the company isn't the only party pushing back against bill ackman hedge fund manager lee cooperman sat on adp's board for 20 years, nearly that. and this morning, he sent an e-mail to ackman saying, the company's done a great job for shareholders cooperman writing of adp and sharing this e-mail with me, quote, these financial policies have always been balanced and intelligent. management is rationally compensated. they have spun out businesses, showing no interest in building empires, and they have a level of client satisfaction and retention, second to none. the idea that you can tell these guys how to run their business doesn't strike me as intelligent or appropriate that coming from -- directly from lee cooperman, to bill ackman cooperman went on to say that he has, quote, no dog in this fight. he gave away all his shares to charity when he retired from a board that he served on for nearly 20 years. that's just an interesting sort of wrinkle in all of this, too >> this is the first year that they've sort of had flat performance up until the spikes you mentioned, leslie. the stock ha

not a good day for bill ackman. the herbalife story has not worked out the way bill ackman dreamed.te the opposite. a very tough day for him. >> it could've been tougher if this thing had gone private. a private equity firm has looked at this and said, you know what? looking at due diligence here, i don't like the idea of it. >> it could very well be. a bank is lining up. , you, with carl icahn with thee to buy in other shares. it is not the most expensive buyout ever. it is something he wants to avoid at all costs. this was not a great day for him, but it could've been worse. >> and let us know if you get a response to your text. coming up, president trump aims to move beyond the controversy. we will get a preview of what to expect next. look at these pictures of casper, wyoming, where the solar eclipse is moving. a beautiful site happening across the united states. from new york, this is bloomberg. ♪ bloombergs is markets, the trump economy. i'm julia chatterley. if you are looking at live pictures of wyoming where there is an incredible site happening across the united states tod

bill ackman's comeback trail hitting another roadblock.tock i back program are dealing a blow to -- a blow to ackman's bet against the supplement company. a total eclipse crossed the united states, coast-to-coast, for the first time since 1918. we are looking at life victors of south carolina, where we are nearing the end of the peak of the eclipse. julia: we are one hour from the close of trading. abigail: we are looking at very small moves for the major averages, flipping between gains and losses. the doubt to the upside. the nasdaq fractionally lower. the nasdaq down most of the day, down about 0.2%, dragged down by semiconductors plus some of the big tech names. this follows weekly declines for the three major averages. four in a row for the nasdaq. the dow and s&p 500. with this tiny decline, we're looking at a third weekly decline for the s&p 500. time that has happened since june of last year, around the time of exit. the week is very young. let's see whether this holds. sometimes, inflection points. we have had a nice rally this ye

bill ackman is taking aim at payrolls.e wants effective control of the board, can he make that happen? trumpitics, president starts is working vacation as special counsel robert mueller is set to have impaneled another grand jury in the rush investigation. attorney general jeff sessions has given a news conference on the investigation into leaks in the government in the next hour. we are 30 minutes into the trading day in the united states. julie hyman is here and we are green so far, but we just kicked off. julie: we just kicked off the session, but most of the gains have melted away. we were seeing all major averages up about 0.25%. they have now cut that in half and then some as we had a little more deeply into the sessions despite the better than estimated jobs report. we are seeing dragged from earnings and what is going on in particular industries. we are seeing major averages slightly in the positive at the moment. what is gaining the most in the caps andsion are large banks, that is the most in terms of index point

support outside of adp among the analyst community for some of the measures, some of the things that bill ackmanlly saying, such as margin improvement to market share and technology might not be up to scratch? scott: if you saw the reactions to that 3.5 hour presentation ackman gave last week, there is a consensus that there is room for margin improvement, that perhaps the technology and the software that they have is not up to snuff, and there could be some great improvement put into this company. in fact, they said because an activist like bill ackman has taken a look at this, perhaps that will really efforts within the company to address some of these issues. vonnie: does this have the potential to be another battle for the ages wars this a smaller -- or is this a smaller kind of battle? scott: certainly the battle lines have been drawn. obviously saying that they are not going to entertain bill ackman's nominees means that we are heading toward a proxy battle. that will come later on in the year as it shapes up toward november when the atm is expect to take place. another stalwart saying no,

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

despite his fight with bill ackman and the stocks, as you remember, bill ackman took a short position where was the stock trading? >> it was about 50% below where it is trading now. it is not the best return on a short position. >> what does all of this and-and-forth between icahn the company and the fact that this private equity deal did not happen -- what does that tell you about herbalife right now? >> the fact that there is some interest is positive, by a private equity firm, and i believe they will go back to their peak of sales at $5 billion. i think they will continue to grow at their historically rate of 8% and grow a significant level from there. >> a new player in the energy battle between paul sayer and warren buffett. he is offering to buy texas powered to stupider encore for $9.45 billion. to buy texas power generator for $9.45 billion. >> as you recall, elliott management owns the bulk of their unsecured debt and did not agree with the terms of the buffet bid and opposed it. bid.ffett bid and opposed it looks like they are going to on theut $.45 to $.50 dollar as opposed

i respect bill ackman. nsider his behavior in this instance foolish, inappropriate and irresponsible. vonnie: cooperman formally served as a board member at adp and knows the company well. he went on to call ackman's argument fallacious. surveillance anchor tom keene is here with me. mr. cooperman has a real knowledge about adp up to the modern adp and the key distinction that we found in a lengthy interview is he believes mr. ackman is conflating the paychecks model with the adp model. he is saying that is flat out wrong. bill ackman is wrong, there is not that much to fix in adp. we continue to circle back to their performance. he was really quite adamant. bill ackman has this one wrong. vonnie: down 7% over the last several sessions. year-over-year, it is up 25%. we are going to see in the coming days, what is his plan to take what everyone considers to be a good or even great performer and to make that difference that makes all of his efforts worthwhile. you saw that in really good total return. ackman t

>> it is in his fight with bill ackman in the stocks. bill ackman took a short about one billion.where was the stock trading then? >> about 50% lower than now. not the best return on it short -- a short position. >> what does all of this back-and-forth between ichan and thisompany, and the fact private equity deal did not happen, what does this tell you about herbalife right now? >> the fact there is some interest is positive from an equity firm. i believe it might not be the right time. they might go back to their ultimate peak of sales was a few years ago at $5 billion and i think they will inou to grow at the historical rate of 8% and grow to a significant level from there. vonnie: a new player in the energy battle. a is breath -- sempr offering to buy encore offering to buy encore for $9.45 billion after elliott management triggered a public battle for the company by announcing the intention to rival buffet's bid. is thatnough? >> i think that is probably more to do with paul singer than anything else. vonnie: why? >> as you recall, elliott management owns the bulk of their un

karo i can -- carl i can and bill ackman on herbalife.has be the stock the highest ratio of mentions the market cap of any public traded company in the past few years and is back in the news today with an announcement to do a buyback of a good portion of its stock in a reverse dutch auction and the major shareholder carl icahn has agreed to limit his holdings to know more than 50% unless he wants to buy the whole company. this is a victory certainly, in his fight with double ackman -- bill ackman in the stocks. bill ackman took a short incision in 2012. >> where was the stock trading then? >> about 50% lower than now. not the best return on it short position. >> what does all of this back-and-forth between i company, what does this tell you about herbalife right now? the fact there is some interest is positive from an equity firm. i think they will go back to their ultimate peak of sales was a few years ago at $5 billion and i think they will in you to grow at the historical rate of 8% and grow to a significant level from there. julie: a

in his fight with double bill ackman in the stocks. bill ackman took a short position in 2012.here was the stock : trading then? >> about 50% lower than now. so, you know, not the best return on a short position. >> what does all of this back and forth between carl icahn of the company, and what does this tell you about herbalife right now? >> well, the fact that there is some interest is positive by a private equity firm. i think they will go back to the ultimate peak of sales, which was it. -- which was a few years ago at $5 billion and i think they will in you to grow at the historical rate of 8% and grow to a significant level from there. >> a new player in the energy battle. sempra is outbidding berkshire hathaway after elliott management triggered a public battle for the company by announcing its intentions to rival the $9 billion bid. >> i think that is probably more to do with paul singer than anything else. onnie: why exactly? >> >> well, as you recall, elliott management owns the bulk of their unsecured debt and didn't agree with the terms of the buffet bid. so they o

. >>> meantime, activist investor bill ackman is hosting a web cast over the future of adp. i know you've made progress as we spoke to you last hour, leslie. >> we've reached the halfway mark with this presentation. two hours in, we're on about page 105 out of 168. not as much commentary recently from bill ackman himself he's defer add lot of this to his two portfolio managers in charge of the investment but one thing he has called for consistently throughout the presentation is a smooth improvement to the company it's important to emphasize he's not looking to add additional leverage, not looking for a spinoff or merger situation like he sought to do with positions in the past and the market is skeptical. as you can see shares are down more than 3% they've been that way throughout the entirety of the presentation, and largely that's because the first half of this presentation centered around pershing square making the case as to why adp is underperforming competitor competitors. that's what we're getting to right now. he's showing inefficiencies that the service organizatio

virtually flat, $111 a share, after bill ackman of pershing square revealed a new stake in that company of 8% i spoke with bill earlier today in an exclusive conversation in which he told me as recently this morning he was still buying shares of adp and plans to file a 13d, activist filing on monday he says he's not seeking control of that company as has been previously thought says he plans to propose a minority slate of directors which is interesting because originally it was thought and reported that he was looking for five seats and control of the company. he says he's looking for four or fewer. he did ask for a one-week extension to the nomination deadline which was next thursday to be able to meet with the board pand give them time to consider some of the ideas that he has his goal, he says, was to do this consensually. he didn't want to have a proxy fight. he wanted to work with the board like he did in prior cases of air products and chipotle and he's very bullish on adp saying margins can expand by more than 50% and growth can accelerate and the company needs a transformational

adp received a notice from square on august 1st that bill ackman has acquired 8% of the company. y, they say, through derivatives. they say that mr. ackman requested that adp extend an august 10th deadline to nominate directors by 30 to 45 days and said that he plans to nominate five directors, including himself, to adp's ten member board, and also said that the company's ceo carlos rodriguez, should be replaced, which would put him in control of the company, with six of the ten directors. the company saying that it is, quote, open to constructive input from its shareholders, and it says that the board respects the right of shareholders to nominate directors however adp has clearlydefined board nomination board process and the deadline for director nominations has been public for nearly a year. then goes on to take a couple of shots at bill ackman it said carlos rodriguez became ceo six years ago and the total shareholder return for the company was 202% they say that is many multiples of perishing's total shareholder return of 29%. >> they are right. >> so the gloves have come off

10% today to 6804. >>> meantime, bill ackman trying to shake up the payroll processing company adp. e firm today rejected his three candidates for the board. last week mr. ackman outlined his transformation plan for the company. ceo of adf called the activist hedge fund manager a, quote, spoiled brat. shares of adp dropped 102.89. >>> there are reports today the secret service is running out of money to pay its ajechbts. expenses are high. it's up to con additional funding. eamon javers has the details. >> reporter: secret service officials said today more than 1,100 secret service officers will work more overtime in 2017 than they are allotted under the . that means they're going to need a fix on capitol hill in order to change the law and pay overtime to the secret service officers. in statement today, the secret service initially said this, "the issue is not one that can be attributed to the current administration's protection requirements, but rather has been an ongoing issue for nearly a decade due to an overall increase in operational tempo." then they changed the statement add

only at td ameritrade. >>> all right back payment processing company adp rejecting bill ackman's three member candidates earlier today. ceo carlos rodriguez told our own jim cramer what ackman got wrong in his presentation about the company, moments ago >> one of the things that i think was a central thesis to his presentation was our sales results were overstated, which as you just mentioned around s.e.c. disclosure, we kind of take offense to the implication that we are, i guess, playing with numbers or not disclosing information that we should be disclosing >> basically, he got everything right except for everything. all right. ackman who owns a more than 8% stake in adp called for rodriguez to be replaced this is an odd play by ackman. not only -- the stock has done great, it's outperformed its peers. >> right. >> what do you make of this battle >> so the problem is, he has an uphill battle on ackman's side to, with a stock that has performed well and even by ackman's own words, he says that if this company is run the proper way, within five years it's going to be a double. so, i t

i read an analysis of bill ackman's presentation, and the just was it was long on problems, short on i don't know if that is entirely true. he went through a very detailed, three and a half hour presentation. essentially, what he said was this is a payroll company that has tacked on technology. through acquisition. and they haven't actually integrated those into one platform in infrastructure. the suggestion is perhaps that is the way forward. scarlet: one thing that struck me that i think has been perhaps , youed out in your stories can look at the performance chart of the company under the current eeo, carlos rodriguez. 19% total return -- ceo, carlos rodriguez. 19% total return since 2011. >> activists are going into companies like procter & gamble, which is essentially a good company, and the argument they are making is yes, this is a good company, but it could be a better company. so, as bill ackman said today, he said the company is actually $255 a share, not the $105 it is trading at today. julie: and the reaction is shares are falling. immediate reaction, investors are not bu

. >>> in the last hour carlos rodriguez came out swinging against bill ackman, who's taking aim at hisemind me a bit of a spoiled brat in school asking a teacher for an extension of their homework i've been the our board i've been co has -- they show up on time and she show up prepared. >> david is back to talk more about that post interview and wednesday again the dance with an activist begins >> of course, supporting his own record >>> we did talk about that, feeling we had the wind at their back and have benefited from secular trends, the aca, that they could have done even better, but mr. rodriguez is making it clear he doesn't see it that way, and certainly showing a willingness to fight back he may have a strong record on which to fall. it's rare to see them quite as strong as this the performance of the personal hedge fund that bill ackman runs, it's a stark comparison. it's no secret, of course quickly pivoted to rod johnson there's a lot to shoot at here it will be very interesting to see whether he can gain any ground it even though not apple to apples at all. >> he said he w

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

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

david, after that interview you just gave with the ceo, fiery, i think the highlight was comparing bill ackmanos rodriguez, pulling no punches when it came to fighting back against mr. ackman's request for three board seats and request most importantly for the nominating deadline. he was saying he didn't have his homework done, and wanted an extension, and he said we don't do that here interesting choice, though i thought effective in terms of combatting i would add that once we got off camera, mr. rodriguez said he would be willing to meet with mr. ackman, or i should say, join him on tv. >> for a debate? >> for a debate, if mr. ackman chooses as well perhaps to do that so it's out there now. >> that's a dare challenge. >> not the first tv debate by a long shot. >>> when we come back, retail is getting hammered, watching blue apron as well, dn ow11%. "squawk on the street" continues in a moment. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with m

update at this hour brian, back to you. >> sue, thank you very much. >>> you've got it. >>> investor bill ackmanget ackman looking to propose a minority slate of directors, four or fewer, to an adp board adp is based in jersey they're denying his requestto extend an august 10th deadline for nomination of directors so that he can nominate his slate, including himself to the board in a statement adp said, quote, the board has unanimously determined that it is not in the best interests of adp or its other shareholders to accede to pershing square's last-minute request for an extension he's had some winners but his massive loss in valeant, losing fight with herbal life are empowering them to push back adp did rise on the initial news of his investment. it has doubled well before ackman even got involved in the name >> this has been a slow and steady wins the race company since basically 2010 if you look i don't think they've done anything wrong quite frankly this is not going to be a ridiculous grower. remember, they had to deal with an economy that was on -- in a difficult period of time in '08, '0

i'm scott wapner our top trade this hour, bill ackman's new target, adp shares jumping as the activisthis sites on that company. we'll have some exclusive news on what is likely to happen next also the big-name investor who is pushing back against mr. ackman's plans there's a look at the stock, which is now negative $110 and i just hung up the phone, by the way, with bill ackman a few moments ago, who told me the following in an exclusive interview. i want to brin

picker has some news on this adp battle >> one of the most contentious going on a new letter from bill ackmanpershing square saying there have been misunderstandings over the past weeks which have clouded what should have been a productive relationship from the start. this comes after earlier this week adp published a filing, a proxy file chicago detailed a background of solicitation on what went down between adp and bill ackman. some of the highlights included what happened surrounding that extension of the deadline and pershing square saying it and the company were at war. this is according to the proxy filing he said according to the proxy filing that he was committed to a proxy fight. and would not consider any kind of settlement in that it kind of explained what he was looking at with regard to ceo succession and that he had been under the impression mr. rodriguez had been looking to step down anyway, which is why he was looking at other candidates to take his place at adp. a lot of interesting stuff here. it will be interesting how things turn out from here. >> yeah, and whether or not

adp climbing higher over one of the most contentious proxy fights bill ackman wants a fresh start. he wrote a letter, quote, there have been misunderstandings over the past few weeks which unfortunately have clouded what should have been a productive relationship from the start. he added he's looking forward to meeting with management and the board on september 5th to discuss the proposals he detailed in a recent presentation an sec filing revealed that mr. ackman initially wanted to extend the deadline to avoid the perception that he and the company were, quote, at war. the filing showed he was committed to a proxy fight and would not consider a settlement. the company's annual meeting is not for a few more months. we'll see if the two sides can have a meeting of the minds before then. >> we'll keep our eye there. >>> here's what else is coming up on "the halftime report." >> texas is about to get hit by heart ache this storm is expected to be a hurricane soon some are predicting a record breaking flood we'll hit the gulf coast and jim cantore. we'll talk about refiners, nat gas a

he was probably on the board when bill ackman initially had his stake and tried to agitate for change back in '09 to 2011 >> and that's why he takes this a little bit personally. he said they spoke on the phone and lee cooperman sent him an e-mail >> while i am praising of you as a person or intellect, if i agree to say something about this adp position, it will be supportive of the company and critical of you. when you serve on a board for 20 years, you have a distinct opinion about what the company is all about lee cooperman knows many of them and knows theformer ceos as well that he has spoken to as well there is a lot ahead simply, we don't know much of what bill ackman has planned we haven't seen the 13-d he hasn't laid out his whole investor case. >> still, a new battle of the billionaires >> thank you, scott. >>> still ahead, a big week for retail, nordstrom's, kohl's, jcpenney, all due with earnings this week. >>> plus, another record-setting day for the dow on track for its tenth straight day of gains. leon cooperman thinks the market is still valued but where can you find va

scarlet: breaking news on bill ackman, the company has bill ackman for the adp board. veronica and other. julia: "what'd you miss?" we are just moments away from second-quarter results out from cbs. great to have you on. what are you expecting from cbs? >> expectations from investors are pretty low, advertising trends have come in a little bit weaker than it back in. expected.han there is the specter of cord cutting and what impact is having on these traditional media companies. there will be a bullish tone about the television business and cbs's position but the real question for investors, how is cbs going to fare in a world where people are getting content out of the traditional bundled. scarlet: we had news that at&t recent agreement to target cbs on its programming lineup. how significant is this? >> for directv now it is a positive development because cbs is the most-watched television network. it is good for them to get paid all platforms that they are on. scarlet: we have the numbers right now, let's tell them, adjusted earnings per share of $1.04. from continu

to be interesting, too, to hear what he has to say, now that he's had a chance to hear and see bill ackman's presentation. >> exactly and one of the most important details to note for that presentation versus what we'd heard so far is that when the company disclosed, when adp disclosed ackman's sbintentions they said they had been pushing for carlos rodriguez to be replaced that wasn't apparent in the slide deck or in the prepared remarks from last week what it was apparent in, in the q&a, when he was asked specifically about carlos rodriguez and his role ackman said he likely would need to be replaced this is something you can tell just by hearing both of those gentlemen speaking it's gotten very personal. they were friends before it seems like that friendship is at least on the rox. so it will be interesting to see what he says tonight after those comments last week >> the barbs will probably continue to fly tonight. speaking of which, another ackman name on the news, today is herb lialife. those discussions ended on wednesday with no deal pershing square is, of course, short, herbalife th

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

pershing square has nominated its founder bill ackman and two others to the board of adp the nomineesintroduced at adp's upcoming shareholder meeting. adp revealed on friday that the hedge fund had taken an 8% stake in the company we'll call it a beneficial stake, because there's derivatives vfld in that also google fired the employee who wrote a controversial internal memo about women in tech the engineer's ten page manifesto asserted women have biological differences that prevent them from being as successful as men in tech. causing quite a stir and a big debate on this set earlier this morning. and then some new numbers out measuring snapchat's original programming. and it's big news because the app show called good luck america averaged more than 5 million viewers per episode on the discover platform. that's according to some data that's been obtained by axios. the second season of the political show totalled 29 million total unique viewers that's 45% more than the first season snapchat measures the view as a video being open so we don't know exactly how long people watched. also

and i know and respect bill ackman so it's difficult for me but notwithstanding, i consider his behavior to be, in this instance, somewhere between foolish, inappropriate, and irresponsible. and i feel it's my job to speak out and speak my view. >> what was your reaction, though, when you sort of first found out that he was -- >> i was somewhat incredulous. let me explain, basically. ben graham wrote a book, i think in the mid-50s called the intelligent investor and he pott-sized in that book that an an analyst evaluates management twice in the decision-making process. one to the numbers, first of all, management creates numbers, equity, growth rate, and second, through face-to-face interaction with the management. this is an unbelievable success story. this company went public in 1961 at a de minimis value. today, the market value is $50 billion. they spun off two businesses to their shareholders, both of which in the aggregate are worth at about $8 billion. the de minimis value in 61 became close to $60 billion today. that's a 17% compound rate of growth from 1961 to date there's very

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

who look at the recent price action and of course, bets being made by hedge fund managers like bill ackman on more stock market volatility michelle, they're perhaps getting more cautious than they have been lately it's something to keep an eye on >> certainly is, thank you so, if you are worried about more volatility, how can you protect yourself mike's at the plasma with the call to action mike >> thanks. so, although we had a slight bump up in volatility, really, we haven't seen that much yet. so if you are interested potentially and want protection, that's when you might want to consider buying a put. also, if you're anticipating more volatility, are these moves we've been seeing recently a sign of things to come and finally, options prices are low. they're a little bit higher than they were, but they are still, in fact, quite low so we can see obviously the dow, we were talking about dow stocks earlier, had quite a rally this is a small little move to the downside that we've had here, so i still think that if you're interest in buying protection in your portfolio, you have the opportun

bill, sara, back to you. >> thank you leon cooperman was on "the halftime report" taking bill ackmansk for criticizing >> saying he won't win this one. >> we'll see what happens. thank you, sue. >> you got it. >>> we'll come back with the closing countdown with the dow up 29 points. >> and the united nations approving sanctions for north korea, but it has -- will it stop the sabre rattling from dictator kim jong-un coming up, what all this talk means for defense companies in the united states. sissreatincn, rsin bune worldwide >>> just inside two minutes to the close here and the dow looks like it will close with another record it would be the tenth up day in a row, but the ninth consecutive record, if you're keeping score at home there, and the s&p will also be at a record, but let me start with the vix here. you know, we talk about the sabre-rattling going on with north korea, and they are threatening now and reminding everybody that their icbm could reach the continental united states and, of course, the vix would drop i mean, it's that kind of a market whether it's just in a mone

activist investor bill ackman is about to wrap up the pressure on adp.ake his case for changes in the payroll and human resources outfitter. he claims to have losing ground to smaller rivals. predicted revenue in the current quarter might fall as much as 3%. ceo chuck robbins is trying to transition's is going to a company that is less dependent on hardware. robins will speak to bloomberg television later this morning -- that is at 9:40 a.m. eastern time. low-cost could add routes to the u.s. if it buys part of air berlin. lufthansa could use air berlin's bases in berlin and duesseldorf to let its low-cost carrier expand its network. that is your bloomberg business flash. jonathan: they have to get the flights they already do on time. david: whether they are cheap or expensive. jonathan: i don't want to call anyone out, but the expense of going through frank fort area -- frankford airport, that leaves something to be desired. david: a tough one. jonathan: president trump and china has raised from -- ranged -- and steve to bannon gave a surprise interview

. >> adp ceo sounding off on bill ackman last night on "mad money.n dowdy has more. >> adp's ceo telling jim cramer that he takes offense to some of the claims big ackman made about his company. ackman says adp is underrvalued yesterday adp rejected those attempts rodriguez told cramer about a phone call he had with ackman about the proxy fight. >> i had a conversation with bill right before, you know, we, i guess, agreed to disagree that he would launch a proxy contest. i asked him, bill, i know you have a vacation which is getting in the way and why you need an extension of this deadline when you get back from vacation, why can't we meet then he said i'm afraid that's not going to work. that's not the bway my business works. >> ackman says the characterization of that conversation is totally false. adp shares have taken a tumble over the past week down more than 7%. back over to you >> landon, thank you very much for that a fascinating ongoing battle >> my gosh >> whether it's jim kramcramer, leslie picker, they've been covering it well. >>> shares

bill ackman is taking aim at automatic data processing.shing square confirmed today it owns an 8% stake in the company but said it would only seek a minority stake in the board after it refused to extend the deadline. he is pushing for the c.e.o. carlos rodriguez to be replaced. the board rejected that request. they said in a statement we believe our board has a fresh perspective that will help us continue the strong track record of delivering value to shareholders. coming up, it is the height of the hyperloop and elon musk wants back in. we will break it down next. this is bloomberg. ♪ caroline: elon musk introduced his vision for a futuristic transportation called the hyperloop in 2015. he made it clear he did not have any plan to execute the project because he had to remained focused on spacex and tesla. that plan has clearly changed. last month, he revealed on twitter he received "verbal government approval" to build the hyperloop between new york and washington, d.c. here to give his thoughts, guest host david kirkpatrick. this is qui

. >>> in the meantime, adp fighting back against bill ackman's management.n a news release moments ago, adp announcing that its board has voted unanimously not to nominate of the board candidates the interviews determined that none bring any additional skills or experience to the adp bhord pershing owns not just all equity and has called for the ceo to be replaced >>> let's get to the broader markets. joining us is oliver pliiver peh good to have you here. we started to see cracks in the market last week two weeks in a row we've seen declins even though they are not huge is this the beginning of something good in- -- >> fundamentally, it's still very sound the economy is doing well. corporate earnings are strong. interest rates are likely to remain low with the possibility of the fed pushing the rate hike maybe even into next year. so i think fundamental basis there is a lot of reason to be optimistic but there is a lot of geopolitical stuff happening that will likely cause a correction but let's keep in mind, we haven't seen new in quite some time and that

this is ma what we like to calla sound bite from the future adp ceo carlos rodriguez he called bill ackmanme an what would have happened if ackman had taken a different approach >> we're professionals, we don't take things personally i think the manner is less important than the facts the facts speak for themselves the performance that we have, versus pershing square, ideas that have been brought up which are not new to us, not new to the board of directors or management team. it's a different issue than the manner and form in which it was presented but it was an odd way to approach a company. >> you can catch the full interview with at trkatdp ceo c rodriguez on "mad money. has he fended off this campaign? >> i believe so. to me, the story has always been that activists have run out of low-hanging fruit. you have to go after well performing slow and steady companies like adp. >> make the good better instead of the bad good. >> this is not a broken situation. the stock doubled in five years. talked about the out-performance versus peers in the market i think basically at this point i don't

there's also one to do it adp and bill ackman.id westin will talk to berkshire hathaway chairman warren buffett coming up wednesday, august 30. it's 11:00 a.m. new york time. don't miss that one. coming up, the total sold or -- solar eclipse is underway. you are looking at live pictures of lincoln beach, oregon. at howe will take a look tech companies are planning to shine a light in the eclipse shadow. this is bloomberg. ♪ vonnie: this is bloomberg markets. treasury secretary steve mnuchin and senate majority leader mitch mcconnell are commenting on u.s. economic policy in louisville, kentucky. they both spoken now they are in q&a. they said that needs to be some support for the regulation and mitch mcconnell says health care is murky. another sign that m&a activity is picking up, france's tote mersk gasng the shares. sk oil unit.er total they said was the right choice to buy the company. >> we look at the various andons, anything from ipo also other possibilities for selling the business to other parties. we came to the conclusi

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

. >> noland, obviously, there was one very famous investor who got burned by valeant, bill ackman ofershing square he was inquested in the equity zpp that ma does that make you more cautious about investing in the equity? is there a tale, a lesson, you want to take away from his demands? >> well, one of the things i do know as an investor, the pain of buying at 100 and watching something go to 10 is only trumped by the pain of actually selling something at 10 and watching it go to 100. and at this point, you know, i think the horrendous losses are behind the company i think this is a turn-around story. we actually do like what they're doing on the dak side. again, it's a deleveraging story. they have quite a few stories of bonds especially for your viewers in europe. your yields are a lot lower than our yields in the u.s. which are still pretty low but they have a lot of series of bonds you can buy from valeant we're getting nice yields in the 8%, 9% range but also capital potential in the bond. there's a few ways to play the story if viewers are gun shy of buying the equity there's

address some of these issues we had a few legacy issues >> you had some legal issues, and you had bill ackmanho seemed to be indecisive about his position, but he has since left do you have any interaction with him? >> i talk to him occasionally. he's been helpful to me. we've made great progress. one of the things that happened last week, we unfortunately got a complete response letter on one of our products awaiting fda action, and kacandidly, it was because one of our sites we had a communication with fda just this morning, and we believe now that the fda is going to upgrade that manufacturing site to a voluntary action indicated, which is an important step for all of our future innovation and all the products that we make at that site. >> that's near term. >> very near term. >> i know the drug industry is a bit of a club when it comes to the ceos one of the club was a fine man, ken frazier, was attacked by president trump. it seemed to me unfair i wanted to know your view >> ken frazier is a phenomenal individual >> he was like a role model for all of us. >> he's a great individual ken ha

here on the close and that seems to be happening with the dow down 246 points. >> fej fund manager bill ackman wants three seats on the board of adb and for a big stake in the company, leslie picker has the details. >> reporter: at a three and a half hour conference call today, ackman and his portfolio managers said adp was losing customers and had a services organization that was overstaffed and the company needed a technological reboot. he said if his three director nominees including himself were added to the board and made the company more efficient, that shares could double in four years. adp quickly responded by saying we strongly disagree with many of the assertions made by mr. ackman in today's demonstration which portrays a fundamental lack of understanding of adp's strategy and business ackman said the c suite may need some fresh blood. >> having seen the reaction we got from car hose, his response and the kind of rejection to the dna, i think it very likely in my view that this will require a change in the ceo of the company. this is notable because this fight started with the compa

this hour with the developing battle over adp and a hedge fund manager, speaking out today against bill ackmanitious plans for that company. leon cooperman served on adp's board of directors for nearly 20 years, and says the company doesn't need ackman's interference mr. cooperman is here with us live on set today. it's good to see you here. also with us, for the hour, josh brown, jim lebenthal, steve weis kevin o'leary is here, the chairman of oshare

. ♪ ♪ >>> adp, bill ackman speaking about his position in that stock. >> the q and a is underway we'llhange in the ceo. that's something that adp said he wanted and it's his earliest statement but ackman himself has not addressed it until now it's been 3 hours with 168 where ackman supplies his plans at adp. the market didn't seem to buy into it. shares of adp sold off $220 to $225 per share by 2021 that would be doubling returns in less than four years. the enclosures max adp's under competitors. to improve adp ackman pointed to what his firm calls an over staffed service organization and sales force with productivity that's declining ackman said the corporate culture relationship >> organizations are like biological things. one degree of insularity someone comes in from the outside or they leave or they get passed over because they're not part of the club. >> ackman was very excited about the real estate thing. investors could make a lot of money if they sell off their offices. he addressed adp's decisions to disclose his two stakes. they got off on the, quote, wrong track. he said h

bill ackman took the next step to shakeup automatic data processing i nominating three directors to theny's board, including himself. capital management said it owned 8% of gdp, also nominated two others. google has fired an employee that wrote a memo blasting diversity policy. wrote the noteo confirmed his dismissal saying he had been fired for " perpetuating gender stereotypes." dismissal, ahe representative referred to in email from the ceo that said portions of the memo violated the company's code of con duct. at 10:30 p.m. u.k. time on bloomberg technology, facebook's in an exclusive interview to discuss closer and global -- culture and global impact. that is your business flash. said to bempanies pulling for and staff in venezuela amid political crisis. total has removed a small number. but stopped a little bit about what is happening here -- let's talk a little bit out what is happening here. justin carrigan from dubai on what is happening. much is this related to sanctions? how much is this related to employee safety and how temporary could it all be? justin: it could be a tempo

who look at the recent price action and of course, bets being made by hedge fund managers like bill ackmann more stock market volatility they're perhaps getting more cautious than lately >> so, if you are worried about more volatility, how can you protect yourself mike's at the plasma with the call to action mike >> thanks. so, although we had a slight bump up in volatility, really, we haven't seen that much yet. so if you are interested potentially and want protection, that's when you might want to consider buying a put. also, if you're anticipating more volatility, are these moves we've been seeing recently a sign of things to come and finally, options prices are low. they're ali l higher than they were, but they are still quite low. so we can see obviously the dow, we were talking about dow stocks earlier, had quite a rally this is a small little move to the downside that we've had here, so i still think that if you're interest in buying protection in your portfolio, you have the opportunity to do that i'm looking out to december at the 210 puts, you can spend $4 to buy those less than