we're talking about a renaissance like a moment of rebirth so if you're saying that all these banks the j.p. morgan's goldman sachs h.s.b.c. deutsche bank b.m.p. pare about that they all go away they disappear they collapse. is of course your own bank so what happens in a post banking post be out world like how much entrepreneurship a flourishing of like fraud free or certainly reduced fraud and vironment like what happened i don't think we're going to see a post fear i think fear will survive and it would just be in a different format since the fear that you're going to see is going to have less freedom less over and see less privacy and lots of really horrible features built into it. and if banks go boss this is not the the banks go away is that the banks have a choice of 5 or adjusting to the central bank digital currency they don't get a super subsidy they they're no longer too big to fail because the central bank can just let them fail and there's a way of you know auctioning off all the debts and replacing money with a central bank digital currency so it actually drives banks to be more honest

jp morgan, bank of america, citi group, wells fargo all could be partisan but bad for their business financial tech plays like paypal thrive when money mangers are afraid to own real financials with actual credit risk. they need financial exposure to buy fintech. invidia, the company i named my 13-year-old rescue dog after it's a little green card, it's his i.d., i.d. card, you swipe it he would not have swapped. anyway, he's dumb as a bag f ocho h - of hammers, unlike invidia the dog, this stock can hunt gaming, data center. invida today is what intel was in the '90s. modern daiy leonardo dvivinc hirks,hirki. plus has a cool leather jacket i could never pull off i don't know if they can justify the stock but it's not the stock wall street flocks to in a rapid economic recovery. it's anti cyclical and figures out how to make things that don't even exist in most of our minds. third witness is apple up from the february top what can i say for years i've said you should own apple, not fraud trade it ai stuck to the party line. the stock get hit with wave after wave of downgrades negativ

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgantanley in supporting feeding america and your local community food bank. ♪

banks.k combined, all of the black owned banks have a fraction of the assets of the biggest lenders. jp morgans 150 billion branches figure than all of one united. there are just 21 black owned banks since the 2008 financial crisis. the combined assets of the bank -- obviously key, the bigger the black banks can get the more they can land. key for developing that community. this is bloomberg. ♪ ritika: time for the bloomberg business flash. a look at some of the biggest stories in the news. morgan stanley is in the penalty box. the primary dealer french government bonds has been put on hold for three months because of transactions conducted five years ago that affected the liquidity of the market. the banks assigned $24 million over accusation -- the bank was fined $24 million over accusation date used pump and dump tactics. morgan stanley has appealed. hsbc -- the british bank says it will hire as many as 3000 wealth planners in china within four years. hsbc makes more than half of its revenue and all of its profit in asia. that is your latest business flash. alix: thanks so much. here is one

coming -- archer hathaway filings are out, reducing its takes in quite a few of the big banks including jp morganwells fargo, pnc, and bank of new york. it exited its goldman sachs steak again. these are the filings for the second quarter. we should point out it appears berkshire exited several airlines, delta, southwest, united and american. one interesting thing here is that they did add gold. caroline: how are those coins going? romaine: very well. make sure you tune in tonight at 6:00 for bloomberg wall street week with david westin. david is not going to be here, but scarlet fu will dive into -- biden/harris ticket. as tonight at 6:00 eastern time. we will be back in a moment. this is bloomberg. ♪ >> electing biden and harris, as much as it will be great for the country will not be great for the market. >> aside from that taxation, it doesn't do much by way of financial policy. people eat -- people will be feching closely for the chair. what are your expectations and the types of moves they would make to regulate the industry in a different way? >> the biden camp and the people i have spoke

morgan, he was buying bank of america.t of the reason it's down because of the ten year yield move people are concerned with how big the losses are going to be, i totally understand that. i think they're also under estimating the power of these banks to continue reserving in a very big way and still make money which will set them up well i think, you know, when we get to the next quarters earnings and people start to look to 2021 you will see banks do much better you will see they'll have the balance sheet and the reserves for the losses >> guy, i'm going to quote a great guy which is that maybe mr. buffett's sale of wells fargo is le less of an indictment of the bank but boost of part gold boost with the same money, but you get my point. >> i think it because you said it and you quoted it so i must be right i guess that's somewhat circular i think people are missing a pretty big story here. whether it was warren buffett did it himself or some of the people on his team people say well a buffett forray in the gold today is

all of these names by morgan stanley, and for the rest of the names on the list you can visit cnbc.com/pro >>> sticking with the banksn telling the cdc that it will now cycle between days at the office and days at home maybe personalmanently the move could have a lasting impact on the industry hugh is the ceo and he joins me now. hugh, tell me more of what they're introducing. >> senior executive of jp morgan called it a rotational model what does that mean? basically if you work as a trader or investment banker or anywhere within the corporate investment bank, you'll have perhaps two weeks of the month, perhaps one week of the month, perhaps two days a week working from home, even, you know, into the future, and i think this really refers to a post-covid future which there is going to be greater demand to be back in the office, but at the same time demand to have the flexibility that people really started to appreciate >> if people could pick their days, maybe they could help line up with their kids' school calendar, but tell me how different, for people who work in finance, this opens up a whole array of places the

morgan and bank it -- and bank of america are leading the offers.administration to let it sell components to huawei, saying u.s. restrictions threaten revenue to form can put it or's. qualcomm is lobbying to be allowed to sell 5g chips to huawei because foreign rivals now have access to a market worth $8 billion a year. sites samsung and mediatech as examples. david: a couple minutes into the session in india. i stand corrected, it is now actually looking like a fairly up arrow story. 20 up, two down. zero unchanged. four months. first quarter profit and earnings stirring up things like depreciation, interest payments also beating estimates. son pharma up 1.8%. so yeah, this is maybe exactly what the doctor ordered is pharmas the pharma sector is concerned. haslinda: let's stay with india. india is reeling under the economic impact of its projected coronavirus lockdown, and the number of cases topped 2 million. india's economy was already growing at its lowest space in over a decade when the virus struck. the lockdown, which first came into effect b

>> so i share with jp morgan and the banks very much. that's our top rated bank.ut i would say raytheon is a great company to own with a nice 3% yield, stocks off its highs. kind of been thrown in with the aerospace industry overall. but they have such a great defense business and people worry about defense business. but it will stay strong in the future. and also aep. we've welcome back in the unemployment numbers and the stock's off its high, it's come down off $20 a few weeks ago. there's valuation there. they're going to get market share, it's a defensive way to play tech because it is in the tech space, but it certainly could participate in an economic recovery through the payroll. >> and then really quickly, last question here, a lot of people have questioned after the executive order and the memoranda this week from president trump if we will ever see another coronavirus stimulus bill if it will be need and that's baked into the market. if we don't see another stimulus bill, what happens for the markets? are investors on shaky ground or does the fed step in

morgan chase is an official corporate partner of the police the bank has given $4600000.00 to the new york city police foundation was. was released foundations across the country in places like chicago philadelphia and new york city have been showered with corporate money money from the same corporations such as marathon wells fargo and j.p. morgan that now claim suddenly they are woke furthermore these companies sponsor events in dollars that celebrate the police and remind the public that police power is backed up by corporate power it looks very good to shell out money in the name of equality but will money speak louder than words when companies claim to support black lives matter but then fund the police i think that they're placing wagers and bets on all sides. that is to say that i'm sure these petroleum companies they feel that police departments their products and they believe that black lives matter folks buy their products as well however i think that those of us in the movement see this as hypocritical we see this as inconsistent and i think ultimately it could backfire aga

. >> with banks it has been interesting. he cut wells fargo and jp morganbut he's really buying more bank of america. i think he is fine-tuning that portfolio. taking the investments that he thinks are a better deal long-term and not having as much of a broad exposure. 225 ralliedkkei after that. thank you for that. let's dig deeper into what we were just talking about. thee is a great article on straightforward explanation for why berkshire bought these stakes in japanese houses. stocks.h, pull in the past, the firm has been traditionally low-margin, cash poor, debt heavy. leverage has fallen and management targeted much more concrete metrics like return on equity. all of that made it much more attractive. why wouldn't warren buffett want to buy them? the close is coming up in a few minutes. u.k. equities as well. it is a down day. italian stocks with that terrible gdp reading. the eurozone continues to plot its way higher and the selloff in the bond markets continues. this is bloomberg. ♪ alix: this is "the european ." guy johnson is off today. equities t

consolidations which took place 12 years ago only on a larger scale so these banks these mega banks for instance j.p. morgan wells fargo b. of a they're being sued in class action tellingly for funding large or small businesses then smaller businesses with this paycheck protection program p.p.p. before that $350000000000.00 in federal funds ran out why has the smallest small businesses don't pay these banks as much in fees as the larger small businesses quote unquote this is yet another unsustainable contradiction in the modern economic system where clear socialistic government handouts are nonetheless being prioritized through private institutions foremost by their profit motives i mean all this stuff begs deeper questions yeah it's a man and you know i hear only a lot about democratic socialism and all that and i lived in eastern europe during communism and i know what that's about ok so i don't really want to go that direction you know but the interesting thing is here banks are picking winners ok i mean it is very socialistic in that way because it's not the it's not the market picking winners it's indi

the big question always is surrounding jamie dimon of jp morgan, of course, big banks highly politicized others like nasdaq's id to friedman have been rumored. this is a name game at this point. the expectation is that these big spots don't come from wall street, but as you know there is always that hope. vonnie: thank you. be sure to tune in leadeth this afternoon when presumptive democratic presidential nominee joe biden and kamala harris delivered their first remarks since the historic announcement. it will be live from wilmington, delaware just before 4:00 p.m. eastern. meantime, online education company k12 reported earnings last night that eat on the top and bottom lines. the company reported a 50% increase in volume or enrollment applications compared to the same period last year. joining us now is james rhyu, k12 president. however you had to change, if at all, you are learning models to adapt to coronavirus? scarlet: we are really fortunate. -- james: we are really fortunate. when the pandemic broke out our schools remained open. we have been doing online learning for years. we

banks. he trimmed jp morgan and s synchrony financial. there's a big question given that he slightly increased his bank of america stake but significant in terms of 2 billion whether this is now a massive change of heart and he is bullish us. banks in general. it's one of the others at that 10% holding in the company we snow there was a massive amount of volume i was trying to do lots of reporting on it. it needed to be one of the big existing holders of the stock. we don't know who that was but we won't know the answer but of course if you did sell significant amounts of one of the bank holdings versus a small pop off in bank of america then it would seem to be a small relative bet on one name. >> i agree in the overall context of things the bank of america purchase is a drop in this portfolio but it was between july 31st and august 4th, they spent more than $300 million on bank of america shares alone just within that five day span. so it's interesting to see what the pattern is in terms of how he got into these bank stocks and in terms

banks in the u.s. on this stock listing, goldman sachs, morgan stanley, jpmorgan. three of those banks want a bigger presence in china. how long have you built a relationship with them? we have a long-term relationship with our company. vonnie: what do you plan to do with the money raised? clearlyally, this is documented. [indiscernible] vonnie: maybe you and me can take over because i think we may be losing the connection. for as a fascinating time chinese property company. give us some details about what exactly it does online. it is an online property brokerage. more than 60%ping in the listing, so you see american investors shrugging off any of the threat of delisting. in my conversations with investment bankers, they don't see it as an immediate threat. it would be very difficult to do. more thann by beike's $2 billion listing that is surging, there is a ton of interest from american investors to be investing in chinese digital companies. with thee just spoke codirector of research at bridgewater who said it is not wise to just be invested in the united states.

certainly treasuries and the move we are seeing in the last few days giving these bank stocks a bit of a lift. lisa: jp morganres, without even today's rally, up about 9% in the past week. you're seeing something similar for citigroup. the banks are ranked in order of size, and that is how big the returns are. the biggest are getting the biggest boon from the higher yield. interesting to see how long this can last. jonathan: i imagine the last one he for hours -- the last 24 hours weren't fair for senator warren, not the vp pick, and these bank stocks rising. lisa: i think that's fair. jonathan: let's get to jeffrey wright, eurasia group analyst. kamala harris, vp pick. does this do anything to make inroads? think it probably helps somewhat with african-american democrats, who are a very important constituency for the party, but in general, president trump is going to do all the enthusiasm for democrats. i thing as the campaign really kicks into gear, as you saw in the 2018 midterms, the negative partisanship, the feelings that trump inspires in the democratic base, i think is going to be enough motivation. s

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ andputs its customersity a wiin charge?rier well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. >>> gm trying to capitalize on the red hot electric vehicle market with an all new ev crossover. >> this has been in the works for some time. general motors has made it clear, cadillac will be the brand that will lead all of its major technology push into electric vehicles over the next several years. here it is the new cadillac lyric which is a mid-sized crossover utility vehicle. this is pretty close to what it's going to look like when it comes out in a few years they're saying the range will be at least 300 miles and the inside has just phenomenal appearance in terms of what it will do with the heads-up display, the panel in the front of what the

moody's of the 66 stocks in the s&p 500, a financial sector, only 15 are up, and morgan stanley being the only real bank, if you will. the technicals look great. it is a lot of tension importantly here, though, this is a stock, even if it breaks out and gets back to its january high at 57.50, the all time high is long ago. there's much work to be done for financials in general. >> yeah, i mean, we didn't even mention the fact that wells fargo, maybe for a different show is down 54% in a year, maybe the most important stock out there. a good discussion on morgan stanley. bullish comments there and also the fed. the fed of course is a big piece of the puzzle but it's still just a piece of the puzzle by the way, we're also just 66 days, 6 hours, 22 minutes and 20 seconds away from the presidential election. and the options market is pricing in to potential major volatility, heading into november mike has a way to navigate that in his call to action. mike >> so, you know, it's interesting, i mean, we were just talking about financials, and usually when we talk about the market, we talk albout the s&p, we're

bank here in the united states j.p. morgan are saying that inequality came to a degree where it's really problematic so you have americans you have politicians and you also even have people on wall street crying for change. so the gap is widening to in new york thanks for talking to us. german biotech firm cura bock is aiming to raise up to $245000000.00 in an initial public offering in the united states the company is planning to use that cash to finance the development of a covert 19 vaccine which it hopes to have market ready by the middle of next year it's not seen as one of $165.00 currently in development around the world karabakh is hoping to show it can produce one that works at lower doses than those of its competitors. now whether your country is in the grips of a lockdown or just coming out of this chances are you've been wondering what if this happens all over again as fears of a 2nd wave of coronavirus grow one country is ready experiencing what it's like a strain after a sharp rise in infections authorities in th

the largest bank, bank of america, jp morgan and citigroup, they are capturing more share when it comes to digital banking and they also have more scale to better carry expenses seen though these headwinds are a once in a 100-year event, we think it will extinguish this event versus others, as well as the buildup for reserves in those problems is the greatest for any recession experienced in the u.s. so banks have a war chest, they're ready for this, they are strong it the one word for banks would be strength >> it's like the weights behind you. a 50% rally over the next 17 months mike mayo, thank you for joining us we appreciate it >>> coming up, the global pandemic has shown the power of innovation in everything from finance to biotech ahead we'll speak with squares cofounder about that and more. >>> plus facebook is hoping to reel in tiktok users as it rivals other reels how strong can it be for both platforms? we'll discuss, after this. what happens when a wireless carrier puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction.

got in a couple nice price target hikes from morgan stanley and bank of america. oom, perhaps, for this stock to grow because of the electronic vehicle battery supply business. they believe tesla could be a real disruptor in that part of the market. they have their big battery day on september 22nd and for tesla fans, certainly in china, we are seeing the demand for the model 3 exceed expectations in china. so yes, it's an electric vehicle company. yes, there's been so much speculation, but this stock and now more analysts are starting to jump on board. david? david: unbelievable. never stops. thank you very much. well, new york city, you have been hearing a lot about this, seeing an 87% spike in new real estate listings in july. this is compared to a year ago. what happens when all those homes and commercial properties go on sale at the same time? we will find out. >>> president trump says he opposes funding for the postal service because of mail-in voting but joe biden claims it's because he doesn't want an election. that's biden's charge. we will get the trump c

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ . >>> welcome back watching crude slip a bit as hopes for a stimulus deal in d.c. continue to fade. oil is trying for the best five-day gain since early july not a lot but not negative joining us now, research founder. always puts out these fun notes, if you will. if we can call oil and energy fun. we had interesting times at the opec meetings. hope we'll be able to do that again soon it looks like our friend, the new head of audi arabia energy minister has done what he set out to do which was to keep the price of oil stable. i know he wants it higher. do you think he'll get it there? >> as far as fundamentals are okay and looking for their attention and the relation between iraq and iran and cheating cheating within the contest get them all confused. that is clearly the main intention. they've addressed the issues they've had huge impact to help them the biggest outbreak here is on the dollar bp did something not

bank allowed the guy. the pharma lobby all have too much influence here in congress this bill 252500 1000000 in the kinds of things j.p. morgan so you think the kinds of things that talking about are not small banks so i don't know that anybody with a straight face can say this is an answer to that question this is. couching small banks in order to give big banks relief from these write necessary regulations here thank you so much take care. in response to obama's one effort to clean up influence peddling in washington lobbyist simply deregistered became more secretive thousands of lobbyist said we're not even going to comply with the registration system and we're going to move into the shadows and continue to influence government but without disclosing what we're doing on paper there are something like 9000 or 10000 registered lobbyist but in reality that the number is closer 210-0000. on paper lobbyist spend about 3000000000 or so every year influencing the federal government but in reality that number is closer to 9 or 10000000000. who served in the bush administration now. and general company that's received a lot of mili

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ >>> welcome back to "worldwide exchange." here is frank holland. starting with toyota posting a small quarterly profit despite seeing car sales cut in half it notes the pandemic continues to make the business outlook uncertain. >> shares of western digital down sharply the memory chip company disappointed investors different story for zynga after posting a 47% jump looking for things to do things like empire dragon. i hear it is popular >> never heard of it >> you and i may have to play remotely and be a lot of fun one thing we are watching is new stocks the parent of quicken loans. leslie joining us now with more on rocket companies. >> hey, brian. there was weaker than expected demand for this deal rocket company is the parent of rocket mortgage. was expected to be the largest ipo of the year. it fell short. the detroit based company priced below the range, offering fewer shares that was less than the warner bro

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ andputs its customersity a wiin charge?rier well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. >>> welcome back to "street signs. officials from the sec have urged president trump to delist companies from the chinese treasury that fail to comply with audit standards looking at ways to protect american investors from noncompliant chinese firms an official told officials the move is designed to level the playing field. president trump has unveiled a ban on u.s. transactions with bytedance and we chat owner tencent. trump said the two companies present significant threat to national security adding that the apps could allow beijing access to private data of american citizens. the move is to take effect in 45 days we have this report. >> reporter:

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ andputs its customersity a wiin charge?rier well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. >>> welcome back allianz has posted a second quarter fall the german operator refrained from giving a full yearo outlook the cfo said while there were no surprises in the second quarter result, the future is still unknown. >> we are confident we have a good understanding of what is happening but there is still a lot of uncertainty moving forward. you can see the news coming from australia. in the united states, the situation is not under control you can see outbreaks here and there. from that point of view, the uncertainty is more regarding future development we have a good understanding of the situation. in the second quarter, there was no surprises

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ >>> online shopping, dieting and to infinity and beyond >> starting with square as shares are surging analyst expected sales to decline as the crisis hift the customer base. they jumped 64% the use of the cash app mobil wallet. square results came out early due to what it calls early external a external axe ses >> shares of ww international misses estimates ended with a record 5 million subscribers but hit by locations being closed due to the pandemic >> beyond meat dropping shares also an increase of demand by retail customers as they are eating at home and shares triple in that quarter. back to you. >> truly incredible what will happen when restaurants are closed thank you. >>> speaking of going to the grocery store, how much are you willing to pay for a gallon of milk for many, that number has been on the decline forcing milk and dairy farmers. welcome our guest, who is sixth generation dairy farmer. good morni

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgannley in supporting feeding america and your local community food bank. ♪ >>> welcome to "street signs." i'm julianna tatelbaum these are your headlines the bank of england paints a bleaker picture of the economy and spikes the unemployment as the central bank holds steady on the economy. we hear from andrew bailee at 1400 cet >>> shares of lufthansa higher but reports a 1.5 billion euro loss for the second quarter prompting another round of job cuts >>> the german giant beats outlook but the ceo is cautiously optimistic. >> getting some confidence that the virus is under control as much as you can control it with the probability that we will see a second wave. >>> mining giant glen core posts a 2.6 billion loss sending shares to the bottom of the stoxx 600. >>> let's get a check on the european markets red on the board for the ftse mib. the fdax is stronger than expected posting recovery slower strong performance from loouflt shares glen core has ditched the $2.6 billion dividend citin

look at select big financials like you had the board up earlier, jpmorgan, goldman sachs, morgan stanley, bank and pfizer and johnson & johnson and gilead. these are market-leading companies. also, to the amazons of the world and lulus of the world continue to dominate and you just talked about the consumer. the consumer is feeling better and they have money in their pocket, not to also mention the $4 trillion of money sitting in money market funds. we think the market is higher a year from today. we could see some volatility but the bottom line is, markets are higher a year from now. stuart: all right. here's what worries me. the election. election risk. i think there's two forms of risk. number one, joe biden wins which i don't think is good for the market. number two, this chronic problem of mail-in balloting and the chaos that i think is almost guaranteed to keep going way past election day. you're not worried about this election risk? >> i think there's a crisis in confidence whenever you have issues with respect to volatility surrounding a decision with respect to the election but i don'

morgan up 3.5%, goldman down $9.7. that's its direct comp it's the only bank that's up on the year all the other financials that are upre things like black rock, insurance companies or moody's. the technicals look great. it is a lot of tension importantly here, though, this is a stock that even if and as it breaks out and gets back to its january high which was at 57.50, its all-time high is still long ago there's much work to be done for financials in general. >> yeah. i mean, we didn't even mention the fact that wells fargo is down 54% in a year, maybe the most important stock out there the fed, of course, is a big piece of the puzzle but it's still just a piece of the puzzle by the way, we're also just 66 days, 6 hours, 22 minutes and 20 seconds away from the presidential election. the options market is pricing in the potential major volatility heading into november. but mike has a way to navigate that in his call to action >> so you know it's interesting. we were just talking about financials usually when we talk about the market, we talk about the s&p. yet, when we talk about stocks, we're really talking about th

. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgann supporting feeding america and your local community food bank. ♪ we're committed to makingy college more affordable., that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. >>> video games have seen returns as more people stay at home fortnite just received new funding. hi, josh. >> epic games did just raise a ton of monies, announcing a $1.8 billion funding deal, valuing this company now at 17.3 billion. this round includes a previous announced investment from sony, additional investment partners including bailly gifford, funds and accounts managed by blackrock, fidelity, funds and accounts advised by t. rowe price and david tepper the company is will known for the house party app. guys, back to you. >> quite the phenomenon. josh, thanks while david tepper gets into video games, jeff bezos is getting into pop music amazon saying it signed a deal wit