has been bleeding? is peoplehe danger take a shopping break like we did -- that is the best u.s. analogy. after 9/11, people did not necessarily think it was appropriate to go shopping. use a little bit after lehman, when people thought the world had ended. something to consume went on a break. sars in hongh kong. some bade raised for data. lines willk supply be another hot area. orl this be deflationary inflationary?

if weially inflationary start to get a disruption of supply lines. scarlet: and when it comes to food prices. michael: i think the market right now is inclined to ignore something that is too complicated. scarlet: closing pretty much with the dow flat. the s&p, nasdaq, and russell gaining. romaine: s&p, record high. selloff ont facebook. verizon as well off the sprint deal of the other tech names. spotify moving significantly lower. a little bit of sentiment change. sonali: not every sector was up. a lot of those peeler tech sectors were down.

seemed like we broke out of this trend but for now we have resumed it. let's dive deeper into the market action without reporters. i would like to keep it simple and keep checking in on this across asset chart. tragedys of what this could mean. aude oil down 14%, getting little bit of an uptick today. china is the world's largest user of natural resources. the csi 300have down about 5%. down aboutnsports 3.3%. gaining on bonds. treasury futures about 1.5%.

the biggest point to be made is the fact that we have commodities on bottom, stocks trying to go higher. which side is right? of course, haven bonds. investors keep that edge on. renita: goodyear tire & rubber missed fourth-quarter results across the board. shares are falling and analysts are reacting. by lower volumes and a price mix low through according to keybank. goodyear says they estimate that will have to stabilize and the upside will have to come from future price increases. >> the software sector down over 1% today on news that the ftc

will investigate some of the big giants like microsoft. the stock has been the big winner during the full market, and especially the pricier stocks. about low rates according to goldman sachs. post assetgenerally valuation, we are seeing it. this represents one way to play the fence and a low rate environment. scar --scarlet: we are waiting for earnings from lyft, which should cross any minute. we have not really talked about the federal reserve and jay powell. he testified today. did not really say much before he moved the market.

>> i think the fed has been committed to a devastates if necessary. -- a dovish stance if necessary. at the end of the year, the fed balance sheet expanding at a rapid pace. after the rate cuts of late 2019, we have seen the rate cut prospect sort of diminish. scarlet: we have fourth quarter active writers slightly higher than the anticipated 22.8 again. revenue for the quarter was $1.02 billion, higher than what analysts looking for. , theok, 2020 revenue consensus estimate is for 4.6 billion. .020 adjusted ebitda the big question, whether they

changed their outlook. >> they did not give an updated guidance on turning a profit. withne: we are sticking fourth quarter of 2021. scarlet: michael, do you look at a company like uber or left -- uber or lyft as representing trends in the market? really indicative of the s&p itself. unlike 2000, when the market was dominated by companies not making that much money. the joke about ebitda, it used to be earnings before the bad stuff. we can argue about valuations. sonali: do you think investors

are starting to lose some exuberance about companies like over, lyft. michael: you could say wework was a bigger turning point. i think there is a conversation in the vc world. but there is a real disconnect between small group of companies and the snp. a bc person. person. there is some sort of connection between private sector valuations and public markets. you certainly have not seen spillover into public market valuation. romaine: public market valuations of obviously been a topic of conversation. earnings are still relatively low compared to what is being

priced into the market. say, as2 support and long as you are talking about a fed at least maintaining that balance sheet, do you need to worry that some of these things are trading 30 times? >> i think you do. the market at large is still trading at 20 times. i think you have pockets of excessive valuations. largef it is not in stocks. they are coming off -- they are coming off an earnings trough. .t is a classic situation it absolutely does reflect interest rates. romaine: what happens if we hear from powell and they sort of put toand to this -- put an end

this short-term report plan in april. do you get the proverbial tantrum. they seem to be anticipating that the expansion of the balance sheet will continue. >> i don't think they will. very early this year, you saw the characteristics of the market change. interest rate sensitive stocks are no longer leaving. you are seeing the market go back to secular themes of momentum. earnings specific to those stocks and those groups. if we had a market led by financial, led by value, i would be more concerned. but i think the market caught on early and started to rotate out of that sensitivity. theou were talking about favoring of growth stocks.

the ability of these companies to go public, if it is harder to go public because they are not turning a profit. is that bad for the stock market? >> know, i would suggest it is very good because it suggests they are rational. you are not diving in and saying , i would pay any price. instead, you are saying, show me some profitability, some rational outlook. they're very selective. aboutt: michael, talk what is going on in europe. the your has come off a little bit today, but there is certainly a new level of concern here when it comes to political stability in europe and what that means for the region's growth prospect? newsel: i guess the good

is we don't have to talk about brexit anymore. that leaves behind rest of butpe, which is messy, germany's role within it has been an open question for almost a decade now. the equity markets have underperformed the u.s. and the era is at the sort of low end of its range. sonali: from your perspective, is europe evaluation play in terms of the equity market? michael: i think there are parts of europe which might get better. i think it is investable. now, you are in a relative performance game. i thing it is unlikely that europe starts to outperform the u.s.. i would say japan is more

interesting more potential if the global economy can survive this virus outbreak, i think japan is in position to possibly accelerate. .carlet: thank you so much that does it for the closing bell. "what'd you miss?" is up next where we will be looking at the t-mobile-sprint merger. it gets the go-ahead. this is bloomberg. ♪

from bloomberg's

world headquarters in new york, i am romaine bostick. here is a snapshot of how u.s. stocks closed today, fading after concerns about an investigation into big tex. t-mobile finally gets the green light to close its merger with sprint, a deal that reshapes the u.s. wireless industry. as the number of u.s. streaming services continues to rise, is one stand out in the crowd? of --l ask the ceo we have lyft reporting earnings after the close. a headline has just crossed. it has acquired flex drive services for about $20 million. we will get a little more detail about this new acquisition.

this is after the prophet and loss beat estimates. lyft did not really do anything in terms of changing its forecasts. it's pretty and bloomberg -- let's bring in bloomberg intelligence analyst. did they think it was possible that they would match uber? >> i hate there was expectation for a couple of quarters if not the whole year. the guidance suggests the company does not feel very comfortable about the top line. year.rew 60% last when you start to see deceleration in topline growth, it is hard to cut further costs. they have been limited their

geographic expansion and the insurance costs are not going down. at the end of the day, there are regulatory requirements. has a long road ahead when it comes to achieving profitability. uber didluber did -- sort of try to diversify by moving into food delivery and other services. lyft had a strategy to not embrace it. do they need to be more diversified? >> absolutely. you are an internet company, you need a bundle. romaine: are they an internet company? >> they are a marketplace. at the end of today, you are going to sell a bundle. how are you going to increase

the monetization of those active users? ridesharing, the max you could expect is probably 4-5 rides per quarter. what is the ideal combination for lyft? >> one way, they could do something similar to what uber has to, expand into food deliveries. is doordash the answer for lyft? partnerships,rm do exclusive deals. at the end of the day, just ridesharing in north america is not enough. they are not going to subtly -- suddenly start taking double the rights they took last year. singh fromdeep

bloomberg intelligence. coming up, t-mobile winning court approval for the takeover of sprint. they defeated a lawsuit to block the deal. we will look at what this means. this is bloomberg. ♪

onaine: some breaking news bed, bath & beyond. shares moving lower in after-hours trading. sales were down in the fiscal fourth-quarter. that and that the end of february so these are basically december and january. down 5.4%. in the third quarter, they had a drop and store sales have been

sliding for several quarters. they have a new ceo was trying to work it out. at another big company in the news. thatile voiced to close long-sought merger with sprint. for more, let's bring jennifer intelligencerg senior analyst. it appears they finally got the green light. what does this really mean for the industry with regards to the consolidation? jennifer: is going to happen. there are some minor hurdle still. the companies don't think they will be able to close until april 1. states could appeal. like this 4-3ok consolidation is going to take place. it has been a long time since a

merger that complicated has been cleared by two federal regulators and a court. i think this kind of loosens up the standard by which future mergers can be judged. sonali: i am looking at an opinion column here, with a regulator like this, who needs a banker? fcc will comehe down with more scrutiny? saidfer: i agree what joe in his column i think we are at a strange place in antitrust where you had a deal that seemed textbook anticompetitive, and now you have the federal trade commission, and back and looking ask, whereals to

these deals anticompetitive when they were taken? things have at odds. opinion that court i think loosens the standards these sales will be assessed the next time around. told the police it would start -- told tech companies it would start looking into past transactions. are we looking at deals like amazon and whole foods or smaller deals? jennifer: these are smaller deals that flew under the radar but nothing is off the table. the primary thing is to understand what deals flew under the radar and what to do about this in the future?

should they get an opportunity at possiblyem that these companies are getting too at possibly challenged? sonali: what is the bigger worry here? big in their own industries or that they are getting into other industries like health care that they haven't been in before. jennifer: that is a really good question. it really is sort of both. you have groups saying industries have become to consolidate but also antitrust bankers are concerned about a conglomerate affect where a company keeps getting into more and more industries. romaine: what do you make of this coming from the trump administration at a time with the messaging seems to be more of a hands off approach.

what can we expect? jennifer: i think the sad thing here, at least the appearance of what has gone on is that this department of justice will clear the deal that this administration is in favor of clearing. it sued to block time warner. doj wanted them to divest. it has an appearance of being political. scarlet: jennifer, thank you so much. let's get you a check of the latest business flash headlines. wells fargo reorganizing under a new ceo. wells fargo trying to regain customer trust and repair ties

with regulators. some canadian marijuana companies are just so what from running out of cash -- just months away from running out of cash. they have a median of 6.5 months in cash. they say many cannabis companies will either have to raise capital or find a merger partner. i thought that story was fascinating given how much allion will unpaid -- we had feet to cannabis -- how much attention we all had paid to cannabis companies in canada. romaine: someone a couple of weeks ago to talk about the difference between the canadian and u.s. companies, and how there had been a shift south of the canadian border. scarlet: changes at the top of

these canadian companies. this is bloomberg. ♪ when it comes to using data,

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im# 1. witham mark crumpton bloomberg's first word news. the ministration intervened and asked for a more lenient sentence but prosecutors suggested stone should face nine years in prison for his crimes. stone is the last person to be charged in robert mueller's pressure investigation. bernie sanders has opened a 10 point lead over joe biden in the democratic primary according to a national released today. sanders leads with 26%.

biden is in second place with 16%. pete buttigieg and elizabeth were are tied with -- elizabeth 16% mahmoudied with trump'sammed president peace proposal today, saying it lacks legitimacy. abbas to engage in direct negotiations. readycontinue to stand and are willing to enter into direct negotiations with the palestinians. president abbas should not come to do it -- come to new york, he should come to jerusalem. mark: the ambassador thanked the

"tryingministration for to be part of the solution, not the problem." the disease in china has been officially named. find a name that did not refer to a geographic individual, orl, group of people, which is also pronounceable in related to the disease. matters to prevent the use of other names that can be inaccurate or stigmatizing. mark: the death toll for the virus has topped 1000. global news 24 hours a day on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries.

am mark crumpton. this is bloomberg. scarlet: for more on the coronavirus, let's bring in bloomberg's shery ahn. but whats keep rising i am paying attention to are the people been caught up in this inadvertently. there is a cruise ship wandering around asia, trying to find a port to embarq. no one will let them. shery: they tried while, awayand, they were turned on concerns that there might be people on board with the coronavirus. february 1.d it was supposed to be a 14 day trip. they still have fuel and supplies. i have seen a ship docked where

we have more than 100 people, confirmed cases of the rotavirus. -- the coronavirus. given that it is such a close environment, the concern is, will people just be spreading it around to each other? romaine: there has been some criticism of the way beijing have responded. we are from the prime minister of singapore. shery: he reassured them, something that played out well throughout singapore. videoeased a nine minute on sunday and said the fear viruse more harm than the itself. this wasd people that not as deadly as sars.

there were long cubes around -- es around singapore but after this was released, things returned more normal. on whether or not you should be wearing these masks, on closing the border. we have not seen quite the political unrest as we did in the past few months because people do not want together in crowded places. we have seen isolated protests. having aur markets proper response? ray dalio said he believes the market response has been exaggerated. shery: we saw a huge plunge after the lunar new year. andwe are seeing a rebound

recovery. expect more coming from the chinese government. president xi jinping decided through state news media, there will be an economic impact. also, easing measures. lots more loans. loans to localre governments as well. we are seeing this rebound in the market. we will see if this continues. given the rate of new cases last night was the lowest since february 1, be something investors are paying attention let's go from china back to the u.s. in new hampshire, voting is underway. with more on what to expect, we

want to bring it balance of iser host david westin, who standing by with a panel. as with think about expectations here, it strikes me that they are really lowered across the board? is a prettyy it exciting thing, insurgent mccains like john mccain, would come from behind. you have bernie sanders slowly walking to victory after being 60% of the votes in 2016. ae biden has left town in huff on his way to south carolina. you only wonder how that bolsters his turnout. elizabeth warren, a neighboring

state senator who at one point in time led the field in new hampshire. it is hard to think there's anything in it other than mayor buttigieg and amy klobuchar if she over performs. of people who could over perform. >> that is what we are looking to see. it looks like bernie sanders will come in first, not doing as well as he did in 2016. retreat for biden the polls even close. elizabeth warren has been hitting him on that saying, i am a fighter. he chose to leave. i don't know if she will outperform. buttigieghar and pete seem to have the momentum.

many ofr question, how these candidates are viable? it is 50% for viability. is there a knowing of this -- is winnowing ofere a this field? david: clearly, the democratic party lost the iowa caucuses. what they stand to gain in new hampshire? rick: they looked disorganized. president trump took advantage. i think this campaign in new hampshire, there was hope they getd galvanize the vote, good turnout, show that they were mainstream. and ideally put new hampshire in place for them in the general election. david: new hampshire nearly went

for hillary rodham clinton -- narrowly went for hillary rodham clinton last time. >> we are hearing mixed things from the polls. i think they were hoping to get -- 500,000.00,000 jennifer democrats, we assumed were so energized to go out and choose a candidate to be tltro -- to beat donald trump, we are not sure they are getting out in those numbers. they see a lot of consternation. of course, he just had a really here with huge numbers last night. 7500 but hers had had even bigger numbers. he has really consumed the

airways here. that tells you his ability to perform. rick: one thing that baffles me, the gop party chairman came out and said, we are going to have more than 100,000 republicans participate thought -- participate. i thought, why would you raise expectations? 108,000 in 2016 with a dozen people on the card. we will watch that as it develops. scarlet: good stuff, david. david will be meeting or special coverage of the primary started later tonight, 7:00 eastern time. put climateowing to

change at the forefront of blackrock strategy. this is bloomberg. ♪

scarlet: wall street is working to live up to its sustainability promises but so far, that effort is not enough to quiet climate activists. barricaded the blackrock office today after the ceo said he would put climate at the center of the strategy. i want to welcome in a professor from cornell university. blackrock identified climate change as a key risk and urged more action.

that sounds great. but what does this action actually look like? is it about tracking carbon emissions? >> thank you for having me. it is a real pleasure to be back. the topic is extremely relevant and timely. the research is coming out that indicates that a lot of the initiatives, for example from the financial stability board led by bank of england governor bloomberg, and. the task force for climate disclosures. showing is that actual reallevel of

engagement in terms of compelling them to disclose carbon related assets at greenhouse emissions are less than fully revealing. oflections in terms exclusionary types of actions, reallydivestment, it is ofll a very small minority these asset managers. romaine: we talk about this engagement, at the end of the day, for a lot of these companies, it comes down to if climate change and issues like that will affect their bottom line. industries that have moved on this are the ones that clearly see a potential impact on their bottom line. if there is no impact, what impetus is there for them to

move? >> that is exactly right. there are a number of research papers that i think they're getting some attention. there is a special issue of a journal with which i was affiliated, that in march of this year is going to be issuing eight actual studies which document climate change related risk should be front and center for investing. blackrock, still the world largest investor in coal plants. vanguard is not too far behind. had reversed that course? andrew: the actual process of divestment is not an easy

prospect for many. what is different now from yesterday, and i think what is at the front of the attention of firms like blackrock and risksrd, is that these are real, they are measurable, and they can be shown to have a material impact on the underlying valuation. professor, what is the responsibility of these other index managers here? do they need to change their standard of measurement? andrew: yes. perhaps,hat has been, they have been less than optimal in terms of the types of metrics

in trying capturing the extent to which corporate's are disclosing. research is the showing is if you go one layer below these types of enumerated indexes of disclosures on climate change, greenhouse gas mitigation and adaptation procedures that firms are taking , you can a lot more insight than you would have before. romaine: thank you to andrew yl of cornell university. some breaking news, the sentencing of roger stone. the justice department recommended 3-4 years for roger stone. remember, the justice department

had recommended as many as nine years. that was revived. prosecutors three have resigned. scarlet: another story that caught our attention, exxon mobil is said to be cracking down on employee travel budgets. the worst quarterly profit in almost four years. auditing teams are now fanning requestsalyze travel regarding industry conferences. they are doing all of this to keep a cap on costs and make sure there is enough cash on hand. sonali: 13% decline in share price. romaine: what kind of costs are we talking about? scarlet: we don't know the details but presumably, do you really need to take this trip?

does everybody have to go to this conference? romaine: maybe do it by skype. scarlet: this is bloomberg. ♪

sites did notming walk away with the top awards at the oscars but the industry is looking well-positioned. we are joined by an executive involved, the president and ceo of curiosity stream. it has over 13 million subscribers. competitors, so many options, how do you sort of standout in a crowd that seems to be getting more crowded? clint: we program to the full venue. science, history, technology,

cuisine, travel. we are a big category, just like sports or news is a category. is an alligator. we have a great proposition that is being received well around the world. scarlet: roku will be reporting earnings this week. roku, they have hardware. a lot of people did not know how they would fit into the streaming landscape but they seem to have fit in well. clint: they built roku into many of the tv sets today, which makes it much easier. to 40 billion -- 40 million. you don't need jesus to

advertise that. it is just massive. a lot of people looked at it initially -- they made it real simple. incredible story. and howthe disney story fast they have taken off its incredible. is it sustainable? clint: i think 18 months ago, they would have set, disney plus needs to get 50 million subscribers to breakeven. they got halfway there within a quarter. market -- inherent market advantages with this growing denominator of people who can stream tv. reed hastings says anyone who can stream a youtube video is a potential customer.

plus is going to 200 million. curiosity stream, we see a path to 100 million subscribers. romaine: youtube, a lot of people thought that was going to be a gold line. clint: i think there is a difference between user generated content and premium content. programming you can't find on youtube. there is a safe harbor element for certain brands. arehe end of the day, they going to be a juggernaut. at the end of the week, they talked about youtube tv service. scarlet: curiosity stream ceo clint stinchcomb, thank you so much. of course, roku will be reporting earnings on thursday.

sonali: have a great evening. this is bloomberg. ♪

taylor: welcome to "bloomberg markets." i am taylor riggs in san allen in with paul sydney. ♪ up in the next hour, dire situation. officials try to stop the coronavirus advance. the situation aboard some cruise ships is getting grim. countries are denying entry. primarye new hampshire is underway. we will see how