president and fellow commissioners temperatures peter's with lennar multi family community the project sponsor for the 1515 development proposal joined here tonight by john with p d architecture and i'm going to turn it over to them but wanted to make a couple of comments and share our gratitude for presenting today as well as our excitement for how much progress to directors point we've been able to make with that, i'll be here for questions and look forward to hearing from you thank you. >> thank you. >> thank you for the opportunity to present the project and added a couple of years if we could put upside slides the slides you don't read that well but the project is in the heart of mission and i think doug went through the data i'll skip that. >> so we have project on 26 and south van ness and shot well on the right hand through streets the underground parking garage the access on shot well, not on one of the preliminary streets that is great to activates the street frontages that is in your packet a courtyard with the units facing into the courtyard and trade shops on 26 street i'l

and our city government to make sure that change is done make sense and for the good of the city lennar i listened to love developers they come before us with the unions. >> talk about project they'll build and lennar has been up to now anyway one of the best ever listening to us as unions wanted at the they worked with us and sat at the hat and when the hat said they should add shops along the lower levels and should change some of the design of the building they listened and now from 12 percent which maybe 15 or whatever now 25 percent so i think they've shown goodwill to try to do what is right and lay all the ills at lennar's feet is not fair, i think you know that and i think that those i read somewhere the state of california in the last 25 years has been really bad about housing we have governor jerry brown trying to do the thing bypass the eir and the stuff if this was certain types of projects i think that sometimes people overreact like politics the scare you so you say yes or not to delay something i ask you to look at what lennar has done and use common sense and approve tha

lennar is big. we got horton, we have lennar. we this week. they're all very sizeable, but i focus on lennar because they've got the best feel for the country. it's a very fine company. stewart and miller has got stock. it's down 9% for the year, though. quite extraordinary given how well the company is doing. i mean this is historically been the best run company in the industry. now, not so best run, kb home. but we've liked this one a great deal because the stock is so inexpensive and its shares have rallied about 20%. be really good here. so lennar, a little dangerous. kb, i like. two others report after the close. really interesting. fedex gives you a great reading of the economy, and adobe. both stocks have pretty much performed in line with the afternoons. i expect each of them to announce good quarters. i am particularly enamored of adobe because of the fantastic cloud business it's developed. if you listen to oracle's ca hear how much the analysts are still gaga for the cloud, even though they're cool toward oracle's legacy business. a

it is the one-to punch and then lennar specifically.hing is happening that is a bit of a divergence. interesting to point out that one economist pointed this out today. these two indices look at new housing starts and new home sales. theory, you want to see new housing starts rise at the same pace as sales. if you see at the end of the screen. hees continue to trend up says something has to he says something has to give. it seems as though he thinks we will see a pickup once again in the start. the south was the big area of weakness. the ceo ofng up, oracle joins us. this is bloomberg. ♪ david: this is bloomberg markets. i'm david gora. vonnie: and i'm vonnie quinn. oracle plus event is underway in san francisco. us theay, the ceo told lead is over. cory johnson is standing by with the other ceo. : i am here with .tumpf -- with safra catz you recorded last week sales up about 8%. i suppose india is a big part of that. is a bigdia opportunity. i personally believe the potential for us is 10 times what it is now because the market is so e

but today lennar reported an ever so gross report. lennar stock is punished. yes. dropping 3%. actually closed kb homes and not as good home builder reports an outstanding number. remember i told you i like their stock is rallying 5% in after hours. how about another one? last friday straight shooting talker greg hayes, ceo of united technology spoke. reiterating guidance at the same time talking about production problems and make the new geared turbo fan fuel efficient aircraft engine. there are still glitches. something in this that is so complex to build. he was none to happy and he made this point several times. customers are angry because they are clamoring for the product. i totally got the frustration of the new engines. but you know what? it didn't matter. they decide to dump the stock, falling about two bucks. it wasn't the supply of engines and they hard to make, that wasn't it, no, no. had to be a slackening of demand. story the got totally distorted. it was incredibly inconsistent compared to what was actually said. i don't know about you, i feel better. not worse.

overall lennar gave their earnings earlier today. they said growth in orders was the slowest in a year. but this report from kb much healthier. in fact their ceo and chairman, jeff metzger, saying that the conditions in the housing industry remain healthy. so completely different story from kb homes than we heard earlier today from lennar. it is up nicely after-hours. david: we see a pop of about, yeah, right now 8% up after-hours. thank you very much, ashley. reporter: you're welcome. david: what a father knew. a chilling warning given to the fbi a couple years ago. how did the accused bomber with the warning manage to slip through the cracks? melissa: latest pain at the pump. how americans are overpaying by the billions for gasoline across the country. david: race to 270 electoral votes, that is what it will take. hillary campaign complains they have the easier path to the white house. coming up sean spicer, communications director for the rnc responds. they say a lot of things about rain. like how hard it's a-gonna fall. the thing

of dollars to let the developer get out of his obligations to pay for affordable housing you know lennar another big developer just got away with building three quarters of l housing and some of the affordable housing buildings are out of reach flow income people lennar is also getting away with putting something on the ballot prospering organization to get out of it's obligation to the community it's time to say enough is enough and we can send a message here today and reject nicks bound for approximately treatment time to say not to delay this development and not to delay beast on bryant. >> thank you. >> next speaker, please. >> thank you san francisco native first want to appreciate supervisor mar for bringing this initiative it is critically important and it is bound to what we're talking about today, we're talking about gentrification while we're talking edition u gentrification lost 10 thousand latinos and housing skyrocketing an issue they're putting community against each other the carpenters can't afford to live in the building but they're here defending i guarantee the majorit

even though lennar had a better than expected number, it's down. kb home getting out of this -- >> there's always a line that someone can say to point to that's not good. i mean, stewart miller, who i love, says the recovery has continued to progress in a slow, steady and sometimes choppy. now, don't use the word choppy. people say, wow, he has no conviction. that's how nutty this thing is with the housing starts. housing is doing quite well. no one cares. >> tesla, i wanted to mention. >> why? >> the solar city votes seems to be delayed because they're citing lawsuits from tesla shareholders. last week at dangerous alpha. that was made the focus. solar city deal in particular. stock is up though this morning. solar city, i want to take a look at too. >> i have to say that i thought that the brief against solarcity was remarkable. remarkably negative. he was talking about -- >> solarcity is talking about a deal -- >> everyone is possessed by. >> monsanto, continues to defend the deal strategically and on the antitrust front. it's 128. that's what t

lennar slipping 10.5%. housing starts coming in well below forecast, but don't let those performances fool you. dr horton outperform rating. lennar reporting third quarter results on tuesday, beating the street's expectations with new orders and deliveries higher there. despite weaker data, robert wettenwall says the stock sell-off is a solid buying opportunity and the housing recovery is going to be stronger for longer, making lennar well positioned to benefit from the trend and the home builder announcing yesterday it will buy wc communities, sharing dropping 34% on the news on the week. and that on top of improved home builder sentiment, spiking to an 11 month high in september. slowly but surely on the road to recovery. >> landon, thank you. landon dowdy. time for power pitch. entrepreneurs have 60 seconds to convince a panel of experts if their business has what it takes to be the next big thing. >> hello. i'm dr. alex kryuk founder of the joule. it is not always time to find time for a cup of coffee.

spring is the sf mega project warriors super mission rock and super bay and we have one linked in and lennar got a bunch of headlines candle stick point an $8 million and treasure island 70 new $5 billion and the weapons base on the east bay and we also had oakland continues success oakland office rent a new all times high not rosy for example, sf affordable housing infinitives and stuck in traffic 5 and 6 bay area residents think that will not ever get better by midsummer we're not sure if boom or bust and landlord see weakness and householders brace for the doubling and reorganizing economies sf has a condo with massive supply and dwindling demand by august we see mid market is getting more fire we have a long boom in history sf largest landlord bought the improvements move to build housing no oakland and the east bay tops the market and late yesterday the investors move into buy 70 southern waterfront properties this bring us to september with our memories refreshed i hope you enjoy today's lively direction on behalf of shepherd and mullan hope you enjoy and thank you. >> (clapping.) >> i

construction companies emerging.ennar based out of miami and wci communities based in bonita springs lennar will acquire to bci for $643 million. that news caused stocks both companies to jump. >>> coming up with a click of the mouse maybe a little adjustment to the weather can. > florida mom since cash straight to the bank. is a life full time blogger that's new at 11. >>> looking at possible short-term out-of-the-box crazy ideas. some search for accountability others searching for a fix. the city of st. pete trying to resolve its sewage problem. ere we are the first day of fall so it feels like the last day of summer does not command. >> the first day of summer. to thrive in an ever-changing environment, companies must adapt. but one thing should remain constant - understands and cares about your business. pnc corporate and institutional banking offers strategies tailored to your company's needs. know that our dedicated teams of local experts offer insight to help you achieve your business objectives. see how working with pnc can help your company grow we are one nation under god. that bl

construction companies emerging.ennar based out of miami and wci communities based in bonita springs lennar will acquire to bci for $643 million. that news caused stocks both companies to jump. the mouse maybe a little adjustment to the weather can. > florida mom since cash straight to the bank. is a life full time blogger that's new at 11. >>> looking at every solution possible short-term out-of-the-box crazy ideas. some search for accountability others searching for a fix. the city of st. pete trying to resolve its sewage problem. ere we are the first day of fall so it feels like the last day >> the first day of summer. y. >> anchor: facing pretty harsh criticism from the city because of the ongoing sewage crisis. because a lot of questions at who's to blame how's the city going to fix the problem. fox 13 reports from st. pete. >> reporter: mayor rick the public works administrator base of really harsh criticism tonight from city council for how open they have in some cases have not been with the public following this sewage bill crisis had a hand in the days that followed.ne councilmembe

. >>> lennar saw profit and revenue rise because of an increase in sales of hi hi homes.he company also said total orders were up. but growth was at its slowest pace in more than a year, because of inconsistent demand. off at 43.50. kb homes reported higher than expected earnings, sales also rose, but those results came in a little shy of estimates. shares initially rose following the after-bell results, offsetting the 2% drop during the regula the stock closed the day at 14.94. >>> and microsoft raised its quarterly dividend 8% to 39 cents a share. the tech giant also said it would launch a $40 billion share buyback program. shares of microsoft initially up following the news after hours. but they did end down a fraction on the day to close at 56.81. >>> another big development on the west coast. the big surrender wildfire is now the costliest in u.s. history. accord to the u.s. forest service, more than $200 million has been spent on firefighting since the fire broke out at the end of the july. officials say the cost is rising about $2 million a day. the remote location

lennar's not one of the best performing in the group.nar's a great company. >> california's turning into an interesting economic story just in the share of jobs every month that are created that come from california. like 40%. >> really? >> yeah, of whatever we get. 182, 151 -- >> i guess that's how an average home can sell for 1.3 for kb and how toll brothers they don't go below 1.5. i mean, that is a huge purchase. a first home of $1.3 million? >> reports of california's demise were greatly exaggerated it does seem. >> weren't they? >> yes, amazing state. jerry brown fourth time around. >> incredible. very pragmatic. >> two terms and then he's back. yeah. >> i don't know, my daughter lives on the border between california and oregon. the exodus from california, not because california's not doing well but it's just too expensive. >> right. taxes, you hear about people going to -- >> people are arbitraging it. not like florida or new jersey. >> but apparently the economy is quite strong. >> quite strong. >> jim, on oil, ubs has a big rep

. >> lennar's got the deal -- >> that's why you have to buy.ennar bought because you have to buy growth in that business unless you're in california. holy cow. but come back to what toll brothers what doug yearley said to me, great economist runs toll. he said we would take a half point increase in the fed's fund rate if the employment number were better. i think a lot of the home builders feel that way. i think it's interesting lennar goes up on a buy because the home builders should be doing great. and yet we are still building half the homes we did when our country was half the size it is. when the country was 160 million, we were building more homes. >> one more note on the fed, you'd heard bill gross going into the meeting saying it was a 50/50 shot. then gundlach on fast last night. take a listen to this. >> i think december is a huge who knows at this point. you know, just think of how many times and the magnitude at which the fed guessing for today's move -- non-move changed over the past three months. and here we've got three months wh

of dollars to let the developer get out of his obligations to pay for affordable housing you know lennar another big developer just got away with building three quarters of l housing and some of the affordable housing buildings are out of reach flow income people lennar is also getting away with putting something on the ballot prospering organization to get out of it's obligation to the community it's time to say enough is enough and we can send a message here today and reject nicks bound for approximately treatment time to say not to delay this development and not to delay beast on bryant. >> thank you. >> next speaker, please. >> thank you san francisco native first want to appreciate supervisor mar for bringing this initiative it is critically important and it is bound to what we're talking about today, we're talking about gentrification while we're talking edition u gentrification lost 10 thousand latinos and housing skyrocketing an issue they're putting community against each other the carpenters can't afford to live in the building but they're here defending i guarantee the majorit

of dollars to let the developer get out of his obligations to pay for affordable housing you know lennar another big developer just got away with building three quarters of l housing and some of the affordable housing buildings are out of reach flow income people lennar is also getting away with putting something on the ballot prospering organization to get out of it's obligation to the community it's time to say enough is enough and we can send a message here today and reject nicks bound for approximately treatment time to say not to delay this development and not to delay beast on bryant. >> thank you. >> next speaker, please. >> thank you san francisco native first want to appreciate supervisor mar for bringing this initiative it is critically important and it is bound to what we're talking about today, we're talking about gentrification while we're talking edition u gentrification lost 10 thousand latinos and housing skyrocketing an issue they're putting community against each other the carpenters can't afford to live in the building but they're here defending i guarantee the majorit

lennar shares are up as well. and another company we're watching today, those shares are aiking 19% according to bloomberg news reporting. the company is achieving the framework to keep operated out of the -- the new proposal has satisfied the new second lien. the may have alienated result. there is some optimism here according to our reporting. david: thank you. now let's check on the bloomberg for his word news. donald trump is calling for a dramatic expansion for energy. he told the shale insight conference in pittsburgh, pennsylvania, he wants a significant reduction in regulations meant to protect his environment of public land. mr. trump: a temporary moratorium on new regulations not compelled by congress or public safety. he would open federal lands in all sure areas. still leading donald trump. and wallby nbc news street journal has clinton ahead 43% by 37% in a four-way race. a majority of voters view clinton negatively but trump's negatives are even higher. iran's president is blaming world leaders for t

hold our commissioner hasz (laughter) and i ask everyone to stand and stay standing then we have lennar urban, jordan. >> drew and aaron and absent are julia and caitlin those are folks that are assigned to power and cleanpowersf and then also members of the team are from communications amy another familiar faces on the cleanpowersf outreach and communication team and sherry clark and i legislator and our consultant scott that fills out the team yeah. >> (clapping.) >> thank you very much have a seat. and that operation it is big task but also start taking an additional planning and programming work have not had the staff capacity i'll touch on those first of all, our growth or fatiguing plan you'll remember, if the cleanpowersf business plan that we presented in december of 2017 that we talked about phasing or growth of this program how will we get to three hundred thousand accounts in san francisco well with this effort we're now going to again model the program financial and our understanding the site regulatory requirements consumer demand and electrical market conditions our financ

home builder lennar 12 cents above estimates. 8% compared to a year ago with deliveries up 7%. and community health systems is in talks to sell assets to apollo management. the hospital operator did acknowledge about various options but gave no details. >>> and carl icahn slashed his stake in chesapeake energy. from the prior 9.4%. >>> real business anchors of new york. real housewives of -- what? real business anchors of new york. >> about the commercial breaks. >> bravo is part of nbc universal. we have a shot. >> crickets. >> exactly. >>> no longer will you have to share a thought in 140 characters or less. twitter has expanded. oh, good. details in just a bit. "squawk box" will be right back. , who lives here and flies to hong kong, to visit this company that makes smart phones, used by this vice president, this little kid, oops, and this obstetrician, who works across the street from this man, who creates software. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb

and finally housing industry deal announced lennar buying rival wci communities. deal is worth $643 million in cash and stock. the deal in stock term is at $23.50 per share. that's a 37% premium to yesterday's close. would have been nice to be in that stock yesterday. >> yeah. >>> the governor of north carolina declaring a state of emergency in charlotte after protests overnight led to gunfire all in response to tuesday's officer involved shooting of a black man. we are joined now with the latest on the investigation and the public outcry. sarah, it has been a very long night there. >> reporter: that's right, becky. it's been a violent night here in charlotte, north carolina. and things right now are actually very calm. much different from what they were than a couple hours ago when hundreds of people were marching through the streets. it was anger and rising racial tensions here after yet another officer involved shooting. so this brought out protesters to the street. forced to use tear gas all in an effort to disperse the crowd and protest peacefully. originally

hold our commissioner hasz (laughter) and i ask everyone to stand and stay standing then we have lennar urban, jordan. >> drew and aaron and absent are julia and caitlin those are folks that are assigned to power and cleanpowersf and then also members of the team are from communications amy another familiar faces on the cleanpowersf outreach and communication team and sherry clark and i legislator and our consultant scott that fills out the team yeah. >> (clapping.) >> thank you very much have a seat. and that operation it is big task but also start taking an additional planning and programming work have not had the staff capacity i'll touch on those first of all, our growth or fatiguing plan you'll remember, if the cleanpowersf business plan that we presented in december of 2017 that we talked about phasing or growth of this program how will we get to three hundred thousand accounts in san francisco well with this effort we're now going to again model the program financial and our understanding the site regulatory requirements consumer demand and electrical market conditions our financ

horn their memory one firefighter louis battalion achieve patrick murphy and i had the privilege of lennar a lot of retired deputy chief olsen appreciate our consideration that concludes my report. >> thank you chief joanne hayes-white. >> any members of the public that has a comment on the chiefs report. >> okay public comment is closed. i'll go to commissioner vice president cleaveland. >> madam president and thank you, chief for your report always comprehensive and appreciate a couple of questions in terms of eligibility list currently how many people are on that. >> 3 thousand plus. >> 3 thousand plus well, do you think from 6 thousand; right? >> the graduation of the one and 20 academy happens on what date. >> november 4th. >> and will be at reardon. >> to be determined chief - to be determined no location yet. >> and the name of the fire boat will be announced i assume on the 17; right? at the event it is commissions with a bottle of champaign. >> that's the plan i don't know about the champaign. >> the marching alley. >> they're on duty but the unveiling of the name that's the goal

higher profits of the home builder, lennar, they're booking more orders for the new home and the stock%. maybe that's disappointing. talking about oracle, competing with amazon for cloud business. the oracle ceo is talking about it. it's the magic pc in the sky and holding voters and other things. amazon and oracle both up this morning. do you like that? [laughter] >> kellogg voluntarily recalls a limited number of their eggo, nutrigrain whole wheat waffles. serious stuff, possible listeria contamination, no reports of illnesses and got the recall and the stocks goes up just a little. sea world will suspend dividend payments and will use the money to buy back shares the rest of the year. what's that about? it's down 5%. 800 bucks buys you a brand new gopro drone. anything on the knocks, nicole. nicole: we'll see whether there's an effect on the stock. probably the end of october. when the karma, this drone goes on sale, october 23rd to be precise. and in the meantime, you know a lot of the analysts have been watching gopro and say is it a one-hit wonder. it's great if you're biking or