>> david tepper. >> david tepper, excuse me.t the league tries to do is figure out as many ways as possible for cash flow. david, you are an investor in sports cars. game andatch a sports instead of listening to commentator a, i could do my own commentary. how do franchises monetize this opportunity? there on sportscaster, are so many involved in this space whether it is the -- ai.s vr or it is going to be an explosion. i'm advising companies in all areas but in your case, it may be that the networks themselves will do it. we are going to halftime, do you want to listen do ed -- to ed, don, or drake? i know how that is going to come out. [laughter] >> because of his accent. but iot going to repeat, will listen to anything i do not to listen to x. it is kind of interesting but sportscasters is going to lead a revolution of what fans are ultimately going to be satisfied with. imagine if we decided to do a halftime without commercials. that is interesting and going to be viewed harshly by the networks. they are going to include the

you are looking at david tepper with nfl commissioner roger goodell, because david tepper, moments agost been approved by the nfl owners at the meetings in atlanta to be the next owner of the carolina panthers the deal still has to close, of course, but he is one giant step closer to being the owner of the carolina panthers. david tepper is $2.2 billion, the purchase price there's some deferred capital down the road, as well he's going to have to sell his minority interest in the pittsburgh steelers, but david tepper, the new owner. >> so this was a hurdle, he got the other owner's vote >> this was expected they always have tote on ownership. they were expected to give him the approval >> he's got a few million? >> i don't think he's going to come up short on the cash. >> a huge day for david. >>> all right, mark zuckerberg wrapping up his testimony before the european parliament moments ago. josh lipton joins us now with more hey, josh. >> michelle, facebook tea's mar zuckerberg telling eu lawmakers, a as he did with u.s. lawmakers, that he is sorry for that data debacle with cambridg

rich, they think, i can buy a team >> i have to agree with my friend guy >> if you think about david tepperht time, whether he's doing that to make this investment solely bottom line is, nfl franchises trade at an exclusivity multiple they're trading roughly six times revenues that's not terrible. it's 8 times revenues. you think about where luxury goods are trading right now. this is the point guy was making ferrari trades at 45 times, it's not an auto company, it trades at an exclusive value. there's always demand outstripping supply. i agree, you stay with the panthers good-bye mr. tepper opinion. >> neither of you is worried about the fact that -- i mean, you just made the point that -- >> all i do is worry >> i know. >> you made the point earlier, that sports leagues and franchises, because of betting may become more valuable mark cuban took that point the other day, how about more valuable, who knows? >> are either of you worried about the little cracks that appeared in the nfl's ratings over recent years? number one, the controversies surrounding the league, number two. and the poten

carolina panthers will be sold to billionaire hedge fund manager david tepper. lion, that matches the price paid for the houston rockets. congratulations, david teper. >> dagen: he used to live in new jersey. now i'm sure he owns a home in charlotte. jared max, good to see you. jared's fox news headlines 24/7, sirius xm115 has reports there. we'll break down macy's report coming up next hour, "mornings with maria." ♪ in the midnight hour. we were built on it. back when the country went west for gold, we were the ones who carried it back east. by steam. by horse. by iron horse. over the years, we built on that trust. we always found the way. until... we lost it. but that isn't where the story ends... it's where it starts again. with a complete recommitment to you. fixing what went wrong. making things right. and ending product sales goals for branch bankers. so we can focus on your satisfaction. we're holding ourselves accountable to find and fix issues proactively. because earning back your trust is our greatest priority. it's a new day at wells fargo. but it's a

. >> reporter: hedge fund billionaire david tepper's o purchasef the carolina panthers for 2.2 billion sets a neecord for the nfl and ties him h for thehest price ever paid for a sports team. based on the ecomics of sports, team values showed no signs of slowing. tepper paid the same price for the panthers tt was paid for the houston rockets last year which is more than 25 times the purchase price in that blows away the previous record price for a nfl team easily passing the 1.4 billion paid for the buffa bills i 2014. there are now 87 sports teams in america worth at least $1 billion and the list is growing. the premium forive sports in an increasingly fragmented world is inc gasing but thewing number of billionaires that want trophy assets that generate cash, status and membershipan i exclusive club is the main driver of prices. when steve ballmer paid 2 billion for the l.a. clippers, it whe four times previous record for an nba team. many say he overpaid. forbes puts the team's value at 2.2 billio the dallas coy boys are still the most valuable team in sports worth an estimated 4.2

and sin city's big plan to lure younger gamblers plus hedge fund titan david tepper is close to nabbing an nfl team "power lunch" starts right now >>> welcome, everyone, to "power lunch. i'm sara eisen the dow breaking its eight-day win streak suffering its biggest one-day drop in three weeks. same for the nasdaq. despite today's tumble, the dow and s&p having their best may since 2009 the nasdaq having its best may since 2005 wall street's so-called fear index moving higher, at its highest level in a week. and treasuries are lower yields on the benchmark ten-year treasury hitting their highest level since 2011 also emerging markets are getting slammed. the eem on pace for its worst day in almost two months tyler. >> sara, thank you very much well kocome to "power lunch." home depot one of the biggest dow losers they missed sales estimates. we have more on this one ahead. >>> and uber releases new details about the way it handles sexual harassment claims the company is rolling back the use of controversial forced arbitration agreements for employees, riders and drivers. forced arbitrati

david tepper says will stay in charlotte.he panthers put up for sale after jerry richardson was accused of sexual harassment. the time is 11 minutes after the top of the hour. that is a lot of news but we have a lot more going on. donald trump huddling in dc with california leaders who want to stop the state from being a sanctuary for illegal immigrants come alive with that agenda. >> i support the higher moral standard this country decided to hold itself to. >> gina haspel expected to make history as the first female cia director. our next guest who interrogated the worst of the worst says her leadership will be key to keeping america safe. if you are not a believer this might change your mind. look at that. the image of an angel going viral. dray, when he was younger, he loved to smile; and we knew he would need braces because his teeth were coming in funny. that's when he had the bunny rabbits. we called him the bunny rabbit. now, those are the same two front teeth, there, that they are now. then dray ended up having to we

david tepper's hedge fund declared a stake of 7 million shares in ubs and 2.9 million in wells fargo. later we'll have more wall street whale watching and where over hedge funds are putting their cash. >>> burberry shares rally after beating profit expectations. a close look at the luxeury sector coming up next. of unpred. of unpred. crohn's, you've tried to own us. but now it's our turn to take control with stelara® stelara® works differently for adults with moderately to severely active crohn's disease. studies showed relief and remission, with dosing every 8 weeks. stelara® may lower the ability of your immune system to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before or during treatment, always tell your doctor if you think you have an infection or have flu-like symptoms or sores, have had cancer, or develop any new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems, including headaches, se

big money's big bets, where top investors like warren buffett, david tepper and george soros are putting their money to work. those names straight ahead. >>> and hawaii on high alert volcanic eruptions intensifying triggers a redwarning on the island the late on atstth story when "worldwide exchange" returns ♪ most people come to la with big dreams. ♪ we came with big appetites. with expedia, you could book a flight, hotel, car, and activity all in one place. ♪ >>> some of the biggest names on wall street making some bold moves in the last quarter. leslie picker has the details. >> we saw a lot of volatility during the first quarter we wanted to look and see how hedge fund managers played some of that volatility, specifically within tech and healthcare sectors. they did purchase facebook en masse, most likely on a dip that stock faced headwinds from the cambridge analytica standal. third point and green light added to position in facebook. apple was more mixed green light and appalossa sold stakes, but berkshire hathaway remained committed some smaller tech companies also saw interesting

. >> he's moving from pittsburgh i'm not saying he himself obviously david tepper has lived all overy the carolina panthers, that's something different. >> he hopped to florida. >> famously from new jersey who is still crying about it. >> look, you buy the team, as i said before, that's for sale you're part of the club now. once you own one of the teams you're part of the club and probably nobody can take it away from you. >> congratulations to david tepper meantime new york stock exchange operator stacey cunningham will become first female president. she was on "squawk" saying sheaves optimistic. >> same level of great success they have had for so long. i think a lot of that comes down to making sure we have a regulatory environment that ensures the u.s. continues to be the source of capital for large companies. we do have a strong pipeline coming up in june, so i wouldn't make it sound too dire there are a lot of companies that are planning to access the markets. but we want to make sure we haven't gone too far to a market structure that has created an n that's good for big compani

you have david tepper buying the carolina panthers.are paying a lot of money for these franchises. >> they are, but it has nothing to do with gambling. it has to do with them being a rich guy who wants a prestigious, status team. it is fun to own a team -- most of the time. you should ask howard schultz about the seattle supersonics. they love it. it puts them at the center of everything, makes them heroic in their hometowns, but has nothing to do with gambling. joe: another theoretical way that gambling could boost the value of sports teams is if the league's were to get a cut of the revenue. by your measure, you said that would be very small. >> i did not really say this in the column, but i would be very skeptical if the states and even federal government give the leagues a cut of it. the leagues are going to want a cut, but anything the league gets is something the state does not get. states are going to taxpayers 20%, 25%. this will make up a huge portion of their budget. the second thing is, once you start steering money to the l

some prominent hedge funds recently upped their stakes big time during the quarter including david tepper'ssa. this buyback after another tech company, adobe, announced its own repurchase stock program you can see there investors definitely much more in support of the number given by micron. back over to you. >> thank you very much, leslie this is a monster move we've seen in the past -- during the regular session up by almost 4%. after hour session up another 4% of course it also raises fiscal third quarter guidance. >> a few months ago when this stock was trading 58, we had a conversation about it. i think this could be a double from here. the stock basically went straight down. traded 48 or so. now we're back to level. quick quickly, $10 billion from micron not insignificant 17 1/2% of their mark ca-- mark cap-issue. i don't think in the story necessarily changed. i do think it goes higher from there. >> implications from the rest of the sector we saw it today. >> back to the highs, well below highs, 5, 6% that will lead it up intel has been hanging out here. there is a good announcement

david tepper outperformed. i think he was up 8% in the first quarter.ot sure when he added, but in the latest, you saw tepper is in this one i think this is one of the hot sectors, to erin's point, within tech if you're not in the social media ones >> i want to make one broader point beyond just what cowen had to say today like, bigger picture, if you're truly a long-term investor, we are -- we are in a new tech era. we're building out an autonomous economy, where devices are talking to themselves. there are so many different ways to play it, but every time you swipe your credit card, there are devices all over the world discussing that with each other. and then suggesting action to other devices. and this is maybe the big secular growth story of the next 10, 20 years, is just how all of these devices come alive, obtain intelligence from things going on around them, and then use that intelligence to make the world better i really think you should be learning the names in this group and understanding where they fit in the eco system. there's no better us

i think that's what this statement is think david tepper in march of '09 talking about -- >> the market was down 50% not a market down 5% >> earnings growth -- hold on. earnings growth in the fourth quarter, 17% first quarter on track for 23% you're seeing -- >> who doesn't know that >> it's a fact >> who doesn't know it >> it's all priced in. >> the difference in is march '09, everyone thought we were going to zero. >> what else is discounted trade worries. white house tweet worries. >> are you comparing the correction this year to march of '09? >> no, i am not. >> you're talking about the power of a voice >> people -- >> great stature >> can i tell a different story? we broke below the 200-day yesterday. the algorithms programmed to sell on that break sold. the algorithms programmed to fade that and buy the false breakdown bought we didn't close below it yesterday. this morning, a light retest on light volume the computers kicked back in again, and then three hours later, we come on "the halftime report" and go, animal spirits, i feel better. buffett is savoice of reason in the wilder

david tepper took a new stake in wells fargo, but he did cut his position in bank of america.wo well known activists, stan lowe and big ackman took stakes in united technologies ackman's pershing square had 1.9 million shares, and all of these positions are as of march 31st and may have changed in the six weeks since then guys >> in terms of overall trends, have you noticed one particular stock that keeps cropping up >> a lot of movement with facebook as you recall, the cambridge analytica scandal broke in the first quarter of the year. those shares saw some pressure, and so i think a lot of hedge fund managers took the opportunity to buy them in a way they saw value to be had we saw a lot of prominent names getting into facebook. a lot to of prominent names coming out of apple. >> big names getting out of energy >> big names getting out of energy before the rally that we saw taking place beginning in april. it's unclear whether they got back into energy and helped propel the stocks higher, but, yes, certainly saw a lot of selling in energy at the end of the quarter. >> leslie

taylor. $85 a share for walmart. >>> back to my editorial at the top of the hour, billionaire david tepper buy the carolina panthers for $2.3 billion. tepper was once new jersey's richest man before he fled to florida where taxes are lower. jack hough is with us, "barron's" senior editor. jack, i think, no matter what, i don't care about tepper's politics. i think he is a very smart guy who seized an opportunity presented to him about it supreme court. what say you? >> i think gambling will certainly improve the value of his team. there is something else going on too. we have have already had a bidding wars in recent years for sports rights. that is nothing compared to what we'll see going forward, cash-rich, amazon, facebook, netflix, which i wouldn't call cash-rich, they are spending tons of money they don't have, they're paying billions of dollars for content. they are getting into bidding on sports. i think value of some of these professional sports teams. stuart: mark cuban, owner of the dallas mavericks, he says the supreme court ruling all that goes with it, will double the value of

and sin city's big plan to lure younger gamblers plus hedge fund titan david tepper is close to nabbing

in $3.1 billion, thanks to fees generated by bridgewater, the largest hedge fund, appaloosa's david tepper edged out the number two spot with $1.5 billion, and number one was mr. simons of renaissance technologies he took in a whopping $1.7 billion. and as my colleague robert frank calculated, hedge fund managers that brought in more than a billion dollars last year earned, get this, guys, $145,000 an hour. so during the course of this show, $145,000 or $2400 every second of the day. >> so much for the death of active management if you're doing it well. and doing it right lee cooperman is on the list, about $500 million it says here dan loeb, $625. the biggest names doing all right. >> that's a distinction from last year where we sought saw a lot more quantity managers where the algorithms were in control, not earning the money, but the guys running the firms who had the algorithms made the top of the list last year >> thanks. leslie picker. >> let's get to futures now. jackie has the story on crude. >> well, crude is surging today. over 2%. rebounding after yesterday's sell-off, trading o

david: good for david tepper. alix: and the panthers. final day of retail therapy series. the death of the mall. we speak to jerry storch. as you command today, you can listen to our colleagues jonathan ferro and tom keene. "bloomberg surveillance" can be heard in new york, boston, the bay area, washington, d.c., and all across the united states on sirius xm radio. in the hewlett-packard enterprise green room. live from new york, this is bloomberg. ♪ this is "bloomberg daybreak." i'm kailey leinz in the hewlett-packard enterprise green room. u.k.'s white-collar prosecutor opening an investigation into glencore. according to people familiar with the matter, probe has to do with dealings with dan gertner and the congo. the company is not commenting. the 60 minutesng treatment sunday night. the cbs graham alleges the program stifles competition. shares are lower in premarket trading. as thehanges on the way crisis in italy. sergio marchionne will unveil a plan next month that has been scrapping to budget models in favor of more upscale model

david tepper, who i feel like this week it has just been tepper news. imply, what they are that they arege making if they are separating their tax profits and their untaxed profits because what hedge fund investors often do is just reinvest. david: but they are worried it will all get lumped in together. jason: that is exactly right. tax writers are saying wait a minute, the irs is not that stupid. [laughter] jason: exactly, and yes. they tend to find these workarounds, and that has always this, itpoint of doing is these guys' job, literally, to figure out how to make money, so whether you are a hedge fund manager or private equity manager, you will find a way to get a lower tax bill for yourself and your investors with many highly paid lawyers. david: i would hope. alix: it was a really good report, super bullish on oil and commodities, basically a lot of guys in the market are saying we will ride this one out, and he is saying to not do that. they are dangerous words. long now,not go you will get screwed. jason: i was struck by the shameless suck up to

>>> 4e7b8g fund manager david tepper receiving an an roar doctorate from carnegie mellon yesterday. awaiting approval for his bid to buy the cloivarolina panthers >> a kid is on the verge of getting the nfl's approval to buy the carolina panthers. >> that is great >> i've had an incredible life from humble jennings i' i've had a successful business career, and incredible philanthropic philanthropic indevors >> hillary clinton spoke at ill university's commencement. you may remember that hillary clinton graduated from yale's law school back in 1973. >> we also also witnessing an era of new civic engagement and a sense of devotion to our democracy and country. so here is the good news if any group were ever prepared to rise to the occasion, it is you, the class of 2018 you've already demonstrated the chaktder and courage to heavy you navigate this tumultuous period and most of all, you've demonstrated resilience. >> this is the commencement speech at bucknell >> if things don't pan out the way you would want because life after graduation is rarely a straight path, there are twists and

a report says that billionaire hedge fund manager david tepper is finalizing a deal to buy the team i't understand this? he's a steerls flers fan >> i think he has to sell his stake in the steelers. if you're a steelers fan, then you own the panthers -- it's weird. tepper would have to sell his minority share in the beloved pittsburgh steelers. i think it would have been nice to buy it before yesterday all of these teams got marked up yesterday, didn't they >> in theory >> i don't want to -- >> gamble? >> no. legal or not i know guys that have been doing it for a long time >> the guy with the envelope >> yeah. you get the thrill, but you can run up a horrible -- >> you probably don't like gambling in general. >> no. >> i don't either. i don't get it >> do you? >> no but i do like a lottery ticket >> that's the worst odds >> that's -- you're tempting fate >> if you win, think of all what happens. the curse of the lottery >> the curse of the lottery, but if it's 1 out of 10 million, overopening yourse you're opening yourself up for these weird diseases >> i would take that chance. >> yo