ackman just a short time ago again, that's a spokesperson on behalf of adp. we'll keep you up to date, if, in fact, we do hear anything more let's do the markets now dow is holding well above 22,000 right now. 22,062 22,062, going for another record close. would be its eight straight high this streak just rolls on. >> and just like we were talking about with mr. ackman, a lot of people are hanging on through derivatives, whether they're ga gaining the additional exposure to the derivatives a lot of hedge funds are doing that and i think a lot of people, as we spoke of, when we first traded 22,000 this week, judge, a lot of hedging, a lot of people buying puts, so that they're locking in, if you will, some of those profits. >> financials, highest level since december of 2007 you guys see bank of america today? >> yes >> what a bank you can throw that up and some of the others, too but bank of america was having a pretty darned good day >> the xlf is 1% today the whole index is up 2.2% on the week it's a new 52-week high for the s&p financial sector very, very

. >>> the battle over adp. speaking out over his position in the stock today we'll bring you the latest. >>> plus, one invest oor who's going short. "the halftime report" with scott wapner and the traders is back in two minutes what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley for years, centurylink has been promising fast internet to small businesses. but for many businesses, it's out of reach. why promise something you can't deliver? comcast business is different. ♪ ♪ we deliver super-fast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. we do business where you do business. ♪ ♪ >>> adp, bill ackman speaking about his position in that stock. >> the q and a is underway we'll see a change in the ceo. that's something that adp

and adp is very strongly backing.nue to back him they are rejecting the request as a reflection of the company's strong start against it. julia: and we wait for ackman to respond in return. great to have you on bloomberg, emma chandra. contributing editor bill: rights in vanity fair that the trump's chief economic advisor gary cohn should resign even though stock markets would probably react negatively to the news and would likely end his chances of becoming the next chairman of the federal reserve. nantucket, now from massachusetts. what we saw, in response to the events of the last 10 days, very cohen deciding to remain with this government and in support of president trump. the you think he did that to try to secure a role at the head of the federal reserve? >> look, obviously, there is a sea change politically inside the white house on friday with the resignation of steve bannon. it was that near final or approximate final nail in the coffin for the so-called nationalists inside of trumps government, giving the bo

ackman is suggesting without losing much of what makes adp, adp but it is a company that has significantlyrmed itself as it's been described by him and his associates as a feet on the street operation it's much more of a technology based company. it's something along the order of 83% or so of our customers are on a single version platform. >> now let me just, so mr. ackman buys a lot of stock and over the course of the last year what have the conversations been between mr. ackman and you that he feels he has to get people on the board? has it been contentious? has his plan been presented to you? >> i stopped being chairman of adp in 2015. >> how is the negotiation going on what plan did he put forward. >> don't hold me to the exact date jim but i think it was 2008, 7, 9 but he was a shareholder then and came into the stock and left the stock. i'm not sure what he thought he saw then that he sees differently now. but there are activists and there are activists, it's a broadly used term. it covers a full spectrum of people there's good activists and then there's more difficult activists. if

over ten years, adp is up 164%, pay chex is up 24. over 20 years, adp is up 431, pay chex is up 385 so there are those who will look at stock performance and say -- >> i agree >> -- why this one >> right, i agree with that. but that's what value investing is all about, also you're saying that the price doesn't really tell the full story. why can't it be on the other side that a high price -- >> the price in this case tells a story. never measuring period you just cited, adp has been number one, relative to paychex. >> and the s&p is this a company you single out and dump all over when they've done such a wonderful job of managing the company >> i'm going to speculate, what he's going to come out and say is, he can use ai and machines to cut 50% of the employees. i use the product. it's very service intensive. maybe there's a lot of bodies that can be cut out of the model to get the 40% margin. we deserve to hear that. >> pershing square has no comment, by the way, on anything that we've discussed or that lee has said, thus far, on thi

nejra: still ahead, bill ackman wraps up pressure on adp.ll bring you his last comments as he makes his case for changes at the company. this is bloomberg. ♪ ♪ vonnie: mrs. "bloomberg markets." ackman, wrapping up his case for changes at the payroll and human resources outsourcer. shares could double in four years. pershing square has been looking for three nominations to the adp board. with more on that position in particular coming up later, once that is complete. still ahead, there is a new wrinkle in trade friction between the u.s. and china. the white house chief strategist, stephen bannon, could become a kidding relations . we will bring you that story, next. quick data check, we have equity indexes moving today, but not by all that much. we are down by half of 1%, giving off some of the gains previously in the week. the s&p 500 down's extensive 1%. the nasdaq down 1%. this is bloomberg. ♪ from lingered's world headquarters in new york in ,ndon, i'm nejra cehic along with vonnie quinn. that in ann saying interview to the american prosp

fabulous segment and then he's got adp's ceo.ant to hear anymore that i get all the good guests >> i keep fighting it's and uphill battle against you, but i keep fighting >> i threw him that one. not true >> we'll get cramer's mad dash we'll count down to the opening bell look at the premarket. we're back in a minute with at&t you can get your entertainment right here. right now, when you get the incredible iphone 7 from at&t you can get unlimited data and live tv. the channels you love. your favorite shows and movies. making your iphone into more of a... oh my tv is ringing. hey...i'm in the middle of a...a second iphone from at&t? okay! right now when you buy a new iphone 7 from at&t you'll get a second iphone 7 on us. and power both with unlimited data and live tv. thank you so much. thank you! so we're a go? yes! we got a yes! what does that mean for purchasing? purchase. let's do this. got it. book the flights! hai! si! si! ya! ya! ya! what does that mean for us? we can get stuff. what's it mean for shipping? ship the goods.

cooperman has a real knowledge about adp up to the modern adp and the key distinction that we found inengthy interview is he believes mr. ackman is conflating the paychecks model with the adp model. he is saying that is flat out wrong. bill ackman is wrong, there is not that much to fix in adp. we continue to circle back to their performance. he was really quite adamant. bill ackman has this one wrong. vonnie: down 7% over the last several sessions. year-over-year, it is up 25%. we are going to see in the coming days, what is his plan to take what everyone considers to be a good or even great performer and to make that difference that makes all of his efforts worthwhile. you saw that in really good total return. ackman took some very controversial positions, as well. let's have another listen to that cooperman interview. bill: i would say that i have cooperman: i look at activism as a individual situation, one at a time. i see very little signs of euphoria. the individuals not participating in the market. vonnie: activism is not always good, i think he was saying. tom: he said case-by-

president and now looks like there maybe communications with all of that and another shot fired in adp's ackman battle. we'll break down what that means. four week losing streak for the nasdaq and given sort of these levels here. not surprising that the dow is on track for the first month since january. >> i have been watching and reading and there's people that feel that a 2% correction was warranted. that's not a correction. i mean, we had a meandering. things have been good. there's things like foot locker that are devastating things like estee lauder it's just hanging in there oil tried to put a bottom in on friday news camp was good for oil but that was the most noteworthy thing that i saw obviously the bannon news was okay cohen in and banno out. >> the failed so-called bannon rally bother you. >> not at all. we're at a moment where there's more people taking vacation than usual. these things i know they're supposed to be slow but, you know, it doesn't mean you have to close we ought to go back and say okay listen 2:00 we are going to knock it off. >> when you couple the geopolitic

bloomberg reported that he had built a stake in adp.ota and masa have agreed to build -- mazda have agreed to build a $1.4 billion factory in the united states. they are buying stakes in each other as part of the deal. three years ago, allianz at the future of its giant bomb firm on a little-known money manager. they counted on him to replace pimco founder bill gross. now, it is starting to pay off. that is your latest bloomberg business flash. mark: still ahead today, sounding off on passive investment, saying it is devouring capitalism. we will make sense of the anti-passive sentiment. this is bloomberg. ♪ mark: this is "bloomberg markets. time for our etf friday segment. that means julie hyman. julie: we have yet another hedge fund manager ripping passive investing this week. he says it is devouring capitalism. singer made these comments in an investor letter. criticism is that with passive investing, you don't have as much power with the company to try to effect change. he has been an activist in many cases. what do you say about th

proposed plan includes layoffs, cost cuts, technology investments, adp said uh-uh. we disagree with the strategy. shares of adp down more than 5%, finishing the day at 104.68. >>> a number of nuclear power plants in the u.s. have made a decision to shut down and more expected to do so. one of those plants is three mile island. and it's at the center of a new debate over nuclear energy. we report tonight from middletown, pennsylvania. >> reporter: cheap natural gas may do what the worst nuclear power accident in u.s. history couldn't -- shut down three mile island. safety concerns aside, cheap natural gas has made it so plants like this one are no longer five nuclear facilities have closed in the u.s. since 2013. three mile island is one of the handful that's expected to close in proponents for the shutdown say these plants are dangerous a but this community feels differ >> i lived here in 1979 when the meltdown occurred. i never felt safer living here >> joe dominguez recall what is he terms long-term value. >> yeah, we are at a point where natural gas prices are re

did want to get to that adp story. kelly referenced it earlier this morning. showing up again he's outed by adp as opposed to coming on his own offensive. we were told by adp in a press release issued this morning is targeting the board of directors of the company seeking five seats including the ceo seats. he wants a change in ceo and believes somehow that the company is being undermanaged and would benefit from a change in direction brought about by, well a change in directors and most importantly a change in ceo. one would expect we will get one in the not too distant future. he says i want to talk to you guys i want to get rid of the ceo i want to nominate five directors but could you push your nomination deadline it's currently august 10th it's not clear why whether or not he is not fully ready with his slate or what would typically be a long presentation as to why he wants to see this change perhaps he didn't want to push it off they did have a meeting yesterday in new jersey that is mr. ackman and senior management of adp in which again he reiterated hi

but this is not the first time ackman has gone at adp he's been investing in adp from '09 to '11 he wasating for change back then. spinning off assets, rationalizing the balance sheet. so this is another sort of return to the -- >> and i think a good one. fundamentally a lot of times you'll see bill ackman going after companies that appear to be very cheap and when you look at the charts are clearly sinking. this is the opposite this is a clearly a company that as you look at the stock performance has done incredibly well over the last five years. i laughed when you mentioned morgan stanley morgan stanley downgraded the stock the other day with $100 price on it. >> because of terrible earnings. >> but they missed on the fourth quarter. but i do think here you have to include in the conversation the tremendous amount of short interest >> i was just going to point that out >> in this stk >> in this stock and in this sector adp is now the third largest short in the data processing and outboard services sector behind visa and paypal and has the largest one month increase in short interest f

ackman says adp is underrvalued yesterday adp rejected those attempts rodriguez told cramer about a phonehe had with ackman about the proxy fight. >> i had a conversation with bill right before, you know, we, i guess, agreed to disagree that he would launch a proxy contest. i asked him, bill, i know you have a vacation which is getting in the way and why you need an extension of this deadline when you get back from vacation, why can't we meet then he said i'm afraid that's not going to work. that's not the bway my business works. >> ackman says the characterization of that conversation is totally false. adp shares have taken a tumble over the past week down more than 7%. back over to you >> landon, thank you very much for that a fascinating ongoing battle >> my gosh >> whether it's jim kramcramer, leslie picker, they've been covering it well. >>> shares of bhp billiton are at a six-month high, swinging back to profit on prices the company is raising its dividend bhp announced plans to exit its shale business following pressure by elliott management shares are higher by 3%. >>> tronc has n

the adp private payroll report at 8:15 a.m.an see the estimate, and the previous numbers on the screen right now "squawk box" will be right back. >>> dow 22,000 in striking distance as the record rally rolls on we've got your trading day set up straight ahead. >>> new overnight. the white house is weighing some aggressive trade action against china. we have the full details straight ahead >>> plus auto sales skidding we'll ask auto nation ceo about the health of the industry and run through the latest quarterly results when they hit. the second hour of "squawk box" begins right now >>> live from the beating heart of business, new york city, this is "squawk box." >> i can't -- >> welcome back to "squawk box." we're talking about whether we can touch our toes this morning right here on "squawk box. joe says he can touch his knees. i'm andrew ross sorkin along with becky quick, who did just touch her toes i don't know if people saw you touching your toes >> really? >> of course you can't? >> joe is here that's -- now we've gone of

robert chapman joins us live on his adp short. big box retailer just got upgraded guys we'll see you in just a bit >>> we'll stick with retail. shares of alibaba up this morning after the china-based company beat expectations. let's bring in joseph burger, ceo at pacific epipooch. is this stunning growth we seeing across alibaba's e-commerce double digit growth, is it a matter of taking market share or is this market just growing like crazy >> yeah, we weren't surprised by the results that quarter based on our research on the ground in shanghai and our prix poprietar data tracking. we see continued strong performance for alibaba over the quarter and clearly their promotion strategy helped them this quarter and we see that continuing. >>they're growing so much faster than the broader excommerce growe e-commerce growth in china, what do you put that down to? >> yeah, so from our standpoint, the way we see the market is you look at the china consumer, currently there's only 50% of the population online today and that's growing, it's

and now adp, this looks like it will eventually lead to some sort of a proxy fight. now, the annual meeti ining isn until november so they do have some time to work things out, but it's clear that this thing has gotten contentious. it actually started out being quite contentious. >> it likely will continue the ceo is on with cramer tonight in an exclusive, adp ceo, rodriguez so, you know, that's going to be interesting, too, to hear what he has to say, now that he's had a chance to hear and see bill ackman's presentation. >> exactly and one of the most important details to note for that presentation versus what we'd heard so far is that when the company disclosed, when adp disclosed ackman's sbintentions they said they had been pushing for carlos rodriguez to be replaced that wasn't apparent in the slide deck or in the prepared remarks from last week what it was apparent in, in the q&a, when he was asked specifically about carlos rodriguez and his role ackman said he likely would need to be replaced this is something you can tell just by hearing both of those gentlem

shares up 3% now in german trading. >>> july adp employment is out at 8:15 eastern and we'll hear fromleveland fed president, loretta mester and san francisco president john williams. mondelez and time warner report before the opening bell. after the close, aig and tesla will be the big one. >> that's a big one for sure >>> up next, a china trade crackdown? the aggressive measures the trump administration is reportedly planning to take against one of our biggest trading partners we're live in beijing with that story. >>> check out what's happening with the futures we are seeing positivity, if you will 46 points for the dow. nasdaq up by 0.75% apple a big part of that story "worldwide exchange" will be right back adership is instincti. they're experts in things you haven't heard of - researchers of technologies that one day, you will. some call them the best of the best. some call them veterans. we call them our team. [car tires screech] [bell rings] >>> welcome back to "worldwide exchange." if you're just waking up or heading into work, we are seeing a lot of green on the board for the

mark: let's talk about bill ackman and adp.ally saying we are not looking at your choices, your nominees for the board of directors. what happens next? scott: as it stands right now, they're are meant to have a meeting on september 5 where bill ackman would present to the board and presumably answer their questions. it seems like this is not going well for him. obviously the three people who put forward as director nominees for adp, the company says they will not add any more value than they have with the board and there's no reason to do it. mark: is there any sense out there of support outside of adp among the analyst community for some of the measures, some of the things that bill ackman was actually saying, such as margin improvement to market share and technology might not be up to scratch? scott: if you saw the reactions to that 3.5 hour presentation ackman gave last week, there is a consensus that there is room for margin improvement, that perhaps the technology and the software that they have is not up to snuff, and the

he's going to come out and say we're going to automate adp. we're going to take these tech support people sitting on the other ends of phones when you call up with payroll questions we're going to automate it and fire thousand of people. you know what, i'm okay with that american express did it, they took heat for it and now the system gets better i own that stock, i've owned it for six years, start whacking, i'm okay with that i want to hear the ideas i don't think leon should be squashing it by the way, he didn't disagree he threw him under a bus yesterday. over and over again. i thought it was abusive >> so, you're still waiting to hear ackman's plan >> still waiting look, i'm not supporting him as an activist. i'm supporting him as an idea that owns derivatives and stock in the company let the merits of the idea be judged by the market let us, the shareholder, vote you in or out. it's that simple >>> and to tell you about what to expect on today's wall street agenda, we're getting jolts. and for the earning this week, michael kors and disn

of solicitation on what went down between adp and bill ackman.e of the highlights included what happened surrounding that extension of the deadline and pershing square saying it and the company were at war. this is according to the proxy filing he said according to the proxy filing that he was committed to a proxy fight. and would not consider any kind of settlement in that it kind of explained what he was looking at with regard to ceo succession and that he had been under the impression mr. rodriguez had been looking to step down anyway, which is why he was looking at other candidates to take his place at adp. a lot of interesting stuff here. it will be interesting how things turn out from here. >> yeah, and whether or not they can reset on this thing. thank you. >>> netflix is focusing more and more on international growth as media and streaming companies attempt to capture eyeballs overseas i-flix is already there. millions in saudi arabia and egypt. joining s ining us is patrick, e co-founder and ceo >> good to be here >> it's a fascinating i

the deal is subject to regulatory approval. >>> adp bitifighting back.ws release that came out, adp announced its board has voted unanimously not to nominate any of pershing square's three proposed board candidates they interviewed each candidate and determine that none bring any additional skills or experience to the adp board. pershing owns 8.3% of adp and has called for its ceo, carlos rodriguez, to be replaced. rodriguez will be on "mad money" tonight at 6:00 p.m. eastern time by the way, one of the three that they interviewed, i imagine, had to be bill ackman >> would you have like to have been in that room? >> they clearly don't think he has the skills there you go. >>> news just in -- >> oh, from herbalife. it's announcing a $600 debt auction to buy back its shares the company says this is the most appropriate way to return money to shareholders. herbalife was in discussion with an investor that could have resulted in a going private transaction but that those talks were not successful. >> that's a big deal, right? big storied stocks we talk about

we'll get an early read of friday's adp data.tay tuned, you're watching and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for enterprise. yours. >>> welcome back to "squawk box. we start with some stocks to watch. berkshire hathaway is now bank of america's largest shareholder. warren buffett's firm exercising war warrants to buy 700 million shares of stock. those shares a s ars are worth$ billion and gives berkshire a 6.5% stake in bank of america. we knew they would be doing this warren buffett will be joining us live today on "squawk alley," that's coming up at 11:00 a.m. eastern. >>> also autonation is launching a 2$250 million stock buyback program. yesterday on "squawk box" mike jackson told us that the company plans to scrap vehicles damaged by hurricane harvey which will hurt august sales number >>> j.j. watt has raised a whopping $5 million for hurricane harvey relief. he pledged $500,000 of his own money. the owner of the tennes

, quote, the board has unanimously determined that it is not in the best interests of adp or its otherto accede to pershing square's last-minute request for an extension he's had some winners but his massive loss in valeant, losing fight with herbal life are empowering them to push back adp did rise on the initial news of his investment. it has doubled well before ackman even got involved in the name >> this has been a slow and steady wins the race company since basically 2010 if you look i don't think they've done anything wrong quite frankly this is not going to be a ridiculous grower. remember, they had to deal with an economy that was on -- in a difficult period of time in '08, '09. >> payroll many of our viewers know this is your paycheck who you get. our viewers probably know that i'm not a big fan of the term activist they're activists for their own investors. >> of course they are. >> they had a name that wasn't so nice. to your point, guy, this is an odd choice of a tart the stock has outperformed all of its peers. >> this is bill ackman going back to an investment he had he w

adp ceo carlos rodriguez sat down with jim cramer moments ago, they wrapped the interview.ay not believe what he just said was wrong with bill ackman's presentation about his company. we're going to bring you those comments. >>> plus, our very own guy adami today taking to the wild streets of times square during the eclipses to see how new yorkers were viewing it all po cinpeal very guy-like sci rertomg up right after the break. [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade. >>> all right back payment processing company adp rejecting bill ackman's three board member candidates earlier today. ceo carlos rodriguez told our own jim cramer what ac

. >>> meantime, bill ackman trying to shake up the payroll processing company adp.he firm today rejected his three candidates for the board. last week mr. ackman outlined his transformation plan for the company. ceo of adf called the activist hedge fund manager a, quote, spoiled brat. shares of adp dropped 102.89. >>> there are reports today the secret service is running out of money to pay its ajechbts. expenses are high. it's up to con additional funding. eamon javers has the details. >> reporter: secret service officials said today more than 1,100 secret service officers will work more overtime in 2017 than they are allotted under the . that means they're going to need a fix on capitol hill in order to change the law and pay overtime to the secret service officers. in statement today, the secret service initially said this, "the issue is not one that can be attributed to the current administration's protection requirements, but rather has been an ongoing issue for nearly a decade due to an overall increase in operational tempo." then they changed the statement ad

adp quickly responded by saying we strongly disagree with many of the assertions made by mr. ackman in today's demonstration which portrays a fundamental lack of understanding of adp's strategy and business ackman said the c suite may need some fresh blood. >> having seen the reaction we got from car hose, his response and the kind of rejection to the dna, i think it very likely in my view that this will require a change in the ceo of the company. this is notable because this fight started with the company disclosing ackman's demands, not ackman himself adp said two weeks ago ackman wanted rodriguez out, but ackman kind of backed away from that claim. today's comment, of course, changed that the market, however, didn't seem too keen on his plans. shares of adp slumping more than 5.5% ackman addressed this on the call saying it was due to his, quote, airing of dirty laundry. >> also a tough day in general leslie, thank you. leslie picker. 15 minutes to go, and here's how tough it is, the dow down 239 points, a better than 1% drop. the nasdaq and s&p all lower and the nasdaq i

record is, you saw adp go after him. they say we do well, you don't do so well what do you have to say about anything >> i am a shareholder. >> how long have you been? >> about six years, has been a great stock for me the reason i am intrigued is if there really is margin opportunity which is what his claim is, i see better margins ahead for this company, tell me more he has every right to use his platform to come out and explain what he sees that others don't you can criticize values or say herbal life was a disaster, and they were, but the fact that we're talking about him now, he has a platform, when he first came out with this last week, my ears perked up really what do you know that i don't know tell me more this fund has a huge amount of his own money. if he bought 8% of the company, it is a major holding of his own dollars. yes, i want to know what he knows. >> do you as shareholder want him to run his directors after missing the deadline. >> i put the gauntlet out to him, sell me tell me what you know. tell me th

so has been the data processing adp. in detailn talking about his case on the company. accused of being insular and lacking perspective. of the boardominee of directors is not a push back. energy has beaten out warren buffett. they still have to get state approval from texas, maybe california but those shares are up 1%. total. looking at yo joe: looking at the government bond market. it was a very quiet day. very than a market moving news today. a 10 year yield down to 2.81%. >> currencies, let's catch you up. >the euro is gaining against the dollar. the british pound getting against the dollar. this is a story about the dollar weakening. in can see that back september and december, these are leveraged funds. that it has completely reversed and the consensus is go short the dollar. a question of whether this is a contrarian indicator or not. joe: in the world of commodities, let's look at oil down 2% after some production concerns. gold is a little higher but not much. there is also this rally in the industrial metals. nickel getting another 3%. copper is up. a combinat

adp denied ackman's request for an extension to nominate his directors.xplained that decision on "squawk on the street" last week. >> the real question is why does he need an extension not how long is the extension and what did he really ask for or what did he really not ask for, because it reminds me a little bit of a spoiled brat in school asking the teacher for an extension for their homework. >> ackman's story was a little different. he said he only wanted three directors, not five, and filed a preliminary proxy statement on monday that included, among other things, backgrounds showing that rodriguez sent an e-mail in error to ackman. in it rodriguez said he didn't find ackman's willingness to work together as, quote, credible hopefully we'll get a better sense in a half hour, guys. >> hopefully you're right, leslie, thank you. >>> coming up, weekly jobless claims about to hit the tape we will bring you the numbers. quick check on the futures before we go to another break. they have been down but not -- actually now worse walmart weighing on the dow,

adp down. bill ackman of pershing square said the stock could double. nonetheless, not getting much of a bit. cisco lower after the networking giant beat estimates for the fiscal fourth quarter, the guidance was light. net app down 6%. .pple down about 1% there doesn't appear to be new there, but this is a stock according to paul sweeney, reacts more so when there is a bearish or bullish case. the stock is down 1%. let's look at tech relative to the s&p 500 in the bloomberg. g #btv 114 people what we are looking at is an equal related this equal-weighted version -- 114. what we are looking at is equal weighted. technology is going toward multi-year lows. this may suggest that could be some sort of weakness ahead for technology above and beyond what we are seeing their. finally, let's rounded out with retail -- we have big retail movers. alibaba up 5%. the chinese online giant hitting a new record high after they put up a massive beat -- 27% on the bottom line. they put up in a dollars per share in earnings. walmart, not so much, down on disappointing gu

bill ackman has a percent stake in asia -- in adp. shares of viacom are falling today.t says its subscribers to its cable tv networks will drop by about 3% this quarter. that's not the only problem. their paramount film division has been losing money. warren buffett's berkshire hathaway is set to report earnings at the close of u.s. trading this friday. recentelated to insurance initiatives at geico and aig may have heard results. the forecast is for berkshire to post revenue topping $57 billion. that is your bloomberg business flash for this hour. mark: take a look at the european markets as we moved to the close, roughly four minutes away. all the indices are gaining. after two weeks of losses, stocks are on track for a weekly gain. i will leave you with the currency board this week approaching the close of the session. we had the u.s. jobs report today, this is the european close. ♪ mark: live from london and new york, this is the european close. i'm mark barton with vonnie quinn. all 19 industry groups on the stoxx 600 rising today, propelling it up five 9/10 of 1%

but i think a fair comparison for adp is oracle.e to look at other companies that deal with legacy software and generations of old technology it's a challenge to overcome that i think carlos again is doing a good job in the time he's had at adp. >> this was a terrific quarter congratulations. workday with some remarkable wins great to see you, sir. workday, if it comes in, would be a blessing. sometimes they pick on some line item i like to think bigger "mad money" is back after the break. whoooo. you're searching for something. like the perfect deal... ...on the perfect hotel. so wouldn't it be perfect if... ....there was a single site... ...where you could find the... ...right hotel for you at the best price? there is. because tripadvisor now compares... ...prices from over 200 booking... ...sites ...to save you up to 30%... ...on the hotel you want. trust this bird's words. tripadvisor. the latest reviews. the lowest prices. >>> lightning round is sponsored by td ameritrade it's time for the lightning round. [ indiscernible [ buz

an adp had taken an 8% stake in the company.esterday on cnbc's halftime reports, leon cooperman and my good friend and former board member pushing ackman, listen in >> i know and respect bill ackman, so it's difficult for me but i understand his behavior to be in this instance to be somewhere between foolish and inappropriate and irresponsible. and i feel it's my job to speak out. i don't think he appreciates the fact that this business model is a high-tech, high-cost service that costs money i don't know where he's coming from >> pershing will hold a webcast with investors later this month to outline its research on adp >>> to this morning's big earnings moves, shares of trchlt -- trillio. >> reporting 49% year over year. the revenue beat comes quite twi twilleo losing business this year twilio reports a better than expected 43,000 active customers as far as guides dance goes. the company forecasting a loss of 7 to 8 cents a share. in line with the street's expectations twilio in june of last year, shares have been on a tear in

adp shows robust hiring. big question a strategists say is not what the fed is going to do in september, but what they're going to do in december. that is a question that may be answered on friday. yvonne: thank you, joining us live from new york. president trump has a tax overhaul. speaking in missouri, he gave a broad overview of his plan, but few details. our guest is joining us live from d.c. what was in this outline? joe: it was a set of boilerplate ideas advanced by both democrats and republicans. lower tax rates, simplified tax form, easing taxes on middle-class americans, and revising the tax code to get companies to bring back profits being stored overseas. something that president obama might have said, the devil is always in the details. there will be a lot of details still to be worked out. in general, his speech did come out positive from what we heard from missouri. we heard a lot of talk on north korea and nafta. the president saying, he is prepared to exit this trade deal. but you hear the pha

basically they also will not call for the ouster of adp's ceo, carlos rodriguez, but they indicate thatare happy at this point to work with the company's management as long as it's open to, quote, significant changes at adp, so they are going to propose directors, one of whom would be bill ackman bill, sara, back to you. >> thank you leon cooperman was on "the halftime report" taking bill ackman to task for criticizing >> saying he won't win this one. >> we'll see what happens. thank you, sue. >> you got it. >>> we'll come back with the closing countdown with the dow up 29 points. >> and the united nations approving sanctions for north korea, but it has -- will it stop the sabre rattling from dictator kim jong-un coming up, what all this talk means for defense companies in the united states. sissreatincn, rsin bune worldwide >>> just inside two minutes to the close here and the dow looks like it will close with another record it would be the tenth up day in a row, but the ninth consecutive record, if you're keeping score at home there, and the s&p will also be at a record, but let me st

so is the ten year yield adp is a slight miss ahead of the jobs number on friday. apple set to open at an all time high after the solid earnings. company sells 40 million iphones in the quarter we'll hear what tim cook had to say about the future. >> we might see an open above 22,000 for the first time but how long can this rally continue >> major corporate news out this morning. a r irene rosenfeld to leave mondelez. >> am up implieg tlying the lau the end of the september quarter. it wasn't only about ipad and iphone sales. >> services revenue hit an all time quarterly record of $7.3 billion representing 22% growth over last year. we continue to see great performance all around the world with double digit growth in each segment. over the last 12 months our services business has become the size of a fortune 100 company, a milestone we have reached even sooner than we had expected. >> go back to something that looks like a company where you can give it a higher multiple. particularly the services revenue which is extraordinary added 20 million more people this quar

say the fight with adp will convert the company from running his business.dp and once steeds -- seats on the board. >> i would say that i have seen the best of activism and the worst of activism for the same firms. i look at activism as an individual situation, one at a time. the growing skepticism, the maturing optimism and the euphoria. i see little signs of euphoria. the individual is not heavily participating in the market. >> he said investors have to be patient. steelrld's largest producer is keeping at home. chinese exports frank, and selling domestically seems to be benefiting. steel mills took booming demand. david: when president trump took office he promised a dramatic overhaul of u.s. trade relations but now, 200 days into his term, some companies are expressing frustration with the pace of change according to a report of this morning in the washington post. wetell us where we stand, turn to kevin cirilli, chief washington for respondent desk correspondent. in the section 301 action, it was threatened against china involving intellectual property

leon cooperman served on adp's board of directors for nearly 20 years, and says the company doesn't needterference mr. cooperman is here with us live on set today. it's good to see you here. also with us, for the hour, josh brown, jim lebenthal, steve weis kevin o'leary is here, the chairman of oshare

i don't know where he is coming from >> he says adp can improve by 50%, hasn't laid out his entire plan yet he plans to hold an investor day to do just that. we spoke about the market with lee on cooperman he said he thought it was fairly and fully valued we asked mr. cooperman, the legendary investor, where are stocks today >> i think the market is fully valued on a fundamental basis. i think we are heading to normal zatio ization, 4% nominal. i think the fed fund will be 2, not 1. the ten-year government ought to be 4, not 2.25 it may take another year to get the fed funds raised. >> we asked him where are opportunities in the market, if there are any left some very notable investors have been speaking out about where they think the markets are howard mark is included. lee said there is still value to be had he has a long list he showed us a list of stocks that he ani that he thinks is ripe for the taking the point of his appearance today was to take issue with what bill ackman is trying to do in adp even though we don't have the full plan laid out before our eyes maybe we will find o

look at his historical activist campaign, what management initially resisted and then came around -- adpt has been very vocal and derogatory when describing him. >> any time someone tells you you are doing a bad job, you are going to be hostile. of adprodriguez, the ceo went on nbc and called him a spoiled brat and a used car salesman. , he told himenes he thought maybe he needed to be replaced. last week, he went on tv and started berating him. now he says it is time for a new ceo. i think it's true that obviously someone doesn't want to have somebody come in and tell them they are doing a bad job. that's a pretty normal reaction for anybody, i would think. julie: fair enough. nobody likes to be insulted. appreciate it. let's get a check on headlines with mark crumpton. mark: thank you. authorities in barcelona now say 13 people are dead, more than 50 others injured after today's van attack on pedestrians in the historic las ramblas district. president trump condemned the and during atter, news conference with visiting japanese officials, secretary of state rex tillerson said the u.s. i

>> adp is one of the quirky things economists look at. they create paychex, pieces of paper for 20% of employees in this country. 120,000 new paychecks were cut. we would like to see a little bit more. cheryl, the magic number is 120 to cover population growth. 178 is more than we need for population so i'm okay with that. cheryl: i don't know, lou, i use number 200,000. that is number i like to see. my eyes on friday are on wages in particular. >> everyone wants to see wage growth pick up. that is what is lacking in this economic recovery. again i don't think there will be too intense focus on single jobs number. we've talked about it in round-about ways in this segment. you're seeing earnings growth in the tech sector pick up tremendously. valuations are not out of whack. there is a lot more upside. these tech companies coincidentally are biggest companies in the market because they're at the center of all big trends that will drive the economy. i think they are a better bellwether what to come than individual jobs report. >> that is wh

the adp estimates 237,000 created in august. that's better than the 179,000 the street expects in friday's payroll report. of course, the impact of hurricane harvey and it's the reason one economist cited for not raising his outlook today. despite widespread pain and devastation in texas, economists expect modest gdp impact, at least from reports so far. i'm steve liesman. >> and while it is too early the to to estimate how much harvey might sh off the third quarter growth, rms says economic losses from harvey could be between 70 and $90 billion. and s&p is warning any government shutdown will hit growth in the fourth. n e rate iing agency's chief starte at the beginning of the quarter, which it likely would, take off .2 from gdp for each week. that comes out to $6.5 billion a week. let's turn to beth ann, the s&p chief economist who issued that warning on how government shutdown could impact growth. welcome, nice to have you with here. zm i've heard conflicting things out of washi i've heard from paul ryan, but i've heard other

we'll tell you on night "nightl busi >>> we got a snapshot of the labor market today when adp said businesses added 178,000 jobs last month. that was modestly below what economists expected. the official jobs report is out on friday. expectation is for 180,000 new. >> while wall street waits for that report on friday, an amazon is getting a jump on things. they're holding their own jobs day hoping to fill tens of thousands of positions today alone. we're in robinsville, new jersey. >> this isn't your typical job fair. there are hundreds of candidates and thousands of open positions, but just one company is doing the hiring. amazon.c. the e commerce giant is hosting what it calls the nation's lat jobs fair at 12. 50,000 jobs are up for grabs, some of them filled right here on the s >> it is a great opportunity, a great experience and they're only hiring 1500 employees and will be one of those. >> the line of candidates at amazon's new jersey fulfillment center stretched around the building as candidates waited for their turn to apply to the warehouse, interview, under go a criminal check and d

adp says the hedge fund with holds an 8% stake in the payroll processor, requested that the company push back its deadline fo nominations so the square could nominate five director, one being bill ackman. adt has rejected both requests. shares were off a fraction to 111.39. the travel booking site trivago saw its loss narrow in the first quarter, but the result still disappointed the streets. shares were punished following more than 18%. >>> blue apron is shutting down one of its new jersey facilesits so it can focus on a locati company said that the more than 1,000 employees that will be impacted do have the option to transfer, but the company noted it expects nearly 500 workers not to make that move. blue apron shares fell 6% to $5.83. >>> and wells fargo said a more extensive review into its fake accoun scandaling could reveal more unauthorized accounts. the bank says the new discoveries could result in legal costs that exceed the amount the bank has put aside by more than $3 billion. shares w 1% to 52.84. >>> it's time now for our market monitor, who has stock picks he says you'll wa

you also had the private sector adp figure adding 237,000.s been underestimating jobs we could have a pretty big number there come friday >> those are both good numbers about the gdp though i don't think we're at a 3% economy yet. my guess is this was a great quarter. there's a lot of volatility in that series. i think what's going to happen is we're going to end up averaging on the year, probably around 2.2, 2.3, that's sort of my guess and we're getting, you know, that means there'll be some down gdp numbers coming in quarters ahead. i think to get three, 3.5% we're going to need the tax reforms that the president just talked about. just a few hours ago so we're not -- we're not at 3% economy in my view as an investor. >> well, ignoring warren buffett's view, here's what she was told this morning. take a listen. >> does this feel like a 3% gdp economy to you >> it's been about 2% a year now for -- since the fall of 2009. eight years. and remarkably close to that most of the time i would guess we're in about a 2% growth economy now. and as i

adp is pushing back against that.r, taking a leg lower but then coming back up after wall street journal said google was going to plan snapchat like media content. it's unclear what that would be from the description. but investors have come back after the initial leg lower. scarlet: as julie mentioned, we will talk about wells fargo now. expanding a review that could lead to the banks finding significantly more cases of fraudulent accounts. let's bring in jenny that covers the banks for us. tell us what we know so far. jenny: he did a quarterly finding today and there was considerable news. the first one is they announced the legal cost of this whole saga. it might reach $3.3 billion and the previous estimate was $2 billion. the legal costs mounting there. it's beyond what they reserved for. clear, it'sto be gone from $2 billion to $3.3 billion, none of which is reserved for? jenny: they have reserves, and this is beyond what they have reserves for. a number that investors are paying attention to and a little worried

pretty solid for the market you've got an environment where you had ten-plus person, growth for the adp and an environment where inflation is very low, certainly below the 2% target of the fed meaning that further interest rate hikes could be put off as a result. you know, you've got a decent growing economy. you've got some good data. you're heading into the latter part of the year at this point which tends to be one of the -- fourth quarter tends to be one of the strongest quarters of the market of all time generally speaking there's lots of reason to be optimistic, and we think that the market judged it right hon friday by shrugging off north korea and understanding so far the geopolitical events tend to fizzle out over time. >> holly, on the fed, new york president bill dudley said about an hour ago he would imagine in their september meeting that they will begin the process of selling off some of the bonds on the fed's balance sheet. do you think the market is ready for that is that priced in at that point, or what are you seeing >> i don't think it's entirely priced in yet, bill,

while we have you here, let's talk a little bit about tomorrow's big jobs report both the adp numbergdp report yesterday were better than expected. how is that setting things up in terms of what traders expect for that number tomorrow >> i think they're expecting good if we look at the last five numbers, yes, two of them have been significantly disappointing, but the last two in a row have been both pretty good so of the whole data spectrum, a lot of them have been coming out wa weak but jobs numbers are pretty solid. the most important thing is we think for the time being that good numbers don't necessarily mean an aggressive fed, like i said we were reminded last week there are significant things to worry about. in the long run, a hurricane probably increases economic activity, but in the short term it certainly doesn't but the most important part is they have to take a back seat and see what the real economic impact is before they move i think traders will like good numbers and are expecting a good number tomorrow. >> all right, jim, thank you very much. we appreciate it we'll see

up the interim ceo tells us whether he thinks he can get their act together and replace obamacare of adp this afternoon. there it is right there. virtually flat, $111 a share, after bill ackman of pershing square revealed a new stake in that company of 8% i spoke with bill earlier today in an exclusive conversation in which he told me as recently this morning he was still buying shares of adp and plans to file a 13d, activist filing on monday he says he's not seeking control of that company as has been previously thought says he plans to propose a minority slate of directors which is interesting because originally it was thought and reported that he was looking for five seats and control of the company. he says he's looking for four or fewer. he did ask for a one-week extension to the nomination deadline which was next thursday to be able to meet with the board pand give them time to consider some of the ideas that he has his goal, he says, was to do this consensually. he didn't want to have a proxy fight. he wanted to work with the board like he did in prior cases of air products and ch