-- stocks flirting with new record high. why are investors finding riskier debt to be a safe haven? olivia: general motors unveiled the 2016 chevy camaro. millerrra spoke to matt in an exclusive interview about how the latest model will when the car work. pimm: they tell you what you want to read. it figures out what you are interest in before you even know it. we have their chief executive. ♪ olivia: good morning. welcome to the bloomberg market day. i am olivia sterns. i am pimm fox. let's begin with a look at the markets right now. a look at how u.s. stocks are performing. the s&p 500 down less than a

point. dow jones industrial average lower by 18 points. the nasdaq lower by about a point. not much action in the major indices. olivia: a look at top headlines at this hour. we start with greece. greece is running out of time and running out of cash. the government of prime minister -- the government prime minister alexis tsipras alexis tsipras alexis tsipras holding discussions at the european summit. two takeovers to tell you about this morning. parrinternational buying pharmaceutical. women's apparel and other deal, buying the parent of ann taylor, and incorporated. buying the company. fed president charles evans is in no rush to raise

interest rates. speaking in stockholm, he said inflation is way below the fed target, so great that statement rates should stay near zero for the time being. >> i think the federal market committee should refrain from raising the federal funds rate until there is much greater confidence that inflation one or two years ahead will be at our inflation target. i see no compelling reason for us to be in a hurry to tighten financial conditions until then. olivia: the fed has said it will raise the interest rate when it sees improvement in the labor market, and when it is confident inflation will actually rise to the 2% level. pimm: it is a major setback for the iraqi military. islamic eight forces have taken over the capital of iraq's province. they are raise the black flag in triumph. thousands have fled the city and

reports of civilian massacres. it is located 68 miles from baghdad. in waco, texas, police are cracking down after a shootout between rival motorcycle gangs. at least nine bikers killed and 18 others wounded when violence erupted out of restaurant where they gangs were meted. -- gangs were meeting. >> they could potentially look at capital murder charges. that i don't know. that is up to detectives to determine that, but at this point we are booking 192 for engaging in organized criminal activity. pimm: the restaurant that hosted the bikers, twin peaks, will be closed for at least a week. amtrak trains are rolling again between philadelphia and new york. the first time amtrak has traveled the route since the fatal crash in philadelphia last . meanwhile, the fbi is entering the investigation. agents will look into reports that something hit the

windshield moments before it derailed. those are your top stories this morning. in the still to come next half hour, the company that suggest content you may like. speaking about the new partnership with baidu. an exclusive first look at the new whim -- nude g.m. camaro. we will hear from mary barra coming up at 11:30. solid investment or a bubble waiting to burst? we will pose that question to the head of modern art at christie's. pimm: investors very much in a risk on mode, pouring money into riskier debt and stocks. what does this say about what investors are expecting from the market in weeks ahead? olivia: joining us is michael regan. great to have you here. what is going on? ,he sovereign selloff continues

even though the route we saw seems to have abated. what is driving the market today? >> over the past week we have seen investors start to pile back into junk ons and investment grade bonds. according to data compiled by wells fargo, investors for $676 million into high yield etf last week, the biggest in a month. interesting, because in the downturns you typically think the riskier assets are what's a lot most. this underscores the biggest risk right now may be particularly in the sovereign debt. people are looking at the sovereign debt market and the and perhaps that is where the bubble is. that is what has been most affected by the central banks of u.s. plan, and frankly, has the most to lose should inflation expectations be wrong. are: the idea people selling sovereign debt and fighting sets of corporations that are rated highly potentially leverage, what about stocks?

are we seeing the same rotation out of safe haven stocks, blue chips into riskier assets? michael: i look at the risk assets as almost a crack pot. it is on a keep warm setting. it is not selling off completely. i think the stock market is waiting for a lot of issues to sell off. we saw this selloff in sovereign yields, and that made people yield have ae direct relationship with the market. a are pretty high right now. to creep up and bring in more competition to the stock market, it lanes why -- explains why we are near a new high. only 3% for the year. a lot of strategist, goldman sachs, barclays think this is it. we will be at this level for another year, and dividend is all that is left. love that image.

ngstoes underscore the a in the market. everyone cannot believe they are buying at these levels. nothing is changing. economic data coming out weaker than it acted in the u.s. greece the wildcard. what you do as investor, you want income, where do you go? the bottom line is, nothing will shake this train right now, at least that is what investors are seeing. olivia: you go to christie's. [laughter] where is corporate earnings growth gekko ? pimm: wednesday we get the meeting notes. lisa: that is right, but at the same time, what are they really going to say to shake the train right now ge? olivia: maybe they will come out and say we are really worried about retail production. lisa: which will only keep the risk on production going longer.

is always something. thank you very much. michael regan, thank you. olivia: we do have breaking news coming across the bloomberg terminal from carl icahn. for more, we go to julie hyman in the newsroom. open: he is riding an letter to tim cook in which he writging the apple ceo-- an open letteri to tim cook in which he is urging the appleng ceo to buy back. -- writing. ussaid tim cook please help convince the board that you can invest in returning cash to shareholders and in growth for the company. he is saying apple shares are worth $240 each. right now they are trading just shy of $130. how is he saying apple can get to the increased value for the shares gekko he says the company is not just poised to enter but dominate the auto markets and

the television market. he says we will see more of an apple tv offering in 2016, and then the company will enter the car market right 2020. i am still going through the letter, but these are a few of the highlights we are seeing in there. he says he gets the $240 valuation i looking at 2016 earnings per share of $12. he then plies of price to earnings multiple of 18 times and adds the net cash per share. once again on apple. olivia: he has told tim cook to return more money to shareholders before. apple shares only up by half a percent right now. the 11th largest shareholder in apple. very interesting. still ahead, g.m. unveiling the new chevy camaro this weekend. that miller got any use of look at the car from the gm ceo mary

barra. that is what you call a pony car matt says. ♪ ♪

olivia: welcome back to the bloomberg market day. i am olivia's turn. -- olivia sterns. . livia: results for apple in the appeal of the infringement case. a federal court ruled that they infringed on samsung's patents. that means it did not copy the phone's physical appearance. the $930 million award to apple will now have to be adjusted. risinghares of altera today. talks of the buyout of the large

chipmaker have resumed. poweredakes low programmable semi conductors. airlines expecting a record number of passengers the summer. the reason, the improving economy. airlines for america said airlines will fly to hundred 22 million passengers from june through august, 4.5% more than a year ago and set the record it -- made in 2007. those are your top tories. gm unveiled the new chevy camaro this weekend in detroit. matt miller was there and took the car for us then and got an exclusive interview with gm ceo, mary barra. how does the car drive? "market makers." matt: i was impressed. time in the of seat current camaro because my brother has one. it is about 200 pounds lighter across the board, and it has a

suspension., thes better for navigating track in detroit where i got to test drive it. i also got to week exclusively -- "the way with mary barra before anyone else got to see the car. it looks a lot better in person than in pictures. a lot more differentiated. listen to what she had to say about it. to theve a lot of credit engineering and design team, because they have taken it to the next level. it is all camaro, a true chevrolet. look at the performance level and the filing, it is more refined, but you will not mistake it. it is a camaro. the technology in it as well. so just every inch of it has been improved. : what do you think separates a camaro lover from a

corvette lever gekko how do you differentiate those markets? >> what we will go in is really understand those customers. today i just spent time talking to customers, and they can tell you every asked act of the vehicle, how it drives. it is that true muscle car. there is a difference. i have to tell you, i love both. there is just a warm spot in my heart for the camaro family. the: this has to be one of biggest halo cars for you. how successful is it to have that? story is they may leave with a cruz or a malibu. that happened to me. i think it is important. i cannot wait to get these on the road, because once you start ,riving them, people follow you they probably get a little too close as they tried to look at the vehicle, taking pictures. it is a car that generates that

kind of excitement. owned upon a car about the 1960's, 1970's, and 1980's, and when you came out with this in 2009 you instantly took the crown and held it until basically now. you think you will overtake the mustang again as they are ready came out with a new generation? >> we are really proud of what the previous generation accomplished. it was the market telling us that. i think when you look at every asked act of the vehicle -- aspect of the?, i think we hit the goal. matt: a mustang seems to be a more palatable car for women and men. the camaro seems to be very macho, although you prefer it to the corvette. can you market this car better to women? >> i think there is a lot of women who like this vehicle.

i just met five customers who know every inch of it and know the details just as well. i think it attracts a fair number of both men and women, and it is those interested in those -- this type of performance car. i think and you look at the refinements on this the occult, we will take it to the next that and continue to improve in that space. matt: are you going to get your own? are you going to get your own gen 6? do you have time to focus on cars as much as you want to? i'm --est time is when when i am at the design zone or driving cars. i make sure i get the time in. that is our business. that is what we do. i will be surprised if at some point this does not show up in our garage. the gentleman standing next to her is the legion -- lead engineer on camaros and has been since the fifth generation in 2009, so he has done an incredibly tremendous job of

building this car and beating mustang. the question is, can they continue? olivia: does this actually drive sales, or is this just a gimmick? for one thing they make a lot of money. they make a decent margin, she would not tell me. s goes for about 35,000 dollars. they have not released pricing, just in the ballpark from the last generation. say they make a thousand or $4000 on each car and sell 90,000 in a year, they are making a decent amount of money, but they are polling people in the show room who say they cannot afford that and will buy a malibu instead. that is what happened to mary barra. that, therehe did was no internet. do people really do that gekko they do all of the homework on the internet, and they shop around and find the best deal. they will build the whole

strategy as they will get into -- matt: so you don't buy the halo car strategy. maybe you are right. bottom line, better than they are on spark. way, they have 28% of the performance car market in the u.s. i did not know that. they win that market. , tahoe's and suburbans, they own that market. suvsa: some say those might be a little too big. too big fornnot get an american suv. not possible. it was great to be here with all the view. thanks so much. can i tease ahead? i have a pretty exciting package coming up on the camaro in about an hour. they with us on bloomberg television.

pimm: carl icahn says he thinks apple shares are undervalued by half and has ideas for tim cook on the net product market. -- the next product to market. ♪ ♪

pimm: we have breaking news on apple. in an open letter to tim cook, the chief executive, carl icon worth 240s are dollars each, 87 percent above where they closed friday. carl icon calling on the company the buyback program. we are joined by tim hagans who joins us from washington. , what can you tell us about the letter and whether it is realistic that an investor such as carl icahn can influence product decisions at apple? >> this comes as apple has said they will increase the buyback program by $20 billion room

march 2017. apple has seen a lot of increased pressure by carl carl icon. they have been successful in the past. we are seeing it here today. -- carl icahn. olivia: perhaps the new spreading that tim cook trying to get them return more to shareholders. what is the assumption he is making? >> he is very ambitious here. he is making some assumptions about what kind of market you will have with english tv, autos -- areas that have not yet demonstrated it can really conquer. --what kind of markets you will ane with areas of tb anv d autos. olivia: autos? >> these are things that are

really in the future. pimm: put it in the context of what are the sales now of apple and the market cap so we understand what he is looking at versus the current apple. >> obviously tim cook and steve jobs before him have made apple into the world's most valuable company. they have a track record showing they can deliver. entering new markets. there has really been a revolution over the past decade for apple. they have demonstrated their ability to get into new market. so there is reason for optimism here. olivia: tim, correct me if i am wrong, last time carl icahn said return more money to shareholders, tim said i will do it but i will borrow money to do it rather than bring cash and pay the tax bill and then returned to shareholders. what is carl icahn calling for gekko ok to borrow more money to

return to shareholders or talking about dwindling down the enormous cash pile apple is sitting on? >> that has been the apple strategy. theu.s. taxes to bring offshore money back to the united states, so it has been using cheap money overseas to do that. the big debates right now in the marketplace is whether apple has he with the iphone, -- has peaked with the new iphone, the iphone 6. there are some phone -- people in the market that think iphone sales happy. carl icahn is out there saying this company is not done yet, still potential to do more. you look at the market they could potentially the getting in and making the case there is more to that. thata: can i point out $240 per share apple would have a market cap of $1.4 trillion. that is pretty incredible. does carl icahn have any friends in pushing tim cook? has been the most

outspoken. carl icon in his letters says that big institutional investors misunderstand apple. cahn in his letter says that big institutional investors misunderstand apple. cooka: it sounds like tim will have another invitation to have dinner very soon. thank you very much tom j and tim. and thank you. pimm: coming up, baidu beeping of recommendation service. it has a new partnership. how big is the opportunity for publishers and advertisers in china? that is next. ♪ ♪

[baseball crowd noise] ♪ ♪ [x1 chime] ♪ ♪ [crowd cheers]

oh! i can't believe it! [cheering] hi, grandma! ♪ pimm: welcome back to the bloomberg market day. i am pimm fox. taking a look at the top stories at this hour.

carl icahn one apple to boost the share buyback program. boost thepple to share buyback program. he wrote in an open letter to tim cook he believed the shares are worth $240. he believes apple will soon enter television and automobiles. four months he has been pushing apple to return more cash to shareholders. from apple yet. it is a sign residential real estate market will take time to regain momentum. confidence against -- on u.s. homebuilders unexpectedly fell in may. wells fargo sentiment gauge to 54 this month. home sales have slowed down, so has higher traffic. amtrak trains are rolling again between philadelphia and new york. the first time since the fatal crash in philadelphia last tuesday. meanwhile, the fbi is entering the investigation. agents will look into reports

something hit the windshield moments before it derailed. the former chief executive of barclays america is going back to his roots. he stunned wall street i quitting last year. now he will go back to how he started, as an energy banker. he is formed energy and power companies. they haven't -- he has a track record that includes some of the energy industries inc. is deals ever. one of them is a $45 billion sale to exxon mobil. those are your top worries this morning. the stock markets are closing in europe. let's go to jonathan ferro for details. jonathan: wrapping up this trading day. the day 100 finishing pretty much dead flat. likewise on the cac 40 in paris, higher but only by about a third of 1%. the big gain on the dax by over 1%. the me show you the session through the trading day. the dax in the back cap of the

trading session accelerating into the close up by about 1%. erasing losses on friday. down 1% friday, of 1% today. part of this explained by a weaker euro. the euro-dollar going back from the high. comes tomorrow. the euro zone inflation data. that is key for the currency of the bond market as well. after a couple of days of calm, it is back. italian bonds healed pushing higher. pushing back towards 2%. four weeks of losses for the german bonds, backup higher. you may have heard greece is in a bit of trouble. the greek financial sector and the likelihood funding for those banks could be cut off. greek bond yields surging this morning and through the day, up 75 basis points on the great

10-year. analysts say it is a crucial week for greece. -- up 75 basis points on the greek 10-year. eece: a crucial week for gr indeed. we will look up our sales and where all the money is coming from. making record smashing sales of pieces of art. analysts tothose tell us who is binding. those stories and more coming up later in this hour. there are 649 million people online in china, that is twice the entire population of the united states. today chinese search giant baidu duke announced a multimillion dollar strategic investment in taboola. this is the company behind other things you may have been interested in. they acquired the weather channel, nbc, and bloomberg.com.

is the chief executive of taboola and joins me now. in terms ofly stage how the partnership will look like. we see tremendous energy between baidu, the chinese search giant, which in our perspective is a search engine, but in reverse. searchl have the results, find us in a personalized way. we will look into the chinese market and bring personalization to china. pimm: how does taboola work with the u.s. market? how does it make money? >> when you are reading news, at the bottom of the article it says you may also like recommended videos and articles. we do that. have a consumer go elsewhere, we get a small share. pimm: how does the technology

work? the company is based in israel. we have over 100 engineers and mathematicians, and we invest in algorithms that can predict what people like based on the way we consume content. seconds we aree able to look at millions of articles and taken argent -- educated guess that says these three or four articles you may like right now. adjustill you be able to this technology for the chinese consumer? i would assume the chinese consumer will be slightly different from the u.s. consumer. >> we are already offering in israel, europe. a lot of it is driven by the fact that algorithms are behaviorally -- driven. we look at the way people make decisions and redefine the relationship between content and consumers and less about what the article is necessarily about. pimm: getting into any kind of

strategic arrangement in china with content raises the question of government censorship. how do you plan to deal with that? >> it is early in the game to know. we're fortunate to have a strong partnership with baidu so together we can think about the best way to approach the market, what users need, and help search advertisers in china to work with baidu, to become storytellers. pimm: will the content providers in china be exclusively chinese? >> i believe so, but it is early to tell. pimm: what about people who want to get news outside of their home country? does that alter the research that taboola received? s? so. don't think approved providers will submit content to the marketplace him and that content finds itself on other marketplaces, in this case china. i think it will be more

localized, the same way we are doing it in japan. pimm: you must have competition from the likes of google, yahoo!, aol. how do you combat the competition? >> i am happy to say the market is becoming way more competitive. google announced their own taboola version. aol has a product. i think it validates 7.5 years into us doing it, now 250 employees. we started 7.5 years ago. it validates it is a fight worth fighting for. perhaps there is a position in the marketing space. half of this today is driven by and i think we will see a transition from big banners into storytelling us excited.gets i think we will see a lot of competition. i am a courage to the fact that it is driven by technology that we have. pimm: i want to thank you very on thedam singolda

strategic investment by baidu in taboola. busy last week, auctioning over 1.5 billion in our work. an all-time record ahead of the impressionist art on this record shattering scale. that is next. ♪ ♪

pimm: welcome back to " the bloomberg market day." i am pimm fox. he agreed to sell his company after just a few months as chief executive, and now kraft chief

executive john cahill can now have a $9.9 million parachute. agree to be fought by heinz in march. he will get the payout in two years. also, he leaves because of the salary cut or reduction in duties. alibaba rejecting claims it makes it easy to sell counterfeit luxury goods online, citing a new lawsuit that the parent of another company claiming alibaba profits from fake merchandise. this is similar to a complaint last year after they agreed to sales of fake branded goods. the only states in the country where you cannot pump your own gasoline are trying to lose the distinction. lawmakers in new jersey will consider a bill that will give drivers the option of self-serve or full service at gas station. last month oregon lawmakers passed a bill to allow self-serve gas in rural areas. they banned self-service gas

five decades ago because of safety concerns. it is just three days since the last christie's -- since christie's sold $1.5 million worth of art. -- 1.5 billion worth of art. highlights include works by picasso. olivia sterns spoke with christie's head of impressionist and modern art lampley -- brooke lampley and found out why the demand is at record-breaking levels. all about supply. it is not a supply chain industry, so it is unlike anything else. we cannot replicate what is available each season. it will not ever happen. so these are once-in-a-lifetime opportunities, and that is really what dictates the competition and desire and high prices. olivia: send you do not

necessarily think we will have a 1.5 dollars sale next s pring? >> we cannot guarantee that. pimm: who i -- olivia: who is buying? >> it really varies from artist to artist. last week we saw tremendous asian betting. we sell russian building thursday night in the auction.nist it really varies. what is best is it is diverse all the time right now. olivia: for me, what is incredible is it feels christie's has left southebys in the dust. something that was not the case 10 years ago. in particular because of modern and impressionist. what has been the strategy at christie's to beat southebys? have you been going after new clients or supply? >> we needed to change the game. you have done that by going after supply. it always goes back to the

quality of the art. we had our eye on the pointing man for example for some years. we knew this was a record-breaking work, and we finally made it happen this season. we have been focused on that for white some time. we were able to bring together an assortment of works this season that we knew buyers were looking for. olivia: what do you think? guys seems to me that you took some risk. having that sale, not a traditional. make the modern art and contemporary art, very unusual. options in one week, which was not very convenient to people, but i think it paid off in a way. in the modern department you are lacking a little bit behind southebys, but the total from that week because the first sale was so successful, it almost was like a locomotive and propelled the whole week, and you came out

with this huge number, $1.7 billion. that said a big record. it seems like a lot of people were not able to get things in that first sale continued competing. it is interesting. what a beautiful piece, and such a big price. million and sold for 50. it was very exciting. youia: to what extent do think your clients are motivated by the desire to make a sound investment? obviously they are picasso fans, but in this era are you finding more and more people are coming to you saying i want to put my money into a picasso because i just cannot get that kind of return in the bond market? >> it is not necessarily more and more people, but many of the same investors that have been passionate about art and have does ever over time that the art investment is one of the highest yield assets in the entire

portfolio. i can say that for a number of people i work with, very high-profile collectors are aware of the fact that the art investments are yielding great returns relative to other assets, and so they are turning more and more to this investment class, and it makes perfect sense for them. absolutely that is a motivating factor but part and parcel with loving the art. olivia: is that what you're hearing from dealers and galleries? me is hows surprised many works are returning to the auction so quickly. olivia: why is that? successfullyare recruiting the pieces or people are saying i can get a huge amount of money, now is the time to put my stuff on the market? >> they are seeing the market is very strong, and there were pieces sold at christie's just two or three years ago. in some cases in 2013. for were back in the market a pretty significant return.

i think that inspires more training. >> i think you see that definitely, but you also told the the white-hot collection, which is inspired by impressionists in the markets and an impressive collection. being able to see his vantage point. that definitely drove prices and that area where people were excited to see and compete for works they could not get for 30 years. olivia: if you could have had one piece that went on the block last week, what would it have been? >> tough choice. i cannot say it was entirely a surprise. i do think the prices earlier in the week were encouraging. workew this was a seminal by the artist. it is also contextualizing it with contemporary art. sternshat's what olivia speaking with christie's head of impressionist and modern art. the new york daily

news is up for sale. we will take a look at who may want to buy the iconic news taper. --newspaper. ♪ ♪

pimm: " the new york daily news" is still looking for a buyer. paper ownedan --the uckerman's has bids that are due this week. billionaire supermarket mogul as he is known in new york, he has been very open about wanting to buy this paper. this is a guy that spent $11 million on his bed here. very little chance of winning. he is passionate about it. john peters also interested in

buying this paper. and jimmyers finkelstein also interested. he is getting the bids as we speak. i called him to see if he would do an interview, but not taking at the moment as you might ask the act. there was a lot of talk about rupert murdoch. pimm: he has " the new york post." which by the way is losing money. losing money at newspapers, other than " the wall street times." and " new york no one is sure how serious he really was. he put in a one dollar bit and said i am not really leaving the process, because i did not really bid for it either. this is an iconic paper. just a few years ago it was a one million circulation rate.

now it is around 400,000 or so. this has in a testament to not only -- pimm: there we go, dropping as you speak. the times 1.2 million. : exactly. number one, the fact that able still want to buy newspapers is the fact that it is iconic, and also, a testament to how much the market has climbed for print. we're all going online now, rig ht? pimm: it also seems they are losing money. y: i still like it. i meant to bring over my daily news this morning. the last one. pimm: thank you very much, betty liu. now let's go to our senior markets correspondent julie hyman for a look at what is going on in the market. coming up to the top of

the hour, which means bloomberg television is on the market. taking a quick look at the action on the street. not a lot of it. we are seeing the markets up slightly. the s&p 500 looks like it has broken through a new intraday high at this point. 2125.92. new intraday high for the s&p. new intraday high for the dow jones as well. the nasdaq trading higher by .3%. not a lot of movement but points as well. joining me is jim' struegger. going up the&p intraday high and then going back down again. not very dramatic, but we hitting the records. what is the options market? how much fear are we seeing about these records we are seeing? of fear.whole lot let me give you an interesting fact. since the beginning of the year,

the high-low range is the tightest since the beginning of the data and 1890 from our chief market technician. you are saying it feels clients, it is quiet. -- since 1986. julie: when you look at the markets, are they pricing and further gains or hedging that we may see more declines? >> there is not a whole lot of hedging out there. it has been a theme of the year. are 10-- are near multiyear lows. the fact the open interest is not ays there is whole -- whole lot of fear in the market. there are still elevated floors under volatility of the vix. europe's equivalent of the vix is is starkly wide. there are elements of out there

in the options market, but investors just do not seem terribly scared at the moment. interesting. for your trade this week you are looking at the smartphone market in china and trying to figure out component plays based on that. let's start with marvel. >> there is bifurcation in the market. but-market demand weak, there is a migration to a higher end smartphones. that has created to virgins among the suppliers. among the losers are marvell as you mentioned. the winners include avgo. they have artie announced negatively. they will report thursday of this week. there is a nice spread between and pride -- implied volatility and realized volatility. we do not think the stock moves for a while.

we like the covered strangle. you are long the stock, sell the 15 strangle. if it gets up to the 13 level, sell up there. if it remains in the range, you are pocketing about 3%, creating a synthetic dividend to the june expiration. julie: i think we have time to get into this. >> the long side of the report the 20th of may, the long by under5 call spread just three dollars. julie: thank you so much. appreciate it. don't go anywhere. much more after the short break. ♪ ♪

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exclusive interview with mary barra and she talks about the new camaro. >> greek banks are running short of the collateral they need to stay alive. the premise are urged to reach a deal. emergency liquidity could run out in three weeks. >> a rare public speech by apple ceo tim cook. he urged graduating seniors at george washington university to fight injustice and that they must use their values to change the world. ♪ pimm: good afternoon, i am pimm fox with betty liu. we begin with equities. is moving higher by three points. 2127 for the s&p.