the votes to get it through. jim jordan of ohio spoke to my colleague just moments ago. he thinks congress has the votes to pass. rep. jordan:: i believe so. this amendment will give states the option to have the waiver to get out from under the obamacare regulations that is driving up costs across the country. they bulk of the freedom caucus will before it. that brings a lot of votes. house speaker paul ryan says there has been real progress in winning over skeptics. but republicans have not yet made any decisions on a vote. ao has settled with the airline, according to his attorneys who did not disclose the amount. united is revamping some company

policies. they airline will offer as much as $10,000 to customers who voluntarily give up their seats on an overbooked flight. and it will not call in law enforcement unless safety and security are at risk. president vladimir putin says that crisis over north korea's weapons program continues to escalate. . that is after the issue dominated talks with japanese prime minister shinzo abe in moscow. advocatingutin is all sides refrain from military rhetoric. they discussed a long-standing dispute over islands seized by the former soviet union after world war ii. bastad -- both sides have still not signed a peace accord. on the police. carrying out an operation today targeted a man they said was carrying knives -- a man carrying knives in a bag. london metropolitan police said the 27-year-old man was stopped and attained in what they called part of an ongoing operation by

the force's counterterrorism unit. no injuries were reported. global news 24 hours a day, powered by more than 2600 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ yvonne: live from new york, i am scarlet fu. joe: we are 30 minutes from the close of trading here in the u.s.. scarlet: u.s. stocks cleaning to gains. joe: the question is what you miss? scarlet: president trump hosted mario macri today.

struggling to get to yes, house republicans face pressure. we will hear from mark meadows from north carolina and the leader of the freedom caucus this hour. earnings bonanza after the valve. tout the bad, microsoft -- alphabet, amazon, and microsoft. at where thes look major averages stand. abigail doolittle is standing by. veryil: we are looking at small gains for the dow and the s&p 500 index. .4 nasdaq is a bit higher, of 1%. putting in another intraday record high. for the dow and the s&p 500, and the nasdaq, do, this could reflect a wait and see attitude ahead of earnings reports -- after the bell, i should say. for the nasdaq, with these

record highs, we have the nasdaq closing above 6000 for the first time. this does stand in for a couple of reasons beyond a big run number. first, it has been more than 17 years since the last time the nasdaq closed above the last may ground number of 5000. that happened back in march of 2000. we finally have 6000 achieved. for the nasdaqon today is equivalent to a combination of five different valuation metrics all that the way back to 1997. there are some managers who call it a bubble. if that is the case, we are nowhere near the top of the dot com bubble around 2000. surprisingly, lots of those to nasdaq names taking us 6000, including apple, facebook, amazon, out of it and microsoft. apple and facebook report next week.

amazon, alphabets, and microsoft report after the bell today. microsoft could have their best quarter on both the clot and servers. amazon is the cloud that is performing the best. investors think the rapport could be very strong, up 1%, up more than 1%. on pace for its best day in two weeks. earnings have come down. . the first quarter earnings consensus estimate has come down 30% to $2.38 for this quarter. because of this, one analyst thinks it leaves room for amazon to beat. but the big question for this company is whether or not they reduce guidance for investment for future growth. positiveappens, it's a

thing, since their footprint in the cloud is still relatively small and would pay off over the long-term. joe: thanks. earlier today, president trump met with argentine president mauricio macri. they had a working lunch where trump raised macri for implementing successful economic reforms and says argentina is on an incredible economic path. i want to bring in shannon know neil -- shannon o'neill. thank you for joining us. i am curious about that characterization of argentina's economy. 2018, what doinr you think of the state of the economy now? shannon: he devalued the exchange rate. he opened up capital markets. he finally solve the debtors crisis that had been going on for at least a decade with many

new york institutions. he got rid of export taxes. he got back so much of the intervention that was in the previous government. he really has changed the economy, made or market friendly. it has not reacted as quickly as he had hoped. last three months or so, it is coming out of recession and starting to grow again. process basedslow on these reforms. scarlet: that is the backdrop as he meets with president trump. reseau matt graves beat mexico and brazil by paying a visit to donald trump -- mauricio macri beat mexico and brazil by paying a visit to donald trump. why is this significant? shannon: the mexican president was supposed to come and famously had to cancel when nafta dispute riled its head. what is significant is for was isolatedw it

from the international realm and the united states in particular years.y we saw obama go down there in his last months and meet with the argentine president, the first time an american president had been done in over a decade. this is a pragmatic president. . it is a pragmatic country it is a market-friendly country. it is trying to get back in the good graces of the morgan stanley index and all of those things. so it's good for mauricio macri show.gentina to joe: so what are the lemons? argentina is one of the biggest exporters of lemons in the world. joe: what was the dispute about argentine lemons and why has the trump administration seem to fit to change the policy? shannon: some of it was sanitary issues. some of it was. taxes and subsidies.

was it a fair trade with the united states? obama had been reviewing it and had decided to let the lemons in. and then trump stops that. looks after this meeting, he seems favorably disposed. you can buy an argentine lemon. mari so macri and trump have a history together. they have a relationship that goes back a couple of decades. they are both in the construction and real estate industry. do we assume they speak the same religion can get deals done? shannon: i think that will history will be health over argentina. trump seems to trust those that he has known in different settings, that he has no for a long time. he seems to respect mauricio macri. one-timed, mary so macri played him -- one time, mary so macri macri -- mauricio

played him in golf and beat him. the next time, he let him when. joe: there remains a lot of tension about the collapse of the economy as well as the debt payments. what is going to give here? shannon: that is the big question. a big debt payment at the beginning of april, $2 billion. they seem to continue to be paying. the economic crisis, the social crisis, the political crisis is rising. we are starting to see the international community step in and condemn venezuela. the death of these protesters. the organization of american states, they, too, have been pushing to sanction venezuela. saiduela just yesterday they will leave the organization of american states, worried that they would be kicked out. scarlet: a lot of people say, by leaving the organization, its neighbors no longer have the ability to influence the country.

it becomes more of a pariah than ever. shannon: they have a democratic charter. to be part of the organization, you have to be a democracy. they would be kicked out for undemocratic policies. scarlet: maduro has become more autocratic over the years. don't think there is a spillover in autocratic policies -- practices, but a spillover of refugees from the economic crisis. we see tens and hundreds of thousands of people going into brazil. if the crisis were to get worse, you can see perhaps even millions going to those nations that would have to absorb them. joe: can you think of a modern analog to the situation like venezuela, where it appears that the main story is just an --redible level of economic taking the country even lower in its economic standing? shannon: the pessimistic

comparison would be zimbabwe. no matter what happens with inflation, with the economy, they stake in. i'm not sure maduro has the ability to sue so -- to do so, and i hope not. scarlet: thank you so much. coming up, house republican leaders still don't know if they still -- still don't know if they have enough votes to pass a health care reform bill. we spoke with mark meadows. . get his take next. this is bloomberg. ♪

♪ what'd you miss. scarlet: representative mark meadows says that the house is short of the votes it needs for the health-care reform bill to pass.

rep. meadows:: on saturday, certainly the votes will be there. as late as last night and again this morning, some of those undecided members of congress, primarily on the republican side -- that is all we are counting on at this point -- are so close to yes that i am optimistic. whether the vote is tomorrow or saturday or next week, the votes will be there to actually pass the senate. it's not necessarily a more conservative bill. it is a bill that lowers premiums to the american people, allows us to get onto tax reform in a very quick fashion in the coming days. kevin: the votes are there from the house freedom caucus as well as the republicans in the house of representatives? i appreciate you clarifying that.

from the house freedom caucus, we took an official position. more than 80% of our members are on board. it's a little bit more than that. count,n a previous whip as long as we don't have anymore defections, i think we will be there. kevin: do you anticipate there will be a vote on friday or saturday? rep. meadows:: we are cautious to not set and unrest -- an unrealistic expectation. month.d to vote last we just needed to make sure we got it right for the america people. yes, if we have to stay here and vote on it on saturday on behalf of the mecca people, we are committed to do that -- of the american people, we are committed to do that. you speak with the -- le rep. meadows: calling talking with someone in the administration, whether the president.r the vice

we have had nice communication with the vice president a number of times over the last three days. the president and the vice president have been all hands on deck. kevin: so vice president pence has been extremely influential. rep. meadows:: if your viewers and listeners understood the level of engagement from the white house, they would be astonished. i am. normally, those negotiations happen at a staff level. but these have been really at the highest level. it's important. it is a campaign promise they want to fulfill. labeled thehas been macarthur meadows amendment, so to speak. tell our viewers what exactly would do. rep. meadows:: it is really tom mcarthur's amendment. i spent a lot of time with tom, but i want to make sure he gets really the credit. it was his willingness to engage when negotiations broke down. it was to members of congress getting together to represent two very different districts.

this allows states and those governors of those states to waive out of some of the obamacare federal mandates. so it holds the decisions back to the states, allows premiums to come down. in fact, we have some independent analysis that would indicate as much as 36% drop in some of our premiums. so we are encouraged by that. that was a big thing for the freedom caucus. scarlet: that was house freedom caucus chairman mark meadows. joe: time now for the bloomberg business flash. a look at some of the biggest business stories in the news right now. dow chemical is considering ceo's retirement until the company has merged with dupont. has been delayed by international antitrust approvals that is expect -- but is excited to close in august. earlier today, dow posted beat estimates for

a third straight quarter. the supplements and vitamins vendor isn't offering enough compensation for them to stay on the hook another three years. investors reportedly want more yield and better protections in the long [indiscernible] demand for a structuring service declined in the first quarter. net income fell 54% after an anticipated jump in business in trouble companies failed to materialize. the restructuring unit also posted a drop in revenue. homes in the hamptons are selling again, by buyers are not splurging on mansions. purchases rose 8% in the first quarter compared to a year earlier.

meantime, sales on the high-end, only 27 homes sold. that is your bloomberg business flash. scarlet: coming up next, a huge day in tech earnings with to report after the bell. this is bloomberg. ♪

♪ scarlet: i'm scarlet fu. alphabet close at a record high yesterday. the company this past quarter was hit by a youtube advertising controversy. companies like at&t and johnson & johnson briefly halted spending, citing concerns that their ads would run alongside offensive videos. and a threat to advertising is

used for a hub it. though google division dominates the digital at industry. along with facebook, -- digital ad industry. along with facebook, it owns 60% of the market. properties, youtube and google search, have played a major role in the rise of advertising. internet ad's and videos are set to outpace tv ads fairly soon. outside of advertising, and increasing contribution from cloud services should continue to grow alphabet. don't be surprised by a surprising earnings. it uses since 2012, alphabet has missed consensus sales estimates in the first quarter. analysts do not expect the

youtube controversy to affect them this time. we will be following alphabet's earnings when they are released in just a couple of minutes. joe: now to talk more about those imminent tech earnings. let's bring in alastair. thank you for joining us. scarlet talked about some of the specifics of these companies. extraordinary outperformance in the market for big cap tech these days. explain the love and enthusiasm for all these names and how high the bar has been set for them overall? alastair: it's all about sphere,e in the digital how much time we spend on our smartphones and what companies are in control of those eyeballs, and who can sell ads against those eyeballs. if you are going to spend money, amazon is there. if you are going to do something online when you are at work,

project would be -- productivity suites, microsoft is there. scarlet: for google specifically, or i should say alphabet -- i still have to get used to that -- it will start emphasizing gap earnings instead of adjusted earnings. right.r: that's a lot of these internet company started doing that. google and facebook and others did that last year. thing.competitive a lot of the weaker internet companies and some of the startups issue a lot of stock-based compensation. when you exclude that, it makes the numbers look great. a company like alphabet will stop adjusting its earnings to that. they are making so much money, it won't really matter to them. it will make everyone else look a little bit worse. joe: let's talk about amazon. lots of interest how much cash the web service is doing. the stock seems to go straight

up all the time. what do they have to do to continue to impress? alastair: it is always the case of revenue growth and spending on the other side, and wall street sometimes can't make up its mind on which one they like and which one they hate. this quarter, people will be looking at spending on things like big movies and tv shows that amazon is doing, new gadgets that they are releasing and warehouse spending, which they are always doing. will theeally is gravity of growth be strong enough to outweigh all that spending? scarlet: on microsoft, it is all about the cloud and how much that powers the profitability outlook. alastair: that's right. even just two years ago, this company -- there was a lot of doubts over whether they could do well in the cloud. allthey are showing that the software used to buy on discs, we are getting it through microsoft cloud service now. that is one of those huge shifts

that they are riding really well. next.t: the market closes we are looking at little changed for the dow ended the s&p. the nasdaq is set to close at a record high. this is bloomberg. ♪

scarlet: "what did you miss"

u.s. stocks limping to the close. little change well the nasdaq closes at another record high. i'm scarlet fu. joe: i'm chosen -- weisenthal. we want to welcome you to our closing bell coverage from 4:00 to 5:00 every weekday. "what did you miss" today is the busiest day of the earning season. major tech giants like alphabet and amazon will be reporting any moment. , want to bring in paul sweeney north american director of research, and a bloomberg gadfly columnist. paul, let's begin with you. what is the key thing for you to see? paul: google and amazon, a topline story. google has brought the advertisers with them. this country has been able to put up some very solid numbers

quarters.ral cover -- it has really put up a good profit story. i think investors have good executions for this quarter. the amazon story is a lot more variable, a lot more unknowns as far as how aggressive they will be on the investment spending. joe: let me introduce you because amazon has just come out with results. $1.48 perr -- share. $.40.s a beat by paul says this is a topline story at amazon. , and thenet sales, outline -- outlook for the second quarter trails the estimate. you had asked about the amazon web services, the cloud business, net sales are $3.66

billion. again, to reiterate, the $1.48 theere, reported number. the consensus estimate was for $1.08. joe: the stock up 2%. this has already done an extraordinary surge, getting after hours. it looks that amazon is still learning. >> the stock continues to go. it was one of the best earning stocks last year. i think that part of it is amazon may be benefiting from all of the negative sediment around other retailers. amazon keeps telling a good story and keeps going higher. joe: amazon, i like to think, is a giant startup. metrics usually leave people scratching their head. with companies like this, as long as they are going like crazy, no one worries about them. >> exactly to paul's point, this

constant revenue number, how much further can amazon keep going? joe: we also have -- scarlet: we also have alphabet reporting results. $7.33. the consensus amongst analyst we was seven dollars $.32. i will get you confirmation shortly. the initial reaction here is for again in the stock, 1.7%. once again, the reported numbers here, $7.33. alphabet is going to report cap numbers rather than adjusted. joe: i'm reading through the results, revenue in the quarter of 72%. 24% on the constant currency

basis. these are extraordinary growth numbers for a company of that size. big is the story with these tech companies, how they can they grow. the same story, another tech giant delivering. >> it does. alphabet kind of benefiting. not only the traditional search business, but also the you to business. there has been a lot of concern about the future of the you to business given some issues with advertisers. that is a huge business with google and continues to put up strong topline growth. you combine that with cost management. there is a lot for the bulls to be happy with with google. joe: this is one of the areas where people are worried, will all go to facebook, can it succeed, all kinds of concerns. it seems like a total

juggernaut. google, along with facebook, seems to manage the market share. glad you bring that up, the paid clicks up and the cost clicks down for the first quarter of 2016. does that excite investors anymore to look at the search results or is everyone really focused on what else alphabet is doing, how is becoming -- recovering from the youtube controversy. paul: as you said, the number of clicks up over 40% is just outstanding. you counter that with the fact that the pricing, the cost per click is down. that is reflective of the regression from the desktop environment to the mobile environment where there is a lot more ads that can be served at a

lower price point. it is still 22%-20 3% topline grower. it is amazing that they can put the numbers up. joe: we have more numbers out. intel has just crossed the wires. $4.8 billion. that is in line with expectations. the company also raising full-year revenue. estimates.ead of the we see the stock down slightly after hours. scarlet: when it rains, it pours. we also have microsoft numbers coming out as well. three pennies better than what analysts had been looking for. matched of revenue, it

estimates. werely what analysts looking for, and increase from the previous year. intelligent cloud revenue coming in that $6.7 billion. again, what analysts -- better than what analysts had anticipated. when it comes to microsoft, indicated doing just fine. the business continues to be a focal point for those looking at the growth prospects for microsoft. how does the cloud business compare with to elsewhere? jonathon: the cloud business at microsoft is very strong. doingoft cloud business very well. that is the growth story for microsoft. that is bouncing some of the slowing and traditional products. the cloud is the story not just for amazon, but microsoft. microsoft and intel both

look good. the duopoly is an old story, not really the new thing in tech. people might have expected by now that the companies would have really crumbled or not been able to withstand the new forces in computing. you look at the results and they are just powering along. >> you take a look. aboutts have been talking companies taking ibm, microsoft, and often times being able to pivot and experience growth. a lot of competition. very much a long-term growth story. for the companies willing to make the investment in the cloud like ibm, microsoft, i think that is a good use of capital and will generate returns for

years to come. joe: microsoft shares down a bit, over 3%. scarlet: we want to recap some of the earnings we have gotten. alphabet reporting first-quarter , $7.33. the consensus was $7.42. shares are jumping as we got the quarterly beats. in terms of paid clips, cost per click goes down by double digit percentages. amazon coming in with first $1.48, $.40of better than expected. shelley, you cover amazon and retail. for this company, the focus is .ery much on spending it has got huge ambitions overseas, doesn't it? >> a recently expanded into

mexico, it is trying to get its hand in china. this is part of the growth story. they think that at some point, the u.s. will probably get more saturated. we will have to move elsewhere. that is what they tried -- are trying to build up. joe: i'm curious about amazon and the content strategy. this has become such a big thing. the idea of amazon having a content strategy would have seemed bizarre, but how much of this strategy, pulling people over to prime and allowing them to win in a bunch of different categories. prime.ll about jeff bezos has said, if we can get people to buy products on the website, the idea is give them more content. whether it is buying stuff, music, this week we saw

prescriptions. it is this bill. of prime primeer -- build out of membership. scarlet: thank you so much. of course we do have some of the results i want to recap here. gopro. goprot: gopro -- joe: out. rowling over 7% after hours. that is a company that has been beaten down a lot. doing well today. it tops estimates for the coming quarter. the adjuster bus is actually right and long -- in line with estimates. the stock is much higher than a long time ago but getting to the point where it is jumping over a low hurdle. you see the stock rising a little over 6% after hours.

scarlet: is it a media company? starbucks coming out with the results as well. shares actually falling. second quarter comparable sales .issing estimates, 3% gain the stock lower by 3% now. starbucks no longer will be providing earnings targets in its release. this is bloomberg. ♪

mark: im mark crumpton. it is time now for first word news. following appeals from leaders of canada and mexico, president trump has agreed to renegotiate the north american free trade agreement but with conditions.

trump: rather than terminating nafta, which would be a pretty big shock to the system, we will renegotiate. a fairunable to make deal to united states meeting fair deal for our workers and companies, i will terminate nafta. mark: the president's aides are divided on the topic. could -- it eliminating it could lead to more disputes and higher tariffs. president candidate folders today. paris police. tear gas against marine le pen. officials say they had to as starteds -- protesters

throwing projectiles. marine le pen warned that some officials in london are harboring what she called illusions, addressing the german parliament before the european union leaders meet on saturday. merkel says the block will put interests first. afghanistan, to american servicemembers have been killed in the southern province of of afghanistan. global news, 24 hours a day, powered by more than 2600 journalists in more than 120 countries. this is bloomberg. scarlet: thank you so much. "what did you miss"

a lot of earnings in tech land. microsoft reported adjusted earnings per share. revenue was in line with what analysts were looking for. as you see there, shares down by 3%. came int of business higher than anticipated. one reason could be that capital expenditures missed the lowest estimates. joe: i want to talk about intel earnings. ofittle bit ahead expectations. revenue a little ahead of expectations. also announcing a buy back program. overall, investors disappointed with the company. also interesting -- introducing buyback charges.

stock slipping a little bit after hours. for more on the earnings, i want to bring in a bloomberg intelligence software and intelligence senior analyst and a hardware senior analyst, let's start with intel. the numbers seem fine. where is the disappointment? >> i will comment on microsoft. you know what, this brings up an adjusting point. both of them are tied to pcs. is there something to be said about the outlook for pcs? good thise pretty time. if you look at numbers across the board, whether it is cloud, several products, everything came above the last couple of

quarters. one thing could be that expectations were a little harder, stocks doing really well over the last few days. the third quarter has never been this strong. it could just be a little bit of that. the numbers for us, look pretty strong. scarlet: expectations were lofty for these tech companies. joe: none of the numbers look particularly bad on intel. the numbers seem solid. what jobs out to you? ingrowth was expected, came in line. there is some risk of gross margins. the 62% range for the full year seemed decent. what is an issue is full-year 2017 numbers look a little light. one of the issues that we feared with intel is intel competition is finally here in the data center.

what actually materializeswhat a big way, thanks to amazon, thanks is how big of a data center we have on our hands is to be watch closely. scarlet: that raises the interesting question. obviously they want to consolidate the progress gains. the buybacksting program by $10 billion. is it using the cash in the right way? >> with semi conductors and technology in general, buyback programs have historically had very mixed results. they tend to buy back large amounts at the wrong time. they tend to do accelerated thee repurchases where shares have not been consistent. they tend to become market timers. historically, borrowing a few have not had good results. generally buyback programs are a

sign to win management fields. with semi's, usually when stocks are in the lows, that is when you do take buybacks, not the other way around. joe: microsoft is what of these massive companies that has money overseas. of course that came up this week with the floating of the tax reform and possible repatriation. how could that affect the stock and the company? what is the opportunity? >> this company has never had a problem raising cash. if there was an opportunity to buy company, they have always done the right thing. i don't think that just because there is extra cash they will buy somebody or give a special dividend to appease shareholders. it makes it easier for them that if there is an asset out there to be bought, they can use that cash to buy it. assets, ipeaking of

believe this is the first full quarter that linked in is part of microsoft. microsoft is to be a big part of segment ofs process the business. to be expect any announcement terms of new initiatives, programs, products related to linked in? they makes all of the stuff from linked in to the dynamics business and what other products can be expected down the road. joe: you mentioned competition creeping up on intel. who are the main threats that investors need to be aware of on this front? >> i think the easy swap is amd which finally has a server platform in the last five years or so. intel is coming off a position of an usual strength. market share is 100%, give or take a percentage point. to have that kind of strength

and not expect some market share loss is unreasonable. the question is how big of a loss would be. even if there is no market share loss, with the use amd and cap tim, to try to reduce prices. joe: when it comes to amd, this is a kumbaya that, at least i, forget about for a few years. is it different this time in terms of the seriousness of the threat struggle -- threats? >> it is too early to tell. the portfolio looks good. whether they are able to capitalize on the enthusiasm and let it stick for a time, we have to wait and see. joe: thank you both very much. scarlet: let's give you another be cap of some of the earnings that broken the last 30 minutes. let's begin with amazon. whatngs, $.40 better than

analysts had been looking for. higher, also moderately than what analysts were anticipating. currently better than 4% on trading. joe: we want to talk about a couple of other companies after hours. earnings out from starbucks. the q2 comps sales beat estimates. risehad been expected to 3.6%. gopro, on the other hand, delivering some positive numbers and a positive outlook, however, interestingly, they have turned around there. we have to check that out more. you see the revenue coming in slightly ahead of expertise and. from new york, this is bloomberg.

scarlet: "what did you miss" remember when u.s. households worth deleveraging, no longer. come inside for a deep dive to take a look at how consumers are borrowing money for things other than homes. the blue line is mortgage debt as a percentage of gdp over all. it peaked in 2009 and has been on a steady decline since. the white line is what i'm paying tension -- attention to. credit card balances, auto loans, student loans. as you can see, it continues to move up. it has gone up about 20% through last december. the other consumer debt has a percentage of consumer debt is equivalent to 1/5 of gdp. joe: i'm surprised it has not turned around yet. when will people start buying homes again. i want to mention alphabet quickly. that stock rallying after hours. strong numbers beating about 30%

after hours. this is bloomberg.

mark: i am mark crumpton. it is time for first word news. has republicans under pressure from the white house to vote on their stalled affordable care law bill this week. party leaders don't know whether they have boats -- the votes to get it through. a congressman from ohio and founder of the house freedom caucus told my colleague kevin cirilli that this bill is as good as it will get. >> this is the best week thing we can get out of the house, and is a better built than what we started with. we have worked requirements for able-bodied people. all of the checks increases -- tax increases are going out of

the bill, and the get rid of obamacare. mark: house speaker paul ryan said today that there has been real progress in winning over skeptics. republicans have not yet made any decisions on the vote. send this way left continues on a path to isolation for european parliament passing resolutions contending -- condemning what they call the brutal repression of protesters. 21 people have been killed over the last month. criticism comes a day after venezuela announced they will start a process to which all from the organization of american states. boris johnson says the u.k. would probably joined the u.s. in further military action against syria if asked. johnson said it would be difficult to say no to the u.s. whether or not parliament gets a vote on it. in 2013, lawmakers rejected a

request from the prime minister david cameron to authorize airstrikes. the 2017 nfl draft gets underway tonight in philadelphia. the cleveland browns have two first-round picks including the overall selection. jarret ismile predicted to be the top pick. global news, 24 hours a day, powered by more than 2600 journalists in more than 120 countries. i am mark crumpton. this is bloomberg. let's get a recap of today's market action. the dow and the s&p 500 finishing little changed while the nasdaq rose higher to a record high. of course, a lot of anticipation ahead of some big tech earnings. of course, what we saw after the close justified some of those record highs that we have seen in not just the nasdaq but google and amazon.

joe: absolutely. let's go through a couple of these companies. i want to start with amazon. that stock is up nicely after hours. we see the 4.6% rally. eps, smashing expectations. expectations, amazon web services ahead of expectations. the outlook, solid. you can see very nice reactions. good high, already a record high. alphabet, formally nude -- formerly known as google, up a similar amount. that is interesting. this is a behemoth business, just keeps growing. 30% ahead of estimates. very strong results for those two companies after hours. scarlet: gopro was higher earlier but it has since erased the gains pick coming out with the revenue forecast topping estimates. $17 beat the estimates by

million. it appears they are showing signs of executing on the turnaround plan but investors seems to have turned sour on it. starbucks coming out with earnings-per-share that match analyst estimates. and those were looking for a gain of 2.6%. tcurrently down by 3%. another comparison to buy do -- baidu, a similar company in , beating estimates of $.89. we also got word of a change in the top in terms of the cfo, jennifer lee will be stepping down. she will go to a role to form baidu capital. second quarter revenue meantime, the outlook, midpoint trailing

analyst estimates. perhaps it would explain why we have a print their of a drop of 2% in extended trading. scarlet: microsoft and intel, both of the stocks, falling a little after hours. not massive. numbers seemed basically fine. $.73, a little ahead of expectations. revenue, $23.6 billion. right in line with expectations. nonetheless, a modest selloff of the stock. intel, down 3%. the intel revenue, right in line with expectations. gross margins in at 3%. the company sees a restructuring -- i forget what it was. in restructuring charges. the company did approve a $10 billion increase to the share buyback program. nonetheless, the stock down about 3%. scarlet: let's bring in james

for a deeper look at off of that and the earnings. he joins us by phone. as you heard is go over and recap the earnings results, what is your big takeaway for the tech outlook -- the tech results and the outlook? >> the easy one is don't that against jeff bezos. even though the outlook was light on the possibility side, you see performance across not only the segment but also in terms of profitability this quarter and likely building a stronger case as we go forward. i know there was a lot of conservatism going into this quarter on amazon. will they likely be able to outperform what we have been seeing? only one hole to book there would be the aws incremental margin. aggregate, itd

did do well. scarlet: a lot of competitive pricing. does that mean that aws is something that amazon needs to ?our more money into >> they are already investing had over fist, it growing north of 40%. even though they are the biggest player in the market, i think what we are seeing is some challenges from google and getting that going at a kind of clip that they would like to see, microsoft being the more formidable competitor. at the same time, you look at amazon doing well and on the alphabet side, the only thing that kind of saved alphabet in the headlines was united uber.nes and amazon was getting smoked with advertisers running to the hills in terms of youtube either getting content with some

brands. ultimately, when you are think is an even cleaner quarter than what we saw at amazon. and, acceleration across some of the core metrics. if i have to some up, of the amazon, it is hard to bet against big tech now. joe: i remember a couple of quarters ago, or maybe a year ago, there was concern about alphabet and costs control. this view that they had these products to cure mortality, have a flying car. all of these moonshot businesses. that?as happened with is it a thing of the past? >> it is coming under control. the losses they were no worse off than what we saw last year. revenue building slightly. it seems that at least in terms

of aggregate dollars of losses, which came in around $850 million versus a loss of 775 billion dollars, last year, it is not moving up to bed. they may be adding more discipline. that their case is quickly going away. scarlet: got it. thank you for that analysis. joe: we have been reporting on alphabet first quarter results. caroline hyde just got off the phone with a representative of the company. caroline joins us now to talk about her conversation. what did you learn? caroline: it is fascinating. after four years, missing the course, the beat substantially. the picture is being painted very clearly by this alphabet representative saying, drivers of growth, it is youtube still

and programmatic advertising. it also said, look at our other key investments. they are thinking google play, the app store, and the cloud, apple andee behind amazon. it seems as though generally mobile search is where it's at. you and i are madly clicking on google adverts on our phones. 44% of take over all in the page click. scarlet: did they say anything at all about youtube? james advertisers fleeing youtube. did that come up in any contest -- context j? caroline: i press them on this with my first question. what about the next quarter

coming up. they said, in the medium-term, this will only have a modest effect on the revenues. couldg significantly this dent revenues should not breathe a sigh of relief. it is not affecting the search part of the business. boycottingy youtube which is not the cash cow. still, they said this is a modest overall effect. they also said that longer-term they're making investments to improve youtube in terms of video. they say they are bringing transparency, choice to the advertisers, many of two has decided to go back with alphabet and advertising with you too. longer-term, i think this is a good driver for the business. of course, the headlines were never too pretty. joe: obviously, alphabet sitting on a gigantic mountain of cash.

any idea what further the company might be doing with the? -- it? caroline: interestingly, we talked about taxes and whether they can bring the significant a lot of of money they have outside of the u.s. back. interestingly, the executive said, we like, we are all for this reform to the taxation in the united states. it has been estimated by some that they could bring $47 billion home if we saw the one off holiday in terms of the penetration of cash abroad. we will see if they make any investments. now the investment are being made widely. larry page, founder of google, now called alphabet, put out a cold arm to investors say they are spending cautiously and wisely. they talk of some spinoffs they have done in terms of the autonomous vehicle unit. also, the health care area of the business.

they will be spending for now,y, but investments in the main part of the business, all about the mobile search. scarlet: investors do like what they are hearing so far. caroline hyde in san francisco. coming up, we will pivot to washington. press secretary sean spicer saying today that demonstration feeling very good about the health care bill. when might we see a vote? this is bloomberg. ♪

scarlet: "what did you miss" house republican leaders working to get their bill over the finish line after the house freedom caucus endorsed a new version. the vote could come as early as this weekend. we are still looking at a looming budget funding deadline on saturday, the same day that

president trump hits his 100 day mark. for more, let's bring in bloomberg's national political reporter. me start with a comment that jim jordan, founder of the freedom caucus, said. >> i believe so. with this amendment, which will give states the option to get the waiver to get out from under the obamacare regulations that are driving up the cost of insurance for families across the country. with that amendment, a number of us conservatives will support it. the bulk of the freedom caucus will be for it. we will see. i think so. scarlet: do lawmakers have enough votes or not? i feel beer getting competing sides of the story. >> we are. the freedom caucus has gotten the changes they want. with thehappy

improvements. it allows states to get a waiver chargesurers having to healthy people the same as sick people. the freedom caucus would lower premiums. the problem here is the exact problem that house leadership was dealing with. you lose the deal to the right and lose moderate. republicans are losing moderates. there are a number i have spoken to today that were either in favor of the bill or leaning in favor of the bill that are now against it. republicans can only afford to lose 20 votes in the house. there are 16 or 17 publicly opposed now. it is a looming question now whether they can pull it off. joe: are there congressman repaired to vote for the original version, the one that got pulled, who have now indicated they will not vote for the new freedom caucus endorsed version of the bill? >> the answer is yes.

there were people leaning in favor, if not fully in favor, who are now leaning against it, or fully against it. at this point, it is still possible that moderates will get some potential changes that they want, but again, the needle that republicans have been trying to unsuccessfully thread for more than a month now. you can only lose so many people. what the groups are upset about is they believe that house leaders tend to placate those on the right without giving moderates what they need. their concerns about medicaid cuts, about this would under ensure millions and millions of people. no one wants to go home and give that to their constituents. joe: bloomberg's national political reporter. we want to go to the department were president trump is giving

remarks on the latest exec of order. -- executive order. ♪ president trump: he got not only the republicans, but the democratic votes. joe: from new york, this is bloomberg. ♪

joe: "what did you miss" nigeria, africa's largest economy just released its growth plan for 2017 with an ambitious goal to target growth for 2020. i spoke with the minister of national planning yesterday and asked about the road to recovery. >> we are optimistic that the national assembly will pass a budget very soon. i'm sure in the next week or so.

i'm sure they will pass the budget. they have indicated to us that they will do so. what we intend to do from the executive is for the 2018 budget, try to give it to the national assembly much earlier encourageso it will them to pass the 2018 budget, either by the end of this year or early in january. joe: one of the key questions for investors in nigeria and for the economy overall is the state of the currency, the fact that it is still manage by the central bank. how important is it to you to get to a place where the naira's level is determined largely by market versus -- forces? >> the plan, which the president just launched, makes it very clear that ultimately that is

where we want to get to. we want to get to and exchange rate mechanism that reflects market forces. it is a question of time. we will get there. the key parties for your government is outlined in this program, diversify think the source of growth. it is well known and you spell it out, the degree to which the energy sector has been hard hit. what are the concrete steps that your government and your budgets are taking to create new sources of growth for your economy? >> first of all, what we want to do is really empower the private sector. we are looking at the constraint growth that the private sector had. we are looking at infrastructure , particularly, roads, rail, the airports. we are increasing government spending in those areas.

in addition to that, we're encouraging private sector involvement in all of those areas. in the specific area of power, we have a power sector recovery plan and we intend, in the next three to five years, to stabilize the power sector. it will take some time because the problems of the power sector are quite deep. we are working on that. bankd, the imf world meetings last week, we had meetings with the world bank. we are looking for additional funding in that area. the minister for housing was involved with the minister of finance. joe: you mentioned infrastructure, i'm glad you did. you also mentioned the role of the private sector. when it comes to privatization, where are you in the process of identifying what e acids you plan to privatize and what is

the timetable? >> we are looking at a number of assets. as the plan indicates, we're looking at some joint venture assets to see whether we can restructure them to free up some of the revenue. that is still a work in progress. the timing of that is very important. prices to do it when oil are moving up. we have to look at the timing to get that right. joe: where oil is now currently trading around $50 a barrel, too needed to be higher? -- do you need it to be higher? how comfortable are you with current levels? >> we still have a lot of work to do. assistance, consultants, all of that, who will look at all of these issues. it depends on how ripe the market is.

if there is sufficient interest, we will move forward with it. joe: that was nigerian minister of budget and national planning. from new york, this is bloomberg. ♪

scarlet: we take you now to the

department of veteran affairs where the president has just signed an executive order on whistleblower protection. he had made some comments earlier as well following the signing of the order, he is now shaking hands with everyone. he says this will be a crown jewel. joe: that is all for "what'd you miss?" bloomberg technology continues with another hour of analysis after the bell. so much today. amazon, alphabet, all of these companies. scarlet: have a great evening. this is bloomberg. ♪

alisa: i'm alisa parenti, and you are watching "bloomberg technology." house republicans are under

pressure from the white house to vote on their stalled health care bill this week. house speaker paul ryan said today there has been real progress in winning over skeptics. former national security advisor michael flynn's speeches are being probed by a pentagon watchdog. the defense department is investigating whether he obtained approval for remarks made to a pressure-backed media network. told he waswas prohibited from accepting payments from a foreign government without approval. two u.s. service members were killed and another wounded during a ground assault against islamic state fighters in afghanistan. u.s. forces were accompanying afghan troops on the raid when they came under attack. dao, the united airlines passenger drag from a plane earlier this month, has settled with the airline. they did not disclose the amount. united is also revamping company policies. the airline will