in terms of using tech. the most important thing so to connect with friends and family, and so they are on -- it is the fastest growing group on facebook. the time spend online is huge. they are doing businesses in record number. it is a lot of time spent on line. >> we asked our communitier, the baby boomer often feels their tech savviness. baby boomers may not have the edge with computers but cassette, anyone use cassette any more? c.d., cried owe, record players is another story. of course you will see cassettes playing around. i may have one from the eight's that still works, but i also have four flat screen t.v.s as well. the point is with any generation you will find a range of people that are tech savvy, if you look at millenniums. i am sure it is hard to find a millennium that knows how to use it, it doesn't mean they know how to program it, or know what to do if their computer crashed. so you have to look beyond the surface, when it comes to baby boomers i see people using all sorts of technology, a

next speaker. >> hi, i'm roberta 0 i own a small tech company in katrero hill i transmissions into tech and oppose the henry adams this is not about landmark but to mislead this is a flash in the pan and here today, we're seeing that now the design history is some of the oldest lighting they house their product based in the design showroom so if we e vehicle those tenants the people in phone call that have minority owned businesses and lgbt businesses and based on conversation the america institute of aeblthsdz and the design association are reporting increased europeans yes, the recession hit us hard but the on shoring is jobs being brought back to the united states from asia we're not going to have a place to have is a business without the pdr. we sent out a petition and within 7 days we've received several hundreds of subscribes one lady said we can't do everything on line and we ate at fine hotels and building in changing the status is a huge mistake for the designers and the city if someone from ohio can recognition that >> you said elaine san ducky. >> offering elaine from san duc

here's the real take away, tech, tech, tech, technology is dock well, microsoft, intel, apple, yet thelical part of the sector not doing well. these are very bad reactions to earnings and some of the more beats. now, by contra distinction, stock that have acted well, there is no fee. it's idiocratic. it has nothing to do with steel dynamics. it has nothing to do with burrito's. it's a cyclical tech story for the losers at the worst end of the reaction. >> stacy, i'm surious, if you own let's say some of these stocks and are using an index as a head. does that still work in the stock pecker's market? >> it depends on what the index is, right now the s&p 500, the correlation, the realize iized correlation is decades low. if you want to buy a put on the s&p 500 because you believe it has exposure, it's probably not working well, this is where the individual stories are more important than they have been. >> let's talk individual trade, you are looking at the consumer discretionary fame. we seen hit or misses. >> this is kind of discretionary. it's kind of a same. whole foods is a grocery

that national politicians like about the bay area and the tech scene here?ore than anything else, california and the bay area are cash cows, and in particular, for democrats. upscale democrats come here to get re-fueled. >> and fueling the campaign coffers in election years. but isn't something different now? different nowery from when you first became mayor, largely because of the decisions you made about building different kinds of housing, more upper income housing in places, to help set the table for the growing tech scene. >> in reality, san francisco has transformed itself over the last 20 or so years from being kind of like many other places in america into something very special. a culmination of incredible research capacity for medical coverage and for health and the whole business of what do you do with the so-called internet, how do you move into the world of tomorrow. we are now the ground zero for all of the thought processes and all of the investment and the capital that needs to fuel those two concepts. >> about 10 or 12 years ago when you are

a big day for tech. take a look at the top performing tech stocks. the list may surprise you. juniper networks tops the list, of course elliott management has been pushing for change at the company. qualcomm also providing a lift. f-5 net works reporting tomorrow, but reported today -- in terms of some of the best performing tech stocks over the past one month, large-cap tech dominating the list. lastly got to take a look at netflix, but it did say third quarter earnings would be impacted by higher that weighing on shares in today's trade. >> sue, thank you very much. >>> we have big news that just broke out of the high frequently trading world. it concerns mr. obrian. >> and concerns this show, too. bill o'brien announced he was leaving that ecchanges. no work on where he's going, nor is there any word or explanation as to why he was departing, however he made news on this very show back in april when he appeared with us with michael lewis of the flash boys author and got into a very heated debay with brad cat yamma. >> my question to bill, if he's watching launching accusati

a lot of tech related, hit hard today.priceline for online travel and amazon.com, netflix, tesla, all losing ground. you can see red arrows across the board. anywhere from 2.5 to 4% to the down side. as markets turn, these stog stocks lead the way to the down side. carl, very much in focus for traders today. >> thank you, dominic chu. >>> and markets broadly well beyond tech and social, obviously where the focus of the pain is. dow down 145 now. nasdaq down 72. joining us for the rest of the hour here at post known, the chief correspondent of mashtab. nice to have you. on the phone, dan niles. dan good to talk to you this morning. good morning. >> good morning, carl. how are you? >> well, watching this, getting interesting. on a short-term basis, is today, does it feel like an inflection point at all? >> i mean this is a follow-up from, really, go back to last year. so last year the s&p was up 30%, but if you look at the morgan stanley new technology basket, that was actually up 105%. so last year was all about buying grow

semi conductor's techs very much in focus. >> all right. could wall street be getting too optimistic ahead of earnings? let's check in with chart masters witness again. cbw. >> let's have a look. here's is smh. water important here, of course, is this outperformance of this part of the whole. semis are a part of all technology. you are talking about from july 12 to july 14, a two-year run that is basically 80% and almost double that of all information technology s&p. so a lot of outperformance and so much outperformance, in fact, now, let's look at is the smh that we are above and this is the point of trend. they're not my trends, that's all right. take a look at this, this is well defined. there is no way around it. you are at the top of a can el. we are discounting a great deal of those good earnings. another way to do it is to do a moving average. this smoothing mechanism it bounces to the penney, to the penney, it checks back, checks back. you are due for a check back. if you got food groukts in this, take some off. >> you will make a b

. >> on tech know, imagine getting the chance to view the world. >> the brain is re-learning how it sees again >> after decades in the dark, >> i couldn't get around on my own >> a miraculous bionic eye... >> i'm seeing flashes >> great >> tech know, every saturday go where science meets humanity. >> this is some of the best driving i've every done, even though i can't see. >> tech know. >> we're here in the vortex. only on al jazeera america. ♪

coming up, well-known investors teaming up to find next-generation tech companies.lans, next. ♪ >> welcome back to "bloomberg west," i am cory johnson. a venture company firm just announced their first fund of $154 million. they have invested in 70 companies, generating $1.9 billion in net returns. our own emily chang sat down to find out. >> we are really happy to announce today that we have closed our fundraising sherpaventures, and we were oversubscribed, and we are very lucky to be able to do that. it is a big milestone for us. >> that is a lot of money. how are you intending to spend it? >> it is a lot of money. it is a straight men about trust, frankly, in our strategy, so we worked with some limited partners, and our strategy is focused on really putting work into the opportunities. however, we actually have an active program. because of who we are and our backgrounds and our strategy, we like to get involved very early with companies and go deep, and having that early exposure gives us a tremendous amount of information and access. >> you have been an operat

we have talked about cornell tech.have talked about efforts -- we had scott stringer here, talking about ways of getting kids in high school -- and the new york public education system continues to suffer, but getting them trained in the technology things they need. >> i think it can become a technology hub. as i said earlier, almost 300,000 are employed in technology companies. we have been growing at a rate of 21%, which is almost double the national average. there are a lot of different programs that are being worked on. we have a program that is training high school students in less-privileged areas to be exposed to technology, to -- to learn the skills, and that's one of many other programs that are being run, so i think -- you know, as we think about the jobs of the future -- >> yeah. >> -- and to keep the talent, we need to make sure that new yorkers have the opportunity to join these companies. >> we talk about how the federal government struggles with these kinds of programs, and we have discussed how cities t

onset is patrick tucker, a tech editor for defense 1.e has been called a futurist for his writings on topics like artificial intelligence and information technology. he is also the author of the book, "the naked future" how the science of prediction changes everything. out of san francisco, dan komunskya a chief scientists for white ops, that i recognize to both of you for being here. >> happy to be here. >> patrick, the phrase, internet of things means every day object have going to have connectivity and this is something that the tech world has experienced for some tomb now. how is it going to transfer to every day consumers and what's it going to look like. >> increasingly running into object that have some computational element in them and that changes the way you interact with them. we are talking about 50 billion interconnected devices in 2020. >> it's beyond our phone? >> right. it is. uncreasingly it's going to be if you have a cardiac issue, it could be a wi-fi en and pacemaker of the kind dick cheney got and carolyn kompinsku.

he went to the tech community for device. how apple inspires him, next. ♪ >> you are watching "bloomberg gearing up bryant is for the nba season and the release of a showtime documentary, kobe bryant news. it focuses on his inspiration from oprah winfrey to jony ive. icon -- >> it was really interesting. or a staru are a ceo in the nba, you need to be dedicated. nobody has ever questioned kobe bryant syndication. -- kobe bryant's dedication. it's about what gets you pumped up and inspired. who inspires you. here is a bit more on what he had to say about that. okcan i look inside and say, , what was the genesis for me? who inspired me to get to this point? i look at it as a challenge and an opportunity. where did that come from? who did i learn that from? that's what this film is really about. will see there film and be inspired by the film to be able to have uses up his own. -- have muses of his own. >> you called people who are leaders in industry. people,d call absolutely. some of the questions i ask seem really simple and

to the tech companies, they're not telling us what the curriculum should be. what we're saying to them is help us afford the i pads, the wireless, the stipends for the teachers and we're doing that with new funders who are coming to us. she's going to be driving how the technology's integrated. we're not buying anything from the vendors that we don't want. we're looking at our own curriculum and then picking and choosing from the marketplace what are those apps that work. i will also say we are working with a lot of the tech companies around -- we made a decision this year to be multiplatformed so that we aren't held hostage just by one company. so, you know, the google chrome books are becoming much more affordable and we want to support both chrome books and i pads. we're in a good position. to say this is our plan, our budget, you need to look at how you can best su por it u.s.. i think we're going to get stronger and stronger at it and not just do a massive implementation over night, but at a certain point, now that we've done prototyping we have to go fas

investors are expecting a huge jump in tech earnings next week. we'll tell you why they can be in for a shock. plus who just got in bed with bed, bath and beyond? >> are you kidding, really? >> not you, george. we'll tell you which activist some options traders think it could be. >>> and it's the stock chart that might be on the cusp of a major meltdown. what is it? and how can you profit? we'll reveal. the action starts now. it does indeed, live from the nasdaq market site, i'm in tonight for melissa lee. these are the traders here in times square. and on a rocky week for markets, a new concern is starting to crop up. that being the u.s. consumer. companies from walmart to rent a center and many others starting to warn about consumer spending. how big a problem does this pose for the rally? let's get in the money and find out. i could go down the list. lumber liquidators, tractor supply, container store, walmart u.s. you could throw five more at the board. what's the problem here? >> well, i think this has been going on now over a year. we've had

and how will tech will eliminate uncomfortable small talk. this will guide you in small talk with those you have the >> on tech know, imagine getting the chance to view the world. >> the brain is re-learning how it sees again >> after decades in the dark, >> i couldn't get around on my own >> a miraculous bionic eye... >> i'm seeing flashes >> great >> tech know, every saturday go where science meets humanity. >> this is some of the best driving i've every done, even though i can't see. >> tech know. >> we're here in the vortex. only on al jazeera america. >> welcome back, we're talking about emerging technologies that will be commonplace by 2024. joining us is a trauma surgeon and creator of m power. dr. he was thanks for joining us. your group is building this mobile app that allows patients to monitor their wounds for signs of infection. how can an app like that change patient outcome? >> we're hoping to see an improvement in patient outcome because we would be able to detect something going wrong maybe soother than in our current state of

or tech entrepreneur doesn't look like me. >> you come to work in the tech area of brooklyn. how many people of color do you see on your way to work? >> one in 10. >> reporter: dream adventures is trying to change that, getting special funding from comcast ventures recruiting tech start ups run by people of colour. >> a third of the companies are sponsored by comcast in dreaming access programme. >> reporter: the best accelerators for minorities encourage collaboration regardless of race. >> the same access to resources, has. >> in exchange for handing over a 6% equity stake, each company has $25,000, office space for three months, mentorship and legal and accounting services which comes in handy. this is "we did it", through an app it offers a fast way to connect donations by telling phones and tablets into credit card readers. >> when seconds the card is scanned. his company connects a small portion. the reach of we did it is vast. there's 1.6 million non-profits. tracking investors has not easy. >> we had difficulty raising fund. we have been cash-flow positive for an i ca

. >> we're back at 15-year highs in a lot of tech names. telecom really participated in the tech bubble a couple years ago. 60, that's a really interesting target. if this thing goes parabolic, the nasdaq and the market, it's likely to participate. and looking at a stock like veriz verizon, i'd love to own it. calls do not look attractive to add yield to a long stock position. which almost speaks to, you buy the calls and stick with it. >> exposure to early 2015. you're not risking a lot, and a potential for a lot of upside. >> send us a tweet if you have a question. or check out our website. the hottest news and videos throughout the week. it's like "people" magazine for people that like options. >> some traders are heading into apple earnings next week. >>> and if you thought microsoft's news was impressive, why are some traders making hugely bearish moves ahead of earnings? time and sales data. split-second stats. ♪ its so close to the options floor, you'll bust your brain-box. all on thinkorswim, from td ameritrade. [ bell ringing, appl

the woman accused of shooting heroin into the veins of a bay area tech

it is not just tech companies anymore hiring tech people.th is happening from non-tech companies. we have about 300,000 jobs in new york city, tech jobs. more than half of those our non-city companies. large companies hiring tech people. they are hiring programmers and coders. >> first, there is a shortage? >> yes. you start with a shortage and now we have a huge blast of technology companies saying we need to be in the tech game and have big data departments, having android and ios apps. that triples the work. there is almost so much you can -- only so much you can squeeze out of the tech staff. all the new platforms coming out, android and ios, the fact that you need apps out there on the web. united airlines never had to have its own ios staff and now it has got to. smartphones are increasing at a rapid pace. its billion total phones out there will increase to about 3-4,000,000,000 smartphones worldwide in the next three years, a tremendous update. part of the issue as well we are not educated enough people? there is not only a labor shor

it's not just old tech. it's also new tech. i think there's tremendous opportunities in tech. and a lot of the earnings this week, i think we'll see continued positive momentum. >> murph? >> yeah, i think it's really name specific in the tech space. you look at names like microsoft that have done great in old tech and then names like facebook that's looking to take out that 71 high in new tech. so i'm looking at names like that. but i think most importantly this week, apple's been a very strong performer. i think they're going to have to put up some really good numbers, and they're going to have to give us some very good insight to keep the stock up here in the mid-90s. >> we've got the analyst who just upgraded apple today after basically sitting on the sidelines for more than three years. we're going to talk to alex a little bit later. josh, how does this shake out to you? i mean, i hear joe telling me hey, i think tech is the way to go. >> yeah. >> i'm going to be increasing my exposure to that area ahead of some very interesting earnings. >> yeah, one of the biggest trades

wearable tech to stay fit.ow about wearable tech to stay safe? kpix 5 consumerwatch reporter julie watts shows us a new twist on the fit bit. >> reporter: they may look high fashion, but for rachel frederic, this is a secret weapon against crime. >> very wonder woman-like. >> reporter: the cuff is a computer chip and in an emergency with one touch, she can send an alert and her location to family and friends. from crime-fighting accessories to fit bits with a twist it seems wearable tech is getting a makeover. it sends an electric shock when you say skip the gym. and designer is rolling out a new high-end fit bit jewelry but while wearable tech for fitness may be getting a makeover there are gadgets to deep you safe like this hair clip with sensors that detect physical assaults and send for help. >> the smart clip will know the difference between impact associated with violent crimes and impacts from everyday usage. >> reporter: the company's founder says it also activates your cell phone's gps, camera and micr

>> six months is a tight timeframe for tech evolution.ld not have started rocket fuel before roughly when we did because it would have been so expensive to build the competition will infrastructure we have. 35,000 was the last reported number of cpu cores around the planet that are punching that stuff. i would say on the a.i. tech, the machines are serving these ads all over the place and it is up to them to learn the patterns. somehow or another they find this audience of expatriates living in the u.s. who are qualified to buy luxury cars. all this kind of stuff that machines are finding for us. the important thing is the cost. you see companies invest a lot in avionics, it is an important thing if a jet falls out of a sky. serving the right ad to someone, that is a decision that may cost you a 10th of a penny to serve one ad. >> thank you very much. emily? >> new cofounder john battelle and rocket fuel cofounder and ceo george john. government data collection, many are asking what kind of internet are we actually creating? we are back w

carter and co made bullish trade on the tech giant. give us their next move, here's how they made money. on options action, it's how we trade apple like geniuses. risk less to make more, and that's just what they did with their bullish bet on apple. carter said apple shares were looking fine. >> the conclusion is a move back to the high. >> all right, mike said, let's make this happen. >> i think there's no better two people on earth to do this. >> we agreed, tim cook, but there was one small problem. 100 shares of apple costs the duo $9,000, so to spend less, he bought a call, specifically the october 9214 strike call for $4.50. he needs shares to rise above the strike price by more than cost of the trade, or above $96.64 by october expiration. but it gets even better. as the stock rises, that call gains value faster than apple shares meaning more money in mike's pocket. >> yeah! >> i think there's a huge opportunity here. >> indeed, since that time, am shares are up, making this trade a quick winner. that leaves options action's bigg

it is also interesting to see companies that are not tech companies. they are also changing how business is done. >> you have also found that a number of media companies and have a lot of thoughts on the future of media. later inalk about that the show, but first, the lead story, a federal privacy watchdog gives a boost to nsa surveillance saying it surveillance of foreign intelligence is not only legal, but also effective. upstream collection programs showed no trace of a legitimate activity and they have helped to improve the , the reportcurity shows. the report urges the nsa to put in more safeguards to protect the rights of u.s. citizens. our editor at large cory johnson is here. >> principally, this report came out and found there were no even .ccidental uses they have recommended a series of 10 different privacy controls to be added on to the privacy controls already on there. >> like what? >> different things about essentially purging data when it is accidentally correct it -- collected. it was generally supportive of the policies suggesting tha

change in after-market trading. ♪ all the tech stocks with a market cap...50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. cheryl: okay. so again, you got to look at the dow right now. we're only down 170 points. we were down 180, adam. adam: fighting back. not a bad day. not a great one either. nicole petallides at new york stock exchange. cheryl: market still inned red but we cut the loss, nicole. what is leading the charge. >> it is interesting. europe went to bid. part of the problem you can blame europe. verizon, intel, coca-cola leading the way. s&p 500 this morning 450 names were red. now it is 375. so we've seen improvement throughout the day. adam: nicole, if europe went to bed the retail sector is at home, sleep, knocked out. what is going on? >> oh, boy. so many losers in the retail. lumber liquidators. be a

tech. >> okay. for no cell phone talking, and that should be across the board, but the no e e-mail on the tuesday and you want a work crowd or bunch of early bird people? that is what is going to happen to the restaurant, and as much as it is bad for the devices, the noise of children has gone way down since they have the gadget in their hand. i have to tell you they don't want to sit next to the appleby's with the little kids, because when you are in the airplane and the last place for them to scream is because they have made the video games illegal, and so yeah, tech, that is how you shut up the kids. >> bah, humbug. >> well, maybe you have found that your house is quieter with the gadgets, but what do you think about the apple bee's thing? >> well, it is silly. is that part of the decision-making prices, fridays or apple bbees's, and that is a deal maker, because if they believe it is going to make up sales, fine, pajama wednesday and whatever, have it at it. >> i want to see what the training pr

in terms of the amount of tech space. my question is more strategic in the sense of how it's being applied today and knowing what space is being used by what sector or type of real estate it is, as we think about future, whether we want to keep that space as it is utilized today or as we look at in the future do we want to change it because we could upgrade it into something else so it's more strategic. if we were to think about the industrial warehouse space, would we want to say that leasing out to more tech tenants, as an example, not the only usage, would be a better use of that space. let's try to figure out how the keep the revenue not what it's been, but the components of the future differently and thinking about the portfolio in a more strategic sense. >> we heard that question at the last hearing and we'll have to do homework on that to identify really which port funded capital upgrades might yield the best return to the report so stef will have to come back with that item, but as it relates it'll be on these sma

the takeaway, tech, tech, tech. microso microsoft, apple, doing well. have acted well, there is no theme. intuitive surgical, nothing to do with burritos or biotech. the losers, very much a cyclical tech story, as least at the worst end of the reaction. >> and stacey, i'm curious, if you own some of these stocks, using the index as a hedge, does that work in a stock picker's market? >> well, the correlation, how the stocks are moving together. it's at a decades low. you want a put on the s&p 500. it's not moving. that's why the individual stories are so important. >> and mike, you're looking at consumer discretionary names. >> well, whole foods is a grocery store. not a staple like kroger. this is an interesting story. earnings coming up, they disappointed in the last quarter and now, their margins are about 4%. compared to the big groecers, it's huge. their margins are getting compress compressed. all the other stores are beginning to bring organic products in. i think the bad news for this thing is probably going to continue. and i'm inclined to make

that is where the tech community as a whole fear. still a great nation, a major commerce, industry flows here. i still think that it would be tough for somebody to opt out of the system without having the united states as part of their access for jobs, information sharing, and the like. i just know the arguments on both sides. i have heard them. i appreciate my colleagues, but i kind of reject the premise. guest: >> we have seen examples where countries can really slow or even stop internet traffic. egypt, iran. becomesa fear if icann a multi-stakeholder corporation? >> not if we know what multi-stakeholder means and is -- and it is defined. who are these people on this board? turkey slowed down the twitter feeds. in this world, in this environment, to say that's not happening, it is happening. who is going to be the governing body? in france, i think, and they had a fight over -- the french representatives or a fight over wine.com something to read they almost stopped the whole system over a regionalization of a product. they don't

the tech sector now, 19% weighting of the s&p 500. but you similarly don't invest in tech.ust wondered if you followed pedro's views there about why you stay away from this sector in particular. >> yeah. you mentioned tech being 19% of the s&p 500. that historically is no low number, by any means. at the same time, when tech was historically cheap here in the united states, for example, 1990, tech was at 6% at that want. there were some savvy buyers out there buying up names like ol in the early '90s when no one wanted to touch them. the problem is, especially taking the value world we sit in, we see a lot of our peers want to go own tech. there's cash with a lot of these especially old tech companies. the driver of their business is not here in the united states. abroad. the problem with investors, they could be wildly successful. at the same time, the revenues are coming from abroad. getting trapped in dub lip. and the history of tech doing anything for us as shareholders has been poor at best. there's been a lot of talk about them bringing money back to the u.s. to a bet

. >>> a corporation plans to put new roots down in camden where hol tech international will make its new home. the 600,000 square foot design will create 400 jobs for the area. it was awarded $6 million in tax breaks over the next 10 years, the new jersey department of transportation conducted a hurricane evacuation drill today. to test the mobilization response time and the preparation of roadway flow plans, being able to quickly reverse the direction of traffic is important to maximize the capacity of the road during any emergency. >>> a staple of the philadelphia museum of art got a -- the statue of diana, it's a feature of the museum since the 1930s, they are thrilled that the sculpture is once again glowing in the great hall. >>> it's called tech girls, an organization encouraging girls to take on leadership positions in technology industries where they are traditionally underrepresented. they are holding their entrepreneurial camp at their university. >> tech girls hopes to spark motivation in these 11 to 15-year-olds to be leaders in technology. >> showing them what technology

. >> split detigs when it comes to tech earnings, intel hits yahoo misses. >> tech team up, apple and ibm, mortal enemies in the copier 30 years ago develop services to develop apps and services with big blues enterprise with apple's moebility. >>> and hanging on every word. what was written by the federal reserve and stocks stopped in their tracks. that and more on nig"nightly business report" on this busy, tuesday, july 15th. >>> good evening everyone and welcom welcome major news breaking in technology today. a landmark partnership to develop apps and business software for use by corporate employees on iphones and ipads. both stocks moving higher in early post market trading. we'll have more on this once unthinkable deal in just a moment. we begin tonight with after the bell earnings from two tech bellwethers, intel and yahoo. first up the computer chip maker intel. it reported better than expected revenues and earnings, net profit up nearly $3 billion on strong demand for personal computers and the chips inside them. excludeing certain items, intel pulled down 55 cents a share, th

we will stay with a hold tech theme. also coming up, a bloomberg exclusive with the ceo of christie's talking record profits. ♪ >> welcome back to "the pulse." bloomberg's on london headquarters. we are on the present. the pentagon has confirmed the f 35 will not make its airshow fleet. it was grounded by fire. an appearance was planned. lockheed martin hope to boost foreign orders. shares of qantas airways fell. majority-owned by the australian government. 49% cap oneep foreign ownership in place. rio tinto said production rose 11% in the second quarter. the expanded operations in western australia. output matched estimates. oil prices have fallen only seven percent this year -- 27% this year. those are your headlines. theme running through markets and this morning, it is tech. the fed concerned about tech valuations. they should a report. sent facebook and twitter lower. a partner atw is passion capital. decidesshocking the fed to send us a memo to tell us that tech is overstretched? >> i think it is interesting. they

regular tech companies need tech people.rning out tech people or we turn them out and send them back. we have immigration and education issues. i think we have leadership issues. >> if i am at your company and recruiting, what is my problem? what is the difficulty? >> there is too few people in great demand. each of our engineers is getting two to three job offers a week. we operate on that basis. we have to be great all the time as a company. you have to educate people, they go down and up. treat people really well. >> pay. >> it is pay. pay is not the major thing for really good people. it is engaging them so they feel control. they feel special. they have a compost something. it is a lot of those things. they have accomplished something. it is free food. little perks. you geto you make sure that person? what's we work really hard. -- >> we work really hard. for someone who recruits a friend. if they are both here in six months, they both get the money. i hate to give away tips to competitors because we are all competing f