who wound up in the crosshairs true story allergan released in mails sent by a senior morgan stanley banker which outwardly denigrated valiant in its business strategy now allergan the maker of botox is currently fending off a fifty three billion dollars takeover bid by valley and the man behind the lead e-mails is david horner a senior healthcare banker at morgan stanley now on may eighteenth horn sent an e-mail to allergens chief financial officer jeff edwards saying that his firm morgan stanley would help persuade shareholders and the media that valiant is quote a house of cards. now the big conflict of interest in all of this is that morgan stanley is currently working for valiant's. that awkward but not only is the position awkward it's also unusual mainly because most companies don't publicize such private communications however the row between allergan and delhi into being so heated it's clear that allergen is ready and willing to use all tools at its disposal now according to the wall street journal allergen the company behind the massively popular anti-wrinkle treatment boto

who wound up in the crosshairs true story now allergan released in mails sent by a senior morgan stanley banker which outwardly denigrated valiant in its business strategy now allergan the maker of botox is currently fending off a fifty three billion dollars takeover bid by valley and the man behind the emails is david horner a senior healthcare banker at morgan stanley now. on may eighteenth horn sent an e-mail to allergens chief financial officer jeff edwards saying that his firm morgan stanley would help persuade shareholders and the media that valiant is quote a house of cards you said now the big conflict of interest in all of this is that morgan stanley is currently working for valiant. but awkward but not only is the position awkward it's also unusual mainly because most companies don't publicize such private communications however the row between allergan and delhi into being so heated it's clear that allergen is ready and willing to use all tools at its disposal now according to the wall street journal allergen the company behind the massively popular anti-wrinkle treatment boto

we will ask morgan stanley's capital market king. >> a good time ahead.he biggest magazine publisher spins off from time warner today, we will ask the ceo why investors want this. >> the tech boom created new tech valley -- silicon valley millionaires, but that means less housing for other residents. good morning, i'm erik schatzker. >> i'm stephanie ruhle. i have been out of the loop. it is time for me to get to the news, i have to get up to speed. i love talking 7.7t the story, they spent billion dollars to buy the maker of jimmy dean sausages and ballpark hotdogs. it is another move by tyson to expand into high-margin branded show -- packaged foods. merck will officially by the pharmaceutical company for nearly $4 billion. the valuation is three times higher than its current price on friday. they are working on a new treatment for hepatitis c. and craft raise the prices of coffee products. the increase was about 10%, citing gains in the green coffee market. the price of coffee has surged more than 55% this year, as brazil's worst drought in five decade

agree or disagree, they say this is a secular shift. >> as a look at the earnings estimate from morgan stanleygoldman is minus. >> morgan has the wealth management business. it took them a long time to do this but finally that integrated . now they have this integrated platform and their ranting a product through it. the big ramp up this series the banking business which will run through it. >> i would like both of you back together when we start the earnings coming out. brad hintz, thank you so much. drew matus, from ubs. vanessa wong, thank you for the double cheeseburger breakfast report. stronger. it bears watching. brazilian rial stronger. go brazil. >> big win over the weekend. is ourup, tony crescenzi guest host. ♪ >> what will we know of the american labor economy? ,ergers and acquisitions keeping wall street afloat, we speak to the head of m&a at morgan stanley. morning, everyone. this is "bloomberg surveillance." we are live from our world headquarters in new york. i am tom keene. joining me, scarlet fu and adam johnson. our guest for the hour, anthony crescenzi. ourt now, let's get

out withl lynch coming the same call as morgan stanley.nemployment rate. >> pimco's new neutral. >> i'm not sure america is ready for 6% unemployment. >> that is not what people had in mind. let's get to our agenda. tom, get us started. you are going big. your political. >> price of oil. we had a pretty good week. there it is. percolating this morning. the news on syria. he gets on iraq and the basic idea of these elevated oil prices -- our dependence on oil and the idea of where does this crisis go into july? >> you say these higher oil prices could slow down gdp. could it take a big bite out of it? >> absolutely. the world has got more efficient with its use of oil. impacts of lesson. it still has a noticeable difference in the growth of the u.s. economy. if oil prices rise i $10 and sustained,ses are you can see gdp harmed by 0.3% four quarters out. it makes a big difference when you go up to $50 per barrel increase. >> here is what is on my agenda. the first half of the year ends on monday. next week, we will get all sorts of commentar

at morgan stanley now making big decisions. like a chairman or vice chairman? chairman. >> i'm a managing director. >> managing director of morgan stanley. you -- >> greg kaminsky and greg fleming. >> my boss. >> making far reaching decisions at morgan stanley as gorman's done -- >> does a great job. >> anyway, first, talk about that, harold's comments on what's happening in washington and around the world. first andrew has -- >> i'm just reading about gisele on page six she was supposed to be at the cannes line on creativity but apparently she left to go back to the east coast. >> isn't she presenting the world cup trophy to the winner? >> i did not know that. >> very valuable things to know. let's tell you about some news. after months of negotiations ge is buying alstom's energy business. the french government backed that transaction after securing the option to buy 20% of alstom from a paris-based construction group so now they are in business with the french government as well. in other deal news, shares of microsystems, that deal now official. keep an eye

. >> at morgan stanley. has been the right decision. it's not because i had an idea what would happen. it's that we have taken the approach that interest rates are going to stay low for longer, it's not a unique approach, it's not a novel approach but that's the fact of where we are in the world. and so you know, it's like, if you want to try to fight it because intellectually it upsets you, that this is what the central banks are doing, it has been a bad investment decision. >> gary, did you readed druckenmiller warsh piece? >> i did not. >> basically, you know, there's balance sheet man lags, and there's income manipulation. and all the fed really has been able to do is balance sheet growth. and until you get actual productivity, and investment by the private sector, and income growth across the board, until you get all that, just getting a wealth effect is never going to actually be the engine of growth for an overall economy that you need to move forward. >> well, i don't disagree with that. but when i a

area for morgan stanley. currencies. he says this area continues to go through a sec already and cyclical change and he spoke with the recent sale that the company made of its commodities business and talked about reductions that the firm has made in its macro business, where they cut both jobs as well as risk-weighted as e. he said this will have a slight impact on revenue but it should help to improve the company's r.o.e., return on equity, as well as their supplemental ratio, and the company focused on efficiencies and to that end he presented lower targets on compensation for all three of the company's businesses. he says he's targeting a comp ratio of 30% or less in the investment bank and that's down from 42% in last year in large part because they are expecting higher revenues. kelly, back to you. >> i find it interesting, i mean, morgan stanley, as mary knows well, has been sort of downscaling their fixed income business for a number of years. this has been a trend on wall street rethinking fixed inco

now the big conflict of interest in all of this is that morgan stanley is currently working for valiant. but awkward but not only is the position awkward it's also unusual mainly because most companies don't publicize such private communications however the road between allergan and delhi into being so heated it's clear that allergen is ready and willing to use all tools at its disposal now according to the wall street journal allergen the company behind the massively popular anti-wrinkle treatment botox like i mentioned before released the contents of the e-mails as part of a larger package of documents which it used to show why shareholders should reject valiance offer and while wall street is no stranger to the use of tough tactics to win deals senior investment bankers such as horn should know better even warns boss robert robert kindler had some thoughts on the subject of valley and saying quote my takeaway is that allergen is not being nearly aggressive enough and going after the valiant business model and currency the valiant allergan deal would be among one of the year's biggest

economist at morgan stanley will be joining us to discuss the taper timeline and his stitcher straightsove in the future. this is "bloomberg surveillance." ♪ >> good morning, "bloomberg surveillance." i am tom keene. futures flat after that huge surge we saw yesterday afternoon. top headlines with adam johnson. >> prosecutors winding their investigation into the foreign exchange trading industry. justice is nowof interviewing salespeople at the world's biggest banks, looking into whether dealers traded ahead of their clients. lawyers for the suspect in masters boston bombing marathon or should say right on bombing, they want to move the trial to washington, d.c. they say dzhokhar tsarnaev cannot get a fair trial in boston or anywhere else in massachusetts. i'm not sure if you would get a fair trial anywhere because of what happened, for that matter. three people were killed in the attack, more than 200 others wounded. chile beat spain 2-0 and not spain out of the tournament and ends the spanish six-your dominance of world soccer. spaniards one in 2010 at the world cup as well as the las

morgan stanley, do not bet on low volatility.of asset classes. -- it should push the yen higher. that is the trade coming out of morgan stanley. socgen, talking about the lowball. if they -- the low vol. volatility isthe low now, just wait. which direction next four dollar yen? >> the fight over juncker. angela merkel is defending her support for him to head the european commission. for more insight, let's bringing gabriel stein. gabriel, merkel says the new appointment is worth the focus of the talks, but we think they anyway. it looks like they're doing the sequencing thing where they are going to decide the priorities. as you hear anything that changes your thinking about who will get the top job? >> i heard more of a willingness from merkel to sacrifice juncker at the end of the day. >> that >> was the phrase she used. >> she has been wavering. she initially said it was up to council to decide and then she got criticized in germany and she went back to supporting juncker. i do not think her heart is in juncker and she will di

. >> now, the economy is a worry for morgan stanley's adam parker. find out what he's seeing that makes him less bullish now than just a few months ago. >> plus is luxury retail hitting fast times or potentially hitting an ice patch? and where's growth these days? gucci's ceo stops by the new york stock exchange for a rare interview. don't miss our exclusive discussion with him coming up. ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ my mom works at ge. ♪ my mom works at ge. ♪ ♪fame, makes a man my mtake things over♪ ♪fame, lets him loose, hard to swallow♪ ♪fame, puts you there where things are hollow♪ the evolution of luxury continues. the next generation 2015 escalade. ♪fame >>> all right. let take a look at markets right now. a little bit shy of an all-time high at 16,736 on the dow industrials. nasdaq up about a third of a percent at 4249 and s&p at 1927. that was a good year. 1

. >> reporter: kristin works with morgan stanley but a year ago she was doing a very different job.to vp, she took a ten-year career break to focus on her kids. >> days turn into weeks and years. there is always something to focus on with them at home and it never feels like it would be necessarily an easy thing to come back and work 40 hours a week. marx isn't alone. more than 40% of women take a break from the workforce to take care of family and in a field like finance, that can feel like it's full of wolves. but wall street is trying to change that. running paid internships for people who have left the workforce, usually moms. >> it gives us an opportunity to see where they fit in the organization and for them it's an opportunity to figure out if they really do want to re-engage on a full-time basis. >> reporter: morgan stanley, credit suisse also runs programs and it's spreading to wall street. >> prior to 2004 we could only identify nine programs and now we have identified 105 programs. >> reporter: this woman has helped thousands of women trying to re-enter the workforce. eve

morgan stanley said the changeover is becoming very costly. what do you say to that?at going? you are in charge of the americas. >> the f150 launches on schedule. we have not changed timing, cost or execution. the truck looks great. it tested well. i have driven it a couple times. the truck is really going to wow people. everything is on schedule. i don't know where they got their data. we are moving ahead. we will shut down dearborn truck plant and start conversion to aluminum. henrichs, joe president of the americas for four. >> matt miller, resident auto expert. the u.s. chamber of congress threatening to break off support for president obama. what has the business lobby so upset this time with the white house. ♪ >> the fbi has been cracking down on insider trading and white-collar crime. the man leading the charge in the new york field office is fbi assistant director george venizelos. in an interview with erik schatzker, he spoke about his efforts to get wall street workers to speak up when they see what wrongdoing. crime, white-collar unless you are a victim and

morgan stanley research analyst made that claim to investors this week. he says tesla is now being viewed as a true competitor to other carmakers and some like gm and bmw even created their own development team to create long range vehicles. they say they can't wait to see hat the carmaker has in store next. >> i think the technology of this car should be the way of the future. i hope they can bring it down to a price point that everyone -- that makes it affordable and it's good for the environment. and how many jobs they've created in california and just made, you know, driving a car fun again. >> the report also says tesla is having a positive effect on the u.s. economy. several states along with california are competing to land a new $5 billion battery factory for those cars. >>> the big surfing competition mavericks may be getting a makeover. the northern california big wave contest now has new owners. a group called cartel management has purchased the mavericks international surf contest where waves often exceed 30 feet. terms of that deal have not b

i'm amazed at the morgan stanley number.think people wanted to work at wall street anymore. they want summer intern jobs. >> at big banks. pe firms are selling. should that be a warning> >? >> that is a sign the multiples are up. if you look at the function of the nature of the pe market, so much of the bubble of the pe market is 2007. those funds are maturing. , inowever, the same firms particular the large firms, keep raising money. they have a large money -- a large amount of money. they have a lot of dry powder. like yours keep giving the money to spend when you don't want them to be spending money. >> you don't want 18 times earnings. i don't want them to shape returns. is private equity investing about half the pace it was in 2006-2007. we want to scale. we want to be time diversified. the new money they are getting, it is interesting. is coming from funds who want to build a private equity portfolio. steady statety investor. >> does it scare you that more retail investors are having more opportunity to invest in pe fi

gary kaminsky, morgan stanley's vice chairman of wealth management.> good morning, all. >> i'm looking through your notes. deflation more of a concern than inflation. that was surprising. this could change the play book. >> we had a cpi number that may have given media and journalists something to write about in materials of inflation. the truth is deflation is a much bigger concern for central banks around the world and for those that make capital decisions. those that run businesses. last week i was with a number of oh ceos in the south. there is not one i have spoken with that's looking to spend more new initiative dollars, hire more people or spend more money. deflation is a bigger concern than inflation. >> how do you invest around that? the stock market keeps going higher. >> the stock market will continue to keep going higher. that's what central banks want investors and all of us to do with our money. in the intro you mentioned we are halfway through the year. i want to put on my former p.m. hat. david, i did raw money for years. >> yes. >> th

i think morgan stanley said they see $3.75 in earnings. if you do get that in 2017, you could see the stock country. that gets it back to probably the prior highs here. i'm not a big fan. i think amazon is the worst competitor. also in the know, they're talking about making inroads online. >> that would be a game changer i think for best buy a little bit. i'm not a buyer here. >> you know water stocking, the share of the electronics market that it have. they have 17.8% in 2013, compared to 4.9% for ecommerce. wouldn't you think? i don't know, i thought since they're getting killed, theoretically by ecommerce, ecommerce would get a much more ro bust piece of the market tan best boy. >> what's the best multiple? it's a best at 12 multiples. so that only gets you, maybe, maybe to $38. so i don't see it. >> why don't you buy the stock anyway? we already know they've had this turn around plan. that's priced into the stock. what else is going to happen here to make it the double that dan thinks -- >> oh, no, i'm saying this is one -- >> we are p

." >>> meantime, fake knees oil and beer version of, including a stock that morgan stanley loves. >>> plus one analyst putting a zero price tag on a stock that we love to talk about. we'll speak with that analyst and tell you what that stock is when "street signs" returns. mine was earned in korea in 1953. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection. and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. in a we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge

from the morgan stanley financial services conference. sue and tyler, back to you. >>> dominic, a quick market flash. >> check out what's happening with general electric, moving lower on news that siemens is in talks with mitsubishi heavy industries on a possible joint bid for the energy aassets of france's al stom. the companies will decide by june 16th on whether or not to make that joint bid or not. shares trading off as well, down by about 1%, sue, back over to you. >>> dom, thank you very much. >>> we're off 101 points near the low of the session. when it comes to equal pay, there are some very unequal views out there. cnbc's all-american survey is coming up next. power is back in two. predicting the future is a pretty difficult thing to do. but, manufacturing in the united states means advanced technology. we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out. the technology is actually creating new jobs. siemens designed and built the right tool

. >> reporter: kristen marks is now a vice president at morgan stanley but a year ago doing a very differentstay at home mom. after working her way up to vp of goldman sachs she took a 15-year break to raise her kids. >> ages and stages, always something to focus on with them at home, and it never feels like it would be necessarily an easy thing to come back and work 40 hours a week. >> reporter: marks isn't alone. more than 40% of women take a break from the workforce to take care of family, and in a field like finance, that can feel lying it's filled with wolves. >> one, two, three! >> reporter: but wall street is trying to change that. running paid internships for people who have left the workforce, usually moms. >> it gives us an opportunity to see where they would sort of set in, back in the organization, and for them, it's a real opportunity to figure out if they really do want to re-engage on a full-time base. >> reporter: it's not just morgan stanley, goldman sachs credit suisse and jpmorgan also run programs and it's spreading beyond wall street. >> prior to 2004 we could only ident

morgan stanley analyst adam jonas make a very bold caught on tesla saying no even two years after theof the first model s, tesla motors transformed from fledgling start-up to arguably the most important car economy company i world. yes, not joking. they believe it. overweight on the stock. what do you think? >> not a chance. not a chance. i mean, they still have just infant tis mall market share. more suppliers wants to do business with them. of course. >> attack it from two different spaces. okay? from a fundamental standpoint, what the company is going, the vision elon has, impossible to argue with that. >> right. >> the valuation, however, remains the central question. right? you're not saying that you don't believe in this economy. in this company. correct me if i'm wrong. >> a great point. i like the company. musk is a genius. few have accomplished what he has, but also there's going to be more capacity. so to me it's always been a question, uses a 15-year dcf. doing out a long time to justify your price target. a lot of competition will come on the market. so i just can't buy at

merrill lynch rolling us out to there 19,000 advisers, morgan stanley, to their financial advisers. 12riers rolling us out internally. >> who's your biggest competition? >> there's no doubt about it. it's paper. >> not the fingerprint? couldn't that displace the signature? >> we actually have multiple levels of authentication. biometrics is one. >> smart. >> one of the key things you say you're secure. how do you make sure that all of those documents, all of those due cdocusigns are secure when you face so many threats? >> the beauty of docusign. people's most important documents. the ones they sign. totally encrypted. bank class security. carrier class availability. that's the thing that is probably the most important aspect, and that's what's really driving our business, is everything that's going on with security these days. >> keith, with paper signatures more often than not you need to is have it a notary to actually have the signature notarized and verified. that's how it works on that side. i'm wondering with the verification process, what it's like within docusign, how do you v

that is from morgan stanley.ve been talking about this all day, the shocking downward revision of first quarter gdp today showing the economy declined 2.9%. they were not expecting anything near that bad. this was the worst quarter on record, outside of a official recession and clearly not something that can be just blamed on bad weather. how do we breathe some life back into this limping economy before it starts lashing into the stock market? with us is john tamny. editor of real clear markets and "forbes" opinions. and of course, star of "forbes on fox" every saturday morning at 11:00 a.m. on fox news channel. okay, john, one thing i like about all this is that back in january fox news had an opinion poll, 74% of the people out there thought that we were still in a recession. this was at a time when all the experts were saying how things were getting better, we were going to see more growth in the economy. the economists got it completely wrong but the average folks got it completely right. that was a good thin

intel was upgraded to equal weight at morgan stanley. the surprise, folks. >> it's somewhat of a surprise. i don't know if it's that big of a surprise. we know the windows xp refresh is driving more corporate demand. intel talked about that last quarter. inventories have been relatively low. they were high a year ago, so the comps are better now. if there's any upside unexpected in the corporate refresh cycle, that flows straight to the top line as opposed to when you've got extra inventory. so it remains to be seen whether this is a longer term multi quarter kind of revival in pcs or just a couple quarters there. >> wall street previously thought that the xp refresh would be a temporary phenomenon, that it would be a fleeting issue, that they would see a one-time benefit and move on from that. but morgan stanley coming out saying we know this is monday morning quarterbacking. why now would we raise our rating? they say we just don't see any identifiable negative catalyst for this company going forward based on the fact that they've now

morgan stanley chief economist writes about it in their sunday note. this was unbelievable.inimalist. i like to sit in my scarcely-furnished studies while i write this comment. i hate christmas decorations. when on vacation i like to sit on the shore and stare at the sea this summer. a simple yo can say and mean more the your contacts than all the battle. can a -- i mean, this is hover began stanley's chief economist -- morgan stanley's chief economist going on and on about the beauty and simplicity of yo. >> what i find interesting here in addition to that being sort of -- melissa: odd. >> hilarious and odd is that simplicity is very much a big theme among apps right now. the reason why instagram succeeded, because it's a stream of photos, you can post one photo at a time. people like to live in whatever that little box of experience is, and yo even though it's not a photo app, is similar -- melissa: but what could possibly be the hundred behind yo? >> there is none. how -- melissa: how do they make hundred? >> this is something like they made over the weekend. they even sa

because i think you'll really see the judgment side from m&a and that stock has massively lagged morgan stanleye last 18 months. if you're going big, go there. >> coming up, see a theme out there but don't know how to invest in it? there's a motif for that. hardeep walia has baskets. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. she's still the one for you. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest

. >> the index that measures them the morgan stanley capital market, qatar uae left. emerging market status analysts say part of the reason frontier markets were doing so well is because qatar and uae had big gains in that market. >> co-author of the book winning in emerging markets, the road map for strategy and execution, he said these exotic funds are only for those with nerves are steel. >> you could have returns of minus 30% plus 50% minus 12% and so on, so forth. so it really is something for sophisticated investor or somebody who has a little bit of money to play with through a specialized agent. >> bricks, brazil, india, china, how do you distinguish between an emerging market and a frontier market? >> it's a matter of degree. think of an emerging market as an adolescent and a frontier market as a baby and adults, you and me, frontier market if it ever gets its institutions mature enough, will graduate to emerging markets and sometimes into developed markets. united states was at one point an emerging market in one sense. it's a question of degree and it takes

morgan stanley went underweight on anglo-american.sured the minus, there in negative territory. anglo american down 3% as well. morgan stanley was also cutting its view on where we are with iron ore prices. the french telecoms have also been active as those echoes suggested. talks have broken down on the french government still trying to push everybody together. bnp paribas, the news coming out in the last 24 hours that the c.o.o. or co-c.o.o. is going to step down early as still the debate or discussion continues about that huge $10 billion fine behind the scenes. and a lot of talk, guys, in france about the negative aspects of this. christian neuer, the governor of the bank of france suggesting the use of the dollar around the world may actually fall if you continue to have this very aggressive push, this very aggressive finding of european institutions by u.s. authorities. >> something that u.s. institutions are now used to for better or worse. >> the europeans don't have to deal with it. for the scale -- for the finds relative to

as the economy recovers, look at citi, bank of america, morgan stanley. >> look at asset managers too. we never talk about them. legg mason is interesting. selling off assets, making acquisitions, right sizing their cost structure that is off the radar screen and i like it. i like the other banks too but there are other pockets that haven't had -- >> a lot of consolidation that will happen there. >> just to reiterate, sun trust of yesterday, or the day before. >> we owned sun trust for a little bit of time. i just think that they don't have the thick problems, they don't have the regulatory issues and i think you'll see better loan growth this and will offset the pressure. i think the southeast market. i think it is on fire. >> mike santelli, have a great weekend. we'll catch up with you soon, i hope. now to bertha cooms. >> we're watching sears holdings, stock is getting a bump today on reuters report that sears chairman and ceo met with outgoing ford ceo alan mulaly, asking him for advice on how to turn around the struggling retailer. "squawk on the street," jim cramer asking flatou

a morgan stanley analyst said that tesla is considered a true competitors to other carmakers. some like bmw and gm have created their own development teams to create long-range electric vehicles. the report says that tesla is having a positive effect on the u.s. economy. several states along with california are competing to land a new $5 billion battery factory. >>> it's one of the fastest growing crimes in the united states and anybody can be a victim of identity theft. organizers say it's getting easier to become a victim. >> there is a lot of information out there with all the social media that we have, with all the debit cards and the mail that you get through the postal service, all that is just information that's floating out there. >> you can make yourself a harder target for identity thieves. some suggestions, choose good, strong passwords, check for security symbols when shopping online and don't answer unsolicited or unwanted e-mails. >>> bay area boxing fans will be cheering on a local hero tonight who has earned respect in and out of the ring. nbc bay area's marian

shares surged in may after rack space hired morgan stanley ranging from partnerships to an out right acquisition but today, the stock was down more than 7% to $33.63. >>> and ceasers delivered another blow to atlantic city. it will close the show boat hotel it blamed on falling revenue and high property taxes. ceasers cceo said it's to help stabilize other resorts. >>> yahoo reportedly wants to buy one of youtube's biggest content creators. they are going after full screen that brings in over 3 billion youtube view as month to expand the reach to young consumers. full screen is one of the start j startups with more established companies attending vidcon because as the popularity grows, so does the potential for add dollars. julia boorstin has more. >> reporter: youtube fans flocked to this annual event to hear from their favorite youtube stars talking about creating content. >> i am here to meet all the youtubers and stuff that i've been watching for years. >> it's insane. 18,000 people for online video but i like seeing a lot of the exhibits and how a lot of businesses are involved

the morgan stanley note, they are back, juniper, john chambers reinvigorated the company.hey will have a good computerment i think that cisco is once again like intel. the king of its domain, so i think the morgan stanley piece was a nice recognition of them. >> you've been on this when people looked at cisco as being left out in the cold. they are out performing the market this year. >> look at anet, one of my new favorites, one of the deal, they thought it was records because they are a bunch of idiots, but a better mouse trap. they will try to catch up. cisco in the united states has done well. intel says enterprise spending in the united states is doing better. people have to recognize the enterprise is better even if the consumer is not doing better, strapped by inflation, higher taxes, or tuition problems. >>> on a day we talk about amazon, possibly, probably unvailing the phone, apple was down this morning for a short period of time. >> apple had a new mac today. >> apple's down slightly. amazon is up ahead of this announcement. this new phone, i mean, how would you

how good is morgan stanley or any other organization is only 30% are engaged?ot just getting it, it have -- it is what happens when you get there. did they have to be engaged? if you have people knocking down your door to work at goldman sachs, why do those companies have to engage hourly -- engaged? >> they have people but we have warm bodies. you don't want people doing the work. people are enthused about their work, and excited about helping somebody make the money. they are having a breakthrough in i.t.. that is what people want. i think they deserve it. i think way too many people are sitting in conference rooms and meetings. money in the pharmaceutical industry. they have an inspired their people. 90% is management, 10% leadership treated we are teaching too much technique, too many skills and not enough focus on how to lead. we need sales leaders. >> don't you have a massive amount of pressure to answer to your shareholders you don't have time to go to an off-campus retreat? you just have to deliver results. are going toay you deliver long-term sustainab

and more than stem he. -- and the morgan stanley.w something that the rest of the street did not? the attorney general spoke with bloomberg. >> one of the things barclays was doing was changing the data and misleading clients about how many of the trades were actually filled. they were saying they had all the celebrity propaganda. wherever market is best for the client, we go for the best price. the data that the director was preparing for you big institutional investors showed 75% of the trades were filled in barclays dark pool. >> when you transact in a dark pool, you are not old the legal responsibility of what is called asked execution. expected to be told how it operates. is this something that happens on exchanges. the reason the exchanges will make that case. he also went on to say that it depends on what barclays does next in terms of the effect. for me, relationships that are broken, relationships and trust equal fees in making. what aalked about difficult time this has been. not the first kindle he has had to deal with. the

here you have a piece, a strong ender price, a guy equal weighting morgan stanley. this is a very big movement for him. upgrading to equal weight. this man hated intel. he hated -- joseph moore hated intel. why upgrade? we have been underweight this stock for almost two years with these soft fundamentals. while they think this stock is expensive, it's free cash do some work. not true. this is exactly andy grove and gordon -- when i visited the intel factory that opened in ireland when i went to the opening, they told me what could happen when you get the gross margin at this level and when you get the yields right. and brian knows that. when i visited the intel factory in israel which by the way is open on saturday because it's all robot, there's no people, you can see what happened when they get that yield up. when 100% of their chips work, you get the up demand, 64/67 gross margin, intel will cut the cap ex to 40. there. and i am jim cramer, i am an intel intel-aholic. >> we have to get to phil lebeau. another day, another gm recall. >> this is four new recalls be

at morgan stanley they received 90,000 applications. 1000 positions. dreamworks' big sequel is dragging. at theie was a miss box office and dragging dreamworks to a loss. chief executives of at&t and dreck tv are defending their $48 billion. they testified before house members. megan hughes has been covering all this. do lawmakers seem to be for or against this combination? x that is a good question. you did not hear a lot of direct attacks from lawmakers. we did hear some tough questions from senator al franken but we heard more broad concerns bemoaning the state of the saying wedscape. cannot consider this plan in a vacuum. it has been a to the executives to say why this is different, why he argues this is going to be it for consumers. here are some of the stats. he says content costs will be lowered by 20% for subscribers and there will be 1.6 billion in cost synergies and it will expand rock band to 15 million locations especially in earl areas -- rural areas. that is the sekk -- sell. they do compete when it comes to pay tv. there is some overlap.

. >> morgan stanley is not being lewis and clark here, discovering anything. the stock is up 15% this month. use this opportunity to sell it. >> pop for auto nation, up 5%. >> earlier in the month we got the report for may, the best may in eight years for auto nation. then you start to get the car max numbers today as well as an upgrade from goldman sachs. i'd wait for a pullback. >> pop for yandex. they smashed through their 200 day. up 48% from the lows. this is a company that like google is also buying into the retail part of the internet chain. stay in this name if you own it. >> drop for amd, down 6%. dan? >> weird move today. the stock opened unchanged. sold off for most of the day. there was no news, but there was a lot of options activity. somebody rolled out of the july 4 puts. it looked like into an opening position of the july 3 puts. catches q-2 earnings. i think maybe people are looking at amd as more consumer focused. i don't know. weird activity. >> and we got a pop for model prisoners. the mug shot of a northern california man has gone viral, c

a couple of your choices include emc, again moving afar field from technology and morgan stanley.mc is a very new holding in the portfolio. the stock is up and it has it's trading at about 7 times the value. and 8 times earnings including the 20% holding in vmwar ae. the cash rich balance sheet of $14 billion versus $5 billion of debt. we think there is a lot of opportunity in terms of the holding. let me turn back to you bernard. you said 35% are in us stocks. including these two that you can buy in the united states. why forest labs? >> well forest labs is a company that i used to own in the early 80s and then we pick it up again about a year and a half ago when the stock was down after the obvious lexapro patent concern was going to dry up their cash flow when the product went generic. forest has had a record of developing new drugs to fill that pipeline as they lose cash flow on the more mature drugs. it has done very, very well for us. we have to wrap it up. let me get a quick on spectrum from cautious to opt mystic where would you put yourself? if we can get a good solid upp

here on r t aaron age joins us for a quick preview thank you know now coming up on boom bust morgan stanley had to swallow a bitter pharmaceutical pill today we'll tell you about the latest hostilities in the hostile valiant allergan takeover and edward harrison is on vacation this week but our chief political correspondent mr sam sachs is sitting in for him today in today's big deal sam and i are talking about the rise of the servant economy that's all coming up so stay tuned. all right and that does it for now i'm an english hand thanks for watching it if you want to check out more of what we just cover today go to youtube dot com forward slash r t america. well if you're. the face i think you. should have you with us here on our t.v. today i roll researcher.