>>el the stock 1% to 158.01 and occidental petroleums being sued by billionaire investor carl icahn andental paid too much money for anadarko petroleum and calls the $38 billion deal fundamentally misguided and icahn called a special shareholders meeting to replace directors and shares were down a fraction to $51.91. after the bell cos o reporte better than expected earnings and revenue. the store saw a rise in membership fees. the stock was volatile in after-hours trading and i closed the regular session up a fraction to 241.54. also after the bell, the gap cut its full-year earnings fdecast reported weak same-store ales and sales at gap's namesake stores fell 10% in the quarter and even old navy which had been a bright spot posted a surprise drop in same-store sales and the stocks fell sharply in after-hours trading and it closed the session down 1% to $20.60. >> as we have been reporng the eld on the 10-year treasury note has fallen to levels we have not seeince september 2017. that means lower mortgage and auto loan rates and a renewed interest in personal loans. joining us to talk

would chase him and i would not let this spike higher and i would let him settle in after the carl icahn effect is up. >> disney has been unstoppable and will the magic fade after the earnings report next week. >> plus, don't call it a comeback and adidas is neck and neck with its rival nike and the traders will weigh in and tech ipo mania could be a $100 billion splash, but could that euphoria be a bubble is brewing in we veheha t details we are at times square with fast money. much more after this >> welcome back to "fast money." check out shares of lyft the stock higher, but down 13% since the ride sharing company went publics it gears up for its earnings report next week and as uber gets ready to make its debut and softbank considers its ipo for the $100 billion fund which includes uber, slack, doordash, wag, and the hottest companies before they go public, but doesn't an ipo of ipos signal some sort of top to all of this euphoria >> it sounds a little top thome, but when you think about it, lyft versus uber, people were making room in their books for uber so they move in lyft. uber

icahn tt they're going to close this deal his position is i am going to do books and records.u are go toi close the deal day one reported occi was there for anadarko nobody came for occi in the intervening weeks. nobody showed up unclear if there is a buyer for occidental but he raises a lot of concerns including the price of oil >> the pioneer last night was saying vickie holub was being dramatic i think he questioned how automatic that whole whether it is astronomical? that was just so much and money. a lot of people feel the 8% she borrowed from buffett was the last straw >> jim, you got to follow the story. >> you and i can span the story for quite some time. the story today. >> let's get to seema mody just when we thought trade policy is a separate thing heighten tariffs as regards to border secure, that's something the market is trying to get its head already, we had weaker than expected reading from china. soft german retail sales, that's all setting us up for a lower open here. take a look at the global market snapshot you will see over night, europe is down 1.3% the j

guy: let's talk about carl icahn, taking a stake.y be a little too late to block this deal. carl icahn, a well-known name, is basically saying oxley should not do this -- oxy should not do this. annmarie: shares actually rose when he did that because it meant the deal would not go through. he is getting in maybe a little too late here that is what is so fascinating about this deal. warren buffett, carl icahn, now total, and three oil companies. it is pretty incredible. tom: absolutely incredible. annmarie: they have overtaken the saudi field. this is now the future of oil, the permian. tom: we will see. it harkens back to what will be the chevron response. annmarie hordern, thanks for that brief. kit juckes of socgen with us through the hour as we see the markets through the move. -505 on the dow futures. coming up on "bloomberg daybreak," driving forward the conversation in petroleum. can we drive higher? stay with us. worldwide, this is bloomberg. ♪ >> i want higher interest rates. i think these are unrealistically low p of the pro

rachel: i think maybe the thought there was that carl icahn would push for a shareholder vote.hing occidental was able to do because of an investment because -- from warren buffett was eliminate the need for that vote. it willnd of the day not generate the same kind of shareholder contention we might have seen if ultimately they needed to get there investors to sign onto this. shery: rachel, thank you so much for joining us. let's not get a quick check of the latest business flash headlines. up, are trying to clean leading to restate earnings for 2016, 2017, and part of 2018. they found evidence of employee misconduct. they say the impact of earnings on shares should be less than 2% for each year. warren buffett says he remains confident in the country. livestreamereogame has put ip plans on hold following president trump's threat to raise tariffs. they planned to launch a roadshow in the u.s. on monday but they may postpone by at least a week. tencent and has aimed to raise half $1 billion in share sales and starts writing by may 16. apple will unveil a range of new apps and u

. >> smart >> was it icahn? icahn held onto netflix and apple, he would be worth more than buffett they would have been the greatest investments of all time >> he was early in china rolling over china is coming back >> he's very bullish each week things got better in china. i continue to think stocks to be owned. you know -- did you see the interview with the judge >> yes, i did. >> tony did not get. >> you were tweeting about it. you could not help yourself, could you? >> no, i could not i was all over it. >> first of all, i always like to say tony is a -- nice guy >> i will tell you what though going into the bershire meeting, first time in a few years we have so much pillars of news, kraft and apple and amazon and buy backs and succession and occi >> we'll talk about occi later and what mr. buffett told bucky abo about wells. >> senatooor warren -- >> i was a fan of sloane, so what >> i am from philadelphia, we run hot and cold >> never said i had a bad year when i had a snowball. >> when we come back, the vi

icahn has a 10% stake. they have been selling assets like crazy.lion since they bought jordan and there is more to come. the company is trying to figure out how to realign itself so we can make money over time. romaine: the shares are up 12% this quarter. i look at revenue growth and it is down seven straight quarters. eps is not projecting any profitability until late 2020. have they turned a corner? dave: they are trying to get there. they have core sales that they look at. down 2.4%. they expect comparable decline this quarter. a low single digit drop for the year. as far as the earnings go, not all that great. the profit margins have been under pressure. there is the operating margin. just 3% of the first quarter. with the gross margin, what is left over, they are dealing with foreign-exchange going against them, tariffs and inflation. the usual stuff that comes -- they have been trying to raise prices but it hasn't happened at this point. caroline: dave wilson, thank you. berkshire hathaway billionaire warren buffett is buying it amazon. mostl

carl icahn bought and sold his entire lyft position before it even went public.'s a great -- >> did you broker that one? >> unfortunately, no. that would have been a nice commission. thanks for rubbing it in. >> i will talk to carl about that. >> please do. liz: we have airbnb -- >> all coming down the pike. right. >> trading now? >> absolutely. like we talked about, there's a huge market. they are valued at such high numbers so it's out there. this is really exciting. this is like the hedge fund business 15 years ago. >> that's why you got out of the hedge fund business. >> i ran the hedge fund business at a large bank. now it's time to do something else. i'm excited. >> i could talk about this with you all day. someone is screaming in my ear. yes, i know. thank you. >> my pleasure. thank you very much. liz: good luck to you. $1 trillion "countdown" closer is next. live from las vegas. don't move. isor, i tell my clients not to worry about changing their minds in retirement. you may have always imagined your dream car as something fast. then one day you decide i

shares of class a stock that appears to be in addition to the class b shares that he acquired from carl icahn ahead of the ipo a reminder of all of these positions are as of the end of march and they have changed in the six weeks since, melissa >> leslie, thank you leslie picker at headquarters. karen what stood out to you? >> well, google. today a lot of good activity in google, but it shouldn't have been where it was going into today. i think it was both fundamentals we had a couple of analysts, i think raise their price target and i think whoever sold it by the end of march that was decent timing and i still like it here up $45 doesn't change at all >> i look at amazon and buffett and the fact that buffett wasn't the guy pulling the trigger and it's a fairly small position and i look at that and that makes much more sense now. warren buffett's buying this company and you know what? he really wasn't and it was someone else underneath him and i also like what i see in facebook because i'm a believer as well and i think it's the upside >> i care more about warren buffett's 13 fs from everybod

leslie, while we've got you i wanted to move on and talk about carl icahn's fund reporting a loss of q1 what's behind that and how bad is that ranking relative to peers? >> so according to their conference call related to earnings, this is icahn's publicly listed enltty, they lost about 5.4% in q1 and they're attributesing that almost entirely to their short positions. they said their short positions and other expenses detracted 12.8% whereas their long positions actually had a positive performance attributed to 7% in terms of performance in the quarter. we don't know exactly what those short positions are that really kind of detracted from the performance in the quarter but certainly a very difficult market for any short seller to be in right now. >> yeah, not a start to the year that you wanted to be net short of leslie, thank you very much. >> thanks, wilf. >> still to come, berkshire hathaway has been eating the s&p -- beating, excuse me. beating the s&p 500. those heinz stories. over the past five years but the charts might tell us a different story. >> this video montage of san

petroleum because anadarko there can be a wrinkle in the proposed acquisition activist investor carl icahnnies he controlled have filed a lawsuit, built a $1.6 billion position in occidental they're looking for at least an agreement here or a lawsuit because they say the deal is fundamentally misguided and hugely overpriced, looking possibly for board changes and documents with regard to the sale of the company. so we're keeping a close eye on both of those stocks >>> now let's send it over to seema mody with the features now team. >> keeping a close eye on copper, a key china proxy, trading at its lowest level since jan arpd and erasing nearly all of its gains for the year as we await china manufacturing data tonight which could show how much tariffs are hurting its economy. let's bring in our traders, scott nations and jim urio scott, let's start with you. can copper find any footing before the next g20 summit where we're expecting some type prof gres on trade? >> i would not expect it good gdp number didn't help. the dollar actually is hurting trade is really hurting. if there's any goo

. >> let me bring in joe livorna, chief economist, and craig callahan, president of icahn advisers great to have you here joel, first, this idea of doing away with the dual mandate to purely focus on inflation. the ecb does it. >> yes, and arguably, they have less ability to respond to shocks and inflation doesn't allow you to ease, but i have a better idea, kelly maybe go with a more rules-based approach to monetary policy. >> uh-oh, uh-oh. >> steve liesman is with taylor out in california, and a more rules-based approach where when the fed misses its targets, it reports to congress. that's what humphrey/hawkins was designed for, when first immaterial pleasanted in the '70s, for the fed to do. have a simple rule-based approach and that may work better. >> if you said, okay, the inflation target is 2% and they've been missing that for seven years, for example, how would that change anything they're doing today? >> it may not change what they're doing today, but what it would do is it would make the fed effectively more transparent and cause less volatility. there wouldn't be communicatio

the board of occidental is in over their heads, karl icahn says. >> price targets are flashed $150.his its mass-market model three has stagnated in the u.s.. mark cranfield joins us for an analysis. we have seen first quarter gdp in south korea pretty weak. it is not surprising that there are calls for a cut. the korean yuan has been weak. room do policymakers in south korea realistically have? mark: they are expected to leave the rate at 1.75%. they have some room. korea has already decided a rate cut is coming, regardless of what the bank of korea made -- may be saying. the bank of korea probably wants , delay as long as possible until they see how much further the global deterioration goes. the export data in korea is already pretty poor. the data is really stacking up. question of-- a time before the bank of korea may have to given. -- give in. closely the bank of korea's comments in the months ahead. aul: what is your expectation for manufacturing pmi? will we see a contraction? mark: people are nervous. been hit with this mexican tariff thing. 50, it wouldelow be very bad. shery:

stop the back door selling >> yes >> specific thing that we discussed of the sorrells purchase of icahney won't let it happen >> that's great. we learn fred from the lesson ad cool off the market. don't know when the president is going to tweet then. it is nice >> we are getting lyft earnings this week. tuesday night along with disney on wednesday and it is going to get busy let's get the opening bell, s&p 500 at the cnbc. at the nasdaq, it is the cme group celebrating the futures. names that got away from you or slipped away in the rally. >> i totally agree you sit there, i don't want to change, i want to wait for the market wide pull back. you can't just say okay, i need a bigger pull back tough start buying something technically these stocks have been so hot that they left the train station. >> now they're coming back if paypal were to come back a little disney is harder because there is a bigger gap. how much is microsoft really hurting here and how much is facebook facebook is not there. alibaba, i think they're having a fantastic quarter. >> well, alibaba's shares will be down. we

concerns that uber has had is what we saw with lyft that was creating selling pressure sorrells and icahn >> whatever you want to call it. >> was not him they tried to make sure it does not happen here. >> there are ways to convert they're trying to mistake suake does not happen and constructive the cfo has been trying on this. >> so he scrutinized to where it went to. that's very smart. >> we know you may be a flipper, you are out. they can't control the people who watch our network or ridden in an uber had a great experience and want 200 shares they can't control those people. we don't know whether those people are using market orders and say to themselves, i want to a piece of great technology. that's the real enemy of the deal >> dara talked to andrew sorkin today. some of the lessons from lyft in recent weeks talked about hopefully the plan is for losses to peak this year and talked about a path of profitability. >> we do reinvest profits aggressively in new business line we are comfortable when we look at the portfolio of business that we have >> lyft this year for them is peak loss