emily: welcome to "bloomberg technology." techstocks climbing with companies like amazon and google driving the gains. the president has renewed criticisms of amazon, claiming the financial giant is putting pressure on the u.s. postal service. it could be the opposite with amazon keeping the postal service in business. the president is due to speak at

the bottom of the hour. he is traveling today in wisconsin, talking about the economy and jobs. for now, the postal service in the spotlight as we inch toward an election where voters -- where a significant number of voters will be mailing in their balance. joining us, abigail doolittle, who has been watching the back-and-forth of the day. no records today. but what were the main drivers? abigail: everybody waiting for that potential record for the s&p 500. stocks really climbing this wall of worry. the s&p 500 hitting this area of resistance. the polls fallen short of being able to take out those old levels. s&p 500 up about euro .3%. nasdaq once again closing at a record high, up 1.1%, really

being helped out by some of those mega cap tech stocks. china, so muchs, for investors to worry about. they are going again toward this year's defense of technology. the vix down a little bit today but still relatively elevated. couldxperts say that we see some sort of pullback after this huge rally out of the march lows. if we go into the bloomberg terminal, some are wondering whether it is too far, too fast. the top panel of this chart, valuation on the s&p 500. it is super stretch. 27 times forward pe. exactly where we were in the tech bubble, supporting perhaps the idea of too far, too fast.

fed liquidity helping out the economy and financial markets. now we need this new stimulus. talking about double-dip recession if we don't get it. emily: let's talk about some of the tech outperformance. nvidia being one of them. abigail: that stock really on fire. 6% ahead ofre than reported earnings. the street getting very bullish. lots of targets getting raised. four-day winning streak. up 13.7%. wednesday,eport on the big question -- it is priced for perfection, will they deliver perfection? about 170% out of the march lows. estimating $1.97 in earnings. adjusted learning -- adjuster

earning on $3.7 billion. 42% on the top line. a lot of the analysts out there, bullish right now. if there is any kind of makeup, he could send these shares lower. if we look at the performance of nvidia relative to the nasdaq and the stocks, there is that huge out performance. am thorton, he thinks it is stretch and we are likely to see the stock drop back down. we will know more on wednesday. today, not helping get that record high for the s&p 500. emily: we will see if it happens tomorrow. thank you so much for stopping by. turning now to the 2020 democratic national convention starting tonight. most of it happening virtually. you can watch it right here on bloomberg television.

this as house speaker nancy pelosi has called lawmakers back into session to vote on a proposal that would block the president's plan for overhauling the postal service. some seeing his efforts as a threat to the election which will likely see more mail-in ballots as the pandemic continues. mario, talk to us a little bit about the president's latest criticisms of the postal service. the big concern is that this could put a damper on mail-in voting when a lot of voting will be happening virtually. >> you are absolutely right. the president has waged another rod site at amazon, a familiar target for him during his presidency. he is accusing the postal service of under charging amazon

, in part blaming its deliveries of amazon products for its financial woes, just as democrats say he is trying to undermine the election by essentially gutting the postal service. emily: he said he has opposed additional funding for the postal service. there is also this controversy where the postal service has been shortening hours, removing letterboxes. they have now said they will not remove any more boxes until after the election. former president obama saying president trump is trying to kneecap the postal service. mario: it sounds like a cliche but it is absolutely accurate to unprecedentedan

election cycle. there are people that are afraid of going out to vote, given the coronavirus pandemic, the social distancing guidelines. they were for to just mail in their balance. , one of hist long-standing criticisms has been to say that mail-in ballots, mail-in voting is just ravaged by fraud, even though there is no evidence to support that assertion. but there is a lot at stake. less than three months before the election, as many americans signal that they plan to cast their ballots by mail. emily: let's talk about the convention. starting tonight. president trump been trying to counter program the dnc. prominentve some speakers, including michelle obama, will be on stage.

a feature of been his campaign throughout this cycle to try to counter program the democrats and make sure he can try to quell some of the enthusiasm or even coverage around the events. this week, he will be on the road in some key battleground states. as you mentioned, the dnc convention kicks off tonight. you have bernie sanders speaking and you also have michelle obama still wildly is popular among democrats. parker covering the president for us this hour. thank you so much for that update. don't forget to tune in to bloomberg's coverage of the convention starting at 10:00 p.m. eastern time right here on bloomberg television. coming up, more on the potential threat to mail-in voting.

we will talk to one expert to get her take on what she sees as the election nightmare scenario.

during a pandemic era election in which millions of americans plan to vote by mail, their raging concerns about the integrity of the result. foroke to a visiting fellow cornell tech's digital life initiative. ofo former facebook head advertising. i asked her about how platforms like facebook and do better. >> i want to be really clear. any recommendations between now

and november are sort of the emergency things that the platform can do. what i would really like to see some day may after november is the larger conversation about systemic issues that have made these platforms where they are today and has made this rampant disinformation about voting, about things that are so important. emily: the democratic convention happening this week. on joe kamala harris now biden's ticket. does that ratchet up the intensity or urgency now, that it seems more real. yael: there is no question. some people are using this moment spread crazy disinformation about her. that should not be surprising but, again, it is up to healthy heads of these platforms are going to deal with that. i think it is important to remember that start voting in

september. we are talking about november 3. but since so many people are floating through the mail. the election is starting in september. so we don't have a lot of time to figure out, how do we build trust, how do we make this safe and secure? there are so many elements. but it is urgent. emily: you recently released a report on what platforms can do. what should they be doing that they are not doing? just announced a few days ago a new voting center. i am glad they want to educate their users. , it is userslem responsibility to click through to get to this voting information. , we we would like to see put together four

recommendations on top of what facebook is already doing. one, they have got to clarify whether or not voter suppression policies and disinformation policies apply to politicians. all of these things we are talking about, they are sort of tinkering around the margins of the real issue, in that they are allowing. politicians to lie about mail-in ballots and voting procedures. facebook you think should be taking down some of posts, rathers than sending people to a voter information center. some of these posts from president trump are now circulating on the platform and they are forever effectuating -- forever perpetuating potential untruths. yael: there is no easy answer to this political quite -- to this

particular question. but, if facebook has a policy that says we will not allow anybody to lie about or post disinformation about voting places, voting times, then why are they not applying it to the president? the president has some posts that skate a fine line. if he said that mail-in ballots would cause a fraudulent election. there is plenty of evidence that mail-in ballots do not. but he can kind of word it like cans looking -- facebook fact-check that. thatte all these labels create a false equivalency, make it seem like all posts are treated equal, they could at least make it seem like these start out targeted at anybody. as soon one of trump's posts come out, the next thing you see is an accurate piece of

information about voting. at the end of the day, i do not agree with mark zuckerberg's opinion but i am happy to make recommendations of what else you can do since you are doubling down on that policy that the civil rights community, your own employees come advertisers have said is dangerous. emily: what else can they do? should they be taking political ads at all? yael: i am not advocating to taking political ads. in the future, i would like us to reconsider the entire advertising landscape. and i want to be clear, the u.s. government has failed on this as well. we do have laws that they have just never updated to apply to political advertising online. emily: do you think that facebook and twitter are tilting the odds in favor of president trump?

yael: they are different platforms. surface,y, just on the it seems like twitter is willing to make the risks to make the call about protecting our election. they have the potential to tilt the scale. but do i think that either jack dorsey or mike circo burke has sat down and said, i want president trump to win and therefore i am going to do this? no. do i think that mark zuckerberg has doubled down so much so much on his personal ideology that i want to censor anybody. first of all, it is not censorship. but, they have the potential to tilt the scales. emily: what is the worst case scenario? let's assume that more republicans vote in person and more democrats vote by mail, because that is what the

messaging has been from those sites. some november 30's and we have 3 hits andnovember we have more republican votes being tallied. even worse, a lot of his people try to slow down the ballot counting as it comes in. it is not about whether or not mail-in ballots are fraudulent or not, they slow it down. they challenge every ballot, they challenge the signatures. bycomes to the point where the time you have to have it done counting, the counting has not finished yet. there is a, wait a minute, what happens now? hasine that one side declared victory and it really looks like a victory, before all of these mail-in ballots are counted. it is a nightmare scenario of what that would do to american

society and i am fearful that there will be cries to come out into the streets from both sides. i hate to sound super alarmist but this is a real potential nightmare scenario. emily: sounds like a nightmare indeed. the former head of election integrity and political advertising at facebook. coming up, technology caught in the middle of a rising tension between the u.s. and china. trump ratcheting up his fight with tiktok's chinese owner. this is bloomberg. ♪

the trump administration is tightening restrictions on chinese telecom giant huawei, aimed at cutting the company's access to commercially available chips.

this is the latest move in the relationship between the two worlds biggest economies. joining us with the latest, bloomberg's shelley banjo, it is a little hard to keep up with all of the twists and turns of this. what do the latest developments actually mean? >> there are a lot of and turns. it feels a little repetitive. what is happening today is that the commerce department announced further restrictions on huawei. aimed at really trying to close up some loopholes. huawei is a huge, sprawling company with a huge, sprawling global supply chain around the world. they have tried to stop access to things, particularly chips made by american companies. what this latest action does is

try to curb even more of huawei 's access by closing some of the loopholes. how does this play into the upcoming trade talks and some folks on this show have said that it appears the president is trying to start a cold war. feels that each day there is more action being taken against chinese tech companies. huawei has been one of the biggest targets for the trump administration. we reported that chinese officials wanted to talks about wechat on the, table for the trade talks. but so far, it is not entered into the trade talks. and there is a trade deal at least in theory signed by the

u.s. and china. emily: talk to us tiktok tiktok ,bout the latest with tiktok some developments over the weekend with the government basically enforcing this idea the bytedance has to sell assets of the company. shelly: it was a bit of a mad scramble to figure out what exactly happened. president trump on friday put out another order basically telling bytedance, the chinese company that owns tiktok, saying it had 90 days to divest in the u.s. it brought some legality to the threat that president trump had made before. previously, donald trump had said, you have 45 days before we ban tiktok. he used the authority he had

under emergency situations. this is a different authority. this basically uses the authority granted to the committee on foreign investment, which reviews different acquisitions of american businesses by overseas investors. it provides a stronger legal case. emily: so what are the latest on the negotiations with microsoft? are they the only bidder or have others tried to get into the game? shelly: what is fascinating is that deal talks try to be secret, or at least the company is trying not to get reporters to talk about it. microsoft came out very publicly saying we are interested in buying this. reported, we have about twitter also looking into it. twitter is a much smaller company.

they would certainly need financing to back them up. and, there are other companies that have been talking about or at least interested in looking into it. companies like amazon, google, facebook, they have enough of the antitrust issues to worry about. bloomberg's shelly banjo, thank you so much for that update. coming up, finding the unicorns of tomorrow. where he is planning to put a new huge fund. what companies are standing out. this is bloomberg. ♪ experience the ultimate sports hub.

where you can find games, news and highlights. all in one place, right on your tv. the xfinity sports zone. use your voice to search every stat and score. follow the teams you love. and, even get notifications with breaking news alerts and more. with the xfinity sports zone everybody wins. now that's simple, easy, awesome. say xfinity sports zone into your voice remote today. simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions!

touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. emily: welcome back to bloomberg technology. capital, the company that backs instacart, coinbase another tech startups has raised $250 million in their fifth and largest round of funding. all aimed at providing seed money for tech startups. joining me is the founder and managing partner of initialized capital management. thank you for joining us. we are obviously in unprecedented times. what was different fundraising this time than it was last time? >> in some sense, it was a little bit easier because

normally i would be on a plane for four or five weeks back and forth. instead, i'm coming at you from exactly here. i did not have to leave my home in san francisco which made it easier. emily: what about the environment? obviously, we are in a recession. tens of millions of people have lost their jobs. a lot of small and medium businesses have been wiped off the map. how optimistic were and are investors about putting a lot of money into new funds right now? garry: for us, we really focused on being the best at the very earliest possible stage. it's a team idea demo. just take a look at the nasdaq and how tech stocks are working right now. tech is really the most pure form of yield that exists out there, especially when talking about teams of one or two people, engineers, product people pushing that out.

that is our favorite time to fund them. emily: what is different about the type of companies you are looking at now versus six month ago? garry: what we are seeing in our portfolio is things like grow -- move beforemedicine like it did not happen before. thatt is existential health plans and providers are struggling with revenue. telemedicine is an important pivot for one of the largest industries, one of the largest businesses in the economy. emily: so, given that nobody knows exactly what the future will look like and we are in this for much longer than we thought we would be. how do you even try to game out what the future does look like and what companies or sectors will be the most disruptive? garry: i started off my career as a software engineer. i probably would have worked on software for free. now what i realize 20 years into

my career is that software is actually penetrating every part of the economy. were really just some of the first. really, the tip of the sphere now is companies like instacart that are arming the rebels. take a look at the shop a by stock price and you can tell arming rebels is a very winning thing to do and to be working on. emily: i recently spoke with the if of shopify, who said that amazon is building an empire, we are arming the rebels. he used to those very words. you founded the firm with alexis ohanian, cofounder of reddit, now moving into as a role of partner. what does that mean? is that a setback? garry: i have been really happy to call alexis a friend for a long time. he sort of put me in the business when he interviewed me way back in 2008.

one of my favorite things about this business, especially ventures this early, it is about helping people build their dreams and their destiny in a lot of ways. this is the best way for the two of us to honor our friendship to each other. i'm really excited about what he's going to fund and i hope to fund alongside him in the future. emily: alexis recently left the board of reddit and asked if they replace with a black director which they have done, bringing in the head, m ichael. what are you doing to make sure you are funding people of color, especially at a time when the urgency is so high and the numbers are still so depressing in terms of the black entrepreneurs who are actually getting funding in this business, and getting ia chance to start the next unicorn? garry: that is a great question and an important one. i grew up as a child of immigrants who came here with nothing. it's incredible the power of

tech to bring people up. tech gave me absolutely everything. i was put on this earth to actually help more people fulfill that. i think that's a very important thing. 7%.us, we've reached the founders in our most recent core fund are black, 9% are latino or latino. we are one of the few venture capital firms to release those numbers. that number is 3x higher than it was in previous funds. i know we are coming from a place where we were not doing enough. our whole industry was doing enough. i don't think we are scratching the surface from where we need to be, but it is important thing for us to get better at. that remains a priority for us because what that means is there are people who should be getting funded that clearly aren't due to the system as it is. emily: so, let's talk about going forward, given we don't

know how long we are going to be in this new normal. we don't know what normal looks like after we come out of this. when we went into the pandemic, so many vc's were telling us that they were telling their companies to cut back, cut more than you think you need to cut. now that this is going on longer, are you seeing more deaths by a thousand cuts happening? are you seeing companies having to revisit their initial plans? look, we will have to be more conservative than we thought we are going to be? garry: two things. as a company, if you have a chance to actually come out of it and you can last that long and show a few quarters of growth post covid, well, that is probably still a winning strategy. but, if you can't last, then the flipside is true. you should do whatever you can to get growth right now because you can make it last. i think you are seeing across the portfolio and across many different venture portfolios,

you are seeing an increase of it. that is how it should be. when founders have to pick venture capitalists, they should ask very directly, hey, how much reserve are you going to hold for me if i don't make it? if i don't make the next round, are you going to support me and will you have reserves for me? i think founders right now who are going to make it, they ask those questions, or lucky enough to have founders who have those reserves. to have venture capitalists that have those reserves. emily: all right, garry tan, we will be looking to see what you believe are the next unicorn's. thank you for joining us of initialized capital. out, is thateck the future of retail? where you could walk in and walk out and pay automatically without having to stop at a cashier, without human cashiers anymore? we will hear from the ceo of

standard transmission -- cognition which is powering this technology, next. ♪

emily: circle k is the latest retailer to bet on shoppers reluctant to stand in line, especially in the middle of a pandemic. with plans to roll out cashierless check out that some stores next year. the tech is supplied by standard cognition which is hoping to transform the retail experience. with mega retailer walmart reporting earnings tomorrow, the customer experience very top of mind. i want to bring in the ceo jordan fisher now. there has been some resistance to this technology, not

necessarily, not adoption, customers don't necessarily understand it or trust it. how do you see this going mainstream? what is the path? jordan: i think there's a couple of components to it. the first component is really the core part of the experience, which is we have all come to expect the immediacy and low frictionness that e-commerce and online has enabled. but we so often prefer shopping in the real world. 90% of retail is in physical stores, brick-and-mortar. we are still opening more stores than closing. we want to capture some of that amazing friction free experience of e-commerce, which really means let's get rid of the worst part of shopping which is lines. there's a few billion hours spent waiting in line across the world each year, it is kind of crazy. our thesis is let's have our cake and eat it too.

let's deliver that amazing friction free experience that e-commerce has, but that's give it to your store that is right next door. emily: you open the standard store in downtown san francisco which is a convenience type store. how is it working? what are you learning about customer behavior? you have it open during the pandemic. what kind of traffic are you seeing? jordan: great question. even before covid, we were seeing a lot of excitement among retailers for this technology. covid really ended up being an additional accelerant to want to adopt some of this touchless technology, which autonomous check out does. it is safer for shoppers because you don't have to exchange products with the cashier. you don't have to wait in line, which is one of the worst moments from a virus infection perspective. it is safer for the customer but also safer for the clerks working the store. we were excited to keep our

store open, provide this convenience store service to the local community. we have seen a decrease in little bit in shopper flow, which i think is to be expected, but we are still seeing customers come to the store every day and really happy to be able to provide that experience. emily: now, you're going to be deploying this technology at circle k. curious, how is it different from amazon go? what sets your technology apart? jordan: for us,

is to reach as many shoppers as possible. ideally, put this in every store around the world so that you as a shopper no matter where you go get to experience this technology and get to skip the line. that is the whole point. you don't get that amazing experience if it is only in a few select places. the major difference between us and amazon is amazon is building stores. they are kind of ground up, new build outs. that's how we refer to it. what we are doing is taking existing stores, stores you already know, the products you love, and transforming them into stores with autonomous check out. the products do not change, the shelves do not change. we don't need to do any layout changes. it is the exact same stores you know and love with our technology on top of it that lets you skip the line. that is the major difference. it's built to scale and built to meet the retailers where they are with their existing fleets, without major renovations. emily: you have said you have had conversations with hundreds of retailers, potential retailers. how much are they bringing up concerns about amazon? fears of competition with amazon? jordan: great question. they won't necessarily tell us what they are exactly most afraid of. sometimes you have to read the tea leaves when you are bringing a product to market.

it is clear that is something that is fairly top of mind. there has been a war between e-commerce and physical retail that has been going on for quite some time. really, i think the thing that is top of mind now is amazon is coming to a difficult world. amazon only does that when they think they have a competitive advantage. i think a big part of that advantage they think they have now is autonomous check out. amazon go and just walk out technology they are developing. they have a lot of other impressive assets to bear. theyir les miles to delivery. i think you tie this together and it is very credible threat that amazon is going to be able to make real inroads to the world of physical retail. i think one of the reasons why we have seen such a strong desire and so much in doubt interest in our technology is you really have to adopt something like this if you are going to stay relevant over the next several years. you have to be able to give that

class experience to your shoppers that you can states over to amazon. emily: i know concerns have been raised about privacy issues. you said you are not holding onto certain kinds of data. yet, when you look at the video, it doesn't look a little big brother. what can you do to address concerns, what do you know about me if i want to go into a store anonymously and buy something? it's a little disconcerting to know that you have all of this information about me. emily:jordan: absolutely. one thing we are passionate about is bringing vision to the world in a responsible way as possible. the goal is to install this into stores everywhere. because of that, i think there's an even greater level of responsibility to do this in a very principled way. the way we approach to this is from the very inception of how the system works, it stays

anonymous. we don't do anything that is involving biometrics. we explicitly do not do facial recognition. it is not that we have facial recognition, but we try to do it in a very secure way so that information cannot be hacked. we just never do facial recognition. it is a bright red line that we say we will never cross. we really encourage other companies, especially companies with computer vision to adopt a similar stance. the system from a whole, the camera perspective is completely anonymous. it is never able to identify you. it is just following you through your shopping trip as an anonymous guest. it is only at the very end where we say, ok, now we need to transact that will tie into your app, which is in your hand or pocket. connect to your payment information. we try very hard to give those two system separate. emily: we will be watching to see how this technology

continues to roll out. jordan fisher, thank you so much for joining us. coming up, a company first founded to bring more women aboard is now opening up to all people of color, including men. we will speak to the board's founder next. this is bloomberg. ♪

emily: welcome back to bloomberg technology.

if women have it hard in corporate america, black women have it even harder. in a new report from sheryl sandberg's lean in, black women are much less likely to be promoted and have interaction with managers than their counterparts. i spoke about the report and the addition of senator kamala harris to the democratic ticket. she told me we never dreamed we would be putting this out after a black woman was nominated as vice president. i cut up with the founder and chair of the boardlist recently about the need for better representation in their decision to open up their ranks to men of color. sukhinder: when we started the boardlist five years ago, gender was its own whitespace in terms of diversity. while we are not done on that topic at all, today, when we look at the diversity staff by race, it is even more abysmal. 90% of people of either -- 9% of

either gender are african-american. is 4%. and latino white women and white men make up a majority still of what's on board. so, it was time for us. we looked at our mission to really understand that the gap as ite is as big as it is was on gender and it is time to open that bubble. emily: the black lives matter movement has created a new urgency. how is that impacting companies recruiting strategies and what they are asking you for? sukhinder: first and foremost, we surveyed our own directors on what the impact of black lives matter has been. we have done three things. board members 60% of companies that put out a black matter lives -- black lives matter statement of any kind. another 55% said they changed their diversity policy internally as a result.

when we surveyed the same directors on what they think black lives matter has done for corporate board rooms, 75% said they believe racial inclusion should be mandated. i think what black lives matter has done, it has moved into the mainstream consciousness of business at every level, with regard to customers, employees, leadership. emily: we are seeing a number of companies -- do you think there should be quotas, mandates about representing? sukhinder: for a long time, i believed maybe the rooney rule is enough, i.e., having a pipeline. countrieslifornia and outside the united states have shown there is more progress when you actually do insert a quota or mandate. over the years, i have become a fan that if you cannot give voluntarily and need a push that a quota may be the way to go. former vice president joe

biden has chosen senator kamala harris as his running mate. talk to us about what the significance of this is. especially given her ties to california and silicon valley and how much this could actually move the needle on some of these issues we are talking about. sukhinder: i think you are hitting on two things. number one is her own diversity. race, gender and what that means instead of just being representative of a population that she and we are starting to serve. s attunement to those issues like family leave, issues that really help us take advantage of all levels of the work or's with proactive policies, i think it will be there. on issues related to tech, she has been an advocate. she has shown over the years a pretty tough stance on tech but also a pretty balanced one. i think the folks in the tech industry start believing she is well educated on the issue. i think that helps us.

it is something i think we could hopefully findnd her own voices. emily: i spoke with sheryl sandberg about this topic as well. one of the things she is concerned about that in the middle of a pandemic, it will be even harder despite these great examples like kamala harris. it will be even harder for black women to advance because so much of investment is dependent on informal and casual time in the workplace with your managers. black women, according to a new report, just are not getting paid how concerned are you about that the pandemic could set us back on some of these issues? sukhinder: my own view is maybe slightly more to the middle and a sense that when we are all on zoom, we are all on zoom. i think in a scenario where some people are having one on ones and others are not, one could argue this could set us back

further. i think almost the entirety of our culture is in zoom. ironically, zoom provides a level playing field for communication versus the person who's in the office right beside you who you cross pathways every day. maybe zoom should be seen as an equalizer, at least in the conversation. i think the issues are pretty serious and it will take far more than you and i will be equally able to chat on zoom and see other people will solve the other systemic issues. cassidy.khinder singh that does it for this edition of bloomberg technology. bloomberg daybreak australia's next. don't forget to tune into bloomberg tv's live coverage of the democratic national convention tonight at 10 p.m. eastern time. my colleague david westin will be there. do not miss it. this is bloomberg. ♪ you doing okay?

yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today.

♪ haidi: welcome to daybreak australia. i'm haidi stroud-watts. we are counting on to asia's major market open. shery: good evening. i'm shery ahn. haidi: these are your top stories. tech leads u.s. markets higher but a selloff among big banks means the benchmark fails the top the all-time high. the s&p 500 climbed above february's closing record and couldn't save it. bhp