davis, who needs capital and manpower, goes into business with wealthy san francisco merchant levi strauss0, 1873, american blue jeans are born. a pair costs about a buck. levi's markets their denim overalls as the uniform of the working class. >> who bought them at the time? >> miners in the west, farmers, mechanics -- anybody that did hard labor would have bought levi's back then. >> that's because workers love how tough and durable the pants are, as this pair from 1890 proves. >> from the 1800s? i mean, they feel like they could be right now. they really could withstand a lot. >> absolutely. >> so it was all about strength? >> it was all about strength. >> now, here's something really important to remember in this "strange inheritance" tale. in 1906, the epic san francisco earthquake devastates the levi's headquarters... >> their building, it was completely leveled. >> ...along with all of levi's records and inventory. the first 30 years of the company's history -- gone. of course, for the next century and more, the company thrives. indeed, the pants it manufactures become an american i

just to recap with the earnings we did, levi strauss with seven -- it's second ever set of results. reported seven cents for the quarter. analysts were looking for 12.5 cents. we are still looking to see if we can compare apples to apples here. that does it for the closing bell. more on jay powell's testimony. from new york, this is bloomberg. ♪ from bloomberg world headquarters to new york. taylor: i'mbostick taylor riggs. romaine: stocks are up, treasuries are down. joe: the question is, "what'd you miss?" gearse: the fed chairman up to face lawmakers on capitol hill. shares of dialysis providers sink today as president trump takes aim at prices in the kidney-care market. and we will speak to one of the candidates running for president, representative tim o'ryan of ohio. taylor: fed chair powell is set to appear before the house banking committee tomorrow and onto the senate on thursday. powell will likely mirror language from the fomc minutes last month, saying it will act as appropriate. i want to welcome our senior reporter for economics. what is the one key piece of informatio

levi strauss has reported a i7% drop in quarterly profit. hit by a stronger dollar, higher marketing spending, and costs related to its recent stock market listing. its shares slumped in extended trading on the news. italy's huge debts are for many the biggest financial threat europe is facing right now and could lead to an even bigger crisis than greece. it's all because of government debts that the governor of the central bank has told the bbc too high and need to be reduced. a significant amount of this is held by banks across europe so any default could have consequences well beyond italy. from rome, darshini david reports. italians are having to tighten their belts, and their lack of cash could affect us all. translation: many people havejust 700 or 800 euros a month to live on. people are losing their jobs all the time. however tempting their products, it is no easier for businesses. translation: we get nothing back. we pay taxes but then we expect the service is to be good. instead they are cutting them all. here at the bank of italy

levi strauss has reported a 17% fall in quarterly profits.lar and costs related to its recent stock market listing. shares slumped in extended trading on this latest development. a quick looking out the markets. lacklustre trade for the two major asia—pacific markets open for trade. thank you so much for investing time with us. wimbledon action is coming right up sport today. —— with sport today. this is bbc news the top stories this hour. the two contenders to be the uk's next prime minister clashed in a face—to—face televisied leadership debate — brexit and the diplomatic row with president trump drew the most heat. protest leaders in hong kong threaten new mass rallies, saying a concession on the controversial extradition bill doesn't go far enough. jeremy corbyn has said that labour would support remaining in the european union if there's another referendum on any tory brexit deal. he said he'd press the new prime minister to put their final proposal to the people, whether its a new deal, or a no—deal brexit. but he did't explain labour's

. >>> levi strauss trying to soothe investors after a rough earnings report. we're digging into the numbers on that and much more. >>> it's primetime for lady gaga the pop superstar teaming up with the world's largest online retailer it's wednesday, july 10th. "worldwide exchange" begins right now. ♪ ♪ >>> good morning and welcome to wor"worldwide exchange." i'm courtney ragan in for brian sullivan stock points to another loss for the dow. this would be four straight losses if we tack on to this session. the dow more than half a percent off of its record high the s&p 500 and the nasdaq also indicating a lower open. we know we have a number of hours still to go. let's get a check on what's going on in the bond market. you can see the yield on the ten year, 2.108. it's actually quite a move from what we saw on july 3rd when we were at 2 1/2 year lows there at 1.9 and change that jobs report really changed a lot. >>> let's go worldwide and check and see what happened around the world while perhapsyou were sleeping overnight in asia you can see we had a mixed pict

i love levi strauss.e dressed for a lack of success with it plummeting 12% today on hideous guidance. levis came public on march 21st. the first belig deal of the yea and primed the pump for the big ipo cycle. levi is the company has a storied history and kicking around since 1853. it has terrific management we had on the show chip burg, ceo seasoned executive so it made sense why the stock immediately went to a premium after pricing at $17 it spiked up to $22.20 at the open and closed at $23.66 big success. they were trading at 22 times earnings which was more expensive than the average apparel stock, not totally unhinged but this was a rookie stock even though the company had been around for more than 100 years and the first quarter of the gate, maybe that justified the valuation and levis did a great job but the quarter reported last night, the market decided it was a bomb. maybe not a nuclear device but i would say it was a loaded cannister. if you look at the headline number, sell off might seem like

growing pains for levi strauss. the retailer had one of the most successful ipos of the year but profits fell 63% from a year ago. let's get you started with a quick check on where markets are trading in the afternoon session. we are seeing u.s. equity markets holding higher with the s&p 500 up half a percent. this of course after really getting to a new record, and the s&p 500 surpassing the 3000 level. losing steam at the moment but we are seeing financials leading the declines on the s&p 500. the dow up .4%. the nasdaq is gaining .8%. investors digesting chair powell's comments at the house when he testified in congress, pretty much solidifying a rate cut this month. you can see the 10-year yield at the moment trading at 2.07. this after we saw the treasury rally, taking the yield toward 2%. that move paring back a little bit at the moment. look at theking a currency market because while there has been so much focus on the fed, some central bank news in canada, where the bank of canada left its overnight wreck --

we're also waiting results from levi strauss this hour we'll bring you them as soon as we get them.irst to talk about the market today barry math is here welcome barry. tom farley still here chairman and ceo of far point llc mike, what about you, had an interesting mix of sector performance today, materials not so hot, real estate doing well, but financials and tech. >> exactly mostly financials and tech consumer remains pretty much leadership across the board. so i think that's been pretty consistent we were talking yesterday about how this calming down of the market after highs last wednesday looked innocuous was a little overheated. i would imagine tomorrow with powell and the next day, it's a two-way risk could say something the market could relax and move to the upside as well as potentially taking back talk about a fed rate cut seems like it makes sense. the open this morning the s&p was just barely below friday's morning low, after the jobs report and picked up from there. the tape still acts pretty well you have to say. >> do you expect the fed chair tomorrow to give a clear

levi strauss also reports today.ted yesterday amid uncertainty over whether the fed will cut its key interest rate. the dow tumbled 115 points. the s&p 500 dropped 14, and the nasdaq fell 63. >>> some workers at an amazon warehouse in minneapolis say they'll hit the online retail giant with a strike on its heavily touted prime day which begins next monday. e ribeorganid by a group advocating for somali and east african workers. employees at amazon's nonunion facilities in minnesota began complaining publicly last year about harsh working conditions there. >>> meanwhile, to accommodate the growing trend of online shopping, kohl's will begin accepting amazon returns at its more than 1,100 stores. the retailer will pack, label, and ship the returns for free hoping it will benefit millions of shoppers and draw customers into its stores to make purchases. the rollout is timed for the back-to-school shopping season. >>> and there's an unexpected consequence to the ongoing trade tiff between the u.s. and china. religious pu

romaine: i'll be watching levi strauss reporting earnings. "bloomberg technology" is up next. great evening. romaine: this is bloomberg. ♪ we're the slowskys. we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh, didn't that happen, like, 20 years ago? oh, look, karolyn, we've got a mathematician on our hands! check it out! now you can schedule a callback or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. ♪ chang in sanily francisco and this is bloomberg technology. growing trade tensions between japan and south korea. we will discuss which companies are getting hit hardest by japan's export restriction. apple downgraded. the fifth celebrating, the most -- the fifth sell

that's unusual to see that here is levi strauss they went public at $17.n today, but public at $17, very, very small float, still a winner this year in the ipo contest. a lot of winners carl, back to you. >> bob, thank you. bob pisani bond pits, cme group in chicago and rick santelli. good morning, rick. >> good morning, carl. to challenge or not to challenge? you know, i'll let the markets speak for itself regarding whether jay powell is ignoring what the markets seem to have heard and cemented from the last meeting or is this just a new styled fed chair look at a two day of two year. see that drop from 192 to 183 that's about more easing you go to the ten-year, even though it is a drop, it is not a huge drop, matter of fact, right now, 30 year bonds are actually up a basis point on the day. let's look at that 10s to 2s you see it is steep in the bid to 1920 and isn't about the amount of steepening this is validation as to what the market thinks. and if you need more validation, take all the static pictures of the back months of fed funds futures, septemb

also riding the blue wave, denim, that is, levi strauss is expected to post a rise in second—quarter however, be on what the company has to say about tariffs and its exposure to levies. 0n the economic front, it‘s pretty light. more to come later in the week. let‘s unpack that a bit further. that is michelle in new york. joining us is supriya menon, senior strategist at pictet asset management. good morning, supriya menon. good morning, supriya michelle saying there will be more to discuss concerning the us economy later this week and there will be quite a bit to chew on, isn‘t there? week and there will be quite a bit to chew on, isn't there? absolutely, a few things we are watching this week from that perspective. we have chairman powell testifying this week in front of a confessional panel and that will give us an idea of the fed‘s outlook on the economy, the minutes from the fed‘s last meeting as well as cpi, inflation data in the us, which has been relatively wea k the us, which has been relatively weak recently and it is supposed to wea ken weak recently and it is supposed to w

levis strauss and company has been headquartered in the property since it opened in 1982. >>> a new reportas bad new for bay area renters. the average rent for a one bedroom apartment in san francisco last month was $3700. that's unchanged from last year. rent for two bedroom apartments jumped almost 5%. to just over $4700. san jose, $3000 a month for a 2- bedroom. oak land $2800 a month. >>> up next a live update on the ghost ship warehouse trial and police body cam video released after an officer involved shooting earlier this month in sanoma county. >> more of the footage from police and surveillance cameras, deputies confront a man accused of attacking his friends and others while high on lsd. >>> closing arguments in the ghost ship warehouse fire trial wrapped up and the jury is about to start deliberating. >> henry lee is bringing us the latest. >> reporter: within the past hour, a judge gave final ip instructions to the jury of 9 women and three men, said you can have lunch first and at 2:00, they will start deliberating the fate of two defendants, derrick almena and mr. harris. loo

levi strauss was up ahead of earnings but take a look at how it is moving after hours as it fell big-timeer missing its earnings. 's the second quarter as a public company and tumbled earlier. 21% from the prior year. big disappointment there. paul: su, commodities in the spotlight. different reasons though. the stronger dollar putting pressure on gold. then, we have oil surging on reports on wednesday that supply data will be bullish. su: supply data appears to be front and center. you can still see it is on a wild ride. but, it has definitely finished on a high note and surged an extra 2% after hours on the api report showing stocks fell by 8.1 billion -- million barrels last week. it is confirmed by the government report on wednesday. set thedown should stage for a rebound because prices have been way down because of fears of slowing demand. gold. as we talked about yesterday, it is a no man's land. it has been seeing some of the wildest price swings since 2015. the latest price swings had to do with a stronger dollar, although it did gain, closing above 1400. take a look at copper. fe

rounding out the top five, disney, ford, coca-cola, levi strauss.it's selling its first million dollar super car, the gtmk2 can drive so fast it's not even street legal. the engine generates 53-horsepower, more than the standard road car and to save weight, no air bags or passenger seats. if you want to order one, you better act fast. only 45 will be made. cheryl: okay. and then here's one more. would you pay $40,000 for a cocktail? the $40,000 cocktail comes with a long pour of 1940 mcallen fine and rare whiskey and a check signed by babe ruth had. lauren: let's say good morning to deirdre bolton in for maria bartiromo. >>> it is friday, july 5th. your top stories at 6:00 a.m. eastern time. it's jobs day, the estimate of 160,000 jobs added, unemployment rate to hold steady at 3.6%. are jobs in america -- our jobs in america special coverage starts at 8:00 a.m. eastern. futures indicate a lower open, this is after wednesday's record close on wall street. dow, s& s&p 500 closing at all-e highs. in europe, you can see, take a look on your screen, you

. >> i know you live this, just talk it, you live it that's the ceo of levi strauss and company. "mad money" is back after the break. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. >>> even in the dog days of summer he's focussed and fired up to help make you money. now cramer rolls up his sleeves and goes back to his wall street roots because where bet tore find a bull market than the heart of the world's financial capital. ♪ ♪ [ applause ] >>> we need to talk about beyond meat, the maker of faux h hamburg hamburger. they had much stronger earnings and better sales the company's ceo ethan brown is the elon musk of meat. he's a believer that there are healthier bert wer ways to conse protein. why eat a cow when you can eat a plant that tastes just like a cow? a pioneer that seems brash, they are both very in your face about their views. beyond meat is a cold stock like tesla however there is one big difference elon musk doesn't want to

on parts of retail and clothing goldman's analyst downgrading three stocks today ralph lauren, levi strauss and pvh to a sell. it's because they see headwinds for these brands, including the idea we talked about a little bit yesterday where pete called out stacey woodlets where she couldn't respond >> i didn't call her out >> she texted you during the show >> we're pulling forward purchases, and it may slow down in the later half of the year. jim, you have liked retail in the past despite your hatred of the american people and the american economy >> really? that's where we're going >> that's where we're going, jim. started at 4:00 a.m. >> at 3:00 >> no, what do you make of retail >> retail, i haven't loved it for a long time but it's been so hated right now that i see this call and, yes, it's obvious. retail has challenged everything that has a brick and mortar or some of these brands we're talking about whether calvin klein or ralph lauren. they are having a refresh problem. but the thing about the stocks, all of the sector has been so badly beaten down that i don't wake up this morning a

shery: levi strauss plunged in late trading. the public company tumbled from one year earlier.pped 25%rnings from the previous period to $.17 a share. $29 million of ipo costs were factored in. this is bloomberg. ♪ >> this is "daybreak asia." administration have lost another attempt to insert a citizenship question into next year's census. a judge rejected the request from the white house. the president said he may issue an executive order to enforce his wishes on the census. week, he said that would be one of the many ways the question can still be inserted. president trump has again attacked india by imposing tariffs on u.s. goods. he denounced the move as unacceptable just days before officials are due to meet in new delhi. it was his second attack on indian tariffs in weeks. narendra modi agreed to restart trade talks after they met at the g20. india imposed tariffs after trump ended concessions on indian goods shipped to the u.s.. the new greek cabinet has been sworn in, promising tax cut and a more business friendly administration after years of austerity. the lineup has

it's levi strauss. you don't want to be pvh right now. don't want to sell -- i know the world's gaga for stanley, black & decker but home depot is going to decide how much stanley black & decker is going to get >> that's an important dynamic. >> these companies have won. they have won. they have truly wiped out the competition. this very moment where the smaller guy has to take that tariff and pass it onto the consumer and the consumer says, the hell with them, i've got my card last night i admitted that it's even more important than my elk's card and my elk's -- my elk's card is a ticket to heaven but my costco is making me -- my wife has the executive card. i'm telling you, they are paying you to take that there's no explanation for those zania shirts, $7 how does that happen >> bitcoin is the big story. last night the president tweets he's not a fan of cryptocurrencies and unregulated crypto assets can facilitate unlawful behavior including drug trade and other illegal activity facebook's libra will have little standing and suggest the

jim and david mentioned the evolution of e-commerce, it is a tough start for ralph lauren, for levi strausspvh, goldman downgrades from sell to neutral. levi's, they see an elevated valuation compared with peers. they say the ordering season for back to school is extraordinarily tight as they overordered in the past. >> also i think that this -- first of all, this is not an early call, except for ralph lauren, these stocks have been pummeled ever since levi. this is a watch issue. it is a walmart, amazo costco, home depot it is about power. it is who has pricing and leverage bryant cornell can call any one of these companies and say, you know what, i'm paying -- i'll pay half here is my offer nothing. they're paying the licensing that's a reference to the senator -- >> the godfather. >> yes, i had to brush up on my godfather reference. >> that and shakespeare, you have to brush up on. >> that too. kiss me kate. >> you bet it is i feel like you read this report, it is one more time, guide this with matthew boss' piece, you can't own the retailers other than the burlingtons, the tjxs. by the

. >> number five is levi strauss acid wash is probably more you, pete.ht? ed: or fox news. >> i will get to that let me get to that don't jump ahead of me. hershey's another confectionary, number seven. who doesn't love hershey's chocolate brand this july the 4th with red, white and blue. and number 10 is. jedediah: we made the list. >> that's right. fox news fox news made the list last year jumped up from 14th spot. so we are up four points. pete: up four points to number 10. >> do you know what i didn't say in the top 10. nike not in there. number 23. they did bump up from controversial kaepernick ads september of last year. great example of connecting with consumer. some say kaepernick, the reason they pulled these betsy ross shoes is because they believe that kaepernick speaks to their core audience and young consumer of young male urban. this is the stagesd they want to take on. jedediah: can you talk to me a little i got to get away from mini. i'm all excited about the jobs report. >> i can see bubbling on your face. jedediah: i am. good stuff for

cannes is it doesn't matter how established your brand is, you could be the nfl, bank of america, levi straussh women. >that'swomen.>> one of the big e seeing is they're behaving differently, not just young people and women but people are behaving different than most of the businesses were used to. for a long time, you could say one thing and do something different and the difference wasn't affecting your business. today you absolutely have to be, do and say the same sets of things because people actually experience your brand and very quickly start to believe what they feel rather than what you're telling them. maria: tell us how you help companies do that, reach all these brands and make sure to transition to digital. >> i think the first thing we try and do is get this idea that whatever you experience as a brand is essentially what your brand is saying. for the longest time, marketing and communications was separate from customer service, from platforms, from technology that you use to -- let's take an airline as an example. you could be showing wonderful ads on tv about a flight attendant