anderson, a really sweet guy, oppenheimer recalled, had never, and i'm still quoting oppenheimer, had never been reconciled to the fact that bore's counsel had not been followed by churchill or roosevelt in 1944. nor anderson might have added, his own counsel. i think however one regards the atomic aspect of sir john anderson's career, and his outlook does now seem idealistic, unrealistic, naive, even. knowing what we know about stalin's nuclear ambitions, i hope you'll agree that anderson's importance to churchill and churchill's dependence on him at times makes anderson deserving of being remembered for something more. important though it was, but something more than a garden based bomb shelter. thank you very much for your time and attention. [ applause ] >>> good morning. thank you, ted, for those initial words. william mckenzie king. well, the major participants on the allied side in the second world war were britain, the united states and the soviet union. the contribution by what could be called the second division was a significant factor in the successful outcome of the war.

anderson, a sweet guy oppenheimer recalled. had never been reconciled with the back that bohr's council had never been followed. nor his own counsel. i think however one regards the atomic aspects of john anderson's career, and his outlook now seems idealistic and naive, knowing what we do about stalin's nuclear ambitions, i think you will at least agree that anderson's importance to churchill and churchill's dependence on and at times makes him deserving of being remembered for something more than a garden-based bomb shelter. thank you for your time and attendance. [applause] >> good morning. thank you for those initial words. mackenzie king. the major participants on the allied side in the second world war were britain, the united states, and the soviet union. the contribution by what could be called the second division was a significant factor in the successful outlook -- outcome of the war. this included members of the british empire and commonwealth, of the dominions the major cheerleader to the war was canada. the contrib

in the meantime, no love at apple for oppenheimer. analysts calling out the iphone maker saying apple lacks the courage to lead the next generation of innovation, namely artificial intelligence, the cloud, and messaging. oppenheimer will be more than reliant than ever on iphone. shares have been all over the map in the last few months. is this fair, roger? >> i think the headline is click bait and the conclusion is correct. the large numbers make it almost impossible for apple to outperform the market materially, and it's just reached a scale where hypergrowth is going to be very hard, but i think accusing them of not having the courage to lead a.i. is ridiculous. first of all, a.i. is just -- it's almost a catch-all term for every new computer project that doesn't actually have a use case, and, you know, at the end of the day apple's doing, i think, some very, very interesting things. are they doing all the things they could do to maximize growth? you know, i don't know, but it does look to me as though it's a market performed stock.

oppenheimer analyst brian nagel it's half from u.s. consumer and housing market strength.ven though mortgage rates have increased, he isn't worried about a slow down for home improvement retailers. >> if the homeowner consumer says i feel confident in my job, that's probably more than the modest uptick in mortgage rates. before they become a significant headwind. >> the u.s. commerce department says sales increased by more than 1% for october from september. which could bode well for lows when it reports tomorrow. but the home improvement retailers have benefited from positive macro economic conditions for quite a number of years. leading many analysts to question just how much more room there is to grow from here. for "nightly business report," i'm courtney reagan. >>> americans spent a lot of money last month. retail sales, a measure of spending on just about everything from clothes to online stores, rose .8% in october. that was more than forecast, and it marked the biggest back-to-back increase since early 2014. the report also reinforces the chance for an interest rat

even though that happens, still ofh us is krishna memani oppenheimer funds.n the distortion of central-bank stimulus we have seen, it has not been the story. everything kind of story. the disconnect, how does it reconcile? krishna: this is hope. hope of driving the equity markets and hopefully we get the reflationary story we have been waiting for a long time. the point you are making is at the risks, have risen materially as well. climb, onentinue to of the biggest drivers of equity trade wasn't the fact their earnings was quite substantially higher than rates -- was at the fact that earnings were quite substantially higher than rates. i think that right now, we are expecting growth to pick up and we continue to rally. if and when the legislators come in and not the levels we would like them to be an dollar remained strong and raise our 50 basis points higher, there is a chance for a day of reckoning. aboutan: we are talking rates. records across the board. talk to me about the levels in treasury in the dollar. the line in the sand. if we got to their in a s

. >> we have to say with full disclosure our executive producer, noah oppenheim wrote the screen play. days after the assassination of her husband, jfk. natalie portman plays jackie and she is incredible. you see these iconic moments of "jackie." and her husband was involved in it but when they separated,t >> you cannot believe you're not watching jackie kennedy. >> it's really incredible. >> let's start laughing, shall we? go to the office christmas party. >> you want to laugh and go to "office christmas party," and about the wildest christmas party gone awry. >> ours are not like that. "dateline" is good. >> yeah, because they're so stressed out from chaing serial killers. jennifer aniston wants to clamp down on the party and they go, nope. >> how you clamp down on it, you >> should we go to tv? >> cozy up in your sweats and turn on "the gilmore girls." >> "gilmore girls" are back. it's been years since we've seen the mother and daughter best friends who live in connecticut. netflix has brought back this series into four 90 minute movies. longer episodes. death of her husband and ro

>> oppenheim, the senior vp in charge of today is -- >> yes. >> look at that man. >> he's not here and he's not watching, but we wish him the best birthday ever. to noah. we are going to chug in your -- in celebration of you. >> sharp tongued and sharp witted as she drinks, he's the quintessential new yorker. >> colin quinn stops at his old 30 roc stomping grounds. after this. >> that's my cue. whoa, this is awful, try it. oh no, that looks gross what is that? you gotta try it, it's terrible. i don't wanna try it if it's terrible. it's like mango chutney and burnt hair. no thank you, i have a very sensitive palate. just try it! guys, i think we should hurry up. if you taste something bad, you want someone else to try it. it's what you do. i can't get the taste out of my mouth! if you want to save fifteen percent or more on car insurance, (coughs) cough doesn't sound so good. take mucinex dm. i'll text you in 4 hours when your cough returns. one pill lasts 12 hours, so... looks like i'm good all night! some cough medicines only last 4 hours. let's end this. ugh. heartburn. sorry ma'am.

>> oppenheim, the senior vp in charge of today is -- >> yes. >> look at that man. >> he's not here and he's not watching but we wish him the best birthday ever. to noah. we are going to chug in your -- in celebration of >> sharp tongued and sharp witted as she drinks, he's the quintessential. >> colin quinn stops at his old 30 roc stomping grounds. after this. coming up on "look! famous people!" we catch flo, the progressive girl, at the supermarket buying cheese. scandal alert! flo likes dairy?! woman: busted! [ laughter ] right afterwards we caught her riding shotgun with a mystery man. oh, yeah! what?! no, i was just showing him how easy it is to save with snapshot from progressive. you just plug it in and it gives you a rate based on your driving. does she have insurance for being boring? [ light laughter ] laugh bigger. [ laughter ] ? when you color your hair with preference, it's a love thing. superior preference by l'oreal. with up to 12 tones in each luminous shade. preference is uniquely blended what's not to love? in over 50 luminous shades. superior preference. it's a love t

today i was reading a very fine piece from oppenheimer about how home depot and lowe's experienced aownturn in sales judging by what we have seen by companies from whirlpool, nasco and sherwin-williams all which have had disappointing earnings. we know kitchen and bath products have been soft. and strong sales integral to the booming home improvement thesis that had been a main stay of the market during tremendous retail turmoil. this dove tails from what we heard last night from the ceo of brunswick. sigh becks home exercise machines softened too. it confirms this new negative narrative. so why did i like this research note on home depot and lowe's so much? because the downturn was a blip, not the start of something bigger. in the bad old days they had home stock going up in value. that's not the experience across the country. housing relate id spending is a function of several different variables. job growth which we have. house formation increasing ever so slowly and most important the perceived value of your home. as the fabulous cfo of home depot explain end the moment individua

. >> the oppenheimer note. >> that was not well received at apple. do you know that?i would imagine it wasn't. that's a long time. >> ten years, how do you pick that out? a ten year rebuilding year? even the 76ers didn't need ten years to turn around. they won last night. >> they have won three games so far this year? >> they have won three games. hey, that's something to build off of. >> that is something to build off of. jim, you did breeze past medtronic quickly with just that aside about diabetes, but the stock is down 7%. we're talking about a $115 billion market cap company. so the market cap is pretty significant in terms of dollar terms on medtronic. >> i see your medtronic and raise you a -- >> the deal has inverted. >> there was something i always find disconcerting in the release of medtronic. they said this is always a bummer when you see this. they say our revenue is disappointing. when they use that term "disappointing," i feel disappointed. if they're disappointed, i'm disappointed. >> they didn't use suboptimal. >> no, they didn't use suboptimal. >> th

yousef: oppenheimer funds warns there could be a japan sought -- style stagnation. bond markets getting way ahead of themselves. are you saying all of this seems logical? >> we think you get to next year, you need a big rise in the dollar. in december and probably to next year. yousef: isn't that a bit conservative? especially if the fiscal stimulus comes through. >> let's see who gets on the board. who joins the presidential seat. we could see them get more aggressive on interest rates. they may not need to do more than two. >> let's pick up on that. this is the one your implied policy rate change. still shy of pricing in two h ikes within a year. despite all the talk of what donald trump's economic policies might mean, it seems that traders are reluctant to price even 50sis points, not basis points within the year being priced in, despite all the talk. moved so far, so fast, you need to posit reset and clear out some of the stale positions. it could go further. yousef: how much further does the dollar have to go from here? it's very sensitive to any trade deficit

with more on the retail winners and losers this black friday, brian nagle with oppenheimer and oliverhen, retail analyst with fallon and company. welcome to both of you. brian, i'll start with you. i wonder how much does black friday matter anymore? i mean, it used to be that black friday was the day when the shopping season really started, then it kind of crept into thanksgiving. now all week, especially online, we've been seeing these tedeals get rolled out. how does it look to you? >> great question. i've been watching your programming all day. i have my team out looking at stores in various parts of the country. the easy answer is black friday is not what it used to be. stores are operating in different hours. we have online commerce, so consumers can shop online whenever they want. a lot of these traditional black friday deals have been offered far long time. you know, the retailers put these out as early as three weeks ago. what i'm hearing about these reports of maybe some weak traffic in stores, that really doesn't mean much to me because, again, this black friday holiday has

anderson, a really sweet guy, oppenheimer recalled, had never, and i'm still quoting oppenheimer, had never been reconciled to the fact that bore's counsel had not been followed by churchill or roosevelt in 1944. nor anderson might have added, his own counsel. i think however one regards the atomic aspect of sir john anderson's career, and his outlook does now seem idealistic, unrealistic, naive, even. knowing what we know about stalin's nuclear ambitions, i hope you'll agree that anderson's importance to churchill and churchill's dependence on him at times makes anderson deserving of being remembered for something more. important though it was, but something more than a garden based bomb shelter. thank you very much for your time and attention. [ applause ] >>> good morning. thank you, ted, for those initial words. william mckenzie king. well, the major participants on the allied side in the second world war were britain, the united states and the soviet union. the contribution by what could be called the second division was a significant factor in the successful outcome of the war.

my "miami herald" colleague, andros oppenheimer wrote a book called "castro's final hours," it was published 15 years ago and those final hours lasted a long time. >> that begs the question, what does it change for cuba now? if the passing of fidel castro had happened ten years ago or even earlier, there might have been change for the country. but is that going to be the case? his brother is now running the country and has been doing so for a decade. >> you raise a really interesting point i think. we used to always assume -- i say we, i mean journalists, people who follow cuba. we always assumed when fidel castro died there would be immediate and tumultuous change in cuba, people forecast gun fire in the streets, maybe the army would divide against itself, there would be pro an-liberalization people, there would be years and years of pent-up frustrated ambitions on the part of less senior cuban officials that would certainly break into the open. >> and now that it has happened? >> reporter: well, what happened was we really had kind of a slow motion transition that nobody recognized as a tr

oppenheimer saying traffic could dip negative for the first time since 2009. they do expect the industry to improve. and the stock has been less caffeinated this year as well, down nearly 12%. it's on track for its first decline since 2008, which could present an opportunity for some bargain hunting. have you seen the holiday cups yet or lack thereof? >> i've seen green cups. >> they're green with a bunch of faces. they got so much flack last year because they were red and blank canvases, now they have a bunch of faces on them. people are tweeting -- >> i thought it was an environmental thing. >> i liked the red ones last year. >> nothing says the holiday like that -- >> they're always green, aren't they? >> so this is an all-green cup. it's very unusual. >> and bunches of faces. but the ceo is saying, it's about the need for each other. >> faces on their cups. >> no, not the beautiful faces of wof and sarah, unfortunately. >> landen, thanks very much for that. >>> in other corporate news, the fcc is reportedly looking into wells fargo violated rules around in

finally, consider today's trashing of the appleby oppenheimer.a piece toilitled "the first crack, " oppco said it expects iphone sales to peak in fiscal year 2018 and that apple has nothing else to take up the slack. why? i quote. we believe apple lacks the courage to lead the next generation of innovation. instead it will become more reline than ever on the phone. lacks courage? ooh. well, what will happen to apple? let's go back to the quote. we believe apple is about to embark on a decade-long malaise. the risks to the company have never been greater. end quote. can we stipulate that apple stocks may be kind of cheap here, trading at 11 times that fated 2018 earnings projection? can we say that the company's serve revenue stream from the tired old iphone business could be gigantic, larger than a fortune 100 company? can we accept that apple's r&d's budget will produce something new and better? yes, i wanted apple to buy harman, no, i don't think its best days are behind it, though. we resolved that issue when the stock was at 93. now tit's up

reaching out to oppenheimer, he agrees there is a sector rotation. doing well in orange.his is a sector rotation into energy. we do see a little of a decline. defensive shares, utility shares their in blue. it is pretty interesting there. stocks, onenergy part of the energy complex outperforming in a huge way by the u.s. shale reducers including continental resources and petroleum. earlier told us these are two of his favorite names. he really likes continental resources for the fact the company has not hedged in 2017 cell of oil does rise, it will flow right through the bottom line for the company. he did meet with management recently and out of those meetings, he believes they could report in the next quarterly 20ort that their wells are percent better than what investors are thinking now. perhaps an upside to numbers there. scarlet: thank you so much, abigail doolittle. joe: president-elect donald trump said today he plans to nominate foreman -- former goldman sachs partner as the next u.s. treasury secretary. he said his main focus would be tax reform. financial marke

coming up next hour, oppenheimer funds will be joining us.tes come december? this is bloomberg. ♪ scarlet: it is 3 p.m. in new york, 8 p.m. in london. amanda bank welcome to bloomberg markets. welcome to bloomberg markets. scarlet: we are live in bloomberg world headquarters for the next half hour, covering stories in washington and south africa. it is a record day for u.s. stock split the dow, nasdaq, and s&p breaking through to record highs. for cabinettings positions continue at trump tower. today's list includes scott brown, newt gingrich, and a host of news anchors. shopping begins in earnest. will people go to the model instead of shopping online? the ceo of the national council of shopping centers is here to answer that. we are one hour away to the close of trading on a record-breaking day. lots going on, lots driving this energy front and center. i should mention it is not only the large caps making records, it is the russell 2000. up for eight straight sessions. we have not seen a streak like that for many years. all major averages a

joining us now is oppenheimer fund senior client manager. thank you very much for joining us.ertainly the defining characteristic of the post election landscape has been this treasury celebrates higher pretty much everywhere. where is the connection between the election and this? ira: the missing piece from the recovery has not been low rates. monetary policy has done everything they can. now with the population movement, maybe not so much the u.k. but in the u.s. might actually get some fiscal stimulus which could drive growth and inflation higher. i get asked all the time, have the markets gone too far? yearhere around 2% 10 inflation rate. it is probably about right and we are pretty close to that. the lee towards the top of yield range for 10 year treasuries. scarlet: we are not just looking at the u.s. but around the globe. it is a global phenomenon. even if we have reason to push yield higher in the u.s. are those reasons justified elsewhere? ira: in some cases. like europe, maybe it is. very stable growth, inflation is known to be modestly higher than what expectations

anderson, a really sweet guy, oppenheimer recalled, had never, and i'm still quoting oppenheimer, had never been reconciled to the fact that bore's counsel had not been followed by churchill or roosevelt in 1944. nor anderson might have added, his own counsel. i think however one regards the atomic aspect of sir john anderson's career, and his outlook does now seem idealistic, unrealistic, naive, even. knowing what we know about stalin's nuclear ambitions, i hope you'll agree that anderson's importance to churchill and churchill's dependence on him at times makes anderson deserving of being remembered for something more. important though it was, but something more than a garden based bomb shelter. thank you very much for your time and attention. [ applause ] >>> good morning. thank you, ted, for those initial words. william mckenzie king. well, the major participants on the allied side in the second world war were britain, the united states and the soviet union. the contribution by what could be called the second division was a significant factor in the successful outcome of the war.

>> well, think it was really smart of noah oppenheimer, our writer, to focus the film on these days just after the assassination because it sort of gives you microsome of what -- who she was as a person, to see her in this incredibly pressured situation and to see that at that moment that her husband is killed in her lap and how terrifying and awful and traumatic that is the presence of mind to say i'm going to say in this dress because my image is important right now. it is important for people to see what this looks like. so they were offering to take off this bloody dress, bloody suit, and she said, no, everyone should see what this is. >> i talked to noah about the movie. one thing surprised me -- i almost challenged him on it. i had always thought that the image of camelot had been cemented long before the assassination of jfk and what we assuming it sticks close to the facts -- he tells me it does -- is that really she is the one who cemented that image in those seven days. >> not only that she cemented but she came up with the term herself, which is so wild to name yourself as the

political authority in the public sphere -- think of the sciences and -- think of the scientist robert oppenheimer, and he gave way to the growing influence of collective actions that make up nongovernmental organizations. it disseminated specific facts -- underground stories from the spectrum of political action for international audience. fact-finding missions organized by amnesty in the 1970's became foundational for later human rights practice. they point to the ways in which this turn towards motivated truth in the broader transformation on the global stage directly affected the form and content of human rights advocacy. 1974,e an example, amnesty reported on chile. this is typical of how the process came to form. overthrowgovernment in 1973, amid reports of report ofexecution -- amid reports , they discuss the political, economic, and social tensions in chile. pagesport offered a few on background history, and it noted that it does not completely encapsulate the feelings in chile after the coup. it also does not completely orapsulate all the actions focus on the military. instead, it was foc

a political authority of midcentury experts in the public sphere -- think of scientists robert oppenheimer or economist jonathan goldbach -- began to give way to the nonpolitical make up nongovernmental organizations. nonstate actors simultaneously reshaped expressions of moral truth and the contours of political action for international audience. fact-finding missions organized by amnesty in the 1970's, which became foundational for later human rights practice, point to the ways in which this turn to motivated truth and the broader transformation in global structure and affect beckley affected the form and content of human rights advocacy. example, 1974 amnesty chile, which is cameal of how this process to be. the 80-page report was fair in its discussion of the political, economic, and social tensions in a few pagesing only on background information. it noted in the report that it does not invalidate the validity of the evidence for or against political claims made by supporters of the former ina -- eddie and a -- the former allen de government. instead, the bulk of the report was center

. >> from that theoretical standpoint because like the oppenheimer metric it takes the intendant amount of time to form. so could we ever have made black coal as the event bryson proximity say whatever form? >> and that prevents that from ever happening. >> if you watch something to fall in you would seem that they would send a signal the then to say things are going badly. university that going badly part. because that never gets back out to. we saw that to even try isn't to make that one even and horizon. >> is happening at that ainge buchanan sees things as time dilated with dead existence of the event horizon themselves.eship >> if that was you. >> it is the chapter of black hole. >> this is only 5% of the book. now we're going to the sound bite for answers. >> ever accelerating expansion to wonder if it will form another vacuum space?is it po would that be enough to create another universe within our universe? >> guess. a low vacuum energy today. has of backing the experience that there is so lower energy vacuum state available. talk about 138 years and with that but with the champ

. >> third stock, tullio, that recent once hot ipo, initiated at oppenheimer, outperform on the stock is a cloud based platform. the stock has been down more than 40% in october. >> when you book -- you go to message the driver. >> they don't have your phone number. >> it is a fake phone number generated on both sides. they provide that number. smaller cap call of the day, tegna. virginia based media company, owning tv stations and websites like cars.com and career builder. upgrade to outperform ahead of earnings tomorrow. they say the stock is held in check by a cloud of secular concern for the tv group and fears of a weak political ad spin cycle. virginia may be going one way. however, analyst says the political spend has been consistent with expectations. also the story now shifting to spin-offs of cars.com and maybe even monetization of career builder.com. $26 target on a just under $20 stock. decent amount of upside. a mini iac interactive in a way. >> a lot of different -- >> with a lot of b-lo thrown in there. >> ty? >> thanks, guys. garbage trucks some of the dirtiest vehicles

oppenheimer negative, saying it is about to embark on a ten year malaise. it feels it will hit peak iphone sales in fiscal year 18, saying the premium price will have to close. software and services and that is apple's greatest defense. but still a primarily hardware company. analyst says despite the problems investors will remain interested in the stock because of the. >> remember that call where you said we're meeting nothing for ten years. stock two, aon, upgraded to an outperform from market perform, also boosted the price target, the analyst just met with greg caisson, the team came with the idea of the stop's valuation has been misunderstood. believes the stock is upside potential from the shift of mix of business. because of big data, citing growth in newer insurance areas like mortgage and cyberinsurance for aon. they boost it from 130 to 118. 5% upside on aon. >> next up, citi, wells fargo more positive on citi, increase in the buyback program by 20%. the buyback will improve wells' eps estimate for 2017 by 1% with modest reduction in tangible book

smartphones that have experienced shutdown problems with the iphone set to turn ten years old in 2017, oppenheimer'sh a note saying, quote, we believe apple lacks the courage to lead the next generation of innovation, instead will become more reliant on the iphone over the next decade. we believe the stock will underperform the market. bernstein looks at gross margin on the phone, 57 in '09 to 41 today, headed to 39 they say next year. >> well, i mean, the company has an r & d budget. it's constantly innovating. the new phone is a great success. people wrote that phone off. now, did i wish they had bought harmin for the mobile phone, yes. i think you the idea of wait -- the people who come up with ideas and the ideas could be important, i don't think it's a static target. i think it's a moving target. >> some of the key thesis in this report seems to be the idea that fewer hardware breakthroughs are available today that can trigger a favorable shift meaning higher prices. >> who thought about machine learning? who thought about vr? was anyone really about artificial intelligence? look at nvidia. nvi

companies that have prospects, significantly changing the trendline for earnings are >> that was oppenheimere of his powers reduced under a trump presidency. who may be keeping and i am wall wants mr. trump resumes office. ative shot of the east room the white house. president obama about to reward the medal of freedom to tom hanks, entering the room. bill and melinda gates, kareem abdul-jabbar, michael jordan, niro, bruce springsteen, among those honored. a packed room in the east room as the president gets ready to award these medals of freedom. this is bloomberg. niro,[applause] ♪ amanda: this is bloomberg markets. scarlet: timeout for a look at some of the biggest business stories in the news right now. time to cancel almost to fight tomorrow. disrupting travel for 100,000 people. the walkout is set to hit short and long-haul services operated by the main brand. they strike by pilots is threatening to ground flights during the holiday shopping season. were for a subsidiary of the workforce group which operate each day. they say they have to fly too much because the carrier does not have