18 Burst results for "Delaware Chancery Court"
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"$1 million and her cushioned armchair could be worth over $200,000. I'm Brian shook. And I'm Doug prisoner at Bloomberg world headquarters in New York. Let's check the sours top business stories and the markets Elon Musk's takeover of Twitter is still facing U.S. government scrutiny. We are told there are national security concerns that Musk's foreign partners may be able to access user data. Advisers overseeing the ruins of the crypto trading firm FTX laid bare a stunning list of allegations against the company's former leadership, this includes nonexistent oversight and the misuse of client funds. Now these allegations will likely help fuel any criminal and regulatory action against FTX founder Sam bankman freed. Shares in Alibaba are trading up 6% in Hong Kong, even though the Chinese firm reported mixed results for the second quarter importantly, Alibaba announced plans to upsize the size of its stock buyback program by $15 billion. The gain in Alibaba helping to lead the hang sank to again of a half of 1%. After the bell in the U.S. Applied Materials gave a better than feared sales forecast for the current period, supplied chain improvements helped to offset signs of economic weakness the company is the biggest manufacturer of equipment used to make semiconductors aim at shares were up more than 3% in the U.S. session. On the other hand, we had shares in William Sonoma tumbling more than 12% in late U.S. trading after the company said it will not reiterate or update its outlook through fiscal 2024, the company blamed macro uncertainty. We check markets every 15 minutes here on Bloomberg. Right now in Tokyo, we've got the nikkei rising two tenths of 1% on the Chinese mainland Shanghai composite down four tenths of 1% in Seoul the Cosby is up a half of 1% and in Sydney, the ASX 200 is ahead three tenths of 1%. U.S. ten year treasury in Tokyo with the yield of 3.76%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts, this is Bloomberg. This is Bloomberg law. A divided Supreme Court rejects a religious challenge. Tell us a little about the facts of the case. Interviews with prominent attorneys in Bloomberg legal experts. My guest is former federal prosecutor Jimmy Carroll joining me as Bloomberg long reporter Jordan Rubin. And analysis of important legal issues, cases in headlines. The Supreme Court takes on state secrets multiple lawsuits were filed against the emergency rule. Is this lawsuit for real? Bloomberg law with June Grasso. From Bloomberg radio. Welcome to the Bloomberg launch show. I'm June gros, ahead in this hour. The largest multi state settlement in U.S. history over privacy and Elon Musk takes the stand to defend his unprecedented $55 billion pay package. You know, the one that helped make him the richest man in the world. A Tesla shareholder is waging a long shot battle for Elon Musk to have to return stock options granted as part of an unprecedented $55 billion pay package. Shareholder Richard tornada claims in his lawsuit that the board of directors failed to exercise independence from mosque as it drew up a new pay package for the chief executive officer in 2018. Saying the board lavished the world's largest compensation plan on a part time leader, Musk was called to the stand on Wednesday in Delaware chancery court during his three hours on the witness stand, Musk claimed he had no role in approving the pay deal, and at the time was focused instead on solving the complex problem of creating a sustainable electric vehicle company. Joining me is professor Eric tally of Columbia law school. Eric seemed to be a lot of questions floating around. It was the peo at excessive. Did the board act appropriately independently of mosque? Is he worth the money? What are the questions that the judge has to answer to come to her decision? Well, I think there are two major questions, and there's a little bit of a rabbit hole that is kind of excessively detailed about how Delaware law works. But the two things that are going to be really important to understand is what was the context by which the shareholders of Tesla approved this compensation package because it turns out that getting a shareholder vote as long as it's a fully informed vote to approve a pay package does a lot. It buys you a lot of real estate if you're trying to defend that pay package, but it's got to be kind of a 5 book vote. And so that's going to be part of the issue that the Chancellor is going to try to be vetting out. A second and maybe secondarily important issue is to what extent is the expected size or was the anticipated size of this compensation package within the realm of a kind of a reasonable amount, something that would be fair to the other shareholders of Tesla who, after all, were basically going to be diluting themselves a lot as these benchmarks got met and a bunch of these options got cashed out if those benchmarks got bad. So that part is really going to turn on how hard was it to meet these benchmarks? Were they really kind of almost like automatics or did they pretty much require most to work really hard to meet them in which case, you know, if he didn't get paid that much, maybe he wouldn't have worked that hard. That's the argument that Tesla is going to use. And so it turns out that the most likely applicable legal cast here is going to pivot on those two questions and kind of an interrelated way. The more likely it is that the shareholders actually, they knew what they were voting on. They voted with their eyes wide open, the more deference the judge is going to give to the pay package. On the other hand, if the shareholders kind of didn't know everything or felt sort of bullied or forced into this vote, then that pay package and its fairness is going to get more scrutiny in court. So let's talk about some of the areas of questioning in defending the compensation plan, current and former Tesla directors have testified that it was important to keep Musk focused on and engaged in running Tesla. But he's basically a part time CEO. He must agree with the shareholders lawyer that at the time of this pay deal he was spending about 54% of his time at Tesla, 36% at SpaceX, 10% on OpenAI boring and New Orleans, and now he testified that he spending almost all his time reorganizing Twitter. So how does that play into this? This makes this case one of the most unprecedented executive compensation cases that we've ever seen quite frankly. Most CEOs don't work part time at their company. They are full-time employees and they are employees who are paid well to basically put every bit of their effort and attention into the welfare of the company. Musk is always been a little bit mercurial in his habits. And in fact, they kind of knew that at the time, right? This was not one of these things where some of these other sideline ventures came up after the fact other than Twitter. So, you know, there was a sentence in which they sort of knew they were getting a guy who had divided attentions. And weirdly enough, the rationale that Twitter had for trying to make sure this pay package, at least had the potential to be heavily remunerative was that they wanted to make sure that it was attractive enough to create a honeypot to steal his attention from some of these other factors. And so it's kind of interesting that the road that we've gone down onto this pay package involves mister kind of wandering off and deciding he was going to take over another company, Twitter that's not even in the space. I think that argument could cut both ways on the one hand, the plaintiffs who were complaining about it sort of said, you know, fat loaded good, that did you, you know, paying him this lucrative amount. He was just going to wander off anyway. And maybe the defendants could say, yeah, if we aired, we aired and not paying him enough to keep him on mission and on target at Tesla. So Batman end up being a little bit of a standoff of a
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"To go ahead with a $44 billion deal to buy Twitter, but the trial over his attempt to walk away from the deal is still scheduled for October 17th in Delaware chancery court. So why hasn't Twitter made a move to pause the trial proceedings for more Bloomberg student Grasso speaks to Eric talley, a professor at Columbia law school. His offer was made with a proviso that the Delaware chancery court entered an immediate stay of Twitter's fight and adjourned the trial. His offer came with the proviso that there be an immediate stay of Twitter's legal fight and a German of the trial. Twitter has not done that. Is this a case of fool me once, shame on you, fool me twice, shame on me, fool me three, four, or 5 times, shame on Twitter. Well, that was a nice try, by mister moss, but quite frankly, you know, the imagery of Lucy holding the football and Charlie Brown running up to kick the football again. I think is definitely in play here, right? The fact of the matter is that letter sort of says, I am going to undertake to agree to do what I've already agreed to do and was trying to back out on. And so when you really read that letter closely, yes, it signals that he's had a change of heart that he is willing to try to close this deal on its original terms. That's great news for Twitter. But it doesn't really put his money where his mouth is. It's conditioned on an immediate stay of all proceedings and on the debt commitments closing. Well, the fact of the matter is that doesn't really change any of the positions that he was in. All it does is it signals that he's now more open to closing on these particular terms. So Twitter would be foolish if they said, okay, now that you've signaled this relatively limp willingness to go forward, we should just put everything on hold even though we're careening towards the October 17th date. If part of what was motivating him to issue this letter was sort of a fear of walking into that deposition room, well, if that's his come to Jesus moment and deciding he's going to soften up on this deal, why would Twitter ever want to put on the brakes on their lawsuit? What kinds of things can Twitter do now to protect itself? I would expect that Twitter is trying to make sure that there are concessions there that are a little bit more concrete than merely a repetition of the promise that he made back in April to close the deal. So for example, they might have him stipulate to various legal outcomes and essentially say I'm going to agree that the circuit performance is in fact the right order here and concede my liability on the issue or alternatively they might say, okay, if you want to go through this deal and it's going to take a few more days or weeks to get things lined up, we would like you to immediately put enough cash and stock in other companies like Tesla and SpaceX into an escrow account so that if you try to back out on it, we don't have to try to haul you into court for a specific performance decree. We'll just have a judge attached to that account and that will kind of put your money where your mouth is. And as Eric talley, a professor at Columbia law
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"It on or is it off? That's the question that's been asked about Elon Musk's deal to buy Twitter for the last 6 months. Now, Musk says it's on. In a letter on Monday, the world's richest man made the proposal to go ahead with the $44 billion deal to buy the social media network on the original terms. But Twitter has not dropped its lawsuit to force Musk to go through with the deal and the trial date is still set for October 17th. So what's going on? Here to tell us is Eric talley a professor at Columbia law school. Why do you think Musk came in at the original offer price instead of trying a lower price? Well, look, like any situation in which the parties are at a party is reaching or trying to find resolution that could be a whole bunch of different reasons. A lot of them most practically probably is the fact that everything is lined up to close the deal at $54 and 20 cents. The shareholders have voted. Proxies have been sent out. The lenders have signed up to a deal that's going to go off at that price. So if you're going to change the price from that, like if we were going to go for a settlement to 53 20 or something like that, pretty much all of those things have to be put back in place again. And that can take some time and on the current market conditions, no one really is the biggest friend of trying to stall so long as you're trying to get this deal done. So that may be one of the main reasons why there's some attraction to getting exactly the same financial terms as we're with the initial deal. And what drove mosque to make this all for now? A couple other things almost certainly drove him to do this now as opposed to two weeks ago. The first is just over the last couple of weeks, it has become clear that several of the defenses that mister Musk was trying to put forward. Those windows were starting to close a little bit. His bought hunt that he was engaged in didn't seem like it was yielding the types of gross disparities between Twitter's disclosures and what the data scientists were finding that he could walk away because that was a material adverse effect. That probably was also going to imperil some of the situations related to fraud. A lot of the earlier discovery motions dealt with communications back and forth and seems pretty clear that mister Musk was well aware of bot issues. In fact, that's why he was going to go into this deal and he was telling everyone about it. So I think a lot of the off ramps that he had kind of hoped he'd be able to get. Those windows started to narrow considerably and it made it look more and more like, well, this may be a company that I end up owning. When you combine that with the fact that a is about to go into a deposition, that deposition was probably going to be excruciating long and possibly a little bit embarrassing because there are a lot of claims that he or his lawyers had made that had been almost fully rebutted by other witnesses and it's clear that he was going to be called and may still be called on a lot of those inconsistencies. And that would be videoed and shown in court. So I think that going into that deposition, there never fun, but this one was going to be a particularly unpleasant one. And then you finally combine it with the fact that things are starting to shape up to look as though mister Musk is now overwhelmingly likely to be owning Twitter, however this thing settles. How much more does he want to try to kneecap this company? Because most of his defenses pretty much boil down to saying Twitter is a terrible company. Who would want to buy it? Who would want to own it? Who would want to work for it? Who would want to be a customer of it? And if that's going to be his booby prize at the end of the day, maybe he sort of thought it's best I stopped being sort of the saboteur and start being the booster of this company. And so it's not terribly surprising that at some point, once he realized that he's going to be trying to recruit people to stay, the employees to stay and other investors to come in, that involves telling a positive story, not a negative story and the earlier he can pivot to doing that. Perhaps the better. His offer was made with a proviso that the Delaware chancery court entered an immediate stay of Twitter's fight and adjourned the trial. His offer came with the proviso that there be an immediate stay of Twitter's legal fight and in a German of the trial. Twitter has not done that. Is this a case of fool me once, shame on you, fool me twice, shame on me, fool me three, four, or 5 times, shame on Twitter. Well, that was a nice try by mister moss, but quite frankly, you know, the imagery of Lucy holding the football in Charlie Brown running up to kick the football again. I think is definitely in play here, right? The fact of the matter is that letter sort of says, I am going to undertake to agree to do what I've already agreed to do and was trying to back out on. And so when you really read that letter closely, yes, it signals that he's had a change of heart that he's willing to try to close this deal on its original terms. That's great news for Twitter. But it doesn't really put his money where his mouth is. It's conditioned on an immediate stay of all proceedings and on the debt commitments closing. Well, the fact of the matter is that doesn't really change any of the positions that he was in. All it does is it signals that he's now more open to closing on these particular terms. So Twitter would be foolish if they said, okay, now that you've signaled this relatively limp willingness to go forward, we should just put everything on hold even though we're careening towards the October 17th date. If part of what was motivating him to issue this letter was sort of a fear of walking into that deposition room, well, if that's his come to Jesus moment and deciding he's going to soften up on this deal, why would Twitter ever want to put on the brakes on their lawsuit? Coming up next, I'll continue this conversation with professor Eric talley and we'll talk about what else could trip up the deal. This is Bloomberg. When it comes to the markets, we
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Karen Moscow, U.S. Nokia next futures are lower this morning. We are coming up to 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg. Right now S&P futures are down 15 points. Now future is down 74 at NASDAQ futures down 70, ten year treasury down 1330 seconds yield three 7% that yield on the two year 3.38% and nymex crude oil is up 1.2%, Nathan. Karen, it's the event Wall Street and global markets have been awaiting all week. Federal Reserve chairman Jerome Powell delivers his speech at the Jackson hole economic symposium Bloomberg's Tom Keene is covering the event for us. Good morning, Tom. Karen and ace and of course, all eyes on chairman Powell. This will be a different speech widely anticipated they all are. But what's different this time is a stakes an interest rate policy. What's widely understood is it's not just a speech. It's a few in key reports that we're going to see into September and that important fed meeting. So it's not just a speech. It's a data reports, but it's also the news around the world. The idea of what's going on in Europe and China flat on their back all around the world will be watching chairman Powell this morning. Certainly well, thanks for that, Tom. And please tune in to Bloomberg radio and television this morning starting at 7 a.m. Wall Street time for a special edition of Bloomberg surveillance for complete live coverage from Jackson hole. We'll speak with St. Louis fed chief James bullard, Patrick harker, who heads the Philadelphia fed and Atlanta fed chief Rafael bostic all leading up to Jay Powell's address and you can hear that live starting at 10 a.m. on Bloomberg radio and TV. Well, Nathan central bankers speaking at Jackson hole so far, have sounded hawkish, Kansas City fed president Esther George, who hosts the event, shared her view on Bloomberg television. Very important that we are clear in our communication about the destination we're headed. And I think that destination is important, which is we have to get interest rates higher to slow down demand and bring inflation back to our target. Kansas City fed president Esther George also said there is more room to go when asked how high the fed should push borrowing costs. Markets will be looking for any sort of signals pal might give Karen when it comes to rate hikes in his speech. BMO capital markets senior economist Jennifer Lee does not think the fed chair will change his recent guidance. I think he's going to stay on the hawkish truck. I don't know why he would change his total so quickly. Yes, we've had some weaker economic data, especially on the housing front. We finally saw some pullback on the headline inflation, but it's going to be far, far too soon to bring the dovish bell. BMO senior economist Jennifer Lee says the next major event for the fed to watch is the CPI report coming out in three weeks. Well, just as Powell's speech begins, Nathan will be getting key economic reports, and Bloomberg's Vinny Dale Jude has the details. In early August, the University of Michigan's consumer sentiment index, Harvard neural record low, and today's figures on late August aren't expected to be much better. Bloomberg economics as Americans recognize there will be challenging months just ahead, even with today's rising wages and low unemployment. Also, on today's data calendar, government figures on July consumer spending and they could be tepid with inflation running hot. Any doubt should I Bloomberg daybreak? No, Vinny, thank you overseas stocks in Asia rose helped by the tech sector after talks between Beijing and Washington to avoid the delisting of companies in New York, were said to show signs of progress. Well, the geopolitics now Nathan Tennessee senator Marsha Blackburn became the third American dignitary to visit Taiwan this month. Senator Blackburn held several meetings there, including with Taiwan's president. The opportunity to talk with her about hopes dreams, plans, and approaches for Taiwan and how they retain their independent Tennessee senator Marsha Blackburn said the U.S. will continue to support Taiwan's independence. Back at home Karen President Biden campaigned for Democrats in Maryland yesterday ahead of November's midterms, and he aimed his attacks on former president Trump and what he called ultra maga Republicans. Mag Republicans don't just threaten our personal rights and economic security. There are threat to our very democracy. They refuse to accept the will of the people. They embrace embrace political violence. President Biden also said the so called maga philosophy is semi fascism. And incorporate douche now, Nathan, a couple tech companies releasing bleak earnings and falling at the close yesterday, down technologies gave a revenue forecast that fell short of estimates and Salesforce also slept after its quarterly revenue also missed analysts estimates Dell shares are down about 4.3% this morning. And to Twitter now Karen and its battle with Elon Musk, a judge has ordered the social media giant to hand over info and Bloomberg's Renee young joins us live with the latest good morning renita. Good morning, Nathan. Yesterday, Delaware chancery court judge Kathleen McCormick ruled Twitter must turn over information about 9000 accounts it surveyed last year. She wants the company to identify which had human beings attached to them. McCormick says Twitter also must produce documents sufficient to show how those 9000 accounts were selected for review. At a Wednesday hearing, Elon Musk's lawyers accused their Twitter counterparts of stonewalling them on the bots information. Musk believes that gives him reason to exit his bid for the platform. Live in Washington, I'm renita young Bloomberg daybreak. Now we need a thank you another quick corporate note pharmaceutical giant Merckx pursuit to buy cancer drug maker C gen has stalled threatening Merck's biggest deal in more than a decade. The companies have reportedly failed to agree on a price to this point. S&P futures are down 16 points right now, Dow futures down 82. NASDAQ futures are lower by 75 points. Ten year treasuries down 1430 seconds, the old 3.07% yield on the two year, 3.38%. Nymex crude is up 1.3% of a dollar 19 to $93 71 cents a barrel. Comex gold down, 6 tenths percent or $11, 1760 40 ounce. The Euro 1.003 against the dollar the yen, one 36.92, looking at Bitcoin right now, it is down 1% trading around 41 or $21,400. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg. 6 O 7 on Wall Street 76° in Central Park still dealing with the accident westbound Grand Central airport at ditmars boulevard. We'll get you the latest details in traffic
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Wall Street time with a special edition of Bloomberg surveillance. Two politics now Karen President Biden campaigned for Democrats in Maryland yesterday ahead of November's midterms and he aimed his attacks on former president Donald Trump and what he called ultra maga Republicans. We must be stronger, more determined and more committed to saving America than the maga Republicans are destroying America. President Biden also said the so called mega philosophy is semi fascism. Meanwhile, Nathan oversees Tennessee senator Marsha Blackburn is in Taiwan, the third visit by an American dignitary this month, senator Blackburn met with Taiwan's president and said the U.S. will continue to support Taiwan's independence. To corporate news now, Karen and to Twitter with developments in its battle with Elon Musk, Bloomberg's we need a young joins us live with the update. Good morning Renee. Good morning, Nathan. Yesterday, Delaware chancery court judge Kathleen McCormick ruled Twitter must turn over information about 9000 accounts at surveyed last year. She wants the company to identify which had human beings attached to them. McCormick said Twitter also must produce documents sufficient to show how those 9000 accounts were selected for review. At a Wednesday hearing, Musk's lawyers accused their Twitter counterparts of stonewalling them on the bots information Musk believes that gives him reason to exit the bid for the platform. Live in New York, live in Washington. I'm renita young Bloomberg daybreak. Taylor needed thanks in another corporate Noda, couple tech companies releasing bleak earnings and falling at the close yesterday. Dell Technologies gave a revenue forecast that fell short of estimates and quarterly revenue from Salesforce fell short of analysts estimates as well. Futures this morning are lower S&P futures down about 17 points, now features down 87 NASDAQ futures down 74, straight ahead your latest local headlines, plus a check of sports and this is Bloomberg. Thanks, Karen. 5 33 on Wall Street, 76° in Central Park, got an accident if you're headed to Laguardia, westbound Grand Central airport at ditmars boulevard of details coming up in traffic, first Michael Barr with a closure on 44th street, Michael. Thank you very much, Nathan. Yeah, that is not an accident. That off of 8th avenue in hell's kitchen is a fatal stabbing. According to the NYPD, a 49 year old man with a history of menacing people was fatally stabbed in a flight early this morning, the suspect, the 28 year old man claims it was in self defense. He was taken into custody. The first of 6 public hearings was last night about the MTA's congestion pricing plan in Manhattan. Hundreds of people on both sides signed up to speak on the matter during the virtual meeting. Yet we're expected to pay for your bloated and out of control agency. 7 ABC with the audio, according to the MTA, the plan could cost drivers in Manhattan, south of 60th street, as much as $23 during rush hour, the agency says it was designed to lessen traffic congestion by as much as 20%. The Justice Department is set to release a heavily blacked out document explaining the justification for an FBI search of Donald Trump's Florida state earlier this month when agents removed top secret government records and other classified documents that document is expected by noon Justice Department officials are expected to have removed sensitive details about witnesses and the scope and direction of the probe. Legal expert Lori Levinson. There's been an effort by the media and by Donald Trump to get more information from the affidavit, but the government has resisted that in part because they have an ongoing investigation. However, it does look like there's at least a compromise that there's more information regarding the investigation of Donald Trump and its possession of classified information that the public will get in the near future. Loyola law professor Laurie Levinson. 5 people were observed at an area hospital after an incident at 6 flags great adventure in Jackson township, New Jersey. The park says several guests reported back pain after writing the el toro roller coaster. Global news, 24 hours a day on air and on Bloomberg quicktake. Powered by more than 2700 journalists and analysts, more than a 120 countries, a Michael Barr, this is Bloomberg Nathan. Thanks, Michael
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Stock index futures are lower this morning. We are coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg. S&P futures are down 13 points down futures down 69 and NASDAQ futures down 59, the Dax in Germany is little change, the ten year treasury down 1230 seconds. Three 7% and the yield on the two year 3.37% Nathan. Karen, it is the event Wall Street and global markets have been waiting for all week long, Federal Reserve chairman Jerome Powell delivers a speech at the Jackson hole economic symposium at 10 a.m. Wall Street time today. Bloomberg's Tom Keene is covering the event for us. Good morning Tom. Karen and Nathan, of course, all eyes on chairman Powell. This will be a different speech widely anticipated they all are. But what's different this time is a stakes an interest rate policy. What's widely understood is it's not just a speech. It's a few in key reports that we're going to see into September and that important fed meeting. So it's not just a speech. It's a data reports, but it's also the news around the world. The idea of what's going on in Europe and China flat on their back all around the world will be watching chairman Powell this morning. Certainly will be. Thank you for that, Tom. And please follow Bloomberg radio and television all morning long for the latest from Jackson hole our onsite coverage to the kick-off of Powell's speech begins at 7 a.m. with a special edition of Bloomberg surveillance with Tom Keene, Lisa abrahamowicz and Jonathan farrow. Well, Nathan central banker is stressed the need to keep racing interest rates at Jackson hall St. Louis fed chief James bullard said officials should lift their policy benchmark to a 3.75% to 4% range by yearend. Philadelphia fed president Patrick harker and Atlanta fed president Raphael bostic also called for continued hikes. Kansas City fed president Esther George shared her view on Bloomberg television. Very important that we are clear in our communication about the destination we're headed. And I think that destination is important, which is we have to get interest rates higher to slow down demand and bring inflation back to our target. Kansas City fed president Esther George also said there was more room to go and ask how high the fed should push borrowing costs. Well, Karen markets will be looking for any sort of signals pal might give when it comes to rate hikes in his speech at 10 a.m. BMO capital markets senior economist Jennifer Lee does not think the fed chair will change his recent guidance. I think he's going to stay on the hawkish truck. I don't know why he would change his total so quickly. Yes, we've had some weaker economic data, especially on the housing front. We finally saw some pullback on the headline inflation, but it's going to be far, far too soon to bring the dovish bell. Mimo capital market senior economist Jennifer Lee says the next major event for the fed to watch is the CPI report in three weeks. On Nathan just as Powell's speech begins will get a key economic report and Bloomberg swindell giudice has the details. In early August, the University of Michigan's consumer sentiment index, Harvard neuro record low, and today's figures on late August aren't expected to be much better. Bloomberg economics as Americans recognize there will be challenging months just ahead, even with today's rising wages and low unemployment. Also, on today's data calendar, government figures on July consumer spending and they could be tepid with inflation running hot. They need doubt shoot ice Bloomberg daybreak. Okay, Vinny, thank you overseas stocks in Asia rose helped by the tech sector after talks between Beijing and Washington to avoid the delisting of companies in New York was said to show signs of progress. Well, the geopolitics now Nathan, Tennessee, senator Marsha Blackburn is in Taiwan. The third visit by an American dignitary this month, senator Blackburn held several meetings there, including with Taiwan's president. The opportunity to talk with her about hopes dreams, plans, and approaches for Taiwan and how they retain their independent Tennessee senator Marsha Blackburn says the U.S. will continue to support Taiwan's independence. And back at home Karen President Biden campaigned for Democrats in Maryland yesterday ahead of November's midterms, the president aimed his attacks on former president Trump and what he called ultra maga Republicans. Republicans don't just threaten our personal rights and economic security. There are threat to our very democracy. They refuse to accept the will of the people. They embrace embrace political violence. President Biden also said the so called mega philosophy is semi fascism. On a corporate news now, Nathan, a couple of tech companies released bleak economic data and fell at the close yesterday, Dell Technologies gave her revenue forecast that fell short of estimates, and Salesforce also slipped after its quarterly revenue fell short of analysts estimates Dell shares are lower this morning down 4.2%. It's a Twitter now Karen and its ongoing battle with Elon Musk, a judge has ordered the social media giant to hand over info Delaware chancery court judge Kathleen McCormick ruled that Twitter has to turn over information about 9000 accounts at surveyed last year. She wants the company to identify which had human beings attached to them. McCormick says Twitter also must produce documents sufficient to show how those 9000 accounts were selected for review at a hearing this week must lawyers accused their Twitter counterparts of stonewalling on bots information must thinks that gives him reason to exit his bid for the platform. And another quick corporate note here Nathan pharmaceutical giant merch pursuit to buy cancer drug maker C gen has stalled threatening Merck's biggest deal in more than a decade. The company's have reportedly failed to agree on
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Can buy 34,500 more E vehicles. That's in addition to its contract with OshKosh defense for the first order of 50,000. Bloomberg Amy Morris, 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 Susanna Palmer. This is Bloomberg. This is Bloomberg law with June grosso from Bloomberg radio. Remember back in May when Elon Musk tried some legalese to describe his claim that Twitter breached their $44 billion buyout deal. You know, it's a material misstatement. If they in fact have been claiming less than 5% of fakers spam accounts, but in fact, it is four or 5 times that number or perhaps ten times that number. This is a big deal. It is a big deal, but the Delaware chancery court is treating it just like any other big deal at handles. And the indication is that the judge doesn't think that counting bots is the main issue. Joining me is Eric talley, a professor at Columbia law school. So Eric Musk lost the first round in court, the chief judge Kathleen McCormick put the case on the fast track with trial scheduled for October. What do you think is the real reason Musk wanted to delay until February, or was it delay just for delay's sake? Yeah, I think there was definitely a part of the strategy that really just wanted to create additional uncertainty. I think a lot of people who have tried to size up this case suggest that mister Musk is sort of fighting an uphill battle right now. I think the idea was probably first and foremost just to elongate the clock so that possibly more information could come out so that there would be greater possibilities to mine into the spam account and bot account data and possibly pull a rabbit out of a hat where a rabbit really hasn't been there thus far. Now, there's a second possible reason to try to elongate the proceedings, which is that mister Musk's own financing by its very terms expires in the spring of 2023. And if the financing expires on its own terms, that could potentially change a lot of the potential remedies that are available, it could make it harder for example to have a specific performance decree when there's no longer any financing in the picture. Did the judge give Twitter everything they were looking for? She largely gave the Twitter attorneys what they were looking for, but not quite. She said, look, the proposed schedule that the Twitter attorney to put forward is somewhat aggressive relative to what we've seen in past practice. She sort of surveyed other cases that had been filed in similar situations. He said, look, these other ones, you know, they're big, they're expensive. They're complicated, but we still are able to get them done between 60 and 90 days. And that's what I'm going to apply here as well. I don't see any reason why we have to use a different set of rules and has applied to these other cases. And that was significant, I think. It suggested that the Chancellor McCormick was not going to be inclined to treat Elon Musk and special or exceptional or floating above the rules that pertain to everyone else. He's going to get exactly the same type of justice that anyone else would. So with Twitter and we're going to see how this plays out. Did Chancellor McCormick give any hints about how she views this deal or what's important in the case? She was appropriately pretty guarded about expressing opinions about the underlying merits of the case. There are potentially a few things that do seem to leak out a little bit. She did specifically say that this looks like it's the type of case where specific performance would be appropriate, that money damages wouldn't compensate Twitter for all of the pain and harm and lack of closing. I think the second thing that is much more implicit that comes out is that now that she has put these parties on a leash that's only a couple of month long to do all of their expert discovery to do all of their depositions of the fact witnesses to do all of their document review and all of their data review. It suggests that the bot counting exercise is going to have to be somewhat more limited than what he must want it. You're not going to be able to pull out just mountains and mountains and mountains of data and be able to go over it and reach definitive conclusions about it in a couple of months time. So it is at least a little bit suggestive that Chancellor McCormick is probably going to cabin the fishing expedition for fos a little bit and quite possibly concentrate a little bit more on exactly what was Twitter putting in their securities disclosures. They weren't writing about specific numbers of bots. They had a rough estimate, but much of it was just sort of describing how they went about auditing their own system. And that's the thing that is most testable in terms of whether those disclosures have fraudulent statements and it did they actually audit their bosses and did the process that they have cohere with how they described it in their filing. And so what does this expedited schedule mean for the legal teams here? For both sides, this is now kind of an all hands on deck moment. So I would not be surprising to see delivery trucks with Diet Coke and Red Bull backing up to the law firms that are having to push forward with all kinds of depositions, document review, expert reports. And so forth. But this is not unusual in Delaware even for large high profile cases. There are a lot of these large high profile cases that end up taking this fast track to final adjudication. Thanks so much, Eric. That's professor Eric tally of Columbia law school. Coming up next, the Supreme Court's shadow docket is expanding. This is Bloomberg. Businesses progressive notes that most people don't get to experience making a game winning touchdown, or a walk off
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"This is Bloomberg law with June gros from Bloomberg radio. Remember back in May when Elon Musk tried some legalese to describe his claim that Twitter breached their $44 billion buyout deal. You know, it's a material misstatement. If they in fact have been claiming less than 5% of vagrant spam accounts, but in fact, it is four or 5 times that number or perhaps ten times that number. This is a big deal. It is a big deal, but the Delaware chancery court is treating it just like any other big deal at handles. And the indication is that the judge doesn't think that counting bots is the main issue. Joining me is Eric talley, a professor at Columbia law school. So Eric Musk lost the first round in court the chief judge Kathleen McCormick put the case on the fast track with trial scheduled for October. What do you think is the real reason Musk wanted to delay until February or was it delay just for delay's sake? Yeah, I think there was definitely a part of the strategy that really just wanted to create additional uncertainty. I think a lot of people who have tried to size up this case suggest that mister Musk is sort of fighting an uphill battle right now. And I think the idea was probably first and foremost, just to elongate the clock so that possibly more information could come out so that there would be greater possibilities to mine into the spam accounts and bot account data and possibly pull a rabbit out of a hat where a rabbit really hasn't been there thus far. Now, there's a second possible reason to try to elongate the proceedings, which is that mister Musk's own financing by its very terms expires in the spring of 2023. And if the financing expires on its own terms, that could potentially change a lot of the potential remedies that are available, it could make it harder for example to have a specific performance decree when there's no longer any financing in the picture. Did the judge give Twitter everything they were looking for? She largely gave the Twitter attorneys what they were looking for, but not quite. She said, look, the proposed schedule that the Twitter attorney to put forward is somewhat aggressive relative to what we've seen in past practice. She sort of surveyed other cases that had been filed in similar situations. I said, look, these other ones, you know, they're big, they're expensive. They're complicated, but we still are able to get them done between 60 and 90 days. And that's what I'm going to apply here as well. I don't see any reason why we have to use a different set of rules than has applied to these other cases. And that was significant, I think. It suggested that the Chancellor McCormick was not going to be inclined to treat Elon Musk and special or exceptional or floating above the rules that pertain to everyone else. He's going to get exactly the same type of justice that anyone else would. So with Twitter and we're going to see how this plays out. Did Chancellor McCormick give any hints about how she views this deal or what's important in the case? She was appropriately pretty guarded about expressing opinions about the underlying merits of the case. There are potentially a few things that do seem to leak out a little bit. She did specifically say that, you know, this looks like it's the type of case where specific performance would be appropriate, that money damages wouldn't compensate Twitter for all of the pain and harm and lack of closing that I think the second thing that is much more implicit that comes out is that now that she has put these parties on a leash that's only a couple of month long to do all of their expert discovery to do all of their depositions of the fact witnesses to do all of their document review and all of their data review. It suggests that the bot counting exercise is going to have to be somewhat more limited than what team must want it. You're not going to be able to pull out just mountains and mountains and mountains of data and be able to go over it and reach definitive conclusions about it in a couple months time. So either at least a little bit suggestive that Chancellor McCormick is probably going to cabin the fishing expedition for foss a little bit and quite possibly concentrate a little bit more on exactly what was Twitter putting in their securities disclosures. They weren't writing about specific numbers of bots. They had a rough estimate, but much of it was just sort of describing how they went about auditing their own system. And that's the thing that is most testable in terms of whether those disclosures had fraudulent statements and it did they actually audit their bosses and did the process that they have cohere with how they described it in their filing. And so what does this expedited schedule mean for the legal teams here? For both sides, this is now kind of an all hands on deck moment. So I would not be surprising to see delivery trucks with Diet Coke and Red Bull backing up to the law firms that are having to push forward with all kinds of depositions, document review, expert reports, and so forth. But this is not unusual in Delaware even for large high profile cases. There are a lot of these large high profile cases that end up taking this fast track to final adjudication. Thanks so much, Eric. That's professor Eric talley of Columbia law school. Coming up next, the Supreme Court's shadow docket is expanding
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"In yesterday. I think it got me a little bit farther away from the ball. Maybe a little bit more on the balls of my feet instead of my heels, so maybe a little more stable. I think the squareness of the putter kind of helps me line it up. And then for some reason, I feel like it's either it's a little hotter roll than my old one because I have a tendency to leave stuff short. But I'm getting a lot of balls of the hole so they have a chance to go in. Some good putting tips there from piercy with a Bloomberg sports update on Bill horrendous. This is Bloomberg law with June gross from Bloomberg radio. Remember back in May when Elon Musk tried some legalese to describe his claim that Twitter breached their $44 billion buyout deal. You know, it's a material misstatement if they in fact have been claiming less than 5% of fakers fan accounts. But in fact, it is four or 5 times that number or perhaps ten times that number. This is a big deal. It is a big deal, but the Delaware chancery court is treating it just like any other big deal at handles. And the indication is that the judge doesn't think that counting bots is the main issue. Joining me is Eric talley, a professor at Columbia law school. So Eric Musk lost the first round in court the chief judge Kathleen McCormick put the case on the fast track with trial scheduled for October. What do you think is the real reason Musk wanted to delay until February or was it delay just for delay's sake? Yeah, I think there was definitely a part of the strategy that really just wanted to create additional uncertainty. I think a lot of people who have tried to size up this case suggest that mister Musk is sort of fighting an uphill battle right now. And I think the idea was probably first and foremost just to elongate the clock so that possibly more information could come out so that there would be greater possibilities to mine into the spam account and bought account data and possibly pull a rabbit out of a hat where a rabbit really hasn't been there thus far. Now, there's a second possible reason to try to elongate the proceedings, which is that mister Musk's own financing by its very terms expires in the spring of 2023. And if the financing expires on its own terms, that could potentially change a lot of the potential remedies that are available, it could make it harder for example to have a specific performance decree when there's no longer any financing in the picture. Did the judge give Twitter everything they were looking for? She largely gave the Twitter attorneys what they were looking for, but not quite. She said, look, the proposed schedule that the Twitter attorney to put forward is somewhat aggressive relative to what we've seen in past practice. She sort of surveyed other cases that had been filed in similar situations. And said, look, these other ones, you know, they're big, they're expensive. They're complicated, but we still are able to get them done between 60 and 90 days. And that's what I'm going to apply here as well. I don't see any reason why we have to use a different set of rules than has applied to these other cases. And that was significant, I think. It suggested that the Chancellor McCormick was not going to be inclined to treat Elon Musk and special or exceptional or floating above the rules that pertain to everyone else. He's going to get exactly the same type of justice that anyone else would. So with Twitter and we're going to see how this plays out. Did Chancellor McCormick give any hints about how she views this deal or what's important in the case? She was appropriately pretty guarded about expressing opinions about the underlying merits of the case. There are potentially a few things that do seem to leak out a little bit. She did specifically say that, you know, this looks like it's the type of case where specific performance would be appropriate, that money damages wouldn't compensate Twitter for all of the pain and harm and lack of closing. I think the second thing that is much more implicit that comes out is that now that she has put these parties on a leash that's only a couple of month long to do all of their expert discovery to do all of their depositions of the fact witnesses to do all of their document review and all of their data review. It suggests that the bot counting exercise is going to have to be somewhat more limited than what he must want it. You're not going to be able to pull out just mountains and mountains and mountains of data and be able to go over it and reach definitive conclusions about it in a couple of months time. So it is at least a little bit suggestive that Chancellor McCormick is probably going to cabin the fishing expedition for bots a little bit and quite possibly concentrate a little bit more on exactly what was Twitter putting in their securities disclosures. They weren't writing about specific numbers of bots. They had a rough estimate, but much of it was just sort of describing how they went about auditing their own system. And that's the thing that is most testable in terms of whether those disclosures have fraudulent statements and it did they actually audit their bot system did the process that they have cohere with how they described it in their filing. And so what does this expedited schedule mean for the legal teams here? For both sides, this is now kind of an all hands on deck moment. So I would not be surprising to see delivery trucks with Diet Coke and Red Bull backing up to the law firms that are having to push forward with all kinds of depositions, document review, expert reports. And so forth. But this is not unusual in Delaware even for large high profile cases. There are a lot of these large high profile cases that end up taking this fast track to final adjudication. Thanks so much, Eric. That's professor Eric tally of Columbia law school. Coming up next, the Supreme Court's shadow docket is expanding. This is Bloomberg. Hear
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"This is Bloomberg law with June brusso from Bloomberg radio. Remember back in May when Elon Musk tried some legalese to describe his claim that Twitter breached their $44 billion buyout deal. You know, it's a material misstatement. If they in fact have been claiming less than 5% of vagrant spam accounts. But in fact, it is four or 5 times that number or perhaps ten times that number. This is a big deal. It is a big deal, but the Delaware chancery court is treating it just like any other big deal at handles. And the indication is that the judge doesn't think that counting bots is the main issue. Joining me is Eric talley, a professor at Columbia law school. So Eric Musk lost the first round in court the chief judge Kathleen McCormick put the case on the fast track with trial scheduled for October. What do you think is the real reason Musk wanted to delay until February or was it delay just for delays sake? Yeah, I think there was definitely a part of the strategy that really just wanted to create additional uncertainty. I think a lot of people who have tried to size up this case suggest that mister Musk is sort of fighting an uphill battle right now. And I think the idea was probably first and foremost just to elongate the clock so that possibly more information could come out so that there would be greater possibilities to mine into the spam account and bot account data and possibly pull a rabbit out of a hat where a rabbit really hasn't been there thus far. Now, there's a second possible reason to try to elongate the proceedings, which is that mister Musk's own financing by its very terms expires in the spring of 2023. And if the financing expires on its own terms, that could potentially change a lot of the potential remedies that are available, it could make it harder for example to have a specific performance decree when there's no longer any financing in the picture. Did the judge give Twitter everything they were looking for? She largely gave the Twitter attorneys what they were looking for, but not quite. She said, look, the proposed schedule that the Twitter attorney to put forward is somewhat aggressive relative to what we've seen in past practice. She sort of surveyed other cases that had been filed in similar situations. She said, look, these other ones, you know, they're big, they're expensive. They're complicated, but we still are able to get them done between 60 and 90 days. And that's what I'm going to apply here as well. I don't see any reason why we have to use a different set of rules than has applied to these other cases. And that was significant, I think. It suggested that the Chancellor McCormick was not going to be inclined to treat Elon Musk and special or exceptional or floating above the rules that pertain to everyone else. He's going to get exactly the same type of justice that anyone else would. So with Twitter and we're going to see how this plays out. Did Chancellor McCormick give any hints about how she views this deal or what's important in the case? She was appropriately pretty guarded about expressing opinions about the underlying merits of the case. There are potentially a few things that do seem to leak out a little bit. She did specifically say that this looks like it's the type of case where specific performance would be appropriate, that money damages wouldn't compensate Twitter for all of the pain and harm and lack of closing that I think the second thing that is much more implicit that comes out is that now that she has put these parties on a leash that's only a couple of month long to do all of their expert discovery to do all of their depositions of the fact witnesses to do all of their document review and all of their data review. It suggests that the bot counting exercise is going to have to be somewhat more limited than what he must want it. You're not going to be able to pull out just mountains and mountains and mountains of data and be able to go over it and reach definitive conclusions about it in a couple months time. So it is at least a little bit suggestive that Chancellor McCormick is probably going to cabin the fishing expedition for bots a little bit and quite possibly concentrate a little bit more on exactly what was Twitter putting in their securities disclosures. They weren't writing about specific numbers of bots. They had a rough estimate, but much of it was just sort of describing how they went about auditing their own system. And that's the thing that is most testable in terms of whether those disclosures had fraudulent statements and it did they actually audit their bosses and did the process that they have cohere with how they described it in their filing. And so what does this expedited schedule mean for the legal teams here? For both sides, this is now kind of an all hands on deck moment. So I would not be surprising to see delivery trucks with Diet Coke and Red Bull backing up to the law firms that are having to push forward with all kinds of depositions, document review, expert reports, and so forth. But this is not unusual in Delaware even for large high profile cases. There are a lot of these large high profile cases that end up taking this fast track to final adjudication. Thanks so much, Eric. That's professor Eric tally of Columbia law school. Coming up next, the Supreme Court's shadow docket
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"From Bloomberg world, Hank waters, I'm Charlie pala Twitter, can fast track its lawsuit against billionaire Elon Musk over his canceled $44 billion buyout of the social media platform, Delaware chancery court chief judge Kathleen McCormick ruled today that a 5 day trial should take place in October, the decision is an early victory for Twitter in a case in which many legal experts have said Musk will be an underdog. Twitter shares her up now by 3.4% Tesla is up by 1.7% the Dow the S&P has stacked all rallying, not just rallying, but best level of the day right now with the S&P up 93 up by two and a half percent. Dow Jones Industrial Average up 654 up 2.1% that has stacked composite index now up by 319 up 2.8% that Aztec 100 index is up 2.9%. Russell 2000 rallying 3.3% while for ten years at three percent, the two years we keep an eye on the inverted yield curve 3.21%. Spot gold up one tenth of 1%, 1711, the ounce while West Texas intermediate crude up 1.3% one O three 88 a barrel. After earnings, IBM down 6 and a half percent Lockheed Martin after earnings down 5 tenths of 1%, Johnson & Johnson down now by 1.6%, Netflix will report half of the close of trading today Netflix surging by 4.4%. Recapping the S&P is up 2.4% ten year yield three percent. I'm Charlie palette
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"This is balance of power on Bloomberg television and radio. I'm David Weston We were talking about an off and on for the entire hour, that lawsuit that has been brought by Twitter against Elon Musk and the Delaware chancery court, where Elon Musk has come in and said, we want to have a delay in the proceedings. There's no big rush here. Well, they had a hearing today even as we were on the air and the judge ruled that, in fact, they would not be a delay and she set the trial for October. Fairly expedited schedule there to take us through what is going on. Welcome to our colleague Ed ludlow. So Ed, what is going on? Yeah, so we have a 5 day trial set for October. We don't have a specific date. The judge has instructed both parties to work together to find that date. Twitter had asked for September 19th, the team representing Elon Musk had asked for February of next year and what Musk's argument was that even February of next year would have been expedited. That would have been an incredibly fast date to trial. And you see Twitter shares pushing higher off their session highs right now, but the legal experts we've spoken to assigned a high probability that Twitter would be successful in some form if they were to get an expedited trial and they may have asked for September 19th, so October, though we don't have the precise date is not a bad outcome for them. So what we do in these sorts of trials, as you know, is we have a lot of discovery. A lot of document requests often depositions interrogatories and things like that. Will Elon Musk get access to all those data that he wanted involving the bots. Yes and no, and that was his main argument. The reason that Musk was pushing for February is that he said Twitter had reneged or failed in their obligation under the terms of the merger agreement to hand over specific data. And if they wanted an expedited trial, must segment was that his team needed time to go through that data if they were to hand it over. Twitter's counterargument is that they did hand over a lot of data and that Musk's team never reviewed it. They also have kind of maintained this line all along. This is to do with the number of bots on the platform right. And Twitter has this standing position that they use a mix of public and private information to determine that level of bots on the platform. They've argued all along that a third party can not verify that data. And so their argument is it relates to this trial and setting a trial date was that a lot of what Musk is asking for doesn't exist. And hence that he does not need a delay trial date to go through it. Well, I would suspect this is not great news. What we heard today for mister Elon Musk and the market sort of reinforced that, I think Twitter stock is up something like 3.2%. By the way, NASDAQ's up 2.7 or something. So it's up more than the market, not that much more. What does it say about perhaps the outcome of this trial? You know, a lot of lawyers felt that Musk's filing terminating the agreement didn't actually do a very good job of explaining what Twitter had done wrong. And that Twitter was very confident here. They say they only need four days to prove that Musk needs to be held to the original $54 20 cents off her price. They've been granted 5 days. There was a jump in the stock, although the market's higher and it suggests by the closing and narrowing spread that the market does fancy Twitter's chances here. We just don't know what the outcome would be, whether the deal goes
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Potential. You can try IBI global analysts today at IBKR dot com slash GA. Well, if I look at markets are moving, let's get over to Brian Curtis. Right. Pretty choppy session today, Paul. We do see some gains in Sydney, the ASX 200 up about a third of a percent. And very, very modest gains in Singapore market just opening here up about two tenths of a percent, but a pretty steep sell off in the opening minutes in Taiwan, the Thai X is trading down 1.4%. We're probably going to see more selling in the Hong Kong and China markets. The China futures have just started to trade their down four tenths of 1% earlier hanging index futures were down 6 tenths of a percent. Oil under pressure, recession fears, perhaps there, WTI crew down to a $102 and 40 cents. It's a very uncertain week here. We've got a lot on the plate or coming up this week. The earnings season will get started. You've got the looming U.S. inflation data and China struggles with COVID, all dominating sentiment in the Asia Pacific and in fact globally this week. And we're also facing a lot of data in China will get retail sales and GDP numbers, industrial production, home prices, and such. So I guess it's understandable if there's a little bit of uncertainty, not quite approaching fear in the markets this morning. The Euro trading week against the dollar, 1.0039 against the green back the Aussie 67.28 U.S. cents and gold even gold, not finding its footing $1728, a tryout. So we did have some data earlier this morning. Producer prices in Japan look out for this up 9.2% year on year stronger than the .9%. Well, let's look at Twitter. It was a big down day for the stock the company lost more than $3 billion in market value shares were off 11% today, all of this after Elon Musk backed out of his agreement to buy the company. He is alleging that Twitter misrepresented user data. We were speaking earlier with Bloomberg's Jeff feely, he tells us Twitter is now pursuing legal action. We're waiting on Twitter to file suit. We thought maybe Elon would try to take the lead and get out in front. But it looks like we're all waiting for Twitter to file the suit. And I suppose to come sometime between now and Wednesday. So that suit's going to hit the docket. And then we are going to have a judge to get a sign and then we're going to basically turn on the jets and we're going to put this on the fast track and there's going to be a lot of information exchanged about bots and spam and all sorts of stuff. Well, Twitter has hired the law firm of wachtell Lipton Rosen and Katz, and today that firm issued a letter to mister Musk, it said, Twitter has breached none of its obligations under that agreement. Last week, Twitter chairman Brett Taylor vowed to fight mister Musk in the Delaware chancery court and compel him to follow through that merger agreement, Paul. American EV maker rivian said to be planning to lay off hundreds of workers, were told the company could target a reduction of about 5% rivian's workforce is more than 14,000 Bloomberg ludlow tells us where the cuts will be focused. According to sources in the key point, these are non manufacturing roles. It's areas where rivian frankly grew too big too quickly, right? Caught up in the kind of startup hype in the EV world. There are lots of business areas where they have duplicate roles, so they're taking a look at the macro environment according to sources they're pairing things back, but those manufacturing roles are protected because as you say, last week, when we had that second quarter production number, they are ramping, right? They almost doubled production from one Q to two Q despite ongoing supply chain challenges, particularly in the shortage of basic semiconductors. So when are we going to know more? We're told rivian's actions could be announced in the coming weeks. The layoffs are still in the planning stage, nothing has yet been decided. 5 minutes after the hour as we update global news, many more people will soon be on this planet. The UN is forecasting the world population will pass 8 billion sometime this year at Baxter with more from the Bloomberg newsroom in San
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Dot com slash GA, straight to Doug Chris, then Doug, what are we looking at? It seems like this market is febrile. I would say that's pretty accurate. Some big unknowns out there. So I think we have to consider those first. We've got to contend with the impending report on U.S. retail inflation. That's stew on Wednesday, and then as you guys indicated a moment ago, earning season gets underway this week, PepsiCo on Tuesday, and then we'll hear on a Thursday from both JPMorgan Chase and Morgan Stanley. But at the moment, I think the equity market is really reflecting a lot of worry over recession and a potential hit to earnings. Look at the S&P today down 1.2% and the NASDAQ comp down 2.3%, where the Dow is concerned a loss of only about a half of 1%. That said, volume was extremely low. And that may have exaggerated some of the weakness that we saw today. U.S. listed Chinese shares fell on a big increase in virus cases in China, the NASDAQ golden dragon China index was down about 7%. Now, if you look at the treasury market, we had yields across the curve moving lower, most dramatically at the longer end with a tenured, dropping about 9 basis points two 99. That's where we were last quoted in New York trading at the shorter end, the two year was down just three basis points to 3.07%. So inversion, that's where we're getting a lot of signal on recession. But even with the drop in yields, look at the rally in the dollar. We had the Bloomberg dollar spot index up 1% today. Some of that may have been haven buying, but the yen collapsed and here we're trading one 37 35 right now, and parody Brian with the Euro. I never thought I would live to see the day. Yeah, you got to go back to 2002. Right now, 1.0040. So it is pretty amazing. Well, let's get to Twitter because this is one of the more interesting stories of the day. Twitter lost more than $3 billion in market value in the action. It shares were down 11% after Elon Musk backed out of an agreement to buy the company, alleging that Twitter misrepresented user data. Bloomberg's Jeff feely tells us Twitter is now pursuing legal action. We're waiting on Twitter to file suit. We thought maybe Elon would try to take the lead and get out in front. But it looks like we're all waiting for Twitter to file the suit. And I suppose to come sometime between now and Wednesday. So that suit's going to hit the docket and then we are going to have a judge get a sign and then we're going to basically turn on the jets and we're going to put this on the fast track and there's going to be a lot of information exchanged about bots and spam and all sorts of stuff. That is Jeff feely and Twitter has hired a law firm. It issued a letter to Musk, it's said that Twitter has breached none of its obligations under its agreement with Musk. Last week, Twitter chairman Brett Taylor vowed to fight Musk in the Delaware chancery court and compel him to follow through on the agreement, or I suppose rich to pay the penalty fee. Well, that's it, isn't it? It's not a small one either. $1 million. And that's more change. Okay, listen to American EV maker rivian. It's said to be planning to lay off hundreds of workers until the company could target a reduction of around about 5%. Rivian's workforce is more than 14,000. Our very own Ed ludlow tells us where the cuts would be focused. According to sources in the key point, these are non manufacturing roles. It's areas where rivian frankly grew too big too quickly, right? Caught up in the kind of startup hype in the EV world. There are lots of business areas where they have duplicate roles, so they're taking a look at the macro environment according to sources, they're pairing things back, but those manufacturing roles are protected because as you say, last week, when we had that second quarter production number, they are ramping, right? They almost doubled production from one Q to two Q despite ongoing supply chain challenges, particularly in the shortage of basic semiconductors. We're told rivian's actions could be announced in the coming weeks, the layoffs are still in the planning stage and nothing's been decided. Michael Volga zang is coming up in a few moments, CIO at cap trust, and it'll be interesting to see whether or not he is in these sort of batten down hatches mode or dip your toes into the water. So that's coming up the time now 5 and a half minutes past the hour. Time for global news. United Nations is forecasting
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Back What have we got in terms of the market action here? This is going to be the first chance for markets in Asia to consider the impact of that very strong U.S. employment report we had from last Friday. Jobs growth above forecast the unemployment rate holding steady near a 5 decade low, nothing in these numbers suggest the fed is going to change course anytime soon. So that gives us a consensus call for a rate hike later this month of 75 basis points and we have inversion in the treasury curve in that two to ten year range two year yield at three ten, ten year at three spot zero 8. Now bear in mind and you guys suggested this a moment ago, we have that CPI data due on Wednesday. The Bloomberg survey is expecting an increase at an annual rate of about 9% in the month of June, and also earning season will be gearing up in the week ahead will get numbers from the big banks, the list includes JPMorgan, Morgan Stanley followed by Citigroup and Wells Fargo, and President Biden will visit Saudi Arabia one goal here is to secure a pledge for a lot more crude oil. You know that prices have been under pressure on concern about recession, but that said supplied does remain very tight. WTI right now down about 8 tenths of 1% as we get Asian trading underway one O three 90. And we've got stability in the Japanese yen here at one 36 ten Chicago nikkei futures Brian imply a move of more than 250 points to the upside when Tokyo comes online. Strong victory there for the LDP, so it's looking pretty solid. Normally translates into higher stock prices. We'll get a closer look at that a little bit later with Ed Baxter. Well, on the China tariffs, general Armando says imminent, the president says, well, we're still talking about it. So let's get into this a little bit. President Biden says the administration is still discussing action on lifting the import tariffs. The ideal move would ease inflation while maintaining pressure on China. That's what the administration is thinking. However, the administration is divided as suggested commerce secretary general Armando addressing potential impacts on NBC's meet the press. Lifting tariffs isn't going to bring down top line inflation in a very significant way. What it will do potentially is help consumers on certain, as you say, household goods. And so for that reason, given where inflation is, I think it could make sense to do it. That's commerce secretary, Gina raimondo heard earlier on Bloomberg radio, she expects a decision on tariffs shortly, they are set to begin expiring this month. Twitter has hired a heavyweight legal team as it erases the suit Elon Musk for backing out of a merger agreement the firm will be represented by Lipton resident cats, which held a seat will be filed as early as this week in Delaware, chancery court, late Friday, must backed out of his deal to buy a Twitter for $44 billion. He charged that the platform was misrepresenting user data based on previous merger fights efforts to terminate a deal can play out within a few months. They often end with settlements in order to further avoid further litigation. Coming up, we have James abate managing director and chief investment officer at center asset management with this live here. You get his take on the jobs report because there were a few mixed signals in there and also what to expect from inflation numbers and the fed. All right, it's time now for global news. While the ruling coalition in Japan expanded its majority in the upper House elections over the weekend at Baxter has global news from the 9 60 newsroom, San Francisco, Ed. Yeah
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Lies that the equation and the inflation that more lives around and ground the good way U.S. attorney Damian Williams says the risky investments left banks with more than $10 billion in losses when the market dipped last march and brokers tried to liquidate their whole names Authorities say the pair pled guilty to federal charges related to securities and wire fraud along with racketeering Movie theaters aren't going anywhere but same day streaming and theater release is dead Trey Thomas explains national association of theater owners president and CEO John fithian blamed piracy for killing the same day streaming and theater release model at CinemaCon in Las Vegas Industry officials say a movie that makes its way online gets cut into revenue by as much as 20% It also helps that more people are coming back to theaters evidenced by the box office success of recent hits like Spider-Man: No Way Home I'm Trey Thomas A Georgia restaurant worker is being honored after grilling her 1 millionth steak Gail Dudley was surprised at her working Columbus by LongHorn steakhouse executives with a $5000 check as a reward for grilling 1 million steaks during her tenure Dudley has worked at the national chain for over 20 years I'm Brian chuck And I'm Doug prisoner at Bloomberg world headquarters in New York Let's check this hour's top business stories and the markets Well the flow of quarterly earnings this week has been Fast & Furious earlier in South Korea tech giant Samsung posted a jump in first quarter net profit of 59% These results were largely driven by steady demand for memory chips along with brisk sales of smartphones shares right now in Seoul are weaker though by 6 tenths of 1% After the bell in the U.S. met a platform's main social network Facebook reported it added more users than projected in the first quarter the news seemed to ease concern over the company losing momentum and Facebook shares jumped 18% in the U.S. session We also heard from Qualcomm after the bell the company gave a strong sales forecast bolstered by its expansion into new markets particularly where 5G is concerned shares in Qualcomm were up by more than 5% in the late U.S. session Elon Musk has prevailed in a lawsuit brought by Tesla shareholders over the buyout of SolarCity a Delaware chancery court judge ruled Musk did not violate his fiduciary responsibility when he influenced his fellow Tesla directors and persuaded them to acquire the struggling solar power provider Now some Tesla shareholders accused Musk of coercing Tesla's board into buying SolarCity as a way of rescuing Musk's investment at that time Musk was solar cities largest investor We check markets every 15 minutes here on Bloomberg Right now in Tokyo the nikkei is up 6 tenths of 1% in Hong Kong the hang sang better by 8 tenths of 1% Shanghai composite higher by two tenths of 1% the Cosby is up three tenths of 1% and in Sydney the ASX 200 is higher by 1% 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 This is Bloomberg law A divided Supreme Court rejects a religious challenge Tell us a little about the facts of the case Either views with prominent attorneys in Bloomberg legal experts My guest is former federal prosecutor Jimmy garu joining me as Bloomberg law reporter Jordan Rubin And analysis of important legal issues cases in headlines The Supreme Court takes on state secrets multiple lawsuits were filed against the emergency rule Is this lawsuit for real Bloomberg law with June Grasso From Bloomberg radio Welcome to the Bloomberg law show I'm June grosso ahead in this hour Trump appeals his contempt of court ruling and the $10,000 daily fine And how would Twitter change with Elon Musk in charge Former president.
Bloomberg Radio New York
"delaware chancery court" Discussed on Bloomberg Radio New York
"Be the case until we pull everybody out of that rubble and reunite them with their family. That's the latest I'm Lisa Taylor and I'm Karen Chase in the Bloomberg newsroom. Crude oil bubbled up to over $76 a barrel after OPEC talks in Vienna broke off in a dispute between Saudi Arabia and the E. Over production levels. The White House is closely monitoring the negotiations and urging both sides to search for a compromise solution in light of the potential impact on the global economic recovery. West Texas Intermediate crude rose for the fourth time in five days, A judge has ruled that MSG Networks shareholders can proceed with the vote next week on a proposed merger with Madison Square Garden Entertainment Corporation. More from Bloomberg's Charlie Pellet. Karen Delaware Chancery Court Judge Kathleen McCormick rejected an investor request to delay attempts by billionaire James Dolan to consolidate his family's interest in the company's. The judge ruled that MSG s board did what was necessary to protect shareholders as part of the deal. Judge said In her ruling, She moved quickly to decide the issue. Quote given the proximity of the shareholder vote. Caryn Airlines in the European Union, the world's biggest carbon market, will eventually have to pay for all the pollution from their planes as the EU strengthens its climate policies under its own green deal. Proposal by the European Commission includes a gradual phase out of a mission allowances for carriers and will be part of measures to be announced July 14th British Prime Minister Boris Johnson plans to end social distancing and capacity limits at venues in England, July 19th, saying people must learn to live with coronavirus face masks will become voluntary. U. S. Stock Markets are closed in observance of Independence Day, but overseas markets were in business. The footsie in London closed up 41 the CAC and Paris was Up 14. The DAX in Germany was up 11. Global news 24 hours a day on air and on Bloomberg Quick take powered by more than 27,000, journalists and analysts in more than 120 countries. I'm Karen Chase, and this is Bloomberg. Broadcasting live from the Bloomberg Interactive Brokers Studio in New York. Bloomberg Living Free to Washington, D. C. Bloomberg, 99. 12 Boston, Bloomberg, one of 61 to San Francisco, Bloomberg 1962, the country Sirius, XM, 1, 19 and around the Globe. The Bloomberg business I and Bloomberg Radio. Com. This is Bloomberg Daybreak. Welcome back to this special holiday edition of Bloomberg Daybreak. I'm John Tucker after a volatile first half of the year, the second quarter, so the NASDAQ continue its bull run and hit a record and for more of what's in store for the final Six months of the year. We're pleased to welcome Gene Munster, the co founder. Of Loup Ventures, a gene daily and markets. There's this push and pull between growth.
CNBC's Fast Money
LVMH Countersues Tiffany Over Merger
"Lvmh has filed a counter lawsuit against Tiffany. That's just the latest piece of drama going in that ongoing merger dispute between the two luxury brands. Robert Frank joins us now with the latest here, and this is getting to be a pretty bad divorce in a marriage that hasn't even happened yet. That's right dominance. The latest shot fired Mike. Call the battle of the here lvmh filing a counterclaim against tiffany in Delaware Chancery Court. Now, this is a response to Tiffany's lawsuit filed earlier. This month that sought to force lvmh to proceed with that deal to buy tiffany for sixteen billion dollars now lvmh complaining that here's how it starts out. This is the first line. The business lvmh proposed to acquire November of twenty, nine, thousand, nine, hundred, no longer exists. What remains is a mis manage business with no end to its problems insight and it just gets worse from there dom now. Alleges there was a material adverse effect here it says that the pandemic created extraordinary damage to tiffany and this is important. There was no carve out in the deal agreement for pandemic. Now, the core of the complaint is really that tiffany has been mismanaged. It says that tiffany paid dividends when it shouldn't have that it cut marketing and s GNA expenses that will actually cost future. Sales and said that luxury companies in the US have a bleak future saying that ninety percent of Tiffany's sales are brick and mortar stores. You don't WanNa be that kind of retail right now and eighty percent of those brick and mortar stores that typically has our shopping malls. Now lvmh also cites a letter from the French foreign minister that says, it is impossible to close that transaction. That's what Lvmh's saying and the trial for all of this set to begin on January fifth dom. So we'll see whether the judge gets to hear all this where they reached some kind of settlement. Before whether they reach a deal at a lower price, a lot's going to happen in the next couple of months before that trial.