joining me here on set is mike reagan. when you see what happened with stocks today, what matters more, greece or china? toe: i think it is hard point at one issue today that caused this rebound. there is a 200 day moving average which sort of works as a milepost for investors or algorithms to look at the market and say is it really this bad? it becomes an overhang that the market has to play through but that is a good sign. that shows there are investors willing to buy these dips. the news flow out of greece definitely was improving today. it sounds like they are talking again, negotiations are upcoming , and there is still the chance of a deal before the default on the ecb loan. people are optimistic about that but it seems more like a technical bounce. alix: that's what it seemed like an commodities also. what is going on here in the u.s. a second-quarter earnings season is upon us. alcoa reporting after the bell tomorrow. what will be driving growth? will it be real earnings or dividends? chartis a great delineating wh

scarlet: mike reagan, think is much.back with much more in the next hour of the bloomberg market day including a look at what is going on inside china. ♪ welcome to the bloomberg market day. the great fall of china. prices on the shanghai exchanges cannot find a bottom but some companies believe they have a solution. freeze trading. ♪ scarlet: good morning, everyone. are 90 minutes into the trading day here. let's see how they are trading right now there let's look at the stocks right now. the dow jones industrial average down .9%. the s&p 500 lower by 17 points right now right under that moving average. the nasdaq also down more than one and a quarter percent. scarlet: looking at the s&p 500, we have got material the most.

mike reagan joins us with more. that i don'ttain yet understand what you are about to explain.t's friday and it will be tough and i'm a five-year-old but continue. this is me showing off what i think is one of the coolest functions on bloomberg. it's called an earnings surprise snapshot. you take a company like netflix that will give you every quarter they have reported and it will show you how they beat or trailed estimates. brendan: this is looking back five years? >> i think we go back to 2004 when bloomberg started compiling its own consensus. it gives you what is called the earnings related in five move. you take a company and you look at where their options are trading. there are calls to buy the stock and the puts to sell them and you get a number called implied volatility. brendan: it's expectations. >> it's where the options market is rising in the type of move they expect out of a stock. in this case it looks at the volatilities around the date of the earnings. it's the options expiring one month or two after the earnings report. it's amazing what spits out. it tells

quarter and its impact on broader markets is tim higgins who covers the company from san fran and mike reagan to get some perspective. as we were talking about a few moments ago, this is a company that just reported record profit. china sales up over 80%, revenue up 33%, cash at $200 billion. is this not the most confounding reaction to a great earnings report? tim: it is almost classic apple. they beat expectations the shares soar and the rare occasion they do not meet expectations they get punished in the market. part of it gets to the investor belief and looking at these numbers to say how the iphone line is going to do over the next 18 months or so. there is concern that iphone sales have peaked at record levels and this is only downhill. betty: what are the indications? have they peaked?\ tim: the company sees a lot of potential in china. they feel like there is a large percentage of people who own old iphones but have not upgraded and they say they are turning android customers at a great level. they feel there is a lot left in the product. some of the issue as we get into september, la

mike reagan is here. thisuote somebody calling "zombie oil." it has been stumbling for months. is interesting is that consumers have been stumbling, too. we saw the retail sales drop. it is a head scratcher. is a dollar a gallon cheaper than it was last year. the us option that was all the money would show up in retail earnings. the question is -- is this a quarter it finally will? it looks like a 4% sales growth at retailers in the s&p 500. low numbers,tty but in the environment we are looking at, they're pretty attractive. there is clearly tons of optimism built in the retailers. as a group, they are up 14%, the best among them. that is far and away the best. there is clearly a lot of optimism in the shares. whether or not it comes through, we have to wait and see. brendan: is this the long awaited wealth effect? , it makes youdown feel like you are wealthy when you're not. correspondent to this change into corporate earnings. a lot of it is speculation. michael at weed and called it. goldman had interesting note out a few months ago saying, consumers save around $100 billion

mike reagan spoke earlier about this being a messaging situation syndication between buyers and sellers. i wonder if that is affecting the issues. the nyse this morning put out an alert that they were having issues with the fix. they did manage to fix those before the opening. it does stand to reason if that was the issue before him, maybe it came up again after the 11:00 hour. but at this page, we just don't know. but it seems that may be one of the issues they are experiencing. i talked to a couple of brokers on the floor about five minutes before i came on set with you that there are technical problems and the nyse is not getting back to them through the handhelds. the communication devices are not working right now. pimm: i want to bring in another guest, jim angel from georgetown university, who is an expert in market conditions and structures. he joins us on the telephone. i wonder if you can describe what is going on. there's clearly a technical issue at the nyse. in a competitive market structure, the nyse is not the xchangeity that trades listed stocks. but the other entities a

mike deaver was reagan's closest friend, closest political associates from way back in the california days and he can't remember. finally at the end of this reagan said it is almost like i was never president at all. it is relinquishing to read, here is someone whose life is vanishing before his eyes. is also kind of scary figures only somebody two years out of the white house. how much of these symptoms word there when he was in the white house? i do not use the label the term, the word alzheimer's until reagan does himself but i don't need that to demonstrate that reagan was slowing down when he was in the white house. he worked shorter hours, he had never been a workaholic, one of these people who thought the more hours you put it would translate directly into better output. he went home at night, went to the residents typically 5:30 or 6:00 and that was the end of his work day and he would sleep in, wouldn't come down until 9:00. by the end of his term he was not coming down until 10:00 and people were just okay he is slowing down. can i point to anything, poindexter was pointing

mike carvin. he's a partner at jones day. he focus on civil litigation against the federal government. during the reagan administration mike served in several senior positions within the department of justice including deputy assistant attorney general in the civil rights division and deputy assistant attorney general in the office of legal counsel. he has argued several cases in front of the high court including this past term king v burwell and virtually every federal court in the country. to his left is john elwood. john argued two cases this past term. john is a partner at vincent and elkins. prior to joining john served in a number of significant positions within the justice department including assistant solicitor general and deputy in the office of legal counsel. while at doj john received several awards including both the attorney general's award for exceptional service and attorney general's award for distinguished service. john also clerked for john daniel mahoney on the 2nd circuit and justice kennedy. to john's lift is anthony pinkus. he's a partner at meyer brown. during the reagan administ

reagan taught us. >> spicer says he wants republicans to keep their eye on the white house. mike huckabee said this president's foreign policy is the most feckless in american history. this is the most idiotic thing. the anti-defamation league said those comments is out of line and unacceptable. the white house is still selling the iran deal hard targeting democrats before they head homerecess. there is a new tweet from the ayatollah khomeini. it reads we welcome no war, nor do we initiate any war. if any war happens, the one who will emerge loser will be the aggressive and criminal u.s. >>> campaign events on the web site hillary clinton promising to put the country on the path to renewable energy to power every home in the u.s. by 2027. that would be ten years after she hypothetically takes office. she will testify on benghazi in october. she is demanding on limitations on questions. this is raising doubts. >>> there is no sign of two florida teenagers who went missing at sea. the coast guard is still searching for perry cohen and austin stepanos. their neighbor joe namath is h

reagan taught us. you shall not speak ill of another candidate. >>> mike huckabee is facing backlash. this is what the republican candidate said this president's foreign policy is the most feckless in american history. it is naive he is trusting the the --the eye iranian iranians. by doing this he is leading israel to the oven. >>> and hillary clinton is promising to put this country on a path to renewable energy that will power every home in the u.s. by the year 2027. that would be ten years after she hypothetically takes office. the former secretary of state said she will testify in front of congress by october. this raises doubts whether it will actually happen at all. >>> this morning, no sign of two florida teenagers who went missing at sea during a fishing trip. the coast guard is searching for perry cohen and austin stepanos. the capsized boat was recovered on sunday. joe namath is helping with the search. >> we are all praying and nick actually wants the folks to know that are trying to help out to search to be very careful. we have a lot of people out on the water and in the

reagan did 30 years ago. you can see all of that move in politics. it has definitely changed in the past week. mike: to continue with your point about reagan, that is fascinating. jim: if you look at the moment in time we are in, politics have changed. 20 years ago, when i started working in politics, gay-rights was a huge issue. with both parties and the electorate. immigration was a wet issue in the party. climate change was used to separate environmentalists from businesses. the same on trade, the same on a whole bunch of issues, guns, and all of those are now issues with democratic parties on the same sad -- side as the majority of americans. that has changed politics. mike: we have a pretty good sense of what the eight years look like. what did they look like compared to what you imagined eight years ago? jim: that is a great question. i remember coming into the white house and you could see the economy falling off the table, whether or not we would have a second great depression, in the end both president bush and president obama took huge steps to avoid that. and begin the recovery. i rememb

. >> coming up next, mike mccaul talks about how the use of social media by extremists has changed counterterrorism operations in the u.s. we will also hear from former reagan administration official enemies who was a member of the 9/11 review commission. the heritage foundation hosted this event. >> thank you for coming. it's actually a nice day and i thank you for being inside on a really nice day. there couldn't be a more timely time for this event. we have breaking news yesterday about the significant terrorist figures being taken out in syria. and so evaluating this and what is going on is in light of this deal with iran. we have a terrific panel and he is going to make some remarks and it's not that we never get to talk but we are going to have a conversation so that we can flesh out some of the issues because there are so many and then we like to bring everyone into the conversation and we will do that for about 15 15 minutes or so in and bringing panel out and continue with the panel. i ran up and i said here is the secretary. it didn't work out so well. so i actually have the biography here. so watching this is important because what he has done in

mike hydeck live in the newsroom. former virginia senator jim webb, add him to the list of presidential candidates. he's a former senator and nef secretary under ronald ray -- navy secretary under ronald reagan. at this point getting the democratic nomination seems like a long shot for webb considering he's facing off against hillary clinton and long-time vermont senator bernie sappedzers, both who -- sanders, both who have been raising a lot of money lately. he says fair debate is often ned out by huge sums of money and he would like to change that. he'll also face off against former governor martin o'malley when it comes to trying to get democratic support and of course fund raising. back to you. >> reporter: happening today preparations under way for the big capital 4th of july celebrations here in d.c. where is the best place to be on the 4th of july? right here in our nation's capital. i want to show you some of the setup. we have the stage right here for the parade that kicks off on saturday. i will ask my photographer dave to pan back over here. you see all the fences set up, ,000 ve been set up around the national mall. 350 porta-potties. not going to show you those, though. they're

. >> now mike, when was last time you updated your an a droid phone. >> i think it was during the the reagan administration. >> you better update. >> i know it. >> well, thank you. i will not open up any picture. if i get a text from a number i don't recognize, name isn't a attached to it, i just won't open it. >> she said even if you don't open it, we are just out of luck. i don't pick up the the phone, people call you. new you will not even look at text messages, there is in point of having a phone. >> isn't it annoying when you are texting someone and you text them something and they call you immediately. you have to pick up, because they know, they necessity the phonies in your handy haven't tried that trick. i just try to guilt you. i'll text him. i necessity you are not going to pick up but i need to you answer this. >> yes. >> what i do is i also just text back and say i'm in the middle of the doing a segment. >> it is 5:00 o'clock at night. >> i'm doing a segment. they don't know that i'm not. >> 7:27. >> i'm so exited to see this massage. >> i heard that the masseuse is hanging upsi

rollins managed president reagan's 1984 re-election campaign advised ross perot in 1992 and more recently mike huckabee and michelle bachmann. atop nearly every recent poll donald is a lock on the debate stage. john weaver an adviser to the ohio governor says the campaign believes he will be in the debate even if he's currently missing the cutoff. weaver recently tweeted, imagine a nascar driver mentally preparing for a race knowing one of the drivers will be drunk. that's what is happening for this debate. >> jonathan capehart that would be a nervous night in nascar race. >> and it's a great description. mark has -- in his comments has been dropping his little things that trump has done. it would have blown up anyone else's campaign. granted, i was one of those people who said that when he -- when trump said what he said about senator mccain that his campaign was done. because who ever heard of a presidential candidate denigrating the service of a war hero a former prison of war who is still in the race? and so -- >> jonathan. it wasn't just you, jonathan. i mean it was a guy like pete wayner

reagan is in daily city california with the story this morning. >> reporter: good morning. that's right. marvin ellison has been working side by side with mikeen months as a board member. this is jcpenny's way of ensuring a smooth transition especially after ron johnson was ousted and mike ullman had to come back. prior to jcpenny, he was at target and home depot. most of the experience is in operations and logistics causing some concern about his lack of merchandising experience in soft goods but they aren't worried about it. they know ellison from the time at home depot. he connects well with the mass merchant consumer and he can always hire people in areas where he's stress strong strong. while they crafted the current strategy and the upcoming holiday strategy ellison enherts a fragile retailer. at the peak they generated $32.3 billion in annual sales and just $12.2 billion in annual sales. they've shed 41% since ullman has returned to jcpenny. now, the company has set some pretty strong financial targets. some analysts are concerned they're so optimistic. some say what they have to do is maintain current momentum and step it up and impr

probably where we end up somewhere not munich not reagan and gorbachev but something that requires an enormous amount of attention. >> see, john said again mike barnicle a lot of people wondier where hewond ier -- wonder why we bring a person in like meachum to talk about the ramifications of a spending bill. but that's -- that really is, mike, a perfect analogy. obama's critics are talking about what bad actors iran will be even after this deal. well, now after the opening to china, didn't -- you know didn't exactly turn over a new leaf. >> with regard to meachum, he's the only person we have on here that when he's on i immediately revert back to being in school and i start taking notes on everything he says. >> yeah. >> but one element of this deal and gene i'd like your take. one element that this deal portrays in full is we haven't had that portrayal in full prior to this but in full the president's nature. he knew and john kerry knew that they could no longer hold the sanctions together. so they opted for containment. the theory clearly is it's better to negotiate with iran than bomb iran. do you agree with that? >> i do agree with that.

mike. >> caller: i wanted to find out from your panel the history of the overtime law. seems to me back in the 80s i was working, getting overtime, and under reagan in 1986 became an executive. it cost me about -- back at that time cost me about half of my salary. i was in a service job and i became a manager or executive. and lost my overtime. can somebody comment on the history of that action? thank you. >> beth, you want to start? >> absolutely, i'll start off by saying, the idea behind -- you know, the white collar exemption is you're being paid for your job. not for the hours worked. so, you're engaging in, you know, management discretionary duties, those sort of things that, you know, you oversee other employees. i think you mentioned the word you became a manager, so, again, you were being paid for a job. not for the hours worked. and that is part and parcel with the white-collar exemption, the overtime. it's also based on the duties and the salary threshold there. so, it goes hand in hand, the two components there. and that is the thought behind the white-collar exemption. you're being paid for the job not the hours worked. >> if you coul

if reagan picked somebody else, phil crane or somebody else that perhaps was more in down with his political philosophy, that's exactly right. >> host: mike, let's go back to your followup in north carolina. thank you for waiting to. >> caller: thank you very much. you can see the liberal news media, this overwhelmingly in control, and the likes of george stephanopoulos he plant it the question about abortion the very first thing. he got the debate going against the republicans and he is meshed with the clintons and you take all of -- you can just go right on down the line, even cokie roberts, i thick his a good journalist but they're all like -- i can't think of the word. why are the debates hosted by whoever whelmingly liberal left wing -- dianne sawyer and candy crowley, she helped obama's -- carried obama's water for them. why do the liberals take over the debate? thank you very much. >> guest: this is a perpetual complaint conservatives have with merit in some cases. i do draw the a distinction cokie roberts has not been active in politics so i think that's fine. we should judge them by their body of work. i think again the stephanop