a massachusetts judge will hear the suit over redstone's mental competence. a delaware judge will hear lead independent director fred slarno's suit to direct the dismissal from viacom's board and in california a judge will hear redstone's decision to replace viacom directors. viacom's earnings call acknowledged that the legal battles have been an overhang at the stock and pushed to sell a stake in paramount hand now he says he's optimistic. >> last week courts in massachusetts and delaware rejected motions to dispolice, alled loud discovery to proceed and scheduled trials to take place in october. we view these favorable court rules as positive steps that move us ahead to a resolution. >> redstone's national amusement issuing a statement saying, quote, domond is the third highest paid ceo in the united the worst as measured by pay for performance, including his pre-negotiated golden parachute, he stands to receive almost half a billion dollars for a tenure that has seen the market decline of one of the nation's greatest media companies. as the barbs continue

redstone and ultimately become ceo of this conglomerate. he got paid well the first time, as julia said. paid almost as well the second time and to get rid of this guy for $27 milli$72 million is a r error giving the stock is up and however. million shares. this is not viewed by the street as much as people might look at it and say, look, this is crazy, outrageous. it is, but to make this thing the chapter, to close this book, i think it was worth it. >> i have a slightly different take, which is that if you own this stock, shame on you. you've brought this upon yourself. this has been an obvious governance nightmare. there are probably chapters in textbooks at ivy league schools in these programs talking how absurd a structure like this is. consider redstone's trust owns 80% of national amusements which in turn owns 80% of viacom, which in turn owns 80% of cbs. had i say percent i mean voting rights. what kind of a clown do you have to be to believe that you're going to get any kind of governance in a structure like that? so if this is a b

redstone very worried about this potential merger.ri redstone is his boss, which she is. they control both of those companies. cbs and viacom through national amusements, right? one problem with, les moonves could walk out the door. if he walks out the door, this is his trump card, he walks out with $150 million pay package. he gets golden of golden pair shoots. that is not something the company wants to shell out now, paying mr. dauman to leave something like $70 million. from what i understand inside the company, shari redstone made it clear. made it clear to moonves from what i understand. moonves is not on board. a lost analysts say moonves would like to sell, forget about viacom, he would like to merge with time warner. we have a whole complete package, whole story on foxbusiness.com. it will come in the next couple minutes where it lays it all out. but it's a very interesting story. it has major implications for stockholders of cbs and viacom. these are major media caps. as well as time warner. if they don't do the deal, people

to shari redstone.to keep her confidence, keep -- she's got [ inaudible ] and that's the fate of les moonves. >> does it make you want to shy away from family either run or largely owned businesses? because the fox -- it's easy to draw parallels here. right? >> absolutely. not necessarily, but family businesses with aging moguls who show no sign or inclination for handing over power i would want to stay away. which does bring us back to the murdoch empire and what's been going on there. >> yeah. that's the subject of your column this week, secrecy and settlements hid bad behavior. what sort of digging did you do you? >> it got to me that they put out statements we have zero tolerance for sexual harassment and turns out we know at least two secret settlements with people where lawyers negotiated this millions of dollars were paid, sworn to secrecy, how many more were there? we have no idea because they're confidenceal. so i have scratched my head saying how can they have zero tolerance and didn't know an

billionaire sumner redstone has won. reports the chief executive is out, the big victory for redsto you can see the stock moving higher, up a percentage point. they are concerned about the mental capacity, a potential problem for the company. donald trump touring flood ravaged areas in louisiana while president obama is enjoying his time off. louisiana's larger family newspaper blasting the president saying vacation or not, hurting louisiana now. governor mike huckabee sending an open letter to mister trump writing, quote, maybe if it rains in martha's vineyard and you have to cancer a golf game you might fire up air force one to check on my friend in louisiana. louisiana needs you not because you can personally fix it but because you showing up means a lot of resources will show up as will cameras to help the nation see how bad it is. and 2008 when mister obama was running for president he blasted president george w. bush for not visiting new orleans quickly and a following hurricane katrina. listen to this. >> when the

redstone controls 80 pkts of the shares in viacom and as a result of the settlement, redstone and daughterow fully in control overall viacom's future. >> stocks to watch today, retail in focus. gap the apparel retailer cutting profit forecast. company struggling to sell merchandise at full price. gap ceo still unsatisfied with the pace of improvement. shares are all nearly 2%. had a decedent run in the last three months. >> shares of ross stores trading higher. better revenue and same store sales up 2.6%. few more earnings due today to wrap up the week as a whole. deer, estee lauder, foot locker and madison square garden reporting results before the opening bell. also samsung newest reality toy will hit the shelves. gear vr. >> we're continuing summer sizzler series. looking at top performing sectors in the s&p 500. this summer and the stocks that heat up because as wilfred said, the embassies have been flat, but big stories on sector performance. landon dowdy joins us. >> good morning. industrials among the top five best performing sectors so far this summer. surging more than 5%. finally

we've been reporting a deal was neared with the redstones and its long former con fi don't at via >> sum mer redstone's national amusement and viacom ceo have reportedly agreed to settle lawsuits that have been hanging over the company. sumner and his daughter, sherry, coming out on top, putting to bed three lawsuits without testing redstone's mental competency, which has been called into question. sources say doeman will step co will bermuda interim ceo through the end of september. >> this is a day for shareholders. there are bright and competent directors coming in to join this board, so obviously, sherry redsten's played a bigger role over these montes! the question n who will become the permanent ceo. w leader.ay that viacom's >> there's renewed speculation that the ceo would be a good fit d cvs and viacom could be recombinant expected to walk away with a $72 million severance package on top of the $491 million doman has brought home running viacom. >> some big nu the cost of the company. was shakedown to get payments for these people leaving after disasterous performance. >> fo

betty: remember that for so long it was redstone and gabelli together.a man we thought would be making some final decisions for sumner redstone," -- how quickly he has fallen from grace. mario has seen the shares of this company underperforms significantly. he said that sherry redstone was welly and in her moves and look more to the future now, so what is going to happen with viacom? will it stay as a standalone company or might it come back together with cbs? saidt you to hear what he about who might get the job done if dooley cannot. >> let's assume you combine cbs with viacom. number, you talk about a company in three years with $20 billion.of you basically have one owner that controls both so there is no takeover premium necessary. betty: les moonves is one of the highest a ceo's. >> but there's no reason to put a ceiling on it. maybe give him in a $50 million a year because it is extra work, you have to then run both companies. moreuld have to be in cities and more private planes, more speeches. but i don't want to put a ceiling on it. betty: clearl

sumner redstone reasserting control.ls straight ahead. >>> a new campaign tactic for donald trump. remorse. >> sometimes you don't choose the right words or you say the wrong thing. and believe it or not, i regret it. >> we'll bring you the latest in the race for the white house. >>> plus hitting the court with nba commissioner adam silver. he's going to join me live in rio. the final hour of "squawk box" kicks off right now. ♪ >>> live from e the most pufrl ci -- powerful city in the world, new york, this is "squawk box." >> welcome to "squawk box," everybody. this is cnbc, first in business worldwide. andrew is reporting live from the olympic games in he's owe. hello, again, andrew. we're going to get back to him in a moment. first let's check out the equity futures this morning. it's the end of the week and at this point some of these declines would make it a losing week for the markets. however, if you could turn things around, nasdaq would see its eighth week up in a row. right now the dow futures down by six. and t

sumner redstone has won the war picking who he wants to be the ceo.rlie gasparino with the exclusive details you hear only on fox business, as viacom drama comes at least to a near-term close. donald trump's campaign evolving, as he visits flood zone victims in baton rouge, less than 24 hours after apologizing in a speech incarolw campaign shake-up leave the billionaire feeling sorry for himself come november through know fault of his own? we're talking all things 2016. stay with us. >> sometimes, in the heat of debate and speaking on a multitude of issues you don't choose the right words. or you say the wrong thing. i have done that, and believe it or not, i regret it. i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients... ...who've had no prior treatment. it transformed treatment as the first cure that's... ...one pill, once a day for 12 week

the big story though, some of the redstone coming out on the battle for viacom. >> sources tell us the in place bringing to an end nine months of legal battles. sumer in and his daughter are coming out on top. the settlement posted three lawsuits under way without putting to test the mental competency which has been called into question. the sources tell us viacom's ceo will step down immediately and coo tom dually will become interim through the end of september. he is not exactly losing. he'll receive a $72 million severance package, and that's on top of $491 million he's brought home in compensation from his past decade at viacom. now he is among the most highly paid ceo's despite the fact that viacom vastly underperformed the s&p 500 and sumer in red media giant cbs. he has until he steps down as executive chairman on september 13th to prevent his proposal to sell 49% of paramount to the board, a plan that somewhere near redstone has vehemently patrol posed. what's next now? this agreement will help remove some uncertainty that's been hanging over, but the pressure is on now for th

but all eyes on the redstone battle. they are raging.we head to break, let's get a quick check on shares of viacom. they're up about 1% on that beat. but again, it's all about the lawsuit. it's all about "squawk box" right after this. (speaking japanese) oh watson, your japanese is very good. thank you. (speaking japanese) exactly. i can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. (speaking japanese) freshly made in the tokyo-japanese tradition, each batch is small. special. unique... every bowl blurring the line between food...and art. when you cook with incredible ingredients... you make incredible meals. fresh ingredients. step-by-step-recipes. delivered to your door, for less than $9 a meal. get $30 off your first delivery blueapron.com/cook. an ordinary experience into an extraordinary one. get great offers at the lexus golden opportunity sales event. lease the 2016 es 350 for $329 a month for 36 months and we'll ma

established by ceo redstone. it divides his assets among his five grandchildren. each share worth about a billion dollars. family accused each other of taking advantage of redstone's health to gain control of his companies. >>> local police departments need your help locating these accused of stealing credit card numbers and some stole thousands of dollars worth of merchandise. wanted. >> reporter: detectives in stoughton need your help tracking down these men, wanted for allegedly using stolen credit cards at a number of locations. if you recognize them, give stoughton police a call. to dorchester. police say this man robbed a citizens bank. witnesses say he's approximately 17 to 21 years old, 5'2" with a slim build. contact the boston police department if you have any information, and be sure to mention the mass most wanted tip program. there could be a reward if an arrest is made. >>> and to natick. together and allegedly stealing $6 thousand worth of sunglasses from the natick collection. they're both describ

all of the old board members and the redstone's would have to approve it.s like a big ask. david: there has been conversation about merging with cbs. are the august greater with that?-- odds greater with that? theret gets tossed out all the time. i don't know that the new board changes anything. i think the real question is when the board goes over the state of the business, which they are doing right now and will continue, they have to come up with a plan for how to fix the company and how to improve the network. if they think the best way to do that is to put viacom back together again, there will be conversations between shery redstone, the cbs board and the ceo about all of that. we have gotten no indication so far that is the path it will take because it is so new. david: thank you for joining us. has bouncedantas back. the australian airline announced its first dividend since 2009 after record profit. during hear from the ceo the next hour. the major indexes all in the red, but narrowly. narrow trading here. this is bloomberg. ♪ >> it is 3:00 p.m. in

i don't think the redstone family wanted this to go to trial.hey had to go through a trial with sumner redstone, and of his. he's old, he can barely speak. the thought of having to go back to court did not appeal. and othere of dauman shareholders, though they could keep fighting it, they realized that a certain point they were going to lose. there was a finite time limit on how long they were going to let fight this. the saga between the ceo and owner and people who have been close for so long was really hurting the company and impeding various deals. scarlet: the question is, now that tom dooley will be the interim ceo, will he end up running the company? >> that's the million-dollar question. tom dooley has worked at viacom and some of its predecessors since early 1980's. he was at a company called viacom. he was the first guy to go up and shake sumner redstone's and after he bought it. he's always been the number two or number three, and it's unclear whether he's really going to get a full vote to get a full vote because he's been closely al

sumner redstone, 93 years old, retains control. shari redstone said she was never interfering with this, her father is making the decisions but creates a trust for the receivership or inheritance going forward should mr. redstone become incapacitated or unable to mak the decisions based on mental capacities. charles, back to you. >> thanks a lot. charlie gasparino is here, and he was ahead of everyone on this. you were calling this, man. >> not a surprise. there were very few options. the reason we knew he was out is when his advisers, and i spoke with a lot of them over the course of three, four months, basically threw in the towel. his reputation was shot. in the media, no way he could hold on. they were trying to have one last hurrah, which is the sale of the paramount unit because he's out for the sale. couldn't put that together. interesting story in the sense, i'll let the viewer decide where to go with this if you want to buy the stock, that's where we come out of this thing. part of our job is to tell viewers what are good

shari redstone is the victor.o be the chairman but she is the new media mogul in town. she is really calling the shots and i think it will be up to her what direction we see the company go in. >> the new york post reports that redstone favors removing the interim from dooley's interim title but i wonder -- >> sumner himself. >> that's the post today. >> one of the questions we still don't understand what does sumner really want? i mean ta was the big question in all these lawsuits and i don't know who knows the answer to that. >> would you expect strategic change from dooley when he was so closely partnered with dauman over time? >> no. >> he's nice, people like him, morale has gone up, a lot to be said for him, but he has been there. can you really reenvision a company from the inside. that would be tough for anyone. >> but the other question who is the bench out there in the media world. i was talking to investment bankers saying where is the next generation of these people, who are they? it's not a very long li

. >>> viacom and sumner redstone are reportedly back in settlement talks. according to the "wall street journal, their litigation, change the board, and lead to the exit of current viacom ceo, phillippe domon. as part of the compromise, viacom's operating officer, tom dooley, would be promoted to ceo. one roadblock is the potential sale of paramount, which redstone and his daughter, shari, believe is core to viacom's future. a deal would end one of the most bitter boardroom legal battles in history. >>> target slashes its full-year outlook and that's where we begin tonight's market focus. citing a difficult retail environment, the retailer said both profit and revenue declined in the latest quarter. earnings did, however, manage to top expectations, while sales were roughly in line. the company lowered its earnings guidance and said same-store sales are expected to continue to decline for the rest of 2016. shares finished the day down 6% at $70.63. >>> lowe's also cut its guidance for the year, after hosting disappointing quarterlies. sales rise, but ent co

karen redstone is challenging her grandfathers mental competency. $33 a share in cash, a $.38 premiumock price as of august 3. spotify has been retaliating against musicians to doesduce new motility or -- musicians who introduce new music exclusively on other platforms by making it harder to find their music. twitter has long been criticized for failing to protect its users from of postst and abuse from users have led to the departure of many celebrities. working on a keyboard-based tool. sarah frier joins us from san francisco. explain this tool to us and how it would actually work. sarah: on twitter, it would allow you to block certain keywords like racial slurs, perhaps, or derogatory sexist words. you can block them in your feet and to know anyone who might be harassing you proactively. in doing so, makes the trolls less powerful. this is an initiative i jack dorsey -- by jack dorsey to find a technical solution to the harassment on twitter which has led people to have big issues with seeing attacks and then they quit. really bad pumps the -- really bad publicity for twitter. davi

sumner redstone reportedly near a deal to oust the ceo.possible settlement could mean for the country. >>> another prominent republican turning the back on donald trump and voting for rival hillary clinton. former treasurer who served under george w. bush explains why she is crossing the political aisle. that's coming up. what do you got to offer us today? ♪balance transfer that's my game♪ bank you never heard of, that's my name♪ haa! thank you. uh, next. watch me make your interest rate... disappear. there's gotta be a better way to find the right card. whatever kind you're searching for, creditcards.com lets you compare hundreds of cards to find the one that's right for you. just search, compare, and apply at creditcards.com. ♪a one, a two, a three percent cash back♪ >>> welcome back. we have a news ate le s alert o. sue? >> according to "new york times," lyft has had talks with several companies in an effort to sell itself to those companies. it has not, however, found a buyer according to "the new york times." the company which as you

ashley, breaking news in the sumner redstone family drama, lawyers for karen redstone, granddaughterounder agreed to dismissal of claims against her grandfather's estate. the lawyers saying that karen agreed to remediate the remaining parts of family dispute and meet with her grandfather directly. earlier this week redstone's met with phllippe dauman after months of disagreement. maybe months being put to bed. we'll see. >>> carl icahn, bill ackman back bickering over herbalife for years. we're learning mr. icahn looking to off-load his stake in the company. here is the catch. ackman, his arch nemesis who labeled it pyramid scheme could be one. potential suitors. say what? here now to give his take, charlie gasparino. >> earlier in the week there was market rumor purely that carl icahn was selling his stake in herbalife. ashley: yes. did he say why? >> he never answered my call. i did a story that said this and you can rewind the videotape. herbalife, company officials said he is not selling the stake, they don't believe he is selling it. they were very honest. they said it on the re

we got an exclusive on the second-largest boating shareholder behind sumner redstone.view with bloomberg's betty liu, he shared what he would do. do is getng want to rid of both of them. i like tom -- the last thing i would want to do is get rid of both of them. i have a general contract and the architect is pulling the strings. ceo, this is a a perfect logical thing. he's got a contract, you know what going to cost you. you keep them on ap can do a good job, that's one wing, but if he cannot, the answer is, what do you do? the company has a certain attraction and it needs to be fixed. betty: so you're willing to give him a chance. or eight him six months back in february and march. so that is over. you have 50 new directors on. it's not costing my clients any incremental money because of the contract in place that has a parachute. he has until the end of the fiscal year. why would anybody in their right ceo,want to change the cfo, and coo all at once when you don't have to? work in progress. that: let's say he doesn't make the right moves in the next 6-8 months. then

the judge in the massachusetts case involving sumner redstone has set a trial date. will run for five days. at issue, whether sumner redstone wrongly ousted him from a trust that controls by comp. that is your bloomberg business flash. scarlet: "what'd you miss?" productivity unexpectedly fell. while productivity has been week, tricky problem since productivity growth is a key factor behind rising living standards and wage growth, so how would this data factor into the fed's decision as hiring remains robust as well. we spoke to the global head of market economics. of the day, we can't pay ourselves more than we earn, so productivity is low, increase.ndards will investments are lower proportion of gdp than it used to be, firms are much more cautious about hiring people. .econdly, some changes 20 years ago, the guys who retired were replaced by younger people with higher standards of education. par for par.is there is not an upgrade in the educational standard. i think there is a lot of regulation that is making the world grow more slowly, and maybe it is making peopl

many are saying this will be a victory for shari redstone. -- sherry redstone.still have lots of fundamental uncertainty, this shows in the fact that the earnings estimate for fiscal year 2016 is down 27% year to date. he also thinks there is an upcoming debt refinancing cycle that could be of concern. turning to another winner on the day, this is a chip equipment stock. they make the machinery that produces chips. they put up a blowout fiscal third-quarter. very impressive is the guidance for the fiscal fourth quarter. estimates, street ,nd behind all of this strength renewed demand from the chipmakers as they upgrade their equipment. on pace for its best yearly performance since 2003. >> the nasdaq trying to stay green on the week for the first eight weeks run in how long? >> six years. one other stock that could help the nasdaq make that happen, ross stores. beating both learning and cobb sales estimates, they put up a comp sale of _4%. -- +4%. this is a discount retailer that is seeming to do well in this environment. ross stores now up about 20% on the year

the idea is that it is designed to in litigation in three states against the redstone family.er willrating serve as interim chief executive. step up and sprint battle for subscribers, revamping rates to appeal to users who want unlimited streaming and web surfing. new pricing for both carriers underscores a push to sign up heavy day to users to monthly plans. the news coming with sprint owner softbank keen on a merger. coming up, stopping the swings, a look at what hong kong is doing to slow the wild ride in stocks. this is bloomberg. ♪ rishaad: you are back with "trending business". uber fails to win court approval for a multi-million dollars settlement with drivers. that, uber may still come out on top the company is driving ahead with self driving cars. >> two big hits of news for herb or -- for uber and the self driving world. to putthey are ready self driving vehicles on the road in pittsburgh. you will still need a driver behind the wheel for safety, but uber customers will be able to take a ride in an autonomous vehicle very soon. they will have over 100 cars from volvo

liz: despite behind the scenes leadership drama, sumner redstone viacom reporting a surprise up tickarterly revenue few to higher licensing fees in theatrical unit. earnings dropped 23% year-over-year but phillipe due monday deal is opposed by sumner redstone and his start sherry who control the shares. ongoing tv, ongoing saga and drama, continues right now. viacom up about a quarter of a percent, although the b-shares, are down about 1%. minder to stay tuned for all earnings action this afternoon. big names. linkedin, weight watchers, lions gate on tap. "after the bell" has you covered. >>> even as the stock market hits record highs wall street is bracing for more layoffs, including one of the top investment firms on the street, goldman sachs. lloyd blankfein already had four rounds of cuts but are goldman employees embracing for a fifth round? charlie gasparino, what is going on here. >> they are bracing. we're getting this from senior executives inside of goldman sachs. they say there is ongoing cost cutting effort going on. there will be a major round of layoffs. i don't have th

shari redstone and her father have control of viacom and cbs.h viacom and cbs, and could they could potentially -- and could they potentially realign? david: tom dooley is closely aligned with philippe dauman. what are they looking for? are they looking for someone to redo the company from the ground up, which it apparently needs? or merge it with cbs? is onea merger with cbs thing a lot of analysts talk about. viacom is a company that faces real challenges, it in that the television industry is changing. if you look at their cable channels -- nickelodeon, mtv, calmly central -- these are geared toward a younger audience who are watching more content online. one thing they have to figure out is to find a viable digital strategy. and by owns paramount. philippe dauman will still have the opportunity to sell his stake in paramount. david: there were reports that mr. redstone was not too smitten with the idea of selling a controlling interest in paramount. does this put away those plans? gerry: as part of the agreement, philippe dauman will have th

are founder sumner redstone and philippe dauman on the bitter edge of the final frontier? the details next on "countdown." stay tuned. to folks out there whose diabetic nerve pain... shoots and burns its way into your day, i hear you. to everyone with this pain that makes ordinary tasks extraordinarily painful, i hear you. make sure your doctor hears you too! i hear you because i was there when my dad suffered with diabetic nerve pain. if you have diabetes and burning, shooting pain in your feet or hands, don't suffer in silence! step on up and ask your doctor about diabetic nerve pain. tell 'em cedric sent you. perfect driving record. until one of you clips a food truck. then your rates go through the roof. perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you twenty-four seven. call for a free quote today. liberty stands with you™. liberty mutual insurance. . liz: we've got an alert on viacom. bitter board battle may be coming to an e

these debates of redstone's mental competence and whether the dismissal of dauman and other directors can proceed. redstone's national amusements today issued a press release criticizing dauman's leadership and dauman is sticking with the plan to try to strike a highly beneficial transaction for paramount. guys? >> you know, julia, i guess the question still hangs over whether, in fact, even absent this dispute with the redstone family, it is a great idea to try to sell a stake in paramount right here. does anyone think it's a great solution for viacom as a whole? >> well, i have just been talking to people about this in hollywood and it's very hard to certainly sell a stake in a paramount while this is going on. who wants to be involved a legal battle? seems like the companies that would be most interested in buying a percent of viacom is overseas. we have heard of chinese companies and others expressed interest. it's less about the actual value of paramount. it was one of the weakest parents of the company in the earnings call and there's a lot of talk about how it was really hurt b

steve forbes, i guess okay, the redstones won, sumner redstone but how deep are the problems at viacom? >> not a management problem, ashley. it's a fundamental problem caused by technological change. people have a lot more choices now. they haven't yet found a way to appeal to young people. until they find new sources they are going to have a problem. traffic's going down. ashley: yes it is. jack, does tom dooley the get for the long term? >> no. ashley: he will have to be approved by a board now 16 members. no? >> i don't think there is any change coming investors are looking for. if there were the stock would move higher. this company trades 11 times free cash flow. free cash half of what it was two years ago. a turnaround waiting to happen. the problem they skew very young and tv's pull is weakest with the young right now. doing fine with people my age. the young are doing different things. ashley: jack, just to follow up what about viacom and cbs join together and let whole thing run by les moonves? he is a good leader. >> i suppose. certainly buy it on the cheap right now. things

the agreement settles a long-running dispute between various executives and members of redstones family. >>> questions about the skyrocketing price of the epipen. the cost has risen 500% for $600 for a pack of two. the penn costs about $2 to produce. many families say it's all just too much. >> this is a life or death medicine, viola had to use the he pen, if we were without he may not be here right now. >> the company says the prices reflect new product features. the "action news" team is out working on new stories tonight beginning at 4:00 p.m. let's check in with alicia vitarelli live in the newsroom with a look ahead. >> reporter: in big talkers, a hate-filled note from a customer almost devastated a waitress in virginia. now the community is rallying around her to overcome the racism. >>> it's a heartwarming scene coming from devastation in louisiana, a teen plays the piano surrounded by flood debris. hear his amazing outlook on life. don't father you can take us on the go watching our 6 6abc news app streaming live. >> "action news" will be right back. the risk of stroke in people

viacom and sumner redstone have come to a settlement of some kind.ve got facebook, they want video game makers to make more games for its users. no impact on the stock, but it's still at 123. the hedge fund manager, a wealthy guy, he's got a stake in square. and the company reportedly ramping up its operations in europe and square is up 1 1/2% on that. got it. higher profit. better sales, essay lauder doing well with makeup, luxury fragrances. why is the stock down nearly 3%, he asks? i'm not getting an answer. it's down. it's an important story, a record number of orders for the chip equipment maker applied materials. i think that's important and nicole, the stock please. nicole: let's take a look right now. it's up 4%, not only is it up 4%, but it's also hitting a new annual high. so the stocks surges here on better than expected sales and the forecast going forward also beats the analyst estimates. they are in the chip business, they make the equipment na makes chips and the ceo today also noting recently, saying that we're in the best position in

. >> reporter: alex is among the 600 athletes taking part in the colorado special olympics at redstone park. like his competition, he loves when you start getting used to it, then it comes naturally. >> i love tennis so much. >> reporter: special olympians are vying for the gold, silver, and bronze in a variety of sports. >> i like playing basketball, tennis, and swimming. >> congratulations. is that the bronze medal? >> yes. >> awesome job. >> reporter: these support and encourage athletes of all age and abilities. helpin different sports at school. >> people with, and without disabilities, playing on the seam team. really showing other people the tremendous abilities of our athletes. the talents that they bring to the table, and making friends. >> reporter: not every special olympian walks away with a medal, but alex says he and his fellow athletes leave these games with inspiration, worth more than gold. >> everybody learns something >> reporter: in littleton, kelly werthmann, cbs4 news. >>> the broncos are still looking for a q b, and what got into nolan arenado today? find out why

and redstone removed dauman from his trust and planned to sell paramount pictures. his daughter largely behind much of this. he's going to receive about $72 million under the settlement agreement. this was probably the way you had to imagine it went with the redstones owning 80% of the vote. check out shares of viacom. they're up. >>> and finally. a fairly big acquisition. it's a cancer drug company called medivation. $14 billion. i think they're talking about cash. >> they are talking about cash and we're hearing this was a pretty competitive process. a months' long battle and over the summer raising its bid and it looks like pfizer has walked away as the winner. and buying medivation. and after this long battle with multiple parties involved has run up quite a bit from earlier this summer. he would gain a prostate cancer drug bringing in a pipeline asset in another form of cancer that has gained a lot of interts sins since we saw a compeltative on the same clas. so, after pfizer was trying to do the big deals and this beeves up their cancer business, which they're

reported yesterday, settlement talks are under way between viacom and controlling shareholders sumner redstone to end a very bitter legal battle. if as part of that deal viacom's ceo leaves, end reportedly be in line for the second biggest cash severance ever of fortune 500 ceos. golden parachutes can include cash and other benefits. >>> if you live in pittsburgh and use uber, you will soon be able to summon, yes, a driverless car. the fast-growing ride-hailing company is partnering with volvo to give it an edge in the race to make autonomous vehicles widely available. kate rodgers has more. >> reporter: ride hag disrupter uber making an even bigger investment into the driving experience of e future. the company announced thursday a $300 million partnership with volvo to co-develop autonomous suvs. as a part of that, uber will roll off 100 autonomous volvo sport utility vehicles on the road at the end of the year. uber is also launching an autonomous driver program in pittsburgh in the weeks to come. the initial pilot will be free for passengers but it's unclear how it may evolve in the future

sherryend, it is redstone who takes over. she is a bloomberg intelligence. a victory for both the redstone's as where is shot rollers. drama was ara style big distraction for the company. they needed to get into business and hands. chart versus disney. you know the outperformance of disney. what does this say? what does this say about what mediaa and class b structures. i'm sure there are some others at work. it generally doesn't work when it's families running media. you don't make money over the long term. >> that's absolutely right. i guess the major problem with viacom was philippe was not a strategic leader. he was viewed as a caretaker. in,family needed to step especially to see that this company is navigated properly through all of this evolving media landscape. francine: they reported some really poor third-quarter results. >> exactly. we see them underperform at and also onnetworks the studio side which is the paramount studio. they had a string of film releases that were all mediocre. they did not see a single big hit come out. profit ticket. there

sources tell us that sumner redstone's ongoing legal battle with viacom ceo phillippe doman are comingan end. sources tell us agree to step down immediately as ceo and tom dually will become interim ceo. but dauman will take home a $72 million severance package on top of the $491 million in compensation he's made in his ten years running. that $490 million particularly stunning considering viacom's under performance of the s&p 500 as well as cbs, which is also controlled by sumner redstone. now, former viacom ceo tom freston telling me he believes this news is great although it's long overdue. he calls dauman's ouster a great victory for the people who've been so demoralized and demotivated. he now says it will be a lot easier for viacom to higher top talent. back over to you. >>> julia, thank you very much. viacom shares are higher today and actually up about 10% this year, but that is cold comfort for most viacom shareholders. the stock's gone from $88 to $48 in just two years. james dix, media analyst at wedbush security joining us onset. james, finish this sentence. the single bigg

the ceo fell victim to sherry redstone and her father.hey are now laying the groundwork for viacom, the blue , and cbs, the white line, to reunite. the valuation gap is closing. the spread narrowed as much as 57% since march. it will be interesting to see how this happens and what shapes up next because there has been so much drama there. joe: so much drama. i am looking at emerging markets stocks. this is a 10 year look at the emerging market etf. the question is are we at a bottom. is it a durable turnaround or not? some of these other lines are the 20 week and 50 week moving averages. to breaking above the 50 week moving average. it hasn't happened yet. there have been a few times when it tried to break out on the range, so tried to keep, on that, maybe that is they sign of a durable bounceback. bounds isd on the way -down. i'm looking at volume. ix groups and new exchange started trading. you are seeing the trend where there is more and more volume happening off exchanges. the market structure for trading has changed so much, becoming

in the case of viacom, it is a the ceod fight between and sumner redstone's family.there is 21st century fox, the fox news division after the departure of roger ailes. call today saying fox news will stay the course and try to maintain the same tenor in terms of its coverage. at the same time, profit was up, and it did beat analysts' estimates. ebitda fell. tda, "independence day: resurgence" was the failure here. looking at box office for each of these companies, 20th century fox is in white, paramount, which is viacom's them division division, who had no film releases. these numbers seem relatively low versus analysts' expectations, especially when you have a couple of big bombs at the box office. it is not great news. vonnie: that is for sure. julie, thank you. another big headline this week -- time warner is taking a 20% stake in hulu, they move giving hulu to access to all oof time warner's networks. it is all part of jeff bewkes' master plan. bloombergn with weeks's" gerry smith. will helpf said this them compete with netflix, and also the traditional cable com

here is a take on what we are watching -- the redstone's have taken back control of viacom. viacom shareholders --viacom shareholder, mario gabelli, is here with his take. oliver: stanley fischer says the central bank is closed to meeting its target. investors will look for more queues at jackson hole this week. turn to thee will 2016 presidential race, donald trump calling for the clinton foundation to shut down immediately. will this move help narrow the gap in the polls? markets close in about two hours. let's had to the markets where ramy inocencio has the latest. ramy: we are in the dog days of summer and all my about 18% or 19% on the day. we do have a couple of wins pushing our way with the news from the stanley fischer and falling oil, which we will get to. pretty muchs&p are a flat line. down as well and not a lot of movement here. go into more specific information with the sectors and their help. basically 50/50. utilities right now are of the most and health care had been higher because of that pfizer deal but is paring gains. most in terms of the sector. before w

the judge in the massachusetts case involving sumner redstone has set a trial date for october 3.he trial over the ouster of the viacom ceo will run for five days. at issue -- whether he was ousted from a trust that would control viacom. that is your bloomberg business flash of they. now to the surprise from valeant -- they reported earnings that fell short of estimates -- of estimates that shares are climbing. and optimisticg view of the companies or action. guest: i'm looking forward spending more times -- more time -- vonnie: are bloomberg reporter spoke with him after the report. we have had many positive earnings reports from valiant. what makes you think they can turn things around in the second half? guest: i'm not entirely sure. they have a lot to do and they have to drive earnings growth and they have to drive it out of his this is that are declining more persistent as leader may have in the past. but what he has been sticking to is that there is a seasonality to their business and a natural pickup they will benefit from. some of the problems plaguing them in the first ha