All of that and more in the next hour. First, the headlines with carol massar. Yelp out with earnings after the close of trading, raising its second and twoyear forecast after its stock finished higher in afterhours. Metlife reported a 35 increase in firstquarter profit and made derivative gains and international growth. It saw operating profit of 1. 37 per share, missing the analyst estimates. Twitter saw its stock hit its lowest level since last years ipo. Membership in the First Quarter reached 255 million, with yearoveryear growth to celebrating. The twitter ceo is focusing on the longterm. We are extremely focused on strengthening our core product, twitter and vine. Most of the acquisitions to date are about strengthening the core. Most of the work we are doing is about strengthening the core, and that is the focus nearterm. That is a look at the top headlines at this hour. Thank you, carol massar. The Dow Jones Industrial average closed at an alltime record high, the fed saying the economy is gaining momentum. We are joined by david levy, the chairman of the jerome levy forecasting center. Joining us from portland, oregon, is fred dickson. And from atlanta, josh wright, Bloomberg Economist and former strategist at the fed reserve of new york, where he advised policymakers in the wake of the financial crisis. Josh, tell me, what did you make of todays fomc Meeting Minutes . The fed delivered exactly what they were looking for, 45 billion of asset purchases, and other than that not a lot of changes. Some changes to the outlook of the economy going forward, but for the moment isnt it sweet sweetfed is in this spot where they have made it clear to the market they are a are locked in. Meantime, theyre going to continue to wait for data to come in. They have made it clear that it will take a couple of months to get a cleaner read on what is going on in the economy. In the meantime, they are not being forced to have any greater clarity on when they raise rates in the future. I think they are probably pretty happy with how the market has responded. There was no reaction today, which im sure is what they were hoping for, and they put in a lot of effort after the last fomc meeting to talk down the ratings. Longterm rates and shortterm rates are back to where they were before the march fomc, which i think are the rates they care about the most. Even if the rates are more risen in the middle of the curve. Fred dickson, at what point will they change interestrate policies . It looks like it will be some time in late 2015, possibly even 2016. The fed at this point still hangs on very tightly to its notion that it wants to see employment gains, as well as an improving economy and moderate inflation. Those three factors, put together, probably are not going to cause pressure on the fed to raise rates, the shortterm rates until well into 2015 at the earliest. David levy, our asset prices are asset prices reliant on zero Interest Rates or almost zero Interest Rates . Asset prices in many areas are above and beyond where they should be, given that real rates are not nearly so unusually low because of the lack of inflation. Remember when we used to actually come out of one of these fed meetings and say i think theyre going to raise the Interest Rates hundreds of basis points the next year or cut rates, then we got to tapering, then we got to communicating. Well, none of this has any real relevance. The fed will move when the economy changes in a way that makes them feel compelled to move it, and thats not going to happen for a long time. Whats a long time . I dont think we will see any significant move for the rest of this decade. That does not mean i know which way it will go. I think sometime in the next couple years the Global Economy, it may be possibly at the end of this year, the Global Economy will fall apart and drag us down. The fed may as well bid for the clippers. I think saying that the fed is not relevant is a little bit strong, but i share some of those concerns about the outlook. Certainly there are concerns about what is going on abroad and in china will top to gdp and in china. The gdp report this morning, granted, its the First Quarter, so it is not entirely forwardlooking, but we saw a slowdown in trade. That will be a drag on growth in the u. S. There are not any signs china is done with a slowdown. I think they are a slowmoving story. Im not a doom and gloom person were think they have a hard landing, i think it will have a soft landing, but that makes it hard for the u. S. Economy to accelerate and it puts the fed in a difficult position. They see inflationary pressures being quite low. They are looking at wage pressures, looking at the housing markets. Those are a couple of factors that inform my views. Fred dickson, i want to give david levy the benefit of the doubt. Lets say that interestrate s stay where they are the rest of the decade. What investments should you be in the rest of the decade . We remain bullish on stocks. We will be starting to look at international investing, probably at about six months to a year. I just came back from a fivecity tour of china and got a lot of great input from southeast asia. Equities first, adjustable rates, fixed income instruments, anticipating the longerterm rates slowly go up will be the second choice. And we probably continue to avoid the hard comedies. Hard metal commodities. We love the Dividend Growth stocks. We Like Companies that have broad exposure, have the ability to maintain profit margins, and are in position to be able to take and meet global mega trend demand, whether food, water, cyber security, health care, energy, many Outstanding Opportunities on thematicbased investing. Emerging markets outside of the United States, something may go wrong . If we look at the many different countries, if we aggregate them together, leaving china outside or put china in, same story, they built their success of recent years on an export growth that was just soaring and a massive investment, which is a critical function in the creation of profit in the economy and the export sectors. What happened, they were shooting up in exports. Exports got knocked down in the recession. They started to recover. Meanwhile, the investments kept going and the exports leveled out. Instead of being way up here, they are lower and going at a much flatter pace. Suddenly, the overcapacity is massive. According to the imf, china went from 90 capacity to 60 , less than we had in 2009 in 2009 by 2011, and its only gotten worse. They cannot simply adjust to domestic demand. It requires much more of the financial system, it requires all kinds of confidence and situations you cannot replicate that experiment we have had the last years. Things will have a rough landing. Its just a question of how fast. Maybe the l. A. Clippers are a good investment. Thank you for joining us, david levy, our thanks to fred dickson, in Bloomberg Economist economistomberg josh wright from atlanta. Coming up, Oprah Winfrey is discussing a joint bid for the Los Angeles Clippers. We will look at how this could change the team, next. For the first time in three years, facebook holds a developers conference. More than 1500 mobile and other Developers Gathering in San Francisco to learn more about how to use facebook to build, grow, and make money with applications. Chief executive Mark Zuckerberg spoke about the future of facebook. Our goal at facebook is to build the crossplatform platform and provide all of the different pools that you need to bridge these worlds. We all want identity across platforms and app installs and even monetization. Platforms. All right, joining us from the conference is bloomberg west Senior Correspondent jon erlichman. Platforms, is that the big story of the Conference Today . If you tie it with other stuff, it makes more sense. He highlighted being the crossplatform platform. They took a shot at apple, google, and microsoft being these worlds where you buy a phone and live in that world. If youre an Android Phone user, use the apps that are android. You connect with apple if you own the iphone and the apps there, maybe not as well as you like. Facebook has positioned itself very much for the future, airy ofvery much for the world smartphones by saying, hey, developers, work with us, we will help you develop your apps, we will market them in the world of facebook of one point 2 of 1. 2 billion users, and hopefully with your tie and you will make more advertising money, we will make more money, and your experience and the money you generate will exceed what you would be able to do if you lived in the world of only apple or google, without saying it directly in those words. Jon erlichman, do these developers pursue exclusive relationships . Why wouldnt they make their products available on all these different platforms, whether microsoft or apple or even facebook . I think facebook is going to position itself as a world where people have to choose different platforms and that being time that is wasted as its opportunity to say, look, we dont know what youre going to end up doing, if you are living in the apple or google world when it comes to creating the app, but if you work for us, there is a great opportunity for that app to live in a bunch of different places. Facebook needs these players to help its business. Mobile advertising, mobile advertising did not exist for facebook a couple years ago. Now it generates the majority of its advertising revenue. They have to keep growing that pie and reach out to these different App Developers who have advertising on some of their apps and say, hey, let us help be part of that process by selling advertising space. We have done a good job of it with ourselves. We can help you get premium ad prices, which is a way of helping grow their revenue, which ties in with the wall street story of beating estimates, missing estimates, how fast the advertising revenue is growing. We will talk about premium prices for Something Else in a moment. Thank you, senior west coast reporter jon erlichman. Who is going to own the Los Angeles Clippers . The current owner, donald sterling, has been banned for life from the nba, and media mogul Oprah Winfrey has confirmed she is in discussions with the Larry Ellison of oracle and david geffen to buy the team. Joining me now is robert phyllis, the founder of inner circle sports, representing a Management Company in the purchase of the philadelphia 76ers. Rob, thank you for being here. Where are we in the various stages of the potential sale of the clippers . We are still in the early stages. The process needs to unfold. The commissioner needs to hold a board of governors meeting to get the required three quarters vote in order to have the league take membership from the clippers. I think that process will unfold over time. How long does Something Like that take . I would say they would probably schedule a special Board Meeting for that. I would say in the next 30 days you will see the board come together. Then what happens . If the board votes to revoke that interest and there is no opposition, they would take the team back, put their own management and to continue to run the Team Operations on a daytoday basis in order to sell the team. And how long would that take, new management and a sale . Hard to say, based on what the league did in new orleans, where they took over the franchise, and a different circumstance, i would say six months timeframe or longer potentially. Is it possible the l. A. Clippers would have a new owner by the end of 2014 . I think that would be the goal, and with an accelerated timeframe of having somebody come in october when the season starts if they could achieve that. What about the actual price of the clippers . We just advise the new ownership of the milwaukee bucks, and they set an nba record of that value of 550 million. I think this will be potentially far in excess of that, given the amount of demand, given that it is los angeles both from an international and national appeal. What kind of appeal would Oprah Winfrey be as a part owner of an nba franchise . I think there would be a lot of interest in having oprah be part of the league. That is a very strong group people are talking about, but i think therell be others that will emerge, given the fact it is los angeles, a very strong team, strong coach, strong players. Its attractive in a fairly robust situation. David geffen . I think he has been looking at other teams in the past. There are other names that are out there, people who i think will continue to look, from the world of private equity, real estate. It will be a broad, broad auction. Donald sterling, what happens to him . Does he get the money from the sale of the team . That will be subject to the nba and their lawyers and their ability to work out an agreement with him. Thank you very much, rob. Coming up, looking for a new tailored suit . I will introduce you to a gentleman who has made suits for michael jackson, elton john, and mick jagger. Also, a suit that offers hope to people who want to walk again. You will hear from the maker of ekso wearable suits. Yes, the theme is suits. Are you in the market for a new suit, but perhaps off the rack is not going to cut it . How about the same tailors whoever dressed Frank Sinatra, jack nicholson, ringo starr . Terry haste and Stephen Lachter are here from kent, haste, and lachter. How is it you got into making suits . I got into because i loved it. Its a passion. You started out working for other Bigger Stores and retailers . All three of us within our partnership started in london. It was a small, very exclusive tailor, and we all started there together. You started there together. Terry, lets talk about the cost of tailoring. People want to know what they need to spend to get the topnotch suit. About 3000 pounds, which is about 5,000 i think. Depending on the fabric. But that gives you a good start, good price. You guys are so reticent. We talked about some celebrities. Frank sinatra, for example. Lets start there. Did you do Frank Sinatras collar size . I did. Small, large, chest and waist . It was very good. What kind of shirts did he order . Mainly plain white and some casual shirts. Look at that, there i am. Somehow i am not next to Frank Sinatra and bing crosby for nothing. How old were you when you made your first suit . I think i was 15. I joined the tailor apprenticeship at 15. It was my last year that i could join. I was about 16. And you always wanted to be in the fabric business . Always, always. Do you remember the duke of edinburgh . A long time ago, about 30 years ago. Was he impressed with it . Or was the duke impressed with his. Yes. I did not ask. Shirts, what are some of the trends . In england, much more casual. We still do a lot of formal stuff, but more casual. Buttoneddowns are very popular because people are wearing ties. How many suits are you making in a year . About 1000 suits per year. And they all have the purple stripe with a purple tie . [laughter] we have one english guy who has the most unbelievable cloths, the boldest that you can get. Orange . Orange, pink. It is all matched, several colors in one garment. Very bold. With buttons as well. Terry haste and Stephen Lachter, thank you very much. This is taking stock on bloomberg. This is taking stock on bloomberg. Im pimm fox. Sprint is trying to push forward with a bid for tmobile. Joining us on the television the telephone from los angeles is alex sherman. What do we know so far, alex, about sprint and tmobile . We know there was a meeting earlier this month, the first week of april, where the sprint cfo and their treasurer met with six different banks, including goldman sachs, deutsche bank, bank of america, citigroup, to plan out various different structures for a deal for tmobile. Basically, sprint said we are not ready to announce something yet, but if and when we are, you guys need to be ready with a financing. That was sort of the general topic outline of the meeting. Alex sherman, what has been some of the specific challenges for sprint mounting a deal for tmobile . The biggest one is regulatory. They have spent the last several months talking to regulators. He was in washington for a decent stretch of time, trying to plead his case to allow this deal. So the fcc and the department of justice would basically look at this and say we are going from four large wireless players to three, why should we do it . It could be anticompetitive for diminishing competition. The biggest challenge for the ceo who owns 80 of sprint is to convince regulators they are looking at this wrong, the Wireless Industry is really a just at t and verizon that dominate and longterm sprint and tmobile have no way to compete and the only way we can be consumer friendly is to have three strong players rather than two strong ones and two weak ones. That is the biggest hurdle to the deal, and theres nothing out there to indicate he has been successful in convincing regulators of this argument. Nevertheless, what were hearing is he plans on pushing forward with the deal, putting something in front of regulator so they have to decide. Alex, what about value . Is there a number being talked about . Tmobile trading at about 30 per share. From what i have heard, the ceo is looking at offering perhaps a little more, a higher premium, maybe in the high 30s for a deal, pushing down the termination fee, reverse termination fee if he can. That would be the structure that he would eventually like to pursue. For people who follow this in