sticking with me along with krishna memani from oppenheimer funds and iain stealey from jpmorgan assetanagement. coming up on the program, this week's treasury build sales suffer a mini massacre. we will explain. this is "bloomberg real yield." ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." i want to head to the auction block now, where there was a condensed treasuries schedule due to the holiday shortened week. the weekly auction of four-week bills saw investors place bids for 2.45 times the $34 billion amount offered. treasuries also sold $48 million of three-month bills with a 2.62 bid to cover ratio. the bid to cover ratio was the lowest level in a decade. meanwhile, in junk bonds, $15 billion was priced in june, making it the slowest issuance for that month since 2013. high-yield also posted the slowest second quarter in eight years. and finally over in europe, corporate debt sales had the worst first half in seven years. issuance of investment grade corporate bonds slumped 30%. just 149 billion euros. this week a really interesting piece came from hsbc steven ma

jonathan: joining me in new york city is ira jersey and krishna memani from oppenheimer funds. coming to me from london, iain stealey. krishna, let's begin with you. solid, solid, solid. it's all i heard this morning. is that what it is? krishna: it was across the board, reasonably good. good for risky assets, for sure. good growth in employment. so telling us overall economic growth is decent. wages are stable. so everything is playing out according to plan from the fed 's perspective. jonathan: iain stealey i was looking at the numbers this morning and everyone turned around and said they were absolutely solid, but through the week, it was the least anticipated payrolls report i've seen so far in 2018. why do you think that was? iain: i think it was one of those things that when you look at the major issue, jobs in the u.s. are fine. everyone is focusing on tariffs, everyone has been concerned about trade, and and that is what has been driving the market. i would agree with what was said on the payroll report. it was solid. it had a little bit of everything, good job growth,

shares jumped in new york after an upgrade from oppenheimer.option of the roku channel is providing an avenue into $66 billion in linear tv and over the top advertising. onen highlight rn -- oppenheimer's $50 price target matches needham's street high. investor expected payouts, the government holds a possible veto, boeing says negotiations remain productive and are moving ahead. embraer has declined to comment. ramy: tada group is talking about integrating food and other business into one company. it's part of the company to simplify that group that includes 100 operating companies. ey may separate tata chemicals, salt, and others and beverages.nto tata haidi: that's it for us. >> we saw a verbal commitment saying, look, it's not just externality we're seeing when it comes to that. the banking group ahead of asia resource. hands off taking a approach. for any kind of sustained turn around he needs to see an easing of trade tensions. >> an hour after that we'll dive more into what's happening into the u.s.-china trade spat, that's with alex cap

. >> oppenheimer raising its price target on domino's today shared have had quite a run.nearly 50% year to tate josh, what do you think of this call >> well, you know, i think there's been so much negative pub ulyssesty around one of its biggest competitors, papa john's and deservedly so. it's like a short-term help for domino's if you get people ordering from both and they say i'm done from that brand i think maybe yus focus on the bigger, longer term trend rather than what's happened in the very recent past. domino's has structured so many ways that it's almost incidental on whether or not papa john's is having a tough strategy. >> 50% >> don't joe jim their app >> keep it serious >> he'll have tears. >> here's the deal this is a momentum trade it's an 8% rise from here to the target it's going to be met it's a momentum trade. you take a look at the forward multiple 30 times on domino's look at yum brands got a 20 multiple. >> i don't believe it it on a fundamental basis. the momentum in market share >> hold on domino's has been the leading technology company in the res

and the oppenheimer west. >> first to berkeley and then to caltech, then to new mexico. he changed, particularly new mexico. , hadstate that was poor very little infrastructure. put in the middle of

. >>> roku was upgraded from oppenheimer. the analysts cite the pecreased time on its roku channel, just nine months after its launch. the price target is 50. the stockas up about 5% to 45.54. square's price target was raised to 74. the analyst cites good fundamental trends. the rating remains positive. the stock fell nonetheless by2% to 61.75. >>> still ahead, should medicare allow some patients to buy into so-called concierge medicine? that's coming up on "nightly business report." >>> glen kocore has received a justice from the department. they're asking for documents related to corruption and potential money laundering. they mine commodities like copper andraoal ands those materials. shares in london were down sharply today. >>> facebook is facing a broader rivestigation into its s of data with cambridge analytica. ocial media company has received questions from the s.e.c. as well as the fbi. the justice department and the ftc are already looking into how cambridge analytica purchased data on 87 million facebook users wit

yes, that institute, the one about einstein and j robert oppenheimer. has taken an appointment as professor in harvard's government department and director of the edmund j. souther center for ethics. please help a welcome dr. danielle allen. [applause] danielle: thank you so much, dan. that was an incredible introduction. i am in your debt. greetings to all of you. it is wonderful to see you here. i have to say i particularly loved dan's description of me as a mechanic because in a sense, you have given me a way of overcoming a certain childhood failure that has always plagued me. my dad, when i was 11, gave me this car engine that was my job to take apart and reassemble. of all the things i was given in childhood, it was the only one that confounded me. there was no way i could do this. i had an image of it sitting in the dining room unfinished. now i have a different way of reporting i did at last finish my project as a mechanic. fantastic. it is terrific to see you all here tonight and have the chance to talk with you about my book, our declaration,

when you have the likes of a strategist over at oppenheimer saying, maybe this is a buying opportunitythey're saying this likely present morse opportunity to buy the dips than to overall run for the hills. question is, how long are they going to run for the hills for? emily: i spoke to an investor earlier who just bought $200,000 worth of facebook stock. so he's a buyer. we're going to talk to him later in the show. hear that interview. tech is very diverse. apple and tesla are very different companies. what are the value plays still in technology that may be considered a safer bet at this point? >> there's been a lot of debate about sort of a rotation into value stocks. but the interesting thing about it is within the tech space there are a lot of value names. if you look at the sort of van guard value e.t.f., its number one holding is microsoft. when you consider apple, keep in mind its largest shareholder or one of its largest shareholders is of course one of the biggest value investors of all time, warren buffett. there are other names in there, including cisco and intel, when you

robert oppenheimer, we're talking about the 1950s, and at least he got a hearing. >> reporter: you're exactly right, as one leading democratic senator said, this amounts to an enemies list for the president. this appeared to be an off-the-cuff idea for president trump first initiated by rand call, the republican senator from kentucky, yesterday. but speaking to white house officials say, they insist this is something that's been on the president's mind for a while, something he's been upset about as evidenced by his venting publicly on twitter and in interviews. but if this is something the white house has been focused on for an extended period of time, it doesn't make sense that they would announce those names, including james comey and andrew mccabe, both of whom no longer having active security clearances. in the past when i've pressed the white house specifically on the topic of security clearances including jared kushner, ivanka trump, his own daughter, and rob porter, the white house company line was always, we don't talk about security clearances. on this issue obviously they h

the literature of the time, oppenheimer felt that way and i talked to feynman one time when i was working on the book and asked him about that early period and he said i was sitting in a bar in the square and he said bars a lot, hedidn't drink . but he was a good-looking guy. but i was sitting in a bar in times square looking out on the crowds going by and i thought you poor fool and in two or three more years when russia gets the bomb we're all going to be dead and we don't know it. he was wrong. they were all wrong fortunately though in fairness to where we are with weapons, we survived by the skin of artie. giving all of the potential for accidents and the potential for miscommunication. the many close calls that were in the cold war, many of which we haven't yet heard about i could name two or threethat were very close calls in the . so i think that what we're going to do or at least i pray this is what we're going to do is go this problem once we get past this terrible opening stage where so many people like our president are just in denial about the whole thing. many others have tur

john hunter explores the impact of the manhattan project j new mexico in his book robert oppenheimer, cold war and a time at west. brought itenheimer to berkeley and caltech and then to new mexico, he changed particularly new mexico. was fourt estate that and had very little if the infrastructure and put in the middle of it a federally funded facility that transformed the state. >> banc of america andrews the ofools -- discusses women southern new mexico in her new book on sunday at 2:00 p.m. eastern on american history tv. -- thet the missile been done outas here, people think it has been mostly military testing, but it has involved civilian use its best usage. been done out -- civilian usage. it is still a big program out here. selden, her of fort located near the rio grande river established to keep peace in the region. watch the citibank to her of las cruces, mexico saturday at noon eastern and senate at 2:00 p.m. on american history tv on c-span3. working with our cable affiliates as we export america. -- explore america. >> supreme court nominee brett have now continues to meet

oppenheimer felt that way, i asked about that early work and he said you know, i was sitting at a bar in times square and he sat at bars a lot but didn't drink, he picked up girls. he was a good-looking guy. i was sitting at a bar in looking out at the crowd and i thought you poor fools, in two or three more years when russia gets the bomb, you will we will all be dead. he was wrong. they were all wrong, although in fairness to where we are with weapons, you have to say we are survived by the skin of our teeth, giving the potentials for accidents and miscommunication, the many close calls there were during the cold war, many of which we have not even heard about, but i have heard that there were and i can name a few close calls. i think that what we are going to do, at least i pray but we are going to do is go at this problem once we get past this terrible opening stage were so many people like our presidents are in denial about the whole thing. many others have turned it into a political battle between republicans and democrats. so that i am just amazed that the democratic party as o

let's check individual market movers today roku getting an upgrade from oppenheimer to outperform. the firm says a rapid adoption of the channel gives them confidence in the company's able toy garner new viewership. that stock up 5.8% >> so roku is a physical product i can buy. it's a device. i attach it to my can computer they have gotten into the content creation and providing business not just a distribution. >> they have a channel i don't know if it's all third party programming. >> they have a way for you to organize your other streaming p apps it can be a cable box when you might have hulu and netflix and your interface to watch internet tv >> kids these days all right. shares of commodities glencore are under pressure today in nigeria, congo and venezuela from 2007 to the present stock off the lows down 8%, but it had been down as much 12% all three countries, high risk areas. >> no doubt. this stock a few years ago, more of a balance issue >> with the liquidity concerns in the market. this is going to be hurdle for them to get through at this point. once you have a foreign

airy waldeck with oppenheimer and with the hightower advisers.oking at the chart but as far as elon muchk goes and stirring up controversy on twitter, this was a big one calling the british cave diver in thald a pedophile. >> yeah, it's down but that's how it trades it's a volatile stock. i think more important for us is that there is really no identifiable trend here to have much conviction in either direction. looking at the share price be it's largely trade oscillated around the 200 day moving average for much of the year for us that's range bound behavior and the one liner is we see more attractive opportunities elsewhere. but to talk some levels we see support at 275, resistance at 360. that's a pretty wide trading range on top of that as well >> michael, fundamentally, as far as investors are concerned, is this just a distraction his twitter behavior or does it show that as a ceo he is distracted as a critical time for tesla and production. >> that's a great point. we have been bearish on the company for a while we stick with that stance th

mark tepp erps airy oppenheimer. a case when the stock is up more than 50% but this analyst says another 12% upside. >> are you on a board. >> ke make the case. amaze isn't a great example of momentum in markets. stocks with high risk adjusted returns over the prior year are usually the stocks that continue to be leadership over the coming he year. and amazon scores high in the momentum work and we like moment up from a macro perspective as well, as long as we have the continued flattening in the yield curve it should continue to support growth investing. i think amazon has that tail wind too in terms of trading levels, getting near term here the break out above 1760 that's supports measures to 1870 trends higher. >> yeah, i mean part of what's helped drive this price mark is double digit revenue growth in both big businesses, prime and cloud. does that continue and are you a buyer. >> prime is the definitely the biggest thing driving revenues from our perspective we are a buyer i think amaze isn't a must own in any

demand from the united states' largest customer a couple of other stocks on the move today roku, oppenheimerng roku, increasing confidence on the channel's ability to garner viewership on other platforms. that stock up 4% and a big upgrade of square by susquehanna analysts, increasing its price target from 53 to 74 they're citing good fundamental trends and that acquisition of weebly but those shares are both up 80%. a good year for jack dorsey. >> thank you, seema mody i did want to check in, of course it's been quiet on the fox front. remember that? disney and comcast fighting it out for fox, the current bid from disney, $38 cash and stock has, of course, they have a merger agreement in place. the question is, when will comcast come back? it's been quiet so far one thing, though, that seems certain regardless of whether comcast comes back and offers more than its $35 all-cash bid right now is you're going to see a large transaction take place for the sale of these regional sports networks. remember, disney in an effort to move along the aenti-trust reviw as fast as possible came in and did

after this is an upgrade oppenheimer. providing an avenue into $66 billion in linear tv and over-the-top advertising. matchesce target now the street high. david: these airlines say they will restructure these operations. toney douglas told bloomberg he would give us the first tv interview. listen in. all, an first of opportunity to come back to my second home is an actual privilege. this is a wonderful industry with a remarkable mandate. , itas been six months almost flew by like it was six minutes. it has been a whirlwind of excitement. it is a transformation program. all caps relations assume clarity -- transformations assume clarity. the wisdom always gives that clarity. a sustainableving airline that can deliver outstanding service delivery. i think we already have the second part of that mandate. we can all see that we have a lot of work still to do on the commercial sustainability. this transformation program is about making sure that we have pace, have urgency and we have excitement in delivering on that. >> that

joining us right now, chief investment officer and head of fixed income at oppenheimer funds.ment strategist at cfra. as we get into this earnings season, how -- let me ask you two this way are you bullish on the rest of this year? i got the sense the last time you were here that you were getting a little more anxious. >> no. we are still bullish i think over the next 6 or 12 months equities will do quite well >> what what does quite well mean >> 10% returns over the next year which is not 27% -- >> if you own the index. >> well, if you own the index and you will own tech stocks that have gone down a lot, i think the number is going to be higher as a result >> where are you on this >> i'm a bull but with a lower case "b. i think that maybe we end up over the next couple months with mid to high single digit appreciation i think we are heading into a volatile period which historically does happen before midterm elections. but i'm also encouraged by the the months after midterm elections which have been up 18 of 18 times gaining 16.5%. so usually that sets us up nicely >> what do

joining us now head of internet research at oppenheimer.to have you with us >> morning >> do you think we'll see any user impact? user engagement impact from the cambridge analytica fallout? >> so not in the u.s i mean, i think the expectation is u.s. growth will be stable at roughly the 2% growth we saw last quarter europe is expected to slow down on gdpr. not really cambridge analytica but the implementation of gdpr the way people went through the process were probably not as onerous as the worst case scenario so we think minimal impact we think this should be a good quarter for facebook >> we saw facebook shares rise on the back of that report are investors right to sort of project the good quarter that alphabet had onto facebook >> i mean, look. i think you were coming off of a negative quarter for netflix that put fear into faang then you came off a good quarter for facebook which is the most underowned of all the faang stocks the idea is, okay, you make sure you're long facebook and amazon. that's probably the setup here the question

too, with independence day tomorrow gentlemen, thank you >> thank you very much >>> coming up, oppenheimer morning. we'll talk to the analyst who made that call next. stay tuned you're watching "squawk box" on cnbc for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain-health supplement in drug stores nationwide. prevagen. the name to remember. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty. ♪ >>> it looks like a lot of the value you see that's not being appreciated is from the roku channel. can you explain that >> sure. so effectively, you know, when this company went public