good wednesday morning. welcome to worldwide exchange. i'm susan li. >> these are headlines from around the world. >> ab inbev hoping to get third time lucky with an improved offer for sab miller which they will now consider. >> shares in yum brands sinking by 18% in after hours trade as the kfc owner warns trade in china is not recovering as quickly as it hoped. >> digicel shelves it's ipo plans. the ceo citing recent market

volatility as the reason behind the move. >> and a midnight deadline. fiat chrysler has the rest of the day to reach a deal to avert a strike across it's u.s. plants. the dow is still three days lucky. taking a look at fair value the implied open going to open higher. 105 points. look for triple digit advances. nasdaq should be advancing by 33 points or so. m&a activity alive and well. the chairman of sab miller now

labeled ab inbev's latest offer for the company as being opportunistic and this comes after the large arrival offered just over 42 points per share. 42.15 a piece for sab miller after previous bids that were both rejected. shares in sab miller trimmed their earlier gains. they were up as much as 3% and now we're up by 1.2 but sab miller is going to take a look at this offer since it represents a 44% premium to the september 14th closing price and that's when they announce to the markets that they have received yet another takeover offer from ab inbev. >> there were a number of downgrades on sab miller but shares have come off since then. you were seeing all of this consolidation and we were

talking to an analyst earlier about whether it would be more consolidation and he didn't seem to think so. >> who else can combine? the combined entity would oversee 70% of global beer market share. one in every three beers would be an sab miller or ab inbev beer and think about the regulatory hurdles and can you combine the maker of bud with miller? the u.s. authorities will probably take a closer look at that. >> that's one thing they need to sort out. revenue worth $64 billion. this is going to be a big company. a lot of beer. a lot of beer. let's stick with food. disappointing 3rd quarter results and shares in kfc pairing yum brands by more than 18% in after hours trading. >> well it wasn't yummy at all.

yum brands is mostly a game of chicken in china and the expected china recovery has fizzled and while same store sales finally went positive they only rose 2% and the street was looking for closer to 10%. the end of the quarter was better than the beginning. still that along with the stronger dollar has the company now saying full year earnings per share growth will be well below the previous target of at least 10%. overall for the quarter, yum grew the top and bottom lines but missed expectations. revenues were almost 7% below estimates. eps of $1 a share was 7% below the street. not a lot of chicken in that

basket. taco bell had 4% same store sales growth and just opened up it's taco bell cantina. pizza hut had positive same store sales growth and good versus evil. colonel sanders is in a d.c. comic coming out. sales up 3% a little better than expected. maybe those online bits in the u.s. are working but they're fighting for your dividend which will increase 12% for the quarter. >> digicel, the caribbean te telecom provider is citing conditions in the emerging markets. it was expected to raise as much as 2 beside for the ipo but it's seen a number of them priced at a discount just recently.

>> meantime, pure storage has priced it's ipo at $17 a share which is the middle of the expected price range so the offering looks to raise about $425 million. that also values the company at around $3.1 billion. shares will trade on the new york stock exchange later today. yes they're going ahead. let's talk about the markets now and managing director, head of institutional portfolio strategist joining us this morning from the big apple. thank you for getting up for us so early andrew. what is this hesitancy to get into the markets to list the ipo say to you about investor sentiment right now? >> yeah, we've seen a little bit of this recently with the market volatility. the market has pulled down. the number of listings is down 30% year to date compared to where we were last year. so certainly uncertainty is not friendly in terms of capital

raises. so if a company takes their time they're going to do that. especially the volatility we have seen. a lot of the deals we see trading below their ipo values so far this year. not in all cases obviously but in quite a few. that's why companies are taking it a little slower now and stepping back and waiting for the volatility to subside a little bit. we are seeing m&a activity still very healthy as you mentioned in the report this morning. so capital market activity is still very robust on the ipo side it's cooled down here a little bit. >> i don't know if you can talk about individual stocks but maybe we can delve into ab inbev and sab miller more as consumer play but you're not surprised i guess in this world of low interest rates still that we're looking at a third attempt by a brewing giant to pick up another big brewing giant. >> yeah, there's the combination

of near zero interest rates. huge amounts of cash on balance sheets and low growth is the key that ties all of this together. so companies are looking to grow their earnings and activists are forcing growth out there and buy backs and things like that. but yeah, growth remains very very sluggish, you know u.s. growth is only giving you about 2% this year outside the u.s. and in europe, et cetera, closer to 1% so that's one way companies can grow their bottom line. keeping the earnings season here relatively soon and looks like we'll get close to zero earnings growth. depends on what you do with energy or not but close to zero growth. that's one way to manufacture growth essentially. >> andrew, most peel think that we're going to see a fed hike either at the end of the year or possibly in march of next year.

if we do is it going to make a big difference to the momentum in equity markets at the moment? >> i don't think so. t the market was probably waiting to start to normalize interest rates. and the inflation and inflation expectations starting to pick up. all of that is good for the market at this point. we have even started to see inflation expectations pick up a little bit and that's been good for the overall market. we've had a good rally as oils come off the bottom. so the market is really rooting for reinflation as opposed to that deflation threat. so to bring that forward would be a market positive here. >> andrew, you stick around. we'll talk to you in just a bit. head of institutional portfolio

strategy. let's give you a rundown of what to watch for on this trading day. august consumer credit figures are due out at 3:00 p.m. eastern time. this tracks americans borrowing habits. their use of credit cards, students and car loans. also we have monsanto reporting results following it's failed bid to buy up syngenta and given that we have ab inbev people might be taking a closer hook at constellations results. fiat has just hours to prevent it's first work stoppage in the u.s. since 2007. will they reach an 11th hour deal? we'll get you the details. that comes your way next.

good wednesday morning. here are your headlines. british brewer sab miller will consider now a third takeover offer from ab inbev. yum brand shares are falling sharper as continued weakness in china and it's a midnight deadline for fiat chrysler as it hopes to appease unions hoping to avoid a strike. >> hi, everybody the clock is

ticking toward a possible strike at fiat chrysler. they sent the notice to the auto maker warning workers are prepared to walk off the job unless there's new contract agreements. they reached a tentative deal last month but it was rejected by members. it's unclear whether the union will call a strike at all or at some u.s. plants. chrysler in trade higher by 1.5% in tune with what we're seeing in europe. nancy joins us with more on this. this could make it more difficult. >> not anything new. they happen for the victory auto makers out of detroit. what's happening is they have a deadline of 11:59 p.m. tonight and we don't know whether that means a strike definitely. there's two things going on

here. they could just say look we're moving on to general motors and ford and we're going to start negotiations there. whether they decide to take workers off the job at that stage or keep them working while they continue negotiations with the other auto makers, we don't know yet. they talked to some workers that received letters from the plant saying these are the steps to take. we want you to leave right away and take your belongings but the letter said we continue to work with fiat chrysler. so we don't know for sure if we could still get a deal in time for the midnight deadline but some concern over this two-tier structure. this could get to the strike level and see some movement in the share price because based on previous strikes and industry estimate we're talking about 300 million revenues per say. each day that's taking a toll on the financial bottom line there.

>> i was taking a look at the wang ranges for a lot of these laborers, right? the uaw participants and they make a range of $15 an hour to $19.28 and if you're hired after or before 2007 it's $17 an hour to $24 an hour. that's not cheep. >> it's not cheap and does not include the health care benefits and other benefits on top of that. so it's very significant cause for these auto makers and prefinancial crisis, before we got to general motors it was the high costs for the union contracts that put them in this spot in the first place. they'll be keen to stick to these certain points in terms of negotiati negotiating. >> nancy, thank you so much. now french aircraft manufacturer airbus has said it's no longer exploring business opportunities with canada's bombardier.

they were in discussions regarding a joint venture involving the c-series jets. stefen, good to see you again this hour. viewers joining us in the states from around the world, just update us on what happened and why they're no longer talking. >> it's the biggest project for bombardier ever. and the group also meets it's target of 300 units. so far it reached 243 net orders for this aircraft and wasn't able to win a single order of the paris national bank in june. in a statement it will continue to explore initiatives and according to a source close to the company, revive some contact with the chinese investors. could also talk to boeing. this aircraft would have helped

the company to address more efficiency the small aircraft segment considering that the airbus 319, the small one is not sitting very well and would have kept away this aircraft from china which is considered as the next long-term competitor. the timing of this negotiation, just a few months ahead of the first delivery could reflect the increasing concerns about the debt level of the company and at the end of june they had a total debt of $9000000003.1 billion. >> thank you very much for now. >> still to come on the program, samsung beats estimates on earnings but how is the company fairing against it's competitors? we'll be taking a closer look at samsung's numbers right after this. underwear that moves like you do? try always discreet underwear and move, groove, wiggle, giggle, swerve, curve.

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>> adobe systems is cutting it's forecast due to the strong u.s. dollar. they expect earnings of $2.70 a share on revenue of $5.7 billion. analysts say we're looking for earnings of $3.9 million a

share. adobe has been switching to web based. they fell by 9% in after hours trade in germany today. >> let's talk about samsung and samsung shares were on track for their best daily percentage gain in four years and this is after the electronics giant forecast a close to 80% increase in third quarter profit and that beat estimates. several pointed to the weakness in the korean currency. this will be the first quarterly profit gain in two years from samsung which has been hampered because of falling demand and falling market share for galaxy offering. and it's interesting that even though by volume, by sales, samsung is still the largest seller of smartphones based on the android operating system.

the largest contributor now have been the chip division. >> which is astounding. a lot of people don't know that. they know the 6edge and the note as well. the note 5. they have been doing well. tvs as well. >> still the largest maker of television sets around the world. but a lot of analysts are saying the weakness in the korean currency can be thanked for more of this because every change as of $300 billion to the operating profit or the change added 300 billion to their bottom line but also smarter in their inventory management as well and still not seeing as much demand as they would like but they're also trying to get more brand recognition in the u.s., paying millions and millions. >> it doesn't work that way. they're one of the only asian

device makers in the u.s. they really cemented their brand. >> yeah, the essence, yes. let's state with the theme. we're heading to san francisco. san francisco fed president jon williams says the fed should be communicating it's outlook on the economy well enough so markets aren't taken by surprise by an eventual rate hike. a rate increase would still be appropriate to the fed next month citing global markets and lower inflation but since then there haven't been signs of a worsening global outlook and the u.s. labor market continues to improve. let's get back to managing director and head of institutional portfolio strategy. we've been hearing a lot of fed speak and we will be hearing a lot of fed speak. also ben bernanke saying that inflation is low and warns maybe holding off on an interest rate

hike this year. your thoughts? >> yeah, it really comes back to the idea of does the fed want to move away from zero just to start to normalize policy versus do they need to raise rates? inflation pressures are rising and i think it's definitely the former. the fed just wants to set that policy in motion. get away from zero and get up to a quarter percent. it's really about inflation expectations i think that are the most important criteria because when they passed in september, oil prices were really plummeting and expectations were coming down sharply. it would be very very difficult for them to do anything in that environment. we've seen oil prices and inflation expectations start to bounce back a little bit. it's too soon to say that's a sustainable trend but as we get out maybe closer to the december meeting for example i think that could make the debate a little bit more interesting.

but it's going to come down to commodity prices maintaining some upper bias here in the near term. we're not seeing it at the wage and price level for sure. >> so as head of institutional portfolio strategy what should i be buying at the moment? what should i be selling? >> generally we liked developed equities. globally probably more opportunity in europe and probably some early cyclical ideas over there. earnings are still well off the peak in europe where they're closer to their highs in the u.s. we want to be more cyclical and offensive. technology we like a lot. health care there's a lot of opportunities on the u.s. side. it's hit harder last month and really been broad weakness. so not just the bio techs but a lot of the providers and things like that that we think are going to continue to grow earnings strongly so there's good opportunities there as well. >> andrew action thank you for being with us so early.

managing director and head of institutional portfolio strategy. >> still to come on the program, seeds of doubt. monsanto reporting 4th quarter results later on today. we'll get you an analyst view on the stock following the failed bid for syngenta. a higher open when markets kick off. the s&p 500 could be jumping about 11 points. dow jones industrial priced in triple digit advance. that's being called by futures and looks like we're pressing in gains of 31. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities.

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. these are your headlines from around the world. ab inbev hoping to get third time lucky with an improved offer for sab miller which the board of the british brewer said it will now consider. >> shares in yum brands sinking 18% in after hours trade as the owner warns that trade in china is not recovering as quickly as hoped. >> caribbean based telecom operator digicel sheds it's ipo

plan. citing market volatility as the reason behind the move. >> they are a day to reach a deal with the united auto workers union to avoid a strike. >> thank you so much for joining us. let's take a look at how markets are fairing ahead of of the u.s. open. we have the dow on a three day winning streak though yesterday we had the s&p 500 and nasdaq being weighed down by the bio tech names. the s&p ended the five day winning streak. meantime the nasdaq ending the four day winning streak. let's check in right now the implied open and futures are telling us we'll see a higher open today with the s&p 500. we were up some triple digits at one point so we're higher by 88 and change and the nasdaq looking at gains of 28 points

when markets kick off. now let's check in on european markets and here's the european side today. it's all in the green and yes minimal positive territory of the ftse mib up .5%. german dax we're briefly out of bear market territory rallying and the ftse is seeing gains of around .5% or so. >> thank you. well, monsanto, the big story, it's to report 4th quarter earnings before the bell today. investors will be watching the numbers closely after the companies failed attempt to take on syngenta. they're expecting a loss of 7 cents a share. aside from the takeover attempt the agrichemical giant has been scrutinized over safety of its weed killing chemical product

called round up. they're down 25 or 26% since the beginning of the year. let's talk more about this. joining us is the equity research analyst. good to see you. what should i be anticipating from the numbers here when they report later? >> yeah, so i think everybody will be focused on what the fiscal 16 guide is going to be and at this point in my view despite seeing some competitors downgrading their guidance here recently, i don't see why this would be any reason for monsanto to provide a really conservative guide today. we still have pretty limited visibility into the south american planting and that's really no visibility into what the u.s. planting will look like in the spring of next year. so with that, i think monsanto will still provide a reasonable

guide and i don't really see them kitchen sinking their expectations today. >> i know you think that shares are significantly undervalued. by how much? >> yeah, when you look at the -- i think the important thing to look at for monsanto is the comparison of valuation to the overall market and when you look at monsanto valuation compared to the s&p 500, right now monsanto shares are currently trading below where the s&p 500 is on a valuation standpoint. so we have, in the past ten years seen that monsanto shares traded at about a 60% premium to the market in the last five years about a 40% premium. granded monsanto earnings are not growing at the same rate that they were the last few years but they're still

outgrowing with the market earnings. so i believe that they should still be trading at a slight premium to the market and not at a discount. >> i'm just wondering the syngenta deal didn't happen. did you think they'd make another attempt? ab coming after sab for the third time? >> yeah, and, you know, we've talked about before that this recent pursuit of syngenta was by no means the first and i don't think it will be the last. i don't think we'll see them in the near term pursuing syngenta. they need to focus specifically on buying back stock. investors are focused on that. that will be another thing today that investors will be watching for is the commitment from management on how much stock they'll be pieing back toward the end of the year and maybe what a new authorization will be looking like. but syngenta, there will be

another bid i'll sure down the road. >> okay. all right, brett, thank you so much. and let's take a look at some of today's other top stories. yesterday we were talking about the fantasy football controversy. new york's attorney general opened a probe into fantasy sports sights draft kings and fan duel after a report that they may have used insider information to win $350,000 in a football contest on its rival site. the allegations raise legal questions about transparency. espn is pulling draftking ads from its channels. disney committed to $250 million on ads over the next two years but that's not going to happen, at least for now. let's talk about major league baseball. one and done. do or die, houston astros as

dallas. he pitched six innings as they bounced the yankees buy buy from t -- bye bye from the playoffs. they finished 40 or more games for three straight seasons. they face the kansas city royals in the division series. and major league baseball playoffs have changed because now two wildcards play each other and in one game the winner is out. >> yeah. >> and the yankees are done so i wonder if they'll now root for the mets. >> this is an american thing. >> i'm going to get some hate mail. >> we have a lot of sports fans here and baseball is still, you know, it hasn't picked up here in the same way as the u.s. yet. >> but you know who i'm rooting for, i'm from toronto. >> what are they called? >> the blue jace and they're in

the playoffs. >> i used to go to the cubs games when i lived in chicago. >> they haven't won a world series. one of the longest droughts in major league sports. >> starbucks is hiring it's first chief technology officer as the coffee house giant makes a big push into mobile. the company is plucking away. 20% of all u.s. transactions are made by mobile devices. up from 9% just two years ago. still to come though here on the show, the u.s. ipo market has been struggling lately. the latest set back, a telecom company hangs up on plans for its u.s. listing. more after the break. find us on e-mail worldwide@cnbc.com or twitter as well. >> @susanlitv.

>> we'll see you after the break.

first profit gain in 8 quarters. it look them that long. they usually preannounce these earnings and right now they're talking about strength in chips, making up for some of the weekends we're still seeing when it comes to smartphones because chips, believe it or not, people forget this about samsung, it's now their top earner. >> very smart moving smartphones and then another arena. very very smart of them. >> they're diverse. they make tvs, chips and smartphones. but we should point out that the weakness helping out as well. >> definitely. 5 or 6%. so not all that bad compared to what they could be. but helped along by chips. the u.s. ipo market has been going through a rough patch coming off a third quarter. now one company going public today could test investors appetite for such deals.

landon dowdy is at the cnbc headquaters state side. >> data storage firm prices it's ipo at $17 a share. that's the midpoint of the expected range of 16 to $18. the offering raises $425 million valuing the company at about 3.1 billion. it raised money last year from investors and valued it at $3 billion. they saw revenue jump last year but it hasn't turned a profit since it was founded in 2009. shares will trade today at the new york stock exchange. scott dietzen will be on squawk on the street today on a first on cnbc interview at 10:20 a.m. eastern time. di fwr digicel is pulling it's ipo plan citing current conditions in emerging markets. it was slated to have one of the

largest ipos of the year. their revenue and subscriber growth is flat and it's been losing money. it's growth plans remain unchanged and it's looking to expand but in a statement a number have priced at a discount and this was a less attractive route for them. last week all five chaens that made their u.s. market debut including performance food group cut their offer price. some believe future ipos may require a discount due to market volatility. 46 companies have pulled their ipos as of the end of september compared to 38 all of last year. it's likely being watched closely by two high profile companies. first data and u.s. super market chain albertsons are expected to go public next week. >> thank you for the update.

>> now the prince of audisaudi arabia is the second largest shareholder of twitter. it's worth $1 billion. that holding does include shares bought by his royal highness prior to the company's ipo. speaking of twitter, loads of you writing in. good morning, everybody. anthony, ted, linda, lot of people writing in about how pumpkin pie might be a thing of the past. >> you get pumpkin pie thanksgiving but for the rest of the year there might not be anymore pump dkin pie. we were talking about beer as well. >> not our personal consumption of it. >> but again the latest in beer is pumpkin. pumpkin beer. >> pumpkin. >> they used the actual pumpkin

to make it. so maybe pumpkin beer. >> i'll think about that alternative. let's talk about the nicest guy in media. that's what he has been labeled. tom hanks. tom hanks has a reputation for the nicest guy in hollywood and the popular actor is proving that. he found an i.d. card in central park and tweeted a photo on tuesday. he said if you still need it my office will give it to you. hanks. it's been retweeted more than 7,000 times. he stars in the upcoming movie bridge of spies and he's on saving private warning and no word yet on whether or not lauren has been found. >> it's a nice thing to do. i would have called the university but when he has that many followers. >> yeah.

lauren's famous whether she wants to be or not. maybe she hasn't told her parents what university she was at. >> or maybe she wasn't supposed to be in central park at the time. >> exactly. listen we've got a break to take but these are our headlines. sab miller will consider a third takeover offer from ab inbev. yum brand shares fall sharply after warns of weaker business in china and they hope to avoid a strike.

>> yes, this is a third takeover attempt for the world's largest brewer ab inbev. maybe they'll get third time lucky here because they're offering an improved offer for sab miller. they offered 42 pounds a share. that is a 40% premium to the closing price before the markets got an announcement that ab inbev would be making the take over approach. the board will now review the new offer but the chairman labels it as being opportunistic. major shareholder is urging the board to accept today's offer but it's not that much more from the 40 pounds of share offer that they made before. >> they haven't been interested up until now and the question is whether or not this will tickle their fancy. we had a guest on speculating that an increased offer after

this might look like $44. but i think we're jumping the guns here. it's a good offer and a solid offer and a lot of analysts like it. but it would create a firm that would sell one out of every three beers globally and rake in half of the industries profits. together they would employ somewhere in the region of 230,000 people worldwide. so it's really a deal that a lot of people are looking closer at. again, revenue in the region of $64 billion. the cash offer a 44% premium to the closing price of a couple of days back. >> yeah, but, you know, i would say there's going to be big and high regulatory hurdles to get over. if you control 70% of the global beer market and when you combine miller with bud in the u.s. i'm sure some justice department officials might be taking a second look at this deal saying

hang on a second. okay. well let's check in on u.s. futures because we're still on a three day winning streak for the dow and right now we have the implied open. another higher open with the dow jones industrials called up by 88 points. meanwhile they snapped that winning streak yesterday. ten points or so and the nasdaq seeing advance of 28 points being priced into the wednesday open so far. louisa. >> if you're joining us it's always nice to know that today. they're out at 3:00 p.m. eastern time and this tracks americans borrowing habits primarily with credit cards, students and car loans. monsanto is reporting results following the failed bid to buy syngenta and we'll be hearing from constellation brands. >> it might also give us a better indication on this

combination. what that means for the beer market. let's talk about yum brands. they're cutting back on its full year profit outlook after disappointing third quarter results from its main market of china and india operations were soft as well. closer in overall profit for the quarter. same store sales in china missed forecasts. dropping some 18% and getting crushed after those numbers hit the tape. joining us from pensacola florida, ross gibbons. after five straight quarters of declining sales, a plus 2 in the column isn't bad. it's below market expectations but it's something at least. >> yeah and thanks for having me on. yum brands is really -- the stock got crushed because it's been too high. we got a stock that's been in a three year period of stagnant revenues and stagnant profits

and they're trying to command a 20 times earnings multiple so anything shy of breaking analyst expectations will lead to a crash and we're getting this stock revalued something a little bit more sensible. >> is it being priced at a sensible valuation right now? we're 18% down in after hours? does that seem more likely given the slow down continuing in it's bread and butter basket market of china right now? >> yeah. i mean, i think it's a more reasonable price after the pull back. what's happened though, everyone seemed to be using china as a scapegoat right now. business is doing well. sales are weak. profits are down. but they got some smart people at this company. they should have seen the writing on the wall. you can't bank three fast food chains on growth in china. and command those multiples. it's unreasonable so i think

today's price will more accurately reflect what this company is worth. it's probably painful for current yum shareholders but it will get it down to a more reasonable number. >> 54% of the sales come from china. how are the other markets doing? how is the u.s. doing? >> u.s. was up but again nothing too extreme. india is down and, you know, the india market, they lost -- they were expected to lose market share and lose money there. they just lost more than expected. it was something in the neighborhood of 2% if i'm remembering the numbers right. it's not a high growth company: they expanded i wouldn't say to their limits but close to it. that's why they're banking on china for their growth. >> why don't we just spin off the business like they told them to do. >> yeah. that's actually a pretty good

idea. that way you can separate the china operations from the u.s. and don't have the volatility that we're going to experience just because we can't predict china anywhere near as well as we can the u.s. manipulate their currency and economy and stock market is much more vulnerable than ours. we saw 150% in the last 18 months and trying to base your expectations, your numbers on sort of a, what i call immature market and a little bit of a weaker economy. it doesn't make a lot of sense. let people invest in the china section if they want and let u.s. and european investors a chance. >> thank you so much. that does it for us on worldwide exchange today. u.s. squawk box is coming your way next. good to have you. >> good to see you. i'll be back on friday. so for now though thank you for being with us. bye bye.

good morning, raising the offer for sab miller. the bid still might not be high enough. plus chicken little in the shares of yum brands and it's critical market in china. why elan musk wouldn't want to live forever but wouldn't mind a good 10 0years or so. i'll tell you what i mean in chairs.

it's wednesday, october 7th, 2015 and squawk box begins right now. ♪ >> live from new york where business never sleeps, this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with joe kernen. andrew is on assignment. we'll hear the highlights of his conversation with elon musk in a little bit. remember that bridge that opened last week in china. we showed you pictures and people walking across it with the blue shoes. we figured that was so nothing would crack. we told you it wasn't for the faint of heart. now there's reports it did crack. tourists were heard screaming and running. security officers found a crack in one of three pains of glass. they s