jonathan: rick rieder a blackrock will be sticking with us. the debt rate falling in 2018. we will get you up dated on that. 12 minutes away from the opening bell. this is bloomberg. ♪ account -- the countdown to the open. ♪ ♪ about nine minutes away from the opening bell. futures positive. we are up about one third of 1%. time for your morning calls. a look at the big movers on the backside of analysts admonitions. first up, drugmaker pair ago from a buy to a hold. point upgrading lending point to neutral, pushing shares to the lowest since the company's ipo. finally, morgan stanley predicting significantly lower u.s. credit returns next year. analysts saying late cycle and fundamental risks being rationalized as purely idiosyncratic problems. we view them as faultlines. still with me is keith parker of liz ann sonders of charles schwab, and rick rieder of blac krock. rick: the point about our credit spreads if they are too tight. reallyink some of those tight trading sectors will be -- do i think some of those trading sectors will be really