. >> and we everyone, steve, from tiktok to expedia say, yeah, there are ways that make it harder to compete. it's a complete sea change for kind of the way we used to do commerce all of that said, there is one thing about crushing competitors, there is another thing about monopolistic practices. pinterest is up 30% today. does that tell you there is room for other competitors? >> i think there is, and recently horowitz, the d.c. firm, has a list of market complacent companies if you narrow your focus, you can have an impact here. clearly the companies have the power and there were some embarrassing e-mails at the testimony. some of them are abusing their power. i think there are ways to deal with that. sensenbrener says we don't need a change in laws, we just need to enforce them better i don't know that that's the case, because it was more about companies dominating the supply side these companies dominate the demand side, so we may need some change in the laws, but i think it shows that people are voting for the products and services these companies are providing, and we don't wan

was barry diller, iac and expedia group chairman, speaking to bloomberg. more coming up on the program including our conversation with the u.k. shadow chancellor. this is bloomberg. ♪ anna: this is "bloomberg surveillance." i'm anna edwards here in london. let's get to business -- bloomberg business flash. leanne: s.a.p.'s revenue beginning to recover from the pandemic-fueled slowdown. europe's biggest technology company has been buoyed by software sales and cloud computing. cloud revenue climbed to about 2 billion euros. airbus has failed to secure any aircraft orders for a third month, and the company suffered one cancellation. that brings its total net orders for the year to 298. the tally marks a worsening of the crisis for airbus. it had previously managed to avoid losing business by agreeing to deferred deliveries. the power vacuum at commerce a littleet to last longer. the supervisory board is extending its search for a new chairman and chief executive following a shareholder revolt. it prolongs uncertainty for the lender as some investors call for

thanks a peter kern, expedia group ceo.are waiting for mark meadows, the white house chief of staff, to join at a daily press briefing. that should take place and a couple minutes -- in a few minutes. we are looking for some sort of clarity in what the government will do. the republicans want some sort of boost and leave a comprehensive il for later. democrats are against that. it seems like the talks are ongoing but they are so far apart. hopefully we get some sort of clarity here. think that would be well received. i wonder if the markets are really pricing in the risk, on a day like today, if this does fall apart. clearly, this is something that needs to happen. you cannot leave this many people without access to this kind of funding at such a critical moment. this is absolute pivotal. when you take a look at what has happened over the last 24 hours, 40 eight hours, from company to company, businesses we have talked to and our colleagues have been talking to, many of the numbers posting right now are a direct result of w

our exclusive interview with expedia's chairman barry diller, next.rg. ♪ yvonne: working from home and zoom meetings may be the norm during the pandemic. haslinda: expedia chairman barry diller told bloomberg that he believes the future of work will look a lot like the past. >> my instinct is that as the itus and the threat of recedes, which at some point it think that behavior returns to the norm. why wouldn't it? there are some things we have , i thinkrobably probably handshaking may be gone for a long time. close hugging and things like that might. work, we certainly learned about what we are doing, zoom, we learned to work from home, so to speak. i do not, though, believe that there will be the most basic changes in the workplace. better workplace work is , the serendipity of moving among people, the atmosphere of companiesngth that have gone to make their offices, certainly in the last 15 years, 20 years or so, just an organization of offices, have gotten so much more sophisticated and thoughtful about social interchange. we just finished buildin

that is an issue for expedia's business.t is why we have seen the airline sector be hit so hard. maybe it's better for rental cars and hotels. traveling, they just want to do it in their own cars. vonnie: thank you, kailey leinz. chicago schools are preparing to reopen. we will hear with the teachers think about the city's plan with the vice president of the chicago teachers union. stacy davis gates will join us in a few moments. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. the u.s. government top infectious disease expert dr. says he isci cautiously optimistic a coronavirus vaccine will be available by next year. fauci a pironkova today at a hearing that was held by a house committee calling for a national plan to contain the virus. market another milestone this week with total markinges from covid-19 150,000. it is official, the euro area economy plunged into an unprecedented slump in the second quarter due to coronavirus lockdowns, and it may take years to fully recover. the area saw a 12.1

own your tomorrow. >>> expedia numbers are out. expedia falling after hours trade after they reported a wider than expected loss on the bottom line. revenue came if lighter than expected as well $566 million versus $675 million as bookings, gross bookings fell 90% in the second quarter compared to the same period last year using internal channel checks, wall street has been more positive about expedia's growth in vbro. travel preferences shift to vacation rentals over hotels and the company does reference that revenue per room night benefited from an increase in the percentage of room nights contributed by vbro. we'll look to the earnings call at 4:30 p.m. for more clarity as to how it's doing in the vacation rental market competition with air b & b and booking holdings peter kern, the ceo says we saw consistent improvement in gross bookings through may and june with cancellations moderating. it will be a bumpy and inconsistent recovery with virus numbers being volatile the ceo will be sitting down with me exclusively on "squawk on

thank you for joining us and discussing expedia's earnings. and the growth in vacation rentals is interesting to see, peter. thanks for joining us today. >> thank you happy to be here everyone stay safe >> carl, back to you >>> all right. when we come back, ford this morning with an earnings beat. we'll talk to cfo tim stone about cash levels, they extended credit, and of crs t fd oue,heor bronco, when we return for just $25 bucks a line. with access to america's largest 5g included. that's right. unlimited and nationwide 5g for the whole family for just $25 bucks a line. only at t-mobile. pampers the #1 pediatrician recommended brand, helps keep baby skin dry & healthy so every touch is as comforting as the first pampers. the #1 pediatrician recommended brand >>> welcome back ford motor company reporting the second company results beating estimates and said it expects to have sufficient cash on hand for the remainder of 2020. we turn to phil with ford's cfo, tim stone. >> thank you let's bring in tim stone, cfo of the ford motor company you p

charles: well bookings having a good day, expedia got an upgrade so we'll love it together. speaking of love, goldman sachs finally agreed to pay almost $4 billion to malaysia to settle that scandal that's been haunting them for a while. wall street applauded the move this morning. i want to ask you about this , katarina because a lot of our guests love the financials but the financials don't move and at some point, goldman sachs, jpmorgan, the financial index, it's one of those oversold or undervalued areas but it doesn't take off. >> well it will be safe to say that financials don't love them back, and we have to, you know, when we look at the financial sector, the most important thing to consider is that this crisis is not, it's very different from 2008 crisis. this is not a financial crisis so when we look at banks, banks are well positioned from the capitalization perspective but at the same time, in the zero rate environment, when it comes to the productivity and profitability of the banks, you know, it's going to take some time. having said that we believe that banks

welcome to my "front row" interview with the change agent hind expedia, iac, and match -- behind

welcome to my "front row" interview with the change agent behind expedia, iac, and match group, barryry, you have had a few months to think about how the pandemic changes the ways we live, the

. >> expedia shares under pressure bookings dropped 90% during the latest quarter shares of lee auto jumping in the u.s. debut above expected range and closed above $16 in trading and higher by more than 4%. mgm resorts reporting revenue drop of 91% as casinos remained closed amid the pandemic and global travel came a halt. telling investors the near-term operating environment will remain challenging >> thank you very much on deck, the great market debate roars on growth, value hear what scott has to say on thatss iue reaction with lee baker of apex financial. >>> the rotation out of growth to value at some point will be a worthwhile trade i suggest that tech and growth stocks would have the biggest part of their run. the biggest companies out there that will survive and make interesting value plays. >> that was part of our one on one. his take versus value versus growth becoming less uncommon now on the street. joining us now, great to see you again. we've been waiting on this growth to value rotation for, i don't know, a couple of years now. nasdaq futures up about 2% do you think

so we were looking at expedia and trip advisor, for booking who is the best in that space, you saw that play out for them and then we get into coronavirus and this environment that we're in now where you're right, there is long-term damage done to the demand for corporate travel. and people will say the otas don't have a lot of corporate travel business they don't but they are dependent on helping set pricing and lodging, and if you don't have that degree of command out there, it will be lower. we they will be a challenge for these companies to get back near the levels of profit ability and growth they were seeing in 2019 and you look at the stock price rebounds that we have seen since march. they just don't seem to be reflecting that outlook for us we think there is better places to be in internet. >> >> we have been talking about your calls for a long time peer. nice to finally talk to you. hopefully we will talk again soon >> up next, sacramento kings co-owner paul jacobs will talk ony,ndrestarting supporports, te ecom a helping combat the coronavirus. that is next, stay with us >>>

let's go to aditi roy >> it targets companies like amazon and expedia which pay high salaries. the payroll tax applies to companies with more than $7 million in payroll and the rate is between .7 and 2.4% depending on how many employees are making $150,000 a year. the tax is expected to bring in 85 million next year and 200 million by 2022. it will go towards coronavirus relief and a continuation of services the decision is a big blow for amazon which fought a head tax back in 2018 you may remember that's after businesses pushed back that tax was lower than the one just passing within weeks of passing that measure the city council repealed it after businesses pushed back. one company which has been support iive of the jump start a is expaid ya the san francisco county sent the ballot a tax aimed at companies with high earners. that one is called the overpaid executive tax. back do you. >> this seattle tax, it failed before why did it pass this time? >> it's a good question. seems like the time really is right with the pandemic. you're seei ining state and city governments reall

other travel stocks on the move including hotel operators, online travel names like expedia and bookingith optimism around a vaccine continues to grow. i point out that analysts are cautious about the rebounds. until a vaccine is widely assimilated, they believe subfactors in travel will remained under incredible pressure julia, back to you >> seema, dramatic moves there >>> in case you missed it, our parent company nbcuniversal launching its streaming soft a peacock nationwide today peacock chairman matt straus joined u "squawk alley" returns in two minutes. >> we see a path of 35 million monthly accounts advertising is primary revenue stream but as you mentioned there is also a subscription version for peacock so we believe that having a frictionless way for somebody to access the app, getting really robust experience of conte fntor free is going to tap into the pulse of what people are looking for. (upbeat music) - we did it! (crowd cheering) - [narrator] wherever you start, snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it. - [gro

will look a lot different for most americans this year this is according to the latest report from expedia shedding light on that now found that 85% of us travelers are likely to take a road trip this summer interest in domestic summer states is up 10% year to year. so that makes up about 85% of hotel searches overall in june demand for staycations on the rise as well what greece is getting a billion dollars to open up 700 full-service doctor offices in more than 30 cities. so these will be staffed by 3600 primary care physicians will be recruited by village indy this national rollout did follow a successful test in houston has some wondering source costco said its june sales rose 11% to 16.2 billion health care reported strong e-commerce sales this year but its online sales had not made up for the drop in foot traffic in stores. it didn't have people going into the optical food court their travel all due to stay at home order social distancing restrictions as well and the coronavirus is overhauling back to school shopping that's set to begin here, but it's not clear if kids living backpac

it is towards the end of the year early next year, the funny thing that we see is expedia today, it islike we saw on the banks from earnings a couple weeks ago, the bad news is in it is been thrown out, the baby in the bath water in the bathtub has been thrown out as far as the stock prices and the news. as things get worse, a lot of news factored in that's when you see stocks take off. blake: there's a building over my shoulder here, and there is not a deal in this town right now of the next step of relief measures, is that possibly a thing at this point when they didn't go through with how the market reacted, cannot really pull the lever down? >> it could, remember that was a pretty big screwup back in zero eight, that was something that affected the market for a little while but then everybody got there you know what together and figured it out. unlike 2008, the government, fed and treasury have been ahead for the most part except for the first part of the pandemic. the reality, blake: real quickly, where you going from here? >> i'm sticking with the winners. i think you have to. to

cheryl: travel giant expedia getting a boost in revenue from vacation rental bookings and also announcingally stabilize through june. but they are still higher than pre-covid levels. that news had given the stock a boost but shares, as you can see, are still languagie ing ha about .2% to the upside. $86.78, gain of $1.87 a share. >>> holiday travelers are packing the planes this weekend or they were. let's head to kristpartsinevelo airport in new york. must be strange to actually be at an airport. reporter: it is strange. but i'm not flying, i'm just telling you how it is at the airport. it is relatively empty but this weekend was a big test for a lot of airlines to see consumer demand, also to see how comfortable people are flying. what we know is that there was a travel bump, the latest numbers from the tsa show that on thursday, the beginning of the holiday weekend, we did see 764,000 people fly which is a big drop compared to last year, down 64% but nonetheless, it is still the strongest number we have seen in four months so we are starting to see people a little bit more comfortable

tell you, they look so compelling and they were all among the toppersage gainers yesterday including expediand bookings. i think you're right. if we do get over the hump in any form or fashion they would be the outperformers for the second half of the year. i know you guys, both of you sort of focus on value and opportunities there. for those folks who want to buy tech, buying the dip in tech only worked for 10 years or so. is there anything, anything, keith, that you would buy in the tech area, the momentum area that's down today? >> well i tell you what, i tell you what i have already have purchased today. i have gone after apple. because i like stuff that goes on sale. i'm a pretty simple guy. scott makes a brilliant point using the word comfortable. people will get comfortable living in the new environment we're in. that speaks to shovelers, microsoft, jpmorgan. visa is down today, i haven't bought yet and i've looking very carefully. as the world goes forward people will spend and that is great move into digital currency. charles: visa is considered a tech name and also a independent pa

i do like things like expedia and the airlines like southwest.ying it as a trader here, it is going to be a wavy ride because of the fact that the cruise lines in my opinion are that last part of travel to come back. it could take longer to recover. charles: all right. well, all right, scott, we got to leave it there. i want to give you kudos, gold up five weeks in a row. you called it before everyone. it looks like the juggernaut. i want to apologize to ken mahoney. we couldn't get his shot up. nevertheless, it was a great show, scott taking us out. we are near the highs of the session as i hand it over to my colleague liz claman, take us up another couple hundred points before the weekend. liz: i got your back. don't worry about it. charles: thanks a lot. liz: especially on a friday; right? nice to see a 306 point gain. charles: there you go. liz: folks, we have a developing story starting to break over the past hour, could the clock be ticking on the wildly popular tik-tok app? within the last hour amazon has ordered all employees to delete th

. >>> the coronavirus crisis also taking a toll on expedia. the company reported a quarterly growth booking plunge of 90%. the stock is down more than 4.5%. the u.s. online travel agency reported a bigger than expected second quarter loss as a result. travel is still basically at a standstill. but the pandemic turned users to pinterest platform for content to keep themselves entertained. the company reported big earnings beat, user growth and they also reported a positive revenue forecast. to get any kind of forecast from a company right now is always good. the stock is up 32% right now. >>> now let's talk about apple. this has been something else. the big tech innovator leading the dow 30, surpassing the $400 mark for the first time ever after reporting blowout earnings and revenue yesterday after the bell. today, it briefly, briefly overtook saudi aramco as the largest publicly traded company in the world as it hit new record highs. this is incredible to watch today. apple also surprising investors, they did a four for one stock split which

. >> expedia is seeing exciting news as far as where we can travel and still get a deal. >> reporter:-- >> fantastic las vegas! >> so what we're seeing is las vegas has opened their doors to travelers and some incredible discounts await. four-star hotels like the cosmopolitan are looking like a 20% off discount, so you can stay for as low as $173 a night for a studio with a terrace. this is peak season summer so you have to remember, these are fantastic rates. the aria is a five-star resort and we're seeing rates as low as $99 in august. that's optimistic news. >> reporter: if you're looking for a little more space -- >> the oregon coast is the perfect place to hit the road and to practice your social distancing in nature, exploring. we're seeing fantastic rates in the oregon coast, as low as $150 a night for a four-star hotel. >> reporter: let's say you're ready for a big adventure. >> there it is. >> alaska is usually home to droves of travelers who are disembarking from cruises. but as we know, cruises are canceled this summer, so it's a really exciting time to be in alaska, to exp

more here including some of the airline stocks like united, live nation and the hotels like wynn and expediaving a good day, as well i can describe the bull case and i can tell you why the market is rallying and you may not agree with me, though. a lot of people don't, frankly the simple case behind the bull market is the worst is behind us that is the key the second quarter was the bottom the stimulus is the key. the stimulus, the market believes, is the backstop for the earnings recovery. if you actually look at the numbers they'reanticipating. not just more stimulus from the fed but more stimulus from the government 1 to $2 trillion package coming in july or august. the reopening story is more difficult. it's controversial a pause and some cases of reversal the bull case and the second wave of infections are going to be smaller than the first wave again, considerable debate about this, but europe is returning to higher levels of activity. the bulls say while containing the virus and the u.s. could be able to do that, as well of course, we heard about treatment and improvement in the vacci

value because stocks have run substantially into it, i would be more likely to look at things like expedia, where you get the exposure to travel but you're not saddled with all the debt, like a carnival, for example, or some of the hotel chains they are doing the right things, by the way i'm looking at all the companies raising money. they are doing what they have to do to make it there. it's not their fault, right? i'm not being critical i don't want that risk personally i don't feel like the upside is worth it versus just getting travel exposure in another way to answer your question directly look, i'm booking a trip right now for the end of august to make my kids away before they don't go back to school this fall the guy told me don't book more than flee nights i'm like, why, you must be really busy. he said, you don't understand, we're not letting maids into your room. i don't think you want to sleep on the same sheets for more than three nights i don't think you want to have to launder your own towels this is like a five star resort. if that's the situation, the idea that these travel

it's as if we're all going to travel again expedia, align, trip.com, marriott among the top five.uawk on the street" in a moment experience the adventure of a bigger world in a highly capable lexus suv. at the golden opportunity sales event. get zero percent financing on all 2020 lexus models. experience amazing at your lexus dealer. >>> let's get to jim in stop trading. >> you may not know robin farley works at ubs she was negative on harley davidson she upgrades it today and says it's time, even though it won't fix the demand problem, remember, this is an outdoor stock. people might see vaccine, you won't do it. i went to a harley store two years ago. i brought the demographic down earnings per share okay. but the fact is i love it when a bear goes to a bull. hog. >> they announced layoffs. i think they branded in the ak, they called it the rewire. it points to everything we talked about companies trying to increase operating leverage through layoffs. >> a new ceo taking no prisoners. i think for those looking for a travel stock that hasn't really moved yet, get on board harley

barry diller, owner of expedia, steve jobs' billionaire widow, facebook founder dust jiin msokovitz,ed president trump's campaign for a second straight month in june. california, by the way, historically a blue state. we know that, right? stuart: yeah. oh, yeah, that's for sure. guarantee that one's true. how about trump? susan: he actually has a very deep pocketed supporter. billionaire oracle ceo, according to filings, donated $125,000 to the trump victory committee in the month of may. according to analysis, it looks like mrs. katz's first contribution in support of trump and her husband also donating a similar amount, $125,000 as well. also another startup ceo, derek struben donating $250,000. notably, there's one big name that hasn't donated and that's peter thiel, who was one of the earliest and biggest trump supporters in 2016 still has not cut a check for the trump re-election campaign yet. we also know that millions have been funneled from silicon valley going to super pacs both on the democratic and republican side. stuart: they've got a lot of money in silicon valley so th

expedia another big booking player hitting a five-year low, trip.com is something else to watch and casinosk of mdm, las vegas fans and more beneficiaries of hopes and travels, 40 million go to las vegas strip each and every year and that means more people will to the big money generator in the largest gaming hub in the world. we also have casinos and hotels, those companies had to furlough tens of thousands of workers with most of the hotels with 50% capacity and if there is a vaccine they need to travel more and in order to survive and bring back people to work. stuart: it is amazing how positive news on a vaccine extends to all the areas of the stock market and makes them go up. anything travel related is looking good. >> travel is a 7 trillion-dollar industry, it's a separate industry the job that goes back to it. if you have a vaccine, it's a way of life coming back to normal which does include traveling, getting on an airplane. stuart: it does. they're all up today. thank you. right now will show you what else we have coming up on the show. we have seen the mob tearing down statues, r

>> expedia for health care. stuart: that's it.what's so good about it and why you like it so much. >> yeah. so we have to have some exposure to financials within our client portfolios, but it's tough to love the banks right now. we have to think outside the box. we love identifying companies that have a rock solid, long-term growth story when they're surrounded by controversy. that gives you a good entry level for a particular stock. so e-health, like i said, it's basically expeez ya for health, they provide an online marketplace for consumers and small businesses to shop around. the stock got whacked last week after just an awful earnings call. their return rate on their policies was hutch higher than expected -- much higher than expected, but they've identified the culprit. they've got both inside sales people and outside agents, and some of the biggest issues is that, you know, some of these outside agents, they're gunslingers, they're cowboys. they do a great job making sales, but they don't service their clients. so they're c