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