we want to say hello to edward campbell. we first want to talk about the close right now because the comeback has not been complete. >> >> financials were they are performers. scarlet: utilities were the worst performers on the back of pg and he and its prospect of filing for bankruptcy once again. vonnie: edward, let's get your take. what does this bode in terms of grinding higher beginning and 2019? was today more of a risk aversion concern? edward: i would say more than grinding higher, had a pretty strong, hard bounce off the christmas eve low. we have continued there. now we are taking a little bit of a break. we have had a pretty strong move. i would not be surprised to see consolidation over the next few

days or so. i think if the economy is in good shape, and as we anticipate -- i think markets went a little overboard in the fourth quarter. in the s&p,rawdown bigger drawdowns overseas. toward went a long way pricing down a significant probability of a recession. if things continue, if economic data continues to show we are strong here, work its will continue to move, but it will not be a straight line. there will be brakes like today. a seriouswe do get deceleration in the economic data -- i don't know whether it is the recession or something that shows a major slowdown -- is there significant downside to the market, even how much we have already sold off? edward: we have seen a lot of weakness in terms of the international data. in terms of the u.s., if you look at the atlanta fed, gdp now for the fourth quarter, it is still up at about 2.8%.

i think things are slowing overall. i think we are going to continue to see that in the data. there certainly will be a lot of volatility and perhaps more downside. i think with equity values at this point below equity valuations, in terms of pe below average, compared to where they have been over the last 10 to 20 years, there is a lot of bad news priced in. vonnie: let's slide deeper into the action with our markets reporters. caroline, with a two day pause in what was a pretty risk-taking rally in the s&p 500, a lot of folks questioning exactly what was behind the rally. when you look at some of the industry data over the past couple of weeks, you can see there is a lot of concern that this rally was fueled by a lot of short covering and a lot of corporate buybacks. the shortest stocks in the russell 3000 rows about 17% over that period. you have a basket of stocks with 13%.ighest buybacks, about

compare that with a 10% run-up in the s&p 500 since christmas day. you get some sense of where a lot of the body and was coming from. you have j.p. morgan data showing they are still pretty much physician bullish. if you look at hedge fund positioning, you can see we have not risen above some of these long-term averages. hedge fund positioning and equities right now is only a hair below the five-year average, but about 4% below the two-year average, and 6% below the one your average. when you look at momentum investing in general, you get a picture of a market that has not quite gotten a huge amount of faith, enough they are getting people drawn back in for a long term. scarlet: this chart may provide more reason there is no faith in a real bounce. this is a one chart of the tech-heavy nasdaq, which underperformed. a battle between the bowls of the bears. --see earlier in the year

the fourth quarter happened, the worst quarter since 2008. he saw a brutal downtrend where the nasdaq plunged. have this big bounce up, more than 7%. we see the 50 day moving average acting as if the index is caught in a downtrend, telling you that despite this bounce, the sellers are still in control. the timing of this chart suggests there could be big reports this week or next week that will be make or break. right now, taylor, this chart probably looks a tad more bearish than bullish. taking a look at value versus growth. i spoke to one portfolio manager who said he was shorting the russell 1000 growth because it started to look overvalued. versusd to see value growth. the ratio of value relative to the s&p -- to the msci -- really comes down, versus growth starting to come up. now it is stunning to shift,

starting back in september. thomas lee is a managing partner at a fund. once you see that in the right hand side of the screen, that does start to turn around, and value stocks start to outperform. you had it going back to the level it has been at since 1975. it happened again in the year 2000. the debate continues, value versus growth. history would suggest value is set to outperform. scarlet: it is still early days and 2019. taylor and the markets team, great job. still with us is edward campbell and gina martin adams of bloomberg intelligence. we have seen this hard bounce since the start of this year and we are taking a breather right now. how much risk do you want to be adding to your portfolio? how aggressively do you want to be positioned? spent much of the fourth quarter de-risking from an overweight position in equities and other risky assets. since the turn of the year, we

have been adding back risk on the margins. if i think of a multi-asset class portfolio, we are modestly overweight global equities across the board, whether it is u.s. or emerging markets. we are adding to things like high-yield bonds and emerging-market debt. we had a bit of carnage in the fourth quarter. on veryot taking aggressive positioning because the level of conviction is not very high. the economic visibility is low. i think i want to emphasize the importance of being nimble and flexible in the current environment. given the sharp downdraft we had in the fourth quarter, it does argue for being more cyclical and adding more risk to your portfolio, at least on a measured basis. caroline: gina martin adams, your viewpoint? some of thisto get level on the s&p 500? i we going to test these resistance -- are we going to

test these resistance levels? gina: we need more visibility to develop the conviction to get there. when the have breath come back to the market, investors coming back with conviction to push us higher. to develop that conviction, i think you need to get through two things. you need to get their brexit. it is having a massive downdraft on confidence in the european economy, and that is filtering through to the rest of the world. and you probably need some signal we are going to have resolution on trade. those big things are weighing on confidence right now. the fed is doing everything they can to backpedal on tightening. the central bank is doing everything they can to improve liquidity conditions. it will be tough to get past aversionts of risk until you can clear the air with respect to trade and brexit. would agree. maybe we don't need a full resolution on trade. if we could have some kind of be enough to would

drive the market higher. i do not think trump wants to go into the presidential election season -- we know he is very concerned with the stock market as a report card for his presidency. --we could get some sort of if we could get the sword that is hanging over us away, and just sort of not have an escalation, that would probably be enough for markets. what is the biggest risk if you say trade, we do not even need a full resolution? there is a trump put in the stock market because he values the stock market so much. what is the world card or factor that could be out of trump's control, perhaps, that could send a slower? addition would say in to trade, the key risks -- they are not really -- they are things on everybody's radar screen. slowing in the chinese economy -- we have got some bad trade data today. -- arenese policymakers they going to be successful in

reducing that slowdown with more stimulus in an increasingly indebted economy? we know they have been able to do it in the past. the question is, do they have the will and the ability to do it again? and of course the fed -- we certainly got some good news recently. i think they are going to take a pause in march. if the economic data continues good, and the labor market is still fully employed at this point, the fed could begin goodhiking rates again later ie year. there is a possibility of a policy mistake. risks arey the key the china slowdown and fed policy uncertainty. scarlet: let's go back to the china slowdown. gina, you are talking about the chinese central bank doing everything it can. to that end, does it have the effect of lifting the global markets and global economies? it is very domestically focused in terms of the benefits.

gina: i view china as more of a sentiment lever than a growth lever. for instance, through and s&p 500 lines, sales to china, direct exposure to china is less than 2% of overall sales in the s&p 500. it does not mean we do not see massive valuation the rating when it comes to chinese -- valuation derating when it comes to chinese growth change. what it is overstated in general sentiment. i think you do get to a point where ultimately china probably does need to show some improvement to improve sentiment toward the global stock market. but it is not as much about earnings and economic growth as everyone wants to say it is. it is more about sentiment. china is overall a tremendous drag on sentiment, as opposed to outright earnings growth, for most stocks in the united states. globally, you have a much better impact. i continue to pound the table on this china-europe connection, which is really understated. as much as this started with our

trade renegotiation in china, this is quitting a big downdraft in growth in europe. we will see what the companies say about that. we want to thank gina martin adams and edward campbell. great stuff. that does it for the closing bell and for me. romaine bostick is stepping in next for "what you missed." toe's plunge as they head think of sick court. ♪ -- head to bankruptcy court. ♪

caroline: now from bloomberg

world headquarters in new york, i am caroline hyde. romaine: i'm romaine bostick. joe: and i am joe weisenthal. caroline: here is a snapshot of how the market closed in the red today. however, it was a dive down. joe: the question is, what did you miss? caroline: citigroup offering. worst is over for the fixed income trading unit. revenue plunged 21% in the fourth quarter. pg&e plans to file for bankruptcy after liability for a series of wildfires and lack of leadsne from california the utility company with no other option. and the trade war takes a toll. china slumping exports raise concerns for a slowing economy. first, let's talk volatility or the lack thereof. the vix index has been falling since christmas. today, in its 13th date in a row the vix has fallen from open to

close. a long time since we have seen that happen. calm in the markets, the best performance since perhaps 2009. straighte: the record is elected -- is around the start of the bull market. we have tied it today. i think that speaks a lot to how we are so different from december's markets. in december, your overnight action, we would be down marginally. the real action would take place during the u.s. trading our, often average of 1.1% from the start of december until the 24th. since then, we have been down marginally overnight, and up an average of 1.8% during the regular trading day. it speaks to something going on during u.s. centric hours, and where we are picking up the slack in the rebound is a made in the usa development. romaine: what does this mean? it seems like everyone came into this year saying, expect elevated volatility for most of the year and probably into 2020.

what am i supposed to read into this streak? luke: right now some volatility folks like michael purvis at wheaton and co-are saying this is great. .e have had some normalization we have some correlations coming down, which is helping implied volatility come down. i do not think we are going to get those flashing green lights, like the vix at 14, the vix at 15. if you are waiting for that to come back into the market, you might have to live with this higher vix. this is a good risk on signal, as good as it gets. we talkot of times when about the vix, or various measures of volatility, what we are really doing is talking about the stock market in another way. the vix was up today. all we are really saying is that the stock market was down. what specific signal are you seeing from the vix itself that we could not glean from looking at the fact that we have had a very nice rounds since christmas. luke: let's look at the really

only trouble someday we have had this year. it was the day after essentially revenue guidance for its first time in nearly two decades. we had the carry trade blowout. the next day, markets sank from open to close. the vix did not. they say this is bad, but we do not expect things to stay bad going forward. it is that going forward look on implied villa tillie -- volatility, which is tied to the going forward future stocks. that is sending the best signal intraday. romaine: when we look at the vix, we are generally talking of the money options, more or less. we are talking about people taking one extreme or the other, depending where they expect the market to go. the trendline you are seeing -- is that more a reflection, less of confidence in the market, and more that we have hit some sort

of trade range people are comfortable with? luke: i think you have hit on a good point. we are talking about the forward variance of the s&p 500. this is key. we have been swinging around. we had pretty big moves in the 30 day window on intraday. however, when we are looking at the money demand for options, it has not really been there through any of the selloff. keptis one thing that has a lid on implied volatility as measured by the vix. that is an important technical factor. kawa, alwayse good to get you on. speaking of volatility, png was down today, turning to bankruptcy court after facing billions of dollars in claims over the deadly 2018 camp fire and previous fallout.

caroline: time for a look at what stories are trending across the bloomberg universe. deutsche bank is in talks with rival commerzbank about a potential merger. terminal users are dealing -- are reading about top players that could make or break the deal. that includes ceo's of both banks, but also germany's deputy finance minister and the head of the top watchdog. tictoc on twitter is reporting on new insights from the cme group about continuing effects of a government shutdown, find tothe shutdown could lead more contentious debates, like the debt ceiling. the u.s. could hit the debt ceiling on march 1 if congress is unable to pass a budget. new jersey governor phil murphy has found in unexpected threat to his agenda -- fellow democrats. story on how has a the governor has been forced to the negotiating table by many in his own party over his signature

policies. many state democrats are wary of hiking taxes and the minimum wage. you can follow those stories on your terminal, on bloomberg.com, and on twitter. romaine: thank you, caroline. pg&e's looming bankruptcy, the largest utility company and california planning to file for chapter 11 after the cost of wildfires left it with potential liabilities of $30 billion. bonds that traded above face value two months ago now face around $.85 on the dollar. joining us is a senior analyst for utilities at bloomberg intelligence, and molly smith, who covers bonds for bloomberg news. molly, i am going to start with you. this is not necessarily a surprise, but it is sort of theing the market -- taking market a little bit by storm because there was thought that regulators would prevent this from happening. molly: what is surprising when you look at companies that file for bankruptcy -- sears is a well-telegraph story. sears has been in trouble a long

time. we also the filing coming. p&g -- pg&e was rated investment grade by three firms a week ago. this is now filing for bankruptcy in less than a month. that is more of the surprise there. we are all waiting to see what is going to happen in terms of the state relief, and how that is going to pan out at the end of the day. at the speed at which this all took place is the shocking element. , what happens when a utility declares bank reps a? everything is still working -- the wires, the factories or the power plants still work -- is it more than a simple change in liabilities and transfer of assets? -- here any kit: there is no immediate difference. from the investor point of view, what they are looking for is that this bankruptcy will freeze everything in place, stop the

outflow of cash, and force, eventually, the state regulators to come in and solve the problems that led to this $30 billion and counting pile of liabilities that the utility is facing now. effects: money -- the of the bond market and what it is really signaling -- what does it mean when you are trading at about 80% of the current price point? how likely do we think money edged back toward the bondholders? who is wanting to get out of this market right now? it has been all while we have known they have been in tough straits. molly: it is tough to gauge recoveries. investors i have talked to are looking to get involved in the story now. everyone would tell you to go for the lower dollar priced farms. that your legitimate, bonds are going to be taken down to effectively zero, you are going to lose a lot less going into lower-priced bonds, as

opposed to going higher on the spectrum. those are looking like right now they go longer date. if you think this is going to pan out better in the longer term, the near-term maturities are not where you want to be. romaine: i want to build on something joe was asking about. ultimately, if we go through this process, if we follow through with this bankruptcy, isn't it ultimately the taxpayers who will pay for this? is there precedent for this? is there not any way that a government was sort of step in? kit: the government is in already. the government is never going to be out. ultimately, with the utility, the only value a utility has is in the promise by the regulators to let their revenues be high enough to recover their. now, what changed here is the cost suddenly went up 31 billion. they did not raise the rates 31 billion. ,he possibility that taxpayers through higher taxes, and maybe some rate increases at some

point, it have to be involved to pay off this $30 billion. that is a realistic possibility, and/or the investors take a big haircut. how did the ratings agencies get so offsides here? molly: this is not something that is shocking. you see investors will come in that think ratings agencies are very well behind the market. they each have differing criteria for what is reason to act on a downgrade, or what is not. any of them would tell you that rumor, speculation of firing -- filing for bankruptcy, is not a cause to take ratings action. this is where it started earlier this month, when bloomberg reported that pg&e was considering firing -- filing for bankruptcy. expect a company to consider other options at this point. we see the s&p and movies have taken action and downgraded the company. the bankruptcy threats are

looking more legitimate. cut the investment grade rating further. kit one: molly smith and all things pg&e. we have some key things breaking when it comes to the obamacare rule. regarding contraception, it looks as though at the moment a federal judge in pennsylvania has issued a nationwide order to block the trump administration's throughto let companies religious or moral grounds opt out of the obamacare requirements to offer free contraception. this should be perhaps not unsurprising, given that a u.s. district judge yesterday in oakland had issued a preliminary injunction against this. coming up, bank earnings. citibank kicks off earnings season for big banks. this is bloomberg. ♪

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my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. mark: i'm mark crumpton. this is bloomberg first word news. at the-- a statement transportation checkpoint at terminal be closed at 3:30 p.m. local time sunday because of related to the shutdown and will remain shut all day. the ticketing counter is also closed. 300,000 federal workers must pay for the first time on friday. passengers have been told to

arrive at least two hours before domestic flights due to uncertainties caused a relapse in federal funding. president's nominee for attorney general will tell senators it is vitally important that robert finishes investigation. his remarks are intended to reassure democrats troubled by his past criticism of the mueller robe. president trump said today that he never worked for russia. he said the fbi investigation into the matter was "a hoax." weather, teachers striking in the nation's second-largest school district rallied in los angeles. they went on strike today after a lengthy contract negotiations failed. superintendent austin beutner all a news conference that

102,000 40 k-12 schools are open and students are safe and learning. the superintendent added that they are ready to resume bargaining at any time. canadian prime minister justin trudeau says he is concerned application of the death penalty against canadians. this announcement after a man from canada got the death penalty on drug trafficking. prime minister trudeau: it is of extreme concern to us as a government that china has chosen to arbitrarily apply the death as iny in cases facing -- this case -- facing a canadian. mark: the chinese press began publicizing the case in december after canada detained the chief officer of telecommunications giant huawei on december 1 at the request of

the united states. mexico's president andres obradorlopez ope --asked for patience and told residents that things will soon .e getting that to normal the presence of security controls have prevented any new illegal taps since late friday in an important pipeline that brings gasoline from the gulf coast to mexico city. global news 20 hours a day on air and don tictoc on twitter, powered by more than 2700 journalists and analysts say more than 120 countries. i am mark crumpton. this is bloomberg. romaine: and now some breaking news on micron. the chip maker planning a joint venture with intel for at least

a decade now. micron saying it will pay 1.5 ilion dollars in cash for the transaction to exercise a call option to buy the remaining futures in that joint venture. caroline: meanwhile, let's talk about other stocks on the move. today, we had a bank earnings blitz, or the start thereof. meetank on course to profits, but it did miss analysts estimates. the new york-based bank is the first of many to release numbers this week. let's go to a reporter who was there. what does this bode for the rest of the sector? is it that things have already been priced and? -- priced in? reporter: that's right. there has been a bounce in bank stocks, led by citigroup, and i think investors are thinking perhaps the worst is behind us.

guidance isnue really important here. numbers are the worst since 2011, so will be really important to be looking ahead. a comment i saw where citigroup said trading is already looking better than the end of last year. this seems kind of obvious because the market has rallied, so did city really tell us anything new that we would not know from looking at the bloomberg terminal? that's right, joe. it's pretty consistent with what we see on the bloomberg terminal. there has been a little bit of a bounce. this is still early days. they are not making any promises . the outlook is still pretty

tenuous. romaine: we are about to get a barrage of earnings from the other four eight banks. so what exactly are we expecting, particularly out of the jpmorgans of the world you go reporter: city -- of the world? had a gooditi outlook for the u.s. nor is the world, but they did warn that othereed to prepare for conditions. maybe that means a global economic slowdown. we have to see what the other banks have to say. it is interesting we have had relatively analyst predictions for banks. how does this pan out in terms of optimism? reporter: i think the narrative is still being fleshed out.

outlook for the u.s. consumer is pretty good. any consumer facing banks are pretty positive. at the same time, they made a distinction between what is happening in the real economy versus what is happening in the financial economy. we will have to see how that battles out. and the markets are not reflecting what they see in the economy. great. of course, looking into all things banks. coming up, cheap gasoline and auto sales in the u.s. at record levels. the auto industry act like a recession has already arrived? this is bloomberg. ♪

caroline: a quick check on your business must headlines. fedex is taking the first steps into a new $9 billion market. this includes washing machines and sectional so buzz. they are also affecting the freight business. millennial women are winning the jobs recovery in the u.s. men in the jobg market have followed -- failed to recover prerecession levels. is your business flash update. with ale, ford restructuring with $15 billion of investment.

they will discuss what it is like when they take the reins. it would be> i knew a difficult year because of the age of the products. you've got to have -- well, i will just say, we are going from the oldest product line in history to the most refreshed. ,5% of the products are all new and that will be really important. you put that into what kind of market do you expect? i think auto business is going to be solid. areeconomy has signals that pretty uneasy. i do not think there are markers that would say were going into any kind of recession right now. david: what affects your business most? interest rates, sentiment, confidence? is a big deal

because if people are borrowing for their vehicle, they want to believe their jobs are safe. interest rates can matter. but right now, it is just about all corners in our economy but political strife over policy. great employment, 4 million jobs created with this current administration. i think is worth stepping back and saying we're in pretty good shape and we can run for a while, talking about north america. david: you said we would have a big restructuring. we have heard from europe that there will be big changes their with thousands of people let go. process? you in that is $11billion -- there

billion. shows but i want to reiterate we took time, not too much time -- chef but i want to reiterate we took time, not too much time. we want to protect jobs. you never heard of any plant closings coming from fort. people around. we still produce the highest in the industry, producing vehicles for america in america and our blue-collar workers are in really good shape with the plants that we have. as it relates to europe, this is not an new problem. i walked into the company 19 months ago. it's not only forged that has to do with this. we are designing things for the future that allow us to be there with ford-branded products. but we have to be in the right

construct for that. i am not going to put -- i'm not going to pull punches. breaks it hurts. there could have been other choices, but we have to deal with that. we have to deal with a substantial market. and that was the ford president and ceo speaking to david westin earlier today. cheap gasoline are adding two automaker woes as the suv a clips is the traditional sedan. our guest joins us. avid, your story is fascinating piece. it's on the bloomberg terminal right now purity is the issue -- terminal right now. is this issue about people buying fewer cars or shifting

from one type of automobile to another? it's absolutely about shifting taste. if you look at the market last year, it was roughly what it was the year before. historically that's pretty good. not too far off the record, actually. car companies can make money. then the question becomes why yet theyclosing plants have factory set up to make sedans, compact cars. people not buying them. z compact, they have the factory set up to run three shifts. when they closed it down it was running one shift. you lose a lot of money. people are going from one vehicle to another. and they are running be plants that make the suv's a lot hotter. it is about shifting. lands.ve

they have engineers. they have marketers. people who have been around a long time to make a type of vehicle -- the sedan -- which is no longer selling. are these ships structural ones that will be defining the car market for decades, or are these cyclical things where the economy changes again and we will see the move away from suv's? david: that's a good question. i oust alan beatty the question, is this shift kind of like the in fashion? change he said, no. consumers are telling them they're not going back and they think the shift is permanent, and it might be. if you look at where the industry was 10 years ago when when gas got --

expensive, those vehicles got 14 miles per gallon. saves consumers a lot of money. now you take the chevy sedan. the equinox, it gets 25 and the car gets a much larger 22. good. not nearly as it does not really cost you that much in gas. it may not get you as good a fuel economy but close enough that people do not have to shift if gaskets more expensive. caroline: david, i'm not a car owner in new york. not many people are. do not see any of the chevys. some of the companies are still pumping out the sedans. are they going to stop?

david: not at all. toyota north america's is have no plans to get rid of the camry. they really grew up with the compact cars, passengers cars. they are really good at making them. to get out of that business, that's just more customers to snap up. but they are not only really good in that business, but they will pick up the car companies leaving it. big part of the equation is what is going on in china. we have seen a pretty significant slowdown. i wonder how much you are hearing about those markets?

the long-term in china, everyone thinks is still going to grow quite a bit, but there is an adjustment in the near term. china sales fell for the first time last year since i've been covering the business, which is quite a while. europe will be tap-in did has been talking long time. are growing in europe, you're talking about a market where you do not get great prices. there's a lot of pressure on ford and the other car companies. land rover said the same thing. is making life for the land rover plants in the u.k. very difficult. they have been cutting jobs. tough situation right now. i think china will probably be ok. romaine: all right, that is david welch, bloomberg's detroit bureau chief. coming up, china export and

data weaker than expected last month. how was weighing on trade negotiations. this is bloomberg. ♪

shows but many of those proposals will further reduce aescription drug prices and lot of those call on resources within cvs to bring that to life. an unexpected drop in december 2 china exports and imports. they both fell to the lowest level since 2016. that raises concerns about economic outlook and adds a wrinkle to trade talks with the u.s. heiding in shery ahn and --oud a great to have you great to have you. tell us about your reading into these numbers. safety and flight to moving into the yen, but how bad is it getting in china? aspect -- thise

time of year, you're like a broken record. factory shut down. it's now over and things will get a whole lot uglier from here. is: shery, the big question what do the numbers portend for the trade talks and will they create any pressure on china to come to a less than optimal deal? what is your read? shery: we are talking about export numbers really dropping more than expected. we're expecting them -- we were expecting them to contract slightly. but they are probably more than 7%.

they will be slowing the chinese economy, but this could add to pressure for the chinese to come to the negotiating table. ongoing these negotiations, but at the same toe, we have these reports boost the stock markets are really works both ways. i, were still talking about an economy is growing, if you believe the numbers. this is not awful. anonder how much this shows effort by the chinese -- haidi: part of the issue is what they has mentioned, rebalancing toward domestic services. that part of the economy is not

necessarily doing that well either. we are on the brink of contracting. theng said that though, news coming out of china is good news for the markets. there are still lots of levers to pull at the end of the day. maybe they are willing to sacrifice things. like a bit more weakness in the yuan. shery: we have seen the assets being cut, the triple are cut. the other thing is that does not seem to the filtering through to the economy. the aggregateng from china still and analysts are expecting them to still shrink. caroline: joe? shery, could we ever get the kind of stimulus that investors think about from the good old days were they just

build tons of stuff, maybe new cities, railways, create a lot new construction? policymakers have not used all the tools available and we talked to analysts and more, they have really tools available, whether it is easing or fiscal stimulus packages. push comes to shove we could see this reaction to the latest economic data, but we know that the chinese do not want the yuan to fall too much. currency depreciation has been an issue with the trump administration. goldman sachs are upping their forecast when the name the next six months. caroline: it's great to have studio with you.

shery ahn. do not miss them. daybreak asia. meanwhile, the u.k. house of commons will try for a second time to vote on prime minister with theay's agreement expects nation of defeat. ♪

♪ in san i'm emily chang francisco and this is bloomberg technology. intel's board r, has been searching for a new c.e.o. for more than six months we'll clock is ticking, talk about who is in the running not.who is plus pg&e's looming bankruptcy, 11 in cam in pter he wake of last year's deadly wildfires could