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tv   Bloomberg Markets  Bloomberg  August 4, 2015 11:00am-12:01pm EDT

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injure the leaders? will the government help investors who lost money? be aa: could twitter takeover target? sure sitting in all-time low yesterday and some investors think jack dorsey is purposely trying to make the company more attractive to potential suitors. pimm: we all know people in los angeles hate the traffic, but could driverless cars transform the city of angels? olivia: good morning. i'm olivia sterns. pimm: i'm pimm fox. we are 90 minutes into the trading day. let's take a look at equities -- the dow jones industrial average lower by 26 points. the s&p 500 lower by two points. i would say that has a little to
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do with the manufacturing reports. but not much movement. olivia: a big earnings day with 30 s&p companies reporting today. earnings numbers are coming in pretty mixed. a little more action in the currency market -- that is pretty much flat also. , the dollarndex dropping from a four-month high and the euro a little stronger but under $1.10. perhaps the real story is the the royal bank of australia left benchmark interest rates unchanged. little movement on oil prices, perhaps a rebound from yesterday's selloff, but a commodity driven currency like the aussie dollar and canadian kurt the taking a hit in recent months. more health care companies are making deals.
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today, one is excepted while a much larger one is being turned down. team health holdings agreed to aboutc health care for $1.6 billion. it represents a premium of 37% over ipc's closing price yesterday. team health says it will expand their ability to staff hospitals with qualified doctors. billion offer by shire is being ignored. the company made an unsolicited did hoping to create a biotech company focusing on rare diseases. scheier said it represents a premium of 30% and values the company's stock at $45 a share. scheier says the company will not talk about the proposal. raising itsa is earnings forecast after posting second-quarter profit that beat analyst estimates. the company said it added members in government insurance
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programs. aetna agreed to buy humana $435 billion with plans to expand in medicare. aetna shares are up 28% year to date and is currently the nation's number three health insurer by enrollment. sprint's earnings need estimates as they hope to extend their streak of subscriber games. what they dropped into the number four spot among u.s. wireless carriers. it's total number of users is more than 2 million lower than t-mobile. david einhorn was not sorry to see july and. he said it was the worst month since 2008,any losing nearly 6%. he said the hedge fund firm was hurt i insurance underwriting and weak results out of micron technologies. david: micron's earnings were affected by lower than expected computer demand and the company
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began migrating capacity from dram to other mobile components. the result surprised the market and led to lower forecast earnings in the lower stock price. we continue to believe the industry behavior is more rational with three players and still expect current earnings to be higher than in the past and peak earnings to be higher in the future. einhorn says the current overall environment is all wrong for greenlight's strategy. shows donaldoll trump leading the republican presidential field by a wide margin. former governor jeb bush is second with 10%. wisconsin governor scott walker takes third place with 8%. the 17 candidates are all watching polls closely because only the top 10 in the latest polls will qualify for the primetime debate on thursday night on fox news. fox will send out its invitations this afternoon.
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president barack obama will spend his day with the typical briefings and meetings, but he's also celebrating his 54th birthday. like most presidents, he has a little more gray hair than when he first took office seven years ago. when he took the office, he was the fifth youngest president to enter the white house. olivia: he really does have a lot more gray hair. pimm: at least he has hair. olivia: much more still to come in the bloomberg market day, acluding twitter turning into takeover target. moree management strategy strategy that stupidity? and president obama pass sweeping clean power plan -- we will look at the winners and losers. in l.a. is known for its are this so why would some people say it is the place to be?
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those stories and more coming up on the bloomberg market day. composite index rallying today after falling to its lowest level in three weeks yesterday. this as some brokerages call their shortselling businesses to stem the recent plunge in equity markets. pimm: where should you lay the blame and will it be a drag on china's already faltering economy? joining us to discuss all of this is a china expert from midmarket securities. she was just named one of the most successful harvard business school graduates of all time by "business insider." olivia: congratulations. pimm: let's start with the stock market in china and what it -- a five-day meeting in order to determine what the next economic agenda is supposed to be. leadership isna
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at its annual closed meeting at a resort where they discuss drafting their next five-year plan. the draft is due out in october. but i'm sure a topic of major discussion has been the stock market collapse. one question is who is to blame? has made a central part of his vision that the market becomes a player. the president of china. pimm: he actually talked about the stock market? guest: the markets in general should play more decisive role. he wants a more market-driven economy. have for the whole part of this year, they were boosting the market because they thought this is great -- we can fund new companies, spread some wealth to the middle class and now they see this collapse. say anything about
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how you can lose money as well as make money? guest: they have advertisements on the old boards to invest in the stock market and make a lot of money. it was unbelievable. now they see it's not so easy to control the market. so they had this largest single day decline -- olivia: over 8% in one day. who is to blame for the 30% correction since june? guest: they have put control on short-sellers but short selling is important for a functioning market because you need people to slow down the declines. sometimes it can accelerate declines and sometimes it can offer it. you can pour money into it, but at some point, they have to say we have better use of our money. that speaks people because it reduces liquidity. what do you think was the actual cause for the spike in
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volatility? guest: there was some bad economic news. compared toemember a year ago, it's still up 50%. it's only if you invested at the peak that you are in trouble. economy is slowing down. pimm: or just not growing as quickly. guest: not growing as quickly as it was before. it was growing at 10% average growth for each of the past 30 years and now has slowed to about seven or eight and will probably slow to five or six. pimm: does anybody believe those numbers anyway? it seems a back the arithmetic into the product. the government says get me some 7% growth. what does it mean for the political leadership? the president is coming to the united states for a state visit in september and you have
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chinese newspapers talking about a chinese is this man wanted by the chinese leadership. the chinese have a lot on their plate right now. they have diplomatic issues with the u.s., there is cyber warfare going on with the chinese supposedly hacking into major personal files of people with security clearance in the u.s. and now the brother of one of the most senior formal officials in china we have had access to personal protege and secretary of the former president, who jintao. jintao. the chinese are suspicious he has a lot of information. pimm: like the brother of the chief of staff talking about whatever is going on in the chinese leadership. the u.s. would supposedly have to return a fugitive if he was engage in money laundering.
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it's not clear what he has really done and it's not clear how much he really knows. he is not a spy. he was not in the general office, which is a senior position in china, so we don't know how valuable this is. he moves int that those circles. olivia: just to take the conversation. go, at what point does an equity market correction -- the shanghai composite is still up 50%. at what point does an actual equity correction become a drag on gdp? guest: it certainly can become a drag right now. there are so many issues with what is going on in this collapse. there's a lot of leverage, a lot more leverage than we see. there's marginal lending and unofficial marginal leveraging. pimm: it's also the leverage
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they had in the real estate industry. olivia: thank you very much. the: still ahead on bloomberg market day, twitter shares struggled to find a bottom. is it turning into a takeover target for a company like google? ♪
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olivia: welcome back to the bloomberg market day. pimm: let's go right to julie hyman for the latest on what's going on in the markets. julie: i want to talk about this health caredeal in
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with shire. axalta is the -- b rising. shire, you can see is trading lower, and i see some analyst commentary that is a little skeptical about this deal. among other things, the price that shire is offering. be hard to read this was put together by bloomberg intelligence. the important thing is this number. this is the valuation of recent deals in the similar industry of a similar size. 7.2 times sales has been the average valuation offered. in this case, it's more like five times sales. some say this implies that baxalta could be a poor quality target and is why is offering the lower price.
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this deal does eventually go through. among other stocks we are watching, i want to look at e*trade. those shares are surging after d themrd and poor raise from a poor. they have been building their own capital position. the risk-adjusted capital ratio has improved to a level of 17.3%. e*trade shares rising. rg -- take a look at nrg energy. the company may consider splitting officer noble business in 2016. it had already's let off some of its power generating businesses into a separate company that holds those assets. olivia: thank you.
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energy can telling -- energy continuing to sell off. latestime to check the headlines -- firefighters of northern california are trying to stand their ground again the huge wildfire. the blazes about 100 miles north of san francisco and jumped a containment line and expanded to about 97 square miles. thousands of people have evacuated their homes. two dozen homes of been destroyed but fire crews are getting held today from lower temperatures and higher humidity. officials in new hampshire are trying to determine why a night of circus fun turned deadly. two people were killed and 22 were hurt yesterday when a huge tent collapsed in the town of lancaster. a hailstorm and 60 mile an hour winds it just as the show was starting. delta airlines is joining in banning big game trophies as freight on their airlines.
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the carriers are responding to the global outrage after the killing of a protected lighting -- protected lion in zimbabwe. delta was the first to announce the policy and it covers the same animals. 's tough talk may be turning it into a takeover target. on the earnings call last week, executives warned it would be a while before the company stems a slowdown in user growth. yesterday, shares of twitter fell to their lowest price since their initial public offering in 2013. they are of just marginally today. they've got a market cap of just less than $20 billion. perhaps it would make an attractive acquisition for an acquirer. cory johnson is in san francisco and he has more. tell us about who would want twitter and how much it would cost. cory: here's where we thread the
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needle of being responsible journalists -- no one has made an offer to twitter we are aware of, but it's a good time to take a look at how the business works, what value it might offer and who might be able to afford the company. a $19.2is company has billion valuation, they have a good amount of debt eight took out at some very low-interest rates that's beneficial in terms of operating cash. we have a business that not a lot of companies could buy. the names that might get and eat about like google, facebook, apple -- all businesses that might have a similar interest. they have overlapping user basis to some degree. that havecompanies the cash to do this kind of deal. whether or not they want to do that kind of deal is a different thing. and the effect it would have on their business and earnings is
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different from case to case. olivia: has jack dorsey actually said anything that would make us think you trying to sell twitter question mark -- sell twitter? it is worth pointing out that he is the guy that got them there. jack dorsey has been on the board, he's the founder of this company, he's led the company of not from the ceo seat, and he certainly has been ceo at times. he has helped to guide them to where they are right now. he has another full-time job with the company square which has filed to do an ipo. he's plenty busy and has something else to do. it's the kind of position where we know new management is going to come. it's also worth looking at what this business looks like from an earnings perspective. if a company like apple or google were to buy this, at the current price, it would not be
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and accretive company. dilutive deals are not done in this market. the only company that could buy twitter in its current state at its current price, let alone at a higher premium, would in fact be facebook, but facebook does not appear to be very interested because there product is so competitive with twitter. pimm: thank you very much, cory johnson. olivia: still to come, president obama on his birthday unveiling what he calls the biggest, most important step we have ever taking -- ever taken in combating climate change? remy annas and schiavo joins us next. ♪
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olivia: analysts have had a full night to pick through president obama's sweeping clean power plan he unveiled on monday.
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the policy aims to cut carbon emissions by 32% i 2030. there will be winners and losers. ramy inocencio is here to tell us who they are. let's start with the losers. ramy: premature anything that touches coal is going to be some kind of loser. first and foremost, looking over the last several years, we've seen the amount of coal being used for electricity generation fall from 45% to 30%. we can only expect that to go even lower once the clean power plan goes into effect. looking at some stocks we should be watching -- coal producers are going to be hit hard. even year to date, talking about things like console and peabody energy, they've already been falling in the high double digits. he body is down 86% year to date. isha natural resources facing bankruptcy, so we may be
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seeing more of this through 2022. pimm: and there is a bloomberg article penned by our boss -- olivia: our founder, michael bloomberg. pimm: coal companies are going to get it. other companies include american electric power, duke energy and southern. they are only down between 6% and 10%. still bad, but not as bad as the coal producers because they are diversified. then we head into the winners. was looking into this, i thought the renewables were going to be the biggest gainers. it's therns out natural gas producers that will be the biggest winners. as we are less reliant on coal,
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natural gas is going to come up higher and some of those are chesapeake, anadarko, and southwest energy. they have some of the biggest market share -- chesapeake is the against at about 4.3%. going to renewables, some of the companies include berkshire hathaway, which has a lot of --ets in wind and solar and so those are the winners and losers there. pimm fox mentioned the bloomberg piece is on right now. he's saying the market killed coal. pimm: we have more coming up in the bloomberg market day. ♪
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♪ ♪ ♪ get excited for the 1989 world tour
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with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. pimm: welcome back to the bloomberg market day. i'm pimm fox. the stock market plunges
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deepening this morning in greece, but it could have been even worse. shares plunged 5% as trading opened on the athens stock exchange. the benchmark fell 16% yesterday. brokers say restrictions have limited the damage. day is the second after the bank crisis. bank shares push the trading limit yesterday. the former citigroup vice-chairman says the bailout won't work if greek banks don't bounce back. system isek banking key to getting them back to growth. we have to recapitalize the four major banks quickly and they have major problems with nonperforming. unless you get the greek banks up and lending, there's no hope for them to succeed. pimm: one bright spot today the otherwise bleak greek financial picture is the country's central banks is $1.3 billion has flowed back into the country's bank
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since they reopened two weeks ago. the list of deaths and injuries lamed on defective general motors ignition switches is still growing. the fund set up to compensate victims is recognizing 398 cases , including 124 deaths. families of those killed are being offered at least $1 million each. general motors recalled more than 2.5 million small automobiles because of the flaw. says it might have to rethink its profit forecast because of a slowdown in china. the luxury automobile maker thinks china sales will make up 10% of its earnings before interest and taxes. chinese customers are discouraged by a cooling economy and the stock market slump. more rate rigging trials will reach british courts within the next year. the first trial in the libor conspiracy crackdown put a former bank trader behind bars for 14 years. convicted tomy
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hayes of rate manipulation. libor, used to worthloans and securities $350 trillion. kraft heinz is voluntarily recalling about 36,000 cases of cheese slices. the reason -- reports of people choking on the packaging film. the recall effects three pound and four pound boxes of american and white american cheese. refundss can get full or free exchanges. the markets are closing in europe, so let's go to london. >> we have seen stocks fall in europe today. the stoxx 600 equity benchmark year has snapped a five-day rally. although we have seen commodities rebound, pushing commodity producers hire, that
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has been outweighed by declines for banks. let's look at some of the individual stocks we have been watching today and you will see what we mean -- axel springer has been one of the biggest gainers on the stock today. this is the company that missed t frombuying the f pearson. the ceo said they would have loved to have audit but the $1.3 billion nikkei paid for it was too expensive. this has been declining -- you did not get backing from regulars for a reorganization that would have allowed it to free up cash to reward investors. one of the biggest losers on the stoxx 600. the national bank of greece is the biggest loser, down as much as 30%. those greek banks have been
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absolutely punished with the opening of the athens stock exchange. it's the biggest loser among european markets, down about 1.2%. that's nothing compared to the 16% loss of yesterday. pimm: thank you very much. coming up on the bloomberg market day, hillary clinton's campaign launches its first television ad in iowa and new hampshire today. a lot earlier than she had probably planned. puerto rico defaults on its debt. one of the island top officials talks about how they can move past the current crisis. tenet healthcare comes out with her than expected second-quarter results and raised their four-year profit forecast. will hear from their chief executive. small businesses are being squeezed out by big banks. one company helping small businesses navigate the landscape connects small businesses to lenders through
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its online marketplace. the founder and chief executive of merchant cash and capital spoke to "market makers" this morning about why small businesses are turning to alternative lenders. >> business owners can receive real-time offers from up to 35 different lenders. i havee heard it --erik: heard it described as like progressive. like progressive, we put our offers up in a trans parent way -- in a transparent way right next to our partners. olivia: where is the safety net? it gives me these pangs of the sub prime crisis in terms of how honest are the small business people being? how much betting can't really do? guest: it doesn't mean no
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underwriters. we have been in business since 2005. we weathered the recession and came out strong. business finance companies can pull out data and get a handle on the solvency. so lenders can make an offer but they have an opportunity to do due diligence on the creditor? guest: that's right. that's what makes me nervous -- self-reported. guest: self-reported to just get the offer. -- till subject erik: we know a little bit about ending and some of the companies in the business of non-bank lending to small business. where do you get your capital? guest: we get our capital from a variety of sources. we have hedge funds and private equity firms.
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we are in the early stages of our first institutional equity raise. we've never raised equity before. we're going to that process now. banks are lending to you to do this? guest: yes. stephanie: do you run the risk that banks are going to get wise to this and get into this business themselves? risk, that we a have a syndicate of records and we have somebody that trust our track record. banks are pretty comfortable lending is money -- successfulthe more you become, the bank could look at itself and say i need a new revenue stream, i'm going to do that business myself. guest: that's possible, but i don't think banks are geared to approve a loan in 45 seconds. these are nonrecourse, non-collateralized loans. guess my fear is should a low never be approved
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in 45 seconds? that does not feel good to me. what's the benefit of 45 seconds question mark -- benefit of 45 seconds? guest: a business owner can come in and find out in a matter of moments if he's going to get funded or not. he doesn't have to wait three or four weeks. stephanie: i'm not asking well enough. what am i trying to say? erik: why wouldn't the banks go into this business? stephanie: why does one needed to be that quick? for it to be a safe process -- understand,hat i small business lending isn't nearly as complicated as what some of the banks do. some of the transactions are very complicated. maybe you can reduce it to something simpler and more systematic. guest: big data has come so far
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over the past couple of years. have ausiness owner, few water main break in front of the store or a great opportunity to do something quickly, he would like the opportunity to find out in a day or two whether he's going to qualify. then you probably have an interesting perspective on the u.s. economy because you see this every day. guest: our businesses year over year ahead of where they were last year. small business about 50% of the jobs in the country and our business owners are not taking money like they were in 2007. still ahead on the bloomberg market day, will self driving cars finally be the thing to solve the traffic problem in los angeles? ♪
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pimm: welcome back to the bloomberg market day. let's check the latest headlines -- remember the television ads for viagra? it from itsing coverage. it comes to years before generic competition kicks in. starting january 1, cvs patients eli lilly'srage for cialis drug instead.
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-- walt disney is among the companies reporting after the closing today. investors might want to know what the future online availability of espn and whether it will remain on services like dish's sling tv after losing 3.2 million customers over the past year. also, "star wars" will be on 'minds, preparing for another blockbuster release coming in december. adidas has its eyes on this summer's biggest basketball free agent. the company is offering james harden a 13 year deal worth $200 million. the houston rockets star had a nike deal but it just expired. deal or must match the lose them. he was the runner-up in the nba
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's most valuable player vote last season. los angeles traffic is the worst in the united states and number 10 globally. but the mayor of los angeles is not giving up. the city has announced an initiative to acquire several self driving automobiles to test a ride sharing service that could help alleviate the crush of cars on the freeways. justin fox wrote about it and joins me now. let's talk about transportation in los angeles and its initiative -- and this initiative by the mayor. what are they trying to achieve? justin: although los angeles has made investments in public and a great bus system, this city was built around the automobile, making little trips where no one else wants to make the trip. at least not large numbers of people. so they are looking at ways to
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do this more efficiently and it's clear the arrival of uber has changed how a lot of people think about cars and created less worry about where to park. , withestion is whether self driving cars and some kind of ridesharing element, you get to this system where you fit more people in cars, fit more cars on the freeway without having them run into each other and maybe be able to get from culver city to the valley at 5:00 without spending half your life doing it. this test is being run in conjunction with ucla. you have written about los angeles as a place to move to because it is relatively speaking less expensive than other major metropolitan regions. : this is when you are comparing it with other global cities. it's a lot more expensive than houston or dallas. if you are really looking for
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affordability, l.a. is not the place. what set me off was cory doctorow announced i'm fed up with london, i can afford the rent, so i'm moving to los angeles. it was an interesting choice. l.a. is just a really appealing place now and has always had that appeal. coming from somebody from the san francisco bay area, that is a compliment. justin: i was raised to think l.a. is the most ridiculous joke of a place ever and it just keeps growing on me every time i'm there. it's lovely, you can see the mountains, the restaurants are great, there's tons of interesting people. it's not a lot less expensive. real estate prices have been skyrocketing, but the issue with l.a. is that it is so dispersed and diffuse that winehouse in beverly hills is something i will never in a million years be able to do.
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but there are places only a few miles away that are substantially less expensive and that seems to be the way l.a. is set up. like a series of urban villages. justin: correct. one superficial example i hit on his look at the best restaurant list. in new york, they are concentrated around lower manhattan. in los angeles, you look at a list and it's everywhere. it's spread all over the place because there are these little conglomerations of cool things. pimm: that is why you need the driverless automobile. justin: you need an automobile of some sort. pimm: thank you. you can read more at bloomberg still ahead on the bloomberg market day, why are two investors telling us completely different things about the world economy and who are you supposed to believe? we have details coming up. ♪
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pimm: this is the bloomberg market day. i'm pimm fox. the bankal reserve and of england are preparing to raise interest rates and the bank of japan european central bank are keeping monetary policy lose. all of this is creating divergences in financial markets and my cohost the next half-hour, betty liu, jointly with more. we have multiple versions of the economy going on. betty: it's basically the classic question -- are you a glass have mdr glass half full
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person? are you a nasdaq bowl or commodities bear? bowl, you a nasdaq have seen the nasdaq 100 off 8% this year. accommodative its policy and yes, it's not spectacular growth but we are still growing. if you are a commodities bear and you see the commodities year,down about 13% this then you are worried about one country -- china. china.china, you think china's going to bring down the entire world. you are selling off oil, copper, metals and any other commodity you can find. , we willxt six months see who wins out. out whenhave to find and we will witness the first increase in interest rates in -- since 2006, i believe.
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betty: is the fed raising interest rates when nasdaq old reassess the global economy and valuations and says wait a minute, now is the time where stocks might need to pricey and its time to sell the stocks. pimm: we know for certain it's time for health care deals because we are reporting one at least every day. .hire and baxalta you have someone coming up in the next hour. , the: tenet healthcare chairman and ceo will be joining me in the next hour to talk about how this consolidation is affecting his business, does he feel the pressure. they've made a few acquisitions and does he feel the pressure to consolidate even further because the big guys around him are getting bigger and does he need to get her to compete?
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pimm: i look forward to seeing you in just a little bit. it's time for today's options inside, so let's go to julie hyman. julie: we are coming up on the top of the hour. let's see how the major averages are performing. little changed -- a little to the upside, a little to the downside, a lot of mixed earnings driving us today. joining me for today's option insight is the chief investment officer at recon capital partners. drifting ering this period as individual stocks move on earnings. what do you think as we move into august? guest: we saw a lot of stocks eat and then ran up. we see a lot of leadership breakdown as well, we have seen that with apple. google did well post earnings and then started to come down a little bit. there are some concerns in the
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options market and if you look at the s&p 500, you are starting to see a lot of hedging. puts are being traded for 21. you saw 100,000 contracts being traded on the put side and -- what is that bearish sentiment about considering the market doesn't move much in the month of august? hedging out into september. if you look at what is happening in the options market, we have a 12 handle on the vix. it's below its normal average and but between these quiet times, it's time to look at your hedges. china pmi has come down to its lowest level in two years. the m w is indicating they will have to revise their sales iswth in china -- bmw
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indicating they will have to revise their sales growth in china and they are on the high and. julie: and all of that stuff has been out there and stocks have fallen but overall, it's pretty decent. guest: they have held up easily and usually we trough around vix , but seasonally, august and september are bad months for the market. we saw it happen right away and things come out of nowhere -- we were worried about ebola and europe and earnings really saved us. julie: so what are you doing? guest: we want to go out to the sp1 ietf. that's where a lot of investors go out and hedge. do is put on a put spread with weekly options and quarterly options. the 208 put -- it
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$2.50 and you have a $10 ban of protection -- and of protection. we haven't gotten it yet below 10%. there hasn't been a market correction. you get that payoff ratio so that you can up that a little more and get some more juice. this is going to protect you through the volatile time. we will see what kind of fireworks we get. good to see you. much more bloomberg market day coming up. ♪
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pimm: good day. emily: welcome to "the bloomberg market day." donald trump way out in front of
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his republican competitors right now. he has an 11 point lead over jeb bush and we will have a full result. a look at the efforts to restructure puerto rico's debt. we will talk with the resident commissioner in congress. betty: we will be talking with trevor fedor about the latest results from his company and what is ahead for the health care industry in consolidation. pimm: good afternoon. i am pimm fox. betty: i am betty liu. let's get a look at how the maets are trading at midday. marginally down and we have been kind of pushed around by earnings. the dow was off by about 14


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