. >> even for conoco phillips showing there, jpmorgan was out today saying conoco phillips could endtting its sacrosanct dividend. all these players obviously want to defend that dividend for as long as humanly possible in order to keep those investors in the stock. >> yeah, to keep the investors in is exactly right here. when you're looking at advisers out there or people that are in retirement, they use some of these dividend plays, they use oil companies and mlps and whatnot. they're in real danger with oil this low. certainly you saw some of those implied moves in the dividend. a 10% cut. most likely my experience has been when you're trading options they start making some implied moves on dividend cuts. it usually comes down the road. you have to be aware of that. if you're playing these for dividend yields, be careful here. certainly oil trading 234940s. at least we're getting a little more comfortable here. at least oil is starting to price things in a lot lower. we'll see if some of these big conglomerates can adjust to the new loer price in oil. >> and oil goes higher becaus

yesterday, conoco phillips at the same time it raised its dividend, also terminated a contract.generally are weak today. transocean and diamond offshore also taking a pretty substantial hit. also not helping matters is the fact that oil in else's lower today pain -- lower today. has pared its earlier declines, but for the week it is definitely lower, and it's the third straight week we decline on theti lack of prospects for oil, aside from the iran agreement, which only adds supply. then gold is also notable today, trading at its lowest in five years. china came out with data about adding to gold reserves, so you would think that would be good news, but analysts are telling us that addition is substantially smaller compared to what some analysts were estimating. hence that decline. real yield, still -1.8%. that's all i will say about gold. now to a look at top stories making headlines -- hacking pays in frequent flyer miles. says it isines rewarding two hackers who helped find flaws in their security system. enough for miles is several first-class trips to asia or up to 20 round

conoco phillips. take a look at this today chart.t had a big decline yesterday due to the its termination of a deepwater drilling contract in the gulf of mexico. they are paying $400 million to terminate. they would rather pay $400 million than pay for the cost of exploring and producing oil from that deepwater in the gulf of mexico. that is a staggering number for me. joe: something to watch for as earnings seasons come around? alix: in deepwater, one well is $350 million plus, and that kind of money is hard to bring in right now. especially when you look at the forward curve of oil, relatively weak. joe: this is a huge commitment ahead. another story people may have missed is the british pound. we talked about the euro and dollar last year, even the new zealand dollar. here is a chart of the euro against the british pound. the euro is falling sharply. they had a really strong wage growth number. that's the kind of number that will get a central bank nervous. wage growth is the kind of thing that causes a central bank to think about

second oil, conoco phillips and almost 5% yield and it's interesting and the little spike in oil hassed the airlines to have problems and then immediately we have a less of a use of oil, by the way, spirit air cuts forecasts and that's important because i said that the airlines can't be knocked out of the box. i like the oils and i am early and some people can say i am wrong, but they do represent value to me. >> don in florida, don! >> b-b-b-boo-yah! >> wow! >> caller: i want to thank you for all that you've done for your viewers, jim. >> oh thank you, man. sometimes i get a little heat. so it's great to hear. >> thank you. thank you. my question is this, given the run-up of starbucks over the past year is it time to sell my share --? no! no! >> my charitable stock, we made a mistake and let too much of the stock go and the company is doing a great job. it's taking share and it's taking names and making money. do not sell starbucks and it will get us going again. if we get some of it checked off this year if we don't get them all it will just be a draw between the bulls and the bear

schlumberger and conoco phillips do more than 20% of their business in asia. boeing logs a quarter of their sales there. abbott labs does more than 30% of its sales in asia. get the picture? it's hard to ignore. china, that is. and fed chair janet yellin has acknowledged in the careful phrasing of a central banker that developments overseas will affect the timing of any decision by the federal reserve to raise interest rates here at home. >> were we to judge that these developments did create substantial risks or weren't changing the outlook in some notable way. then a change in the outlook is something that would affect monetary policy. >> what she said. >> when will the fed begin to raise rates? few believe it's going to happen at the meeting this week since there's no post meeting press conference we won't know the tenor of the discussion until the minutes are released in three weeks. >> global growth concerns overshadowed positive economic data here. durable goods, toasters and jetliners that are expected to last three years or more jumped from a month ear

alex: what you missed is conoco phillips raising its dividend to 74 cents a share.eally caught my attention because big oil has been struggling to turn a net profit, struggling to see its share price grow, yet they continue to pump money into its dividend. conoco's free cash flow is currently a negative 4.2 million. joe: another thing, german parliamentary vote on that greek bailout pretty much expected to pass. you still got to watch these things. alex: revolt. joe: that's all for "what'd you miss?." thanks for watching. alex: see you back here tomorrow, guys, have a great afternoon. emily: google shares are rising in after-hours trading. concernednvestors are that they won't be able to keep themselves in check. ♪ i'm emily chang and this is "bloomberg west." coming up, highlights from my studio 1.0 interview. new ceo is taking steps to define the site's policy. i willjo

bernstein also suggested chesapeake could sell it self to possible suitors like exxon or conoco phillips to ease that midstream burden. it reiterates and outperform as well as a price target of $19. becauseing, travelers bank of america and merrill lynch upgraded it. the bank says it's underperformance actually makes it a good by. walgreens alliance is rising today. this is a three month high. year to date is up more than 20%, and this is the largest u.s. drugstore chain q3 earnings. that was according to bloomberg analysts. its yearlyed forecast as high as three dollars and $.80 a share -- $3.80 a share. a very good day across the markets and these individual stocks. scarlet: we will see how long it lasts. pimm: still ahead on the bloomberg market day, we will be going out west to sun valley, idaho, where media and technology moguls are gathering. the latest will get on any potential deals that are brewing. ♪ ♪ welcome back to the bloomberg market day. with a shot of manhattan, all looking self toward the statue of liberty. scarlet: it is hazy. we have some breaking news in the world of

exxon mobil as well as chevron coming up, conoco phillips following along with them. chevron feeling the pinch of oil prices being lower. this is a company that has returned cash for shareholders. that is one of the things that is weighing on the shares in addition to the general results that were worse than estimated. a little bit of a switch. western digital which is an a expressedsiness confidence we would see recovery. seagate can met with results that -- came out with results that missed estimates. seagate is either up or down. let's take a look at the top stories we are following this hour. the next generation apple tv will be unveiled in september. buzz field news -- buzz feed news said it will have more storage and a touch and an operating system that will allow voice control. the first danger change in the apple tv box since 2012. 10 jumped out of the starting gate. it is on 14 million computers two days after the release. they are setting a lofty goal. one billion devices running windows 10 in three years. a free update for those who are updating. an aprilth

lowest sincets 2001 and conoco phillips plant -- canceled a planned contract.offshore drillers are doing poorly today. transocean and diamond offshore are falling once again, continuing views that there is a glut out there in addition to the recent agreement with iran that will bring more supply online, doing nothing to alleviate the recent downturn we have seen an oil. when you look at wti for the past three weeks straight, it has fallen to $57 per barrel. betty: thank you so much. shareholders gave the green might friday to a merger between two samsung affiliates that will help the chairman take control of the conglomerate and give it to his son. it was opposed by u.s. activist elliott and associates. shelly: this was the culmination of six weeks of a very public battle between billionaire activist investor paul elliott singer and samsung. the overwhelming approval of the merger underscored the resilience of the south korea corporate dynasty and boosted the country plus track record of repelling foreign influence. nearly 70% of shareholders voted in favor of

across the oil complex, we mostly see red with ensco extending their losses after conoco phillips canceledct with that drilling company. betty: thank you. correspondentkets , much more ahead on the bloomberg market day -- congress is back to work again and topping their list is maintaining the flow of highway funding. we will discuss that after the break. ♪ betty: welcome back. let's look at our top stories -- a major merger is in the air with lockheed martin pay $9 million -- will pay nine alien dollars to sikorsky which is owned by united technologies. it plans to focus on making jet engines, elevators and their conditioners. george h.w. bush is back home after being hospitalized for a broken neck bone. he was her last week when he fell in his summer home in maine. dr. say he will recover within four months and he is the oldest surviving president at 91 years old. main highway between california and arizona is closed in both directions today. flooding caused a bridge collapse on interstate 10 about 50 miles west of the arizona line. officials say they have no idea when it will open. thos

like verizon can trade with a consumer package company like proctor and high yielding oil like conoco phillips so it's important to consider that after a period of tame interest rates, volatile ones could move all three stocks at the sail time. we must always be concerned that the favorable tax rates on dividends could go away and would make the most competitive to bonds and give these fixed income equivalents a real whacking as it did by the way in the spring of 2013 but if you own one stock way really large yield and one or two of the other names in your portfolio, it's not a bad deal. i know dividend paying stocks may not be what most people consider sexy but you know what dividends make you money for heaven's sake. but to me that's the definition of sex appeal. i have a pretty warped social life so my perspective might be a tad skewed but buying high yielders and revinnesting into the stocks is one of the greatest most reliable ways to make money out there plain and simple because it allows your investment to compound overtime. in other words, overtime money from your past dividends pays d

i'm stuck on conoco phillips and the sea drill. oil prices are going down. what do i do? >> i've been telling people from my charitable trust we've been saying look, here's the deal. oil is going oil and we did a good piece, if it breaks 50.51 it can go to 43 and that means the stocks are probably not done going down. i do not like deep water, seadrill. i say sell sell sell! >> this is tone ney westlake village, california. jim, in view of the market mess today at the nyse i want to ask you about two possible buy opportunities. first, i want to ask you about oracle. they had a bad quarter and they claimed they were having a cloud-based business at a rate that was faster than the sales force and they went out of their way to the sales force, and the sales force which i currently own continues to grow nicely and is on track to reach $6 billion in sale this year with the long-term goal of getting to ten, but their rate of growth has slowed quarter to quarter and the price is down significantly in the last two weeks and i've learned never to underest nate larrielson to catch

. >> scotty, conoco phillips, let's start there. the results did beat consensus estimates. company is lowering full-year forecast for capital expenditures to $11 billion. it was $11.5 billion. you can see the shares off the worst levels, still down b by .75%. occidental petroleum. sales missed hurt by low oil prices. marathon petroleum posting a miss, amid weaker refining margins and higher costs, the company announced a new two billion share buy-back. the shares still down 4% in the day's trade. not just off its say the worst levels of the day. >> dom, thanks so much. too bad jim lebenthal is not here, just added mpc yesterday or the day before. >> not working out for him? >> disappointed about that? >> ha ha. >> bad sportsmanship, joe. >> can we get lebenthal on the phone? >> let's look at earnings, chevron, exxon, both report before the bell. widely held stocks, what's the take? >> i think goldman had the piece about exxon the other day, talking about why it's on the conviction buy list it makes some sense. if you believe what currie was talking about yesterday from gold

affect production in the u.s., ironically you're seeing a lot of the companies like anadarko, conoco-phillips increase year on year production as they squeeze costs out of the system and increase efficiency. that's a silver lining behind it because it will keep american oil production up. neil: in the near-term what wins out? americans going to the pump and seeing cheaper gasoline prices? makes them feel better, what happened? >> it will continue to get better and gas price is going to decline by over 40 cents a gallon between now and the end of the year. neil: another 40 cents a gallon? wow. >> another 40 cents, you're seeing $1.99 at the pump in parts of texas, ohio and south carolina. that's going to spread throughout the southeast. so good news for the consumer. still bad news for the energy sector as well as the houston area, but the refiners are benefitting from this because i look at it as crude is on sale. neil: it is that. andy, thank you very much. >> thank you. neil: all right, now you know we're showing what's going to happen to gas and oil prices. you know i love charts, it's cha

conoco phillips down 22% and chevron down 17% in just 90 days.you like oil stories long-term, perhaps these are just good stocks trading at a discount. let's find out now and joining us by phone, senior energy analyst with oppenheimer. a tough run for 30 days. good companies that are trading at bargain prices or has something fundamentally changed for the worst for these companies? >> there is no change in fundamentals. i do believe that oil prices are going to be lower for longer and that is what bp said this morning that oil prices will likely stay at lower than most people expected for longer time and that's exactly what we think. most of the oil stocks are down and they were down significantly as of yesterday. 50% of them closed at 52-week low. obviously this is like bargain hunting, bottom fishing, rebound reaction if you will and short covering but fundmentamentalfundamentally, supply is ample and the demand picture is very weak. fear in the hearts of most people. so we don't see the change in fundamental that reflects the jump in stock pri

energy names like kinder morgan conoco phillips halliburton, baker hughes and aog all negative over thethree months. houston, the worst of our power city indexes over 80 days. >> european leaders gathering in bruce brussels. cnbc's chief international correspondent michelle caruso-cabrera is live in athens but we start off with jeff cutmore live in brussels. hi jeff. >> reporter: yeah hello. what we have here is an ongoing meeting, alexis tsipras, the greek prime minister, game here and held a preliminary meeting with the german chancellor angela merkel and the french president also the president of the commission also. disappointment earlier in the day there weren't any new greek proposals as far as a new deal is concerned but it does seem that mr. tsipras has tried to push this story forward by suggesting if interim financing were providing until the end of this month, then potentially the greek parliament could move forward with some reforms, but at the moment the negotiation really is about trying to head off a big debt repayment that the greeks have to make on july 20th. so at this

denbury resources and tidewater, stock down and some of the biggies bp and conoco phillips just to bene is saying these will get cut. these are just the highest dividend yields of the non-master limited partnership companies out there. we've got andrew keen who specialized in options. and andrew based on the options market, is anybody saying oh, we could get a negative headline on some of these companies at some point. >> yeah. looking into the oil spies the ones that have dividends higher per share which has chevron and in the near term we don't see any dividend cuts in those names. if i looked at bp and used the option market, a lot of options can be traded for a dividend cut. we've seen this a lot and saw it in chesapeake. we've seen puts being brought across the board in lynn energy so i'm not sure if the dividend will get cut or they want more on the down side. the higher it goes down the yield is 20%. nothing in the short term in the three names. bp i looked out to 2016. it's implying about a 10% to 20% dividend cut in that name. >> even though it has a very solid balance sheet.

. >> conoco phillips plans to cut spending citing low crude oil prices. they already cut capital spending twice. it's raising it's quarterly dividend by a penny to 74 cents a share. in news out of washington the sec is ready to reject $3.3 billion of auction discounts requested by dish network entities. in the $45 billion box earlier this year. officials decided that the companies didn't qualify for small business discounts but i figured how these guys worked -- he's not stupid. >> but if you read through that story -- >> yeah. >> they say other companies have done this in the past but what you had was these companies driving up the bids, if that was based on the fact they were going to get a discount that means everybody else paid a higher price because they wouldn't have had to bid to these levels. >> they were aligned. >> collaborating. the three of them were playing together and as a result those three companies, the two small ones in dish they took 27% of the wireless bids. >> you got to try. if it was at&t or something i would be furious. >> pretend