i thought they made it so they weren't stuck. >> it's easier than saying illumina is used by so many companies. very important technology. also the idea with grail that you could go and detect a cancer that is barely detectable in some ways as a result of one drop >> yeah. david, i've got to tell you, that company, i can't believe that it stays up here, given the fact that what you really have to hope is a takeover, and yet, who can buy them >> in this market? >> in this market. >> let me look at the market cap. if it's big, you got to wonder $32 billion with a premium yeah it would be a bigger company tough to say that's going to happen >> not going to happen >> given the stance of this doj and ftc, something we've talked about very often in terms of really chilling the market for a lot of m&a, even if the cases they're bringing may not ultimately prevail i've talked a good amount about horizon. amgen did respond to that complaint with their own answers. we can get into that at another time but we'll see what happens with illuimina. i wanted to hit catalent they finally filed their

stuart: next one is illumina.ested in this company because they are a dna sequencing company but i know that the ceo has just quit and the stocks up. lauren: yeah, so it's francis de souza, the ceo. he's out after pressure from carl icahn. icahn criticized him for not telling the public about an ftc opinion over illumina's $7 billion deal to buy a cancer test maker company called grail, and the ftc said that stifles innovation, so icahn said it's not good, and desouza is out and illumina stock is up one and three-quarters percent. stuart: got it. the latest price cut, i think, is nio. lauren: correct. long models will be at least $4,000 cheaper, that's a discount of about 9%. they are fighting for market share. they shipped what 40,000, a little bit more than that, ev's in the first five months of the year. if you compare that to tesla, tesla sold five times more. nio, they do battery swaps and they are ending that because that cost them money and their net loss as they told us on friday, more than doubled from a

illumina shareholders voted him out on may 24 and carl icahn is happy about the departure. on this perceived win. reports are swirling that the federal trade commission is seeking an emergency court order to block microsoft from closing its $75 billion acquisition of video game maker activision blizzard. this after the ftc sued to stop the deal back in december, saying it would give microsoft unfair control of the video game industry. even though microsoft has come out and said it would make all of the big activision blizzard games available to all handset models. activision blizzard down about two-thirds of a point on the news. microsoft up about 1.25%. we should let you know that fedex and ups shares both moving higher after issuing updates after that tanker fire caused an entire section of roadway on philadelphia's interstate 95 to outright collapse. the shippers say they are making adjustments to their operations as officials predict the stretch of highway which is a key artery between philly and new york city could be closed for months. let's get the latest on the scen

illumina is planning job cuts reducing their r & d division by 10%.he biotech company plans to cutoffs space in california as part of a plan to reduce expenses by more than 100 million this year. now, illumina is engaged in a proxy battle with carl icahn reported earlier this month that ceo francis desuza stepped down. lordstown motors is filing for bankruptcy. the ev start-up said it was left with no choice after talks with foxconn to purchase 170 million in shares fell through. stock down more than 19%. simultaneously, we should add, lordstown is accusing the taiwanese tech firm of fraud foxconn dismissed it saying lordstown made "false comments and malicious attacks" and it launched in 2019 with a factory acquired from gm. take a look at the other ev makers and this is really a big news in the space if you will looking at tesla and lucid and rivian. those stocks are actually still higher at this hour. well, we've got breaking news right now. parts of texas are under yet another excessive heat warning today, as temperatures are hitting as high as 11

you have three picks for us and a sector number one, illumina >> it has not worked it's been a mess nowpany's ceo resigned a couple weeks ago and they're in this big fight around the grail acquisition. icon has somebody on the board, talking about market cap, it is now $29 billion. this is a company that 830% runs on their machines. this is a company with very strong cash flows. the earnings are a mess because they're spending a lot of money on this acquisition. they closed the acquisition about of they got approval i think there are a lot of catalysts. they will hire a ceo they have a good boort they're really well positioned >> cgnx. >> the only job is to inspect things this can be easily replaced by a machine which cognex makes the equipment. they've had a downturn when amazon pulled back on is just s restart that spending, but i think they are well-positioned in the automation space generally. >> okay. sumatomo. >> we have liked japan for a while now, this is a japanese bank trading at 9 times earnings with a 4% dividend yield obviously we heard today from the head of the boj, i don

illumina has accepted the withdrawal of ceo francis desouza.esouza initially survived the attack when he was one of eight directors were last month. he was elected -- global news powered by more than 2700 journalists and analysts in over 120 countries. i am sarah halls and this is bloomberg. francine. francine: thank you so much. coming up, plenty more on the takeover reportedly complete and ubs becomes a reality. we dive into the latest phase of swiss banking coming up next. this is bloomberg. ♪ >> it is the higher end consumer that is feeling more nervous than the lower end. >> is this amount of cash consumers have on their balance sheets and it is starting to dwindle now. >> people have confidence in continuing to spend money. >> inflation remains persistent. >> if something else breaks between now and year end -- francine: chief voices looking at prices that will drive inflation. let's get a look at the stocks moving this morning with joe easton. it is a big day for the markets. it is a big week for glencore. joe: we have the latest news co

they're taking a picture, we have the sun illuminaing the clouds.is hazy stuff here, this is all dense smoke. right now in syracuse, something called the air quality index, it goes from about 100 to 500 and if you get toward 500, you better shut your doors and not let any air in your house. syracuse is at 400 right now. the epa when you get above 400 tells even healthy people not to be outdoors. that's happening right now in central new york, headed to the finger lakes, down to northeast pennsylvania. if you look at the edge of the clouds, that's heading toward new york city. let me show you the forecast maps for this mess. we color coded it here. this is the forecast. the dark gray is the densest smoke. this is 4:00 p.m. this evening, right over the lower hudson valley, new york city, philadelphia, northeast pennsylvania, long island and all of southern new england. and the problem is that the air is not moving fast enough, so it is kind of going to sit here and linger. this is 7:00 a.m. tomorrow. it is not as dense. this is fine particulate matter

try to fight regulators on both sides of the pond. >> one major difference, by the way, between illuminas meaning the regulators were not in place at the time when microsoft and activision did the deal, they did it wide open >> with the regulators saying you can't do it, they went ahead with it. >> yes all right. >> thank you >> that's it great. >> anything else >> no. not until next year. i know you are dying to try them >> i thought your security did you looked like you would mess with anyone getting if n here they are heavy things. >>> when we come back, we talk about commercial real estate milestone in the city. we have the details next. >>> right now, as we head to break, let's look at the biggest pre-market winners and losers in the s&p 500. ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to addre

. >>> andrew, thanks illumina says the board of directors accepted the resignation of sdesouza. he will stay on as an adviser through july the board will continue internal and external candidates for the search for the new ceo illumina has been in a proxy fight with icahn icahn treated he is happy with the recent events and including the ceo transition and election of steve mcmillan as the new chairman this came among the hindenberg report that came after carl icahn which damaged him in terms of what he was trying to do. desouza came under fire with the acquisition that he was trying to bring back into the fold against regulators he was fighting regulators in the united states and europe that was seen as a failed attempt to bring it back in at $7.1 billion acquisition that may be what pushed this over and damaging things with the icahn proxy. >> he was on two weeks ago he has been on the show many times. as has mcmillan. >> from stryker. >> right >> desouza is on the board of disney he is a competent member the mishs here is the grail deal maybe it was impossible to read it prop

eight directors elected last month and charles debts will was named interim ceo for in limine in -- illuminae commodities, iron ore down quite a lot, and this is the first time it has fallen in nine sessions, and roman is morning about property weakness likely to be a multiyear growth dragging on china's economy. brent crude is also down below the 60-70 level. just taking a look at some companies making waves as well, looking at eisai, and new alzheimer's drug gaining support from u.s. regulators, and nio increase -- decreasing its car prices by 30,000 yuan. their shares up significant lee. daybreak middle east is next. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following is a paid

opening tax cap and illumina two-tiered tax system. the wealthy and the well-connected by the sheer everyday americans. interesting to note those who pay taxes through withholding the irs really strategic operating plans the top 1% of those who avoid the tax system will be held accountable. once again the contraceptive hours and the extremism of the other side cannot be more clear but we have pushed for decided action to regain taxpayer trust reit build a fair tax code but just yesterday calling from the other side double down but we are looking up for workers and their families, they were apparently looking out for their own cost taxpayers $100 million. that is sadly not the women that extremism in advocate of religious would abolish the irs with a 30% national sales tax. i figure on this committee when members on the other side did not. republicans would raise the cost of just about all aspects of life in the middle class. whilst in the unfunded tax cuts for the wealthy and well-connected. that would create more harm than good bread