taylor specifically, ann taylor is an iconic brand but has stores. will you look at store by store and do something that maybe the other old managing can't do? say listen, these 25 stores just aren't doing well enough. we have to close them? >> i think management is aligned with the need to get rid of the bad stores. >> yes. >> reinvest in new opportunities. so we've talked about that. we've talked about what should be closed not specifically, but that we want to invest in the future and not just kind of go sideways on stores that aren't really going to go ahead. >> it's major for you because this is a brand, you know that's universally loved and some would say it's tired. it's ready for change. >> it's iconic both of them. >> absolutely. that's the president and ceo of ascena. the cost that can be taken out. the sin near gees are huge for this company. "mad money" is back after the break. >> jack versus shack burger houses sizzle but only one is heating things up on wall street today. what should you bite into right now? cramer's recorder is coming

the ann taylor shares are moving higher today. ascena retail shares have also been on the rise -- actually, they are declining. betty: ann inc. is on the rise. mna monday. julie hyman. now i look at how all the markets are trading at the moment. in europe, jonathan ferro has what is going on and some of the reaction to the m&a. wrap up this trade-in day in london. finishingion those flat. -- the big gains right here on the dax by over 1%. the shape of the session through the trading day. tradingbacks off of the session, accelerating into the close. down 1% friday, up 1% today. part of this because of a weaker euro. theeuro pulling back from three month high. we are lower by 8/10 of 1%. next stop for this one, as far as the basis concern is tomorrow. key for the currency and the bond market. after a couple days of calm, the route is back. italian bond yields pushing higher by over 10 basis points towards 2%. ten-year german bonds, yields higher by a couple of basis points. 0.65%. greece is in trouble. the greek financial sector and

ann taylor is a strong come. by the way, so is anscena. betty: their shares are down actually -- marshall, they are. but they come back up. joseph a bank -- jos. a. bank really did have tobut they come. fight men's wearhouse. i think there is a little cena is. by the way, ans using its own stock. mark: no obvious synergies. talk about how this makes sense. marshall: your guide to push me on something where i do not think i agree on the premise. it makes some sense if you say women's apparel, casual and --enswear and we are trying we are not going to run for cover. it's a very competitive market. ok, fair enough. but i will tell you where i'm a little skeptical. you go back 20 years ago. amalgamation an amalgamation and the activists in that stock were saying, guess what, buddy? you have a bunch of women's apparel retailers. is a synergy. maybe we will find some on the purchasing side. i don't know. a littlene could be skeptical. on the other hand, you can use your own stock -- betty: then why not combine? marshall: it's a relatively cheap

ann taylor is in new york city. very expensive employees and office space. there is a lot of back-office synergy between the two. i think it makes sense for the players to partner together to become stronger in an environment that has become really challenging for women's apparel. pimm: i want to thank you both. liz dunn, j margolis. still ahead, billionaire ry.estor mark las his thoughts on who can be the biggest challenger to hillary clinton. ♪ pimm: welcome back to the bloomberg market day. top stories crossing the terminal right now. two hours from now the federal reserve for release minutes from last month's policy makers meeting. investors will look for clues about timing for an interest rate increase. mayral reserve officials reiterated that they expect a bounceback. tanks the world's a gift -- of the world's biggest banks will have to pay $5.8 billion in penalties. five of the banks agreed to plead guilty. prosecutors say currency traders used chat to manipulate the banks. a crime wave involving atms. fike oh says criminals are stealing debit card

they will purchase ann taylor and ann ta the deal is expected to close in the second half of this year. shares of ann inc. sored, while shares of assena fell 1%. >>> tomorrow will reportedly get results, quarterly results from both home depot and walmart, and some of the worlds most recognizable stores are facing big obstacles right now. courtney reaga has more. >> reporter: the majority of companies have already reported first quarter earnings retailers are just ramping up. wall street is hoping the consum will lift the broader economy. particularly after a number of disappointing reports. including april retail sales and estimates for first quarter gdp. there are a number of issues that could hurt retail earnings and forecasts. retail's first quarter is typically january through april. which means harsher than likely weather blade a part the impact of a strong dollar will likely be most evident in retailers selling goods internationally, it could also impact retailers with mostly domestic operations in a number of ways. macy's one of the first too report set sales in large u.s. citie

more than $2 billion to purchase ann taylor and the loft. they also own dress barn and lane bryant. the french company that owns fashion brands gucci is suing chinese e-commerce giant alibaba for profiting for counterfeit items told in counterfeit stores, a long running issue for alibaba and other chinese e-commerce sites having such big problems in china. and look at the big board. the dow is up by 4 points, the nasdaq is down 2 and the s&p 500 lower by 1 point. >> thank you, jason. >>> last week congresswoman loretta sanchez announced she is running to represent california in the u.s. senate. >> and already she is getting lots of attention, mostly for a comment she made over the weekend. political analyst melissa cane is here to explain what happened, right? >> yes. the democratic convention had her making it interesting. political junkies are thrilled, first, with the announcement they will be in this race. start with the understanding that being the senator from california, the biggest economy in the union and biggest state in the union is a big deal. so far the race for the big

ann taylor and loft will be the highest price points in ascena's portfolio. jeffrey's analyst points to this deal saying this illustrates an ongoing potential for m & a activity in the aparity space. he specifically calls out chico's, guess and mike on the kors ascena's ceo david jaffray will be on "mad money" tonight with our very only jim jameser. >> courtney thank you >>> up next stocks just dipping below record territory. so how should you play they record-breaking markets? more on that when "squawk on the street" comes right back. the network that monitors her health. the secure cloud services that store her genetic data the servers and software on a mission to find the perfect match. and the mom who gets to hear her daughter's heart beat once again. we're helping organizations transform the way they work so they can transform the lives of the people they serve. >>> markets trying to flirt with record territory. we did hit a record high on the dow earlier today. what could the investors be focusing on. guys, good morning to you both. tom, a big topic of

joe: the parent company of ann taylor was bought out. but people don't think this is some sign of, like, incredible optimism in retail. people see this as cost-cutting. we are looking for some signs of life in retail. that the consumer will come roaring back. alix: let's see about the roaring because urban outfitters are releasing numbers at the breaking news desk. julie: another not so good sign for retail. --have seen all of it except all of it miss except for nordstrom. five cents short of estimates. million.ing in at $739 $757 million the average analyst estimate. the sales is really the important part of these retailers. comparable sales up 4%. they looked for a gain of 5.3%. the shares are taking a dive on this news. i am looking at the breakdown of the brand. it has been the strongest brand, probably. that and anthropology have been very strong. up 17%. up 1%.ology sales urban outfitters comps up 5%. talk because of the west coast port shutdown that some of the home goods that come into anthropology might have been delayed. we wil

bring your attention to a stock, ann taylor inc. up on relatively light volume. this on a reuters report that the company is in advanced talks to possibly be acquired by golden gate capital. again, this is the same condition, golden gate capital, that bought darden restaurant's red lobster division. two companies to focus on in the after hours, mandy. back over to you. >> very big news in the after hours trading. nu skin down by 15%. do you have any comments on this? >> well i've been thinking that we should see some more deals in the retail space. ann taylor $2 billion, that is a big price. this must be a turn around for them. it's a big price. >> biotech, we have a massive deal. alexion pharma striking a deal to buy rare disease drug maker synageva biopharma corp. who could be the next target? time for some stock therapy. meg terrell. i apologize about that little twist of the tongue. very, very very strange to have a rare disease maker, wouldn't it? >> it would be funny. we've talked with a lot of analysts today because there's been an unprecedented amount of

joe: there was this deal where the parent company of ann taylor was brought out my but people don't -- was bought out, but people don't to this as a sign in retail, but just about cost-cutting. we are still looking for some signs of life and retail cap line that the can will come roaring back, but we are still waiting. alix: julie hyman is that the breaking news does raking the numbers down. julie: is it not so good sign for retail. latest,tfitters are the earnings per share five cents shorter than estimates at $.25 a share. seven hundredn at 39 million dollars, $757 million was the average assessment. sales, that is the important part of the equation for these retailers. comparable sales were up percent , and the estimates were a gain of 5.3%. the shares are taking a dive on the news. sales, thatcan't has been the strongest breakdown probably. that and anthropology. anthropologie sales of 1%. urban outfitters of 5%. there was some talk by analysts that it was perhaps because of the west coast port shutdown that some of the home goods might have been delayed. line, the u.s. consumer i

ann taylor is on at that point for friday. speaking of the ann taylor story, i do wonder how much more activity consolidation there might be for a lot of these names especially if they get big share point declines. >> especially if you consider that the difficulty in figuring out what the difficulty in retail will look like you have the one hour or slightly in that realm delivery people trying to figure it out. you've got the mobile and beacons coming into stores. so it's interesting to see how these companies are doing, anthropology, lane bryant. >> stores themselves as one analyst put it themselves are caught in the mall. >> mall traffic is declining. as we've seen in the mall complex, a lot of these places are hurting. when it comes to costs and keeping your margins intact by keeping the costs down. >> one final thought, kelly, we had this discussion a few months ago, which is we were talking about home builders retail how has it helped the economy? we may be at the point where retail is no longer a tale for the economy. >>

tom: i think maybe 40 iterations of what ann taylor means. i'm not sure what it means anymore, but you will see more of those as we go through. julian emanuel, part of this comes down to cheap money. you see a driving everything. julian: use ash no question. the other aspect is that companies are turning out more cash than ever due to margin and efficiency. tom: there is the idea of -- i do not even know what justice is. >> did i say the word millenial again? tom: something to do with the millenials. ann taylor with the transactions this morning. brendan: corporations have record amounts of cash. what will they do with this? we will keep talking about this on "bloomberg surveillance." this is "bloomberg surveillance" on bloomberg radio, and streaming on your tablet. tom: good morning. "bloomberg surveillance." tom keene and brendan greeley. futures are at negative six. brendan: a big week for retailers. we hear from urban outfitters today. we hear from home depot, lowe's, best i. stephanie ruhle joins us -- tom: i got a 90 -- you got a 90 inc

taylor and loft ran's. the bloomberg deals reporter ed hammond joined mark crumpton and discuss therlier to market, particularly in the retail space. >> we will see more retail m&a across all sectors. anyone in spent -- in sponsor hands is on the block, no shortage of those, we have seen a few processes going to sponsors and failing this year, search he goes was the obvious one. everyone is looking at that as the other one. there is a bunch more kind of out there. some smaller names, some more troubled or distressed. and again, some of the really big ones, which we saw last year with j.crew, there was a lot of talk that they were going to be by japan. does that come back? a good bet bs. marshall: -- a good that would be yes. >> i think that that is the biggest macro theme in the m&a markets today. were all the wind in the sales of m&a, most of it includes companies legal positioning themselves for recovery on the growth side or for what they think is value on the value end of the chain. m&a, goldmang of sac

women's apparel and other deal, buying the parent of ann taylor, and incorporated. buying the company. fed president charles evans is in no rush to raise interest rates. speaking in stockholm, he said inflation is way below the fed target, so great that statement rates should stay near zero for the time being. >> i think the federal market committee should refrain from raising the federal funds rate until there is much greater confidence that inflation one or two years ahead will be at our inflation target. i see no compelling reason for us to be in a hurry to tighten financial conditions until then. olivia: the fed has said it will raise the interest rate when it sees improvement in the labor market, and when it is confident inflation will actually rise to the 2% level. pimm: it is a major setback for the iraqi military. islamic eight forces have taken over the capital of iraq's province. they are raise the black flag in triumph. thousands have fled the city and reports of civilian massacres. it is located 68 miles from baghdad. in waco, texas, police are cracking

the company that owns the clothing stores dressbarn and lane bryant is buying ann taylor for $2.1 billion. yeah, a lot of shoppers from those three stores had opinions on the buyout. here's what a few of them had to say. the first woman said, "that's great. i love their stuff." this next woman said. "that's pretty interesting, i guess." next woman said, "holy crap, are you serious? this is a major game-changer." [ laughter ] [ applause ] this next woman said, "i don't really have an opinion on this." this next woman said, "you're telling me dressbarn, laney b., and tay-tay-la are all under the same roof?" liz claiborne gets in on this, it's gonna stir up a shiz show in this piece." [ laughter ] [ cheers and applause ] this next woman said, "i just got shoved to the ground by hillary clinton." [ laughter ] and finally, this man said, "i'm more of a victoria's secret guy." [ cheers and applause ] we have a great show! give it up for the roots, ladies and gentlemen, thank you! [ cheers and applause ] ♪ >> jimmy: hey, thank you very much. thank you for watching. welcome everybody. hey every

lots of rumors that ann taylor could be acquired. let's go to jared. >> caller: cramer, simply put, you are fiery. i love your passion about stocks. it's contagious. i learn a lot from you and you continue to inspire. i'm calling to ask you about bristol-myers. i want to know your current evaluation. >> well, i thought that bristol-myers conference call was great and i say buy. violet? >> caller: yes, jim, first time caller. >> okay. >> caller: -- aris capital. >> it's a black box situation, therefore it makes it difficult for me to reach that conclusion so i say stay away. i need to go to phil in ohio. phil. >> caller: yes phil in ohio. jim, how are you? >> i'm doing well, how about you? >> caller: good. love the show. love the enthusiasm. i have a question about the container store. >> boo! >> really one of the worst quarters of the year. when you have a bad quarter and then another bad quarter and then you put two bad quarters together you have a bad hatchlf and that's what the container store has. that's the conclusion of lightni

. >>> and ann taylor and other stores are being sold for $2 billion. buyer is the the retail group which already own lane bryant, dress barn and within of chris's favorite stores. >> that is right. >> what is it. >> it is casey. >> the buy out was approved by the board of both of those companies. >>> do you drink star bucks. >> do i not drink coffee. >> well, you have to listen to this do you like music. >> i love music. >> star bucks and spotify will team up that will give star bucks loyalty customers unique access to the streaming device. customers will be able to influence and specially inn store music on spotify. tar bucks has the the best pr machine in the world getting tuesday run their stories on the news. they will have access to play list on the stores after leading them through star bucks and spoti if. y apps. they will earn star bucks reward points if you like star bucks. >>> if you have not booked your summer vacation, you may want to hurry and get this trip book. >> u.s. airlines are bracing for a record number of pass edgers from june 1 t

but i would not follow along here, hoping for someone to come in and save ann taylor, and someone will. >> pete what happened with whole foods? >> i like the stock on this pullback. what happened was yeah they did miss on certain areas. they missed on revenues in line with the actual earnings, but they're still up 10% year over year in terms of the revenues, there are numbers out there they introduced a new smaller concept store. taking a little page away from wal walmart, away from target. i think it's a buy at these levels. >> keurig green mountain. jim cramer called this one of the worst calls ever. >> it had to be. you know, the trio of bad is when you miss on eps, you miss on bottom line, miss on top line sales and you guide lower and the guidance was horrible. >> said the analysts were peppering the company on the call and it was, i think as jim said, it was crickets in response. >> there was no answer from management and then they have 80 basis points or theres about as how much the margin shrank year-over-year. if anybody was still holding on to this thing, i can't believe it's

ascena retail buying and taylor for about $2.6 billion. it is 21% higher than ann's closed friday. ann shares rising. erik: thank you. another look at some of the top headlines. airlines are expecting a record number of passengers this summer because of an improving economy. airlines for america predicts u.s. carriers will fly 222 million passengers from june through august. it would be the record from 2007. a marine corps osprey made a hard landing in hawaii killing eight -- killing a marine and hurting 21 other people. the vehicle was almost scrapped for years ago after failed test flights. the parent of gucci and -- has filed suit in u.s. federal court against alibaba, claiming they proffer from selling fake merchandise. the parent company withdrew last year after alibaba agreed to stop the sale of fake goods. erik: -- stephanie: general motors released a new camaro. matt was there with a front row. camaro outsold ford's iconic mustang the last four years in a row, but ford has gotten a real head start. matt got an exclusive first look at the car with gm ceo mary barra. i especi

and taking a look also at the retail pairing of athena agreeing to buy ann taylor, ann inc., $2.2 billion. and athena actually owns dress barn as well as lane bryant, and this will be a $2.2 billion deal. more "varney & company" coming up. tom: let's take a look at apple shares. according to the latest sec findings analysts are cutting their stakes in apple even as the shares are going higher and just last hour carl icahn says he thinks the stock could hit $240. it's at $130 he says 240. what do you think? joining us now from portland keith fitzgerald. keith, let's get you on, 240 or 130 which one do you like? >> well i'm not as aggressive as icahn, but i'm on record at $200 within 24 months. tom: carl icahn-like let's put it that way. [laughter] why are the hedge funds saying bye-bye to apple? >> the hedge funds don't run their portfolios like individual investors do, tom, they can sell for generating cash, they can sell just because their management has a different prerogative. so as an investor, you've got to look for yourself at apple and figure out what you want it to do. i think it'

ann taylor web for athena too many stores. we don't need as many stores. even as i like to shop, i have to admit. >> putting out a note which it talks about vision and rational for integrated agriculture accompany and the proposal. that came out this morning. let's call it around 8:00 a.m. it had all the info and the trust hurdles are more of a challenge than implied. >> using terminology properly. >> yeah sensing the cuts the deals and values talking egypt. value goes to everybody. >> wherefore you are on the globe. >> we're value. >> when are we going to finish this? >> not for a long time. they've got to get anti trust. then not until september that being minus and then six days under irish law. you're talking quiet a while. the key is, is it going to really try and get a shareholder vote? let's call it july. if it does will it be able to get a shareholder supported and will it say or amend? it's awkward to say we'll only take one shareholder vote. it's a lot more to come on the island perrigo i would think. not much right now. >> the cruise operator of

they bought ann taylor. apparel is in the dumps. the home depot number is remarkable. i was looking for a good number. i got a great number. urban looking for a good number. got a terrible number. walmart looking for a bad number, got a bad number. we are look inging. we go to home goods. home goods offers a rather amazing price point. this was her best effort yet t tjx. >> we segregate it and say walmart this walmart did sell $115 billion worth of stuff during the quarter. it's important to mention as a percentage of overall retailers who were public that's large. walmart is still retailing to a large extent in this country. >> the most frequently visited store of any kind including restaurants, you name it in the country. >> there are larger lessons to be drawn. home depot, enormous, important. urban outfitters maybe not so much. >> no one is saying -- we had a solid first quarter. we need to continue to get better to consistently run great stores. doug mcmillan and i are on the same page. we need to get better to run consistent. that's all. they've got to be more co

the united states and the parent of ann taylor and loft will be acquiring. they are among the brands currently owned. up by 18% to the downside. the ceo will be on tonight on mad money with krim cramer at 6:00 p.m. eastern. >> the sector up nearly 3% in the past month. a new report suggests potential problems especially for the biggest universal banks. fred cannon is director of research and his firm out with a new report talking about the fragmentation of finance. he joins us and we know you are not a single stock analyst. as a company you have ideas, but what's going to happen with the big banks? they have only gotten bigger. are they going to shrink? >> if we look at the market share, the big banks, the ones we think about are shrinking. the share of total financial and assets are back to 2000 levels. as a market share, they are back to the size they were before. jpmorgan and wamu and wells fargo. this is opening up tremendous opportunities throughout the financial sector to start chipping away and taking pieces that was business. >> we look at the bigges

talking about weekend seaning, american eagle, ann taylor, macy, sports authority, they all release coupons on thursdays to get shoppers ready for the weekend. we have some video we can play for you, also the best time to buy at home depo. haven't released coupons until benz. so won't finds any great sales. wednesday the day to strike. if you are really smart you will use their free ship to store service, which means you can order on line have, it shipped to the store. that way your products are ready by the time you are ready for your weekend project. stores like michael's, think you go saturday, get all of my craft supplies, actually don't release their coupons until sunday morning, so if you have a craft project for the weekends best bet to wait until the weekends almost over. >> that's yes like to get my yarn for my knitting project. >> oh, i didn't know that you knit. >> i do a lot of -- >> i expect a scarf out of you, mike jerrick. >> oh, a muffler. >> if that is the case. >> i said i expect. >> well you keep saying today. wednesday is the day to get out shopping. >> good day toeshoe

. >>> ann taylor reportedly in talks to sell itself to golden gate capital and reuters puts a price target at about $2 billion. >>> taser downgraded for market perform to outperform at oppenheim oppenheimer. the firm saying that the shares are fully valued after the stock met and exceeded its prior price target. >>> okay coming up. he's seen as one of the most dubbish members of the central bank. charlie evans is going to join us in a cnbc exclusive to talk rate hikes about the economy. we're back with him at the 8:00 hour. [ male announcer ] your love for trading never stops. so open an account with schwab. and when a market move affects, say a cloud computing stock you're holding, we can help you decide what to do. with tools that help you see how market activity is affecting your positions. so when the time comes to decide whether to scale in or scale out... you can make your move wherever you are. and start working on your next big idea. ♪ ♪ >>> just exactly when will the fed hike rates? an exclusive interview with chicago fed president charles evans and why he thinks the fed shoul

. $2 billion deal in the retail space and the parent of ann taylor is agreeing to sell its to a big retail group that owns lane bryant and dress barn. so that should give the markets a lift. we're coming off of record highs already on this monday morning. another busy week for retail earnings, american consumer very much in focus. tomorrow we'll hear from the mother of retailers, walmart and home depot. then later in the week we'll get results from target and gap on thursday. i wanted to mention two interesting things that google is doing in the news. number one, the self-driving cars they're in test phases but they'll be hitting the roads in mountain view, california, google's hometown coming up very soon here. these the two seater no gas pedal steering wheel optional. it's an important phase in the test market. also google according to the "wall street journal" will start having bye buttons on its search results on mobile which is a risky move but certainly shows that google is getting aggressive when it comes to e-commerce going up against amazon.com. it will be interesting to see wheth

anne thompson nbc news los angeles. >> and that will do it for us on this monday night. i'm lester holt. for all of us at nbc news, thank you for watching. good night. >>> taylor swift kissing calvin over and over she sweeps the billboard music awards. >> from the couples to the racy fashions and the new jenner girls controversy now on "extra". "extra." >> taylor confirms her hot new romance. >> taylor how great was this night? >> jflt low nearly naked. why kylie and kendall got booed. >> rene is all over the billboard music awards with mariah britney and iggy azalea. >> i changed clothes in the bathroom. >> bruce versus khloe. >> i'm not lying, khloe. >> you were. >> jenner's ratings grabbing tv fair we will his shocked confession from part two tonight. >> what's in his closet that shocked kim. >> what? >> a twitter tornado over the mad men finale so what did onhamre and the cast think about the end. >> aj's weekend in london with george and bradley. and why dancing judge bruno is maulg par joe. >> what is going on? >> now on "extra" from universal studio hollywood, the