i'm matt miller.et's look at the big drops some wall street. the dow down more than 200 points. at one point it was down 326. this is a bit of a recovery. we are down at a level on the s&p that we have not seen since december 17, which was not too long ago, but still. it has dropped almost three quarters of a percent. the nasdaq down almost one and a half percent. the reasons why our wide and varied, but europe the euro at a seven-year low. oil falling below $50 a barrel at one point. caterpillar is the biggest loser today. the worst performer in the dow. that stock is at its lows level in nearly a year after j.p. morgan downgraded those shares. ♪ >> welcome back to the second half hour of "bottom line" on bloomberg television. equity markets continue to fall on this monday. let's go to the breaking news desk. olivia sterns has the highlights. >> oil having its fourth biggest drop, making for the biggest slump, still down by more than 3%. off 330, pretty close to the lows of the session your. the s&p

matt miller, thank you very much.loomberg west will be right back. ♪ >> the annual letter from the bill and melinda gates foundation is out and in it, the microsoft cofounder says the flight --plight of the world's order will get dramatically better in the next 15 years. erik schatzker in an exclusive interview. >> if you look at the world as a whole, it is less unequal, more equal than in the past. that is because poor countries have had growth rates way above that of the rich countries. the inequality has gone up in almost every country. i think everybody believes in a balance that you should have progressive taxation. if you get wealthier, your consumption, your income, your estate ought to be subject to much higher taxes than, say, the middle class. i think the u.s. could be more progressive in that. very critical is an equal opportunity in the inner-city schools are really good and the access to health so that it is not holding people back. there is an equal chance to becoming a lawyer, doctor, or becoming a good

we had a correspondent who is driving around bronxville, matt miller. >> matthew miller is driving down >> is this live? >> matt are you storm chasing? >> i'm going down to tribeca. i've got to pick up stephanie ruhle. [laughter] >> when uber goes public are they going to be under pressure? matt, keep your eyes on the road. >> why does stephanie ruhle get a car? another hour, we speak to richard haas. the litmus paper of putin's system. the ruble out at 68 print last night. stay with us for more bloomberg "surveillance." ♪ . . >> this is "bloomberg surveillance." >> boston, massachusetts will receive nearly two feet of snow. but historic blizzard shuts down streets from new york city to maine. the new york stock exchange they say no to the politicians. markets and the exchange will be open to trade today, and again russia -- docs decline. the ruble weekends, standard and poor delivers mr. putin a junk rating. good morning, everyone. this is "bloomberg surveillance." we are live from our world headquarters in new york. it is tuesday, genuine 27. i am tom keene. joining me olivia sterns a

matt miller is standing by. he is with the chief technical officer. matt?ah, and really the guy to talk to about this new silicon valley center, because he is in charge of developing the products in the technology. what do you think about this office, opening up closer to google, closer to apple, closer to places like nasa. a lot of people are worried -- is for going to lose its focus on building cars? >> i think it is becoming part of building cars, right? that capability. small startups. all of the functionality people are looking for in connectivity autonomous vehicles our ability to analyze big data. >> big data is so key. a lot of people are focused on the economist car, self driving vehicles, and that seems to me to be part of the bigger picture and the data is what it is all about. >> what we have right now, we have incredible computing capabilities. it stores 25 gigabytes and our. >> -- 25 gigabytes an hour. >> this is the fusion you are working on with stanford? >> not even the self driving one. the fusion you can buy is generating 25 gigabytes an

matt miller spoke to the 40 ceo earlier today. -- the ford ceo earlier today. >> for us, this is rightor our business. we really want to be viewed as part of the ecosystem here. we want to be viewed as part of the neighborhood. this is an area where it is a marketplace of ideas. ideas come up and copy shops, meet ups, etc. it is important for us to drive innovation and drive a lot of progress in our areas that we have laid out that we want to lead in these areas. >> automakers and the media focused on the autonomous car. when i look around here, it's clear that you are focused on a lot more than just that. >> that's why we call it for do smart mobility. we are taking a holistic mobility, the connected car, the internet of things, the customer experience and how technology will enable that going forward and begin to. -- big data. we can take the view of what is the whole experience that the consumer has. it all comes back to us thinking of ourselves is not just an auto company but a mobility company. we want to drive the business forward. we want to make the world a better place and the

i am erik schatzker. >> i am matt miller in for stephanie ruhle.e breaking news could move the energy market. julie hyman is in the newsroom with the headlines. >> the headlines at the moment our stockpiles has reported by the end minute -- by the energy administration crude oil falling by 3.0 6 million barrels. they were asked me to to have grown by 700,000. this is a big disconnect. gasoline showing less than expected. the estimate had been for an increase of 700,000 barrels. he had a rebound in oil today. it looks like that is continuing as you may expect. >> thank you very much. >> crude is now dropping. >> it is still up with a gain of a dollar per barrel. it has come down from where it was trading a few minutes ago. you expected to jump on that kind of news. >> let's turn our attention back to the sever -- back to the story we have been covering all morning. the city is on high alert after 12 people -- let's take you to olivia sterns in our breaking news desk. >> here is what we knows -- here is what we know so far. the mast and men stormed t

matt miller now with us from detroit, and he has got a special guest, michael moran. matt? >> yes. joined here by michael horn. it has been a surprising year for the volts lagan. i think of this as a car from my youth, but it is a new generation and it is winning all of these awards. what is going on? >> you did your homework. we love 110 words this morning, we also the north american. we are really exhilarated -- exhilarated and excited. it is great from the american markets, consumers as well as the media, the press, the journalist, that we are right on with this car and turns -- in terms of its design. it is fun to drive, as well as value. >> it comes at a time when full slag and brand sales have fallen. the larger group achieved a record this year worldwide with more than 10 million cars. the band itself has had weakness here in the u.s. do you think this is the kind of kick in the but you need to turn it around? >> i think we kicked ourselves in the but last year because in the total of the year, we were down 10%. in the first nine months, 50% down. in the fourth quarter, we w

matt miller reports on the success of the f1 50 and how it tied into ford motors beating analysts estimates for the fourth quarter. and we go to washington where peter cook has the latest on tighter sanctions on iran. peter, good afternoon. >> good afternoon mark. there is new developments, the senate voting on him posing -- imposing tougher sanctions on iran. that vote was 18 to four. this legislation was opposed by the obama administration because they worry any new sanctions against iran could jeopardize ongoing talks and undermine international support for the negotiations. several democrats said that they support this legislation. but they said they would not support bringing to the senate floor before the end of march to give the administration more time to work out a deal. that is where it stands right now. at the first action of the committee, chaired by richard shelby. the second time that you have the gavel in your hands. >> thank you peter. >> why was it important to move forward now, given what the white house says we could risk undermining the talks? >> it was obvious with an 1

matt miller and olivia sterns are joining me this morning.am so pumped up for this storm. >> you definitely have to be pumped up to tackle a snowstorm. number 10, will you get these packages in the snowstorm? you be am taking a page out of uber's playbook. they may oppose the surge pricing that is like uber hiking fares at demand stores. the company found it had more workers and package volume during the recent shopping perio d. >> it makes sense. there is a lot of demand. people will be penalized for waiting to do their shopping care they will be here is -- >> lie does it take american capitalist firms so long to introduce very simple supply and demand pricing. it is the obvious and best way to go. they may be mad at first, but it will eventually make you do stuff earlier or pay the price. >> you are right that consumers will start to fight back. >> that is where it ends. >> competition. you want to fight back, use fedex instead. then maybe there is another competitor. >> matt miller on the free market. >> number nine the coin -- the client

matt miller will interview mr.ark royce when "bottom line" continues in a moment. ♪ >> welcome back to "bottom line." i am scarlet fu. tesla shares are down for a fourth straight day, the lowest in about a month. g.m. is planning a $30,000 chevy volt for 2016. the analyst says that could be competition to the model three which tesla has not announced yet. mark published a note marking this is the third time since the fourth quarter of 2013 tesla has dropped at least 30% or more. each time after each drop were sharp recoveries. here in early 2014 and may 2014. perhaps we are on our way for another -- to another sharp recovery for tesla. the stock is down to $22 one .01. >> we and soybean prices dropped following the crop report. the agricultural porter joins me with details. one highlight is the estimates. analysts did not see this coming. what happened? >> you're seeing farmers have a response to a global situation. we a great was at its lowest level since 2010 in the usda report today. wheat markets have been more

matt miller and michael ferdu ik are with me.is betting big on russia's energy sector. it's paying $1.7 billion for a 46% stake in the country's they guest -- the country's biggest oil company. it expects to cut 7000 jobs in the first quarter due to the drop in oil rises and they are announcing 9000 job cuts last week. >> those are separate issues. schlumberger is putting everything on red 21. >> that's amazing. >> vladimir putin could just say we are taking that back. you could oh $20 billion in taxes. >> and you are going to jail. the option value is enormous. >> the other shoe is job cuts. >> what do you expect when prices drop like this? >> speaking about trends, fixed income trading for morgan stanley announced fourth-quarter earnings that missed profit estimates dues to the drop in asked income -- in fixed income. they are down just slightly from one year earlier. is this the last quarter? will they get out of this slump? it does not look like it. >> every bank has the same problem this quarter which is trading revenues fel

our own matt miller back with matt fields. at 12:00 he has the ceo of nissan.t 3:30 obviously you know matt is excited about this one maserati ceo harold mason. -- harald wester. >> i was just wondering if they would talk about low end luxury below $30,000. >> what is that? that is called an bloomberg. low end luxury. >> the first car i ever owned? a rocky. if anyone knows what it is, i want you to tweet me right now. that was in chile. >> can you guess mine? >> a volkswagen beetle. >> no. a white chrysler lebaron convertible. thank you, new jersey. retails new normal. the industry likely to shrink. on the other hand cheaper gas. you know this kills me. let me buy some jeans. makes no sense. ♪ ♪ >> we just wanted to give you an update on sap, the german software maker. it has resumed training and higher by about 4% right now in early trading. the company announced first quarter software revenue would be 1.7 billion euros on a right in line with what analysts had been looking for. the stock higher after the announcement. oracle recovering all of its losses from

i'm matt miller, in four betty liu this morning.estors pounded blackberry shares after the company denied it helped take over talks with samsung. blackberry rose 30% a day earlier on reports it was an takeover discussions. tonight that report -- it denied that report. you won't be able to buy google glass for a while. suspending consumer sales. it is back to the drawing board to design improved devices. it will function as a separate unit. fourth-quarter profit fell more than 7% at goldman sachs. same story we have heard from several other big banks. revenue from fixed income trading fell again. goldman's earnings did beat estimates. at least it is managing the street. markets are still reacting to the swiss national bank decision to remove the cap on its currency. the surprise move sent the swiss franc soaring joining us now is jim o'neill. thank you so much for joining us this morning. you did not see this coming. even christine lagarde did not see this coming. what do you think of this surprise? >> it is quite a drama. with my ne

matt miller came to the rescue. i'm guessing that around 7:00 a.m. that was the highlight for you. fast forward and tell us what it is like. >> first of all i'm going to say, 10 inches? i don't think so. it is more like six inches. i think that kind of mistake gets made a lot. there are not a lot of people walking around, although the foot traffic, especially of tourists has increased. they're not been a lot of trucks plowing the streets. fortunately, i hear one coming down now. there are not a lot of businesses open. if you're walking around lower manhattan and you have to p/e, -- and you have to pee it is not your lucky day. i can tell you from my current experience. the only thing i think that is open is the new york stock exchange. it almost never closes for weather and did not close today. as you know, from your roundtable discussion. >> doesn't seem to make sense to you? should businesses be opening up or is it too late? today's is the loss? -- today is just a loss? >> the metro-north is going to open on a sunday schedule. other transit groups,

we will not get as much from the cars down in south america. >> thank you so much, matt miller. this is going to be a good year for a to makers but it's a starting off as a bad year for the euro. that could be a good year for the european automakers. the euro is trading near a nine-year low. greases membership is in question. hans nichols joins us from berlin. german inflation is coming in at 0.1%. that is the lowest level since 2009. that leaves room for quantitative easing. >> it leaves room for you to come to europe and come shopping. this is going to lead to weaker euro. you'll get more for your dollar. i don't know if you are him a lot or a paris shopper. >> either one. >> you have personal shoppers in both. this is a remarkable moment. this is the last argument as to why they are doing quantitative easing. they were saying we will see how other measures were. that is asset purchases. mario draghi is going to need to grow his balance sheet. he hasn't argument from the german side that deflation is a real prospect. this is what he warned about three days ago in an interview.

i'm matt miller. stocks are trading right now down across the board.hough not as bad as we had earlier scene. the s&p down three quarters of 1% are in the dow down 150 points. it was down more than 200 earlier in the trading session. take a look at a couple of individual movers here. the container store, though shares tumbling by the most in three months after the retailer reported third-quarter sales and missed estimates. and helen of troy shares surging to a new all-time high. the personal household product company raised its 2015 outlook. ♪ ah, got it. these wifi hotspots we get with our xfinity internet service are all over the place. hey you can stop looking. i found one. see? what do you think a wifi hotspot smells like? i'm thinking roast beef. want to get lunch? get the fastest wifi hotspots and more coverage on the go than any other provider. xfinity, the future of awesome. >> i want to recap the latest developments in france. the suspects behind the shooting at the charlie hebdoo shooting were killed. other suspect were killed in a grocery st

matt miller was at the center of the action in palo alto with an exclusive interview with markfields.this is right for our business. we really want to be viewed as part of the ecosystem here. it just as the work that we do, we want to be viewed as part of the neighborhood. this is an area where it is a marketplace of ideas, and ideas come up in coffee shops. they come up in meet-ups, etc. for us to be here, we think it's important for us to drive innovation and drive a lot of progress that we have laid out. we want to lead in these areas. >> automakers and the media focus on the car and when i look around here sh and got a little tour a moment ago, it is clear that you are focused on a lot more than just that. >> that's why we call it ford smart mobility. the holistic view includes mobility, a vehicles, the connected car. evil customer experience and how technology will enable that going forward. by taking a holistic view, we can take the view of what is the whole experience. not only is it just an auto company, which is very important, but it is also a mobility company. we want to dr

matt miller will help us dig the per into the numbers. and kelsey is with us from chicago. matt, let's begin with you. what stands out? >> first of all, it is good to see the two of you back together on set, seriously. >> do you read a book every other week? >> i do not have time because i watch so much television and play videogames and drive cars. i regard magazines, every single one, as soon as they come out. it is a nice and warm and cozy way to start the year with superhigh forecasts, a great end to december. you saw general motors sales were up almost 20% in car sales in general, 16.5 million at the end of 2014. almost 17.5 million in predictions for 2015. everything seems to be accelerating nicely. hopefully not coming to a peak. >> gm, for example, how much do incentives play into this? i do watch tv and listen to the radio and there are tons of advertisements offering incentives. i wonder how much that plays into this. >> incentives, december is obviously the biggest month. they have all these promotions centered around the holidays and clear their inventory and lot

. >> that was the daimler ceo speaking to bloomberg's matt miller. have more from that in detroit in the next hour. >> mercedes debuted the gle- coupe. that was yesterday. the midsize crossover is a direct competitor with german rival bmw. bloomberg businessweek was at the auto show for a hands-on look. >> is it a sporty high-performance coupe or a massive suv? it is a little bit of both. >> this is the all new mercedes gle coupe and it is a curious looking machine. it is tall and rugged and has wide wheel wells, yet the roof slants down abruptly at the end like a traditional coupe. it has all the classic luxury trimmings of a mercedes, including an eight inch entertainment screen, leather seats, and carbon fiber details. if it isn't as useful as an suv and doesn't drive as well as a smaller mercedes, why is the company making this car at all? well it looks really cool and people will buy it. bmw has made something similar since 2008 and it has sold extending the well. -- astoundingly well. mercedes will start making these soon and they will be on de

i've included matt miller because we are talking bitcoin.urrency was worth more than $1000. today, one bitcoin is worth about $250. supporters of the currency say that is beside the point. here to talk more about bitcoin's potential is michael casey, co-author of the age of crypto currency somehow bitcoin in digital money art challenging the global economic order. matt miller, eu member 12 days a bitcoin. -- you remember 12 days a bitcoin. the general point is it does not matter if bitcoin is trading well. the fact is it is a disruptor? >> you could not have bitcoin dropped to zero or imagined value is not relevant at all. >> if i bought it at a thousand dollars -- >> when you bought it for $.50. it was a thousand dollars a year ago. bitcoin was worth zero in 2009. a lot of people are multimillionaires because they got into bitcoin for the five-year period before it became worth $1000. it was only there for a few months. >> the price is a distraction. the technology behind it is critical. it is revolutionary. the idea that we can move curren

when you do that, magic happens. >> bloomberg's matt miller along with ford's c.e.o., mark fields.orts programming for the next generation. we're going to talk to the head of a web video network doing some really cool videos online with the help of peyton manning and others. check that out. ♪ >> welcome back to the best of "bloomberg west." i'm cory johnson. the web video destination sports clip just raised $20 million. not espn. the company is called whistle sports. it focuses on the kinds of clips you won't see on espn, like this. >> ♪ >> terrifying. i talked to the founder and ceo of whistle sports, john west. i asked him what his target audience is. this is whistle sports. what are you trying to attract? >> we focus on young millennials. this generation between 13 and 34 that have very different media habits and different sports media preferences. from the beginning, the objective was to give them their own authentic type of sports media on the platforms where they live today, which is largely social media platforms. they are increasingly adopting short form video as a primary

matt miller -- >> owner of an f1 50 -- of an f1 50. >> arguer homesick matt picked me up on the snoway in his monster of a truck. that thing was hot. >> the biggest engine you can get is a 3.5 liter v-6 with turbos strapped to it. and, i'm concerned about their forecast. they did better than analysts had estimated in the fourth quarter. yes, they are expecting or forecasting higher profits for 2015. they are saying the loss in your might be worse than they -- the europe -- the loss in europe might be worse. here's a great chart they had in a conference call this morning. 2015 plan, it is going to start out weaker in the first half of the year and get better in the second half. that compares to the 2014 actual results which got worse as they started the changeover to produce the new f1 50 -- f-150. how will it stronger dollar affect ford when they compete against german carmakers? especially japanese carmakers who have a huge advantage from super weak euro and yen? >> the cars that ford is selling in europe and overseas many of those are manufactured overseas. >> japanese will to you

. >>> now to matt miller a former aide to former attorney general eric holder. >> thank you for having me. >> and throughout this day's proceeding, this looked more like an exit interview for eric holder than a job interview for loretta lynch and why is that and what does it mean? >> in a lot of ways republicans just can't quit eric holder. they've been obsessed with him for a long time and even with a nod in the room they continue to bang the drum. they have for a while. but when you look at how loretta lynch has answered the question today, she is a different person than eric holder. they have different backgrounds and different experiences and i think she answered a -- clearly cleared the bar in showing her qualifications and she has the poise and especially with some of the more difficult questions, really kind of knocked it out of the park. >> well on one of those more difficult questions, pete was just laying out that it was kind of tricky for her to deal with questions about the president's actions on immigration. how did you think she did, matthew, in terms of balancing support

the general motors executive told matt miller that gm must offer a wide range of models.

matt miller is here with us in new york city. it's begin with the suv question.oyce has talked about possibly expanding into suv's. will it happen? >> good morning. first of all, yes. we had a fantastic year last year. a record year again. we are also going over new plans for future models. one of these ideas might be the approach you just mentioned. there is no final decision on that. we are making progress. we either say yes or no in 2015. >> i think of porsche. porsche for decades known as a sports car company. several years ago decides we will get into the suv market. all of a sudden, the cayenne outsells any car they have ever made. >> i think that was a mistake on their part. this is a philosophical debate. it was already the most profitable car company in the world. putting a v-8 in the front of -- rolls-royce has a history with this. they deserve to write higher on the road and rule over it. >> let me answer that question from my side. of course, it is something where we want to make sure it is a proper rolls-royce. it's all about a magic carpet ride. the

with more on that story, we have matt miller bloomberg news managing editor.e spoke with him and challenged whether it was wise to spend so much money. he says, we have allies, we still need to do this, we carry on. >> they need to talk to investors. really, what you are seeing is the russians being extremely defiant here in switzerland where it is comfortable to do so. any sort of push from the u.s. or eu that says you are going to become lately ostracized they are here, they are doing business, they are meeting with investors, they are trying to raise money for russia. last night, we know there was caviar, we know there were ballerinas sculpt out of chocolate. vodka everywhere. it was a lavish affair. >> and celebrity singers. >> what i thought was interesting was the head of the economic forum and he doesn't usually attend these events. i think he was there to say, the world economic forum welcomes you. >> very much so. he does not go to a lot of events. he was providing a little bit of backbone to the russians. if you look at [indiscernible] there are stil

. ♪ >> i'm matt miller in for pimm fox.hat i am taking doc on this tuesday, january 20 -- taking stock of on this tuesday cheney ray 20th, 2015. netflix reported fourth-quarter subscriber growth that beat analyst estimates. ibm also out with its results. big blue stock is down in late day trading. his forecast met the low end those estimates. and morgan stanley profits missed due to revenue decline in bond

matt miller is going to get back in his truck. if you need a ride, just call matt. >> i will come pick you up. >> back to some corporate news, shares of microsoft are dropping. they are down almost 8%. they delivered a mixed bag for second-quarter results. one bright spot was the growth in cloud-based services. is it too little or too late? he is developing to unite devices and workflow. his next egg leap in computing technology is a new gadget that brings high death holograms to life. can they find growth in wearable tech? cory johnson joins us from san francisco. he was there when those numbers broke. what is driving down microsoft? is it the business licensing revenue? is it the commercial software sales? >> i think it's a dramatic change from a pc driven company to a cloud centered company. windows 10 is going to be a core offering. the price of windows 10 is going to be zero for the first year. what we see from microsoft as they are going to be drawn out in getting revenues from places where they are trying to grow. it's going

matt miller is there, joined by the president and ceo of the volvo car group. >> thanks very much.joining us here. you have so many new models for volvo it is obvious you are trying to do something in the u.s. with all these new cars. >> we of course have cornered the market, which is important. but we have to back it up with a broader product offering. we have all new cars, but we are also demonstrating that some new very interesting project -- new interesting products. we have a more luxury longer wheelbase offering more leg. i think those demonstrate really the way we are going to come back to growth in the u.s. >> i am glad to see the taller s 60. the s60l is the one making headlines this money because of the possibility of free importing it from china. how possible is that? >> that car will be made in china, but it is important to see that it is not a chinese car that we are exporting to the u.s. it is a new volvo, attractive offering for our customers in the u.s. it is a volvo quality built in china, but this one is built in gothenburg, and belgium. there are three bolosvolvo

. >> now you have matt miller. >> matt miller is not a verb. not even close. >> really interesting results from google. google is also facing the secular change. no one is more responsible than google themselves and their android operating system. when we saw sales growth slowdown to 7%, one of the reasons is more ads are bringing in less revenue per ad. we saw their quick growth was up there. the clock -- the cost per click declined again this quarter. it accelerated what everyone thought it was going to end. that is bad news for google. >> we have to leave it there. do you like shake shack burgers? you live in california. >> we don't have the shake shack option. we thought there was room for growth. >> our own cory johnson bloomberg west editor at large. back with more in just a few. >> debating who will win a big race between the cars -- >> welcome to market makers. >> i am stephanie ruhle. it's not that bad. last year's puppy love super bowl ad was the most shared ever on facebook and youtube. the agency behind it is looking to score big ag

laura colby and matt miller. >> coming up free community college for everybody?it is one solution to unemployment. we will take a look at president obama's new plan. ♪ >> employers call it a crisis, but many cannot find employees educated enough to fill the jobs. president obama calls for free community college. gail, when i think about what to do after community college, so many, it takes them six years to get out of school, it is unclear what they do for a job after. if you were an 18-year-old and did not have the grades to get into a top university wouldn't it make more sense to try to become a carpenter, a mechanic, a plumber? we surely need those more than students who go to community college. >> you actually don't need them more. america needs entrepreneurs. this proposal is like the g.i. bill. what would it take to do in moonshot? we are going to make a big statement about what america needs. you need entrepreneurs. >> what does that mean, we need entrepreneurs? i need people to fix my car, built my house, and fix my refrigerator. i know i need those thing

matt miller and alix steel germany. amazon pulls out a profit.de no promises he would do it again next quarter. results sent the online retailer shares shall -- soaring. >> i have to credit my dad. he is the perfect example. >> for the profit? >> he signs up for amazon prime, forgets that he has to pay for it, but he has to pay for it because he really likes "transparent." >> i do not think they are making that much money on prime. >> the truth is they are not making money at all. $30 billion in revenue and you make $200 million? that is a profit? >> technically, it is a profit. >> for the full year, they still made a loss. if you bring home $30,000 in salary, and at the end of the year you have $200 in your wallet, do you feel you have saved a lot of money? that is the same proportion. >> except when you are amazon. >> they are not making money. >> no, they are not. that is true. google missed estimates largely due to stiffer mobile competition. companies like facebook are eating into google's advertising business, driving down the average price

i am matt miller in for betty liu today and here is a look at top stories. be little changed at the open. unexpected jump in jobless claims last week. wholesale prices fell last month by the lowest in three years. energy costs obviously holding down inflation. a real shocker for the switzerland central bank. it did away for its minimal exchange rate for the central bank. up 16% against the euro and the dollar. it was working, but now it is done. the swiss stocks got hammered as well. the benchmark swiss market index is down 10%. in the u.s., bank of america posted fourth-quarter earnings 11% lower than a year ago. the problem, a drop in revenue and fixed income trading. city, trading lumps more than -- slumped more than forecast. it is clear opec is not counting on higher oil faces anytime soon. it expects weaker demand for its oil this year. it also predicts a slump in price. there is little changed and yesterday, west texas intermediate rose the most in 2.5 years but still low. daredevils celebrated and historic climb with champagne and a shower, which the

. ♪ >> for a look at what we are watching, we are joined by matt miller and lucy.solvency. >> i just ran to their offices. they cannot deal with what happened yesterday. they do not have the money to cover it. they cannot take anymore trades. >> do their clients lose money? if you have money with a lpari what is the story quest my >> most of the companies, you lose what is in your account but you cannot go negative. the clients should be ok but the company cannot keep up. >> they sponsor the football club. >> they sponsor tons of things. cycling they are big investors. >> there are a lot of fx brokers out there. can we assume what is happening at alpari is happening elsewhere? >> i think it is a leap to say they are going insolvent but we are talking about the risks. people are angry, they are blaming the snb. >> we cannot cope with it. >> we has trying to figure out exactly who is losing watch. what does it mean for ubs clients? >> they are more anxious. some ubs analysts told us they are more anxious about this than they were about the u.s. possibly imploding in

matt miller is back from palo alto, california.e president and ceo of a global leader for collector car and boat insurance. >> thank you so much for stopping by. i'm sure you were busy in scottsdale last week. you are starting a new index or market indicator to judge where their investments stand. >> we have been trying for years to build enough data sets that you could put together to give individual investors and people who are interested in a broad asset class real rationality and real data they can use and get a sense of. is the market getting overheated? that's why we are launching it today. >> what is it like investing in classic cars as an asset? i am a car lover. i would love to get a 73 rs or 68 ss. but i know it would take a lot of effort and money to upkeep and a garage and maintenance staff. >> it is easier than ever. this is a much more sophisticated market. all these great tools that individual buyers can use. there are more places to buy them. that whole some are born every minute approach is gone. -- sucker born eve

matt miller, our friend. >> he keeps things interesting.t for this story. >> thank you, cory. >> it has been almost two years since tumblr was sold. ♪ >> i'm cory johnson. this is "bloomberg west." the ceo to $1.1 billion for the deal in 2013. he told emily chang that russ meyer's has helped tumblr amass more than 2 million -- marissa mayers has helped tumblr amass more than 2 million blogs. >> marissa mayer's acquisition strategy has been criticized and tumblr is the biggest acquisition she has made so far. critics have said tumblr wasn't making money. how do you respond to those criticisms? >> we are growing fast. if she wanted to go out and buy a profitable company at the time of acquisition, there were and still are plenty to choose from. she saw a real path forward in something that she thought could be not just a really big business, but a business with a lot of alignment with yahoo!. we are a year in. we are starting to prove that. we are about to have a lot to brag about very soon. >> what is tumblr's ad strategy for growing the bus

matt miller reports on the success of the f1 50 and how it tied into ford motors

when clapper was in north korea last fall to free the two american hostages kenneth bae and matt miller, he had dinner with his north korean counterpart. but a spokesman said the two men did not discuss cyber. in a speech earlier this month at fordham university clapper confirmed the commander of north korea's reconnaissance bureau oversaw the sony attack just two weeks after that dinner. u.s. investigators believe north korea stole the credentials of a systems administrator at sony and spent two months beginning in september moving freely within the network and laying the foundation for the attack that not only stole data but physically destroyed the sony system. >> fascinating information. what are we learning about the paris arrests and a possible connection now to the united states? >> the intelligence source tells fox news to expect more arrests as investigators exploit phones and computers as well as dna identifying more contacts within the networks. the source also emphasizing that command and control now means operatives like the kouachi brothers are identified by a terrorist gr

matt miller, our buddy in the u.s. is a big ohio man. is still celebrating. >> matthew mcconaughey from "dazed and confused." he looks like a lot younger in this photo. >> find out what he has to say about falling oil prices coming up after the break. >> time for today's company news. air france will pass savings from lower fuel rices onto the customer. he spoke to bloomberg in an exclusive interview. >> it is true that oil prices are low now. which is diminishing the impact of the low fuel price. the industry is worldwide competition. it ensures part of the benefit we have. >> british airways owner is planning to increase its offer for aer lingus. that is according to people familiar with the matter. it could happen as early as this week. no final decision has been made. stay with bloomberg for more news from the finance industry. aircraft orders are expected to fall on lower fuel rices. bloomberg will be speaking to the airbus chief executive at 11:30 u.k. time. a supermarket chain is started a look for a new chief executive. dalton ph

i am matt miller. here's the rundown. that time of year when the president speaks for a long time.e and the opposition party throws down. today's wild card, dan gilbert the founder of quicken loans is waging a war on blight in downtown detroit. it is a labor crisis. how maternity leave is not working out for working women. in media, and african soap opera about sex backed

matt miller, live in detroit like a kid in a candy store. >> we sat down with chuck stephens, the chief financial officer and he told us 2014 would turn out better than expected. we do not put out earnings out until february 4, officially. chuck said we would post strong core operating budgets much better than we expected 2000 14. that goes well for the stock and the company. performance will improve even beyond that in 2000 and 13. this means general motors will have a lot more cash to spend on products. they continue that, especially in the higher-margin product. think crossovers, suv's, and cadillac. they're going to spend over the coming years $12 billion to put out a whole range of new product. that is a lot of money to put out cars in all four of its regions. south america even in the face of the continuing crisis europe, and china, even as it slows down a little bit. it is looking for general motors. >> it was not looking, interesting enough, the speech out for elon musk and the q&a after talk about it. he said i do not see any profitability in the company until about five years

matt miller is live in detroit. it is like heaven for him. >> g.m.ing its own horn for 2015. they said the 2014 earnings looks better than expected. minas all of that pesky recall stuff. the problem is that global growth for the economy -- entire industry is slowing down this year. mary barra said that china is a problem. china is a maturing problem for them and the shares are down another 2%. gm shares are down about 15% over the past year. they had a tremendous amount of recalls and this past, rough year. they will continue to pay out the accruals this year. a little more than $1 billion. they will pay a lot of money to build new cars. they said customers are willing to pay up for the freshest models. they are going to introduce 27 new models this year. they're going to be $9 billion in this year -- in capex this year. >> are they going to step up and try to compete with tesla and a big way with an electric car? now what? >> they tried a hybrid car. the fault has a gasoline engine and electric motors. they are showing a refreshed bolt. -- volt. a t

matt miller is the ceo of independent commercial producers. l i think for many people the ads. this year with you saw 50% of companies releasing or more than 50% releasing their ads online early. does this dilute the impact of the ads during the super bowl? are you thinking advertisers may think lightning may strike twice? >> well it's a bit of a strategy. what was a blowup kwhafls a premier yesterday, premiered it here about 5 million views already. that's a miniscule piece of the audience you bring everyone in everyone be quiet. people see this it's the buzz it can be a big win for marketers who get it right. >> a lot of teasers, skittles and nissan did this rather than releasing the full commercial. do you like this? >> it's interesting, it's halfway. someone put a piece of the commercial out. some saw something. >> i like this marshawn lynch. >> this has nothing to do with the commercial he's known as a big skittles advocate. he's an endorser of skittles. the irony he will do a skislettles press conference but not a regular one. skittles is

matt miller thanks so much.hile, tomorrow a real treat. we're going to reveal our super bowl ad that we did. but up next giada's favorite finger foods to serve during the big game. first this is "today" on nbc. did. . >> we are back with our special series game on. what to serve for the super bowl and contributor. giada laurentis is her with her ultimate finger food. >> hi good morning. >> i never think of chicken wings at home when i go to a party, i'm like a heat seeking missile. i love these things. >> we will do a third a cup of sherry vinegar, it's basically the balsamic vinegar in italy. in spain they love sherry vinegar, it's lightly sweet. we have this chili paste. go ahead. you want to whole thing? >> no it's spicy. >> yes. >> that was really spicy. >> it's really spicy. red peppers. >> you put a lot in there. >> i did. basically, we will dissolve the sugar and let the whole thing come together. it looks like this attack the chicken wings. >> you break them apart? >> yes, that way you got those little w