google doesn't do a single thing well? i think the main thing they do really well is what you call universal searches. you don't know something, you go to google. hotel searches, flight searching. there is a risk that google gets chipped away at by other specialists that do a better job than them. they have been to a lot of things quite well and there are many people that may be not as hungry as they might've been. the company may be too big and bureaucratic. emily: there is the why. but what about why now? what is this have to do with regulation and what is going on in europe and the antitrust battles, with the need to be more nimble and make it in a place like china? brad: larry and sergei want nothing to do with the antitrust problems in europe. in the west, they are in the clear. eric schmidt has been running that game plan for the past five years. it hasn't been successful, no called of eric's, but the political climate in europe is terrible. sundar is known inside google as the peacemaker. fighting, there was a lot of other inno

i hacked the iphone, google glass. t, the tesla took a little bit of time. >> it was not just a case of hacking the car. we used a system to get information for another system. we got more information and got full control over the infotainment side of the car. >> in the case of the car, it means you can do anything on the touchscreen that i can. horn,e trunk, honk the flash the headlights, switch the car off. >> the biggest takeaway is that cars are computers and your car has more in common with a laptop than a model-t. we have to think about cybersecurity issues just as much as traffic safety issues. >> things get hacked all the time. i am a hacker. if i am not hacking it, somebody else will. vulnerabilities will be found. you want them to be found by the good guys. this is the software update that we worked with tesla to prepare. we identified these as part of our research. >> all you have to do is click, "install now." it pushes out very quickly. >> the vast majority of teslas will already be safe. emily: up next, in

emily: and now they are saying, we will not accept the new google. thank you both so much for joining us today. another developing story we have to mention, china is surprising global investors by devaluing its currency the most in two decades. the yuan cut could be welcome to apple suppliers, foxconn and pegatron. a devalue might boost gross margins for both companies even in the face of slowing iphone sales in china. up next, could alphabet go on a buying spree? plus, should amazon or facebook take a page out of alphabet playbook? are they already? ♪ emily: welcome back to our "bloomberg west" special on alphabet, google's new parent company. how will larry and sergei run a company? >> it is conceivable google could make large acquisitions if they decide to. and not only directly related to what google does today, but why not an entire new areas? not only moonshot investments but -- there is nothing stopping google with this option they've created by combining operations focused businesses if they wanted to. emily: for more, i am joined by pivotal r

the, if you will, traditional google. other investors who want to get involved in the moonshots. and to me that will be the significant move. this is a preamble. they don't necessarily have to do that. maybe they don't have to do it. i do hope they will because that will be good for everyone. >> it occurs to me, you look at apple this morning. it's down pretty much -- more than most stocks in the dow anyway. google is up. google's up based on speculation of what they might do. sure they might do tracking stocks, whatever. but even since earnings it's not so much based on the fundamentals aside from some cost controls that that stock is up. you look at apple we know the iphone cycle has been strong. their loyalty is stronger than samsung. there are certain other metrics including the early upgrade plans that seem to be in their favor. but people are bearish on that one. why is it that with one company people are so hopeful investors based on what might happen and on the other they're pessimistic based on data that would see

google. the video portal we know of as youtube. et cetera, et cetera. all of the non-ad supported businesses are so fundamentally different that break them out i think is very, very important. >> what is your sum of the parts analysis? is your price target $620 a share? i'm just trying to understand how value is actually unlocked and how we should take a look at this move in the after-hours session. >> given what's disclosed about google, i don't have a sum of the parts analysis because i've got no real basis. interestingly you were talking about youtube. what most people don't realize is there's a business called gdn which is probably the twice the size of youtube. it's also profitable, most likely. businesses like that will probably get a bit more focus if there's more disclosure. i doubt there will be. >> could this be a precursor to some other big sort of corporate structural xha to google, neighbor a large acquisition or something like that? or a spinout of some of these business that's may

the day-to-day runner will become the ceo of google. will you be watching for in the new world of alphabet, which has been google. >> i'm trying to digest that. i'm reminded -- the other night i was at a dinner party and someone interrogated me with "why does google do google maps?" it does take some explaining what the ecosystem is, but most things they have been doing try to drive you back to their service to see more advertising. maps is one of those. the things like the car, the life extension products, those do not do that. there may be logic to a holding company model. it is an extraordinary company and all of us would have to admit that this is the most earthshaking lee -- earthshakingly significant business we feel the influence of everyday in our lives. we cannot help but watch this with assignation. host: i love that word, "earthshaking." as we digest this news live on the air. google changes its corporate structure to separate search, youtube, and other web companies from other divisions. divisions like google x which will be

the person who has been running the day-to-day operations at google for a long time will become the ceoey page will go on to be ceo of alphabett inc. we are digesting this news now. i want to bring in david now. you have covered google for a long time and we see that they cofounders of google are moving on, so to speak. we are trying to learn what off inc. means.lphabet >> he is a great veteran who understands the business and has then hear a long time. been here a has long time. abet inc.?so beph i don't know. the health has been a challenge the entire time he has been ceo. it has been a factor. google is a machine that continues powering forward and i rgei will remain involved. you will not lose all the intellectual capital, so to speak. lphabetays that out foa is a collection of companies and the new google is stripped-down. the main product is contained in alphabet. life sciences, calico, --ch focuses on there is a shakeup in the operating structure, in general, at google. what is your reaction? >> it sounds like a new name for what we previously called google. massive advertising e

the big challenges for google are in the future. cars, self driving cars are critically important to health care is another area, and drone stuff. i am fascinated by their experiments in the drone and low-level satellite area. charlie: larry mentioned berkshire hathaway and the model there. is that an appropriate model he might aspire to? guest: it doesn't quite work here because what is happening here is this is something like a venture arm. is sponsoring all these other companies. it's not like archer hathaway where you have well running, well functioning companies making money. r&d on aey are doing grand scale. guest: essentially they are taking billions of dollars. as an economy or members of economy, we should be glad that a corporation is doing this and we should be glad corporations like amazon are making the huge bets ar and differing profits -- they are and differing profits. so many of our corporations are so stripped down. we have become so obsessed with , maximizingvestment quarterly profitability, companies like google

sounded weird at the time. >> google and yahoo! unded weird back in the day, too. >> there are challenges that come with this, too. you can't help but think, google has built this brand and culture. >> yeah. >> it means something to work for google. what does it mean to go work for alphabet? there are three brands that occur to me as being iconic brands -- coca-cola, kleenex and google. and the idea that we would -- that coke would change its name or its structure some way and we're going to talk about a company that's no longer called coke, but it, of course, is coke. >> but i'll bet the prestige goes with alphabet, right? you want to work for alphabet if you want to work for the moon-shot projects, if you want to work on the futuristic sort of cool things out there. that would be my guess. >> i think a lot of people in silicon valley want to work on the cool, futuristic stuff. and after a few months of talking about alphabet, people will forget google the same way that everybody talks about verizon and they forget the two companie

when you go to the google search site, you might see the new address. xyz and a message from larry page. sandra: this gives investors a better glimpse into google to separate what is making money and what is not as self driving cars, classes by tester glucose levels. they have the money makers and we will still watch google as they are both an effect. >> what are you? how do you define your company these days because they do have their hands. be not google answering the question of the separation. the stock will keep trading as it is right now. the fourth-quarter report in the first quarter of next year we will see the breakout. nicole: that is what investors want. sandra: before you head out the door come a quick forecast with fox meteorologist maria multinode. reporter: good morning, sandra. today will be tracking showers and storms were casted along parts of the gulf coast and the east coast in a marginal risk as the storms could produce damaging winds and even an isolated threat across parts of new england. otherwise further west across parts of texa

google. youtube, maps, all of the internet will be part of the google division, and nest, the smart thermostat businesses. liz: i have that. >> and google ventures which invest in uber and other internet giants and google x, their experimental businesses, we'll get a better picture how each of the businesses are doing. liz: so we have star analyst colin gillis with us from bgc. i am dying to hear what you think of this. you've written the report. what's your gut reaction to the alphabet city? >> don't call us just an advertising company anymore. that's the message that comes across, when i talk about google, you know, the big question we get a lot of times is what company could potentially hit the one trillion dollar market cap. liz: one trillion? apple is getting up there, right? >> people say apple, and i say pay attention to what google is doing, and this move, the alphabet umbrella will drive home the fact they are involved in a lot of things beyond the core businesses search. near-term, everyone says google spends too much money, now we get to see how much the overhead layer is. that's co

the other piece is google c.e.o. larry page has made quite clear to those observing him over the years that he doesn't have much interest in google's core business, the media and search business. he is more fascinated by the projects like self-driving cars and others. now he will be able to folk on those while someone else runs dooling's core business. >> rose: he has many things he said that suggest varied interests which includes the role of corporate society. what would you add, farhad. >> over much of google's history, larry larry seems conflicted. google's mission has been to try to run a search company and basically everything it does inside its core business is to index information and work off this data. but he himself has been interested in many pursuits and they've seen google as a way to throw out cash and invest in all these other businesses. i think this will give him an opportunity to be somewhat involved in the main business. he'll still be the main boss. if he wants google, inc. to do something, it wou

but sundar pichai will have control of google. in the earnings report google inc. results will be broken out separate from the overall alphabet results. so investors will get a little bit more look into what's making money and what the profitability is. we don't know exactly how some of the costs are going to be assigned. things like that we'll have to get more detail on. >> so in this what sounds like relatively complicated maneuver, it looks like there is a simple sort of strategy behind it. take all of the revenue generating businesses, or the big ones, youtube, google, the ad business there, separate it from the things that are more developmental or investment oriented, perhaps to juice the stock a little bit. is that -- is that a wrong reading, john? >> there's a bit of that, but nest does produce revenue so there are a few little businesses that are not part of google but alphabet.com. >> we'll be watching that one, closely for the rest of the week i'm sure. >>> on wall street today, stocks got off to a strong start driven by a major corporate acquisition by t

in the restructuring, taking over the ceo of google he has been the vice president but the most visible google executive lately and the successor to larry page, google's founder. >>> greece reached an agreement with a new bailout after marathon talks and international creditors and greek official created a new deal to keep the country in the euro zone and avoid bankruptcy. it is expected to be approved wednesday or thursday. >>> china devalid its currency this morning, causing its biggest one-day loss in a decade. the move came amid the latest release of data which showed weakening trade in china. asian stocks finished lower and tokyo's nikkei lost half a percent and the shanghai composite was unchanged. >>> on wall street, the dow moved off its longest losing streak in four years. the dow gained 241 points. the s&p climbed 26. the nasdaq finished 58 points higher. >>> warren buffett is taking a huge step into the industrial sector, agreeing to pay $32 billion for aviation parts provider precision cast parts. it is buffett's biggest takeover he over. he will pay 235 dollars per share fo

mark: we will continue with the google theme. more of the big changes at the coupling. discuss how out of that could help the ceo move forward and in still more difference one -- and still more difference in the tech giant. more in a moment. ♪ mark: welcome back to the "bloomberg market day." i am margaret did in new york. white house chief economist martin goolsbee has a message for the federal reserve -- take your time. he was asked if the fed would start raising interest rates next month. martin: the fed wants to raise the rates. they have wanted to raise the rates for a long time. they're going to try and find a way to do it. i don't think it is warranted. i think the economy is not growing that fast, china's slowing down, europe is a disaster. so what is the big race to speed up? being --icymakers of have been saying they will raise interest rates for the first time in nine years. a lawyer for bobby donald says he will appear -- appeal his corruption decision to the u.s. supreme court after a federal supreme court says it wants -- won't review mcdonald's case. last

purely thinking from the point of view of how useful google is and the fact that people in china are iversally study -- go to universities and study abroad. they depend heavily on google even despite the fact that it is blocked. that i just think at the end of the day, someone is going to figure out a way to solve whatever issues exist to bring all of this innovation to the people in china. emily: how satisfied are you with the pace of innovation? hugo: i'm quite happy. especially because i understand how hard it is to make progress. when you are literally supporting hundreds around the world, i think android is entering a new phase by expressing itself through some -- so many different screens and different types of devices. there is basically an entirely new and completely uninstall or -- completely unexplored galaxy of possibilities here. emily: google doesn't make money off of android. it isn't doing well in terms of mobile advertising. companies like xiaomi have built huge businesses off the back of android. do you think making android open was the right call for google? hugo: i

let's remind you of the headlines. google simplifies its structure with a new umbrella company called alphabet. investors liking the news, sending shares higher in extended trade. >>> and earnings beat flipping shake shack shares higher in after hours as the burger chain beats expectations. >>> and greece agrees to a bailout deal with creditors ahead of a august 20th deadline for its next ecb payment. >>> so, greece and its international creditors have agreed to a deal on bailout terms following long negotiations. finance ministry sources told cnbc that a number of minor issues still need to be ironed out, but it is expected the funds will be available to greece by august 20th to allow the country to meet an ecb payment due on that date. joining us now is a global equities strategist at jpmorgan. we've reached a deal along before the deadline, this is great progress. >> i think it is. a lot of people are very skeptical, and the question is really over the division between germany and france that we had. but in my view, this i

the best talents. it is cutthroat. it could allow googlent part of his business and go back to being the start up. new employees and perhaps a better way of attracting top talent. maybe thinking about going to facebook. caroline: sergey brin, ceo of google, the services company we knows. .ivide and conquer they are feeling perhaps larry page and circuit brennan will be the -- sergei brin will be the ceo and president. he keeps the juggernaut of going. elliott: the other thing is she noted here how these businesses are doing. surely if they cannot be doing that badly -- as they can -- surely they cannot redo doing that badly. driverless cars surely not going to happen. some of the naysayers who are careful. nothing to do with the core business. in his blog page yesterday, you have to be a little bit uncomfortable to remain relevant. perhaps it may not be comfortable. a transitional but google hopes it will keep them at the top. guy: you think they have sat down? caroline: as they like it. -- they like it. nds sounds like somebody from the pr

the google subsidiary will have a new ceo to top google executives. will talk about what he has done in the program. in the move to help flagging exports to value the currency overnight, the you want created the biggest one day decline for the currency in two decades. 9's benchmark shanghai index had little response to the move essentially closing flat for this session overnight. dagen the u.s. futures joel lower opening the the proper averages, the big economic report to look for this week, retail sales. 6 going into macy's reporting tomorrow setting tone for markets. stocks in europe trading lower. that definitely is adding to the weakness in the u.s.. the dax index in germany. on the heels of the big rally in the u.s. yesterday. >> i love my work. but under our constitution i cannot run again. i can't run again. i actually think i am a pretty good president. i think if i ran i could win but i can't. maria: many not share that sentiment. 68% of those responding to a new monmouth university poll said they would vote for someone else if he ran for a t

android is the best decision google ever made years ago. the fruit of that will be around for many decades. emily: how does google make money off of it? they pay apple billions of dollars. hugo: think of what would have happened if android wasn't opened. if the apps that were loaded on phones running some alternative version of android were mandated by someone. think about what that would mean for google. it means that people would not necessarily make a choice of what browser to use, which search engine to use. when have a closed operating system that mandates behaviors, it is unfair. it would be unfair for google and anybody else. absolutely one of the best thing that ever happened in tech in the last few decades. emily: do you think google would close android? hugo: google would never do that. there is absolutely nothing that would convince larry to do such a thing. emily: larry handed over a lot of control. what is your relationship? hugo: that was an amazing decision. he is capable, the most well-rounded executive at google. he is a gre

but, today, it's expected to be mostly sunny. >>> coming up on the morning news, overhauleding google. the tech giants create a new company to streamline its poor internet business. >>> later, caffeine crash. a car slams into a starbucks striking a i don't know if you've ever taken the time to learn a little tiny bit of somebody else's native tongue? that opens up the doors to trust. my name is kanyon. i'm a technician here in portland oregon. every morning, i give each one of my customers a call to give them a closer eta. and when i called this customer, i discovered that he was deaf. then i thought of amanda. i've known american sign language since i was about 8 years old. it's like music for your eyes. and i thought that was an amazing gift to have, to be able to communicate with the deaf. my friend kanyon asked me to help him explain how today's appointment will go. he was nodding his head and giggling a little bit. i earned his trust that day, i guess. listerine® total care strengthens teeth, after brushing, helps prevent cavities and restores tooth enamel. it's an easy way to gi

googled antitrust fight with the eu continues. where did google go wrong? ggest miscalculation, it assumes a deal with the last commissioner would eventually come through. and it didn't. and what's more, the eu investigation has snowballed under the new leadership. i'm speaking to the managing director of the antitrust advisory boutique premerio. can you tell us what you think went wrong? why was google so sure a deal with going to happen and why did the last commissioner failed to get the support he needed?good seeing you again , >> emily. it's a good question -->> good thing you again, emily. it's a good question. i'm not sure anyone can say anything really went wrong. if the nature of the beast in politics -- it is the nature of the beast in politics and is inherently political. while the predecessor wanted to get his settlement with google under his own belt command under his aegis of the dg comp and wanted to resolve this big case, he failed. as one of the prime reasons, one must look at the brussels lobbying that went on behind the scenes. a lot of lob

it is having ripple effect on markets around the world. erik: google shares soar after the company reorganizes its infrastructure. it will now be known as alpha that incorporate -- as alpha that incorporated. matt: can anything stop donald women,he has insulted ceo's. but he keeps rising in the polls. matt: good morning. i'm matt miller. erik: i'm erik schatzker, dropping things. matt: that is because you are excited about economic data. for that we would go to mike mckee in the newsroom. mike: unfortunately, for the united states economy, wholesale inventory is up .9 percent during the month of june. the month of may was revised down. we are looking at a net gain of .7. in may.down you want sales higher than inventories, so you keep making stuff. we have seen a big inventory build over the past two quarters. this is second quarter data, june. it will all be incorporated into the revision to gdp we get for the second quarter. what we really want to know is what is the level of inventory going into the third quarter. our factories going to keep building

the google web site will be the google web site. the chrome browser will be the chrome browser, and android on your smartphone will be exactly the same, rub by the same people in the same organization. so for a consumer, it shouldn't be meaningful. the real question is will bit different for investors. will they get more information? will it be different for these other businesses, where they will potentially be unlocked and able to move more quickly. >> also will it be different for this public perception of google, which has a reputation of being kind of different, a little quirky, and now it seems like it's headed more in the direction of berkshire-hathaway or a ge. >> and that's the open question. is alphabet really trying to become a conglomerate like a berkshire-hathaway, or is it just a reorganization? that part, the verdict is still out. it's very hard to be a conglomerate in the tech world. it's a lot easier at berkshire-hathaway when you're dealing with companies like fruit of the loom and net jets or insurance. but in a c

it's the result of a huge restructuring at google. 5's kiet do is live in mountain view to sort out the big shake-up. good morning, kiet. >> reporter: good morning. this could be seen as pressure from shareholders to make sure that all these research projects that google has going on the side doesn't become some kind of boondoggle and drain on the company coffers. in a blog post last night, the ceo hinted at this saying that the company is doing well but they think they can make it cleaner and more accountable. now, this new conglomerate named alphabet, there are some companies under that umbrella. there's the original google of course and then google fiber provider of super high-speed internet, google x a high-tech incubator along with calico which focuses on longevity and, of course, nest which makes thermostats. these companies will remain under the google umbrella. google maps, youtube. >> we are going to see a search start plateauing as the volume of search ads declines and prices have been declining for the last eight quarters a

the name google will no longer apply to the parent company. it will be called out for that.he biggest unit will be google, running the trademark search engine, matt, and browser services. other areas will be involved in networking household objects, laying household cable. one big advantage is that in the future google will report off its from web services separately, increasing transparency. >> it is a management play as well. talented people have been with them the beginning by having many different companies they are less prone to poaching from other giants currently shopping for new ceo's. >> this 43-year-old is expected to lead the new unit. the founders will be in charge of alphabets and hope to pursue their own vision of future technology. one of the countries most high profile project, the google wes headset, has flopped so far. sarah: the chinese economy continues to show signs of weakness and the government has devalued the tightly controlled 1% to 2%, causing the biggest drop in the currency since 2005. value against the dollar in 2010, rising to record heights be

the google unit will include youtube, android and ad sense while nest, and google ventures will be the other ventures within alphabet. alphabet will replace google as a publicly traded entity. ticker symbols will remain goog l&g oog. "the washington post" is calling this almost unprecedented, a general electric for the digital age. >> people at home are going to be confused. it does matter. the price to earnings multiple has been controlled by a mishmash of company. if you could see the profitability broken out, you might want to pay up for google. that's what people are doing. i've heard a lot of analogies to these holding companies. i'd like to analogize to am don. when they broke out web services you said holy cow. this company is extremely profitable. i never knew this. i think google which started the year with a 16 priced earnings multiple is going to get the old multiple. they have this fantastic business, and then they have these other businesses that may one day become business and it's a venture capital business. >> and they can decide how to allocate money to those businesse

under the google umbrella, google maps, youtube and android. >> searches will plateau as the volume ofs declines and the prices have been declining for the last eight quarters already. less revenue will be coming or less growth will be coming from the core search product. by refocusing on youtube, android, chrome, google x, google hopes to make the company more attractive to investors. >> reporter: alphabet by the way has its own website, abc.xyz. the going the guy has some fun with their announcement including a secret shutout to the show silicon valley and if you hover over certain character in the blog post it links to the fictional company portrayed on the hbo show. so far, so good. shares are up in after-hours trading. live in mountain view, kiet do, kpix 5. >> you may be wondering what's to become of google's famous cofounders? larry page will be the ceo of the new alphabet. sergey brin will be the new president. >>> symantec is selling its information management business for billions. >> here now is kcbs radio's financial reporter jason brooks. >> reporter: good morning, frank a

also, google fiber, initiatives like that that are not part of the internet businesses of google will be part of alphabet. but nexus, the hardware business that isn't exactly internet-related, that's connected to android, that will continue to be a part of google. >> the analyst community is weighing in on google's change to alphabet. colin sebastian at baird says it's incrementally positive, improving accountability as investors view google's speculative businesses such as the self-driving car as a distraction. he has a $720 price target. tripp chowdhry at global equities says google has given a wake-up call to other tech companies. and yusef says this is a key step towards greater transparency. and others expect better focus and execution, but they maintain a hold rating. google class "c" shares rising 6% in after-hours trade, as you can see in german trade today. they're up the best part of 5%. so, big surprise, an interesting move, seema, the google change increasing, i suppose, the focus and expertise. and when you think of all the other areas they're in as the analyst community'

you will still use google to google but the change in structure will help google straight out some of the pie in the sky efforts like self-driving cars so people better understand where google makes money and where it's spending money. where alphabet is making money and where alphabet is spending money am. one other slightly confusing hinge, the new company alphabet will trade under google's old stock symbols, technically there are two, ggog. so ggog is still your symbol, al pa bet is your company. all of this is mott that unusual. general electric they might jet engines, locomotives, nuclear power plants and dishwashers. yum brants is kfc. geico is fruit of the loom underwear. now, the website for this new alphabet company is going to be abc.xyz. a lot of people don't even realize that is an xyz domain to be had had. all the xyz's, the entire domain is owned by daniel negari, a guy who sank his savings into buying every kpflt yz there are. he then resells hem to the various websites to people like google. now this new alphabet company is absolutely changing everything for him. he say

the next day collaterals. ore companies like google could still create wealth with a brilliant reorganization that shines a light on the real value of the company, dims the light on the parts of the company that you had to hide your eyes from. not just google glass. more on google later. there's another more worrisome china side we have to talk about here. chinese are desperate and they're not alone. japan to base the yen in order to stimulate exports. europe deliberately crushed the euro, still try did so to win over exporls, something germany pushed. they were huge beneficiaries of thor into euro strife. the one thing these devaluations have in common, all of them, the countries behind them expect to take sales away from our companies both within our borders and outside them. they want to depress our exports anl boost our imports. and guess what, it's working? which brings me to what got me so concerned. our recovery seems real but it's shallow. other than employment, there's nothing strong about the recovery at all. it's true intere

it is about the business structure. google, i'm reading from the statement. we still want to do things other people think are crazy but we're really excited about. but a lot of investors have been concerned at different points about google's focus. this seems to be an answer. you can see how google is moving post-market. with more on market moves, get you back to the floor of the new york stock exchange. adam shapiro is there with green on the screen from today and this news on google. >> start again with news on google because alphabet will replace google as publicly i traded entity. berkshire hathaway has geico. they have x labs which includes the drone delivery wing company. so they're just becoming a bigger, i guess conglomerate but they go on to say they're excited about running alphabet. all google shares will automatically convert into the same number of shares of alphabet with the all the same rights. they will be traded on nasdaq still. alphabet is mostly a collection of companies, largest which is google. they will trade on nasdaq. still under the go

>> yeah you still use the google search engine when you google something, but the company once known gle will be alphabet. google will be a company within alphabet. they will create alpha get, inc. and and create google inc. a company within alphabet. collection of companies which the largest of which is google. all shares of google will automatically convert into the same number of shares of alphabet wall of the same rights. it will still trade on nasdaq as two different classes of shares of google. there is googl, and goog. so alphabet will be the new umbrella company. you will have google within there and some other companies. they're saying here that al if bet is about -- alphabet, is about business prospering through leaders. our model to have strong ceo who runs each business with sergey and me in service to them as needed. so alphabet will be the big kahuna. google will be under that. back to you. melissa: interesting. adam, thank you so much. coming up next, one small step for man, one giant leap for mankind. find out how history was made today in space when we get back. it's