marshall: i do not think you will see their activity in the danaher deal. i trust -- trace the beginning of a new era in antitrust to the rejection of at&t's intended purchase of t-mobile which caused them to pay break fees that works during a. we had a rather dormant policy in the country. mna has been strategically driven to the point will we see saturation markets. i think the comcast they'll bid to take over time warner cable is another example. scarlet: b say it is more strategic, but there is a sense eaten, companies and i want to be left behind. marshall: i would look at it as strategic still, boy you are not seeing right now is a lot a big -- but what you are not seem right now is private equity purchases. .hey have become net sellers equities are hype her have to be a public company. jeff: it is tough to compete if you are a private equity. procter & gamble is selling assets. they are looking come but they will end up losing out to companies where shares have risen and they have more money to play with. alix: one area where pe might play a big role

danaher made a deal yesterday to buy pall. danaher announcingeing plans to separate. a science and then growth and industrial. the growth accompany will have revenues of 6 billion. the science and technology 16.5 billion in revenues. this is a big deal for a accompany we just talked about yesterday in ages. by the way, the price is a big one too. talking 120 around there, 127.20 may be a bidding. >> right thousandnow, i think this is indicative. i think we're all caught up in what greece and europe does. verses what the fed does here. in the end, two really very good companies. obviously, willing to pay a lot and danaher goes up. i want both companies. i want the test in measurement. i think it's a descent accompany. oh my, the life science and business they have. it is so on fire. also you introduced me to henry. fabulous business. wow. these guys are just have always been great stories of capitol. it's our problem. >> that's right. the rails brothers there. we talk about activism and dupont in some ways they're they're own activist. they're splitting the accompany.

came from danaher some time ago. what can danaher offer and what can thermo offer?er is in a position to offer all cash if it should choose to do so. $120 a share where the stock is i think it's close to that right? is thought to be a top here. that would be almost 20 times. talking about multiple ebitda as much as 18 times. jeffries weighs in on this. they say danaher has the upper hand. they could finance it. they could do all cash as i expect would be the case. they would be accretive. thermo, which is digesting life tech, remember that deal? over $13 billion deal. speaking of people familiar with its balance sheet at the very least think it could use as much as $3 billion to $4 billion in equity in a deal. it's not clear it would go all cash. here is jeffries weighing in on that part of it. let's say it's probable yoi going to probably going to be a higher number in terms of equity. they have to figure out what offers the best value. if you are looking for all cash danaher may be your better buyer. both companies known for their price discipline in purchases. th

danaher's water filters, dental equipment, and medical testing devices. mark: delta airline investors will cash in on rising demand a lower fuel prices. tilde has approved a $5 billion stock i back land for more than twice as much as last year's program -- delta has approved a $5 billion stock i back plan for more than twice as much as last year's program. and democratican senate leaders working on a plan to advance president obama stringent legislation -- trade legislation. originally by senate democrats deny republicans the votes needed to advance legislation the president needs to expedite approval of trade agreements. democrats insisted the senate consider three other measures alongside the trade bill. president obama met with the saudi crown prince a day before his summit at cap david. one of those who will not be at the summit is saudi king salman. the white house insists his absence is not a snub. the president said he welcomes the chance to talk with the crown prince. >> this gives us an opportunity to discuss some of the lateral issues, including

publicly traded entities will be on one hand a scientific technology company which will keep the danaher name, and the other will be an industrial company. blinds include water filters and medical testing devices. presidentsetback for obama on one of the key items for his agenda. senate democrats defeated a trade bill. they denied republicans the 60 votes they needed to advance the bill. senator bernie sanders said most americans would not benefit from the trade deal. senator sanders: the trade agreement is pushed by corporate america, pushed by wall street, pushed by the pharmaceutical .ndustry very, very good if you are the ceo of a major corporation, but they are a disaster if you are an american worker. olivia: senate majority leader mitch mcconnell said he would work to bring the measure back for another vote. he is also seeking support from business to put pressure on democrats. erik: there are more sense of the oil glut is using. intermediate crude is $61 a barrel, up more than 4% in the past two days. barrel? $43 a u.s. produces have reduced the number of active rigs dramatically

that's the latest we have seen and what's curious to me today is that danaher is up. joe: i always thought that was a weird yellow or red flag and you see acquiring companies and their stock is up. but i have seen that much more lately and i've always wondered whether that's a side we are getting closer to a top. when you see a lot of deal activity and investors acquire so quickly -- in the old days, i always feel like the acquirer always felt. but that's less the case these days. alix: and another thing to point out in terms of sentiment -- the top 1% are spending. the robin hood foundation raising -- i can't even say it -- $101 million. a picasso painting selling for almost $180 million, setting a world record. the 1% is spending cash. joe: this week is a mind blowing a week for ultra rich people splashing out money. there was the record-breaking picasso auction and the next night another massive auction and in the robin hood gala as someone anonymously donated $25 million. one of my favorite charts is the shares of versus the s&p 500. you can see a great peak in th

we are taking a look coming up at danaher's shape shifting and stock price. tom keene single best chart. that coming up after the break. this is "bloomberg surveillance ." ♪ tom: good morning, everyone. "bloomberg surveillance." let's do a single best chart on particularly a piece of america that has been a massive success story. verizon aol. this is an important chart, back 20 years. slope matters. all you need to know is you minted money. this goes directly into michael darda's idea of the idea of american spirit and nominal gdp. buy the company, own it, fix it and bring it into the system for shareholder return. you bring in the revenue for nominal gdp and take it down to the operating income line, and everybody makes money. michael: the chart looks a lot like the s&p 500 to me. in an environment where you getting that you are getting steady, sustained growth. inflation is low, so p/e ratios have moved up. brendan: brendan: it is also true of private equity. they all say they do operations operation is the hard work. execution is hard. financial engineerin

one of them will be besides a technology growth company that will be called danaher.ionaker systems. interesting split. another fixture we're watching in the market is macy's. along with the overall retail sales number we got for the whole country that was worse than estimated they numbers ross a worse than estimated. earnings trailed estimates, sales trailed estimates and the coveted really blaming it on three things. one, the west coast port shutdown. two, the winter weather. 3 am a international shopper spinning less at u.s. stores because of the strengthening dollar. microsoft is one of the other stock movements we are watching. this is one that is helping support gains today. microsoft up after deutsche bank upgraded the stock to a buy saying it is looking relatively cheap. the bad news is pricing. betty: thank you so much, julie hyman. she just mentioned macy's, speaking about consumers and what they are buying. u.s. retail sales barely budged in april. it seems like they're not buying enough. consumers remain cautious on spending. we will talk more about this i

investors talking about danaher buying pall in cash.assumed debt. >>> owens illinois is buying the business of mexico's vitro for $2.2 $2.2 billion in cash. >>> microsoft upgraded to buy from hold. analyst says lower estimates and slower pc market already reflected in the stock. >>> and just hitting the tape macy's quarterly results earnings and revenue falling short. retailer is raising its dividend by 15%. >> you can see it's down a buck 83. kind of surprising with gas and everything else. but well below, 56 cents versus estimates of 62 cents. and then the company also said something, steve, i decided to look the at it, 4.75 is where the street is. so that is in line. at least for the current quarter -- >> i want to know if it tells us anything about the upcoming retail sales report. >> looks like sales slightly below, as well. >>> first on cnbc the afl-cio releasing its new executive pay watch report one of the lead headlines is that last year on average ceos of comes in the s&p 500 made 373 times as much as the average rank and file

that should not say danaher. also we are watching the transports. you just heard carl mentioned it earlier. continued weakness there. it's extending the weakness we saw last week. transports down 0.2% despite the weakness we are seeing in oil prices. i do want to mention one company that came out with earnings. mixed results there from autozone. profits better than expected. sales weaker than expected. stock up 0.4%. we are entering kind of what you call a neutral zone. a lot of the companies, earnings reports are out there. so the markets will increasingly be focused on whatever happens overseas. specifically the greek debt drama. also any data that comes out. that is something to watch. remember last week was low volume week. i'm not sure week would be different. dow is up 93 points. back to you. >> let's get to the bond pits. interesting numbers out of durables. rick santelli at the cnb. >> we definitely lowered the bar on what become good number. you can tell at the eyes in the market. this wasn't a bad number. is it a great number? absolutely n

it's not just telecom. 22 times ebitda is what danaher paid for paul as you look at global telecom m&a volume. these multiples are getting very high. the market is rewarding them for doing so. the roll-ups are the way to go no doubt about it. but i just simply ask the question, are we getting towards the end here? we'll see. >> it's expensive. my biggest worry is what's also the greatest part of the market. that's what's terrible. my biggest worry is they are paying too much for these deals. the best part of the market are the deals. you take those away you're stuck with a market where you get companies that can't get out of their own way unless they boost their dividend. obviously those ones that boost the dividend will keep going. >> confidence breeds confidence. >> right now, avago, you are saying tell the guys from altria we'll just pay. whatever they say. >> we are seeing a decline in prices. dow down 71 session lose. >> slow down with a rate hike. perfect. >> that goes in front of a busy week next week. we'll get a jobs number auto sales, isms. that will add to more. not the sig

our chief correspondent danah bash is here with us.ate the viewers on what's going on. >> as you mentioned, the events in baltimore have focused on disparity in the inner cities but also shining the light on the inequity. it's happening right under the lawmakers a here in washington. others r noticing it too, including one using his fame to help. ♪ nathan morris made millions in the band boyz to men. but he struggled growing up. >> i grew up in the bad neighborhoods. my mom did the best she could. >> that's when he saw our profile on cnn about charles gladden, a homeless man who sleeps on the streets at night but serves senators by day in the capitol, it bothered a nerve. >> it bothers me that someone in charles' situation would have to do this. >> he reacted saying if he could raise $10,000 yoon line he'd kick in another $10,000 as a start. then he came to d.c. from his hometown of philadelphia just to meet charles gladden. >> how are you sir in. >> thank you. appreciate you. >> i appreciate you, sir. it killed me to hear the story. i