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 w

we wonder what is next for activision blizzard. it is all eyes on the cma, it feels unlikely the deal will go in line with the date. does that ultimately matter? >> not actually. it is not a cinderella clause, meaning it does not expire at midnight. they can move forward with the deal. there is a possibility they could either come up with an official extension date for the next couple of months, or they could keep it as it is, keep moving forward with the cma to try and close under original terms. ed: i guess there are a range of scenarios, you and i reported that the crux of what is happening in the u.k. is an offer to sell the cloud gaming rights to appease the regulator. what doesn't extension look like? there is more than one way of doing this. leah: the minute you open up one of these deals, everything can come up for renegotiation. they could be looking at changing the top line number, they could look at changing the breakup through -- breakup fee. another option that we have heard is instead of changing the top line number,

activision blizzard, we got news that the u.s.ad not stalled on the deal to be purchased by microsoft, giving away a little profit taken yesterday. microsoft a big contributor to the nasdaq. palo alto networks interesting, some cybersecurity offerings. people are worried about how that will affect networks. up by more than 1.7%. a group up by 12%. the amount of deliveries in the previous order, the second quarter, did not live up to expectations. i want to talk a little about microsoft and activision blizzard. we will start with the way gamers are being affected. who are playing the games? hispanic and black americans are playing video games more than other ethnic groups according to a study. it changes the stereotype that largely it is white americans. joining us on the deal more broadly, we are so pleased to have you in the studio. debunk some myths. who are playing games, who is worried and anxious about how they get access to call of duty? >> it is true, the stereotype is that most gamers are white men. however, white american

alix: big news from microsoft and activision. microsoft wins u.s. court not to buy activision.his 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

. >>> and microft clears a major antitrust hurdle in its pursuit of activision, the tech giant setting its sights on roadblocks overseas. >>> plus, why cathie wood' love affair with coinbase may actually be coming to an end. >>> and later in the show, taylor swift's ticket master to woes don't once again. it's 5:00 a.m. and you're watching "worldwide exchange" right here on cnbc >>> good morning welcome to "worldwide exchange." aisle frank holland. thanks for starting your day with us. let's kick off the day with the u.s. stock futures we're seeing green across the board at this very early hour. all three indices up fractionally, this as investors wait for the june cpi number with the annualized number to fall from 5.3% to just over 3% that would be, if we see that happen -- the lowest since march of 2021. stripping out food and energy, the core cpi, the economist forecast arrives, this would be the lowest number sin november of 2021. it could be a market mover we're checking the bond market we begin with the benchmark 10-year. right now we're at 3.94. this sbaskly back to where we sta

activision blizzard is flat to slightly higher. and broader markets in stocks. and ninth straight session of gains, something it hasn't done in six years, september 2017. and and johnson & johnson at the top of the heat, and ibm, look at j&j up 8%. amazon and ibm awarded earnings, you miss revenue estimates, showered with multiple target hikes after beating on profits. j&j revealed a quarterly profit now raised guidance, that's not the only reason investors are piling in. and that was a consumer products division the spun off in may. it was within days, and that stock is being hit, with ceo and expectations, and the j&j mothership, at 3:30 pm eastern. and the s&p and nasdaq is down, i guess you could blame testflicks. and digested and rejected part of the earnings reports, gapping down 9% right now. even though the ev leader on the top and bottom line. elon musk neglected to mark the date as to when the long awaited cyber truck rolled off of the assembly line. netflix offering its biggest decline of the year, down 8.4%. and week revenue forecasts but this price

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 and they did not seem to have done it in courts. certainly when you listen to the

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

activision-blizzard.it intends to appeal the decision from the federal judge. the president and vice chair brad smith said we are disappointed the ftc is continuing to pursue the weak case and we will oppose further efforts to delay the ability to move forward this follows comments from activision-blizzard ceo to julia boorstin yesterday where he said he would be surprised by any appeal >> i can't imagine the ninth circuit would grant the stay you never know i would think it would be highly unlikely and wouldn't be productive >> looking at shares of microsoft and activision-blizzard 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

the relevance here in idaho is that the activision ceo is here.rg will speak to him later this week, -- also expected to attend. elsewhere there is a lot happening in this industry, if you take streaming for example there are questions about the hulu platform. comcast owns a third of it and has an agreement which it can require disney to buy out its stake. will that happen? speaking of disney bob iger the ceo is in town with two of his chief lieutenants. will we be talking about succession? we have seen from the warner bros. discovery ceo, in town already, the stock under pressure so far this year. questions about cnn which bloomberg's reported could go on to the max platform in terms of its live output in coming months. lots as well in the field of ai, sam altman is here in my understanding is he will be a keynote speaker is speaking on behalf of openai which has been the hot name in the field of artificial intelligence so far in 20. also lots to talk about in the macro. this is an industry when you think about media and entertainment that has fa

so there might be activision gains, maybe activision is cooking up something but this is all about callduty and whether or not -- >> where they are concerned -- if i want to watch a movie, i have to find what platform it's on i'm not angry. that's just where it lives what does the consumer have a right to play call of duty -- >> forget about any platform what the ftc failed to prove, microsoft has this financial insentive to take call of duty off of those platforms and make it exclusive to theirs they had harvard economists coming in to make that point and the judge was not buying it. >> it would be in their own interest to offer this game on other platforms. >> it would be financially stupid and irresponsible to take call of duty off, because they would lose money call of duty is successful because it is every with and allows you to play on anything that's why it's so successful and why it makes $1 billion within its first week. >> steve, thanks a lot >>> don't miss the interview with bobby kotick, live tomorrow at 3:00 p.m. eastern on "closing bell." >>> speaking of microsoft, it's be

michael soft and activision promising not to take activision gains exclusive, making them available to rivals and consoles, the judges are going to take that into account. they don't want to settle -- when you walk in with a reasonable fix, the deals that are pending or yet to be signed, that is a blueprint. if they think they're going to get pushback from the doj or the ftc, there are some issues, the, with the reasonable fix in court. it is likely the judge will look at that and consider that in the companies will have a good shot. matt: jennifer has been following this case for us and they will continue if the -- until the deal closes. sticking with the story. the top media executives in the world are gathered in sun valley for the annual allen and company conference. ed ludlow is there. let's start with microsoft. top story in tech today. because of the court decision, what are you hearing? ed: you look at the decision. they're both do here this week. you've listened to bloomberg television in the last two hours. what if they had ruled and the other direction in favor of the ftc? t

mobile entry into the gaming arena, which activision is in. not the cloud-based gaming that the cma had an issue in the first place. it will be interesting how they appease them. our colleague reported that they are looking at divestments as a compromise. the other thing is to make big names available. they had made an agreement with nintendo. they offer to sony. but sony is not happy about this deal. haidi: where you are, you are attending the annual sun valley conference expecting high-profile guests from media, finance, tech, sports. heavy on the billionaires. what are you looking forward to? ed: it is really interesting. the history of sun valley and the conference is tnt, tech , for a few years that is what people are talking about. a year ago there was one story, elon musk buying twitter. elon musk was here. now we have multiple scenarios. bob iger is here from disney. do we talk about succession, the other executives with him? there is also the hulu -- is also hulu with them. does disney buy out comcast in stake? there is questions arou

judge has denied ftc's attempt to block their activision deal.n the u.k., the cma has also paused their appeal of that merger between microsoft and activision. >> it 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 tha

so by getting activision onto their play stations, they are hoping that it will boost their positionine gaming. they are actually quite disappointed that the ftc had decided to do this. we are getting the sense that even the uk, opposition to this is starting to win. ., ~' , , opposition to this is starting to win. ., ~ , , ., win. how likely is it that the ftc will succeed? _ win. how likely is it that the ftc will succeed? things _ win. how likely is it that the ftc will succeed? things are - win. how likely is it that the ftc| will succeed? things are moving pretty fast?— pretty fast? the fact that the injunction — pretty fast? the fact that the injunction was _ pretty fast? the fact that the injunction was already - pretty fast? the fact that the | injunction was already denied pretty fast? the fact that the i injunction was already denied by pretty fast? the fact that the - injunction was already denied by one judge, the reason thejudge gave injunction was already denied by one judge, the reason the judge gave was that it doesn't seem like microsoft did enough, the ftc did enoug

or microsoft activision?d a jv in the country once, is there a chance that could be re- established or no way? >> we have an operating jv with 10 sent. it has been an incredible relationship. they are an exceptional company. the largest video game company. great management, right talent, ability to build franchises, and they've been a great partner. the largest market in the world. it has an enormous amount of growth. i think there's no good reason why we shouldn't be continuing to operate in china where there is nothing but opportunity and talent. >> what do you think percentagewise? 99% chance you get this deal done? >> if i could predict i probably wouldn't be making video games. >> really? i don't know about that. i take those comments on the economy seriously as well. it's somewhat surprising. >> i am a worrier by nature but i see a lot of indications of things we've never experienced before. interest rate increases and the deficit -- i don't know how many times in our history the deficit has been substa

microsoft restructuring its $69 billion acquisition of activision blizzard.oday was the original deadline for the deal to go through of the company needs to do more to ease government concerns. matt: they are definitely pushing ahead with the deal that looked dead in the water a couple months ago. they are also bringing out pricing for an ai product that will go to corporate clients as well as a deal with meta. let's bring in tyler radke, the cohead of the software department at citigroup. what a time to be a holder of microsoft shares. the stock performed phenomenally . would it do as well felt the positive developments in the activision blizzard takeover saga? does it matter to shareholders? tyler: the largest deal in microsoft history almost doesn't matter. the driver of the stock has been opportunity around generative ai. you saw product announcements and new pricing, specifically on copilot which is responsible for sending the stock up five or 6%. they are more focused on the enterprise piece of the business, the extent activision closes, take that uncer

. >>> plus, microsoft all but free and clear to close the deal for activision-blizzard with one regulator standing in its way. >>> later in the show, two years late tesla truck rolls off the assembly line. it is monday, july 17th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. thank you for starting your monday with us let's kick it off with the check of the futures the dow with the best week since march. dow is the best performer this morning. the only one with of the indices up in the pre-market up .30%. the s&p and nasdaq up in pre-market excuse me. reversal from a minute ago the nasdaq is the best in the pre-market dow down 62. s&p down fractionally. we have seen a lot of movement in the bond market with the cooler cpi read. 10-year treasury at 3.79%. 2-year treasury at 4.73% in energy, oil under pressure in the early going so far this morning. wti and brent crude down 1%. wti is a tick above $74. brent crude at 78$78.50 upside with natural gas up 1%. the oil weakness is tied to data from china overnight be

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 in

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

haven't had the conclusive end to the microsoft activision deal yet.its markets today as they walk you up to the european open. this is bloomberg. ♪ >> this is bloomberg markets today. i'm anna edwards with stephen carol. >> here are your top headlines. markets go risk on. the fed is near the end

caroline: microsoft clears the final hurl hurdle in its takeover of activision.d: plus, the sticking points and the strikes that have shut down hollywood and how ai can transform tinseltown as we know it. caroline: u.s. aviation related aiders -- regulators to rethink how helicopter pilots and others are trained using virtual reality. all that and much more coming up at first we would check in on the global markets. we managed to see the nasdaq up with tech on the high side. we are trying to digest what inflation readings mean last week and with the slowing chinese economy means for global growth and whether the u.s. can avoid recession as janet yellen told his earlier we are looking at the golden dragon off by 0.7%. still above 6% but relative to the growth we used to see, dialing back. let's move it on and have a look at what's happening with crypto. the dollar rising off the lows we saw last week with bitcoin down by 0.4% given the volatility we are used to in this asset class. it's all about the micro data in terms of stories today from a micro perspective on

activision 3.2% almost $90 per share. 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-time highs or recent highs. it

ftc had the bid to pause activision again that means the uk competition is the last regulator standingn the way of the firm's closing acquisition by the deadline tomorrow it announce d a six-week extension to get full review of the deal one last regulator standing. if it does go through, it seems the activision-blizzard deal will go ahead and it will be a huge story in the gaming industry for many years to come. >>> also coming up on "street signs," extreme temperatures plague the u.s. and europe we will have more on what is happening with the temperatures, soaring temperatures, around the continent in just a few moments of the -- moments. to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) >>> welcome back

to buy activision until 11:59 p.m.omorrow. now can the 9th circuit make a decision before that order lifts? and if it can't, will microsoft go ahead and close the deal anyway overseas regulators in the united kingdom gave microsoft an opening to alter the terms of the microsoft deal putting its case on pausesaying it will pick it up if the new terms don't satisfy. if microsoft can't get this wrapped up by july 18th, it will either have to renegotiate terms with activision or abandon the deal and pay a $3 billion break fee. carl, lots of moving parts here. it's all coming down to the wire >> a steady diet of drama. congress is getting a grilling today. there's talk about whether or not there's a rift regarding leadership versus the staff. i'm just trying to think which constituency she is winning with >> that's exactly right. and to her -- if you want to take her point of view on this, even though that losing record with mergers, they see that as a win because the ftc under khan, their posture in this, carl, is that, lo

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

. >>> it's game on for microsoft's $69 billion takeover of activision after a federal judge rejects u.s. regulator requests to block the deal. >>> and european equities maintain momentum while stateside the s&p 500 and nasdaq sit at less than 1% off 52-week highs as invoters await the june cpi print. await the june cpi print. await the june cpi print. >>> the bank has been awaiting for the treft. governor andrew bailey is speaking now let's cross over to him. >> let me start on key developments so far this year. we've had further rises in global interest rates reflecting actual and expected increases in central bank policy rights, the uk returning inflation to targets sustainably will, of course, support the objectives because it will support protecting and enhancing financial stability in the uk. now, the increase of interest rates volatility has increased we did, of course, in march have the failure of three mid-sized u.s. banks and credit suisse that caused a rise in risk premium and volatility around march, but the impact of that stress in march on the uk banking system was limited

that leads me to of microsoft/activision >> good segue. >> tomorrow midnight is when microsoft has to or increase its consideration to buy activision from the $95 share cash deal it has in place. that's when the deal expires we're focused on the uk, the cma as we have been for some time. the ftc lost again, they did not get a stay in the 9th circuit. the u.s. is not an issue at all in terms of closing this deal. where it is is the cma it matters -- it won't matter necessarily to what's going on in the uk. jim is referring to the fact that sony said we'll take the deal you've been offering us for a while. >> some said sony may be the loser. >> right they sign up sony. play station finding treatment keeping call of duty on play station, following the possible merger of activision the cma asked a tribunal to adjourn, they'll hear from the cma, maybe we get some sense as to where they stand in terms of their willingness to allow microsoft to potential ly close this deal, saying we'll divest some things, we won't have them done yet, we'll keep the uk in a separate part from everything else

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

new development in the big battle between the ftc, and microsoft, over its acquisition of activision blizzard. with might be next for that deal. we will tell you after the break. >>> baird asset management cio amy khan is here. she is breaking down how she is playing the tech space right now, and the other sector she is seeking opportunities in right now. live from the new york stock exchange and you are watching closing bell on cnbc. 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. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing ap

microsoft in talks to close the deal with activision-blizzard.shares are down in the pre-market >>> and berkshire cut its stake in activision by 2%. >>> and chip ceo met with top white house officials. >>> for the first time since the 2020 debut, nbc's peacock is hiking monthly prices. changes take effect august 17th for existing users and immediately for new users. >>> shares of at&t is bare boung back in the pre-market after closing at the lowest level since 1993 >>> and california ruling that uber will face a lawsuit the company is weighing the appeal options on the matter. >>> we are getting you ready for the trading day ahead with results expected from bank of america, morgan stanley and pnc and lockheed martin and jp hunt. retail sales and home builder confidence index we will hear from fed vice chair michael barr at 10:00 a.m. futures are seeking a bit of direction with the earnings and economic data points futures are relatively flat. we have seen the dow spike up a bit now in the pre-market o despite the russell 2000 with the biggest sec

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

activision's shares jumping more than 10%. analyst dan ives says this could be a major breakthrough. i think this is a done deal and ultimately the trophy case in redmond, from microsoft. this was a big hurdle they had to clear. i think next week this is on the glide path to get done, probably a carveout for the uk and ultimately i think they pop the champagne after this battle that this deal gets done. what is going to happen in the uk? are they going to come up with some kind of a compromise to meet the regulator's demand? yeah, we think they carveout, there is a piece on the subscription side they carveout, to ultimately give the uk regulators what they want and i think this is all a game of poker and i think microsoft recognises if they beat ftc and they thought they had and they thought they had a strong case, i think ultimately it is a black eye for lina khan and the ftc. and it is now on a glide path to finally get done. a significant deal for microsoft. a significant deal for tech, especially with the ftc�*s significan

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

. >>> and the ftc tries and tries again to get the legal upper hand in the microsoft's activision deal. it is friday, july 14th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff with the check of the u.s. stock futures looking at the markets here with the mixed picture. s&p is flat. dow jones industrial average is lower. this comes as a rally trying for five straight days of gains. s&p and nasdaq at the highest level since april of 2022 and the best gains of the month. the upside here during the week with the dow up 2% s&p up 2.5%. nasdaq up 3.5% we are taking a look at the bond markets. yields are declining after the cpi report 3.79% oil is rallying. oil near the highest level since april. this morning, however, down frac fractionally wti at $76.50. brent crude down .50%. >>> time for a check on the top corporate stories with pippa 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

catherine gemmel on all things activision. netflix will be reporting earnings. bloomberg's entertainment correspondent chris palmeri is standing by in los angeles. we are expecting subscriptions to pick up. it is about the password crackdown. chris: the industry is looking at a 2 million subscriber addition. that is bigger than last quarter, not as big as the blowout we saw in 2022 but much better than the losses at the start of last year. there is a feeling netflix has figured this out with the cheaper ad here in the crackdown on passwords. caroline: i am still trying to understand whether a strike among actors and writers is going to be difficult for netflix? is it a boon? we know how much netflix has in terms of content. chris: the street thinks they will weather this strike. the company line has been they have this content pipeline, it is all set, they will go through the end of the year. we will be looking for any updates on the call to see if they are positioned -- if the position on that has changed. you can make the case people will spend more time watch

hold activision as a separate entity.the final boss seems to be that the sum of this is take on story that you flight over the weekend. we will have leaders of qualcomm intel to try to lobby them about chips and restrictions to china. this seems like an area that the u.s. is unlikely to backtrack. what do you think about what to got to head? they will make the best effort to try to could slides of -- control axis of the chinese market. it is a huge leg of growth. they have been blocked from not only solo -- selling the bleeding edge but also the equipment to make such tips. there had been some -- there are some that have really been fighting white strongly. it seems like that effort has failed. it feels like a last-ditch attempt. >> the gentleman from wisconsin says ceos continue to advocate for weaker export controls on sensitive technology. what say you? i can imagine innate much space and progress in this sort of effort. >> it feels like a lot. yet to keep fighting over the very last moment. when you look at the geopol

electronic odds, 139 along with activision blizzard.ws who's good to go for the game maker. , activision, tesla, data doll, all known names. the ten year treasury let's run through the market on a monday, what is the yield 3.83%, the price of gold, how does it cost per ounce, 19.50. bitcoin, 31 grand, this time 30200. the price of oil i believe it is down $74 per barrel, nat gas has not gone anywhere for a long, long time. 251 right now. average price for a gallon of regular, no change from friday 356 per gallon. in california it is moved up 1 cent to an average of $4.91. coming up the secret service says they could not identify the owner of the bag of cocaine founded the white house. trump is not buying that. roll it. >> opposite the front door of the situation room where the cocaine, they know who this was they know the person it is impossible how can they not know. stuart: how do you wrap up investigation when no suspects in the most surveyed property in the country. good question, now answered. president biden handed out $39 billion

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

the agency first of all filing its appeal to pause the microsoft activision deal. also reportedly opening an investigation into open ai over consumer harm. this morning, chair lina khan appeared before the house judiciary committee. steve kovach is here to break it all down for us. >> i'm going to do it in 90 seconds. khan spent an hour under questioning today in the judiciary committee. coming out today, "washington post" and others reporting the ftc opened an investigation into open ai, that's the company behind chatgpt now, while khan didn't comment directly on an open investigation, she did talk about her broad concerns the harm ai can cause. here's what she said >> there are no checks on what type of data is being inserted into these companies and we have heard about reports where people's sensitive information is showing up in response to an inquiry from somebody else, we have heard about, you know, liable defamatory statements, that's the type of fraud and deception that we're concerned about >> now, finally, here is the big one. the ftc last night appealing

the ftc has as an appeals court to pause microsoft activision deal.the appeals court agrees that could put the acquisition off the appeals court does not come i do not know exactly how long this takes, but i know the plan was for this deal to be close over the weekend or early next week. we will continue to look for details on this. microsoft shares currently up 1%. it is the activision piece 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 internat

have to start with activision.hares on the move after clearing a major roadblock a federal judge denying the ftc's motion for preliminary injunction to stop the deal from being completed which sets the stage for two companies to merge as soon as this month. domino is surging on word of a partnership with uber. look at lucid under pressure today. delivering numbers remaining flat for the quarter amid competition with tesla they produced just over 2,100 vehicles at the arizona facility some wild moves in that stock lately, down more thanle%. the story of the day is going to be inflation and we'll get some fed speak later today. c c kashkari speaking now. i would say good news was the core inflation coming in better than expected. smaller than expected. below .2% month over month increase the expectation was .3%. we know the fed is watching core, strips out food and energy and it shows some real moderation as far as some of the other numbers that the fed watches, we know the core cpi services exshelter came in .09% th

activision has the incentive to do that.is deal which was once labeled all but dead is now likely to close. >> you think it will close before the cma approves or they will look at othercases where the eu is furious. >> the eu already approved it. >> furious for doing the same thing. >> it sounds like microsoft's posture since day one will work hand-in-hand with regulators and wait for the green light from regulators. >> if there is a deal to cut to extend to august 29th, the new deadline, does that mean shareholders in activision will get a premium? >> i don't know. i heard david faber speculating friday last week saying there may be a dividend thing to offer shareholders they would not be able to renegotiate the whole thing. that has to go back to the board and shareholder vote. >> time is money >> time is money if you are activision, you are asking for something they did not close the deal on time $3 billion is less than $69$69 billion. it behooves them to let this go. >> steve, thank you. >> thanks. >> that's why you make

it's been a long fought battle between the ftc and microsoft and activision blizzard, thank you very much, good to see you. markets in the green as investors are looking ahead to tomorrow cpi report, that the biggest data point that were going to get not just this week before the month, take a look at the dow were higher by 239 points, s&p is up by 17 and change nasdaq is up by 31, russell 2000 by 14 and change. while we are getting a clear picture of what the consumer is pain with cpi, today and tomorrow on how consumers are spending with amazon prime day, amazon look at the stock gaining more than 1% shoppers are snapping up some of the best deals of the year, coming up or get have two major retail analyst that are going to game out how primed amazon is to hit record sales this time around, there also going to give us spending about the american economy, how are consumers that are going to prime right now are they looking for deals, we will give you a big update on the, we have earnings season, that is kicking off later in the week in particular friday morning with the banks and wi

. >>> microsoft and activision-blizzard secured a two month-stay in the competition and markets authorityiving them more time to resolve the dispute this after both parties went to the london tribunal on monday after this would extend the deliberation process by six weeks. as part of the judgment, the cma must issue an explanation by thursday why it changed its mind this comes as microsoft and activision is 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

dollar slides, and fed tightening comes into view we'll unpack today's market action >>> plus, activision bobby kotick that is coming up shortly. inflation in retreat leaving the bulls in charge. a.j., thanks for coming in. >> good to see you we have economic numbers coming in better than expected, the market seems comfortable with maybe one more view on the fed, do you view this as a green light to take more risk, or how would you be approaching it? >> i think part of it is maybe it's too soon to declare victory just yet it's the lowest since march of 2021 since we've seen more narrow leadership in the s&p performance, we expected it to broaden out more we like equal weighted s&p right now. whether inflation continues to come down, i think it's in the right past, disinflation in the super-core services as well as core services coming in a lot better, but we expect low volatility later in the year, because the recession still lingers out there. >> yeah, let's get to the idea that a recession is perhaps hovering out there it seems if the market is trying to move on from last year's villain

blizzard, but the difference is microsoft if doesn't need activision blizzard to be a big, profitable 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? that's the difference. they have cash flow problems. the street is mostly negative on whether they c

frankly all i can think about is activision.you know that was a huge hurdle for the company, undoubtedly. but at the same time building on what we were just talking about with alphabet, there's a lot of ai hype in the air and microsoft is one of the companies putting that pressure down right now but some of that is not fully realize at this point. you have got their cloud business, the traditional cloud business starting to show sluggish performance compared to what we saw previously. so there is a potential scenario where you have one corner that doesn't necessarily live up to the stock market expectations. microsoft shares have had a huge run this year. i know that analysts today said that long-term you got ai opportunity feeding into all the microsoft products. sonali: seriously everyone is watching the new businesses but it's really the old businesses that are the big money businesses. spotify has its worst day after reporting sales that came up short of estimates. those stories are next and this is bloomberg. ♪ - [mo] if yo

. >> next, to microsoft's acquisition of activision blizzard.s is looking increasingly likely to proceed. a judge in san francisco has ruled against and moved to block the deal. an injunction had been sought, arguing that it would give microsoft xbox huge control over a wide swath of games. the eu meanwhile, has already approved the deal. shares in activision blizzard jumped more than 10% on that news. u.s. stocks gained ground ahead of the latest consumer price index data due out wednesday. investors are looking for signs of cooling inflation in hopes the federal reserve could be done hiking interest rates after the bank's july meeting. the dow closing up nearly a full percent. the european parliament officially approved the eu chips act tuesday by an overwhelming margin. the plan meant to quadruple the production of microchip manufacturing by 2030 by mobilizing 43 billion euros in public and private funding. 3.3 billion will come directly from the eu budget with plans in place for a monitoring system to warn the european commission of looming