it finally happens as conoco phillips slashes it's pay out by a third. some investors didn't see it coming. >> i don't know what their yield is off top of my head but i wonder what they say. >> what everybody else says. they're not ready to cut dividends yet. they're not going to hint at it but like everybody else oil prices stay this low eventually they'll have to face up to the reality. >> i wonder what would happen if they dropped the bomb. >> they're going to get hammered and then it's going to be a buy. >> they did cut the dividend. >> and that's the name i think stood out. >> we talked about having different ones. they have to figure out all kinds of things. especially if you believe what a lot of people are talking about. we have to make acquisitions at some point in time. that's what everybody is expecting out of exxon and chevron and now because they have bitten the bullet out of conoco phillips as well. >> is this a one off or does this start to snowball? >> it needed to do something it had to go to 25 cents just to get back in line to address

. >> you're looking at conoco phillips that reports its earnings before the bell on thursday.t are you looking at for them? they are down even though they are up because of oil. this goes with my overall. . the stocks have really been beaten down. correct that the theyrades are incorrect, have been priced into the market. i want to buy conoco phillips because there is an 8% dividend and i am trying to bottom picture a little bit. with unlimited upside potential. >> let's get into that. the next reward is unlimited. it me about that. >> i am going to sell some premiums. i'm going to sell the 36, 35 put spread five times for $.50. it will give me a risk of $.50 or 250 dollars. i will take those proceeds on collecting and will go to march about the 37 call for $2.40. mem buying a call that gives a reward to the upside. that's only if we don't rally between now and march. if we stay above 36, guess what? eye on those walls. it drops to $50. much.nk you so todd horwitz, we appreciate it. it back to you. having anking shares rough go this year. the s&p financial down about or team p

in other energy commodities, exxon and chevron and conoco phillips, exxon is up by 1% and chevron isp by an 5% as well as conoco phillips on the back of rising oil trading at about $29 per barrel. 11% on the day. 5% asares are popping well as other insurers. the news out of aig is that they revealed they had a fourth loss but that is being overshadowed by a $5 billion buyback. they are increasing their quarterly dividend by 14 percent. banks are the biggest s&p 500 leader. fromare seeing an uplift 5.5%-6%. the nba all-star texan i kicked off today but that was not the only thing being discussed. mark cuban talks about what he sees in the volatility in the markets. >> i think we're going to a correction where we don't understand how all the markets in different asset classes are correlated and we see so much algorithm trading driving one class versus another that it's not just about fundamentals anymore. traders don't or understand what's going on, they get out and go to cash so it's not a surprise. stephanie: what are you doing? >> i have edged positions like thatix and smaller caps

oil, 30 days on conoco phillips.he fallout, shell, europe's largest oil company is cutting jobs, reported its lowest profit in 13 years. i see royal dutch shell up. want to see that one? >> it is not cutting dividends, another company, conoco phillips cutting the dividend in this low of tough news, you noted the lowest annual income they made in 13 years, they cut jobs, cut down the project they have, reserves have dwindled by 20% so that is the bad news. the good news is they have a dividend of 8%, they are not adding that. stuart: if you can get 8%. >> they declined to give guidance in the future but said they are not lowering their dividend. stuart: 8% on a company like shell. good lord. that is a lot better than treasury, the negative interest rate there. duncan doughnuts reports unexpected drop in sales in america, stock is down 3%. ralph lauren, their sales are down. a big drop, 14% to the downside, 98 on route lauren, higher sales at grubb, but up 9.5, when you talk percentage terms you know they are moving, 1

i'm telling right now, exxon schlumberger, conoco phillips. >> conoco said they weren't going to cut and did cut. >> if you look at it now and say to yourself, of those names, who has got the very best ratios, they're the biggest! so if you have to go by that -- >> there's no doubt about size. i understand what you're saying. what i'm saying is, i think conoco did the right thing. they needed to cut that dividend. so they cut that dividend, because they did, now their balance sheet, when the time comes, will be set for them to be able to make some of those -- >> how do you know a dividend cutter doesn't do it again? >> you don't. you never know if they've taken enough -- how about the ones who haven't cut, and they're sitting there, and they're leveraged to the hilt, and they have got some cash flow problems, their cash flow isn't the same as it once was. >> prime example. we had sun corps ceo on last night. i think -- >> that's a different situation. that's got political problems. the woman running the profits up there doesn't know what she's doing. you don't touch that. >> i think

american oil giant conoco phillips lost a billion in the same. here is why u.s. crude settled at $the 31.72. prices dipped into the 20s, that's a far cry from the $100 plus that oil traded at in mid 2014. and the downward spiral takes a toll on global stock market in asia and america. and that caused angst at the world economic forum. in davos switzerland, that brings together leaders, executives and others from the global elite. they meet to change ideas and solutions. i sat with some of the big wigs in davos, including sir richard branson, the british typhoon, and he offered a different take on the mayhem of falling oil prices. have a listen. >> i cannot understand why the stock markets are panicking over low oil prices. many companies will be affected and oil producing countries will be affected. for the vast majority of people in the world. they'll benefit from low oil prices. for the vast majority of companies, they'll benefit from low prices and it could be the generator of, you know, the economy that you can imagine. on top of that, you will have clean ene

let's start with conoco phillips, morgan has more. >> slashing its quarterly payout by two thirds, the first major oil company to do this. and while the yield has soared to 8%, the move came faster than expected, the reason really the stock is sinking today at a time when oil majors like exxon and bp and shell continue to defend their dividends this could be seen as a harbinger if crude stays lower for longer. some suggest royal dutch shell could be next. despite statements to the contrary this morning and chevron's promise through 2017 has also been questioned as well. but this issue is really affecting the overall energy sector as equity prices dropped and dividend yields jump, averaging 4% after recently hitting the highest level since at least 2000, and in light of that data, some names that could be ripe for a reset. williams companies which yields 14%, oneok and murphy oil and national oilwell varco. at least for now analysts are worrying that energy stocks that have yields over 6% might best be approached with caution. >> although, morgan, many would defend the dividends to the

conoco phillips becomes the first fler gy company to slice its payouts. will others follow? >>> open for business. economic sanctions may be lifted but western companies still face big obstacles trying to do business in iran. all that and more tonight on "nightly business report" for thursday, february 4th. >> good evening and welcome. high drama on capitol hill. it involved grinning, mugging for the cameras, insulting tweets. the word imbusineeciles, referro members of congress. but no testimony. the leader of turing chemicals refused to testify today. the man known as pharma's bad boy for raising the price of an older drug by 500% cited his fifth amendment right against self-recrimination. but as meg reports from capitol hill he was anything but silent. >> reporter: representatives from valiant pharmaceuticals, fda, and the pharmacy benefits manager industry group, were all invited to testify today at a congressional hearing on drug pricing. but the star witness was the infamous martin shkreli. his former company, turing pharmaceuticals, gained notoriety for hiking the pri

the big story is not just -- conoco phillips trading lower. the big stories not just the earnings report. cutting capital spending after reporting its biggest quarterly loss in almost a decade. and why this is so important is a lot of the oil majors still have relatively high dividend yields. that is one of the things that provides a floor under some of these stocks. the fact that a big oil company is cutting its dividend is a big deal. shall isipside, reporting 44% decline in profit. to some investors it does not look that bad. looking at oil prices this morning. we see them continue to work higher. just this kind we had in oil prices over the past several days. i have this affected elsewhere. julie: as we been getting this economic it it is putting pressure on the dollar. you see once again today, the bloomberg dollar index, basket of currencies, down over the past two days by 2.4%. the slump is quite unusual, particularly in light of recent history and the rallying dollar. the dollar-euro strengthening once again. let's check on the bloombe

they have to be enough for big oil to cover dividends using free cash flow and companies like conoco phillips did not make it and what was forced to cut dividends. how bad have things gotten for oil companies? here is the amount of energy debt that is now trading at distressed prices. in november, it crept up to 88 billion. now we are at $140 billion. aat is tremendous about this, $20 billion of this actually comes investment grade companies which is unusual. good brady company shouldn't junk.ebt that trade like this raises the question, is the debt market right? our energy companies in that much trouble? to help joining us answer these questions is our own spencer cutter. our team of analysts that cover various industries. she posed a question, is the debt market right? what do you think? spencer: it anticipate the rating agencies. they have an active in the last year saying they are going to be downgrading more and more. the debt market, yeah. are some babies being thrown out with the bathwater, most likely. moody's came out in january and said they are putting 69 energy companies in north

. >> on 6/1/2010, he gets a deposit from conoco phillips for rins he sells, for $231,000. the next week he buys a lamborghini for $230,000. >> narrator: it's a wild shopping spree backed by stolen millions. >> the obvious question comes up when you see all these cars pulling in your neighborhood. it's like, "what's this guy

chevron, conoco phillips, and more. matt: thank you for that market roundup. now let's go to first word news with mark crumpton. mark: i am worried about you. president obama is asking the nation's governors to push his free-trade agenda. the white house today, the president called on governor to talk to their congressional delegations on how these trade good boost businesses in their states. a: we actually had a campania and bill -- companion bill to our trade promotion authority that just passed the house and the senate, and i again prepared to sign that would give us additional tools for enforcement. more resources, more personnel allows us to take more aggressive actions. firm, are going to see tough enforcement of our existing trade laws. administration is facing grim prospects for using it transpacific partnership through congress. mitch mcconnell hasn't suggested he will not bring it up for a vote before the november elections. the hedge fund founder stephanie has decided to support john kasich for the presidency. four states, michigan, california, new

earnings to watch, conoco-phillips reporting before the opening bell. we'll also here from linkedin, news corp., and lions gate. >> a jam packed day. coming up, european bank fears. we're going to head to zurich, switzerland, and hear from the ceo of credit suisse. >> first as we head to break, we want to hear from you. our twitter question this morning, which asset class is leading the market moves anyway sm is it stocks, bonz, currencies, or commodities? tweet us @cnbcwex. the answers are coming in. i say currencies as of the last 24 hours. it's been dollar weakness, a good thing for stocks. we want to hear from you. we'll share your results later in the show. you're watching "worldwide exchange" on cnbc. 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. cme group: how the world advances. karl, don't you have fryeah, so? ng over? it stinks in here. you've got to wash this whole room are yo

big oil companies look and which one do you think will have the biggest issue and i ended up conoco phillips reason was the negative cash flows. sure enough, here they are. >> yeah. >> i think there's a lot of reasons when we look at debt, when you look at cash flows, we have some concerns out there, and there are some companies that they have got to restructure and it's going to be a very long process for many of them. >> actually the terrible headline at the beginning that have interview turned out to be somewhat positive so not as bad. we get accused of a lot of fearmongering. not just about fear, trying to tell the truth and explain what we're seeing. in a lot of ways it's been acura. the other side to me is being glib and everything is okay and i don't think that's anything that's good. what's encouraging is the fact that a lot of major integrated oil companies reversed and went higher. that's a pretty good sign. we mentioned that at the top of the show. >> does that mick you tempted to look at an exxon mobile or a chevron or bp. >> it does, i think if sentiment is changed that would be

conoco phillips becomes the first fler gy company to slice its payouts. will others follow? for business. economic sanctions may be lifted but western companies still face big obstacles trying to do business in iran. all that and more tonight on "nightly business report" for thursday, february 4th. >> good evening and welcome. high drama on capitol hill. it involved grinning, mugging for the cameras, insulting tweets.

you told me you didn't think the conoco phillips was going to cut. start of something big? >> feels like it. this is when we had the analyst from s&p on. he thought dividends would be cut. dent wa he didn't want to say that. oil is stuck at $30 plus or minus $2. it has been there a while. there's no reason to go higher. without it going higher, they can only cut so much. the dividends come into play. >>> banking on the financials. an upgrade for two banks. josh finds the trading activity distre distressing. >>> final prep at levi's stadium. live picture. joe theismann is live. we are waiting on president obama. he will make a statement on the economy and today's jobs report. live at the white house when that happens. back right after this. 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. cme group: how the world advances. four score and seven years ago, our [train horn blares]th-- ... to

conoco phillips becomes the first fler gy company to slice its payouts. will others follow? open for business. economic sanctions may be lifted but western companies still face big obstacles trying to do business in iran. all that and more tonight on "nightly business report" for thursday, february 4th. >> good evening and welcome. high drama on capitol hill. it involved grinning, mugging for the cameras, insulting tweets.

. >> we sew conoco phillips, a real great company, cut its dividend by 2/3.t made me think i've got to ask john what's the collateral if someone's in the oil service business, what's the collateral if they're in the oil business? because you can't take their house necessarily. but what do you have to make yourself hedged so you don't lose money for your shareholders? >> there's a variety of loans within the whole moniker of oil and gas. enp. the expiration and production. you have proven reserves as collateral. then you have mid-stream, which is moving the oil and gas, those are pipelines and so forth. and the field services, which is the most stressed. you'd have things like supply and pipe and drilling rakes and so forth. so it's a variety of things. in most cases our loans are collateralized. some situations the collateral's worth less than we thought it was. surely in oil services. but we've been in this business a long time. we have 2k3wr5e9 people who've dealt with this over history with ups and downs in prices. >> let's talk about the economy in genera

what doug is talking about the specific names you pick out there because i think you left out conoco phillipsd look at somebody with negative cash flow i think that dividend is in jeopardy and look at what exxon has done, cut the cap "x" and are getting themselves prepared. took away the repurchase program and for now seems like they are setting up something. >> you're long exxon? >> i'm not. >> you're in the. >> i wish i was because of the names how the think think that's the best. >> exxon is kind of interesting, right, because let's just say all. dividends aren't safe in the other areas. exxon's most likely probably the last one to cut it in it's going to happen so you'll have this effect of people rotating into exxon, so there is some kind of support there for that so if you have to be in any sector and you want to get some yield exxon might be the place to be. >> let's move on here and you guys out there might be asking where's dan? right? empty seat here. he's at the smart board breaking down a big bullish bet in loews. dan, what did you see it? >> today lowe's was creamed. they made an

these are some of the large cap energy stocks doing well, chevron, exxon mobil, conoco phillips, thenergy indexes the best percentage gain in the s&p 500 in terms of groups. material stocks of the other big gainer. copper and gold are rising so that's benefiting freeport mac moran and others. u.s. steel is rebounding today and allegheny technology as well. again we see in the metals companies is coming on the heels of gains we see in the underlying metals. copper, palladium, copper, you see them rebound today. we got industrial production early today rising for the first time since july since its highest level since november of 2014. that is helping fueled is again even though the mining portion of industrial production is actually down. alix: because it got cold. thank you so much. european banks trade for less in their book value, something that typically might be appealing to activist investors. they are nowhere to be found. joining me now is the columnist at bloomberg. you had an article about this out today. why are activist shunning european banks? seems like it would be an att

scarlet: big oil feeling the squeeze -- conoco phillips cutting its dividend and that makes investorsshares are down more than 7%. like other oil company's, conical phillips has taken a beating when it comes to the share price, down 40%. we will bring in bloomberg intelligence analyst peter polk and. who is next? peter: what is adjusting to know is in december they came out with their operational plan and they basically say the dividend was a big priority -- a top priority, in fact, and now, basically a month and a half later, they have slashed dividends 66%. what has changed -- oil prices have declined. it is down 20%. also, they are realizing the price environment will be for a lot longer than they expect, and they are expecting for longer -- lower for longer outlook. alix: if you look at historical dividends, yields are much higher than they were in the financial crisis, meaning share prices are getting hit that much more. does that make any sense? it does make sense, and here is why -- we have nothing the bulk of the players cut dividends. whenarket is telling you you see a high d

. >> the integrated oil guys which i agree, look at the difference how exxon and conoco phillips, maybe a terrible surprise but tells you a 40% debt to market cap trades differently than a company 10% debt to market cap. they do an equity raise for what i would argue a very expensive valuation relative to where you think the company should be. when a company does that, they are kind of telling you, we think our stock can go lower. you have to really sort through the good companies and bad companies here and have to buy balance sheets and valuation and very prudent management that didn't excel at the highs of the market. >> we mention that obviously the linkedin earnings report was one factor, but did something larger change today? what about the january jobs report and weakness of the dollar this week and fed? again, i bring up the bank stocks. is there something more cosmic happening? >> i don't know that any of the data this week changed the overall picture. what i do think though is the dollar weakening was yet another one of these crowded trades where they knocked big money back on

when you see these -- where was conoco phillips before cutting its dividend, 7 or 8%. >> that's the marketling you it had to happen. i don't think at this point it has much shock value. >> even 3% is rich -- >> you're not going to get that much credit, might as well preserve the cash. saving $450 million -- i'm sure they can use that. on shark tank you're mr. wonderful but here you're mr. dividend. you're seeing companies that a 2.8% yield had to cut by 81% today. >> doesn't that put fear in snu. >> you don't have to invest in those, invest in those turning it over and being productive. as a result of testing balance sheets you'll have good dividend years over 3 or 4%. had you invested only in the s&p, you would be 9% ahead of the market now. finally, things are coming back to my view of the world. if it doesn't pay a dividend, you could get linked in and completely wiped out because it's speculation, you can be an investor, not a speculator. it's coming back to quality, low volume dividend years, i'm so happy. >> i wonder what happens when you start to look at linkedin and mike you and i

. >> lessons with sully today, if you're buying oil stocks for the dividend, i think conoco phillipsdy up. >> that's a bunch of would loneny. >> don't insult it. it's delicious. >> it's better to be paid 3% to wait but if you're stock is going down, it's not going to offset the decline in equity -- >> think about how much higher your yield is. >> because you think it's done going down and you get the dividend. >> some people -- >> i got -- literally gave you the brush offer. >> she went like this. haters are going to hate. shake it off. >> we'll be talking about what other companies out there could be looking -- >> you've got brett favre on. >> launching a new social platform. so yeah. >> that's great. >> brett favre on "fast money". >> favre. >> gold copper. >> tonight talking about his new social platform. thanks so much for watching "power lunch." "closing bell" starts right now. >> hi, everybody, welcome to the "closing bell", i'm kelly evans. >> conco phillips to cut its dividend. which other names could follow suit. >>> and the rise of the robo adviser, mike santoli will join u

conoco phillips down 1% even. i can see that oil continues to come down.re looking at a price of $30 62 one cents per barrel. $30.61 seems to be -- per barrel. i showed you all of the german automakers were down. ,mw, volkswagen, and daimler all down. the same is true in the u.s. julie told you about ford recalls but they are not that big of a deal. this is a global risk off trade and for some reason the automakers have taken the brunt of investors' concerns even though the auto sales market does well. , this company has had a rough time. it is down 16% because its outlook is well under the street's estimate. they had earnings forecast for 330 at the most. if you take a look at the year-to-date chart of avis budget they are off about 50%. this is the year-to-date chart, down 31%. a full year chart, 12-month chart, they are down more than 50%. it has been a tough -- rainy innocence you is standing by. ramy: the nasdaq is down by about 1.3% following what is happening with the s&p 500 as well as the dow. tech shares year to date have been doing the worst out

conoco phillips. a nice exception here. you have this concern about oversupply.ies coming in higher than expected. stuart: we got it. thank you very much. i call this a flat day. google has a new robot. we have a guest to his calling it, the robot, the american worker. that is next. ♪ nicole: i am nicole petallides. the dow industrials and s&p all have up arrows for this week. up 41. the s&p is up for. the nasdaq up three. some of your dow have winners and losers. finances and health care are gaining. chevron and ibm pulling back. we are also seeing names with new highs and new lows. better than expected sales. new highs. 26%. one of the energy names down 6%. we want you to start your everyday on the fox business that work. lauren and i will get you ready. breaking news.ust drop fbn a.m. 5:00 a.m. ♪ risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. stuart: higher sales at salesforce.com. i am not quite sure what that means. they are down 9%. >> they are up. every

probably want it to last not to be all always negative all the time, ail say this, the rehearsal in conoco phillips, pretty interesting, exxon-mobil, 81 bucks -- it's middle of december. hard for me to say, i'm not really sure. maybe people are stretching for stocks that they feel have reasonable valuation and that the fact that maybe the oil for short-term is bottoming. i would push back and say exxon at 21 times forward earnings in this environment is not reasonable by any stretch of the imagination. i can't say what people are looking at. i can only tell you the price in those two stocks at least was halfway decent. >> mr. paulson, some are suggesting the reason we didn't get a flush out because on wednesday janet yellen speaks, is this creeping in and hoping the fed sounds much more dovish and do you think they are going to? >> i think that's part of what's going on. i'm hoping yellen doesn't show a lot of dovishness. one of the things good going on here, all of the sectors in the s&p that are at the epicenter of this crisis fied to energy and material stocks and emerging market stocks, they ar

we also have earnings from conoco phillips today -- actually, you can see shares trading down right nowup. ell, on the other hand, trading up, after a drop in those shares yesterday. finally, go pro earnings, a real disappointment. it is down 14% and phillip morris down 3.1%. fors go to vonnie quinn first word news. officials suspect a bomb caused the explosion on the somali airliner. american officials tell the new york times a bomb maybe the work of a militant islam group. the senior u.s. commander in afghanistan is taking issue with president obama's proposal to cut american troop levels to 5500. army general john campbell says there would be too few soldiers left. campbell thinks the afghans will not able to independent sustain security forces until 20 24. in greece, workers are holding a one-day strike against alexis pension reform plan. the proposal calls for higher taxes to plug a deficit. protesters say that will cripple small businesses. global news, powered by more than 2400 journalists around the world, i am vonnie quinn, and that is your bloomberg first word news. matt: the

stuart: look what is going on, we have exxon up, chevron, conoco phillips, shell, all of them on theay because oil has popped 7%. look at gold. what is this i hear? gold is down a bit, at $12, well above $1,200 an ounce. lines around the block. ashley: in london, old-fashioned gold brush, business that sells bouillon in the west end of london and there was a line yesterday that went out and around the corner and online gold dealer in the u.k. had individual sales of $7 million in one day. a lot of fear out there. stuart: just in britain? ashley: elsewhere but the u.k. has seen a gold rush but it feeds on itself. stuart: never heard of a british bulldog. i thought they all lived in america. ashley: apparently not. stuart: more big names. pandora need of popped yesterday on talk that somebody would buy them and they came out with their earnings reports and they are down, stable at $9 a share. wind at resorts, profit and revenue down, matt hall dragging on them. they will see growth in las vegas. they are up 6%. gamemaker activevision blizzard gave a disappointing outlook, they are the

on the earnings front, conoco-phillips reporting before the bell.t's today's squawk planner. >> buffalo wild wings reported disappointing results. the company posted fourth quarter earnings of $1.32 a share, falling short of $1.48 that analysts expected. the wing chain blaming the holidays. they weren't anticipating there would be any of those this year. that makes no sense. we'll talk about it. that's just a throwaway line, blaming the holiday. what does that even mean? there's holidays every year. the earnings release did come hours after health officials announce they were investigating a gastrointestinal illness. >> that's why the stock was down. >> and ceo sally smith will get out in front of that with us. we're going to find out what we can about what the company knows. a single facility? >> it was a single facility from what i saw. it's just people are thinking of chipotle. >> exactly. >> let's talk more about china's slowdown fears and tanking oil prices. it's been spurring an erratic start to the year for the marks. investors now getting co

conoco phillips is going on. the sails put up by this administration is not where they wanted to drill. i have an old saying and people laugh at me, you don't hang rabbits on a pool table just because it's green. you don't drill oil if it's not there. and this administration, bless their hearts, they put up sails that there was nothing there like the pool table. they can't and will not. the choices and i ask them, why don't you ask the oil companies where you would like to drill. we can't do that, because someone has asked us to preserve that great area. the area is just as pretty but it doesn't have any oil. this is an attempt to take 18 billion barrels of oil away from the american people, an attempt by special interest groups so this country can't grow. able will be here forever. oppose this amendment. it's wrong for this nation. the chair: the question is on the amendment offered by the gentleman from california. those in favor say aye. those opposed, no. in the opinion of the chair, the knows have it. the ge

look at the exxon quarter, phillips, conoco and now hess. >> we'll be looking at it yet again when we the opening bell. already saw it will be down a lot. we'll be right back to you. that opening bell in about four and a half minutes, followed by jason furman. >>> you're watching cnbc, "squawk on the street" live from the financial capital of the world. the opening bell in a minute. the jobs number came in at 151,000, unemployment rate at 4.9, the lowest since february of 2008. the biggest story is wages, up 0.5, looking for 0.3. a lot of charts out today looking at the trend on wages, that continues the upward trend, as more people get in the labor force. >> i still find the discourse to be incredible. talking about the minimum wage in the '70s and '80s it was not a factor. this was about trying to get the working person to be paid more. what it means is that things are getting hot, that's a misread. if this market we'll misread the fed. that's what we do. >> a look at the s&p at the bottom of the screen. at the big board, the maker of integrated circuits, celebrating their sixth lis