le of us focus on our health, vowing to eat right and work out, as morgan brennan tells us, there's a lot of money behind the pursuit of healthy living. >> something music, mood lighting, celebrity trainers. and an average price tag of $30 per class. >> here we go. >> boutique fitness, a new way to work out, cities across the u.s., business is booming, the international health and sports club soaks says growth in memberships has been outpacing growth in the u.s. population. driven larmgly but boutique studios. 42% of all members use these facilities in 2014, up dramatically from just 22% the year before. best know perhaps is sole keuchel, with a following that plans to go public this year. but flywheel has nearly three dozen studios, where there's choreographed spin workouts and compete on performance. >> there's a premium on great experience on a short amount of time, and highly trained, circuit training claims 21 outposts. armed with wall street funding, it also has aggressive expansion plans. >> we have a pretty exciting trajectory. the studio model, 100% higher than the industry a

for "nightly business report" i'm morgan brennan. >>> so while some areas of the economy are sufferingecause of low oil prices, others of course benefiting. and at the world economic forum in davos, switzerland some world and business leaders focused on the positives. >> oil prices have gone up and down many times in my lifetime. this is the first time that i've heard lower oil prices described only as a bad thing. and i think you have to be careful because both sides of the oil price equation, you look at the economic growth in europe, even economic growth in the united states where in spite of head winds internationally we're maintaining steady good growth, good consumer demand, lower oil prices are part of the reason for that. >> i don't believe the sell-off for oil is really reflective of an economic slowdown. in fact, if you look at the fourth quarter year over year demand for oil, it was up 1.1%. so we're not seeing a demand slowdown in oil. what we're seeing is a massive oversupply of oil. >> it helps, particularly in a place like the united states, it helps the consumer. mobili

as morgan brennan explains, it's a group that many wall street watchers are paying very close attentiono. >> reporter: it's a new year but not a new trajectory for transportation stocks. the dow jones transportation average has tanked more than 6% so far this week. firmly stuck in bear market territory and trading at its lowest level since november of 2013. commodity prices that seem to be remaining lower for longer and a dollar that remains strong against other major currencies continue to take a toll on the sector. analysts who track transportation companies say that's hitting those that service the manufacturing and mining industries particularly hard. >> when i talk to my companies, when i talk to the customers in my companies, especially in the industrial size, the word is we're in an industrial recession right now. i mean, you can see it by all the rail car load statistics as well. >> reporter: a key measure showed manufacturing contracting for the second straight month, confirming that an industrial recession is indeed under way. it's been especially tough on railroads, which saw

for "nightly business report" i'm morgan brennan from the diamond district in new york city. >>> and "nightly business report" for tonight. i'm sue herera. thanks for watching and have a happy and safe new year. [ telephone rings ] hercule poirot. suchet: hercule poirot is, for me, much more than the character on the written page. hercule poirot, for me, almost is a real person. you're a detective. [ chuckles ] i am the detective, colonel curtiss. he is the person who was responsible for my life for 25 years. the truth has the habit of revealing itself. suchet: i've got to know him. i've lived him. no one can always be right. but i am. always i am right. it is so invariable, it startles me. he's my invisible closest and best friend.

for "nightly business report" i'm morgan brennan from the diamond district in new york city. >>> and "nightly business report" for tonight. i'm sue herera. thanks for watching and have a happy and safe new year. rip [sofaya] and talking to really cool people [ben] who have really connected their passion with their career. [martha] we're closing in on a week left in the trip pretty much. [olivia] you know so when you get to the end of the whole processes and you're like well there's door one door two, i want to create door number three and walk through that one. [ben] new york! [leader #1] you know if you believe something is right and you go and convince the people around you, you know i believe in this and wonderful things happen. [female narrator #1] road trip nation is made sponsored by... autodesk: providing software and resources for tomorrow's designers and engineers to solve today's challenges hobsons, providing solutions to educational institutions that help students move successfully through each stage of the learning life cycle. [female narrator #2] road trip nation would l

and as morgan brennan reports, shell is hardly suffering alone. >> reporter: royal dutch shell issuing disappointing earnings guidance ahead of a much-anticipated shareholder vote on the proposed $50 billion acquisition of rival bg group. as part of the announcement, it also said spending for the merged companies would be slashed by a staggering 45% and that layoffs would total 10,000 workers. the warning comes as crude prices tumbled to 12-year lows, stoking fears that current levels are unsustainable for many companies and oil-producing countries and could potentially result in a global contagion. shell sheds light on what's anticipated to be another tough quarter. energy sector earnings are estimated to have fallen more than 70% in the last three months of 2015. but as the integrated oil companies, including chevron and exxonmobil, prepared to report in coming weeks, analysts are less focused on last quarter and more concerned about forecasts for 2016. allen goode, senior equity analyst from morningstar, expects to see sharply lower profitability in production again, with refining o

morgan brennan joins us more. >> it is a studio based exercise food. >> an average price tag of $30 per class. boutique fitness is a new way to work out, and business is booming. the health racket and sports memberships have been growing. 32% of all members used these facilities in 2014, up dramatically from just 22% the year before. soul cycle, the indoor cycling company with a cult following. fly wheel has nearly three dozen studios where they take spin classes. >> it is an eimmersive workout experience. >> they also have aggressive expansion plans. >> we have an exciting trajectory in front of us. we want to be in 50 stores in the next five years. >> it cost 50% to 100% more than it inspired a fashion trend called at leisure. >> it is more than 40 fitness nessness brands and a celebrity following. the fashion start up has opened five brick and mortar locations. it even has a tuesday owe where classes. >> and it helped fuel a culinary craze. foods labelled with health attributes jumps 13% meaning getting in shape may increasingly mean getting financially fit. >> i tried a number of th

morgan brennan joins us more. >> it is a studio based exercise that has influenced fashion and food. >> an average price tag of $30 per class. work out, and business is booming. the health racket and sports club associations says the memberships have been growing. 32% of all members used these facilities in 2014, up dramatically from just 22% the year before. soul cycle, the indoor cycling company with a cult following. fly wheel has nearly three dozen studios where they take spin classes. >> it is an eimmersive workout experience. >> they also have aggressive expansion plans. >> we have an exciting trajectory in front of us. we want to be in 50 stores in >> it cost 50% to 100% more than the industry average. it inspired a fashion trend called at leisure. >> it is more than 40 fitness nessness brands and a celebrity following. the fashion start up has opened five brick and mortar locatns. it even has a tuesday owe where well known instructors teach classes. >> and it helped fuel a culinary craze. foods labelled with health attributes jumps 13% meaning getting in shape may increasingl

cnbc's morgan brennan with the details. hey, morgan. >> reporter: hey, melissa, that's right.as vegas sand missing estimates but the casino operator announced it's increasing its quarterly dividend to 72 cents per share, why the stock is higher in after hours and on the conference call chairman and ceo sheldon adelson stressing the operator's commitment to, quote, his favorite subject, shareholder returns. >> now on to my favorite subjects, the return of capital to shareholders. re-remain committed to hayne tank our current dividend programs at both las vegas sands and sands china. and we remain committed to increasing those recurring dividends in the future as our cash flows grow. >> so adelson also discussing macau at great length. that's the biggest business for the gaming operator, and, of course, as we've seen for quite some time now, gaming revenues in that region have been plunging, but adelson saying he does see, quote, stabilization in gaming revenue trends. vip rolling volumes actually increased 5% from the previous quarter, also despite the downturn in luxury in ret

morg morgan brennan is in orlando with the details. >> chipolte meeting with the investment community here in orlando, florida, at the icr conference. four top executives in attendance, including both co-ceos discussing the mexican chain's plans to boost food safety procedures and ramp up marketing to bring back business. so they say 2016 is an investment year and it will be, quote, messy it terms ever earnings and margins and not an efficient business model this year but they look forward to 2017 when they expect to have most if not all of customers back. this is the most important thing they could do, pulling back and driving the traffic to recover margins. so the company believe that's strong unit economies will recover. they are still planning to open as many as 235 new restaurant this is year. executives saying that they met with the cdc last week and that they are, quote, confident that federal health officials will call to an end the e-coli outbreak soon. meantime, chipolte plans to hold a company-wide meaning next month with the more than 60,000 employees and plans to roll out

morgan brennan joins us right now with more. morgan. >> hi, becky. i call this the fitness economy. a new era of studio based exercise that fueled a fashion trend, a shift in food preferences and where the sound of grouptsing is being replaced by the sound of music and profits. thumping music, mood lighting. celebrity trainers. and an average price tag of $30 per class. >> here we go. >> beteen fitness, the new way to work out and in cities across the u.s., business is booming. the international health racket and sports association says growth in health club memberships has been outpacing growth in the u.s. population largely driven by beteen studios. 32% of users is up. soul cycle, the indoor cycling company with a cult following and plans to go public this year but it isn't alone. competitor fly wheel has nearly three dozen studios where customers take choreographed spin workouts and compete on performance. >> in a short time of i'm an immersive workout experience with highly trained instructor and music. >> reporter: it claims 21 outposts, barry's and also has aggressive expansio

morgan brennan reports on chevron's financial pain. >> reporter: chevron reporting its first quarterly loss since 2002. as oil prices collapsed to the lowest level in over a decade, the u.s.'s second-largest energy company saw earnings plunge more than 75% in 2010. the lion's share of losses from the upstream division which explores foreign oil and natural gals. fourth quarter results were weak in the downstream segment as well as refining operations saw profit tumble. after slashing its 2016 spending forecast 24% last month, ceo john watson reiterated plans to cut costs including reducing the company's workforce by 10%. chevron also hopes to sell up to $10 billion in assets through 2017 after shedding $6 billion worth last year. as the company braces for oil prices to remain lower for locker watson again stressing the company's "number one financial priority" is to maintain and grow the dividends. which currently yield 5%. after last quarter, analysts question just how long chevron can pledge to do that. but watson is insists it's kept a strong balance sheet just for times like this.

to morgan brennan now on union pacific. trouble there on the rails. >> yeah.re trouble with union pacific. those results were, dare i say it, off the rails today. we saw a miss on the top and bottom lines plus disappointing operating operation and volumes. the freight railroad is not issuing an earnings forecast for 2016 because of uncertainty in its markets. only that total volumes for the years will be slightly negative and that depends on the economy. coal volumes expected to drop 30% this quart-- 20% this quart. executives also saying the windfall from lower energy costs for consumers has not actually materialized in the goods that are being shipped with inventories high, retame demand sluggish. lance fritz telling cnbc he's laser focused on getting costs in line given the weak fright environment and by the end of 2015 their worse forkforce was 18% and 2016 capital spending will be 13% less than last year, so you see shares of union pacific are under pressure. they were down about 3%. down about 6% at the lows of the day. >> morgan, thanks very much. now l

back to you. >>> morgan brennan keeping an eye on schlumberger. >> that's right.hlumberger kicks off the energy sector after the bell. the oil services company is considered a bellwether for global oil and gas production, it's outlook will be in focus. commentary on oil prices plus cap ex, expectations for producers, how drilling is faring in north america versus overseas and also expect more layoffs. in december the company said it would take a $350 million restructuring charge that they are going to be adding to the already 20,000 jobs that have been cut in the past year. lastly updates on schlumberger $12.7 billion acquisition of cameron international, that stock is up today on the heels of higher oil but down 11% year to date. we will be tuning in. >> morgan, jane and mary, thank you for now, we will see all of you in a couple minutes. that will all happen after the closing bell. for now the dow is up 150 with ten minutes to go. >> art cashin just stopped by, he calls it a nonevent, it's $100 million to sell going into the close here. >> all right. >> we will

morgan brennan has those headlines. >> hey, scott.he america association and reading of tonnage showing demand for freight increased 1% from november. that's seasonally adjusted. it's up 1.1% from a year earlier. it's an index reading that is just a hair below last january's all-time high. much stronger than november, and that's good news for the holiday season and all the trucking companies exposed to that. ata chief economist bob costello still noting that it wasn't a great year overall with high inventory levels overriding any strength for consumer spend and housing. he expects more pressure on truck freight volumes over the next few months, and here's why this matters so much. with nearly 70% of goods moved by truck, tonnage is an early indicator of u.s. economic activity. according to abigail partners, donald -- over the past 40 years had t has with a lead time of two to five quarters predicted every single recession and recovery of the u.s. economy, so recent readings are suggesting slower growth. also, possible deceleration in

morgan brennan joins us from orlando and she's joined by patrick doyle. >> thanks, kelly.for joining us today. >> absolutely. thanks. >> let's talk about same store sales growth. for the first nine months of 2015 you posted solid numbers to the point where analysts are saying that you face tough comps in 2016. >> right. >> are you on track for the same type of growth or could it really be tough comps? >> it was double digit four quarters in a row through the third quarter of last year now and so certainly, you know, double digit comps are tough to lap but we feel good about where we are. we think about ourselves as a work in progress. we're constantly trying to figure out how do we get better, how do we do something that's going to make the experience better for the customer. i can't get into forward looking statements, but certainly we feel good about where the brand is. >> you've been doubling down on technology, one of the things as an investor and analyst meeting later this week. >> right. >> should investors expect for you to be increasing your spending again this yea

let's go to morgan brennan back at headquarters. >> hey, kayla. usda reporting the first piece of highly pathogenic birth flu in poultry since june. this is affecting a commercial turkey flock in indiana. now it is a different strain of the avian influenza that we saw really just decimate parts of the poultry industry in the midwest last year. however, this is a very highly contagious strain of bird flu. what's notable here is that the poultry industry was really just starting to sigh a breath of relief because everybody had been anticipating that we would see more bird flu cases in the fall. we didn't get any, and now this case comes here in january. this could be sounding off the alarms for the poultry industry. that's the reason why you're seeing stocks like pilgrim's pride, tyson, sanderson farms, and hormel foods all plunge. poultry producers plunge on these headlines. the one stock that is actually the outliar here is the top egg producer, and it's getting spiked today because we've seen that benefit from bird flu in the past. back to you. >

but first morgan brennan with the cnbc market wrap. >> stocks end mixed, but little change, the dow climbings&p adding one and the nasdaq falling 12 points. revenue was mostly in line. international subscribers jumped. and it was another tough session for crude oil. that fell more than 3% to $28.46 a barrel, the lowest since september of 2003. that's it from cnbc, first in business worldwide. get fast-acting, long-lasting relief from heartburn with it neutralizes stomach acid and is the only product that forms a protective barrier that helps keep stomach acid in the stomach where it belongs. for fast-acting, long-lasting relief. try gaviscon®. for fast-acting, long-lasting relief. i've been blind since birth. i go through periods where it's hard to sleep at night, and stay awake during the day. learn about non-24 by calling 844-844-2424. or visit my24info.com. ♪ ♪ ♪ why fit in when you were born to stand out. the 2016 nissan altima has arrived. ♪ >>> less than 25 minutes away from donald trump's big 6:00 p.m. rally in ames, iowa, with none other than sarah palin. sam clovis right now keeping

morgan brennan is live from the conference in orlando, the consumer and retail conference. ecial guest. good morning, morgan. >> that's right. joining me now is jerome griffith, ceo and president of tumi holdings. thanks for joining us. >> thanks for having me. >> global economic slowdown, how is that affecting sales in tumi, in light of china is a key market for your growth strategy? >> one of the things you have seen is the strength of the u.s. dollar has slowed down tourism traffic. overseas tourism traffic is where we benefit. >> the paris attacks may have affected revenue last quarter, the attack in istanbul today. how is that affecting tumi's business? >> it's not affecting us, we have a few stores in paris, but globally not affecting us at all. >> i think sara has a question for you. >> good to see you. wanted to ask you about the brand cache that tumi has. it's a luxury brand. how do you resist the temptation to discount in an environment where consumers are demanding and getting accustomed to promotions all over the place. do you have to do that? >> there is a famou

morgan brennan has the numbers. morgan. >> reporter: u.s. estimates though keep in mind these are still rough numbers reporting an adjusted loss of 23 cents per share. that's excluding a are $600 million tax provice, revenue of $2.5 billion, better than estimates of 2.5 billion. the company also saying that are -- also say that for 2016 adjusted ebitda should come in about flat. we're taking a look at shares of u.s. steel. down 8%, almost 9% in after hours, but also on a total -- on an unrelated note, take a look at api crude oil inventories. those are just out. api reporting a weekly build of 11.4 million barrels. that's much larger than the 1.63 million that had been expected. take a look at wti. that is turning lower on the heels of that api report in after hours. back over to you. >> morgue answer, thank you. you know, again, this is actually the mirror image of the trading activity that we saw today. u.s. steel now down giving up much of its gain and wti crude now also giving up much of its gains and more earnings coverage coming up, pl

. >>> i'm morgan brennan with your update.f the association of southeast asia nation whosz members are becoming more vocal in their complaints about china's assertiveness in the south china sea. marking the first trip by an iranian president in the first 16 years. he's also scheduled to meet with french president hollande and pope francis. >>> they released video of air strikes but did not specify when they took place. they say a thumb ber of isis fighters were killed in the strikes. the u.n. announcing in venezuela along with 14 other countries would have their voting rights temporarily revoked due to unpaid membership dues. venezuela's currently on the security council and that's your cnbc news update at this hour. back over to you guys. >> thank you very much. >>> shares coming in with earnings better than expected. that's not exactly helping the u.s. home builder's stock this morning under pressure. more than 4 1/2%. the building sector as a whole continues to struggle. the sector is down. joining us by phone to discuss it

let's get to morgan brennan with the preview. >> it's all about cloud after the bell tomorrow. is that right with amazon. the street is looking for $1.56 per share. that would represent earnings growth of nearly 250%, and though it's still of fraction of overall sales amazon web services's cloud platform is real going to be the key with some analysts expecting that to account for a third of operating profit. the e-commerce giant tends to be vague about prime membership and outlook guidance, but any nuggets there will be important as well. turning to microsoft, analysts expect 71 cents per share on $25.3 billion in revenue, basically flat growth as a software company undergoes a trouble. we're expecting more momentum in cloud services into company as well, also improving revenue for office and windows despite falling pc sales and also look for guide a. taking a look at shares of amazon an microsoft they are both top performers in 2015 but so far in this year both have fallen so that makes the earnings report for both these companies that much more important. >> qualcomm did repo

morgan brennan.rting that they t fourth quarter worked its way out of the green a few moments ago. howard schultz had a lot to say about china and global growth. take a listen. >> the 2000 stores in almost 100 cities and. it has never been stronger, the brand more relevant. this is a long-term story that probably if you look at our peer group not only within the restaurant and retail sector but anywhere bricks and mortar retail around the world, who's putting up 4% global traffic, 8% globally, 9% in the u.s. and 5% in asia peck. it's unheard of. >> some amazing stats unheard of. that's due in part to 20-plus percent mobile payment in the states. you'll get a lot more people through the doors if they pay not using cash. >> on the other spot, they were quite bullish saying they were going to recover to usual levels in months or quarters. analysts agree with him. they say buy the stock. the average price target is $68 per share km is higher than they are now but it's had a nice run up 40% in the last 12

morgan brennan joins us from orlando with more. >> chipotle meeting with the invement company earlierin orlando. four top executives in attendance, including co-ceos discussing the mexican chain's plans to boost foot food safety protocols and ramp up marketing to bring in business. it's beginning to be "messy" in terms of margins, earnings, traffic. but that ultimately, they don't see chipotle's growth potential any differently than before. economics will return. also, the company is still planning to open as many as 23 restaurants this year. so chipotle is outlining a pro-pronged marketing strategy to "welcome customers back" into restaurants. that's going to start rolling out in mid february. part one, talking to the press about new food safety measures. many of which have already gone into effect. and also, the fact that the company is "extremely confident" that the worst is over. increased advertising. they're also going to reach out to the most loyal customers to give them a detailed story of what exactly happened. all of this sending shares of chipotle up 6% today, bucking the b

morgan brennan has more on what could be a major change in policy and have a big impact on energy companiesrtainly could, tyler. and it comes at a time when we've got natural gas at $31 a barrel. so a lot of energy companies saying this is going to feel like more pain. so the obama administration basically proposing these new rules that would curb how much oil companies are flaring in terms of natural gas at well sites on public and tribal lands. this as the president looks to address climate change. the rules would attempt to limit flaring at oil wells where producers have been burning gas because there's not infrastructure to take in that natural gas and, b, because prices are so low it's been less expensive, it's been cheap for them to actually burn that gas off. so operators would be required to check regularly for leaks, replace equipment, basically use that gas to power operations at those sites wherever possible and potentially pay royalties for any gas they do decide to flare. this development could have particularly large implications for north dakota's bakken region which we have

morgan brennan motoring in with that story. what's going on? >> that's right.ransportation average tanking again, down about 3%, the lows of the day. it's hitting levels we haven't seen since november 2013. we have fallen below 7,000 today. why is this happening? it's a story of falling volumes and falling rates. take railroads, total u.s. volume fell 2.5% last year, that is the biggest drop since 2009, that's why union pa ifk scsx, kansas city southern, all of those names are trading at multi-year lows right now. the initial expectation had been that volumes would recover in request. 4 but that did not happen, we saw them get worse. trucking has softened, truck tonnage is up 1.2% for the three months ending in november. that's a slow down in growth and it comes at that crucial peak season time so that's weighing on westerner enterprises, swift transportation, knight transportation, jb hunt. on the shipping side container traffic at global ports in 2015 likely grew at its slowest price since 2015. the same things that are driving the slump in all of these indus

morgan brennan has the latest score card at post 9. >> that's right. quarter earnings for the sector are expected to be down.2% that's according to s&p capital iq. schlumberger beating on results, they have laid off 34,000 workers in 2015. on the call today they said oil field services won't recover until next year but clum did maintain the dividend. can't say the same for chesapeake energy, they just suspended dividends on preferred stock to help pay down debt. and pipeline giant kinder morgan swung to a loss this week slashing cap ex 20%, potentially buy back shares or up its dividend after reducing it by 75% last month. we saw that stock rally today. also this week royal dutch shell warns q4 profit likely fell 54%. the big theme so far we've got big profit drops, more spending cuts, more focus on spag down debt and shareholder returns be a top priority. next week on deck we have results from halliburton on monday, chevron, valero and phillips 66 to name a few. >> it's going to be a busy one. rest up, morgan, thank you. >>> the price of oil a top top

for more, let's bring in jason, air freight and surface transportation analyst, and, also, morgan brennaning the transportation sector. we think lower energy prices are better for transports unless it's bad news for the economy. you think this is a part of the problem? >> a case of two things, right, number one, look at some of the rails, energy accounts for somewhere of 10-13% of the revenue. >> from last year. >> from last year. they are losing revenues, and when you look at the direction of oil prices, people are starting to get worried about the economy. when i talked to my companies, when i talk to the customers of my companies, especially in the industrial side, word is that we're in a industrial recession right now. i mean, you can see it by all the railroad carloading statistics as well. >> that was the question yesterday. industrial recession underway. is that something that bleeds out into the rest of the economy? >> well, and i think that's the big question, something i talked about in the last couple weeks, the ism number in contraction for the second month in a row. we've see

let's get to morgan brennan. >> the dow transports are down nearly 3% remaining in bear market territory, and among the laggards, avis budget, united continental, fed ex, and expediters international. expediters is hitting a fresh 52-week low falling on news that amazon's china arm has received approval to ship ocean freight. that's a move that will give it more control over shipping products from chinese factories to sell to u.s. shoppers. one reason that stock is lower, ubs says this could negatively impact that company. tyler? >> yields on the 10-year dropping below 2%, sitting at three month lows. how is the mortgage market reacting to that? diana olick is tracking that. >> rates made a big move overnight and experts say you do not see this kind of move in mortgage rates very often. the popular 30-year fixed loan has come down from above 4% last week now to some lenders at 3.75% for the best borrowers. that's according to mortgage news daily. in -- it is especially a big deal heading into a holiday weekend when you know there will be a lot of open houses and hungry buyers out there.

. >> morgan brennan. >> caterpillar ceo will join us.round the globe. king of the jungle amazon ready to report after the bell. we got a preview of what's to come and what they may say about the holiday sales season. we'll be back in just a moment. actions. they speak louder. we like that. not just because we're doers. because we're changing. big things. small things. spur of the moment things. changes you'll notice. wherever you are in the world. sheraton. . >>> back up the truck. caterpillar delivering quarterly results. our news maker this hour, the dow component doug oberhelm. facebook posts its first $1 billion quarterly profit ever. >> chills to our neighbor to the north. final hour of "squawk box" begins right now. ♪ some day i will ♪ some day ♪ somehow ♪ right now ♪ i know you >> announcer: live from the most powerful city in the world, new york, this is "squawk box". >>> welcome back to "squawk box" right here on cnbc first in business. it's canadian. i'm andrew ross sorkin along with becky quick, joe kernen and 90 minutes away

morgan brennan spoke exclufsly with the president of one trucking company to get a snapshot of the industry'sreporter: so in an exclusive interview david leather telling me despite another solid quarter for earnings growth he's concerned about slowing economic growth especially in like of weaker than connected holiday season. >> i'm a little confused on the consumer. if you think about the fuel dividend that they all received in '15 and continue to receive in '16 i would have thought we would see more spending from the consumer. they are nervous whether to spend the money that they are receiving as a benefit through this lower fuel or not. we haven't seen that sort of robust consumer spike if you will in terms of their behavior in the marketplace. >> reporter: he says he's a big fan of low oil prices. they are a tail wind for the trucking industry. while industrial production has taken hit, he says the freight moved for dollar store and discount retailers remains strong. also erch commerce is still the fastest growing business and that's why he and the rest of the industry is watching amazon'