for "nightly business report," i'm steve liesman. >>> in indiana today, governor mike pence said he's open to changes to a recently signed religious freedom bill. this after the law spawned a public outcry in the local and national business communities which we reported on yesterday. mary thompson now indianapolis. >> reporter: facing growing criticism of signed, mike pence submitting tuesday it's taking its toll. >> i tough. >> reporter: change to a religious freedom law that provides legal cover for businesses to discriminate against gays and transgenders. >> i do believe moving legislation this week that would make it clear this law does gi businesses the right to deny services to anyone deemed appropriate. >> reporte clear up what he called mischaracterizations by the law fueled by national media and organizations who didn't understand the law's intent that it protects personal freedoms. but in a speech in new york monday arnie sorenson became the latest to fault the bill calling it pure idiocy and urged to change it soon. >> the opportunity this presents is that it is so manifest

with the university of chicago's booth school of business. >>> as steve liesman reported a little bit earlier in the program, exports dropped sharply in the first quarter, even as a growing number of small businesses have started selling their goods overseas. and we veal more on that part of the story later in the broadcast. >>> and to stocks now, which had a choppy session following the release of that federal reserve statement. the dow jones industrial aver was off as much as 156 points at one point during trading today. it closed 74 points lower at 18,035. the nasdaq off 31 points. it was off about 1% earlier in the day. and the s&p 500 fell about 8. as for the bond market yields whipsawed this afternoon, breaking back above 2% as you see there. >> joe duran joins us to discuss what you should do with your money now that we've heard from the fed. he is ceo of united capital, a financial life management firm with about $13 billion under management. welcome back. >> good to be back. >> that is the question what do you do with your money now that the fed has taken all the calendar iss

for "nightly business report" i'm steve liesman. >>> to the biggest oil companies in the country posting earnings this week and the results out of exxon and chevron will give investors a read on the health of the energy sector. we'll give you a look at what to expect jus >>> demonstrations continued today in baltimore as the city recovers from last night's violent unrest. t rowe price headquartersed there closed downtown offices today and said many employees will work from home or other locations. legg mason encouraged their employees to work from home as well. >>> southwest airlines have canceled ten depatures from the airport citing passenger safety. >>> and major league baseball is taking a step. the baltimore orioles will play the first game in front of no fans tomorrow. >>> and a weekend series will be moved to florida from baltimore. today's game was postponed and will be made up in late may. >>> today the president condemned the violence in baltimore, calling it counter productive. the comments came during a joint news conference with shinzo abe at the white house. they are workin

even though there was no trading today steve liesman was hard at work sifting through the numbers. >> the government reporting a very weak job number for the month of march. in fact it was the weakest number since december 2013. it broke a string of strong numbers that goes back to march of 2014 all of which were above 200,000. not this time. payrolls coming in at 126,000 versus a consensus of 248,000. the unemployment rate did remain unchanged at 5.5%. february and january both revised down sharply losing a combined 69,000 jobs in the revision. one bright spot average hourly wages up 0.3% which beat consensus. some analysts say the weak number went right along with a softening of the economy in the first quarter and weak economic data. >> i think the report is mostly disappointing. it's n bad news but certainly not surprising news especially considering the corporate america coming out of fourth quarter earnings and what we have seen in terms of estimates. corporate america is retrennishing. we had bad weather in february and march. not too surprising. >> among sectors that lost jobs

for "nightly business report," i'm steve liesman. >>> still ahead, why our market monitor guest is a big bull on apple ahead of its earnings' reports due out on monday. >>> the first apple watches made their way to customers today. and while many may look at device as a consumer product, businesses see it as something that could change the workplace. josh lipton has more. >> there will be apple watch sport starts at $349. >> the sarah palin ceo tim cook has made a strong pitch for the company's new watch. em facizing the quality, precision of the timepiece but the success will depend on the apple beep bench of developers who need to design engaging apps. already there are more than 3000 apps available for the watch. right now most of the attention is focused on apps for consumers. things like uber make sense, you want to request a driver and get back to whatever you were doing. yelp is another good example of an app coming out where you want to see what is around you and get a recommendation of where to eat. >> but it isn't just consumers. companies are also betting that the apple wa

our steve liesman has the answer. >> reporter: investors riding the market bull these days have been forced to hang on for dear life. as the economy and the market take them for a very bumpy ride. freezing february temperatures in east have slowed economic growth and a strong dollar and weak overseas growth have flattened corporate profits. add to that a stock market that seems to buck up by triple digits one day and buck down by triple digits the next. over the last four months, we've seen more econ misses than hits. we are moving forward to be sure. and certainly companies have recovered to a great deal but the economy is not getting the breakaway speed that many expected this year. the question for investors is whether they should look through the current weakness for better days ahead. last year sank by 2% in the first quarter and raging back to grow by nearly 5% over the next six months. so is this another case where investors should han rebound? >> i think the economy is going to reaccelerate. i think weather played a big role particularly on gdp in q1. and the underlying growt

steve liesman has more. >> reporter: the job market has been on a tear. 3.3 million jobs created just the past year. the most since 2000 but during much of that time wages for average workers have been lackluster staying at about 2% yearly growth. but could that be about to change? now that mcdonald's joined retailers like t.j. maxx and target offering to rank and file workers, the question is we're in an age of wage hikes and what that could mean for inflation and the fed. >> obviously, there's a number of companies including a big one, walmart, which has raised wages. on that level, this is pressure up on wages which are. >> reporter: we look at wages friday in the march jobs report where wall street economists look for growth of 248,000 jobs the 13th month above the 200,000 mark but forecasters are still looking for muted wage gains of just 0.2% for the month. and there are other concerns about this report. it comes amid a slew of weak economic data including consumer spending and manufacturing, creating some anxiety that this jobs report could disappoint. >> we had a big shock to

as steve liesman reports, there's more to the upbeat mood of the public. >> reporter: americans views of the state of of the economy reached new heights in the latest cnbc home economics survey. a record 27% judge the economy as excellent or good. the highest level in 8 years. a year ago, just 16% of the public gave economy good marks and it was just 4% at the beginning of the 2008 recession. the cnbc poll of 800 americans across the nation shows how far the public's attitudes on the ec come just the economic recession ended. but also how far there is to go. the level of optimism remains about 10 points lower before the financial crisis and yet, well above the worst levels during the downturn. views on the economy were helped by an upbeat outlook on expectations for wage hikes and home values in the year ahead. on the outlook for the public econ recover. 1 point improvement from last quarter but postrecession high from 2012. optimism low gasoline prices and americans finally starting doing something with the money. in a prior survey 61% reported doing nothing w as a result of cheap ga

let's bring in steve liesman here. steve liesman, should we pay student athletes?d still watch the games, brian, if the players were paid, and here is what we came up with. 61% said no difference to me. but 32% said yes, i am less likely to watch if players are paid. it's that whole romance of watching what we at least fool ourselves into believing are amateur players. who are the people who will be least likely to watch, the people who are the most -- the most loyal fans. all incomes over $100,000, men over 50 and postgraduate degrees. >> they want to see sort of the fake amateur players play. >> right exactly. >> in some cases. >> in some cases. steve liesman, thank you. melissa, you have your own "fast money" bracket challenge. how is facebook looking? >> you know what's crazy? we have a double dose. you can check out the previews for each of the match-ups on cnbc.com/pro. tonight we have apple versus intel and, brian, your facebook here is going to battle paychex, and paychex has been the cinderella story. i would argue it's been the underdog of the whole match

steve liesman back at headquarters, thanks to you.aming is getting sent to the bench. major league baseball shutting down services like meerkat and periscope before the season gets fully under way. bob bowman from major league baseball will tell us why on the other side of this break when "squawk alley" returns. barbara just bought a bike. she wrote a tweet about it. you can't learn much from that. but take data from millions of tweets, combine that with your company's supply chain and sales data. apply ibm analytics and expertise, and all of a sudden, you can learn which bikes to build, what to make them from, where to sell them. because barbara and the world just told you how to build a better bike. there's a new way to work and it's made with ibm. it took tennis legend serena williams, fencing champion tim morehouse and the rockettes years to master their craft. but only moments to master paying bills at chase.com. depositing checks at the atm and transferring funds on the mobile app. technology designed for you. so you can easily

steve liesman joins us with an exclusive look at the results of the cnbc fed survey. steve?fessors who had the chair, who had the federal reserve, bernanke and yellen and we asked our 38 respondents to grade them this time and they did okay. here is the grade for bernanke. this is from our april 2014 survey. kind of his exit grade. he got a b. yellen getting a b plus and we asked them about the individual classes and let's take a look at each grade here. leadership, b, pretty equal right there. moving on looking that next one. transparency, yellen does a bit better and in all of these she does a bit better. how about communication? yellen doing a bit better. put them all on here. economic forecasting. a touch better for yellen and overall monetary policy. what you see when you look at these, our group here you know not really ecstatic about overall policy and what you see here are the results of a split. and you can see that in this next chart. and these are those who say fed policy is too easy or just right. and you see it's about even. 50% say it's to accommodative. and 48

founders of option monster, steve liesman, and jim lacamp in ft. worth, texas, today. hazard portfolio manager sam icily on whether the hottest sector in the market is in a bubble and where he's putting his $14 billion to work. who is your daddy. trade on

cnbc senior economics reporter steve liesman here with result of the all-america economic survey. be? >> we asked this question for you, right? i mean you're into the dollar. but you're not the only one. we've been talking a lot about it on cnbc. the fed talks about. corporate ceos are talking about it. seems like everybody's talking about it well except for really everybody. our cnbc all-america economic survey, a national poll of 800 people around the country, all income groups, all regions here we asked them what's happened to the dollar recently? well, 29% got it right, that's a starter i suppose. they say the dollar's gone up. and then there's, well the other 71%. let's see what they said about what they think happened to the dollar. well, 23% think it's gone down in value. another group here 17%, believe it stayed the same. and of course, there's a group here that i have a lot of respect for, 31% say i don't know enough to know. and that's a really important point because we went on to ask the question about will you be spending more on imported goods, traveling more abroad?

steve liesman is back at hq with more on what we can make of this rash of data. >> thanks very much.ant to make a huge deal out of a 0.1 move upward in core inflation, but it could be speaking volumes to the fed. i want to show you the data here. headline cpi up 0.2% down 0.1%. that's year over year. take a look at the core up 0.2% for a 1.8% year over year gain. that is up 0.1%. gasoline higher after huge declines. shelter up but food and airfare coming down. let's take a look. core inflation ticked up a bit to a still low 1.8%. the key here it's been up three months in a row. what's been happening, you had a stronger dollar which should be putting downward pressure on inflation. this could ease concerns that all that volatility in the dollar and oil will not seep in to the core rate. it strengthens the hands of those on the fence, rate-setting open market committee who argued to look through the recent price shocks to the economy. that is what bank of tokyo says. core cpi 1.8% close enough to 2, let's go fed. this does not fit the slow growth economy fears. barclays weighing in say

we're down towards 2. >> steve liesman thank you. markets are drifting little bit higher.gher now with the dow up 114 points. let's bring in president of global strategies to discuss the data impact on the market. you've been pessimisting on the u.s. economy. not surprised to see weakness in the data. what about jobs tomorrow? think we can get above 200,000 print? >> good morning. i think the jobs figure is probably going to be somewhere in the 200,000 to 220,000 range tomorrow, so it's going to be significantly worse than 295,000. every time it happens, i see people saying weather is the reason and i think we should get to understand that it is always cold in january and february here and it's nothing amazing. but what you see happening, despite the mcdonald's number that was just discussed, sara wages are not increasing significantly, and i believe the fed is correct in saying that it's a considerable amount of slack in the market. people who are accepting jobs at lower pay and people accepting part-time rather than full-time employment. so there are other measures such

joining me now, cnbc contributor evan newmark, sara eisen and steve liesman.ader guy adami. welcome to all of you. let's start with what's pushing this market around today. a mirror image of friday. ibm was super strong maybe earnings playing into that as well. >> expectations going into ibm which i know we're expecting any minute. best performer in the dow. it started with the china news evernight. it didn't take chinese stock markets up because there was concern about the margin requirements and the new rules implemented friday when that market was closed. helped us ease into the idea of policy coming from around the globe, lifting this market up. it's an earnings story this week. you had some speakers. steve is watching that. there have been -- hasbro has good numbers. morgan stanley had pretty good numbers. at least on the bottom line. the revenue growth is elusive. >> it is still there, is that the message from bill dudley? >> i suppose so. i'm not a believer in this up 200 points. i have no faith that tomorrow we won't be down 150. put a couple good days

let's get instant reaction now with our chief economist, steve liesman.on and the part where the calendar references are out. >> that's it. we knew that was going to happen. some members of your panel talked about it. we've been talking about it for a couple of days now. the evolution of this they told us beginning in march of '09 when they went to zero they would be at zero for a while. now it's data dependent. every meet cigarette live. so you wonder when are they going to hike? then you go to the top of the statement and you look at really how down beat the fed was on the economy. actually a little more down beat than i thought they were. they went from moderate to slow. they talked about spending was declining i guess is the word they used. overall, brian, lackluster down beat view on the economy that i think pretty much takes june off the table for the moment unless of course the data were to rebound very sharply. >> all right. thanks so much. i want to get the market check, market reaction to this. bob pisani is at the new york stock exchange. rick

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steve liesman is here to explain. explain, stevie. >> yeah mandy. there has been a lot of worrisome economic data these past few weeks and this morning that raises questions about the friday jobs report. let me show you what i'm talking about. the adp data 189,000 coming in below the prior one and below the estimate of 225. the ism manufacturing survey coming in again below the estimate, below the prior, and inside that ism report wills an employment component asking manufacturers how they're doing hiring coming in at 50. that's the lowest since may 2013. here are the negatives as we get ready for the friday jobs report. corporate profits have pretty of flat-lined. retail sales have been negative three months in a row. allows where i weather, low oil prices creating firings in the oil patch, and a strong dollar along with overall weak growth running around 1.3% for the cnbc rapid update. the positive jobless claims jobs, however, laying growth. we may have positive job growth from the prior strong growth. there has been a thaw-out in march and stron

steve liesman. tonight on cnbc really packed line-up for you.e market with the ceos of t-mobile sales force, workday, and palo alto. a murderer's row of top techies. done miss it. ty? >> the numbers are in for apple and they are eye-popping to say the least. sales, revenue, market cap, and cash. everything's great at apple. we're going to debate that. wall street's never seen numbers like this. but is the company now too big to grow? that's ahead on "power lunch." ♪ burning through the sky, yeah ♪ ♪ 200 degrees ♪ big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. >>> apple shipped 61 million iphones this quarter. more than analysts had expected. a big part of the iphone's success came from strong demand in china. next we learned the

steve liesman back at hq has breaking news. a lot of fed speakers. >>> coming up, dennis lockhardt speaking down in florida talking about heightened uncertainty about the track of the economy. this is interesting because he's a centrist and the end of march he was talking about rate hikes in the june to september period. now he's saying a murky economic picture is not ideal for a major policy decision so that sounds like a little bit of a change towards the dovish for lockhart in my opinion. anyway he supports quote, waiting a while longer before making a liftoff decision. he did not mention this june or september liftoff time frame like he did to me and to other reporters after that. he says the q1 data was, quote, notably weak. the march picture -- march jobs numbers brought the jobs picture, quote, down to earth. now, he does talk about this issue, was it partially explained by trance tore factors, we don't know yet but lower gas prices haven't as expected boosted consumer spending. he says net exports are down as a result o

steve liesman is live in new york with more. lot of fed talk today, steve. >> good morning, sarah. business difficult day here. dudley just beginning to speak right now but federal reserve governor jay powell speaking at a counsel on foreign relations, he agreed with the nrk fed president bill dudley that rate hikes should be gradual. he added a new reason, the fed should go slow to give the economy time to recover its lost potential. many economists believe the financial crisis slashed the economy's ability to produce by as much as a 1/2 to a full percent sage point. powell also said though june the june meeting, it's a live meeting as far as interest rate hikes are concerned. >> they will be for the first time a discussion about whether we should raise the target range at the june meeting. we said we wouldn't do that in all likelihood at the april meeting but we would at the june meeting. for every meeting thereafter there will be that conversation on the current path. >> powell added that he would be prepared to hike rates at

it's continuing to grow at a really really good pace. >> as steve liesman was saying it's here to staypoint you in the p past made with us about twitter's power as an advertising platform. especially in mobile devices, do you still see that as one reason to be optimistic about it long term and what about these so-called direct response products? some of the acquisitions twitter is trying to make to double down in this space? >> well, one of the things i think has been on our minds since the earliest days of twitter is what are all the various ways we can make money? twitter knows they can do well with display advertising and mopa acquisition and advertising across mobile and engagement advertising within the stream. those are -- we know -- as twitter user we've shared so much with ourselves with the company about what our interests are, what we want to know more about and as a result we get better targeted ads than basically anywhere else in the ad other than google. what else can we do in terms of lee generation, direct response? that's all interesting but early days. the company was

our own steve liesman and rick santelli and, steve liesman, let's start with you. those fed minutes came out. i mean what's the headline for you? it's clear that they can't decide when they believe it's the appropriate time to raise interest rates. >> it's clear there are divisions, bill, and i guess the head looirp for headline for me is there's a whiff of june in the air. i say that not just from the minutes, although there were several comments in there, several participants said that june was -- they prefer hiking in june. others said later in the year. a couple said 2016. but it wasn't just the minutes, which were three weeks ago and as bob pisani pointed out in the last hour came before that weak march report but we had two guys today, bill dudley the new york fed president, this morning saying june is in play. he thinks the bar is high for june but it's in play and jay powell the federal reserve governor whointerviewed at the council on foreign relations. i don't know if we have the sound. if you have it go ahead and run it. maybe you don't have it. >> we'll

today's retail sales numbers seem to have disappointed the markets, but not the economists, our steve liesmanen,dy see even some wire services try to spin it different ways. >> i'm getting positive commentary here. the bonds rally, and the dollar sold off after the data this morning, a sign that markets saw it as soft and the chance of lessening a fed rate hike this was the first increase in retail sales since october. here's the data that economists look at. it was up 09 on the headline number, .1% short of what they were expecting. auts up, building materials, furniture. what they liked in the number was evidence of a weather effect and that's what jeffrey said, they said quote the composition suggests that february retail activity was suppressed by the weather. if that's the case and let's move on to btig, which says we would expect the consumer to rebound nurt coming months, we got a lot of that because of expectations of spending because of higher, lower oil prices and better incomes and more jobs. and then market, on the fed says, the upturn plays into the hands of policy makers wanting

steve liesman is our senior economics reporter. #twitter fight.lyst who says sell, one who says buy. we'll battle it out. flash crash, a man who worked with the accused trader joins us live, did he really contribute to the market's unraveling that day? or is he a scapegoat? >> the brutal read on gdp, and real questions whether the winter slowdown was just that or a sign of something more dramatic taking place in the u.s. economy. stocks taking a hit today, rates are rising, the dollar is falling. oil is on the move. the fed will make sense of it all in its statement coming later today. and that's sort of joe how we begin. trying to keep our eyes on many moving parts of the market today. >> i think most importantly you have to pay attention to the currency markets. >> we're getting a long-awaited correction in the value of the u.s. dollar. the euro, concurrently is a appreciating and i think that's what's important to focus on right now. i think that's your first indicator after we get the statements this afternoon from the federal reserve. it's li

steve liesman back at hq has breaking news. >>> coming up, dennis lockhardt speaking down in florida talking about heightened uncertainty about the track of the economy. this is interesting because he's a centrist and the end of march he was talking about rate hikes in the june to september period. now he's saying a murky economic picture is not ideal for a major policy decision, so that sounds like a little bit of a change towards the dovish for lockhart in my opinion. anyway, he supports, quote, waiting a while longer before making a liftoff decision. he did not mention this june or september liftoff time frame like he did to me and to other reporters after that. he says the

steve liesman is our senior economics reporter. #twitter fight.who says buy. we'll battle it out. flash crash, a man who worked with the

founders of option monster, steve liesman, and jim lacamp in ft. worth, texas, today. bio hazard portfolio manager sam icily on whether the hottest sector in the market is in a bubble and where he's putting his $14 billion to work. who is your daddy. trade on one of the hottest ipos of 2015. is it really a go or a no? we begin with the first trading day of the second quarter, the start of a month that has been pretty good to investors. in fact, since 1950, no month has been better for the dow. not very good today, though, as the avp employment report disappoints, makes this friday's jobs report all the more important. so pete, what do you make of this economic data? stop me if you've heard this before. first quarter bad, winter cold. >> yeah. >> do we get a big rebound or do we start to worry about the market here? >> well, i think there's some concerns about the market. but i think we've had these concerns -- this has been going on forever. we look to the fed one month, and oil the next and then over in the middle east in the next. we look over to china the next. ther

michael zen is senior vice president at ubs and steve liesman is also here with us.. >> the big story here is it's not that big but the core rate comes in at 1.8% which is a tick higher. the importance is the expectation or concern was that the stronger dollar and lower oil prices would feed into the core. it hasn't. you've had a pretty stable core at 1.7 and now ticking up a bit. looking at the details, you had and expected a bump up in gasoline prices. here are the numbers. nine minus 18% in january and other than that a bunch of positives, including shelter and primary residences up. one good thing is for all of you making your travel plans for the summer, airline prices are coming down. i shouldn't have brought that up. they are down 1.7% and 5% year on year. let's move on to something more interesting. real quickly, the idea of june being off the table comes substantially from lockhart yesterday. he kind of said you know the data is really murky, it's a bad time to make a major policy decision. june could happen but it's not my preference. >> you have said that

i'm becky quick along with andrew ross sorkin and steve liesman.ritory all morning. in fact, this looks like the high end of the range we have been watching. dow futures now up above 70 points and s&p futures up and nasdaq up 18.5. green arrows the leader of the pack is dax. up 0.75%. greece down by 3.5%. >>> a developing story out of the midwest this morning. the bird flu virus found in an iowa farm. more than 5 million hens must be destroyed as a result. iowa among the 12 states that now detected bird flu since january including wisconsin. the risk for human infections considered to be low and no human cases have been reported. we talked about it with an analyst earlier. hormel turkey will sell less this year because it forced farmers to kill more turkeys in the last month and only affecting 1% of the marketplace, if you will. the analyst we had on earlier said buying opportunity because, u.s. government -- >> i didn't know. but it was interesting what she said. her response was it was the wild fowl that is spreading the disease and not a matter

steve liesman and rick santelli. rick -- steve, i want to start with you. hits runs and errors from what you heard from the fed today. >> clearly they're dealing with a weaker economy. >> they downgraded the economy. they called most of that downgrade transitory. they took out that reference to -- it's the first time since i believe since '09 that there has been a calendar reference. just for those who are fed trivia they put together over calling the fed's guidance graveyard. it began with sap. this was crossed out. they went to considerable time that's gone. patient was gone. it's all crossed out. there's no more calendar guidance. we're now data dependent. what that means is that june is potentially on the table. any month is on the table potentially if the data supports it. there's no promise or guidance as to staying for the quarter. that's the big highlight. >> what do you do with this market? >> i think we buy the dips. this is no different than what we saw last year. we saw this movie. it's called "2014." we saw the disappointing numbers in q1 and i

the government did cite strong dollar, west coast port strike as some of the reasons, steve liesman hasoes it change anything about the outlook for the rest of the year and the fed? >> it does. the assault economists don't know if the weak economic growth is temporary or permanent. but the good news is the fed probably doesn't know either. so the overwhelming conclusion is that the 0.2% weak first quarter report we got this morning is a reason for the fed to wait and maybe wait a little bit longer until it's more clear what's going on in the economy as ubs wrote, a we'll have to see a decent growth for that to remain the most likely scenario. suggesting later than september. among the factors as sarah mentioned, severe winter weather and the west coast port vikes. we don't know the effects from the slowdown in energy investment and the strong dollar. q 1 gdp at 0.2%. 1.9% not too bad. business investment down 3.4% and the structures number there, that's the energy or lack of energy investment showing up. exports plunging that could be partially the port strike. it could also be the stro

also steve liesman. steve, what's jumping out at you? >> the whole thing.gain. is this tiring anybody but me? >> yeah. >> we did the report several weeks ago saying the q1 gdp is weaker than expected. even when the economists know it's weak they can't get out in front of the weakness so they can't predict it. here they're coming in with an already weak forecast of 1%. it comes in at 0.2%. as michael points out, that's probably energy down 23%. consumer spending rick is correct, a little halter erhotter than expected but a huge comedown from the fourth quarter. only 1.9 now. weakness in nondurable goods. a very surprising decline, by the way, in state and local spending. let me bring in michael here. anything else you want to -- that jumps out at you? >> no i think you hit the main point. in terms of the miss relative to our expectation, we were looking for something closer to 1 so thank you for trumpeting our -- >> steven stanley was out there from pierpont with a zero. so hats off to him for predicting an unpredictable number. >> our forecast at 1.8 was in