and the 2900-room venetian macau.e plans on adding another property to be completed by the end of 2016. bringing his grand total to over 10,000 rooms. if he has his way, visitors would never leave. >> we are now developing enough retail malls of different types. you can be in 3000, 6000, 12,000 or 15,000 hotel rooms and never leave the building. i will give you a short anecdote. i had a friend from boston that came in with his wife to go to the jewelry show. they came in on thursday. on monday, he said, how is the weather? i said, you have not been out? he said, what would i go out for? everything i want is here. >> lawrence ho is talking about shows that are coming in. it is retail, it is restaurants. they are copying you. >> yes they are. they are trying to copy me. he's a nice guy and a gentleman. he has no exhibition and convention space. there is not a city in the world that does not want exhibition space and convention space. >> as many of adelson's peers have noted, it is his very success in macau that has left

the resorts in macau are world-class compared to las vegas. macau has taken off. pansy: we are talking about the next generation of people from china have become more affluent. betty: siblings lawrence and pansy ho have become leaders in the industry thanks to their father, stanley ho. the siblings have a combined net worth of $7 billion. for the last decade, they have met stiff competition. sheldon: they predicted i would not even open. they did not believe somebody else could do something better than they could. betty: they underestimated you. sheldon: they grossly underestimated me. betty: sheldon adelson has a net worth of $35 billion. much of that wealth made on his macau casinos. the race for macau pits billionaire against billionaire. all vying for the attention of the 1.3 billion chinese to the north. macau is an 11-square mile enclave on the southern coast of mainland china. for over four centuries, it was under portuguese rule. today it is the closest place to china where gambling is legal. in 1962, chinese businessman stanley ho was the first person to

what will happen in macau? that these gambling places are themselves the subject of swings. stephanie: ironic. we had exciting guests. at 1:00 p.m. on bloomberg west cory johnson is speaking with the ceo of the san francisco 49ers. stick around. ♪ stephanie: it is 56 past the hour. bloomberg television is on the markets. midway through the u.s. trading day on wall street, the question is is volatility back. we have seen swings in the dow with it swinging or falling by at least 100 points for the fourth straight a. currently off by 170 one points. oil dipping below $43 a barrel. $43.45 right now. taking a low anyway you look at it. this is the derivative strategist at in km holdings. earlier it was written that today's a day of pause because we are on hold until the fed comes out with the announcement tomorrow. we are seeing moves if you want to measure by the doubt. jim: trading values have been off considering the s&p is at the same level that it was at the end of november last year. arguably the direction of

macau. this is part of what attracts people here, right? the small territory on the southern chinese coast raked in an unbelievable $45 billion of revenue last year. more than seven times that of vegas. >> did you ever think macau would surpass las vegas by that much? >> it makes perfect sense. the resorts in macau are world-class compared to las vegas. macau has taken off. >> we are talking about the next generation of people from china who have become more affluent. >> siblings lawrence and pansy ho have become leadersth

the resorts in macau are world-class compared to las vegas. macau has taken off.we are talking about the next generation of people from

the resorts in macau are world-class compared to las vegas. macau has taken off. are talking about the next generation of people from china have become more affluent.

rise of macau" on bloomberg.com.f the white house candidates can and will -- candidates can alienate a lot of people. should it be your wife's employer? heinz and kraft merge, is it a good deal? ♪ betty: i want to get back to bringing you some of the most important stories you need to know about. you are looking at live pictures of angela merkel, you can see francois hollande and spanish prime minister mariano rajoy. all three of them, angela merkel in the middle. making comments and visiting the crash site the airbus a320 germanwings flight that went down yesterday. one flight recorder has been recovered. it is badly damaged. the investigators believe they will be able to get some data out of that but we are searching for the other black box. we will keep monitoring that site and the news coming out of it. joining me for more is bloomberg's alex sherman and lisa abramowicz as we count down to more stories. number four, ted cruz, in an interview with "all due respect," ted cruz basically saying that his wife's ties t

this time last year, macau casinos raked in an all-time record.k in europe, a warning that agrees may need a third bailout within a month. marcus may not be prepared -- markets may not be prepared when the current program ends in june. the greek government will have to meet the requirements and then see what market conditions dictate. in the united states on wall street, the nasdaq closed above 5000 points for the first time in 15 years. meanwhile, the s&p 500 and dow jones industrial average reached a record. we have got more. let's talk about october now. the geneva motor show is underway and carmakers to the -- are to impress with her latest offerings from hans nichols is there enjoying himself. over to you. >> thank you very much. i am joined with the executive vice president from toyota. thank you for joining us. we are coming out of a difficult year. what is the outlook, the overall outlook from toyota? >> a good year last year globally and sat good numbers. in europe, we sold 880,000 units. through the recession and by the way all those yea

but i really think it's -- >> but do you buy macau here?g it for very cheap if you believe the other assets are -- >> coming up next, alibaba catch an upgrade today after a sharp sell-off, on the back of baba's positive vote, we're taking a look at other recent ipos that might deserve a second shot at love from the street. >>> and move over, apple, as consumers look to cut the cord, we're going behind the scenes with a tv veteran who's breaking into the streaming wars. >>> welcome back to "fast money." we're here to talk about a microcap. and i stress, microcap oil and gas exploration company called quick silver resources. the company has put its u.s. assets and subsidiaries into chapter 11 bankruptcy. now, what i want to point out is, this is a $7 million company, so it's not at all noticeable on the market radar, but what it does perhaps indicate is stress in the oil and gas business, with regard to some of the smaller players here. in this case, this company, a $7 million gas oil e&p firm files for chapter 11 bankruptcy protection. >>> n

for macau, what sort of rebound are you looking for?ooking for gaming revenues to resume to recoup all of what they've lost? >> no, not at all. >> okay. >> what we're looking for is an inflection point around mid year. the first quarter is a disaster, we think down 35% for the quarter. we think next quarter is down 15%. then you kind of hit a flat line. you have much easier comps in the second half of this year. we talked about that a lot last year, about how difficult the comps were going to be in the back half of 14 and we clearly saw that. the reverse happens this year. you get much easier comps, but more importantly you've had a situation where you've had a shift from vip play to mass market play. the mass market players have had no place to stay at night. they're spending all their time in the border crossings. what you have coming online is 5200 new hotel rooms in the second and third quarter on a base of 28,000. so about 20% more rooms. the mass market people will have a place to stay at night. they'll stay, they'll gamble, ggr w

i think people in charge of macau have proven a point. >> and cash cow, how about federal reserve.y created $4 trillion in phony money. why i say that fed should not remove patience from their release. but what stocks you should own in case they do, that is next. 80% of the poor in africa are rural farmers. 96% of them are doing rain-fed agriculture. they're all competing with each other; they're all making very low margins, making enough to survive, but not enough to get out of poverty. so kickstart designs low cost irrigation pumps enabling them to grow high value crops thke a lot of money. it's all very well to have a whole lot of small innovations, but unless we can scale it up enough to where we are talking about millions of farmers, we're not going to solve their biggest challenge. this is precisely where the kind of finance that citi is giving us, is enabling us to scale up on a much more rapid pace. when we talk to the farmers and ask them what's the most important thing. first of all they say we can feed our families. secondly, we can send our children to school. it's real

the people of hong kong governing hong kong, the people of macau to bring macau. and both regions enjoying a high degree of autonomy. some people are worried, if the central government is tightening its policies towards hong kong. i believe such a worry is not necessary. it is true that, in this year's government report, it is said that money -- one needs to strictly comply with the constitution and the basic law. this in itself shows our commitment to ensuring the consistence and full implementation of the one country, two systems principle. this principle has been written into the constitution, and the basic law of hong kong ncr. they formed the constitutional basis of the hong kong sar. it is also stipulated in the basic laws of hong kong what systems should be practiced in hong kong. the one country, two systems principle reflect the will of the country and the people, and cannot be changed at will. you may feel that i've been very careful in choosing your words in answering your question. this is because you asked a question that relates to the law, so i need

the macau casinos are declining. deutsche bank is the latest to turn bearish on these stocks. a long line of various analysts that have made negative comments about the casinos in macau. the opening of two new gaming venues not expected to boost demand. mark underestimating pressure on the profit margins. barnes & noble the company did come out with earnings. the shares are heading lower because even the sales rebounded earnings per share i saw it i did not think it was correct because it's so much below what analysts were anticipating. the average analyst estimate was $1.41. it looks like the sales rebound is not helping that stock this morning. betty: thank you. our senior markets correspondent. setting its sights on the european sports market. a finance arm that is focused on soccer deals. exclusive news they are breaking right now. the acquisition of football clubs,'s aliens, and financing -- football clubs, stadiums, and financing. sean matthews, the ceo of cantor fitzgerald joins me. why does this make sense for cantor? >> if you look what is going on in the marketplace

macau's economy shrunk by 17% in the last quarter, driving it down was a plunge in casino revenue.f 1%. a bloomberg survey is seeing gross gaming revenue. the pacific island nation has declared a state of emergency after taking a direct hit from cyclone pam. it has been described as the worst ever disaster. let's get to paul allen in sydney. eight operation is getting underway, it countries all around that part of the world are getting involved. paul: that's right. australia has contributed $5 million to aid agencies that are along with three military planes with supplies. two more will land today. the commercial flights has also resumed which will help tremendously with the aid. the international monetary fund is promising quick and on bureaucratic steps to help it get helmets the, -- to help it get on its feet. the storm was absolutely enormous -- wins over 320 kilometers per hour. these are just high tides, this is more like a wall of water hitting the coast. believed tole have have been affected. many buildings were either completely destroyed or lost roofs, including the hospi

farmers macau's first annual decline in gaming revenue. chipmaker nxp semiconductors has agreed to buy a u.s. rival. the company is still looking to do more deals. >> we are not done. this gives us an ability to create a strong foundation. we just bought a bluetooth all energy company in china. it gives us additional connectivity standards. we will be active in doing the things we think are the required to put us in the best position to win in the marketplace. guy: the federal reserve could raise rates in june according to janus capital's bill gross. the former pimco ceo made his production in an interview. mr. gross: potential bubbles in the stock market and bond markets. i think the fed is willing to at least acknowledge that buy. raising interest rates -- a knowledge that by raising interest rates 25 basis points in june. francine: back to the geneva car show. hans nichols with another top seo. -- top ceo. hans: i'm joined by the ceo of audi. hyoyou outsold mercedes and bmw. mr. stadler: we are quite happy. we are more happy about the r

hong kong macau and weaker euro. it helps sales in the latter part of the world -- latter part of the year. a significant portion of 2014 was complicated and more complicated than expected. in terms of a major overhaul they said we may not see it until the beginning of next year. analysts are optimistic for prada and see appeal for the brand. they said it is too early to buy it right now. angie: to early to buy the stop but not too early for bargains. it seems like product and other luxury brands -- prada and luxury burress have been hit hard by volatility. yvonne: the share price and bloomberg intelligence compiled luxury brands and look at the first quarter shares and the top 30% is dominated by a italian and french houses. they said these are companies that report in euros and have high euro costs but their cell exposure is outside of europe. they are benefiting. on the worst side worst-performing stocks, high exposure to the dollar, hong kong take a big hit. ralph lauren, fossil, michael kors that seemed a bit of

day macau would not say what i a member from a strategic perspective feisty the bio pharma small-capy stocks because there is people in the stocks that look for any excuse to sell. as a good down with the interest-rate rise and i along and those that have balance sheets that have growth and research and development semitist -- just taken a broader look with the big breakout. >> i could definitely riding from the blue chip stocks but the stocks like apple are continuing to go about the end of the year but for volatility perspective i'm not trying to pick the bottom or the top. charles: that is one of the themes of the show but if you are a hedge fund any other space or sector? >> i think consumer discretionary that we have to be ready when oil prices do go up with these consumer discretionary type of stocks >> thanks a lot. congratulations. when it is unemployment the fed has appeared pretty confused. told a. tweet me. we will break it down next. ♪ do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriv

live by macau, down by macau. it's taken a huge hit. and fran chess ka. inventories are improving.get 20% upside from here. >> the market cap is a little over $600 million. the other important part is more rational commotions. that's what the analyst wants. >> that's good that yoz hit the market cap. you would not want to skirt the issue you. let's get to dominic chu. >> tesla is up toward the highs up by 3.5%. amidst the state of new jersey passing legislation allowing it to restart its sales of cars in that stace. governor chris christie still needs to sign the law. he said he will review it in normal course which mean 45s days from now to act on whether or not to semifinal. you may recall he ran into legal challenges for selling directly to customers rather than using the auto division. >>> still ahead putin pops up. where's he ooh ben. >>> plus we have a nice rally on your hayden. they're up higher except for today. we'll be right back. you're driving along, having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't ther

. >> coming up next is there no relief in sight for macau. slashing gaming estimates for the major casinos. are there any names worth buying? ahead. later u.s. dollar hit a 12 year high in today's session. we have your best ways to play the soaring green back. that's later on. can data help cure a disease? the right treatment for you is out there. the problem is some of it's in this lab. some of it is in her head. some of it's in this new journal. and the rest of it is in your personal medical history. ibm watson can not only read this data, but understand it. it's trained by doctors. and it's always learning. it can help find hidden correlations and help your doctor recommend treatment options for you. there's a new way to work and it's made with ibm. >> we received the following statement. when train goes on a board our goal is always to work collaboratively with management. i'm encouraged by the board's reaction to our ideas and managements sense of urgency in achieving significant operating improvement. switching gears, shares coming back

the other guys do too, but it's too much of their business is in macau. >>> okay guys it is all about execution. there are well-run companies that are underestimated. and yes, contrary to popular belief, undervalued. on "mad money" tonight, the fight to crush isis is fueling a boom in defense stocks. who's best equipped to protect your portfolio? don't miss my take. it will surprise you. and cold stocks from amazon and tesla are showing new signs of life. i know you like those, but will they take you to the promised land or just to -- >> the house of pain! >> i'm going to separate the real from the fake. plus, they're the brains that keep your local car dealer on track, but this stock's had a rough ride on wall street. i'll see if we can race higher with it when i take a spin with the ceo. why don't you stick with cramer? >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer. #madtweets. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. ♪ help brazil reduce it

macau also playing a factor as well.er chinese shoppers as well as weaker tourist spending as well as less demand. few yearsshort as a ago i remember walking into the stores and watching mainline shoppers point to the wall and buy one of each. those days are gone. hremes,- experiencing this as well. yvonne: they say they did not react fast enough to changing consumer behaviors. particularly with christ. they say it was too expensive and it led shoppers to go somewhere else. in terms of long-term, they believe in the appeal of prada. they mentioned they expect a re-acceleration in same-store growth for the company. they say that turnaround of the miu brand could be the factor. angie: thank you for that. time for a look at corporate stories making headlines. the premier pushes the skills and growth of china's railway industry. indians now cut interest rates twice this year but it may not be good. to resolve this, they are urging the central bank. even half percent point cut would free up billions of dollars. cyberons on it

the last fight manny had was against my fighter in macau. liz: who won? >> manny. it went other way. liz: we can shop pictures. they haven't gone face-to-face yet. second they do we will let our viewers know we'll take that. david: by the way, joe, when was the last fight that was this big? i think you have to go back to the days of muhammad ali. >> ali-frazier is probably the last big fight like this. david: that was whole era when america was tuned into boxing much more than it is now. leads to the question, are we due for a come back of boxing? >> this is certainly the come back. this is boxing at its finest. walked up here today, hear guys talkingdown stairs about the manny pacquiao, floyd mayweather fight like when i was going to school talking about ali and frazier, who was going to win. the hype is unbelievable. liz: mayweather could take in 120 million even if he loses, and pacquiao 80 million. but the pay-per-view number. i want you to give us a sense how much you think overall this fight will end up making? >> well, i think we're going to be half a billio

among the big nasdaq gainers, laggards today, wynn, the continued concern about weakness in macau, weighingthe gaming stock. comcast, dish, some of the other media names today, they were under pressure with the new deal announced with apple, change in landscape there. qualcomm and inindividual ya have been the two that have outperformed. qualcomm, of course, raising its dividend, also announcing a $15 billion buyback. this is increasingly a big part of tech names that pay dividends. so does nvidia on a b of a upgrade reaching a new high one of the few we continue to see fewer new highs these days when you get the washout days. also bucking the trend today, it's interesting the diet drugmakers, rbc out with a note, vivus said it's challenge by teva and others for a generic version of its diet drug. rbc doesn't believe they will see anything hitting the market for 18 months. they reaffirmed their rating on vee vus but said vivus should get a partner to market the drugs better. all of its peers are looking fatter while the rest of the market is thinner. guys? >> yeah. health care, the best per

all these names hit basically because macau numbers have been weak. >> open order here.open order. i'm not filled. if i get filled i'll let you know. i have no position. >> let us know. thank you. >> yep. >> let's move to the latest in the lumber liquidators saga. one wall street analyst out today with what we think is a bold call. saying the fears raised by short sellers including whitney tilson on "60 minutes" are overblown, upgraded the stock to a buy. dave strausser of jenny is the analyst behind the call and joys joins us live from new york city. welcome. >> thank you. >> what leads you to believe that they're overblown? >> well, i think what we have is different testing, different types of testing, that the testing they did on cbs on "60 minutes" is not the testing that you need to do to get certified under the regulations. you know, just to give it to you in a second the testing gets done at the plants in china and it's based on the fiber boards. that's where the reg -- how you get compliance. that's where the compliance issue is and that's where -- that testing l

never bet against the house was not true last month in macau.s the worst monthly decline ever on the island off the coast of china. those are your top headlines. the battle for teen spenders. apple and abercrombie moving in the market this morning. how will the oil price plunge impact their plans for 2015? much more ahead on "in the loop yurik." ♪ betty: less than an hour away from the start of trading. jobs numbers softer than what economists expended -- expected. scarlet: bank of america downgraded alcoa. the news -- the new price target is $17. warehouse rule changes at the london metals exchange. keep in mind that alcoa has outperformed the s&p 500 by about 15 percentage points over the past 12 months. teen retailers are in focus because of earnings. abercrombie & fitch headed to its 10th decline. is down 40% over last year. the company also warned that the first half will remain challenging because of strong dollar -- the strong dollar limits spending by tourists. they are also still looking for a new ceo. american eagle, the other directio

macau has been very weak in the last six months and that drove the share price down.it is looking incredibly cheap. they should be trading at 15 times. that valuation dislocation created the opportunity. the company is going to be a taxpayer for the first time this year, which makes the urgency much more important. the company came out of the financial crisis with a huge pileup that. this is the first year when they convicted percent of their debt off -- when they can pay 50% of their debt off. las vegas was dragging after the financial crisis. we saw a percent growth in revenues last year. that's 8% growth in revenues last year. betty: now, vegas is coming back. this is not the first time you have gone after a casino company and said they should split up because he tried to do this with las vegas sands. jonathan: back in 2012, we set two ways to make money in sans. either do something strategic or the operations will come back. the operations came back in spades. betty: he is not doing it. why would mgm want to sell any of their assets or go through this process? if

china has crackdown on corruption and it seems to be having an effect in macau. the gaming revenue in the biggest gambling center fell. there is an anti-graft campaign. china's elite are spending so much on ferraris. they have told bloomberg that the chinese market is flat. other markets in europe and the u.s. are more promising in the short-term. >> we have a totally different experience in the u.s. -- the u.k. as well. in asia, we are going back. australia, yes. what we can say is that the china performance is flat, but our idea there is that we have to continue because it is a long run. we have a policy, a strategy that looks to the future. >> you can find more of ferrari and the other cars at the geneva motor show at bloomberg.com. >> you can join us all on twitter. >> what is your fact of the day? >> 30.4 million people visited japan. most on record is 2.4 million from china. >> it is one of the most visited countries. >> do some research mark. [laughter] >> still to come, record highs -- what does it mean for volatility? that question goes to our next guest

number one is macau business and the second is high-end retail and hong kong.t a lot of the high-end retailers in hong kong related to people buying gifts for themselves or for their friends in the government. and this has been affected. this is one thing. power traders, effectively, number one, you're right, they are partly affected. you also see a new development. they can actually buy the foreign goods through the internet in china. this is a new development in overtime i think in a few years time, i thinker in a few years time. rishaad: how does that relate -- you are so negative on it all on hong kong stocks, you look at the shares. is that if you look at the hong kong market, the hong kong stock market. about half of them are chinese stocks. they are globalized hong kong companies. then you have another 25% of property developers, retail landlords who will be affected. beinggaming stocks affected. rishaad: vincent, thank you for coming on the program. .incent from credit sunnis we have to take a brett -- break but we will find out when we come back what o

guestssou have some from taiwan and singapore and china and a macau and a lot a really great familieso other crazy art scene. they are lined up to the corner. i have a vip secret. guest: a lot of people, [indiscernible] i think each year we see a matur er, attract more international investors. anticipating a good showing. frederik: the second phase of the evening which is the dinner party. ♪ frederik: what makes art basel special? guest: a mix of global art and also really overlap and different. we can see all of that. l: are you still looking for things. guest: i am always looking for things. here, maybe inspired to buy something. ♪ angie: that is our reporter at large on the bold and the beautiful into the art scene at art basel. south korean internet users could see big changes. find out what and why when "first up" returns. ♪ angie: singapore among the markets at the top of the hour. it seems to be a bit of a foggy day but not as foggy as here in hong kong. a lower open. ♪ welcome to the stock exchange. let's check in with what our reporters are looking at. zeb: broadband. let's g

this is on release that the latest macau gaining revenue -- of course, you have the chinese president'sorruption campaign keeping things the way. soviet figures came in better than estimated. keep in mind all of these names have fallen between 23% to 43%. speaking of casinos, all 4% of its revenue from the united's date states stumbling for one casino group. betty: thank you so much. scarlet fu. russian sanctions. exxon mobil expanded its russian oil holdings last year even as the united states and eu force the company to shut down drilling in the arctic. exxon went from having 11.4 million acres in russia to now nearly 64 million. alix steel joins us now with more. what does this mean that they have expanded? >> huge shout out to carol who broke the news on this part. they are not actually drilling. they just but the lease so at some point they might be able to drill. 64 million acres is enormous. this is all underwater. the company added to drilling rights and a couple of seas. if you take a look at the major explanation areas, the u.s. is its next biggest with 14.6 million acres. 64

day macau use it for offical business. >> can you every tuesday non-government account?>> deal which time i use my personal account of i cannot access it. >> have you used a non government account for government business? >> on occasion consistent with common practice but it is not a regular occurrence state --. >> is there any disclosure of classified violation and compromising national security and national defense requires sensitive of permission be maintained in confidence to protect citizens democratic institutions andover home and protect information critical to national security is the responsibility of each individual who was granted access to classified information. >> i do not know who gave that quotation. >> that was you. it would shores. i would hope that we have laws in place that apply to everyone in government not just a few. >> to be clear classified information can be communicated over offical e-mail. >> to suspect ellen the clinton e-mail.com is is less secure and as the .gov system? river there are experts. >> i will not comment on something i cannot a

day macau use it for offical business. >> can you every tuesday non-government account? >> deal which time i use my personal account of i cannot access it. >> have you used a non government account for government business? >> on occasion consistent with common practice but it is not a regular occurrence state --. >> i think this is an important issue. anyone who authorizes the disclosure of classified violation and compromising national security and national defense requires sensitive of -- information be maintained in confidence to protect citizens democratic institutions, and our homeland. protecting information critical to national security is the responsibility of each individual who was granted access to classified information. do you know who gave that quote? >> i do not know who gave that quotation. >> that was you. it was yours. i would hope that we have laws in place that apply to everyone in government not just a few. >> to be clear classified information can't be communicated over offical e-mail. >> do you suspect that the hillary clinton e-mail.com is is less

macau gaming revenue slumping a record 49% last month. that drop happening.ilers beating the street. best buy announcing a special dividend of 51 cents a share. >> we should also tell you about two senators raising the alarm of hacking vulnerability to america's aviation system. senators bill nelson and john thune warning that weaknesses that weaknesses in the faa's networks could put traffic control systems at risk for cyber attacks. they know this because of a january report from the government accountability office. it's a huge concern and obviously for anybody who's on the plane today thinking about these things, too, not exactly what you want to think about. they will be calling the transportation secretary to testify in front of them. >>> it's been a long road back to nasdaq 5000. since the year 2000 we've seen the apple boom the rise of facebook and social media and the markets suffering a major crisis. before all that in 1995 a search engine with lycos was one of the leaders of internet and search. bob davis founded the company with $2 million. it wou

a lot of that gaming comes from macau, places outside of the united states. chips gets 78%. and philip morris international, that's the international brand of the splitup. about 99% of their total revenues come from outside the u.s. this is a handful of these companies here. but remember a slew of these big names have already made reference to the fact that translating those profits abroad into what's going to be reported here in the u.s. is going to take a hit because of foreign exchange. it's something to keep an eye on. one quick thing. for those people who want to play the more domestic view a lot of pundits out there, a lot of analysts say the way they do it is to look at the small caps. we already know the russell index is near its record highs here. it's pulled back a little bit. but small cap stocks one way some investors are looking to play the strong u.s. dollar trade. over to you. >> thank you very much. >>> let's jump right into the currency story with stephen roach, one of our squawk market masters. he is the former chairman of morgan stanley asi