china happened, ubs happened to go -- ubs happened to o.l be up with you in a moment, jonathan ferro. anchoring on the move. that is a most it for us on countdown. a check in on the markets. on the move is next. ♪ . jonathan: good morning and welcome to "on the move." i am jonathan ferro. moments away from the start of european trading. shanghai, industrial profits fall. trading below. plunges more than 8%, the biggest drop in a year. ubs' profits surge. up 53% from a year earlier. the ceo tells bloomberg he is confident about the future. $40 billion deal. pharmaceutical central be buying a generic drug business for $40.5 billion area it could be announced as soon as today. that is what i will be talking about through the morning. we are in the red. for c futures are down. -- ftse futures are down. in asia, we have been talking about all morning. caroline hyde five seconds in. we are expecting a down day. the worst week in stocks, global stocks the entire year last week. another downward trip. off by 0.1% at the ftse 100. i want to bring yo

ubs smashes profit estimates. deal, teva is buying the generic drug business for more than $40 million. good morning to our viewers in europe and a warm welcome if you are waking up in the united states of america. this is "the pulse." china is one of the biggest stories on the radar today. the stocks tumbled. caroline: these are phenomenal moves. we are looking at how much we sank in one day on the shanghai copper. -- composite. we are off 8.5%. that means $500 billion. wiped out in one day in terms of market eluate should. that is 3 trillion wiped out at the moment. we are back to worrying about whether it can be stemmed or healed the government. think of the dramatic steps the government has already made. 1400 companies were halted in terms of training. you had major soul -- shareholders barred from selling. you've got a stop on initial share sales. the government is doing everything it can. we saw a route these are the ones were propped up by the government. we saw $4 trillion eradicated from the market. we st

so ubs it was stuck. either violate swiss secrecy laws or refuse to turn over the information and you will face criminal charges here in u.s. federal court which might have gotten the bank banned from doing business in the u.s. all together. but turns out they had another option here. call hillary. hillary clinton saved the day for ubs. irs agreed to settle on less than 10% of the accounts they want toed get information on. hillary clinton was the one who brokered this deal. that is not all, folks. now the story gets even more interesting, perhaps more sketchy. suddenly, the clinton foundation started getting lots of donations from united bank of switzerland. hmmm. $600,000 worth of donations in 2014. compare that to the paltry $60,000 the foundation got prior to what some might call a pretty big favor for the swiss. meanwhile bill clinton profited. ubs suddenly became his biggest source of speaking income. 1 1/2 million dollars for a few q&a sessions. so the question here, did hillary clinton use her pos

ubs stock is down today. for a lot of people it has been the model of the european bank do what you know and do it well. does everybody become a ubs? christopher mahon: we are over trenching. it is diminishing. not just the accessing capital and competition and the various banks and you will help with a return and profitability. jonathan: i hear you sitting at your terminal going through the numbers. are we at a point where that is it for ubs? manus: one capital and constantly sort of been challenged by their regulator and the regular comes and goes smack. you have to set more capital aside. the phrase is at we at peak capital? -- peak capital? a special dividend. by the end of the year, are they in the position, more than 50% of their pretax profit in terms of dividend? if you get a peak capital, you keep a building and building. you turn yourself into the apple of. ranking not a bad place to be. -- and to the apple banking, not a bad place to be. jonathan: his show will be coming up in 45 minutes. manus cra

ubs down 1%. carolin roth thank you for bringing us the latest. >>> a brit takes home the yellow jersey for the third time in four years. we have all the details from the tour de france after this break. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? >>> and these are your headlines. chinese stocks collapsed as the china compost turns in its worst day since february of 2009. >>> teva acquires allergan's business for $40.5 million. and ditching plans to buy milan. and best buy becomes the first to sell the apple watch. >> let's get you a rundown of what to watch this week. today, we get durable goods number and earnings reports from norfolk southern ryanair and twitter and facebook will steal a spotlight later in the week. all eyes on the fed wednesday after it releases a statement after a two-day meeting with investors, hoping for clues of

the ubs trading up 21.29, up 1.3%. you would expect with a solid report card like that today, shares are going to be trading higher above, in the maelstrom we're seeing in the markets that said it simply cannot avoid that trend. and maybe a little bit of profit taking because year-to-date share, up a nice 25%, seema. >> absolutely a bright spot. carolin, thank you so much. let's take a look at european equities. how are we faring? right now, european stocks trading decisively lower. stoxx down 1.25%. the ifo economists say temporary relief in mid-july contributed to the brightening of mood. you'll see that we're basically lower across the board, the xetra dax down 1%. the ftse off 0.3%. we're seeing the commodity markets swell the selloff in asia that of course denting sentiment here on monday morning. taking a look at bonds, if investors are selling equities they perhaps are buying bonds be the ten-year at 2.5%. german ten-year at 0.69%. the lowest since february. and a quick look at the ten-year at 1.9. the dollar wa

more like ubs? otto: the comments we have heard so far and away the industry is going if you would like to look more like ubs -- emphasizing things [indiscernible] basically wealth management growth. clearly the focus there. the investment bank, you would imagine the focus on high our oe. heavy activities. clearly i am aware of the retrenchment in fixed income business. emphasis on equities, on primary markets which aren't as a balance sheet consumptive. jonathan: you have several trillion dollars you are older and the debt market as well, and when these guys pull back, whose problem is it? rick: a potential problem for an asset management is clients -- whose clients trade is more expensive. enough liquidity to get strategies executed. a sudden drop in liquidity and a sharp increase in volatility that will cause risk aversion. frankly people not being able to raise capital. we need to ease our way through. we do not want to stay where we are or go back to a. our go back -- or go back to a period of

here's what he had to say about politics and the culture at ubs. >> indicting ubs is like indicting thenment. they're one and the same. so it is very important to understand the dynamics of what ubs is. look at the people that they hire. they hire former politicians. not just in the u.s. around the world. because those people protect their back side. >> brian, i can tell you also that ubs has told us in the past that it is a much different bank today than it was at the time that's transgressions have occurred and they've done a lot to clean up their act at the bank and they're no longer in this american cross border business. >> eamon javers, thank you very much. >>> a quick stock alert for you now. twitter which was positive today, was negative a little bit earlier, mostly positive, has now re-turned negative. it just turned negative a moment ago. twtr. i know a lot of people hoping for a blounsounce after yesterday's dismal numbers. not getting it today. we'll watch twtr for you. >>> we're also watching oil. it is just closing. let's get back downtown to new york city to jackie deange

tom: drew matus of ubs.something we will be spending a lot of july into august on. we have a modest twitter response today of our twitter question. vonnie: that is one word for it. should germany leave the eurozone? thanks for tweaking in. germany will not leave the eurozone as the benefit of being the strongest member. tom: this is true. well said. brendan: you want the cheapest house in the most expensive neighborhood. completely wrong. vonnie: germany is a strong competitor that causes an imbalance -- that is taking it to the extreme. brendan: "predator" is a little extreme. vonnie: the banks deadline and all the money. brendan: whoa vonnie. tom: this is not an original idea, but it is certainly a timely idea. brendan: you need to figure how germany negotiates in its own self-interest. vonnie: the problem is not leaving or joining, it is an economic situation and governance. that is the most balanced answer. brendan: absolutely right. the same person tweeted to me and said i need to stop reading german ta

fixes the problem for ubs.nd behold ubs opens its wallet, not only giving hundreds of thousands of dollars for the clinton foundation, backing loans for clinton projects but lining up $1.5 million speaking fees for bill, something they had not done previously for the marc rich situation. very troubling. >> ubs donations went up 10 times after that deal was worked out. i still can't figure out, she called herself in the sound bite i'm the nation's top diplomat. that is what i do. is that the work of nation's top dilldiplomat, make sure united states potential tax evade remembers getting off and work a deal with united bank of switzerland? very very interesting stuff. thank you very much peter. always good to have you with us. >> thanks, martha. martha: you bet. leland: this summer already has been a deadly one in parts of the united states. murder rates skyrocketing in major cities. what experts blame for the rising crime rate and whose policies might be responsible. martha: remember we did the story about the l

ubs cashed in on a new pricing on the delivery service.cing estimates covering deliveries outside of the u.s.. their full-year profit would be at the high-end of what they forecasted in april. i researcher found a massive security flaw in the android mobile operating system allowing hackers to disable an android texte by sending a message. google has notified its partners and provided a patch to fix the problem. microsoft has a debut tomorrow, but windows 10 will not cause long lines or spark sales like years ago. it will be a free download for anyone with the home or pro version of windows seven or eight. tech washers say it will be like apple's ios system. that is some of the top stories. ford shares are moving higher after stronger than expected earnings report. 44% in the quarter. i spoke with automotive analyst jeff schuster, and we talked about the role that f-150 has in driving profit, even though they sold fewer units then it before. >> with the f-150 story, there is a slow ramp up. ithas been expect it, but continues. that will no

this time by ubs downgrading tesla to a sell.ke this analyst woke up and decided that the estimates and the forecasts in terms of auto volumes and storage volumes were simply too high. i think, mean look from a career standpoint if you're on the sell side and you've got a buy on a stock. it goes from 180 to 280 in the course of two months this is a smart move to make. >> trading revenue from the desk. heaven forbid, something goes wrong with the quarter because estimates got too far ahead of themselves. it's a smart move the analyst made. i don't think that anyone knows what's going to happen with this company. >> the day after tesla hits a new year-to-date high. >>> qualcomm facing activism. jim lebenthal has been hot on the stock and will tell us the next move. are you moving forward fast enough? everywhere you look, it strategy is now business strategy. and a partnership with hp can help you accelerate down a path created by people, technology and ideas. to move your company from what it is now... to what it needs to become. >

ubs, this is interesting, jess. in 2008 the bank gave $60,000 to the clinton foundation. last year $100,000. they work on behalf of the swedish fund-raising, sweden was trying continue to do business with iran, working through the state department. you can hear and feel the ickiness here. >> absolutely. when peter schweizer is back on the tv talking about it, we're heading down the clinton cash route. nothing is proven to be illegal. >> quid pro quos are never legal, it's a confluence of stuff. you write about campaign contributions and doesn't lead to illegal behavior, people know how the process works and nobody is better at this than the clintons. campaign contributions. speech, favored. they've been doing it for years. neil: we'll be following up on this throughout broadcast. trish has a very busy hour on this one. >>> in the meantime, you hear about this iran deal and that the president and others have said, you know, there's really not a factual case to come up with a counterdeal and you heard john kerry say it's a unicorn argument to find something that would be al

you have ubs concerned as well. do you end up with margin calls at lme?old under $1000 is not inconceivable. think about it, the british sold their gold at $250. tom: thank you so much for being with us today, julian emanuel. the euro is stronger 1.0922. ♪ telik boy at -- tom: apple enjoys a modest miss. tim cook says wait for the upgrades. commodities cannot find a global bid and in this hour, a conversation with senator don. this is bloomberg surveillance and where life from our world headquarters in new york. greece today -- what is your update on germany and greece? brendan: i think it is a breather where everybody is quietly assembling their new plans for the structure of the european union. tom: what are they debating about? somebody wrote them a big check? brendan: this is a step ladder that they have to work their way up and this is the second series of reforms they have to pass again. they had the defections and he refresh -- reshuffled his cabinet. tom: i am para scoping it -- periscoping it. vonnie: apple shares are falling by up to 6% and ipho

. >> ubs has also paid former president clinton to do sessions. >> say that again. >> ubs, the paperon to do q & a sessions with one of its executives. according to the paper, that makes them the top corporate source of speech income since he left the white house. >> wow. ron fournier just where do you start there? i mean we always seem to find that the cherry on top is bill clinton going somewhere and getting paid $550,000 for speeches. of course when hillary clinton, secretary of state, here after she saves ubs, he gets paid $1.5 billion for a q & a session. >> million. >> million. i'm a politician. okay. come on. $1.5 million for a question and answer session. >> yeah this is why i asked senior democrats months ago, including people very very close to the clinton operation who were loyal to the clintons saying that we had to follow the money. the e-mail scandal and foundation questions are probably related. and when you -- i mean when you ask about trump, this trump phenomena isn't just about republicans. bernie sanders isn't just about democrats. we have a population right now th

you bring up credit suisse and ubs. as you said down with sergio monti credit suisse a lot of people are calling on brady dougan to go back and be a success. not clear what barclays still is. manus: if you go back to the core of the business it is going back to investment banking. people are going to go there wafted in all soft and cuddly. talent walked for paychecks. talent left the business. we saw substantial resignations from the american side of the business. being able to pay them. it something that has come under tremendous pressure. there's a reallocation of talent. here we are. we are going to go back to the investment making model, what are you going to do? you're going to encourage sweep of people coming back into your business. he has hired this guy and woman. he is hiring key individuals within investment banking to build the investment banking sweep. how do you encourage people to come back to the bank? i have worked in that building. it is like four revolving doors. what is the new strategy? is it going t

that is the head of global asset allocation at ubs.n air is set to sell its stake in aer lingus, after the board broke with their vote. it was a red hot sticky. ryan air really question its position in iag. a woman breathed a sigh of relief our very own carry. finally, he is selling nearly 30%. >> generally the shares are responding positively to this. you never know it michael, he can be a little bit of a wild card. it depends on what side of the bed he woke up on, generally he does what is good for shareholders. it is good for ryanair, they make a small profit. they are ready to move on. there is a small hurdle that the european union needs to sign off. it is not completely 100% done. we are very close to this point. manus: for iag what does this mean? >> one of the big things will be they are thinking of dublin as another runway for heathrow. it will be years before heathrow gets another runway. iag and aer lingus will definitely be making a push to focus on the fact that you can clear customs in dublin, go to the u.s., build on the

this is a matter that the irs has been looking into and ubs is let off the hook and what happens?ation. and 1.5 million in speaking fees goes to bill clinton. they had not paid for a speech before that because of the marc rich scandal and on top of that, they also back millions of dollars of loans for clinton foundation project around the world. so it's a very very troubling pattern. stuart: it's a pattern developing. it looks like this foundation is a multi-million dollar slush fund where you pay into it you play the game and you get favors in return. i mean that's just the way it seems. and i guess there's plausible deniability built into this? >> that's the beauty of the system that they've established. first of all, we obviously don't have access to e-mails. there's a big, big curfluffle going on about that. and you don't have a look at matters handled by the secretary of state. this is one of the problems raised by secretary of state john kerry, and richard luger, the ranking republican when hillary was appointed secretary of state. as secretary of state, you can't recuse you

they have been trailing behind ubs and deutsche bank. he did mention he wants to double the share price in about two to three years. rishaad: they have been under so much pressure from regulators. 186 visits last year. yvonne: hsbc was second, far less than what barclays -- it is a very diverse business. rishaad: let's get to standard in charter. a relatively new boss -- standard and charters. a relatively new boss there. in a statement, he said it is time to kickstart performance. they want to speed up decision-making. boosting his own control in this overhaul. rishaad: thank you very much. you can get more on that story at our website. it is your online source for market news. angie: coming up volkswagen china sales falling for the first time in a decade. we want to take a look at foreign carmakers. investing in china after the market turmoil, is it time for courage or caution? ♪ rishaad: president obama has said the iran nuclear deal to congress. it triggered the 60 day review and intense lobbying by advocates and critics. the council

, the swiss banking giant, in a legal case while her husband, bill clinton, was taking money from ubsually stood there and whether you give a nonanswer or an answer, she took questions on it. i think she needs to do more of that. >> oh, yeah. look, i think always you have to address accusations. but let's be clear here, liz, this is part 37 of the 5,000-part series conservatives will put about the scandals of the clintons. and, frankly, in politics people have a general feeling that politicians are in and of themselves corrupt. so unless somebody's going away in chains or there's an actual indictment. it really doesn't matter because i think to the average voter they think that every politician's washing each other hands and doing favors for their friends. i don't know those kind of accusations matter, and they really only serve to stir up the conservative base. hawaii liz we're watching this closely, and it's going to get more and more interesting as time goes by. bob cusack, thank you. the hill editor this chief, and chris hahn, rate owe host -- radio host. good to see you. >>> clos

>> the ubs is offers the probability of a big grexit is increased by 30%, 40%.e haven't taken that into a base case yet. we want to see how the europeans react to the no. we have to take a stiff view here. because the logic is still there. they solidified with greece leading. obviously, the no is a new spin on the whole negotiation tactic. from the greeks they're still under a huge amount of pressure. for the european point of view obviously, this strengthens a little bit the government's stance. >> how do we actually get to a point a grexit though? does it require an outright law in greece saying we want to leave or the germans kicking them out because there's no clear process for that? >> the most likely path for the greek exit would be if the greeks stay close, and then what is happening to the banks. there clearly is becoming a cash economy. and even thenner it's, it's going to be difficult for different countries to transact with each other. at some stage, the banks become insolvent. the state has to decide what they do with the banking system. they economy

the good news for ubs. profit climbed 50% from a year earlier. >>> oil prices falling this morning.elow $40 a barrel. that is the lowest since march. u.s. oil producers increased drilling activity last week. adding to the global supply of oil. it is bad news for oil companies. great if you drive a car. the national average is $2.71 a gallon. that is 80 cents lower than this time last year. prices are expected to fall more in the coming weeks. >> that is a really big drop. it will make a big difference as people hit the roads in august. a lot of jobs lost in the oil sector. >>> alison kosik, thanks. "early start" continues right now. a moment in presidential history. president obama now the first sitting president to visit ethiopia. we are live with new details on this historic visit. >>> donald trump on top. these new polls keep coming in showing him as the gop frontrunner no matter what he says about immigrants or john mccain or anything. new numbers. >>> and a desperate search off the coast of florida. two teens missing. boat recovered, but no signs of the boys. >>> good morning.

citi, morgan stanley, and ubs our partners here. i think this is going to be interesting to see. i think we have the volatility index in hong kong. it is going to be the first big dip into the water since the stock route. volatility has come down since then. we are at 21.5 now. it would really be down to how attractive this one is priced. yvonne: they talk about the massive volatility in the china market. china is still suspending ipo's at this point. they've shifted towards hong kong. you mentioned some of these people backing the deal. there's quite a bit of them. david: half, more than half of the dealers are sold to investors here. cornerstone investors, i think we have beijing infrastructure investment, china shipping group, china life and i think you have 13 more mostly the state owned friends, getting into the deal. they have to market less than half of that $1.8 billion. yvonne: that price offering coming up this week. david ingles, thanks for that. rishaad: some of the stories making headlines now. dbs profit was up 15%, $816 million. that is due to higher interest and f

upgraded to buy at ubs. they call amazon prime a flywheel, a lot of momentum for users to spend money on the go towhich should third party sites. thank you. very interesting about the go pro shares. we are going to take a look at some of the stories crossing the terminal. added to heres stockpiles in may, sales rose for a third straight month. business inventory rose .3%. it may indicate businesses are optimistic about future sales. in puerto rico, government officials got little support to restructure their debt. puerto rico has said it will come up with a debt restructuring plan. in mexico, the interior minister says the country's most notorious drug lord could not have escaped without inside help. guzman used an elaborate tunnel to escape from imax and security prison. his fortune has been estimated at $1 billion. the mexican government has already questioned about 50 people's. pimm: did you see pictures of the tunnel? brendan: this was not digging with a spoon. this was done with a backhoe and lined with

a bold call from a ubs analyst downgrading that stock to sell today. the man who made that call coming up. >> it has been five years since the dodd frank financial reform bill signed into law. barney frank will join us to discuss all the criticism the law has received including from members of his own party. >> enjoy having barney on the show. first we start with this move in the broader market today. there is the dow down 214 points. it's getting hit the hardest. united technologies down more than 7% downgrading its own outlook for the year. that bad earnings report from ibm last night has been down 5% 6% today. that is accounting more than half that decline. s&p pulling back. the nasdaq down today so right now no all-time high. >> s&p earlier was three points away from a record. we've come about a half percentage point down away from that point. >> joining our closing bell exchange, we welcome james liew and peter costa and rick santelli. >> i think it's a good thing. i like to see the internals earningswise. there will be days we'll be up significan

you strike a nerve, that ubs report, i haven't seen it, struck a nerve in tesla.iz: i say it is important we point those things out to our viewers up 35 or 36 and neutral negative call. so much fun. teddy weisberg, larry shover. that does it for oust on "countdown to the closing bell." a day spread with rid. david, melissa, you can take it. david: spread with red. we're ready to rock and roll. breaking news coming fast and furious. this is stock version of super tuesday. major earnings on tap, five companies, big companies, the biggest unleash the latest results. >> tagged billion dollar tech tuesday. all the companies opening their books today. we are talking about apple, microsoft, yahoo!. just for fun we've seen got chipolte and gopro. david: we have some retail stocks in there as well but you can't take your eyes off the market. stocks getting shellacked in trading. still off the lows but major hit. major averages are negative as we head into the close. earnings of course are driving losses. weak results from united tech, ibm, verizon. just two of those stocks

here's the downgrade from ubs. essentially cutting it down to a sell rating from where it was.ce target dropping from 220 down to 210 and the 2015 earnings per share estimate they have cut it by 80%, but the real focus is looking further out over the next ten years in terms of whether or not tesla can achieve some of the targets that have been set out there. one of them can be it sell 1.5 million vehicles by 2025. on that ubs has logistics to sell over 1.5 million vehicleen years is very challenging adding two more assembly plants and two more gigafactories and total costs would likely be $6 billion to $9 billion. let's go more near term. for the remainder of this year tesla shares primarily with the model s, the goal is 55,000 vehicles. that has not changed and keep in mind most of those sales will be coming in the second half of this year particularly in the fourth quarter, as they ramp up deliveries and sales of the model x, suv, which are expected to begin late third quarter, early fourth quarter and we're showing you tesla shares going all the way back to september 3rd of

deutsche bank and ubs thought there could be room for an earnings upgrade. core ets for the second quarter coming in at 1.37. it -- this will -- we will have to wait and see whether we get anything of that ilk coming through. on that core operating income number 3.5 9 billion in the second quarter, just a touch ahead of the estimate of 3.58 billion. ryan: deutsche bank talking about that ahead of this but so far say nothing on that as of yet. and here we have the net sales to grow mid-single digits. by short of the expectation we had from deutsche bank and ubs that they could upgrade their forecast for the full year for operating profit growth, we are not seeing that, they are not doing. anna: seeing a year continued operation nets sales. a four-year core operating income to grow ahead of sales. let's talk about the commodity markets as well. that is certainly one of our headline stories. on monday, we saw the bloomberg quantity index touching a 13 year low. we are still at those kinds of levels. just to underline the scale of what we are seeing, that means

there was quite a wide divergence and obviously ubs always very much rewarded for its capital strength and credit suisse on the other hand is always being criticized for its lack tlofr. do you think that story, rewarding stocks will to be the continuing driving trend for the rest of the year and into next year too? >> i think you've seen the performance of the high quality banks versus you know banks where there are uncertainties of capital levels. it's the perfect example of that. you have to assume that credit suisse will probably want to replicate it that it's built on. >> it's like major improvement. they're all under pressure in switzerland. not just from that but from the leverage ratio which is why they're being forced to push those ratios higher but i think that yes, that is the model that people want to replicate if you look at the former ubs cfo who has taken over the deutsche bank. he was behind the very successful restructuring and he's going to want to re-employ some of those recipes, deutsche for instance. yes, i think that's the way to go and they have led the example an

but matthew at ubs raises an interesting point in a recent report. saying, look, so far this year there have been 58 defaults globally, putting to snp data. that is more than twice what it was last year. hose ise third oof t due to companies missing interest payments. if there is a true fundamental weakening of income for these companies or some other event, they could afford even without having maturity. alix: fascinating. thank you so much. this is, like, the most fun -- energy bonds and oil prices?the most fun ever. missed," on "what you what will greek officials present to creditors tomorrow and will it be enough to make a deal? plus, we have the close of markets. a rally on the dow, up by 86 points, or the highs of the session. unbelievable comeback. ♪ alix: we are moments away from the closing bell. u.s. stocks rebounding after the s&p dropped in more than 1% early in the day, falling through the pivotal 200 day moving average. market equities plunging amid a major selloff in commodities. the question is, what did you miss? alix: cyprus promise

you also used to work for ubs, correct? >> i was the chairman and ceo, yes. liz: oh, yeah, you were just -- oh, that little job. [laughter] >> art cashin was an icon even back then. liz: i'm quoting art, not you. so, joe, what happened to what was put in place post-9/11? and i'm asking this because a lot of traders are asking me this, particularly david greenberg who's been on the floor for a long time. he he had said to me, liz, there's supposed to be seamless backup plans that would immediately shift over. >> look, there's multiple issues. remember after the '87 crash, grasso and company put in circuit breakers. and those circuit breakers should have provided a protocol of what you do when you close down and reopen, whether it's a new opening rotation or do you do a composite price, particularly now with a fragmented market. the thing that disturbs me if, in fact, they did a systems upgrade yesterday evening, that's a no-no. you wait until a friday, and you do a beta test over the weekend. so, you know, to me, we have a systems failure here. there is a perc

geoff dennis is the head of em for ubs.we look at 7% down to a presumed 3%, you push back against that? geoff: we assume that growth continues to slow gradually. we have 6% growth this year, 6.5% next year. the stock market declines 30% or so with the asian market. with the commodity decline, it is making everybody think the economy is going to perhaps be the weaker than that. as the stock market declines, the argument is that it was not because of the economy, and a stock market decline would not necessarily impact the economy. they are independent. we know the economy is ok although recently there is some downside risk. tom: do we overweight how china is hinged on these other nations like brazil, like indonesia? geoff: i do not think we do. with respect to mining for sure. it is closely tied to some of the other manufacturing countries within asia itself, so you have seen some concern about taiwan etc. i think it is very closely tied because china accounts for something like 40%-plus of the global consumption, and there w

the very is choosing ubs to help manage its ipo later this year. jpmorgan and goldman sachs will play a role in selling 10% of ferrari's shares. planning to cut 40,000 troops and that is according to usa today which says 17,000 employees will also be let go. by army would have 450,000 the and of the budget year. the reductions are due to budget constraints. donald trump is losing yet another art and are and this time -- partner and this time it is in the pga. is in everyone's best interest not to play at his course. those are your top headlines. the u.s. is shifting away from using coal to natural gas and one company in the middle of dynegy.ansition is i asked the ceo what he thinks when he sees this big slide in oil natural gas prices that we saw today. guest: pif natural gas is falling it drives power prices lower which is generally not a good thing for us. make more money when natural gas falls. guest: what we have seen recently in the past week, accommodation of no real hot summer weather in the mid-atlantic and the east and the fall off of gas

. >>> ubs forced to release earnings a day early.fit climbed more than 50% from the year earlier. ubs is investigating who if anyone leaked the false report. >>> crude oil is below $40 a barrel. why are prices lower? u.s. oil produces increased activity last week. that is bad news for oil companies and great news for drivers. the national average today is $2.71 a gallon. that is 80 cents lower than this time last year. prices are expected to fall in the coming weeks. >> a big drop from last year. big difference if you are hitting the roads. >>> the president making history with a trip to ethiopia and the contest to succeed him is heating up. new poll with numbers on the 2016 race moments away. "new day" starts now. >>> trump still leading the pack. >> people are tired of the inn pe tonight politicians. >>> and president obama with the nuclear deal with iran. >> is it perfect? no. is it better than alternatives? >>> major backlash over the comments of mike huckabee. >>> two teens missing. >> we maintain optimism. >> this will continue

joe: we had former ubs economist george magnus on.'s take a listen. >> we are going back to where we came from. the shanghai composite is going down to 2500-2800, but i don't really have a strong sense as to whether that will happen next week, next month, or the next half year or so. joe: how does that matchup with where you see the market? >> the government fostered this bubble. they pushed the chinese to get into the equity market. they need to save face. if the chinese prop up the market while accelerating this liberalization of financial and economic reform, then they could be ok. we have seen a clear floor, and my contention is that the policy initiative is correct in the sense that it is moving away from capital spending and infrastructure spending towards harnessing the powerful dynamic in china, which is consumption and the migration of people to the cities, who are investing, consuming, spending. joe: we have this story on bloomberg today that blew my mind about online peer-to-peer lenders. they offer people the chance to loa

clinton reportedly helped ubs obtain a sweetheart deal which they had to turn over nearly 4500 names of american account holders, roughly 8.5% of what the government originally looked for. once the case was settled, the bank's donation to the clinton foundation rose a mere ten fold and paid former president bill clinton $1.5 million in speaking fees. hillary clinton today denied there was any conflict of interest. >> this is just the kind of unfortunate claim or charge that you see in campaigns, and all i can do is there's no basis to it. i'm proud of the work i did as secretary of state. lou: i'll have a few words to say about it in tonight's commentary. >>> and turning to the controversy surrounding planned parenthood. antiabortion activists released a fourth undercover video they claim shows a doctor negotiating the sale of fetal body parts. agreeing to illicit pricing per body part harvested and suggesting ways to avoid legal consequences. those videos have sparked a nationwide backlash and brought renewed attention to the fact that there have been more than 57 million abortions

>> there's also fresh allegations against the clinton foundation, specifically that the swiss bank ubsharply increased donations to the foundation after clinton intervened to help the company in a tax evasion case. clinton called those accusations, quote, categorically false. ainsley. >> how is the latest news impacting her poll numbers, clinton's poll numbers? >> it's unclear if these latest developments have had any impact on this poll. i believe it was actually taken before this latest information came out. but a new quinnipiac university poll released yesterday said that 57% of voters believe clinton is not honest and trust worthy while 52% say she does not care about the needs of average americans. those are not great numbers, especially if you have a sitting vice president possibly considering a run, but for now a biden spokesman says any speculation is premature. ainsley. >> kristen fisher live in d.c., thanks. >>> donald trump taking his presidential campaign overseas. the republican frontrunner is visiting his golf course in scotland that is hosting the british wecht's open. -

ringing] melissa: hillary fights back on new allegations on i impropriety on the ties to swiss bank ubs. what she has to say now. ashley: busy hour on the closing bell. rather flat day on markets to say the least. the dow ever so slightly lower. call it flat. same for s&p and nasdaq the social media week on wall street continues' we await linkedin to release second-quarter earnings. that led to a 19% plunge in the stock price. here we can expect this time around, scott martin, united advisors, fox news contributor and jack hough, baron's executive editor. same rough time this time around jack, and what are you looking for in particular? >> i expect upside earnings surprise, right? 72% of the companies surprised on the upside, hooray but they always kind of do that but set the bar so low. ashley: yeah. >> you look at the stock price movement. i expect a facebook/twitter where you come in above the earnings number but the stock price movement afterwards disappoints. ashley: scott, what are you looking for? >> something probably similar to that, ashley. i think the big issue will be lookin

shares of ubs fell in swiss trading. a 25% jump in quarterly profit but disappointed by not boosting guidance for the full year. philips a bright spot. the dutch electronics company rising on better than expected second quarter numbers as the weaker euro boosted sales. we'll see what our session looks like once europe gets put to bed. when we come back, this chart tells you all you need to know about-face book and twitter lately. facebook seeing a nice gain in the past three months while twitter's down over 30%. will we see more of the same with both companies reporting late they are week? we'll talk about that in a moment. [ male announcer ] some come here to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ heart health's important... but it's always about the very thing we do best. .

and that fight with ubs started in 2007 so pre dates hillary's allegedly helping ubs.t to the swiss and said we want the names of 52,000 americans who have secret swiss bank accounts. there were intense negotiations and the swiss said okay we'll give you 4,400 names liz: right. stuart: not many out of 52,000. a win for the swiss and right there thereafter ten-fold gave money to the clinton foundation just saying. and defunding planned parenthood over the selling of fetal body parts. >> mike kelly wants to audit them. welcome to the program. why on earth would you want the irs to be brought into this? the irs audit planned parenthood? why not defund them? >> we look at 501 c3 and gives people a nontax exempt position, but in order to have that, to be tax exempt you have to work within a certain parameter. there are some purposes that the agency has to be fulfilling. now, we watched the last month or so we've seen instances that they're in this for profit when you cannot sell fetal tissue or fetal organs and that can't be part of your business. and i set about the purpos

we switch to the republicans, i want to ask one last thing on hillary because this revelation about ubse swiss bank, of course, their donations to her, to the clinton foundation increased tenfold, we're talking 1,000 after she intervened with a dispute that they were involved in really early on as secretary of state. you know, again, maybe criminally we can't connect the dots, but in the court of public opinion, that just stinks. >> well, it does -- a lot of it. the combination is a stench -- charles: and it's not just this one, there's so much -- call it anecdotal, but golly, the bread crumbs are right in your face. >> they are, but, again, she has withstood it. the clinton foundation, you know, is doing good work, and they can turn to that, and i think most of their supporters are going to say however it came to be that ubs said a very loud thank you, thank you with ten times the donations -- [laughter] you know, still the money didn't go directly into their pockets, and they've got great arguments, and they'll make them all. charles: they'll make 'em all but, you know, listen, there

the single currency as being a ube filing instrument. from what we have seen and heard over the past weekend the euro is starting to divide europe. not unify it. >> what do you think will happen next? there are these various funds put in to place immediate work going onto get the liquidity flowing. long-term do you think something positive will come out of this? >> time will tell in the past years we have not seen many positives when we had other governments and similar programs. in many ways, the exclusive focus on austerity has failed. what this new agreement now includes is for the first time a road map towards that restructuring, that is a pass tiff. but it is a verbal commitment. nothing more in substance right now. and for the first time, we have, indeed. [ inaudible ] in such an agreement. this is what the greek economy needs. this is where banks need to be recapitalized in order to serve as credit institutions for the greek economy. that's the only positive i can identify right now. >> there has been a lot of talk about wolfgang

steve melonovich at ubs. >>> shares of blue buffalo up 30%. we haven't had a lot of new issues. the biggest lost ever as it continues to shift focus towards software and the cloud. take a look at shares down about 3%. despite slowing demand for the operating system, the company is set to release windows 10, a week from today. the 29th. ceo satya nadelia commented on the potential for earnings growth in last night's earnings call. >> windows 10 is more personal and more productive with courteno and windows 10 will deliver innovative new experiences like inking on microsoft edge and gaming across xbox and pcs and also opens up entirely new device categories such as holo lens. windows 10 creates opportunities with store, search and gaming. we're confident that these are the right levers to revitalize windows and restore growth. >> jon, as i was reading over the quarter this morning, i kept thinking i wonder what fort going to say. what's your take? >> i don't think this quarter was that bad. it seemed like microsoft is taking its lumps in this quarter. you had slow pc sales so you

joining me now from san francisco, the meaning to director at ubs and arc into reading editor -- ourontributing editor. these microsoft earnings numbers do not let particularly great. we did not expect a lot, with the restructuring of the business. >> the commercial cloud business has been the key measure we have been following for quite some time. i was not seeing anything as good as the street one tent. -- one tent. -- wanted. we will have to wait or back to. act i was a delight coming in and cleaning. we do believe, as it relates to overall large-cap value stocks that they are making the right moves. they are working in luck more productively than oracle and any other large-cap names we cover. there is exciting growth in stocks we are covering like sales close -- salesforce or adobe. emily: how confident are you that they can get to this and a good amount of time? >> there is a debate today about private company versus public valuation. this may be a mild disappointment in terms of growth rate, but this is an $8 billion business growing and 88%. it would have a $55 billion market

. >>.ub public sector it's quite recent. it's only after kennedy signed legislation in the 1960s that you really saw the public expand and why not? you get higher wages, higher benefits and retire in 50 or 60 with $100,000 pensions. we're not against unions. i'm not against unions. public sector unions using government -- >> i'm against -- i don't think they helped business or the public sector. president obama sending letters. 46. he says they deserve a second chance. . >>> president obama penning a letter to 46 felons after he pardoned them but didn't reach out to kate steinly's family after she was murdered by an illegal. now, you say the message is our lively hoothd the way we live. your thoughts. >> i think that it's complicating. confusing to understand where and why president obama speaks about certain issues. he tax about the charleston shooting. that's something he should have done. how great a tragedy and the implication for our nation's immigration policies issue that president obama has owned and track throughed

. >>> pete, amazon, ubs upgrades it today, they bump the price target up to 550. is up 50% this year. >> it feels a little bit late, maybe? >> you think. although what they point out in the note is that the growth they're seeing in the fulfillment area. they're seeing some of the monstrous growth that you're seeing in terms of the prime. that's what tomorrow is catering to, the prime day. this is the holiday, the 20th anniversary of the an zmazon itself. when you look at the name and break it down, can you see all kinds of growth, especially when you look at where prime can go from here and the penetration levels. it makes sense, they are late on this call. >> six firms have initiated coverage on fogo to chow, three holds, three buys. >> i had to call josh brown, he is our food expert. if i want to an upscale brazilian i'll call gisele. this stock got upgraded by everybody who san underwriter. judge, listen, this is important, i'm talking to you. when just the underwriters upgrading, the only one who didn't was deutsche bank. why not? because they overate too much