today. but is only a three month extension. wendell congress produce a long-term funding solution? bill shuster of pennsylvania, chair of the house transportation committee infrastructure committee joins us. olivia: plus you can say there is an exchange in the air. will ask about the shift from derivatives to futures. pimm: dump the pump. we will interview to -- introduce you to some saudi arabian investors. is the kingdoms dependence on fossil field coming to an end? ♪ olivia: welcome back to "bloomberg market day." pimm: we are 90 minutes into the trading day so let's look at how

stocks are performing right now. let's begin with u.s. equities. we have seen a little bit of a selloff today. s&p 500 lower by 4/10 of a percent. olivia: we did get a second-quarter gdp report this morning. a little bit weaker than economist forecasted but there was an upgrade to the first quarter. that is having a little bit of an impact on the treasury market. we will show you the yields on the short end by two or three basis points. people buying the long end of the curve there. the dollar index up about by one half of 1%. trading at a four-month high on signs of the u.s. economy. i think the recovery is continuing to affirm. pimm: economy did not contract. let's take a look at some of the top headlines at this hour. the u.s. economy gaining strength in the second quarter. gdp rose to 2.3%. that is slightly less than

economist had expected but at the same time the commerce department to revise the first quarter results higher and set of contracting. the economy grew 6/10 of a percent. first-time claims for underfunded benefits rose last week. 267,000 people claimed files for jobless underts. claims remained 300,000 and hiring increases, the federal reserve could decide to increase interest rates this year. investigators may have gotten their first break in the search for that missing malaysia and arrow flying -- airplane. a wing part washed up on a french island and the unit -- indian ocean has said it come from a boeing 777. the australian government is encouraged. >> it is the first real evidence that there is a possibility that a part of the aircraft may have been found. it is too early to make that judgment but clearly

we are treating this as a major league and seeking to get --urance about what is being what has been found and if it is linked. olivia: the plane vanished in march of 2014 on a flight from malaysia to china. shares a fee at chrysler are rising today. reporting a 58% jump in second-quarter profits. they are also raising its forecast. more than double thanks in large to chrysler is also preparing a spinoff of its ferrari supercar division. do you believe in miracles? you will want to be so one the most famous moments in u.s. open history. the goaltender who led the u.s. hockey team to victory in the 1980 so-called miracle on ice is selling his memorabilia. jim craig's put his gold-medal uniforms and more of for option.

$5.7 million. he says he won his children and grandchildren to be financially secure. pimm: coming up in the next hour of the bloomberg market day the federal reserve says it is on track to raise interest rates later this year. but what does dr. doom say? we have details. no end of an era at the cme. more open outcry in the chicago pitts. the president of the cme speaks about trading volumes and competition from the nasdaq. saudi arabia wants to cut oil production later this year. but half the country's gdp comes from oil exports. how will the kingdom makeup for this loss? olivia: the house is set to vote on a short-term highway funding bill. it would expend -- extend authority through october. it will be financed mostly by tightening tax compliance rules. olivia: the u.s.--

pimm: the u.s. senate has been debating three years of funding and would also reauthorize the export import bank. joining us from washington is represented a congressman bill shuster, chairman of the house transportation and infrastructure committee. thank you very much for being a with us. can we expect the bill to be passed and what will it look like in its final form? >> thank you for having me on this morning. we passed the three-month extension yesterday and we are were going to work through augustana to september to put on the house floor a butyear bill, fully funded. only the three years, maybe 2.5 years of funding. we are working closely with chairman ryan to get that long-term bill which we believe is necessary to make -- help the economy and rebuild the infrastructure of this country. olivia: why not take up the longer-term bill now? what

specifically is wrong with it? there have now been 35 stopgap funding measures for infrastructure. >> the senate bill is a six-year bill on policy. but only two or three years of funding. we want a truly funded bill. keeping the reforms we put in place. the senate takes some of those out that we passed 2.5 years ago. we want to continue building on the reform summation of the states have the flexibility to move faster in build projects quicker. when you build quicker you save money and that is good for the investment of infrastructure. pimm: could you talk a little bit about the export import bank? many companies look to that for help when they are trying to make sales overseas. tell us about the bank. >> i support the export import bank. in pennsylvania where ge produces locomotives they have a $350 million deal on the table onh angola. is dependent

import-export financing. the angolans have gone to the chinese and they are willing to build their locomotives and it. i have small businesses in my district that rely on this. boeing itself is 20,000 suppliers, small and medium-sized companies that supplied boeing with parts and equipment. this is something that repulsive the economy. the bank does not cost us, it flips about $1 billion back to the u.s. treasury. pimmolivia: it is your own colleagues in the republican party that say they don't want renewal of the funding bill. it's a house -- it's the house congas been the do not wanted in. is there a way that re-approval could make it way after committee conference negotiation's? >> i don't know if it will come over from the highway bill in the senate. some vehicle will come to the house. it will pass

with a significant number of ites, a significant margin. just does not make sense to me that we are going to handicap our companies that have to compete against german companies, french, russian, chinese companies that do exactly what we are doing. it's important for people to know it does not cost our government money. it gives almost $1 billion back to the u.s. treasury. we need to have it there is a tool to keep our manufacturers competitive in the world. pimm: i was wondering if you could give us details of the bill. where is the biggest spending going to be? what specific industries? bill? highway will? -- 80% goes to highways and about 20% to transit across the country. the larger states get more money but some of our smaller states in the formula we have set up have to get for the dollar they get in they get

about $1.50 or two dollars back. if you're not assisting montana in building a stretch of road through their -- they goes out to all 50 states. it is done on a formula basis. olivia: i want to ask you about the iran deal. what do you take away from the hearings with secretary kerry? are you going to support the deal? >> no, i am not. i think no deal is better than a bad deal. in talking to experts about this, this paves the way for iran to get a nuclear weapon. it may slow them down somewhat but they are going to get a weapon and we cannot destabilize the middle east anymore by putting it into an arms race. it would be bad for the world and bad for the united states. we should reject this in we're working hard to get the votes to override a presidential veto to knock this deal down. pimm: thank you very much for

spending time with us, representative bill shuster. republican of pennsylvania. olivia: still ahead, nyu professor warns of global headwinds taking commodities down. >> a combination of all these -- some -- emerging markets until 2013. hisia: stay with us for full outlook. ♪

♪ olivia: welcome back. pimm: they're going to go right

to julie for some breaking news about fidelity national. julie: fidelity national information services, not to be confused with fidelity national financial is a payment services provider. it is an exclusive talks to acquire sungard data billion -- a $.3 $8.3 billion. you can see the 2.2%. are spiking. of by sungard is currently private, owned by seven private equity firms. it also had been mulling potentially an ipo. it was acquired for about $11 billion back in 2005. as for what else we're watching, i'm looking at the bond market. interesting movement there. we are seeing rates on the rise on the outlook for the fed. actually, we are not seeing rates rise today. we are seeing the rise on the

two-year yield, the highest in about six weeks. is the highest since june 17. that is what we heard from the fed last and it signals potentially wanted to interest rates that were likely this year. 1.73%. we're looking at a 46% probability of a september rate increase. it was 39% yesterday. we are also seeing the dollar go higher. high.y at a four-month emerging-market currencies that you are seeing is having a lot to lose as u.s. rates go up are falling. a route is continuing. olivia: u.s. rates rising and commodity selling not good news for many emerging markets. is where you find the fed fund futures rate. tom keene taught me that yesterday. pimm: i think flatten or for the

curb. let's look at some the top stories across the bloomberg right now. consumer confidence fell last week but the most in five months according to. the bloomberg consumer comfort index american attitudes about finance in the economy got worse. sentiment among those who make more the $100,000 a year had a a month low. in cincinnati university police officer has pleaded not guilty to murdering a black man during a traffic stop. a body camera video shows the officer talking to the man just moments before the shooting. prosecutors say the police officer lied about being dragged by the man's car. home rental prices are climbing faster than incomes. zillow says in june rinse for more than 4% higher than they were a year ago. they were up by double digits in denver, san francisco, and san jose. there are signs

that read increases have slowed in cities such as new york, los angeles, and washington dc. those are your top stories. olivia: u.s. economic growth ticking up in the second quarter. even better news. first-quarter growth was revised to show a modest increased of 6/10 of 1%. says it willdoom be below 2% this year. he spoke to tom keene about oil prices, the chance of a grexit. see rate beginning to normalization starting sometime this fall but if you look around the world between the central rates,zero policy quantitative easing, credit easing, you name it. global factors affect the season of other central bank as during the last few months of course. the

nowside coming from greece. they risk of a greek exit has been reduced. the china slowdown. the chinese are intervening to box of the financial system. i say that domestic factors are what is working for the fed. if you are looking at the real side of the employment,wth, inflation is up 2%. i would not about -- be confident about that point being in september. commodity prices are falling. wage inflation is not accelerating. given that a large profit margin may be squeezing profit margins and wages to prices are be slower than others. the question is whether a grexit has been avoided or

postponed. for now it is been the question is going to be six knots -- months or nine months from now is the economy bottoming out. it will be underestimated the government collapses and the question it's an argument we will discuss and another six i think oilhs. prices will stabilize in the next two or three years in a 70. and oiln 55 and it's implied there will be less capacity for the future. every oil producer around the world, all the majors are cutting by 25% to 30%. demand will accelerate and we will see already bottoming out of oil prices. they will go slightly higher. emerging markets. you

have the china story. you have publicmodity crisis. debt, external that, rising inflation. there are elements of fragility in emerging markets and that is -- fixed income have does -- done poorly. the risk of systematic currency banking, financial crisis and most emergency -- emerging markets is lower. there was less dollarized ation. are you than to see -- tom: china has a different rulebook, right? their currency is managed? $4 trillion of reserves.

you will not see a balance of payment crisis in the case of china. you will see a massive slowdown of economy. they are already lying about their data. a,y declared 7%. the chinese -- economy is slowing down sharply. intervention is a form of market manipulation. olivia: economics professor at nyu. pimm: coming up, republican lawmakers volley a new avenue of attack on the iran nuclear deal. senator john mccain says the merits are questionable. details ahead. ♪

♪ republican lawmakers have opened a new avenue of attack on the iran to clear accord. they maintain that secrets ideals govern the inspection process and the details are being withheld from the u.s. congress. pimm: critics say the procedure is a layer of secrecy to a deal that is artie raised many national security concerns. olivia: at issue is the fact that it is not unusual that according to the accord there are going to be an inspection process between the iaea and

iran that u.s. lawmakers will not be able to see the actual texts of the documents. they will be breaching closed-door sessions in congress but they've not be able to see the details of the documents. pimm: according to the international atomic energy agency, this is a routine procedure? olivia: republican critics are saying it is adding a layer of secrecy. senator john mccain heing -- came out swinging. said the merits of the agreement hinge on its verifiability, yet we cannot read key documents pertaining to this verification and our owneasures government is not a party to these agreements. i find it deeply troubling." deal not unusual for any to have these kind of situations proprietaryis confidential information between the intermediary, everyone bristles at oversight. even

greece not wanting the trike at back.back. -- to come and you can add another layer of complexity emergency. this has to do with a nuclear weapons program. this is not about inspection or safety issues about producing energy. this is about a weapons program. i don't know whether that plays into the senators'caution when it comes to this agreement because. olivia: the stakes could not be higher. secretary kerry would come back and say the deal is not based on trust. it is based on distrust. pimm: and the verification process. having said that, it is difficult to verify something that you don't know the details about and particularly when you're the skepticism on the part of the republican leadership about this deal.

there has been a lot of talk about secrecy regarding, deals not only this one but the transpacific trade pact not being able -- popping able to see all the details. i don't know. olivia: that does it for me. we could keep talking about this for a long time but you are lucky i'm going to stop. pimm: we will see you a little bit later. still ahead, the president and chairman of the cme. carried duffy. he will be speaking to us about his company's results in the future of trading. ♪ ♪

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(don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. ♪ back. let's take a look at some the top stories at this hour. the u.s. economy

picked up the pace of activity in the second quarter, but it still came up a little the short. the gdp rose at an annual rate of 2.3%. that was slightly less than expected. the first quarter numbers were revised upwards. instead of contracting, the u.s. economy grew 6/10 of 1%. the british traitor who is been accused of helping cause the 2010 flash crash will try he haso get out of jail. been behind bars in london since he was arrested in april. he will ask a british court to reduce his sentence -- $7.8 million bail. u.s. authorities one direction at him to the united states. the prime minister of greece has squared off against rebellious members of his own party today. he challenged the centers to hold a internal party ballot this weekend. rebel legislators accuse him of violating the mandate voters gave to him in order to oppose austerity measures. they are against the

deal he struck the creditors to get $894 billion bailout package. -- a $94 billion bailout package. the union is suing the nfl and is trying to get brady's four-game suspension overturned. the nfl has filed its own in court action in new york to make the suspension stand. those are the headlines at the moment. markets are closing in europe so for the very latest let's go to nira in london. nira: for european stocks, meeting the stock 600 is on par for its best monthly gain since february. it is largely been about earnings today. 80 companies reporting on the stock 600. i will focus on three. deutsche bank raising today after profits more than triple in line with estimates. let me tell you something about banks. they are largely the reason that

profit growth in europe has outpaced the u.s. for the first 2008. moving on to know kia that is rallying -- ell, nokia and shall gaining after it announced thousands of job cuts and said it would also cut billions of dollars in investment spending. that is how some specific stocks of been doing. if you look at the stock 600 overall and the industry groups, pretty evenly spread between gains and losses. oil and gas companies and technology companies that have been leading the gains. remember looking across. europe a bit of a mixed picture. more than it was yesterday. at this point ftse 100 leading the gain. that is been led by shell.

pimm: thank you very much. coming up right here on the bloomberg market day, facebook shares are falling even as the company reported better than estimated earnings. we will go into the details of the report and tell you what investors are worried about. the federal reserve says it is on track to raise interest rates later this year. but what does the bond king bill gross at say? we have the details. t-mobile is reporting better than estimated second-quarter earnings and raising its subscriber growth forecast. we will hear from the chief financial officer about t-mobile's strategy to win the mobile wars. but first today marks the end of an era for the today's earnings report will be the last report to shareholders that will include its open outcry -- trading. earlier this month a close trading pits in chicago and new york, shifting to an exclusively electronic system.

joining the is the president terry duffy. thanks for being with us. we went to give an opportunity of your version of the quarterly results. >> i think we had an excellent quarter. our revenue beating estimates, i think that is critically important component of the release this morning. up 12% in revenue.-bit is very attractive. also on our expensive we have buried -- been very disappointed going forward. we have seen tremendous movement and some of our asset classes. you may not have the volatility in interest rates because of policies that up and put into place or you may not have the volatility in equities because of the price levels, we did see a german us a lot of movement and are for an -- foreign exchange where the dollar mr. medically and with the big move and energy complex we saw a huge

uptick in our energy trading of the last several months. that is the best news about being a diverse exchange. you can grow in some of your asset classes are not moving. pimm: you mentioned energy. i want to get your take on competition from the nasdaq as far as energy trading goes? it you cani look at pay people to trade your products. but if your spreads and the cost goes up dramatically see you can pay a liquid exchange that has got a -- certain price per trade or you have to pay away a spread that is multiples of that and an upstart place. we welcome the competition that nasdaq is put forward. i think that is what made cme what it is today, competition. we will continue to deal with that and i am not saying i was the luck, but we will do with the competition. pimm: i want to make it clear

that when you talk about energy trade, you were talking about futures as well. could you talk a little bit about your strategy of future as asian? -- futurization. >> it is been going on for a number of years. as far back as enron after that disaster in other situations going forward. i think more and more people at seen benefits of going from over-the-counter, bilateral trades and the risks associated with it in the market clearing. central limit order books, the transparency of the trades. more people participating in the venue. the axis is greater today than it ever was. the retail business and futures is gone up to medically over the last several years. they are much more mainstream than they were even 10 years ago. this is much more of the futurization. people want transparency. they want to be able to clear their

trades at a clearinghouse. clear inant to make terms of closing the futures pits, the options pits remain operating. speak if you can about what you think in terms of the u.s. treasuries and i know you're working there in the futures on the treasuries market. >> as far as the futures pits being closed, the revenue impact cost us about $50 million a year to operate the trading floors. with the futures pits going down did bare minimum trade we think it was important that we consolidate the volume on to one particular execution. now that the trading floors are doing so on the options, it is different. we still generating a tremendous about of revenue from the options trading on the floor. as it relates to the bond market, are you looking for the activity in general? pimm: contract volumes and what

that tells you about the people and what they are betting on right now. >> when we look at the fed fund rates they are basically down to zero. no one is looking for any giant earnings increases come september. when you look at the altar bond, we are seeing a big uptake and the trading over there. and some of our other interest rates products. people are positioning themselves because they believe bureau have some kind of interest rate policy shift. what is that going to happen is something we don't know. nobody does. pimm: can you talk about the open access model when it comes to clearing in europe? could you respond to that? >> the open access model in europe that they proposed is a proposal. let's be clear about that. nobody has enacted it yet and i'm assuming some of our european friends still have some angst over that. you put a lot

of intellectual property and futures versus what you do in the stock market. i have said this a million times. the new york stock exchange did not create ibm, ibm did. when you look at derivatives we put a lot of time and efforts into these products and nurture them along so they trade in a vertical silo. -- to have the offset ability of products from one institution to another. as long as you don't want to apply your exchange to that exchange from the united states, it will not apply to us. it is a model they adopted over there. we have to be careful about thinking it is a foregone conclusion way it is been proposed for sending it will change before it is enacted. i think our government and the people here enjoy the benefits of the vertical silo liquidity which are referenced earlier. pimm: thank you very much for spending time of this. the chairman and president of cme group. still ahead, the era of

oil dependence by be over. by saudi arabia is repairing for future without oil. ♪

♪ back. let's take a look at some the top stories crossing the bloomberg right now. mortgage rates in the u.s. have fallen for the second consecutive week. freddie mac says the average rate on a fixed 30 year mortgage fell to just below 4%. the rate on a 15 year loan is a little less than 3.2%. these historically low rates have driven home sales higher, but some would be buyers are shut out by a lack of housing inventory. general motors is

likely to report weaker sales and some of its rivals. gm executives could not be happier. sales vice president curt mcneil told bloomberg that gm will not sell as many vehicles to rental car agencies who pay lower prices. in the past they have relied on low-margin sales to retain market share. staying with automobiles, drivers of electric bmws can get paid for not charging their vehicles when the power grid is under pressure. it's part of a pilot program in san francisco where drivers will get $1000 to take gas and electric will send text messages when it is a bad time for drivers to charge their automobile batteries. saudi arabia announced this week it would reduce its oil output by the end of the summer. around half of the country's gdp comes from oil exports in the country's nonoil economy is slowing again this year. international monetary

fund says the kingdom must reduce its dependence on oil revenue. saudi arabia has built skyscrapers and shopping malls. but the era of oil dependence will eventually come to an end. some citizens are racing to develop alternative economic drivers. >> moving away from oil is very important. reporter: he is trying to create an entirely new business model. by financing the construction of a whole city from scratch. >> there is nothing like this in the world. cities are built by countries but not by the private sector. this is the first $100 billion city. reporter: imagine in a promotional video, the city aims to profit by leasing land to companies and industry. business professionals may one day populate these homes, but for now construction workers

building the new city represent most of its residents. in an oil-rich country were government handouts supports many citizens, it is sometimes difficult to encourage saudi's into the active workforce. >> i think the government is now thinking and studying the pace carefully to have a good policy to start --reporter: he runs research for saudi's only solar manufacturing plant and test vehicle. it says the desert climate here is ideal for harnessing the sun's energy. despite government promises of industry expansion, today has production line is still stuck making test panels. if it allows solar to grow, how much will it grow? >> i expected dramatic increase in this field. reporter: saudi oil revenues in in thepped $900 billion.

past three decades just $70 million has been sent on solar -- spent on solar. >> it was built as a caravan for the desert. reporter: another growth could be tech. >> that is a 3-d printer. it is easy to attract investors but the main interest is in companies with experience and expertise and said only money. reporter: it is incubated here as with everything else in saudi arabia. easy access to capital does not guarantee economic success. that he visited is called king abdullah economic city. he is here to tell if a little bit more about it. i was fascinated to look at the photographs. what is the deal with the city? is a going to benefit saudi arabia? >> it's been nine years in the

making so far. they currently have 3000 residents. they say bite 2020 they will have 50,000 residents. building a city from scratch takes time. the question is are they going to get the businesses in there and leverage what they are building there to basically thrive using the size of the saudi domestic economy and the wider economy in the region. pimm: i'm glad you mentioned size. one of the things we were looking at is $900 billion? >> annual revenues from energy, $900 billion. about $70 billion spent on solar in the last 30 years. .1% of what germany has. they have been saying for years, and even the oil minister himself that represents opec saying that solar is really crucial to country's future. they have all the elements. the conditions, the sunshine, the sand for the

silicon panels. they do not seemingly start on these projects when they say they will. they've been delayed and delayed. pimm: 20 think the biggest obstacle is to turning this to a non-oil-based economy? >> based on the conversations i had is empowering people who have good ideas and cutting through a lot of the government red tape. lots of complaints about the with the ministry interacts. firms coming to invest their are very difficult to get all the necessary permits. they are trying to improve the process. pimm: thank you william marx. still ahead, would you like to own a piece of hockey history? have about the 1980 a gold medal u.s. dream team? they will give you the details next. ♪

♪ ice. the 1980 miracle on

the underdog he was hockey team facing off against the heavily favored soviet union juggernaut. the rest is history with the u.s. to feeding the soviets 4-3 and then advancing to win the gold medal. some of those historic memorabilia items for the game are up for grabs. our resident hockey not in micah linker for the next half hour scarlet fu is here to tell us more. scarle scarlet: this might make for some great to court. pimm: this is clearly for someone who is a man cave and a lot of money. scarlet: there are 19 items in the lot. he was to sell all of his memorabilia at once. one person can bite and then display it probably in their man cave. features is game jersey, the gold-medal, the famous american psyche draped over his shoulders and was photographed shading -- skating around the ice with. they were appraised at more than $1 million apiece. the asking

price is $5.7 million for 19 items overall.'s goalie mask, skates, and stick from the game. this is going to take place in a couple of weeks. this is the announcement so far. the collection was already in the hockey hall of fame in toronto. it went through the boston sports museum and the new york sports medium. the reason he's selling it, he says it was stressful the hold on to the memorabilia. he was constantly fearful someone would steal it. and also to provide for his children. pimm: to help make them financially secure. he iscarlet: thinking ahead for them. the flag is pretty incredible. he skated around the rink. that is it was not lost

to him at some alleles had it and he somehow got it back. that is pretty incredible. one thing i found interesting was that he is not the first member of the miracle on ice team to sell his gold-medal. mark wells sold his gold-medal to a private buyer. and also the captain sold his jersey and is stick. pimm: i think you deserve a medal for knowing this. scarlet: hockey equipment stinks. i would not want that in my house. the smell. talk to anyone who plays hockey. open the bag, her and this. -- her let's go back to julie hyman. let's that was evocative. look at what is going on with stocks right now. we are seeing a little bit of recovery in the major averages, particularly for joining me for

today's options inside is world equities strategist. things are coming in. we've been in a very earnings-driven market. we were talking during the commercial break about the vix which is hovering around 12.5. there are now weekly futures on the vix. what are we seeing so far? >> i think they allow people for up -- around fomc events. we expect updating will get more lumpy and more reactive to these the weeklydentally, vix options have not started trading at. hopefully that will start next month. julie: is there a big demand for the weekly options for the

futures that drove them to choose this stuff? >> people who are buying calls and puts to take advantage. they really have to be sure of --etizing it. with these what these weekly options will do this effectively force investors to take the position out right away. julie: got you. let's talk about your trade for today. it is expedia. it has a lot going on. it is kermit -- coming up with earnings after the trade and try to get approval for its deal with orbitz. according to "the new york post" it is looking positive for that. >> i am positive but i'm hesitant as well. want to play somewhat safe. but the implied move in the stock going into earnings is around 10%, slightly on the higher side. i like to sell that but i'm a little bit

fearful. what i want to do is said -- do instead is by the august expiration. stocks change. in $109 and would like to sell the weekly tomorrow expiration at 100 and 20 strike. it is a day ago. -- diagonal. the best case scenario would let the stock rally 10% as the market is implying. in which case we will be sitting around 120 strike. i will be left with what i have in august. you.: great to talk to more bloomberg market date next. . .

it is 9 a.m. in san francisco and midnight and hong kong. scarlet: welcome to the bloomberg market day. the u.s. economy grows 2.3% and

the economy is revised to show growth rather than contraction. we will show you what that means for the fed's interest-rate decision. pimm: and keeping the money flowing to the nation's highways and bridges -- why a longer-term solution could be a long way down the road. at how the will look u.s. postal service is transforming itself into a delivery service for amazon. the e-commerce era, delivering fewer letters at more packages. -- and more packages. pimm: good afternoon. i'm pimm fox. scarlet: i'm scarlet fu. stocks little changed at the moment. failing to build on the today gain. the nasdaq off for a third day but not really up by much.