alix: i'm alix steel.git gain for the dow was financials and tech shares leading the way. amazon up after an analyst boost the shares to $1000. scarlet: credit sweeties is surging on news that the ceo is winding down unwanted assets at a faster pace than projected. alix: big oil spends years and ilion's of dollars giving rights to drilling arctic waters, but now they are growing cool to claims that it would net the next big discovery. let's yet things started and head over to the markets desk where julie hyman is keeping track of the triple digit point move in the dow. that was holding back stocks from having more of a rally with a mixed day yesterday, but all three major averages are down. the dow has been gaining with the worst-performing index yesterday. not only are you seeing this rally, but we keep taking legs up. which, if you are able, that might be a good sign. you can see these steps up hitting incremental new highs throughout the day, whereas yesterday, stocks kept attempting rallies that were n

alix: i'm alix steel. here's what we are watching up as our.d rate hikes are still possible this year. scarlet: the lending club ceo resigns abruptly after comments of $2 billion in loan sales. alix: wildfires in western canada turn away popular areas and cooler weather slows the spread. oil prices falling as traders assess the impact on canada's output. scarlet: let's head to the markets where julie hyman has a look at natural resources. there's not a whole lot going on in equities and indexes where we are. you stuck in this unchanged mode. julie: we can look at the interplay with stocks. you not seeing much movement as we were alluding to. there's not a lot of direction when you look at the major averages. we are seeing volume than the lower 20 day average as well. most of the groups in the s&p 500 are seeing the drop versus the 20 day average. , tech volumee down down, discretionary volume down. overall, not seeing much volume today. look at what is going on groupwise in terms of movement here, yet health care gaining the most and materials

alix: i'm alix steel.ar energy has tapped a new man to lead the company. shares are rising on the news. here my exclusive interview with the founder. scarlet: demand for gold hitting a record in the first quarter. buying showing no signs of slowing down. alix: germany's bayer is considering a bid for montana. it would create the largest seed company, but wouldn't raise antitrust concerns? scarlet: let's go to the market desk where julie hyman has been tracking the latest. still read on the screen. julie: not releasing any recovery here. a lot of weight on individual averages. the nasdaq remains the worst performer, bouncing off of the lows of the session. now down only .75%. also struggling today and for the week to recover. two down weeks now for the major averages. if you look at how stocks have done this week there is not much of anything. overall, just up about .2%. take a look at the latest groups on the move. health care is down the most in percentage terms. technology way more because it is more hea

alix: i am alix steel and here's what we're watching at this hour. on santa does not want to sell itself short. it is rejecting a takeover from bayer, which would've made it the world's biggest seller of seats in farm chemicals. scarlet: john cryan is disappointed that moody's has cut the credit rating. alix: the eurozone finance ministers hope to unlock bailouts for greece. are they tried to drag out the saga? no, it's not 2011. scarlet: let's check in with julie hyman at the markets desk and we are approaching session highs. julie: it is not 2011 in the stock world because we have the perception that the fed is going to be more aggressive and stocks are going up. it is also a strange world because that perception has not change between yesterday and today. stocks moved kind of sideways yesterday and they are rallying strongly today. major can see, all three averages are pretty much at their highs of the day. the nasdaq has been leading the way because of strength and technology shares today. it is a cyclically led rally today. though sectors most f

alix: i'm alix steel. breaking news and politics right now -- john kasich will be suspending his presidential campaign, according to nbc news. we will have more on that in a moment. scarlet: stocks are pulling back once again as the dow ended on three-week lows. my new comment from fed officials. , seem to add on investors fear the market. alix: apple on track for its worst year since the financial crisis. we will talk with one analyst who says there is hope with iphone seven. scarlet: we are halfway through the u.s. trading day. let's get the set up here with bloomberg's julie hyman. julie: can i say the band is back together? scarlet: we are all back. julie: let's talk about what's going on in the markets. stocks are back toward the low of the session. near the bottom and they're not help with the next bag of data with a report that came below estimates with factory orders beating estimates. beating in thees u.s.. you can see that the major averages are not getting any solace from that. if you look at th

alix: "bloomberg markets," this is alix steel.ported double-digit percentage decline. ceo and founder of viable markets quiz -- chris white talked about how banks are having trouble making money. chris: this has been going on for several years. larger institutions have seen year-over-year declines in their ability to make money in fixed income. this is not in the rate area of the market. it's been behaving itself for very long time, this is regarding credit. these large banks last year in 2015 were 65% of the secondary trading volume investing in corporate bond trading. but they are not making money. the question remains is there's something that has changed about the model that then requires adjustment from the big banks. i think the question it -- i think the answer is yes. >> one needs to change? what was working? chris: what was working as holding positions. if you speak any trader, the biggest fears are when they help positions and they had a year-over-year market gain. >> prostrating is no longer allowed. chris: position get

alix: you never know.want to take a look at some economic data that we got this morning from the bloomberg comfort index as it has tumbled quite a bit. it is at the lowest level it has been this year. there is a decent correlation of comfort andel average gasoline prices. if you flip the axis, it shows that when gasoline prices are rising, that blue line is going down. you know, it is not a perfect correlation or anything, but they could show a good correlation between consumer comfort. obviously, consumers are not crazy about that alix: you tend -- about that. alix: you tend to notice gas prices when they are on the way up. scarlet: that's right, and coming up, we go live to brazil next for an update. ♪ iaae-m" mark: i'm mark crumpton. let's get to first word news. in washington, the republican presumptive nominee, donald trump, and paul ryan met after a callsin watch paul ryan "a bruising primary season." they have a shared goal of defeating presumptive live democratic nominee hillary clinton in november

alix: maybe. >> or not.: you mentioned how saudi arabia and iran to not have relations with each other. there are obviously tensions. what do people get from the most when it comes to saudi arabia's willingness to cod go toe to toe with iran? >> one is the market share with iran. the other is the impact of the four strategy which will change not only saudi arabia, but also the oil market. i think they have a much more competitive strategy than in the past. what westriking is maybe don't see here is how deep the rivalry between these two countries are. the saudi's and other gulf countries will leave they are surrounded by a militant iran and they regard the new year deal -- nuclear deal as possibly -- a threat. up,: i just want to wrap it talking about nigeria. you mentioned venezuela and other oil outages. take a look at the bloomberg. you can see what we are talking about when it comes to nigeria. this is oil production currently. analysts that it could even be lower. look at the unbelievable deep decline.

alix: live from the bloomberg world headquarters, i am alix steel.: this is "bloomberg markets." trump and house speaker paul ryan spoke by phone last night, they are trying to break a weeks long impasse over the presidential endorsement. next it was a productive phone call. our staffs have been beating. we had a productive phone call, i will leave it at that. mark: two members of donald trump's team say they believe that an endorsement is imminent. donald trump says the conversation was arranged days ago. hillary clinton leads donald trump by seven percentage points among middle income voters. that is according to the latest online poll from bloomberg politics. family incomes of $30,000-70 $5,000 back mrs. clinton over donald trump. french police have detained a man thought to have links to extremists. the french media say the man was believed to have a nice and teargas bomb. it took place about a block from the deal. attacks by extremists have left france on edge. at the g7 summit, japan's prime minister is warning of the risk of a 2008 lehman brot

alix: i'm alix steel.twork company is climbing more than 30% on the trading deck. acacia it is one of the 25 ipos this year. let's go to our colleagues and radio. >> joining us now is cory johnson and carol massar. the ipo business is what you do over there. i am not calling you old. i am guessing you have experience. you have this really interesting period with underlying changes and a slowdown from last winter into the early part of the year. what are you seeing now? >> it has been a pretty elusive ipo market. only 23 deals high-priced year to date. 64 deals the same time last year. it has been incredibly slow and we have not seen a lot of activity. we are starting to see a couple of deals and a last few weeks to give hope there is more by them to come. the secular changes in the market, but maybe the window are capital market. what are you seeing in the capital markets leading to a slight opening? improvement inan the capital market has mid february. we have not seen a lot of activity. what we need to s

alix: thank you.et: it was the remarks everybody was waiting for, janet yellen speaking at harvard university. her comments were relatively muted, but she did address the rate hike question. >> i have said this in the past, i think for the fed to gradually and cautiously increase our overnight interest rate, over time, and probably in the coming months, it would be appropriate. scarlet: we will bring in matt my who has been watching the remarks. and you are alive blogging throughout the event. and your big take away from that moment, the way that great brought it up, where he said there are a lot of traders who are waiting to go on vacation and they cannot leave yet until you address this, so tell us what you think. >> i love how she said, and by the way, i have said this in the past imitation of a surprise, but the markets took it as a signal that a rate hike is coming in the coming months, specifically they are honing in on july meeting, which is fascinating because there is no press conference at t

alix: i'm alix steele. scarlet: stocks fluctuating after a disappointing lead on the american economy today. joe paterno the question -- joe: the question is what did you miss? scarlet: treasuries sending yields higher. alix: should we be satisfied with 160,000 jobs. does it point to a new reality in the labor market. joe: votes being counted in the u.k.'s general elections, the latest results indicate that an exit looks less likely. scarlet: we begin with our market minute. stocks do finish higher near the best levels of the day, we're talking fairly modest gains, the dow adding half of 1%. seven of 10 groups ending higher with materials the best performing sector. utilities were the lag guards here, a movement totsycally cal grooms. joe: instant selloff after the jobs report at 8:30, we sort of trended back up throughout the day and ended in the green as you see. alix: two things that caught my eye today, the whole week, the dow jones transportation average despite climbing higher today is right around 20

alix: i'm alix steel. -- s&p 500 inching out a gain in the dollar rising. joe: the question is, what you miss? we ask why she thinks our quality is still cheap. plunges afterlub an internal review found abuses tied to the sale of loans and a failure of disclosure. what is ahead for regulation. movie roster for the year looks strong but investors still concerned with espn. i look at the numbers ahead of earnings tomorrow. scarlet: some breaking news on lending club. the enforcement division is said toreview lending club disclosure. more momentum on this story after shares tumbled 35% today dollars $.62. much more on lending club later on but first, our market minutes. a mixed start to the week. material and energy where the loggers. health care and utilities where the leaders. that would explain some of the move south in energy shares. no economic data to give us much of a direction. quiet.ey are really this has been consistent the last couple weeks. we haven't seen any real direction. actionhat you do see the , commodities and commodity stocks. the weakness

alix: we appreciate it.coming up, donald trump's fundraising flip lot -- the presumptive gop nominee says he will start raising money for one of his core promises was to refuse contributions. will this change his image and will his supporters care? ♪ alix: you are watching bloomberg markets. scarlet: let's go to the markets desk with julie hyman. julie: i am looking at a retailing consumer because we have earnings news out today. limited brands has preliminary profit that missed analysts estimates. it talked about victoria's secret comparable sales in april which fell 1%. analysts anticipated again in the shares are down by nearly 10%. we are seeing a general decline and other retailers. if you look at the spread between different kinds of specialty retailers like gap in urban outfitters and clothing manufacturers on the gap and look at its put/ca;ll ratio that is going into monday's report of comparable sales for the month of april. the company tends to give preliminary numbers for its earnings. the full ea

alix: i am alix steel. it is judgment day in brazil. the senate will determine if president dilma rousseff will face an impeachment trial. today's vote could end with her immediate suspension. scarlet: when you take a look at what is happening with apple, investors contemplating futures of the smartphone market. it may get worse before it gets better. much more from las vegas at the salt conference. scarlet: we have some breaking news. nissan is in talks to take control of mitsubishi motors. this is from nhk. the sun is in talks to take control of mitsubishi motors -- nissan is in talks to take control of mitsubishi motors. looking at the share price, it is down 1% but there is no indication it is really moving given that volume is not really heavy. 14000 and 104 shares. is the share price of nissan pus american depository receipts. americansan's depository receipts. we will continue to monitor this as the news continues but we want to get more from ramy inocencio. ramy: taking a look at the major markets and how things are react in, no

we will be right back. ♪ alix: i'm alix steel. "what'd you miss?" day tomorrow and here are three questions that need to be answered. alan ruskin is looking at 10 services versus nonfarm payrolls. over on the right hand side, temp jobs have fallen below nonfarm payroll jobs and he points out that when this happens, the broader payroll market can see some weakness. worker andpart time you could hire temps before you hire full-time. so what does it mean? it seems everyone is out there looking for signs of rollover in the labor market. about business investment and how it has been struggling compared to nonfarm payrolls. domestic investment is a white line and it's just stabilize. it peaked around 2012 and has been steadily dropping. asks can this keep decoupling? what would be the catalyst for their move in unison once again? alix: the productivity we are used to from the manufacturing sector, as you see with the investment in capital businesses is not really strong anymore. the productivity is just not that good across the board. withet: you and i sp

alix: happy jobs friday, i am alix steel. in just a few minutes, president obama will be making a statement on the economy off the april jobs report we saw this morning. we will take you live to the white house briefing room. scarlet: speaking of jobs, april posted the weakest gains in job growth. alix: markets showing muted reaction to that data. stocks are trading for a fourth day, headed for an 18 month low with a drop in treasuries and yields higher. scarlet: we are halfway through the u.s. trading day. has a look at the latest. julie: we have had a lot of volatility and various assets as investors try to figure out what to make of the data. number was worse in terms of the number of jobs added but we also saw some wage growth and we have heard a little bit of mixed reaction to this number. stocks are down at the moment but there are a number of different factors driving them. the nasdaq is the underperformer, down 6/10 of 1%. look at the s&p 500, we have had a lot of bouncing around even athlete got the number. that even

alix: i am alix steel. your global business report. scarlet: low morality in italy -- why are they so gloom? alix: we will hear from the ceo of philips lighting. scarlet: need a roadmap for all of the twists and turns in debt?'s all the details in the quick take. italy's main business lobby has expressed out. gdp is set to rise just over 1% this year. alix: in brazil, the bank was forced to sell assets after the to sell more. founder was arrested last year and a corruption probe . telefonica is leading to hold onto their british units rather than seek another buyer. they were blocked the european union regulators. a person familiar with the matter said that while the priority is to reduce leverage, the company is better off with it in the portfolio. in its lighting that up debut in amsterdam. a hundred $40rly million. the ceo dismissed concerns of competition from low-cost producers in china and said the innovation in the firm would allow it to stay above their peers. band.have a very strong we are connecte

alix: i'm alix steel.nese officials are expecting to ask their american counterparts when they plan to raise rates. andlet: china is worried increase will have a negative effect on the currency. let's bring our first word fx analysts in. guest: i think they will definitely get an answer. the story is not that central banks talk to each other, it's almost like asking your best friend what is doing -- what he is doing for the weekend. part was ating report issued yesterday to their clients which is what the story was sourced from -- that the chinese officials were going to suggest to their counterparts that they would be better prepared for a february hike in july. that's the most interesting part. alix: explain how that works. we saw it is at its lowest level in five years. how would a prep for a rate hike? guest: it is just a guided, very slow devaluation. , it'se saw in the spring probably going to be in the six -- 650 range. they probably do not want to see it much higher than 60. if it were to guide low

alix: why? is the great news that we have had since the last -- march tightening has been the drop in real yield. real yields have come down from a high. has lifted a lot of risk assets, including the s&p, and that is very important. by drivingnd that real rates up, the dollar will alsock up, but you will undermine the risk assets that have performed well recently > e of the questio\ -- >> >> you can see where we are now. you can see what happened to the two-year, but this economic surprise is going up. two year yielde only jumped 10 basis points, what can we expect this time? we don't expect the two-year to jump that much. about one andng an eight or something. there is an argument that if we think we have got through a slowdown phase in the u.s. and are accelerating, then clearly there is scope for the fed to become more aggressive than the market might be -- and the market might be of take it a little better. , andiggest concern we have the fed is a must ignoring this, know in principle the p

♪ alix: i'm alix steele. "what'd you miss?" as the global ratings expect the u.s.ve default rate to increase to 5.3% by march, 2017, and energy companies are in the middle of it. that clark is partner and head of energy practice at haynes and boone, and author of the and metal."k, "oil what kind of default rate are you expecting this year? >> well, i think we seeing some pretty high default rates this year for the highly leveraged oil and gas companies. public bonds, public debt. we see 50% of all rape on some of those. the bond crisis would indicate that that is what the market is also expecting. alix: wow. extremely high. one way to trigger that default is that the bank lowers their borrowing base below the amount that a company has borrowed from them to squeeze them. have we seen these cuts recently? >> yeah. you are seeing a lot of them recently. bargain bases are determined every six months, so that can last all -- there may have been some cuts, but not cuts into the outstanding amounts borrowed. below theborrowed amount that is outstanding they have to pay th

alix: cisco and salesforce.rce estimate, their large corporate customers are spending a lot of money. announcing $2 billion in sales for this quarter. in terms of cisco, obsessed -- -- also forecasting avenue to july.% ending in they are trying to change what they offer in their company. they are looking for software-based networking, management products. they have made a lot of acquisitions to do that. the revenue side was helped by these acquisitions, which helped offset demand. it seems to be transitioning well for both of them. scaret: we mentioned how retailers are having a tough go. not so much urban outfitters. it be analyst estimates. -- it beat analyst estimates. for that brand, comparable sales rose 2%. a lot of people are apparently going shopping. alix: $800 for a tank top. not really, but-- scarlet: they are selling pizza while you shop? that is part of the experience. geopolitical risk holds back global gross. --global growth. the case was made on this morning's " bloomberg surveillance." >> the im

alix: we will be right back. ♪ ♪ alix: you are watching "bloomberg markets." to the latest blow to elizabeth holmes. the blood testing start of says it is corrected tens of thousands of data from its devices. scarlet: at one point they connect -- commanded a nine p -- a $9 billion valuation. we are now joined by caroline and san francisco. this is not the first time sarah knows -- theranos has come under scrutiny. what is different? >> i think this latest news is the first time we are directly getting information that theranos'problems are impacting patients. they sent corrections other patients now. this will be affecting patients and doctors. scarlet: have they been harmed with this at all? what is the impact on patients from this? >> if you have your blood test results taken by theranos and you have a potential misread, this could be bad in both ways. if you're told you are fine or not fine, that can lead to health problems. or if you told you are not find when you are, you can have unnecessary tests and medical issues. scarlet: this disruption is incompati

alix: we are good on that. alix:>> we are seeing incredible demand.zes are in the billions of dollars. i am pretty optimistic the large transactions can get done and even though there is some signs of concerns over various sectors regarding the economy, people feel pretty resilient. talking to clients of the conference, people feel pretty good about their positions. alix: are there other sectors where you will see the most activity in the next nine months? quite technology space is as he and continues to be so especially software. it has been busy and health care for a number of years across multiple sectors. i would think the energy business will start to pick up. alix: you would think. when will that happen? >> i know you will have jeff curry on later on today. i'm sure he will forecast. we have a number of energy companies at this conference and a lot of them have been following the commodity curve quite closely. many of them have access to the market right now. for some it might be on a secured basis. that money is therefore a lot of the companies

alix: 187 carat diamond will hit the auction block. alix: we begin with our market minutes. when you look at how it is faring the s&p has turned negative. this has climbed as well. when you look at the sector breakdown six out of 10 are down. this feels like a delayed reaction to the minutes from the released thatting is sedated take more hold interns of investor psychology. joe: deathly a continuation. todaye down one big loser with the financials which were big gainers yesterday. we had a steepening of the curve. banks gave up their big losses. alix: european stocks fell the most in two weeks. the day looked relatively ugly. now that we have closed off those lows it was an impressive seachange. to point out some changes. the s&p is a straight line kind of down. ,hat orange line moving average you don't want to see it break a long turn moving average. definitely a technical level to watch. what helped the markets has to be retail. in particular, walmart sing the best rally in seven years. .dding 40 points you can see how ups -- extreme it was. macy's, target. everything goi

alix: thank you so much.charter communications closes its purchase of time warner cable year after it first announced the deal. the shares jumped on the announcement, which creates the second largest cable tv provider in the u.s.. alix: betty liu announced .herman talked to tom rutledge tom: one we get we call spectrum services deployed, that means we will have a state-of-the-art interactive user interface with search and discovery of content will integrate over-the-top services with that product so you will be able to search and see content in a seamless way, whether it is an over-the-top service or whether it is a service delivered by us. we will take you data speeds up. we will put a two-way interactive alek on every tv that you have so that you will have on-demand on every outlet. and the full range of user interface services that i discussed. we will price and package everything in a compelling way so that it is competitive and better than what our competitors offer. with awill put that voice product tha

alix: i am. joe: i am, too.x: coming up, the rally showing signs of fatigue with lackluster earnings. next. ♪ mark: let's get the first word news. bernie sanders says indiana's primary tomorrow will be as important to his goal as amassing them as many delegates as possible to catch up with rival hillary clinton. he is telling supporters that with 10 states left,'s campaign needs to more than 50% of the remaining delegates up for grabs. sanders says he has won 45% of the pledged delegates so far, but only about 7% of the superdelegates. fallout from the dennis hastert sentencing. international wrestling hall of fame has voted to revoke all owners for the former house speaker in the wake of accusations he sexually abused teenagers decades ago when he was a wrestling coach. hastert was sentenced to 15 months in prison after pleading guilty to breaking federal banking rules in a scheme to corrupt the sexual abuse. chinese communist party is placing a property mogul and outspoken government critic on probation for a

and, aig.l ♪ alix: this is bloomberg markets. i am alix steel.theis a little green sea of red today in the s&p. the company reporting beatt-quarter earnings that th estimates. let's see what the numbers say in today's the numbers don't lie. they generate a 6% of sales in the first quarter. thanks to the merger falling apart with allergan, the spinoff of this group will be revisited and could come by the fourth quarter of this year. of this business has increased. the blue and orange lines combined had more than $7 billion of sales. both established and innovative topping estimates. the main driver of pfizer's business are the pharmaceutical drugs and vaccines, whose sales growth -- the blue line -- really sold last quarter, but it is over 10%. is outside of two drugs, the pipeline does not .ook so exciting to analysts there are drugs to fight cholesterol, diabetes, and meningitis -- not necessarily sexy drugs that will give a lot of juice. treasury rolls could slow things down. last thursday alone, there was $40 billion in new deals announced. bi

coming up next, what you cannot mix -- we cannot miss tomorrow. ♪ alix: i'm alix steel "what'd you miss services for april comes out tomorrow. oliver: and don't miss the initial jobless claims tomorrow. alix: and chesapeake earnings is going to be big. don't miss due respect to all of that bad blood, what a difference a single day makes. mr. trump: he cannot do it. he's a joker. breaking tonight, senator ted cruz just ended his campaign for president. mr. trump: i don't know if he likes me or doesn't like me, but he's one hell of a competitor. he is a tough, smart guy.

alix: that dovetails. this is the next curve -- six vix curve. >> and the big part of it, the fact that there is a sharp move up in the futures talking to the fed funds futures, it is only 34, 30 8% of what it was the other day. two thirds of the market is going to be taken aback if the fed does. we are seeing positive moves this week. you have to think after so long, of the fed crying wolf for lack of a better term, except that one last year, you have to think that is going to surprise quite a bit of people. they are still banging on the fact that stocks are below highs. the fed is not going to go. >> still too skeptical there. thank you. torlet: china turns from foe friend in the quest to raise interest rates. and where the fed will move on rates. a quick check on hb q. they are either down 13% after reporting a loss that was bigger than what was estimated. ♪ >> i'm mark crumpton. let's get to first word news. the agency will add 768 new screeners by mid-june to deal with the long airport security lines.

alix: that's all for now. for watching. ♪ hii'm here to tell homeowners that are sixty-two and older about a great way to live a better retirement... it's called a reverse mortgage. call right now to receive your free dvd and booklet with no obligation. it answers questions like... how a reverse mortgage works, how much you qualify for, the ways to receive your money... and more. plus, when you call now, you'll get this magnifier with led light absolutely free! when you call the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home and here's the best part... you still own your home. take control of your retirement today! mark: with all due respect to you might need to boost your name recognition. >> bob corker seen going into a meeting with donald trump. >> who is that guy? >> i don't know who that is. >> who is it? >> i don't know. mark: tonight, we are

alix: great to see you.ant to get to your overall take on the economy but first i want to get to the data we saw. retail sales holding up pretty well, core cpi also rose. at one point does it become harder for the fed not to raise rates? jan: i do think it is supportive of most of what we see, not everything. generally it is supportive of the idea that we will see some rate hikes this year, and we are getting that story from the fed. williams, but also as you look at what the fed said on monday last week, it is certainly supportive of the idea that we will get some hikes. at one point they come, that is still more uncertain. june seems unlikely now but i think we will see some hikes. inx: when the data comes better it means they should be hiking to some extent. d you think data dependent israel or just lip service? think it israel and the market is underestimating their willingness to follow through. we are approaching full employment and approaching it with an average of 200,000 jobs per month in created, o

joe, alix?n autodated numbers sales, in april, $7.32 million, a rebound in march, at just $16.4 million. the devil is in the details, that perhaps the march slowed and would continue, but that april rebound to over $17 million, really great. some interesting news after the bell, fiat and google teaming up to partner on self-driving cars. google will build 100 self-driving cars, based on a fiat-chrysler minivan. 17.3 million cars, but those are the old ones. the new generation is on its way, and fiat and chrysler are working together. millikening up, the richardce, interviewing byrne, coming up next. ♪ alix: "what'd you miss?" treasury secretary jack lew was work fore a deal will puerto rico, with no spillover to the commonwealth. institute, we asked the secretary how the island would restructure its debt, given recent legislative efforts in the house. >> we have been working on a bipartisan basis, between the treasury department and members of congress, trying to come up with technical approache

alix: despite oil's rally, my next guest is bearish.ys volume and open interest suggest crude oil will decline to $35 a barrel. chiefiana is the technical strategist at merrill lynch. $47.48.a rally to what is the number one reason? >> a few reasons. first and foremost, on the volume and open interest divergence, believe it or not it was in a bottom in prices in january, the amount of open interest across the entire futures chain has been decreasing, while prices are making higher highs. alix: open interest is long positions in the market. >> so there are less long positions. the amount of contract being made available for investors to get in there as decreased. less participants in the marketplace. another reason we turned bearish on crude oil is volume in this last rally has dropped off. the volume that supported the crude oil rally in the last two weeks of april heading into may was much less than the rolling 15-day average. it is a very bad sign when prices continue to advance to new highs without volume supporting the movement. ali

alix: he owns a little over 13%. you told me you all over 3 million shares and you will hold -- to five years. mr. souki: i wish the company best. when we last spoke, you mentioned that perhaps cheniere &a target. good m sco has experience with buyouts. you think his appointment makes cheniere a more likely buyout? mr. souki: no, i don't think so. what makes cheniere a more likely buyout is the fact that it is cheaper, but at the same -- it30% of the company would be very difficult to acquire the company. the potential for cheniere is there. the first and we have to do is make sure the operations keep up and cheniere, for the last three years was voted repeatedly one of the best companies to work for in houston. unfortunately, with this organization of the last six months, that sentiment has abated, so i think the first co would beor mr. fus to reestablish the attraction of cheniere as an employment place, and to continue to make sure that all the operational things required would be put in place, and i think from hi

alix: wow. if the market tries to get up to that $55 range on the back end, producers come in to start selling and hedging out that risk during when we think about whether we need $50 or $60 a barrel to bring on supply for 2017, all you need is a strip to get up there. they cannot lock that in over 2017 and still end up producing, and you end up with much lower stock prices. the key is, it is difficult for that long and to get up into that $55 to $60 range. you have hedging, a lot of debt, so they need to pay that off, and investors are more than willing to give money to certain emp number -- companies, because there is nowhere else to put it. what is the trigger to fix that? jeff: the only thing that will fix that is some kind of capitulation in terms of expectations. alix: future prices? jeff: yes, future prices. you just have to get the capital out, and that his expectations. given these supply disruptions in canada and nigeria right now, expectations have increased tremendously. i want to em

alix: thank you very much.omney warning about a possible bombshell in donald trump's taxes. postormer nominee wrote a on facebook second it is disqualifying for a modern-day nominate to refuse to release tax returns to the voters, especially once not subject to public scrutiny. there is only one logical explanation for mr. trump's refusal to release his returns, there is a bombshell in them. donald trump told the press he doesn't exprc -- joe: in 2012, harry reid made similar accusations about mitt romney with tax issues. mitt romney is dishing back out what he got a few years ago. alix: coming up, greece could be closer to resolving its credit crisis. access to refinancing lines for greek banks next month. we are going to dive deep. ♪ alix: the new york times reported that the husband of chelsea clinton has closed his greece hedge fund after losing 90% investor money in 2 years. just more evidence of the insurance of the ongoing precrisis, which has been a surprise to investors. joe: to get an update on greece

alix: "what'd you miss?" ministers meeting in brussels to try to track $11.5 million in missing funds. but the real question is debt relief. greece has $153 billion in loans and the projection on the debt is that it will reach 124 percent of gdp by 2020. it is supposed to be 120%. here to discuss a possible way forward for greece is the former ambassador to that country. currently in edinburg distinguished visiting fellow at stanford university. ambassador, what do you think about this battle between the imf and the eu over debt relief? professor: it's a battle between the imf and the german government. this meeting is in its eighth or ninth hour in brussels. the expectations are that the europeans will find a way to forward and extend the relief payment to greece so that we can avoid the kind of crisis we saw last summer, where greece was balanced on the edge of debt -- edge of bankruptcy. a desperate situation, financially and economically. they recently acted on new austerity measures on top of the measure

alix: you say the amazon of cars? any participants, whether insurers were banks, they are starting to come into play because people expect their provider to know about them and to protect their identity and security, so the game is changing and that is why you will see more lbo related stuff isthe management team innovative and focused on not just thinking that the contact of software but the content. alix: he felt as a public company, you are not getting credit for that transition and that's part of why you want the lbo rally. : if you read the transcript the year before, i had said to the public market that we are doing the right thing. future, you have to have content and you have to bring these things to bear. we app war is coming and have been on the fofront of things like this before. as we were investing that capital, we were not getting the same will return. companyis a profitable and knows how to distribute product and as the yield was becoming negative, the opportunity to protect my shareholders was to talk

alix: i'm alix steel. joe weisenthal is off for the day. [closing bell ringing] scarlet: u.s.urning ther as a short rally in market is invaded. the s&p 500 extending three weeks lows and investors waiting the big jobs report for clues on the strength of the world alix: 's biggest economy. gopro and others reporting this hour. the prime minister of turkey is expected to step down. we have a special guest host today, welcome back. marketegin with the minutes. not a lot when you look at the movement of the indexes. moved within a narrow

alix: i am alix steel. this is your global business report. electric is helping saudi arabia transform its economy. the company will invest in areas other than oil. scarlet: repairing relations. pope francis and a top sunni leader meet at the vatican. monsanto is bid for making people worried, while others think it is the perfect deal. will take partc in investment saudi arabia that has nothing to do with oil. it is all part of the plan to diversify economy. ge will invest in water, aviation, digital, and other products. it will double the workforce to 4000 people. scarlet: at the vatican, a major step in repairing relations as of pope embraced the leader islam's oldest university. they met privately for 25 minutes. it comes five years after talks were exposed about the vatican. it is a shakeup -- manchester galle afterired dan two seasons. bayer is proposing a block esther deal that would create farmargest supplier of chemicals and genetically modified seeds. they want to buy monsanto for 62 billion dollars in cash. it would be the largest ta

alix: i drive.

alix: yeah, and assemble to guide.d he have that is different from the when you had just six months ago? charif: the first thing we need to correct is this emphasis on vision at this point of the situation. the first best most important niere is ang che company that would become an operating company. over the next three years, the woulde would exist -- increase from nonexistent to $3 billion a year. we would become by a very , not justt factor purchaser of natural gas in the country. we would be sending to cargoes of lng every year. this is an enormous effort required in the transition from the development stage to the operating stage. we were in the end of the process -- we were in the process of doing this in the end of december. the question was what to do with that cash flow. i think mr. fusco has a couple of years. what i hear from the street and people who know him, he is respected and he is very qualified to do this and i wish them the best of luck. alix: tell me what happened in december when you are let go fro

alix:i'm alix steel.the fed is the new mantra from global markets, rallying as investors price in, -- as global economy can withstand higher rates. scarlet: oil maintaining its showingnths high after continuing declines in the u.s.. we will look at outages in venezuela and nigeria. alix: and tutor is just one of many getting burned by a lack of hedge fund investments. where do investors go? will get those answers in this hour. halfway through the trading day. let's head to the markets where julie hyman has been tracking the moves.

alix: i am alix steel and here's what we're watching at this hour. want to sell itself short. it is rejecting a takeover from bayer, which would've made it the world's biggest seller of seats in farm chemicals. scarlet: john cryan is disappointed that moody's has cut the credit rating. alix: the eurozone finance ministers hope to unlock bailouts for greece. are they tried to drag out the saga? no, it's not 2011. scarlet: let's check in with julie hyman at the markets desk and we are approaching session highs. julie: it is not 2011 in the stoc

alix: and i'm alix steel. scarlet: the s&p loses its gain for 2016.r is at a seven-week high. joe: the question is what'd you miss? scarlet: the jetliner that ballot -- managed has been found of the coast of a greek island. and the possibility the rates by nextaise month. june is on the table but not yet a done deal. alix: 187 carat diamond will hit the auction block. alix: we begin with our market minutes. when you look at how it is faring the s&p has turned negative. this has climbed as well. when you look at the sector

scarlet: including alix steel, you saw the tiny one.are too small to have a big screen. i don't know what i will do. what kind of price and upgrade cycle do you think is factored in right now for the stock price? >> probably not too much. i would say the apple stock price is not discounting too much good news. it is probably looking at flat or maybe even slightly down growth in the fiscal 17. what you should be looking at is the fe, which they just introduced. it's in the old four inch format. it is a great upgrade for people that have 5s, 5c. it has relatively new technology. we think that will not so much attract new people in india, it is still too expensive. but about one third of the apple base is on the old four-inch format. we think that is likely to be a sowe think that is likely to be a pretty good upgrade. that contributes to some potential growth in 2017. scarlet: another big piece of news is that carl icahn has exited his position and apple. why was that bad? is it because investors interpret that as he can't get what he wan

alix: i'm alix steel.ws and politics right now -- john kasich will be suspending his presidential campaign, according to nbc news. we will have more on that in a moment. scarlet: stocks are pulling back once again as the dow ended on three-week lows. my new comment from fed officials. , seem to add on investors fear the market. alix: apple on track for its worst year since the financial crisis. we will talk with one analyst who says there is hope with iphone seven. scarlet: we are halfway through the u.s. trading day. let's get the set up here with bloomberg's julie hyman. julie:

joe: alix steel is away on assignment. ♪ scarlet: u.s. stocks closing higher this monday.tion is, "what'd you miss?" ask what theill nation needs to stabilize its economy. joe: monetary policy will continue to support growth, after data on new lending, retail sales and industrial production all missed estimates. scarlet: goldman sachs out with a new study on oil. we have the charts that you cannot miss. we begin with our market minute. pretty much a steady rally throughout the day although we did close off our best levels of the session. the dow gained almost 180 points and the s&p 500 up about 1% and the nasdaq

alix: not that much.model was cheniere energy is the rents the export terminals to producers and have to pay whether or not they ship the lng are not. when five of these export terminals are going to be up and running in one area, they will be making $3 billion a year by doing absolutely nothing. the part where cheniere energy is exposed as their marketing arm and that is where they buy , liquefy itselves and ship it out to buyers. that is more of a spot market that is not long-term contract and levered to the lng price. mark: can we have a back story? can you remind us why the founder, charif souki was ousted in december? alix: two words for you, carl icahn. carl icahn had a 13% stake in cheniere energy. the stock price did not do good through august. in november, sharif souki got the boot. carl icahn said that sharif souki had harebrained ideas and did not want him running the company anymore. he took a very activist stake in the company. what sharif said he wanted to grow cheniere energy very just on t