erik schatzker and stephanie ruhle are there, joined by greg fleming. good afternoon. erik: good afternoon and thank you. great to see you here. you have a lot of financial advisors here. the businesses that you oversee, wealth management and investment management have grown as a percentage of morgan stanley's revenue and profit, much more so than at other firms. that has created a business model for morgan stanley. what are the strengths and weaknesses of that business model as we look at the future of rising rates, questions about economic growth in the developed world, doubts about inflation? >> when you look at the businesses wealth and investment management, there are huge strengths. we are coming out of the crisis. regulators have not allocated more capital to those businesses.

erik: good morning once again, you're watching market makers. i'm erik schatzker. olivia: i'm elizabeth -- i'm olivia sterns. erik: my partner is in oregon for a big interview at the shoe giant nike. stephanie: thank you so much eric. here we are in beaverton this morning. president obama is here. we are talking about this trade agreement and there are protesters in portland right now who do not want to see this happen. so what does this mean to you? mark: we produce shoes all over the world but mainly the asian pacific region. it is important for us to be part of this conversation. it is an honor to have the president with us today to talk about trade. a really important topic for nike. nike was the company that was born and succeeded aced on the ability to trade globally. this is an important topic. we feel it is critical for the united states to have a 21st entry trade agreement in place. we feel that for nike it actually gives us the opportunity to create jobs. create jobs because of savings that we think, we anticipate will be part of the tpp. stephanie: the c

i am erik schatzker. stephanie: i am stephanie ruhle. in the next hour, we have an exclusive with russia's richest man. we will talk about the executives who make the most dell -- dough in the united states. erik: straight to our stop -- top stories of the morning. the government of greece is optimistic that a deal about locking up bailout funds is within reach. european creditors are not quite social or. greek finance minister yanis varoufakis said that the two sides, the greeks and europeans, are almost there. >> i think we are very close. of course, intel the deal is done -- until the deal is done no one is sure. >> could it be a matter of 24 hours? >> a matter of about a week. erik: creditors want to see more concrete actions from greece. they want to see labor market deregulation and the pension system overhaul. until those things happen, they say they want release bailout funds. the world's largest retailer is hurt by the strong dollar. walmart posted profits that missed and -- estimates. the company is doing with a shift in how co

scarlet: pretty amazing goodhearted erik schatzker get a trip to myanmar? mark: probably by asking could the point he made that the gdp may quadruple by 2030, that is fascinating. scarlet: from a low base, though. mark: very much. scarlet: the law of big numbers and small numbers. mark crumpton, your weekend is here now. mark: my weekend is here. good to see you. scarlet: we have much more coming up. birth tourism in the united states. just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. [beeping] ooo come on everybody, i think this is my grandson. [lip syncing] ♪little girl you look so lonesome oh my goodness. ♪i see you are feeling blue ♪co

i am erik schatzker. stephanie: i am stephanie ruhle. day two and we had an extraordinary run already. we will be speaking with the one and only jim cahanos. leon cooperman at 11:00 and john burbank at 11:30. you better sit down, strapping and don't go anywhere. erik: that is one heck of a lineup. let's start with a bulletin. stephanie: erik schatzker in vegas, a whole other level. erik: top business stories of the morning. alibaba has a new ceo, daniel zhang, they chief operating officer for the past two years. he helped turn the company's single date shopping day into the biggest revenue. he replaced jonathan who will remain as chairman. he spoke earlier to bloomberg about alibaba's strategy. daniel: we manage our business by creating value for long-term customers. by creating values for the disappearance -- for the participants, so we believe that the investors will like us as long as we continue our belief and continue creating value for customers. erik: will investors like alibaba more? the stock is up eight percent and alibaba repo

i just said i'm erik schatzker. scarlet: the antics on a friday afternoon when most of the world is celebrating a holiday. there is one european market to tell you about and that is the u.k.. early losses in the rally into the close, ending at the high. what was surprising was trading was a percent above the 10 day average. data showed growth at u.k. factories unexpectedly cooled last month. the pmi was held to a seven-month low to this comes just raise before the general election, british pound weakening. let's return to some news at home. april auto sales numbers rolling in all morning long. most everyone reported smaller than expected teams. general motors posted a 5.9% increase. nissan even came in with sales figures below estimate. this is the big picture of auto sales in the last six years. you see that spike from the white house program and then the steady higher. interest rates stayed relatively low and consumers began replacing their aged vehicles. we got to 17.5 million last august, topping the previous hi

i've erik schatzker, thanks for watching. -- i'm erik schatzker, thanks for watching. ♪ emily: verizon's plan to take on google and facebook, but is there room for others? that is ahead. welcome to "bloomberg west." i am emily chang. coming up, samsung unveils its new smartphones strategy, and what about a smart phone plan? i will ask the guy in charge and is an initiative a website killer? we will look at the eye-popping numbers that show the company's global reach, and will tencent take a page out of alibaba and unveil a strategy outside china? all of that ahead on "bloomberg west," but first, breaking news. we want to get to julie hyman

erik: and i am erik schatzker. stephanie: i'm excited to introduce you to our next guest, the former prime minister of australia two years after leaving office, her focus is on education especially in the developing world. welcome. last month, i sat down with melinda gates and she said education education of girls specifically around the globe is her biggest priority. why is there such a shortfall when it comes to girls in the developing world? julia gillard: i have so glad to hear that because if we want to change our planet, we have to educate girls, nothing is more powerful than girls getting education. the terrorists know that which is why they add up -- abduct schoolgirls. they know the empowerment the comes with education. why are we lacking, it is hard -- we have made progress -- we are trying to get the remaining 15 million children who don't get to go to primary school into school. many of those are girls. we need to be working through the global partnership vegetation. stephanie: in the poorest parts of t

♪ ers" with erik schatzker and stephanie ruhle. erik: good morning. i'm erik schatzker. stephanie: find stephanie ruhle. a lot to cover in the next hour. erik: we'll begin with some news -- the cost of living is now rising at the fastest pace in more than two years. core cpi rose .3% last month. that is inflation level excluding the cost of fuel and food. price increases were across the board. one of the fastest rising categories is rent. the federal reserve wants inflation rising at about 2%. stephanie: the germans are talking about the return of the drakma. wolfgang shuai peng -- the german finance minister raised the possibility if talks with greece fail. some in germany are preparing for a worst-case scenario. an eu summit in lot via failed to -- in lot the failed to produce an agreement today. angela merkel said greece needs to do more to get to the bailout funds. erik: it is ok to merge after fcc chairman tom wheeler called cable ceos to say there is no government ban on big cable deals. this came after a report that regulators are not inherently against mergers in

, this is "market makers" with erik schatzker and stephanie ruhle. erik: good morning. i'm erik schatzker. olivia: i am olivia sterns. erik: another retailer reports tough earnings. we will find out which other ones are doing things right. not too many. olivia: later today, we will hear from a economist on challenges for the eurozone and greece. erik: first, top stories, the biggest acquisition ever in the semiconductor business. technologies agreed to by broadcom the latest deal in an industry that has been consolidating. of all go -- avago is based in singapore and brought, spacing california. some of the world's best known companies are pressing -- pressuring soccer's governing body to fix the corruption scandal. officials were arrested through the justice department says soccer officials receive millions in bribes meant to influence those who received media and marketing rights. seth blatter has not been charged and he is up for reelection tomorrow. the governing body thinks fifa should take timeout. >> convinced there is a strong need for a change to the leadership

cory: i'm cory johnson in for erik schatzker. stephanie: the republican presidential field grows more crowded by the day. others jumped in the race yesterday, now it's former arkansas governor mike huckabee. mark halperin and john heilemann are entering our coverage. gentleman, take it away. >> with you in new york. mike huckabee someone who has become a force in republican politics over the last decade plus running for president. we have that today and hope arkansas. his announcement speech will be carried live here on bloomberg television, bloomberg politics.com. we expect them to come up in just a few moments. huckabee is someone who brings a lot of strength to this. why do you think he is doing what is traditional but has not been done by everybody -- a formal announcement in his home town in arkansas? >> he is battling the sense that he is not a fresh face and has to reenters himself to the party. he had that success in 2008, he's been on fox news, a radio personality, a book author. he kept himself in the public view. one o

erik: i'm erik schatzker. voteenate may take a final on the fast-track trade bill, allowing president obama to speed up the trade deals being negotiated. 62-38day the senate voted to advance this deal. over maybe taking another step toward an ipo, seeking a billion-dollar credit line. companies current -- frequently seek credit lines before going public. jpmorganhe board of will not have to face a lawsuit. investors had claimed that the board did not do its job when a trader in london lost more than $6 billion. a former aide to prime minister david cameron said the company plans to close its company in promotingy for not microsoft software. microsoft is not commenting on the story. voters in ireland are deciding today whether or not to legalize same-sex marriage. votes indicate the proposals will pass. catholics make up 85% of the country and ireland became one of the last nations to decriminalize homosexuality. a south korean court suspended a woman's sentence for assaulting a flight attendant after having a

we will hear about michael in a few minutes with erik schatzker. have you been to the airport recently? nobody seems to like it. even joe biden said he thinks it is a big mess. you may remember history ashen from last year. biden: if i took you blindfolded you must think you must be in a third world country. scarlet: recently, the port of authority announced plans to update its terminal, a $4 billion project. our next guest wants to skip that completely and shut the airport down. in a recent op-ed, he said it is not only to noisy but cannot be expanded because it is essentially water locked. now is george, the president of the institute for rational urban mobility. with also a civil engineer broad experience, research, and analysis. you realize your op-ed and reaction, manyof defensive. surprised. it seemed logical to me that you think about things before you do them. in new york, you think the knowledge capital the world, we would puzzle over this stuff. i was pleased to there was a reaction and i am to be here today to discuss it. it location, lo

erik schatzker, good morning. as a mentioned earlier, it is a loyal day weekend, which means that no matter what you packing a suitcase this weekend, it won't be ready for the weather because it is always too cold this weekend. traffic no matter what time you leave is always went to be horrible. instead of having a a lot of disappointment in the next two days, enjoy the next two hours. erik: i'm doing a staycation. i'm avoiding all that. stephanie: i'm not. i'm wearing shorts freezing on the beach. i'm going to time when i leave. everyone is going to be crying a

i am erik schatzker. olivia: i'm olivia sterns. stephanie is off today. shrugged at nearly $6 billion in fines against some of the world's biggest banks. erik: right now it is time for some top stories this morning. we begin with a big takeover in the pharmacy business. cbs, the largest retailer of prescription drugs in america has agreed to buy nursing home pharmacy on the care -- omnicare. the debt is $12.7 billion in omnicare is a geriatric business delivery drugs to manage resident prescriptions. greece will try to break the scale in bailout talks at the summit. greek prime minister tsipras will submit a plan to fix the country debt and he will also unveil a new proposal on sales taxes. the number of tsipras' party says unless europe unlocks a bailout money, greece will not be able to retain an imf loan for the next month. olivia: richard shelby wants to make the most extensive changes to the dodd frank financial reform law. one of his proposals could free up $66 billion in capital for 11 lenders including american express. shelby's committee vote deb

erik: i am erik schatzker. lots to tell you about. questions about the future of stock breaking. stephanie: a visit from home depot cofounder and chris christie supporter. he will be joining us at a: 30. -- at 8:30. erik: i would love to see him in a suit. stephanie: i will give you headlines and here are the news. >> avon said the company share are searching are surging. -- our surging. it was claimed that someone would buy a bond. >> an unexpected loss in four years and they plan to slash jobs in cutting their workforce following a net loss of $1.9 billion. >> netflix said the company will talk to a chinese media group. ♪ stephanie: blues legend bb king has died. best known for his kids -- for his hits "we angel," died at his home in las vegas. he was 89 years old. erik: may he rest in peace. more headlines for you this morning in nepal. u.s. marines confirmed that the wreckage of the missing helicopter has been found. the helicopter disappeared earlier this week on an earthquake relief mission carried six soldiers and two men from -- soldiers from nepal. the video earlier in

he spoke with erik schatzker and stephanie ruhle about the need for philanthropy. >> i have looked at giving substantial money to yale over time. that people in life tend to find me now. this is not a surprise. they approach me with a few alternatives of things that might be of interest and this one particularly was of interest to me. stephanie: isn't that the challenge? people find you. you are one of the most accessible people in the financial industry, especially in new york. you must get calls every single day from universities, where the causes, medical research. how do you decide where to put the money? great question because it is not exclusive to me but the people who are sort of in my genuine situation. we do get calls like that. all the time. it's very difficult to figure out which one of the many, many worthy things you support. haveo every buddy needs to -- everybody needs to have some focus on that means something's don't get supported that you would love to. erik: you and bill gross and others, too, i mention i would have to see bill gross and he told me, i believe it wa

erik: good morning once again. i am erik schatzker. stephanie has gone off to a conference and you will see her in less than one hour. let's start this hour with a bulletin of the top stories we are following right now, including the changing of the guard at cisco. john chambers is stepping down as the ceo of his computer networking company and he will be continuing chairman of the board and the new ceo successor will be the senior vice president, chuck robbins, who has been with cisco since 1997. chambers was planning to step down already, so it's not a huge surprise, but it does come early was cisco has been cutting jobs and overhauling hardware. investors don't appear to be too impressed by the mcdonald's restructuring plan. shares of the world's largest restaurant chain are down by half of 1%. steve easterbrook promised to remove and listen to customers as they try to reverse a sales slump. mcdonald's is promising to return more cash to shareholders . now this, the republican presidential field is getting more crowded. carly fiorin

he spoke earlier with erik schatzker in betty liu. he hads able to surmise just advised something called the national stock exchange, a small penny stock -- less than 1% volume stock exchange based in new jersey. some clients on buying that and then he went to china. i think this is a business thing. about how your piece you were trying to find these guys. talked -- >> talk to me in 2008. >> you cannot find dick fuld at all. .> we know what he's doing >> he is to have his attorney who would take all the calls and then say no, he won't talk to you. his attorney retired and so now, he's got no one playing that role. made half piece, he $1 billion, right? in about seven years time. y is he going to come out again? why not just go away, by an island somewhere and live out the rest of your life? >> this is about redemption. he was viewed as the villain of this crisis. for folks like dick fuld, its annexes tension -- existential question. is there redemption? i was looking at the list of former members of lehman brothers executive committee

so erik schatzker sought for himself. flood of theide first companies to set up shop. we will hear from one of the top executives. ♪ pimm: myanmar is open for business after a decade of economic isolation. betty: worldwide is the first up. hotels aren giant to set shop. erik schatzker went there to see the potential and challenges of operating in this new frontier market. erik: for almost 50 years this country was closed to the west. imagine the billions of dollars to get infrastructure. that by default is a tremendous opportunity. it has been only three years since the u.s. lifted sanctions. helton moved fast. already there is a 200 room hilton and the new capital city. a beach resort on the bay of bengal, and plans for three more hilton. >> there was a great interest from a business perspective to come to the country, and also from a leisure perspective. erik: for decades, this is what the world's irma. knew of burma. now tourism is taking off. growing by more than 400% in 10 years. the rest of the world is starting to discover the breathtaking beauty and rich hist

erik: i'm erik schatzker. today verizon agreed to buy a well for $4.4 billion. we will discuss the early mover advantage in advertising which some say is a key motivating factor behind verizon's takeover. stephanie: i had a shake -- ahead of the shake shack earnings, we will take a look at whether burger king can take a bite out of competition on the west coast and what investors want to see out of its first quarterly report. erik: no slowing down for janice capitals bill gross. my one time interview with the bond king on why he needs to prove to himself and others that he can once again reigns supreme over the bond market. here is a look at top stories this morning. verizon is shaking up the communications industry. the company agreed to buy aol in a deal that is valued for $4.4 billion. it will create a path for mobile video. that is $50 a share for a wealthy as a 50% premium over aol stock price yesterday. it will give access to verizon on demand media clips and technology. the death toll is now 42 in nepal second earthquake in three weeks. it hit 45 miles so

and i amthomas staton, joined by my partner, erik schatzker. we will be back with "bloomberg market day," we have a lot more to cover. stick around. ♪ thehanie: welcome back to "bloomberg market day," i am stephanie ruhle. we're looking at the u.s. markets right now and julie hyman has the big stories on "bloomberg market day" right now. julie: we should point this out right off the bat, we have some volatility here, some take gains yesterday, although the her,tude -- big gains in although the magnitude is gainsr from yesterday -- yesterday, although the magnitude is smaller from yesterday. we have equipment stocks that are doing quite poorly today, united rentals is one of them. they spoke at a conference last night and said that revenue in may is coming in a little softer than we had in mind. that is according to the ceo, and shares plunged by more than 9.2%. is the name that indicates here, and we heard from officials in other tereznies as well, and erex sees at challenging environment and other equipment makers are being pulled down as we

erik: i'm sure it's -- i'm erik schatzker. betty: julie hyman is in the newsroom with headlines. julie: another number that the economist estimates, showing a gain of 3.4% month over month. this is a measure of people who are signing contracts to purchase previously owned businesses. some of the recent data we have gotten is showing that this trend in housing market could be continuing. the number, 3.4%. economists had been looking for a gain of 0.9%. that puts the year over year number at a gain of 13.4%. it looks like another good sign for the economy. saw a add on to what we few days ago with new home sales and durable goods. erik: lots of strong numbers. sales. -- new home sales. weston a look at what -- let's take a look at what is making news. new figures indicate job market remains well. applications for unemployment benefits remains low for the 12th straight week. when the number is that low, it typically means there is a healthy level of hiring. debate about of the definition of full employment, nevertheless it may lead employers to wages and retain workers. san francisc

stephanie ruhle and erik schatzker are there and join me now. you have a jampacked show ahead. erik: yes, we most certainly do. stephanie: i thought we just came here to party so i don't know what you are talking about. i think eric might be here for some serious business. erik: yes, in fact this is one of those conferences that draws us some of the biggest names in the investing world. we will speak to them here on bloomberg television. we are starting at 10:00 and will have kls. he is a fixed income guy. we will talk about the sudden backup in yields in europe. stephanie: we will talk to bruce richards from marathon that guy got his start in fixed income. even though marathon does more, we've got to talk to bruce about the impact greece is having on the overall economy. he has been on the credit committee for greece for years. the one and the only, the man who out dresses even las vegas. i'm afraid to see what he will be wearing. michael novogratz will join us as well. betty: my goodness. i am going to have to look at something else before i think about what he is wearing. ho

erik: i'm erik schatzker. we are 30 minutes into trading on the new york stock exchange. the big story today is in bonds. it has nothing to do with stocks. the 10 year yield is climbed to its high miss level -- its highest level. olivia: a huge moves in the german yields. they are hitting .70. we were wondering when the 10-year note on german debt could actually go negative. the 10 year yield up eight basis points. guilds are also going higher. you also seem the spanish bond yields up at eight basis points. trading at 1.83%. let us look specifically at the actions in german. we are looking at the one your move on german debt. it is the one-month move on german debt. as you can see, back on april 20, eight basis points. it is incredible. we are now up at 68 basis points. what happened here? is it inflation rearing its head or people trying to get out of a very crowded trade? steve schwarzman was on with you earlier this morning saying that it is a liquid market and it never made sense for the ecb to filing paper at a negative yields. erik: he says he is only seen negative

stephanie ruhle and erik schatzker wishes. -- will be there. stephanie: erik schatzker witches. he's not coming today. but we are both headed to vegas tomorrow. but for today, the sohn conference. it happens every year, the biggest in the industry come and present their best ideas to eager investors and it's all for charity, for cancer research. at 12:00 we will stream david einhorn's presentation live. and you know that as soon as david einhorn get on the stage and get behind the podium and utters a civil -- a syllable the stock moves. it's all very entertaining. we will have barry rosenstein, a very well-known activist investor. and think about it just a day after carl icahn talking about the value of activism kind of taking a jab at larry fink, it will be interesting to get very resins point of view. barry rosenstein;'s's point of view. betty: herbalife earnings are out. will he talk about that at all? stephanie: bill ackman will never miss an opportunity to beat that drum, and so he will definitely cover herbalife, but what else he will present, we don't know. betty: what el

erik: good morning. i'm erik schatzker. olivia: i am olivia sterns. erik: another retailer reports tough earnings. we will find out which other ones are doing things right. not too many. olivia: later today, we will hear from a economist on challenges for the eurozone and greece. erik: first, top stories, the biggest acquisition ever in the semiconductor business. technologies agreed to by broadcom the latest deal in an industry that has been consolidating. of all go -- avago is based in

i am erik schatzker. billions of dollars in fines. stephanie: we will learn much more in the next two hours when the justice apartment officially makes the announcement expected at 10:00 a.m. eastern. the banks involved sitting -- citigroup, barclays, rbs. erik: the fifth bank is ubs and we have heard from that bank this morning. we would get back to banks in a moment that let's talk about target because they reported earnings. julie hyman has the details. it looks like target had a good quarter. julie: it did. if you look at the earnings pressure, they reported $1.10 and $1.2. they have been emphasizing its children's and baby and wellness items. that strategy seems to work. there was also the lilly pulitzer collection during this quarter. brian cornell, the ceo, has been focused on areas of the store where they see more demand they are raising the lower end of the earnings forecast for the year two for 50 to 465, that is the range they are looking for. they have presumed buybacks. a target i've hundred $62 million their own stock in

bill gross spoke with erik schatzker earlier today. i announced it at the same moment i thought of it. i had not had the time to put on the appropriate amount of positions. from that standpoint, the execution was poor. so there will be less spontaneous expression from bill gross in the future? bill: i hope not. if anything, i want to continue , toell you what i think open my books and write the books and at the same time, leave the room, so that's the better procedure. it's more to do with how you put on the trade unless to do with how you structured it? bill: the structuring, also. i thought the yields would go up toe slowly and less quickly the extent the structure i produced in technical terms was an options strangle than selling calls and selling puts. it was 50 basis points higher in yield. it was surprising to me. executed as well as the timing of the trades themselves. erik: you write that it still makes sense to arbitrage the difference between german bunds and treasuries, for those who haven't read it, please explain. bill: wh

erik: i am erik schatzker. lots to tell you about. questions about the future of stock breaking. stephanie: a visit from home depot cofounder and chris christie supporter. he will be joining us at a: 30. -- at 8:30. erik: i would love to see him in a suit. stephanie: i will give you headlines and here are the news. >> avon said the company share are searching are surging. -- our surging. it was claimed that someone would buy a bond. >>

erik: welcome to encore, i'm erik schatzker.

coming up, erik schatzker him stephanie ruhle getting through the economic morning. dick parsons will join them. we are looking for "market makers." we leave you with the data check of the yen at 191 below 120. the euro at 111. "market makers" continuing on bloomberg television. we will keep you going on bloomberg radio worldwide. good morning. ♪ ♪ t makers" happening out a new time. i'm stephanie ruhle. erik: obviously we have moved. you can see betty liu at noon eastern. it is part of our new coverage starting at 10:00. stephanie: she was with you for breakfast and now she is with you for lunch, but here we are. hope you enjoy. coming up in this hour, monday begins with a deal. noble energy to bride -- by rosetta resources for whopping $2.1 billion in stocks. everyone is looking at the oil industry. there is more and and a to come. tom: another showdown over greece. florence -- foreign prime ministers meeting over an accidental default. stephanie: and coming up, a former time warner chairman. the one and only dick parsons talking and and

this is "market makers," with erik schatzker and stephanie ruhle. erik: good morning everyone. you are watching "market makers panko at our new time. i am erik schatzker. olivia: i'm olivia sterns. stephanie is off today. shrugged at nearly $6 billion in fines against some of the world's biggest banks. erik: right now it is time for some top stories this morning. we begin with a big takeover in the pharmacy business. cbs, the largest retailer of prescription drugs in america has agreed to buy nursing home pharmacy on the care -- omnicare. the debt is $12.7 billion in omnicare is a geriatric business delivery drugs to manage resident prescriptions. greece will try to break the scale in bailout talks at the summit. greek prime minister tsipras will submit a plan to fix the country debt and he will also unveil a new proposal on sales taxes. the number of tsipras' party says unless europe

erik: welcome to "encore." i'm erik schatzker. bill gross earned his reputation as the most ed

erik schatzker right there. if anyone says, are you feeling a bubble, right there, i am feeling a bubble. welcome back, 2007. erik: we have got breaking news. >> emc will hold a privately held company. the new managed cloud services business. the company bolts on acquisition here, although emc is already into that type of business there are nine acquisitions over the past year or so. it looks as if this may be the largest. erik: we take you to the five things we need to watch today. it is the big take over agreed to buy time warner cable. there was a statement moments ago from the communications commission saying the fcc issues every merger on its merits and determines whether it would be in the public interest. absence of harm is not sufficient. the commission will look to see how american consumers would benefit if they were to be approved. tom wheeler talking out of both sides of his mouth. he picks up the phone on the one hand and calls the ceo. stephanie: "business, dealmaking welcome. erik: we finally see

i know it is a focus of stephanie ruhle and erik schatzker. -- is america and consumption. last week was sobering. michael mckee is an optimistic guy and he was sobered by what we saw last week. retail is truly front and center as we go into june. >> i am going to jump in here. it is housing. will millenials unbundle when it comes to housing. the national association of home builders are out with their survey. it is the first of the spring data. it sets off a week of housing data -- tom: a single-digit market. >> back to it. homebuilders consolidated in april. they were down eight percent. having shot up 25% to march. it is interesting what they say, the homebuilders. tom: the basic idea, there is january to march, and then you delay a little. is it into may as well? the first quarter is still going on now. >> yup. brendan: my agenda is greece. we heard the endgame would be in may. we pay attention to the politics to what happens when 4 -- finance and prime minister's get together. greek banks are running out of collateral. a note from j.p. morgan chase. pressure is on cent

"market makers" anchor erik schatzker will be speaking with dan ives gives the company a month at over $1 trillion. i want to call your attention to noted silicon valley investor rick heitzmann of firstmark capital. i want to show you his watch. that is not an apple watch. rick: no it isn't. i cannot get one. i'm still waiting for my delivery. brendan: why do we have to listen to carl icahn? eirik: i am not sure we do have to listen to carl icahn. he is a smart guy, but he appears to be wrong on one thing, which is the two markets that he protected yesterday apple would come to dominate our the television on the one hand and the car on the other hand. he is not protecting that apple will dominate the automotive market until 2020, but he says that television will be a big deal for apple in 2015, and what happened since then? we learned overnight from the "wall street journal" that apple quietly scrapped plans for a television, not the apple tv we know now, the hockey puck-highest device, but a television last year. brendan: let me call it a distinct and without a difference. atv is just

erik: welcome to encore, i'm erik schatzker. bill gross is the most feared

i am erik schatzker. billions of dollars in fines. stephanie: we will learn much more in the next two hours when the justice apartment officially makes the announcement expected at 10:00 a.m. eastern. the banks involved sitting -- citigroup, barclays, rbs. erik: the fifth bank is ubs and we have heard from that bank this morning. we would get back to banks in a moment that let's talk about target because they reported earnings. julie hyman has the details. it looks like target had a good quarter. julie: it did. if you look at the earnings pressure, they reported $1.10 and $1.2. they have been emphasizing its children's and baby and wellness items. that strategy seems to work.

thank you to erik schatzker for smart comments on the toronto maple leafs. for the first time in 15 years new york or tampa bay, who wins? david: i have got to go for new york. and i will go for chicago as well for the same reason. they have never faced each other in the finals. tom: the original six teams going back to our childhood, will the rangers play the blackhawks? congratulations to gary bettman for a great season of nhl. david, come back when the canadians actually win. fifa, are we going to talk fifa on monday question mark? brendan: i do not know. tom: stay with us on bloomberg radio and bloomberg television as the g7 speaks at of dresden germany. ""market makers is quote next. ♪ kers." stephanie: happy friday. this is "market makers" on our new time slot. erik: the gdp ridge's vision and a fee for vote is coming. let's get to our top stories. less than 30 minutes from now, we will get the first revisions on it gdp data. they will show that the u.s. economy shrank. the initial showed it grow 0.2%. now it has probably contracted 0.9%. the present

olivia: erik schatzker on wildfires in california. this is fun. erik: i will see you at this time tomorrow. olivia: still ahead, american idol just announced its upcoming season will be its last one. a big part of tv ad dollars. i will find out where the ad money is pouring into. ♪ olivia: good morning and welcome back to the bloomberg market day. i'm olivia sterns. european finance ministers are hoping to see some sign of progress from greece at today's meeting in brussels. they will not release any more bailout money until the greeks come up with more economic reforms. >> the occasion today for the greek authorities to reassure their partners to show their commitment to find a deal. i can assure you that we have that will. i think today will be an important step. olivia: the government alexis tsipras expects the eurogroup to a knowledge that greece is moving in the right direction. greece is quickly running out of money. tomorrow it has to pay $840 million to the imf. china's central bank is trying to jumpstart the economy. the people's bank o

schatzker and stephanie ruhle. stephanie: good morning. are you surprised to see us? i hope not. this is our new time every morning from 8:00 to 10:00 eastern. erik: you can see betty liu at 10:00 a.m. stephanie: verizon agreeing to buy aol for 4.4 billion dollars. i bet you were not thinking about that when you went to bed last night. the deal gives verizon access to new digital content and advertising platforms. a lot more on that coming up. erik: blackstone ceo steve schwarzman on many things, including his latest deal. $150 million gift to his on the modern, yell.

erik schatzker is live with the bond team right now. erik: as scarlet just said, you short of at this lifetime being well-timed but not well executed. i'd like to know what you mean by that. mean bungled and i know you have to create some excitement on the broadcast but what i'm that was -- what i meant was at the same moment i thought about it, i had not had the time to put the appropriate amount of positions to take advantage of the german bund prices going down in yield. so there will be less spontaneous expression from bill gross in the future? bill: i hope not. if anything, i want to continue to tell you what i think, to basically open my books, but at the same time, to leave the room and start putting some trades on. more to do with how quickly you are able to put on the trade and less about how you had to structure it? structuring, also. i thought yields would go up more slowly and less quickly. to the extent the structure i produced which in technical terms was an option strangled with selling calls and selling the quickness of

erik: and i'm erik schatzker. that's a disappointing day to michael mckee now. michael: i want to be like you, erik when you see a bad number. the university of michigan comes in at 88.6. now it was 99.9 last month. and that was forecast that it would be the same. it looks like it's dropped to both in the expectations and current conditions index. current conditions fall to 99.8 from 107. or the next six months, 81.5 from 88.8. something happened to really worry consumers. we'll look at it with the folks from the university of michigan coming up shortly. expectations have picked up 2.9% from 12 months inflation. now, the fed has wanted to seethat, this may be all the reflection that the gas pryce prices should be rising. gas prices up. people don't feel good about their prospects and see more inflation in the numbers but these don't always transfer to what happens in the stores. alan greenspan once famously said we watch what they do not what they say. >> stocks took a nose dive. the s&p 1%. erik: they had already dipped negative before the number came out but n

you can watch erik schatzker possible interview with bill gross and hear more about his life without pimco, have you define success and why he is giving away his multibillion-dollar fortune. still ahead. toshiba tanks. shares of the japanese industrial giant are under accountingid problems. that story and more when we return. mark: welcome back to the bloomberg market day. let's get straight to a check of the markets. julie hyman is standing by. julie: we have stocks declining across the board. fairly moderate declines. two fourths of 1% down across the board. we were talking about the advances we were seen in energy prices and therefore energy stocks. of course, that is being counterbalanced. stocks why we are seen declined. materials stocks, that is a big stick liner by percentage, down about 9/10 of 1%. that is wiping out the gains and then some. let's go towards materials. disappointing earnings. fmc corporation coming out with earnings per share that missed analyst estimate. taking 6%. international flavors are reporting earnings that beat estimates but their forecast is coming