it was a momentum stock on the way up, as was sandisk. you make more chip prices go down and everybody is focus canned on a lack of pc demand. i think everybody hates so much the great entry point. >> i think you stay away from the commodity side. if intel is there, you're going to not make money on this. the margins are going to get squeezed and if intel decides that they are going to compete, they have enough issues already. >>> all right. coming up, is there a ticking time in bonds? we talked to blackrock's head of credit. >>> and then, investors had the weekend to process twitter's shuffle. and now what? >>> plus, a decathlon generated heated competition for a good cause. we'll see the best athletes in action. we're back after this. right here. with a control pad that can read your handwriting, a wide-screen multimedia center, and a head-up display for enhanced driver focus. all inside a redesigned cabin of unrivaled style and comfort. the 2015 c-class. at the very touchpoint of performance and innovation. ♪ ♪ at chase, we celebrate s

sandisk, it is down today. intel is up.gan stanley downgraded these two because of bad channels. dram, famous for inventing does not really make it anymore. it is mostly cpus for computer chips ever since andy grove took over so they do not get hit by that downgrade. downgrading micron's price target to $21 a share so a complete about-face for joseph moore. doing the same thing for sandisk. 24 analysts out of 33 call micron a buy. only three analysts are calling it a cell so a pretty dramatic story. pimm: well done. ahead, thel ukrainian president is no longer a billionaire. taken a hithas along with his country's economy. speaking out,s talking with bloomberg exclusively. ♪ ♪ is the bloomberg market day. i betty liu here with pimm fox. pimm: let's get to some of the top stories. united technologies says it is shedding the helicopter maker sikorsky, turning its attention to high-tech products for the aerospace and building industries. they said several months ago it was launching a strategic review of options for sikorsky w

here's another speculated upon sandisk.e see a lot of activity in tech and semiconductors more specifically. sandisk's been the center speculation in recent days. after someup today of the suitors could have been many of companies. we have an analyst saying and acquisition by seagate or western digital is a low probability events. there's debate about that one. and there's a deal that is getting done, cardinal health is buying the harvard for a group -- harvard to drug group. the cardinal shares are a little changed today, up .3%. thanks. we do have breaking news, the person who lost her gender bias wants to one $7 million from the firm to go away. she wanted to cover her core cost, now she is looking for $2.7 million. cory: this was the case mark: this was the case that made headlines. notry found the company did discriminate or retaliate in the case then begin the flashpoint of that time when they were talking about gender discrimination and income inequality. in silicon valley, this is according to people familiar with t

sandisk, also lowering his price target and outlook.is going against the grain. 24 analysts out of 33 are calling micron a by. only three are calling it a cell and he now joins that crowd. take a look at united technologies, i find it a fascinating story. they are spinning off or selling the sikorsky maker of helicopters. their biggest customer is the u.s. department of defense. they are selling this $8 billion business. they have got to find a way to deal with the taxes on this because they have on sikorsky since 1929. a lot of capital gains to deal with. even though they are getting paid by you and me, they do not want to turn around and pay us to bring much in taxes. they have to find a way to avoid the taxes. scarlet: that's called fiduciary duty, isn't it? i am sure they gave us great prices on his helicopters, patriotic prices. scarlet: thank you, matt miller. pimm: the u.s. supreme court has refused to back a law forcing doctors to show women their ultrasound exams before having an abortion. forlina passed the law years ago but i

qualcomm peaked a year ago, sandisk a year ago. micron, intel haven't made highs since december.hings like ahavingo and xpi have kept this going a little bit some of the heavier names -- >> you just mentioned avago, broadcom, intel, altera. $60 billion worth of m&a right there in the last two months. i feel like in a lot of ways that has actually kept tech afloat here. when you think about it, tech is the largest weighted sector in the s&p 500. and you mentioned apple. that's the largest weight in the s&p. it's the largest weight in the nasdaq. when you think of the nasdaq, it's got all these biotech stocks that have done very well too. to me underlying tech stocks, large cap tech stocks act very, very poorly, which brings us to intel. that's the one i really want to focus on because to me i think it has the potential -- the stock is down 14% on the year. i think it's incorporated a couple guide downs over the last two quarters here. we got one in january and got one in april and the stock has acted okay, but now really it's down -- it's approaching a very, very key technical sup

here is sandisk way back here.ued about in line with peers that the estimated sales growth is much lower than some of them. the average is the pink bubble. you have to factor that in when looking at the prospects for it potentially to be taken up. erik: thank you very much. coming up walmart's shareholder meeting is underway. new developments include royal investors. olivia sterns is there and will bring us the latest. ♪ rket makers" with erik schatzker and the stephanie ruhle. erik: good morning. you are watching on our new time on bloomberg television, 8:00 a.m. to 10:00 a.m. stephanie: we're focusing on the jobs number, but it is also national doughnut day. so congratulations to all you homer simpsons out there. let's take it back to jobs. we have not seen a report like this in five months. in may, employers added 280,000 jobs, much better than expected. it shows that companies are upbeat about the economy after the slump in the first quarter. the jobless rate did tick upward, rising .1%. that is because more pe

commoditization in the semi conductor group, we know a big problem for companies with low end chips like sandiskon have been crushed but basically because their products are commodities to begin with. ambarella makes high end chips and the company continues to innovate and introduce better quality technology on ever smaller chips that use less and less power. the bears would counter the superior technology really only gives them a 6 to 9 month lead on the competition. then there is the complaint that ambarella is too closely aligned with gopro. legitimate argument. because you never want too much sales from one customer and right now gopro is a gigantic portion of the business. however they have been pointing out all the ways they have been diversifying and into new markets, particularly drones. and you could argue gopro needs ambarella at least such as ambarella needs gopro. as for the bears i think it was a lot more legitimate last week but not after this massive selloff. >>> and the bull case? simple boils down to they make the best product. end markets including home security. and it deserve

we saw sandisk taking a hit and it raises questions. >> that's it for "squawk." the "halftime report." >>> steven weiss is here along with pete najerian. phil lebeau is live from the air show. and the stocks that could fly high or get grounded. no deal in greece means stocks are selling off to stop the trading week off the lows of the morning. as you might imagine, the

sandisk and amd are also falling along with micron. a broad pullback in the chips today.ke, people may not be buying personal computers but they are still buying shoes. the finish line benefiting from that. with these companies coming out with earnings that beat estimates. nike's futures orders orders that have not yet been delivered, that company is seeing a worldwide futures orders of 13%, excluding the effect of currencies. analysts were estimating on average a gain of 10.4%. that 13% is better than estimated. geographically it's what it looks like around the globe. sales were strong in china and japan. olivia: that is also leggings. julie: also the shoes. it is leisure as a whole that has been doing fantastically. olivia: thank you so much. pimm: still with us, capital markets strategist jonathan you have been watching the bull market closely. anything going to deal rail this? -- to derail this? jonathan: i think the only thing is if you see a meaningful pickup in inflation. it is not that wage inflation rises, it has to really accelerate. what is not on this chart is

. ♪ erik: micron and sandisk are two names that we're looking at. matt miller is here with a list.resting call by morgan stanley on the chipmakers. they use the word costs are's -- cautious versus the company's own forecast. they are downgrading both of those stocks. i found micron really fascinating. if you look at the endless recommendations, there are 25 buy ratings and only three cells. it is a contrarian call. he is cutting price targets from $21 to $30. he expected again and now he is expecting a drop. erik: i think this is one of the most valuable services that sell side investors -- analysts provide to investors. olivia: that's what you say about sulfide research. erik: my problem is with the earnings manipulation game. as far as hard fundamental work goes, i cannot be more respectful. matt: this is one of the most honest moves that you can make it you said the stock was going to open -- go up five dollars. i want to get quickly to the goldman call also. eli and david over at goldman sachs at the u.s. portfolio strategy review are upgrading financials and industrials. they

then a few down quite a bit, including the memory names, sandisk had a rough time.r there hasn't been a lot of movement on one end and the other you've got different stories. a couple of acquisitions on the high end. >> guy, we just passed the 1 trillion mark for mergers and acquisitions in the first half of this year. it's almost like investors want to buy that theme. i'm not quite sure how you do it ahead of time. >> the way they have been doing it until recently blackstone has been a great play. that is probably 10% off the all-time high. goldman sachs still works despite the sell-off and recent downgrade. deutsche bank downgraded goldman sachs. greece is on everybody's radar screen. that's going to be resolved one way or the other. i do think it's a big deal. what is a bigger deal is the fact we are coming into an earnings season where people have to prove themselves. not in the form of eps growth which can be manipulated but revenue growth which you have or don't have. that is going to tell the tale going forward. >> guy, we talked about this before in the past

. >>> stock three, sandisk. from buy to hold.ed back and forth this morning said to make sure people know it is a longer term call. not a quarterly thing. he likes them because they are getting back into the apple business primarily through the watch. >>> let's look at the fourth stock here. this is not really an upgrade. netflix. btig is boosting its target to $950 from $600. it is at $673 here with the firm saying the business model is gaining momentum. the rating remains a buy. the target implies a whopping 45% up side from here. we want to know why aebl linimal analyst made the bold call. >> you shamefully are booking a good analyst on the company you are filling in for? >> i'm shameless. >>> eqt mid stream partners. ticker eqm. it is a $7 billion market cap company. it is a storage and pipeline company. that mostly serves transporting natural gas of its parent company eqt. they mostly operate in pennsylvania and west virginia. barclays resumeing coverage with overweight, 20% up side. stock paid 2.9% yield. it is based in the

>> flash memory has been having trouble, whether micron or sandisk.w you can read across broadly into tech how micron performs. it's an interesting data point. particularly if they have things to say about the different companies they are supplying, whether an enterprise storage or on the consumer end. >> fair enough. we saw kroger announcing it will raise dividends doing a $500 million buyback and 2 for 1 stock split. shares barely budged. is the stock split the new vogue for corporations? >> you know in the end of the day it's meaningless. why stocks go up afterwards if you think about it intuitively, companies doing those are prone to split. not the companies under pressure. by definition those stocks will continue to go higher i guess. that is why i think it's an interesting thing. at a certain point, netflix will continue to move higher. it's a great company. micron is out. i think the stock is higher. right now just looking at the numbers, i would attribute to the fact operating margins are hanging in there after the pause. >> micron reporting 5

. >> some of the biggest losers today are sandisk and micron. morgan stanley is cutting ratings today from overweight to underweight. some of the others though are moving higher today so the chip stocks overall, they aren't quite as negative as they were at the open. avago moving higher one of those stocks that's involved in m and m&a. anthem moving higher. one of the things management talks about over the last couple weeks is that they do want to grow their presence in states like new york, presence in states like ohio as well and they do intend to do that inorganically. they have $2 billion in cash so they can afford to do an acquisition. some of the other fallout that we're watching today, the other big deal -- cvs taking over target's in-store pharmacies as well as a number of its clinics as well. analysts are saying catamaran could see a little bit of a problem there. catamaran catamaran, which is a pbm being acquired by united health lass a contract with target through 2016. cvs could gain on that. it is not pressuring express scripts thou

sandisk. it is contagious in the tech space. >>> chaos in france yesterday.ng havoc protesting the car service uber. french police in riot gear using teargas as taxi drivered stepped up protest, some resorted to violence flipping over cars. some taxi drivers blocked access roads to airports and train stations in paris and other cities. you were in cannes. were you impacted? >> we were. throughout the day when we were heading to the airport, airlines were e-mailing passengers advising that we left six hours before our flight. taxis were blocking off the highways and exits to the airport so you couldn't get to where you were going. leave it to the check-in media executives in line at the cannes festival to figure out a workaround. uber got a service that got so popular surge pricing was 800 euros per ride. but my producer and i hooked it to the train station, then had a nice uphill walk to the airport about two miles but we made it work. we made it there. but certainly causing quite a ruffle down in the south of france. >> as a lot of people noted, this might h