it has a lot to do with the microsoft activision deal. earlier today microsoft had been down 9/10 of 1% after dropping 1% to 2% yesterday on the news that the nasdaq 100 is going to be doing a special rebalancing to reduce the big tech waiting on the news that the deal can go through. court approval that the ftc cannot block the merger between microsoft and activision. we had microsoft climbing higher. that seemed to be helping at apple, down 2/10 of 1%. having issues with numbers. amazon prime day started. two days, of course, up 1.4%. but put into the bigger context of the last month we have the nasdaq 100 index with the mega cap tech called the magnificent seven stuck in a range, telling you that investors are waiting on information. cpi tomorrow, coming in hot or as expected? bank earnings later this week, tech earnings, the fed. a lot of information. this range presenting garishly, suggesting that investors might be pushing big tech stocks back down into a range we don't know but one tech that -- stock that is popping is activision wi

want microsoft or activision to offer 2000 and off. crosoft and activision are in the position of trying to decide what it is they might be willing to cleave off from the main deal in order to placate u.k. regulators. caroline: does this feel once again like big tech is waiting in terms of getting the deals through? leah: a good question. the ftc is expected to appeal as soon as this afternoon. it is not technically over in the u.s.. but antitrust laws are not able to take on the tech stuff. have the ftc losing earlier this year and the meta-case, although the difference with the u.k. is they have a little bit of a better law that is harder to appeal. you have them blocking meta-giphy, so there blocking that even though the cna had opposed the deal alone. caroline: interesting, thank you. we're going to get into meta-, we just finished that conversation and we have been all over threads. where than 100 million people signing up. it is sort of becoming a twitter alternative, and out on. and threads could reach closer to 200 million daily

the uk cma say they have full consideration of the microsoft submission of the order on activision thetatutory period to accept it or not does end on the 18th of july. that has been extended to the 29th of august, 2023 on the microsoft probe, they say the group has extended by six weeks as they consider the special reasons to do so they hope to finish this at that time arjun, it drags on the case longer they are hoping to finish before the 29th of august >> dramatic story. the reason is because obviously after the ftc or judge made the decision on the ftc case, the cma came out and said we are ready to consider the transaction to make it satisfactory and address concerns they clearly need time to think about this what does this look like microsoft previously a few months ago offered concessions to the cma for the deal to go through. the cma rejected those they have to think about the concessions to help the issues allow cloud gaming for rival products and is there more they can do they need that extra time to hash that out. does it involve divesting in the uk or concessions with licens

our arjun kharpal joins us. >> the staunchest critic which blocked the microsoft activision deal, they came out after the ftc's decision and said they're ready to consider any proposals from microsoft to restructure the transaction in a way that would address its concerns so they've gone from saying absolutely no to the deal to coming back to the negotiating table. so what were the cma's initial concerns it really revolved around the gloud gaming market that if this deal goes through, microsoft would take a leading position in what is a very new and young market right now they're also concerned about markets making activities in games such as call of duty exclusive to its own platforms now at the time earlier this year when the cma said that and blocked the deal microsoft offered some concessions. they said they would allow some of the activision licenses to be allowed over a 10-year period as a way to allay some of those concerns over exclusivity. the cma rejected any of the concessions at the time. they said they would be hard to enforce and they said there's a potential for conflict

after the break, activision blizzard ceo bobby kotick here at the new york stock exchange. don't go anywhere. >> microsofttheir merger deadline to october 18th. activision also out with its earnings this morning ahead of estimates. the company did warning about growing concerns surrounding the company in the gaming community. joining me is bobby kotick. >> i'm happy to be here. >> happy to have you. it's been a while since you and i have spoken. let's get to the deal itself. some shareholders are unhappy with accepting $.99 and an additional dividend and higher termination fee should this deal fall apart after august 29th. what do you tell them as to why these are acceptable terms? >> 98% of our shareholders approve this transaction. our shareholders are overwhelmingly positive about the details of the terms. i think the short extension, we've got significant consideration. i think the termination fee may be one of the largest in history. we've got in improvement and commercial terms, we are paying a $.90 dividend so the shareholders -- my view is, this is a great deal. >> you didn't think you are in a po

activision deal. in the u.k., the cma has also paused their appeal of that merger between microsoft and activision. >>t lead to a nice rally in the equity markets yesterday, getting some boost from this possible biggest ever deal in the gaming industry coming to a close. the deal closure deadline is actually next tuesday, it is on the 18th. we have seen deals be closed while there are still some ongoing investigations. some are saying this morning that the ftc still could pursue an appeal in the u.s. we also have what is going on in the u.k. with the cma. it is possibly a bigger hurdle than the ftc challenge. yes, they have delayed litigation, but has not necessarily wrapped up. there is a 3 billion breakup fee that microsoft owes activision if the deal does not close by next tuesday, so it's going to be a close call. president shows us that deals can be closed while ongoing investigations are ongoing. dani: while we are talking about microsoft, worth flagging, microsoft has issued a report saying that a china-based hacker group has breached a series of emails tied to government agencies in western eu

some are considering this a win for microsoft activision. is this a go ahead for the deal?llo, yes, definitely, it is a win for the company and what could be the largest ever gaining deal in history. it is definitely a win because it will allow companies to talk to commissioners and find ways to settle and unfold a deal to could be completed. it is a major win. it allows more time for the companies to figure out a plan that will appease regulators. this deal has been under watch in the u.s. and the u.k. by antitrust regulators. such a large deal that it drew a lot of antitrust scrutiny since it got announced. now this seems to be a way forward. they are not there yet but encouraging signs that will potentially get this across the line. dani: not unrelated but former treasury secretary later summers was speaking yesterday saying, new rules announced or propositions by the biden administration on m&a would seem almost like a war on business. that is strong language. what was he talking about? >> that is strong language but it is something we have been hearing from dealmakers

ed: the relationship between microsoft and activision is interesting, the deal is not done. technically, microsoft owes activision $3 billion. do you game out any scenarios where if this drags on, the financial terms between the parties can be revised or changed? brian: i am not super focused on the break fee, that would come into a situation where the regulatory prevented closing. that seems like a very low probability event. what is interesting is the contract is terminable tonight at midnight. it would take someone raising their hand and saying we want out. it is pretty clear to me from what has come up during this deal, strong performance activision, what has happened in the markets, which is a shift from focusing on corporate culture, sort of like a political stance, to focusing on execution, there are a number of indications that activision stock would be up from the levels at which the deal was announced at. the internal models came out and showed they could pay significantly more. there are a lot of valuation positives. microsoft appears to be the party that started t

speaking of it, take a look at activision and microsoft. we expect eminently the judge to decide an outcome in the ftc hearing or trial for a temporary block on that deal. activision up as a percentage point, a soft proxy for the direction of travel where investors see this going but as we discussed, microsoft is down 2.6%. a big point strike on the nasdaq 100. this is bloomberg technology. ♪ ed: the microsoft activision deal is pretty important for the arbitrage community. portfolio managers and specialized brokers who bet on whether mergers go through fluid from all over the country -- flew in from all over the country to be in san francisco. you have spent days and days in the courtroom. >> it was a five day hearing, yes. ed: alongside a some suited -- alongside some suited individuals? >> i noticed that they made way for folks in suits and former al clothes. they were merger arbitragers and taking notes, feverishly, and keeping a very close eye on all of the little grimaces and the body language of the judge, the new yorkers, what is int

alix: big news from microsoft and activision. microsoft wins u.s. court not to buy activision. is is a loss for the ftc. microsoft allowed to close the deal against it ahead of the july 18 deadline. activision blizzard trading as high as $88. activision up buying 4%. that will help the nasdaq. the nasdaq 100 is into positive meritorious -- territory. barely but still. they were trading heavy. big tech names will have to be rebalanced over the next couple of weeks in the nasdaq. that could mean selling pressure on big tech names. this might help boost this. microsoft is able to buy activision ahead of july 18. overall, s&p up by .3%. maybe if they kick in more stimulus, it will be good for some commodities. guy: remember that the u.k. cna had thrown that dei out. it will be interesting to see how the deal progresses, given resistance from other parts of the world. many argue that the cma went early on their decision and sent -- set the tone. it will be interesting to see how the merger reacts as to whether or not this deal does progress. the indication so far is that actually it

stevens. >> we start with breaking news considering the deadline for the appeal for microsoft's $69 billion bid for acti activision-blizzard. the revised bid now ends on august 29th. they are trying every legal move in the book to keep the case against the microsoft deal alive. coming up short everily every step of the way. last night, a federal judge in california denied the regulator's request to postpone the court's ruling green lighting the $69 billion deal. this as the ftc is seeking an emergency action from the ninth u.s. circuit court of appeals to stop the deal from closing before july 14th >>> shares of coinbase set to extend the massive gains yesterday following the landmark legal victory for ripple labs and xrp token a federal judge says it does not meet the definition of the security investors now pinning hopes the ruling will weaken the s.e.c. case against coinbase and allegations it bought and sold securities without proper regulatory diligence >>> reports this morning that facebook threads is seeing a massive engagement drop off since the launch users are spending 50% less time on the app than a wee

microsoft certainly move the stock of activision. haidi: it is a big story. the chances of microsoft land and its $69 billion bid for activision has soared. let's bring in ardent legal news reporter for more. can they close the deal before the closure deadline of july 18? the markets are now pricing in an 80% chance it will go through. >> this is a good sign from microsoft, the fact that a federal court has greenlighted it for now. there are a couple of hurdles. the ftc could appeal this decision. it would ask an appeals court to temporarily drop the deal. that is one hurdle. also, the microsoft activision deal has been vetoed bama by u.k. regulator's. they make sure any concerns will be addressed before the july 18 deadline. kathleen: so u.k. regulator's are still opposing the deal. what happens there and how well microsoft work around that? >> today it seemed like the u.k. regulator's were softening their stance because before the ruling came down, they put out an announcement that they would stay litigation while they work out some sort of agreement with mi

deal the judged has denied that preliminary injunction, meaning microsoft will likely try to go forward here in the u.s. to buy activision for $69 billion we have lines out to the ftc and microsoft about what that means. one other aspect here is this is not over, sara, because the cma, the regulatory authority in the united kingdom is still going over this case they're not expected to have a hearing on this until the end of the month, which is past the july 18th deadline still a lot of questions about how microsoft can button this deal up. >> steve, thank you. steve kovach seeing the reaction in activision shares up 4.3% or so want to get to david faber joining us on set. he's on the phone, of course clearly, this was a surprise, at least -- david had been reporting it was sort of moving this way and through the courts but you can see relief in activision shares. >> there had been so much momentum for those who argue that this was going to be a difficult deal to pass, certainly within -- within a certain time period. steve kovach gave us the basics. >> we had said from the outset it was a tough case for the ftc to prove

ed: also in the news cycle, activision microsoft and you are in activision shareholder.he merger of the chance of this deal going ahead f 80-85% and the ftc filed a last night. what you see chance of this deal going through? >> with full disclosure, we sold most of our activision in the last two days after the ftc decision at around $90 per share or above. we felt the risk reward, it's a cash deal at 95 so we moved on so out of disclosure. i think the ftc will lose again. the ftc has overstepped their bounds and took very weak cases to court to her competition in gaming. they were not helping at all. the ftc needs to really reconsider what their purpose is because we are a capitalistic society. they need to find better cases and there are plenty of good cases they can jump in on. how about the llv golf situation? the ftc should be blocking that 100%. they need to focus on something a little more meaningful. caroline: we will let you get back to some golf playing now it seems because you are on vacation and you came on just for us, thank you very much. ed ludlow is in sun

and with some of the big movers on the day, microsoft a little bit lower. .3%. activision90 per share. this is after the appeal to walk the deal with activision happen. there are hurdles in the u.k.. but the volatility seems to be moving upward. with tesla, you were talking about trucks, and we have the ramp down in texas. maybe it will finally lunch in the third quarter. and finally apple. apple last week would little shaky to put it at the least. but it has been up for days in a row. this is the best day in a few weeks. it looks like the consolidation will prove to be healthy but this is potentially a good sign for the bulls. guy: great stuff. thank you. let's talk about tech stuff the first part of your it confounded everybody. we are speaking with ceo of jmp securities company focused on tech. it is great to see you. thank you for joining us. do you take money out of a money market account right now and invest it in the nasdaq? mark: it's a great question. i think i will answer it by saying yes, but i will be careful obviously with the market with the nasdaq at all-tim

judge rejected the ftc's bid to temporarily block the microsoft/activision deal.h companies are said to be giving up some control of their cloud gaming business in the u.k. to appease regulators. sources say both companies still think it is possible to close the deal, which would be the largest ever in the videogame industry. david: the deal and the ftc and the moves to block that deal have been a hot topic at an annual conference taking place in idaho. ed ludlow has been on the ground for us there, wrapping up the event for us there from sun valley. ed: the final dispatch from sun valley, idaho at the allen & co. conference. on the one hand, everyone was talking about the microsoft/activision deal, the efforts the ftc went to appeal the decision by the u.s. district court to not grant a temporary injunction blocking the deal. now we move to the ninth u.s. court of appeals, as the process goes on. then you have the news of bob iger extending his contract as ceo of disney until 2026. what does this mean for succession? is it two years of extension? because there is

reviews microsoft activision takeover bid, after the green light the deal in a defeat for the fdc. kathleen: the bank of new zealand is said to hit pause on inflation, ending a streak of 12 straight hikes. a second day of rallies on wall street. the s&p 500 up about .7% closing over the key 4400 level. the nasdaq up by .5%. the dow up by almost a whole percent. it's the sense of optimism of the cpi, maybe it'll show a more benign inflation outlook. that is what traders are looking for. as we look to futures trade, and see optimism, -- we can see optimism, the gains are fairly decent. the markets are unchanged the stock futures side. the 10 year, 3.97, the rally continued. it was a drop of about a .10%. the optimism on cpi. oil is up. that was one of the things that drove the major market averages. the energy stocks. westech's intermediate up to percent, closing at $72.83, breaking through the 100 day moving average. you can see the optimism has faded as well. the big thing on a quiet day waiting for the cpi, microsoft having its $69 billion acquisition of activism -- activision bli

microsoft shares currently up 1%. it is the activisionce that sees the volatility whenever we get these kind of headlines. we will continue to monitor this. i want to get to delta, it is sought second quarter profits soar as a rebound in international travel keeps planes up. sheila kahyaoglu has a buy rating on it. thank you so much for coming in. let's talk about delta first. their planes are packed. everybody is trying to get tickets which is why prices are high and these airlines want to buy more vehicles, more airplanes. how are they doing in relation to their competitors? sheila: delta is well-placed given their premium offering. it was up year-over-year. that number was not positive for the sector. their international revenues are exploding. atlantic was really good for them. i believe up 20%, higher yields so better pricing in the region. you want to on the carrier that has a premium offering as well as an international focus that is growing in the business. matt: growth is another thing you want and is that a possible right now wi

joining us how to play the activision microsoft deal, because overall it is extended to october 18th and ceo, kevin kelly. warren buffett, i want to say a couple quarters ago, well you know, activision blizzard at the time it was trading around 70 bucks. he thought if the merger is supposed to be higher than that, it is 92, he sold it 48 hours ago, do you buy it now? do you buy microsoft? tell me what you're thinking? >> i think actually it is great to play the spread here. it is a defensive way to play the markets right now given the fact that you know you may even have the fed raising rates over the next week. so i think it's important to note that this is just a merger arb play. there is $2.80 left but we think this deal is going to get done. bobby kotick, if he was trying to sell activision to take two that's a no-no, but what they're doing they're selling to microsoft. so there is not really competition as you had in that conversation yesterday. so we think it is a great way to make $2.80 own on the stock and we think the deal gets done. liz: tell me what you think about the nasd

fourth mentioning as we await the outcome of the ftc's appeal on the decision to allow the activision-microsoftt to go ahead. the nasdaq 100 has already announced it is taking activision out of its index. the nasdaq waits for no one, least the u.s. court or the you pay cma -- uk cma. let's get to our reporter who has been tracking the asian market trade for us, how's it looking out there? >> amazing day for asia. the msci asia pacific index is set for its best today since june 2nd. china stocks are really helping that, we can come to that later. the whole yields and declining dollar story is good for asia, especially companies that hold dollar-denominated debt. correlations have started to reassert themselves. they dropped off in the past few weeks between the dollar, bond yields and the msci asia pacific index. with china taking a more assertive role in the nation. now it seems like the macro fed game is back in place today. dani: the cycle high for the yields for the rates is almost in, if not in right now. taking a rate from your busy day on the markets desk, thanks so much. over to corporat

what is it microsoft and activision want to happen in between these dates? >> they wanted to close. ey are asking what the u.k. wants to see. we saw microsoft over the we saw microsoft over the week and make some concessions. they want to remain on the platform for the next 20 years. they tried to make this agreement previously and sony is the one that projected it. it's an indicator they see the writing on the wall. some of my colleagues have reported that microsoft has considered selling off some of its rights to cloud gaming in the u.k. which was a concern for regulators. we could see some concessions like this and whatever that last closing deal is, they needed to get to the finish line. caroline: have we seen much like this before? do we ultimately always get down to the wire when it comes to these regulatory headaches and when we have such clear-cut dates? >> i don't think so because what's different here is the regulators are challenging these mergers. we had a regulatory in the u.s. that would allow most mergers to go through. it's on caress tickly -- it's an uncharacteristic

microsoft would win in the last few weeks. maybe you will see a small bump. let's see how activisionicrosoft gaming tools and actually might impact the business and bottom line when you put those two together, there is significant growth and some concerns people are bringing that microsoft might corner off the comepetition or xbox take exclusive ty to the games, that could happen once that happens, we could see something serious with the stock. >> shares of activision-blizzard up 3%. another story we're watching is the tesla truck plant in texas after the two-year production delay. elon musk telling shareholders back in may that tesla would like to produce 250,000 trucks a year giving the company a leg up from ford and rivian that was the onlyriginal plan a lot of people say better late than never on this one we have seen a lot of pickup trucks and rivian is the best selling electric pickup in the u.s. >> i would say this is a massive hit for tesla. the truck looks great. people made fun of it when it came out people will want to drive it and park it. they will want to show affiliati

. >>> coming up, microsoft's activision deal not out of the woods just yet the ftc filing an appeal tolock that, though microsoft one of the better performing dow components more details when we come back >>> ftc chair lina khan appearing before the house judiciary after the significant si announced last night it will appeal a decision to let microsoft have activision go through. our steve kovach has been listening. >> reporter: chair khan focusing on the investigation into twitter for violations of a privacy settlement after elon musk took over the company asking the court to eliminate that settlement. the ftc has gone absurdly far beyond the mandate granted by congress ethics concerns, khan when she didn't recuse herself for a case against meta though an ethics official advised she do so the losing record blocking mergers and pointing out ftc is 0-4 when merger challenges and why the ftc brings those cases to courts. take a listen to that exchange >> we fight hard when we believe there is a law violation and, unfortunately, things don't always go our way. we make determinations -- >>

by the way, if they did go the sale route, they could do it, challenge it, do what microsoft did with activisionable company. they have a real problem here, so they've got to do something. and if they went the sale route, it would take three years go through various doj, fcc -- lena khan would weigh in who didn't like microsoft/activision. do you think she's going to liken apple buying paramount? cheryl: she's had a lot of losses, hasn't she? >> she has, but two years you waste. they need the money. bankers are telling me look for something, maybe a spin-off of something, something that they can sort of monetize their existing assets which are pretty big, and they need to monetize. now, there is a possibility they can turn this all around, okay? cheryl: can you tell sell off a piece -- sell off a piece? it's a dumb question, but could you sell off the paramount network? could you sell off mtv -- >> yeah. we sold off to do disney, our studios -- cheryl: yeah, fox studios. >> we didn't need the money, but we thought it was a different -- it was, we have a different model. they need the money, okay

would think it would be highly unlikely and wouldn't be productive >> looking at shares of microsoft and activisionblizzard of the microsoft is up and activision down >> pippa, thank you. >>> more coming up on "worldwide exchange," and what the word of the day is and we talk about the bob extension. >>> later in the show, we ask our expert panel if the fed has done enough. we have buoua sy hr still ahead when "worldwide exchange" returns. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second o

there is a fixation on cloud, but microsoft buying activision was more to do with mobile gaming.eadline here in the u.s. is midnight for san francisco time tonight in less they appeal -- the court of appeals issues this day. the clock is ticking and i got to go to san francisco so i can be there in time. alix: grow quickly, do they want -- what will either take away from this? ed: i think there take away is that if the deal goes through and the ftc is not successful in docking it, we may start to see green shoots and m&a and tmt in particular. am we are there to talk about deals. dani: thank you so much that is bloomberg's ed ludlow. you can catch him and caroline hyde on bloomberg technology in about 90 minutes time. coming up you get the ceos take on the strength of the economy. jennifer rumsey ceo and president of the energy manufacturer cummins is coming up next on bloomberg. this is bloomberg. ♪ somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids beca

kailey: as i mentioned whether it was microsoft activision blizzard or other cases the ftc has pursuedosses stacking up. is this something that will help you in court in the u.s.? jonathan: we have constructed the guidelines around the law. we started by asking what does the law say? what precedents will course rely on when we bring cases to court? how are they going to apply those to the facts of a modern economy? we built the guidelines so that they are built around the law. these are the first guidelines since 1968 to state -- to say a lot and we do so extensively. we have the burden when we bring a case to convince the court, which we have done recently with american airlines and jetblue and the penguin merger, we successfully challenged the deals by bringing cases to the court, explaining the legal framework, and convincing judges we were right. guy: is guy johnson in london. you are therefore convinced you will have a greater success rate going forward with these guidelines in place. can i take that as a given? jonathan: the guidelines are not about success or anything else. they

activision blizzard after a u.s. district judge in the northern district of california said that the ftc has failed to show that it was likely to prove that the merger would result between microsoftpetition and that would harm customers. in fact, it was 53-page decision. she denied the request for preliminary injunction which would have delayed that deal until after the agency could fight it in some other internal court. now according to "the new york times," this ruling is significant blow to the ftc's effort to block blockbuster tech mergers more aggressively. that strategy has been spearheaded by the agency's chair, lina khan who argued big tech has a vast influence over commerce and communication and led to anti-competitive behavior but i got to tell you something, this is another blow, a major blow to the biden administration which sought to use the heavy hand of government to pick winners and losers, targets companies they approve of or disapprove of. i want to bring in linda mcmahon. you were in the government. you understand how it works. listen, we all want fair competition but from what i've read, the ftc used to be the number two best place to work in government, now d

yvonne: now the latest on microsoft's takeover bid for activision. a u.s. green light for the $69 billion deal, but the ftc is leaning towards appealing that decision. su keenan joining us from new york with more. let's start off with the possibility an appeal could be filed as quickly as the next 24 hours or so. >> that's what we're hearing from a person close to the matter. sources saying that the u.s. federal trade commission is leaning toward appealing the decision that denied its bid to block the activision microsoft deal. it is a huge loss for the agency which according to the judge failed to show the deal would harm competition for gaming. no final decision was made, but if an appeal is filed, it could come as soon as the next 24 hours. that is probably because the judge extended a temporary restraining order that blocks the deal from going forward, but that expires at midnight. so the judge wrote that the ftc would need to seek an emergency stay from the ninth circuit court of appeals to extend that beyond friday. that's the decision we're told the

coming up, the request to block microsoft from closing eight takeover of activision blizzard, but what about the u.k., we will have the detail. hollywood comes to a halt. actors joining writers in the strike, putting reduction of films and to standstill, the first final thing is walk out since 1960 did plus the world is taken by storm as governments scramble to regulate. they discuss the steps the eu is taking to rain things in. let's check in on the markets. again, abigail doolittle, take it >> we have another day of gains. a fit they have gains for the s&p 500. moderating gains on the day for the s&p 500, and the tech index which is still doing well on the day. the nasdaq 100 is up in the new york fang index is up at 6% on the day. it one .1% contribution bridge china tech not so much. at least not on the day. down about 2%. one driver for the tech strength on the day and on the week is the fact that the bloomberg dollar index into today is down in a big way, and yields are not in a big way. we can see the yield on the week is down about 20 basis points. that makes the valuation look

the appeal complicates the timeline to close the activision deal by the july 18th deadline microsoft options, though, including renegotiating with activision to extend the deadline or it can walk away and pay that $3 billion break fee >> sure seems like the ftc kind of works better when you fear it, and we're in a paper tiger situation now where people will accuse lina khan and the ftc of taking ideological stands and trying to construct the legal basis afterward, like, and so are companies really going to be afraid she was counting on that, on companies trying not to do the deals because they were afraid of what the ftc would do. >> she was grilled about that today. my question becomes, if she keeps racking up losses, the appeal does not work out in their favor, again, what happens to -- when do companies start pivoting we hear about this chilling effect on mergers, when do we hear the opposite, okay, she's not holding the cases up in court, let's go ahead, it is party time again, merger mania >> it still slows things down. you have to go through a process that might have an uncertai

going to be just too little competition within the gaming world that if this takeover of activision by microsoft end up being an absolute giant in the gaming world. the $69 billion deal will have been the biggest deal made in the gaming industry. it is a massive industry, during the covid lockdown, we saw that gaming became exceptionally popular. so that is why the ftc continues to fight because they are saying that this is going to be a detriment to the entire gaming industry. there will be too much power resting in the hands of microsoft. haifa be too much power resting in the hands of microsoft.— hands of microsoft. how has microsoft — hands of microsoft. how has microsoft responded? - hands of microsoft. how has i microsoft responded? concerns hands of microsoft. how has - microsoft responded? concerns that it could potentially limit things like call of duty on other platforms?— like call of duty on other platforms? like call of duty on other latforms? ~ . ., , platforms? microsoft are saying they are doinu platforms? microsoft are saying they are doing this _ platforms? microsoft are saying

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on friday, the ftc have lost their corporate deposit microsoft activision deal.ld almost a that microsoft has defeated the final boss. i can hear the groans erecting from everyone around me. let's get to our check roundtables. mr. with you. we might have had to get to see louisiana on this one. we are waiting from what happens with the case ela. >> they have been trying to block the deal. there is an appeals process that is ongoing. there is a hearing set -- scheduled for today. they are trying to stop the deal. there is a possibility that the u.k. still exit go through somehow. the u.k. deal is focused on the cloud gimme business. question that point, doesn't this deal pen with microsoft and sony over the weekend? won't they have a licensing agreement? crave me if i'm wrong, that is longer than most of these licensing deals. to allow call of duty to stay on sony's playstation, does that not help relieve some of the concerns? >> i think it does. the uk's fixes been around the cloud daily market. the cma did not like that. they're coming up with a broad, less spec

this activision blizzard thing with microsoft was very logical. microsoft wasn't doing any crazy.e, acquisition in the media word, it is paramount. old viacom-cbs. sitting there. market cap of $10 billion. anybody can buy it. it should be bought. people talking how they are willing to sell it, shari redstone, redstone family, but no one is buying it because of the justice department, isn't that the case? >> people are afraid. the threshold to bring a lawsuit under this administration has definitely gone down and so for the boards to approve a deal they now have to factor in even, if there is not an antitrust problem you have to go to court because they will sue you and you have to go to court and defend that and that time lag needs to factor in. a lot of the challenges in this particular transaction was the outside date for this merger was july 1th in the microsoft-activision. they had to really rush to get that litigated but that was pending for 18 months and that's the challenge. a lot of folks you know, don't want to get into the deals but if they challenge them you had the cas

. >> ftc will appeal, microsoft activision but time is running out because the companies have their ownse the deal and that is tuesday, the 18th so earlier this week the judge ruled she does not see this deal hurting competition in video gaming and things ftc failed to prove microsoft would withhold that from their competitors so that's a blow to the ftc and she's going to testify today before house judiciary and the lawmakers want to talk to her about mismanagement and why she goes after him companies like twitter more than others so i would say it's a bad story for the ftc. ashley: interesting. crypto stuff, coin base, a solid run up to the crypto etf announcements but who doesn't like the stock? >> the street doesn't seem to care, they cut them to sell, raise price target at the same time to 70, $16 underwear it is now. they say this recent run-up for the share price is because of black rocks, application for bit coin etf and coin base would be the custodian for that. but coin is reflected in they were going forward about a regulatory crackdown and the sec is suing coin base so a lot

judgment, the cma must issue an explanation by thursday why it changed its mind this comes as microsoft and activisions in talks to extend the deal contract which is set to expire midnight tonight san francisco time this could put microsoft on the hook for $3 billion break fee if it chooses to walk away. there is a third option. microsoft could move to complete the deal without the cma approval in breach of uk law that could lead to a fine of 5% of the combined global revenue by this time tomorrow, we will know which option they have decided. the least disruptive is to extend the timing of the deal. this as warren buffett said it cut its deal in activision to 14.5 million shares putting the total holding of 1.9%. >>> morgan stanley and bank of america are the latest banks to report before the bell today morgan stanley is expected to be hit by a slowdown in deal making with the rising cost of financing and and alysts expectg a rise of succession planning. profits are expected to rise at bank of america with the boost of 15% of net interest income according to data. investors are looking for details of

brian kelly is here with what you need to know >>> but first, more with the microsoft activision dealares 10u7% steve covak is with me now >> the fcc lost their case they alleged that microsoft was just going to go ahead and close this deal without regulatory approval or anything they moved ahead, the judge did not bite their case. in a very quick five-day hearing. the judge made a decision, no jury in this, just a federal judge in san francisco basically, saying the ftc couldn't make its case that by buying activision they would -- that's the thrust of this. >> we're continuing to layer in more news. let's brick in david favor with an explanation activision shares are at sessions high. >> they may be at $95 a share, because i think it looks increasingly likely that microsoft is going to be able to close this transaction as soon as monday. and prior to the expiration of the merger agreement between the two parties, which is july 18th, kelly. it's stunning. i termed this deal mostly dead sometime back when the uk's cma had issued an objection to the transaction. but it is very much ali

kick pain in the aspercreme. >>> microsoft and activision aiming to close their merger deal next weekfter the federal judge rejected the ftc's attempts to block it that decision was a setback for agency chair lina khan and her push to challenge big tech s.e.c. can still appeal, and in the uk, regulators who blocked the transaction say a newly restructured deal might require a new probe, but you said it pretty plainly last night, what? corporations, 1, ftc, 0. >> smackdown this was one of those, by the way, there are ways to turn down an agency, but just to say the agency's dead wrong and doesn't -- basically doesn't know what it's doing is a rebuke, and what really makes this important, it's a biden judge. i mean, this wasn't some trump judge. this is a biden judge who basically just says, look, what are you talking about? what are you talking about this is nothing to do with antitrust. so, i mean, it's one of the things where if i were a goldman-sachs -- forget goldman, they haven't been able to do much lately. if i was a morgan stanley m&a person, i would be calling ever everyone an

so close but so far, microsoft and activision blizzard are almost at the finish line of their 60 minute -- of their $69 million deal are -- we have data to break down and in theory, all of it pointing to a consumer hanging in there. this is the banks --guy: the banks and the data are pointing to the same thing, a economy that is slowing but not dramatically. this -- there is nothing dramatic in any of this and is that more consistent with the soft landing that so many people are talking about? kailey: it seems like the soft landing is coming -- something of a base case even as the market prices in fully a fed hike. guy: if they stick the landing, should they be cutting? i was listening to someone talk about this earlier. why with the fed cut if it delivers a soft landing -- why would think -- why would the fed cut if it is delivering a soft landing? maybe that is the level it can -- we can live with. the bank earnings story and the retail sales number we had earlier today and try to get to the question of the day, or get an answer. what is the main straight -- what is mainstreet telling

after hours we are following microsoft and activision. both are gaining ground in the regular session after we heard that microsoft held productive talks with british regulators about the tie up after the market closed we heard from sources telling us that the deal still might take longer than planned. haidi: take a look at how we are shaping up when it comes to the asian start to the trading session. this is australian futures. on the back foot, 0.3% softer. more resilience when it comes to the aussie dollar. fluctuating in the overnight session. a narrow range against g10 counterparts. we did see overall in the session the aussie and kiwi dollars leading losses on the back of being traded as risk proxy for china slow down after the disappointing domestic numbers coming out yesterday as well as the downgrades we saw from several major banks for the chinese economy. new zealand stocks flat at the moment. we expect inflation to slow significantly as consecutive rate hikes begin to take their toll. consumer prices looking like they will rise

let's get more updates on the ever grinding story that is microsoft and activision. the extension in the deadline has been given for three months to get this deal done. there are also updates to the changes in which termination could be $3.5 billion if they walk away. let's get over to catherine koval who has been thinking about why this ultimate deadline that was meant to be july 18 has been extended and it is because of u.k. regulators, correct? catherine: today we have seen this deadline has been extended by the companies. this was extended and bloomberg reported that this will be the case. this is so the company can get over. last week we saw them put out a statement say there will be structural remedies for the companies. we have seen them extend to august 29 and to clarify if they are being offered to restructure deal, it can get both sides time to renegotiate and thresh out the details on this one. caroline: shareholders might be pleased, both sides agreeing activision could issue a one-time dividend to its shareholders. dividends have been put on ice prior to

. >>> when we come back, the ftc not giving up on trying to block microsoft-activision, lina khan goesn front of house judiciary later today. got some energy m&a, domino's, coin, carvana, meta, snow when we return. (vo) this is sadie, she's on verizon. the network she can count on. and now she has myplan, the game-changing new plan that lets her get exactly what she wants and save on every perk. sadie is moving to the big city and making moves on her plan, too. apple one, on. now she's got plenty of entertainment for the whole ride. finally there! hot spot, on. and she's fully connected before her internet is even installed. (sadie) hi, mom! (mom) how's the apartment? (vo) introducing myplan. get exactly what you want, only pay for what you need. act now and get it for $25 when you bring your phones. it's your verizon. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see

a major update in the microsoft/activision saga.t the decision means for that deal, when "fast money" returns. >>> get your trades to go with the "fast money" podcast catch us any time, anywhere. follow today on your favorite podcasting app we're back right after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> welcome back to "fast money. stocks closing near sessions high as investors await the cpi report the dow jumping 300 points the s&p and nasdaq up half a percent. shares of boeing jumping the plane maker handing over 60 aircraft and wracking up hundreds of new orders with air india. that stock is up 15% this year and shares of roku and shopify going higher roku customers will be able to buy directly from their tvs from shopify stores. >>> let's go to julia boorstin now sitting down with joey levin. >> thank you so much, melissa. joey, thank you for joining u

microsoft acquired activision, and microsoft makes the box. of making call of duty exclusive to xbox, this deal ensures playstation gamers can play for the next decade. >> i'm familiar with call of duty. thanks to my boys. >>> a sweet way to beat the heat. a beloved ice cream shop celebrating. baback in the e day, snsneaker dropops meant gettining online t to waitit in line.. now wiwith xfinityty mobile.. ...we get t the fastesest mobilele service and cacan get the e freshest kicks asasap. i got ththis. get ththe best pririce for 2 s of unlimitited when yoyou switch t to xfinity y mobiler $30 0 a line perer month. nicece job, littttle sis! ththey grow upup so fast.... i'm m a fan. frfrom xfinityty. (warehouse ambience) inintroducing g togo's new frfrench dip s sandwiches feataturing frfresh artisasan b piled highgh with tendnder roast bebeef, smothehered with m melty provovolone cheeeese and seserved with h hot au ju fofor dipping.g. try y the roast t beef or papasi frenench dips totoday only at togo's (♪♪) feel thehe power of osteo b bi-flex®

. >> a lot of what you are seeing like microsoft activision indicates a higher hurdle when it comes tohat that means is that it takes hunger for deals to close and the bonus -- longer for deals to close and the bonus does not really hit. people are trying to pick up guaranteed packages to see if they can get a new guarantee to see if that can subsidize their income. that is the main reason is that credit suisse merger that left so many bankers trying to find jobs all at the same time. coupled up with not so good m&a performance since last year like not very good bonus performances, everyone is wanting to get a new job in a new environment. caroline: you talked about the regulatory concerns and many have felt it is a big tech regulatory concern, is it m&a more broadly and what does that mean for the venture investors who are looking for some sort of exit? >> ipo has been nonexistent for almost a year until pretty much this month. you are not seeing any big bone of ipo coming either, what you are describing in -- big boom of ipo coming either, what you are describing. algorithms are runn

republican from california grilled ftc chair lina khan on a federal judge's adverse ruling in the microsoft/activision case to emphasize the point. >> why should americans have faith in your judgment when this biden appointed judge says you are so far off the mark? >> our complaint lays out the staff's view of what this merger would result in and why that would be a law violation. >> now, the saying in washington, frank, is personnel is policy, and by selecting lina khan as ftc chair, president biden has decided they want the agency to take this much more aggressive approach. >> the guideline is interesting when it comes to vertical and horizontal mergers will this have an impact on the mergers? >> i don't think so. these are going to take a while to get into place. they're draft guidelines for while, and what that means is there's a common period in the typical bureaucratic rollout process. there's going to be a lot of time in real time where these are actually in place. what it does is puts a marker down and gives you a sense of where the ftc and doj are going in terms of ftc enforcement and the con

it is not a good way to do things >> i agree >> there is no visibility. >> the microsoft activision deal is interesting because of what it could setoff. >> i cannot figure out it is not in microsoft's interest not to have "call of duty" on multiple platforms. they have ability. >> i don't care about it one way or the other it is odd to me. we can't harm consumers. this is what i was talking to steve about. >> you have four kids under the age of five? >> we may do mario kart. >> you have to park them with a controller they just killed the story it is your fault. >> which one >> we talked all about it. the ftc story. did we mention it? >> perfectly on time >>> coming up, a look at what investors should be watching ahead of the busy earnings season sarat will join us not because of pepsi we will dig through the quarter with hugh johnston shortly keep it here you are watching "squawk box" on cnbc >> announcer: this cnbc program is sponsored by ibm. ibm. let's create go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyz

shery: bloomberg has learned the ftc is poised to pause its in-house trial against microsoft's acquisition of activisionlizzard. let's get more detail. what does this mean for the deal? sara: this is not definitive but it is one more step forward for microsoft being able to clinch this deal to buy activision. the ftc today forwarded that it would suspend its trial in its in-house court that was set for august. does not mean they pulled entirely, they could reschedule it, but at the moment this will open the door to talks with microsoft, which can now come to the ftc and make any settlement proposals they might want to make to get the ftc to bless this deal. separately, the ftc is still pursuing its appeal of a federal court ruling which has allowed the deal to go forward. there are still legal machinations going on but this is a green light for microsoft to move closer and another step back for the ftc. haidi: what are the broader implications of the appeal going forward? sara: that is a process that will have to play out. as we reported last week, the ftc lost its effort to get a federal judge to block

. >>> and the ftc is making another move to block the microsoft activision merger. the latest on the court ruling and appeal it is friday, july 14th, 2023. you know melissa lee could not stay away. "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in sometimes square i'm melissa lee happy to be back alongside joe kernen >> i knew you would be back. >> becky and andrew off today. let's check on the u.s. equities when tom lee was on this week, people thought he was nuts he managed to get it right s&p right now looking to take a breather at the open down by 2. nasdaq giving up 14. dow looking higher by 35 unh is helping on the dow. just reported. better than expected and a raise here the s&p breaching the 4,500 level. highest since april of 2022. four consecutive days of gains treasury market move is absolutely stunning. look at the 2-year treasury at 4.67%. one week ago, we were above 5% >> well. >> the volatility in the bond market is playing out. that is the theme of the year with volatility in the