for "nightly busine i'm kate kelly in san juan puerto rico. >>> u.s. b mutual funds, the kind you and i might own, have more than $11 billion to puerto rico's debt. here are some of the funds with the greatest exposure. franklin double tax-free income, oppenheime rochester maryland municipa and the virginia municipal. to see what other funds have high exposure head to our website, nbr.com. an $18 billion merger is where we begin tonight's market focus. the new company will be called willis towers watson and will benefit from the low corporate tax rate in ireland. towers watson tumbled almost 9% to 125.80. conagra is looking to sell its business less be that three years and the earnings top estimates although revenue was below forecast. shares were a fraction higher to 43.72. the activist firm led by nelson peltz has taken a second stake in pebt air. they want to consider buying up it is rivals in an effort to con e the fragmented market. >>> pep boys may put itself up are reviewing strategic options to increase shareholder values. i think they should g

kate kelly in san juan. >>> now gambling revenue has fallen again. it dropped 36% from june from a year earlier. many attribute it to china's crackdown on corruption. >> reporte glamorous hotels spectacu attractions, macao is the las vegas of the east. since the chinese gambling central opened international ininvestig in 2002 they've been on a hot streak generating more revenue than the las vegas strip. no the chips are down due largely to beijing's anti-corru drive. >> these investigations tend to intimida everybody. so it has curtailed all of the upper end spending and business that's are in that area of the economy like better automobiles and clothing and fashion and macao fall in that category. >> reporter: that stops people like lou. once a frequent visitor. an officer for a chinese state bank in the nearby city he says he hasn't done anything illegal. bu i think this may last forever. >> even so, the potential of $1.3 billion increasingly wealthy chinese consumers has the casino operators betti big. >>. this can be found all over macao and in 2

cnbc's kate kelly's got the details. kate. >> hey, melissa.ou must be referring to the fact that einhorn said in his q2 letter that he thought season 3 of "house of cards" was set in order to compete with ambien. but he had some other witticisms too. he said when it comes to the first quarter for netflix and the big earnings miss that they had apparently red ink is the new black. he thinks that the company's being judged more on what it spends than what it earns. now, specifically he was concerned because he saw that the adjusted earnings for q1 fell well short of the estimates. if you take a look at thomson 1 numbers you see expectations in the high 60s and actual in the high 30s. einhorn's numbers that he used different by a few cents. but the principle is the same. big miss. yet you saw a 12% rally the next day. looking at this week the question is are they going to be able to live up to their earnings expectations which granted are much lower particularly based on the forecast they gave during the quarter he's talking about. they're in the

cnbc kate kelly has details from the investor letter, kate? >> thanks so much, melissa.ructico connecticco constructive on china despite a letter that said and observation on july 21st, a call bridge water past few quarters, and have a classic call. pumping up stocks with excess leverage, bridge water missed a few things in the runup including the bubble acceleration rate, it's subsequent deflation rate and the participation of key corporate entities as well as mom and pop investors. the losses to chinese households in particular substantial and even though corrective policy measures reduced the market drop, the true impact isn't known until we have the economics coming out. while the chinese government has tools and resources to stimulate the economy, emphasized in an additional statement, it will be hard to avoid a painful economic slow down written in that letter in the process. >> when you read the letter and it's a long letter, ten pages lodge, he acknowledges the fact the argument can be made that a small percentages of households invest in the stock markets but th

kate kelly has the latest developments from san juan. kate?iously encouraging day for the puerto rican debt crisis km as you recall started off with the governor of the island saying the economy was in a death spiral and came down to weather debt payments could be paid today. one is a set of obligation bonds of about 645 million. another, a key set of payments from the local pour and utility of about 416 million. while we don't have updates, there are quite a few of 100, 200 million or less. it sounds like a sense of optimism in the marketplace that things are going to get done. now, at the same time, the market seems to be showing its attitude in terms of the charts. if you take a look at the general obligation bonds with a majority of 2035 they're considered to be the benchmark when looking at puerto rico they've traded up a little bit. a little bit less volume in the bonds, the electric utility with the $400 million payment today. traders tell me the fact that they're not seeing a lot of trading volume in this name today is actually encoura

our own kate kelly and jack moore at the street.our markets discussion "fast money" trader guy adami. kate kelly, aside from earnings disappointments, commodities really stole the show today in terms of the pressure gold oil and other commodities we don't even talk about like tin and zinc. >> first of all, i think when oil pierces that $50 level -- >> hang on before you get into that, i want to get to breaking news out of qualcomm. david faber has the details. hi, david. >> thanks very much sarah. that's right. a victory it would seem in some ways for the firm of jana partners that took a $2 billion stake in qualcomm asking the company to review the possibility of splitting it into its chip business and its intellectual property portfolio. that announcement coming just moments ago. in addition to many other announcements from the company will also include earnings, which josh lipton will take a look at. but importantly, the company not just agreeing to review. and, in fact saying it is in the midst of that strategic review right now

kate kelly has the rundown down from the new york stock exchange. hi, kate. >> hey there, scott.ave a full roster of major activists showing up tomorrow, and with their strategies returning nearly 6% on average so far this year, that's the hfr index, the activist index, much better than the s&p. theirs will be presentations that people really want to watch. early in the day bill ackman and nelson peltz who can talk about any number of names but lots of intrigue around ackman's latest target which would account for 15% of his firm's capital or roughly $3 billion. we know he's taking a big stake in know mad foods, the british acquisition company and perhaps he'll say more about both of those. keith meister, another big player and two of his biggestiums, yum brands and williams company seeing lots of action. yum reports after the bell. meanwhile williams is fighting off an unsolicited bid from energy transfer energy which has so far undervalues it and delivering alpha wouldn't be complete, scott, without a closer from carl icahn who is hopefully going to debate larry fink on the sub

cnbc's kate kelly's got the details. kate. >> it's been a choppy year for the markets to be sure.nd with rate hikes likely coming pretty soon that volatility may well continue but some of tomorrow's panelists are keenly focused on the timing of the next downturn in the equity market especially for reasons that range from greece to the fed. paul singer for one has been dubious for years now about the central bank's zero interest rate policies not just here but abroad as well. he called holding developed government debt quite nutty in a recent letter and has said that shorting it is actually the bigger short. of course a comparison to the subprime big short of 2007. based on past comments he's almost certainly bearish on the latest proposed greek deal which relies on further austerity. overall he believes the market is overleveraged and of an unsound structure, all of which could add up to a downturn in the future. singer may be the least apologetic of the day's speakers when it comes to having strong views but jpmorgan asset management chief mary erdos has said recently that she's

kate kelly's been all over this story from the beginning. itical few hours ahead of us kate. >> absolutely tyler. four puerto rican borrowers are due to make debt payments tomorrow. whether they can all do it is not a sure thing. some $700 million is due august 1st to creditors to the island's tax authority. just hours ago we learned that the government development bank which owes $169 million tomorrow is posting that money on time. but questions linger over its subsidiary unit the public finance corporation which is widely expected not to pay on time. if the corporation doesn't make its debt payment as expected by early next week ratings agencies are likely to throw it into a state of default even though technically speaking it is merely a non-payment due to lack of available funding. but it is bad for the island citizens who make up three-quarters of the ownership of the bonds most likely to go unpaid. what they'll do from here not clear. lawsuits are always possible but in the meantime a restructuring in which the borrower gets a debt brea

bo tay ler telling kate kelly he thinks oil could go to $30 in short order so investors are mulling thate are going lower from there and that's where selling pressure will intensify but it will be hard to break that support level at this point. >>> fed chair janet yellen and ecb president mario draghi both speaking today. for the latest get's get to cnbc's senior economics reporter receive leisman. >> you had a strong equity rally in europe today up about 1.5%. as the pieces of greece's bailout seem to proceed at pace. kind of unusual for the chaos that's really prevailed in europe since the financial crisis. draghi announced that europe -- that the european central bank has increased the emergencylanding to the greek banks by 900 million euros. a little bit less than had been anticipated by some officials. however, the story is that it does allow the greek banks to perhaps provide a little bit more than the 60 euro a day limit that had been out there available to average greek zints citizens and depositors. but draghi was pretty clear -- >> no matter whom you talk to there are, i would

. >>> kate kelly has a news alert on puerto rico. >> thanks so much melissa. .om standard & poor's saying it is a virtual centerty that a notable puerto rican bond issuer -- the public finance corporation which is a unit of the somewhat financially troubled government development bank -- is very likely to miss a debt service payment due on august 1st as a result of a transferred payment from one government entity to the pfc that was not made on the usual timetable in july and therefore it does not appear that the funds are available. standard & poor's also downgrading all puerto rican debt alongside this particular set of bonds saying that it is a new precedent for the island not to make arrangements for these payments to be made in a timely way and it is obviously a negative harbinger of what may be to come. another bit of evidence of the trouble here in managing the island's $72 billion debt load. >> kate kelly, thanks for the update. >>> the volatility index has plunged again. since july 10 the vix is down 10%. just before that date we were seeing markets dro

let's bring in kate kelly who joins us from puerto rico no less with some breaking news. r: good morning. news out moments ago that prepa, the electric power authority in puerto rico which is one of the biggest borrows and one of the more troubled borrowers in terms of the lack of ability to pay them looks like they've reached a temporary agreement with creditors to come forward and pay the debt service and principal payments they owe today which comes to about 416 million. they're going to pay in part with certain bond insurers. they don't name them. it was reported overnight but we didn't know the details. but certain revenue bonds have agreed to buy short term bridge loans which need to be repaid by december 15th. this is a classic kick the can down the road to help pay thing longer term debt. it's a fix for today. they're made a forbearance agreement to help reach a locker term solution. we have a parallel announcement from the bondholder group saying they look forward to further collaboration. a bit of progress here. this is a $400 million chunk of the $2 billion in d

thank you, kate kelly. we know you're working. we do.t. >> joining us now to talk all these things is jim grant, founder and editor. and to talk so much more about things. i got a couple of issues i want to talk to you about. one was that we just had a gentleman say we won't be at 3% years from now on the 10-year. >> how does he know that? i know i don't know that. >> do you think there will be upward pressure eventually? >> eventually yes. >> is the trade now to stay and think that it's going to be quiet in the bond market? or is it the biggest short possibility in history? >> there's probably something in between. i think we ought to focus less on greece and more on new jersey. and i think that because new jersey is a wonderful window into the world and of the republican party. now, chris christie just announced for president. he makes the last middle aged male in america to announce for presidency. so we're all in. >> i wouldn't be last because i'm a young middle aged male. >> correct. but the thing about chris christie is not the tra

kate kelly reporting for us today. >>> stocks still in the red at this hour.y have bounced back from a big sell-off at the open. the dow industrials off about 83 points. that's .5%. the s&p 500 a little more than .5% lower at 2,064. the nasdaq roughly in percentage terms down the same amount as the s&p 500. stands at 4,979. >>> check the grek etf. down about 15% in the month. that's the greek etf. sara eisen is live in new york city with the former greek prime minister george papandreou. >> he was prime minister from 2009 to 2011 the early days of the greek crisis. outside the u.n. where he's just been speaking mr. papandreou always good to see you. this is your first time to react. first chance to react to the fact that 60% of the greek population voted no in this referendum. >> well, i myself voted yes. i hope that we would have a yes vote because that would make -- give us an assurance that we would stay within the kurn is i zone and i would think that we could also negotiate a solution. a no vote has to be respected, on the other hand. it does show the pai

kate kelly, thank you so much. is he right? >> we have a buy on netflix.o comment on what david einhorn has to say for a number of obvious reasons. >> let me ask you what he is saying, and you heard him put it cogently people are rewarding growth and not the reality, excitement more than actual results. >> david einhorn is 40 times the investor i am. there are numerous stocks where traditional earnings metrics tend to fall by the wayside in lieu of investor sentiment, the story, the cult of the stock. i think that falls onto that category. i'm not categorizing anything david says or bgit. >> guy, the last word here. >> audio issues with guy. there will be much more coming up on "fast money" and guy and the gang. >>> in california gas prices are spiking. what's behind the pain at the pump. >> apple's iphone. they only have less than 24% of the smart phone market but grabs 92% of operating profit. should the other phone makers raise the white flag? my name is rene guerrero. i'm a senior field technician for pg&e here in san jose. pg&e is using new technology

he's joined by our own kate kelly down at the new york stock exchange. d to have you on the program again. kate, why don't you start us off. >> jeff, great to have you here. you've been talking in your research about the sort of negative feedback loop that's occurring in commodities right now where we have a vicious cycle recurring low prices. >> can you explain a little what's going on? >> i think it's good to take a step back before you talk about the negative feedback loop and talk about the three ds of macro, deflation, divergence in currencies and deleveraging of debt. i want to emphasize these three themes are a decade in the making. nolg something that's going to unwind over the next three to six months, they'll take a year or so to play out. let's go over why they're a decade in the making. deflation, excess commodity production capacity all over the world. productivity gains through a decade of a commodity boom. so it's response and investment to the higher prices. second one, we think about currency divergence. there we look at the u.s. economy

kate kelly thanks for the round-up.ning frus the floor of the new york stock exchange. >>> in terms of energy not many people got this trade right at all. >> melissa, i've got to say i'm not buying into today's raly. one single data point that matters to me. iraqi oil production is at 4.3 million barrel as day. that gets deep way deep into the business section of any newspaper if at all. it's indicative of iraq, what if iran gets a deal done. there's a lot of oil above ground. the last two weeks we have seen the rig cup move up. that's more pressure on the market. along with anything out of venezuela or iran. >> iran is just, the longer the talks are drawn out, the less likely we will have up to a million of barrels a day on to the market. we could be looking at a flood if not a million. a flood of oil. >> we have been underweight mrg for the last couple of years. look at production, the costs are going to go down. any of the companies going to be hard for them to maintain the margins from two years ago. it's a paradigm

. ♪ >>> we do have breaking news this morning on insider trading, our kate kelly is live in new yorkuch. some breaking surprise news from the supreme court of the united states. that the solicitor general of the justice department has filed for the supreme court to hear a key insider trading case called u.s. versus newman. this was a key insider trading case involving the question of whether the tipper and the tippee on a piece of insider information had a subsequent relationship that there was a benefit from giving the information, trading upon it and something expected in return this question is now perhaps going to be considered by the supreme court the u.s. second circuit of appeals overturning a decision that had found these two defendants guilty of insider trading in december, a big blow to the u.s. attorney's office in new york and now on behalf of that u.s. attorney's office, the justice department is pursuing this all the way to the supreme court, carl. so a really interesting and somewhat surprise development. this case is considered a long shot for the supremes to hear it

thank you, kate kelly there in san juan. thank you, carol roth, kayla tauschi. as always, we enjoy vug on the program today. >> kelly's back tomorrow from aspen. >> this was not planned. yes, we match but -- >> it was so in sync. we don't even have to tell each other. >> that's it for "closing bell." "fast money" coming up right now. melissa lee, what's on tap? >> live from the nasdaq marketsite in new york city's times square this is "fast money." i'm meltsa lee. tim seymour, josh brown, brian kelly and guy adami. mcdonald's coming in dead last in the american customer satisfaction report but that could be a good thing and a top analyst will explain why. plus, lagging the market. we've got two big cap tech stocks that could beat the market the rest of the year. and here's the best part. you probably use this company every single day. but first, to the developing story on the airlines. the justice department is reportedly investigating the major carriers for colluding to keep airfares high. and the stocks are sinking on the news. cnbc's phil lebeau's got the lat

annual delivering alpha conference, china, europe and iran sure to be part of the big discussion and kate kellyh more. >> early on the agenda is a discussion called global opportunity. great term for it since a lot of people are focused on some of the current stress points around the world. as potential buying windows down the road. maybe not too distant into the future. mary urdos who runs jp morgan's $2 trillion asset management business is an example. i talked to her as grexit becomes possible, she shade china would be one to watch as potential catalyst. combined with liquidity gaps in the market, you don't know what's going to trigger something else. the right investment discipline should jeb rate great investment disciplines in the longer-term. other speakers include apollo natural resources greg beard have told me they are looking for the next leg down. in greg's case in energy as the point to pounce on. despite the ongoing stress in the oil market. even more pointed today. with news of an iran deal it could lead to yet more supply on the global market. folks like beard think that prices

kate kelly is here to tell us what's at stake.re missing a payment soon. >> we're a day away from a big deadline for puerto rican borrowers. including the public finance corporation that is likely to go unmet. throwing it into default. further financial disarray. the pfc is only one of the players here. in addition to the $58 million it owes three other puerto rican entities ohwe debt payments on the 1st. cofin and and the must pal group are ek pecked to pay. but the other groups investors are less sure of. publicly lyly traded bonds are spiraling. they still could pursue puerto rican issuer in court and make their money back over time. albeit through costly litigation. some individual investors may not have the interest or capable to do. >> we know this is a huge issue for people in the area. a lot of investors here in the united states own those puerto rican bonds. what does it mean for them? >> short term no interest or principal payments. that's an issue. longer term it raises questions. of course structurally about puerto ric

kate kelly is with us. she's got more on what to expect. good morning. >> good morning, andrew.a tear this year with those strategies rising. against an s&p that's been kind of dull really. and tomorrow at delivering alpha we'll have a lot to watch. bill ackman always a pace setter starts the day with a panel with nelson peltz. we'll see what they actually tell us. ackman recently took a 22% stake in nomad foods. that's a british acquisition company set to focus on the food business. but he's also been going big on another as yet unnamed investment that he says is costing up to 15% of his capital or roughly $3 billion. peltz has just loaded up on the valve maker pentair. but he hasn't elaborated on his his -- we'll also hear from keith myselfer and jeff smith as well as tom sandell and carl icahn who recently pulled out of netflix. he considered doing that once before, you may recall but his son talked him out of it. he may tell us tomorrow what he was thinking in late june when he tweeted that he had gotten out of it. and david has questions about it too. >> yeah. david now say

hi, kate. >> hi kelly. that's right.t few weeks of summer vacation holed up in a classroom. but if you want to become the next generation mark zuckerberg it's probably worth your while. and that's the case with expo startup which is a two-week intenseive program for kids who have big ideas to learn how to market themselves, network, pitch to investors and more. now, this year's class of eighth, ninth, and tenth-graders come from all over the world as far as hong kong and dubai. >> we're letting them be kids but they're also cooperating and collaborating together. they're meeting speakers from industry. they're going to places like google and forrester labs. they're learning about innovation. they're learning to write business plans. they're learning to pitch their ideas. >> now, they actually did pitch those ideas earlier today at math challenge which is a local accelerator program. where i'm come toug live from. they got feedback from judges after working on their business ideas for about two weeks. and we should note t

bo taylor telling kate kelly he thinks we could see $30 in short order.uld balance between this $50 and $60 range for the next six months until we finish out the year. it will be interesting to see the catalyst. the production number from the eia at peak production levels. deet the demand is dropping. what the catalyst is to push us to the four handing, the three handle. price up 21 krerntcents, 57.67. >>> netflix hitting an all-time high after yesterday's hit. we will hear more from reed and the sweater that everybody can't stop talking about. walt mossberg coming up later on squawk alley. dow is up 48. back in a minute. what do you got to offer us today? ♪balance transfer that's my game♪ bank you never heard of, that's my name♪ haa! thank you. uh, next. watch me make your interest rate... disappear. there's gotta be a better way to find the right card. whatever kind you're searching for, creditcards.com lets you compare hundreds of cards to find the one that's right for you. just search, compare, and apply at creditcards.com. ♪a one, a two, a three perc

kate kelly has that story. that is melodramatic. >> there was a lot of caution and context. nonetheless, surprise news that emerging from the world's biggest hedge fund talking about the connecticut-based bridgewater associates which manages $169 billion in assets. ray dalio has been supportive of the china story even in the face of real issues. calling its issues with debt and the economic slowdown a tail wind. in a letter cnbc obtained he made something of a mea culpa. that it should be more meticulous, bridgewater, in the future in anticipating some of these moves. bridgewater's take on china is many full. recent stock losses have been substantial with significant losses for households partly because some of them bought at the peak price points. chinese policy of late has been short-term supportive to prices but longer term slightly negative for the markets and for the development of the chinese equity markets. some of those measures will not materially affect the economy. the next weeks and months will be really key as we get economic and credit data that will tell us so

kate kelly is live in san juan. kate, what are you hearing? >> reporter: mandy, the countdown is well under way today for puerto rico's numerous borrowers to make debt payments that come to $1.9 billion by the end of the day. so far what we know is that at least half of that has been satisfied. maybe even a little bit more. one set of so-called general obligation bonds which are considered very safe for investors because of the rights that investors haven't under them have been paid. as have bonds tied to the island's electric power authority which owed $416 million. in a somewhat creative and surprise deal that really emerged overnight after the market had real doubts about whether that obligation would be met, they announced they had extended a forbearance agreement to creditors until december which allow is more time to restructure and it will pay the $416 million with the help this is key, of some bond insurers that are investors that are going to buy new notes they're issuing to the tune of $130 million in short-term debt that will have t

kate kelly, thank you very much. all right.he s&p 500 is up about a half percent and just about 25 points from its all-time high. dominic chu is joining us now looking at the stocks that are helping keep this market afloat. i guess steven cohen is helping keep the market afloat. >> he could be. the kind of profits that a guy like steve cohen is generating is really pretty staggering. remember yesterday we talked about all the stocks in the russell 1000 broader index that are in correction or worse territory, over half of them. that begs the question if we're still near record highs ma what about the stocks helping to lead the way higher? these are the important ones because 2,000 of the russell 1000 stocks are just at or within 5% of their highs for the year so they are the ones keeping this market afloat and they are important because 18 of them are actually worth $200 billion or more and those mega cap stocks are helping to kind of keep this market afloat for the broder indices. take a look at 1 of the 18. it's mastercard. ye

we've got kate kelly standing by with a play by play of what people have been talking about, kelly? terrific singing there. you should think about starting an a capella group. but over to alpha. really fascinating afternoon and we had a keynote interview conducted by david faber. paul singer the founder and chief investment officer of eliot management. paul's obviously active around the world. he's known for some of his distressed trades in argentina and elsewhere. he also thinks that shorting developed government bonds is the hot new trade right now because he's very concerned about zero interest rate policies among other things. but, he turned his attention to china in a particularly interesting moment. and a lot of us have been talking about the wild ride that stock market's been on. way up and losing a ton of ground in the last month or so. the measures taken to halt quite a few stocks to allow people to use homes as collateral for trade. to do more to facilitate trading. and he said it's an issue of real concern. let's listen to him on that. >> the damage that's been done to pe

i'm kate kelly in manhattan standing in front of the citigroup building at 399 park.me hundreds of people are gathered to hear from puerto rican officials about the state of their $72 billion overall debt load and what they intend to do about it. in attendance today, bond insurers creditors, some hedge funds, many people are invested in puerto rican debt in some form and they want details from members of the governors working group who are trying to establish a restructuring or some other plan from meeting their debt load. meeting gets under way in just a few minutes. we'll bring you updates as it goes. >>> andrew gadlin you specialize in puerto rico. andrew, greece has been getting all the attention. but i have a feeling once the greek situation has moved away americans will start looking to puerto rico and realize this is a major issue. how does this play out? >> well right now the government is probably pushing for a combination of a couple factors. certainly debt maturity extension, probably some debt maturity and principle extension before paying interest and pos

. >> kate kelly there in puerto rico.from now, president obama is set to speak from the white house as the u.s. and cuba take a major step forward in ending decades of division. you can walk that line coming up right here on msnbc. he'll tell us everything he knows very shortly, sir. as you were... where were we? 13 serving 14! service! if your boss stops by, you act like you're working. it's what you do. if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. staying in rhythm... it's how i try to live... how i stay active. so i need nutrition... that won't weigh me down. for the nutrition you want without the calories you don't... introducing boost 100 calories. each delicious snack size drink gives you... 25 vitamins and minerals and 10 grams of protein. so it's big in nutrition and small in calories. i'm not about to swim in the slow lane. stay strong. stay active with boost®. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why

kate kelly joins us more with this shake-up. >> melissa, surprise news last night that it the long-timein a week. he was chief financial and risk officer for the bank for the last 5 1/2 years will be replaced on august 1 praised thompson for his grit and success of the architect of the bank's balance sheet. the loss of an executive seen as a future banking and market's head or perhaps ceo candidate left some at the bank scratching their heads. there were other moves. david darnell is retiring later this year to be succeeded by moynihan allied terry laughlin who worked recently on 0 the stress test submission to the federal reserve which failed in various ways multiple times in recent years. human resources chief andrea smith is promoted to chief administrative officer. the slight down turn has mostly been in line with other financial stocks the departure is maybe indicative of lingering cultural and management issues of purchases of smaller banks, including merrill lynch during the financial crisis. the fact that the banks never fully integrated those cultures. the mid quarter timing re

kate kelly has been following the developments. what's the latest? >> good morning.one day away from a crucial deadline for a handful of puerto rico's borrowers, including a finance corporation which is expected to miss a $58 million payment tomorrow. also on the financial ropes, the government development bank which owes $169 million on august 2nd. two others borrowers, including a collection of towns that raised money over private bonds were expected to make good but even if one agency defaults it will be trouble for the economy. it has shrinking economic growths and government revenues that have consistently undershot their mark creating a funding gap and raising questions about the island's ability to pay off more than $70 billion in collective debt in the long term. the governor said as much. tomorrow's mispayments could be the first concrete evidence of that. some officials are pushing to allow some of the cash strapped borrowers to file for chapter 9 bankruptcy. i know jeb bush argued for that with an interview with you. it's unclear, though whether that will

scott wapner and tyler mathisen are there along with our own kate kelly. there are a lot of stocks moving on this news. tyler, i'll start with you because this is your show. what has stuck out to you? >> well the main headline from here is that there is not just power in the house, there's also lunch here for a change. unlike back in inglewood cliffs where there's lots of power and no lunch. scott and kate have been watching the proceedings all day. i think there are a couple of very interesting standpoints. for my money one of the standout performers was jeff gundlach talking about how he does not see an interest rate hike any time this year. >> he is always a headline grabber. riveting really presentation on the stage. just that he does not think that the fed will raise interest rates this year. what i think is most interesting about that is it's not like he's saying they should. he's not pounding the table saying they should raise interest rates like some others. he's saying i don't think they should and i don't think they will, that the economy is not

we were all there but in case you missed it kate kelly has the highlights. >> good morning. it was a great day packed with interesting ideas. one thing that made an impression on me was bearish thinking about various points in the world. certainly china, not saying that they're headed downward in terms of the economy which is still growing at a slower pace and stocks had a rally in recent days but there's a lot of concerns about what the stock market givebacks and government controls might be triggering or indicating. greece an area of concern, puerto rico, energy continuing to be troubled. looking for another big leg down in the future's prices and equity prices and low growth in the u.s. and the question of whether the environment here will be jermaine enough for janet yellen to hike rates as she indicated she's going to do. there was an interesting commentary on what if you take a step back you would see when it comes to the u.s. economy. >> if you had just been off on mars and came here and looked at that one chart of gdp you would say gosh i wond for the fed is going to

kate kelly joins us now. a lot of turmoil in both of those areas, obviously. >> i know scott.ve been talking about it all morning looking at shanghai. though they got a reprieve overnight. >> making your head spin. >> right. but the number of offshore investors in chinese stocks is still relatively small, they're already feeling a bit of pain. the china index shows a decline of 3.5% in june. the first time in some time and also trims the first half gains to 19% which is still not bad, of course. and of the major global hedge funds with exposure to chinese stocks, there's already some evidence of setbacks. one is och-ziff. they have an asia fund called the asia master fund. the fund however, still up 12% year to date. still there are some hedge funds that have been registering gains as well. brevan howard's up in late june. and greenwoods asset management up about 2% for june as well. it will take a sustained pullback to erase the sizable gains these guys have made which in many cases are north of 20% or 30% given the euphoria in these markets for much of the beginning of the y

kate kelly joins us now with the hits and the misses. >> hey, scott. thank you so much.s been a year of hits and misses for some of the stock pickers last year. we had other ideas in the credit market as well. the swings in price were massive. leon cooperman approved that point. a gifted stock picker with with about $9 million in assets turned out four winners last year and activists part of allergan and citigroup all did well. those were recommendations of his but a lot of others were disasterous. john paulson had similar problems. he had huge losers in oasis petroleum. energy was a tough call all around. none of the names highlighted gained ground and health care thanks partly to the merger mania provided great investment opportunities on the flip side but it will be good to hear more at next week's events where we'll have it in energy specifically. it starts off with a discussion with bill ackman and nelson pelt. ackman was the driver behind many peoples investments in allergan and valiant who would have been an acquisition by valiant. it didn't workout that way but b

. >> kate steinle's brother telling megyn kelly he blames san francisco's sanctuary city policy for releasingimmigrant accused of gunning down his sister. that's why this attorney says kate's family would win a lawsuit if they sued the city. but counselor weinstein says they don't have a case. they don't have a case are you telling me that in america where you can sue anybody for anything that parents of a child who was lost because of the activities of a city and a city official you're telling me they've got no case? >> it's a tragic think that happened. my condolenced go out to the family. when you say anybody can sue anybody, they can. the question is do they have a case. cities are not liable for failing to protect a citizen unless there was specific knowledge that he was going to commit this crime. he was taken into custody, transferred to san francisco for drug charges that the prosecutor decided not to prosecute and let him go. >> before we go to lisa i'm going to press a moral question to you. >> not a legal one, a moral one. >> i'm talking morality. surely it is moral for the parents

kate was murdered. joining me now in a kelly file exclusive. thank you for being here. >> i know you have a very close family. that's what is on your mind tonight. >> yeah. >> our family has been four of us until i recently married the love of my life. before that it was just the four of us. and we leaned on each other. and loved each other as much as possible. that day it was just a normal day. my dad went out to visit my sister and take her to lunch. and enjoy the sights and sounds of san francisco. the plan was, they are going to come back and come back to pleasanton. my sister was going to spend the night and the following day, we were planning on having a party for our baby girl. but unfortunately, my sister was never able to find out the gender of our baby. and it is just it is unthinkable what happened that day. but we find solace in the fact kate was doing what she loved and she was with the man she loved most my dad. >> how did you final out what happened? >> that day, i got off work. a regular day. went home and i got a call from my d

not a single question on sanctuary cities or kate steinle's murder a story that dominated for two weeks now. while "the kelly white house has not reached out to kate's grieving family the president did find time to personally meet with several convicted felons. >> and what was remarkable was how they had turned their lives around. these were some folks who had been pretty tough criminals. >> ann colter is with us in moments. first we are joined by ed henry who has been covering the white house for the past six years. no questions on sanctuary cities. >> it is a hard mix. you want to pick out subjects that are top of the news. >> bill cosby. >> not exactly front and center. >> trip to kenya is a big legacy item for the president. i will admit of course sanctuary cities issue is huge. kate steinle being killed this was a horrific tragedy. yesterday you had homeland security secretary fumble this. >> he was asked -- his response was who? staff tells me he didn't hear in that room. he couldn't make out the name. the republican congressman followed up with the details of the case. even if he didn't hear the name

. >> kate steinle's brother was on with megyn kelly who said he feels the system failed his family and spoke out and said the family has yet to hear from the white house. >> has anybody from the administration contacted you? >> no. no body has contacted either my parents or i. >> not the president, vice president or white house? we have not heard a word. i wish somebody would reach out. there are a talklot of talks about kate's law and there is no doubt something needs to be done to prevent this from happening again. >> and here is jay johnson on the family: >> has the administration reached out to that family? >> i don't know the answer to that question. >> the administration has reached out in a whole range of homicide cases criminal cases around the country and i am not being critical of them having done that i think certainly there are times when the administration should do that. >> perhaps after someone called for it the administration may pick up the phone? >> good luck. i don't know if he watches your show or not -- i kind of doubt it. >> we are not the only ones talking about

the buzz is over whether kate's sister is among them. nbc's kelly the bookies' favorites. she is on the guest list of the christening of princess charlotte. princess charlotte is 2 months old and ready to be christ evenened. prince george's god parent went to a royal. who will it be for his sister? not uncle harry. but what about aunt pippa? >> they tend to pick family and likely friends. maybe principal she isess beatrize. >> reporter: this has been a tradition for generations. photos a piece of history. charlotte will wear the same gown george wore and backptized in the same church as her mother. >> and i think also it will be a moment of celebration, it will be a moment of sadness because diana is not there to share the moment. >> reporter: this time, royal fans will line the route to the church getting a close look at prince george. he stole the show at the queen's birthday celebration last month and he may just do it again. the christening starts tomorrow at 10:30 eastern time. we understand that george will try to make the quarter of a mile wa

charlotte born may 2 as the second child of prince william and duchess kate fourth in line to the british throne. and kellyhas to be a lot of excitement. good morning. >> reporter: well, of course alex. this is the first time we're going to see all four members of this young family together, kate william, little george and of course baby charlotte. she will be christened tomorrow now two months old. most usually these are very private events that's how it was with prince george. it will be different this time. this christening will have a public element. the public has been invited to line part of the route that the royal family will be walking on the way to the chapel. at the estate which is in norfolk outside of london where it will take place this time. princess charlotte litz liz diana will be christened in the same gown that george wore when he was christened two years ago. she will be baptized in the same chapel as princess diana in 1961. the link to william's mother there. it's been described as a small and informal christening, believe it or not. the queen of course will attend. along with immediat

kate's brother brad called the stance on the policy ridiculous. "the kellyo track the sheriff down again today to speak with them and this is as far as we got. play this. >> do you have a good question for the sheriff. is he available to speak with us? >> he isn't right now. >> would you be able to answer two questions? >> he is not available right now. >> the sheriff did get support from those who rallied in favor of the sanctuary cities policy and during that rally we spoke with council member david campos. he did say this. >> one thing that i think we have to be very careful of is to make sure that we do not lose sight that this is a very complicated issue that has another perspective, as well. we cannot let the actions of one individual lead to an overreaction that ultimately make the community less safe. >> but the fatal action, the alleged actions of that one individual has started a fiery debate around the nation and a divide among city leaders here in san francisco. >> trace, thank you. joining me now with more former chief of staff to illinois democ

kelly kron4 news. >> catherine:the father of kate steinle. year old woman who was shot and killed on pier 14 in san francisco earlier this month. is in washington tonight preparing to testify at a senate judicary committee hearing. jim steinle is just one several people invited to talk about public safety issues stemming from san francisco's sanctuary who city policy. his daughter was shot by an undocumented immigrant who has a felony record and had been deported to his native mexico before. issued a detainee hold on francisco sanchez. but under the city's sanctuary policy. the notify federal authorities when sanchez was released from custody. federal immigration officials are also invited to testify at the senate hearing tomorrow. we plan to live stream that session on our website kron 4 dot com starting at 7-a-m. still ahead on kron 4 news. skunks are causing more than a stink in san francisco. also - the latest on the war of words from donald trump against former republican presidential candidate and war hero john mccain and more on the ba