that is next. ♪ is "bloomberg market day," i am pimm fox.a look at the top stories crossing the terminal right now. one place where general electric will not be locating its headquarters. that is the city of dallas. bloomberg news has learned that general electric has dropped dallas from the potential list of headquarters cities because some texas lawmakers are opposed to the export import bank, a source of financing for some of ge's large overseas sales. d it may move it take orders from connecticut because of a change in tax laws. it is a sign that americans may be getting more nervous of taking risks in any form. for the first time since 2008, both stocks and bonds have reported outflows in back-to-back months. usually when money is pulled out of stock funds a goes into bond funds. not this time. it is a familiar sight. is familiar goodyear blimp retiring. do not fret. the company is going out three new airships. a will have three engines instead of two and be able to cruise at freeway speeds of about 75 miles per hour. those are your top

i am pimm fox. nike and yum!e companies feeling the pain today because of their exposure to china. both stocks trading lower, as you can see. the company gets about 50% of its revenue from china's business. sales from11% of its china. also, the obama administration does not plan to invite cuban dissidents to the historic flag raising event at the u.s. embassy in havana friday. in that, officials tell bits associated press john kerry will need more quietly with activists. the united states and cuba has restored diplomatic relations after more than a 50 year hiatus. a rocket carrying student experiment has been lost -- launch from fred genia eastern shore. virginia's eastern shore. it does send parachuting into the atlantic ocean after writing to an altitude of about 97 miles. those are your top stories at the moment. luxury travel is changing. according to the high end a case in class, the hottest luxury tuscany,ons include italy, mexico and hawaii. here to discuss how the services the president, david callery. th

i'm pimm fox.livia: makers of memory chips are sliding today. julie hyman has the details. micron is affected by the downgraded its the worst performer on the s&p 500 today. downgradingica is the group, saying they are spending too much money on capital expenditures and that they lack discipline on. this is amidst a tough environment for these chipmakers. this chart comes to us from bloomberg intelligence. this is the price to sales ratio of some of the memory makers versus the semi conductor index, say broader measure of the chipmaker. lagged. it has really so you have micron in the blue and pink. held up well and then has fallen as the semi conductor index continues to go higher. memory chipmakers have been hit hard because they are more exposed to personal computers. we all know what has been happening in the market for personal computers. some are also very exposed to asia. company -- the solar initially the stock was higher after it formed an investment deal with goldman sachs to tap a billion

i am pimm fox. let's take a look at some of the top stories.y strengthened by the most since 2009. russian gdp fell 4.6%. areapse in oil prices threatening to drag the country into deeper recession. russia relies on oil and gas for about half of its budget revenue. the european space agency has released new images of mars, having us a new look at the red planet. the pictures are a bit different than we have seen before. the shots were taken from a distance. nascar has lost one of its biggest stars. buddy baker died after a short battle with lung cancer. he had 119 races, including the daytona 500 and was named one of nascar's 50 greatest drivers. he was 74 years old. those are your top stories at the moment. $15,000 a year is the price tag on the latest cholesterol drug from regeneron. the question is, who will end up using it? 74 million americans have high cholesterol, according to the cdc. health insurers say this drug is just too expensive. it is the latest battle in the health care industry's fight over cost. drew armstrong is here with mo

i am pimm fox. it lets take a look at u.s. stocks. a little bit of a mixed picture. the s&p 500 basically unchanged. the nasdaq moving about a 10th of a percent higher. not much action in the stock market, but a lot of action in the heard the market. interesting, was the late recovery yesterday not holding up. consumer discretionary's and financials are higher, well energy and utilities are on the downside. let's look where the action is. pimm mentioned. you can see that it is not as big as the last two days. some of that drama, volatility subsiding. let's look at the major players. you see the euro slightly weaker against the dollar. the dollar firmer against the yen, and the pound sterling at 1.558 right now, little changed. for: retail sales -- demand items such as closing on mobiles arose. that matched the median forecast of economists. and as we have been discussing, m toa trying to restore cal global markets. signaling support for the end currency.- the yuan chinese authorities held a rare new

i'm pimm fox.t: we want to go straight to julie hyman -- julie hyman. make a wish. julie: i wish we were seeing better investment. that is kind of a lane which. twitter is down by 3%. just as longer downtrend we've seen from twitter a person thinking that with its earnings, and in particular it outlook -- it outlook that disappointed investors. shares are down 3% today, and that means at least on a closing basis that it is trading a record low. take a look at the long-term .hart the ipo was at $26. we have seen a pretty volatile stock price in the past couple of years. the right, 30.15. another stock that we are watching today in technology is apple. we are not seeing it fall by very much today. there is not a lot of fundamental news, just the idea that apple has not been performing as well as investors were used to, perhaps. for the year to date, it is pretty much intersecting with its 200 day average. we will see if it can climb above it. is the best performer in the s&p information technology in

i'm pimm fox. we are 90 minutes into the trading day. let's take a look at equities -- the dow jones industrial average lower by 26 points. the s&p 500 lower by two points. i would say that has a little to do with the manufacturing reports. but not much movement. olivia: a big earnings day with 30 s&p companies reporting today. earnings numbers are coming in pretty mixed. a little more action in the currency market -- that is pretty much flat also. , the dollarndex dropping from a four-month high and the euro a little stronger but under $1.10. perhaps the real story is the the royal bank of australia left benchmark interest rates unchanged. little movement on oil prices, perhaps a rebound from yesterday's selloff, but a commodity driven currency like the aussie dollar and canadian kurt the taking a hit in recent months. more health care companies are making deals. today, one is excepted while a much larger one is being turned down. team health holdings agreed to aboutc health care for $1.6 billion.

i am pimm fox. let's take a look at how stocks are paring and there is a continued selloff in the u.s. stock market. matt: as. below 17,004ou go, the dow jones, just nearing 2000 on the s&p 500. a drop of more than 27 points. i can redo the list of the declines today. the euro stocks down more than 1%, almost 2%, the cac down almost 1.5%, so the route is global. matt: around the world and hitting not only equities but commodities in some places. oil was down almost 2%. look ateven further and that. another leg down in new york crude. two and two thirds percent to $40.23, wiping one dollar off the price. the drop that steep, still pretty shocking to the hold and you still have, i think citigroup is calling for $32 a barrel and we heard a number of whispers that are $30 and lower. pimm: when you get to this level of price, every decline becomes magnified by a percentage term and many investors are looking at percentages. not absolute price when they look at their portfolio, so if they look at this, --

i am pimm fox. betty: i'm betty liu. what a day so far. news and indictments thatar

i'm olivia sterns here with pimm fox. we are waiting for president obama to take the stage at american university. there you see a live shot. we are waiting president obama's arrival and his defense of the iran agreement. us about the potential fallout from the iran nuclear deal, if in fact it does go through. is it inevitable saudi arabia starts to develop its own nuclear weapon? that is a possibility. if the agreement stands, the president will have an absolute obligation to help continue to give israel a qualitative up they edge and build gulf states and make them part of a regional effort to combat the spread of iran. iran is not going away as a revolutionary country. that is one of the consequences if the deal goes through. prime minister netanyahu had three points. we had an opportunity to slow the development of nuclear weapons. in the long-term, it comes off and bar the door. what we have to do is say what happens if the agreement is rejected. are we better off than we would be with a 15 year window? those are the

i'm pimm fox. europe are closing in right now. get a check on what is happening around the world with nejra cehic in london. ejra: the selloff continues in europe. all those concerns over china, we have seen that in europe as well. the stoxx 600, every stock pretty much bar a handful has been declining today. you can see down 5%. at one point today it was down as much as 8%. that is the biggest drop since 1987. it has had its worst day in four years. look at the industry groups on this benchmark, every industry group has been declining on the stoxx 600 today. oil and gas stocks leading that decline. utilities not far behind and also basic materials. all of that is to do with a commodity route that has been dragging this particular stocks lower. i want to look at national equity benchmarks. 13 out of 18 western european markets in correction territory at the moment. as you can see, no national stock index is actually escaped the selloff in europe today driven by those fears over china. the ftse 100 hit its lowest levels since 2012.

i'm pimm fox. let's look at how markets are trading right now. let's look at the u.s. stock market and begin with the s&p 500. again of more than 2%. best buy, netflix and michael kors all leading the as the 500 higher. the dow jones estoril average adding more than 2% right now. olivia: it certainly looks like a bit of a relief rally since we saw the biggest two-day drop in the drop -- drop in the dow. that is bad news for treasuries. yields are creeping up -- the --.d on the 10 year note of oil finally catching a bid thomas still below $40 a barrel, a bit least we are seeing of respite to the commodities. pimm: the dollar gaining in value and stocks moving higher. economic eta out this morning -- new homes sales theng in july, a sign market is continuing to grow. seasonally to a adjusted rate of 500-7000, the biggest gain this year. sales account for about 10% of the overall home purchase market. americans are growing more optimistic about the state of the economy. the consumer confidence index c

i'm pimm fox. let's take a look at how stocks are trading. s&p 500 lower by a little more than nine points. we are trading near the lows of the day right now. many investors looking to tomorrow morning's report from the labor department about payrolls. matt: i have been pulling up the , the biggest losers, the companies pulling it down. media.m: yesterday, there were reports of slowing growth at disney. biggest losers we have fox, comcast, disney, viacom, time warner. tmt -- telecom, media, technology -- pimm: i think at&t is down today as well. ,att: it's basically all tmt and i think if you count the .iotech companies pimm: let's move on. let's take a look at some of the stories crossing the terminal at this hour. the bank of england is leaving its benchmark rate unchanged. only one policymaker voted to increase rates. carney sees no threat from inflation. carney: as the economy progresses, and if it progresses broadly in line with the forecast, the decision about when to move interest rates is g

i am betty liu, here with pimm fox. : cvs help us settling allegations that several rhode island pharmacy locations filled fortune invalid prescriptions for painkillers. the u.s.ttee will pay government $450,000 to resolve the two-year investigation. cvs has denied any wrongdoing. is aounder of chobani major player in your, we know that. we know that. now he is turning his focus to copy. "the new york times" reports that he has taken a stake in coffee roasters. don't expect to see him drinking it very often. he is a tea maniac who travels with his own teabags. fewcommittee says it has dozen wholesale customers and is grown 40% over the last year. americans are the biggest consumers of coffee in the world. betty: i didn't know that, but i'm completely not surprised. pimm: growing 10% a year and consumption. betty: before you move on, we were just talking about make your own -- what is it, customize -- pimm: make your own burger and mcdonald's. guys: one of our tech crew went down to mcdonald's right around the corner to m

i am pimm fox. a little bit of selling taking hold. the s&p 500 down a little more than two points, the dow jones down a quarter of a percent, and the nasdaq falling marginally around three points. treasuries.e a little bit of buying taking place in the 10 year end two year following a little bit of a selloff in the middle of the week, but a little bit by. let's look at some of the top stories crossing the bloomberg terminal. the shanghai composite was up almost 5%. simultaneously, the chinese leadership is preparing for a world war ii military victory parade next week. and markets, chinese regulators are increasing market requirements on futures contracts and are limiting the beber of contracts that can opened before they are characterized as abnormal trading. consumer spending rose in the united states. wages and salaries increased the most since november. activist investor carl icon has taken a stake in freeport mack brown. it is a global resource company that mines for gold. the profits have been battered by the commodity price low

i'm pimm fox. i'm betty liu. another gorgeous day as we are getting to the end of summer. pimm: a shot there from the top of our headquarters they are looking into lower manhattan. plenty of action in walmart and home depot. julie hyman has the rundown of some other retailers starting with tjx. julie: the owner of t.j. maxx and marshalls up after each reported earnings and they beat analyst estimates. it still gets about three quarters of its sales with outlets in canada as well. comparable sales rising twice as much as estimated, an increase of 6% and performing very well. the company also benefited from something that hurt a lot of other retailers -- west coast port shutdown. it got more inventory at a better price. coach today,at jefferies adding it to its list today. jefferies points out there is an inverse coalition between handbags and shoes sales. if women want to spend on accessories, they pick one or the other. pimm fox looks skeptical on that item. coach should benefit as it remodels or of its stores. also looking at dick's sporting goods. this company came out wi

i am pimm fox. betty: and i am betty liu. pimm: there is a shot of the bay bridge in san francisco.re is a fog in san francisco in the summer following mark twins weather forecast. over to oakland and you can see that shot of the loading and unloading peers in the port of oakland. let us take a look at some of the top stories crossing the bloomberg at this moment. in turkey, the president is giving -- gearing up to call elections for november 1. it's an attempt to form a coalition government after last week made little divisions even worse. the turkish lira at an all-time low against the dollar this week. government that has stored. debt has soared. massive explosions killed 116 people in contaminated area with toxins chemicals. they had detected levels of cyanide as much as 363 times the safe level. normal levels are outside of this zone. the president in china made shift priorities to deal with the them graphic time wrong. -- timebomb. the president may soon emphasize population growth overgrowth and domestic product in population declined over the last two decades in the present

i am pimm fox. betty: it is friday. i am betty liu and let's take a look at how the markets are trading. a weekly game for the s&p 500 but a volatile week so far. we take a look at where the s&p china devalued its currency. dated today showing factory production rose more than expected and that helped things along. let's move over to the oil market and how they are trading. we are seeing a slight rebound in nymex crude, up 1.4 -- 0.4 of 1% and falls below that $48 a barrel level. they are oil prices -- wow. down 31% since the beginning of the summer. just a straight shooter down. is the interesting, this dollar against oil. the dollar represented in the inte and oil are presented the green line. you can see at the beginning of 2014 -- exceeds me, june of 2014 when prices started to sharply converge for both and they dropped at the end of the year of oilomplete collapse prices and sharp rise in the dollar aggregating closer to the end of our easy interest rates. pimm: right. perhaps the federal reserve raising rates in s

pimm: i'm pimm fox. on the s&pearly 2% 500. the dow moves higher by 1.5%. nasdaq gaining similar to the s&p. up nearly 2% today. let's take a look at what is going on in copper. this is the best performance for copper in seven sessions. olivia: it is the first time i can remember looking up at the screen and seeing green. looking at copper futures, up nearly 4%. olivia: let's take a look at what is happening on the crude markets. it looks like crude found a little bit of a bid today. west texas up nearly 7% today. unbelievable. new above $40, above $41 in york trading. brent finding a big bid this morning. pimm: let's take a look at top headlines. another sign of strength in the housing market. pending home sales rose for the sixth time in the last seven months. sales were up 0.5% in july. mortgage rates still inexpensive by historical standards. consistent job growth is helping the real estate market grow. the economy grew faster in the second quarterthan previously estimated. gdp rose at 3.7%. the first estimate was 2.3%. there were bigger gains in consum

i am pimm fox. betty: i am betty liu.print shares at a two-month high, it may have to do with a new iphone offer. you can get your iphone up graded at any time. julie: if you pay a monthly fee. not seeing anything driving the stock, last week we saw a boost after softbank increased its stake. up 12 point 5%. sprint is saying if you pay $22 a month, than at any point you will be able to upgrade to a new iphone. that is on top of your existing plan. perhaps the thinking is that drive new traffic to sprint and that is what is behind a share increase. the gains are accelerating. they have been accelerating through the session. we've been talking about tesla and the call from morgan stanley, raising its price target to $465 from $280. adamis based on theory by jonas, neat morgan stanley analyst, that tesla is going to introduce some sort of new product called test mobility. that is what he's calling it. it will essentially be some sort of automated product, a self driving vehicle that may be co-owned by multiple people. vision

i am pimm fox.e markets are recouping of yesterday's losses with some of the worst performers coming back to check. here is julie hyman. bige: indeed we are seeing gains, the biggest we have seen all year for the major averages, but not making up for yesterday, and certainly not making up for the past several days as we had the correction in the major averages. in terms of the individual movers, you mentioned best buy. i want to reiterate what we surely, that the turnaround is happening as not just a result of cost cutting, but revenue growth picking up. that is something investors have been looking for. he also talked about apple demand saying that the apple watch will be sold in all stores by the end of september. that apple watch demand has been strong. that is also helping to contribute to the gains that we are seeing in apple. in a lot of analysts' commentary, that we have seen an overcorrection in the apple shares. wells fargo is upgrading those shares to an outperform. look at the correction,

stay with us. ♪ matt: i matt miller with pimm fox. the dow jones industrial average down a little more than 1%. a decline one and a quarter percent. theously below 17,000 on dow jones industrial average. dow jones also getting hit today. matt: much harder. germany's dax benchmark index .ff 22% >> one of the best-performing the beginning of the year, it has now given up those gains and dropped 22% from its peak back in april and entered a bear market. stock on the dax in august. its biggest trading partner outside of europe is china. growth,out chinese germany particularly exposed. some fund managers are not so concerned because they point to the fact that the valuations are still quite it -- attractive. it is forecast to outperform the economy this year. it is in the bear market. much.thank you very i will leave it in your capable hands. tomorrow, we will get home sales. we will talk about the real i am awaiting important guests. ed is coming on, calmly is coming on. mark is coming on it 2:30 to it i will be off air and watching that,

i am pimm fox and i am here with betty liu.etty: let's get a look at how the markets are trading with ramy inocencio. ramy: we are headed almost back to where those are, they are down for the second day running. china'sin reaction to currency devaluation. the dow has fallen to a six-month low, trading at 1.25%. sinces the worst drop january. the s&p's rad seeing the worst drop since january. come with me into my bloomberg terminal. , want to show you how this is not just in the u.s., but in the world. this wednesday, look at this. all of our major markets are in the red. european markets got slammed the hardest. dax is down by 3.25%. the hand saying is down. alibaba, the e-commerce giant. it has fallen to an all point low. 4.5%.own by about four sales growth for alibaba in the last quarter was the slowest for the last three years. 8%.grew 2 note for you, shares have not gone below the 68 -- the $68 price paid in september. with china's devaluation, let's take a look at some other stocks that have large exposure to china. brands

pimm fox joins me to discuss. these companies already use the map technology. ave a license deal. it also highlights tom-tom home of the one remaining independent player. matt: people think it is going to get taken out. pimm: exactly. you talked about this a deal with the german automakers. what happens to all the other automobile makers? are they going to be allowed to participate using the nokia gps system? is up about 80% so far this year. it licenses its map technology to apple. it has just renewed that license. was one of the countries -- companies interested in gpsiring the nokia business. if you don't have access to accurate map reading, you cannot get the transport where it needs to be. but even if you don't own this technology, you will still have access. they will happily license the technology. pimm: could be. or they could license a version different than the one they put in their 7 series bmw or the top-of-the-line audi and you may not get the latest innovation from the release of that. but you made the interesting point that having these three big

here with my colleague pimm fox. jim: we are joined by phil mattingly. could you give us your perspective on the topics that the defense rick perry was just speaking about? is the problem between the relationship between silicon valley in washington. there were two key components that underscore why he is there. one is mac or level technology. it worked very closely. they feel like they have fallen behind. they believe there is this view that the pentagon is a slow your essay. i think that is why you see ashton carter heading out there. i heard the crest government. you hear them talking about the need to fall for cyber security. you need people that can't do this. people very skeptical of what the government is and what it has become. to help thel is bridge repair simulations and get is come back and help the pentagon advance. mark: when you talk about repairing the damage not from what happened with edward behemoth of seeming the defense department of pentagon. what is the hope to get people to want to go to work for the --artment of defense to mark de

pimm: welcome back to the bloomberg market day. am him fox.ook at the top stories crossing the bloomberg. the owner of qvc, liberty interactive, is buying retailer zulily. they will pay about two points for millions of -- two point million dollars for zulily. what the shares sold four-way zulily went public in november 2014. and the parents come of all of garden -- the parent company of all of garden restaurants -- a new chief executive today. the reit will these properties back to darden. is beefing up its security team in a push to defend against hackers and on -- itsices and employees offices and employees. it will have quadrupled the size of its security stuff by the end of the year. staff will be in charge of everything from data security to vetting drivers and backgrounds. those are your top stories. markets are closing in europe, so for the very latest, let's go to manus cranny in london. manus. : what a difference one hour makes. the push and pull. he push came from the u.s. flat manufacturing data which disappointed, but the pull come

ceo: sidney whitehead, speaking with pimm fox today.ok at the top headlines this afternoon. solera holdings is looking at a sale according to people familiar with the matter. they sell risk management software to insurers and is working with a financial advisor to determine buyer interest. it has a value of $3.3 billion and the sale effort is in the early stages and could conclude without a transaction. target has posted second-quarter earnings that beat estimates. same-store sales were better than expected. here is ceo brian cornell on the conference call. brian: the way that we fulfill products and services is stretching the supply chain beyond core capabilities. frankly, as a result, retail fundamentals have started to suffer. in ourcally, in-stocks stores have been unacceptable this year. and: cornell has cut costs focused on the best categories like apparel, home goods, and toys. sales growth has slowed down at lowe's, the world's second-largest home-improvement change posting a second-quarter profit that missed estimates. revenue

i am pimm fox. betty: i'm betty liu. what a day so far. mm: we have china news and indictments that we are looking at. let us look at the top stories crossing bloomberg terminal at this moment china just made history in july 2005 when it joined the economic system and decreased its currency though you want. the country's central bank has devalued the yen by the most in two decades. they call it a one time adjustment. morgan stanley has also watched china adapt its currency. >> to have a lot of balls in the air and they are trying to do a large number of things all at once here. they want to rebound, restructured, lead globally. they want to reshape international institutions and reform the capital markets. that is always the risk they chewed off too much and they have to be more selective in identifying their priorities. pimm: devaluing their currencies should make chinese exports a little bit easier to sell overseas. perhaps less expensive now. last month, exports from china fell more than 8% and china is in the midst of its deepest econom

pimm: i'm pimm fox. we are 90 minutes into the trading day.look at equities -- the dow jones industrial average lower by 26 points. the s&p 500 lower by two points

pimm fox: so what is the best trade right now? sure to the dollar, go along -- long on the euro?edish crown right now. it has had a surge in recent days that might be tapering off a little bit. the main thing is things are not going to play out the way you think they are going to play out. fox: so, go long on the swedish krona? >> yes. in the coming months, i think we will see the swedish krona significantly outperform other currencies. if we do remain concerned about currencies in , do you think we see another countrywide knits trading ban, abandon it completely, and that results -- widen itsde in -- trading ban, abandon it completely, and that results in a total devaluation? >> sure, the chinese have thought a lot about debasing the currency. they are doing what nobody else is doing. they are moving toward a market regime. it plunged a couple percentage points, but it did not fall off a cliff. they want to be part of the sdr. that is the next step. there are a lot of positive things happening there. in a sea of volatility, china is going to be call him -- calm compared to the r

i am pimm fox. betty: i am betty liu. let's get a look at how the maets are trading at midday. marginally down and we have been kind of pushed around by earnings. the dow was off by about 14 points. we have seen two days of decline now for stocks as you can see on the chart. one stock that has dragged the dow down is apple. it is up 4% in the past six months, as you can see. a lot of red these days are commodities. in particular the oil market. we are seeing a nice rebound, particularly nine next crude up almost 2% at 46.05. read crude is rebounding after the significant top low $50 a barrel. pimm: and that move in the oil markets copy commodity related markets like the aussie dollar. on the bond market and see how treasuries are faring. a little bit of the selloff and the 10 year yield goes to 18, the 30 year moves higher to 288. a little bit of selling in the bond market. speaking of bonds, let's look at s and p municipal up and you can thetaking a big guys since beginning of the spring, down the

alix: earlier today, pimm fox and betty liu spoke to the former ceo of staples, now with an investment firm. they asked him if retailers, especially walmart, needed to keep wages level even after second quarter sales beat wall street estimates. >> what walmart is a lot of smart things could be increased sales and that is a major positive. they are investing in a people, both in terms of salary and they also emphasized putting a lot more money to training. again, those are differentiators overtime, and positive things for the long-term. bite the you have to bullet in the short term to get to the long-term, particularly in an environment like this one. wondering if you could talk about pricing and discounters and whether they should lower prices even more. you have an awful lot of downward pressure on prices. you have the h&m's and the top shops driving down prices. you have a lot of targeted discounters in specific categories getting aggressive. of course, walmart has the big battle with amazon, which seems to be a race to the bottom in terms of price. betty: there also seems to be a ra

pimm: and i am pimm fox. go straight to are looking at winners in the market even though broad averages are down. ramy: there are some winners. nvidia is rallying 10%. this is the biggest maker of computer graphics chips. it says that sales this quarter could exceed demand. the estimate is $1.18 billion for them. the average analyst say it could be about $1.1 billion. that is according to data compiled by bloomberg. right now, stocks are at their highest level in the past three months. also winning, lions gate films. they are up by 5%. the company is known by the "divergent" series happening over the past few years. past the earnings for earnings,12 but came out $.30 per share. it is possible that m&a and buybacks and it has been talking with amazon for potential future collaborations. i want to to go to zynga. it is up 3.3%. --enue rose three point sent 3% and beat analysts expectation of $1.6 million there. benchmark is raising its price toget from what is now $2.93 $2.53. it is also raising stock from a ho

earlier today pimm fox in matt miller sat down with our deal reporters.hey own almost $1.5 billion worth of sure shares. -- berkshire hathaway shares. deal, a huge even by warren buffett standards. this is the elephant he has been searching for. mixed reaction this morning. that is interesting. usually investors are very excited when buffett has a large deal. i saw precision castparts stock is up 20%. the problem is, we are in an environment where m&a has become very expensive. we are at record high valuation this year for u.s. takeovers. buffettoncern is warren , is even overpaying for deals. a little bit higher than usual. but our analysis shows that it might be worth it in hand. matt: pcp stock price was down to so is 20% premium to the whole over the last year to date. people thought he overpaid for the railroads as well. >> a great point. he bought burlington, and the from 100 85dropped on the back of the troubling industrial production news and the fear of implications of the rail. he only paid up over that reduced space and in june of 275 year pcp

pimm: good afternoon, i am pimm fox. betty: i am betty liu. let's take a look at how the markets are trading at midday. stocks are fluctuating. the dow is down about 68 points. it is a bit lower from where we inrted in the early going the morning. however, the s&p is rebounding from some session lows and we saw the chinese market moves down again. nymex crude down 2.5%. -- irang coming out they aret to say ripping of production as fast as they can. to $1090 perdown ounce. pimm: let's see we can take a look at the fixed income markets and bonds and see what traders are doing their. re. a little bit of writing, 287 for 2.8730 year long -- two for the 30 year. here is currencies? no. we will just say that the dollar is stronger against most bond by the way, just because we saw those equity indexes, use of the s&p and the the nasdaq higher, mainly because of that lexicon pharmaceuticals announcement. go to the top stories at this hour. president obama is said to bring his case against global warming to the american people. the plan is sure to gene

olivia: pimm fox will be with us for the next hour of the bloomberg "markets day."ome, including live coverage of president obama's speech defending the iran deal. ♪ . . olivia: good morning. it is 11 a.m. in new york city and 7:30 p.m. in tehran. pimm: welcome to the bloomberg market day. we are standing by to hear from president obama. -- can heestion convince on the lawmakers not to block it? olivia: good morning and welcome back to the bloomberg market day. pimm: let's check markets -- we are 90 minutes into the trading day here in new york. let's look at how stocks are faring right now. the dow jones industrial average adds .5%. today,moving higher perhaps in anticipation of friday's job report. olivia: also on the back of that much

i am pimm fox. betty: it is friday.and let's take a look at how the markets are trading. a weekly game for the s&p 500 but a volatile week so far. we take a look at where the s&p 500 was

i will be back with pimm fox in just a moment. ♪ ♪ olivia: pimm: welcome to "bloomberg market day." ♪rning and welcome back. pimm: we are 90 minutes into the trading day. let's take a look at how markets are trading right now. a rally going on in stocks. the s&p gains 1.5%. dow jones also adding more than 1.5%. the nasdaq up one and three quarters of a percent. also moved higher for monsanto. olivia: before we get to the broader markets, let's check in on monsanto and vi syngenta. men cento is walking away from its bid for syngenta. they were higher on news that bloomberg reported that they had upped its offer for syngenta and syngenta shares

and i'm pimm fox. let's take a look at how stocks are trading.

pimm: good afternoon, i am pimm fox. betty: i'm betty liu. let's begin with a look at the markets right now. s&p is down right now by about 1%, raising its gains for the year. sc erasing its gains for the year. we are bouncing around a bit at the bottom here. housing numbers come existing home sales were strong come up 2%. the selling and stocks accelerated overnight. you might be wondering, since when did we care about kazakhstan? it is in concert with other currency moves we have seen, starting with china last week. let's move over to oil prices and how they are trading. finding a bit of a bottom here. we are very close to that $40 a barrel level. almostupplies the u.s. 100 million barrels above the five-year average. gary shilling saying we may see 10-20 dollar oil. incredible. pimm: let's see how the bond markets are reacting. not very much. a bit of buying in the tenure and 30 year -- 10 year and 30 year. that much demand for u.s. treasuries. let's look at the currency market. the euro strengthening against the dollar. the yen strengthen

pimm: good afternoon, i am pimm fox. betty: i'm betty liu.in with a look at the markets right now. s&p is down right now by about 1%, raising its gains for the year. sc erasing its gains for the year.

pimm: i'm pimm fox. let's take a look at what's going on in new york. u.s. stocks continue to fall.r monitor and i saw the dow down more than 1000 points. indeed we are seeing the decline as the day goes on. it fell as much as 100 points. the dow was down 1089. back at least to some extent this morning.

i am pimm fox. betty: and i'm betty liu. let's look at how the markets are trading at this hour. a little bit calm her. -- calmer. you can see the dow is up about 17 points right now. concerns about the chinese economy fading slightly after the selloff over the past two days. let's look at a couple of stocks. advance auto parts are lower and we are also watching houlihan , the bank that specializes in mergers and acquisitions. that is getting a slightly nice pop. the top story of the week is the dollar against the euro. up 0.6%. by china's reassurances on the valuation, that also helping to stabilize not only the currency rates but investor sentiment. pimm: let's look at how u.s. treasuries are faring right now. a little selloff at the short end of that are on the -- short end of the curve on the two-year yield. basically unchanged for the long bond. investors prepare for $16 billion worth of 30-year bonds coming up for auction. commodity is, take a look at oil continuing its dissent. itdown five cents. back to january 2009, yes, a six-year low. , mainly because of inventories. o

. ♪ ♪ i'm pimm fox. matt: and i'm matt miller.ing with an acquisition for years in the making that does not pan out. isie: monsanto and syngenta what we're talking about. monsanto trying to make itself the biggest producer of seeds worldwide, pesticides as well. if it had succeeded in buying9. .- buying syngenta monsanto is abandoning the whole process and they may start buybacks once again. surges going up for monsanto. there is another big deal today, not nearly as big, but another deal was announced. buying -- a 66% premium to cameron's close yesterday. an oilfield services company buying a maker of equipment. the idea is they would be able to offer customers some sort of bundling. this might indicate they see a bottom to the oil market right now. we are also seeing other oilfield services company's rising on speculation we could see more deals. --edies like weatherford at companies like weatherford and national oilfield. in terms of oil, we have not seen as many mergers and acquisitions as you might expect. so box -- with stoc

pimm: i'm pimm fox. let's look at how markets are trading right now. let's look at the u.s.t and begin with the s&p 500. again of more than 2%. best buy, netflix and michael kors all leading the as the 500 higher. the dow jones estoril average adding more than 2% right now. olivia: it certainly looks like a bit of a relief rally since we saw the biggest two-day drop in the drop -- drop in the dow. that is bad news for treasuries. yields are creeping up -- the yield on the 10 year note of

pimm: i am pimm fox. --

pimm: i am pimm fox. we are 90 minutes into the trading day in new york. rally, the s&p hunt -- 500 higher than 1%.

corey: -- pimm: i am pimm fox.look at how stocks are paring and there is a continued selloff in the u.s. stock market. matt: as. below 17,004ou go, the dow jones, just nearing 2000 on the s&p 500. a drop of more than 27 points. i can redo the

i am pimm fox. it lets take a look at u.s. stocks. a little bit of a mixed picture. basically unchanged. the nasdaq moving about th

he spoke to pimm fox and olivia stearns earlier today. >> this moment right now is actually critical. more and more people are starting to cancel their cable tv subdescriptions and watch tv over the internet. over the last quarter, pay tv distributors lost more subscribers than they have ever lost before. the timing for this service is actually very good. >> can you explain what is apple tv currently, and what is this idea to offer live streaming television in addition to what you can get now? >> apple tv is a set-top box you have in your home and you can watch very apps on there. >> you can watch a variety of television programming as well as any kind of movie you want? >> right. what apple is trying to do with this live tv service is a little different. this would be for about $40 a month, you would get maybe 20 or 30 chance. the sticking point with the cbses and the foxes of the world is price. if apple wants to charge $40 for this service, but at the same time they want to get as many chance into the service as possible. >> where would you get the connection to get the live tv? ri