to hear, bill gurley, benchmark capital and will partner. congrats on the stitch fix i.e. oh -- ipo. mr. gurley: thanks, emily. julie: that was emily chang. let's check in on the bloomberg first word news. here's mark barton. mark: president trump says democrats could exert greater sway over the state of tax all legislationoverhaul if they weren't focused solely on defeating it. on twitter, the president that if democrats were not such obstructionist and understood the power of lower taxes, we would be able to get many of .heir ideas into bill yesterday, house republicans passed a massive tax overhaul plan. the european council president told reporters in sweden today that the u.k. is not far enough along on several key brexit issues. he indicated that the clock is ticking on britain to make concessions if talks are to advance to trade this year. >> while good progress on citizens rights is being made, we need to see much more progress on the island, and on financial settlement. in order to avoid any ambiguities about our calendar, i make this very clear to the prime minist

more of my conversation with bill gurley. the biggest and most vocal investors in uber. he stepped off the board this year. summer'sbout this unexpected turn of events and new leadership under the new ceo. thisleft of the board summer and was replaced by my partner. i am not present at the board meetings. that board andon works with travis and through my own conversations with the ceo that he is getting good advice and help from travis. when i look at the current situation, i feel extremely happy relative to where we were in may or june. i think the entire board including travis is excited about the ceo. i think he is doing an incredible job. good job interfacing with regulatory bodies in london, brazil. tony west,t added who eric holder helped us higher, so i feel really good. a neweve we have reached level of stability and look for to where we are going forward. emily: benchmark push for travis's resignation and sued him. that stunned a lot of people. why did it come to that and why could you not result that in private? >>

emily: that was built -- bill gurley.e will bring you more of that conversation later in the show. talk to us about how they raised less than i hoped or sold fewer shares than they had hoped for. >> they ended up selling 8 million shares at $15 a piece. they had planned to sell 10 million at a range of $18 to $20 a share. i spoke to the ceo earlier today, and she said they had a little bit of difficulty explaining the story. she says it is not obvious and not easy to tell. she said it seemed like an investors could not quite place them because they are not an e-commerce company and are not a traditional retailer. she did seem optimistic and said they are looking forward to continuing to prove that they have consistent growth and prudent growth. she says they are not about growth at all cost. the stock closed at a market value of about $1.5 billion, giving it a price to sales value right in line with your typical retailer at 1.5 times 12-month trailing sales. when i look at e-commerce, it is closer to 4.4 times. it seems t

hot off the heels of the stitch fix ipo, bill gurley joins us to talk about the ipo and a lot more down 81 points, close to the lows of the session. we're back in a minute at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. the markets change... at t. rowe price... our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence. >>> a big night for elon musk and tesla. we're getting word walmart

coming up, a conversation with bill gurley. his take on his firm's blessed uber ceo.e former this is bloomberg. ♪ scarlet: 2017 has been a bumpy ride for uber. of course, cofounder travis kalanick stepped down as ceo. one firm keeping a close eye is benchmark capital. .t was an early investor emily chang spoke to bill gurley s seatlked about kalanick' on the board. >> i was replaced by my partner, t, and i know he is on the board and works with travis, and through my own conversations, he is getting good advice and help from travis. when i look at the current situation, i feel extremely happy relative to where we were in may or june. the entire board, including travis, is excited about the ceo. he is doing an incredible job. he did a great job interfacing with the regulatory bodies in london. you did it in brazil. -- tony west,st, who eric holder helped us fire. we have reached a new level of stability and i look forward to where we are going forward. emily: benchmark which for travis -- pushed for travis' resignation and went

bill gurley from benchmark capital will join us live, and why he's betting on the online personal styleu.s. stocks or agent lower after rally of two months, after treasuries advance. the world's largest wealth manager is not buying into one grade. why bitcoins should not be seen as currency. in abigail doolittle is with us halfway into the trading day. we are seeing a little bit of a pullback. abigail: very small declines in the u.s. the dow was the most by about .4%. all of this follows

bill gurley from benchmark, one of the vc's behind the deal, also going to tell us. about in stitch fix, retail, personalization, big data involved in this. such an important space as amazon is trying to dominate that and so much else. and there's a lot of innovation pouring into it. right now, really any moment now, we expect this stock to open i'm standing here, and with betaed breath. i see katrina standing back there where it's about to open pretty exciting because there's so many trends that can converge right here at stitch fix and on this company going public right now, carl. >> yeah, john, i was sort of wondering if it's painting itself as a retailer or a tech company. and how combinations of those two ipos and companies have done it's been a mixed bag, and you always run into the amazon factor >> yeah, sara, definitely a tech company. i think if anything, stitch fix has perhaps suffered by association with snap and with blue apron companies that received a lot of hype on the front end, trying to connect. if you want to draw a line, trying to connect technolo

bill gurley of benchmark, which was a major backer of stitch six will be speaking with our own emilyond james has been on an expansion push getting involved in investment banking expanding into europe. that push seems to be paying off with shares gaining this year. raymond james chairman and ceo paul reilly spoke with us about the growth. >> a lot of the growth has been around the m&a business. downsize business that did not keep up an m&a area. aggressive with hiring m&a bankers to help extent of european business, which paid off in the first year. we have also recruited a lot of bankers in london where we had a private client group and a trading operations. we have made big investments on and we are very, very happy with the results. even in this tough research market, we have continued to hire people in research and expand that capability. sure what thee outcome is going to be, but we are still bullish on the business. it is hard competitive. the secular trends are very tough. we are hanging in there. >> speaking of investing in the business, the most notable thing that happened t

that's reportedly 20% of the company's latest valuation benchmark capital's bill gurley weighed in on startups and unicorns earlier today on "squawk alley. here's what he had to say. >> i do think we're also watching, however, as many of the unicorns mature in age that many of them are having to come to the recognition that they either need to grow up, get profitable, go public, or do something along those lines. and this silly notion of we're going to stay private forever is not playing out in a very positive way >> so to me, the interesting development this week is not so much what he was saying sort of the unicorns and so forth, it's just digital media is facing a reckoning. and in a weird way for anyone who came from the "wall street journal," you know, paid subscription world, it's somewhat satisfying, i'll be honest a lot of these platforms have tried to pivot to video and are not having a lot of success because it takes huge investment there. is there a broader inference to draw about there was an era when these digital media platforms were the whole internet, basically, and no

and there's fascinating people in the audience including barry diller will be here, i just saw bill gurleymber of uber will be in the audience, there will be a lot of questions being shot at these many guests. >> i think there should be alcohol there, andrew, just for the heck of it, for the afternoon or something you know what i mean >> so people really open up? >> we can hope, we can hope. there's a cocktail reception afterwards. >> okay, maybe interesting stuff comes out of that. >> thank you, andrew, see you throughout the day and see you tomorrow morning. >>> in the meantime, saudi arabia's foreign minister is calling for sanctions on iran for its support of terrorism we're joined with highlights from that exclusive interview, hadley >> well, saudi arabia's foreign minister ratcheting up the rhetoric on iran, he says it requires an international response and refused to rule out the possibility of working with israel to do that. i also asked him about this massive corruption crackdown we've been seeing playing out against the backdrop of the foreign policy elements of this story. one o