mr. orcel's court if he would like toss to come and chat about his next step on cn cnbc, we would be very happy to have that conversation guys, back to you. markets are actually -- investors are actually reacting quite positively to the results. the stock is up 1% let's talk about the broader market picture this morning. just to take it back to the u.s., it was a bit of a mixed picture. we had the dow ending the day higher, but nasdaq and s&p both ended lower with microsoft and -- microsoft will be reporting after the close later today. we had earnings from apple after the close yesterday evening. traded up about 5% in the gray hours. we'll see how that translates. generally, the picture overnight in asia has been a little bit more muted some of the apple suppliers actually warning about the outlook, warning about actually slowing sales, slowing demand in the future we've seen a bit of a negative reaction in the key chip maker stocks and the asian session europe overseeing a moderate start to the day slightly higher. about .1% higher we are right in the middle of earnings season. as i men

mr. orcel's, how is remit change that ubs?is normal process of business in zurich as before? patrick: in terms of ubs and santander and their relationship with each other, surely it can't the a positive they have had a falling out over this. in terms of orcel himself, i find it hard to believe he would return to ubs and be a star banker for them, although i would not rule anything out. santander was a huge client of ubs and orcel led the relationship. that might have been one of the relationships why the chairman of santander hired him in the first place. tom: patrick winters, thank you so much. francine: this cup people by surprise yesterday. was the three months first we heard that ubs was trying tordball and work out the gardening leaves, the rivalry, between the chairman and chief executive of the possible succession. there may be a link. we are looking into it. tom: we are thrilled to bring a member of the house of a very emeritus professor of the london school of economics. you invented the idea of the short century and