bill ackman building his stake in automatic data processing.stseller, asking about steve bannon, he is coming up. this is bloomberg. >> it is 1:00 and washington, 6:00 in london, and 1:00 in hong kong. i'm david gura. here are the trump stores we are watching. voter roman drama begins in washington as senders prepare for what is being called a skinny repeal of the affordable care act. steve bannon promises a higher tax on americans who make more than $5 million a year. have his pitches being received in the white house and on capitol hill. and joshua green, the author of "devil's bargain" on tensions between individuals in the white house as well as between trump and jeff sessions. republicans promised to demolish obamacare but are heading to more of a bare-bones change to eliminate just a few pieces of the law but there is no certainty that the skinny repeal will get enough votes. here now with the latest is margaret talev at the white house. josh green a

the headlines, plus, bill ackman putting his money where his mouth is literally.ting this picture of himself earlier today. will the billionaire's blessing lure investors back to the stock? we'll have a special report and later, dan nathan making his fast pitch debut we'll see if he can convince them and you at home to buy his stock pick, so we start off here with earnings. qualcomm as you mentioned, sinking after hours. jon fort monitoring the call at headquarters >> off the lows, but still looks rough and on the call, these licensing and legal issues of qualcomm's have been dominate ing the questions and the impact on analysts mod else how to figure out what to expect going to happen in the current quarter. trying to provide a little extra information on that, but analysts still have questions, not just about this dispute, but the dispute with another qualcomm trying to say hey, this is nothing new for us. by the way, we'll continue to be on pretty good terms with apple through this take a listen. >> we have a strong relationship with apple for many years and th

talk about bill ackman losing almost $200 million. it is not just about money for bill ackman.ne with this or mad? >> hard to say what he is thinking but when he got into the stock, he felt it was cheap and had been hit hard most of the high point was something like $750 and came all the way down and lost half its value. worst waske maybe the behind it. an indication there is a lot of risk. $200 million to him and who knows if it is a big deal but could not be pleased. vonnie: the last time they had a problem, they do not handle it too well. they tried to make light of it. have they come up with a new one? i have not heard from the company itself. >> that have apologized and said we have updated safety protocols and say warner a path to making -- and saidnts safe we are on the path of making a restaurant some of the best. it could have been a single worker or something but at the average person does not care. it is more bad news for them. vonnie: and mcdonald's has had the best quarter in many years and taking a victory lap, is mcdonald's doing better food wise or benefiting fr

now one positive for chipotle has been bill ackman buying a 10% stake.trading below those levels now for its part chipotle has been trying to win back customers with free giveaways, loyalty programs but sales still have been slow to recover. there are still believers, those that includes one analyst who just upgraded the stock. >> norovirus not all uncommon in restaurants. when a separates this from 2015 is that was caused by problems in the supply chain. norovirus, that typically is not the case >> chipotle has some new menu offerings which has generated some buzz. queso and their first-ever dessert. >>> let's trade this wasn't good news for bill ackman >> they never figured out what happened the first time around, right? they never figured out where in the supply chain or -- i don't know if it's a spoiler alert or if anyone saw the show "billions. maybe there's a short seller who knows what i don't own it >> does it make you more nervous they can be this easy of a target >> this analyst just upgraded the stock thought this queso offering, which means c

adp is spiking on a report that pershing square took an interest in the company if ackman does have a stake, it's unclear what the size is or whether he was done building it. pershing square declined to comment and adp has not responded to our requests. adp is big and trading with a $50 billion market cap and ackman tends to hold concentrated portfolio with both longs and shorts on the long side he's talking about what is undervalued and seeks changes that have the stock price. up over 11% over the last month and analyst say it already trades to a steep position ackman took out new positions without spelling out exactly what they were, and in may he's already sold out one of them and didn't disclose what the other s.adp could be the mystery pick but we just don't know, guys. >> and paychecks up today 4% up. thank you, leslie. >> thanks. >>> time now for a cnbc news update with sue herera hi, sue. >> here's what's happening at this hour. treasury secretary steve mnuchin testifying before the house financial services committee, and there was intense bickering between him and democratic

anyway >> weird, it's double chicken burrito bowl for ackman with lettuce, and light rice. why do we need to know that? >> so we could find out -- do we have his beat. we have our own, right >> we put our orders in to see what happened. here's mine, and i have not heard this i don't know what the whole point of this thing is carnitas both beans >> red and black >> medium sals is a and gawk is important. and yours -- >> do we have the song >> i don't think that's much of a song >> that's impressive >> here we go. >> that's kelly's order. i've got carnitas burrito with white rice, extra sour cream ♪ ♪ >> that's for like it. now we're talking. >> i should have picked a better one. >> that's what i'm talking about. i think the extra sour cream did it i'm sure that's what that is >> weirdest thing. >> saver waves check it out >> shares of scripp network soaring today that it's in talks with discovery communications. two companies are no stranger to merger talks they banded a potential deal back in 2014 >> yeah, joining us now is former discovery president john ford along with ba

his first tweet ever was a picture of him eating at chipotle and touting this new ad campaign. >> ackmanthe largest shareholder in chipotle. is in the restaurant trying this out. --h rza and all this stuff someone sees the website, it is well done. does that make them want to have lunch at chipotle? scarlet: when we talk about this partnership with rza or this marketing campaign committee this website doesn't allow you to order food. it is just to generate buzz. is this something analysts or investors are talking about at all? >> chipotle has felt for a long time that they don't get the credit they deserve for being this clean menu pioneer. everybody across the restaurant landscape is making some kind of health claim. that has frustrated chipotle because they say we've been doing this for a long time. we are the originals, we are the best at it. we don't believe these claims being made by competitors. this is designed to hit home the 51 ingredient thing. does that person then go have another burrito that week? that's an open question. julie: one of the biggest threats to their clean eati

perhaps ackman's issue with chipotle helped to encapsulate broader issues for the industry. persian square down 4% on the year industry outflows on a six-quarter streak before this quarter. investor confidence seems to be rising as hedge fund inflows hit $6.7 billion last quarter. but as some investors rush back in, three of america's largest retirement systems in new york, california, and most recently, illinois, have pulled the plug entirely on hedge funds. marc levine eversees $20 billion in funds great to see you in person >> great for having me back. >> this is an incremental move away from hedge funds, but now it is zero >> now it is zero. >> what prompted you to move completely to zero >> it was a two-step process the first step about 18 months ago, shortly after i was elected chair, we went from 10 to 3% and that process, we really followed the guiding -- we basically followed the guiding light of groucho marcks, you know, the hedge funds you want to be in are the ones that don't want you we had 65 open funds, we terminated all but one of them and we had a bunch of c

. -- bill ackman pinning his hopes on chipotle earnings. julie:

according to people familiar with the matter, pershing square capital management's bill ackman said to be building a stake in the company. come when this story crossed. david: thank you, julie. more with joshua green. we will talk about the dysfunction in washington. is it dysfunction or dynamism? this is bloomberg. ♪ david: welcome to "bloomberg markets: the trump economy." let's get a check on the first word news with mark crumpton. >> saying this is the moment, now is the time, vice president pence says members of the senate should "step up to the right thing and repeal and replace obamacare." the remarks came at a washington meeting of the national federation of independent is the. said thispresident morning, senate republicans, after seven years, this is their chance to shine. they cannot let the american people down. an opportunity and obligation to rescue the american people from the concert ounces of this failed policy. mark: senate republicans are said to be attempting behind -- tonight behind a skinny repeal which would undo just a few of the most unpopular elements of the af

ackman has been doing better recently in his fund than he has been in the last two years sold out of valeant. it continues to go against him. >> it will. >> chipotle is still a problem i hear what you're saying. he could use a win i think adp is a pretty safe bet. you have the labor markets improving seemingly with every report and that should do well for adp. it seems safe. >> adp is an interesting company because paychecks, adp, you buy them for the cash. that's where they make money on the flow i guess this is a bet that you think interest rates are going up pretty rich company. they trade at premiums on the market. >> gold is hitng ati six-week high and breaking a three-day losing streak. we'll go to the future pit next for those trades when "the halftime report" comes back. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. you myour joints...thing for your heart... or your dig

. >> that was a bill ackman special.a big-time hedge fund manager, maybe you buy that. $19 bowl you should say thank you, "fast money >> no issues, zero issues. i'm still here well -- >> 15 pounds heavier you're still here. >> big statement. >> i've taken it before, i will again. if you look at the stock last quarter, it seemed it got its mojo back. i thought last quarter they t n turned it around a little bit. i tell you, i think they're going to report a good quarter neurovirus, rats out of the ceiling type thing i think the quarter is going to be pretty damn good. >> mike, thanks. for more options action, check it out friday at 5:30 p.m. eastern time. >>> up next, karen says there's one airline that's about to take off. we'll name names more "fast money" right after this hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades wi

same,ackman did the advocating for a ceo change. companies in the states. heinz was making the bid for unilever that fell through. we will be examining this through the next hour. bank of america, melon, with its own ceo shakeup. darrell, isceo, going to be replaced. apron getting killed, down 8% free market. they opened three weeks ago at $10 per share and are trading below 7%. amazon is being reported to file a trademark application for at-home meals. that would be a knife in blue apron's heart. now they are looking for things grainrotein, veggie, and packaging. echo, i would like my did from amazon, please. i do not cook. i would do that. jonathan: let's get back to the markets, with futures may be a little bit higher, up to another record perhaps. gains for the first time in two months. the rally has led the dow and the s&p 500 to 25 record closures for 2017, while a new poll shows a lack of faith in president trump. less than half of americans approve of his performance on the economy. investors might be high on the economy, bu

. -- bill ackman pinning his hopes on chipotle earnings. there's a lot of attention on washington. it is an external nearly day for earnings in the u.s. -- busy day forly earnings in the u.s. all three major averages at records. a lot of that has to do with earnings. take a look at the groups on the move. it's not just earnings. we are seeing a rally in commodities today. copper near a two-year high, oil prices moving higher, energy and materials the two best-performing groups today. also some earnings and materials helping things. financials are higher today as well. we are seeing yields rebound. simmer discretionary stocks also getting a pop. on the downside, we have a decline in health care stocks. it has something to do with washington, uncertainty over the debate. here, part of the story is earnings. the hospital operator coming up with earnings that missed estimates. the company cutting its full-year forecast. analysts expecting concerns about patient volume at that company. is also concern about what will be the outcome of the health care debate. whether be a cut to medicaid

. >> matt, in terms of the risk to celebrating, there is a big investor in this stock, bill ackman notar, but he tweeted today, this is his first tweet he's ever tweeted, a picture of himself at a chipotle ordering foot. i get to help bolster and address concerns it is safe toite there. s i just think there's more competition there. i think that's -- up until this -- that caused them to have a stepback which will cause them to come back with marketing dollars, all that means higher costs versus what the stock means. as a stock it was not the same investment as 18 months ago. there's a lot of lack of visibility certainly on the outlook looking beyond the current quarter. >>> guys, i have to wrap there we've got a lot of breaking news we should note we did reach out to chipotle and they had no comment. for more go to tradingnation.com. >>> the ibb up almost 20% so far this year. should you ride the rally? or is it too late. >>> one of those hot biotechs is rallying big today, how much sty aranerat it go myerinto my business.thing and i had all these points from my chase ink card. so i bo

a picture of ackman ordering food of a chipotle. >> that's great. he has to go in every day. it's not good. it's obviously not good. >> oil price doing pretty well here up above 47 let's get to jackie at the commodity desk. >> oil prices are seeing about a .5% gain today testing almost $48 barrel. continuing the strength. i saw jim cramer in the hall way and he said it's going higher. he was right the momentum is to the upside here these prices are supporting the stock market as well but to continue to achieve record gains we have to watch the energy earnings next week very closely. i do want to point out for the second quarter we did see oil prices average about 8% higher than they were a year ago so that's going to be a positive thing at the same time in june you did see that drop in brent prices from about 55 to the $45 level so that may have an impact here so a lot of the analysts i'm speaking to are saying $45 barrel is not a danger zone for a lot of companies if they could manage their costs through this we could potentially see, you know, in line, with estimates or we

a few minutes ago, adp shares, they probably make your payroll checks, soaring on news that bill ackman's pershing square is building a stake in the company. >> i'm michelle caruso-cabrera it's the busiest names of the earnings season. check out the names, verizon, u.p.s., adp, mastercard, twit to name a few lr then the after-the-bell biggies, and this is a biggie, amazon, starbucks and intel. here to take us inside the number on this latest session is bob at the new york stock exchange bob? >> important thing right now s&p was up until 20 minutes ago. i just want to show you the faang names here a little droop apple is tooling along doing great, that propped a little bit there. same thing with google take a look here you can see in the the last 15 or 20 minutes. what i see here is absence of bids, very, very light volume, drip drop a little bit below the prior lows of the day and suddenly you're down a bit that's what i think is going on. i don't think it's doing more than that. let me go back to the big earnings situation procter & gamble, better organic sales, improvement in their 2017

hack, remember back in march the co-ceo stepped down in september while getting a new investor bill ackman and the good news is they have the late and new menu additions like queso and dessert and that's generating a lot of buzz from their customers thinking there's something new to try at chipotle guys. >> susan, the store says it thinks it was norovirus which is not its own fault, right that's what chipotle is saying. >> it doesn't come from their food supply, from what they have checked, their checks and balances are fine to them saying this is basically an isolated event and still looking into it, but it's only, and they mentioned this very carefully, it's contained to certainly virginia and that one restaurant only. >> right but, still, this is just weird it just keeps happening to chipotle and nobody else even if it's not associated with their food this time, it's -- it's happened again. they have had to close a store because customers get sick. >> right. >> i'm not here to promote those conspiracy theories, but, i don't know. >> the shorts. >> yes. >> exactly. >> you know. you're ri

wonder what bill ackman is thinking now. ashley: it's a four-year low.: elon musk, the tesla guy talking about the new york to d.c. hyperloop. 29 minutes, that's a computer simulation, i think. ashley: that was some testing they did in nevada last year successfully. only 500 meters not from, say, new york to d.c. he caused quite a stir, elon musk, when he said he had been given verbal government approval for basically this giant tube train, you're familiar with the tubes in england, it's just that, but then he kind of backed off a little bit and retweeted, still a lot of work to receive formal approval. never said who ga i have him approval or what kind of timetable. he believes he can put you in d.c. from new york in 29 minutes. stuart: go ahead. >> you know, i'm not a -- i find tesla and anybody associated with tesla very annoying. this whole thing, i mean, he has a verbal agreement? the bottom line, there is no verbal agreement from government, doesn't exist. [laughter]. the second, here you have a scenario where this will be billions and billions and

hedge fund manager bill ackman, big to poli investor, sent out this, his first ever tweet, picture of a possible nora virus outbreak and testing on one customer just confirmed, nora virus, stock is down again today. coming up on this program you don't want to miss conservative commentator tommy laren as first appearance on "varney and company". we have this too. and this political drama we have a nice story to share with you. those kids are about to get the surprise of a lifetime and it is not just meeting mickey mouse. before we get to that check this out too. duke riley, rookie linebacker for the atlanta falcons pulling an suv down the street, training camps as soon as you can see. ♪ stuart: we like to bring heartwarming stories and this one is heartwarming, these two foster children went on a trip to disney world and while they were meeting mickey they got a special surprise. watch this. >> mickey has something special to share with you guys. >> the kids names are danielle and elijah, 12 and 10 years old, their adopted parents are tom and courtney gilmore and that was the good news