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Speaker 1: For more global business news twenty four hours a day,

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Speaker 1: Bloomberg com the radio plus mobile and on your radio,

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Speaker 1: this is a Bloomberg Business Block. And there you have

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Speaker 1: a sound of the closing tel of the New York

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Speaker 1: Stock Exchange on this Tuesday, June seventh. Folks from chummera

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Speaker 1: investment corporation, ringing that closing bell. We are brought to

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Speaker 1: you by T to Computing, a new kind of I

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Speaker 1: Visit T two computing dot com for more information. Stocks

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Speaker 1: faded into the close, the SMP five hundred index clinging

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Speaker 1: to a ten month high. Bank shares slumping in late trading,

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Speaker 1: the SMP up two points at the close to down

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Speaker 1: industrials up twenty points, the gain of point one percent.

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Speaker 1: The SMP also up by point one percent. NASDAK fell

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Speaker 1: by one tenth of one percent. The SMP five hundred

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Speaker 1: index did trim in the advance of five tenths of

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Speaker 1: one percent. NASTACK turned negative, and late trading crew jumping

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Speaker 1: about fifty dollars of barrel, pushing energy shares to a

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Speaker 1: seven month high crewed at fifty eight, up seventy eight cents,

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Speaker 1: a gain of one point six percent. Ralph Studeley, as

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Speaker 1: head of investment strategy at b n Y Melan, moments

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Speaker 1: ago here on taking stock, he talked to us about

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Speaker 1: the interest rate environment. There's certainly the reality that we're

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Speaker 1: going to be facing a rising interest rate environment at

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Speaker 1: some point. It's just a matter of when right. The

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Speaker 1: market doesn't seem to think that the Fed is gonna

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Speaker 1: do anything in Jill, in June, excuse me, and less

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Speaker 1: likely in July. That's mostly because of there's no scheduled

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Speaker 1: press conference. Um. But Yellen's comments yesterday give us some

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Speaker 1: belief that will most likely see something this year, and

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Speaker 1: there's a lot of you know, people out there that

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Speaker 1: believe we'll see one or two rises. Navastar International surging

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Speaker 1: the most in more than three years after the truck

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Speaker 1: maker reported a surprise quarterly profit. Shares of Navastar up

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Speaker 1: nineteen point five percent. Valiant Pharmaceuticals International plunge today as

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Speaker 1: the new CEO, Joseph Papa, cut twenty sixteen earnings and

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Speaker 1: sales forecast. Valiant down today by fourteen point six percent.

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Speaker 1: Gold down a dollar twenty a dropped there of point

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Speaker 1: one percent four o two on Wall Street. Now we'll

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Speaker 1: look at other news from around the world. Bom Bloomberg Radio, Charlie,

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Speaker 1: thank you from the Bloomberg News room. I Mark Crumpton.

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Speaker 1: It's the last big day of primaries in the sixteen

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Speaker 1: presidential race, but voters casting ballots in California and five

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Speaker 1: other states know their decisions will be more symbolic than impactful.

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Speaker 1: The Associated Press is determined Hillary Clinton has enough delegates

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Speaker 1: to be the Democratic Party's presidential nominee. Senator Bernie Sanders

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Speaker 1: is vowing to stay in the race until next month's

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Speaker 1: convention in Philadelphia. As for the presumptive Republican nominee, Senate

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Speaker 1: Majority Leader Mitch McConnell says Donald Trump needs to quote

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Speaker 1: start talking about the issues that the American people care about.

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Speaker 1: Time to quit attacking various people that you competed with,

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Speaker 1: or various minority groups in the country, and get all method.

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Speaker 1: Senate Minority Leader Harry Reid criticized Republican lawmakers today, saying

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Speaker 1: they aren't helping to fund the battle against the ZEKEA virus,

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Speaker 1: and mosquitoes are going to be here in big time.

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Speaker 1: But by the time we publicly talk about giving his money,

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Speaker 1: the mosquitoes will have died or gone home. President Obama

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Speaker 1: has asked Congress for one point nine billion dollars to

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Speaker 1: combat the spread of Zeka. The last known living nine

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Speaker 1: eleven search dog has died in a Houston suburb at

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Speaker 1: the age of sixteen. Brittany, a Golden Retriever, was two

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Speaker 1: years old when she and her handler were sent to

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Speaker 1: the ruins of the World Trade Center following the terrorist attacks.

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Speaker 1: They spent ten days at the scene searching for human remains.

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Speaker 1: Global News twenty four hours a day, powered by our

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Speaker 1: undred journalists in more than one hundred fifty news beer

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Speaker 1: rose from around the world. From the Bloomberg News Room,

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Speaker 1: I'm Mark Crumpton, Charlie, and we thank you and again

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Speaker 1: recapping move higher for the SMP five hundred index up

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Speaker 1: two points to twelve. That was a gain of one

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Speaker 1: tenth of one percent. Down industrials also advancing by one

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Speaker 1: tenth of one percent as that declined one tenth of

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Speaker 1: one percent. I'm Charlie Pellett, and that's a Bloomberg Business flash.

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Speaker 1: Move around motion creates emotionally move move like they do.

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Speaker 1: I've never seen anyone move that back tide. Let's move

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Speaker 1: like you've got a purpose. That was called movers and shakers.

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Speaker 1: They cost a little more about that name cracked me up.

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Speaker 1: Bloomberg taking stock movers and Shakers with Pim Fox and

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Speaker 1: Cat Leanay's on Bloomberg Radio. We're broadcasting line today if

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Speaker 1: in Pershing's inside TwixT conference with the hired Regency in Orlando,

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Speaker 1: and of course we're gonna be here again tomorrow. We're

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Speaker 1: also joined now by our Stocks editor Dave Wilson. He's

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Speaker 1: back Bloomberg World headquarters in New York City. Let's start

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Speaker 1: been taking a look at the S and P five hundred,

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Speaker 1: where we see three or two companies whose share prices

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Speaker 1: closed higher two hundred, one lower, two unchanged. Dave, take

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Speaker 1: it away. What are you looking at that's moving and shaken? Well.

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Speaker 1: We had a story break in late trading about F

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Speaker 1: five Networks. This is a company that makes a networking

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Speaker 1: equipment and it's writers reporting that F five has hired

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Speaker 1: Goldman Sacks after being approached by possible bidders, and the

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Speaker 1: story cited people familiar with the matter uh F five

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Speaker 1: working with Goldman to respond to the interest that's out

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Speaker 1: there and decide on next steps. UH. Interested parties were

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Speaker 1: not identified. F five and Golnment both declining to comment

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Speaker 1: to Royal's But we're talking about a company that's now

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Speaker 1: at eight point three billion dollars in market values, so

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Speaker 1: it would be a pretty substantial deal. And F five

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Speaker 1: networks with a game of twelve point six percent. In

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Speaker 1: the wake of this report, let me tell you about

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Speaker 1: the shares of Biogen plunging the most in almost a

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Speaker 1: year after an experimental drug for multiple sclerosis that investors

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Speaker 1: as well as patients had hope might alter the course

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Speaker 1: of the neurological disease. Well, the drug failed in midstage trials.

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Speaker 1: Shares of Biogen down more than twelve and a half percent.

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Speaker 1: The drug missed both the main and secondary goals for

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Speaker 1: treating the disorder, as according to a report from Biogen.

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Speaker 1: Shares a Biogen down more than twelve and a half

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Speaker 1: percent today. Shares of Pulti Group, major homebuilder, up about

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Speaker 1: three points six percent today. Pretty easy to see why

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Speaker 1: Elliott Management Court has taken stake in Paulty, and it,

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Speaker 1: of course, in the past, has faced criticism from it's

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Speaker 1: the biggest investor Elliott recently wortant to say taken the

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Speaker 1: position the company. That's a Pulty setting statement. We welcome

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Speaker 1: dialogue with all of our shareholders, and in fact, the

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Speaker 1: home builder's co founder and largest shareholder, Bill Poulty, earlier

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Speaker 1: this year called on the CEO, Richard du gastra design

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Speaker 1: immediately and he in fact is going to step down

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Speaker 1: next year. So Pulty getting a nice boost. Well, since

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Speaker 1: you mentioned real estate Katholi, you might as well look

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Speaker 1: at Zillo Group. This is the company that owns Zillo

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Speaker 1: and other real estate websites. Uh. They reached a hundred

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Speaker 1: and thirty million dollars settlement of a lawsuit brought by

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Speaker 1: rival Move company owned by Rupert Murdock's News Corps. This

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Speaker 1: is all has to do with the defection of a

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Speaker 1: couple of Moves executives to Zello a while back. Uh.

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Speaker 1: The salmon's definitely well received. Zello has two publicly traded

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Speaker 1: classes of shares, and the more active one is non

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Speaker 1: voting Class C stock, and that rose five point seven

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Speaker 1: percent in today's trading, and the Class A, which does

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Speaker 1: carry voting rights, those shares up five point three I'm

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Speaker 1: gonna stay with biotechnology Alexeian Pharmaceuticals, following the most in

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Speaker 1: six years. The companies drug for a rare neuromuscular disease

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Speaker 1: failed to meet its primary goal. That's in a final

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Speaker 1: stage trial, Alexeian Pharmaceuticals down more than ten and a

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Speaker 1: half percent uh. The drug was designed to manage a

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Speaker 1: form of muscle weakening illnesses. This has described as MIAs

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Speaker 1: themia gravis, and the phase three clinical study it didn't

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Speaker 1: report any statistical significant changes in the daily activities that

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Speaker 1: the patients could perform. Once again, shares of Alexeian Pharmaceuticals

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Speaker 1: down ten and a half percent. Let's take a look

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Speaker 1: at Ralph Lauren closing down nearly two point four percent

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Speaker 1: at ninety four dollars in change, although it was much

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Speaker 1: worse today. Ralph la ran tumbling as much as ten

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Speaker 1: percent after they addicted a plunge in sales this year.

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Speaker 1: And of course, this just highlights the challenges that are

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Speaker 1: facing CEO Stefan Larson as he tries to turn around

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Speaker 1: this nearly fifty year old brand. He unveiled his vision

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Speaker 1: for the company for the first time since taking the

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Speaker 1: rains last year. He's going to eliminate three layers of management,

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Speaker 1: Slash a thousand jobs, shutters stores as part of his

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Speaker 1: Quote Way Forward plan. The restructuring costs him will amount

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Speaker 1: to as much as four hundred million, the company said

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Speaker 1: today we'll focus on refocus on his three core brands, Ralph, Lauren,

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Speaker 1: Polo and Laura. All Right, it's time now for the

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Speaker 1: Volatility Index Report. It is brought to you by cbo

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Speaker 1: E VIX Options and Futures. Volatility can be harnessed with

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Speaker 1: at cbo E dot com Slash Powerful Outcomes VIX. The

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Speaker 1: VIX move higher today. It was up nearly two, up

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Speaker 1: zero point to six, settling at thirteen point nine two

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Speaker 1: And just an update, Volatility remains historic low, just as

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Speaker 1: the SMP five hundred tries to hit eight new twenty

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Speaker 1: sixteen high. And the bottom line maybe that any move

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Speaker 1: to the upside will be difficult to justify absent the

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Speaker 1: federal reserves rate hike plan. All right, Dave, you're uh hi,

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Speaker 1: My name is Dave. Just what do you think you're doing? Things?

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Speaker 1: We're going down? Wilson, Dave, Mr Wilson, Navistar International is

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Speaker 1: your stock of the day. Absolutely. This is a company

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Speaker 1: that's been around since nineteen o two was once in

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Speaker 1: the Dow Jones Industrial Average. With a history like that,

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Speaker 1: you might think the truck and engine makers shares would

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Speaker 1: be relatively stable. Well, think again. In the last twenty years,

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Speaker 1: Navastar's share price swung by an average of fifty two

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Speaker 1: percent annually. The swings have been mostly lower in the

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Speaker 1: past few years now. Navista are who stickers Navy has

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Speaker 1: suffered from falling demand for its products, oh with environmental

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Speaker 1: issues related to its diesel engines. In January, the stock

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Speaker 1: fellow's lowest prices at least nineteen eighty that's as far

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Speaker 1: back as Bloomberg's data goes. Since then, Navastar shares have

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Speaker 1: been recovering the rebound game momentum. Today, after the release

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Speaker 1: of fiscal second quarter results, Navastar had an unexpected profit

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Speaker 1: of the mounting the ten cents to share in revenue

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Speaker 1: beat anils Savage estmen to Bloomberg survey for the first

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Speaker 1: time in two years. The results set Navastar's share surging

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Speaker 1: as much as twenty nine percent today. They closed with

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Speaker 1: a game of about nineteen and a half percent, and

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Speaker 1: that was the biggest for Navastar International since March. Thank

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Speaker 1: you very much. Dave Wilson, Bloomberg Stock's columnist. Coming up

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Speaker 1: on taking Stock, will be speaking with Alan Burga is

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Speaker 1: our agriculture reporter from Washington, d C. He's also the

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Speaker 1: co host, along with Amy Marris, of Bloomberg Radio's Politics,

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Speaker 1: Policy and Power, be heard every weekend on Bloomberg Night

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Speaker 1: and I One in Washington, d C. Bloomberg Taking Stock

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Speaker 1: is brought to you by Fordham University, the Combelle School

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