Fired tear gasly and rubber bullets to drive back protesters blocking hong kong streets with roadsides and umbrellas at a protest for democracy in the chinese territory. Demonstrations began last month in opposition to and tradition bill that has since been suspended, but the movement has become a broader push for full democracy. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. In his 1 00 in new york, 6 00 in london, 1 00 a. M. In hong kong. I am vonnie quinn, welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories around the world we are following. All eyes on fed chair Jerome Powell as the fomc is poised to cut rates, even as the economy shows signs of strength. Pfizer and mylans drug deal. Theer will combine with generic drug business which could trigger more movement in the pharmaceutical space. The cat is out of the bag and victorias secret. The lingerie retailer is struggling with its image now with ties to Jeffrey Epstein. Abigail doolittle is here. Halfway into the trading day. We are off the lows to some degree, ahead of the fed on wednesday. Investors eagerly awaiting to rate cutthe potential decision will yield. Right now, the dow up 1. 25 . The nasdaq down half a percent. A bit of a reversal from last and nasdaq p 500 retreating from alltime highs. The vix popping ever so slightly, but very small moves. Waiting for the fed. This is what we saw last summer. We had three months, greater than that in fact, of moves less than 1 both to the upside and downside. Although the s p 500 did reach record highs on that. Huge volatility in the fourth quarter. This year, lots of moves up and down greater than 1 . In the last 35 days, back into these smaller moves. Interesting to see whether the fed decision can break that. Mylan,talking about that pfizer deal. Shares popping 14 . They will be combining with pfizers generic unit in an all stock deal. Investors hoping this will turn the company around. Really struggling as a generic maker. Chipotle Mexican Grill up again. Tripadvisor down 3. 8 . They were cut and will be reporting next week. Finally, i was mentioning the fed. If we go back into the inomberg, we are looking at, white, the s p 500, in blue, the fed fund future yield. The correlation on bottom was very high as both of these track closely. That was until this year. Fed fund futures going lower. S p 500 going higher. Those lower rates helping stocks. We see a little bit of a bottoming. It will be interesting to see what comes up on wednesday is priced in and whether that puts this years rally in stocks in jeopardy. We will know in just a few days. Vonnie absolutely. President renewing his attack on the fed before their meeting this week, declaring that it raises rates too early and that a small rate cut is not enough. The fed is expected to lower Interest Rates by a quarter percentage point when they gather in washington. Joining us now is carl riccadonna. Was the u. S. Economy able to take that type of 2018, and if it was, why do we need to walk lower so quickly . With Monetary Policy acts a lag, so the fed thought that they were being gradually slow about tightening policy, but as we rolled toward the q4 rate increase, it became apparent may be fed was a little bit too aggressive with tightening. We could see that in financial markets, certain Economic Indicators as well. I do tend to agree with the notion that q4 was a policy mistake on the part of the fed. There is a good case to unwind that sooner rather than later. Vonnie where do you see it . The bull market run continues. A small portion of the curve inverted for a little bit but nothing that riled people too much. Carl this is not a catastrophic stake, but the fed is due for a course correction as a result. You highlight a major reason, the modest yield curve inversion. When the yield curve is extremely flat or even mildly inverted when we have a substantial inversion, that is a signal of recession and significant policy mistake. What we have seen is mild. Whenever you are fine tuning, there is some course correction needed. The fed now has to reverse course to add some steepness back into the curve, and therefore, improve Lending Conditions for banks. And inverted yield curve is a typical banking environment. As monetarytive policy is, that does not necessarily get translated to mainstream america when banks are not incentivized to lend. Vonnie what are the forces at work when we may see layoffs before we see Wage Inflation . Carl we are certainly seeing lots of layoffs and weakness in the manufacturing or, even in some financial services. In general, we have not seen a deterioration in Labor Conditions to any meaningful degree. The uptick in the on implement rate we saw recently will not be sustained. Really, it seems to be timing issues with a lot of temporary workers looking for summer employment, not really a sign that the Labor Movement is moving in the opposite direction. When we look at overall Labor Conditions, and i think we will see reinforcement of this on friday with the jobs report, the labor market is pretty intact at the moment. Inflation,t of labor if we look at the employment cost index, average hourly earnings, they are close to the top of their range. Tot is providing a tailwind consumer spending, which is a critical component in the Second Quarter of the year. Earlierndrew on vonnie we had andrew on earlier saying even with a strong consumer you could have a recession. We also have vince reinhardt saying, if you are going to do two or three rate cuts this year, why not just cut 50 now and get it out of the way . Different types of maintenance or insurance cuts, compared to what we saw in the mid1990s, 1997, 1998. The fed does not have a lot of leeway to continue easing policy. They have to be stingier with the course correction this time around, or they will be roped into more substantial easing cycle, and then left without a munition when the economy needs it. This is a course correction, not an aggressive easing. The risk is if the fed does not play their messaging right, theyll be forced into something larger. Vonnie briefly, what if the market decide that is not enough . Get what you say we should get, the markets get nothing carl this will depend on very clever communication from the fed. While the rate cut on wednesday is largely priced in, the challenge for jay powell, especially during the press conference, will be to lay out the parameters of how this will all end. If he does not get out in front of that in a printer where we see decent economic data, the result will be that the fed gets pushed further than it wants to go. Vonnie carl riccadonna, thank you for joining us. Lets get some highlights from our interview with mike pompeo. He spoke with David Rubenstein earlier today at the Economic Club of d. C. They discussed kim jongun and much much more. Managed toight, has rise to the level of leadership in a difficult environment where he was a very young man when his time came. From my first interaction with him, he has been candid about the things that are important to him, how negotiations might proceed. I hope that we can achieve that. To asia tomorrow midday. Ill be in bangkok a couple days. I hope that we can have working level discussions soon so that we can unlock the rubiks cube. It is a challenge she is presented with as the leader of north korea. We hope that he can see his way clear so that we can see that Brighter Future that President Trump has talked about. It is not enough. It is acceptable. They need to do more, we need to do more. Congress needs to change the rules. We have to create a deterrent. It has to be the case that those that want to come here legally can, and those that want to come by another mechanism choose not to, because they will not find a way. It aint just russia. Bad english, i will try to correct that. That are more nations tempting to undermine western democracy. That is true since the founders created this great nation. The president has said pretty clearly we would do all it takes to make sure the venezuelan people get democracy back. We are closer today than we were several months ago, but in the end, we will do our part. Fromilt a Great Coalition members of the oas to what we call the lima group, the 50 other countries joining us understanding maduro is not the duly elected president. Progress every day. Vonnie secretary of state mike pompeo. You can catch David Rubensteins peertopeer wednesdays at 9 00 p. M. Eastern. News, lyft is down 3 and continuing to decline on news that the coo is set to be leaving. He joined last year from tesla. John mcneil has left the company, according to people. Amiliar with the matter he was president of global sales and service at tesla and joined lyft in 2018. Lyft has been struggling since its ipo in march. This particular position has been vacated a couple of times, most recent ceo john mcneil has left. Pfizer and mylan reaching a blockbuster deal, combining the two businesses. We will have the details. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Pharma today, pfizer is combining its business line of older blockbuster medicines such as lipitor and viagra, with generic producer mylan. Shareholders will own 42 of the company. Joining us to talk about this is umer raffat with evercore isi. What about the price tag for this . A complicated structure, but are we looking at something that is well valued . Umer from a mile in perspective, very well valued. 12 billion dividend component, but from mylans component, it is wellfounded. Is, itstion from pfizer was trading at a higher price than what mylan traded at. But because mylan is issuing so many shares, if the price we rates, effectively you are raising the price on that side as well. From the mylan perspective, its great value. Vonnie are there going to be any regulatory concerns . Umer the concern we caps on hearing a lot about in the m a and pharma space in general has been overlaps, especially as it relates to a marketed product versus a pipeline product. You dont have that here because what mylan is buying is a bunch of off patent drugs primarily in emerging markets. There might be some overlap they need to divest, but i dont see any critical overlaps which hold up the deal. Vonnie the forecast that the new company will have 19 to 20 billion in sales, is that realistic . Put thes, if you companies together, that is the number you get to. If you do that off of last years number, it is even higher, but there is a patent issue involved. Dealmaker,zer is a wants to do this deal, and then focus on the core business, which need to be built up. Both Companies Beat on earnings this time around, but what is the outlook for the new pfizer . Umer if you asked me yesterday what does your Growth Outlook look like for pfizer . I would say about 3 or so. Some analysts and investors thought it could be up to 5 . Pfizersthis new spin, Growth Outlook to me looks like 6 , 7 , compared to my prior 3 . Now it looks like a truly growth pharma name. To what extent their multiple will go up, that is yet to be seen. Pfizer need to do more deals, is it ok for the time being . Suspect we will see a pause, not only because they Just Announced the 11 billion deal, and then this one. This one is a little bit more complex financially. Ins,ay continue to see tuck but large deals, does not seem like that is the direction they are heading. Vonnie earlier, s p downgraded pfizer to aa minus. What about the idea that the administration is looking to do work on drug rising . Will that affect any of the companies here . Umer great question. If we look at the most concrete proposals to date, the administration was very focused on reducing prices for injectable drugs. Pfizer has a bunch of those, but not the Biggest Company exposed to that. The Senate Finance committee showed a bill were they were posing to cut that bill price on oral cancer drugs. Tozer does have exposure oral cancer drugs, so that is one place we could see pressure. The details are constantly in flux. We dont really know. But it seems there is a lot of consensus about taking prices down. Certainly, the stocks are reacting like a regular, healthy deal with mylan day, pfizer down small. Thank you. Still ahead, the dark shadow over l brands. The relationship with Jeffrey Epstein is being called into issue, but it is not the only only at victorias thing at victorias secret. This is bloomberg. S is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Time is not being kind to victorias secret. Decadelongeins relationship with the ceo Leslie Wexner is weighing on the company, but is not the only issue. They are struggling to find its footing in a changing consumer feelsn, where sex appeal increasingly out of touch in the age of body positivity. German holman has the story. Jordyn holman has the story. Explain the ties between Jeffrey Epstein and victorias secret. It was not just Leslie Wexner and the money. Leslie wexner and Jeffrey Epstein were longtime confidants. Epstein was at one point his power of attorney. In addition, epstein would help recruit models for victorias secret fashion shows, one of their big things to do. There is that connection between the models and the business. When we looked at is what does it mean for victorias secret to be aligned with epstein at one point, and what does it mean moving forward . Vonnie before we go to the future, who is john the brunel and who is mc2 . They are a Modeling Agency in miami. He would allegedly recruit young girls to then be models with other retailers, not just victorias secret. In 2014, a lot of retailers were showing concerns, macys, nordstroms, i dont want to be associated with it. One of the companies not named was reported secret. Models dide of these walk in the runway for the fashion show. Correct. We saw with the models were doing, they were out in front for victorias secret. So that goes back to the ties with epstein, with young girls, and what that means, and who is protecting them. Another name involved, the divisions chief marketing officer. We have not heard last of him. The chief marketing officer, very closely tied to the fashion show. We heard he is the one with his hands on that, while les wexner is little more removed. There is a recording of him in 2011 saying one of the most important jobs in the world is ,eing a victorias secret angel saying there is no one else who can do the job. How women are viewed in this company, how they think about angels, the idea that women dont have agency outside of what they can wear. Vonnie it is funny because apart from the hall epstein was also already backlash against the fashion show in the last couple of years. Even some models had spoken to the company about that this year. Jordyn also with the fashion show, ed got pushed back saying i dont want transgender models in the show. So a very narrow definition of what kind of woman they want to promote. Thank you, a wonderful story. The beginning of a huge investigation, im sure. Lets have a quick look at the data as we are approaching the 1 30 mark. A little bit mixed. I did want to point to the british pound. U. S. Ng at 1. 22 versus the dollar, weaker today by 1. 3 . You can see it versus other currencies. The pound basket down 1. 4 . Mlo is speaking and the mexican peso is weakening. And then the departure of the coo of lyft. Has only been there a few months. 2. 25 . Ock is down this is bloomberg. Mark im Mark Crumpton with bloomberg first word news. President trump is denying his weekend tweets criticizing an africanamerican congressmen were racist. The president called Elijah CummingsBaltimore District a disgusting rat infested mess where no human being would want to live. He then accused Elijah Cummings of being racist. Al sharpton a con man and troublemaker. In puerto rico, uncertainty is growing as the bankrupt on and still does not have a clear leader. Over the weekend, the governor in waiting, wanda basque as, says she does not want the job. The next in line is francisco perez, the treasury secretary, who at 31, is not old enough to be governor. Next in line appears to be the education secretary who told a Radio Station today that he is focused on his current job. Governor rosario is set to step down august 2. British Prime MinisterBoris Johnson is pushing the European Union to compromise. The Prime Minister insisted today he will not hold brexit talks with eu leaders unless the tock lists its refusal reopen the existing divorce deal. The pound fell to a twoyear low as business groups warned either written or the block is prepared for a no duo brexit and that there would be no way to avoid economic damage if britain leaves the block without an agreement. Emmanuel macron says he will host russian president Vladimir Putin for talks before the g7 summit. The leaders are expected to meet august 19. Russia participated in what was then known as the group of eight until its exclusion in 2014 after president putin annexed crimea from ukraine. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Shery live from bloomberg World Headquarters in new york, im shery on. Im Jon Erlichman in for amanda lang. Here are the top stories we are following around the world. China and the u. S. Appear to talk again three months after breakdowns in trade negotiations, the u. S. Team has to shanghai. China calls the move goodwill well while sticking to its redline of the u. S. Are moving all additional tariffs. The u. S. Treasury department will hold its quarterly note and bond sales at record levels for the third time as americans debt binge continues. Investors feeling a little queasy about beyond meats earnings. We take a look at what is driving down appetite. A quick check on where the markets are trading. We are seeing big tech heavyweights in weighing on major benchmarks. The s p 500 and the nasdaq falling from record highs. Consumer stocks also leading the declines. Lyft fall into session lows after reports its ceo was leaving. The dow outperforming, of a quarter percent. A busy week with earnings, more than 60 160 Companies Reporting on the s p 500 this week, the busiest week of the season. The pound is not plunging the most since december of last year, down 1. 3 . The a look at this chart on gtb library which shows volatility. Three implied volatility which would also include the october 31 brexit deadline. Now at levels we have not seen since back in march. Another deadline back then. We know the u. K. Prime minister is heading to scotland for brexit talks, all ahead of that boe Monetary Policy decision. Lots of central policy decisions, including the fed this week. Of course, on top of earnings this week. No doubt and you mentioned many of those Companies Already reporting this week. A couple takeaways this earnings season. When it came to secondquarter numbers, a fair number of Companies Beating expectations. We have taken a look at companies who have revised their guidance for the third quarter. At the tail end of this chart, there has been an upward story of momentum, with a downward revisions. Companies are changing their outlook for the third quarter. Much of the time, they are lowering expectations. For more on the markets and the fed decision this week, lets get more perspective on where we go from here. Our across asset reporter lou joiningining us kawa us. There is so much to chew on. What are you hearing from some of the Market Participants that you talk to about what they are watching closely right now . A lot of this week will be avoiding the bad parts of this week. Banks, comes to central going into every decision, there is too much pricing, it will be hard to sound dovish, but they always manage to under deliver and over surprise. Last week we did not have that happen with mario draghi. It will be about how Jerome Powell exceeds dovish expectations when he doesnt have a dot plot to go back on, and the market will be looking for him to precommit that he is not just cutting now, but will be cutting later. That will be a pretty difficult task. To seewe continue pressure from President Trump, even tweeting today about Central Banks in the. China, commending them for their easy policy, but at the same time, attacking the fed for doing nothing. Little happier this week. How much of a cut our markets pricing in . Luke right now the 25 basis point cut is priced in. A nontrivial chance of 50 in the cards. Not a lot of peoples base case that youll be getting that in full. As it pertains to the president s messaging, it is very odd that you had janet yellen come out ahead of the decision and say its appropriate for the Federal Reserve to be lowering Interest Rates by 25 basis points. This is getting some intellectual heft behind the case, not a politically driven move. There is a lot of consensus in the Monetary Community for what the fed is about to do. Jon i made that reference earlier about companies talking about their thirdquarter performance. There is a general dialog when it comes to investing in stocks. There is no alternative. There are a few players out there putting out strategies running counter to that. Jpmorgan is putting out a different one these days. Luke essentially, they have said there has been too much tina, people have become over invested, overexposed, leaving the potential that you see some kind of retracement. Betting on central bank disappointment has been a very difficult thing to do. As you mention with earnings, you have seen the q3 estimates come in, but a lot of companies reaffirming their fullyear guidance are not coming in as hard. I think that goes to the manifold risk on the table, the china trade talks, uncertainty in the shortterm, but may fade in the long term. Or it could be as simple as, if you cut guidance now, massage expectations lower, it makes it easier to deliver a beat in three months time. Shery thank you for that. The fed will also be keeping an eye on trade talks which could affect Economic Growth as u. S. And chinese negotiators coming face to face for the First Time Since may after the lax talks broke down. The stages set in shanghai for a restart. Joining us now is stefan selig, former undersecretary of trade. Great to have you with us. What are we expecting this week in these talks, where we expect the commerce minister to also participate . Stefan i think we should have modest expectations. As you point out, there has really been no dialogue between the two sides since talks broke down in may. There has been one call, this is the first face to face meeting. We need to get some momentum started. If something is going to happen, it is highly unlikely to be the kind of grand bargain that gets to the structural issues that are at the heart of the matter. Jon if that is the case, does it help to explain why the president seems to now be talking a little bit more about getting some kind of real trade deal done, after the 2020 election . Stefan the president has a unique negotiating style. It is pretty hard for us to secondguess what his motivations are. That being said, you could breadth anden the depth of concessions the u. S. Is looking for, the chinese may find they are unable to get bete and make a calculated that they are willing to wait the election out. If the president has a democratic successor, that may be an easier path for them. Im not sure that would be the case, as evidenced by the sort of policy positions that you saw from Elizabeth Warren just today. Of the things the u. S. Wants are those agricultural purchases. This chart on the bloomberg showing soybean imports have really collapsed. We know the u. S. Wants this. When we think about what the chinese want, it is clear they want some relief on huawei. Can there be a deal with on the part of the equation . Stefan this is part of the point. For the first time in any recent part in the past, the president has joined these National Security issues by putting huawei and others on the list which bars u. S. Companies from providing them technology, with traditional trade issues. That has never been done. That linkage will make it difficult. The chinese to some degree will tie concessions, like by more soybeans, to getting some relief on the huawei entity list restrictions through licensing or other concessions, where they dont have a lot to do with each other. Whether or not the chinese by soybeans which is obviously important to our farmers here in the u. S. It doesnt really get to the issue which faces the u. S. Economy, which are structural ones. Market access, nontariff barriers to entry, and fundamental state support for a large swath of the chinese economy. The soybeans will not help us with those things. Maybe by making progress there, it will be viewed as a goodwill gesture, and expression the chinese sometimes use, but it will not be a panacea. Jon we have heard the word tariff, up on a lot of quarterly conference calls, some companies lowering their own profit expectations given the uncertainty. Measure howying to long this process ultimately impacts the global economy, what would you say to that . Stefan great question. Tariffs, as opposed to other things, have to take time to effect felt on the economy. Prices on goods, how much consumers are paying. Is the decreased Foreign Direct Investment in the United States, which is also falling, as Foreign Companies are less willing to make investments in the u. S. Because of uncertainty around the supply chains. Metricse at least two that point to what could be a medium to longterm slowdown in our economy overall. Shery we continue to see more signs of the chinese economy slowing down. Industrial profits declining. We know the chinese economy is slowing down. On top of that, you have these violent protests in hong kong. Is china losing leverage . Stefan the economy is slowing down but it is still growing very quickly for an economy of that size. This narrative about the economy slowing is, frankly, a bit overplayed. Where the chinese are really at risk, there will be some synaptic break with the u. S. And the west that will fundamentally disrupt supply chains and their ability to participate in the global economy. If that is the case, for sure, that will have a real impact on their longterm growth, employment, and they will be reluctant to do that. But of course, there will be cost to the u. S. , in terms of jobs as people stop investing in the United States, a cost to the consumer as prices go up, because we are not taking advantage of lower prices where goods and services can be purchased overseas. Helpful insight, stefan seelig, former undersecretary of commerce for trade under president obama. When we come back, u. S. Treasury auctions on path to new highs. Why quarterly note and bond sales are expected to hold at record levels. This is bloomberg. Shery this is bloomberg markets. Im shery ahn in new york. Jon im Jon Erlichman in toronto. We have been talking a lot about the u. S. Treasury department, expected to hold its quarterly note and bond sales at record levels. This is bond dealers see the status quo prevailing at wednesdays upcoming quarterly refunding announcement. Lets bring in liz mccormick. We have talked a lot about the budget reality. Lets talk about the bond market reality. What is going on . Fed we are focused on the but a lot going on at the treasury department. The deal is to expect the treasury to keep their quarterly , 3, 10, 30 your notes unchanged from last quarter but really see down the 2021,robably by fiscal later next year, that these record auction sizes already for these respondents will get bigger. We are on a path to have the deficit hit a trillion. People have that coming and different markers, but that is where we are heading. More bonds is coming, for sure. At a times coming where we expect the debt ceiling to be expanded, but also Government Spending to add to that. Liz that is what put the icing on the cake with some dealers. Last time around, maybe we could have a temporary cut in coupon sizes. To, with the treasury likely keep their issue was regular, predictable, and like you said, the deal that trump should sign, will add 324 billion to the deficit in spending. That will make the deficit go further on the path to a trillion. Shery didnt the president at one point promised to get rid of the debt . Amazing, he what is said that he would get rid of the national debt, which is now hit a record. They have been using deficits and Debt Financing to achieve their goals. Jon we talk a lot about supply and demand in the market. One would make the assumption that if there is a lot of supply, that impacts demand. Of course, questions about where the economy is headed. How would you describe the appetite for Government Debt right now . Of you would think with all this supply, yields would be rising, but they are really not. There is such an appetite for u. S. Treasuries, in part, because 13 trillion in debt is mostly negative, mostly europe and asia. The treasury note does not look too bad to people. Talking to a lot of analysts, they say, what drives the treasury, if you are pricing a bond, is the outlook for the economy. ,eople do not see strong growth as you mention, the fed is likely to start cutting rates on wednesday. Is you amarket yield trajectory of what will happen in the future. Even know there is a lot of supply, there is a lot of demand for any yield. People dont think inflation or the economy will be breaking out. That makes yields look attractive and not set to go much higher. Shery liz mccormick, thank you for that. Coming up, beyond meatcoming upo report after the bell. Will the plantbased Company Serve undercooked numbers, or will they be well done . This is bloomberg. Jon this is bloomberg markets. Im Jon Erlichman in toronto. Shery im shery ahn in new york. Meat reports after the bell today, the second Earnings Report as a public company, and investors are getting jittery after the stocks stellar run. Its been the best performing ipo this year, surging nearly 800 . Joining us now is our consumer reporter. This chart showing you saw the stock rally 800 , as we said, but analyst price targets are not keeping up. Our investors right to be concerned . Has everyonesn attention, the best performing ipo this year. It has attracted a lot of shortsellers, so there is a lot of concern whether they can keep this up. It gives investors access to shifting eating trends, the rise thate good foods, but valuation is maybe a little bit overstretched. To its been incredible watch the stock rally, as well as all the partnerships this company has been unveiling. How crucial will it be to get the execution right now that they have all these partners around the world . That is key. We have seen tim hortons, Dunkin Donuts eager to get this out the door because of all the buzz. But you are right, delivering on those contracts, national chains, that will be crucial. We have seen with impossible foods, one of their competitors, they had some supply issues. Any issue is something that will get peoples attention. For a company this young, new to the market, all of these contracts, it is difficult for them to execute. Shery how big is this alternative meat space . The way interesting that these companies have positioned themselves. They are really going after people that eat meat switching over a couple times a week. Be for health or defend environmental reasons, looking to cut down. We know that millennials and gen z really want that. Other analystsd believe it is a big potential market. Jon you talk about impossible foods, a younger business. I imagine some of the traditional players are watching wanting their own product to shine in this world of plantbased protein. We know that nestle and tyson are looking at this. Morning farms has been around for a long time. The established companies have time, where upstart products have a certain cache and branding that works. They are saying, we have this, they are saying, we have this, too, but for some reason it does not resonate. Well are they being distributed, in terms of the burger chains actually putting this on the menu . One thing that got everyones attention, impossible foods had a partnership with burger king. The numbers from that test started all the buzz. People were saying burger king in st. Louis, that is not the place you would expect a plantbased burger to do well, but the numbers got everyones attention. You are seeing more and more of these chains get on board. Mcdonalds has not made a move in the u. S. 14,000 restaurants, so they have to make sure they can lock down the supply before they do Something Like that. But you are really seeing a lot of these restaurants who are struggling embrace this as a way to get customers in the door. At the average analyst expectations over the next 12 months, currently, the stock is trading double expectations on wall street. Been a crazyn its rally, which is why the short sellers have shown up, also skepticism about whether these valuations are right. It has been an amazing story, but nothing that does speak to the shifting eating trends in the u. S. Jon great to get your perspective, thank you. We will continue to track that story. Bloomberg users can interact with the charts shown using g tv. Browse recent charts shown on bloomberg tv. This is bloomberg. Mark i am Mark Crumpton with bloomberg first word news Authorities Say the shooters were takei Northern CaliforniaFood Festival over the weekend used an assault style rifle and opened fire on three local officers who returned fire and killed him. The gunmen killed a sixyearold boy, a 13yearold girl, and a man his 20s. Gil police say at least 15 other people were wounded. The motive is still unknown. It happened on the last day of the threeday garlic festival that attracts more than 100,000 people to gil. Gilroy. Syrian troops seized the town from insurgents. It is the first breakthrough in efforts to regain momentums in the stalled offensive against the last oppositioncontrolled stronghold in the country. The United Nations says at least 450 civilians have been killed, including more than 100 in the last 10 days alone. Negotiations aimed at ending a tariff war between the United States and china are due to begin tomorrow in shanghai. Hopes for a breakthrough appear slim