our guest host this hour, adam parker, chief u.s.at morgan stanley. >> we are starting in london, where home prices jumped the most in 27 years. i thought new york was expensive. just out, the weekly mortgage applications were down two cents, not much. it is very voluble -- volatile number. thus we, they were down one percent. adp cut paychecks for about 1/5 of the people in the u.s., so when payrolls go up, that says a lot about hiring. earnings before the bell, we've got constellation brands will stop and janet yellen will be speaking on monetary policy. imfwill be addressing the central banking conference in washington. >> t-mobile is in trouble with regulators. forcompany is in trouble putting bogus charges on its customers mogul -- mobile phone bills. the the practice is called cramming. these charges were for such services as horror scopes and quirky ring tones. according to the suit, the charges total hundreds of millions of dollars. square is -- pershing wants to push outward in into a pharmaceuticals. botoxan is the maker of

that's adam parker, chief u.s. strategist with morgan stanley.>> good to see you. >> unfortunate timing saying you like growth stocks in the second half. they have been shilacked, do you like them? >> i don't have a two-day investment horizon. for us, what we are saying we think it's a slower growth world than people think, that the economy's recovering, but slowly, that earnings growth will be mediocre, 6% in the base case, and then a slow growth world, what happens is people end up paying premiums for the areas of the market that show growth. i think we show also that you look at the growth stocks, newly growth or growth of the regional price stocks and value stocks, those cheapest against their own history are the growth at a reasonable price stocks. you are pointing to the high flying nasdaq stocks that fly off, and we are growth at a reasonable price. that's not exactly to say a cohort of names. we feel optimistic that growth at a reasonable price is a place investorsment to be in over the next several months. >> a lot of evaluations. what i

. -- i want to bring in adam partner -- adam parker. what is worrying you?a little more balance. the fed is tapering their asset purchases. you head into a time of year where you typically get the most -- people come back from a summer and relies the number is too high when they start going to conferences -- people come back from the summer and realize that the number is too high when they start going to conferences. >> did the gdp number give you pause? >> i want to revise all the things i did wrong in the last 10 years, maybe change my 2012 price target. [laughter] >> wouldn't that be a nice luxury? >> i think the economy is improving. i think earnings are growing. they are growing and improving at a less rapid rate than consensus expects. that's the needle we have to thread here. >> how much is due to buybacks? you mentioned buybacks as not being rewarded as frequently. take a look right now. according to strategic three ysurch partners -- strateg research partners -- the share count has gone down for a lot of these companies. >> i'm not sure what they ar

parker, ceo of the new american airlines. thanks for joining us, doug. >> tom, you need to get to radio. "bloomberg surveillance" continues there. adamgo to our twitter answer, because our question melded the geopolitical situation with investing. here are the answers. ok, that is like a mark mobius kind of answer. >> mark mobius saying he is putting capital into russia. howard ward of gamco, is this money purses -- >> shameless plug, i managed to the gamco global growth fund and it was number one in the category of global large-cap growth, the last three and five years. we have had no investments in russia during the 10 years i have managed it. as with the second group, there was no rule of law -- >> support sanctions and look elsewhere to make money. >> thank you for joining us today. "in the loop" with alix steel is up next. >> good morning. it is thursday, july 24. we are live from bloomberg world headquarters. i am alix steel, in for betty liu. we have a fantastic show for you today. of chipotle mexican grill and general motors will join us. we will have the latest on ukraine and the global backlash against russia with ian bremm