we have robert tipp from pgim, marilyn watson of blackrock, and jack flaherty of gam.ng we have not talked about much is credit. robert, you mentioned to me, the small widening we have seen almost across the board in the united states. is there a signal there at all? robert: i don't think so, i think the markets are digesting the fact of the budget battle, supply and earnings. there is a lot to work through in terms of the impact with the changes in the tax law. jonathan: broad strokes are difficult to do, but looking at what we have learned so far on a tax bill, and what it means for companies, are you able to establish a view on what it means for investment grade and high-yield? jack: the piece it really affects is the lowest rung of high-yield. that can be hurt. what is interesting is what has rallied the most. the very lowest rung of high-yield. jonathan: could it mean less duration? given that the tech is bringing us cash back and it might not be issuing as much? jack: i think on the margin that is a good point. they are bringing money back, and that is a good thi

jonathan: joining me is robert tipp, chief investment strategist at pgim.n investment director, also from london is marilyn watson, the head of the fundamental bond strategy at blackrock. for a long time to 60 was a line 260, was aong time, line in the sand post elective. how significant is another we have breached it? >> when you look at what is coming through in terms of the tax reform plan and overall growth, and a think it is necessarily that significant. where we like at the moment in terms of the u.s. treasury curve is the front end. we are not being paid at the moment to take duration risks. i think when we are looking at the concept of a normalizing economy, growing economy in a synchronized global growth, you could see it move quite a bit higher. jonathan: if you look at the motivation for the move, basically it is economics and it makes sense. it's not just about removing stimulus. the nature of the move has not been violent. it has been gradual. is there anything to worry about? robert: i think gradual is what it will keep doing. the momentum is

jonathan: joining me is robert tipp, chief investment strategist at pgim. watson have marilyn coming to us from london, the head of the fundamental bond strategy at blackrock. told this is significant postelection. how significant is it now that we have preached it? ilyn: when you look at what is coming through in terms of the tax reform plan, i don't because necessarily that significant. moment inre at the terms of the treasury curve is on the front end. i think when we are looking in the concept of normalizing the growth economy and synchronizing global growth, you actually see it quite a bit higher. jonathan: if you look at the it istion for the move, economics and it makes sense. it is not just central banks were moving stimulus. -- removing stimulus. is there anything to worry about? : i agree this is driven by fundamentals. synchronouss, the growth, you are going to see more issuance. we see 3%, the momentum is higher guilt. jonathan: -- >> higher yield. are not ready to tear up and reverse all of the views we have had the past five years. the dynamic

jonathan: we might be in the by zone for pgim. are we? robert: i think we might be. agree the momentum is negative here. i disagree in terms of where the value is on the curve. that is a tougher call. i think the market is somewhere around 3%, probably somewhere below 2.75% on the 10-year. the selloff will run out of steam. jonathan: will you be buying through the week? robert: for us, the main thing in terms of positioning on the treasury curve has really been the shape. if you look at the bonds, it hasn't hit new yield highs this year. the performance on the back end of the curve has been solid. it has really been the front end that is repricing. if you take into account that you have growth, a strong stock market, therefore you have a fed that is likely to keep moving. jonathan: marilyn, on the front end of the curve, why is it you see value there? pgim have been sure the -- short the two-year, and that's where a lot of money has been made. why do you see the value on the front end? marilyn: there is a lot of uncertainty out there in the short-term, and we are not

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partner with pgim. the global investment management businesses of prudential. >>> good friday morning. welcome to "squawk alley." we're awaiting a white house briefing on a potential

partner with pgim. the global investment management businesses of prudential.

partner with pgim. the global investment management businesses of prudential.

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partner with pgim. the global investment management businesses of prudential. >>> apple releasing its home pod. can you start presales on friday josh, tell me why i need another assistant. >> it's going to be available february 9th ma mart speaker missed the initial ship date in december buyers will be able to use home pods to stream apple music, check the news, sports, traffic and control a range of smart home accessory apple will be playing cashup like amazon and the popular echo speakers, as well as google's

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partner with pgim. the global investment management businesses of prudential. (nadia white) the moment a fish is pulled out from the water, it's a race against time. and keeping it in the right conditions is the best way to get that fish to your plate safely. (dane chauvel) sometimes the product arrives, and the cold chain has been interrupted, and we need to be able to identify where in the cold chain that occurred. (tom villa) we took our world class network, and we developed devices to track environmental conditions. this device allows people to understand what's happening with the location, but also if it's too hot, if it's too cold, if it's been dropped... it's completely unique. (dennis woloshuck) if you have a sensor that can keep track of your product, it keeps everybody kind of honest that way. who knew a tiny sensor could help keep the food chain safe? ♪ >>> welcome back here's what's happening at the hour an amtrak train traveling from washington to west virginia carrying republican members of the house, representiviatives collided with a garbage tru

partner with pgim, the global investment management businesses of prudential. you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. >>> welcome back i'm eamon javers at the white house where we are getting reports that andrew mccabe has stepped down officially as of today. mccabe had been a frequent target of criticism by president trump who was skeptical of the fbi's role in the russia investigation. mccabe said he would be likely to step down as early as march this appears to be b a stepped up timetable for that resignation. nbc news reporting that mccabe will remain on the fbi's payroll on terminal leave until eligible to retire with full benefits in march. so this appears to be ab acceleration of his already existing plans to step as

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partner with pgim, the global investment management businesses of prudential. (whispering) excuse me, are you aware of what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. can we do that? we can do that. >>> we're back on the halftime report new record earlier dow is up more than 150 points now it's barely hanging on to president obaositive territory g fast s&p, a fractional loser, one-third of 1%. nasdaq is down more. 7400 even. we'll call it and the ruz l 2000 is under 1600 at this moment rising oil prices causing unusual activity in one energy name pete at the telestrator for a look >> somebody's rolling up into this new position today, but look at that chart this has been a pretty extraordinary move from those lows when you look back to december and see where the stock is t

partner with pgim. the global investment management businesses of prudential. >>> i'm contessa brewer. president trump is meeting with israeli prime minister benjamin netanyahu in davos he says the palestinians must return to peace talks with israel in order to receive u.s. aid money. >> when they disrespected us a week ago by not allowing our great vice president to see them, and we give them hundreds of millions of dollars in aid and support, that money is not going to them unless they sit down and negotiate peace >>> home depot says it's paying out one-time bonuses of up to $1,000 in cash to its hourly workers in the united states because of the tax reform law. the home retailer following others doing the safely including disney, starbucks and walmart. >>> a new study shows many who survive a stroke don't go on to improve their health habits. fewer than 1% of stroke vice-versa meet all seven goals set by the american heart association, not smoking, eating right, exercising, keeping a healthy weight,

partner with pgim. the global investment management businesses of prudential. your parents have been ittalking about you for years.. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking. knowing that the most important goals are yours, is how edward jones makes sense of investing. upeace of mind.s we had a power outage for five days total. we lost a lot of food. we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that. we're the webber family and we are usaa members for life. [ click, keyboard clacking ] [ keyboard clacking ] [ click, keyboard clacking ] ♪ good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. >>> all right, hump day comes early here we got 6-minute we can talk about trading. i want to talk about apple >> it is bugging the heck out of me it is the worst of time for apple, they downgraded to s

partner with pgim.stment management businesses of prudential. >>> good monday morning. welcome back to "squawk on the street." it is off the initial lows, dow is down 15 and the s&p and nasdaq putting together record highs as we watch the government shutdown plenty of earnings this week, davos and m&a. we begin with the shutdown and its impact on the market rolling into a third day will a deal come today >> it was a big deal last year for activists and investors. we'll find out what to expect this year. >>> and a big lineup of guests this morning the ceo vanguard legendary sports agent drew rosenhouse and a bitcoin celebrity all coming up this hour >>> government shutdown continues. another senate vote expected in about two hours. our ayman jabbers is joining us from the white house with more after a long weekend good morning, ayman. >> reporter: good morning. we are in a bit of a waiting pattern waiting for the vote today at noon to reopen the government we'll see if they have the votes to do that ther

partner with pgim. the global investment management businesses of prudential.n.eason >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't ow. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. >>> all right. let's do final trades. joe, you first. >> mckesson. >> stephanie >> allergan, new position. >> josh? >> final trade -- calm down. >> gpk, bought it today. >> for real? >> no, i want people to relax. >>> "power lunch" starts now [ laughter ] >>> i am relaxed michelle caruso-cabrera, here's what's on the "power lunch" menu dow 26,000, just seven trading days ago is when we hit 25,000 is this irr

partner with pgim. the global investment management businesses of prudential.haven't hit yet today actually which is involving dell the enormous private technology company that of course owns emc and through the purchase of emc owns vm ware, a lot of it. a report this morning in the journal -- i think it was out late last night says dell might take itself public, might buy in what it doesn't already own. it owns 81% of the company and it has issued those class v shares to track 65% of its economic ownership of vm ware. why is it a story in the market today? well, a lot of people who play these things are short vm ware common and long the dell technologies so the spread is blowing out on them today because they expected that to come together. however, if you were going to buy in the 19% you don't already own, you would pay a premium, send vm ware shares higher jim, a lot of questions about exactly what dell's motivation may be for even examining these various options. one is that under the tax bill, remember, a company with as much as $2 billion in interest paym

at pgim, we see alpa in the trends, driving specific sectors of out performance.here a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. [ click, keyboard clacking ] [ keyboard clacking ] [ click, keyboard clacking ] ♪ good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. >>> welcome back, big reversal today, and the dow was up, down, and now up 62. s&p is back in positive territory since earning back and forth between gains and losses here here's the sectors telecom neck and neck. weak performs are real estate and technology you're laughing at the song. >> i am. interesting choice on this one as we watch this market fluxuate today. let's play that out. time for a cnbc n

partner with pgim.he global investment management businesses of prudential. >>> we had a lot of conversations about crypto currency and bitcoin >> you switched your view about this i think i have said enough i am not going to say anymore. you guys talk about it too much. you should talk about ait and g back to something relevant >> over discussed. >> well, you see lets say you walk a foot from here, like right over there and -- every doorman or cab driver, jaime may think it is irrelevant i am tired to go to restaurant because i have to get a bitcoin wrapped. >> maybe you should pull out jaime's and i don't want to talk about anymore, it is not relevant i will not give people -- i was doing about what about bitcoin buying boeing? no, people did not like that either jaime and his world, it is different. the world that i hang out, people always ask about bitcoin. take a look at what corbat says. >> we'll talk about digital currency, i don't see it as a currency i don't understand the under line fundamenta

partner with pgim.obal investment management businesses of prudential. >>> do you have a start-up to get gund funded it may not be so easy. easy capital might be a thing of the past we have a lot to talk about. technology, big tech let's start with apple it's not your wheelhouse apple announcing different things your quick take as a venture capitalist about what apple was doing. >> it's great that they are taking a leadership position bringing money back to the u.s., creating jobs and focused on the u.s. the second thing that encourages venture capitalists like myself is so many businesses need scale to survive apple and others do the same thing -- buying up smaller companies, plugging them into the system >> that's interesting. the debate we were having with steve liesman is what do they do with the money they are bringing back they are writing a giant check to the government. that will leave them with a lot of money they'll probably buy bonds, maybe a buyback. do you think apple could be a bigger vent

partner with pgim.he global investment management businesses of prudential. >>> we're back verizon shares have been volatile this week we have an ek collusive interview with that company's ceo. >> thank you very much as you said, verizon reporting earnings it showed some strength head adding customers, more than anticipated. and that a bit better. let's get more from the chairman and ceo of verizon who joins us from new jersey i would love to start on tax reform you shared an announcement tr your own employees but you also told analysts community you're going to benefit to $4 billion in operating cash flow from the changes in the tax code. what are you going to do beyond the stock awards to employees with that wind fal >> good afternoon, david appreciate having us on. as you said, i just left the employee meeting where we went through what we would do with the $4 billion some things don't change we are going to remain on the leading edge of network. so investing in our network is our top priority but we

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partner with pgim. global investment management businesses of prudential. ♪ >>> good tuesday morning welcome back to "squawk on the street." i'm carl with david, michelle is with us. sarah is off dow 26,000, story of the morning as we sit a full percent above friday's close our road map begins with the dow soaring past another record, breaking a milestone, 26k for the first time ever. s&p and nasdaq also hit fresh record highs what if anything can derail this rally. >> ge is taking a $6.2 billion charge we'll have details ahead. >>> plus bitcoin hitting a six-week low we'll tell you what has the crypto currencies falling. >>> dow surging past that record, breaking 26,000 for the first time 12 days, seven trading sessions after hitting 25 s&p and the nasdaq also hit record highs this morning. obviously people look at percentage versus points it is easier to move 1,000 points on a percentage basis doesn't make it any less dramatic. >> no. and it really feels like this meltup that we've been talking about.

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partner with pgim. investment management businesses of prudential. ♪ ♪ >>> welcome back to "squawk box. let's get a look at how everyday investors are feeling about this market joining us is charles rockblood. charles, good morning. >> good morning. >> so we think, you know, flows have picked up from individual investors joining the party. are they starting to feel better about the rally and how long it can actually last? >> yeah, i definitely think there's an uptick in optimism. we saw it really coincide when the tax bill passed, and really over the last five weeks we've seen sentiment optimism be above 50% four times it's at an unusually high level right now, but we certainly saw it shift really right when that tax bill was passed. >> i'm looking at the results of your most recent sentiment note. bullish, as you say, is up 5.5 percentage points to 54.1% that is what you say is unusually high >> yes and the cutoff point's about 48%, 49% what we've tend to have seen when optimism is unusually high, we s

partner with pgim, the global investment management businesses of prudential. not investing in commodities or fixed income. what people areally putting their money into is what they hope to get out of life. but helping them get there requires a real refusal to settle for average. because when you approach investing with a tireless desire to beat the status quo, something wonderful can happen. those people might just get what they wanted out of life. or maybe even more. >>> now the answer to today's aflac trivia question. who invented the first mechanized milking machine the answer, norman john daysh, a new zealand dairy farmer the concept was patented in 1917 >>> coming up, the deep freeze in -- or the deep south in a deep freeze or the deep south -- deep freeze in the deep south. pois morning we have a live rert in louisiana. we'll do it straight ahead in just a moment when "squawk" returns. ♪ ♪ ♪ >>> live shot of times square. it is raining outside right now. it may be snowing in just a little bit good morning, welcome to "squawk" on cnbc live at the nasdaq m

partner with pgim.agement businesses of prudential. >>> welcome back to "squawk box" this morning check out the price of bitcoin this morning under some pressure again as fears grow about a regulatory crackdown a south korean news website reporting that the country's finance minister is coming up with a set of measures to clamp down on the, quote, irrational crypto currency investment craze. we're living around 12,000 on bitcoin this morning >>> also making headlines, wall street journal reporting u.s. counterintelligence officials warned jared kushner about his friendship with wendi deng mourdock officials had kurns that mourdock was lobbying for high profile $100 million construction project funded by the chinese government in washington, d.c. it was deemed a national security risk because it included the 7 foot tall white tower they say could be used for surveillance wendi married rupert mourdock in 1999 they divorced in 2013 and have children together. in the meantime, we want to get back to our gue

partner with pgim.stment management businesses of prudential. >>> welcome back to "squawk box. adp reporting january pay rolls up a whopping 234,000. that's against a revised 242,000 for december that was revised down by eight but really blowing out the estimate of 180,000. and probably causing some to rethink what's going to happen this coming friday the nonpharmpayroll payroll estimates. adp was wrong by quite a bit last month it was heavy we'll see what happens, whether or not the expectation that happens again. take a look, goods up 22,000 good construction, good manufacturing jobs services up. 58,000 for small, 91,000 for medium 85,000 for large we have a large trend. here's the detailed breakdown by industry trade/transport 51,000 education, 47. lea leisure/hospitality, 46. am i bringing in mark zandy? he puts this together for moody's -- for adp he's the chief economist at moody's analytics. how often do we do 200 plus adps in a row >> you know, i don't know, steve. it's obviously very strong you

sheets,e have nathan pgim fixed income, chief economist. the federal reserve. welcome. nathan: good to be here. david: what is going on with inflation and how should the fed be reacting to it? nathan: this is truly an extraordinary period. we have a low unemployment rate near 4%. the output gap as measured is closed. at the same time we are looking at inflation well below target. is, do you believe models that rely on slack as a leading indicator of where inflation is going or gu look at the actual data? the fed in policies has tried to split the difference. towardved gradually higher rates but have taken their time and paid attention to what is going on in the data. david: if you are on the fed what would you be voting for? nathan: i think the strategy that the yellen said has articulated, that i suspect jay powell and his colleagues to continue is very reasonable. on the one hand, inflation was thew target, and possibility that with slack limited, inflation could kick up. on the other hand, you don't want to move too quickly. they move gr

at pgim, we see alpa in the trends, driving specific sectors of out performance.ing middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. >>> markets recovering some of the losses for the past several days up 200 points. mostly due to boeing "squawk on the street" continues. don't go away. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and com

at pgim, we see alpa in the trends, driving specific sectors of out performance.here a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. >>> markets right now continuing their declines, the dow is now on pace for its biggi drop right now it's down by 386 points, down by as much as 100 s&p 500 down by more than a full percentage point nasdaq is losing about a percent. health care and energy are your lag guards the steel stocks in particular taking a heart hit this is the highest left sings august, getting whacked with more on this >> that story playing out as well, but on the price action here with cryptocurrencies, hovering right now just above the 10,000, so a clonalically significant level, that 10,000 market it did dip below there at a couple points in

partner with pgim.management businesses of prudential. >>> good friday morning. welcome to "squawk alley." we're awaiting a white house briefing on a potential government shutdown. this was originally scheduled, we thought, for 10:30. so we hope to see it in the next few moments. as soon as it brings, we'll bring it to you live i'm carl cat quintanilla at pos nine american express after earnings last night and the senate is going to start deliberations once again this morning, begin debate at any moment to avoid a government shutdown for more on that, we'll get to eamon javers. >> that press briefing was supposed to start a half hour ago. dwoen we don't expect to hear a lot of particulars about how they're going to hand will a

at pgim, we see alpa in the trends, driving specific sectors of out performance. a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. ♪ >>> good tuesday morning welcome back i'm carl with melissa, mike's here at post nine of new york stock exchange sarah's off. david's on assignment. he'll sit down with lowell mcadam on the heels of the company's earnings report and brings us to the market today. four dow components as earning seasons kicks into a new gear, government gets back to work and netflix soaring. the streaming giant worth more than $100 billion as reports a boost in sub growth and talking to a biggest bull on the street. >> and all or nothing. tesla announcing what would be the most radical compensation plan in history. what it means for sharehol

partner with pgim.bal investment management businesses of prudential. >>> apple releasing its home pod. can you start presales on friday josh, tell me why i need another assistant. >> it's going to be available february 9th ma mart speaker missed the initial ship date in december buyers will be able to use home pods to stream apple music, check the news, sports, traffic and control a range of smart home accessory apple will be playing cashup like amazon and the popular echo speakers, as well as google's line of home speakers. they dominate 92% of the market but there are key differences. within wouldn't the price homepod will runs you $349 the lathe it's echo -- and apple is very clearly emphasizing the high-quality sound of this product with an apple-designed would havish, betting that will give it a competitive it advantage, but ben behairen said sound quality will not make or break this products. consumers are obvious obvious fine with -- it's going to come down to the value users find in siri, which

at pgim, we see alpa in the trends, driving specific sectors of out performance. a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. ♪ ♪ >>> good tuesday morning welcome back to "squawk on the street." i'm charles christian and michelle caruso-cabrera. sara is off. market selloff continues today watch how serious it gets. dow is down 280. bear in mind, unh is about 85 points all by itself on a day where we're going to get state of the union and a two-day fed meeting begins got some economic data crossing the tape rick santelli has that >> yes, we're looking for a january read on conference boards consumer confidence it's just out. expecting 122, 123 we ended up with better. 125.4. this follows a nice upwardly revision to the previous month from 122.1 to 1

partner with pgim.agement businesses of prudential. [ click, keyboard clacking ] [ keyboard clacking ] [ click, keyboard clacking ] ♪ good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. >>> good morning it's 8:00 a.m. at apple headquarters in coopertino, 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ >>> good monday morning. i'm carl quintanilla at post nine at the new york stock exchange kara swisher is with us to talk about tech at large and specifically apple, kara shares of apple under pressure on a report that company i

partner with pgim. the global investment management businesses of prudential.ou know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. >>> let's get reaction to the federal reserve and the bond market from bill gross, portfolio manager. bill, want to focus more on rates than the fed if we can you said a couple of weeks ago you thought the 30-year bull market and bonds was over. it appears that you were right at least the action the last couple of weeks would suggest that's the case. so i will ask you if we ended a generational bull market do you think we are entering a generational bear market in treasuries >> well, notto the same extent as we have seen a bull market. you know, the bull market for 30 years basically was one in which interest

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