let's head to bloomberg radio where cory johnson and carol massar have more on this. ess. it was a case of pneumonia that put mike pearson down for now. carol: welcome to "the bloomberg tv andge," on bloomberg bloomberg radio. carol massar with cory johnson. in the studio, our own drew a bloomberg news. the valley's ceo has a medical leave. what is going on? yeah, over the holiday he was admitted to the hospital in new jersey with severe pneumonia. this is not your regular, run of the mill pneumonia. this is a serious medical condition. he is hospitalized. our understanding is he was discharged for morris town medical center in new jersey. we do not know what his condition is at this time. they have appointed a three-member executive management team to's in for him -- to sit in for him or it also a board to oversee that executive management team. carol: that's pretty serious in terms of structure. reporter: convoluted is one way to put it. and frankly it could not come at a worse time for valeant when we think of everything this company has been through. their stock pe

i'm carol massar, along with my cohost, cory johnson. are out with the latest quarterly results today. keep in mind that the overall broader market is also down. joining us right now is doug yearley, the chief executive officer of full brothers. time will give you a little bit of a promotion there. he joins us from -- i almost did you a little bit of a promotion there could he joins us from company headquarters. talk to us about the quarter. carol.hanks, great to be on with you again. we had a really great quarter. frustrated by the stock move today, but we can't worry about the day today moves like this. our orders are up, our first five weeks of the new quarter, which started november 1, new contracts are up 21%. exceeded margin in 15 the gross margin of 2014, and we have guided to an even better gross margin in 2016. we have reposition the company with a lot more action out in california now get city living in new york is still doing really well. i'm really proud of the year end product the quarter and i'm very positive about where we

i am carol massar. love talking to this next guest.t mastercard know what consumers are doing at any given second in terms of what they are spending money on. we are joined by sally who joined us in our studio. you guys know exactly what is going on. set us straight -- consumers -- how much are they spending and one of the spending on? sally: look, it is all about the experience. the recession taught people that acquiring a lot of stuff was not really going to get them anywhere. we physically see people living closer to where we -- they work -- which means they are typically in smaller confines, and they can only have smaller stuff, so they can replace things as they want to replace things, but spending is robust. in the month of november -- the kickoff to holiday season, which goes november 1 two december 31, spending was up 43.6% year-over-year if you take out gasoline, which compresses it to 2.2%. carol: when you look at the retail space, break it down -- we talk about people spending specifically for their homes, travelingnding on

let's go to bloomberg radio, where cory johnson and carol massar are lacing up the ballet shoes. me everyone from bloomberg tv. we were just telling our radio listeners, this is one of my favorite things to do around the holidays, to go see "the nutcracker" at the new york city ballet. kathy brown is executive director of the new york city ballet, joining me and corey. it really is one of my favorite things. i did it with my mom. i have done it with my daughter for many years. "the nutcracker," talk to us about this season and how it is going. kathy: this season is going really well. you are typical of a lot of our audiences, who come year after year. they bring their children, and their children bring their children. a great tradition. carol: it does not change much. i go, i know what i'm going to see, and it feels like going home a little bit. kathy: it's a really wonderful production. as you know, it was created by george ballentine, and ran for runningt year in 1954, every year since then. it is the definitive, most beautiful nutcracker, and it continues as is every year. core

i'm carol massar. my cohost, cory johnson, is up on this monday. g advantage. dave wilson, you're looking at carmax right now? >> actually, let's talk about tiffany. carol: so much for my notes. >> what can i say. this is a stock that has been less than sparkling lately. shares of the jewelry retailer have fallen as much as 35%. last thanles were expected for the last two fiscal quarters. for jeffries, this all adds up to a high quality discount. time in fiverst years that randall economics hit by. express gross margin or profit after merchandise cost to increase as much as four points in three or five years. tiffany's gross margins are at about 60%. falling prices for commodities and products and a shift toward more profitable items. tiffany's is up 3.7%. notwithstanding, the stock is down 30% so far this year. dave wilson with comments on tiffany shares this monday. now i want to talk about apple shares. apple in the news, tim cook cbs, talking about encryption security, tax policy. let's head out west to our san francisco bureau. that is where we

carol massar has more. >> welcome to the bloomberg advantage. about financial advisors. as scarlet mentioned, the new year may be a good time to reevaluate your financial advisor. our next guest knows a lot about that. he is the ceo of guid evince.com. remind the viewers and listeners what you guys do specifically. guidevine.com, we have been called the match.com for finding financial advisors. for consumers that are looking for the right fit for them, we give them the tools. we want to make the search more transparent and personal for you rather than going with a brand name that you have heard of or what your brother-in-law recommends. carol: what are the metrics to do that, how do you find the right match for me in terms of a financial advisor? >> we have a matching algorithm where we learn about you and then we try to pair you with people that we think would be relevant and then we show videos of all the advisors are you get a sense of the person. thatve consumer concierges you can talk to if you are not sure what to ask. then we have a finan

let's head over to carol massar for more on european stocks. ht, thank you so much come and will come to everybody on bloomberg tv. we do want to talk about the value space and what it means for investors coming up in 2016. david marcus knows a lot about that, chief executive officer at evermore global advisors. his evermore global high you find has beaten all of its peers over the past three years. good to have you back on bloomberg radio. what is this environment been like for you guys in terms of finding some good value plays? david m.: a great environment for finding because the value we look for, not just cheap stocks, the cheap stocks where there are catalysts. breakups, spinoffs, restructuring, all caps of strategic change. this is an environment where there is so much going on in the world and a growth and companies are starting to restructure themselves to take advantage of thinning out their bloated structures so they can survive in a low growth environment. carol: they affect the figure out new ways for revenues in an environment wher

carol massar will shed some light on this as we look at how the euro is faring. t surged more than 1.0927. carol: welcome to all of our listeners. we are talking about the euro, ecb. david joy is back with us, the chief market strategist at an enterprise financial. so much going on. so many moves coming off of european central bank decisions today. what stood up for you? >> primarily the fact that the european central banks seem to have underwhelmed the market after raising expectations that they would come with barrels blazing. they did not. carol: why didn't they? >> i think you have to take mario draghi at his word when he said we think this is enough. if that is the case, if he believes that, there is always the ability to do more. , why do moreght than he thinks he needs to? clearly, the market for expecting more, and now you see it reflected in the currency markets. do you thinkch mario draghi and ecb is looking at the global macro picture, just as we have seen with the fed and janet yellen, keeping an eye on china or other overseas developments that impact

let's head over to bloomberg radio where cory johnson and carol massar have the latest.loomberg advantage, carol massar along with cory johnson and we are going to talk up a global athletic footwear market. huge market and tony post knows a lot about this market. he's in our new york studio on this tuesday. you have been involved in this industry for a long time and created the natural running movement with your running shoe and now you have a . tough market. how do you keep ahead of the competition? tony: it's a very competitive market with a lot of great rands, marketers and space. but we have a different philosophy. a more natural running experience and that sets us apart. some of our features allow your body to work and move in a more natural way, so we are not relying on technology or chemistry. explain a little more. we are talking about the minimalist movement? tony: the minimalist movement really started it. it got people to think about their running shoes differently. is create ad to do more natural experience by allowing the fit of our shoes -- they are very ro

thank you so much, cory johnson and carol massar a bloomberg radio cou.e that, you the doctors would be out. alix: still ahead, a potential big merger and chemicals. dupont and dow chemical said to be in late stage merger talks. why the merger would ultimately dismantle both giants. ♪ sure, tv has evolved over the years. it's gotten squarer. brighter. bigger. it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. tand that's what we're doings to chat xfinity.rself, we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. >> welcome back to "bloomberg steel.s," i'm alix >> and i'm scarlet fu. mark: starlet and alix, thank you. said the 13t

we will go to the bloomberg first word news desk with carol massar. thank you. ol: president obama said the military forces are hitting the islamic state more than ever. at the pentagon to meet with -- to meet with the national security team. the islamic state cannot hide and it is losing territory. president obama: our strategy is moving forward with urgency on four fronts. hunting down and taking out the terrorist, training and equipping iraqi forces to fight isil on the ground. stopping isil's operations by disrupting financing and propaganda, and persistent diplomacy to end the syrian civil war so everyone can focus on destroying isil. >> the rear meeting is part of a public relations drive. the abrasions in the first trial of the baltimore police officer charged in the arrest and death of freddie gray. it went to jury this afternoon after closing arguments. charged with manslaughter, reckless endangerment, and misconduct. he faces about 25 years. a u.s. policy reportedly kept profiles -- these of of applicants. messages.social media she was admitted into th

i'm carol massar here with cory johnson. we welcome everybody on bloomberg tv to bloomberg radio. the day's about economic news and the market tone as we are 37 minutes into the new training session. here with us in studio is an eloise jackson -- anna louise jackson. the town was subdued yesterday erms of equity trading. but we had a rally start. >> we did. and it has continued into this morning. equities are higher this morning. they are of almost 1% to -- up almost 1%. we are seeing strength across the board, strength in stocks and energy. >> consumer discretionary has been your outperform or this year. we have seen that throughout the year. even with all the questions about economic growth and concern still about the labor market and wage growth, consumer discretionary, people have been making choices to spend money. exactly. i would note that the performance has slowed a little bit. this was the leader of the year, and it still is, but some of the gains have drawn back a little bit recently. but there are still struggling attracting investment. un fact of the flood the day. ev

this is carol massar along with cory johnson. you said you were seeing a lot of activity.at happened christmas eve and the days after christmas? it was a condensed holiday season. we saw spending increase 7.9%, so very strong spending. that's taking out both autos and gas. we haveayed spending been waiting for in women's apparel appeared with double-digit growth. we also saw a surge in furniture spending as well. saw that in some of the stocks as well. where was the furniture spending and what were people buying? the important thing that is key to understand is when you look at the spender, she is saying i have confidence i can spend into multiple months going forward. she has the ability to buy the bigger item. electronics were down, so there's a determined consumer, but they wait until the last minute. purposeful and what they wanted to buy. carol: i'm curious about what the millennials or buying. guest: we finally must have kicked them out of our homes. actually living on their own and so we saw this over index versus the regular consumer. we bought furnishings and we w

let's check in with carol massar and cory johnson. carol: welcome to bloomberg radio. chief executive officer at gotham greens. >> it's great to be here. i toured your warehouse in brooklyn so remind everyone what you are doing. you can create farms in urban areas? >> we are pioneering in the terms of urban out the culture and growing produce. we design and operate these advanced farms. cory: what are you growing specifically in brooklyn? >> we focus on leafy greens and herbs in different letters varieties, highly perishable vegetables that have to travel great distances to reach a urban consumers in new york. cory: those things you can plant quickly. fast growing cycles so you can turn the crops quickly and get 25 harvestsc per year. ariol: you guys grow atop this >> whole foods market and it's in the scores and 24 hours? less than 24 hours. his recent bolick in terms of reducing the food miles.consumers are caring about local food and wanted grown closer to home and more sustainable and fresher and better quality. by growing it in and around the consumers are getting

. ♪ carol: welcome back. with myol massar along cohost, cory johnson out in san francisco.g tv as well. a great story on the bloomberg terminal today. it talks about how many jobs in one particular sector, half a million jobs just gone since the 2008 financial crisis. let's get the details. we are joined right now. talk to us about this story and what sector we are talking about. talking about the biggest banks in the world, european and the u.s., and some ,f them are here on wall street 12 star buildings, and some of them are based in london or frankfurt or other european capitals. but they are the most well-known banks. crisis, they have been bleeding jobs. just when you think this is it and this is over, it does not to be. i guess the troubles of the sector are not really over. cory: it is kind of amazing you have this utter collapse, remarkable in terms of the way the business had worked. i cannot tell you how many friends who work in the trading business, those jobs never came back. >> exactly. there are still a lot of trading's going on in the world, but it is not the

--'s join ron johnson and cory johnson a carol massar with more. cory: thank you so much.he story in esquire magazine that you published in 1966. this is credited as the best piece ever written. you also have an interesting as the about the state of magazine journalism. it is under two minutes compression. of can pick up a copy sports, and it comes in 80 pages now. what you think the state of magazine journalism is right now? >> i can answer that by -- at the time i wrote the centerpiece, what was going on in 2015 among magazine writers or journalists by and large. one of the big changes is the technology. it has so confused itself on the consciousness of journalism, all forms. what happens as a result of this technology. they have been removed from people who are not education -- educated. you are dealing mostly with educated people from using the iphone from everything like washing the windows to cleaning their car. [laughter] for my time as a young man in we spent time with them. narrow.it is more journalism is focused on the size of a laptop. he go in newspaper offices

let's go to bloomberg radio where carol massar has the details. carol: thank you so much.he bloomberg advantage. we want to talk more about air b&b. a real estate reporter has written a story how they are making amends with a bunch of you is landlords. tell us what is going on. >> they are reaching out to some of the largest landlords including the largest publicly traded landlords. they are basically trying to re-conciliate and say we would like to work with you. your tenants are renting out your units and making money and you are concerned to let's work this out. carol: that includes folks like assam's l. -- like sam zell. let's listen to what he had to say. >> air b&b has interfaced with all the multifamily companies and for sure has approached others. i don't think the overall scale of air b&b will change the multifamily business. carol: it's interesting to hear him say that. air b&b has certainly disrupted and change the way people stay in other properties in rent out space. need to be worried or will this be a collaboration? >> right now, it is early to tell. while,

let's check in with carol massar with the details.elcome on bloomberg tv this is the bloomberg advantage on bloomberg radio. joining me now is peggy collins, covering personal-finance at bloomberg news. family offices, we have seen a growth of these types of offices. them andrious about what they do. i'm also curious about the ceos who run these firms. what do they make? >> it is interesting because these family offices from the wealth of families with a lot of money. we are talking about 500 million dollars or more. many of them in the billions. they have their own staff to essentially run their family daily and financial affairs. but they tend to be very private. so as of until now we have not learned that much about what they pay people and their compensation packages. the fidelity did a survey earlier this week where the median salary or a ceo at one of these firms if they are managing a billionaire's money is about $830,000. that is a pretty hefty salary. carol: that is hefty, but a little bit of perspective. we talk about fairie

carol massar and cory johnson. ahead, art is not an investment.ing to hear his reasoning when we head to miami for one of the biggest events in the art world. . . sure, tv has evolved over the years. it's gotten squarer. brighter. bigger. it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. alix: from bloomberg world headquarters in new york, welcome back to "bloomberg market." i'm alix steel. scarlet: i'm scarlet fu. let's go to mark crumpton. san bernardino officials say they will increase security at facilities after workers return to work after last wednesday's mass shooting. there will be more security guards and those guards will now be armed. these san bernardino county sure ups department will also increase the trolls of county building. 13 were killed and 20 others wounded in what the fbi is calling an act of terrorism. homelanddepartment of security is replacing a warning system to alert citizens and companies about terrorist threats

i am carol massar and cory johnson. scarlet: you are watching bloomberg.is a global business report. here's what we're watching. what policy shifts can we expect from the u.s. federal reserve? and has liberty global's john malone set his sights on vodafone? years of losses, sugar prices on tractor post again for the year. how are producers around the world faring? commentst's start with from alan blinder. howave us comments on monetary policy is changing. : the u.s. is on a march towards normality. how long is taking? asy don't see that all important. the entry of china and more and more ways into the world economy is going to matter. but there is a much longer term focus at these meetings and with economists in general than you see in the markets. scarlet: there is a report that vodafone is in merger discussions with liberty global. according to the paper, investors have been encouraging the companies to pursue a deal. ince the financial crisis 2008, banks have eliminated 200-6000 positions. oftsche bank will get rid 26,000 jobs by the end of 2018. sugar

scarlet: let's go to carol massar.eryone to bloomberg tv, this is the bloomberg advantage on bloomberg radio. we want to talk about the men's underwear market. as i mentioned to the audience, a $3 billion market. berger is the cofounder and chief executive officer at mack weldon. i understand you are on a mission here. >> absolutely, this is an important product category. it's the first thing we put on every morning and a lasting we take off at night. carol: it is a crowded market, though. is calling more attention to something we believe is really important. owny company has its particular angle on things and we feel strongly in our position as part of innovators, as something that makes us unique from everyone else out there. y: who are the leading players in this market? >> mass-market players like fruit of the loom, jockey, control a lion's share of the market. our category, mass premium price point is more of a determined store brand, with calvin klein being the market leader. why do you think the men's market nee

carol massar and cory johnson.d get a headline about an hour and a half ago about puerto rico. they did make a payment. >> they paid the government development bank debt today. that's important because part of the debt was guaranteed by with full faith and credit. they made this payment to avoid default for now. it ain't over. michelle: they do face another due january 1. >> and those payments are more likely to have gotten paid anyway, right? , in the sector they were likely to payoff off, this was probably more likely. michelle: today, yes. just given that a large chunk of central government was on the hook for the type of debt where, if they hadn't made the definitelyey're would have been some legal suits. carol: where are we now? what is next? i feel it this is a story that has gone on for some time already. creditors still need to be made whole. where are we? michelle: puerto rico continues to negotiate with creditors. it really wants to reduce its total debt load. they are hoping that investors will participa

cory johnson and harold massar have more. carol: welcome everybody to bloomberg radio.peggy callen's, our personal finance reporter of bloomberg news. high-yield funds are like, and those who run one are trying to distance themselves from 3rd avenue. week: we spent this talking to a lot of high yield mutual fund managers. we looked at morningstar data and starting looking at those that help 30% or more in non-rated securities or low rated securities. they all run these types of funds and all of them are trying that we are high mutual funds but we select federated , andties then 3rd avenue have not had any trouble meeting redemption. they liken it to a hedge fund in a terms of its distressed strategy. getting the best return is not the only job at the mutual fund. for regular or even irregular liquidity is part of the job. peggy: absolutely. we were talking about this last mutual the hallmark of fund for average of festers to retirement plans -- average investors to retirement plans is that they can get their money out when they ask for it. in exchange they say we will l