It's time for the roundup.
We have got alix, julie.
Nsa whistleblower edward snowden is back, and speaking up in an interview with brian williams from nbc.
Snowden said he was not the quote, low-level analyst, but rather a professional spy.
Listen to this.
It's no secret that the u.s. tends to get more and better intelligence out of computers nowadays than they do out of people.
I was trained as a spy in the traditional sense of the world.
I lived and worked undercover, overseas, pretending to work in a job that i'm not, and even being assigned a name that was not mine.
We will come back to this in a minute.
We have breaking news.
Apple to buy beats.
It had been well telegraphed.
Jon erlichman joins us from los angeles.
Finally, getting the official confirmation.
There had been a little bit of guidance on the pricing.
Initially people thought purchase would be valued at $3.2 billion for beats.
Than there was reporting it would be $3 billion.
In this news release from apple, they cite the price at $3 billion, a price that includes $2.6 billion and another $400 million that will vest over time.
Everyone has been curious about the role of dr.
Dre in the founders of this company and how they would play into this.
Apple was clear in this press release to highlight the fact that they will be joining apple, which raises a lot of questions about, were they buying it for the technology, for the hardware, -- where they buying it for dr.
Dre and for jimmy?
That has been one of the questions talked about.
Was this really a talent acquisition?
I think it is.
We have had a lot of time to digest this deal.
There's been a lot of reporting on it.
For a company like apple which is looking to stay relevant in the minds of consumers, hiring, bringing aboard some well-known players who transformed this whole electronics market, listen to music market over the last couple of years that could breathe some new life into apple.
There are still a lot of things behind the stage that we don't necessarily know about in terms of what beats has been working on, what apple is working on long term could benefit the company.
There has been a lot of discussion about -- in a world where people are listening to subscription music services, maybe in a bigger way these days than wanting to buy music like through itunes, is there a benefit to making this bigger play into streaming?
That is one of the factors behind doing a deal like this, having the talent like dr.
Stick with us.
I have julie and alix here.
We have talked at length about this.
One of the issues that has come up is whether or not this was the smartest acquisition you could possibly make a apple if you wanted to get into the streaming business.
Spotify and pandora are out there.
If you are willing to pay $3 billion for something -- mashup all had a great article -- mashable had a great article.
$10 million versus 100 levinsohn of the --111,000 users.
We don't know the entire back story.
Who else they may have approached in the streaming business.
Spotify would theoretically make sense.
You get a lot more for your money.
We know that our strength is the marketing.
It's not really the users, or the hardware or software.
It's all about the names.
They know that is their strength, so they can sell to the highest bidder.
If it works for apple and they have money to burn because they have a lot of cash, it does not really matter.
To what you were just saying, cultures coming together is always an important factor.
It's interesting as you look through this press release, jimmy saying, quote, i have always known in my heart that beats belongs with apple.
He went on to say that when they started the company, it was inspired by apple.
When you talk about what apple could be doing, having a partner who's willing to come out and say that was always part of their inspiration for the company to begin with would suggest that bringing these two companies might make more sense than something else the app could do if the two businesses are seeing eye to eye.
I can see why they would say they had been inspired by apple.
Corey joining us from san francisco.
What you think it means for the hardware side of the business?
Well they abandoned that, or rebranded as apple?
Jimmy is being clever with that quote.
When they launch the business, they told us they were inspired, and they felt they could bring something better to the table.
Clearly by going to bluetooth and backing away from hardwired cable to headphones, some have argued the quality has gotten worse in those beats headphones.
Apple will be spending a lot of money to develop better and better headphones.
They have acquired some of that with this acquisition.
The way apple is generating cash , this is outsourced r&d in the most classic sense of silicon valley acquisition.
It is official.
Apple is buying beats for $3 billion, $400 billion of which will be in cash.
Just ahead, the recent shooting rampage, the debate over gun laws in this country.
We will speak with a panel of experts about reducing gun violence.
The message president obama shared with west point graduates , and the gift they gave him.
? the deadly shooting rampage in california over memorial day weekend real than the national debate over gun laws.
We are bringing together some voices on the subject to discuss how the landscape has changed since the new town tragedy, and where the nation is heading.
I'm joined by bloomberg reporter paul barrett, robin thomas, executive director of the law center to prevent gun violence joining me from san francisco, and craig whitney, author of "living with guns." paul, it seems as though since new town, we have actually seen a renewed push by many states to liberalize gun laws.
There has been this momentum or this shift towards allowing more and more people to access guns, when you would think intuitively it would be the opposite.
We have seen flux.
We have seen some states that have tightened laws, and ufc a larger number of states -- you have seen a larger number of states make it easier to legally acquire guns.
The libertarian side of this debate enjoys a structural advantage.
What do you mean?
Their level of passion is higher and more sustained.
They have the u.s. supreme court on their side.
That court has said the second amendment means there is an individual right to possess a handgun.
They have the most effective national lobbying group in the nra at work on their behalf, and politicians in both parties who are unwilling to expend political capital in this area.
Robin, you look at these very liberal gun laws.
You and i talked about georgia recently.
George and allowing people to bring firearms into bars.
We were making the point that alcohol and guns don't necessarily -- they don't seem to be a match made in heaven.
There are a lot of very -- liberalization of these laws that is happening now, and to paul's point, there is a momentum on the side of pro-gun people that just does not seem to have been met by the anti-gun society -- side of things.
How does that change?
To craig's point, they do have structural advantage in the sense that they have been around longer and have more entrenched relationships in washington.
That is changing a lot, and has changed significantly since new town.
Now you have michael bloomberg stepping up and putting a lot of money into this.
Debbie giffords is getting involved in this issue.
The ground is really changing.
Moms demand action.
Well maybe they have had an advantage in the past, that is starting to change.
Craig mentioned there were changes in both directions, both strengthening gun regulation and weakening them.
I would say the strengthening of gun regulations has been tipping in our favor since newtown, since there've been new laws, many of them french laws, minor impact.
A lot of the law strengthening gun regulation in new york and connecticut, these are significant, sweeping reforms that were really impactful.
Do you agree with that?
Paul is shaking his head no.
We will let the real craig speak.
What do you think?
I would say that if the people who are in favor of stronger gun control regulations work as hard, spend as much money, take as much time to change the minds of all those people in washington and state legislature around the country as the nra and gun rights side did, and it took them quite a while to get as powerful as they are now, then we have a chance.
What kind of money is at stake here?
What kind of lobbying money is at work for the pro-gun side?
How much does the nra spend -- i'm a member of the nra.
They are asking me for money to fight the legend obama -- all eged obama seizure of all private guns plan, practically once a month.
It is hundreds of millions of dollars.
The nra's annual budget is about $250 million.
Not all of that is spent on lobbying.
But they have the money to spend.
The nra is a national front group in washington.
There are local gun rights groups all across the country, some affiliated with the nra, some not.
This is not exclusively the terrain of the 4 million or 5 million member -- the companies and many factual the guns, there's a lot of business for them at stake -- that manufacture the guns, does a lot of business for them at stake.
You tend to see gun sales increase after an event like we saw in california.
Robin thomas, director of the executive law center to prevent gun violence and craig whitney, thank you very much.
President obama encouraged the future defenders of the nation today in a commencement speech at west point.
What he said after this break.
We will be joined by the author of the book he was given their at west point.
? west point, a cornerstone of american history and tradition, has long been a platform for a u.s. president to address future military leaders of our nation.
Today, president obama spoke to the 2014 west point graduating class about the role our military plays in representing america on a global level.
Take a listen.
America must always lead on the world stage.
If we don't, no one else will.
The military that you have joined is and always will be the backbone of that leadership.
But u.s. military action cannot be the only or even primary component of our leadership in every instance.
From the 34th american president to the winning coach in ncaa men's basketball division i history to the second man who walked on the moon, west point graduates like mike krzyzewski, dwight eisenhower, and buzz aldrin, helped shape american history.
They are profiled in west point or files of coverage -- courage -- west point graduate profiles of coverage.
What do you think these leaders have in common?
What are they learning at west point that is a common ground that helps them succeed?
West point is the premier leadership institute in the world.
That is why presidents love to come to west point to make a national security policy statement.
The consistencies of west point graduates have as a whole, leading towards a team selflessly and four nation.
West point graduates go on to do things that we just talked about, which would be leading corporations.
Senator jack reed was on the stage today.
They are basically leadership that can be applied to any endeavor, whether politics or business.
It is just one of the things that makes veterans probably so attracted to a lot of corporations, the leadership skills you have learned, and in this particular case, that are coming out of west point.
We heard the president say that you need that military to be the backbone of leadership in the world, and america needs to maintain its leadership position.
Right now as we look at what is unfolding in ukraine and we watch what happened in syria where the president said he was drawing a red line and then we saw that red line crossed and he did not do anything, there is been some frustration by some people in the military camp the think we are not doing enough.
The speech today was closure for him in terms of, it will be the last speech he gives a west point -- it is closure to the bush 2002 speech, preemptive attack policy, which resulted in the iraq war.
This president tried to make his biggest security speech at west point because west point resonates around the world.
His supporters will say he is ending the wars he inherited, and his detractors will say he is leaving it too early and the world is more uncertain because of some of the actions of the administration.
The speech itself will be widely reported by supporters and opponents alike.
Your book was gifted by the graduating west point class to the president during -- president.
You have got to feel pretty good about that.
The seniors signed the book and gave it to the president in a private ceremony, from what i'm told.
They gave the gift of a class ring to him as official guest at the ceremony.
As an author, you could not be more proud to see that.
Daniel rice, "west point leadership, profiles of courage" is his book.
That is all for today's edition of "street smart." ? it is time for bloomberg television on the markets.
Let's take a look at where stocks traded today.
We did not have much change in the session.
It did and slightly on a negative note, coming out the s&p 500 record close.
The prior session could not hold us there.
We saw retailers lower.
The gdp report is tomorrow.
Looking at tech stocks, they pulled back slightly today after a four-day rally in the nasdaq 100. even with today's drop, that index is within 4/10 of a percent of its high for the year.
Joining me with a look at the tech turnaround is mike reagan.
This has been so volatile this year.
Momentum stocks have been hated and loved and hated again.
What is behind the more recent turnaround we have seen?
You can never talk about technology shares without talking about apple.
When the momentum and high-growth stocks collapsed earlier in the quarter, there was apple sitting there, the biggest stock it is, trading at a discount to the s&p 500. as the nasdaq and other momentum gauges found their bottom in the middle of april, apple just took off.
If you look at the nasdaq 100, apple has accounted for a third of its advanced since then.
It still is the mother of all stocks.
There are other value stocks.
A lot of investors shifted.
They basically became aware again and shifted away from the momentum growth stocks.
Some of the other discounted stocks are among the biggest movers.
Micron was trading for pretty cheap.
I have heard money managers say they like -- old technology still getting some of the growth there.
Your hardware and chipmakers really outperforming in the last month.
Some of the other big, high flying momentum names -- amazon, ebay, they have not quite recovered.
You have this larger shift from growth to value.
It will be interesting to see what apple does on the back of confirming the beats acquisition.
How are etf's weighted within the tech world?
They have played a big role.
The qqq sought influence of almost a billion dollars last week.
In april they saw almost $3 billion of outflows.
That was an alarming stat.
Now it seems like again, people yanked money out of them again, getting back into them.
What will happen next?
You get the apples developers conference next week, which i would have to guess has something to do with the optimism around the stock.
There's a lot of rumors that always swirl around that.
Who knows if they will introduce these big products that have been talked about, like the iwatch or television?
Those developer conferences -- it is a berkshire hathaway meeting -- it is just earnings growth in general that is always the big theme.
Still looking at 11% to 12% earnings growth, which is not as robust as it has been in the past.
Thank you so much.
The woodstock for geeks.
I like that.
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