ackman. it is monday, july 19th, 2021. "squawk box" begins right now. >>> good morning welcome to "squawk box." i'm andrew ross sorkin along with joe kernen. becky is off this morning. just the boys. >> maybe this is it? the beginning of something down week last week. >> the beginning of the end? this is the beginning of the beginning. >> maybe this is the beginning of the pullback which we haven't had because of the fed we he talked about it every day. the default trade is green it's up. not surging. never goes down. never goes down. why? the fed. maybe the summer is it summer it's summer. >> is it the summer or delta variant? we will talk over the next three hours trying to decipher. >> you are seeing the olympics >> yup >> covid it's hard to say we put it behind us completely i think it is mostly unvaccinated people. we don't know. we'll have gottlieb on he may know more than us >> we will spend the next three hours trying to decide what is going on with the markets. let's show you right about now joe mentioned at the t

bill ackman's spac dropping the bid for the label. music like lady gaga and taylor

ackman. it is monday, july 19th, 2021.>>> good morning welcome to "squawk box." i'm andrew ross sorkin along with

leslie picker has those details for us leslie >> jon, that's right bill ackman will still buy a stakece is something ackman laid at the feet of regulators >> to sign the deal, and then we push forward with the transaction and then actually in the last -- this week, last few days, the s.e.c. raised i would say a deal killer which is they said that in their view, transaction did not meet the new york stock exchange spac rules and what that meant -- i would call that a dagger in the heart of the transaction, put tauntine in an awkward spot. >> he clairerified a key sticki point is a minority stake in a company that is due to list later this year in amsterdam as for investors, shares are trading just about 2.5% above the spac's ipo price, but after a run-up earlier this year, due in part to retail interest, the stock declined 26% year to date. so now tontine has a year to find and consummate a new deal he said if he finds one, it will most likely be more of a straightforward merger rather than one with more of the creative and complex structuring as was the case with this most recent deal

ackman doing things that were very creative.me people didn't understand is was he really giving his investors something that they couldn't already do on their own. jim, if you wanted to actually create universal music there was a way to kind of do it you would actually buy -- and sort out a lot of the components remember, they own stakes in a lot of things. and there was a way to kind of short the stub so to speak, and then therefore own what would be universal music. and that was certainly one of the questions. it's over now. he's gotten the largest spac out there trading right around where it was issued, 20 bucks. >> he did basically say can we just -- not that he's elon musk and not that he'll agree with what i'm about to say, what he basically said was the s.e.c. was unsophisticated, did not understand the transaction. >> he did try to imply that. >> basically saying the s.e.c. were frankly over their head, didn't understand the trust. didn't understand how well the deal was thought out and how clever it was, and basically s

that ackman will replace pershing.. the shortfall will be sold to other investors if it is under 10%. we will keep and that. laura: zoom has agreed to buy 59 in its largest ever acquisition. it aims to boost zoom's videoconferencing app. the deal is subject to shareholder approval. tsmc's founder warns -- raising doubts about the ability of governments to develop entirely self-sufficient chip industries. maurice chan says free-trade remains at the bus system to fulfill global demand. facebook is pushing back against accusations that it is responsible for a vaccine misinformation. joe biden said on friday that social media networks are "killing people by allowing the spread of misinformation about coronavirus jabs." facebook says the claim was not supported by the facts. that is the bloomberg business flash. anna. anna: laura wright in london. on to germany. chancellor angela merkel historic areas of western germany that has suffered -- that have suffered devastating floods over the last week. the heir apparent was seen

bill ackman will buy a stake in universal music group with his hedge fund.ding will buy 5-10% of the music label. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> for children under 12, and i say this as a dad, our kids depend on us being protected in vaccinated in order to shield them from the virus. that is why it is so important for us to get vaccinated. jonathan: the u.s. surgeon general on abc this week. good morning. lisa is back with us next monday. another weeks vacation. she deserves it. we are down 31. -7/10 of 1%. some dollar strength out there. yields are lower, down for basis points -- down four basis points. you mentioned real yields. -1.1, if you round this one down. if you look at where the lows were, we had 112 at the start of the year. the positive growth -- we have unwound all of that. tom: there is a deterioration -- we have not seen a bid off of this caution. the vix down two points. this weekend was different in the great stretch of this nat

bill ackman will buy a share in universal music group. u.s.s looked ready to block the plan to deal citing rules. pershing square will now by 5% to 10% of the music label. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans, this is bloomberg. ♪ >> if you aggregate up the impact of consolidation to an american household in terms of prices and wages and other costs, the best estimates is it is costing about $5,000 a year for the typical household. tom: the biden administration national economic council director speaking to barry ritholtz, a spirited conversation. we turn to the markets with the vix up 2.5 points, -51 on the s&p. dow futures have been -500 for good while. the bond market with not a historic move but something that gets your attention. kailey leinz in for lisa abramowicz. get to tomorrow's flight. this is radically different than what we saw with sir richard branson. jeff bezos in a rocket. kailey: in up past the ca

the bottom line ackman's financial engineering, legal but different. it was dealt a major blow.oom. yes, always. show me zoom. therebying 59 the cloud contact center provider. it will be the second biggest tech deal this year. how much are they paying, lauren? lauren: $14.7 billion, ashley. it is the biggest deal ever for zoom. they're trying to stay relevant when workers return to the office. they're looking at business call center technology and to improve the way businesses interact with their customers. because not as many people will log in at home for the virtual meetings. ashley: that is true, yes. one more for you, lauren. how much is planned parenthood seeking -- robinhood seeking in valuation for the upcoming ipo? lauren: $35 million. it is trading app that is very popular. it has 22 million funded accounts. the shares could be priced 38 and $42, raising about a billion dollars. because it is trading for the masses, 35% of robinhood shares will be available to retail traders, basically their customers. ashley: fascinating. lauren, thank you very much, coming up despite

. >>> bill ackman's pershing square sinking, now down 1.3% on the announcement it has canceled plansmc piling on to last week's 24% slide. covid fears hitting the movie theater chain despite another blockbuster weekend courtesy is of space jam: a new legacy. amc is just down about a percent, well off the lows of the session though. and what do we see here? if it raked in more than $31 million at the box office. however, on the opposite side gamestop is up 2.6% bucking today's downward trend. remember, it did drop nearly 12% last week. >>> peloton speeding faster and higher than all of them, straight to the top of the nasdaq's leaderboard, taking a page out of netflix's playbook announcing it will be entering the video game business. how will that work? well, bike owners soon be able to play lane break where riders can virtually push a rolling wheel as they take on resistance and strength challenges. a little sissy is action or do i have that wrong? all right, shares popping 6% right now. and we should flip it over from peloton to beach body, pumping serious investor iron. we've got b

so when you think about all these variants, and you heard bill ackman this morning on cnbc say he isout and about, right, i think business travel is here to stay in america, and these businesses are going to find other ways to do it if it's not going to be commercial so i think wheels up could be a pretty interesting way to do that and the one last point primarily domestic here. i think 90% of their sales are domestic so i bought some of that today i think that could be an interesting one in this whole space. >> jeff, what do you make of some of these green names today? is it a head fake? is it here to stay >> i'm with tim. i just think the market has some muscle memory relative to what worked last year when fears of covid start to perk up again i just don't think, like i said early that it's going to be the prevailing driver. if i'm looking at any screen today and seeing what was green, i'm most interested in the builders, because i think conceivably, you can have an environment where rates start to drift a little higher, where the growth narrative returns, and builders still do pre

lagarde, and maybe not do quite as well against others >>> earlier on cnbc, pershing square's big ackman weighed in, and whether he thinking it would impact the overall u.s. economy. >> i don't think it's going to change behavior to a great extent i think people are done -- i am -- with being in a cave they want to go out, have fun, go to restaurants. you'll see a massive, in my view, economic boom, some people will be afraid some people are afraid of getting a vaccine, therefore afraid of going out, but i don't think -- i think we'll have an extremely strong economy come the fall i think people will return to work in september. i think companies will insist on vaccines, and i think it's a good thing ma about the marginal -- you can have that positive view, but you come back to that question fairly quickly. why would you sell things are very comfortable, so i don't think that's really the play here, but you know they made people defensive. they knocked down optimism, and had people generate some cash. >> what do you think about sentiment here >> if you think about what they're effectivel

in the 50s it broke down to when bill ackman came on and basically said, it was the four horsemen ofpse was going to be visiting us. that was the greatest buying opportunity i've come across during this market, this period, this strange period that we're in >> yeah, yeah. all right, jim, thank you. the opening bell is just minutes away we'll be right back. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. >>> i think the markets have been going through a bit of a rolling correction really since march. that fits our narrative that we've been espousing here, which is it's more about rotation thans it is about the index. when this happens hist

well, billionaire bill ackman plans to use spac investment universal music group and last month he announcedy, well my change comes after discussions with the securities and exchange commission. universal music has several artists including taylor swift and billie eilish. coco gauff becoming the latest star athlete to drop out of the only vic's after testing positive for covid 19, the 17-year old was the 25th ranked woman in the world and it would have been her first olympics. she expressed disappointment writing on twitter it's been a dream to represent the usa at the olympics and i hope there will be more chances for me to make this come true in the future. >>> customs and border protection apprehended more than 1.1 million people at the border this fiscal year, that's the highest number reached since 2006. democrats are pushing for amnesty with a $3.5 billion budget proposal. maria spoke with senator lindsey graham about this on sunday morning futures. >> if you start legalizing people without first securing the border, you will incentivize more illegal immigration. we have never in the p