katie: welcome to bloomberg markets. tech and airlines take the stage this week. there are quarterly results being resulted with the s&p 500 an all-time high. retail and focus information is rejects a $3.8 billion buyout bid. we will take the pulse of apparel makers. and snarled supply chains, how are companies navigating the escalating red sea tensions? we will discuss with the supply

chain management software company. let me start by introducing myself. i am katie greifeld and you may know me from the close but i wanted to wake up earlier and join you in the morning. we will spend the next hour together daily and you can expect a sharper focus on the equity markets and single stock stories and c-suite conversations. that starts today's let's kick things up with the markets. abigail doolittle joins us now. abigail: another day of all-time highs, second day in a row on the s&p 500 after a lack of all-time highs for two years. it's not entirely supported by other asset classes. the vix is not up in a huge wave job volatility slightly higher suggesting some investors are

either hedging or preparing to hedge the 10 year yield. there is a bid for a bond so you have growth stocks and bonds higher so a little bit of a mixture. let's take a look at coffee, up for another day in a row. the rain in brazil is not supportive of coffee so they are expecting a lack of supply or maybe less coffee drinking. katie: thank is so much. for more on the markets, we are joined by amy wu silverman. amy joins us on set and it's great to see you especially coming off of the first new record for the s&p 500 in about two years. for all the talk of better breadth at the end of 2023, it feels like it was big that got is there. >> your exactly right and i job that the market is back to his old ways. you certainly see that in option sentiments. a lot of the dynamics we talk

about, volatility being up, that's being driven by these nasdaq make cap tech stocks. we had this two-month love affair with iwo values you see that waning in the sentiment and it's shifted back to tech. katie: maybe that was a flying and now we are back to the market. talk about what we are seeing in the options market area you said when you look at the sentiment there, it's not exactly the same as what we saw last year. >> that's one thing i want to make a distinction about. last year, there was so much fomo. earnings were reported and everybody wanted jump on the pool sewed some to some extent that happen. sentiment is not bearish but is not as bullish as we saw last year. in some places it's actually waning. sorry to be the dampener, but it has shifted in the sentiment i would say is ok at best in derivatives. katie: let's talk more about the

two month fling. it felt at the end of last year that the russell 2000 was going parabolic at points in the final moments of last year. what are we seeing in the options market? >> that has been extremely interesting. the argument was we are finally going to get to a situation with better breadth and we started to see that with the bidding of the calls really happening in november was sticky and that has all but dropped to zero. the second thing i would say is when you think about iwo one proxy people uses high quality versus low quality. that spread between how much it cost to hedge the low-quality basket has gone to 12 times versus the high quality basket. it stayed around five or six times last year. there is worry under the surface and specifically in your lower quality names. katie: are you seeing the same

hedging appetite when it comes back to the big tech companies? >> so far, we don't. there has been waning positive sentiment but not a pickup and negative sentiment. that's important because the breadth of the market, as tech goes, the market goes and we don't see that yet but if we start seeing that, that's a big proxy for concern in the market. katie: when you have this options backdrop especially when it comes to the big cap names where you are not seeing the hedging and everything heals neutral, what does that mean for the future? what sort of moves could we be looking for into earnings season? >> earnings season tends to be a bit idiosyncratic. if we see a pickup and single names, that something to be concerned about. for example, as we look at cheaper earnings implied moves, we think they are a little too inexpensive. in the past, they've been much

higher and we will start to track that with make it cap tech as they report and that could be a big proxy to the overall market but so far nothing sticks out in the magnificent seven yet but it's too early. katie: we will get into that further but let's broaden it out and talk about the vix. it's below 14. it's a little bit higher this morning but when you take a look to take the temperature of the broader market and trying to get a sense of where volatility is priced in, is the vix still the measure you are looking at? >> it's a heart ache situation for us in derivatives. a lot of people ask if the vix is broken. this has to do with the rise in volume of zero days to expert retrading. when you think about vix of the end of the day, it's a weighted measure of implied volatility for s&p options over 30 days. when almost half of your volume has gone to zero days, that starts to make it structurally

not as informative as it used to be. it doesn't mean it can't be a measure to take into consideration but i think there is a artificial dampening now that we have to start thinking about because so much shrinkage has occurred in the market. katie: kailey: that would explain the last couple of years. what is the better measure? >> i think you have to go to mag seven and look at those skews which is why we will watch those earnings. katie: stick with us but let's look at what's moving in the markets. >> keeping an eye on gilead sciences, the biggest thing was they announced their key lung cancer drug failed in a new study that shafted the company. it was the largest drops in 2015. keeping an eye on astrazeneca is drug development is tough. this is one of the biggest biotech companies in the world

so they are trading sharply lower. another company is boeing with shares kind of choppy this morning. we've seen it down more than 17% right now it's up 0.8%. at what point does this become a value play again? when you're down 17%, there are record highs in the s&p 500 and the nasdaq it is a question of when there -- when the pce compresses. digital world acquisition corporation, taking trump media public and still working through that deal which has taken more than two years and rallying after ron desantis pulled out of the potential run for the -- republican party so that providing another big jolt to a company that rallied last tuesday when trump dominated the iowa caucuses with new hampshire tomorrow. can this get across the finish

line? as you guys have been talking about, mag seven is still dominating rolling into earnings season. seems like earnings season never really ends but that's where we will go especially when we get key economic data the fed will be watching as you balance fed market rate cuts expectations for this year. we will see what that picture looks like through the end of the year and whether these big tech companies can live up to the expectations the market has been building when we get the critical earnings. katie: an existential question about when boeing becomes a value company. let's talk a little more about dwac. it's currently up about 21%. is this an election proxy? what is moving this stock? >> when i talk to investors, they look at it and say it's buy

the dip. when you look at this stock compared to where it was trading in october of one, it was north of $150. it's a $10 paper to invest in trump media company if that deal gets across the finish line. a sharp spike higher when you look over the last week. it seems to be creeping back into being an election proxy. when i go across the reddit boards and how i track retail enthusiasm, it doesn't seem like what once was. this could be driven by short dated call options but maybe the wall street professionals were more than happy to cast a wary eye, maybe retail investors are pushing back in they will push people to buy into it. new hampshire tomorrow will be interesting to see what happens with trump versus haley but it seems like we are back to any news around donald trump moving this and whether that can keep the music going over the next couple of months. whether they can get the deal

completed is anyone's guess. katie: as we get closer to november, that's one to watch. thank you so much. coming up, netflix kicks a big tech earnings, driving the s&p 500. we will have details on what to expect next. this is bloomberg. ♪ hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall.

katie: earnings from big tech are rapidly approaching and that includes netflix tomorrow. tesla and ibm are on wednesday and microsoft in alphabet next week. ed ludlow is all over it. a lot to look forward to. what are you keeping an eye on?

ed: when it comes to those names this week, each of them has an individual and unique story that's either tied to the fundamentals for the more traditional metrics we think about in tech earnings, not necessarily ai. the story of 2023 was the magnificent seven and tesla was the only one to report this week but if you take netflix as an example, there is high hopes for the last three months of 2023. the estimate is they added 9 million users. that's the biggest jump up and subscribers in the post-pandemic era. you look at the bottom line, the traditional metric that netflix has been thinking about price hikes in certain markets. it has introduced an ad supported tear that got traction with the consumer. that might seem boring traditional things to watch for and it's not ai, but there is a lot at stake in this earnings time when investors say we have the magnificent seven but we

might look a little bit outside of it in 2024. katie: i like that we are back in that stage of the cycle or we can talk about the boring bottom line fundamentals. that is the netflix picture and we get those earnings in 24 hours. talk about what else we can expect. intel is reporting and you have a great interview coming up later this week? ed: intel is like a crystal ball into and markets. the company really wants a focus on ai and ai relevant products in terms of pc chips and chips going into data centers but we want to know the outlook for them. pat gelsinger is trying to transform this company at the cutting edge of manufacturing as a contract manufacturing and also supplying its own chips competitively. that's really what we are looking for but that's thursday night. we think this will be the first revenue of profit growth in about two years. that will be good for them and

that something we will focus on friday. katie: before we let you go, when it comes to netflix, maybe we can finally move past the ai discussion? does that logic hold for intel and other chipmakers? ed: what you always want to see is evidence that ai is materially driving sales. one reason microsoft has outperformed as there is a high degree of confidence that it will be more profitable because it's selling this value added software. for nvidia, they are growing and a massive way from ai but what about the other names? it doesn't show up yet in the intel financials, the ai boost. they dangled some customer names but we need real names and some real numbers around how that adjusted growth is going forward. katie: great to see you and you can catch ed ludlow and caroline hyde on bloomberg technology in just over 90 minutes.

the new time is 11:00 a.m. eastern. let's welcome back in amywu silverman. as ed ludlow was telling us, we are looking forward to netflix. you look through some of the screening you were talking about and apparently likes screens cheap and it looks at earnings. >> that's exactly right. this is on implied move bases and when we think about options, we are thinking about magnitude. right now it says netflix will move percent on earnings. when you look past eight quarters, it moves on average nine with some moves as high as 14 or 20%. why are options so cheap ahead of this? this is usually an attractive opportunity. katie: it's relative to its recent history but not necessarily fundamental? netflix is screen cheap compared

to implied moves and so too is tesla. you think volatility and typically you think tesla. it sounds that's not the case coming into this earnings cycle. >> when we look at every single stock that will report this week in the s&p 500, tesla is the third cheapest from an applied move perspective on options compared to what we know it historically moves. the way you use this information is it helps you decide whether you want to belong on volatility. equity skew is picking up at tesla is wells so the downside bearish sentiment is picking up of the overall options level are still attractive. if you think about hedging something like tesla, this is something that lines up right now. katie: maybe this is the time to try to hedge tesla. the fact we are talking about netflix and tesla screening cheap relative to recent implied rings move, is there something we can extrapolate to the broader index on the s&p 500? >> one thing that ed was talking

about was for all the mag seven names, you could have said ai into the wind and everyone would have gotten excited but now there is more of what you have. you will see that dispersion happen and a drop in correlations because these stocks have more idiosyncratic stories. it brings down overall index volatility. katie: is that a relief for you? the fact that you can't just mention ai and more people in the market are focusing on fundamentals? >> that's better for the market but it's waiting just wait -- it's way more excitingly get thefomo because you get the dynamics. katie: who is next? that was the ai question around this time last year. let's talk about the flipside. those are the cheap implied moves when you look at earnings. who is screening rich right now? >> when we take the flipside,

these are moves where the options implied are almost two or three times historically what it is. it's mostly on the airlines. to some degree that makes sense given the individual moves around it but it's not necessarily just boeing. it's across the board on airlines. you are seeing these double times with the quarter averages are. there is a little bit of energy conflicts and that is well which is playing into these implied moves. going through your list, i see southwest and american airlines etc.. i feel like that speaks to a general nervousness around airlines as an industry right now. >> i think that's true. when i hear your window could be blown out as a traveler, that's somewhat concerning but i think there is a little bit of overhang. there is merger news around some airlines.

i think a lot of that feeds into the kind of plays that happen in from an options perspective, it's difficult to belong on these when the options prices are so rich heading into these times. katie: apparently it's a manufacturing issue but not a design issue on the window blowing out. let's also talk about invesco. it's on your list. invesco is an asset manager. i wouldn't think there would be heightened nervousness around invesco so what do you see? >> a lot of times in these names, a few trades could pull up that implied volatility but over all, it's very different than the rest of the financials. the first few weeks of going into financials are regional banks and larger banks. on the etf level, those are quite inexpensive. it's not just noticeable from implied move perspective.

it's pricing very rich. one question i continue to get from investors is even with these names relatively inexpensive, is there concern you could get another situation like march of last year. that was actually good for volatility because that's where you get the most sharp up or downside moves from these kind of names. katie: a lot to keep an eye on over the next couple of weeks and it's great to get a preview with you. she is the rbc capital markets managing director and -- in equity derivatives. we will take a look at the companies making the most social buzz today in our social climber segment up next. this is bloomberg. ♪

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katie: time for social climbers, look at the stocks making waves on social media this morning. first up is archer daniels, the company suspending its cfo and cutting its earnings outlook pending an investigation into its accounting practices. shares are trading sharply lower on that news and we will monitor that situation. next up is macy's, one of the

big names from over the week and after the retailer rejected a 5.8 billion dollar takeover bid. their reasoning there was that the offer lacked compelling value. shareholders agree because shares are moving higher on that news. we will see if anyone else emerges from the woodwork when it comes to macy's. there is plenty of twitter chatter focusing on the airlines. spirit and jet blue appealing a federal judge's ruling the block there $3.8 billion merger. the news providing a much-needed boost for spirit coming off their worst week on record. alaska and american airlines on thursday but we have united reporting after the bell so a big week for the airlines. you can follow all the latest company buzz on tren go on your bloomberg terminal.

coming up, macy's rejecting its multi-billion-dollar takeover offer. elias sabo joins us next with details.this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. ahhhhhh i struggled with weight loss and weight gain

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katie: macy's stock is higher this morning after rejecting a $5.8 billion buyout from our cows management and brigade capital. they say the offer lacked compelling value. retailer also announced it was closing five stores and laying off over 2000 employees last week for a check on the retail industry at large, we are joined by elias sabo. they invest in middle-market consumer companies. let's start with the macy's news and the lack of compelling value in that 3.8 billion dollar offer. clearly macy's is optimistic about their future.

they are clearly optimistic about their valuations. is there anything we can extrapolate from that episode to the broader retail industry? >> good morning and thanks for having me on this morning. i got up to see the same news that macy's had rejected the offer. what we are seeing broadly and retail and consumer trends is the fourth quarter was held up pretty well. we saw december retail sales were stronger than expected. our portfolio, which has six consumer companies and about to be a seventh, is pretty good, it's a good representation of what's happening broadly in the consumer market. lisa a real acceleration in the fourth quarter over what we had seen in the prior year. some of it is inventories getting back in line so there was an earnings boost and revenue growth associated with

that especially where we are farther down the supply chain in some of their consumer businesses. things seemed pretty steady and there is a lot of talk about consumer weakness in a recession but with sub 4% unemployment with employment growth continuing and real wages being positive, that doesn't typically have the hallmarks of what would create a recession or a drop in consumer spending. katie: so the consumer is still strong but when you look at your portfolio companies, how does that break down by demographic, if at all? >> we spent everything from consumer products that go through very price sensitive mass channels all the way up to our blue diamond business which is one of the highest and jewelers in the world with over 250 thousand dollars average ticket price. the consumer that we span is wide but we've seen almost a

straight linear correlation between the more affluent consumer being able to spend significantly more with no hesitation and the least affluent consumer, the one that inflation is generally hitting the hardest. that's the one that continues to be pinched. between those two data points, it literally is almost a linear regression. katie: let's stick with the people who are shopping at lugano diamonds. you've seen several market and economic cycles at this point. the narrative that the consumers strong especially the high end shopper, how does that fare heading into a possible recession? >> this time, it's a little bit different. the pandemic had a big psychological effect on people. when we came out of that, we initially saw this revenge spending. it was during the pandemic,

everything online with consumer goods especially as the service part of spending went to pretty much nothing. then there was the snapback of services spend where consumer goods started to proportionately come down a little bit. you are just seeing a lot of spending that has been coming out of the pandemic. i know we are a couple of years removed from that but the aftershocks are continuing to happen. for people who have money, having a generally recent experience on going through that come i think people are saying i have money and i will spend it and i will live my life whether that is going on a great vacation or buying another jewelry piece from lugano or apparel, we are seeing people who have money and they are spending it on experiences and goods still. katie: so the consumer is still spending and you are spending as well.

you mentioned you recently invested in the honey pot which is a feminine care brand. how are you thinking about that in your portfolio of holdings? is that a staple need or the fact that it's promoting wellness and paying up a little bit for that? does that fall into something closer to a luxury? >> we think the latter. it's a staple product and we think about trading multiples and valuations of the business, it will reflect that has more of a staple component to it and therefore there is a lot of stability. what we like with all of our consumer businesses is some level of differentiation. that level of competitive differentiation allows the company to be able to gain in market share. that's exactly what the honey pot has been able to create. this is a category that h has historically been pretty stagnant. a lot of legacy players were in

it what we sow with honey pot is a business that had a totally different positioning and was coming up with innovation across a number of different categories and within the feminine care products company, there haven't been companies that have been given permission to play across categories within the overall industry. this company has been. we think that demonstrates how much the customer has given them not only permission to play but has a very strong affinity for the brand. it's because it is conveying better for you properties and we think that's were generally consumer businesses are going today. better for you, create better experiences, i think people will pay up more for that. that's where we have altered our portfolio over the last five or six years through our investing efforts. katie: looking for your portfolio, you have consumer

represented in there, apparel makers, outdoor brands, luxury in there as well. of those the types of industries you want to stay in going forward? are you thinking about broadening out at all? >> we will broaden out as we did with the honey pot acquisition. it's really more about the characteristics of the underlying business. it's the competitive positioning and is it an industry that's growing and is it on trends checkup we've been able to conquer the outdoor category but there is more target opportunities where the companies have those type of characteristics. we will broaden we demonstrated that with the honey pot acquisition. the company had the right characteristics but it was an industry we had not invested in before. that doesn't scare us away if the business has the right competitive positioning. katie: before we let you go, when we look at your portfolio come a lot of consumer names and

companies that make their products in one location and ship it to another. with that in mind, when we think about the tensions in the red sea and elsewhere, the issues with the panama canal, or any of your holdings seeing issues as a result of that? >> not yet. we are shipping a lot out of south east asia and we come into the west coast so we haven't had as material and impact is what's happening in the red sea. i would costing that was happening there will cause rates to go up or all sorts of vessels whether it's tankers or cargo ships. because there is such a disruption in all of that we would transport their is having to go extra miles so it's using up more of the capacity that exists in the system. it is causing inflation to come back into the system. if this is to persist,

transportation costs will add inflationary pressures. i think that's a real callout we have to be worried about especially given how much the fed has been doing and the expectations we will start getting easier but we can have something that has some inflationary impact and transportation. that will come into all of our goods regardless of whether we ship through the red sea or not. katie: that's a great note to end it on we appreciate your time. that's the ceo of cody. we will continue our coverage of retail in the macy's story. we will speak to the managing partner at arc house today at 2:30 p.m. new york time. for now, let's get a check on these markets. abigail: we are still looking at an up day. the s&p 500 is higher for a third day, off of its highs but 0.4% higher. friday is the first all-time high and four years. we also have gains for the

nasdaq 100. more all-time highs there as well. it's a side of the times, the goldman sachs profitable tech indexes hatting this is having its best day since middle of december. the russell 2000 was down for weeks in a row and a healthy game today of 1.6%. china tech is down 2.7% but it's not clear what's happening there. continued declines with some saying the country needs to support stocks more. don't be afraid of the big tech leadership because there is proof in the past that the annual sector when it was led by the technology sector is a very healthy 19.1% gain. a lot of talk about how we need to see breadth but that's not what history suggests. tech is certainly the leader over the last year. the nasdaq 100 is up more than 40%.

the s&p 500 closed to 40%. will that small caps catch up? 5% over the last year and we will find out a piece of it today. katie: don't be scared of big tech, thank you so much. shipping disruptions on the red sea and how it's feeling inflation we will continue that conversation with brandon daniels next on wall street week daily with david westin. this is bloomberg. ♪

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every friday here on bloomberg but every day at this time, we will have wall street we conversation daily with david westin. it's great to see you. dani: thank you for welcoming me. i want to continue a conversation you just had about the red sea and supply chains. we turn to somebody who is an expert in supply chains and how technology may have helped things. brandon daniels is the ceo of x injure which was just -- - exeger which was just acquired. is this -- of the supply chains being affected going by the red sea? >> it's affecting the supply chains. you are seeing over 350 ships that have already been subject to disruption. it is a seismic proportion of the total flow from asia to europe that's subject to disruption. it's leading to this epicenter

of risk now reverberating across all of our other ports. you are starting to see shipping rates increase on the east coast , companies deciding to ship directly from china or the southern pacific out to the united states through the ports of l.a. it's absolutely disrupting supply chains and we are already starting to see that in the price is where we are doubling or tripling shipping rates in the last month. katie: what have your conversations and like in the last month area when you talk to your clients, how concerned are they about this red sea situation? >> the current economic climate

has two competing factors and we've been dealing with these factors for years now, since the pandemic. the first is the supply push and we are seeing that supply chains are subject to substantial disruption. it's the upstream supply chain, all of your suppliers in your ability to execute and deliver is subject to a lot of volatility. it's what's going on in the red sea which is increasing the timelines to actually delivering finished product and it's also creating a reverberating effect report congestion and land logistics are starting to feel the pain of major shipping delays and disruptions. at the same time, you have the panama canal which is now in the midst of a drought. maersk has to use the land bridge to get goods over this major thoroughfare. when you have a supply push

creating these problems come you then have to look at the other side of the equation which is what is inflation and what are interest rates and what is consumer demand doing. we saw consumer demand during the pandemic rest substantially and we saw interest rates and inflation grow substantially as well. that put more pressure on the market. in this case, we have supply push but we don't of the demand. consumer demand is been down in interest rates are starting to flatten and hopefully when we hear what the fed says, we start to see interest rates come back down. that will ease a little bit so while we are seeing a supply push right now, because of these major supply disruptions, our customers right now are looking at the next 3, 6, nine months saying we will not see big price disruption but at this issue continues to sustain and maintain which thehouthis have

said they are determined to attack knossos american ships but all ships in the region until the gaza/israel war disruption is over. they sit until there is peace, there is no peace for them. that could mean in nine months, 12 months, when consumer demand is backup in interest rates start to normalize, it could mean something bigger for us from a price disruption perspective in the supply chain. david: you mentioned the red sea and the panama canal. is the way that it works really the red sea will hit europe sooner than the united states? >> that's absolute right. the only thing that's different about this supply chain is it is a global network. shipping is 80% of goods logistics.

80% of the goods you receive, the things you get from amazon or from walmart, the things you get on everyday basis are coming through shipping lanes. it does hit your first and then it does hit the united states second. it is actually so interdependent, it's like oil. it is a backbone to the entire economy. shipping, supply chain logistics, that is a backbone for all of commerce. it will hit your first at least the red sea situation and then the panama canal hits globally all at once because it is a major thoroughfare. between those, we will start to see the united states and the european shipping lanes get more expensive. the thing here is this is a

global network that is fragile. we saw that in the pandemic and we saw that again after the russian invasion of ukraine. this global network is subject to a lot of volatility. when we see volatilities in markets even pass the rally we saw at the end of last year into the beginning of this year, when people start to get into volatility which is what we see in geopolitical risk and in terms of climate change, that's going to lead markets to be more bearish because it's less predictable. that's what we're seeing now across the different shipping thoroughfares. katie: the red sea and the panama canal are two different parts of the world and dealing with two different issues as you alluded to. geopolitics in the red sea and climate change when it comes to the panama canal. what is the bigger medium to long current -- long-term concern for your clients?

>> i think they are both issues that our customers are looking at strategically for the next 5-7 years. in terms of geopolitics, we are looking at long-term systemic changes to our infrastructure. we've seen a lot of manufacturing move from asia into places like mexico. that is still subject to geopolitical concerns because if we shut orders, that creates a higher cost to shipping across the border from mexico to the united states. it could lead to shipping delays like we saw in el paso at the end of last year. when our customers are looking at is how you get to a place where you can navigate these disruptions? that means diversified supply chains, driven more by automation and technology

meaning you have artificial intelligence that is helping you navigate where there is a high probability of disruption and then that leslie means investing in innovative ways to diversify your supply chains across maybe different materials or different suppliers or making 5-7 year investments in embedded or direct spending programs where you buy the metals o yourem's will use 5-7 years out in advance and directly so you have control over those supply and shipping lines. i think people are starting to get concerned about how much control they have about their cereal production line. 5% of a car, 5% of the cost of a car is actually borne by the and manufacturer. 95% of the rest of the cost comes from the serial

production line they've no control over and that's where we will see supply chain reform start to revolutionize the way we think about manufacturing in production today. david:. thanks for being with us. on friday, we will be joined by hps. we'll talk about private credit as we have reports that commercial banks are trying to get some of that business back. katie: a lot to look forward to friday. good to see you again and we will see you tomorrow, same time and same place. thank you both. this is bloomberg. ♪

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higher. that is the good news but on the bad news said qamar today knows hitting a 52-week low after his cfo was placed on leave and they cut its earnings outlook. exxon mobile hitting a 52-week low, filing a lawsuit against u.s. dutch climate activist. that doesn't for us and thank you for tuning in. this is bloomberg markets this is bloomberg. ♪ avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

when people come, they say they've tried lots of diets, nothing's worked ahhhhhh or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me,

"does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you.

>> from the heart of where money and power collide in silicon valley, this is bloomer technology with caroline hyde and ed ludlow. ed: i am ed ludlow in san