Banks in greece may soon be facing the European Central bank reportedly looking at limiting emergency liquidity assistance. Proposals that would raise the discounts imposed on collateral securities when the bank of greece makes loans. The steps will be taken if greece does not reform its economy to get bailout money. A former ecb president says the rest of europe is waiting for greece to act. We have to be realistic. It all depends on the maturing of the position of the greek government. If it wants to deliver growth and jobs which is the main goal of that government it has to produce a recovery program. Betty european ministers are scheduled to meet on friday. The banks said a key measure of financial strength fell in the First Quarter. It may need to boost capital. The ceo. In the businesses where we are focused, we are doing well. The credit business, which was more difficult for the industry in the quarter, emerging markets, those are businesses that are power alleys for us and we do well. The same thing in a goodies. I think we have a strong the same thing in equities. Performing well for shareholders. I think we are in the businesses we have targeted, i think we are doing well. Betty details are expected today about a new test for breast and ovarian cancer. The Genetic Screening would look for cancer risks far ahead of mammograms and other traditional tests. A startup called says the test would cost 249. 90 lower than tests on the market now. Women could be screened for 17 genes that predict cancer risk. Teva Pharmaceuticals Says the company will make an unsolicited bid for mylan. Mylan has turned down prior offers from the company. The companies are leaders in the generic drugs sector. Shares of under armour are down in the free market after a Sales Forecast missed estimates. The company predicted revenues of about 3. 7 billion. Under armour received a revenue jump of 27 this year but that would be its reduced best its weakest since 2009. Google changing things up. The company is offering its search out the rhythm so that starting today websites that are mobile friendly will rank higher in searches. This is big for a lot of companies that have a web presence. What is the impact for these companies . For more i am joined by Corey Johnson in san francisco. Why is google making the changes now . Cory google has been at this for a long time. They regularly shuffle search results to show the things they think are the most relevant. It is an interesting challenge they have which is wanting to provide relevant search results, and boost their own businesses. And wanted to figure out if people are clicking. The most clicks are the things people want the most. As people have been going more and more toward mobile search they have been favoring mobile search results more greatly. The change today was announced back in february and they have warned people about this coming saying, we are to continue to tweak results. If you cannot get on board by the state in april will have time to fix it. Mobile focused results. These are not searches done on the desktop. Probably sometime this year we will reach a point where there are more searches done on phones than on the desktops. Google is going to always search their results toward those in favor. Of the platform there on the most. Betty theyre just keeping up with the times. What is the impact on some of the Small Businesses . Cory the interesting role of google. A lot of Big Companies are going to be surprised by this. A lot of Small Companies as well. I think those companies are already suffering because of the shift we have seen toward mobiles. They did not have mobile family sites. They were not getting mobile clicks anyway. I think it also highlights the role that google has in the Global Economy. We saw with the eu, their investigation of google was about the way google controls the places where people do other kinds of business, whether to shopping for stuff, plane tickets or whatever. These changes today reflect that. Betty thank you so much. Corey johnson, bloomberg west editor at large. Corey will be live all day from the security conference in san fran talking with top executives including the Vice President of ibm security. Be sure to tune in for that interview 2 30 p. M. The Software Giant prosperous quarter revenue coming in at the Software Giants firstquarter revenue coming in. Cloud Services Taking hold. It seems ibm still a small part of their entire business. Shares of about half a percent. I want to bring in on a rod for the core business it is still declining. The Cloud Business did wrap up quite nicely. As did the analyst six as did the analytics business. It is making up for some of the loss but it is going to take a long time. Betty is what to take years. A great interview a few days ago. She talked about the changing business. The change under ibm underneath her. I want to play for you part of what she said to charlie. Last year, we divested 7 businesses. They were also negative profit. Value that is not just in a shareholders mind, that is what we do for people. It continues to bring them the next thing. If you keep moving there, you have to move out of some businesses and moving to new businesses. Betty how they going to streamline some more . Anurag the core business has a deflationary pressure. People want to pay for higher value services, analytics and cloud. To turn the ship around to focus everything on those areas, it is gone to take some time. That is the strategy. It is gone to take some time. Betty that you so much. Thank you so much. A battle of the titans today over trade. Tom donahue will make the case for a bipartisan bill giving the president fasttrack authority on trade. On the other side of this Richard Trumka. The venue is the Senate FinanceCommittee Hearing room. Peter cook has a preview of this battle of the titans. What are we going to hear from donahue to make his case and that from trumka . Peter these warhorses of washington have done battle in the past. They have also collaborated on immigration infrastructure. It is a bridge too far for these two lobbyists. Tom donahue is going to make the case on behalf of big business in washington. That trade Promotion Authority for the trade for the president is critical. To america past economic future. On the other side Richard Trumka. He is go to make the case that these deals may be good for american corporations but theyre not good for american workers. But there is not enough in these deals to boost the wages of american workers. Hes going to raise questions about Labor Protections as well in these deals. Your heard arguments from both these gentlemen. They will do it sidebyside in the committee. Betty could this hearing affect the outcome of votes . Peter there are some tough decisions that will be coming up in the next few days. Theres is a chance this hearing could sway voices. Watch how Richard Trumka appeals to democrats not to back their president , not to give him trade authority. If you get any hint of democrats on the Senate Finance committee who might be waffling might be deciding that they cannot support the president on this issue, that would be a big deal. It is the headcount that matters to some extent. Yet the Senate FinanceCommittee Voting on this proposal tomorrow. We will see the results after this hearing tomorrow. Betty thank you so much. Be sure to catch peters interview with paul ryan. All the action, right here on in the loop. Professor of finance Jeremy Siegel weighs in on whether tech needs to hit a perfect earnings score to keep this bull market running. Betty heres a look at our top stories. Egypts first Mohamed Morsi sentenced to 20 years in prison. The military ousted him more than two years ago. A jury will now decide whether the convicted Boston Marathon bomber lives or dies. The penalty phase of the trial is underway today. Lawyers for Dzhokhar Tsarnaev are expected to argue their client was under the influence of his brother who died in that shootout with police. One of those wounded in the attack ran the final three miles of yesterdays Boston Marathon. There is life after bad things that happen here. If i could be someones inspiration, that is what i want to do. Betty rebecca says next year she hopes to run all 26. 2 miles. Bold Bloomberg News with its first pulitzer prize. The columbia a huge congrats to zachary mitre. Those are your top stories. Coming up, we have an inside look at chipotles pork sanders. What it means for your next order. Property player gary barnett on his high end real estate praise. It is earnings central. Almost a third of the s p 500 Companies Report this week. Some of the biggest are in tech. Ibm, yahoo , ebay, facebook, google amazon on the list goes on. Tech is under pressure to report almost perfect profit. Bloomberg cap collated the need to deliver some 300 20s 320 billion dollars in profit this year. I would to bring in Jeremy Siegel. Who has said over and over again on this program that we would see doubt 20,000 by the end of this year that we would see dow 20,000 by the end of this year. Does that depend on a perfect tech score . Prof siegel anything that is selling for a high price earnings ratio, 25, 30 or higher, you need to be perfection to keep your stock going. I dont think we need perfection for the market to continue to go. We are selling around 18 times earnings. The First Quarter has been terrible in terms of gdp. We are going to get gdp about 1 . 18 times the First Quarter earnings combined with extremely low Interest Rates which are not going to rise that much this year we dont need perfection for that to get to doubt 20,000 by the end of the year doubt 20,000 by the end of the year. We need for Economic Growth to improve for the dollar not to continue to soar in the markets. We are looking for stability in the oil price and a rising productivity. Betty here is someone who might be on the other side of this. David einhorn 20 sent this letter out to his investors and he said he is worried about how First Quarter earnings have shaped up so far. He says it looks like we might be down 5 he says this level of earning degradation poses a risk to market trading. What about that level of fear . Prof siegel a lot of the earnings the earnings shortfall by the rising dollar 46 of the sales of the s p 500 are sales outside the united states. We have had a 20 increase in the price of the dollar over the last six months. That is huge headwind that are coming. We will probably still feel a little bit of that in the second quarter. 1 gdp growth likely negative productivity growth. That is not typical of the economy. That is also putting pressure on those earnings. The Oil Price Collapse has devastated the earnings of the Multinational Oil company. These are one off events. I am pleased how earnings have come in this First Quarter. I think we got about in 80 rate on this First Quarter earnings given these headwinds. I do not think that that means the next three quarters are going to continue to have those headwinds strike our earnings. Betty its an asterisk for you . Prof siegel exactly. I can stand another 5 rise in the dollar. That is about it. If it continues to soar the fed will have to give some sort of communication. We were not be we will not be as aggressive as you think because the rest of the world as we are the only central bank around that is even thinking of raising Interest Rates right now and all the money is flowing into our bonds and capital. That is difficult for our firms that are internationally oriented. Betty if i read between the lines of what you have been saying we had bill dudley here yesterday. He expressed confidence that the economy is going to improve. First quarter, kind of hard but it is going to get better. It sounds at your saying that we may not get an Interest Rate rise this year . Prof siegel i think the probability is yes. The market is putting a little over 5050 on september. Fed funds at 25 to 50 basis points which is a one and done situation is not going to scare me. I dont think its going to scare investors. That longterm Interest Rate is more important for investors than the shortterm Interest Rate. It looks like that 10 year bond is going to be around 2 , likely this year and maybe well into next year. That is not scary for investors. Betty great to see you as always. Professor Jeremy Siegel at the Wharton School at the university of pennsylvania. We will be back in two minutes. Betty you are watching in the loop. Im betty liu. Chipotle halted sales of pork at hundreds of its restaurants. What makes chipotles pork so special . Julie hyman traveled to iowa to find out. Julie imagine a pig farm. You probably picture a scene like this. At aldermen farm in new providence, iowa, youll see pigs in pasture, beating from troughs maybe some chickens alongside scratching in the dirt and a big red barn. Summertime you have a sow laying there nursing her picks nursing her pigs. Julie a network of farms spread across iowa and pennsylvania. The vast majority of pig farms in the u. S. Look more like this. Sows live inside alternating between pens for gestation and giving birth. Both have guards to prevent pigs from fighting with each other. Once the pigs are weaned their fattened up. In contrast, farms like all the land must conform to a list of regulations. Among them, pigs must be raised on pasture or embedded pens. Gestation crates are prohibited and nyman will only by pigs that have never been given antibiotics. It is done the oldfashioned way for the oldfashioned flavor. It is more expensive. The animals grow slower. Julie that limits production to 1200 pigs they year versus brenneman which raises 600,000 to sell tyson foods. Individual sows are less productive. If we did the nyman ranchstyle, we would produce a good 30 to 40 less every day of the week. We wont even feed our own country, let alone export. Julie the conventional industry dwarfs more natural methods but clients like whole foods and shake shack are growing quickly. As fast as we recruit additional farms, thats how fast we sell it. The demand has outstripped supply for the last three years. Julie nyman expands 18 to 20 18 to 20 annually. Given its rules, that may be as fast as it can grow. Betty julie joins us now with more on this. Very interesting. Dont know if i had an idea of what that pork farm was going to be. Julie most people never go to a pig farm. Betty what is the status of the lights pork supply . Chipotles spoke supply . Julie youre seen signs of some of the restaurants saying that they are out of carney does because of this issue. You see the supply issues not just with pork but with so much a political other products. At times it is substituted chicken that is not antibiotic free. It is also had supply issues with other products like avocados. When you are growing at the pace chipotle does, this is something youre going to come up against. The company has said this pork issue is going to cost it 2 million in charge this quarter. Luckily for a lay pork four chipotle pork only accounts for about 6 of sales. Betty what about the cost involved in raising pigs . How much money are we talking about . Julie if you look at the commodity price of lean halt right now, it is around 75 a hog. Down from 100 in the wintertime. The prices have come down a little bit. Niman says it pays a premium to Commodity Prices but will not tell us how much that premium is. In terms of input cost, feed is the biggest input cost. Corn prices have come down. In terms of capital cost, it is hard to measure that against each other. Both of the farms we went to the farmers had been in business for some time so they built their barns and other facilities a while ago. One would think the input cost at a place like brenneman, it the facility there you have all those pens. It is temperature controlled. You have those kinds of costs to contend with. It was surprisingly clean. The waste falls below. They clean up the pens on a regular basis. Also because the air is filtered in this facility, it does not smell quite as bad as you would expect. Betty julie, thank you so much. Julie hyman on chipotle and the pork supply. Thanks in greece may soon be facing new restrictions. The European Central bank is reporting limiting emergency liquidity assistance. Sources say the steps will be taken if greece does not perform its economy to get a lot money. The chairman of the council of economic advisers thanks spoke with bloomberg about this. I dont think its an experiment we want to run. I do not think we want to know the answer to that question. If they dont rate greek institutions do not find a path forward, it would be a risk that the Global Economy should not want to take just as things are starting to work. We are getting out of that crisis. We dont want to see what would happen. Betty european ministers are scheduled to