Speaker 1: Broadcasting live to New York, Bloomberg even, to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg twelve hundred, to San Francisco, Bloomberg nine,
Speaker 1: to the countries six General one nine and around the
Speaker 1: globe the Bloomberg Radio Plus happened. Bloomberg Dot gone. This
Speaker 1: is taking stock. Coming up on taking stock, we'll take
Speaker 1: stock of the Republican National Convention taking place in Cleveland, Ohio,
Speaker 1: where we're speaking with Justin Sink, government reporter for Bloomberg News.
Speaker 1: The latest on Donald Trump and the Republican Convention. Right now,
Speaker 1: let's get the latest from Charlie Pellett in the Bloomberg
Speaker 1: News room. And I think you very much, pim Fox.
Speaker 1: We've got to just under thirty minutes to go ahead
Speaker 1: of the clothes. On this Tuesday, the Dow Jones Industrial
Speaker 1: Average is higher. It is up now by seven points
Speaker 1: to eighteen thousand, five hundred forty. That is a gain
Speaker 1: of less than point one per cent, So the Dow
Speaker 1: on track four another record, if we do have a
Speaker 1: positive close. The SMP down five now sixty one, taking
Speaker 1: a breather, down three tenths of one percent. NASDAX slumping
Speaker 1: twenty two points to drop there of five tenths of
Speaker 1: one percent, so the SMP slipping from a record after
Speaker 1: a mix of corporate earnings reports, the recent record run
Speaker 1: for equities hitting some headwinds, Netflix tumbling fourteen percent after
Speaker 1: subscriber growth disappointed. Yahoo shares are up now by six
Speaker 1: tenths of one percent. Quarterly revenue topped analysts estimates. Yahoo
Speaker 1: recorded charges of four hundred eighty two million dollars relating
Speaker 1: to Tumbler, citing a decline and projected operating results and
Speaker 1: cash flow from the blogging service, which the company acquired
Speaker 1: for one point one billion dollars back in two thousand thirteen.
Speaker 1: Colin Gillis is senior Technology analyst of d GC Partners.
Speaker 1: He was interviewed this morning on the Bloomberg advantage. Is
Speaker 1: a good time because it shows up they're cleaning up
Speaker 1: their balance sheet. The fact that they didn't adjust the
Speaker 1: full year guidance, you know, it's another indication that perhaps
Speaker 1: they see a process happening in you know, relatively quickly.
Speaker 1: Management tried to defend their performance, which is a little
Speaker 1: tusk given that that's the same quarter you are doing
Speaker 1: right down on the deal that you did again. Yahoo
Speaker 1: shares up six tenths of one percent. International military funds
Speaker 1: scrapping its forecast for a pickup in global growth this
Speaker 1: year's citing Britain's vote to leave the European Union down,
Speaker 1: Industrials up ten little change, Their SMP down five a
Speaker 1: drop of point two percent, NASA stackdown twenty two, a
Speaker 1: drop of point four percent. Gold up to night the
Speaker 1: ounce two, the ounce three thirty two on Wall Street.
Speaker 1: Now look at other news from around the world. Thank you,
Speaker 1: Charlie from the Bloomberg Newsroom. I'm Jill Schneider. This news
Speaker 1: update is brought to you by the Jeep Grand Cherokee,
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Speaker 1: How Speaker Paul Ryan told a group of Taxes delegates
Speaker 1: today that they are either with Donald Trump or against him.
Speaker 1: It is either Donald Trump or Hillary Clinton. If you're
Speaker 1: not for Donald Trump, if you're not voting, if you're
Speaker 1: not showing up, you're hupping Hillary Clinton. Is just pretty
Speaker 1: much like we're Ryan will be amongst several congressional leaders
Speaker 1: taking the stage in Cleveland tonight. It looks like there's
Speaker 1: more activity from North Korea. Bloomberg's Michael Barr has more.
Speaker 1: South Korea is accusing North Korea of a reckless provocation
Speaker 1: after test firing three ballistic missiles into the sea. Military
Speaker 1: officials in Soul believe two of the missiles were short
Speaker 1: range stud like missiles. The third might be an intermediate
Speaker 1: range missile that could travel up to kilometers or eight
Speaker 1: hundred miles beyond. Yang's latest test firing is an apparent
Speaker 1: protest of Soul's decision to allow the deployment of an
Speaker 1: advanced US missile defense system in the country. Michael Barr
Speaker 1: Bloomberg Radio. The Obama administration is asking the Supreme Court
Speaker 1: for a second chance on Emma ration. The courts four
Speaker 1: to four deadlock blocked the White House plan to shield
Speaker 1: millions of immigrants from deportation. A United Airlines jetliner bound
Speaker 1: for Boston returned to the gate this morning at Newark
Speaker 1: Airport after reports of smoke coming from an engine just
Speaker 1: before takeoff. The Boeing seven thirty seven was removed from
Speaker 1: service and United substituted another plane for the flight. Global
Speaker 1: News twenty four hours a day, powered by more than
Speaker 1: journalists and analysts in more than one twenty countries. I'm
Speaker 1: Jill Snyder. This is Bloomberg, Charlie, and we thank you,
Speaker 1: and again recapping SMP five hundred index, moving lower down
Speaker 1: five points to drop. There of percent were brought to
Speaker 1: by national realty providers of one percent satisfaction guaranteed New
Speaker 1: York City Realty investments. See them at n r I
Speaker 1: A dot net. I'm Charlie Pellett. That's a Bloomberg business flash.
Speaker 1: You're listening to taking stock with Kathleen and Pim Fox
Speaker 1: on Bloomberg Radio. Feuds and unforced or is at the
Speaker 1: Republican National Convention. Joining us now, Justin sink, government reporter,
Speaker 1: Bloomberg News, joining us from Cleveland, Ohio, site of the
Speaker 1: Republican Convention. Justin, Let's begin with Donald Trump's campaign to
Speaker 1: in a sense, control the damage or the blame game
Speaker 1: that has intensified over who was responsible for the perhaps
Speaker 1: plagiarism flap surrounding milani A. Trump's primetime speech last night. Yeah,
Speaker 1: we've heard the campaign sort of immediately take aim at
Speaker 1: two parties. First, Hillary Clinton. They're saying that this is
Speaker 1: emblematic of her typical line of attack, and and the
Speaker 1: second as the media blaming them for over exaggerating. Uh,
Speaker 1: what the Trump campaign insists is not actual plagiarism. The
Speaker 1: problem with the first charge is that the Clinton campaign
Speaker 1: didn't really have anything to do with the the organic
Speaker 1: kind of growth and focus on what seemed to be
Speaker 1: very similar passages between Donald Trump's speech and Michelle Obama's speech,
Speaker 1: and there achieved me Donald Trump's wife speech and Michelle
Speaker 1: Obama speech back in two thousand eight. But you know,
Speaker 1: this has quickly become I think the dominant theme and
Speaker 1: topic and question among all the delegates, all the all
Speaker 1: the party leaders here in Cleveland, and something that we're
Speaker 1: just hearing a lot about and and has really overshadowed
Speaker 1: everything else. Is there any way to understand what the
Speaker 1: future is for the campaign manager Paul Manafort in this instance, Well,
Speaker 1: we saw Manafort out this morning doing interviews. That's an
Speaker 1: indication that the Trump campaign is now is sticking with him.
Speaker 1: Although um there are certainly some suggestions that this is
Speaker 1: ablematic of problems with within the campaign and competency questions.
Speaker 1: There have been a lot of a lot of internal
Speaker 1: discord among the Trump campaign and so, uh, you never
Speaker 1: really know with with Donald Trump and what hell decided
Speaker 1: to do depending on how long this sort of controversy
Speaker 1: players on. Tell us more about the anti Trump forces
Speaker 1: that disrupted proceedings yesterday over convention rules, and I believe
Speaker 1: that Colorado delegation actually walked off the floor. Yeah, we
Speaker 1: saw some real anger among delegates who are here. But
Speaker 1: in opposition to Donald Trump's domination. There was a fight
Speaker 1: over a rule of package that it would essentially smooth
Speaker 1: over sailing for for the rest of the conventions for
Speaker 1: Donald Trump and his nomination passed by a voice vote.
Speaker 1: When delegates demanded a roll call vote that would have
Speaker 1: at the very least kind of stretched out those proceedings,
Speaker 1: it was overruled by the chair and it led to
Speaker 1: big four fight, people yelling at each other, cutting off
Speaker 1: the mics for about ten minutes, and and really sort
Speaker 1: of underscored a lot of the disunity within the Republican Party.
Speaker 1: There's a possibility that we see another version of that
Speaker 1: tonight as as Donald Trumps exp to be nominated formally.
Speaker 1: But it's also more of a theatric thing than a
Speaker 1: procedural thing. He has the delegates to secure the nomination
Speaker 1: and the roles package that was pasted yesterday, and sure
Speaker 1: is that that will happen. John Kaik, the Ohio governor,
Speaker 1: he's been described as making a big mistake and embarrassing
Speaker 1: his state by skipping the convention, but that's coming from
Speaker 1: the Donald Trump campaign. Yeah, this is a really unique
Speaker 1: situation where you see the the candidate attacking the sitting
Speaker 1: governor of an important swing states, somebody who they're really
Speaker 1: gonna need to help if Donald Trump has a chance
Speaker 1: of winning Ohio, which is a crucial state for him.
Speaker 1: It's this kind of rust belt state, big swing state
Speaker 1: with a lot of electoral votes. And so that this
Speaker 1: type of disunity that these types of arguments are going
Speaker 1: on as the convention on a really kind of embarrassing
Speaker 1: national stage, is a sign that, um, there's a lot
Speaker 1: that needs to be papered over and a lot of
Speaker 1: bridges that probably need to be built four November for
Speaker 1: Donald Trump to to be able to rely on that
Speaker 1: state infrastructure that John Kasak has built up. Well, building
Speaker 1: that infrastructure might actually cost some money and wants your
Speaker 1: thoughts on Las Vegas casino mogul Sheldon Adelson. Is he
Speaker 1: going to give a major donation to Donald Trump's campaign?
Speaker 1: Has he actually come out and supported Donald Trump. It's
Speaker 1: interesting he was asked questions about why he hasn't donated
Speaker 1: today and remained completely silent as he was sort of
Speaker 1: peppered by questions peppered with questions by reporters. Um, you know,
Speaker 1: fundraising has been a struggle for Donald Trump throughout this campaign.
Speaker 1: He hasn't designated a superpack. His fundraising his flag significantly
Speaker 1: behind Hillary Clinton, as has his cash on hands. And
Speaker 1: he's responded to that criticism by saying that he could
Speaker 1: self fund his campaign. But lots of Donald Trump's assets
Speaker 1: are hied up in real estate or other non liquid assets.
Speaker 1: There's a great Bloomberg story today about his valuation and
Speaker 1: where all his money comes from. And so there are
Speaker 1: some serious questions I think going forward about whether he'll
Speaker 1: have the cash that he needs to go up against
Speaker 1: Seller Clinton. And just finally, what's the most important thing
Speaker 1: we should look for tonight as the Republican Convention continues?
Speaker 1: Justin I think we're going to hear from both um
Speaker 1: how Speaker Paul Ryan and sent a majority Leader Mitch
Speaker 1: McConnell these are the two most establishment Republicans in some senses,
Speaker 1: and so to hear the offense which they are actually
Speaker 1: stolean Donald Trump's virtues rather than just kind of generally
Speaker 1: talking about conservative values. I think it's going to be
Speaker 1: a big parton And the second is how this roll
Speaker 1: call vote or stay? If I stay, vote for his domination.
Speaker 1: Justin Sink Government reporter Bloomberg News joining us from Cleveland, Ohio.
Speaker 1: This is Bloomberg coming up. We'll get an overview of
Speaker 1: equity markets and take a look at bonds, but also
Speaker 1: we'll look at some major earnings, Microsoft, Johnson and Johnson,
Speaker 1: and Goldman Sachs. Find out what should you do with
Speaker 1: your money?