rbc says they see an improving growth story there and better valuations. so the price target was up to $130 from $119. today adp shares closed at $113.30. morgan stanley is cutting shares of fit bit to equal weight. they say they see down side as the companytrgles to stabilize the revenue. they have a 12 month price target of $4sh a e. shares did head towards that number today, losing more than 9% to close at $4.62. >>> coming up, why you're filing your taxes for this year, a heads up forple in the northeast. .t's not a snow warning this time but rather sa we'll explain. >>> spotify is scheduled to open at the new york stock exchange. it's entering a crowded market that has big players. we take a look at howspotify stacks up against their competition. >> reporter: when it comes t streaming music subscribers, spotify is the clear leader. it is facing growing competition, a ris factor investors will weigh whether it starts trading tuesday. spotify has 157 monthly active listeners and half of the are paid subscribers. that is almost double the next in line, a

i want to bring in mark mahaney, rbc capital markets, who covers amazon.s says amazon prime has surpassed 100 million paid subscribers. we are still reading through the letter. i mentioned earlier that the number of music unlimited customers has doubled. that has been the best year for hardware for amazon than ever before. what's your reaction to that? mark m.: let me tee off on two things. the 100 million prime number is probably the most important. the music streaming sub number -- there is a reasonably public we traded -- publicly traded company that has north of 70 million paid streaming subs. apple has been clear about how many they have, 40 million. amazon has a lot of work to do to catch up to those two. i'm not sure amazon needs to catch up to those two, but it's a nice service and it will be nice incremental business for them. the golden ring for amazon is getting people to sign up for the prime program. if music or video gets them to do that, great. it has been great. they have 100 million of these. in terms of hardware sales, this is what really

bank equity strategy at rbc. let's check in on bloomberg's "first word news." kailey leinz has more from new york. kailey: the supreme court hears arguments today in a high-stakes case over online sales. states say traditional retailers -- states and traditional retailers want to overturn a 26-year-old ruling. candecision says retailers be forced to collect a sales tax only if they have a physical presence in the state. wrestlingjudge still with a way to determine what should become with evidence seized from president trump's lawyer. the judge rejected president trump's initial request to keep prosecutors's from viewing records taken from michael cohen . new home construction rose in the u.s. by more than expected last month. tosing starts were up 1.9% an annual rate of about 1.3 million. the game came in multifamily home starts which increased 14%. china is giving a boost to automakers who want better access to the world's largest vehicle market. on plan is to remove limits foreign auto ownership of joint ventures in the next four years. global news, 24 hours

tour, south africa's rory sabbatini leads by two strokes on seven under after the opening round of the rbcix pga tour wins was in 2011 and he got consecutive birdies on the eighth and the ninth. world number one dustin johnson is on the eighth and the ninth. world number one dustinjohnson is five off the lead with an up and down round that saw six birdies and four bogeys and also at two under par is ian poulter, who got the houston open that guaranteed him playing in the masters last week, and his compatriot, paul casey, another recent winner on the pga tour, winning the val spahr championship last month, where he had a round to forget and despite this wonderful tee shot he struggled to four under par —— fourover par. tiger woods has announced he will play at the us open injune. the 1a time major champion featured in the masters at augusta national last week. since spinalfusion masters at augusta national last week. since spinal fusion surgery last year, tiger woods has gone from 656 in the world to 28. the new york tournament is where he made his us open debut in 1995 as the us amateur ch

income fixed strategies at rbc.oining us from illinois cosi is the co-cio and head of fixed income strategies. i want to begin with you and talk about how quickly we switched from one narrative to the other with such velocity. why are we doing this? >> we enter the last couple years with a very positive macro backdrop. the first quarter tends to get quite distracted by disappointments on data, and the noise that people say there is a lot of uncertainty. guess what? there is uncertainty over time. i don't think we feel the uncertainty right now is materially more worrisome. the geopolitical pressures are rare and there are spots of particular focus. and there are spots of politica particular focus. it is not just the middle east, it is china, it is russia. all of these have the potential to become something bigger. frequently the market can get through geopolitical things like that. there is a mix of narratives, one is the healthy global economy, low defaults, but the volatility around geopolitical has put some foxes

he holds a one shot lead going into the final round of the rbc heritage in south carolina.eks ago, leads on 13 under par. he's one shot clear of luke list of the usa and kim si woo from south korea. that's all the sport for now. 0ne score from the championship, wolves are beating birmingham city 1-0. as he was set to win a gold medal at the commonwealth games in australia. earlier, i spoke to former world marathon champion paula radcliffe, who gave us her thoughts and explained some of the challenges runners face. it was really hard to watch. especially knowing callum and knowing how well he had run up to that point, how well he had prepared for the race in general. to see him go down, to see him struggle to carry on, and in particular to see the medical assistants take so long to get to him and to help him, i think all of our concerns were primarily for his well—being and we just wanted people to get to him as soon as possible and help them. it really is quite upsetting to watch. why do you think the medical teams did take so long? he isjust there, stranded, alone by himse

he holds a one shot lead going into the final round of the rbc heritage in south carolina. leads on 13 under par. he's one shot clear of luke list of the usa and kim si woo from south korea. that's all the sport for now. a bush fire is burning out of control near sydney — with the flames now threatening some streets around 20 miles from the city centre. hundreds of people have been forced to leave their homes, and australian police say they suspect the blaze may have been started deliberately. phil mercer reports. strong winds have pushed the flames toward suburban streets, about 35 kilometres from the centre of sydney. as the blaze approached, many residents left, while others stayed to join a huge firefighting effort. authorities said the fast—moving outbreak was aggressive and unpredictable. while 500 firefighters confronted the inferno on the ground, they were supported in the skies by more than a dozen aircraft. very warm autumn weather and a lack of rain have turned bushland on sydney's outer fringes into a tinderbox. we have to deal with the worst that mother nature

we have rbc saying the magnitude of investor negativity likely over done. we are seeing that today. the report earnings tomorrow after the bell. pick movement not helping the major averages today out of sprint and t-mobile. take a look at sprint, down 13%. t-mobile down for .9% on the news that t-mobile is going to take over sprint, a $26.5 billion takeover. the reason the shares are lower, concerns about whether this could be done in president trump's d.c. lots of antitrust enforcement. if we combine these companies it would be two of the biggest wireless companies. 70 million subscribers, $74 billion in revenue. investors think this is unlikely to happen. vonnie: caroline: -- caroline: 19 minutes into the close of training in europe, let's look at the big movers on that wave of m&a. increaseing a record in share price. up 16%. i tracked sainsbury's's against tesco. they are going to have a bigger player in their group. the combined forces of the asdaart's and unit. it takes a key significant stake in the combined business. it will take 42%. it is a $10 billion deal overall. ouch i

england's ian poulter holds a one shot lead going into the final round of the rbc heritage in south carolinas ago, carded a 67 on saturday and leads on 13 under par. he's one shot clear of luke list of the usa and kim si woo from south korea. that's all the sport for now. you can find more on all those stories on the bbc sport website. that's bbc.co.uk/sport. you can get more on that dramatic gold medalfor the you can get more on that dramatic gold medal for the england you can get more on that dramatic gold medalfor the england netball team. i'm back in the next hour. as we have been hearing, the foreign secretary has said that the air strikes in syria were about to saying enough is enough over the use of chemical weapons. boris johnson said that the action by the united states, the uk and france would not turn the tide of the conflict. earlier, the first minister of scotland, nicola sturgeon, told me that isolated air strikes would not help the syrian people. we have had air strikes in the past that were supposedly about depleting assad's ability to launch chemical attacks against his own

rbc is among the first dialing back to forecast. what are the concerns the outline here? that was what was so remarkable about the volatility that characterized the first four months of the year, especially in equities. posted started just didn't bow back any forecasts for 2018 or 2019 in terms of s&p 500 projections. we are seeing the first signs of that starting to change. tose guys lowering back down 2890 from 2000. not a huge slashing of the number, but a marginal decrease. they did a big downgrade in tech to underweight, which in a larger extent is a reactive to move to price than a proactive move. be not too much of a surprise people havehe brought down tech exposures the last few months. but perhaps if more of wall street followed this move, would have a lower average production towards the end of the year. no shortage of reasons to worry. yesterday we saw morgan stanley, more than asia focused, but sank across the board that they are struggling to see how equity markets can get back to those january peaks throughout the remainder of the year. so certainly caution

they cut from hold to buy, and on this increased balance sheet risk, and we talked to mark of rbc abouthis, basically, zillow gets into the business of buying homes in a few test markets, phoenix and las vegas, refurnishing them, and then flipping them and selling them it's a new line of business, and investors are not pleased with the debt they will be taking on in order to do that. although, mark said it's great, high margin business if it works. >> down 8% talking about house prices in the second hour of the show as well. mentioning zillow's drop in price, and home prices at&t provides edge-to-edge intelligence, covering virtually every part of your retail business. so that if your customer needs shoes, & he's got wide feet. & with edge-to-edge intelligence you've got near real time inventory updates. & he'll find the same shoes in your store that he found online he'll be one happy, very forgetful wide footed customer. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & if your customer also forgets socks! &

. >> rbc capital markets, lori calvacina and u.s.tegy carl parker thank you for joining us on this monday morning. >> thank you. >> lori, you recently revised lower your s&p target for 2018 what's driving that? >> we addressed the number and reduced margins a little bit we're still expecting flat margins but didn't want to anticipate margin this is year that had impact on our price target we wanted to refine our assumptions for what the multiple would be at the end of this year. >> when you hear that volatility sort of returning to a normal regime, keith, what is your take on that and how do you sort of look at balance, i guess, earnings with very high expectations as really the season gets under way in earnest this week versus all the headline risks we've been seeing >> from a volatility perspective, we've seen elevated equity volatility. what other macromarkets are telling us, rates volatility has come down significantly. in those instances where you've seen such a high, elevated vicks, you've seen an average of 16%. first key circ

joining us to talk about the move, rbc capital markets.anted to check in with you as we heard now from benjamin netanyahu and are approaching the deadline for the president to renew the deal or not what happens to the price of the oil if not renewed >> if it's not renewed, we go higher key thing to watch, though, if we pull out of the nuclear deal on may 12th, how quickly do we demand foreign countries cut iranian crude imports? that's key how many barrels are we talking off the market by year end if we do a hard exit from the nuclear deal, we could have 200,000 or 300,000 or more iranian barrels off the market in q4, and that matters because of the tightening oil market >> impossible to be too precise, how much the supply is built into the market, but lost altitude today intraday after headlines about iran and the speech we closed up, but not that much. do you think the market already is geared up to expect disruption at this time? >> well, i mean, the thing about benjamin netanyahu's speech today was it was not really any new territory.

let's bring in mark mahaney at rbc capital markets.to go to facebook but should start with zillow down more than 10% is that a reflection of investors' attitude towards this new business zillow is going to get into, buying homes and trying to flip them? >> yeah. that's exactly what it's a reaction to. this is a business model that to date has been all advertising revenue driven, high gross margin, 80% gross margins, 20% eebitda. and the pivot into the other category which has balance sheet risk and it has much lower margins and in an uncertain housing environment. the market is skittish, jittery on all three of those things i look at this as an interesting pivot. the kp has considering being more than the ad and reach end for business real estate interesting experiment on the company's part there are data points in the market that show that on demand real estate is starting to pick up in the phoenix area we've seen it 1% to 3% of homes being sold by open door in an on demand sale by environment and i think what zillow is doing is going

rbc we have exemptions for reason meaning that china knows they're doing something wrong so they're sending the steel through other countries to get its route to the u.s. i just think it shouldn't be an administration about these investigations. it should be a trigger, someone or some type of department that they come up with to monitor the tariffs and know whence to much and when is not too much and when they should back off or bring it in. >> so we get more authenticity in our enforcement. >> i think that really helps from the perspective of working people because we know when we are trying to fight and wall street is lobbying for one thing and working people are lobbying for another, we know which side has more money and more political influence and so that's a great recommendation. i want to thank all the panelists for being here, rob scott, elizabeth, i know i've learned a lot and i hope you have, thank you very much for coming. let's give our panel around of applause. [applause] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [in

at the rbc heritage in south carolina, japan beat south carolina on the third hole of a playoff.oston defeated milwaukee. for 24/7news and highlight, visit cbs sports hq.com. jim nantz reporting from hilton head island, south carolina. ♪ this is what getting your car serviced at lincoln looks like. complementary pickup and delivery servicing now comes with every new lincoln. i won. giving you, the luxury of time. that's the lincoln way. money managers are pretty much the same. all but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. >> kroft: 50 seasons of "60 minutes:" from april 15, 2001. mike wallace set out to interview mel brooks about his broadway show, "the producers," but mel broo

saying from rbc are 200,000-500,000 barrels a day.ou producers picket up or do they just let it fall off and let the market tighten even more? another critical issue is happening alongside that meeting today and tomorrow in jeddah. gordon on therie ground in jeddah. the chief economist, welcome to the show. oil is on a tear and commodities are on a tear. it must be music to an economist's mine. >> if you conclude it is a demand story. roddick, having been a supply story in the commodities space for most of 2017 you would see it as a larger part of the balance we are now seeing in the oil markets. to upgradeaving their demand call but also you look at some of the supply decisions that were not in opec's plan regarding venezuela's production, which is now down to early 1960 levels. so an extraordinary turnaround there. q2,me, looking forward to there are two dates for investors to look out. may 12, when you're looking at the u.s. be visiting the iran deal, and in june 22 when opec will need guidance as to whether their comfortable with

focused rbc and we need to get a return on that investment.h the $11.1 billion, we told investors that we will produce something north of 40. alix: how much of what you're investing will compete with amazon and that you will try to lower your prices to compete, that deflationary aspect? >> for sure we will invest in the customer through price and innovation. in terms of products, features, benefits, and that goes against multiple competitors that we face. part of what we have been able to accomplish our market share gains, and we continue to do that. david: we are in atlanta overlooking technology square. what is the extent to which home depot has gotten into technology ? explain what you are doing with your supply chain. >> sure. over the next three years, we will convert our supply chain from the two day network to a same-day state to state network, opening north of 150 buildings to make that happen. that is all supported by technology in the background. , technologyart of is embedded in the business throughout. david: what about atlanta spe

rbc trimmed their forecast. they are constructive but less because their liking utilities.ed tech. -- because they are liking utilities. they downgraded tech. bob: telecom has some good yield. the stocks have not done well. i think consumer discretionary names make sense. they took their earnings estimate. there is a message there as well. earnings expectations are high. i am not sure we can exceed them. alix: does it have to do it all with facebook and potential regulatory pressure? bob: it is facebook et all. they are the center of the storm. welltocks have done really and money is coming out of them. we are still overweight, just less overweight than we were. may be paying attention to value tech names like hewlett-packard as opposed to the high pe techs that did so well last year. david: which sectors are protected against inflation as we take a look at possible tariffs coming in? bob: energy is part of this story. energy prices have done better. you need to be in the portfolio, compared to before. technology is usually a pretty good inflation beneficiary. the troublema

joining me to break it down is rbc capital markets' head of strategy. welcome. happy friday.to start with the inflation expectations rise we have seen lately. top americanhe breakeven, german breakeven, and japan's breakeven. you see in germany and the -- you've u.s.that climb in the and germany, not a japan. what do you see? >> all the industrial economic indicators are fairly strong. i think we've had such a robust re-acceleration we should not be surprised if we get a little bit of a pause at this point. >> i think labor markets around the world are pretty tight, so i am not surprised we haven't seen the wage inflation kick in just yet. i think there is underlying upward pressure on both wages, and therefore eventually on inflation. it seems like unemployment rates have been moving relentlessly lower. i know it is not creating a ton of wage pressure yet, but i think it is still there. alix: do you have to reposition a portfolio for more inflation? >> i don't know that you want to drastically change your portfolio. i think the biggest change that has happened in the market

alix: rbc had a survey that the 43% of that still think that stocks are expensive.hat do you think? in december, the sb 500 was trading at 18.5 times announced ratings 16.5 times, leaving earnings are going to grow anywhere between 18 and 20% -- 18% and 20% and that continues for most of the quarters. when you look at companies, it's been very positive. you haven't seen a lot of estimates come down for 2018. that's the positive. looks multiple points cheaper as it did as early as december. that's were a strong financial argument comes in. it's concerning how much of that is adversely affected by the stakes that we make with tariffs and trade wars and nafta and all sorts of a cadre of trade concerns. if we can navigate our way through those and the choppy waters we are seeing, i think we on start focusing financials. earnings reporting season comes up in a couple of weeks. david: we want to move from the market overall to what happened with tech and amazon at the end of the quarter. a large part of the story in the second quarter was amazon seems to be out of the fra

mark mahaney rbc markets, best market returns with the flattening. >> i misspoke.ed. >> that we cross, that the recession is looming. what do we do? flattening of the yield curve. 10-year saying one thing. two year t-note saying something completely different. just a martie right now, expecting interest rate hikes. >> housing gets more expensive, right? if you buy a new house? charles: some folks have speculated for a wild maybe you need yields up a little bit to get fence-sitters to make a move? a sense of urgency, if i want to buy a house for a long time if the rates go up -- >> existing home sales suggested a little bit of that. i think i'm getting this right from 4.2 up to almost 4.7 during that time period. we saw a number beat expectations by 50,000 or so i think you're starting to see people saying themselves, i better lock this in right now before the rates go up even more. >> anecdotally we have the reports about millenials they are trying to save just enough money to buy a house in any one of 15 metropolitan areas where jobs may be. that is sort of a side

for more on it, let's bring in john kildof and helena croft at rbc capital. you both john, let's start here so many cross currents the production that jackie mentioned. there's demand you have these sanctions and now these rules that opec appears to want to break. what's the most important thing? >> well, i don't think the president's tweet this morning is going to necessarily short circuit this rally there are a lot of bullish factors in this market most notably is the decline in venezuela. their state-run oil company is on the brink the production keeps falling that's been the differencemaker in opec's success in lowering global - >> venezuela >> venezuela has been the key all along. without them it's been a different story. the president is right to call these guys out they are conspiring to raise oil prices on the global market and it hurts u.s. consumers. a punch in the nose on opec doesn't bother me that much. >> this contention the president makes about tankers at sea full of oil, inventories apparently high doesn't seem to be supported by the facts. i

those are seen by analysts, rbc and they give a broad range here as much as 500 million to $750 million think we have these, guys. citi expects $600 million in cost savings that's the most important thing in terms of figuring out to deliver them mr. bakish, he has the experience in terms of running international and this company and having run sales ianneillo has no operating experience he's the guy that wants the job, period if he does not get it. he's not playing ball. ain't, i don't know why i am using that word. >> for emphasis. >> finally i will have this from wells fargo because again and analysts are starting to wake up for it to be a key issue wells fargo analysts, we know investors default of cvs is leading the charge yeah, price is going to be important but expect a lot more as we deal with cbs and viacom all right, let's head to the bond pit right now with rick santelli in chicago. >> good morning, well, we are getting a bit of curve steepening light looking at a two-day of two-year s looking at two days of tens. we are up three basisthree like i said, steepening light. if yo

delivery by 39% estimated gross profit cut by half and the analyst maintaining the in line rating next up rbcrice target from $305 to $380 and says it is nun clear if tesla could hit his objective. and finally j.p. morgan, trimming the price target to 185 on lower estimates of valuation that seems to be pricing in a lot. the naumts notes that even though tesla indicated it does not knee -- or -- capital raise is not required to use tesla's words in 2018, the company said the same thing in 2016 before raising several billion dollars and keeping his underweight rating and the stock is up by almost 4% and down 16% in the past month. >>> soybeans are being etally ated against by the chinese so how does it feel it be caught in the cross fire we're talking to a soy bean farmer next. ♪ ♪ where's jack? he's on holiday. what do you need? i need the temperature for pipe five. ask the new guy. the new guy? jack trained him. jack's guidance would be to maintain the temperature at negative 160 degrees celsius. that doesn't sound like jack. actually, jack would say, hey mate, just cool it to minus 160 and

bottom line, rbc says softer iphone10 data points should not be surprising at this point, in his opinion, in saying that muted iphone units are now well understood by the streets, still, telling me he is bullish on apple, coining a strong free cash flow, outside capital allocation and a bet that gross margins move higher from here. apple, remember, reports earnings on may 1st, and analysts are expected iphone units up 53 million, a gain of 4% year over year. back to you. >> josh, thank you very much for that apple's growth is a different story, and amazon's growth lifted on the most closely guarded secrets. how many people subscribe to amazon prime, and cnbc has more on the numbers for us, dee >> reporter: that's right, 13 years post prime, we have a number that is 100 million prime s subscribers globally paying not just the annual $99 fee, but told pulled into the ecosystem of amazon. the number of prime members are lower than netflix, but higher than subscribers of other services like spotify and hulu more than the others as well once you're in the amazon prime system, the company can

let's bring in david palmer from rbc capital markets.>> good morning. >> best day in just over a year. is this about taxes or is there history of outperforming peers intact >> that leadership market number was outstanding. an 8% come from marketed like the uk, mainland europe, australia, canada. those markets are not only do they have a leadership position against their peers and bigger leadership position than even the u.s. where they have 11% or 12% share. but not only that, but they've done a lot of the things they're talking about doing in the u.s. earlier. renovated those restaurants. elevated the food and created digital conveniences that are really moving that brand further, faster. and so that's bullish for the long-term future whereas in the u.s., things are slower because of some of the hiccups on the value side. >> dunkin brands, the owner of dunkin donuts reported comps last week down 0.5%. nigel travis was on cnbc and blamed competition and value meals. is this a story of mcdonald's taking from dunkin >> mcdonald's comp was

joining us are colonel jack jacobs and from rbc capital markets. with you on what you think is likely to play out over the next several days now that the president quite clearly put these strikes on the table. >> he's going to have to do something he's talked about it so much. we did strike last april after a similar attack i think he's -- he's sort of honor bound to do something after he talked about it so much it might be a slightly stronger attack maybe more missiles from different kinds of platforms, but it's hard to believe that it's going to be anything that is going to try to involve either iran or russians and as a result probably more absent airfields or inconsequently targets. he could target command and control nodes, but when you do that you run the risk of collateral damage including killing iranians and russians, which he doesn't want to do. the ultimate attack, of course, would be on troop units where you wind up killing a lot of their -- a lot of syrian troops. i don't think we'll go in that direction. i think it's going -- in the n

johnson & johnson and united health, those shares are up or than 2% and rbc says a strong first quarterohnson and it will top revenue estimates. toted health is positioned benefit from the final medicare advantage rate. and we have airlines trading higher as delta put up revenue that came in at the high end. right now, if you can believe it, a risk on tone despite volatility on the day. julia: it's good to first world news with mark crumpton. mark: president trump is not the only one unhappy with china's trade practices. in an interview with bloomberg, david lipton said officials in beijing have acknowledged the need to change certain trade policies that were enacted at a time when china didn't have the same influence over the world economy that it does today. >> the time has come for them to address it. they to need globalization and that is why they had the spectacular growth and it will have a strong future. they need a globalization that is durable and that means finding a way to have free and fair trade and to get along with trade partners. mark: that than also called going tension

rbc prevention is where it's at. once you're addicted to opioids, it's a long road even with the best therapy and cognitive behavioral therapy. a couple things regarding that. number one, we are in the middle of assessing what are the best ways to reach them based on age, based on where they interact include active ongoing effort with the cdc and other parts of our agency to target information across the board. secondly, the state targeted research, the grants that i spoke about has a significant component of prevention that we could support state activity because as you stated, every state is a little bit different and has different organizations that need to be supportive and reach those so i absolutely agree with you. >> who directs those dollars. once he gets down to the state level, if the needs are at the school level, education level, dollars or does hhs have a program with the educational system to get those dollars down there? i just want to know who moves the dollars and if every state is a little different

let's get straight to the global head of strategy at rbc europe. great to have you on the phone.what happens when it touches 120? >> it is an important psychological level for a lot of traders and investors. at the inflationary outlook, it is still very soft in switzerland. if it is down 20 were up 20 from here it does not make a lot of difference. how is it a potential milestone for the president to actually do something? i think they're going to be a lot more cautious when they look at it. there has been buying interest in euro swiss but as we have seen in the past, all you need is one big risk off shock and -- i do notanc think reaching 120 is going to to the snb that they can change policies effectively. anyway you can get to a point where there are not negative rates? eventually we should get there but clearly the snb is -- i think there are other candidates ahead of the snb in that. i look at strong euro, snb wantiss, what does to happen in may, in june, in july? what is their goal? elsa: they have said that the swiss franc is highly valued but they have softened the rhetor

i saw is a recent survey from rbc, number one answer what gives best return on investment for advertisingand where would people spend more, number one was facebook, number two answer is instagram, owned by facebook. stuart: jason rotman a subscription service would you be attracted on that? >> first of all i will place my bets that will never happen, even in light of what is going on obviously right now. facebook has consistently said we will always have a free model, free to sign up, free to use, if it does happen that facebook is going to start charging people 4.95 a month, whatever it is, 9.95 a month i think the stock honest to god it will crater for 20, 30%. that would be horrible short-term. that would add so much uncertainty to a proven, successful, multibillion-dollar profit-generating model. ashley: there could be options in there. you could have the non-subscription where information is more out there and that you, that you have the ads targeted at you. you are paying a subscription to have none of that, to secure your data, not be targeted. stuart: hold on a second. i'm sorry i