you talk about the activision merger. i do believe there will continue to be consolidation in the overall gaming industry space but i also believe it is going to give rise to new smaller studios that are going to be even more aggressive in bringing new types of content to the marketplace. the big will continue getting bigger but they are going to be -- there are going to be relit innovative smaller players in the market as well. emily: let's talk about activision for a moment. some investors don't think this is going to happen. do you? >> when you look at the overall combined entity, it makes the new combined business one of the top three gaming businesses, but not in a number one position. that is still held by apple, i believe, with sony not far behind. it's not a situation where the merger is going to create a new biggest player on the block and as i said earlier i think there are going to be other types of mergers, other entities that are going to continue growing in the overall space. i do think it passes all the ant

david. >> yeah, well, are you right, activision shares up 2.5%. buffet made it clear, it's a merger arms play he is getting what he believes is a rate of return based on their expectation, of course, the deal will close. but there are still plenty of people who believe this deal may have some serious regulatory issues ahead, buffet is in the camp that says i guess they think they will get passed >> i think it's a bet he thinks the deal gets passed either that or he doesn't mind 10% if the deal doesn't go through. if he bought at the lowest levels it's the biggest of the game makers out there again the shares have been down because of all the news that's been around this if you look back at the foursome event, stocks are trading quite a bit higher, too. >> yeah. it's interesting not too often, obviously, are you the expert you heard buffet talk about a merger r play, in addition to some of the other obviously investments. >> he's a former red hat are you right, this is something he doesn't do that often it has to be something that interested him ob

had this is not the only concern around activision. you know barry diller and others investigated there is a lot >> this is a totally different thing. an arbitage play not trying to make a dist distinction. that was the whole other situation. he is arguing on the bet of the deal clearly he decided is not only is microsoft wanting to do the deal, which is true, but regulators will allow the deal to go forward. that was interesting there will be some people today who may try to make the same bet on the back of his bet >> what's the timeframe on the barry diller stuff a month ago we were talking about it they are looking at stuff? i guess they are trying to figure that one out. you have to come out and say yes or no. you have to vindicate. >> the s.e.c. doesn't have to saying anything. what's terrible about all those things as a journalist it is a funny thing to say what happens often times and i don't know the source of the original story yes, there are regulators and prosecutors and others who believe they are investigating things when

they boosted their stakes in chevron and activision blizzard. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz, this is bloomberg. ♪ >> i am really excited to be here tonight. the only group of americans with a lower approval rating that i have. >> republican seem to support one fellow. some the -- some guy named brandon. >> the president of the united states at the white house correspondents dinner saturday evening. we were on a different table but very close to each other, i could not stop laughing when he mentioned brandon. >> he's not sure who he is. >> i think he knows what it means. >> i think he knew going in as well. jonathan: futures positive about a 10th of 1% on the s&p. we were recovering, tom keene still recovering. he will be back tomorrow ahead of a federal reserve decision after payrolls on friday. 44, crude down about 3%. the germans making some noise this morning saying they are open to a possible crude embargo. and th

talking about oil to activision to everything. rebecca quick will join us from omaha for the highlights. >>> and as we go to break. amazon sales closing six whole food stores. this is after it is announcing shutting down book stores, four-star locations and kiosks. >>> and equinox is now accepting cryptocurrency it will partner with bitpay. >>> and netflix is cancelling the series developed by meghan markle as the company is continuing to cut back stay with us more on "worldwide exchange" when we return with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪ cvs. healthier happens together. i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. available at your local retailer and club. (heartbeats) introducing icy hot pro. available at your local with 2 max-strength pain relievers. ic

the activision bet which is now 9.5% of the company is a arbitrage play he outlined on saturday. it's really interesting because i do think it shows that yes, he has a lot of money to work with and he hasn't been putting it work buying stock and other companies for a little bit now. now he's really back and i think it shows we might be getting the shakeout that helps value investors. haidi: our finance reporter there. we do have breaking news out of qantas at the moment. project sunrise is back on, targeting the end of 2025 for the first directed new york to sydney flights. these direct flights from australia into the u.s. and u.k. had been put on hiatus during the pandemic. they are also announcing a major aircraft purchase from airbus for these direct new york flights as well as a number of domestic fleet renewals with smaller aircraft being planned. 94 purchase orders spread out over at least a decade being announced. some of those deliveries to start in late 2023. xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have m

berkshire boosted stakes in chevron and activision blizzard. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. biden: this is the first time a president has attended this dinner in six years. it is understandable that a horrible plague followed by two years of covid. >> the president of the united states on rare form over the weekend. one line that stuck out, a healthy dose of self-deprecation. >> did he also say that the event was launched in the 1920's and he remembers it well, having attended as well? he definitely had a good dose of self-deprecation in addition to a little bit more exciting. >> one of us had a few more drinks than the other and he is not here today. looking forward to catching up with tk. good morning, tom, good to have you with us. jokes and humor over the weekend, some serious sides as well and the focus is still very much on what is happening in you brain. what can they do now? >> just quickly, at the dinner, the

boosting its stake in chevron and revealing it now holds a nine point 5% stake in activision blizzard. buffett gave no indication he plans to step back anytime soon as they held their first in person meeting since 2019. qantas has reintroduced nonstop flights from new york and london. the airline says passengers will be able to start playing routes in late 2025. qantas had planned to start flights known internally as project sunrise in 2020 three, but it was delayed due to obit. -- covid. ping an insurance has held discussions with the bank on the idea of spinning off hsbc 's asian assets. the creator of the popular board ap yacht collection of -- bored ape yacht collection of nft's, launched a virtual land collection. that is the largest offering of its kind to date. dani burger is not interested in buying any metaverse land, what about you? tom: i saw the trailer for this new land, it is very trippy. it is worth looking at and pulling up on youtube or their website, but this is quite a phenomenon. at a time when crypto is more broadly pretty soggy. let's get into key market drivers

the nasdaq got hammered in april, buffett was in buying, activision because he loves the price and the companies and he said let me get in there. why is it so hard for investors to do the same thing? it's very hard for them to mimic what he does because they really think too much with perhaps their heart versus their head? >> yeah, for sure, good afternoon, liz. so i think to your earlier point , the single stock volatility over the last, you know, 30 to 45 days has been truly epic, not something that i've seen really since the great financial crisis going back to 2008, so but i do agree with the point that at the end of the day, valuations are actually getting pretty palletable. so think about this. you're buying google at the same earnings multiple as the s&p. all of m-faang as a category is treating at 11 too 12 times forward ebitda so you've had a real degrossing, valuations come down to earth, we were in the stratosphere for a long long time that was certainly facilitated by very easy monetary policy but now, we're back down to earth from a valuation standpoint, and not only is bu

we also saw and activision bet that was hugely interesting because buffett said we bought a lot of that stock after the deal happened and we are simply doing a merger arbitrage play. guy: how much more have they got to deploy? is this the start of this team being on a roll? katherine: they still have a lot of funds to work with. buffett still has 106 billion dollars of cash on hand despite it being a really heavy quarter for purchases, so i think they still have room to run. buffett did not give us any kind of hint on where he might be looking next, although he did say they have spent some money abroad in the quarter, which i think is interesting to note, that buffett is not just looking domestically. he's really trying to find any type of deal or good stock purchase abroad. gina: did he specifically dig into where? was he talking europe, emerging markets? katherine: he did not rule out any countries. he mentioned germany in particular was where they bought some foreign stocks. that won't come out with their 13f filings, so we won't get any details on that. he did not rule out any count

i harking back to microsoft and activision. activision was like, we are doing business with microsoft, and microsoft said we like this. whatever the politics was. maybe's -- maybe the same thing here. but what is it say about next year given the tech turmoil that we have? lisa: there's some people who think it will actually allow more sales because of what chuck robbins was saying yesterday, where he basically was saying for so long, these founders had so much hubris and thought that their values were so high that they would not sell. now they might be starting to get willing to sell. tom: we will never have robbins on again. he refused to give us a signal. lisa: he looked at us like, are you kidding? tom: very important. look for our technology coverage across bloomberg intelligence on vmware and broadcom. futures up 25%. -- up 25. always an important conversation, geoffrey yu, bny mellon. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. huge transaction in the tech industr

a huge bump in activision blizzard so hold for man $5 billion worth of stock at the end of the quarter that was purchased as a merger arbitrage play as activision awaited approvals for the $69 billion take over by microsoft. they mentioned during the shareholder meeting a few weeks ago, buffet said they hold 9.5% of the company so they purchased more stock since quarter end since these 13-fs revealed and huge boost to chevron. the $26 billion worth of stock which we also had known since that time, sold in pharma names as well during the quarter dissolved a stake in abbvie, bristol-myers squibb and royalty pharma about by 83%. so a lot of selling in the pharma names and purchased 8 million more shares in apple so a lot of moves this quarter by berkshire hathaway. >> thank you shares of eli lilly topping the tape the newest type 2 diabetic drug guesting the fda stam of approval they are expected to bring in $14 of a fresh all-time high so a big pharma guy, where would you be >> despite berkshire hathaway getting out of the names, bristol-myers had a 17 year double top from '99 to 2016. i

activision is the number one pure play company in the space we don't take competition for granted or lightly at all. however, there's nothing about those companies being part of larger enterprises, assuming the speculation of ea is correct, and i'm not at all certain that it is, that would interfere with our ability to create this >> do you think it gives them an advantage in terms of platform or distribution, getting at gamers in different ways >> i wouldn't want to underestimate those companies. i don't underestimate anyone it's a tough market. that said, what drives distribution is the quality of what you do and we're really proud about the quality of our products the products that we have historically had and built here at take-two and the new hits that are coming to us now with the combination with zynga so we continue to aim to be the most creative, innovative and efficient entertainment company in the world distribution will take care of itself. >> i want to talk about competition in terms of other releases to your games there is some concern out of your last earnings release,

i like the activision play. you could buy activision, put a 7% stop on it in case the deal falls through. you're risking 7%, make 22, 23%. we like that. we like microsoft, like chevron, those plays. if viewers to get into oil play, exxon has better dividend deal, forward p-e of less than 10. just announced another 30 billion-dollar buyback program that would be probably my pick in the energy field. charles: interesting you brought up dividends because goldman said in the weekly letter, quote, we recommend investors own stocks with high dividend yield and growth. gary, are there names out there that attract you, that fit the bill? >> not right now. one of my rules of bear markets is eventually they get them all. they're now getting apple. apple has had a big topping out now. they're getting the oil stocks. i think oil is topping out. i think they're getting the commodity stocks. anything been left standing they're coming after right now which means probably more to the downside here. again every day i am scanning

so $68 billion acquisition of activision blizzard, right? and i guess ea, electronic arts, says okay well we can get a premium as well, so you know, puck news reporting that it looks like activision, electronic arts, ea contacted disney, amazon, and apple, possibly for a takeover. i don't know what the price tag is going to be, but given that it looks like what, why are you laughing? stuart: because 20 or 25 years ago, when we first got phones that you'd carry around with you , i remember doing an interview where a guy had the phone in his inside jacket pocket and it went off and everybody was like what happened your phone just went off. >> actually it's my watch that's tethered to my phone and apparently siri can hear me very very clearly right now. let's talk about cryptos, but gamestop is offering digital wallets to store instead of cryptocurrencies and hold the digital art nft, not really helping the stock but it's higher after a 3.5% sell-off but this is all part of gamestop's chair ryan cohen and he's the guy that ignited the same stop

blizzard because buffett has a big stake. >> the world is opening back up, activision blizzard the nasdaq winners vertex, american electric, power in regeneron. those are big names, check the big board we've been open for seven minutes and we are down 116 points, that follows the 900-point route on friday. the ten year treasury close to 3% 2.97%, gold moving down by 50.2.5% down bitcoin 38, 39000, 383 is your price, not gas crude oil first $101 a barrel look at not gas very important it is up today energy price inflation is back put it like that the average price for a gallon of regular gas $4.19 what you pay for the gallaudet regular gas $5.74. come up the real estate market is hot in the real world ended the metaverse two plus virtual land just sold for a total of $200 million. i don't get it but we will bring you the story. admissions from cal births are so bad you can see them from space. i'm telling you we cover absolutely everything on the show we have the pictures as well. you will see you then. president biden laughing off a joke about rising consumer prices of the white house cor

we have seen that with microsoft looking into activision. we have seen twitter, a lot of these deals were optimistic. of course, elon musk has his own thinking. but we can see a lot more people, especially financial buyers, trying to take advantage of this environment. manus: crystal, thank you very much. $61 billion there. let's see one other -- what other mega deals get done. coming up, starkly bound. s&p 500 set to see its first weekly gain after eight weeks of losses. we discuss investor sentiment. have we reached capitulation? daniele antonucci joins us. dani: cryptocurrency taking a beating. is that what continues to send tremors through the market? is there something going on -- something else going on? we will have that story later in the hour. this is bloomberg. ♪ ♪ >> inflation is no doubt trending higher and it is higher than are inflation rates throughout the year. >> the costs is a concern. we've had kind of a perfect storm. >> we are going to have more conflict. we are going to have more inflation. inflation causes domestic

emily: looking at the deals that have been done going back to microsoft and activision, are you expecting more big deals this year? are we moving into an environment, given what we are seeing in the markets and valuations coming down and companies looking for a site -- safe exit, are we moving into a time of big-time m&a? >> the tech bankers i have spoken to would like to say sure but you have to understand that they are a very unique animal and have been searching for a big elephant acquisition for years, they haven't done one since 2019. it's a company that really likes doing deals. i wouldn't say that the broadcom competitors will suddenly start following suit but the tech sector being one of the bright spots of the market has been down year-over-year and software companies are very resilient and i would expect we would see more big deals this year to keep you busy. emily: well, broadcom wanted to buy qualcomm a couple of years back, it didn't happen under the trump administration. are you expect any regulatory pushback, angelo? >> i would say there's very little overlap at the end of

this was an exciting year after they went after microsoft-activision what do we hear? >> demand is remaining strong. we are seeing that with sony's gaming division continuing to grow one thing to know is the first quarter of the year, playstation 5 sales dropped versus the holiday period they managed to sell 5.1 million units. it is forecasting 18 million units in the current year. it that gaming division remaining strong as well the issue at the moment for nintendo and sony, the fact they continue to face supply chain disruption in particular, getting their hands on the semiconductors required for the consoles. sony reporting the strong jump in gaming titles like "spider-man" and online gaming subscriptions. another key part of the business was the entertainment business that includes movies as well a huge jump in profit thanks to the release of "spider-man." its image with chip sales and a fall in operating profit it is seeing pressure from a couple of points r r&d is on the rise and phones in china as well for sony it is forecasting improvements let's move on to nin

twitter is pricing 75 to 80 odds activision is somewhere in the high 50s to 60s. that moved up five points after berkshire hathaway's annual meeting. i would agree that jetblue/spirit deal looks the least likely here. >> the big question is, i think dan laid up nicely is it elon deciding not to do it or washington deciding not to get involved aaron, there has been a feeling just a general feeling on the street that you have to look out with the administration looking to make a move and looking to make its mark and that's created something over the deal of deal making to begin with is that a fair assessment? are they circling to make a mark >> without a doubt so far, we have seen they talked a big game, but we haven't really see them pursue creative novel theories lina khan is one short of having majority at the ftc. that would perhaps allow her to pursue more. they talked a big game and we haven't seen it yet. >> dan, you sounded optimistic why is it trading at a steep discount >> i will not say why. the argument he said democrats will have the majority on the ftc

microsoft-activision. elon musk buying twitter. are these unique or are we going to see a trend in m&a? >> i think you will see more. i will tell you why. companies have balance sheets that are fortified. you are seeing big tech have balance sheets that are fortified. you are seeing capital on the sidelines for interesting deals ready to get deployed. when you announce it to the market, stocks are working because they see the combination of those companies working. we see some other things in the m&a world with twitter that are different. when you see that kind of activity that we have seen earlier this year, those are signs there's lots of capital on the sidelines and valuations are getting to the point where they like it. that is another sign there is lots of capital out there and at these prices, buyers are going to show up. emily: if you are looking at the numbers right now, what do you think are the biggest risks? what names do you see as most risky? what could potentially be havens? >> i think profitless tech continues to be

warren buffett discloses a massive stake in activision in a merger arbitrage play. plus a wide ranging conversation

activision blizzard, microsoft put a bid for the country at $69 billion, a classic deal arbitrage play for warren buffett. he has increased the stock to 9.5%. signaling his conviction that the deal will go through. dani: laura, thank you. rounding up that event in omaha. as we close out the hour, we continue to look at european futures moving lower, playing catch up with the u.s. story on friday, and ugly day, the worst day for the s&p 500 since 2020, the start of the pandemic. cross assets continue to be about king dollar. yen and euro weakening, pushing financial conditions to the tightest since 2018. will it get more ugly? we are looking at two year yields charting higher, the highest since 24 -- 2018. this is bloomberg. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. get $400 off an eligible samsung device with xfinity mobile. take the sa

. >> the $70 billion acquisition of activision, which is expected to close next year when microsoft spends that much money on something, you got to pay attention. they see games as a huge opportunity to boost their cloud business because they stream these games to devices as well it's kind of a one, two punch for them they kind of woke up and realized over half the world plays video games. we need to get in on this market that's what this deal is all about. >> well, maybe gaming is going to pop them back up. they've made investors a lot of money for five years tough year off its highs, but still they have done a fantastic job of making money for investors. >>> coming up, speaking of tech, the ceo of one of cnbc disrupter 50 is here with his plan to revamp logistics and why robots are a big part of it. >>> some more key headline, china is reportedly in talk with automakers about extending subsidies for vehicles they are aimed at moving the market going as economy slows down reuters also reporting that the use of the viral oral drug is up 300% in the last month a report says that 115,000 of

activision is trading 20 to 25 below the price. microsoft is willing -- price that microsoft is willing to pay. that might create arbitrage for twitter. that arbitrage is probably markets we are seeing that musk is willing to come back to the table with a slightly lower offer and that is where opposers. kriti: let's talk about the monetization of it. you talk about the contents i, how does twitter actually make money aside from the ad revenue story they put out things like super follow, twitter blue, twitter spaces. how will twitter make money say 10 years from now? rohit: twitter believes they can make money the way some other companies like instagram or facebook have been doing over the last six to seven years. twitter is 85% to 90% of revenues come from brad advertisers -- brand advertisers. that has left emphasis on or did not expend as such. facebook, they do their response. twitter believes 50% of the revenues come from direct response. add onto that what musk believes that a chunky size of the business could come from subscr

when microsoft decided that it was going to try to buy activision and it was making some concessions in order to make that close by allowing call of duty, one of their biggest games to be available on the nintendo platform. so you can see a bunch of new users on that. >> i like the wild card. what is the main discussion? do they want to hear ideas or do they want to make the case more broadly about why their holdings are about to keep falling in value? >> what we are telling clients is of course, there will be bear markets. we are touching on one now, but a lot of stocks are already in bear market. i think the prior guest of yours said it is down 35% to 40% >> wow a lot of damage. the unprofitable tech index down 85%. so the fed has accomplished what it was trying to do, pop the asset bubble and that's giving us a lot of new opportunities going forward, but also the real economy stocks and the businesses like at&t trading at less than eight times earnings with 5.5% dividend yield and they're attractive now, as well, so you've got a lot of opportunities out there. >> all right christi

arts make you own it for strategic reasons if you think there will be something similar to a microsoft activision component going on we really just don't like it it depends so much on these gains that come out whether it's a hit or miss. if we're looking in the entertainment instrument, we would rather look at something like the wwe, where you have much larger areas of revenue so, you know, they're weekly on cable, streaming, live shows, ticket sales, merchandise that they can sell, so not a space we like in general we don't own the speed of one of those, but we would move toward a wwe. >> give us just sort of a sound bite quickly, victoria what is a stock you are excited about? >> yeah, we actually like prologis we think you need to be tactical on this space, and prologis is one that does that >> victoria fernandez, thank you for your thoughts today. we appreciate it. >> my pleasure >>> full of facts, wow, chipotle short, we haven't heard that in a long, long time. >> usually you hear strong franchise and -- >> the dow is doing what it usually does now it's down, it was earlier up in the hour. t

plus growing consolidation, the latest being microsoft in the final steps of its acquisition of activision blizzard to discuss this and more we're joined by reggie, former president and ceo of nintendo north america and author of the new best-selling book, "disrupting the game." reggie, it is great again to see you. how are you? >> i'm doing great how are you? >> i'm fantastic, sir. so how is the metaverse going to change our lives and affect the gaming industry where you spent most of your career? >> i think there's a lot of different talk around the metaverse and you need to find out what it's going to be. from my perspective, the metaverse is going to be a place where you have digital experiences that also touch on some sort of physical activity it will be a place where you go with your friends and a place where your avatar has meaning. it doesn't quite exist today but a number of companies are making movements to go there. whether you're talking about epic and what they have done with their fortnite video game where they have had real world experiences within that game another company

berkshire hathaway has been on his largest spending spree in a decade, boosting holdings in chevron and activision blizzard. european investors are whipsawed by a crash that started in stockholm before hitting other markets. from london, i'm guy johnson, today with gina martin adams in new york. alix steel is off. welcome to "bloomberg markets." friday was ugly. would you expect this monday morning to see a commencing bounce back for stocks? gina: normally after such a mess you would get a little more optimistic about the day after. the problem is there's no evidence of capitulation in that price correction, so when we look at things like momentum and breadth, they are still holding at much higher levels than you would normally expect considering the degree of price correction. so until we get some momentum and breadth capitulation, i think the wiser strategy is to fade all bounces. guy: it is interesting. we initially faded the move first thing this morning. futures have been in and out of positive territory throughout the day. the nasdaq is up around 0.5% but already off session highs. let's tal

shares of videogame maker activision blizzard are rising today. berkshire hathaway raised its stake in a merger arbitrage bet. berkshire noun owns -- berkshire now owns 9% of the company's stock. the european union has hit apple with an antitrust suit over iphone payments. the complaint alleges apple abuses its dominance over mobile wallets via its apple pay service. the company could face hefty fines. apple says it's contactless pay system helps consumers. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. ♪ >> let's say you want to be positive if there's going to be china stimulus. because what you wish for because if it is going to be a 2009 style credit stimulus, then the inflation or impact on that, you ain't seen nothing yet. lisa: that was geoff yu of bny mellon. what we have seen overnight is that services sector plunged to the lowest since february 2020. this is the reported data. how bad are things getting as

. >> sure, it could, and you're right, that the market is usually set those things aside the activision deal to me has nothing to do with tech, it has to do with the warren buffett insurance underwriter, looking at the risks embedded in the price. am i willing to take the other side and bet this goes through, $20 a share, and free money the market's handing to me it really isn't about the insight around the business at all. it's one of those times he felt like the market, you know, gave him a little bit of a lopsided risk/re risk/reward bargain. >> even if it did relate to the regulatory environment microsoft in a bircht category than other big tech names. we're going to continue discussing where the value in this tech drad meta is the only one seeing earnings more results ahead uber and doordash reporting later this week. and morgan stanley senior internet equity analyst. brian novak, good morning to you, before we get to the move ahead. did anything fundamental for cap tech names change last week? >> thanks for having me. i would say a few things stand out that are notable, the first

liz: oh, yeah and you saw that 13 of buffett's filing for berkshire and occidental petroleum and activision blizzard, thank you, charles. dow bulls making a late afternoon stampede, the blue chips down as many of 268 points this morning, now, up about 241, the s&p up 12, as it joins a late session reversal of fortune the nasdaq still lagging as former goldman sachs ceo lloyd blankfein now warns about a recession ahead. our floor show traders are here

we east owns activision, which is a stunner to make. it's a video game company that microsoft acquiring owns them because he thinks microsoft acquired them. it's a cheap way to get microsoft so really a smart guy. and he says things like a greedy when others are fearful and be fearful when others are greedy and people are fearful right now, the vix is really high, says lot of fear on wall street. and is it more a buyer? the seller looks like. >> that's one thing i've always found fascinating with him is he's definitely in that, you know, by companies that you love research them by the ones that you love and hold on for a long time. he's the buy and hold kind of guy. i guess he doesn't think to. finally of people are trying to game the system buying selling shorting, trying to, you know, make a quick buck when they wall street that that's tough to do these days. >> he doesn't like or people or by speculation. and his partner, charlie munger, he's 98 years old, looked like a cranky old man this weekend when he basically said robin hood's

apps such as bumble would benefit as would video game apps such as those owned by zynga, take to and activision blizzard spotify is the one company that's struck a pilot deal to have lower fees, though no word on when they plan to expand that google pilot. >> i'll take that back, julie, we don't know what that fee is, but to your point, maybe the point isn't to win in court but get us talking about it and sort of a pr assault. julia, thank you. >>> today's biggest laggers on the nasdaq 100, they are on your screen, as we head to break, and not helping the cause as the index looks to break a three-day losing streak, noz dak is on the flat le. 'rba iju aoment. (dad allen) you know when you see a great deal on a phone, and then realize it's not for you? not at verizon. (mom allen) yep, they just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) i thought new phones were for new customers? we got iphone 13s, too. switched to verizon 2 minutes ago. (mom brown) ours were busted and we still got a shiny new one. (boy brown) check it out! (dad allen) so, wait. e

he now has a more than 15% stake in occidental, he was buying chevron, activision blizzard, what do you see today? charles: let's not forget he was buying up apple, and he said the only reason he stopped is it went up. liz: liz: not today. charles: you're absolutely right, he's probably someone our viewers, long-term investors funding their 401(k), looking to make a little extra money than they have in traditional accounts on the street, you know, this is a lesson they need to be reminded. so i don't think it's about pinpointing the exact bottom. it's more of a question and certainly if there are names that you like, look at them through price to sales ratio, even more so than price to earnings because even there i look at price to forward earnings. we're looking extraordinarily cheap. oracle of omaha, he's buying oil just as we keep hearing oil can't go that high because of esg and other things. he's loading up on apple whenever it gets hit. it's the most amazing company in the world, i get it. everyone has to make a decision though, liz, and this is the tough part for our viewers, the

. >> yeah, there's been some acquisitions in this industry take to picked up the scene, got activision because they've got corporate culture that bad that's against women. and how kind of a bro culture thing going on? they're selling to microsoft. and now he is like we have hundreds and hundreds or so employees. we want to sell to because that's because the labor and inflation costs. so it looks like electronic arts is up for sale. they got football got mad they've got quite the franchise there they have. he got 580 million active users on their accounts right now. so wall street likes things like subscriber numbers. we see netflix losing subscribers. they need to look at what kind of hard to say. maybe we can grab them. the companies that are being talked about are apple, disney and amazon. i would like to see netflix get in on studio. what's different scene? good video game and a action superhero movie. not a lot. me look kind of the same these days. so i want this is healthy, james, because when we look at each other and say james is worth a million dollars, you someone comes and go

liz: oh, yeah and you saw that 13 of buffett's filing for berkshire and occidental petroleum and activision blizzard, thank you, charles. dow bulls making a late afternoon stampede, the blue chips down as many of 268 points this morning, now, up about 241, the s&p up 12, as it joins a late session reversal of fortune the nasdaq still lagging as former goldman sachs ceo lloyd blankfein now warns about a recession ahead. our floor show traders are here to tell us which stocks to pick whether blankfein is right or wrong. the crypto bargain hunters nowhere to be found in the wreckage of last weeks crypto crash, the so-called stablecoins terra and luna at this hour near worthless after melting down last thursday, below their dollar peg. we caught up with bitcoin mega bull tim draper at a major crypto conference in new york city. find out what he really thinks about stablecoins, if you should actually be worried about a coinbase bankruptcy, he's an early investor in coinbase, and which tech giant he says bitcoin resembles the most. he makes the comparison that i think you need to hear. retail in

months, basically buffett added or bought to apple and also bought gm, more rest ovation hardware, activision blizzard, cvx, mckesson, and the citi ad was pretty interesting and maybe we can put up what he sold or reduced, kroger, verizon, wells fargo he completely exited out of that a lot of people say it's about time considering they had that scandal several years ago and the stock never really recovered from that. i did find it interesting that signs michael berry is shorting apple, but he bought google, meta, and you you know, i guess, tom, when you look at what the big guys are doing, they aren't always right, but they do make a move and you see this reflected in the financials. well if we look at some of the eft's we can see that even the regional financials are looking pretty good. anything like that interest you? >> yeah, well city bank is one of the cheapest stocks in the market. it traded close to 50% discount from its book value. anytime these big banks trade at a meaningful discount to book you want to buy them. even wells fargo if you bought during the pandemic in the mid- 20s it

hb, and at the berkshire hathaway annual meeting a few weeks ago, buffett said his firm owns 9.5% of activision blizzard which would imply they've been building on purchases of that merger we should get the filings after the close today including berkshire hathaway's very much >> thank you very much you looking out for any -- we always look at these 13 fs and they're kind of backward looking. but given they're recently backward looking and the environment is so messed up, maybe they're more interesting in most periods. because you want to see the trends that emerge from this >> what's interesting is the transparency in cathy wood's arc fund and think for a moment about sentiment in the market. her aum is still strong. in fact, it grows. what does that say overall about people's risk assumption when they're looking at these innovation hypergrowth stocks. that have thad chain saw fall on it >> those stocks have come down a lot. this is what people have said to me they're not necessarily that, pencive relativeb to real rates. look at where are you going to get growth and you look at a stock down 7

four deals in the past 18 months, but i think this is about consolidation in general the fact that activision, blizzard, zinga, those deals are done it's just a question of what comes next. >> julia, thank you. >>> take a look at shares of apple. the stock is on pace for its worst month since 2020 our next guest is still bullish. joining us is a bank of analyst analyst. i wanting to to the m & a conversation first because we've been talking about it all show or at least the potential of t.apple, of course, has aering amount of cash some might argue too much. it's never been particularly inquisitive in terms of the larger deals do you think that changes in this environment when valuations have come down so much what would it take for apple to look at like, for example, an ea >> yeah, hey, good morning, deer draft. thanks for having me i think it's been apple's focus to make sure that they keep their innovation engine runningance a and they have been doing that largely from an internal perspective they have done a phenomenal job of that. now that said, at some point when you look at sort of wha

ago we had microsoft xbox buying another games company and they spent £77 billion on that company, activision and when you think elin must bought put in for a 44 million, that's a lot of big figures he can forget how big it is what it was in the context how big the games industry is and people are pouring money in there because they can see that there is growth coming because content lights of america and africa are only becoming online more and more and getting access to more and more and getting access to more more consuls so they are investing big time and gaming. whatever it's called people will still be going out and buying it. thank you so much for that. great to have you on. the high court has heard dye the high court has heard that rebekah vardy "had no choice" but to bring the libel claim against coleen rooney to "establish her innocence". the long—awaited trial involving the two footballers' wives is under way, following claims mrs vardy leaked false stories about mrs rooney to the press. the legal bills for each of them are more than a million pounds as our correspondent colin pa

was announced a few hours ago, of course it's one of the biggest deals we've seen rivals, microsoft's activision deal in terms of the size, call it in the $60 billion range. there's the details, though. you can choose, $142.50 in cash or 0.2520 broadcom shares. eventually it's prorata a 50/50 split. michael dell owns 50% of this, so dell may want more stock for being tax efficient. that's something to keep an eye on here and maybe that's one reason there is the election included because he was the main negotiator you have that 40-day go-shop provision. don't usually see that in a strategic deal financing is there they're talking about $8.5 billion in ebitda three years post close being added by this interesting, 50/50 split why do you get a go-shop this deal came together in a few weeks. they approached michael dell, would you be interested and they took it from there dell owns some 40%, silver lake owns the company, so you have to deal with that a break fee around 1.2%, within the next 40 days until july 5th, you were able to get somebody else coming in over the top, seems unlikely, but we'll s

to 121 million shares at the berkshire meeting a few weeks ago, he said his firm ownown ed 9.5% of activision. as recently as february, buffet bemoaned the lack of opportunities out there despite spending on a near record 150 billion cash that shrunk by 50 billion or so after the firm i vnvested in stocks even still, buffet told shareholders his focus is less about market time and more about return on investing. >> we have not been good at timing we have been reasonably good and figure out when we were getting enough for our money >> again, we should get a fuller picture of berkshire hathaway, after the market closes today when the 13 are disclosed. we'll have to continue piecing together a picture of what they have been doing. >> thank you >>> as we head the break, check out some of the biggest laggards on the nasdaq 100. megacap tech is getting hit. data dog continues to get slammed. the cloud software company down 7% zscaler and some of the cyber names dragged be in you have some strength in the chip stocks like amd facebook remains reseilient don't miss dan niles on how investors should b

we have not seen big ticket tech deals, obviously, microsoft activision being an outlier. but it would be an important deal, if, in fact, it does get done >> you point out the street response, cynics may view it as a business slowdown in the wake of cisco's miss last week. we talked to chuck robbins of what he sees coming. in the broader consumer demand, client demand. >> yes, i do believe when vmware came free from dem remember dell controlled 81/82% of the company spun, tax-free completed last fall. there are any number of people who believed at some point and probably wouldn't be too long before vmware would be a co consolidation place. >> that's something we will watch closely with the potential mna news of the morning. as we go to break, eu trading higher sources tell our julia baoorsti that they didn't advance beyond preliminary stages a lot more still ahead, stay with us. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income th

to think about what the others are thinking >> if you remember the whole controversy around it on ac activision it wasn't his stake. >> it was todd or ted. >> he got into it later. that is a separate situation the point is we often times take away an extraordinary amount >> apple was not him originally either it was brought to his attention and turned into the huge play he put into the three of them and charlie munger trade ideas and talk about what they see and think. it is a lot of brain power. >> not to dunk on our coverage because i love our coverage. some of the 13fs, you don't know if they hold them or, b, with the synthetic instruments built on the street, i her ar from my guys this could be an artificial long position. >> not in berkshire. >> 100% not berkshire. >> and david tepper, that is laughable. >> not for berkberkshire >> berkshire doesn't use those instruments. >> they believe in it? >> it is the old filing. you don't know where they are right now. that's valid some of the changes they made to the portfolio and buffett did rapidly. when he likes something, he gets in quickly. >>

one of the largest tech acquisitions ever and that's slightly less than that $68 billion microsoft activision deal, but we know broadcom and apple suppliers have been doing really well the last few years and they've been looking to buy something in the last few years including that hostile bid for qualcomm which they said no thank you, we'll go on our own. ashley: yeah, interesting though , both those stocks are not bad. let's take a look at apple. that stock is down 1.25, they're raising wages? >> yeah, that's right so they're raising wages by 45%, so you're looking at 22 bucks an hour for the new staff, and they're also increasing their wage budget for the entire company. now, apple can afford this , because it's a $3 trillion company, makes $100 billion in profit each and every year, and the astonishing profit margin, which a few companies can say that they have, profit margins of 40%-plus, in their recent quarter. we know that there have been union votes in a few stores across the country. now the reason why apple stock is down is because if you're paying higher wages maybe those profit m

then activision blizzard is up better than 2% in premarket after warren buffet's berkshire hathaway revealed a 9.5% stake in the gaming company, thought to be a wager should microsoft complete the proposed 95 a dollars per share takeover. the stock is up 13.6% this year alone. futures are turning lower this morning as investors look to move on from the worst month in the markets since the beginning of the pandemic, the tech led nasdaq ending april down more than 13%. that was its worst month since october 2008. the height of the financial crisis. the dow and s&p both having their worst month since the start of the pandemic, march 2020. the yield on the 10 year treasury seeing the biggest monthly increase in 13 years. extending woes for bond investors facing a rough april. joining me now, jmp securities ceo, mark lehman and joining the conversation all morning long, brandon arnold and christian whiton. mark, good to see you. what's up with the futures this morning? the stocks can't catch a bid. >> well, you're right. obviously finishing april as poorly as we did on friday and the continued fe