was up 24% yesterday and we are expecting an announcer before the open this morning. alix: "what'd you miss?" a meeting today in brussels could get turkey as much as 6 billion euros of financial aid. that is in exchange for reduction in the number of refugees coming across the ageaen sea. the summit that is taking place -- is a turning point for the eu in dealing with the refugee crisis? keyell, it certainly is a point here, and they are having trouble. turkey came in today with some new demands; they didn't call them demands, they called them new ideas. they wrongfooted the eu leaders. they expected this summer to be over already, but they are still meeting. they turned it into a dinner

meeting, and they will have an interim press conference hopefully in just a few minutes agreement, kind of interim deal they have reached at this point. the turks have come in and they seem to be like they are in a good negotiating position because the eu really needs them to stem this refugee flow into the content. -- the continent. we're waiting to see if they are able to come up with a deal tonight. joe: so what kind of concessions is turkey looking for specifically? does it seem like the eu leaders might be willing to oblige further in terms of turkey's demands? really, reallyu needs turkey to help stem this refugee flow, so they're not a good position, bargaining was, ise, in turkey knows that.

they have asked for twice as much money as was on the table before. the eu already offered 3 billion euros in aide for the refugees; turkey has said we need another 3 billion on top of that to help deal with the situation. they've also asked for more progress, for the acceleration in the negotiations for turkey to eventually join the eu. to get expecting something along these lines, to show progress in that line. another big thing turkey wants is visa liberalization. they were trying to start in october, early this morningand -- and early this morning they said they wanted it in june. this is another big ask they have put before the eu leaders, and we might see in the next half hour what kind of deal they are talking about now. i love the way everyone

can frame things differently. eu may say that turkey is making last-minute demands, but turkey can say they are just coming up with ideas. they're exploiting the tendency to talk everything to death. those asks that turkey has put on the table, what's going to be the biggest sticking point in these negotiations, do you think? >> well, it's probably the visa liberalization, at least the timing. that'll be easy in terms of having it in place, but to have it by june might be difficult. in general, it is the whole package. it seems like there is some resistance in the eu the whole way the refugee situation is being dealt with, and we are seeing that today in some of the comments that some of the leaders are making here. but in general, everyone is wanting to have turkey on board, so there is a big feeling that

they need to get something done tonight. we'll see, hopefully in the next half hour. joe: so let's say they get a deal, an agreement. how big of a dentist this put in the overall crisis that the eu faces? big plusit would be a in terms of the feeling here. sixe been through five, years of financial crisis, and thise've segued into massive refugee crisis, so it would be a big plus to have some progress in terms of dealing with this. and especially when you have a referendum in the u.k. coming up in june, which the migration issue will be a big factor. it could really be bad for cameron to have these images of refugees continuing to have problems on the borders as he goes into that referendum in june. the eu in general is really

hoping to get this nail down. but of course they have another summit next week, and it's possible that if they don't come to an agreement tonight they will just kick it to next week, and there will be a lot of pressure to come to a deal. scarlet: and if you look at the key players involved in these discussions, you have the german chancellor, the greek prime minister, the dutch prime minister, and donald tusk. they all have a lot at stake. my question to you, jones, is where are the divisions and where they sharpest? >> well, it's always been between the east and west of the refugee situation, because the balkan route for the refugees is coming up through austria, through germany, into hungary. there's been a lot of pushback from them. hungary is one of the main

objectors in tonight's me etings. they've said that hey don't want to take any refugees, and having a distribution plan within the eu was a big part of the solution to the refugee crisis. that's a big thing -- getting everybody on board with this distribution key within europe. and that is something that's not even on the table tonight. tonight we are just tried to deal with turkey, and it will be next week we have to fill out the details. joe: all right. thank you. scarlet: coming up, a massive energy led default cycle in the market. we have the latest, next. ♪

scarlet: iscarlem scarlet fu. shares of shake shack falling in extended trading, concerned about it slowing growth. fourth-quarter earnings beat analyst estimates. they also reiterated their full year rhetoric. president obama rejected criticism from those who say his administration hasn't done enough to prevent another financial crisis. speaking today with financial regulators, the president said changes enacted early his tenure have worked. he says the dodd-frank law made the financial system more secure and did not hurt the economy. speaking of wall street, the average bonus for my percent last year, according to estimates from comptrollers. was $146,000.onus

it's a drop of 6%. that's the bloomberg business flash. "what'd you miss?" junk bonds are getting junkier. oil company debt is far outpacing upgrades. with us still. you wrote about this. why does this matter? ok, it's junk. it seems obvious. tracy: well, i am cohosting, so we have to talk about high-yield. people always talk about the headline numbers in high-yield debt. but people very rarely talk about the actual composition. butave seen a huge rally, what is going on beneath the surface is that we are seeing a lot of companies downgraded, a lot of bbb, b falling into c,

which is one notch above default. joe: so two things have been happening simultaneously. we see some improvement in the latest rally, but we are seeing more within that index. more stuff is moving to junk, even as the junk indices have staged a rally. tracy: pretty much. you're also seeing a divergence between the face value of the junk and the market value. so many companies are getting downgraded. some in that gap may have reversed, given the recent rally, but it is still worth knowing. we have to know we are talking about. scarlet: it matters to investors because some of them can only by certain kinds of junk bonds. tracy: absolutely. isenchmark bond index important for investors because that is how they benchmark their returns. secondly, we had a lot of fun is started that track indices or try to replicate them.

if they are trying to replicate ebt, theyfollows ccc d will go down the spectrum to generate enough return. joe: bond indices in general are sort of tough. s&p 500 stock indices are pretty there is noard, but perfectly nice way to create a junk bond index. tracy: i'm sure there is a lot of discrepancy and subjectivity that goes into it. there's also a lot of technical quirks people never think about. scarlet: such as what? tracy: you ask the hard questions. marketmple, an emerging could be kicked out of a certain indexes it is downgraded, stuff like that, which matters a lot for investors. we've seen it in play with russian energy companies. scarlet: do we know whether these bonds get less liquid or more liquid when they move from one category to the next? tracy: i'm going to guess they

get less liquid. i could be completely wrong. but if you think about a bond like chesapeake energy, that used the rated up here and i , very close to default, i can't imagine a lot of investors are diving into that. said, we always have the myth of the distress fund investors who are waiting in the wings -- joe: with a big pile of cash. tracy: i have yet to see any evidence of that happening, but you never know. they are supposedly out there. joe: so obviously, this cycle where we saw higher spreads, driven in large part by oil and other commodities, is that still the story? are there any signs that the story is turning into something else? of peoplehink a a lot are still debating whether or not this is the turn of the credit cycle, and a lot of people are saying that we are probably in for a shallower, more drawn out default cycle, just because low interest rates

are still very low. andperhaps energy companies mining companies are leading the way into the default cycle, and there is more to come. but again, it is a big debate. people look at data points in the u.s. -- the strong jobs report on friday -- they think, everything looks great. scarlet: and they point to that as a real-time indicator of the u.s. economy. tracy: there's a whole other debate. [laughter] scarlet: coming up, iron ore sees its biggest spike ever. we will discuss that, coming up. ♪

scarlet: i'm scarlet fu. "what'd you miss?" sporting goods of times

the trend better than most and is said to be a potential suitor for rival sports authority, which offered bankruptcy protection last week. with the downfall sports authority, dick's is currently the largest sporting goods retailer. its $7 billion in annual sales represents roughly 10% of the market. it's striking while the iron is hot, because they have been adding new locations and now operates in more than 740 stores. this expansion has help them increase revenue, even as the shift to online porche purchases keep pressuring sales at existing location. comparable sales in the third quarter miss initial projections. but if you look at total sales, the orange line on top, it jumped 7.6%, driven by the addition of new locations. also helping is the popularity of their clothing line, which is driving up sales higher,

partially offsetting weaknesses. dick's has reallocated selling space was used for golf and hunting gear and moved it to you then women's apparel. theirexpansion aside, commerce has outperformed physical location and is driving store sales. it may not reach his full profit potential until the company takes the online platform in-house come january, 2017. e-commerce generated millions of dollars in the last four quarters, 1/10 of net revenue. we will be watching these numbers when they report their results on tuesday. joe: "what'd you miss?" e's biggest one-day gain is what you missed. this came after chinese policymakers signaled their willingness to signa reinforce growth. joining us now as ken hoffman,

head of global metals and mining research. great to have you with us. i don't think i have ever seen a 19% gain in the day. maybe something like wheat, but what happened? >> with the shortcoming of the century. what was interesting is you didn't see the chinese government move as mildly as you thought -- thinkper and iron ore, i what happened was everyone is talking about the tsunami. every single mine coming up. a lot of the mills in china were running low inventory. what happened was the chinese government came out, trading negative, and people thought they would cut the gdp number and there would be a lot of negativity. what happened is they didn't say much of anything; the mill comes back, there's long short iron ore. 100 million metric tons will

trade a day. tracy: you were saying that mom and pop investors are trading iron ore contracts? >> should my mom get entire into iron ore? daily in. and out. scarlet: this goes back to your thesis on how there is this great ball of money that rolls through china. it went to stocks, to property, and now iron ore. tracy: thesis might be a strong word. [laughter] tracy: in a market where you have lots of capital controls, you get excess money. >> i don't think it is a thesis, i think it is a reality. tracy: [laughter] joe: a lot of people said this is unsustainable. supply/demand market

dynamics look like now? >> right now, the fundamentals have not changed. they look horrible. they're not investing, steel demand is declining. however, what we have seen is a lot of chinese steel mills that went out of business at the last year. it's been really telegraphed. a lot of the banks stopped lending, and the government wants them to stop working. what this was today is the iron ore, and it snowballed. if we see copper move higher, other things moving well, our still profitability index has been doing well. there is something going on in china right now, with electricity demand is down. there's nothing is telling -- nothing telling us fundamentals of changed. scarlet: when it comes to copper , we have talked about how is a carry trade. is iron or a carry trade? could.ou

there are a hundred million pounds in the doc said you could trade that. the chinese government will you take dollars into the country to finance them, because inventories offshore are very low, and inside our high, and people take advantage of that. how much of that is being used in this carry trade, in copper and nickel and iron ore? we don't know. but we know it is big and that is what causes huge swings. scarlet: fascinating stuff. kevin hoffman, the head of global metals and mining research. you can find our full analysis on the terminal. what you need to know to gear up for tomorrow's trading day. that's next. ♪

scarlet: i'm scarlet fu. "what'd you miss?" -- you're gdp is reported tonight. this is the second estimate of fourth-quarter gdp, and it may show that the contraction was worse than the initial 1.4%. what's interesting is the boj has forecasted an expansion in the current fiscal year. tracy: and we don't want to miss eurozone gdp either. we have another estimate of fourth quarter gdp coming out tomorrow at 5:00 a.m. eastern time. that will be closely watched ahead of mario draghi's meeting. joe: and i will be looking at the nfib small business optimism report that comes out at 6:00 a.m. they have lots of interesting questions, like what is your biggest problem, and can you get

credit, and how is the quality of labor? it's not my desert island but i do enjoy it.

mark: i'm mark halperin. john: i'm john heilemann.. and with all due respect a bernie sanders, i'm a little disappointed you only did it twice, but at least you have. mark: hello and welcome to monday. an exciting new week in the u.s. presidential race. the red-hot republican contest. a little bit of latebreaking news affecting the race overall. former new york city mayor, michael bloomberg, who owns this company, has decided not to launch an independent bid for the white house. we will have more on that in a moment. tomorrow,