what is -- what are the strengths xerox haso ight now?>e argument for why xerox is an attractive asset. one, they have a ton of etents. they hajor inventions in america. they have a lot of researc techt their fingertips and there's n realms for them to get into. there's 3-d printing and new types of printing on like fruit and other topics that really that could be a huge asset if they're run right. and if they're given the ability toin vate. >> so what happens next? as i understand, theha judge wod to approve any deal with fuji and where does this leave fuji? what happens next is one, icahn and deason and xerox settled their legal fighan the out, icahn's pick is iasand he and are more or less taking o the judge has tseapprove that lement. that could come any mo. fuji is trying to block that ttlement because essentially the new board of xerox under icahn and deason are already saying, gy, we'ng to step back. we might not finish this deal. we want to look at other t options. we w figure out what to d hg on to it. but their shareholders were

fuji xerox has a number of accounting scandals. it really could be a poisonous pick that you're putting a company like xerox into. xerox has many good assets, palo alto it really is earning or cash flowing about $1.3 billion, ye they were willing to put that into fuji xerox, then you find out that five members of the board, the old guard, so to speak, were going to get five-year contracts to be on the board of fuji -- of the new company, fuji xerox, or the merge company. you found out that jeff jacobson was getting a huge salary, and then the view from center view, which pushed it and made it happen, centerview was receiving $50 million in a fee, and you can say so what. they should get a fee. and then you find out when you got all the e-mails from the lawsuit, that centerview was saying in an e-mail only four days before they gave the fairness opinion, how the hell can you do a fairness opinion? those weren't the words, but it's an amazing story. and yet this whole group were pushi pushing this through, and the might have gone thr

shakeup at xerox.tumbling today after top shareholders carl icahn and darwin deason stopped fujifilm's $6 billion takeover of xerox and removed the ceo. we're joined by julia chatterley and ed hammond. julia, you have been so excited about this. julia: the twists and turns. you have got to love this. it gets even better. i am excited to tell you that we're joined on the phone for a rare and exclusive interview with xerox investor darwin deason. thank you for joining us. congratulations to both you and carl. how does today feel? the biggest question, what is the game plan now? >> it feels really great, of course, that we settled, and thank you for having me on. this case has been exciting. it has virtually everything. covering it,'all and it has crowned jewel lockups, conflicts, international intrigue, and on and on, like a big history novel. the big takeaway -- and i'm not used to doing this, but i run companies. julia: it will make a book one day. >> maybe. the big takeaway is this turned out best for

xer xerox. xerox is mer xer xerox is merging with fuji films.eal they hate this deal. they go to court and go it the shareholders, try to get them to block. lots of ways to win now. we saw interesting, a lot of court stuff happen, the board appeared to be thrown out, now they're back, the old ceo is back here are the ways to win the old board has said we are trying to maximize value we're trying to negotiate a deal with fuji films for better terms. that's one way to win. icahn said they would accept $40 a share, which is what xerox said the first deal was worth. if they get a much higher deal, icahn would sell the third thing that could also be good for the stock is that decent has won the ability to nominate a new slate and co-replace the whole board they thought the auction wasn't fair, there were other bidders who didn't get a chance to bid let's look where this stock has been over the last year. the stocks right here now, and it is not very far off the bottom so to me, there is a lot of ways to win either this board gets something done or de

xerox which is controlled by fuji film.ffjacobson, which is controlled by fuji film. its chief, jeff jacobson, will step down as part of the settlement, along with several other xerox directors. while trade tensions between the us and china may be strained at the moment, there is one area where the relationship is warming, and that is — superheroes. because us comic giant marvel has published comics featuring the first chinese superheroes, this through a partnership with china internet firm netease. but panther made about $1.3 billion worldwide since it opened in debris, and since it's releasejust two weeks ago, avengers the infinity war has pulled in more than $1.2 million —— $1.2 billion in ticket sales. not bad investment for disney, which bought marvel for $4.2 billion in 2009, and now with a chinese superhero will that help it to conquer the market? it's finally there, ina to conquer the market? it's finally there, in a way that's very much resonating with chinese audiences. they don't have to think they are just seein

david: do we know of someone else brought xerox -- of someone else bought xerox -- heart of the drope having a partner they do not want to work with. brooke: i think the brand name has value in asia. it is in fujifilm's interest to keep that joint venture going, but you could see a situation where fujifilm buys xerox. the one buyer we have not talked about his apollo global management. it will be interesting to watch what happens there because the new ceo of the company has a lot of connections with apollo. he has been brought in as management of companies. david: we will have more to report on. brooke sullivan, bloomberg opinion columnist. great to have you with us. a big week for trade negotiations between china and the u.s.. we will talk to a senior fellow about the trade negotiations. that is coming up on bloomberg. ♪ mr. elliot, what's your wifi password? wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. hey! let's basement. [ grunting ] and thanks to these xfi pods, the signal rea

it will be essential in our current decade as the stapler became in the age of the xerox machine. >>hank you. it was very interesting. my question is one of clarification. it seemed as though early in your talk you pointed out the difference between the platform economy in earlier processes in the assembly line. you pointed out the great efficiency of one of the anticipated outcome was bringing buyers and sellers together in an efficient way. and thinking air b&b and ebay, and amazon. almost anything where sales take place at a very high rate. you seem to be saying that there is an unintended consequence of the long-term that is a sort of inefficiency. is that a general principle? is there a particular inefficiency in the long-term that comes from bringing buyers and sellers together in a very efficient when the short term? >> we are present here in one of the institutions that has been affected by this efficiency. to me, it is much more efficient to be able to browse and a great bookstore and buy a book and take it home immediately, then it is to look online. if the bookstore is at,

and turning to corporate personnel news the chief executive that document technology companies xerox is now pursuing other opportunities that are parcher of c.e.o. jeff jacobson and six xerox board members as a consequence of a fight within the company over the attempted takeover of fujifilm activist shareholders carl icahn and darwin decent prominently oppose the deal claiming xerox was being undervalued and want to court ruling last week that delayed the deal the judge's decision also made the key findings that c.e.o. jacobson was quote hopelessly conflicted by trying to arrange a merger that would include jacobs to as the new c.e.o. of the company when he was expected to be replaced by zero axis board sounds like some double dealing there to me and meanwhile the board chairman of global british bank barclays john mcfarlane tried to tamp down rumors and reports of his imminent departure telling the bank's annual general meeting that the speculation is quote somewhat premature that's not exactly a denial right macfarlane recalled his plan when he was elected to the board chairs to s

rishaad: breaking news coming from xerox.lationship to a dispute going on with the company and carl icahn. it is all to do with proxy contests. xerox relatedinst to their close relationship with themselves and fuji. the agreement apparently is not going to do with that at the moment. they are just saying six new members will be appointed to the board and a packed has been reached with carl icahn. looking at the markets ahead, a mixed session after the labor day holiday. this is bloomberg. ♪ ♪ ♪ rishaad: let's look at the business flash headlines. leaders of sprint and t-mobile have said their case for a merger in front of the ftc. their reasons for the $26 billion deal. fcceeds approval from the that must clear antitrust hurdles with the justice department. is trying to resolve claims their traders improperly shared information in a chat room. they will pay roughly $55 york's each to new department of international services and the federal reserve court. microsoft has bailed out of twitter say the price is right and he doesn'

fuji film says xerox's new board is obligated to go through with the deal xerox shares are unchangeduji film holding corp down 5% >>> in retail news, sources tell cnbc amazon is planning more perks for prime members at whole foods. this does include 10% off already discounted items, free delivery in certain areas and 5% cash back when members use amazon's visa rewards card roughly 75% of whole food shoppers are also amazon prime members. less than 20% of total prime members shop at whole foods. perhaps a real untapped market demographic for whole foods and amazon together, now that whole foods is owned by amazon >> that means whole foods old loyalty program has been dissolved. >>> amazon has made a formal offer to buy a 60% stake in f p flipkart the bid is on par with walmart's offer for the online store and includes a $2 billion breakup fee. last month it was said walmart would likely buy a stake in flipkart by the end of june. amazon has done a good job in india because of the foreign direct investment rules, they don't apply as strictly for online marketplace, which amazon runs bu

part of that has to do with the businesses that xerox are in. strong business in the u.s. and europe where the market isn't growing that fast, especially for market processing. xerox had already split out the part of its business for automation and automatic form document creation. the remaining piece of xerox was not that attractive for investors. now that fujifilm's out of that deal, investors are showing they are more bullish on the company than ever. rishaad: where does this then leads fujifilm within the industry? within the industry, they still are having to struggle with a niche that is a document processing niche, that isn't growing really in any of the markets. there is tremendous competition among a lot of makers of copiers, so they have got to figure out how to deal with that business. they do have businesses in other growth areas, everything from to films thats are used in electronics. they do have to figure out what to do with that business and, specifically, what to do with this tie up with xerox. iscould be that carl icahn their s

and turning to corporate personnel news the chief executive that document technology companies xerox is now pursuing other opportunities that a parcher of c.e.o. jeff jacobson and six xerox board members as a consequence of a fight within the company over the attempted takeover of fujifilm activist shareholders carl icahn and darwin decent prominently oppose the deal claiming xerox was being undervalued and want to court ruling last week that delayed the deal the judge's decision also made the key findings that c.e.o. jacobson was quote hopelessly can fly.

now the new board will be exploring strategic measures they say xerox could be sold to a competitor xerox is slightly lower in premarket trading. fujifilm looks like up a bit more than 1.5% in japan, brian breaking up a little hard to do. >> way too early for that, bertha >>> the other big money stories include airbus the cfo will leave next year this has been seen as a possible successor for tom enders who's also leaving airbus in 2019. watch tesla, it is losing two more top executives, at least one of them temporarily perhaps. matthew schwal was the main technical contact. he has left to join waymo. late on friday tesla said its engineering chief doug field is taking a leave of absence to, quote, recharge. brookfield asset management has made a $3.3 billion for health scope. it topped a bit for a pension fund. >>> in other corporate news, walmart may take yand's flip cart public four years from now. walmart said it was buying a 77% stake in the company now in a u.s. regulatory filing walmart says an ipo should be done at no less a valuation than what walmart invested in flip cart >>> up

let's look at this xerox story, why has the sale fallen through?has been stuff about audited numbers but the reality is investors, fuji felt that with this starting to commend the stocks are coming back up and you think they will probably feel the same thing about xerox. simon, thanks, we will probably hear a lot more about that in the coming weeks. one more tweet about al and d riverless one more tweet about al and driverless cars, they are still statistically far safer than those driven by humans. thanks so much for watching, that's all from us today. goodbye. hello. it's been a chilly start to the day, many of us waking up to blue skies and sunshine. through this week it will stay mostly dry, plenty of warm sunshine around. turning cooler and midweek as i'll show you in a moment. the satellite picture reveals lots of clear skies across the uk, a little bit of club moving through northern ireland and the west of scotland. offshore cloud across east anglia. that cloud moving further inland, a chance of catching an isolated shower. a little breezy,

they maintain it undervalues xerox.t suit was settled yesterday with the departure of their ceo and several board members. fuji film has said it would be willing to consider changes to deal, but this opens the door for other possibilities. xerox shares are trading a little lower >> thank you so much >> tesla, meantime, releases its quarterly report after the bell tonight. one key focus, the company's cash burn rate and if it will need to raise more money to ramp up production. gordon johnson is bearish on the stock. his target is $109 it is the lowest on the street it's a 64% downside from current levels he's with us in new york gordon, welcome. good to talk to you. >> thank you >> you know, your headline talks about margin weakness, but there are so many other issues at play here cash burn, cash raise, musk's own future where do those rank in your list of concerns and worries? >> look, i think the most important thing is the cash burn rate i also think the margins are going to be important. i think what people need to

xerox has no legal right to terminate the deal, adding that may announce the damages. it would replace ceo jeff jacobson at the point new members to the board. shares off more than 3% this year. fuji film is down 5%. gerri: salmonella outbreak linked to in a great cause gotten worse. cheryl: tracee carrasco joins us of the headlines. good morning, tracee. spirit of my people sick from the salmonella outbreak that has to recall of more than 200 million aches from nine states across the country. the total number of people who have gotten sick from contaminated eggs is now 35 with 11 of them hospitalized. they have been traced to gross acre farm, specifically one of the company's farm facilities and high county, north carolina. here are all states currently effect that on your screen right now. trade to quite a few there. another week another blow for tesla. gerri: we continue to report on all the things happening at tesla. he tesla sedan with a semi-autonomous autopilot feature rear ended a fire department truck at 60 miles per hour apparently without breaking before imp

. >>> a merger between copier company xerox and fujifilm is off.is year it was announced that the two companies' joint venture would combine to form a new company. it would be part of a restructuring that would save billions by 2022. xerox said the deal fell through because fujifilm would not negotiate improved terms. >>> meantime nearly 270 million eggs have been recalled due to a salmonella outbreak. they're sold under rose acre farms. they were sold in grocery stores like food lion and walmart. at least 35 people are reported ill in several states. 11 have been hospitalized. >>> and "avengers: infinity war" is still the box office king after its third weekend in theaters. >> tell me his name again. >> reporter: it's estimated "infinity war" too in another $61.8 million in north american sales. globally it's earned over $1.6 billion. "life of the party" was second followed by the gabrielle union thriller "breaking in." anne-marie. >> man, i still want to see the avengers, but i feel like i have to wait for the hype to calm down. i need a nice ope

they tried to keep together joint venture and spending, the company of xerox itself.en what fujifilm said this deal was worth compared to what icahn was saying it was worth. so the math was very positive -- complicated. investors feeling sense of relief that now the company can get back to some sort of more normal business move ahead with willg to seeing what icahn now do with his joint venture, that.erox half of he will actually be able to find more value in terms of getting another buyer in. yvonne: where does this leave fujifilm in the industry? for fujicus from here film be how they will deal with which theyventure, had for decades with xerox and how that will continue in the document's business. it is a difficult business. the traditional office copier market has been plunging for many years. people don't need as much photocopying is a used to. however, there are still growing inkjet in terms of printing, high-speed inkjet printing. fujifilm is very strong that. xerox has a great distribution channel in the americas, which is one of fujifilm >>s weaker markets. t

and didn't have the best interest of xerox shareholders at heart when he and the board decided to dodeal fast forward to last night and this morning, what do we get well, huge news again. jacobsen is out. six members of the board are out. deason and icahn take control. and fuji finds themselves in the cross hairs with a deal that is most likely dead i'll get to that in a moment also, the judge in the ruling on friday raised the possibility that fuji could be liable for aiding and abetting a breach of fiduciary duty by the xerox board. and fuji is facing lawsuits to terminate the joint venture from the new board. so there's a lot going on here a lot to unpack. a huge victory for deason and icahn. here is fuji's statement they have serious concerns about the announced settlement they intend to file their objections with the court shortly. they're not going to the new board, from what i understand, is going to officially try to terminate the agreement with fuji and more importantly, perhaps, also, try to get out of a long joint venture 50 plus years they've had in asia. then move to put

shares of xerox are moving higher in pretrade. >>> nike's ceo mark parker is reportedly saying sorry.on tetessa has the details. >> nike has had these big changes in the last few weeks, perhaps an effort to overhauling corporate culture. mark parker called this rare all-staff meeting yesterday where he apologized allowing a toxic culture that excluded staff and failed to address workplace issues he reportedly told employees he's personally committed to making nike a place where everyone can thrive in an environment of respect, empathy and equal opportunity. his apology comes weeks after nike launched an internal investigation into misconduct at the company. they're not revealing details about that in that time several high level staffers have left shares of nike have held steady since the company nifirst acknowledged issues with corporate culture. nike is slightly lower in premarket trade. they appointed two women to senior leadership roles and last month the new hr chief said we're not getting traction on promoting women. so less than 30% of women are vice presidents. fewer than 16%

photo copy xerox.cing of the transaction saying it undervalues xerox and claim there are a number of investors waiting in the wings including apollo. but keep in mind that fuji holdings and xerox have a number of closely-linked businesses. it might be difficult for another buyer to step into the arena. watch this closely. >> thanks so much. >>> coming up, everybody, axios's jim and have high has a look at this morning's one big thing. coming up on "morning joe," much more on the u.s. moving the embassy to jerusalem. the potential fallout from that decision as president trump breaks with decades of u.s. policy on the matter. >>> plus, more on the new details on president trump's former personal lawyer michael cohen and his efforts to seemingly profit off of that relationship as his current lawyer rudy giuliani continues to create new messes for his boss. "morning joe" just moments away. ! oh my gosh! how are you? well watch this. i pop that in there. press brew. that's it. look how much coffee's in here

. >> speaking of screwed up situations, xerox. >> yeah. >> have you seen that? i mean, what a mess. >> you're the only one who can understand that. >> no. i'm not sure i can xerox sends out a letter to the shareholders reiterating things but it's worth going over it they're in the fight with icann. you have the new york judge basically threw the book at xerox and fuji in terms of their behavior in putting together that deal and what they thought was a failure on the board of directors to be a good fiduciary. they say in the letter today they're going to resume discussions with fuji for a deal on superior terms. yeah, they previously thought we aren't sure we can negotiate now we know we can we had a settlement but we haven't settled. now that's off we'll ensure shareholder voices are heard and appeal ruling litigation a lit update on what is remarkable situation. >> $8 million company that is in crisis. >> is there anyone at the helm >> no. how could there be they want you to believe there is. >> doesn't seem like it. >> no. >> i don't know you're following it i

. >> caller: xerox >> pitch of the day is to sell xerox.let's just say [ house of pain >> joseph in texas. >> caller: i love your show. keeping it short and sweet looking into a transportation stock. >> i am going to send you to xpo logistics. al in florida. >> caller: i am a big fang fan. >> i would use it to buy, buy, fang joel in pennsylvania. >> caller: booyah to you got a stock that is beaten up. itw. >> i have been telling club members, this thing is good. one division that was week it was just the auto and i think they are better than that you shouldn't be a seller. we bought some lower than we sold higher. and i want to stick with that view ashish in north carolina >> caller: pgla increasingly had its blockbuster drug i wanted to get your take on it. >> well, i mean, i think the news is already in the story that is why it didn't go i mean, it is kind of done and i would rather hold out for something better steven in florida. >> caller: yeah, jim symbol stm. >> we are going to go to cisco ahead of the quarter i think they are going t

they hold 15% of xerox. shares of the company are up about 8% so far this year. powered the board.erri: lowered exit patients with sales of the iphone 10. we will ask gary b. smith. a nightmare roller coaster ride in japan. what went wrong? look at these pictures. u.s. stock index futures of 41, and the nasdaq up 42. you are watching "fbn:am." ♪ ♪ ♪ adapt supply chains based on trends, tweets and storms. and make adjustments on the fly. ♪ ♪ the ibm cloud. the cloud for smarter business. the ibm cloud. prepare for your demise, do your worst, doctor. i will. but first, a little presentation. hijacking earth's geothermal energy supply. phase 1. choosing the right drill bit. as long as evil villains reveal their plans, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance. [music] [music] cheryl: welcome back. let's get you caught up on what's happening now. the can of features on your wednesday. earnings season really not. the dow up 45 in the premarket. s&p f6, nasdaq up 32 and a quarter. any country extend from new metal t

. -- xerox has called off a $6 billion takeover by japan's fujifilm.these guys. >> it is. they haven't settled and were going to replace a big chunk of the board and then xerox backtracked and said, we are not going to settle. they are backing away from the fuji deal. >> this turned out best for the shareholders and the judge made a landmark decision. he is basically saying, if you do not play by the rules, it does not matter how self-righteous the board is, you have to play by the rules. this turned out good for the shareholders. we entered this to try to get the best deal for our stock and it turns out, we got a pretty good decision that is going to help shareholders all over the country. >> the board coming under more criticism. the world second proxy advisor separating the chairman and ceo roles that elon has held for the last decade. the question is, is elon musk listening? >> a very legitimate question and honestly, i am dubious a just how much this criticism is going to amount to anything in a couple of weeks and we have tesla's annual sharehold

thes a ceo and chairman of xerox corporation. the first black woman to lead a fortune 500 company. american express, exxon mobil, and. ofm the executive director severalt serves countries primarily. i'm a mechanical engineer. i graduated from polly and columbia. i grew up in new york city. canadianaughter and immigrant. -- panamanian immigrant. my childhood was set to a rough backdrop. drug addicts in my always. neighborhood in my but i was raised by very strong mother who absolutely made every single thing in the world available impossible for me. i say all this, not so that you complimentse in my but just to provide some context to my words. i have struggled. i have failed and i have succeeded beyond my wildest dreams. you looking for a quick recipe to success, you are in luck today. i actually have that answer. -- can take out your pet pencils and pens and johnny dunham -- jot it down. work. work.re -- hard you have to bust your butts. it does not matter what you have to do, hustle, or it will not get done. obviously, by virtue of you being here today, you know a little bit abou

xerox on the flipside calling off its acquisition by fujifilm.his is a win for investors carl icahn and darwin decent, who control together about 13% of the company. carl icahn's appointee will take over as ceo xerox. we continue to watch the defense contractors. they have been on a losing streak here. again it's not very clear why this has been happening. analysts over at bernstein theorized that perhaps it is the values in the sector were too high. they have been looking around and say that we have seen the reality of recent defense stocks decline by record high valuations not adequately supported by growth. they are falling once again today. shery: julie hyman, thank you. cbs suing sumner redstone national amusements in an effort to prevent it from interfering with a special board meeting to consider a dividend that would dilute the voting shares of redstone's company from 79% to 17. 17%. let's bring in the analyst from be tig. this theney called nuclear option by the cbs camp. what do you think? >> i think it's unfortunate because the real st

icon and decent have been fighting the deal that would hand control of xerox to fujifilm.howsing in walmart may be forced to publicly list is the quired flipchart. this gives walmart 77% of the e-commerce economy and a foothold in the fastest moving market. investors could have as little as 14% -- -- mom, dad, can we talk? sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. mr. elliot, what's your wiwifi?ssword? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. hey! let's basement. [ grunting ] and thanks to these xfi pods, the signal reaches down here too. so sophie, i have an xfi password. and it's "daditude". simple. easy. a

it's unclear what it's going to happen on xerox.ot since they announced the change in the board. some people saying maybe it's because fuji would have you believe because people didn't like the new board composition the other side would have you believe because they don't fully understand the fact once we got in there, we'll sell the company and do everything we can to dissolve that with fuji. and sell to the highest bidder. >> i don't have answers for you. i spent a lot of time on wednesday talking about the historic nature of the change. >> the corporate governors. >> yeah. can you give me a read on newell. >> it's a big deal. >> yeah. >> big sale. did you happen to read the star board report one of the endless reports issued a few days ago. >> it's clear the gun is to his head. >> that's a big sale that newell is undertaking. >> i'm absolutely thrilled in the direction of the company but legacy rubber maid products being sold. >> newell is up 4.5%. >> it should be. >> it's not too often that stock had a positive. >> they had a gr

xerox has called off a $6 billion takeover by japan's fujifilm.o parted ways with the ceo jeff jacobson, so great news for these guys. >> it is. they had settled and were going to replace a big chunk of the board, the ceo was going to step down, and then xerox backtracked said, we are not going to settle. this one seems like it will stick. they are backing away from the fuji deal. >> this turned out best for the shareholders. the judge kind of made a landmark decision. he is basically saying if you don't play by the rules, it doesn't matter how self-righteous the board is, you have to play by the rules. so this turned out to be really, really good for the shareholders. that isn't why we entered this. we entered this to try to get the best deal for our stock and it has turned out we got a pretty good decision that is going to help shareholders all over the country. julie: tesla's board coming under more criticism. the world second proxy advisor is calling on the board to appoint an independent chairman and separate the ceo roles that elon has held

icahn country is about 40% of xerox. icahn controls about 40% of xerox.he coolest functions on the bloomberg terminal. taylor riggs has this memorized. and then use,st down the corner at 11% return on invested capital. they ran through an analysis, which is wonderful. over year,r -- but they have a cost of 3.1%. the bottom line is cash is dirt cheap, isn't it? >> it is. we are seeing a huge amount of m&a activity in europe and the u.s. it reflects a last window of opportunity, potentially. ballet of do this comcast doing an all cash transaction can't the other side of the same thing? disney deal is an all-share deal. there are broader considerations to take into account. from what we have seen on the filings on this is it is not just about the amount and whether it is cash, it is about rigor terry century. fox away from a high offer on comcast because they are not sure whether the deal would get through. and there were not convinced by the termination fees comcast was willing to offer them. that is where the at&t time warner deal comes into play. that wou

. >>> xerox says jeff jacobson is resigning. six other board members will step down.hn and deesen won a court order last week to temporarily block a deal merging xerox and fuji film. they alleged jacobson quickly negotiated that deal so save his job after the board told him to end talks. fuji film says xerox's new board is obligated to go through with the deal it will appeal the court order i should have never put all my clients in fuji film and photo mat. who will not use film? who will not use film? >> what year did you put them in that >> i'm kidding you can make bad investments based on not seeing the future photo mat. blockbuster. globe records was not a long -- >> not long, but you could have done well for a couple years blockbuster, you could have tactically >> but there was a time to get out of blockbuster there's a time to get out of eastman kodak. >> get out of ge >> for every season, turn, turn. >>> retail news, sources telling cnbc that amazon is planning for perks for prime members at whole foods. this does include 10% off already discounted items, free d

xerox has scrapped its deal with japan's fuji film with icahn and dee son.significantly undervalued the company. fuji responded saying it would consider its options including possible legal action seeking damages. this morning jpmorgan downgrading xerox to neutral that firm says it is unlikely the new board will find an alternative acquirer for xerox then check out shares of qualcomm and nxp semiconductors. china has resumed its qualcomm takeover of nxp. this comes after the review and reaction to trade tensions with the united states. >>> all right. cleveland fed president loretta mester says they could raise rates more than they once thought. she made the comments earlier this morning mester also cautions that the u.s. should keep its debt pile in mind before things get out of hand mester is a member of the fomc this year. let's get to julia hernandez and here on set with us drew mattis. let me start, drew, with you to get the economic backdrop. we had some numbers at the end of the week. where are we right now in your view anything change? is it hotter th

it is a reversal at xerox.nvestor carl icon and has expired and leaves xerox's existing board in place and adds uncertainty to a takeover by fujifilm. that is your bloomberg business flash. francine: thank you so much. the brexit transition period will need to be extended potentially for years, according to senior british officials who think any new customs union will not be ready in time. shahab jalinoos and martyn feldstein are still with us. let me ask your views on pound. we find out exactly what the government wants for this customs union, or does it move on boe next week? shahab: in the immediate term, the boe next week is the biggest issue. we have seen tremendous movement and expectations -- in expectations. we went from a point of pricing in to giving up on it entirely. what the market will be looking for is some sense on how much they feel the jet -- the slowdowns have had in the u k economy materially impacts the longer-term rate outlook. if they have turned more dovish than what the market is pricin

the ceo of xerox is resigning. will that $6.1 billion deal with ahead?lot of positivity coming through in these casino players. revenue up in the mass killing market. better than even the most bullish analyst forecast. >> juliette, thank you. reserve is notl expected to hike rates today, despite a strong economy and inflation hitting targets. there will be no press conference. mckee has the story. --hel: michael: the fed is deciding whether to hand about future modes. -- moves. rate increases continue to run below their 2% target. the index level was reached in march. policymakers say they have met their mandates. two mores at least rate increases by the end of 2018. the question is whether there will be a third, with unemployment so low and commodity prices rising. tuesday's drop in the ism manufacturing index is blamed on a -- an economy to strong -- that is too strong. higher commodity prices are generally viewed as transitory. if they don't move now because there is no press conference at this meeting, june is the next logical time. that means any hi

they say that xerox's board misled shareholders.never actively shop the company and they are concerned about their own compensation, liability and reputations. that's wrapping it up for you. the big picture is this incredible fight continues it may be to the detriment of all sides. we talked about the fact that the overall market has xerox is a part of is not growing if you're fuji -- that deal is dead there's no way they'll do that 51% ownership deal with fuji that deal is dead. can you get fuji back to the table? given the noise, hatred, vitriol, it won't happen so you're out there in nowhere land until everybody calms down. did want to share that and alibaba was the largest ipo we've seen and ant financial, which owns alipay, this was reported by the "journal" that they would raise 9 billion. it's 10 billion. it's the last private raise ant financial will do. it will be allocated tomorrow. they got a bunch of bank there's there. morgan stanley, deutsche and why is that important? alibaba will own 33% of ant financial. they went f

you heard i was the chairman and ceo of xerox, the black woman to first lead a fortune 500 company. i served on many boards, probably too many, american express, exxon mobil, the ico and uber, to say a few, and i'm chairman of a company called veon, a telephone company around the world that serves third world countries primarily. i am a mechanical engineer by training. i graduated from polly. i got my masters degree from columbia. i grew up in new york city. i was a daughter and so i am the daughter of panamanian immigrants. i grew up in tenement housing and public housing projects on the lower east side. roughldhood was set to a backdrop. drug addicts and my hallways, crime rampant in my neighborhood, were not very good, but i was raised by a very strong miracle worker mother who absolutely made every single thing in the world available and possible for me. i say all this not so you can praise me and my accomplishments or have sympathy for my early life just to provide some , context for my words. i have struggled, i have failed, and i have succeeded beyond my wildest dreams. somet

the shares of xerox up more than 3% this year. fuji film is down 5%.arnings season is winding down but it's not over until we hear from major retailers this week including wal-mart. home depot will report numbers tomorrow. after that bases on wednesday in jcpenney on thursday. wal-mart results are also out on thursday before the bell. analysts looking to rise from a year ago. taken a look at the stock itself. shares of wal-mart are down 15% so far this year. finally, marvel superheroes continue to win. avengers infinity were part of the box office for the third weekend in a row. >> run from it. >> to movie finally opened in china. avengers or units worldwide amount to 126 billion. the largest global relief of all time. back at home the life of the parties melissa mccarthy going back to college. $1,845,000,000. also opens this weekend, rounding out our top five. the remake still hanging in there and a quiet place, maria. it's going to keep raining in new york here there's always the movie. >> movies this weekend? >> i saw it. it was good. two kids going

. >>> shares of xerox were dograded to neutral from ye b overweig jpmorgan. the price tart is $38. the stock fell 4% to $28.87. >>> twinkie's maker hostess brandt wt from buy to hold. they cite uncertainty over margin and profit improv pent. thece target is 14. the shares fell nearly 4% to finish at $12.76. >>> still ahead, why the gold standard of retiremt research says a widely held belief is more of a myth. >>> wall street is upping its investment in the home flipping market. kkr is seeking a quarter of a billion dollars into a company that buys loans mad to speculators who buy homes, renovate them and sell them quickly, presumably for a profit. these kinds of loans those are not cheap. th command interest rates of between 8 and 12% and often have short 12-month maturities. one estimate has put borrowing by flippers ail $15on this year. that's nearly 25% more than last year. >>> a with investor cash now ruling the market, regular home burs who need a market are at a disadvantage. that's where a financial startup is stepping in and backing home buyers with cash. diana olick has m

would then end litigation against xerox and the planned sale to fuji film.ut the activist investors failed to fulfill their part of the deal and as of midnight the agreement they struck expired, meaning the ceo now stays. shares of xerox trading higher this morning icahn said jacobson struck this deal to keep his job, meaning the fuji film deal, and now he kept his job because of whatever shenanigans have gone on this week i can't call them shenanigans. what should i call them? machinations >> machinations, maybe the priest is back in the house or something, too? >> they already own 165 million >> yeah. the priest is back >> that was the whole paul ryan potential. >> he's no longer resigning. he's back. paul ryan is so squeaky clean. he could be the speaker and the priest of the house. >> is the priest getting to stay because paul ryan is getting to leave? >> i don't know. >> people know what we're talking about? >> they do give our viewers some credit they don't live in new york, not from the upper west side >> we'll get the april jobs data report they try

xerox weaker, was lower, close to 10% down earlier. points in this drama right here fuji film was about to buy majority stake in xerox, but management backed out under pressure from carl icahn and others who want to see a higher price for xerox. nobody knows the process there's a new ceo. the stock is going down in the loss of the fuji bid, but the prospect of private equity down the road is probably supporting it right here, guys. >> mike, thank you very much for that mike santoli on set in five minutes time l. brands move higher, upgrade from citi upgrade from neutral, overweight at jpmorgan citing stable revenue growth for the rating stock there up 3%. we're back here in just a couple minutes with the closing countdown. ♪ i just want you close, ♪ where you can stay forever. ♪ you can be sure ♪ that it will only get better ♪ you and me together ♪ through the days and nights. ♪ i don't worry 'cause ♪ everything's gonna be all right. ♪ ♪ no one, no one, no one ♪ can get in the way of what i'm feeling. ♪ ♪ no one, no one, no one ♪ can g

. >> at lot of stories to get to this morning including the shake up at xerox.hey stop the deal with fuji we'll have an inghsit on that for you. i had a spanish teacher in high school who knew i could do more, and so she pushed me and pushed me and pushed me, and she was right. they don't only teach me about what we learn inside the classroom. they teach me about life. the janitor is really friendly. he asks how's my day, and he tells me how his day was. my own teachers inspired me to become a teacher. they always pushed me to do better. they never give up on me. they're extraordinary! narrator: exactly why the california teachers association believes strong public schools make a better california for all of us. believes strong public schools - anncr: as you grow older, -your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement

knew the stock by their abbreviations and their agate type i kept a ledger to see scm, ibm, polaroid xerox, national video. a host of other companies that disappeared. i also had a lot of airline stocks suckers were buying those. house hold names because of advertising. i liked the stock picking process so much i got the whole fifth grade class to pick stocks for a week to see if they would make money i was doing the exact opposite fixing stock by howfast their climbing and backing away if their climb slowed that is called momentum investing. i should have picked stocks i knew and asked to be able to buy the shares in them so what would have been right and what was wrong in the picture i presented. which would have been compared to guffus and gallon guffus would never have taken a tip from his brother who took a tip from his broker. national video made picture tubes and in the old days when you had a problem with your television it was because of the tube blown the stock had been going down about five days after pop bought the stock. there were a host of stocks to choose back then there we

xerox is no longer selling itself to fujifilm. succeeding in his quest to get that deal canceled. the ceo is also being ousted and then company, finally symantec which tumbled after revealing an internal investigation is going to be holding a call today at 4:30 this afternoon in which it is planning to give more details. a lot going on here. back to you. nejra: italy is inching closer to forming a populist government with the country's at the establishment five-star movement and the far right movement reaching a tentative governing plan. starting us now is our bloomberg rome euro chief. the five-star movement leader was set to meet with the president 30 minutes ago. what sort of reception are they likely to get from the president? >> he will be meeting with him around 6:00 p.m., so we will have some answers today. they have been putting together the program, talking about who the prime ministers going to be but have not decided yet. the president has not been consulted and in italy, the president has a role, part of the checks and balances. you need to consult with the president,

they claim the deal undermines the company and continue fight to rescue xerox.hares nearly up 1% this year. cheryl: we are on the watch for alibaba's earnings. >> good morning, tracee. tracee: good morning, alibaba is scheduled to release earnings before today's open, revenue of $9.3 billion for the quarter, that's up from 5.6 billion a year earlier, another thing to watch alibaba 33% in ad financial, part of alibaba before ipo, the stock recently hit a record high of 206 -- $26 a share. >> twitter is asking us to change password. tracee: out of an abundance of caution that they should change passwords right away in vlog post, glitch caused passwords to be posed in plain text in internal system. twitter fixed the bug and found no indication that passwords were stolen or misused. if you use twitter password for any other service or platform, you should change password. cheryl: like we don't have enough to keep up. jay z is going to court? >> next week, actually. but jay z has 99 problems and the sec is one. the sec has ordered jay z, manhattan federal court next

ethics code, and we do not have staff or supporting staff, perhaps the attorneys or investigators or xeroxmachines to do the work that's being given to this very important body and to the people who work so hard to keep people who are appointed and who are elected acting in conformity with the code, with the government code. and i want to cite quickly, because i know many of you are attorneys, a case, cohen versus city of thousand oaks. it's cited by governor brown when he was attorney general, when he wrote contracts in interest office, and it's also cited, interestingly by the california league of cities, the government conduct guide. why is this case, cohen versus city of thousand oaks significant to this delay and how this one complaint and perhaps many others has been treated? because we all know, anybody who knows the law on timeliness that there are two aspects to timely requirements to city officials. one is a direct review of that timely requirement, and another one is a yourself jurksal review. well, this body made it clear that the court felt the timeliness was really a director