morgan stanley outpaces goldman sachs.xamining options to wind down qb in september. from new york city, good morning and a warm welcome to "bloomberg daybreak." i'm jonathan ferro alongside david westin and alix steel. let's get you up to speed very quickly. the story in the markets is that futures positive. the euro-dollar moves back from a 2017 high. some telestrate and some euro weakness and of the ecb decision tomorrow. treasuries go nowhere. the yield on the 10 years to is 2.26. alix: morgan stanley -- the call is going under right now. we know that the vix came in better than estimated. here's what we're learning from the call. the deposit rate is lower than i thought. as the fed hikes rates, they do not have to pass those on to consumers. they can pocket that difference. in light of that come you wind up having the cfo saying that there is good growth in net interest income. also putting out that there is less volatility and a bigger trading band for commodities, but they have a benefit with fx vol. wealth manageme

credit suisse just raised the price target on morgan from 47 to 49 and right now morgan stanley is atnd look at goldman. it is down about a quarter of a percent. goldman always sort of the crown-wearer, certainly when it came between market cap between the two but just moments ago morgan touched the same level when it comes to market cap. charlie gasparino, now it is slightly below but what you does this really mean? >> what do we talk about when we say market cap? the market value how much your company is worth based on shares and what the price is. this is a big barometer of a company's wealth. just a few minutes ago we checked it was morgan stanley having, with a market cap of 85.7. goldman sachs with a market cap of 95.9. liz: morgan has gone up to 86.3. goldman, 86-point. it is neck-and-neck. that was the first time in a decade that morgan stanley pete goldman in market cap. they have not been that close over the decade. since 2006, particularly in 2006, right after the financial crisis, bold man saks was the crown jewel -- goldman sachs was crown jewel. much bigger market cap th

we also got news today about morgan's emily -- morgan stanley's location.is going to pick frankfurt as the e.u. trading hub. what can we take away from that in terms of what some of the other banks might do, perhaps? laura: some of the other banks may choose langford. when i talk to different bankers, with a talk about his frankfurt, paris, -- talk about is frankfurt, paris, luxenberg. a lot of these banks already have a banking license in dublin. when you have these four different areas and frankfurt, i been, theys always don't have good schools for my kids, not as much to do, the nightlife is and is great, which is something people think about when you are moving wholesale these entire units. if you have somebody like morgan stanley going and saying we are probably going to be picking frankfurt, then you start to have more of a banking community and there will be others who choose that as well. julie: interesting. we shall see. thank you so much laura keller. still ahead, what could help media companies cut costs, gain negotiating leverage, and expand net

what are the differences between you and morgan tsvangirai?n, and the movement for democratic change split in 2005. that is well known. we disagreed on a number of things. what we are apologising for in that time, we needed to spend more time talking to each other. we needed to spend more time finding ways of remaining together and resolving those differences, rather than walking away from each other in seeking to pursue the problem from different corners. that has resulted in where we are today. that struggle did not succeed because we dissipated our energies and fought from different corners. we acknowledge that to remain united, and if we had remained united, we probably would have defeated mugabe a long time ago. thank you for clarifying that. the deputy to morgan tsvangirai, the best—known of the opposition candidates who stood in the past against mugabe, he says that his boss is a natural leader of the grand coalition. however, he did reveal that he has cancer. is more than perhaps to seek to lead the ground coalition? i am not a medical

neil: all right, we shall see, rebecca, morgan, thank you. lot of people say it's all or nothing when it comes to coverage of donald trump, if you're incline to give all nasty stuff, you do. if you're incline for the president, loving stuff 24/. -- 24/7. if you're ib -- inclined to go after donald trump, ad nauseam, the markets since election. some people say that's just the fluke, nothing to do with donald trump, but will it be up to a chief of stay to say, well, you have to give him some of the credit, that's the type of challenge that faces john kelly, getting the news out, improvement on economy and improvement in the markets even as you're dishing out all of the controversial stuff. 24 hours is plenty of time to do both. neil: i hear panicking on what's going on with the trump white house and everything going no hell in a ham basking, why would you bet money the other way? why are the markets continuing to go up? why do we have markets hitting records left and right this past week? why are internet stocks storming all-time highs even whe

within we end tonight at morgan's inoperation island in san antonio, texas. it's billed as the world's first ultra accessible water park and it's open for business. omar villafranca takes us there. >> an afternoon at a water park is one of the best ways to cool down. something ten year old hayden young has never enjoyed. until today. >> are you having fun. >> yes! >> the fifth grader with cerebral palsy is splashing around at morgan's inspiration island in san antonio, the first water park built for all kids, even ones in wheelchairs. >> yay. >> the water park features accessible splash pads, a river ride built for wheelchairs and even has a first of its kind waterproof wheelchair powered by compressed air. >> how long from idea to this place being built? >> about three years. >> the park was created by san antonio businessman goredon hartman. he came up with the idea after watching other children at a pool party shun his special needs daughter because of her disability. >> the way she looked at me, that look, of dad, i don't understand. she couldn't tell me.

we really like morgan stanley still.reat storyy have a around earnings as they benefit from higher acid levels. i think that's a name we would focus on. more broadly you'd have to be picking your spots after some nice moves. ryan, i want to show our viewers something particularly exciting. it's a new function we have on the bloomberg. typeu look at equity and gp tv you will see a list of stories related to that particular company. check in on the first word news. here's emma chandra. >> president trump had a second meeting with vladimir putin at last week's g20 summit. said they hade previously undisclosed conversation during a dinner for global leaders. said theia group's meeting lasted over an hour and the only other person present was prudence translator -- putin's translator. >> never have i seen two major countries with a constellation of national interests that are as dissident while the leaders seem to be doing everything possible to make nice and be close to each other. that's what people don't understand. >> pre

demarco morgan is there. ig reporter: a train derailment thursday night was the third in recent months at north america's busiest transit hub. penn station commuters have also weathered a raw sewage leak. now extensive track work means more misery. >> some people have labeled it the summer of hell. the way we look at it is it is the summer of renewal for the station. >> reporter: amtrak c.e.o. wick moorman says the project will last eight weeks within the track work is complex. trains are running around you 24/7. you can't go up because of the wires. you know, it is just a very difficult work environment. >> reporter: crews have already started the work but to finish it, three to five of the station's 21 tracks have to be shut down until september 1st, forcing amtrak to cancel three daily trains to and from washington and reroute several others. some through grand central located on the other side of town. the long island railroad also will cancel some trains. riders are being encouraged to nde buses, ferries

greg: thanks to morgan, rob, kat >> i love it. o'clock and 6 o'clock. hope you can join us. >> julie banderas is up next with "fox report". >> have a great evening! quite a dramatic exit of reince priebus capping off a chaotic week for the white house. as they tried to put the leakers on factum. you are watching "fox report". the white house dealing with yet another high-level shakeup as the president replaces reince priebus as chief of staff with john kelly. -- >> general secretary kelly will bring in discipline. and he will put out

. >> how would you like to buy shares of jp morgan for just over a dollar? >> i buy that for a dollar. >> we'll show you how to do that for $1.50. >> calling all "option actions", reach into the pocket and grab your phone and tweet us your question if it's nice, we'll answer it on air when "options action" returns. >> logically hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. what should i watch? show me sports. it's so fluffy! look at

. >> let's get to morgan stanley better than expected quarterly results. trading revenue down one jp morgan down 14 and goldman down 17. >> let's revel in what james gorman has been able to do the mojo is clearly back here. they have quadrupled wealth management it's up from $1 billion a year to $1 billion a quarter. he joined in 2006 and they were doing $300 million pretax in wealth management. do you know they now do that in four weeks this is a model that works. >> that sort of helps. it's not like it's all been organic. i'm just saying. the strategy is one you're clearly applauding it's being rewarded in the marketplace. >> i am applauding the fit was good it was only down a little less than goldmans and david, i think that you have to -- the higher multiple is coming this should not be at 12 times earnings you're going to say they're going out the door every morning in the elevator. >> right they have been talking about this higher multiple for a long time. recurring revenue from wealth management and it's deserving of it but they still have a lot of

[laughter] morgan, is their appeal to this book?s like reading the tea the bk of the team lost the super bowl. >> i guess goldman doesn't pay enough. i don't know. i have a really good book title. screwed by weiner. [laughter] i hope my father is not wanting. [inaudible conversations] greg: i'm going to say the interim. no one will ever know that it was her and not me who said. kat, you preordered a copy. >> i can't wait to read it. i love reading things like that. i'm surprised that it wasn't like now, chelsea has run. i think hillary would be the very first political stage mom. so forced chelsea into running. will go with her to the debates and milk wear matching pantsuits and hillary will be standing in the back doing all the gestures that she's doing in the speech and teaching her and mouthing the words out loud and we will all hate it. greg: what do you think, tyrus? is this helpful -- maybe people can learn from this book. >> yeah, what's not to do when your resume for president. she did write this damn book. come on, man. you

more fun tonight morgan hill out door sportscenter.y have fireworks going off and here in morgan hill a very, very patriotic fourth of july celebration. in morgan hill matt kell kell kl 7 news. >>> people going to a green day concert in london had the time of their lives. it started before the band took the stage. ♪ that's the sound of 65,000 people singing bohemian rhapsody. many say it's the best they have been to. >>> americans will eeat 150 million hot dogs this july 4th. >> most of us will limit ourselves to one, maybe two. one >>> coming up at 6:00, pit's speeding up traffic and slowing things down at the same time. the tough time in one small northern california town since the opening of an expensive bypan. you better arrive early, way early. >>> michael finney examines the next generation of dashboard cameras. not only the view outside the car but inside as well. that's coming up in half an hour. >>> finally here, excellence in motion. there will probably not be one like joey chestnut again. >> with 72 nathan's hot dogs and bun

morgan chase.roup was under pressure on friday after performing better than some of the banks year to date. citibank is saying that investment banking results were the strongest in years. trading also, traders proving adept at avoiding an industrywide slump. j.p. morgan has long been the dominant bank in that business. theceo on friday called best performance in seven years when he talked about the investment bank, revenue from $3.2 income was down 6% to billion, just $1 million less than j.p. morgan chase comes so they are on their tail. big question is how will it play out for goldman sachs and bank of america. wells fargo are planning to shelf more businesses. about theirtalk cost-cutting on friday, and some more headlines since then on reduction in businesses. ceoof the things the pointed out is the bank has suffered the loss of tens of millions of dollars in municipal underwriting, and that is because a lot of states have backed away after their accounting scandal. is not a material and tack o

morgan. that story that tyler told you about. ceo jamie dimon going off on washington during an earnings conversation call with analysts blasting the d.c. dysfunction and the impact it's having on the economy. wilfred frost is here with more. >> that's right, michelle. and here is the main part of that rant dimon referring to the excessive gridlock he sees in washington. >> since the great recession which is now eight years old we've been going at 1.5% to 2% inn spite of stupidity and political gridlock because the american business seconder is powerful and strong and is going to grow regardless i'm saying it would be much stronger growth had we made intelligent decisions. >> now, instead, we'll play the right bite which we have now here is the main part of that rant >> we have become one of the most bureaucratic confusing litigious societies on the planet it's almost an embarrassment being an american citizen traveling around the world and listening to the stupid [ bleep ] we have to deal with in this country. >> it's important

this is a twitter part two >> you said morgan standly was the lead understood wrirt. so it stands to reason, they should know the company as well as any firm out there. that's accurate. so, my question, what changed since the ipo. >> nothing changed so that's, wonder why people -- >> worse than they thought >> two days ago saying they think that they should be given a little bit more confidence if r having a rocky or a rough delivery of their first couple of rounds. >> that might be the case, hence the guy down by the street they don't want to blow q2 they're going to say the same thi thing, but that could be two years from now there are people who think this will be a single stock >> facebook didn't have competition in facebook. this business is. >> matt:ive. you look at companies like facebook and amount of users they have. there's no way for companies like blue apron to compete >> some haven't come back all the way. this is a fast one last night. they can't compete buying right now, and you're going to have them eat their lunch. whole foods can basically cut costs.

morgan street northwest shut down for that fire response. east capitol near northeast, we have some lanes blocked for a crash there. >> melissa, thank you. >>> it's 5:32. we continue to follow that breaking news story out of northwest washington. the american red cross is on the scene on morgan street after two row homes caught fire. >> news 4's molette green is live with a look at who is displaced and more on the firefighters who were hurt too. molette, good morning. >> reporter: good morning to you. firefighters are still here on stand by for those hotspots that could flare up in these kinds much cases. take a look. this is the fire -- where the fire started. in this white town home. flames broke out on the second floor. the renters were out of town. the lower bottom tenants were able to get out. this fire impacted several homes on this street. we spoke with the man who lives right next door. his home was impacted by the firefight. he tells meal a neighbor called him, wokim >> most of the flame was on the alley end, the back of the house.

and the fact of the matter is that instead of taking moves the way morgan stanley clearly did, the way citigroup did, the way a number of other large bankers have, this company has simply gotten more and more insular it is a private company that's running under a public -- if you will -- name this stock sold at $250 back when lloyd blankfein first began there. it's selling at $30 less today that's ten years which company can you find out there that has a record as consistently bad as this one where everybody loves it it is not a phenomenal franchise if the company can't grow earnings >> over the last five years the stock price at goldman sachs is up 135%. if if you look at the key metrics of management performance and profitability, return on equity, nearly doubled over the last five years operating margins, near the top of the group second only of the major firms to jpmorgan. the way that blankfein guided goldman through the crisis the is there a better risk manager i would take jamie dimon first, if there's babe ruth, i'd take gehrig second. what about those metrics don't they accoun

still, for wednesday, looks nice, 83 at morgan hill. east bay numbers mostly low to mid 80s.th bay we start with low clouds that we had this morning, here again tomorrow. and then still warm in ukiah at 91 degrees. extendedphoric, the usual low cloud-- extended forecast, usual low clouds in the morning. cooling off as we head back to work next week. enjoy the 4th, really it won't be that much. >> all right. we will take it. thanks. >>> still ahead, more than just wine country, another drink that packs more of a punch is now being made in sonoma county. >>> coming up at 6:00, it has been four years but new video showing the crash of flight 214 at sfo, we speak with an aviation expert who spots two crucial mistakes made after the plane crashed. drinking the hard stuff, like whiskey. >>> it has been a day of hot dogs and beer for millions of americans, but it turns out that more of us are drinking the hard stuff, like whiskey. that has led to a nationwide boom in the number of small dist ilries. kpix 5 morning anchor, michelle griego shows us one in the middle of sugnomeo wine c

morgan radford has more. >> reporter: possible multiple struck. this 45-year-old doctor henry bello opened fire at this bronx hospital, injuring six people and killing dr. tracy sin-yee tam, a 32-year-old practitioner filling in for a co-worker. bello was required to resign amid claims of sexual harassment. he had only worked there six months. prior to the rampage, he sent an e-mail to "the new york daily news" saying he was forced out because of bogus complaints from colleagues. he had reportedly threatened to come back and harm employees, though the hospital says there was no warning whatsoever. >> a confirmed active shooter. >> reporter: the suspect had previously been arrested for sexual abuse. those charges were dropped. he pleaded guilty to unlawful imprisonment leading up to the mayhem. >> chaos and craziness. >> reporter: bello showed up with an assault rifle. he asked for a specific doctor. and when that person wasn't available, began shooting randomly before turning the gun on himself. >> it let me know that it can happen anywhere. it re

the morgan hill independence day parade is big. they expect 50,000 people to come out here and watch this parade this morning. organizers say some people have started leaving their chairs out here back in may, big chairs, little chairs, all kinds of chairs along the mile-plus route. some block off their spots with caution tape or chain them together. basically if you leave your chair it's going to be waiting for you today for the parade so why would people do this? this is one of the oldest fourth of july traditions in california. morgan hill's independence day parade started in 1876, more than 2,500 people are going to participate in the parade. more fun tonight at the morgan hill outdoor "sports center." that starts at 5:00. you've got music, food, fireworks for that. the parade starts at 10:00 this morning. i've got my chair, i just need my drinks here, like i said, soda that i will put here to keep nice and cold for the parade. back to you. >> he has it all planned out. thank you. >>> an east bay city targeted 30 cases of vanda

greg: thanks to morgan, rob, kat and tyrus.eering] jesse: "watters world" is on. >> general kelly has been a star, respected by everybody. a great, great american. esquestions -- jesse: priebus is out, kelly is in. >> you cannot confiscate equipment when the member is not under investigation. you are violating the rules. jesse: is debbie wasserman-schultz obstructing justice. and why did her tech officer try to flee the country after

hi, good morning, morgan hill. happy fourth of july. they are here for the big parade that every year brings out thousands and thousands of people. in fact, they estimate there's 50,000 spectators here for this year's parade, and this year's parade theme is america's national park, 100 years and counting. they are honoring morgan hills and santa clara county fire personnel as well as firefighters across the country. they have a special display here. they have martial artists are dragon being carried in the parade. the parade is a hot ticket. some spectators left their chairs along the route since may. big chairs, little the mile-plus route. >> if you don't put your chair out. >> what do you think of coming to your parade with the grandson? >> with you? >> i think it's pretty good. it's special. >> it's a dragon. >> this is one of the oldest fourth of july traditions in california. started all the way back here in 1876. how about that. about 2,500 participants are in the parade. they got nine bands, 40 horses and 24 floats and all kinds

jp morgan, one eye at the bloomberg terminal to see if we have jp morgan earnings out early.bit. ken leon with us. it's wonderful to have him on with us with the acclaimed s&p star outlook system. he's with cfra this morning. ken, are they all five-star banks? ken: so we have four-star buy recommendations on most of the largest banks and that's on the positive fundamental trends we see ahead. tom: within that is the dynamics of the yield curve, the ability to make money on the income statement as well. what are those dynamics right now? is the yield curve helping mr. diamond and company? ken: it is but it's going to be even more powerful as we get into 2018 as the spreads widen and the ability really to put available capital into the market for lending. lending, investing and trading. tom: within that lending, investing and trading is about management. there are huge distinctions between our financial centers, which is not so much a single best buy but which is the bank that seems to be doing best right now? ken: for the second quarter story it's not going to be about the cap

economist at jp morgan. great to see you, michael, thanks to be here. >> you heard steve's piece. do you generally agree with what we put forward and do you think that we will see some upward pressure on wages? >> so i agree with a lot of what steve said. i think it can be summarized simply by the fact that all those things put together mean we have very slow productivity growth. without a lot of labor productivity growth, it becomes harder for firms to increase wages in a way that doesn't push up their entire cost structure that they have to pass on to consumers. so, until we see productivity growth accelerate in a big way, that's going to keep a lid on overall wage growth. now that being said, let me just add that even if an environment of slow productivity growth, if we have a cyclicly very tight labor market, that should, over time, put upward pressure on wages. now, you know, we're not really sees that at least in a broad-based way across some of the measures you mentioned, but we really only got to a tight labor market within the past year and i think if we continue to have

inmate morgan's participation was cleaning up after the assault took place.ou admit or deny the misconduct report? >> well, i deny it because i wasn't aware that there was a confrontation that occurred. >> do you wish to present your version of the incident, or do you wish to remain silent? >> yeah, i walked in, it was shortly after lunch. it was at that time a shirt -- or a t-shirt that was there. i wasn't aware that it was his. all i knew it had a little bit of blood on it. so i kicked the t-shirt away from myself. as i said, i was not aware that a confrontation even occurred. >> do you or your representative have any motions or considerations to present to the hearing officer? >> yeah, we have a statement from mr. banister saying he was not the one -- kenneth morgan was not the one cleaning up the blood. on the prehearing detention report, it's saying that morgan was observed through the security cameras conspiring with other inmates while they were striking another inmate with a fist at the rear of unit iv. you said you've seen the tape yourself. was he s

call it the independence day honor system in morgan hill.f you put your chair out two months ago or two days to say it will still be waiting for you july 4th. >> i'm sure they'll move them in fun a bit. but i don't think anything has been stolen. >> we have a lot of honest people in morgan hill. >> reporter: the police department says it's legal to save a spot and, yes, there's still room for those who show up late. >> we put on one hell of a paid ra. >> reporter: it starts at 6:00 a.m. >>> "uss hornet" starts the spirit of 1776 a day early. the naturalization ceremony takes place on the flight deck this morning at 10:00. a sea, air and space museum and national historic landmark it played a role in the allied victory in world war ii. people will receive a naturalization certificate and become eligible to vote. >>> amazon promises its annual prime day is bigger than black friday. it is extending the promotion to 30 hours. it offers deals in an effort to boost sales during the slower summer months. amazon is offering some bargains already inc

call it the independence day honor system here in morgan hill.you put your chair out two months ago or two days ago, safe to stay it will still be here waiting for you july 4th. >> i'm sure they'll move them in a little bit just in fun. but as far as i know, nothing's ever been stolen. >> we do have a lot of honest people in morgan hill. >> reporter: the police department says it's perfectly legal to save an early spot. and, yes, there's still room for folks who show up late. >> we put on one hell of a good parade. >> reporter: the parade starts at 10:00 a.m. in morgan hill, cornell barnard, abc7 news. ♪ >> little james brown cover there. a lot of red, white, and blue helping people get into the independence day mood this afternoon. abc7 news was at the meek mansion in hayward for today's july 4th celebration. the event featured something for everybody. >> good music, good food. i like all the vendors talking about the public services for the hayward community and getting knowledge out there about that. >> the only tough part was keeping track of

morgan in particular we got notes from conference call cfo marion lake at j.p.come performance this quartering typical of the highed and lows not not look fog make changes talks trading revenue saying quote we did pretty well, pretty well in the circumstances. so overall i think people are pretty much ultimately happy they knew trading revenue would be light, but it was lending that helped along as well. maria: a great point nicole we expected that we would see trading, volume under pressure because of lack of voiblt a that is what we got even though stocks are down, nicole petallides thank you. we will watch your roshth all day can we talk retail sales for a moment real tales expected to be up 1/10 of a percent you thought a good quarter you know for month of june retail sales down /10 of a percent worse than expected. >> are the apple of the reason why, you are right i do think going to be positive, i think what we're seeing a higher savings rate americans are start to save more, it was 5.3 -- 3 -- 5. % excuse me now 5.5% seeing that increase. >> staifgs are a

jp morgan trades at 1.7 times tangible book.ades at 1.0 times tangible book. that discount is simply too high they don't have to trade to parody. >> did you know that city is the best performing big bank stock to date. >> i know that. >> you use the core guidance. >> what he has done is he has the assets he has gotten rid of the assets. very risky and didn't return as much on capital as the other assets and now you are in this global synchronized recovery where you're able to go back to traditional businesses that actually penalize them as the global economy was sinking so now it's operating in reverse and i think it should recover. >> i can't wait to hear from when he is able to do it and i hope it's soon is our boy mayo. >> mike, yeah. >> he has been among the biggest and most vocal critics over the years of citi. >> right. >> where they have an issue still i think is near the business where if you talk to others on the street is not up to snuff. >> that could change quarter to quarter and the credit card business is probably

the boss of us bankjp morgan chase warns that what happens to banking jobs in london after brexit iso longer in the hands of the uk government. welcome to world business report. i'm rachel horne. in a minute, rico will tell us about an interesting deal in the music streaming world. but first: get ready to take a deep breath when you go online today because some of the most popular websites will be running slowly. companies like facebook, netflix, and amazon are taking part in a protest against changes being made to us rules which govern net neutrality. our north america technology correspondent dave lee explains. right now all internet traffic is treated the same, no matter it has come from, where it is going, what it is doing, that is something we call net neutrality. without it campaigners worry internet service providers will be able to intentionally slow down your internet connection and less you pay more for things like video streaming. or they warned that there could be some kind of internet fast lane where big rich companies could pay to make sure their sites load quickly but

happens to be at morgan stanley.eporter: former lawyer, now banker at morgan stanley. happened to be joined by david rosewater. thanks for being here. global head of corporate defense at morgan stanley. a good day to have you. with the news that nelson pelt looking to get a board seat at procter & gamble. the largest committee company ever to face a potential proxy fight here. i'm curious, is this a trend or the targets just getting bigger and bigger? do we expect the targets to get bigger and bigger among the top activists? >> i think so. it's one of the trends we're seeing in recent particularly year or 18 months. the targets are getting bigger. if you look at the activity level that we're seeing among large companies, it's at all-time highs on an annualized basis. you just see very, very large companies, you had potential activist situations at g.m. and that was a full proxy contest. you had at bristol-myers. you see necessarily. lots of other ones. so big -- nestle. lots of other ones. big companies have been vul

hill as part of the fun for the morgan hill independence day parade. you've got your seats already out here and this is going to be a big parade. organizers are expecting 50,000 people to be out here today. and that's part of the fun. everyone's leaving their chairs out here and some of them left them out here starting in may, big chairs, little chairs, all kind of chairs along the mile-plus route. some even block off their spots with caution tape or chain them together. basically if you leave your chair, it will be here waiting for you today for the parade. so why would people do this? this is one of the oldest fourth of july traditions in california. morgan hills independence day parade started in 1876, more than 2,500 people participate in this parade. more fun tonight at the morgan hill outdoor "sports center," that starts at 5 clock. they're going to have fireworks, food, all that kind of fun stuff. but the parade starts at 10:00 so i'm waiting for some of my new friends ton come out here and join me. reporting here live, matt keller. >> thank you

i couldnsk mean, morgan has taught me so much.e so much. >> hartman also made the park financially accessible. disabled guests like 7-year-old rea edison get into the park for free. >> this is your first time here? >> yeah. >> how many more times do you want to come back this summer? >> 17. >> what is it look to see hayden in the water being a 10-year-old kid? >> so much fun. he is having such a great time. making him happy makes me happy. >> happy and cool. in a place where kids can beat the heat, and, their limitations. >>> what a great idea. that's the "overnight news" for this monday. for some, the news continues. for others check back later for the morning news and cbs this morning. from the broadcast center in new york city, i'm elaine quijano. >> announcer: this is the cbs "overnight news." >>> welcome to the "overnight news." i'm elaine quijano. if president trump was jetlagged from his four day trip to europe, he showed no sign of it sunday morning when he fired off another round of tweets. mr. trump defended his face to

richard gross, and john morgan and their voices are on different songs, including fr john morgan love on a two-way street and that got sampled on empire state of mind which made millions. >> and they made no money off it. >> we sued. >> but haven't gotten paid. >> we're still waiting for the money. >> let me go to break before you have some fun and introduce your artists. what is it that artists need to do? >> artists need to be mindful while they're -- >> one of the things that happened is artists get afraid while they're popular to go aftr their record companies and do audits and make sure the money -- >> they think -- this. >> and so they don't do anythin, and they wait and the other thig is that we have this called -- something called a recruitment structure in the record busines, so it's like a share cropping arrangement where record companies charge all the cost of making the records and everythig else against the artists' royaly which amounts to about a dollar annual bum when the record company is getting 6, seven dollars annual bum. even if you're a major artist, you look at y

>> so you're blaming that on captain and not captain morgan, huh? >> yeah.ve had friends do that to me. >> all right. these you see all over the place. you can rent them. two girls got on one paddle boat and it's not going well. >> oh! >> oh. i didn't know it was going to do that. >> i didn't see that coming. >> you broke it, you bought it. >> it's not entirely broken. it looks like the pontoons are inflatable. to shallow water it folds in half. they're screaming bloody murder. be safe out there on july 4th. especially around the boats. >>> hey, guys. fourth of july puts a sparkle in my eye and my heart. >> with fourth of july come all those fireworks and sparklers. if you want to keep the kids safe but make it fun -- >> in comes confetti catapult to save the day. >> inspired by a blog. >> the first thing i did is use a paper towel roll and in half. >> cut your balloons in half and wrap the balloon on one end. then you use tape to secure to the role. you tie the end of the balloon you put the confetti inside. >> and shoot it off. this is so much fun, i love

still with us from new york, our guest from morgan stanley and wells fargo. talking about this, the story of covenant light in the junk bond space. walk me through it and whether we should be concerned about appeared -- about it. >> it is the kind of protection that the bond investors get, so over the last several years we have seen a gradual deterioration in the quality of the covenants and today in the high-yield bond market and alone market, quality deterioration is substantial. for example, the covenant light is a big what is. and what you pointed out, the moody has a quality index that has reached the weakest point in june. without a doubt, quality has deteriorated. what are the implications? one when you weaken the covenant, the likelihood of default. default occurs and it gets pushed out further. when the default does occur, postyou have in a company, default recovery is going to be lower than fully recovered bonds. the prospect for recovery, in the event of default, remember we are talking about high-yield companies so their frequency for default is o

we get more now from nbc's morgan radford. >> can you show it to me? >> reporter: for 40 days, this woman has worn an ankle monitor like a criminal. >> it is embarrassing. >> for more than a week this connecticut room in the church was the family refuge. 9-year-old, haley is the youngest of her four kids all born in the u.s. she was there when immigration officials told her mom to leave the country. >> do you remember that day? >> yep. june 20th, seven days before my birthday. say like you were like me, or younger, or, any age, even the age you are today, you were getting separated by your mother or father how would you feel? >> reporter: undocumented, haley's mom fled to the u.s. in 1993. seeking political asylum amid unrest in guatemala. her application was denied. but she continued to work as a housekeeper. so she paid taxes and in accordance with i.c.e. rules checked in with immigration every year to keep her deportation at bay. that is until last month. >> i don't know what changed. >> reporter: you feel look you did everything right? >> i made my

morgan chief executive jamie dimon warning of more banking moves after the u.k.the eu and we will hear from him next. this is bloomberg. ♪ mark: i am mark barton along with vonnie quinn. jpmorgan chase chief executive morgan. -- telling the community at a conference in paris that his bank among will have to move several hundred jobs on day one. quite what happens next is totally up to you and not up to britain. step, ifhave the first the eu determined he wants to move a lot more jobs out of london into the eu, they can simply dictate that. the politicians can dictate it. telling bloomberg that j.p. morgan passes eu investment bank, other services will be handled at dublin and luxembourg. for more, let's bring in bloomberg news brexit managing editor. a reset, relaunch, rebound, whatever you call it. prime minister treason may. was it seven tosh by the foreign secretary health scandal dating back decades? >> not the first time. loose lips sink prime minister of ships. declaring there is no plan for a there wasexit because going to be a great deal. suggesting there

nobody thought it would happen to mckenzie morgan. >> you're just quiet. there's not a thing that we can do. >> help! >> reporter: to mckenzie the parents she was always exceptional. their super girl. >> a kid that started reading at 2, 2 1/2, speaking in sentences at a year and a half. >> reporter: she excelled in school, threw a wicked curveball and a sixth sense for the outdoors, developed elk hunting with her dad. >> she's a great kid. >> always wanted to go often are and do the next thing? >> the next thing. doing as good as you can. >> reporter: more than anything, mckenzie wanted to fly. frankly, that desire came packaged in her genes. great-grandfather, grandfather, uncles, like jared hansen, all pilots. mckenzie and grandpa got together. >> we talked and said that if she wants to do it let's help her out. >> reporter: hur parents were fine with it, too. a lot of people would look at this and say, god, you really feel good about letting your daughter go off and fly an airplane at her age? >> i see kids they sit there and communicate and text. our d