as far as the times is concerned is the same old story we did see yesterday with ryan there also david price was an overcapacity in europe. also feeling the heat of low price war low prices it's been dry and there for that and ryanair blames the tons of for keeping prices low in this key german market ok they've both found their skates scapegoats but of course the problems. that they complain about won't go away any time soon so what's next for loved ones have been. absolutely not in fact have tons or has warned of times going to head this year the problems are likely to persist the price wars are likely to continue running out has made no secret that it is going to get done fares to actually price old vehicle company to us and in a weird reduce overcapacity in europe and also the fact that there is going to be uncertainty related to breaks and that's weighing down on the airlines across europe not only vanir all of tons and also the fact that it is a very fragmented market there is a lot of overcapacity and it's high time that there is some sort of consolidation here the right time ship res

here with me democratic congressman david price of north carolina. the congressman helped lead the effort to prevent the use of federal funding to keep migrants in mexico while they seek asylum. congressman, give us the status of the investigation into this group. is there anything congress, by the way, is going to do about it? >> well, the immediate responsibility is the office of professional responsibility in -- in cbp in the homeland security department. they do have an investigation under way. it's very alarming, the evidence of what was posted very recently, but this has been going on for a long time. making fun of the plight of migrants. going after their political cribs. i critics. i'm not sure what else. this is completely unacceptable as they now belated the knowledge. and i expect this will be taken up in the congress, but the first line of investigation is the office of professional responsibility. >> and is -- given all that we've seen, the facebook groups where people are mocking migrants, the scene that we saw when the vice president a

congressman david price, i need to spend some more time with it.n woodall of georgia who said straight up he didn't read it. clearly there is a gap here, matthew, however, they're putting the movie on in the middle of july. who is going to be watching this cable made for tv movie in the dead of summer? is that a problem for democrats? >> we will be watching, the press. >> we will. >> so we can talk about it, we can guarantee you that. beyond this audience i'm not sure. i think the problem is when you read the report, i have, you come away, at least i did, somewhat dissatisfied, i was reading volume 2 and i wanted robert mueller to say did trump commit obstruction of justice or did he not? mueller never says either way. he presents the scenarios and he says, well, in these scenarios one might have a legal reading which suggests that, yes, obstruction of justice was committed. if that's all -- if that's all mueller says during the hearing next week, i'm not so sure how successful the democrats are going to be. what they need is mueller to say definit

to get there with a trade-off of time, convenience, and price. david: you have many different businesses. ridesharing is the one you are most famous for. more profitable is uber eats. ara: right sharing is -- ridesharing is more profitable. uber eats is 20%. it is growing over 100% in a year on year basis. we are the largest food delivery player. we entered this business three years ago. it is about 20% of our booking. eat is in 500 cities. most populars the food? dara: fried chicken is magic. i am covering that in my next business review. in thea lot of people company owned more stock than you. do you think you are underpaid? i would never claim that i am underpaid. ♪ vid: you have your scooter business and electric bike business. it is in about 25 cities. dara khosrowshahi -- david: you have one that is manufactured for you? building one that is manufactured for us. some people say they are dangerous. dara: we are watching it carefully. we are working on technologies to modulate those issues. when they get to busy parts of town, we will slow them dow

when disney announced disney plus pricing, it was $6.99. davidunds like a great deal. >> everyone was like this is amazing, it's half the price of netflix. my response is, there will be ads. so they make $6.99 on the subscription, then they make another $7 per household on the ads. so now netflix looks twice as expensive. i think it's likely they offer ad support. david: disney knocked down that barrier because they will be putting ads on and netflix will pick it up. they must be anticipating, some people say i'm quitting, i'm not going to pay you my monthly fee plus watching ads. >> if you're paying $14, which i think is the average price point right now, that version won't have ads. it's only if you want to pay half that price. i think they will introduce ads and that's twhar heir way to st competitive. david: i think of taxes when i think of ads. taxes always start small, then they end up bigger and bigger and involving more and more people. is that going to happen with netflix? at first it will just be the lowest tier, then work its way up to

the information we have to be able to get to a to b with a trade-off of time, convenience, and price. david: you have many different businesses. ridesharing is the one you are most famous for. actually, it is more profitable for you is uber eats. is that right? dara: ridesharing is more profitable in most markets. uber eats is 20%. it is growing over 100% on a year on year basis. we are now the largest food delivery player. we entered this business three years ago. david: as a revenue percentage, what percentage? dara: it is about 20% of our booking. david: how many cities? dara: eats is in 500 cities. david: what is the most popular food? dara: fried chicken is magic. david: how do you keep the grease from kind of going through? dara: david, i'm covering that in my next monthly business review. i have not gotten to fried chicken grease yet. david: that is the most popular. a lot of people in the company own more stock than you. do you think you are underpaid? dara: i would never claim that i am underpaid. ♪ david: let's talk about some of your other businesses. you have your scooter busine

shery: would you say that peak prices have passed for now? davidtainly do think when you have a look at all the news that has come out with regard to iron ore, over the past six months, yes, we believe the iron ore price has hit its peak. from here, we can expect to see production coming on stream from smaller iron ore producers and perhaps also the bigger ones in rio. looking for growth avenues. perhaps revisiting what they can do in their iron ore division, because you have to pass back four to five years now and really ramping up production through their iron ore operation. that has really paid them handsomely in terms of dividends and they will probably look to do that again if the prices stay where they are. shery: how are you gauging chinese demand because we continue to see mixed messages? outre seeing china turn steel but the economy slowing. david: it still has a lot to do with the fact that china continues to look at infrastructure and one of the big inputs into infrastructure is steel. that really has over the course of this year, if you

the downward pressure on oil prices is extensive and long term. david is down a buck no matter what opec says. another big one, dennis, bitcoin has had a volatile week. it is still under 10,000. just a tick above 10,000. it was below 10,000 earlier but would you ever touch bitcoin, dennis? >> no, i would not. i wish others who trade bitcoin well. it is penultimate, if not ultimate, certainly the penultimate speck trade. it is is not a currency or commodity. it is something esoteric. let others trade it. i won't touch it. i do see merit what facebook is coming out with. david: the libra idea. >> the value cryptocurrency but do i see any merit at all in bitcoin? no. it is truly a speck trade. it is soybeans, pork bellies and corn all wrapped into one. god bless you if you trade it. david: if facebook's libra succeeds, does about it coin go entirely away. >> absolutely. i think bitcoin would go away. if i had to bet, other than bitcoin i would bet on libra. libra puts bitcoin to zero eventually. david: when you have a customer base of billion people like f

price. we're focused on margins and quality production rather than volume. davidare you thinking about transactions at this point, in terms of m&a? mega mergerseen the environment that many analysts were expecting last year and this year. does that make sense for you guys? towards the end of last year and early this year the 4 companies moving to the sector. from our perspective, the discipline and focus is very important. we are very open to m&a, they just have to be creative for our shareholders and improve the strength and quality of our business. fit.e very match we are kicking a lot of tires, but we have not found anything that meets most criteria. on youri want to focus production numbers. one thing that we saw was you are all in sustaining costs, which have gone up. 924 aussie dollars. we have a chart that shows here. it is above your guidance range that you gave us earlier. what were the key factors that are pressuring costs at the moment? how do you offset that? disappointed to miss our guidance. it was only a 2.5% miss. we pride ourselves on not missing.

david l: the markets have been pricing in an impossible trinity .r fed policy has been priced in in general. those three cuts they are pricing in this year, valuations need to come down and you will see areas like utilities and consumer staples come under pressure. david w: really interesting. thank you so much to david lebovitz of giga morgan asset-management. now let's get an update on what is happening outside the business world. --on a hurtado is here with viviana hurtado is here with bloomberg first word news. viviana: boris johnson spend the next few weeks pressuring the eu to renegotiate a brexit deal. top-level u.s. trade delegation arriving in china to resume negotiations. mnuchin secretary steve and u.s. trade representative lighthizer will meet with their chinese counterparts at dinner, but the two sides are farther apart than they were three weeks ago. expectations for a breakthrough remain low. it is round two of the democratic president for debates over the next two nights in detroit. 20 presidential hopefuls will square off on cnn. to

will just put it on me, doesn't it remind you of another time in life with high oil prices and a slowing economy? david: that was not pretty. vincent: it was not pretty, and if this continues, it is going to get very ugly. you can't have oil prices at $100 a barrel and a slowing economy. lisa: to be fair, oil prices are hugeg up a bit, with a storm hitting refineries in the gulf, and iran potentially saber rattling with the u.k. over the strait of hormuz. the fact that we have not seen a bigger gain at a time when you are also seeing drawdown of inventories in the united states indicates a strong degree of skepticism about the global economy and how high oil prices can actually go. vincent: that's true. slower growth is going to limit the upside. alix: let me jump in on that. to support that view, opec sees new oil surplus in 2020 as u.s. shale keeps surging. overall, non-opec is forecast to grow by billions of barrels a day in 2020 from the u.s. -- millions of barrels a day in 2020 from the u.s. david: this remind me of the fed backing up the president in fighting with china. shale is backing up the p

you would think foreign creditors would be concerned about the price action. david: thank you so much. let's go to maria tadeo in athens on the new greek prime minister. they are efficient. interesting because in the space of 24 hours greek politics have gone full circle. the new prime minister voted in. he is the new greek prime minister. we're expecting an imminent announcement and he was clear when i spoke yesterday in athens that he wants to blow the economy aggressively. he talked about 4% global gdp growth. tape and cutut red taxes and wants to do this quickly. he needs fiscal space to do this. it is not clear the european commission and the creditors in brussels will agree to any of this. david: at the same time, he has a lot of eu restraints and they still a lot of money. they stood up debt that has not been relieved. does the of the political support to get this through? maria: the debt pile is huge. he is aware of this. at the same time, you look at the surplus target 3.5% of gdp until the end of 2022. he does not want to focus on debt relief. reliefs that

that is going to reduce the price of prescription drugs. davidview with senator chuck grassley. at 2:00 p.m. this afternoon eastern time, the fed decision and chairman pals news conference -- karen powell's news conference. this is bloomberg. ♪ >> getting crowded. tokyo is the latest entrant to join marijuana etf's. we talk about why it is early days for cannabis investing. a hedge fund manager makes alternative investments manageable. preece's stock market goes from under

david: ooh! >> quickly, judd. >> i don't know if i can top that. i thought the higher pricesst there's something worse than climate change -- david: that's true. by the way, good news,i think the company that carol didn't want to mention, chipotle, it has all the tortillas you need. that does it for bulls and bears. see you next time. >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy inbegins day weekend, everybody -- independence day weekend, everybody, thanks for joining us. i'm maria bartiromo. coming up in just a few moments, long-term stock exchange ceo and founder eric reese is joining us this morning along with, later, my one-on-one with park mark's ceo. then more of my exclusive interview president trump as we talked about the economy and trade. president trump coming up. but first, america's newest stock exchange, the

david: if you were to take 100% of the ceo's salary and divide it between shareholders, nothing compared to the way the pricestors if it's a publicly traded company. david: at least 11 american t r tourists dying under mysterious circumstances in the dominican republic. what are officials doing to make sure your next vacation there is safe? the vice consul of the dominican republic is live on set after this. ♪ we're the slowskys. we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands! check it out! now you can schedule a callback or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. it's a revolution in sleep. the sleep number 360 smart bed is on sale now during our lowest prices of the season. it senses your movement, and automatically adjusts to keep you both comfortable. it even helps with this. so you wake up ready to hit the ground r

david: ooh! >> quickly, judd. >> i don't know if i can top that. i thought the higher prices get to them first, but at least there's something worse than climate change -- david: that's true. by the way, good news,i think - [narrator] the following is a paid advertisement for the hoover onepwr floormate jet. how do you typically clean your floors? do you make it a team event? (frantic music) do you do the sloppy shuffle? do you call in backup? cleaning your hard floors has always been hard work. first there's sweeping or vacuuming. then you haul out the mop and bucket. but does pushing dirty water around really get your floors as clean as you'd like? and then there's the joy of cleaning pet messes, or getting down on your hands and knees to scrub old, dried on, or sticky spills? sure, other products claim they make hard floor cleaning easy, but they still require lots of elbow grease, and they do nothing for large messes. sometimes you just wish there was an easier way.

other players like david price have gone away from the cutter and gone to the change-up that's more ofou think the home run derby has people -- like they think they're in a home run derby every day and they don't care with strikeouts? >> our ceo of major league baseball actually made a nice adjustment on the home run derby and put a clock and the ratings have been good the last few years. but we're in an environment just like business, that analytics have taken over our game, just like your game, basketball, and it's hit or miss home runs are celebrated, strikeouts, people don't frown on them. when i came up, we were embarrassed if they struck out today you can be 1-5 with strikeouts, as long as you hit a home run or a double, that's considered good. >> the ball is harder now? >> that's the consensus. some way it's harder and traveling further and further. i think if you're 0-2 as a young kid, you say choke up with the ball 0-2, they say let's swing harder so we're trying to hit more home runs there is no recourse, if you strike out no big deal i strongly disagree with that. and then i

david: and it can really affect oil prices. a lot of facilities are closing, offshore platforms, and it oath course will reflect refineries. alix: we see people taking -- taking boatspeople down streets. meanwhile, we have near record highs on u.s. equities, trying to push higher to get back to those highs for the nasdaq. euro gaining just a touch versus the dollar. 30 year yields unchanged after yesterday's really violent session, a real increase after a bad option. crude prices climbing a bit on the storm and geopolitical tension. david: it is time now for the mooring brief. eastern,his morning ford and volkswagen will announce details on their big on electric and on most vehicles. -- on00 we get u.s. ppi autonomous vehicles. at 11:00 we get u.s. ppi data. angela merkel joins emmanuel macron in paris. and we get important economic from china, including gdp growth. now we are joined by rachel evans, who heads bloomberg's etf coverage, and look -- and luke kawa, bloomberg's cross-ice at reporter. we have a chart -- cross asset

our competitors don't do, to be able to get from b with a tradeoff of time, convenience, and price as well. david: so right now, u many different businesses. sharing is the one that you're most famous for but morph profitable for you is uber eats? dara: no ride sharing is more in most markets. it's the more mature part of the business. he uber eats business is now about 20% of our business. it's growing over a year over year basis. we're now the food delivery player. as a revenue percentage right now what percentage? dara: it's about 20% of our bookings. david: how many cities is that in? dara: eats is in over 500 cities. what's the midwest popular food? dara: fried chicken is magic. fried chicken. david: how do you keep the grease from kind of going through? i mean -- my : i'm covering that in next business review. david: that's the most popular? dara: yes. lot of people in the company own more stock than you do. you're the c.e.o. underpaid.nk you're is that a problem for? you. dara: i would never claim that i'm underpaid. claim that i'm underpaid. >> the david rubensten show", peer-to-peer conv

environment and deliver to boost their forecast, and those that just can't and don't have the pricing power like netflix. david: then you have honeywell somewhere in between. it beat on earnings-per-share, a little soft on revenue. it does seem to be weathering the storm of trade uncertainty at the moment. alix: in the market, let's look at how that push and pull is playing out. netflix well off the lows of the session. euro-dollar taking a steep leg lower on the news about that reflation rethink -- that inflation rethink by the ecb. money flowing into european bonds. after a pummeling over the last few days. david: it is time now for bloomberg first take. we are joined by jackie simmons in new york, and here with me in washington is peggy collins. jackie, let's start with you and those netflix numbers. we knew they were going to be a little soft, but it was a lot worse than we expected. reporter: that's right. they are having to spend to keep up, and they have this influx of competition set to rise, so it couldn't come at a worse time. they are working for -- they are looking for growth markets like india, th

prices. necessarily something you need to be concerned about. david of the market is critical here. if you define it as anybody buying anything any place, amazon is not dominant. if you define it as online purchases particularly in north america it's a much stronger position. the same thing is true in europe. definitione relative ? question ofjust a whether market share is. as the amazon witnessed pointed out, there is emerging competition from traditional retailers. even though somebody like best buy and target might have a smaller market share, they are a very intense competitor, because they offer amazon things cannot. so market share is the beginning of the analysis and the question is are consumers benefiting or harmed. 30 years ago, justice breyer in an important decision said courts should be very reluctant to challenge practices that lead to lower prices. the people who wrote the sherman act were concerned with prices that were too high, not too low and when practices lead to lower courts enforcers and should keep the guns in their holsters an

david, let me start with you. what do those equity prices signal? se equity prices signal that the market is anticipating not only that the fed will deliver a perfect series of cuts will allow the economy to not only stabilize, but then rebound. if you look at what has been priced within the s&p at the moment, it is quite a strong rebound in corporate earnings to the end of this year and into next. i think that is a potential source of vulnerability entering q2 earnings season. i think that will be important to watch, particularly for guidance into the second half and beyond. tom: jordan, what is the litmus paper of your -- what does the litmus paper of your world say? what does fx say, particularly with yen at a 1.07 handle? jordan: the dollar-yen has been very tricky to trade. we wanted to belong the yen because global trade means safe havens. typically dollar-yen goes lower at this stage of the business cycle, but s&p is at the high end u.s. performance all over asset classes outstripped the global story, therefore the dollar has a bid, too. youbu

this deal affects is less important than the entitlement spending side where we face fiscal prices -- crisis. davidthere was a sensible savings here, will some of that seemed to be an accounting issue. are they trying to get their arms around? there is no political appetite. if you look at the president, he has not expressed a religious to dealing with medicare or social security and in congress coming you do not see a lot of leadership either. the $77 billion you refer to is more of an accounting gimmick than an actual spending cuts. some might look at it as a spending reduction. no, there is not real effort to engage in systemic reform. that is a challenge some members of congress will take up sin because we have not seen leadership on it so four. -- so far. david: is there a silver lining in that this actually ends up being fiscal stimulus? , particularlyhart in defense spending. they really have been taking it up. that does seem like the economy? lanhee: if we are spending on military construction, if we are spending on new boats and planes , if we are spending on military pay, that might be an

gas prices were stable. davidpeggy collins, bloomberg managing editor for the u.s. economy. great to have you with us. these are pretty encouraging numbers. peggy: that is right. saying, this is another month of stronger retail sales than people thought might come in. it does complicate the view for the fed. we saw job numbers strong in june and now you are seeing retail sales. consumers have been the strongest part of this economy and it looks like they are holding up. the question will be whether this data puts more pressure on the fed in terms of not to cut even though we are seeing more pressure to cut. lisa: it is interesting looking at these numbers. is this not necessarily an indicator the federal reserve will look at, but a lagging indicator? typically the consumer falls behind the business cycle. is that something we are expecting a -- expecting to hear from the federal reserve? peggy: the federal reserve is looking closely at things like employment. there are other pieces of data that we may not look at

prices slid after the group agreed to prolong production cuts? davidssian energy bloomberg, andto he told us opec plus will respond to any significant oil supply disruptions even after agreeing to this current .xtension of production curbs >> market can change very quickly as can the situation in shale production. nobody would guarantee to you today that supply growth rate as we saw in 2017 and 2018 would be maintained in future years. because this is a risky segment. we also need to be it were to judge the impacts of all these actions. as we saw in 2019, the deficit still appeared, and we were forced to increase production to counter the deficit and to avoid unnecessary market activity. some of our companies also believe we need to invest more time and money, and effort into developing our own oil sector, to increase production, and monetize the resources. this needs and will be taken to account when making decisions. will be looking at all the factors and assessing all the pros and cons in the future alongside our partners before making any decisions

david s.: if interest rates were higher, there would be an honest price in the financial markets forng versus not borrowing. if you had honest interest rates, i don't think the c-suites would be borrowing trillions of dollars to buy back their own stock. they are loading up their balance sheets with debt that will carry for the indefinite future in order to buy some shares back today and goose their earnings by the qu arter. that is not productive investment. we are living a lie. household are borrowing too much. we had a morning in 2008. households today have 15.6 trillion in debt, one trillion more than back then. business has 50% more debt than back then. and we don't even have to talk about the government. this is the point. interest rates need to reflect economic reality. as long as they are being deeply suppressed by the fed, you are essentially stimulating wall street, creating the greatest bubble in history. when it collapses, and it will, 2000, 2007, we will have another crisis. david: really good to have you, david. former reagan budget director david stockman. a headline f

pricing away. there are some indicators that would say things are softening -- david: there are some indicators thatome things are softening. what is the pricing power given where the market is and what central banks are like around the world? >> a couple of points you made. the first one is with respect to weakness in the u.s. manufacturing sector, i don't believe that has anything to do with global manufacturing this. that is all about a weakening of trade which is secular in nature, but also impaired by the trump trade war. but weakness in the u.s. came about because consumption was expected to be quite strong through the holiday season. retail sales plunged to their most negative levels since that court hearing started in 1993. now it is rebounding sharply, so you had unwanted inventories and a d stocking process that is almost complete. even in the jobs report this weekend, manufacturing jobs went up. trade and transportation jobs went up. the and central-bank pieces are tricky ones. and boj are really actively using currency to try to spur exports. that is probably the most complex argument. i

david: the trump administration preparing an executive order for drug prices called the quote - favored president talking about which aims to have u.s. patients pay no more than other countries. listen.>> talk about drug pricing we will be announcing something very shortly. a clause as you know for years and years, other nations paid less for drugs than we do. sometimes by 60 or 70 percent. we are going to be and we are working on it right now. we are working on a clause where we pay whatever the lowest nations price is. why should other nations like canada or wash other nations paid much less than us? they are taking advantage of the system for a long time. david: john, will this work? >> you know, i applaud the president for taking a strong stance on lowering drug cost and really trying to reduce the huge burden that a lot of the drug companies put on you know those that are sick but you know, i don't know if this will work. you look at the global landscape a lot of the companies don't have the wealth that we have and i'm really concerned that the odrug companies will begin to scale b

during the time that we paid the price of building a nuclear weapon. david was iran's foreign minister. , wholcome now adam ereli served as u.s. ambassador, and was deputy -- and the state department spokesperson under george w. bush. you heard what the foreign minister said. you said we could develop nuclear weapons very rapidly if we wanted to. is this a form of negotiation? do they want to get back to the table to negotiate or are we having a permanent separation here? amb. ereli: i think the first audience was the europeans. nothing united states. and it was interesting, him saying that they have to make an investment in their security. what does that mean? it means either you break sanctions and allow us to get revenue for the sale of our products or services, or we are going to basically practice nuclear blackmail on you. we will slowly increase our violations of the jcpoa. we know because they have already started by reaching uranium beyond what is allowed in the jcpoa and having more uranium and they are allowed. this is brinksmanship by the iranians

and that includes being able to price. >> lance, it's david faber yesterday we made a lot of, of course of csx who said he is baffled in a sense by the u.s. economy right now are you in agreement with that assessment, or do you have a better sense of the u.s. economy? >> the u.s. economy to me feels like it's still growing. it's growing at a pretty tepid pace it's definitely slowed down a bit. i think there is still plenty of opportunity for it to continue to grow if we get certain things right like trade policy, but we're set up still pretty well tax reform has set u.s. industry up to be competitive globally. we have the best infrastructure to serve our industry. we have got healthy consumers. their wages are growing. our job market is good and so there is a few things that we have to get right. we have to get trade right, and presuming we do that i think the economy looks pretty sound to me. >> what is getting trade right mean, lance? >> there are a couple of moving parts there. we need to ratify u.s. mca that's critically important. our neighbors to the south and mexico have done the

david: it is over owned by foreign investors. all of the good news is probably priceder earnings or r.b.i. cutting rates. >> for the most part. if i saw a strong rally from 11,100, i would have a best case at 12,500 but i have been selling out 12,100. yvonne: how does the currency play into the stock markets? we have seen trades and the rupee as well. nifty had the the rising trendline choppy. this is the opposite. it has a falling wedge. we could see some of the old .rice highs at 6830 if i saw 67, i would be a very aggressive dollar buyer. in a longer-term view, if you bought 68 and 67 for the dollar, i would say you are looking at 74, 75 again. ultimately, that says new chart highs. is geared nicely for a fresh upside for the u.s. dollar. yvonne: thomas schroeder staying with us for a little more. spittle -- a special edition of battle of the charts. he is not participating today. yvonne: i'm staying out of this one. i'm happy to do that. battle of the charts coming up next. this is bloomberg. ♪ yvonne: this is the ultimate battle of the charts. david: every day is

as david pointed out, it's already been priced in. we are still down $50 billion for market cap, boeing at least for the year. stuart: liz, same questions i asked of david. any impact on the stock market from what we have seen so far and what we are likely to see from mueller? >> from what we have seen so far, absolutely not. in fact, i was just checking twitter. looks like people are, a, bored, not impressed and considering robert mueller unprepared and rather fragile. i didn't see that coming, that people would be sort of questioning his ability to get through these hearings and to testify in a forceful way. he is not doing that, apparently. i think democrats are going to be somewhat disappointed because if it's boring and if he's just reading from the report which is apparently what he's doing, people aren't going to watch this. stuart: boeing and caterpillar on your screens, both down sharply. they now account for 80 of the dow's down points. >>> let's take a look at big tech. you have to. there's news. the justice department is op

prices down. he is still trying to do that by supporting our legislation. davidesident was for was trying to address the issue of rebates for pharmacy benefit managers -- as the administration given up on that? have you given up on that issue? sen. grassley: no. we are trying to save the taxpayers money but if we can take some of this $100 billion to reduce the rebate direct -- to get the rebate directly to the consumer, that is what we want to do. indirectly, we think we are getting the rebate to the consumer this way. there is so much secrecy and the pricing system now. with this transparency, the marketplace will work better and the consumers are definitely going to benefit from this. david: talk about the marketplace for a moment. -- when a big discussion with pfizer and mylan . a big deal in the pharmaceutical area. do you expect more consolidation in the pharmaceuticals? sen. grassley: i think you'll find more and i hope the antitrust and the ftc take a close look at these. if you more mergers like this, you have less competition, that tends to drive up pri

prices got. however, the market share will probably be five times higher. david put the statistic you mentioned on the chart -- top 10 = in percent. the rest because 3900 or something. who might be the targets for m&a here? john: if you ask me, i would say most of the inferior, small companies should not be acquired, they should be eliminated. i think that is what the government is trying to say as well. . . the government is helping the leaders to kill the smaller guys. yvonne: what does it mean for foreign multinational pharma companies? most of them lost out, i think there were only two that won these bids. will they continue to lose out? john: we think of a generic drug market is already a gun game for multinational companies -- and gone game. patents no more reduction for the last 10 years or so. they need to selloff their assets to some smaller chinese company willing to pay. but there is a growth driver, innovative drugs. the government has never been so supportive on innovative drugs. the approval teams, the china fda is hiring more people and resolving m

geopolitical and climate risks prop up prices. david: welcome to "bloomberg this thursday, july 11.l economic activity was positive, but part of their issue was there was less sa

you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar. david: bracing for barry, president trump declaring a state of emergency in louisiana ahead of what could be a category 1 hurricane. mandatory evacuations are now underway in parts of the state. nearly 60% of oil and gas production, more than a million barrels a day of oil comes from the gulf of mexico. it's been shut down due to safety concerns, so they are locking them up right now, sending the price of brent crude and natural gas futures higher today. we have team coverage bringing you the latest details. casey stegal is on the ground in new orleans. let's go to fox weather center where adam klotz is tracking barry's path. what's the latest? adam: if this is going to become a category 1 hurricane or tropical storm, currently it is looking like it will stay a tropical storm, but that's not a huge difference, difference between 70 miles-an-hour or 75 miles-an-hour wind. the legacy of the storm will be the water it is bringing on shore. likely making landfall early tomorrow morning. we will