Speaker 1: Broadcasting live to New York, Bloomberg eleventh Rio to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
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Speaker 1: the globe the Bloomberg Radio, Fox and Bloomberg dot Com.
Speaker 1: This is taking Stock. Coming up on taking Stock. He
Speaker 1: has been described as having impeccable credentials as a telecom revolutionary.
Speaker 1: Are you interested in starting your own media network? Well,
Speaker 1: coming up, you're gonna be listening to David McCourt and
Speaker 1: maybe he'll have an answer too. But right now, let's
Speaker 1: get answers from Charlie Coulo in the Bloomberg newsroom for
Speaker 1: the Bloomberg Business Flash, and I thank you pim Fox.
Speaker 1: We've got the down Jones Industrial Average down thirty eight
Speaker 1: points now declining two tenths of one percent, the SMP
Speaker 1: five hundred index holding onto a gain of three points,
Speaker 1: some two tenths of one percent. The SMP are struggling
Speaker 1: to rebound after happing a second to straight weekly retreat.
Speaker 1: Right now, Nestak is up twenty four points, a gain
Speaker 1: of five tenths of one percent. Investors are awaiting a
Speaker 1: final batch of earnings reports, along with further clues on
Speaker 1: the health of the U S economy. Jim Paulson is
Speaker 1: chief investment strategist at Wells Capital Management. I think there'll
Speaker 1: be a couple of hikes yet this year. Um. Yeah,
Speaker 1: that's really predicated on a belief that number one in
Speaker 1: the US economy has probably been growing, continuing to grow
Speaker 1: two to two and a half percenter out notwithstanding all
Speaker 1: the vagarities of you know, up and down of the
Speaker 1: various reports that come out, and on the view that
Speaker 1: I think international data is picking up. Gold is moving,
Speaker 1: Laura now by twenty seven dollars, the ounce to twelve
Speaker 1: sixty six, the drop there of two point two percent.
Speaker 1: And we are brought to you by Vanneck Vector's et
Speaker 1: F S expects more from your munies target tax exempt
Speaker 1: income by maturity and credit quality, all with low cost
Speaker 1: ETFs does advanacked Calm Slash Muni Van Eck access the
Speaker 1: opportunities Lending Club shares plunging today after an internal review
Speaker 1: found of US is tied to the sale of a
Speaker 1: loan and a failure to disclose a personal interest in
Speaker 1: an investment fund, leading to the departure of founder and
Speaker 1: CEO Renaudo Laplanche. Today lending club plunging twenty seven percent.
Speaker 1: J C. Penny says it will start to sell major
Speaker 1: appliances online and expand its rollout of the category to
Speaker 1: nearly five hundred stores, or almost half its stores, this summer.
Speaker 1: This after testing it out in a number of trial markets.
Speaker 1: J C. Penny shares up two point eight percent to
Speaker 1: thirty two on Wall Street. Now will look at some
Speaker 1: of the other stories making news. Charlie, thank you from
Speaker 1: the Bloomberg news roomin Mark Crompton. North Carolina is suing
Speaker 1: the federal government over its so called bathroom Law, which
Speaker 1: limits protections for LGBT citizens. Governor Pat mccruory. We believe
Speaker 1: a court, rather than a fed rural agencies, should tell
Speaker 1: our state, our nation, and employers across the country what
Speaker 1: the law requires. The Justice Department had given North Carolina
Speaker 1: until the end of today to scrap the law or
Speaker 1: risk losing millions in federal funding. Presumptive Republican presidential nominee
Speaker 1: Donald Trump is stepping up his attacks on rival Hillary Clinton.
Speaker 1: Trump is taking aim at her husband's presidency and his
Speaker 1: treatment of women. He was impeached and then he lied
Speaker 1: about it. He said nothing happened with Bonnoica Lewinsky, and
Speaker 1: then he said, uh sorry, folks had actually did happen
Speaker 1: and the guy was impeached for Lyne. Speaking at a
Speaker 1: rally in Atlantic City today, Democratic presidential candidate Bernie Sanders
Speaker 1: criticized Trump. That is what we are seeing all over
Speaker 1: this country. The billionaire class, the icons, the Trump's, all
Speaker 1: of these people who want more and more. They're squeezing
Speaker 1: working people Hotter and hottle. At this point, Sanders has
Speaker 1: no mathematical path to the nomination without winning over many
Speaker 1: super delegates already pledged to Hillary Clinton. An inmate who
Speaker 1: escaped from a minimum security prison in New Jersey last
Speaker 1: week was tracked down and taken into custody today. Lacey
Speaker 1: Township police say Arthur Buckle was located near the Garden
Speaker 1: State Parkway. Global News twenty four hours a day, powered
Speaker 1: by our journalists in more than one hundred fifty news
Speaker 1: bureaus around the world. From the Bloomberg News Room, I
Speaker 1: Mark Crumpton, Charlie, and we thank you and again recapping.
Speaker 1: The SMP five index is up three points again of
Speaker 1: two tenths of one percent. I'm Charlie Peloton. That's a
Speaker 1: Bloomberg business flash. You're listening to stock with Kathleen on
Speaker 1: Bluebird Radio. The telecommunications industry, it is not mundane in
Speaker 1: any sense of the word. With the combination of the
Speaker 1: Internet and cable, you have a world wide network that
Speaker 1: brings all of this information, whether it's on the satellite
Speaker 1: or cable or in the air. And to help make
Speaker 1: sense of all of this, we have David McCourt. He
Speaker 1: is the chairman and the chief executive of Granahan McCourt Capital,
Speaker 1: and I want to welcome him to the studio. David,
Speaker 1: thank you very much for being here. Thank you for
Speaker 1: having me him. Now, before you came on, I wanted
Speaker 1: to alert you I was going to ask you about
Speaker 1: your past because I bet most people would not believe
Speaker 1: that you have a first, as I would call it
Speaker 1: in American business, and I'm wondering if you could tell
Speaker 1: people what this first was. Well, thanks him. I've been
Speaker 1: I've been in a media, telcom and technology business for
Speaker 1: a long long time and we have a couple first. Uh.
Speaker 1: Luckily for us, we built the first competitive phone come
Speaker 1: in America, a company called Corporate Communication Network back in
Speaker 1: Boston that was in the eighties. I guess it in
Speaker 1: mid eighties. This is when there was just one phone
Speaker 1: company called A T and T. So there wasn't really um,
Speaker 1: there wasn't the baby bells back then, you know, there
Speaker 1: was just one phone company. So and we we came
Speaker 1: about this because I started out the construction business. In
Speaker 1: the construction business is a tough business because you first
Speaker 1: bid to get the work, and by definition, if ten
Speaker 1: different people are bidding and you have a little bit
Speaker 1: of you, probably it wasn't probably nine people were wrong.
Speaker 1: It was probably you were wrong, right. So you start
Speaker 1: off probably with the wrong price. Then you have to
Speaker 1: fight to do the work, and then you have to
Speaker 1: fight to get paid, and then when it's all over,
Speaker 1: get to startle. You have to start from scratch again.
Speaker 1: So um, one time, UM, we didn't get paid on
Speaker 1: a very very big job, and I told myself, if
Speaker 1: I have to get out of this jam, I'm gonna
Speaker 1: go build a business with the recurring revenue. So we
Speaker 1: built the first competitive phone company in America. And it
Speaker 1: was on a simple premise. Pim I observed that more
Speaker 1: computers were talking to computers and people were talking to people,
Speaker 1: So I said, why not build a purpose built network
Speaker 1: around computers talking to each other rather than try to
Speaker 1: retrofit a voice network. A T and T at that
Speaker 1: time was trying to push data through an old voice network.
Speaker 1: It was a network that Alexander Graham Bell would have recognized.
Speaker 1: It was just twisted copper pier and their version of
Speaker 1: an innovative solution was something called dial up Internet Access
Speaker 1: if you remember that, and that's a data product through
Speaker 1: a voice network. So we built a data product through
Speaker 1: a data network. And luckily for us, you could ride
Speaker 1: voice virtually free right through that network. So you could
Speaker 1: put video virtually three free right through that network. Did
Speaker 1: no matter what one is zero you wanted to put
Speaker 1: through it was just a laser blinking right, so you
Speaker 1: could put anything through it. So we built that company
Speaker 1: and then we merge it to a little into a
Speaker 1: little startup called MFS in Chicago that was owned by
Speaker 1: the PD Keyword Company, and then we went public and
Speaker 1: then we sold UM the whole thing for fourteen billion
Speaker 1: dollars to to World Calm. And then, luckily for me,
Speaker 1: I call it my World Calm stock. I bought a
Speaker 1: putt and sold the call the same day. UM, which
Speaker 1: at the time to find the Wall Street General called
Speaker 1: a exotic financial transaction. It wasn't really that exotic, but
Speaker 1: it seemed at the time. So yeah, that was a
Speaker 1: long time ago. Tell us what you're doing today, because
Speaker 1: I want to give you the time to do So
Speaker 1: what what what are you doing today? What are you
Speaker 1: working on? Well, the most recent thing is something that
Speaker 1: we we just announced today. Actually, we just announced a
Speaker 1: joint venture with King Abdullah Zaz Center for Science and Technology,
Speaker 1: which is the biggest center for science and technology in
Speaker 1: the world that's in READD in Saudi Arabia, and we're gonna,
Speaker 1: uh we fall in the joint venture to design and
Speaker 1: build very very sophisticated high to put satellite equipment UM
Speaker 1: for the entire world. We're going to design to manufacturer
Speaker 1: it in the region. I had bought three satellite companies
Speaker 1: in the past and put them together, and I observed
Speaker 1: a couple of things that one of my reduct was
Speaker 1: going to the Middle East, so why not be where
Speaker 1: where the product was going? And the number one costs
Speaker 1: of running those factories was power and a fuel is
Speaker 1: cheap over there. The number two costs was real estate.
Speaker 1: Real estate is cheap over there. Number three costs was
Speaker 1: something called SMC which the petroleum based product that's cheap
Speaker 1: over there. And fourth was logistics that was my next
Speaker 1: biggest cost. And six my product was going to the region.
Speaker 1: I said, why not partner up with someone UM and
Speaker 1: build something in the region and UM Saudi just recently
Speaker 1: announced the vision, which is they want to be UM
Speaker 1: less dependent on the rest of the world. That the
Speaker 1: third largest purchasure of defense equipment in the world, they
Speaker 1: don't have the defense industry. UM, We're gonna sell our
Speaker 1: products to the defense industry. It's all high tech calms
Speaker 1: equipment UM. So it fits in with their their initiative,
Speaker 1: fits in with what we like to do. Pay him
Speaker 1: everything we do. It has either we enter a market
Speaker 1: where it's a technological change, a regulatory change, or consumer
Speaker 1: behavioral change taking place, and we like that because UM
Speaker 1: there's always people richer and smarter and better capitalized in US.
Speaker 1: But we think that we we believe that we think
Speaker 1: clearly when there's a lot of change. So if this
Speaker 1: technological change or regulatory change or consumer behavioral change going on,
Speaker 1: that's what we like to be. And with this big
Speaker 1: Saddi twenty thirty initiative. That's a lot of change. Thank
Speaker 1: you very much for spending time and sharing this with us.
Speaker 1: David McCourt look forward to having you in the future
Speaker 1: of taking Stock. David McCord is the chairman of the
Speaker 1: chief executive of Granahan McCourt Capital. You're listening to taking Stock,
Speaker 1: I'm pim Fox coming up a look at Crispy Cree,
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