halliburton and baker hughes have called off their proposed $35 billion merger which would have created north america's largest oil field services company. the termination sent shares of halliburton higher and baker hughes lower. eamon jabbers tells us why the justice department considers th win. >> reporter: officials at department of justice held a conference call to explain they are very pleased about the breakup of the baker hughes/halliburton merger today. they said a couple of things why they thought it was important this deal not go forward. first of all they said fundamentally it was an anti-competitive deal, they thought there were some deals that can't be fictioned and this is one of them. they also said a lot of companies make a mistake when they approach the department of justice in terms of anti-trust enforcement. they said some companies think they can simply sell off some assets, even a high-priced amount, and that's going to convince the department of justice that the deal is okay. officials today said that's not the case and these two companies weren't able to clear tha

baker hughes not entirely walking away empty-handed. elliott: very much a silver lining for baker hughes. they are getting $3.5 million from halliburtoney will help it cut cost, boost its pressure pumping business, which helps get the hard to get its oil fields. this may make baker hughes more appealing to a potential acquirer. halliburton has to pay this money. about 1/10billion, of halliburton's market share. it has got the cash. presumably it would rather have held onto it. overall, in the balance of things, this is a better use of that money, i suppose. guy: great stuff. thank you very much indeed. the pound posted its first back-to-back monthly gains versus the dollar since april 2013 in april in a move traders now reflect a lower risk surrounding the brexit. our next guest says that for germany, the consequences of a brexit could be grave. let's bring in clemens fuest from munich. when we look at the brexit, the balance of probability according to the bookmakers is still that the u.k. stays in. can i ask you a question nobody seems to be asking? what happens to europe if the u.k. remains? what is the direction of travel for germ

nejra: halliburton and baker hughes have called off their $28 billion merger, citing challenging regulatory conditions. the proposed union between the oil service firms admit antitrust resistance in the u.s. and europe. halliburton must pay a termination fee of $3.5 billion. puerto rico will default on a $420 million bond payment today, escalating the biggest crisis ever in the $3.7 trillion municipal debt market. the governor warned the itsrnment would miss obligation, saying the commonwealth needs to focus on providing essential services. investors hold $900 million of its debt. creditors would accept a potential haircut according to the bank. warren buffett has taken aim at hedge funds. at the annual meeting of his company, the billionaire said that wall street salesmanship had masked returns for years. he said that managers as a group under perform what you could get "sitting on your rear end." global news 24 hours a day powered by 2400 journalists in more than 150 news bureaus around the world. mark: thanks. japan's 20-year bond yield sliding to a record. stocks sinking with the topix

now they don't have to do with the new baker hughes and halliburton company. re was a narrative baker hughes at the deal went through, or if the deal didn't go through, it would be a disaster. has that narrative been put to buyingh today's news shares, dead, and simplifying the organization? so.ew: yeah, i think from a financial standpoint, baker hughes is in great shape. after you account for the stock buyback in the debt buyback, they will have close to $2.6 billion worth of cash. i think the question it is more of the operational footprint and how the company looks going forward as opposed to the financial wherewithal. they have a great balance sheet and enough cash. andrew, got a nice chart showing have a two shares performed since the end of 2014 when the deal was first announced. they are neck and neck all the way through. when it comes to m&a and the oil services industry, is it the oil services industry? andrew: we have seen smaller bowls on acquisition that is not been too publicized. given the fact that maybe some of the bank lines were cut as much as

that affected baker hughes, halliburton, comcast, time warner. there is speculation that will affect the two big transactions in the healthcare services field. approach, the changes in regulations regarding inversions derailed the deal.-allergan there's less uncertainty about the economic environment, but more careful scrutiny of some of these large agglomeration type deals. megan: we see not only the ,ntitrust officials ramping up when you look back now at pfizer-allergan, did pfizer make a mistake in acting so aggressively and being upfront about its reason for pursuing the transaction? ralph: i don't think there was any way they could have pursued what they sought to pursue that would have been more respectable that's respectful of u.s. regulators. regulators and tax authorities have these transactions in their -- sights. once the transaction was out there with the dynamics, the treasuries response -- treasury's response was generic but crafted. this: which deals fit into -- they've been called unpatriotic by jack lew and others. ralph: we hav

halliburton and baker hughes are scrapping their $28 billion merger. e merger would have combined the second and third largest companies. and that raised concerns for rising prices for the sector. halliburton will pay baker hughes a $3.5 billion breakup fee. >> not so much a free market, i guess with the anti-trust concerns. the only thing i would say about this one is perhaps it was unique because this was the number two and number three firms combining in a behemoth. but it comes a few weeks after the treasury crackdown hard on inversions on pfizer and allergan. you can put this one on the list, it was a $30 billion deal. >> and the other thing i picked up, behemoth, i say ba-hem-oth. >> but you nailed the pronunciation of the italian bank. i cannot do it. >>> marissa meyer stands to make $55 million if she leaves the company. the details come in a regulatory filing from yahoo. she's entitled to severance benefits if she's fired without cause or if there's a quote, change of control, which is very much in the air, which would include the sale of the c

after a failed merger with baker hughes halliburton said it would consider other acquisitions in the future. shares were off nearly 4% to 40.44. >>> metlife has agreed to paid $25 million to settle an investigation by a securities industry regulator in which the company allegedly made misrepresentations to customers regarding variable annuities. as part of the settlement metlife neither admitted nor denied the charges. shares fell 2% to 44.79. >>> an incredible triumph in the sports world. leicester city football club overcame 5,000 to 1 preseason odds to clinch the english premier league title, one of the greatest upsets in sporting history. especially for a team with a payroll a fraction the size of its rivals. discussing the money behind the victory, let's start with those who placed a bet on lester before the year started. i assume that most of the sports books, the house always wins because it was more money moving on the favored clubs like chelsea or man city, man united. but they had to lose a lot of money on leicester city. >> they had to lose a lot of money on leicester city

halliburton and baker hughes have called off their $28 billion merger. the proposed union between the second and third largest oil service firms met antitrust resistance in the u.s. and europe. halliburton must pay a termination the of $3.5 billion. puerto rico will default on a bond payment later today. the clearest signal yet that it can't pay its debt. they wouldr warned miss the obligation and called on washington for help. last week, movies said that any nonpayment constitutes a default. s&p global ratings says that withholding interest is synonymous with default. warren buffett has taken aim at hedge funds again. at the annual meeting of his company, the billionaire said that wall street salesmanship as mosque -- has masked poor returns for years. he said managers underperformed what you could get "sitting on your rear end" in index funds. franklin templeton increasing its investment in brazil, betting the ousting of president dilma rousseff will boost the country's assets. 'srk mobius spoke to bloomberg manus cranny. mark: i don't think it is fully

aboutgoing to talk halliburton and baker hughes. they called off their merger. between halliburton and baker hughes. let's head over to david in houston. what is in store for all of these companies? baker hughes knows what it's doing with a lot of the cash. david: they are going to go for more cost cuts. they were hampered with their merger agreement as far as what they can each do separately or on their own. things had to be a little stagnant for a moment. we will look for more cuts. that's what they talked about this morning. or jobs will be cut. it makes baker hughes look stronger. the large service companies .eported a loss this is a stark thing that we've seen. they are in something of a storm. we see reduced production in the united states. how are they going to whether this? david: they will weather through technology. they will try to bundle different things together. four bighave three or providers out there. the rest of their competitors are smaller and offer only two or three service lines. they offer the bundling of packages you need at the well to d

so halliburton, baker hughes certainly the big corporate story of the day.f that $3.5 billion breakup fee is going back to buying up their own stock and retiring their own debt. huge story on that front. couple things i want to hit on earlier on you focused on, look at early movers in terms of sectors overall. we saw interesting action last week, but right now continue to see telecom services, some of those utility paying stocks doing pretty well in the early going today. as for this past week the reason why some traders are going to be focusing on the big ones here, tech, health care, financials, they were the biggest laggards in last week's trade. we'll see if they can somehow manage a turnaround. that's going to be a focus see if there's another leg higher in these markets and those gold prices, jichl was talking earlier, those are the two big names, newmont, barrick gold, but look at the market vectors gold miners etf. for those etf players and the junior gold etf we are seeing a little bit of a pullback. remember, they surged last week. that junior mine

oil field services giant halliburton and baker hughes calling off merger following oppositions of the obama administration. $35billion would hurt competition in the space. halliburton will pay baker hughes a 3 and a half billion dollar breakup fee for compensating from the collapse of the deal. bill kennedy, good to see you, thanks for joining us. >> thanks. maria: part of the reason to invest in equities has been huge merger backdrop. now, it feels like the administration is coming out with more rules to stop this, to pull it back. is that how you see it? >> i do. i think really what's driving the slowdown in mna is saturation of debt. we are seeing the growth of debt and was materially higher than gdp growth. it's difficult to get justification but what's terrible about this is the fact that you have the regulatory environment really burdening corporate america at the time when corporate america cannot grow their top line organically so they are looking ways to grow top line but it's making it difficult out of washington, d.c. maria: the administration doesn't want these companies t

be baker hughes seems to shaking things up to a higher extent. halliburtonng its attempt to buy baker hughes. john: they are calling out these regulators as well. baker hughes saying they offered more than sufficient investment to meet antitrust objections. against theing back regulators. what stood out to me was that halliburton will cut 2016 spending. more than that, moving aggressively to restore excess capacity. question i would be asking, is this the deal to get them to back up to 2014, how much time has been wasted? ? -- julie? let me ask you. it is $3.5 billion. i'm looking now, the total market cap for halliburton is not $30 billion. it is more than 10% of the market cap that they want to put on the table. that is pretty dramatic. not getting it done. there is no doubt that we are disappointed. vadim: that is certainly worsen the disappointment. it is always easier to look at things in retrospect. we will need global consolidation. -- priceride activation coming down. , i thinkalliburton that the whole notion of tosolidation makes sense as whether th

halliburton and baker hughes are calling off their merger.tiff resistance over antitrust concerns, but the collapse may not be the worst news for baker hughes. stock is up nearly 18% since the department of justice filed a lawsuit against the halliburton merger in early april. we get on to david who joins us from houston. it's all about the $3.5 million breakup fee that halliburton has to pay up to read. david: he gives them options. on a standalone basis, baker hughes by itself if they walked away from the steel, didn't have $3.5 billion in their pocket would not look as attractive -- my be overvalued, in fact except for now it has this report $5 billion. the gives them options to do -- they can buy that 1.5 billion dollars in shares, it can pay back $1 billion in debt, it still has more money to work on some other parts of its business to kind of sure things up and work on better technology proposals. it really has the chance to finally do stuff. in addition, it's also targeting some costs that it just couldn't bring out of the system becau

julie: bigger he -- we areregulatory deals, talking about baker hughes and halliburton. now the justice department has gone into it. does it give you some cause -- pause when looking into completing these large deals with competitors? >> we don't see it that way. those are unique. those are very large companies with legal issues on either side. backhere still is a lot of to the with companies in the upstream space and perhaps the midstream space, and continuing that won'twable side have the same regulatory issues. there are lots of companies out there that are not as large and don't have dramatic market power. i wouldn't use those two transactions and some of the regulatory issues to blanket the entire industry. we will see a lot of transactions between now and the end of the year. what is your take on that deal? >> it is not overlapping. it is probably going to be approved. overlapping businesses are worried about market power. it's interesting because they really got hit the hardest and with the commodity prices collapsing. it's not always easy to see where there is ma

halliburton will pay baker hughes a $3.5 billion breakup fee.this is just another example of a deal failing because of anti-trust hurdles. there was another deal earlier in the year between ge and electrolux. attorney general lynch said it made it a unique moment in anti-trust enforcement. so that deal fallen through. both stocks falling a bit in premarket trade. however, the wider futures index are up, up only slightly, following the worst week we've seen since february. the dow called high by about 30 points. we've got the nfps coming on friday. the highlights aig, time-warner, cbs, al alibaba. >> chelsea and tottenham, they play. are you going to be watching? >> yes. and the foxes, 5,000-1. tonight, if tottenham fail to beat chelsea, the crown will be theirs. >> if you don't understand what's going on in football, go online. there's lots going on online explaining how little old llie chester could run off with the title. >>> good morning. global market alert. the yen hits a new 18-month high against the dollar overnight, and japanese stocks p

baker hughes was going to help them out with is now compromised a little bit. the ultimate winner is schlumberger. now they don't have to deal with a new baker hughes and halliburton merger. >> a slew of european bank earnings out this morning. bnp is the only one whose share price is rising today. >> we had a difficult first quarter. the negative interest rate environment and nevertheless we have a strong capital ratio. a low risk profile. i think the market reaction will ease out. >> there may be a lot of factors that affect market sentiment. it's not the kind of volatility that is translating to client activity. it's a paralyzing volatility. >> they were concerned about global growth. there were concerns about the regulatory treatment of some subordinated debt. and the labor uncertainties about monetary policies. francine: it seems at all the fears we had for some of the treaty revenue was looking very ugly. you don't have visibility and were concerned about volatility? >> absolutely. you can just say it was an objectively bad quarter. revenues were down. there were no more that is on litigation which is good news. basically the focus is on cost. can they execu

baker hughes looks good in that regard. vonnie: thank you, our bloomberg news in houston. 1.8% ino and is up today's trading, baker hughes up about a third of a percent -- halliburtonup 1.8% in today's trading, baker hughes up about a third of a percent. we have more on what might be turning to the biggest crisis in the markets. ♪ [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. shoah, ha ha.ew artist. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. vonnie: live from bloomberg world headquarters in new york and london. mark: i am mark barton and you are watching bloomberg markets. let's get to first word news with taylor riggs in the newsroom. taylor: democratic presidential whole old held a clinton raised about 26 lien dollars in april for her primary race. the campaign says it has $30 million in the bank heading into may. millionnow

yvonne: halliburton and baker hughes have called off their billion-dollar merger, citing industry conditionsthe union had met antitrust resistance in the u.s. and europe. baker hughes says they can ease concerns. halliburton must pay a termination fee of $3.5 billion by wednesday. protesters have withdrawn from baghdad's green zone a day after tearing down walls around the government district and storming parliament. supporters of a shiite cleric led the breach, demanding more efforts to fight corruption and what they regard as sectarianism in government. the unrest has raised pressure on the prime minister to break a political stalemate preventing him from appointing government. puerto rico will default on a bond payment later today, a clear signal it cannot pay debt. the governor warned the government bank would miss its obligation and called on washington. nonpayment,at any even if agreed to, constitute a default. withholding interests, even temporarily, is synonymous with default. takata plunging again. its stock fell 16% in tokyo after news of u.s. regulators planning to expand recalls.

halliburton and baker hughes, they're scrapping a massive merger, $28 billion.hat's what the merger would have been worth because of opposition coming from the antitrust regulators. you've heard it before this pier worry is that they'd be pushing prices higher because essentially you'd have the second and third largest oil services companies in the world that would be tying up together. and that could lead to some issues there. so the justice department, they filed a lawsuit to stop this deal from going through last month. it's not the first time that they've done that over the course just over this past year. we've seen, for example, comcast trying to take over time warner cable. that didn't happen. they managed to challenge that deal. wanting to sell its appliance business to electroluxe. there is a breakout fee of $3.5 billion that halliburton has to pay baker hughes now, given that the deal isn't going to be happening. that's one that we're still continuing to watch, jonathan. other than that, it's a holiday here in london. bank holiday. back to you. >> well

i think we have a list of several of them, ge, baker hughes, halliburton, pfizer and others, comcastnd time juaner, our parent company. why do you suspect that is? is it because the nature of the deals has changed? or the temperament of the regulators has changed? >> i truthfully feel that nature of the deals has changed. one other merger that was -- that also was recently halted is the sysco-u.s. foods merger and the decision just came out yesterday, you know, it was a very large merger involving business supplies and business goods if one case food in, this case office supplies. and the market as it was being defined was in most people's view a clear market that needed to be protected. and that was with respect to business customers. because what happens is when costs go out to businesses, then the costs can get passed on to consumers. so i do think this is a trend we're seeing. they're attempting to be pushed through. i think the parties need to be careful about this process and know that regulators are very serious about trying to protect competition in this country. >> one of ou

we have talked about with baker hughes and halliburton pulling apart and not doing that dial, so we willee the oil field service names getting together, and this going to be bought, and i don't think that the stock is going to be higher however, because they have the debt, and the problem wills, and that stock despite that, you look at the srp which is the price index for spdr which is up on the plc. >> and you have a trade? >> well, i'm with joe. oil is way ahead of itself, and part of the reason it is up today, is because of the libya fighting there is curtailing the supply, and iran is ramping up rap rapidly, and frankly, the situation with the isis is much more favorable for the west, and that means the iraqi oil production which is already high is picking up. >> and now, from bit bit to dick's sporting goods, we have the trade. the athletic socks are selling off. >> and legendary invester will b be join voing us from the sohn conference. this clean was like, pow! it added this other level of clean to it. it just kinda like wiped everything clean. my teeth are glowing. they are so wh

we are getting more information on halliburton and baker hughes after the canceled acquisition here. halliburton coming out with its first-quarter loss that widened. in company had higher costs the first quarter related to the canceled acquisition or the bid, generally. also, baker hughes coming out and saying it is going to be trimming back to two basins as the center of his activity. really, following on the heels a lot of competitors saying they will be trimming costs generally. in the hospital injury -- industry, hca with its revisions for bad debt led the stock to fall. community health systems, similar. tenant health care coming out with earnings that beat estimates. it is seeing shares higher. there is a deal to mention in the health care industry. they are going to buy quintile transnational holdings, and all stock transaction. the equity value is $9 billion. interestingly, both of those stocks are trading lower area they are not getting a lift from the deal. betty: thinking about lower, apple is hitting multi-here records here. >> apple we were watching closely because it was

halliburton and baker hughes are ending their merger pact.llowing an exclusive story we broke here at bloomberg that they were preparing to call $228 billion merger. it has met antitrust resistance from the u.s. and europe. set butline was halliburton is going to pay baker hughes $3.5 billion in termination fees. and baker hughes are calling off their merger. westpac has kicked off earnings. there are slightly weaker results. paul allen is joining us from sydney. run is through the numbers. -- run us through the numbers. >> it was up 3%. it is a very narrow number. coming in at $3.9 billion. it has allrs here, the major banks here in australia. their teamwork -- tier one capital ratio has declined. it is down to 2.14%. as you mentioned, the big thing was institutional lending. now the ceo says this was not a sign of delays. it is just a few pockets of stress and he is positive the outlook will be good. the market may not share his optimism. are they rising? >> yes, they are. take a look at this chart. you can see how bearish market has become

no dice when it comes to the halliburton/baker hughes deal. ry opposition from both the u.s. and europe means the $28 billion merger is no more. you can see shares of halliburton moving higher by 2%, baker hughes dropping by about the same amount. >>> looks when it comes to the man of the hour, it never mattered where stocks or the dow were heading, warren buffett was always charging amedicines he started his -- ahead since he started his company back in 1965. joining me now for the entire hour live, warren buffett, the man considered to be the best investor on the planet, chairman and ceo of berkshire hathaway, third richest man in the world. what else can i say? you guys just got out of your board meeting for berkshire. how did it go? >> they reelected me, so it went well. [laughter] liz: you got your job. >> yeah, exactly. as soon as they do that, i leave the room. liz: you're done. >> exactly. liz: it has been a long weekend, so we're thrilled you're here in the closing hour because people are on edge about their money and their stockings.

energy giant halliburton and baker hughes have called off the $28 billion merger.is comes after the u.s. justice department filed a suit in early april to block the deal. this would have been the second and third largest oil service providers eliminating significant competition. the u.s. attorney general said this a victory for the u.s. economy and all americans. this koread of division was shouted at and slapped, so he issued an apology five years after it was ordered to remove products from south korean shelves. there have been south korean disinfectants responsible for nearly 100 deaths. they are working on plans to compensate victims and set up an $8 million humanitarian fund. here in france, a new man will take the helm of the french flag carrier. he has been named chief executive of the air france klm group. he is replacing the other .ethods oversaw massive costs elliott richardson reports on how the new ceo will be facing some turbulent times ahead. reporter: is the tide beginning to turn? klm made profits in 2015 for the first time in seven years, and now t

that is helping to pull down the energy stocks as our earnings out from baker hughes and halliburton and commentary on their failed deal. -- exxon mobil falling along with those group prices which are now below $44 a barrel. we are seeing the financials pullback today on, it looks like pushed out expectations for a rate increase with the big cap bank falling in today's session. thee we don't have those at moment, if you move on to what is going on with the 10-year note today, we're seeing a big move downward in yields on the 10 year. you see it, one point 79% at the moment. couple of more weeks, we have seen a lot of be done earnings estimates. >> interestingly, if you go back to the beginning of earnings season, we're a .9% on the s&p 500. it definitely doesn't feel like it. it is interesting. today, in terms of winners and losers that we are watching, we have pfizer trading higher after those companies beat estimates. we still have 82 more companies to report this week. if you look at the bloomberg and ea, will we have been watching here, 353 of the 500 companies in the s&p 500 hav

bureaucracy clogging the gears of business. 35 billion-dollar merger between oil giants halliburton and baker hughes is off. regulators here and in europe put so many roadblocks, the two companies decided it wasn't worth it. preventing consolidation in ailing oil industry, halliburton is stuck paying a $3.5 billion breakup fee to baker hughes. it is a good thing to talk about on the campaign trail i hope. melissa: yeah. crashing the party. why the anyone but trump movement is having a change of heart ahead of the general election. plus deadly flooding in texas as severe storms slam the south. >> when i arrived, water levels up to the roof. within 15 minutes, water was 18 feet high. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hyp

with the halliburton baker hughes deal.he obama administration says when i have number two and number three. but number one is a french company. we have other industries going out of business and we won't allow them to survive. >> they are not thinking about consumers. think of all the problems we have in the business sector. there is nobody saying my number one concern is i don't think i can get office supplies. are you kidding me? charles: the -- >> this is a great decision, the court upheld it. charles: jobs will be lost and stores will be closed down. if they are so monopolistic, why are they going out of business and closing stores? >> they made bad decisions. >> they brought in someone who was 2 feet tall, you can't compete with the taller guy. >> the market has changed. amazon exists. it did not exist when these companies started. the market is bigger than office depot and staples. >> those are the two biggest players in the market. the brick and mortar part of the market which is dying. charles: they are dying and t

and as a result, halliburton's going to pay baker hughes a $3.5 billion breakup fee. guess you could argue both sides of this, andrew. we know events, it's already happening, 7% increase in the price of oil back to h45. the industry will come back, and at that time you have a powerful anti-competitive. >> potentially. >> but in the meantime, it obviously made a lot of sense for both companies to try to pool their resources in such a tough period. and i just wonder, you know, it's a fine line to draw, depending on who's president and whether they stack the deck to anti-emergency anti-merger. >> $36 billion in deals that have been scrapped, you look at pfizer and allergan. >> clinton, it was said there was no teeth in anti-trust and they let everything happen. then there's been a lot -- >> it started in the '80s. >> now it's come back. >> right. >> do you think that this should have gone through? or it shouldn't? i mean, in the world where you want us to remain competitive globally, i'm mo am not convinc. >> like staples. >> xm/sirius, how long that took with pandora an

halliburton abandoning plans with baker hughes union regulators were not happy with loretta lynch sayingo merger is too big to challenge. let us know what you think of our top stories on twitter. the yen dominating what is going on with japanese equity trading. the markets are closed today. reporter: talk about first trading day of may. markets. as reshot pointed out, have a look at japan. they are down 4%. a lot of that happening with a stronger japanese yen. australia, just about every stock on the nikkei underwater at the moment. when you take the losses back on thursday, we are down about 7.5% over just two trading days. let's break it down across sectors. down onngle sector is the nikkei. have a look at the nikkei volatility index. we are looking at a sharp jump. it up there? there we go -- 18% higher. that is something to watch. a lot of people are starting to downsize. when the yen starts jumping around, expect people to be risk-adverse. volatility is higher than usual. we are watching shares of takata.at -- u.s. authorities are looking to to all cars that use their airbags. nitra

oil giants halliburton and baker hughes calling off the deal.away after the justice department filed a suit to block the deal, we are looking at how the regulatory environment is preventing growth. police officers injured at after fireworks

moments ago, we're talking about the numbers and commentary coming out of services like halliburton and baker hughes. it is the worst single day performance going back to march 8. i wanted to look at other assets . in the currency market, we have seen something of a bid for the u.s. dollar today as investors look for what they perceive as safety. euro down about a quarter percent versus the u.s. dollar, ending the euro's winning streak lately. and we see a movement in the 10-year. it is falling in yield today. again, it looks like the safety trade is something bennett eating treasuries. -- something that is benefiting treasury. david: julie, thank you very much. let's check the headlines good mark crumpton has those from our newsroom. . mark: american servicemen killed in iraq has been identified as a navy seal. he was killed in an attack bites on the state on iraqi-kurdish positions outside of muzzle -- of mosul. whenis servicemember died isis penetrated a checkpoint that was manned by iraqi forces. crossingrorists, after the line, went on to attack a mark: it is the third death since the u.s. agai

list, halliburton and baker hughes, canceling their .cquisition and then the companies came out withs. the first quarter loss widened with customer slashing the budgets in half. it's interesting the approach that each is taking coming out of this canceled acquisition. on the one hand they are changing their strategy and pulling back on the pressure pumping business dramatically. basesl exist in only two and saying that they will be expanding in areas where there are holes, with selective acquisitions. the two of them seeming to take divergent paths. seems like investors are punishing them both. even the ones with good news in the industry are falling. superior energy was upgraded to a by. the analysts said that the shift in strategy that this company had done could expand a fracking business and look for acquisition. as you can see, the shares are down 5%. oil pulling back down with a weekly inventories report tomorrow and a projection that there will be a build in inventories that will be one of the things putting pressure on inventories. something else investors have an about is il

. >> third stock, halliburton, fbr, upgraded and bumped the market share to 49 and now that the deal with baker hughes halliburton can stay focused on cost efficiencies and leveraged fleets. they say it's the most cost-efficient pumper of the group and analysts say they should not fight with baker hughes that much in the international markets and will narrow their gap with schlumberger. that target is about a 20% upside to today's price. >> the f5 networks downgraded. 25% price from february lows. the analyst says a shift in subscription offering should improve visibility longer term and shorter term muted second half recovery and he had winds with uncertainty to the growth flag net later this year. >> up over the last 90 days, not as good as freeport and press gainey, and it -- >> very under the radar. >> it is super -- unless you've had healthcare recently. a massachusetts-based companies. >> ever gotten up of their surveys? >> to to the hospital and in the mail you'll get a survey, digitized record keeping. a lot of people know that anyway. let's talk about the call if we can move it up. there's so

halliburton will have to pay baker hughes $3.5 billion as a termination fee. >> just to wrap up, beyonce'sw album could create unexpected sales. >> beyonce released what she is calling her visual album over a week ago. retail experts say could have an effect on the drink, lemonade. the research monitor points to a 33% rise in sales seen by the restaurant chain red lobster after she released her single formation which mentions it by name. lemonade makers sales have been down a quarter in the u.s.. perhaps, beyonce might give it a bit of a boost. >> i don't care where you buy lemonade when it is easy to make and wishes. >> maybe for you. >> let's take a look at our pressure. nicholas is with us on a separate look at the paper. you are starting out with a focus on the syrian crisis. >> john kerry is on a diplomatic push. he is trying to persuade moscow to persuade damascus to stop or at least limit attacks in aleppo in northern syria. among the papers leading on this, they are saying there have been more than 250 deaths in seven days and two medical centers can we be destroyed. a syrian docto

connie well s, and canadian pacific, or stranded at the altar, and staples, home depot, and halliburton and baker hughes something to be learned here, and if you are looking back to the days before globalization, it was really an expansionary time before the capital was deployed and before the tech grab, and bad deals, and people looking for some business that could grow and turn into an apple, but we managed to find ourselves digging at the seed corn itself. seed corn, you know, wa you save to grow the corn crops of the future. we are down to almost a baseline where the entities left are big and gobbled up the smaller playe players, and so what is the encore performance here? it makes my think that the road to normalization is a whole lot more than raising rates. it is a long road, and it is going to take to a lot of effort and a lot of reengineering, and today in the notables and the quotables on the same topic, mervin king, and the england banking governor known for the large proportions around and the book that came out in march called "the end of al kkchemyal what a great book. this is the notable

halliburton and baker hughes have called off their planned $28 billion merger. the proposed union between the second and third largest oil service firm, that stiff antitrust resistance in both the u.s. and europe. the u.s. attorney general loretta lynch has called the termination a victory saying it shows that no merger is too big or too complex to challenge. and those are the headlines from bloomberg news powered by over 2400 journalists in 150 bureaus around the world. let's get the latest from the markets. we've got david for that. > thanks, angie. the markets in tokyo reopen for the afternoon session, before i give awe snap shot of what is happening on the broader picture, have a look at some of the big moves because of earnings. murata and nipon electric both down with disinterpog earnings issue., separate well, completely the opposite. they're coming out and saying they're going to make more money. they raised their dividends a little higher than forecast and also a share buyback all announced on thursday. the first time japanese investors have a chance to

halliburton, baker hughes, time warner transaction -- we are not quite ready to draw lines in the sandthis administration has taken a hawkish view on regulation. vonnie: overall, are we seeing less volatility? if there is volatility, you shy away from it? jonathan: we talk about volatility, but if you measure about 16. it has gotten as low as 14. it feels uncomfortable, but the volatility is not that difficult. --ill tell you that for risk people who are investing, it feels to them that the world is a much riskier place. tom: will there be multiple bidders for twitter as for ?ahoo! smar peter: i couldn't tell you. tom: thank you so much. golub.ague and jonathan francine, have a great weekend. thank you so much. i thought the p.m. cvg interview was interesting. update onmonday, an your economy. the get a huge response -- we get a huge response. futures up five. the yen is being watched wanted anything today. have a wonderful friday. ♪ epic -- finance gather in japan and the u.s. is warning that conservation will not have global growth. officials say they discovered debris from egyptair

along the same lines as the last minister, nonetheless, judge, you take a look at baker hughes, take a look at halliburton, schlumberger. schlumber had a good trade. the stock still down over 3.5%. but everybody else in that drilling and e&p type of space is getting hit. >> you've got everybody. as oil sort of turns lower and maybe that sell-off accelerates a little bit. those stocks are under big pressure. for more on what the fires and the news out of saudi arabia mean for the oil market, let's bring in citi's global head of commodities research, ed morris. good to see you again. >> good to be with you. you've been watching all of these stories unfold over the weekend. how do you think it factors into where we're going? >> i think the changes in the leadership of the industry in saudi arabia rr speaking for continuity with the policy that's actually being pursued. i think it means don't look for an agreement to do anything at the opec meeting on june 2nd. i think it means finding every way we can to put more crude into the market. now we'll have to wait and see what their drilling activity will be. i th

baker hughes' balance sheet. >> with us for more on this is robin shoemaker with keybanc capital markets. robin, we've heard some news out of baker hughes. you know, be from halliburton's point of view, why agree to that? did they have such confidence it would improve? >> they had confidence. they insisted on a huge breakup fee because they were concerned at what happened yesterday is exactly what would happen so they insiftd on a very large a breakup fee and halliburton agreed to that. >> you maintain your view, why is that? >> halliburton's stock was up a little bit, investors relieved they did not overpay for baker hughes. you know that price was set 18 months ago when oil was much higher. for baker hughes, i think it's a recovery story. they've outlined $500 million in cost reductions they intend to take right away and they'll pay down some debt and buy back a billion and a half in stock, but their case for the investment case for baker hughes is a little bit longer term, and, of course, we're in a severe downturn for both companies in terms of environment. >> that's interesting because it came up this morning when warren buffett was asked his thoughts on "squawk b

halliburton will pay baker hughes a termination fee. story get more on this now.ith carl weinberg and jeff degraff. we don't have to get into the for bakerdetails, but hughes, which did not want this to happen in the first place, now they get money to play with. >> they will be able to move forward investments necessary. i guess, from a strategic point of view, it will never be cheaper to lay the pipework, if you will, then now. tom: where is the opportunity. when you look at oil in general, to you by straw hats in winter? how do you do that? >> that is the sentiment, for the most part. tom: where is it now? >> on oil, it is too bullish. net speculators are at l long positions. they are taking oil and selling get as fast as they can. tom: here is excellent wine. we showed this in the last hour with michael holland. this is the equity market in oil. this is good news, the ugly news. how do you play this? this is the ultimate dead barrel bounce. >> are models were set up for to be so bad it is good. believe it or not, between that point and today, our trend model st

the announcement was made by the justice department which had sued halliburton and baker hughes to stop the merger. government claimed the combination would eliminate sith competition in more than two dozen markets. the justice department says it would have raised prices, decreased output and lessened here. a fall inside of a woman's home helped create a medical miracle for her. we're talking about mary anne frank colost her eyesight more than 21 years ago in an you the an toe accident and fell inside of her home recently and inspired her spine. when she woke up from that surgery she could see. >> wow. >> the sun's coming through the trees. oh, god, it's wonderful to see. i'm the happiest woman in the whole wide world. >> the in your row surgeon who performed the operation says he's never seen or heard of anything like this. he thinks the 95 auto accident may have restricted blood flow to the part of her brain that controls vision and the recent surgery restored it. i never saw someone so excited to have hurt their back. >> absolutely. her description of everything just now to see the t

the deal between halliburton and baker hughes was valued at nearly $35 billion but that raised some anti-trusttwo companies would hurt competition in the industry, now, halliburto halliburton $3 million if fees for busting up that deal. >>> and sports authority will liquidate all of its assets, means shutting down its stores. sports authority planned to reconstruct and you are keep the brand alive and only close a few stores but the los angeles time, says there are more department stores such as target, kohl's and macy's that offer athletic clothing and more people are buying their sports wear online. >>> delta airlines promising to never lose your luggage again, the airline has unveiled new technology that lets you track your bags with an app of course. it uses radio frequency i.d. bag tags so when you check your luggage you're going to get a radio tag instead of a digital bar code tag and it will allow to you track your luggage throughout your journey. the new technology costs $50 million to develop, deltas it expects to start using it in august. >>> apple is excited about the thousands of p