now we have icahn icahn backing this deal. is this a new lease on the company?hn took a voting control of caesars with the expressed purpose of installing the new ceo. the company was sold due to debt restructuring, cutting costs. tos is the opportunity combine it with another company, el dorado, which has been quite smaller, but has been adept at reducing costs and achieving synergies. shery: they have grown exponentially under their new ceo. >> they acquired tropicana entertainment, ironically also from carl icahn's control. they have grown from a number of small companies to now the largest regional player in u.s. gaming. much of an advantage is it to have this kind of footprint across multiple states, multiple locations? >> the opportunity exists to engage in strategic deals, such as selling assets to the reits spun off from caesars. it would be reasonable to expect eldorado to look at markets where they have overlapping assets and perhaps sell some other acquirers in order to make the entire portfolio more efficient. shery: what is the state of the gaming i

more on this story. >>> listen, carl icahn doing what carl icahn does he is on the attack.l icahn owns about 1$1.5 billion of occidental. 4.5% of occidental's stock he bought derivatives on may 21st and just converted them to common stock a few days ago. he says the anadarko deal was too expensive and lacked in his terms effective corporate governance what he's looking for are two things one, he wants four new directors. we don't know who those directors are that he wants out. the filing list has blank spaces replace blank with blank so it's fill in the blank. he also wants to amend the company's charter to try to make it easier down the road for shoulder how old isholders to effect change you need a majority of shareholders in favor to vote for a change if he gets past that vote, they would set a date to take potential action back in may the lowest number any board nmember got was 71% icahn has to get a bunchhow old is share holders on board to set a date the oldest board member, spencer abraham joined in 2005, for an oil company, that was whatever, 14 years ago there's a

the deal was backed by carl icahn, caesar's largest shareholder, who have been pushing them to considerol of caesar's with the express purpose of having the company sold. the company had gone through challenges with respect to debt restructuring, and this is the opportunity to combine with another company, which while quite smaller, has been adept at reducing costs and achieving synergies. the presumption is the company will achieve $500 billion in cost savings and will engage in substantial asset sales of $3.6 billion to help make it feel feasible and profitable. ♪ h2o asset management is hemorrhaging money after he lost half a billion euros in four days, the biggest ever single day drop. why are we seeing these huge outflow numbers? about -- ity is now is linked to illiquid bond securities tied to german financiers. what is interesting is at this h2o's fund manager has taken aggressive steps to calm its investors, but so far they don't appear to be -- there are certainly questions around the quality of the assets, but what canangerous is investors pull their money in any time, and if

, of course and the the roll icahn played >> pushing for transparency. which companies could be impacted by the most to force big tech how much user data is really worth >>> as we head to break, dow is up 24 points the dallas fed falling to negative 12.1 in june. estimates were calling for negative one on that read. it follows weak reading from philadelphia and new york's last week under 50 minutes to go before the close. we'll be right back. every day, visionaries are creating the future. so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. >>> 35 minutes left of trade dow is the only average that's higher thanks in part to boeing, utx and goldman sachs leading the way up let's go over to maike santoli. >> passive and private sounds like somebody is very shy. that's about vanguard. and momo in slow-mo. stocks that qualify as momentum names. deer and cheap and stretching the ceiling, sealing of this market's long standing trad

, caesars largest shareholder who had been pushing them to consider a sale. >> carl icahn took a voting with the express purpose of installing the ceo of having the company sold, it had gone through challenges with respect to debt restructuring and cutting costs, and this is an opportunity to combine it with a another company, eldorado resorts, smaller but adept at reducing costs and achieving synergy. the resumption is they will achieve $500 -- and cost savings billion toales, $3.6 help make the deal feasible and profitable. h20 asset management is hemorrhaging money, losing over 5.5 billion euros in four days and monday sought biggest ever single day drop. huge outflow numbers in waves. >> the story is about a week old and is linked to you liquid bond securities tied to german financier -- a german financier. what is interesting one week later is that h2o, the fund manager, has taken aggressive buts to calm investors according to the data they do not appear to be calm. there are questions and serious questions around the assets. ist is dangerous for h2o they want daily liquidity funds

icahn sued occidental last month over their deal with anadarko. >>> shares of kb home on the move they'reigher the home builder reporting better than expected second quarter profit and revenue driven by double digit growth in orders however the average selling price of one of kb homeshome ho fell by 8% >>> this is the disaster of the year rite-aid shares sinking again. it follows disappointeding resuthe drugstore chain has been crushed over the past year with that stock down 80% in 12 months. used to be a multibillion dollar company. that stock down 11% right now. it signed a partnership with amazon to maybe help people pick up packages at the stores. but not helping. that is a tough looking stock on a rainy thursday morning. >>> when we come back, the surprise winners and losers from last night's debate and the one big topic that nobody seemed to want to talk about how come >>> then the incredible, insane bitcoin ride over the past 24 hours. we'll show is to you tick by tick and the big slide that may send you back to bed. >>> and later on, a possible u.s./china trade truce juicing marke

ceaser's name upon completion of that name and ceaser's has been under activist pressure from carl icahnou're looking at is the stock there already up 14% just this morning. >>> coming up, the company is on, president trump is set to meet with china's president xi at the end of the week we'll talk about what it could mean for your investments. >>> here is a look at the biggest premarket winners and losers in the dow. we're back in two. when it comes to your customers' expectations, there's one thing you can be sure of. they're changing by the nanosecond. that's why cognizant created a unique engineering approach to design and build new digital products. learn how cognizant softvision designs experiences and engineers outcomes. ♪ cool. ♪ >>> welcome back to "squawk box" this morning a big week ahead for your money. here is what's on the agenda tomorrow, we get new home sales and earnings coming from fedex wednesday, earnings from general mills and kb homes and durable goods. thursday, pending home sales and earnings from nike the big focus is on friday on president trump's meeting with pr

operator in the united states this deal has been highly anticipated as billionaire activist investor carl icahn has been pushing the company to sell itself ever since the company emerged from bankruptcy and 2017 icon holds 28.5 percent of caesars and has been very of active in the negotiations to help turn around the struggling company added to the deal properties a wreath will acquire the real estate assets of the caesars on her resort in atlantic city laughlin and new orleans for approximately 1800000000 dollars so uses up 16 percent today while eldorado is trading down 8 percent as the merger is subject to the approval of the 2 gambling companies shareholders as well as gayman trade regulators it is expected to finalize in 2020 this is so interesting christiane you know when we were selecting stories a day i was so happy we're finally getting to the gambling but you actually also have some personal experience and knowledge of this so with insight to take on the stories of the season has been a lot of trouble from the very beginning they were previously a public company but then due to some f

activist billionaire carl icahn has been pushing a sale, could be around $7.4 billion. j.p.ase has put to rest an embarrassing chapter in the company's history, derivatives spread, jpmorgan has now supply-side. holsinger --onaire holsinger is bailing out book sailor -- paul singer is bailing out book seller barnes & noble. remember, this is feeling a little bit like a roller, because over here in the u k, the company acquired waterstone's and that chain's ceo, james dorn, will also be running barnes & noble. planet theyink the will run these two businesses side-by-side, and they will have a joint ceo, so it kind of feels like a roll up. i suspect a lot of back-office that will be done kind of jointly, so these two brands will work together. maybe there is a strength in putting the pieces together. vonnie: elliott has experienced cons cutting -- cost cutting and running a bookstore. in barnes & noble, having founded the company way back. he was involved with another company to try to buy and on that side. attractive bed. the elliott that was more attractive. elliott was a gre

milken, carls mike icahn, lloyd blankfein.d to loads of people i was friends with and i said, what do you think? half of them said, of course you should do that. this is a way to monetize your equity, a way to grow, an incentive for compensation you can add to the list to get better people. the other half said, are you out of your mind? why do you want to be in the regulatory fishbowl with the focus on you? so that wasn't very helpful. what i ultimately decided with my partners was that if we were going to just stay in private equity, probably it wasn't the right thing to do. on the other hand, if we wanted to build a global alternative asset antigen company in terms of credit, real assets, insurance, private equity, it was probably the right thing to do. regrets? absolutely. i think the public market does not understand creatures like us very well. they don't know how to value. incredibly, of us, i would say rare and valuable creatures. , youcompanies out there can say we are very value-oriented on one hand in terms of risk r

i talked to people, whether it or carl icahn or lloyd blankfein.ked to loads of people i was friends with. what do you think? half of them said of course you should do that. this is a way to monetize your equity, a way to grow, to add to the list with better people. the other have said, are you out of your mind? why would you want to be in the regulatory fishbowl? that wasn't very helpful. what i ultimately decided with my partners was if we were just going to stay in private equity, it probably wasn't the right thing to do. globalanted to grow a alternative asset management company in terms of credit and real assets and assurance, ed was probably the right thing to do. regrets? absolutely. the public market does not understand creatures like us very well. they don't know how to value. are incredibly rare and valuable creatures. how many companies out there can say we are very value-oriented in terms of risk reward and on the other hand, we are also company, growing yieldyear, and also a company with an 8% dividend and we do better in downturns? th

icahn is one of caesar's top shareholders.itical of the board in the past, but today praised them for acting reasonably imprecisely. guy: this is about debt as well, isn't it? emma: yes, caesar's has a huge mountain of debt, nearly $20 billion, more than four times the debt el dorado holds. it dates back to the buyout into thousand eight. 2008. real estate assets are going to be sold to pay down debt, and the company has identified $500 million of benefits and cost cuts they will use immediately in order to tamp down the services debt. wall street has taken a bit of issue with that $500 billion number. they are not sure they can get that. that may be part of the reason we are seeing el dorado share price fall today. others have pointed to the fact that it is el dorado's management team that will lead to the new company, and they say they have a proven record of being able to execute. if you look at the share price of el dorado over the past year, it was up some 17% over the past 12 months, compared to at almost 20% drop for th

and then you had carl icahn earlier extolling, mr.ell in caesars, newell has not been the case. both of which were involved actively there ceo's leaving, the end of june, michael poke the news we got this morning is that the cfo christopher peterson will be the interim ceo. poke, we knew he was leaving for a while. they say in the press release, though, the board expects to be in a position to announce an external hire as the permanent ceo in the upcoming weeks. and we're -- we're taking the right steps to execute our transformation drive growth and increase shareholder value down 42.6% over the last 12 months speaking of stocks that have been down, we had two large deals this year. this week, excuse me caesars not nearly as large as the one that we got yesterday. but what is interesting is, of course, the decline in shares of eldorado on day one and yesterday that shellacking that abbvie took. looking at both of them. let's start with abbvie. down over 16% yesterday. that's not the way you want it to go when you announce a deal and l

the fight between occidental petroleum and carl icahn is heating up.rs made mistakes in the takeover of anadarko. credit suisse and initiating coverage on the electric car company with an underperforming rating. tesla faces rising competition from companies such as volkswagen and is likely to become a niche automaker. more trouble for the boeing 737 unrelated to flaw two fatal crashes. regulators are ordering additional design changes. that is bowing's -- boeing's bestseller and it has been grounded since march. francine: i want to talk a little bit about that coin, quite a lot of -- bitcoin, quite a lot of volatility. $1800.tes at dropped this is against the facebook announcement of libra, the currency surging more than 200% in the first quarter. you worked quite a bit on bitcoin and argue it is an asset but not a currency. what is libra? randall: we will have to see. they have not described what the governance mechanism will be. when we think about what is money, it has a unit of accounts, everything is denominated. it is a media of exchange and a st

right -- is icahn carl icahn right on foxy? -- ocy?uilding, especially when it comes with vast amounts of leverage. --ppreciate what moran did warren did. lots of investors would prefer not making big bets with leverage and the history of how those turn out generally does not favor the empire holder. tom: charles kantor, thank you so much. we are watching hong kong today, into the evening where -- and this is important, it is getting to sunday and managing the message -- protesters are outside the police administration and hong kong, peaceful. the scale yesterday, hundreds of thousands of protesters. the news flow this morning is a path to sunday. this is bloomberg. ♪ ♪ this is bloomberg "surveillance," tom and francine from london and new york. we got a question. if you are a viewer, please continue sending your questions in through the bloomberg terminal. this person is writing in and asks -- please explain your valuation which has bonds looking very risk -- rich. charles: in the u.s., 10 year treasury yields are approaching 2%. firs

about whetherople people, whether it was mike milken, carl icahn, lloyd blankfein, loads of people ihem said, of course you should. this is a way to monetize equity, a way to grow, and incentive for compensation. said, are you all out of your mind? why do you want to be in the regulatory fishbowl. who needs it? so that was not very helpful. what i ultimately decided was that if we were just going to stay in private equity, it probably wasn't the right thing to do. we want to build and -- a global alternative asset company in terms of credit, assets, insurance, it was probably the right thing. regrets? absolutely. doesnk the public market not understand creatures like us very well. they don't know how to value. i think many of us are incredibly rare and valuable creatures. there --any out you can say we are very value-oriented and have been able to prove it. on the other hand, we are also a growth company, growing by over 20% a year for 10 years. we are also a yield company with 7-8% dividends. we also do better in downturns. there are very few companies out there that have all of tho

buying in occidental petroleum we all know what went on during that bidding war they got the asset carl icahnsn't like they got the asset, but i think they're going to trade higher from here. >> joey. >> american express. all-time high today. what a turn around i mean, i remember three, four years ago. >> costco killed them. >> talking about how american express, that was it it was an end of an american success story. >> i remember that day we were talking about it that day and it went through a lull for a while and then it had this great rebound. >> huge rebound. great place to be. little bit different than visa and mastercard they do more than just that transaction, but great company >> what do you guys make in the 30 seconds we have left, the rollover in the market dow is now down 60 came in on this big winning streak just sloshing around a little bit. >> turn around tuesday i don't know if it's a turn around, but i'm not surprised we're seeing it. >> a lot of folks were looking for that mexico deal to not happen and you were correct in calling that last week so, we made a pretty substanti

bigger deals of the year that you were involved with, citi was involved with, involving oxy, carl icahnes out, a complaint, potential lawsuit, wants books and records, says you're paying too much, put on too much leverage, the 8% is ridiculous, and the price of oil is going down we all could be in trouble what do you say? >> transactions aren't measured in weeks or in a couple of months they're measured over the long-term. the one thing i strongly object to is the notion that the board and management haven't fully vetted this. haven't observed really good due process, which they did. this is very well thought out, and you can't measure this, you know, now or over the next few weeks. you measure it over a longer period of time i can tell you from the standpoint, my interaction with the management and the board, it was extremely deeply thought about, and it's a transaction that there's a lot of belief will lead to really big things. >> he seems to be saying sell the company once you combine is that a possibility? >> you know, it's great legal talk about let's go sell microsoft, let's go s

carl icahn has been pushing caesars for a sale. j.p.hapter in its history, the so-called london whale trading debacle that caused a loss on derivatives. they have six internal controls so they are dropping the matter. tom: cameron crise with us. we have been looking at the dynamics of the markets and the disinflation indicators. tom us this morning is porcelli from rbc capital markets. i get more mail on your world than anything else. comepeople with blue ties on and say, we are fully up lloyd america and -- fully employed america and we are getting wage growth, the majority don't agree. areron: the people that expressing that view are obviously completely dissatisfied and i am sympathetic, but if we look at this in the aggregate, which is what the data do, the vast majority of people are actually doing well. there is so many other things going on with trade. i want to be mindful of that. the reality is, aggregate worker production wages, production wages, which is 80% of the pie, as running at 5.5%. tom: when you adjust it for the infl

reuters put it out saying el dorado opened up all its becomes from pressure from billionaire carl icahnince we're at the new york stock exchange right now we had slack that ipo' d last week it's a little bit lower today part of that reason could be that microsoft put out a list of security concerns and on that list, a few others like google d ocs as well as amazon web services and they are saying it's only because of security and only geared towards slack that's free, back to you. neil: that was weird. all right, thank you christina very very much. meanwhile interest rates are dropping. that you know but what if i told you it's not just a u.s. phenomenon showing you 10 year and a little bit over 2% here but this is a global phenomenon one we want to watch because normally when interest rates are dropping that's the world or investment community telling you they're prepared for some slowing down the united capital ceo joe duran on what he sees behind this trend. what's going on here, joe? >> well i think you have no image and no concern about inflation. you have a german economy with rat

so win here for carl icahn the stock started clamoring for potential sale owns what 120 million shares1, average cost, best we can tell from his various filings. and so pretty big win for him. he does come out in a statement and say some very nice things about how this is what boards are supposed to be doing, in this day and age, and how so few do them. i'm paraphrasing in terms of what he's talking about. but overall people pleased with the price, i think, somewhat surprised how high it was. you are going to see a fairly large arm spread here. a lot of state approvals eldorado stock is down you have that vicci deal as well i'm not sure it was fully expected. >> few steps in the process obviously. i was wondering what the read through is in terms of the valuation at the deal price in terms of the enterprise value to cash is there any way to say, okay, this is how it compares to the other casino names or are they just so different in terms of their mix. >> it is different mix you know so many of them are macau-based. this will be the largest domestic company but i'm not sure what is say

and ask you a question that is ill-timed, but it certainly everyone in oil is looking at it, carl icahnthe most upset about this transaction in particular that it was not placed to a shareholder vote. how can you have ox he chevron -- and the great anadarko and this transaction is affected without shareholder vote? lord browne: it would not normally happen in many parts of the world. in the u.k., they would be outraged. the rules are the rules and the rules say you can do it in a certain way. then i guess you can do it in a certain way and not get shareholder vote. this is an interesting transaction and not without risk because it does require good prices and leverage coming down and the leverage they have got is reasonably expensive. let's see how it works out. as i strategic move -- a strategic move, develop -- strengthening the developers as a good move because it takes guts to get things done. tom: i have 24 more questions. we will not be able to do that. how do you link dollar dynamics with oil dynamics right now? john: the common thread is what is happening to global growth expect

17.3 billion does include debt, premarket up almost 13%, the plan backed by activist investor caller icahnsin, large hail damaging winds flash-flooding even tornados. a possible across the region, then texas, lightning strike damaged transmission equipment two major airports communications radar control flights at dallas forth worth, bfw, dallas, suspended two hours last night, if you fly southwest or american might want to call your airline if trying to go somewhere this morning, imagine stay with airlines, wake it up on empty plane alone locked inside pblack freezing kwloold happened to a woman says she fell asleep on 90 mingled air canada flight nobody woke her up she was locked inside says she managed to open main cabin door, after going into the cockpit to find a flashlight when she got the airline says this happened they apologized are investigating, she actually hung outside of the plane outdoor figured out how to open it maria, flashlight was trying to like do sos signals finally a guy on the ground saw her came over said whoa. >> huge drop, right opened door a huge drove. >> figur

jack, let's talk a little bit about what you saw when you guys made this deal a year ago with carl icahnurning things around, you said you've been doing this for long enough that you thought it was a bottom in atlantic city. why did you think that and do you still think that's the case? >> well, it was the bottom and we've seen what we can do in a short period of time with the right brand and the right partner. we're excited about what's happening in atlantic city. >> i'm guessing you guys are getting some feedback in your ear just by your reactions on this we'll -- >> a little bit. >> okay. you guys are hearing yourselves back in your ear as you're talking, we will try to get that worked out as we're going through this joe, for a long time you've been doing business, you've been in the contracting business, in the construction business, what do you see happening right now not just in atlantic city but on a national paces, where do we stand and what can you say about the economy based on what you see? >> it's a good economy right now for construction both locally and nationally here in a

. >> you've heard of carl icahn, the billionaire investor he just sued, he thinks occidental overpaidr me to comment on. i do, by the way, recognize the feeling that we had, but a lot of shareholders examined it, said was it a wise move? in our case, it turned out to be a wise move, and i'm sure that occidental will go through the same scrutiny, but let me not comment on what other investors are saying. >> do you think it will set off a wave of m&a, or was that a one-off big deal >> i don't know, brian sometimes, people will expect that one of these will trigger a whole lot more i don't think really the industry works like that the industry, certainly after a bit of a binge in the early 2000s, is very disciplined to look at what makes sense. >> a long hangover. >> still a hangover, yeah. >> let's talk about shareholders, because you're finishing up a $25 billion buyback next year. you announced yesterday $125 billion -- becky alluded to it when she came down to us -- that is going to be given back through buybacks or dividends, whatever, over the next number of years that's a lot of m