On retail, best buy reports.
It is the single best retail success of the year.
Can the success at best buy continue?
Hedge fund manager carl bass -- kyle bass has spent big.
Stephanie ruhle will join us in a bit.
This is "bloomberg surveillance ." tom keene live from our bloomberg headquarters in new york.
Joining me, sara eisen , scarlet fu, soon to take and eight-week vacation.
Our guest host this hour, the president of president -- the president of foreign relations, senior erector with the national security council.
Egypt is front and center.
Morning briefing for you.
Another selloff in stocks overnight.
In hong kong, the main index, three percent.
Stocks are getting hit.
The currency today, indonesian at a four-point low.
A bunch of earnings to keep an eye out.
Home depot out the last hour.
This hour we will hear from best buy.
At 7:30, jcpenney.
Also before the bell, results from barnes & noble.
Emerging markets hammered, but the u.s. markets have done pretty well.
A little bit more resilient.
It is starting to spill over into the developed world.
U.s. and even europe are considered bright spots compared to emerging markets, particularly asia.
There is the market set up, overnight news.
Scarlet fu has more company news.
S by just reported results, earnings per share up $.32. this is $.10 higher than the most bullish estimates out there.
Second-quarter revenue for best buy, $9.3 million.
In terms of comparable sales, it looks like a drop of six -- of .6 of 1%. the ceo making some comment, near flat comparable-store sales , better than expected earnings in the past three straight quarters.
We see that playing out this morning.
We will keep an eye on how the share prices are acting right now.
$32.60 per share after closing yesterday at $39, $40 per share.
Consumers are spending more on their houses, boosting home depot.
It projects full-year profit of $3.60 for share, eight cents higher than its previous target.
Target sales topped last quarter because of the housing recovery.
Apple may come out with two iphones next month, a high-end and low-end iphone.
A shift in strategy for apple, which has not announced two at the same time.
A seven-point -- glen course is $7.7 billion charge -- it bought xstrata in a deal last year.
I want to focus on best buy quickly, increasing gross profit markets -- gross profit margins.
Angry huber jolie has done -- it looks like they are on their way to at least improving the gross margin even as profit is down from where it was four years ago.
A turnaround story for best buy, perhaps a turnaround for jcpenney.
On this day of jcpenney earnings, a bloomberg exclusive -- another big name hedge fund manager, kyle bass, betting on a jcpenney comeback, investing in the company's debt.
"market makers" cohost stephanie ruhle joins us.
Great to have you back.
It is amazing, when you think about jcpenney in the last year, you have ron johnson, a definite mistake, the interim ceo definitely a mistake.
Let's look at some of the biggest shareholders.
You have glenview partners, larry robbins.
Now kyle bass.
In the last two weeks he has gone significantly long.
I have heard from people inside his firm, came in capital.
Their position is not massive, but they are secure along and they are going long through the credit default swaps it.
Any idea if he wants any changes?
Bill acclimated publicly clear that he wants mike oldman out, once the chairman out.
He just needs them to get their house in order.
Between their cash position and the available line of credit, they are in good shape.
Get your apparel story in order.
That seems to be underway.
Remember, this stock is down 33% on the year.
He needs them to start rolling straight.
These are big players buying the name.
What is kyle bass' investment philosophy?
Is he a stress investor, a value investor?
This is for tom because it is a little technical.
The cds is interesting.
There are so many layers who are investment guys.
-- so many players who are investment guys.
Kyle bass said come to papa.
What about the results today?
Will they see this type of turnaround he is hoping for?
It will be the fourth quarter in which ceo mike ullman is in place.
You will not see the turnaround right away.
It will take time to play all.
And maybe bill ackman does not like the ceo or the way the company is rolling, but he owns 17%. he wants to have the likes of george soros and kyle bass owning this company.
And they get ready to sell, too, starting in november.
We will see if the ceo can accomplish that.
What else do you have on "market makers"? the president and ceo of al jazeera network, launching today at 3:00 p.m. it will be interesting.
It will be interesting.
Al jazeera is an amazing experiment.
You have to wonder what their value proposition is that they are selling in this country.
You are shaking your head.
I don't think they need a value proposition.
You have one of the wealthiest countries in the world, qatar, and it does not have to run like a news channel anywhere in the world.
It gives them a real chance to have access to one of the most important markets economically and politically.
You are at the focal point of making americans more intelligent about international relations.
What is your dream to see from al jazeera or cnn international or bloomberg?
What be -- what would be your best case about coverage of egypt or any other story?
To cover it, but you also want the networks to cover it because the audiences are much bigger.
Right now international news barely figures, which is the contradiction.
We are living in a time where the world matters more than ever before, and we cover it less well than ever before.
I think of your book "foreign-policy begins at home ." with al jazeera becoming a huge international channel.
Also that they will cover a lot more about domestic america.
They want to cover this country.
You mentioned that al jazeera will have no problem with money, but it does have a problem with credibility with the american audience.
They have to get over that.
They might have come up with a name that would not have sounded "so arab." it will be interesting to see how they cover events in egypt.
What is distinctive about the moment we are in?
The one, 2, 3, four stories this morning?
What is interesting to me, you have countries like saudi arabia stepping into the breach -- you americans, you europeans want to sanction the egyptians.
We want to step in.
This sends a signal that the world has changed.
It is not a bipolar or multipolar world.
The ability of the united states to have influence, to exact leverage for traditional things like foreign aid, those days are not quite over.
As a general statement, who do the egyptian people support in these two fractured sides?
This text has been automatically generated. It may not be 100% accurate.