epc responded shortly after, but staff feel pretty confident we should move forward with aecom. i can answer any questions. i also have the city attorney here who worked with us on the response. >> i read the letter and reviewed the materials and i'm ready to make a motion. i'll move the item. >> second it. >> thank you. comments on this item? seeing none. all those in favor? opposed? the motion carries. so, shall we read items to be covered in closed session? >> yes. item 20, is existing litigation, joseph versus city and county of san francisco. 21, existing litigation. 23, existing litigation, pacific gas and electric. 24, existing litigation, pacific gas and electric. are there any public comments on the items to be addressed during closed session? seeing none, may have a motion on whether to assert? >> i'll move to assert. >> second. >> president ye all /* we are going to take five-minute break. maybe eight minutes. >> [laughter]. the commission has now reconvened in open session. the announcement following the closed session is the following. item 20 was settled. items 21

aecom, martin mar yeta, vulcan, these are the normal names you would expect fairly modest moves. long way down the road and a lot could happen in between. but $2 trillion was a significant number on the earnings front i think generally the numbers are continuing to beat we have turned positive for earnings expectations for the first quarter. we're halfway through as we've been saying. the numbers have been going in the right direction. and yet it's hard to move the market forward in the region it's expensive right now if we look at forward earnings multiples, we're at 17, 17 1/2 almost, depending what number you choose looks very pricey. historically it's usually 15 to 16 times even if you use 2020 numbers we're at 15 times. valuation matters. a lot has to go right for the market to stay up here the risk is to the down side any kind of problems over in china, any kind of problems with trade, any kind of slippage in the u.s. data it's going to create serious headwinds for the market at these kinds of valuations >> the euro zoen and u.s. data we didn't see u.s. consumer confidence