betty: flung bloomberg world headquarters in new york, good afternoon. i am betty liu. the blockbuster employment report, blowing away expectations. the job rate falling to a seven-year low. what does that mean for the rate hike? is it a green light? president obama saying no to the keystone pipeline putting an end to the seven-year debate over the controversial infrastructure project. facebook showing why it is the year of the mega cap stock. shares of the largest u.s. company possibly on track to beat the s&p by the widest margin since at least the 1990's. we are about an hour away from the close of trade. i want to head to the markets desk where julie hyman has the latest.

we seem to be bullish now about the jobs market. that is not reflected in equities trades. julie: it is not despite the fact that was such a big beat in the jobs number. we have not seen much reaction in stocks. not much decisive reaction in stocks. it has been a mixed picture throughout the day. there has not been that big of a move even the volume has picked up over the 10 day average substantially. we have not seen a lot of decisiveness. there is a mixed read depending on industry group when you look within the s&p 500. energy is lower, utilities are lower as they tend to do when rates go up. financials have been showing consistent strength throughout the day. the big banks all higher. all of them gaining and helping limit climbs in the s&p 500. a lot of predictions have been made the net interest margin for these banks is going to improve as the fed raises rates, as the

economy gets better, as the outlook for inflation friendly picks up -- finally picks up. let's look at the yield curve that underlies the net interest margin. this is the difference between the five-year treasury yield and the yield on three-month libor, the rate banks lend money to each other. we have seen it steepening recently as we have had projections the fed is going to potentially raise rates in december. but as you can see, it may be steepening. but historically, take it over to the five-your chart. we are still where below where we were a few years ago. will are predictions we see the steepening. it has not happened yet. in prediction is reflected what financial stocks are doing today. betty: cap waiting financials, which group is weighing? isie: consumer staples limiting the most. we have kraft heinz earningd.

the company reporting revenue in the third quarter was down 9%, profit down 4.3%. this is the first quarter it has reported numbers since the companies combined under the leadership of warren buffett and 3g capital. those results not shown the fruits of all the cost-cutting they planned to do. some other consumer staples, tobacco stocks, other types of consumer staple stocks like procter & gamble also under pressure today. betty: thank you so much, julie hyman at the markets desk. let's get a check on the headlines. mark crumpton has more from our news desk. >> the battle over president obama's signature legislative achievement is headed back to the u.s. supreme court. today, the justices agreed to hear a challenge from religious nonprofits over the affordable care laws birth-control mandate. the group says they are complicit in making

contraceptives available in violation of their religious beliefs. this is the fourth time the high court will review a challenge to the law. the obama administration has rejected transcanada's keystone xl pipeline bringing an end to seven years of debate over the project. president obama: this morning, secretary kerry informed me after extensive public outreach and consultation with other agencies, the state department has decided the keystone at some pipeline would not serve the national interests of the united states. the packers are expected to challenge the president's decision in court. congress may try to override the president. the project could get a fresh look in 2017 if a republican wins the white house and invites transcanada to reapply. the security department has announced a series of new security efforts aimed at international airports in the wake of the crash of the russian

jetliner over egypt last weekend. jeh johnson says the new efforts will focus on commercial flights bound for the united states from certain overseas airports in the middle east. u.s. and british officials think a bomb may have exploded aboard the plane. written and grounded all flights -- britain has grounded flights to and from the area. russia says it will extend all flights until security is improved at egyptian airports. chris christie and mike huckabee will be missing from the next primetime lineup in minneapolis. the candidates attracted to little support in recent polls and will face off in an earlier time slot. eight republican hopefuls will face off in the main debate on the number 10. that is a look at our "first word news" right now. you can get more on these stories and more at the new bloomberg.com. i am mark crumpton. betty: thank you, mark crumpton

at the news desk. let's get back to our top story for the markets today. job stay in america. the labor report showed a 271,000 gain in payroll, the biggest jump this year, far surpassing the most every economist's expectations. humala. --i area -- muhammad ali area says it sends three consequential messages to the fed. >> job creation remain strong. the and of limit is lower and wages are going up. ratewith the participation not moving from this almost the fedlow, it tells there are structural issues. it is not all cyclical. therefore, monetary policy cannot be the answer. finally with the muted stock market response 10 year yields have moved nine basis points. a lot of people thought stocks

would be down even more. with the muted reaction, it tells the fed you can be cautious moving forward. in hishe also wrote column this gives the fed the green light to raise rates in december. joining us from stanford is tim kane, a research fellow and economist at stanford's hoover institution who serves on the joint economic committee of congress. you say let's not put too much value in these jobs numbers. why? there is a paradox per you see the low unemployment rate that is catching up to what we predicted a long time ago. the unemployment rate has been coming down. it will go under five. that looks like a tight labor market. and yet we see all these people not in the labor force. there is a paradox. it makes sense.

the previous respondent was saying the right thing. monetary policy has done all it can do. there are structural problems that have this incentivized workers. that is why they are not in the labor force. el-erian wasmad ali are referring to structural issues. are there workers distance and five -- this incentivized to going to the workforce. also, the structural issue of baby boomers retiring. there are people falling off the employment map. >> this gets personal. i'm sure a lot of viewers are baby boomers. my mom and dad retired a few years ago. the data shows baby boomers are staying in the workforce. we have a healthier cohort of retirees taking second and third jobs in retirement. they are happier to make retirement money but also to work still.

labor participation rates as a demographic story is half of why we see the weak labor participation. more than half is things like obamacare and the decision today about the pipeline. talk about uncertainty. seven years in, we finally get a decision. betty: we do. the president said it does not mean this is a disaster for the economy nor is it a big win for climate change activists either. beyond the keystone pipeline, i want to understand, are you saying the fed should raise let'sor are you saying continue with status quo? i'm trying to figure your position on the fed. >> i think the fed should raise rates. i think they should have done it a while ago. i think there are dangers in creating a new danger with rates this low, we can create bubbles we cannot see ahead of time. i worry about that.

i worry about subsidizing this massive federal debt we have. the action needs to be taken more on the regulatory side with the uncertainty with the overregulation of entrepreneurs, occupational licensing. all those things are slowing the economy and hurting participation rates. betty: how is it slowing down when we had one of the biggest jobs gains in years? >> well, growth rates. look at economic growth rates. they are lackluster. certainly lackluster for recovery. we should see growth rates twice as high. look at investment rates. the stock market may look good. but investment in the real economy is half the rate of economic growth, which is slow. , a lowre a lot of signs unemployment rate is great. good stock market, great. but there are too many weak spots in the economy now to be satisfied. betty: you don't think raising rates could jeopardize what you see is a weak economy?

>> you have the pedal to the metal. i think you let off a little bit. that does not mean you are not still surging. that is still going to be a lot of stimulus as long as interest rates are below 1%. betty: thank you so much, tim kane, research fellow at stanford's hoover institution on the jobs report. everybody is going to have a big opinion on this. we will talk more about the jobs report and keystone. the debate is over. president obama rejects the keystone pipeline. the republican congressman from texas is extremely upset about this decision by the president. he will join us next. ♪

betty: good afternoon. welcome back to "bloomberg markets."

president obama has rejected the keystone xl pipeline. that decision ends seven years of contentious debate. the president beat that several -- back several republican attempts to build the pipeline. in the end, he sided with those who opposed it. joining us is phil mattingly. is this really the end of the chapter? >> it is for the obama administration. this has dogged them throughout the six plus years the president has been in office. it has been problematic on the political side, the policy side. it has been frustrating for the administration and the state department in general. however, this is not a done deal. transcanada can resubmit their application whenever they want. as we saw last week when transcanada attempted to pull back its application, there are a lot of eyes on the 2016 campaign. who the next person is that sits in the oval office that takes over the white house in general 2016 will have a lot to do with what the company decides to do

next. republicansly the who supported this are incensed by this. paul ryan, the speaker, came out with a statement. he said this is not surprising but sickening. by rejecting the pipeline, the president is rejecting tens of thousands of good paying jobs. do the republicans wait it out now? >> i think they will try and do something. bothouse and senate controlled by republicans, passed and sent the bill to the president requiring him to approve the pipeline. db code that bill. they do not have a vetoproof majority. they are limited in what they can do on capitol hill. i think you are here in frustration. they feel the president sided with environmentalists against his own metrics for why he would oppose or support this. his idea has been he would oppose the program if it had a major impact on climate change. even the president's own state

department did not find that would be the case. the president today saying this is more of an issue, a leadership issue, taking this to the climate talks in paris in a couple of weeks more so than any specific impact on climate. that issue very frustrating to republicans. betty: absolutely. thank you, phil mattingly in washington. we have one of those republicans frustrated by this decision. let's get to austin, texas, where the republican congressman is joining me now. you heard the president who said all the arguments for the pipeline are gone. it would have created jobs in the u.s. and lowered oil prices. you heard the president say we have already seen both. so why do we need this pipeline? >> we need energy independence. we need i diversity of sources. not only with that pipeline have been used to bring oil from canada. they could have added oil produced in the united states.

transferring oil by pipeline is the safest way to do it. i would much rather have an oil pipeline under my backyard then live near a highway or railroad where they are transporting oil. betty: it is not as if this oil will not be able to be transported. it will be transported in other ways. primarily railroad. >> the president seems to think by not approving this pipeline, that oil is not going to be used. that is sort of the undertone from what i heard. the oil is there and it is going to find its way to market, whether in the united states where we were find it under our higher in financial standards or whether it will go west and make it on a ship to china where they do not have our environmental standards. i think we are doing more damage to the environment by not approving this pipeline then we would be if we were approving it. betty: congressman, what are you going to do now? what can be done? >> i think it is going to be that we are going to have to wait until we have a new

president. obama has dug his heels in the ground. unfortunately, we don't have a vetoproof majority. i talked to some of my democratic colleagues in washington. they say even voting for the keystone pipeline, they could do, but it would be a much harder vote to override a president of their own party's veto. i think you do the right thing and vote to override, but there are not the votes there now. betty: if you bring this issue back after 2016, most economists don't expect oil prices to have rebounded that much. the argument this would help lower oil prices is not really there anymore. >> i think it ensures a longer-term energy supply. you have got to have a reliable network of various sources for energy whether multiple sources of crude oil and natural gas or nuclear or other types of power. you need a diversity there. ofty: i want to play part

the president speaking on this decision. this is part of what he said about what went into the reasoning for rejecting the pipeline. pipeline obama: the would not make a meaningful long-term contribution to our economy. serious about is wanting to create jobs, this was not the way to do it. betty: why is he wrong? i understand your argument the goes a waypeline towards our energy independence. it is not the only way to achieve that. >> of course not. long-term have construction jobs, but it does have short-term construction jobs. we have americans in need of a job right now, today. this would put them to work. there will be other projects that come along to keep those folks at work. it will secure refining jobs in

cushing and houston and other locations. it may not have a huge impact, but you don't pass up an opportunity to grow jobs in the united states where we have relatively high unemployment and an even more dismal workforce participation rate. betty: congressman, thank you so much. the congressman from texas joining me from austin. still ahead, square says it's ipo price -- sets it up real -- ipo price heavily devalued. how could this impact feature ipo's? ♪

betty: welcome back to "bloomberg markets." square announcing plans to price shares at $11 to $13 apiece, arrange that values the company at $2 billion less than its

previous valuation of $6 billion. what does this say about the landscape protect ipo's? cory johnson joins us from san francisco with more. why are they getting a lower valuation? cory: one thing that happens during ipo pricing is the company sets a target range. before that, private conversations happen with hedge funds willing to take a stake in the ipo and the investment bank on the deal. the indications from goldman sachs is they want to put a price out that is low enough that they can raise it during the ipo process. filings of three this red herring document that have been public. now wall street has had two weeks to look at this, the indications from wall street are there may be supported at this level. goldman sachs is as good as any investment bank trying to find a floor. they are hoping to go about that. the significance of the price is

it is below the last round of intra-capital funding square was able to garner. that is a significant difference in a bad direction. betty: you never want to have a down round, so to speak, ri ght? cory: there are a lot of reasons you don't want a down round. a lot of it historically has been sentiment. there is something different happening with these private companies staying private for so long. they are getting investment rounds from companies that rarely in the past would invest in such companies on a private basis. companies like fidelity, t. rowe price, even tiger in new york. those companies all investing in these pre-ipo companies in late mezzanine rounds. what we are starting to learn as these companies start to become public, the so-called unicorn companies with $1 billion valuations in the private

markets, is the terms on the deal are not the same as the terms in the early investors. quite often, companies like t. rowe and others are having guarantees they will not lose money on investments. it sounds incredible but it is true. they are making investments where they are guaranteed by companies like square they will not suffer if there is a down round. if this ipo happens below the level of the last round of investment, the last investors will be guaranteed their share price will hold. --who loses? the early shareholders will find themselves diluted by the down round, the very people that built the value of the business will see their shareholdings lessons because the last round of funding is guaranteed a return. betty: i cannot imagine that going over well. on square, what is the vulnerability? is it just that there are a lot of other players in the space? cory: the vulnerability in

is the valued employees will be ticked off and want to leave the business. right now, it is losing $59 every 13 weeks. what they hope will be a great business, those people might be ticked off by the liquidation preferences. it is something for the unicorn companies to be concerned with. the engine of economic growth, the employees hoping for a chance to get rich, if that gets taken away, it could have lasting repercussions. square has got to convince people this payment system will be a big deal for small business across all businesses. betty: thank you, cory johnson. up next, it is like a makers fair with more pizzazz. we will talk with the atari founder. ♪

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there has been another challenge to obama care. today the u.s. supreme court agreed to hear arguments from the religious nonprofit to save their beliefs are being violated because the law mandates may provide contraceptive coverage for employees. this is the fourth time there has been a challenge to the law. and after a review, the obama administration rejected the request from trans canada to build the keystone oil pipeline. this -- morning, mr. kerry informed me that the state department has decided the keystone pipeline will not serve the national interest of the united states. >> the pipeline's backers are excited to challenge it in court and congress could try to override the president. and it could get a fresh look into that and 17, if a republican comes into the white

house. and the u.s. department of homeland security is increasing for flightsurity heading into the u.s., this follows the crash of a russian airliner and concerns that it was brought down by a bomb. also today, russia says they are grounding all flights to egypt until security there is improved. meantime, investigators say the analysis of the black box suggest the possibility of an attack in the downing of the russian jet. this is according to a french agency. both black boxes stopped working suddenly, suggesting a possible explosion or decompression. you can get more on these stories, 24 hours a day at bloomberg.com. betty, back to you. betty: now we will head to the

markets, that is where julie hyman has a check after the jobs report. julie: for sure. i want to focus on interest rates. utilities is one of them, we have seen utilities down sharply today. 3.7%, you have to understand this is a double whammy. we sell rates in the treasury market go higher, that tends to be negative for utilities for a number of reasons. you get a little bit of competition with treasuries when the yield goes up and they have a relatively high debt load, so cost is more to carry that debt. then there is also an issue of earnings. the reported numbers today and in many cases they were not strong. let's look at individual movers. centerpoint energy for example, they had a surge related to an investment called enable.

-- com it has commented ed, it is down 5%. and we did see flooding and north and south carolina, that is what luke energy is blaming. looking at the terminal, you see the inverse relationship. s&pds in the yellow line, utility index in the white line, they are moving clearly a misdirection, you can see them climbing once again. utilities moving lower. also, another good areas i get -- that gets hit, we have a number of these stocks falling in today's session. we talked earlier about the financials, the banks are doing well today. here is the flipside of that. betty: it has been a puzzling market reaction to this. is it just that people are not

quite sure how this will affect the overall economy? julie: a lot of things we are taking into account. we were in a scenario where good news was bad news. in the market, rates would go back up, the fed would take away the punch bowl and that would be negative for stocks. that perception is going away, but it seems as though it is a painful realization for part of the market, taking a while to process. betty: thank you. the good news is, the nation's unemployment rate has fallen substantially, 5% from 10%, remember that in 2009? the bad news, the wages have not increased by much. hourly earnings rose by 0.4% in five months. that is an improvement, of course we are still talking

about small numbers. small bits of growth. joe weisenthal is joining me here. it is the first look at wages rising. joe: 2.5% year-over-year gain, that is the highest since 2009, so this is not incredibly fast. around 2%, 2.1%, but in the last four months, we have seen a breakout and now the number stands out. and the other thing, we have been waiting for this. there are other bits of economic data that suggest higher wages are coming, they have been bullish, there are job openings. or if you look at the surveys, businesses are having a hard find -- part time finding workers. other indicators show that there should be an acceleration, so now we are looking at this headline, maybe these numbers are catching up with other indicators. betty: does anyone say this could accelerate faster than

what we expected, maybe the fed is behind the curve? joe: the fed is not behind the curve, and a sense of the markets and what they expect. the market is behind the fed. if you look at the dots, the fed forecasts a rate hike outlook faster than what the market is expecting. and everyone agrees that december is looking likely. i do think this raises the question, the one thing that we have come to expect, we are going to hike in december, whatever they do, it will be shallow. people, doubt with maybe it will not be so shallow. if we see a few moments -- months like this, we see an oil affect, that could wear off. if we start to see that happen, then the discussion will be how

shallow it will be. betty: where do we see the most wage growth right now? joe: construction is doing strong wage growth. not surprising. if you talk to homebuilders, they say that one of their main problems is lack of workers and if there were more workers -- there seems to be solid housing demand. so it is strong wage growth. those are good paying jobs. so there are multiplier effects. betty: what about on the flipside? yeah, i think it would stay the same. marginally. 64 .4%, something like that. joe: incredibly low, four decades low, so people have been waiting for this to turn around. it has not. basically every measure o unemployment and underemployment has been there, it has continued to improve, so this debate about

what is driving it still goes on. how much is demographic, how much is structural, cyclical? the extent of the good economy should lift that, we have not. betty: we have not. what do have coming up? joe: we will talk more about this. so much to dive into what the jobs report, what it means for the fed, inflation, we will talk about that. betty: ok, thank you so much. joe weisenthal will be up at the top of the hour. ♪

betty: good afternoon, welcome back. it is time for business stories in the news right now.

updating story from earlier today, intercontinental hotels group says it will not consider selling or merging the company. this comes after reports that they were exploring options with financial advisors. they released a statement shooting down the rumor. and legal experts think -- targeting axon mobile could lead to investigations of other oil companies. they found that long ago that global warming could hurt the environment, but did not tell investors or the republic -- or the public. they are seeking documents going back nearly 40 years. and the inheritance of a wall air came up short of expectations. many believed that mrs. walton would get a fortune when her husband died in a plane crash 10 years ago, she only received $5 billion. their only son was awarded the rest. can always get more business news at bloomberg.com.

it has been a big week of big news out of the gaming industry. from activism to acquiring king xbox andwo x rocks -- halo five release. another thing that is happening is the high-tech circus, this is a carnival, just three days celebrating the sciences, technology, engineering and featuring interactive amusement, stage shows and more. joining us now is someone consider the godfather of gaming, nolan bushnell, founder , wrotei, chuck e. cheese a book about giving steve jobs his first job in technology. it is great to have you. before we talk about the gaming world and what we have seen recently, let's talk about the carnival, you actually come you and your family and others , kind ofnding for this

like what you would do for a startup? >> i did mostly advice, but my oldest son did the carnival and he is a very talented technologists and it turned out that he has a lot of the same old carnival instincts that i had, i do not know if it is genetic. betty: who did you raise money from? --he raised the money from capital and several others, raising $6.5 million. he beat me. on my first round of funding from atari, so it is wonderful when your children can be you. betty: that is good news, one area where you do not mind competition. what do you make of the fundraising environment right now, you started so many companies, you have seen also companies fail, and you have

been very open about it, so what is the fundraising environment like right now? >> probably the best i have seen it. when we are talking about pre-sales, kickstarter, or crowdfunding of the various systems and the offerings that the jobs act allowed, there is probably better access to funding now banned ever before. -- than ever before. the tools are making it so easy to start software companies, doing all kinds of things, that i think the landscape is -- we can look back as the golden age. betty: is there a dark side to this, which is that, are we heading back to 2000 territory where silly ideas get funded and unicorns are born almost everyday? >> i think that there will be

massive opportunities for mischief. anytime that you can sell pieces of paper for money, there will be crazy people that think it is fun to live a big style on investors, based on a good story. betty: right. >> i have always thought those are inevitable, but i think it will be small and it will be self credit -- self-correcting. betty: we'll turn to gaming, something that you know well. now, andming is so big we just saw this deal for king digital, the makers of candy crash, almost $6 billion, is that out of hand? a company that created one game. >> you know, i am sure that the analysis of it is that candy

crushes making a lot of money, even though it is a little bit past its prime. and as a public company, i would be willing to bet= that activisio earnings will do well because of it. i think that this is as much financial as a strategic investment. but also, the candy crash people -- candy crush people are very smart and capable, it will be a nice addition. betty: what is the secret? they say in order for activision to make this work, understanding they have hundreds of millions of users, but what is the secret to make a game work and create another hit? , but its to be sticky also has to have a monetization strategy. one of the strategies is you get

to play, but then you run out of gas and if you want to play more, you have to spend a little money. or you can wait until tomorrow to play more. so there is a trade-off between people who have a lot of time, not much money and people who have a lot of money and not much time. so you can make a lot of money on people willing to pay for not play --e, or you know, pay to win. free to play, pay to win. that means, if you want to get this right now, you will have to pay real dollars. that is fun. betty: before we go, it is interesting the games being played on mobile, you have candy minecraft has been popular, are you surprised because you created atari and you know these games that are

popular, are you surprised those types of games are the ones that are downloaded and played? -- youve never been know, the game business does not surprise me anymore, because i have been surprised so many times. that there are some wonderful games, you mentioned minecraft. it is maybe as good an educational game as has been created. it gives you so much stuff. and it is projects. that -- will be a lot like that, traveling through the arteries. augmented reality will be even more interesting as we make our world, live in very interesting ways. so, i always say the best is yet to come. betty: it is great to see you. ofan bushnell, the founder

atari. much more ahead in the next hour, the rise of the make ac -- megacap. and tonight, you can watch bloomberg television's exclusive with mark carney. ♪

betty: welcome back, we are 10 minutes away from the close of trade. i went ahead to julie hyman, she has a check on retailers. julie: retailers and retail related, i want to point out some movers that were out with movers. men's warehouse, look at this collapse, down 44.5%. and -- has been trying to change a strategy, by eliminating discounts. that has not worked well.

stores are selling 50% less than than last% less quarter. this is a collapse in the stock. brandsbrand, it manages is licenses them out, so it retail related, it is also collapsing. peanuts is a brand in its portfolio and that is not performing well. there is qstion out it licensing of that. analysts say they are growing incrementally more nervous about this the debt due in 2016. all of this leading retail stocks as a group, contribute to the retail stock underperforming today. you can see they are coming off a low session, down if you look at the retail etf. one thing we learned today, look

how wages have been going up more quickly than the rest of the market. in the service sector. market capfacebook's has surpassed ge, that is one reason why shares of the largest u.s. companies may be the s&p 500 index by the widest margin since 1990's. remember that decade? the rise of the mega cap, we have people to talk about it. dave, this chart is where we mapped this out. what is going on? >> the make a cap is represented by the russell top 50 index. talking about the kinds of companies in this category, they are not sort of the small growth companies of the past. the ultimate, the formerly google, apple, amazon.com, facebook and also microsoft, they have revived business.

and those companies have really led the way. you are looking at, even though it is a little bit more of a 2% ,eave, that would be -- lead that would be the best performance on an annual basis since 1999. betty: is that a good thing, being dominated by the giants? >> it does cause concern for a lot of people, the breath of the market maybe is not as strong as you would want. but what strikes me about this is, like you said, it is a lot of pretty strong growing companies. you have these real-life disparities in valuations, you have apple which is basically a value stock, even though it has strong growth, people think it is just one product. facebook, that has tripled digits, still one product. you look at two companies with basically one product and a lot of growth and how the market

values have been so different, is fascinating. but overall, this is actually little cheaper than the s&p 500, despite this big increase. closing the gap a little bit, but maybe because apple is such a big weight, it is dragging it down. betty: is that true? >> it is true, but you have to look at the overall composition, you have ibm and qualcomm, which is notable for not doing well in terms of this and suffering when it comes to valuation. so financial companies tend to be low. the broadok across grouping and you can find these examples where stocks are relatively cheap, but at the same time, you have companies like amazon and facebook that are growing at a faster pace than what we typically associate with companies that are $300 billion plus in the market. what: find the mega cap,

makes it into the top 50 index? >> you look at where the companies are. media market value, that is -- for these companies. you can argue anything hundred billion dollars plus would go into that category. it is not as well defined as the large cap, mid-cap and small-cap, you are talking about various companies out there. betty: it is not a class on its own. thank you guys so much. much more ahead, the story of the day, the job numbers. "what'd you miss?" will cover that from every angle. ♪ buddy- nice place, nice car what happened?

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joe: and i am joe weisenthal. alix steel we are closing ahead of the weekend. joe: but the question is, "what'd you miss?". number, all eyes are now on december. joe: and borrowing from peter to pay paul, why buybacks may be over. charts that have look at whether the comeback is an even. ♪ alix: of course we begin with markets, this is ho-hum when you look at the index levels, because we are mixed. index movements are not that big. scarlet: within the sector, that is when you see stories coming together. financial leading gains. they are giving the profit in