pimco asking a california court to throw out bill gross's lawsuit.ll give you details on the unfolding drama from our reporter who covers cisco. when the fed does decide to raise interest rates, will they be surprised on this? we will give you the market wrap for the day and what you might have missed. ♪ betty: welcome back. we are climbing up from lower lows of the session. abigail doolittle has the latest live from the nasdaq. i know you have been watching priceline all day long. >> rice line is one of the big losers over here at the nasdaq after the company said its fourth-quarter profit forecast will be lower by 7%. increasing competition could be responsible. the shares do trade at a this could discount, attract investors considering the earnings growth rate. the stock is having its worst day since august 2012. turning to another worst performer here at the nasdaq, when resorts shares of about 9% at this time. one analysts estimating growth gaining revenue for the month of november is now down around 30%-40% versus the higher estimate of 30%. in

former pimco ceo. and a legendary investor. all of them on bloomberg markets in the next two hours. >> wall street regulators have been stepping up their scrutiny. andrgan, deutsche bank, credit squeeze are having their leverage practices examined. reuters says walmart expanded floor by about 45%. said the service definitely needs improvement. facebook is breaking up a little bit easier. memoriest to block after the likes turn to something else. you can always get more business news at bloomberg. sinces first studio album 2012 -- for studio album since 2012 drops today. adele and sony are betting big that this business move is going to pay off. joining us now is entertainment .eporter lukas shaw didn't taylor swift do the same thing? >> she did it with 1980 nine, beyonce did with her previous album. dell -- and adele did not put it on spot of five for a while. she held it back to increase album sales. >> this is a smart move. >> projections range from 1.5 million to 2.5 million sales in the first week.

pimco's outflows have reduced substantially pimco's cost income ratio improves.ve very good performance in the third quarter. for october, we can report the first net inflow month in quite some time for pimco as well as our asset manager. it also continues to show strong inflows. pimco is successful. in all continents, we had already in q3 a lot of inflows. u.s. starts to go in the right direction as well. anna: would you say that following the turmoil created in the pimco business that your business is now putting that behind you? you've turned a corner on that story? dieter: i think that is absolutely correct. i think we are turning and it is going in the right direction. anna: there is a lawsuit pending , bill gross has launched a lawsuit against pimco. do you have concern about compensation practices at pimco? do you think part of the impact of this lawsuit is going to the further analysis of how compensation is paid? acquiredhen allianz pimco, we bought 70% of the profit stream. 30% stayed at original partnership. that is the history of it. -- ink that is wh

from pimco, richard clarida joins us.economist from columbia university, a frequent guest. plothave the best dot- chart. professor -- certitude in the longer run, certitude in 2018, and absolutely no clue in 2017. how are we going to get out in 24 months? richard: there is a range of opinion on this. tell us-- the dots something. the fed wants a gradual liftoff. hikes a year over the next couple of years, getting the funds rate up to 2% at some time before the end of 2017. the rational out was laid out in minutes last week. like measuredds in alan greenspan. the way he said "measured." richard: this is basically every other meeting. vonnie: how high will they hike it? at the most, four, i would say. ira: i do nothing 10 year bonds and 30 year bonds have to go down in price very much. if they do go at this extremely slow pace, actually if you look at where the market is pricing, they are not even pricing for four hikes next year. it is only three hikes in calendar 2016. tom: how does the market desk at the new york fed aff

the income fund beach 90% of its piers this year. , who coverss john pimco.yn.s about we all know who bill gross is. n is a little less numb. >> he likes to play the quiet guy who is the hard-working, nose to the grind, does a lot of homework on weekends and vacation time. he is always looking for something interesting to invest in as opposed to talking about it. he is more of a sort of quiet man of action, cares very much about what a good investment is. david: we're drawn to this $12 billion in and. but we have to square that with the $130 billion plus outflows we saw when bill gross left. is now $51me fund billion. the total returned bond fund, which bill gross used to manage, at its peak in early 2013 was almost $300 million. now it is $93 billion -- i am sorry, the first one was 300 billion dollars, and now it is like $93 billion. most of the money followed bill gross out of the firm. but this firm, headed by daniel n has been attracting money. pimco reported that in october, for the first time in more than 25 years, it had positive net inflows. $400 mil

the chief investment officer at pimco.is enough to drive mario draghi to add more stimulus. if you add up everything that you have seen, and you were expecting above trend growth in europe, at what point would mario draghi act? andrew: we think that will increase the size of their qe program. afterave clearly signaled the turmoil in emerging markets in august, they have made it crystal clear they will be lining up amid speeches. the low inflation will be very important looking out over one year or two years. it will not get to inflation of their target close to 2%. the low inflation will the what drives mario draghi. erik: is there no chance for a positive surprise on inflation in the months and quarters ahead. i know you're familiar with the data, european unemployment is dropping. economic growth, while not robust, is taking of ports at a stable rate. up to someat not add price pressure? is it because oil continues to remain as low as it is? andrew: there could be a surprise it inflation. i'm sure they would be pleased.

pimco is firing back at bill gross, trying to convince a california state court to throw out his lawsuit the firm. that it was more like a screenplay than a filing. gross claims that he was forced out so pimco could avoid paying him his cut of last year's business pool. that is your bloomberg business flash. .e are back with amer bisat before the break we were discussing china, but i wanted turned to russia. if you look at exchange traded funds tracking the bric countries, only russia is therefore the year. the name of our program is "what'd you miss?" what are people missing? amer: quite a lot. that is acountry commody exporter at a time -- this is a country with significant questions about politics. this is a country facing sanctions. that is something to keep in mind. they areid that, ,llowed of to move so cheaply despite a very large drop in oil there is a very large surplus. that is extremely unusual in commodity countries now. in the meantime, they were able to deleverage and payback -- pay if you look, this is a country in balance. this is a country that is growing. barely. inflat

there are concerns about pimco. >> when pimco had the best performance in the world, there was not aut that. comingu have performance in under scrutiny, fees come under scrutiny. i think it's valid and you need to look at fees relative to performance always. there's not much more to comment on that. nice try. in a zero rate environment, fees destroy returns. absolutely, relative to zero rates, all fees are relevant. but you need to pay administrative fees. to.ow what you are getting erik: do you disagree? >> i don't disagree that fees need to be proportional to performance. who is going to argue that? erik: what are your thoughts? brendan: with healthy competition, you with thing fees and disclosure would take care of themselves in the market would find was comfortable with but that's not what's happening. this is being disclosed through losses. what is it about the structure of the fund market that makes it hard to figure out with the fees are? always do ae can better job of disclosure. these fun prospectuses are pages and pages. we just had a controversy in the industry on breakpoi

i'm sue herera with this news alert concerning pimco. according to dow jones, pimco has filt ed an objection in tha breech of contract lawsuit filed by bill gross. pimco calling that lawsuit, quote, legally groundless and a sad postscript to a storied career according to court documents. in the civil lawsuit, gross, as you may recall, accused his former colleagues of plotting to drive him out of the firm and in that he is seeking a jury trial and damages of no less than $200 million. basically pimco is filing the objection in the breach of contract suit and they're asking for that to be thrown out. mandy, we'll keep you posted. back to you. >> we certainly will. i feel like it's not the end of that story. thank you very much, sue. to dominic chu for a market flash. >> good afternoon. shares of frontier communications up by 4% after receiving a favorable proposed decision from a california judge over its planned acquisition of some local wire line assets of verizon. remember, the company has already received all other necessarily approval

he joined pimco. he is replacing someone who will step down at the end of the year.ce back in the u.s. members will get raises and bonuses if they approve the deal finalized yesterday by uaw leaders. -- verizon says it has no interest in buying dish tv. you can always get more business news at bloomberg.com. let's head to the markets desk were julie hyman has a check on company movers, in particular, looking at solar. yes, indeed. sun edison out with its numbers. the company reported much wider losses than had been estimated. of $.92 perd a loss share. $.60 was the loss analyst expected. there has been a lot of concern from investors about the company's financial liquidity, this loss really driving down shares. edison is are of sun little unusual. terraform power is down 40% this year. terraform global is down i about half. that also has been weighing on down 18n, shares presented a care this is a stock very widely held by hedge funds. 18%.ares down this is a stock very widely held by hedge fund. if you look at the and i'm etf, 17% thisn -- down year. even though the

so, how can we drive the morality of pimco it is more capitalism more than anything else.ot about laws, rules or regulations. it is about us all rising to a challenge that is bigger than any individual of us. >> thank you so much. >> thank you. we live in a pick and choose world. love or like? naughty or nice? calm or bright? but at bedtime ...why settle for this? enter sleep number. don't miss the semiannual sale going on now! sleepiq technology tells you how you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! gift the best sleep of your life to your whole family. only at a sleep number store. right now save $500 on the veteran's day special edition mattress with sleepiq technology. know better sleep with sleep number. ♪ emily: he got his start as an improv comedian, performing on one of the most famous stages in chicago. but when comedy could not pay the bills, he dusted off an old skill -- coding. he founded three companies before he even moved to silicon valley, then took a chance on a f

pimco's term -- total return fund still reeling from the exit of bill gross 13 months ago. at least 98% of its peers from this past five years and they had the first month of net inflows in more than two years. joining us from l.a. john pendleton who covers the bond king's or us. tell us about how he has been able to do this. very divided this investing process. half of the funds approximately is in very safe dividend-type yielding returns and the other half is in riskier type of investments that give higher yields but a little bit more volatility. by keeping so much in the study but sure think he is cap volatility down while able to have high returns. betty: give us a picture of how well he has done. >> the 99th percentile for the past five years. today in the 98 percentile. up more than 3%. the other one that are his peers are up 2.5% for the deborah -- double-blind fund of 2%. 1% year to less than date. he has done very well. a bit of a different animal than bill gross. he certainly does not stay in the spotlight. he is not out there prop off the caning. -- not out there

is that the thinking of pimco right now, go to bonds with extra liquidity? a high level of liquidity in our portfolios anyway, and you can see it metric in a number of ways. the valuation of corporate cash bonds. we generally hold a range of each because we recognize, and we will get this over the next couple years. youbalance of volatility, want to have cash to take advantage of those. we are in one of those positions now and it will be with us for quite some time to come. jonathan: mike amey, u.s. 10 year -- compare that to what is happening in europe. i know it is not apples for apples but it looks like high-yield. this time next year, what does it look like? mike: 10 year yields will probably be modestly higher. our forecasts are that they will be a little bit higher or thereabouts. we are not expecting a big market selloff because the fed will be very slow, and it will be a very slow grind up. thank youmike amey, very much. quick thoughts from simon derrick. simon, it doesn't matter so much to you, the back end -- but you have seen what happened with th

your returns are 80% better than pimco. what is working? mike: we take a team-based approach.heads that contribute to the performance of that fund. i think what has helped recently is that oddly enough one of the bigger contributions of risk has been from the credit side. but yet, credit has not really performed well. we have had nice diverse of fires with respect to some of our duration calls, some of our curve calls. that is really a hallmark of western asset, that we want to have diversified sources of risk. usually, we are to get for a flap of those right. or five of those records you minimize the damage from the ones that go wrong. they are a offset from the risks that you are taking another areas. stephanie: when i think about risk diversification, especially on the west coast, i think about pimco and all the drama that we have seen happen at pimco and many of their investors did not like all this noise and they pulled out. you were a beneficiary of that. how is all this playing out for you? mike: we certainly were not the only beneficiary, but we clearly performanceink

the lawsuit was a and violent, and totally personal behind pimco. that it took allianz to respond. scarlet: we will be back with more detail. ♪ i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. alix: welcome back. scarlet: let's start with the headlines. we check in with mark crumpton at our news desk. mark: thank you so much. president obama and israeli prime minister benjamin netanyahu held talks at the white house today, their first taste to face meeting in over a year. it comes amid israeli outrage over a u.s. backed we are deal with iran and renewed violence in the middle east. anduclear deal with iran renewed violence in the middle east. but both leaders say they will not give up

el-erian, the former pimco ceo. presidents upcoming comments on the keystone pipeline. that is a live picture right now of the podium in the roosevelt room in the white house where he and secretary of state john kerry are expected to make some remarks. ♪ toty: welcome back "bloomberg markets." let's bring back mohamed el-erian. we don't often talk about the keystone pipeline with for thiswe are waiting press conference by the president, where he is expected to reject the keystone pipeline. you know how much of a political issue this was. said, welicans had want the keystone pipeline because oil prices are too high and now that argument got kicked back from under them. what would be the impact of not building this pipeline? mohamed: the macro impact would be limited. the oil markets have changed completely. changes a demand supply that suggest even lower prices, but the producer has shifted. the macro implications of this decision are much less than what they would have been in the past. the company-specific implicat

that is after he left pimco to capital ind out janice janus capital group.ssets, atum for med closing last friday. shares of valeant are rising today. they will not release any new allegations against the drug maker. valeant shares plummeted 20% in one day after the company was accused of reporting fake sales. you can always get more business news at bloomberg.com. let's head back to our markets desk with julie hyman. julie: let's see how these stocks are trading today. it is a mixed picture. let's start with visa buying visa europe. they're taking advantage of that european revenue. mastercard already on its european affiliate. this deal has been talked about for quite some time. not a huge surprise for investors. foods, acquiring conagra, making it the largest maker of storebrand groceries. the issue is it has been a struggling business for conagra. investors and analysts are asking today of treehouse will turn that business around. shares are lower almost 5%. then there is that big drug deal were talking about, shire , 45.9 billionk dollars. -- to acquire

that was former pimco ceo mohamed el-erian speaking today.nd now i want to bring in carl riccadonna and he is our chief of bloomberg intelligence. carl, it really does look like it shows we are on a path of divergence? carl: yes, all systems are go. i think the fed is moving much more slowly than the. plot had showed us. they have about 100 basis points tighten for years and it could be as slow as 50 or less, much more slower. it is the u.s.'s willingness to just charge blindly into the night with bank of japan, potentially the chinese central bank, and also the ecb. thet yellen is looking at impact of the dollar on the central european bank. betty: they were saying today all systems are go and it looks like we are going to move off this zero interest rate policy that we have. have very we different varieties from any range of fed speakers. betty: right. carl: yes, and fed chair fisher said, let's just do it. the time is now, the vote of economy -- the vote of confidence is now, so let's just do it. betty: next week we will have some economic

coming up, pimco on bloomberg markets. our chief investment strategist will join erik schatzker.ur tablet, your phone and boomer.com. -- and bloomberg.com. good morning. ♪ jonathan: this is bloomberg "surveillance". i'm jonathan ferro in the city of london alongside tom keene. let's get to vonnie quinn for the business flash. vonnie: black friday crowds may not be as big as in years past. onlinepect yesterday's sales to be 22% higher. gold is trading near a five-year low. investors are shifting their focus on global issues to the u.s. interest-rate increase. that would make buying gold less attractive. airbus is pitching a new supersized version of its superjumbo a380. passengers.arry 615 it would be perfect for carrying pilgrims to mecca. up to now the a-380 has not had more than 517 seat. s. i love the marketing there. tom: i have never been in a gin ormous plane. they canceled me three times. i really don't care, but i've just never been on a big flight. on this black friday, we are thrilled to bring you the perspective, the real estate perspective with howard davidowitz. he h

pimco's market strategist and portfolio manager. much more ahead in the next 20 minutes of bloomberg markets. the controversy of value business practices is hitting canada hard. we go live to toronto as canadian funds take a massive hit with a selloff. has rejected a hostile takeover bid. is this the end of the story or is there another chapter? will doubling margin requirements in china help the country a void another $5 trillion route in stocks? ♪ betty: good afternoon. it's time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. with banksis working to put together $21.5 billion in short-term bridge financing. it's designed to show that vw has enough liquidity to weather the crisis that has plagued the automaker. according to people with knowledge of the matter, oak tree is considering an ipo for advanced. foods. value the company as ash as to $.5 million -- $2.5 million. after their largest ever semiannual auction, sotheby's is looking to cut costs by bargaining with employees

investors pouring money into his janus fund while his former employer pimco demanding that his lawsuitful termination be thrown out. a lot is happening on this monday. we are one hour from the close of trade today. julie hyman has the latest at the markets desk.

money invested last year after he left pimco.ption as a setback who struggled to attract assets and made mediocre returns in his first year. it sold 1.2% this year which trails 72% of soros' funds. that is your bloomberg business flash. in other company news, visa announcing earnings and agreed to acquire visa europe in a deal valued at $23 billion. the cfo vasant prabhu joins us now. thank you for joining us. vasant: hello. scarlet: when you look at visa shares, it was the worst performer in the s&p 500 in an overwhelmingly positive day. visa share set a new record last week, but i wonder if there are any parts of today's earnings that investors may have in -- misinterpreted? vasant: we talked about our outlook for 2016. it hard to know in any given day why your stock moves. the momentum in our business is great. we have had extraordinary secular growth. we had a great year in 2015. in 2016, we tell people we have had some things that will affect our numbers -- the exchange rate, volatility. an uneven global economy. of those or

odds of a rate hike are at 72% as pimco sees probability that the fed will move at last. 72% is a veryh odd. manus: i wish they would absolutely get on with it. from the fed to the boe, mark carney testifies before the treasury select committee on the november inflation report. also speaking on the chief economist andy haldane. and mpc members. richard jones us. let me come straight to you. we touched on this theme of the end of "on the move." i can't see how carney can play anything but a dove card today because he has to wait and see what the fed actually does, and wait for the ecb. limitsink both of those are at play. it would look strange a couple weeks after delivering the qir to change tack now. i mean, one of the things they highlighted in the quarterly inflation report was the strength of sterling and how that is happening a dampening effect on meeting inflation targets. higher than 2.5% it was. francine: what is your take? a fed hike is a done deal? is a highre probability of a hike. you made an interesting observation, the dovish hike. because i would be convinced say, it. ye

let's bring in mark from pimco. it's great to see you. say equity like returns but in reality the s&p 500 has been flat for the year. what area of bond land could at least match that performance if not outpmp. >> actually a diversified portfolio of investment grade and high yield corporate bonds can earn roughly 5% to 7% which is roughly an equity return. importantly, bonds can do it with a third to half the volatility of equities. we're in a unique period where we haven't seen these yields in six years. it's a one in six year event. importantly, there's catalysts for corporate bonds to outperform. typically as rates rise, credit spreads tend to tighten. we think that's going to be the case with the fed lifting off next month and importantly at higher interest rates we should see less supply. a lot of the supply we've seen has been companies trying to get out of the fed and these higher yields, particularly given what's happening around the world with low interest rates, you will see more foreign buying of corporate bonds in 2016. so cred

the soros firm invested that money about a year ago after miss gross left pimco, the company he co-founded, and then joined janice capital. according to the story here. we are watching shares of janice. they did take a bit of a dip on this but are now recovering. as we watch what's happening here. but, again, very much a headline. bill gross, a very high-profile departure. we want to note we did reach out to janice and they did come back officially and -- they did offer no comment, particularly -- on this particular story. the latest here from soros and gross. back over to you. >> the latest generation of apple tv hit stores on friday. if the numbers are any indication, gaming could be a bright spot. josh lipton is live in san francisco with more. josh. >> well, john, while we don't have sales figures just yet, we are getting our first glimpse of how consumers plan to use the device and you said it, gaming, 9 to 15 max citing data from a developer broke out the top paid apps in the tv apps store. it's games like beat sports, galaxy on fire. the top free apps include more games as well as h

alix: pimco has lost its title of the manager of the largest bond fund.lion -- you can always get more business news at bloomberg.com. scarlet: let's head over to julie hyman at the markets desk. start off with the landscape. julie: the landscape ahead of the fed minutes and 13 minutes. best in 13 minutes. a lot of folks have been talking about these minutes today. to see whether we will get more evidence and confirm the fence intention to raise rates at the december meeting. stocks rise to their highs of the session. this gives credence to the idea investors, whether it be stock investors were other assets are getting more used to the idea of an increase in rates. ,ake a look at the probability now at 60% chance that that is going to raise rates. -- 68% chance. you see the trajectory down here as well. one disclaimer here, there is a 10 minute lag on this. following the minutes coming out. we are watching the treasury market as a result of the anticipation for the minutes. a bit of a bump up in meals today. -- yields today. we have been seeing more movem

goldman sachs banker who ran the treasury department's in 2008 assets program and then later joined pimco says the u.s. economic expansion may have a few more years to run. a new report says there is a 60% chance the current pension will last 10 years. been onnomy has already an upswing for 76 months, nearly twice as long as the average recovery. get more business news at bloomberg.com. scarlet: let's head over to the markets desk were julie hyman has been tracking shares. they have resumed trading. julie: yes. they bounced around and then they recovered. we have seen a volatile reaction to the company's comments at its investors meeting. be sending off some real estate into real estate investment trust. coming from steve easterbrook, he said instead mcdonald's will focus on cutting costs. looking at some of the other headlines coming out, he said mcdonald's will open about 1000 new restaurants. about 93%y sees being franchised in terms of its andtions on the end of 2018 wants to be 95% franchised in the long term. it looks like not owning as many of its own restaurants. the company says

also had blackrock coming out and seeing monetary policy even after the fed begins to raise rates and pimcooming out and saying the u.s. market is now pretty well prepared for interest rate increases. finally a quick check on the euro as well. earlier we had seen a substantial weakness falling. it has been coming back and little bit here, but also all of this has to do with economic data as well as the inflation commentary coming out. if you look at u.s. stock indexes, they're holding at three-week highs as investors prepare for the thanksgiving holiday. alix: joining us now is david at j.p. morgan asset managements. when you look at the asset classes, which one had not yet placed in a december rate hike? david: obviously, there are a couple of weeks before the fed meets. corporate profit data has not been spectacular. a baduity markets has news is good news behavior to it where they want the -- the continued liquidity but the reactions are much smaller than what we saw a couple of years ago. i think the equity market is getting there. hopefully everybody will be on board. scarlet: the nasd

bring in rich global strategic adviser from pimco.n the fed says they intend to convey a message, that is a message. is a right hike in december all but a certainly? >> god forbid a geopolitical event but in terms of u.s. terms, i think they're determined to hike. >> when steve says they're data dependent, the only real piece of data we get between now and then is the november payroll number. we talked about that before and you said even if it comes in weak, that's probably not going to be a deter yent to a hike. >> they'll be inclined to smooth and average that and the average number will look good and fed researchers pointed out we probably need fewer payroll jobs to keep unemployment where it is. >> steve, would you agree with that commentary from rich, that really this is the fed saying we're going to do it, get ready? >> i think that's right. i think they're trying to lay the groundwork. i think they want to be sure the market is not surprised by this. we had dudley talking about that this morning. if you are surprised by a rate

from an expert at pimco. >> thank you. any other speakers? public comment is closed. thank you very much. this was a discussion item. please call the next item. >> next item, item 9, discussion item, report on managers under review. mr. shaw. >> robert shaw, managing director for public markets. before you is our quarterly managers under review report. in quick summary we have neither added to the list, nor subtracted any names from the list and we're here to address any questions that you may have. thank you. >> thank you, i appreciate that. mr. meiberger. >> i do have a question on page 11. of managers under review. this is regarding prima stating that prima was placed on investment review. under review in 2/1/15 due to ongoing concerns regarding reporting which has been eped episodic and incomplete. currently engaged in a detailed review of prima. so if i could ask allen if you could expand on what your detailed review of prima has entailed and what you have learned from the process? >> we are not complete with the process, but it will be on-site visit and addressi

pimco's fund is reeling from gross's departure, the new chief investment officer is killing it.ieter way. the income fund is up 3.6% year to date. it's up 9% over five years. that is better than 99% of his peers. inis because of his fund october had a first month of net close in more than two years. it is amazing how important reputation is an tradition. dan is not the named bill gross. bill carries a lot of weight. david: he is not a brand. bill gross is a brand. erik: should timko try to turn him into the next bill gross? milton: in mutual funds and hedge funds, is a manager that counts not the strategy that counts. if it is outperforming 99% of its competitors, it is managed well. you have to hand it to the manager. erik: something is working. we will continue our conversation with milton berg. those are the five stories that matter to markets now. stephanie: send us your suggestions for mr. berg. or ann send us a tweet instant bloomberg on your terminal. this man knows a lot. this is the one day you do not have to pay for research. you can actually asking questions life. , w

othershave had pimco and actually bottom down.ting to see the investors figure out when to get back in and start buying. jason: take a look at all the major firms forecast for commodity prices and stock, look a year later, they are adorable and hilarious. stephanie: that is a laugh a minute. i love to read that to get my giggle on. what else is suffering besides oil? retail. much: i do not know how you do shopping with credit cards, but this is from richard talking about the chips in credit cards. the courtbe taken to of social media. this is a story some college -- some colleagues wrote. >> i hate those new credit cards to now you have got to stick it in, wait, have them read it. it works for the benefit of the bank because it prevents huge credit card fraud. oferally tens of billions dollars. stephanie: we get retrained and it takes an extra 35 seconds, and that is a lot less time than dealing with credit card fraud. >> remember the machine that used to come out? totakes a couple of quarters do that. i like your glasses. stephan