a change of what we may have seen in the past. scarlet: and here you have the closing bell. scarlet: there you have the closing bell. s&p and the nasdaq posting advances. it has been a rocky week. it is hard to put a narrative around what is going on. lisa: it really is, and part of it is we're not getting data out of the u.s. government. every macro. scarlet: existential. lisa: how do you price that into a market? joe: something interesting today, we saw em's outperform, something you would not expect from this comments from wilbur ross. essentially what you are saying about a day, a week without clean threads. rod: that is really interesting. i am not sure what it means, but b only em stock, but e.m.

onds and dollars and even local currencies have been the gradual outperformer for the last month. like you, we are all whipsawed by what is coming out of the administration. scarlet: i got to jump it for a second. until -- intel reported. fourth-quarter adjusted eps $1.58, higher than what analysts were looking for. revenue from the fourth quarter shy of the census estimate. the fourth-quarter revenue number missed the lowest analysts estimate. the stock is given back a lot of its gains even more. it sees the full-your revenue at billion as well. that is the outlook for the full year. shares giveng intel back some of the advance. a lot of good news already

priced into the start. lisa: a lot of optimism being punished. point, it is joe's the myth. scarlet: posted to our market reporters. abigail. abigail: you really nailed it that it has been a rocky week. the reason this matters from on the week right now for the s&p 500 we are on pace looking at the possibility of the first down week in a row for the s&p 500 in five weeks. down 1.1%. initial reports out of intel looking pretty weak, suggesting this may be a down week. you can see here that the greenstreet we have been on, most people that first weekend december were not anticipating that. very important to keep an eye on whether the down week for the s&p 500 continues into tomorrow and of course, next week, dependent on so many earnings

reports. .mported from intel taylor: i'm looking at it on a p/e ratio basis. there is so much discussion about the semiconductor outperformance today with earnings from lam research, share buybacks by about $5 billion, and new hopes about chinese demand. we come to the terminal and we see what that is doing to the p/e ratio. you have a going back to the levels of 2010, 2011, 2012. p/e ratio lower. now it is starting to come back up. it is up to 15. it is poised to rise a little bit higher. thank you so much, taylor. i'm watching the european bond market. italy's gain. is

you can see that this is compressed, with italian bond yields the lowest vs. the bund going back to make of last year -- may of last year, the two-year spread. italy, sure, not absolutely blowing up, but at the same time as that materially -- has not materially improved that much. they look at what the ecb is saying, we have slow growth, keeping our pedal on the quantitative easing. we willwe raise rates, reinvest the money we get from the bonds we own into the debt market. very easy policy for the foreseeable future. scarlet: all right, our markets team, thank you so much. i want to revisit intel's results for the first-quarter revenue, $16 billion. analysts were looking for $17.3 billion. full-year outlook is china analyst estimates for the 71.5

billion dollars. analysts were looking for $73 billion. ofll with us this rod smyth riverfront investment group. when you look at semiconductors, it is like a whip saw, because they had this incredible run today, but going into this there eak talk about the w chip cycle. actually, you know what -- [laughter] lisa: starbucks first-quarter earnings per share, $.75, bidding to estimate -- beating the estimate. roundly beating across the board. what people are watching for is the starbucks says is effect of china in particular because it had to expanding there. this beat is very positive, although honestly people are promising through the numbers -- parsing through the numbers.

adjustedeiterate, earnings per share is $.75. definitely this is why you are seeing a bit of a decline. the full-year adjusted earnings per share is in the range of $2.58, $2.73. figure, now -- go it is up. [laughter] scarlet: we need to let it settle down a bit here. intel remains lower along with amd and nvidia. other chipmakers are following intel lower. rod, to get back to my question -- [laughter] scarlet: how much visibility do investors have? rod: semiconductors -- if you go back 10, 12 years, 20 years, we used to look at commodity prices, copper, machine tools. semiconductors are the new machine tools.

they are the components that really tell us about the economy, and the message from the markets has been pretty clear. they sensed and moved with what has been a global slowdown. definitely a european slowdown, definitely a china slowdown. with that, some slowing in the pace of the u.s. definitely what you are looking for, what i am looking for, is when companies like this admit times aren't great, and the shares start to form a bottom. we won't know that today. but that is what i will be watching. great cyclical indicator for the market economy. joe: basically looking at the situation from the market perspective, investors have gotten too far off site. rod: i think that the downside move, we went from high levels of optimism about the global

economy, stock markets, to a fairly high level of pessimism by the end of the year. now we want to watch earnings andon and see mixed views not pressure. lisa: ok, let's talk about the response some of these chairs have had to their earnings. starbucks after hours. it has moved firmly into the negative territory. i still cannot figure out why. have you gotten what confidence in being bullish based on the response of the market to these earnings? rod: so far -- remember i am a big-picture guy, but if you look at the year, earnings have come in so so.

so far so good. we have almost retraced exactly half of the decline. you are trying to figure out what matters what matters to me is can we get past the critical halfway mark. it is the bounce in the beginnings of a bear market, for beginning of the continuation of the ball? our bet is the former, but we are not so foolish to believe that if the market bulls back from these levels -- [indiscernible] joe: let's talk about the macro bigger picture. we did have a bit of a selloff today -- kind of brief, never that deep, but it was after those wilbur ross comments about the large gaps. we have the talks next week in decent -- in d.c. what is the expectation, what is the goal, what in your view does the market need to see to not be disappointed? rod: ok, it is pretty clear in my mind that a breakdown in talks, people walking away from the table, and the implementation of the tariffs that were going to be implement it, that is not priced into the market. that would be a legitimate reason for the markets to go down.

the two largest economies engaged in a trade war in 2019 is not what the world economy -- joe: that is not what we need. rod: i also don't believe we are going to magically find the answer. but i think this is our base case, what we call a truce, where china offers major concessions that will have to be measured, but the hawks on the administration's side don't get everything they want. let's face it, does president trump want to be reelected, or does he want a recession? i think a serious breakdown in talks with china leads to a serious risk of recession in 2020 just as he is running for reelection. the president and i have to try will chooset, i the truce-compromise deal. that is our base case. starbuckshe way,, shares are now firmly positive.

scarlet: founded direction. lisa: there we go. it is up. going forward, you say you are in more of a bullish place right now, thinking we can break through that half of the recovery. i'm just wondering, what is the biggest worry that you have? rod: no question, we went into the year with two very clear worries. one is the u.s. central bank and its apparent determination back in november to raise rates at all costs. that one has really shifted. the probability of a rate hike according to futures markets have -- of no rate hikes this year have gone from 10% to 70%. that one has resolved itself in a good way. two biggest economies engaged in a trade war. we have to change our view is that is the outcome that ends up happening. scarlet: rod smyth, thank you so much. riverfront investment director of investments.

just a quick recap --intel shares lower on earnings and stop of -- starbucks shares are gaining. that does it for closing bell and me. romaine bostick is stepping in where we'd you miss?" speak about venezuela and what it means for bondholders specifically. this is bloomberg. ♪

lisa: live from bloomberg world headquarters in new york, i'm lisa abramowicz in for caroline hyde. romaine: i'm romaine bostick. joe: and joan wiesenthal. -- i am joe weisenthal. lisa: dow physically unchanged.

indices higher for the day. joe: the question is, "what'd you miss?" chipmakers down after missing annual sales forecast estimates. day 34 -- senators reject two rival plants to ending the longest government shutdown in u.s. history. defiant in the face of opposition -- nicolas maduro says he will never resign, accusing the u.s. of leading a destabilization campaign after trump supported the opposition leader. romaine: of course we just got intel earnings a few minutes ago. we are seeing then miss on fourth-quarter revenue, miss on eps guidance, and miss on full-year 2019 revenue guidance. we have bloomberg reported interviewing the ceo, saying that the board is working on choosing the next ceo and intel

says its data center customers have inventory and if cut quarters. talk about this is a bloomberg intelligence senior semiconductors analyst. i know we got the numbers, but when we look at this are we talking about an issue with demand or their own capacity? >> let's take a step back and look at the last three weeks of semiconductor shares rallying, and this is what we were left with. stocks don't change on a dime. i know we are talking about semiconductors, but sucks still them change on a time. customers are digesting -- we went through a very strong period in 2019 and they will they just through the first half of 2019. through that time, sales for intel are going to be slow. this is a company that just 7%sed 4q on the pc side by versus our numbers and potentially 18% versus our

model. this is going to dramatically impact earnings-per-share, because data center business is a higher margin relative to the pc business. the grant takeaway is demand is unsurprising, is and the effect it has had on intel should be unsurprising. lisa: how concerning is it that they do not have the chief executive officer? they are still working on choosing them. especially when you talk about direction for the company? rind percentage left some big shoes to fill and he made some substantial leadership changes to the government and changed the tone of the company quite a bit. as a result you are now left with our company that needs a very, very, very strong chief executive who can take intel to the next level almost akin to how microsoft has pivoted to become relevant again. it has a history of choosing executives from within.

you put all of those together and it makes the role of the chief executive at intel that much more important and that much more difficult to choose as well. it is interesting, this number, and we have the after-hours quotes there, but this is one of the best for chips. you look at texas instruments, now intel, are they telling the same story in different parts of it, or are they conflicting? anand: expectations were low across the board for semiconductor names. unfortunately they did not clear the bar. one of the things that we have talked about going into 4q is that the setup was a little bit off. earnings need to be cut for 2019 substantially. arguably multiple needs similar cuts as well. love-hateugh this

relationship with semiconductors from the stock price perspective. we need apathy. we saw love, we saw hate. now we are back to love again, and now we are back to hate again after hours. we need apathy. joe: forget about the sector. anand: i want people to not care about semiconductors, and that might be an interesting time to look at semis again. much,anand, thank you so bloomberg intelligence semiconductor analyst. facebook ceo mark zuckerberg and his wife are focusing on philanthropy for the housing shortage in the san francisco bay area. emily chang has more on how this initiative is different from facebook. facebook,ening at mark is working incredibly diligently on, and we have the opportunity to make a short that we internalize those lessons as well. but we have an independent

organization with strong leaders that are dedicated to the work in the long-term. we are excited about the opportunity to be best in class and learn those lessons alongside facebook while building our own organization. lisa: that was a snippet of emily chang's interview with priscilla chan. catch the whole thing on "bloomberg technology." shutdown, the record stretches on with both proposals to reopen the government failing to pass the senate, not a huge surprise. we will look at the road forward. from new york, this is bloomberg. ♪

earlier this afternoon the

senate voted on dueling bills to reopen the government, one supported by president trump that would have funded his bytable, in the alternative the democrats that would have reopened the government through february 8 to provide more time for negotiations. both measures failed and the record shutdown continues. let's bring in bloomberg's chief content officer. lots going on now. nothing can pass the senate that has been proposed. does this open up any doors for the deal? >> it apparently seems to be opening up certain doors. lindsey graham just had a phone call with the president where he described the outlines of some sort of a compromise that would continue that would open up the government for three weeks, contains some semblance of border security, while they negotiate a further, more definitive agreement on orders security. what is interesting is that he is describing this as something that mcconnell and chuck schumer discussed shortly before in

mcconnell's office. there is clearly some movement here. it may turn out to be nothing. again, the wildcard here is donald trump. he has to say "i will sign it" for this to go forward. lisa: we have gotten the two votes. by the unsurprising that both failed. but can we glean anything? marty: there is something that is mildly surprising, and that is the democratic plan got more votes than the trump plan. lisa: you are watching this. i remember you saying this is very interesting. marty: this is a completely different environment, but 20 years ago for the power of the senate majority to get fewer votes than the minority party would be unheard of. i realize the conditions have changed in the times have changed, but it is a significant signal to mitch mcconnell that donald trump's plan is not going to pass with his gop colleagues.

aow, to be fair, there is dac in that plant, and that matter to a lot of republicans so that could be a reason they went to know. romaine: we have on the screen the republican defectors who voted for the democratic bill. some of them were not too surprising -- mitt romney, susan collins, murkowski -- but u.s. johnny isakson on there and cory gardner. can we read into what the tone for the senate will be going from here? marty: the pain of the shutdown is beginning to creep into the politics, and the trump administration has tried to keep that pain away from the politics, but it is seeming to creep in. people are thinking about their 2020 reelection bids -- cory gardner certainly one of those. it is interesting that mitt romney, said he was going to support this president, voted for the democratic bill.

he is wanting to claim the mccain mantle in some ways. i do think that the pressure on republicans and frankly on democrats is increasing and will continue to increase. joe: let's take this idea of some short-term deal that has border money. is the idea of additional border funding -- could it be so toxic that democrats still cannot get any votes for it in the house because it looks like some sort of concession to trump? marty: no, because they have already voted for $1.6 billion in 40 security, the leadership for border they are security. it is just how it is to play. they don't want to allow donald trump to claim a victory based on shutting down the government, and they have a point. lisa: a lot of people say that the government shutdown is a prelude to the debt discussion, debt ceiling. do you think what we have seen today is more encouraging that there will be some sort of bipartisan effort to cross the aisle and get things in front of

trump? marty: i don't know if what we saw today convinces them. i think the whole shutdown experience will be so toxic that it will affect the debt ceiling. no one wants to go through another shutdown once this one is over. there have been various proposals floating out there to the governmentt from shutting down under any circumstances going forward, because this is frankly for a lot of people just madness. lisa: you got it. this is madness. bloomberg chief content officer with wonderful insights is always into the negotiations in washington, d.c. coming up, we are heading down south. duelingesidents in -- presence in venezuela as well as dwindling support for maduro. will maduro get bush out of office? -- bush out of office? will they support guaido?

from new york, this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg first word news. the senate today blocked to rival proposals to reopen the u.s. government agencies that have been affected by the partial government shutdown. leavesgely partisan vote president trump and lawmakers deadlocked with the partial government shutdown now in day 34. the senate voting 52-44 failed to get the 60 needed to advance the democratic measure that would reopen the government until february and to allow talks on able to secure to plan. vote, theyer 51-47 failed to move forward with the president's plan to spend $5.7 billion on a border wall.

commerce secretary wilbur ross and government workers will in his wares eventually get -- paid.eventually get he said the administration understands how hard the government shutdown is hitting thousands of people. >> there are people distributing hardship. with some of the large portion of the workforce yesterday trying to make sure we understand what their problems are, and we are trying to do our best to mitigate them. mark: in an earlier interview on cnbc, secretary ross expressed "i don't really quite understand in response to reports some federal workers are going to homeless shelters to get food. continue borrowing from a bank or union are in effect guaranteed so in 30 days of payment, some people will be out.there is no reason why they should not be able to get a loan.

secretary of state mike pompeo called members of the organization of american states to recognize national assembly president guaido as the interim president of venezuela. at a meeting in washington, secretary pompeo said "the time for debate is done. the regime of nicolas maduro is illegitimate." >> yesterday, in solidarity with the venezuelan people and out of respect for venezuelan democracy, the united states probably recognized nationalism the president guaido as interim president of venezuela. you have seen the statements from president trump and from myself. many other countries, including a number of states, have recognized the interim president. mark -- mark:e meantime, military officials took to the airwaves today to lend support to maduro. and urging of theresa may -- an urging of theresa may to inform

her partners hurrican how she ps to advance the process. she access u.k. to come forward with a positive and viable proposal. they also say the legally binding withdrawal agreement that would govern the u.k. departure from the eu cannot be renegotiated. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. for more on the uncertainty in venezuela, the nation's top military officials have pledged their allegiance to nicolas maduro. after thousands of venezuelans and a dozen nations rallied behind guaido. kevin cirilli spoke with republican florida senator marco rubio on my the u.s. has recognized the opposition leader as the rightful head of state. senator rubio: not just because

we like him better than nicolas maduro. venezuela has a constitution that says the election that claimed he was the victor was a fraud. there was a vacancy. when it is a vacancy in the presidency, the nationalists with president assumes it until new elections are called within 45 days. they are following their law. we are going to support them. we are either for democracy or we are not. if we aren't, we have put our actions where our mouth is, and that is what we have done. joe: our next guest knows venezuelan venezuelan politics firsthand.let's welcome diego . appreciate you joining us. two competing claims to the presidency. you heard senator rubio make the case for why the opposition is the rightful claimant. but the leaders of the military still supporting nicolas maduro. what happens now domestically in your view? >> there are two claims. one is a military claim of a very corrupt military hierarchy,

and the other is a constitutional claim. one is legitimate, and the other one is illegitimate. what i saw today, the military , it is a good school of kids. these people, most of them, in the kingpin treasury, laundering money, corruption, trafficking arms and drugs. so they are the ones who control the armed forces. with the support amazingly of the cuban regime, more control of the venezuelan military. lisa: given that backdrop, how should the u.s. engage further at this point? we don't get -- we know now there is an issue at the u.s. embassy in venezuela with nicolas maduro's regime saying we will withdraw power from it, get out. the u.s. saying we will not go. what should the u.s. do? o: the u.s. followed a

plan to rid they are going saturday to the security council permits so they are going at this unilaterally. it means they are working together with other countries in the region. plus, the united kingdom, canada, france are also helping. theunited states changed philosophy of the game. when the president of the united states recognized guaido as the legitimate president, that immediately had repercussions all over. especially among the military. seriousieve trump is about it and has support of many nations in the world. romaine: do you envision there will be a diplomatic resolution to this? diego: venezuela is a more fanatical state. they will come out in a dialogue? no, they will not.

, venezuelat remove will be in a state that is a threat to our own people and to the region. a threat to stability in the region. joe: we have seen maduro tell the diplomats in the usmc they have to eat -- the u.s. embassy they have to leave. do you think there is any danger or risk for the embassy staff right now? would nicolas maduro said forces in there? diego: he painted himself in a corner telling the u.s. they have 72 hours. now they have 60. hours,e approaching 72 and they cannot use violence against the military embassy because that would be the last straw in the process. no, i don't believe so. lisa: can we glean anything that there has not been violence yet? diego: well, 70 people died

yesterday, killed. we have about 200 wounded people. 70 people is a lot of people. senatoror example, rubio has been a great supporter of our cause. i've said the u.s. and other countries have threatened venezuela that increasing violence, they will have to resort to other means to stop. lisa: thank you so much for being with us and following this. the venezuela politician and former representative to the united nation's. for more on the political turmoil in venezuela and the nation's debt, let's bring in show my luck on -- in shamila khan. have you been among those out there buying? >> i would rather not comment on positioning, but what i can say is it has been a long-standing belief that there will be regime change in venezuela.

the current situation was unsustainable. recent developments have only reinforced a review. -- our view. joe: how do you see it going? obviously, it appears there is more energy towards regime change then there has been in the past, but what does that look like to you? shamaila: what we really need to change.actual regime we have a president recognized externally and a president recognized by important internal institutions. we need to see consistent sources by multilateral including the united states ramping up sanctions. from the external site and from the internal side, we need to see a continuation of the domestic protest against maduro's regime. the important thing to watch is how the military reacts. certainly the top branch of the military has come out to support maduro, but they do seem to be sections breaking out here. where it is ultimately goes to will be determined by staff that

-- stance that the military broccoli takes. romaine: let's assume we get through this in some short order. based on what we know about guaido, what type of approach to using the country will tak? shamaila: i think this will probably be an interim regime. that will have to be new elections called. there should be free and fair elections. the solution to venezuela's allowing investments to return in the country. any restructuring should be undertaken with the objective of inviting investment into the country. so it should be something that is encompassed quickly -- accomplished quickly where everyone stands to benefit because that will allow venezuela to recover. lisa: i'm wondering from your perspective if venezuela has regime change and can tap into some of its oil production, how

much does that boost the rest of the region? shamaila: for small, the first priority is the first of all -- first of all, the first priority is the humanitarian crisis. columbia, those individuals can return back to their country. it does help. colombia has said there has been an impact on gdp growth. and generally, the idea of providing a more stable country in venezuela, venezuela right now, everybody says if you follow wrong policies, you will turn into venezuela. it needs to provide a better example for the region. joe: do you think there is a lot of investment money theoretically ready to flow into the country under a new regime that had a system of laws that were more recognizable? shamaila: i think what is going to be key is the stability of the regime. thatere is legitimacy

there is going to be a stable regime in venezuela, i think the one advantage of not being able to produce oil is the oil is still there.the oil is there . companies will be interested. the number of investors will be interested in going back and but they will only do so if they can have a longer-term outlook. lisa: thank you so much for being with us. up, what a difference a year makes. jim and bill have a different mood in the world economic forum in 2019. that is coming up next. from new york, this is bloomberg. ♪

lisa: business executives have

gathered in dollars or the annual world economic forum this week. erik schatzker spoke with jim coulter and bill. a shift in tone from last year. take a look. >> the mood has clearly changed. it is a move from certainty to uncertainty. seem years ago, it' certain tech would enter everything. populism was going to have popular leaders. this year, there is this uncertainty about not only the problems but the solutions. a fascinating piece of that is out of that uncertainty, there has been a movement to problem solving away from the ngo's, away from the government, and a little to business, which has been a large part of the discussion this time. erik: do you think that is going to stick? jim: i think so. at the end of the day, with the governments, not-for-profit, and businesses together. but it is clear we have large

problems.it was a large capital and mobilization to take care of them. business has a significant role. i think the focus has perhaps come back to business after years where it may have been elsewhere. erik: what about you? what are you picking up? bill: i think the conversation around the shortfall in the capital available consistent with jim's comment, available to solve the problem we face is everywhere. the imf report that came out and said there is $2.6 trillion a year gap in getting to the just world we all signed up to. 196 nations signed up to. i would agree that is part of the conversation that we better find other creative ways to where alle issues parts of society can come together and solving the problems. erik: let's get going with this the biggest corporate -- theme because corporate responsibility is maybe not the top priority

for the world economic forum, but it is certainly part of the conversation. whether it is diversity, inclusion, sustainability, there is more and more talk about the role companies need to play particularly in areas where government and policy are failing. this has been an issue for tpg for a while already. do you believe there is real momentum here? is his real? is if sincere? -- it is real? is it sincere? jim: yet it now stakeholders of all sorts are asking more and more. engagement. this idea of what your employees expect of you and doing the right thing by the. google employees essentially going on strike over issues around google's business. this is a new era of sorts, when we are sorting out, but it is one that will be important for corporations but also imported

for how we solve the problems bill is discussing. erik: there is still some doubt, certainly among the cynics, that companies can diverge their attention from the bottom line and still be successful. good i think there is reasons to have doubts. outside of a fairly small community and his environment and certain urban centers, the majority of people will say business has been one of the problem -- more of the problem than the solution. joining in to solve outcomes is real. i think the critical step is we learn how to measure the outcomes. measure the positive and negative to understand the implications that business is creating. quote thatis an old shows the sign of a first-rate intelligence is the ability to hold two opposing ideas in your mind and function.

the sign of a first-rate ceo profitsable to provide in capitalism while having a positive impact that the world is asking us to have. lisa: that was jim and bill speaking earlier with erik schatzker in davos. artificialcan intelligence bring objectivity to the wild west of the real estate market? we speak with the chief executive of one company trying to do just that. this is bloomberg. ♪

lisa: some breaking news. president trump has called the press back into the room. he is making some comments about china. comments about how it would be great if the u.s. and china get a deal. we will bring you additional details into insight of how to accomplish the deal and any other details we make. romaine: while we wait for that, let's talk about real estate. specifically, bringing machine

learning to real estate with the dutch company bringing ai software to determine property valuations based on thousands of data points from satellite imagery to crime rates. the company announced in raised $33 million in a serious defunding round. the ceo joins us now here in new york. welcome. when i think about real estate from anyone who bought a a tangibleo pin value to a house. so many intangible factors. hanis kind of more art t scientists of how you inject science to make it easier? >> it is harder for commercial real estate. valuing the income, not so much the value of the house as a user, as you and i would buy the house. in the end, it is down to knowing as much as possible about every individual property and running a model that correlates all the data, especially in the u.s., 150 million properties.

modeln the end makes it a that becomes progressively better over time, learning from every transaction that happens. the first model, pretty poor. second model progressively better. the feedback loop creates a model that overtime becomes down to the level of i can buy my house using the model. joe: is the theory that your technology would allow someone to spot transactions or spot properties on the market then deviates away from the market so there is some sort of -- >> that is definitely the case. a lovely data we use is not data about what something is worth now but when income is going to look like in the future. for commercial real estate, that is the main thing people look for. if you look at that around new york city, and will be areas where you see in a way where the hipsters are now.

that is something you can track true data. rents will be rising the value in where property values will be going up. lisa: what are the data inputs you have for the hipster factor, which is not a straightforward set of data? is the mustache factor. exactly. data like that where people tweet about that. literally that kind of data is available and provide you with data about locations and where these people are. the more indirect data is independent coffee shops, specific events that you would argue. lisa: amazing. it is taking every cliché of what a hipster is, and putting it into a file. romaine: have you ran into any resistance on this? in real estate a big part of the currency of particularly real estate agents is having access to information that the rest of us do not necessarily have. it gives them a little more pricing power, little more leverage. information, the

symmetry is typical for how the market works. what we generally find as the engagements we have is a large bank or mortgage agency where knowing what something is worth is actually in their best interest. we have not found that to be a large blocker, but definitely in the wider markets you find groups of people that now benefit from that symmetry. that is something we have. joe: either indicators that say the opposite?this is to be a cool neighborhood that a lot of people were excited to move into? >> absolutely. lisa: what are those factors? of the notity independent coffee shops. find where a starbucks is opening a a lot of stores and the post gentrification flow. there are many examples like that that we try to combine.

so we get a picture of the market. lisa: amazing. thank you for being with us. the hipster index very important. we want to get this headline from president trump speaking with reporters white house saying he wants a deal and a prorated down payment on the wall. this is in reference to the impasse that has led to the government being partially shut down for the longest period time in record, going on month two. don't miss this. fourth-quarter results reported for the bill. joe: i will be looking at d.r. horton reporting its first-quarter earnings. got to watch those homebuilders. romaine: don't miss this. our interview with starbucks ceo kevin johnson at 8 a.m. lisa: that is all for "what'd you miss?" romaine: "bloomberg technology" his next in the u.s.. joe: have a great evening. this is bloomberg. ♪

♪ emily: i'm emily chang in san francisco, and this is "bloomberg technology." coming up in the next hour, intel earnings missed. weaker than expected results. cautious going forward. plus, our exclusive conversation with the chan of the chan and zuckerberg initiative. why they are backing a new housing fund in san francisco. the government has long field huawie as a trojan