announcer: from the heart of where innovation come up power and money collide in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in las vegas for the retail event of the year -- shop talk, where brands around the world have gathered to talk about the future of commerce. this is bloomberg technology.

coming up in the next hour, huber wants to outdo amazon for local commerce delivery. -- huber wants to outdo amazon for commerce delivery. rihanna, the laundry company could be worth three million dollars. a talk about the future of ar technology in-store, online and more. and apples run to 3 trillion -- we will dial into the company's best performance since 2003. we will get to all that in a moment. at first we want to take a look at the markets. ed ludlow is here with the latest. ed: the prospect for a resolution or scaling back the conflict and ukraine is a big driver of sentiment. technology the best performing sector in the equity markets and it was interesting to see commodity futures in new york. the idea being if we moved toward the peaceful resolution and ukraine, the supply of oil,

soft commodities like wheat and industrial metals could improve. the 10-year treasury yield down by six basis points. we got some inversion with the yield on the two-year u.s. treasury higher than the 10 year yield, and other words, the yield on short duration bonds higher than long-term duration bonds. for many, that's a signal of recession. bitcoin dropped below $48,000 per token. we are in earnings season, micron the semi conductor company, reporting after hours. a really bullish outlook. this is a maker of memory chips, but they are saying the main driver of demand is continued investment in data centers. that stock higher by 4.4 percent. some of the movers i've been watching throughout the day -- apple up for an 11th straight day, its longest streak of gains since 2003. there is a lot to talk about.

tied to the conflict in ukraine, this idea that we are seeing more supply of industrial metals and factor viii metals. it was interesting to see gains in ev makers. rivian with its biggest jump. emily: we will back with you on apple later in the show. we are at shop talk in las vegas for the retail industry power players talking about the future of commerce and e-commerce. i caught up with the ceo of uber to talk about every thing from creating a super app from ukraine to inflation. i had to ask about how drivers feel about the pressure at the pump and rising gas prices. >> i'm hoping with the early signal, there being some kind of a light at the end of the tunnel as it relates to the terrible situation in ukraine, we will

have some relief or at least things will get worse. i think the good news for us is earnings or earners are at significant highs. in the u.s. and canada, earners are earning an average of $31 an hour. those are pretty robust earnings. but the pain at the pump is hitting everybody, especially our drivers. emily: i know you have a fuel surcharge but some of them say it's not enough. he had drivers protesting at your new york office today. will the surcharge go up with gas prices and will it continue beyond may 11 if gas prices are still high? >> we were the first in the industry to move on the surcharge and we moved on the surcharge because we thought it was the right thing to do. the majority of the increase in fuel prices, admittedly not all the increase in fuel prices in may, no one can predict where the world is. we're going to look at the situation and if the situation

doesn't change, we will consider containing the fuel charge or if it's an increase, who knows? we want to be there side-by-side with our earners and help them make a flexible living. emily: would you considering -- consider lowering your take rate? dara: generally are take rate is lower now than it has been historically. over the long-term, we want to earn a fair profit and we are doing everything we can to drive the efficiency of our own system so we can pull as much of the dollar than -- that a person spends on an uber than they put in their pocket. emily: you have gas prices high, inflation at a 40 year high, a new variant that's potentially more contagious. how is it impacting supply and demand? dara: we are not seeing any constant impact on supply and demand. we see demand records as a

relates to mobility and our commerce business we are talking about here. it really isn't showing up in the business. earners growth continues to be significant. more are coming back to the platform. everyone wants to get out of the house. so we are not seeing any kind of signal at this point that would indicate something is going the wrong way. but we have to be hypervigilant and, for us, we are benefiting from this secular trend. on-demand transportation, on-demand delivery of anything, and i think we will be relatively resistant to whatever happens in the broader economy. emily: you mentioned we are at post-pandemic highs for rides. when do we get to pre-pandemic highs? dara: soon. emily: this year? dara: we hope so. emily: you have been offering free rides in ukraine at the border. what's the status of your

service and employees in ukraine right now? dara: our employees, relocation, we are tracking them and their families first. second, we are running our systems in the towns the government wants us to run the men. and uber direct, our logistics technology to be able to power the u.n. to carry food around. and at the same time, we are raising money for ukraine. we raised over $2 million. we have a donate button and it's incredibly easy to use and donations poured in a way we never expected. emily: you still have a stake in your joint venture with yandex. you say you are working to decelerate the investment of that. but when you open the app in russia, you can still call a car. why is that? dara: that's essentially a skin.

there's no uber technology being used at all. it was part of the original transaction. huber is a very big band -- big brand globally, and russia as well, but we don't touch it in any way, shape or form. emily: how far are you willing to go? who's going to buy a russian ridesharing service right now? dara: right now, everything is on hold. we stated our intent to sell. we will sell as soon as reasonable. right now, people are more focused on humanitarian aid, resolving this terrible situation in ukraine and, hopefully then, moving forward with some semblance of normalcy. then we will look up and see what we can do. we've already developed it about a billion dollars and that something we've thought about, not something we thought about in this context. we will look to conclude that the vestager's.

emily: shares are down, instacart lowered its forecast by 40%. how long do you expect the market downturn to last and what are you bracing for? dara: i don't think you can predict the markets. that's certainly not my job. my job is to run a business. we as a company have made the pivot to profitability. we promised profitability last year and we did it earlier than our promises. we said we would be pretty cache profitable this year. the uber mobility business, the delivery business, uber eats -- all of them are going to be profitable as it relates to ebita. we made the pivot to profitability sooner and at scale. reopening for us is going to be a much bigger tailwind than some of the other delivery players we are competing against. emily: a big milestone in

london. you signed a new agreement, a two and a half year extension, a big deal because they rejected your last two requests. also committing to full electrification by 2025. how are you going to do that? dara: we committed to full electrification quite early. every single ride in london, we take some amount of that and put it into a pool to help drivers in london move from gasoline powered cars to electric cars. so this is part of the mayors vision. we love that vision and we've been working on electrifying our fleet and we are going to get it done. emily: you just got new york city cabs on board. i don't think anybody thought that would happen. who is next? san francisco? dara: we are talking to many cab companies. this is a product we've built outside the u.s. we have over 100,000 taxicabs on our platform that a fitting from

the demands the uber platform and services uber brings. it's an extension of that same technology we are building. we are super excited about new york and it will be followed up hopefully by many new announcements. emily: labor secretary, marty walsh, said he thinks some gig workers could be or should be classified as employees. it's been reported you had conversations with him that have not been productive. when was the last time you spoke to the secretary or labor department and what progress have you made? dara: you would have to ask him his particular view. my conversation was mid last year. the secretary really listened. i think he really wants to learn about the benefits of gig workers and some of the issues with gig workers. we don't think this world of having to make a choice between

flexibility of earnings, which is the number one reason drivers and couriers engage our platform. they don't want to be employees. we don't think there's a false choice between flexibility and benefits and earnings. we can have both. the dialogue we are having -- you saw in prop 22 with california. it was an outsized winter with voters. i think the department of labor is listening and we are hoping we can get to this win/win, which is flex ability and benefits. emily: the huber ceo there -- you can catch that full interview at bloomberg.com. coming up, much more from shop talk. we will be joined by the president of savage x, rihanna's lingerie brand to talk about the future shopping on and off line and the role of ar technology. that's next. this is bloomberg. ♪

emily: we are back live at shop talk in las vegas where the power players of the retail industry are talking about the future of retail and e-commerce. one of those up-and-coming retail stars is savage x lingerie company from rihanna, who has been expanding brick-and-mortar stores and mulling a public offering. let's talk about all this and more with the company's copresident, christiane pendarvis live with me here in

person. you work at the gap and victoria's secret. much different about savage x and what rihanna brings to the table. christiane: i've had the good fortune of working for some of the great mainstay brands in this industry but what makes us special is we've been built from a place of authenticity, driven by our founder, rihanna, and we are embracing fashion in a different way. we are celebrating, acknowledging customers that haven't been seen and acknowledged in the context of this industry and it has been a powerful brand to be a part of. emily: victoria secret for so long was run by men. do you think being run by a woman has made a difference? christiane: there is no question. everything we do comes from a place of authenticity. we couldn't be anything but inclusive, we couldn't be anything about -- anything but about female empowerment.

that is what rihanna stands for and has brought to bear in the business. from our product assortment to how we show up in external marketing, if you look at our website and social media channels, we show up very differently than how other people have in the industry. emily: it started as a pure e-commerce play, but you have opened brick-and-mortar stores. what's the strategy? christiane: we want to meet our customers where they are. retail is not dying. it is an important part of how customers want to shop. the thing we are doing different is not just transactional. it cannot just be transactional. it's got to be about an experience, and inviting place customers want to take time out of their day to go into the store. emily: what is the mission for augmented reality in a dressing room as part of the online shopping experience? i still haven't seen it come to fruition. christiane: one of the things we

are excited about is how we are leveraging technology. for us, profit is critical -- br a fit is a critical and it hasn't change for decades how a woman determines the right size. we are leveraging 3d body scans that can take a scan of your body, get your exact measurements and maps that back to our product assortment to say here is the exact test fitting bra for you in the right size. it's important to bring technology to bear in a way that adds value to the customers. emily: lingerie could be seen as a luxury good. we are facing record inflation, the highest inflation and 40 years. how is that impacting customer choices and how much they're willing to spend? christiane: we are very sensitive to that because our customer is very value-conscious and feeling the pinch of inflation. so we are sensitive to that.

we are looking at our products as replenished both. people always have to wear underwear and at some point in time, that product wears out. so we are creating products that are functional for our customer and adds value to them and in a way that entices them that come to our brand. emily: have you seen a pullback in sales as a result of the pressure? christiane: we are definitely seeing that within our business and that's why we are looking for where can we do product that is a nice luxury to have that is not breaking her pocketbook, that's something she wants to spend her money on. emily: what are the trends? what was hot in the pandemic that is sticking around? how are tastes and lingerie changing? christiane: one of the big things we saw during the pandemic is everyone was at home. they were looking for comfortable, cozy clothing.

we have an amazing onesie out of fleece that literally people were living in at home. so we embraced that. now that people are starting to go back into the real world, they need more structured undergarments. so we see a shift back to some of the more traditional categories. emily: how involved is rihanna? christiane: incredibly involved in anything we do, whether on the product side, the assortment in stores, the marketing side, our creative campaign, the models and influencers we are working with, she has her finger print on everything we are doing as a brand. emily: what is it like working with her? as someone who has worked at established fashion brands run by mostly male ceos? christiane: it's a wonderful breath of fresh air. i know rihanna is a global pop star. i see her as a business partner because that's the context in which i personally know her. she understands the customer. she understands people bodies.

she understands people's pain points when it comes to their bodies and she wants to make a product that's a dressing and acknowledging all of that. emily: there are reports that unc and she are considering a public offering. what's the status on that? christiane: we cannot comment on anything related to a -- two and ipo. i think at some point in the future, if it makes sense to us, we will evaluate that. emily: how are you thinking about the macro environment? we are seeing inflation and a lot of economic uncertainty. christiane: that's one of the things that is important about being a leader, being able to be agile. it constantly comes back to the customer -- where can we add value and what is it they want and need? how can we position ourselves as a surprise and delight that gives her a little bit of joy? emily: take me five years out.

how is the company different and how is the retail industry different? christiane: one of the big things as you will continue to see the merge of physical and digital in ways that complement each other and take advantage of the strength each channel has to offer. we had a lot of conversations about the metaverse and how that is going to come to bear. you will see that come to bear in a real way. we will dramatically expand how people shop and what that proposition looks like. emily: you see shopping in the metaverse? christiane: absolutely. emily: what does that look like? christiane: we don't know yet. emily: thank you for coming to join us today. we will keep our eye out. christiane pendarvis copresident, thank you for stopping by. much more coming up on this edition of bloomberg technology stay with us. this is bloomberg. ♪

emily: a few stories we continue to watch -- will smith has apologized for slapping chris rock on the stage at the academy awards. in an instream post, he said he was out of line. the academy of motion picture, arts and sciences session and science have opened a review, saying they will explore possible consequences for his action. nielsen, the tv ratings stalwart, has agreed to be taught by a private equity firms for about $16 billion, including

debt. it's being led by brookfield asset management, an affiliate of elliott management. nielsen provides audience data services to many of the meatiest mere networks. the sec has had enough of those turbotax commercials about being free. the government agency is suing to stop it from telling customers on turbotax come at no cost. the offer applies only to those with simple returns. everyone else has to pay. the fec says customers spend a lot of time in effort on turbotax only to find a have to upgrade to a paid service to complete the return. they's -- they say the claims are not credible. apple's biggest run since 2003. how soon until we hit 3 trillion? we will talk about that, next. this is bloomberg. ♪

if you're a small business, there are lots of choices

when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

emily: welcome back to bloomberg technology. i'm emily chang in san francisco. let's get to the story of the day and that is apple -- on its hottest streak since 2000 three. ed ludlow has been digging into the numbers. when is the big t? ed: on the precipice of a 3 trillion market cap. 16% over the last 11 sessions -- a mix of negative and positive headlines.

the positive, winning the best picture for "coda." and then cutting the iphone se because of the waning demand. we have the conflict in ukraine impacting sentiment. an incredible run. you know i love to track charts. in may of 2003, 12 consecutive days. if we are positive, we are up for 12 days. what if we rise 13 straight sessions and have an all-time record on apple at a time where you have the 10-year treasury yield at 2.4%. apple is not immune from the discussion though and has more modest multiples than some of the rest of the technology sector. then you look at the rest of the

sector. the nasdaq 100 down 7% year-to-date. the move in apple in the last session put us in positive territory. amazon coming back positive year-to-date. there seems to be a differentiation where investors are looking across the technology sector, going into mega caps. names that you call quality names. so put all of that, ask all of those different questions about what's going on here and how long is this rally going to last? emily: those questions to come, but thank you, ed ludlow. dan, you heard ed's analysis there. it's not a question of if but when. when do we get to three t and what does it take to get there? dan: what is happened is the street is better appreciating what's happening in terms of the demand story.

iphone 13 demand is outstripping supply by 20% and we are seeing more higher asp's in china services and a historic win for the oscars. it wasn't netflix winning and it was apple, the first streaming service to win. this is a stock that's going to go well north of $3 trillion. we have strong earnings coming around the corner and this is just the start of the next wave of the story playing out in cupertino. emily: do some of the macro economic headwinds concern you? we are looking at down markets across the board. how long does the down market continue? dan: we've talked about it, the most oversold tech market we've seen in last 12 years. but if you go back eight months, just like many, now they are

playing the final four. when i look at apple and apple, they are hitting their next leg of growth going into the iphone 14 and a surge that i think is undervalued by the street. it is a rock of gibraltar tech name and with that greenlight in tech, it's not even our opinion that they will have a two in front of it in the coming months. emily: what sets apple apart to you compared to some of these other big tech names that have commanded such high multiples but seem to be struggling more now, whether meta-or amazon, for example? dan: what is unique with apple is the services business. this is 80 billion in revenue. underlying demand on iphone 13 premium is unlike anything i've ever seen from apple in the last five or six years. compare it to meta-, that is one

because of apple, because of cook, that is a different business model because the ios changes. what you start to see with apple, it's a offensive name and also an offensive tech name. many that we saw over the last few months, going into what i believe are streak numbers are still conservative. emily: do the production cutbacks concern you? dan: this over all, in terms of the overall regulatory environment, it's going to be an overhang on broader tech and an overhang on apple. there is a better chance of me playing in the masters next month than this impacting their business model in the next three years. emily: i would like to see you in the masters. i'll be rooting for that.

always good to have you on the show. doordash is entering wholesale delivery, announcing a new partnership with cj. i caught up with christopher payne here in vegas to talk about that and much more. take a listen. >> 200 basic stores, mainly on the east coast, 17 states and now, consumers on doordash can access the vj wholesale club. we have doordash drive which powers delivery for third parties and we will also fulfill deliveries for bj's. this is the first wholesale club on the platform and a lot of retailers have joined the platform. grocers have joined the platform and it's wonderful to see the trend continue. emily: how different are the unit economics of groceries compared to restaurants? you're picking and packing the items, not just dropping them off. christopher: there is more cost

in the case where you are picking them, but they can be larger than a typical meal order. there are different characteristics to make the economics work, but we are partnering with safe way, albertsons, myers and groceries is one of our fastest growing businesses. we are very confident in the long term profitability of the category. emily: uber is here talking about themselves as the future of retail, not just food delivery but potentially everything else. how does that differ from what doordash are trying to do? christopher: consumers are looking to get more and more things delivered to their door in minutes, not ours and a lot of companies are going to try to go out for that. it's been true since i've been at doordash and i'm sure many other companies will go after it. we think doordash is uniquely positioned to do it right. we have an over 55% share in the restaurant space, but now we are

going beyond restaurants -- convenience, grocery, we have jcpenney, office depot and other companies on the platform. consumer expectation is only going one direction. additionally, we have a subscription product with 10 million subscribers and you can get your restaurant deliveries, grocery delivery, and we think that will be a wonderful complement because there's not just restaurant consumers, we think there are bring it to me now consumers and doordash is the leader. that's what we are focused on two differentiate. emily: gas prices are high, inflation at 40 year highs, how is it impacting business, how is it impacting orders? christopher: inflation touches every aspect of the system. it's something we paid a lot of attention to. one thing to note about doordash in general is most dashers do it as a side gig. it is four hours a week for a

typical dasher. we haven't seen much impact to the number of dashers showing up, but it is something we will keep an eye on. we recently announced a program as the price of gasoline has shot up in recent weeks. we have a card that can give a 10% discount, not just on their doordash deliveries, but for those who do the most deliveries, we give them a bonus for the miles they've driven on the platform. we think that will help delay some of the hopefully temporary changes. emily: some are saying that's not enough. uber is adding a fuel surcharge to every ride. a benefit you are adding, you have to drive this amount of miles. is there anything more you can do? christopher: one of the things

we did that was beneficial is we have a dasher advisory council made up of key dashers that advise us on which to take. they help create the system we launch. we do not a consumer -- do not add a consumer surcharge. we chose not to do that. we believe we've got the largest, most efficient system, so we are not trying to put further inflationary pressure on the consumer side of the equation. by focusing on the economic advantage of the gas prices, we believe we are focusing on the problem in helping dashers with longer distance deliveries. we thing it's best a tune for where the inflation is impacting the system today. emily: the doordash president, christopher payne at shop talk in las vegas.

coming up, my conversation with the volt ceo about shaking up the checkout experience of the controversy about some former ceos. this is bloomberg. ♪

emily: bolt, the e-commerce company known for its one click check out prepares to take on amazon and paypal in payments. it's so much smaller player in a larger market but it's making a lot of noise trying to raise money at a $14 billion

valuation. i spoke to the ceo, maju kuruvilla about how the company hopes to stand out from the competition. maju: it is exciting bolt is able to get a lot of traction with our partners and customers. one of the big problems we are going out is conversion at checkout. 75% of shoppers dropout right at checkout. that's 85% on mobile. that's almost a trillion dollar problem. so bolt is going after solving that problem, helping retailers to convert to shoppers that spend a lot of money bringing on board. emily: it is mostly a tool for small businesses. do you need amazon, walmart and giant retailers to compete? maju: right now, most of the businesses have to make a

choice. if they want a really convenient one click check out, they have to go to someone like amazon. but if they want to give that experience by themselves, that doesn't exist today. so what bolt is building is a shared accounting network that can share all the shopper information across all different merchants using bolt. emily: do you see some of these bigger retailers signing onto your visit? -- your vision? maju: absolutely. we are seeing several customers like forever 21 who has been with us for a long time now. a lot of customers are using bolt right now. emily: bolt has been trying to raise money at a 14 billion

dollar evaluation. are you going to have to lower your expectations? maju: bolt has been a great place. we just raised money and $11 billion in an e around and we are continuing to see more and more traction with big customers right now. we are also seeing other partners signing up with bolt. our e-commerce partners are signing up with bolt because they want to provide a one click checkout experience. emily: what are your fundraising talks like? are you having trouble raising $14 billion? maju: not at all. because of the customers in the pipeline and interest we are seeing from everyone around us, what we are seeing is a higher interest for us and in the bond market, people are looking for differentiated products. there are so many players doing

the same product in a slightly different form but bolt is unique. we are the only ones that do what we do. it is the shared shopper account network. the difference what we provide is, unlike having a separate button or creating extra workflow, we integrate our product into the existing workflow of the shop. emily: you recently took over as ceo after being see pon running office -- running operations -- not without some controversy. the former ceo of bolt gain some degree of infamy with a series of tweets where he called out companies like stripe, like, nader as mob bosses of silicon valley. do you agree with his point of view? emily: ryan is a great leader and phenomenal visionary. he can see things ahead of anybody. he's one of the main reasons i

came to bolt. he and i have severed partnership and that's why he asked me to take on the ceo role. he has a strong vision not just for bolt but for e-commerce and all the founders, so he will continue to advance the path for bolt, the founders and e-commerce and i'm really aligned with him. emily: a pretty passionate defense there. bolt ceo maju kuruvilla. see the full interview at bloomberg.com. coming up, the future of sustainable fashion. we will talk to a leader in the online secondhand market about how they plan to get more customers on board. that's next. this is bloomberg. ♪

emily: we talked about the future of retail and fashion earlier but here's a different angle -- that is retail. thredup is one of the largest online thrift stores and it's on a mission to make fashion more sustainable. what's talk about that and more with cofounder and ceo, james reinhardt. let's talk about how the pandemic affected the resale market. did you see a shift away from fast fashion two secondhand items and how quickly did that happen? >> we were seeing these changes before the pandemic and once we were stuck at home with nothing to do, you saw retail catalyze in that moment. but it's something that happened in the pandemic and something that is now sticking. emily: how fast does it grow? james: we projected the industry would go 30%, 35% for the next five years and ultimately be about $50 billion by 2025.

emily: what is the fashion industry doing it self to help this transformation? james: they are doing a lot of work with brands on how they can do feedback and sustainability and ultimately we have to figure out how brands can scale this. at the end of this, they need to build big sizable opportunity. emily: you are partnering with brands like made well and macy's. how do these partnerships work? james: we power a takeback program. if you are a customer, we can take back all your denim and those products. and we are powering resale shops, so in a full, white later -- white label way, where you can shop secondhand products from made well.com. emily: what's the goal? james: we think we can power a thousand different rand retail experience and we have brands lunching in the next months.

emily: i believe consumers are savvier than they have ever been about understanding their responsibility. what do you need for consumers to be more a part of this? james: what we are seeing in the data is consumers are showing if a brand is offering resale as part of their broader strategy, they think the brand is healthier and they are more excited to work with that brand. so consumers could help push brands mean -- be more sustainable. emily: how much is gen z powering this transformation compared to my generation? james: gen z is powering everything these days. gen xers, we are deftly part of the solution. we also have a bigger wallet. gen x and boomers have more dollars to spend. but the momentum and awareness is happening around young people. james: there are other competition, there's the

realreal -- what is thredup cost real differentiation? james: it's a big market, so there's room for multiple winners. we have 35,000 brands compared to realreal, which is 100. we take all the friction out of the experience. the differentiator is it's the easiest place to be resale. we are doing data now, seeing the european market be massive. we see trends in japan -- japan has always had a very robust secondhand market and germany is the same way. it's not a u.s. thing, it is a first world thing. emily: paint the picture for meat five years out. how different does the industry look? james: people will be shocked that every brand they work with has secondhand as part of what they do and this is going to accelerate over the next two

years and just be part of what we do. emily: what are going to be the biggest challenge is to get there? james: the supply chain and the infrastructure to bring retail to the masses. emily: what needs to change? james: all the technology to process the volume of goods. we estimate there's about 17 billion pieces of clothing out there every year and that's a lot of supply chain infrastructure. emily: we will be watching how you navigate this transformation and help us usher all along. james reinhardt, good to have you back here. that does it for this edition of bloomberg technology live from shop talk. don't forget to check out our new podcast. you can find it on the terminal, apple, spotify, where every get your podcasts. check out more interviews at bloomberg.com. i'm emily chang. this is bloomberg. ♪

haidi: good morning. we are talking down to asia's major market open. shery: the top stories this hour, russia to cutback military operations in northern ukraine, but some analysts say the move may be tactical. haidi: moscow's pledge to desolate triggers optimism on the market.