i'm jon erlichman. along with matt miller. big story we've been tracking, the wall street performance, our stock of the hour. taking a look at what is happening with jp morgan, wells fargo, citigroup. kriti gupta is joining us now. in some cases, these names are lower. kriti: going into earnings, they had some pretty high expectations. not only massive loan growth, but the rate hikes would boost stock and their bottom line. top of that, trading revenue in the fourth quarter, where we saw the volatility spike, the opposite of what we heard. let me run through some of the highlights. jp morgan, not great when it comes to the expense management. they missed of the estimates, but revenue was up 28%. wells fargo beating expectations but they say their lending growth will accelerate next year. citigroup having an investment banking surprise. at the end of the day, not putting up those profits that the market was anticipating. matt: talking about the trading pressure the banks have seen, and the fallout that we are seeing in the stoc

with jon erlichman.s of citigroup are rising partly with higher yields, but there is also a vaccine mandate that line that will see employees without the jab he put on unpaid leave and terminated at the end of the month. jenny, what was behind is very aggressive move? citigroup has always been ahead in terms of this. what was behind this particular move? jenny: they announced they were planning to make this step in october. they have given post a few months. the mandate is you have to get a vaccine or you can also lie for certain religious or medical exemptions. they have seen pretty broad compliance. at least 90%. that is a figure that is rising every day. it will be interesting to see where they end up next week. they have separately try to work with folks, introduce different programs, but they have said this is a mandate we have. if you cannot comply with an exemption or getting the shot, this is the step we are taking. jon: you wrote a really exit piece on this with requiring shots. it is one thing

with jon erlichman.to announce soon where it will manufacture electric vehicles in the u.s., but says questions remain about how much demand there is for battery-powered cars and trucks. which is weird, because sales have been soaring in pretty much every region around the world. joining us for more is chester dawson. why is there a question about demand? we are seeing eye-popping double-digit percentage gains or electric car sales in every country you look in. chester: that is true, but i should qualify this by saying they were speaking specifically to the u.s. market. honda and the asian market is going full bore on the electric occasion. they have adopted definitely a more cautious stance here. the executive who briefed the media yesterday said essentially they see a lot of demand in certain markets like california and a few others, but not broadly. they are a little cautious about how much uptake there will be especially with so many other rivals rolling out new products in very short order. jon: i w

with jon erlichman.startup that enables company to track shipments across the supply chain. it has reached a $2.4 billion valuation. it has raised $240 million from an equity group included some really prestigious names. let's bring in the ceo of project44, jett mccandless, to discuss. in terms of supply chain, how helpful can you be to alleviate the problems that have because the inflation and held that growth over the past couple of years? jett: i think we can be incredibly helpful. seven out of the top 10 retailers use project44. the supply chains are a mess. there are bottlenecks everywhere. they will continue to be bottlenecks, whether from the suez canal, covid, labor shortages. when companies can move from reactive to proactive, it really starts to change the customer experience, starts to change how they manage their inventory, just provide a lot of better internal and external customer. jon: that suez canal example was a great opportunity for your business, but to matt's point, we look at the su

i'm jon erlichman. along with matt miller.tching this big deal of the day, take-two acquiring zynga in a multibillion-dollar deal. investors don't seem to be liking the move, if you go by the share price of take-two, which is having one of its worst days going back a decade. i was talking to you on ipo day for zynga. i was standing outside their headquarters in san francisco. everyone was walking in with their dogs. you quickly learned that the company was named after the founder's dog. a company that was very much in line with, let's shake things up at a different work environment, and also embrace mobile gaming. i guess that is what take-two is interested in. matt: imagine if i could take steve to work. we would all be better people, and steve would love it. i do remember that. at the time, farmville was the big thing, when everyone on the subway was doing. remember alec baldwin got thrown off a plane because he would not stop his "words with friends", also a zynga game. i couldn't believe the value on this thing. is it wort

i'm jon erlichman. along with matt miller. governors from across the u.s.n washington this weekend for the national governors association winter meeting, coming together to talk about the economic road ahead which includes trade issues with countries like canada. the alberta premier, jason kenney, is there in washington. nice to have you with us. josh wingrove is also with us. the conversations that we often have cross-border is often through the lens of the president and prime minister. you are there to talk with some of your counterparts in the u.s. what do you want to achieve in the talks this weekend? jason: we are concerned about the supply challenges facing north america. we already had a continental shortage of long-haul truckers pre-covid. those trackers have been incredibly stressed through covid and now the quarantine front on truckers is worsening the food supply issue, putting more pressure on inflation for basic commodities. i know a lot of governors agree with my concerns on that. alberta is the largest source of energy imports to the u.s. 55%

. ♪ >> on jon erlichman. welcome to bloomberg markets. matt: i'm matt miller.s tumbling as investors worry about geopolitical risk and praise for fed rate rises. when i came in this morning, the narrative was about the fed raising four or more because of the goldman sachs note over the weekend. we could see 50 basis points, something that we heard from a number last week. but it quickly turned to a russia-ukraine narrative payment then we saw s&p futures come down pretty severely. at one point, down more than 3%, but we have recovered somewhat with a drop of only 2.3% on the s&p. jon: i think that is well said. we knew that we would be talking about rates a lot this week, we didn't know how much we would be talking about geopolitical risk. put it together and it has played out in the markets. we should point out, through all of this, and certainly a day where you look inside the s&p 500, not much is getting momentum right now. correction territory off of its peak from the beginning of the year, that looks relatively modest when you compared to the peak of the n

with jon erlichman.tock of the hour, microsoft, spending 69 billion dollars to expand its presence into the game and videogame industry. gritty has the details for us. kriti: $69 billion deal for a $2 trillion company. $95 per share, that is how much is getting bid on. that marks a 45% premium. activision has come under quite a lot of scrutiny for the sexual harassment case which has weighed on shares, in addition to falling under the pressure of the chinese regulatory, which is eating into. the stock this is not just the 15th biggest m&a deal in the past decade, also the biggest m&a deal in the tech industry, biggest acquisition for microsoft. when you compare the stocks, they were two major pandemic beneficiary stocks, until activision started lagging behind. that regulatory scrutiny in china and sexual harassment case when it came to activision and the c suite. mobile gaming is also a big part of the equation. it is not just getting a foothold into gaming. they have a number of major franchises, but m

i'm jon erlichman. we talk about the u.s. tech giant.ian company that's been growing pretty quickly, shopify. as those companies get bigger and a country like canada, they have that outsize influence. you think back to the days when people were talking about businesses which were put out of business by the likes of cisco, the blackberry story. given that we have seen shopify lose 50% of its value, we wanted to speak to somebody who used to battle it out with nortel during the .com bubble. the former ceo cisco. >> the tech industry, a key competitor in nortel, they disappeared versus cisco. the canadian startups today are much different. shopify is an example. stocks got beat up a little bit but that is e-commerce. i think they will come through just fine. jon: you are looking at a company that is still expected to grow in the neighborhood of 30% this year. that is not going away. what have to watch is whether analysts change their tune on where stocks go, and that disconnect that we have seen of every technology stock as of late. matt: i

i'm jon erlichman along with taylor riggs.abor market is just one of the reasons big banks have revisited their pay scale in an effort to retain talent. brian moynihan, bank of america chairman and ceo, says compensation is one of their biggest expenses by a lot. have a listen. >> it is a tale of many cities in the sense that there are some businesses in which they have not as much leverage and therefore their compensation structure may change. overall, we have about $30 billion in compensation and related expenses, benefits, bonuses, etc., for our team, so it is the biggest expense by a lot. the only way to really manage that is to actually -- manage is actually how many people you have going through it. we don't want people who will work for less next year. if the market struck, that changes the way the grid works, the revenue comes down and the payment go down. that is not something we ever hope happens. we would rather pay people more and grow the business. there are parts that move that way, parts that don't, but the real

i'm jon erlichman. along with alix steel.io, canada, we have been covering, as many states in the u.s. are navigating through these restrictions, we have a whole bunch of new ones. online learning is a new reality once again. we have a lot of companies signaling to their employees, if you can stay home, they would like to see that. the government is trying to prevent covid-19 from overwhelming the hospital systems. these measures are meant to slow the spike, similar to what we've been seeing across the u.s. the province has more than 1200 people in the hospital with the virus, including 248 in intensive care. although the serious cases are still well below the levels seen in last may. alix: we are seeing that in the u.s., too. teacher shortages. if you don't have the teachers, you don't have the ability to mix classes, and you have to go remote. that will be tough. then you have to also deal with isolation times, which brings us back to testing. jon: i can give you the anecdotal example. until the 17th of this month, that is