wework brings in a new ceo. in hopes of turning itself around.ussed the challenges facing the real estate veteran. this is bloomberg. ♪ taylor: the trump administration wants to develop a cohesive 5g policy, but there is widespread disagreement bout how to get there. last week attorney general kill yum barr dismissed the white house led effort to build 5g using homegrown equipment. waur said the government should work withnokia or ericsson to ounter huawei's work. i spoke with former house intelligence chairman mike rogers. >> huawei, zte, two chinese companies. china wants data dominance they understand the need for building these networks. the government has invested into the next generation here as well as financing deals. zero down, zero payment for three years and we cover all the buildout and the engineers. no western company can compete. we should be asking ourselves, why do they want to do that? it's really to control data as it moves through the networks. taylor: should we be investing the way beijing is investing in their 5g network. >>

it lost a lot when it bet big and lost big in the likes of uber and wework.formance had alarmed investors. >> translator: i am the biggest holderof softbank. i think we are all in the same boat sometimes there are disagreements but any opinion is welcome from share holders wework challenges and uber challenges for example share prices went down since ipo from uber for example due to those unexpected events we have caused concern among potential investors of soft bank fund too >> we have dismissed concerns that cash is tight >> soft bank group has plenty of liquidity in varies ways as a softbank group, we can keep investing in businesses and once partners are more comfortable, we will join us. >> myself in the direct meeting was about two weeks ago, we made an open discussion had a good discussion with them. >> interesting that they met with elliott a couple of weeks ago. the timing of all of this is interesting. the soft bank shares were up 11%, 12% yesterday nothing to do with earnings. more to do with their stake in sprint which has been an a chillies heel.

and i kid you not, there is a sweetgreen in a wework in downtown san jose. i'm telling you all this so you can see where i'm coming from. when i heard oliver space had raised $7 million in seed funding, do not get me wrong, oliver space is a cool company. you go online. you pick out furniture or even whole rooms of furniture and the company delivers it to your door to rent. you were probably not expecting me to say wework in the same breath of your company. chan ran operations for uber in north asia. do you see where i'm coming from, that this seems to me to be -- we used to call them rent-a-centers. but not a high tech company. >> yes. >> and, yet, venture capital, which generally gives money to high tech gave you a lot of money. >> yeah. all i heard is that you thought we were a cool company. >> fair enough. >> but, you know, how i look at it is does the introduction of technology somehow make a big difference or make a big impact in the customer experience or the consumer experience? i used to work at uber. a lot of people used to say that this feels like

big day at wework. >> futures indicate the dow will open down about 120.ement i'm joined by tom lee. cofounder and managing partner at advisors. let's talk about the way markets have reacted it is amazing we are near record highs, bonds, yields moving lower. there seems to be no real losing trade despite coronavirus. is it going to continue? >> i agreeme with you. it is a real surprise. there is a ripple we are seeing with apple i think the reason the u.s. stocks have been resilient because it represents the global safety trade for now, it is a good, best-case scenario the u.s. stocks are underweighted globally now people are trying to buy the s&p and there is not enough around >> how could the u.s. markets be underweighted globally if there has been such a massive move you would think the percent allocation would have risen? >> i would say based on our conversations with our clients, they were betting on a mean reversion trade that outside the u.s., stocks are cheap their pes are much lower, people went in expecting a mean reversion trade. will that play

i think wework had other. >> may i address something before the commercial break which we need to go to quickly. >> we do. >> we've been doing the show north of 13 years as you know. and a lot of absurd things have been said in the 13 years. but dan nathan saying it's obvious that i work out a lot is now reached the zenith of. >> are with we doing the peloton challenge. >> we should. >> the "fast money" peloton challenge, put it out there. >> we're all in. we got to go right now you can get a wrap of all of today's earnings on our website at cnbc.com. here is what else we have coming up on fast >>> coronavirus fears seem to have lost the grip on the markets, with major indexes climbing back toward record highs. and investors now flf turned attention back to fundamentals we dig in. and later, are options traders rolling dice on wynn before it reports tomorrow what the markets say about that stock. we have that and a lot more when "fast money" returns high protein low sugar so good! high protein low sugar mmmm, birthday cake! and try pure protein delicious protein shakes >>> welcome ba

we've had a lot of complaints about uber uber is up 18% from what we invested complaints guess weworkwe feel very good about our platform. >>> andrew has more of this interview which covered a lot of topics for you, what stuck out the most from that interview? >> you know, the company, in terms of how i think he thinking about wework going forward, this is a firm now, softbank that's, that has effectively had something on the order of 14, 15 billion into this company on the books. they have marked it at something like $8 billion. the question is how do you become money good? how do you actually make money doing this if you really listen to them carefully, they'll be leasing on these long-term leasing, selling them on a short-term basis, which has always been a big question there's the management component, which is a bit like a more outor a hot that they don't have the lease, but they'll do the management service piece and he talked about something else, which franchise opting, on trying to understand all of that whether that gets the multiple that would have ever gotten this company

wework brings in a new ceo.pes of turning itself around we discussed the challenges facing the real estate veteran. this is a bloomberg. -- this is bloomberg. ♪ taylor: the trump administration wants to develop a cohesive 5g policy, but there is widespread disagreement about how to get there. last week, william barr dismissed the effort to use homegrown equipment, instead suggesting the government should work with nokia or ericsson to counter away. -- counter the threat of huawei dominating the next-generation networks. i spoke with former house intelligence chairman mike rogers. >> huawei, zte, two chinese companies backed by the chinese government are not dominating the market. china wants data dominance they understand the need for building these networks. the government of china has invested in r and d. as well as financing deals. zero down zero payment for three years and recover all the buildup in the engineers. no western company can compete, so we should be asking ourselves why they want to do that. tayl

and why shares of nissan are tumbling to 10.5-year lows and one money manager takes a i swipe at wework and the, quote, debacle of investment. a busy hour when "worldwide exchange" returns. h the airportk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. shipsticks.com saves you time and money. which of your devices are protected by daily security updates? daily security updates... daily? i don't know. the only thing... i'm struggling with this. some providers you have to manually download updates to each device. comcast business securityedge updates every 10 minutes to help keep your connected devices protected against new ransomware, malware and phishing threats. every 10 minutes feels pretty good. comcast business security edge automatically helps protect all the devices on your network.

wework and another number of ipos i can think of.ger that because of negative rates, things are getting inflated, that we are valuing things wrong and that is wrong much is for companies before investors? simon: wework was a great example, it was a tech company .ather than an office space company people wonder whether the valuation multiples are realistic. if you look at the vision fund and the success of alibaba, that was an extraordinary runaway success but it is not necessarily representative of other businesses held by the firm. so i think valuation multiples can run away. francine: how does it come back to normalcy? when you speak to a chief executive and he says, i have this company, i think it is a tech company, do you have to say, it is a tech company but it can be disrupted quickly? simon:. businesses can be grown so quickly the challenge is how to scale them. how to make sure a failing enterprise doesn't fail. we are making sure businesses can -- making sure businesses important.uickly is the opportunity that comes with tec

it's an exclusive with wework chairman his first interview about all the headlines about wework and soft bank. >>> do you have questions about the coronavirus outbreak but don't know who to ask? twit them to us right now @squawkcnbc. and dr. scott gottlieb will answer them later this hour. when it comes to your business internet, which is more important? ♪ ♪ okay, i wish i didn't have to choose. like the more i think about it, the more i want to jump to each room. what if i said you can have it all? ♪ ♪ comcast business gives you connectivity that goes beyond. that's what we want! that's speed, reliability, and security, all from one provider. touchdown! get started with internet and voice for an amazing price. call today. comcast business. beyond fast. >>> welcome back l brands nearing a deal to sell victoria's secret to sycamore partners people close to the deal tell cnbc it could be announced this week wexner has been under mounting pressure because of his ties with jeff hi epstein and accused of creating a culture of misogyny and wlamed for the performance of the flagship brand and t

rowe price addressing investors of wework. they said we made a small private investment in the upstart and since caused us outsized headaches and disappointments. they added, quote, we are ready to declare it a terrible investment saying it was left holding shares for just a fraction of the original price peter, how important is it for t. rowe to demonstrate better returns and seen as a big appeal to say to the public out there, hey, if you can't get your hands on the silicon valley start-ups, we can help you with that? >> i think they did the right thing today. they were very clear they made a mistake. they wanted to make it known that they -- you know, thought of this as an anomalous situation and provided details on the decisionmake process and how they got it wrong. i think it was important a mutual fund company did that because, of course, the vehicles are being sold to retail investors and it was -- it is always a super risky situation to be going into the companies as a mutual fund and clearly like they said a debacle a

rowe is not alone it's not just weworks.son national, and vanguard also put money into wework and had been marking up its valuation along with the riled ride it went on with soft bank and it has led to big, embarrassing markdowns for them as well talking about other writedowns juul is another one where institutional investors got burned according to pitch book, fidelity and american funds had to mark down their holdings by nearly half last year after juul's valuation was slashed in its filing t. rowe concludes that the wework debacle as it calls it was an error in judgment not in process. but, guys, there could be other disappointments for t. rowe and other mutual funds big holders of other money losing companies like uber and lyft and getting deeper into the venture capital world and into earlier rounds. back to you. >> always worth mentioning it wasn't that many years ago when the idea of fidelity being a big holder of a nonpublic company was something people would not have anticipated t. rowe was early in doing it of cour

has the reputation and credibility with investors and i think softbank has funded enough money from weworkwhat is needed to be done already in the pipeline as far as lisa's being sent -- leases being signed. day is his first february 18. what should be his number one job on day one? is it getting out of unprofitable businesses? is it focusing on the ipo? what would you like to see him do? ipo has got to be fifth or sixth on his list. the first is getting out of the extraneous businesses that adam got into. --ind those taylor: this is bloomberg. ♪ taylor: seven-year-old maverick has a rare genetic disorder that limits his vision. scientist and gene therapy had developed a medication that has the potential to improve his site -- sight. ♪ genes effects of retinal cause a devastating form of childhood blindness. gene therapy is at the forefront of treating retinal degeneration. there are over 20 clinical trials addressing various diseases and ways we did not think possible before. >> having to make a decision on his behalf has been a real struggle. this treatment could change our lives. this c

. >> the bets that have not paid off are high profile, wework and uber where has it made sense whereted where have they made the money they expected to >> they made smaller bets on a handful of companies guard ant health is one. the big thing here is when he talked about the vision fund, it was $100 billion and son was going to take massive bets and really bet on a specific category like ride hailing or various categories. >> office sharing. >> office sharing, exactly, and win, and get so far ahead because they were going to spend so much money. it's almost ironic that the smaller more traditional bets they've made are the ones that are paying off well. >> fundamentally what you seem to be saying is he sprayed from his home turf? >> or when he hasn't it hasn't worked out so well look at wework they kind of did what they said they were going to do, let's throw tons of money at a company, spend more than someone like adam newman, who was ready to spend a lot of money. spend more than you ever thought you would and let's see where this goes. and we've seen where it's gone and it's not g

plus, big changes at the top for wework as it installs a new chief executive.er on, tracking the technicals what the charts from friday's selloff could be telling investors for the rest of the year a very busy hour still ahead when "worldwide exchange" returns. ♪ yes i'm stuck in the middle with you, ♪ no one likes to feel stuck, boxed in, or held back. especially by something like your cloud. it's a problem. but the ibm cloud is different. it's open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. so it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. ♪ ♪ the unparalleled landscape of park city, or the famed peaks of whistler, you've faced the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking ship skis delivers, hassle free. ship ahead and go catch those first tr

after the wework debacle slammed the ipo window shut, there was no chance of this company beating itith an ipo it would have had to be public somewhere in the mid 20s is where it would have to be. normally this kind of thing scares away investors and it should if the market had gotten excited for this thing, you know what, you and i would be worried it would be a bad sign it could have opened the flood gates for even more deals of dubious quality. technological paper. technological -- >> merger. >> you've got it these are ecosystems, you know ecosystem, platform. hot sauce is a service we hear everything from these clowns when you drill down into the numbers -- you do. you do come on. i've got my own darn show i can say it what a bunch of jokers casper grew at a 20% clip in 2019 that was down from 43% in 2018 i regard that as a major slowdown, not a speedup. wall street loves growth but it's a lot less impressed with deceleration they had $80 million worth of refunds, rushes of discounts that's 20% of the gross sales. strikes me as a high number. they send a mattress back. either the

there has been a lot of talk about that in the first fund is not doing well lately including wework,talk about how investors want to focus on first vision fund. liz: the activist investor. >> i'm sorry elliott. >> i was when you get to that in a minute. we understand during this part of the meeting he threw cold water on the notion that they will go fully forward with the second vision fund. a spokeswoman was softbank declined to comment on this. did not deny, would not comment, also pointing out that there are some investments that they are making. they seeded it with their own money. still that does not limited the fact that there's tremendous pressure to basically not go forward with it and focus on the first one, we should point out as they reported yesterday, elliott and paul who is essentially saying let's focus on the first vision fund, they took an active mistake and he's under a lot of pressure. again this was a private meeting in abu dhabi in the message that i'm getting, some people interpret things different than what the company meant or what he might've met, this is int

well, wework has a new ceo.tate industry veteran sandeep methroni will take over this month. the company took a hit with the failed ipo launch in september. the co-founder and former ceo adam newman stepped down. wework has been the focus of several investigations by regulatory and law enforcement agencies. the trump administration extended the travel ban to include six more countries, those added to thelit are burma, nigeria, tans an tanzania and s. the move comes after almost a year-long review by the department of homeland security which says those countries failed to meet u.s. security and information sharing standards. the new restrictions will only apply to some categories of immigration visas. and finally, federal a agencies cracked down on those trying to cash in on the super bowl. they say an estimated $123 million in counterfeit merchandise was seized in miami in the days leading up to the big game. items include jewelry, hats, phones, fake jerseys and thousands of other items. of ills say they were ta

wework shine ad huge light on some of softbank's recent problems. did great with alibaba. they did great with some invests. they did lousy jobs with other ones. vision fund is hurting. saudis are balking putting into the second vision fund. they feel they're not getting good return on the first one. elliot management i understand is weighing whether to push them not to do the second vision fund f that happens, it will be big news. we will keep you updated if we find out about that one. liz: charlie, thank you. brendan car of the ftc. came out swinging that the t-mobile sprint deal will be good for the consumer. we have david waddle. we see the nasdaq hitting yet another all-time record close, worry we're saying we have 2 1/2 minutes left. not enough of a run-up on technology. >> i like i had in terms of bias. revenues continue to be good. it won't break until profit margins and fundamentals roll over. could be used as funding currency to go in other sectors previous guests spoke of. people are out of balance in the portfolio way to too much towards

wework is an underwater lease company.hey have a lot of releases that they rented at very high rates that they're going to have to rent out sublease and low rates, and how you're going to renegotiate those. he's going to be the best choice they have, whether they can do anything better than cash flow positive, buy 2023, which is the current projection. >> the idea that they were, the balloon picked and the valuation has been reset to the reality that's a real estate company and should be encouraged by someone who knows how to run that well. >> and how commoditized this space. is he ran a company called indu industrious, a coworking model once you take away the free beer and the ping-pong and all the other stuff that they had, basically this is a very competitive space. it's commoditized and he's proof of that because he's already run one of these companies. >> one of its potential rivals they're also based new york so he would have to commute from miami. >> he's going to noomove from miami. >> i'm thinking about it because

do you think that wework had an impact on private company valuations as a whole? carrying supposedly -- and all of a sudden only a tenth of that does that burst the bubble a bit, make valuations more reasonable again >> yeah, i think it was a healthy sign one of the things about markets is we tent -- the idea that the public markets look at it soberly, and as a result, it sends a senate to private markets. the issue was companies were given a lot of capital, loss making wasn't considered, it was all about growth superintendent fast-growing businesses to have some financial discipline i think it translated to -- i'm going to be more disciplined in how quickly you grow, how much capital i'm going to give you. so i think that was a healthy sign i don't think we're anywhere near the environment like in '06 or '07. >> when i talked to your board member in davos, he sid he learned everything from wework from you, calling you the smartest real estate investor he knows. were there any ripple effects on the real estate market >> first off, jim brier is a great technology i

alix: the second story is wework. we have a new ceo starting today. what are you hearing?e is not like adam neumann, but he's not as boring as a traditional real estate investor. executive, estate known as a turnaround guy. theteered ggp out of one of biggest real estate bankruptcies in america. remember, though, he has a lot ahead of him. they want to hit free cash flow positive by 2022. let's see if he can make that possible. alix: the other interesting have theu basically hedge fund head trying to raise more. sonali: they want to do a hedge by a formerun deutsche bank executive who worked with misra. he led the wirecard investment. there's really mixed reaction. on one hand, you have abu dhabi and because asked on government -- and the kazakhstan government pledging billions of dollars over time. no assurance this will work out. whatt is different from masayoshi son has traditionally done with his fund. alix: but interesting to see when they have all of the bad yo --like wework and all and oil. sonali: but again, it is a departure. alix: let's wrap up with legg mason an

and this, a change at the top of wework, the company named a real estate industry veteran as ceo.ll come on-board february 18th. he succeed sebastian gunning p ham and arty minton. super bowl liv, kansas city stunned san francisco 49ers in the fourth quarter. the final score, 31-20. the half time show did not disappoint. j-lo and shakira commanded the stage with energy to spare. jay-z and be i don' beyonce dect down during the national anthem. well, the chiefs winning big at last night's super bowl for sure. it was a great game. i was there. i enjoyed it tremendously. the team scored three touchdowns during the game's fourth quarter. during the half time show, jennifer lopez performed in shakira in in a bombastic performance. joining us this morning is dagen mcdoweou guys this morning. dagen: great to see you, maria. >> good morning. maria: i don't know how you made it home before me. there you are. did you watch the game? dagen: i watched every minute of the game. i actually didn't go to sleep last night. what i thought, this was andy reid's night, the coach of the kansas city ch

listen in. >> we learned a lot from wework's mistakes.risks to what wework did, put them with a lot of risks. we realize we learn from their mistakes, by signing management agreements and not master leases with the landlord. reporter: neil the common at, two major themes, the fact it is really expensive to live in a lot of cities, affordability. the second thing the connection, people want to be in a sense of community, they want to event plan. that is what they provide. pot lucks once a month, meet-ups, go shop together, drink together, music venues and use co-working and co-living spaces to meet people and not living alone. that is what venn city is doing. neil: makes a lot of sense. home depot is rising with strong earnings and robust housing markets. didn't hurt matters that they hiked the dividend as well. the three big dividend plays in the dow, home depot, microsoft are standouts, are gaining while the other 27 are declining. keith fitz-gerald on that. not the other 27 don't pay dividends but they seem to be more sensitive to this

michael: you could say wework was a bigger turning point. i think there is a conversation in the vc world. but there is a real disconnect between small group of companies and the snp. a bc person. person. there is some sort of connection between private sector valuations and public markets. you certainly have not seen spillover into public market valuation. romaine: public market valuations of obviously been a topic of conversation. earnings are still relatively low compared to what is being priced into the market. say, as2 support and long as you are talking about a fed at least maintaining that balance sheet, do you need to worry that some of these things are trading 30 times? >> i think you do. the market at large is still trading at 20 times. i think you have pockets of excessive valuations. largef it is not in stocks. they are coming off -- they are coming off an earnings trough. .t is a classic situation it absolutely does reflect interest rates. romaine: what happens if we hear from powell and they sort of put toand to this -- put an

the question is whether the magic sauce, the special -- whatever was happening at wework, the reason be -- part of why weworks do work, to the extent they work, is there's a feeling when you walk in them that there's something special going on it's not just a real estate company. so can he capture whatever magic that is and also bring the sort of business discipline that comes with owning and leasing lots of space -- zoob if you were an investor i would want more magic and less discipline you're right, the weworks you walk into, it's kind of fun. i don't know that that matters beyond -- that's not going to change >> and there's lots of imitators, by the way, out there in major urban centers and half a different choices in new york city >> they'll give you beer. >> better sound proofing. >> everybody will give you the beer everyone will try to upsell you on all the other products. we'll see whether this is the next way to get there. they still have to get to a $15 billion valuation. he has some wood to chop, as they say. >> yes, he does. >>> when we come back, we'll talk more about th

we had the on the back of not the same companies but on the back of wework, testing all valuations andverbloating and no earnings, if you look back in the rear view mirror netflix had an incredible run and i thought it was petering out of growth. but it seems the market is recard warding it for being the only pure play in streaming. my other play is disney. i think they are going to really start gaining market share and of course apple, big splash, more subs than hue will you and disney already out of the gate so netflix, apple, disney. >> kind of overlooked, apple on that point. >> not a lot of content. but they are roughly 33 million or so in subs. >> who wants the last word on this before we move to the final trade? >> well, they beat -- international subs were part of it i think the expectations in the request quarter were not good. reed hastings has been encouraging about the competitive landscape but basically saying the move from linear tv helps us all i think it needs to be profitable and that's what it comes down to. good for them, i mean with those nominations. there is no qu

wework brings in a new ceo. we discussed the challenges facing the real estate veteran.is a bloomberg. -- this is bloomberg. ♪ taylor: the trump administration wants to develop a cohesive 5g policy, but there is widespread disagreement about how to get there. liam barr dismissed the effort to use homegrown equipment, instead suggesting the government should work with nokia or ericsson to counter away. i spoke with former house intelligence chairman mike rogers. zte, two chinese companies. china wants data dominance they understand the need for building these networks. has invested into the next generation here as well as financing deals. no western company can compete, so we should be asking ourselves why they want to do that. should we be investing the way beijing is investing in there's? -- theirs? >> there was an interesting take on it, which was to nationalize a company. ericsson and nokia are companies that we wants to compete. -- want to compete. i would do it differently. couldn't we help them on the rmd r&d front? financinghow about loans that would allow them to

jp morgan had a huge place in the wework story.ed with door alix: sonali basak, thank you very much. and in your off the beaten street, limited-edition oreos. you've probably heard of supreme, but it is not all hoodies and t-shirts. they teamed up with nabisco for a version of the cookie dyed red , with the logo stamped on going and it is now for $15,000 on ebay. talk about a return on your investment. they don't even look that good. i know, i'm sorry. i am clearly not a skater. coming up, could gold falter, or do we get to $1800? if you are jumping into your car, tune into bloomberg radio on sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ alix: time now for trader's take. joining me is vincent cignarella. you can listen to vincent on the bloomberg if you type in squa . vincent: it's been a while since we talked about elliott waves. there's two things about this. it is really at an inflection point. we just completed the fifth wave , and what that suggests is that this is supposed to be over. it al

wework is controlled by softbank , committing billions to wework any rescue plan.uts on the way a julius baer. the swiss private bank will eliminate 300 positions. its goal is a leaner business with better profit margins after missing its goal for last year. julius baer dropped its target for net new money. that is your bloomberg business flash sonali: thank you -- business flash. sonali: thank you, viviana. romaine: a leaner business. where have we heard that before? sonali: does the market have the capacity to pick up these job cuts? where these people go? romaine: we seen with other banks, the get rid of a certain segment of jobs and then hire a bunch of tech guys who they think might be the future. sonali: julius baer might seem specific, but i do want to remind people that wealth management was a growth area on wall street. for them to be cutting here, what does this mean for the other wealth managers? romaine: there's a lot of competition out there, so maybe this is what they need to do to stay competitive. coming up on this program, iowa voters are heading t

again in its vision fund one quarter after softbank posted record loss driven by the meltdown at wework more than $2 billion in the three months ending in december. nissan isn't done going after former chairman carlos ghosn. ghosn inaker has sued japan to try to recover monetary damages he infected on the company. mr. ghosn was arrested in 2016 on charges of financial wrongdoing. at the end of december, he made a dramatic escape to lebanon. blackrock announced last month that it would put climate change at the heart of its strategy. that pledge already paying off. a blackrock sustainable etf has attracted more than $300 million it only started trading on friday. that is the best debut for any u.s. etf this year. that is your bloomberg business flash. romaine: still with us here around the desk, paul brain of newton investment management, and brooke sutherland of bloomberg opinion. we have seen a lot of money flowing into these esg investments. brooke: i would love to get your thoughts on this, paul. esg?really counts as do you have to make sacrifices on that front to ensure liquidity? p

the guy has taken a lot of flak for wework. neil: this just isn't any fund.d it. >> 100 billion-dollar colossus that basically incubates every major tech company and made really bad bets this year including wework. we knew, we the rotted in the past there would be a shake-up in the fund. we thought misra is going but we is is not. he is staying. his number two is going. here is the interesting thing. this is where the rubber meets the road on this, misra is trying to raise money for the second vision fund. he is trying to get the biggest investor of the first vision fund which is the saudi sovereign wealth fund, pif, trying to get them in the second one. that is mbs's, his big pile of cash that they're using to basically modernize the company. the country. if he does not get that money, and from what we understand it is still up in the air whether he will get it or not, a lot of people say he will not, both parties tell us it is still an open question. if he doesn't get that money, according to analysts, ms. a might have to step down. you start annoying the b

model but also that the environment is welcoming and, actually, we are more flexible in the way that weworkthat fits in with their work in their home lives. what industries do you think do a good job of this?|j think you think do a good job of this?” think it is really a problem across all industries, to be honest, there are not many industries that are immune from diversity issues, so i don't think there are any you can call out as being the panacea of diversity. i think there has been so much progress over the years, though, but it is about maintaining and allowing women to progress in the workplace rather than just attracting them. so it is notjust about leadership programmes and international women's day and that kind of thing, it's got to be sustainable programmes, sustainable ways of working and actually leadership characteristics and behaviours that make everybody feel welcome. and, looking back, what would have made the biggest difference to you when you were starting out, do you think?” difference to you when you were starting out, do you think? i think probably a less macho cultur

reputation has been battered by a series of missteps, including a botched ipo by office sharing startup wework: shares of mgm resorts tumbled in late trade after it where the deer its earnings forecast over 2020 -- withdrew its earnings forecast for 2020 over the coronavirus. announced that longtime chairman and ceo jim maron will leave the company before his contract expires, but he will stay on until his successor is named. southeast asia's largest phone companies all profit fall in the third-quarter, but the coronavirus outbreak hit income. haslinda: and, of course, that would result this morning, dbs built market expectations. q revenue coming in a tat higher than what was expected, billion. $1.49 an increase of 14% on the year. also up by 14%, return on equity , and a new record high of 13%. the upside in the earnings coming on the back of better lending, also better performance in its wealth sector. all in all, showing some resilience. the question is, what happens from now on because of the coronavirus? it will impact part of the revenue going forward by up to 3%, but that's on the cond

stuart: i happened to run into somebody that works at wework. enough.dow, a balance of winners and losers, overwhelmingly in favor of the winners at this moment and the dow is up 101 points, next case, new sanctions will be imposed on sanctuary cities. i think that's hardline trump at work, congressman andy biggs from the border state of arizona is up on that an even smarter, stronger investor. exactly. ♪(rocky theme music) fifty-six straight, come on! that's it, left trade right trade. come on another trade, i want to see it! more! ♪ 80s-style training montage? yeah. happens all the time. ♪ and i recently had a heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a low-dose aspirin. no more than 100 milligrams as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical study, brilinta worked better than plavix. brilinta reduced the chance of having

we have seen uber's ipo, peloton, the wework debacle.a lot of these unprofitable companies did not press -- not impressed investors. let's put this at a price that could appeal to investors. >> jp morgan announced it is keeping with its plan for bankers and traders. jp morgan has been the most profitable link in -- bank in history for two years. is this the best they could do? [laughter] >> jp morgan and other banks are preparing for tougher times ahead. morgan stanley cut 2% of their workforce. we don't know what the voters po -- bonus pools will look like at other banks. we will see if investors can keep up with pay. >> samsung saw fourth-quarter profits fell, coming in at $4.4 billion. blame following memory chip prices and weak demand for its display business. the company is expecting a weak start to the first quarter as well this year, but is forecasting an overall improvement in 2020 as the rollout of 5g networks boost demand for its chips. >> company very carefully orchestrates its earnings. these final numbers include net income

that was before the whole wework debacle and the aftermarket performance of lyft and all these unprofitableernet focused companies that just did not impress public market investors. it make sense that the advisors on the ipo are trying to tell the company look, why don't you have a more conservative valuation? these investors have more scrutiny for these companies. taylor: is this being seen as a bellwether for future tech startups that are trying to go public? >> definitely, we are still in january and is going to be a long year ahead. that first consumer brand name that people know, casper is everywhere. it performs well, it could mean that companies like post mates otherordash and unprofitable names that are known by consumers that advertise a lot, they will see whether it is more about the market for them to also go public. >> so the biggest issue, everyone thinks that they have a website, so now they are a tech company. is this a tech company or a mattress company? >> it is a great question. if you go through the ipo filing, it is in the tech- enabled business. there is an origin cente

purely -- i don't want to say performance, because a lot of things go well, but remember, after the wework, there are tons of companies laying off employees. the strategy might be changing quite a bit. how are they going pull a 180 while they also try to raise more money for this vision fund, where a lot of initial investors have gotten sour? alix: because they burned it off. let's get to the second story, which i thought was the first, crith suisse. this is a huge -- credit suisse, this is a huge battle. >> two investors have come out publicly and said they want the chairman of credit suisse to publicly support the c.e.o. it's a really complicated situation here at credit suisse. it's really great reporting by my colleagues about how, on one hand, they've stabilized revenue here, led the bank through a massive restructurely. however, they're really struggling to move on from the spying scandal as well, and credit suisse is investigating a third allegation of spying, one they said was baseless, but then again, they're still investigating. alix: this one from david, who owns credit suisse,

. >> not a wework situation of money rolling in, we don't know how it's used. is it -- used properly >> as far as we know it's been used pretty well themselves with a successful launch business of $2 billion in revenue a year. >> real money coming in? >> real money coming in and doing the next level projects on top of it. >> sheetz, we expect it. sheetz in space. we appreciate it, sir. michael sheetz. >>> how about this consumers can track when their friends pie pizza on venmo as we know but soon you might be able to share your investment holdings on robin hood with a few feature today of profiles set to roll out nextweek to allow users to track the investments allocated, follow lists of stocks and custom user names and profile photos genius to apply it to stocks >> i don't know. >> this is the worst think about what - >> you don't even like venmo >> the markets all about fear and greed and what everyone else is doing and i need a trade and too early, don't make any money. this is going to xexacerbate everything we hate about the market overreactions. people go

more problems for wework.nedcutive has during an investigation into inappropriate workplace conduct. a romanticedly had relationship with a member of his team. that is your business flash update. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. how you watch it does too. tv just keeps getting better. this is xfinity x1. featuring the emmy award-winning voice remote. streaming services without changing passwords and input. live sports - with real-time stats and scores. access to the most 4k content. and your movies and shows to go. the best tv experience is the best tv value. xfinity x1. simple. easy. awesome. xfinity. the future of awesome. i am mark crumpton with bloo

taylor: what is the new fair value for wework? barry: that is a good question.till am going to say it should be worth around eight or $9 billion, but i'm working off of old numbers. i haven't seen kind of a new filing with new numbers. but i don't think there's reason to think that the valuation from the last time has dropped substantially. and hopefully with sandeep and stuff, it will start to creep upward. like i said from the last time i did it, i don't see a reason to change those numbers substantially. taylor: barry oxford, always a pleasure to get your insights. coming up, mike rogers, former house intelligence chairman, on how the u.s. can win the global race to deploy 5g. this is bloomberg. ♪ sometimes your small screen is your big screen. and with the xfinity stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. download your dvr'd shows and movies on the fly. even record from right where you are. whether you're travelling around the country or around the house, keep what you watch with you. downloa

since then we have seen uber's , ipo, peloton, the wework debacle.a lot of these unprofitable companies did not impress investors. it makes sense that investment bankers would say let's put this at a price that could appeal to investors. >> jp morgan announced it is keeping with its plan for bankers and traders. in keeping bonuses flat as wall street readies for a drop in payouts. jp morgan has been the most profitable bank in history for two years. is this the best they could do? [laughter] >> it has been a record year again jp morgan and other banks . but are preparing for tougher times ahead. remember morgan stanley cut 2% , of their workforce. we don't know what the bonus pools will look like at other banks. we are waiting for goldman sachs, morgan stanley to see if their investment bankers will keep up with pay. >> samsung saw fourth-quarter profits fall 38% coming in at $4.4 billion. blame following memory chip prices and weak demand for its display business. now the company is expecting a , weak start to the first quarter as well this year, bu

they've had their share of tough breaks, shall we say, with wework and uber and brand works.have taken one blow after another. so, it has been -- it has obviously been a rocky time for softbank. had they lost this as well, it would have been a big problem. this is still a big piece of their equity value. they would have potentially had to take it in and take sprint's debt under their balance sheet. are now washed away. huge win for muscle yoshi son and softbank. taylor: i have to bring it back to the consumer. what happens to my phone bill? are my prices going up? craig: i suspect probably not. but look, there's a reason why antitrust analysis and hhi says it is usually not good for prices. this case might be different. t-mobile has some commitments under the consent decree to keep prices down and they will clearly try to take share. but, i think what the judge decided interestingly -- although, the judge did spend a lot of time deciding that he could read the motives and intentions of the various players with great acumen. but, with the judge decided was that price is not th

shouldn't come as a surprise he talked a lot about the performance of uber and wework and he's been quiteandid saying that he's made mistakes and he's looking at a slightly different strategy, one that places more emphasis on governance he has some work to do to convince some of the lps and investors to come back into the fund. >> you're at a tech conference i'm wondering what the ripple effects of this are, if people are talking about it, if there's an effect on fundraising in a broader context. >> absolutely. i think that you're already seeing the effects of that, how that's playing out in the ipo market of course, there was uber, there was wework's failed ipo. those were two of their highest profile investments. but it's changed the business model and how that's being pitched to public market investors. it used to be growth at all costs and now the focus is on profitable growth. and while casper wasn't a portfolio company, you see how it's been received by public market, getting a third of its last private market valuation. so there's a lot of talk here about valuations coming down to

wework was one of those. that's what drew the attention. of a unicorn market without these guys. that's how big they are. so you know, we will see as it develops. i think on the positive side, they got a vote of confidence from none other than mike milken, but right now, he's remade himself as both a financier and a philanthropist, okay. this conference is attended by everybody. he has one in l.a., one in abu dhabi. so this is a big thing. number two, misra is clearly feeling the heat from the activist investor, elliott management, which is why he's basically suggesting that he may scale back the second fund. that's a big story. if that happens, you know, less of a unicorn market. neil: still plugged in. i see you on the phone, walking the lobby. one night i was listening in, you said extra pepperoni. charlie: actually, no. it's like dinner for three. my wife -- neil: i understand. i understand. we are howard johnson's or bust. charlie: i know you don't do that. i have gone to dinner with you. you do order your salmon rare. neil: is there s

there's some history here with wework and high vaultiations that are no longer there should we be preparedf this company becomes public that the valuation is going to be a fraction of $31 billion or what? >> i think there cease many uncertainties and other things spooking investors is the coronavirus. one investor close to the company is saying that china is an important growth area for airbnb and they have to push off their ipo until the coronavirus stabilizes a bit so it provides more certainty for this very important geographic region for the country. there are questions for this perhaps ipo -- >> an angle i hadn't thought of. how big they are or were in greater china. deirdre, thank you so much great to see you >>> next the fallout from the aforementioned coronavirus showing up in several retailers' quarterly results. under armour reported disappointing stocks off 19% and they gave weak guidance warning it can lose as much as $60 million in sales from the coronavirus. hasbro delivered a stellar quarter. and the cfo deborah thomas said that it's challenging to quantify the magnitude of

masayoshi son, i feel like i speak about this guy once a day, one of the other companies he owns besides wework, was sprint. he's the principal owner of sprint. from what i understand, there's going to be some pushback on him because he's going to say listen, you need us now, you know, we got a deal, you know, there's going to be a negotiation here. i can't tell you how much this thing is going to be haircutted, if it does get haircutted, but i can just tell you that from what i understand right now, they are in talks. you know, stay tuned for the next week or so. liz: telecom owns a big chunk of t-mobile. they are the ones who are agitating, are they not? charlie: we have been saying it's t-mobile. today a story said deutsche telecom is advocating for repricing. it wasn't much of a story because t-mobile was talking, we reported it weeks and weeks ago on your show that they were talking about a repricing and maybe it is deutsche telecom telling john legere what to do. i don't think so. it's obvious, think of it this way. your fiduciary responsibility if you are a lawyer or the cfo or ceo, you

japanese company lost money after one quarter softbank posted record losses driven by the meltdown at weworkwish and -- the vision fund lost more than $2 billion. growth and beauty slow down but still beat estimates. the biggest brand of the french luxury group -- gross more than 10%. the brand makes up around 80% of the product. that is your bloomberg business flash. vonnie: coming up, we have "balance of power" on bloomberg television and radio. after the new hampshire primary. also on the program, the ceo of bp joining for an exclusive interview. that is coming up the top of the hour. checking u.s. markets, we have the s&p 500 up more than .5%. the dow doing even better. the nasdaq also up .7%. better performers than some of the semiconductor companies like micron technology. we also have some of the insurers higher by more than 3%, and pbh on a better china outlook then investors were looking for. this is bloomberg. ♪ david: from manchester, new hampshire, to our tv and radio audiences worldwide, i'm david westin. welcome to "balance of power" where the world of politics meets the world