which is where yens is so why is it going private well life can be easier if you are not publicly traded company and with your quarterly earnings reports you do not have to tell the shareholders every 3 months what to do and if they're happy with your course if you have. the private money it can be easier and more dynamic to deal with the challenges in the world them especially also the big competitor kristi's so the stock of saw the beast was up by almost 60 percent at this point $7000000000.00 as you mentioned is a premium of about 61 percent to shareholders. in support of their forests in new york thank you now it's often said that business hates uncertainty exhibit a might be the american firms bracing for yet another round of import tariffs on chinese goods should they really engineer long established supply chains or wait for a resolution to the trade dispute other way they're losing money and many are now asking the trumpet ministration for end to theme or goods has prompted the u.s. chamber of commerce to call for him to taunt what words mean is rather than more tariffs than an escalatio

bob: i worry if there is no compromise on trade, companies will have to pull back, reorient -- jonathan: why are you waiting for the next 50 basis points of tightening to lighten up? why not go now at 420 over? bob: because we may well get a compromise. this just may be game theory on both sides. you have to wait and see what happens. i don't know that i would go all in on credit here, but you have to keep an eye on the door. priya: i think we go from tariff man to dealmaker. have we seen the peak of tariff man and move to dealmaker? i completely hear you. the next month is critical. i don't understand why the fed needs to preempt that and get bullied by the market. i think they can wait it i think they can wait it out jonathan: let's get a market check on treasuries this week. two's, tens, 30's, shaping up over the last week as follows. the bit at the front end continues, yields lower eight basis points. 1.84 on the two-year. new lows for 2019 as well. still ahead, the final spread, the week ahead featuring g20 finance ministers and central bank governors meeting in japan. that is next

who they are, believe them the first time i know she wasn't actually talking about publicly traded companies but man, if the shoe fits, wear it. i've been trying to hammer home investing and this is essential. when some company shows you who they are, believe them the first time when a ceo tells you business is bad, take their word for it. don't try to make excuses. don't bend over backwards finding justification so you can keep owning the stock of a company that's not delivering. get the heck out at least until the smoke clears and you can better assess the damage the better i do for my charitable trust, it's because of this rule, the worse i do, well, you know what i'm talking about. let me read you the rest of the maya angelou quote because there is a variable insight in here. she continues people know themselves much better than you do that's why it's important to stop expecting them to be something other than who they are. all right. same thing holds true in the corporate world. companies executives are almost always going to know the business better than you will unless they are being

you.et: bob dole, thank witha recap, coming up results as a publicly traded company, 40.2 million dollars, indicated it would report in the neighborhood of $30 million to $40 million. now the stock is up, seeing revenue above $200 million. it did report a loss of $.95 per share. that does it for the closing bell. romaine bostick is stepping in for what did you miss, looking at financials and futures. this is bloomberg. ♪ ♪ ♪ caroline: live from bloomberg world headquarters in new york, i am caroline hyde. here is a snapshot of how u.s. stocks rallied again, volumes lower. central banks versus trade wars, terror headlines giving investors on their toes. the jobs report takes a stop. meet beats but will it be enough to fund dictate its valuation? and people withdrawing the merger with renault walking away from a deal that would have created a brand-new opportunity. -- ecbet's talk president mario draghi pledging to revive inflation, taking a listen to what he said in lithuania today. act in caseined to of adverse contingencies and also stands ready to adjust all of its instruments as approp

bob: i worried if there is no copper mine is no copper mise on trade, companies will have to pull backreorients -- jonathan: why are you waiting for the next 50 basis points of tightening to lighten up? bob: because we may will get a compromise. this just may be game theory on both sides. you have to wait and see what happens. i don't know that i would go all in on credit here, but you have to keep an eye on the door. priya: i think we go from tariff man to dealmaker. have we seen the peak of tariff man and moved to dealmaker? the next month is critical. i don't understand why the fed needs to preempt that and get bullied by the market. i think they can rate it out. if we come to a deal, even if tariffs are not on the table and don't go up, you are extremely defensive and giving up a lot in carry. bob: president trump loves tariffs. people close to them have confirmed that. jonathan: let's get a market check. the front end continues, yields lower eight basis voice. 1.84 on the two-year. still ahead, the final spread, the week ahead featuring g20 finance ministers and the governor's mee

that is the big publicly traded company there. peline company the biggest refinery on the east coast of the united states that's it for us "squawk box" begins right now. >>> good morning a developing story plans to retaliate against iran for thursday's downing of the u.s. surveillance drone are reportedly called off at the last moment. all the details ahead. >>> the bulls running hot. the s&p 500 closes at an all-time high. the nasdaq over 8,000 again. we'll look at what could be next. >>> and slack's debut did not disappoint the stock soaring after its direct listing hits the street it's friday, june 21st the first day of summer. horrible rain here "squawk box" begins right now. ♪ >> live from new york where business never sleeps, this is "squawk box. >>> good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's check out the u.s. equity futures. you will see a slight pullback after a huge rally we've seen. dow futures

trade. companies don't know where to build plants, where to source goods. there is a lot of confusion. also, the data on the pmi, surveys are weak also because boeing is not having any orders, very few. they are big enough to affect the pmi's. i don't view that as a macroeconomic consequence. that is microeconomic specific to that company. one of these days, the 737 will start flying again and orders will pick up. i also wonder, the inventory data has been instrumental in pushing down the pmi, concerns about cutting production, and i wonder if some of it has not been deliberate to beat the trade tariffs. deliberate inventory build is different than consumer demand falling off the cliff, and companies apprised about their inventories. i wonder if the data is skewed on the downside. the fed will for the first time in memory give us an insurance cut. taylor: i want to talk about the data. ira jersey, you heard ken talk about that yield curve steepening, getting it back up to a positive slope. in your research, you talk about a positive slopw going into 2020. is yield curve steepening comi

competitors generating them and becomes problematic or even positions or statement as publicly-traded companyl issue for investor audience, is it not? any one to have stocks that they own and whether it's a company that makes social media form could really have brand devastated by something that's fake and once the damage is done it's very hard to put the genie back in the bottle? >> that's the problem we are dealing, the perception and interpretation of video and reliance that we take on this, we believe seeing is believing and that's the problem we are dealing with now. now we will have to learn in society that we will have to guess authenticity and change the social dynamics altogether for the next generations of investors to even consider what they are even seeing or reading on something to make decision making on. liz: how can companies mitigate the risks, protect themselves, can they head it off at the path? >> this is going to be preparation, communication and legal team together in advance, the last thing you want to do figuring out how to respond whenever somebody has already happene

sectors including commodities here to help us break it all down our chris what the founder of swift trading company and todd 4 with chief strategist. thank you both for being here so 1st we really want to touch off on friday and what you said regarding gold you wrote that i can't say that gold shorts are panicking quite yet but i can see a change in the pattern and with all the negative liquidity that it's had surrounding the gold since the highs of february 19th the bottles may finally be end so what's the latest take on the gold market. i think gold is going higher i think that you know we saw the bottoms put in we saw the 1270 level hold a number of times we got a couple of attempts to break through and finally on friday we broke out to the upside and we're continuing today so i think gold is now reverse the downturn we've been in and is now going higher now some of that's because of some of the uncertainty in the markets some of it's just because it was well oversold and another thing is just a straight trend is now to the upside so now i think you want to be a buyer gold i think we at least te

finally after thirty one years as a publicly traded company the international auction house sotheby's is on track to go private. french billionaire an art collector patrick draft he has agreed to by sotheby's for three point seven billion dollars including its debt. and dries deal goes through it will mean the two top auction houses in the world sotheby's and its rival christie's will both be under the ownership of french billionaire. christy was bought by the holding company for frances you know family. the owner is taking over at the art auction world going going gong as you might say okay thank you much and welcome to the world of business that thank yo. that's because the studio james creedon mediawatch good evening sir hi marc you've been looking at hong kong on social media. that's right so. and some of the faces that have been emerging from the protest at the protest movements there and one particular him keep he had already made the front page of time magazine a few years ag- the movements defines democracy. and he had been in prisons more recently again in the in the latest.

economic contribution and weigh on the company's global competitiveness and urging u.s. tradeative robert lighthizer not to proceed. now, apple, of course, not the only company, u.s. company in the crosshairs of potential china tariffs. cat pillar ceo sat down with jim cramer to explain how the company is navigating the environment. >> we've navigated trade tensions in our 94-year history. it is not new for us. >> right. >> again, we are operating the company in a different way we introduced again the new enterprise strategy. >> right. >> and we set targets out for ourselves in our 2017 investor day about improving operating margins. i'm pleased to say that the caterpillar team achieved or exceeded the margins last year. >> so are these trade-sensitive companies really prepared if the trade war drags on or more pain to come? >> i don't think they're prepared at all, especially apple. for apple to send that letter knowing full well they will incur the wrath of the president at some point it says to me they're not prepared caterpillar, by the i what, made an all-time high a year

does it matter when it is backed by a public company called -- a publicly traded company called facebooksonny: that is why they created a nonprofit group out of europe called the lever association, so facebook is just a partner. they have managing members and each person has equal membership , so it is a nonprofit, decentralized coin they are trying to sell it as. emily: talk to us a little bit about how this works. facebook has responded to criticism from senator brown especially about what they get out of it. kurt: good question. if you think messaging in the way julie described it, payments could be a huge business for facebook, they have more than 1.5 billion users on whatsapp and messenger. messaging, doing banking services, lending money. more immediately, facebook would say, the more people who have a wallet on their phone with currency they are willing to spend, the more attractive we are as an advertising platform. if you are nike, maybe you want to go to facebook because people viewing your ad have the libra currency right there on their phone ready to spend. emily: let's take

yeah i decide i disagree they're publicly traded companies and they the they actually go out and the reason why they got a. special permission or had a law allowing them to publish is because they say that they're going to provide alternative viewpoints and a platform for everybody which is a fundamental law you've seen jack dorsey from twitter go on television go in front of congress and actually lie to congress you've seen mark zuckerberg not only lied to congress but he went in front of the u.k. parliament and he also went in front of the e.u. commission and they lied in and told them that they weren't doing things that they are doing so and they got away with it and the people were actually polite i think when they were in the u.k. they said oh mr zucker bird would you like some tea cakes i mean it was pathetic how they were growing you know in front of facebook because what happens is they hire they hire these guys when they you know facebook hires x. politicians i forgot they hired nick clegg who was going to the liberal democrats in the united kingdom and he went to where i th

table >> you bring up a good point, morgan, including chewy, we know where it's trading right now we'll have 14 companiesof 50% on their first day of trading 14 companies are doing essentially what chewy is doing right now. i was speaking with sources yesterday about that gurley comment. they're saying it's really hard to price these things. when you look at what they did with chewy, they raised the range because they saw the high demand they priced above the boosted range which is pretty rare, usually you see things at the top end of the boosted range, but they posted above the boosted range and up 77% right now, that's remarkable it makes the job of a banker challenging to assess demand you don't want another uber or lyft but you don't necessarily want such momentum and mania as you're seeing with a lot of these companies. >> jay, petsmart itself sold for $8.7 billion back at the end of 2014 and its sales have not been growing. the brick and mortar retail. meanwhile chewy now is owned by petsmart but worth, in the public markets, a lot more than that petsmart has a lot of debt i imagine those debt hold

the trade part of it even though trade numbers were not a huge trading company -- we are not a huge tradingsome others but the supply of other factors and potential of a big rupture with china makes some investors nervous. you look at others weakening in europe and parts of the world, that tends to cause concern in people's minds, but it is not a sharp weakening, just a relatively modest weakening so far. things could set it on a more dramatic downward course. we should not prejudge that. what was interesting was she also talked about not reading january as a policy pivot for the fed. that was the time when we saw the fed turned really dovish after the selloff. is there or is there not a fed put? bob: the markets think there is because -- for the last 20 years it has been. the markets think there is a fed put if the stock market goes down and if we are in a trade war and it weakens growth, there like it for that too have got your back. i don't think the fed's mandate is either of those. it is not to make the stock market better if it goes down, and it is not to protect the u.s. in the event

rising as you can see, almost 31%, after reporting earnings for the first time as a publicly traded companyromaine bostick is here with what is behind the meat substitute surge. analyst struggling to keep up with their price targets. this is a company that promised big topline growth. i guess they deliver this quarter. the expectation was they would have revenue this year of $205 million. they came in with a forecast of 2100. . now the estimate is for 215. we are going up to 346 next year. by 2022, 751. not spectacular numbers when you look at them on a comparative basis, but the growth trajectory is there. if you factor in other things that these analysts are looking at, they say within the next five to seven years, this could be a company with a billion dollars in sales. vonnie: i know you have sampled -- romaine: i do my research. vonnie: we didn't see this with other products, tofu. it is goodlot of marketing, and there's also been a huge shift. the plant-based foods association. this is a relatively new organization. they did a study with nielsen that showed a 20% growth rate in plant-

sentiment, and you don't have to deal with that in the private market. >> so you are a publicly traded companyith a $20 billion valuation, would you do it? and the able to benefit from all of the things that you just enumerated? >> i don't mind being a public company, one, we have more scale, two, we are diversified. three, we have a share of shareholders, and we are lucky in that regard. we did not always have that set of shareholders. >> one of the things we talked about was digital regulation and the degree in which large platforms run effectively the internet. the government is turning a microscope on that. antitrust regulators and others. do you think that is a healthy thing? >> absolutely, fantastic, it is the right thing to do. i don't think these companies are fundamentally evil. they are not fundamentally trying to do bad things to the earth or to the country. they simply have a lot of power aggravated in very narrow p hands. and that is a dangerous thing. not because i expect them to act in bad ways, but because things can happen. if all of your data is stored in one place and that c

sentiment, and you don't have to deal with that in the private market. >> so you are a publicly traded companya $20 billion valuation, would you do it? and the able to benefit from all of the things that you just enumerated? >> i don't mind being a public company, one, we have more scale, too, we are diversified. wo, we are diversified. ofee, we have a share shareholders, and we are lucky in that regard. [no audio] emily: many investors are celebrating -- be sure to follow our global breaking news on tictoc on twitter. this is bloomberg. ♪ emily: walmart is jumping on the blockchain bandwagon, partnering with ibs and drugmaker merck to develop a blockchain network for the u.s. fda. the idea, to help the fda protect consumers from contaminated or even harmful drugs. walmart is one of many companies embracing the blockchain trend. both microsoft and salesforce have introduced their own sales services in the last month -- their own services in the last month. monica, thank you so much for joining us, how will this fda project work? >> this is part of a larger trend. large corporations finally sta

potential iphone shortfall and i can understand why apple is in the hot seat when it comes to the trade war the company is a gigantic employer in china. before trump, apple represented everything that was good about world trade. you had a great company, great product, working with everybody making the money all over the globe. it was the quintessential worldwide company. with the trade war, though, apple can theoretically be targeted by both countries trying to boycott apple in response to the huawei trump could include cell phones when he rolls out the next tariffs of merchandise, and i believe there will be a next round. why do i keep telling you to own apple? why do i keep saying that? why did i say own it and not trade it because this company is developing a fantastic razor, razor blade business model where they sell you the phone and then make money for years after by charging for subscription services plus we're seeing real strength in the wearables business, especially the watch, which is all sorts of health applications you ought to try it, i love it this is becomeling a very large business wit

will powell and company surprise investors with a rate cut? we will debate that, and the trade war continues to be front and center now on capitol hill. hearings today into the plan to tariff $300 billion worth of chinese goods. the sectors at risk. we will enumerate them for you >>> and the chaos factory. known as silicon valley. apple ceo tim cook slamming big tech the fallout ahead as "power lunch" starts right now. >> and welcome to "power lunch" on this monday i'm melissa lee. wall street in a holding pattern ahead of the fed stocks carrying out modest gains. nasdaq the biggest winner at this hour. communications services specifically, the best performing sector, led by facebook, netflix. we have much more on netflix ahead. it's all about the fed this week policymakers getting ready to meet tomorrow. a decision on interest rates set for wednesday followed by chairman powell's news conference steve liesman is here with more on what investors should be bracing for. >> the period of the fed's patience could be coming to a quick close. the word first appeared in the january st

companies, especially given the fact we have these tensions, around trade dynamics right now, would youxpect to continue seeing some of these particularly chinese tech names coming here? to make their offerings? >> wouldn't surprise us if you saw a bit of a slowdown in the companies from china coming over here to date, we've had 17 or 18 companies, non u.s., come to our markets. roughly 22% of the flow so up from 15%, a little south of where we were last year when we were at 25%. but u healthy. it's not just from china you've got companies from russia, from u.k., latin america. so there's balance there and geographically, but wouldn't surprise me if there's digestion that has to happen on the chinese front as we look out and maybe it will be latter second half of this year as opposed to the summer >> thanks for joining us today >> and shifting gears, the fastest grow iing segment in the $30 billion u.s. pet food market, fresh. frank holland is in new york with more on how companies like petco are going on their own health food kick frank. >> good morning. ma meals for pet made with huma

we are going to talk to one of -- we are going to talk to the head of one of the largest trading companiesn the world, joseph kaiser, siemens ceo. can you give us a sense of what you are seeing in your numbers in the sense of a trade war between the u.s. and china right now? are you seeing your customers cutting back? siemens, the u.s. is our number one country, and china is number two, so this is obviously of concern to us. with our customer base, what we see today is they are mindful about the geopolitics and the geoeconomics. there is some slowdown in the global economy. we can see it in both areas, and we are very mindful about it. josef: how are you changing what you are doing as a result of that? how are you changing what you are doing as a result of that? customerslook at our come a very strong in the medical sector and information, people are looking for value, productivity, and information so we can help make products positive ande stay continue to invest. but obviously, there is no doubt that geopolitics today is one of the major factors on comic growth -- factors on economic gro

that charge an enormous grazing regrowth that's not a trade secret when when a company by a late. normal trade in establishing a monopoly every other country has the right to produce it cos if some other country tries to exploit them by selling it in exploitative rent grabbing over and above us ok well john i know you're going what is it like knowledge of good job good job what is the technology theft in the so-called the theft of intellectual property so we're 1st of all to make the point that no country can make any progress significant progress on a technology of phones by just stating and and technology transfer coercion them self's corporate china has to be innovative and they have been climbing the technology lead us no doubt about it and also i'm not going to defend it or snow you know that it's an actual property theft in china that's when it happens but a point is that i think the united states was talking about a state sponsored theft of intellectual property so i mean as a distinction here i'm not sure that's true i mean if you look at the u.s. t.r. rubber la

it's a publicly traded company for 20 years.ple were shot near some two million fans turned out to celebrate the raptors first nba championship ever. two suspects are in custody. prime minister justin trudeau was on stage at the time at the premiere and the party there. the u.s. withheld millions in aid to central america for their failure to stop illegal immigration. the u.s. government is wrapping up a sieb -- a cyber attack on the russian power grid. >> the purpose of which is to say the purpose is, you will pay a price if we find that you are doing this. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪ it's tough to quit smoking cold turkey. so chantix can help you quit slow turkey. along with support, chantix is proven to help you quit. with chantix, you can keep smoking at first and ease into quitting. chantix reduces the urge so when the day arrives, you'll be more ready to kiss cigarettes goodbye. when you try to quit smoking, with or without chantix, you may have nicotin

the other day, are you long air bus >> yeah, so we're looking at ways to play a potential trade war on companiest might win in a trade war we actually expect a trade deal potentially and continued economic growth. we like air bus, we don't like boeing we don't like caterpillar. we like toshiba machinery in japan. companies selling to china if trade relations deteriorate with the united states where china moves away from u.s. domiciled company on goods they need to import or have production on and i think looking for regions that are outside the united states, maybe beneficiaries if it is a bilateral trade war where the rest of the world is not involved and it's just the u.s. and china going head to head on a trade war. also like gold from that perspective. that's toxic for bonds, that's toxic for equities that means lower growth, higher inflation. >> you mentioned toshiba, obviously a japanese company we've talked about how the japanese market on pretty much every metric is the cheapest major developed market in the world, but investors haven't cared. it's still well down this year, patrick. are

something more than 600 trade companies warned would hurt american jobs and damage the country. already there are signs that the expansion is topping out here. when you look at job growth in particular. this year 164,000 net new jobs on average. look, that's the weakest job growth in trade. another government shutdown, deep spending cuts or failing to race the federal debt cut. then there's this, the president really is proud of the stock market. even yesterday he said, look, the s&p 500 opening at a record high. he uses this almost as a personal scorecard. since the election the dow -- the s&p 500 is up 30%, but where does that put him with other presidents? it's not that trump bump that he would like everyone to believe. then there is this trick, oil prices are rising f. that continues. you still have trouble. that could be a problem for consumers, drivers and this president. >> americans do continue to watch the oil prices throughout the hour. thank you. >>> draft night in america what happened had been inevitable since the nba draft lottery last month timely became eligible.

lauren: trading at three times its ipo price. >> it's incredible. you see a companyk currently trading around 40 times revenue. its peers, the other 20 companies, are around 22 times. investors are looking at growth numbers as well. lauren: let's talk about the direct listing that slack pursued and of course, spotify did last year. do you think other companies are going to say let's do that? >> we think there's a lost underwritunde lot of underwriters like banks, are like restaurants. a lot of these companies, slacks, spotify, they are coming in saying i don't want what's on the menu, i'm going a la carte. some people can do that but most companies are just going to go off what the banks offer. lauren: you think investors are too exuberant on the ipo market? if you look at renaissance capital, they keep an index of all this, it's up about 40% this year. almost double the broader market. are we too exuberant? >> i think what kathy from renaissance will tell you is the same thing i will tell you, money has to go somewhere. there's a number of possible companies that pe

huge event in shanghai, you cannot get away from the trade war, so many companies impacted by it. ted from intellectual property rights or lack of in china and that is going to benefit eve ryo ne and that is going to benefit everyone at the trade conference. all of them should be calling out to their governments to respect their rights because in the long run, all of those companies rely on intellectual property being respected. that includes huawei, right in the eye of the storm of the i’ow right in the eye of the storm of the row between china and the us, it wa nts to row between china and the us, it wants to protect its ip. yes, it should. i believe it has the most comprehensive 5g offering at the moment so it should be just as interested in protecting that as apple or any us company should be. huawei saying future sales could be knocked down by billions of dollars, apple warning about the impact the trade war will have on it and its rivals, if it escalates further. big tech companies, cannot avoid the impact, or can they? a lot of import substitution is happening, even from chi

companies. this is a function of the trade war?part, you can attribute it to what is happening in the changing nature of global trade, and if you'd type gtv on your terminal, thecan show the extent of asian earnings demise relative to what's happening in the u.s. the white line shows you the expectations for the broad asian space for the u.s.. indeed, these numbers are continuing to be dialed back. part of that has to do with the fact that china and the u.s. are both internalizing more of their trade domestically. that is under pressure for korea, japan's of the asian region. those economies are not restructuring themselves to be able to deal with that new horizon at any pace. it continues to be a pretty tricky outlook for asian profitability looking over the next 12 and 24 months. joining us.you for don't forget you can check out gtv library with some of the chart you just saw their and others aside on gtv on the bloomberg terminal. shery: ecb president mario draghi climbs on board to lower rates. next up, jay powell and

trade. every company like them trades half the price. to shop the company, someone to put up money to buy it. liz: messy over one year. flip what you like. apple, qualcomm, goldman sachs, bed, bath & beyond and comcast. what is the common thread quickly? >> great quality businesses. five of the six are great quality businesses. trading quality prices. apple, goldman, comcast, these are world class companies. all trading a at mid-teen to single-digit multiples. hard to see why that is justified except that we've been in this market turmoil period where they're giving you opportunity. reporter: closing bell rings] liz: great to have you on the show. >> great to be here. liz: looking 700-point rally over two sessions. the dow looks to close up 295 points. s&p up 22. nasdaq up 27. melissa: we were looking to see if it would settle below 200. cross 200. mexican officials meeting right now as president trump is set to impose fresh tariffs. the dow closing up 208 points at session highs, marking three straight days of gains. the s&p 500 and nas

saudi arabia has removed an ownership cap a publicly traded companies performance a tedious investors. this paves the way for international backers to take a controlling stake in listed companies and ends the previous maximum of 49% ownership. global news, 24 hours a day on air and at tic-toc on twitter, powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. kong, debra mao in hong thank you. coming up, we speak to san francisco fed president mary daly from the aspen ideas testable. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i am nejra cehic in london. manus: i am manus cranny in dubai. equity markets building up to what is expected to be a truce, cease-fire. papers at one of the the g20 this weekend? there is a great note on the bloomberg talking about raking through the barriers on the way to 100 against the dollar. that is something to consider. do you want to be fully engaged before the g20? just watch twitter. nejra: at the start of this week i remember you talking about the big things where the fed. in marketsf fiat today.

shares have a cybersecurity company soared in the first day .f u.s. tradetock was up close to 90% at one point. it raised more than $600 million in an ipo and valued in at more than $6.5 billion. the company has sold shares above its already elevated target range. -- and faa safety official told a conference in germany that it is carrying out reviews of plane design and monitoring testing. is investigating a plane malfunction linked to two fatal plane crashes. shery: voters are being urged to the reappointment of the long-standing ceo after the brokerage was penalized for leaking information. paul: still to come on "daybreak australia" a strong stock for stocks down under means things are getting expensive here. we will tell you what that means for future gains next. this is bloomberg. ♪ i don't know why i didn't get screened a long time ago. i kept putting it off... what was i thinking? ok, mr. jones... we're all done. i told you it was easy. with life line screening, getting screened for unknown health conditions is so quick, painless and affordable, you'

exchange conference is undernee in new york city it brings the heads of global exchanges and online trading companiessawny is there >>> one of the great legends in the trading world here vinnie viola, chairman and founder, and owner of the florida panthers winner of the 2017 kentucky derby. former chair of the new york mercantile exchange. your resume is beautiful and eclectic i have to ask about the markets. tough may down 6%. you were one of the biggest market makers in the world what do you see happening in the markets right now? >> well, the markets are reacting to the conditions with which they operate and they operate defined by the lowest denomination of risk willing to be accepted by the lowest denomination of investor and the idea that markets have to operate around a sort of stable understood rules-based environment and plolitical certain is in flux >> political certainty, i'm surprised how pessimistic people are about the short-term they seem to think something is changing with tariffs and trade. it's a permanent part of the landscape. do you believe that and do you believe that it might h

step-by-step options trading support from td ameritrade >>> the people who run publicly traded companiessed to be accountable to you, the investors. that's why we -- which brings me to a natural gas producer. nearly two years ago it anonsed the multibillion-dollar acquisition that created the largest national gas company. if you remember, we were out in ohio. this deal closed november of 2017. it hasn't worked out the way everyone hoped which is a way of saying the stock has been real tough. not like the rest of the group has been any -- plunging more than 50% to $16 and change. not unlike many other stocks in the group. in response, companies pointing former chief financial to run the business starting last november. apparently, that's not enough for the two founders of the rice energy who have been advocating more drastic changes. for the past six months they have been feuding publicly with no resolution. in just a month's time the share holders weigh in. these fights may be messy but are a great reminder that shareholders have a voice even if they only own three, four percent. we are

literally we cut the trading companies in half of the last ten years.hink that's very important. and yet we still hear people saying we should use the 16 multiple for is s&p 500 and over the last ten years t companies are growing their earnings at a much faster rate, so to me i think that augers for slightly higher multiple. >> so maybe we should change our thinking on what is a fair value or a good historical multiple simply because there were ten buyers going after ten apples. now there's ten buyers going after five they're going to bid those apples up. a massive story that not a lot of people are talking about. >> right and to the same argument when you think about buybacks, share counts are down. when a valued investor coming up and says, wait a minute. i think it's okay to say, yeah, that's right and that's good. >> it's a very important authority. the shrinking pool of assets we appreciate you coming on. enjoy the beautiful spring day in new york. also new this morning, could an obscure federal judge scuttle a $70 billion deal a new report that cc