note we referenced, saying zynga's ceo must go.res sharply lower after the company reported earnings, btig's rich greenfield will join us on "squawk alley." we're back in two. we are the thinkers. the job jugglers. the up all-nighters. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can say, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours. tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so when a market move affects one of your positions, tdd# 1-800-345-2550 schwab can help you decide what to do. tdd# 1-800-345-2550 with tools like free live-streaming cnbc tv tdd# 1-800-345-2550 that give you the latest financial news and trends. tdd# 1-800-345-2550 and bubble charts and price charts that

oh, and can zynga make a comeback?lo, the russian president, vladimir putin, was the first to emerge from marathon peace talks in minsk to announce a new cease-fire deal in ukraine. it's set to come into effect at midnight on saturday fight, but there are still questions on whether ukraine and the pro-russian rebels can agree on the terms. the french president francois hollande will help to verify the course of the peace process. miss merkel herself was cautiously optimistic. >> translator: we now have a glimmer of hope. we have agreed on a comprehensive implementation of the minsk agreement, but, of course concrete steps have to be made and we will be facing big hurdles. on balance, i can say that what we've achieved today gives us more hope than if we hadn't achieved anything at all. >> all right. that was angela merkel as she and mr. hollande are on their way to brussels for an eu summit. they'll no doubt be outlining the terms of the deals to their eu colleagues there. our petrov poroshenko will also be traveling t

zynga is running off their facebook web business.nies that lasted decades and the tmt space, the turnaround is a series of endless transitions from platforms, business models, new ways of generating revenue, new ways of thinking about the value chain. it changes quickly. in six months you can go from 0 to 0 or 0 to hero if you have a strong balance sheet like zynga does, it increases the chance they will find new businesses they can ultimately go strong in. >> it looks to people from the outside you go from zero to hero in six months. you put a team together on day one. six months in, that team gels. they will spend six months, a year and a half building the project. the 2014 was planted in 2012. the 2015 they live with was planted in 2013. the mistake that analysts can make looking at this is they can look at the moment now and say, that is a consequence of what they did last quarter. it did not work that way. it never works that way. yet still, that is the illusion you get when you watch some kinds of business do, they look at yest

zynga said revenue came from 2% of its users. happening throughout the industry. >> we think about our top vips as one of the most critical audiences we can have. the reason they are so critical is beyond spending a lot of money and having a primary form of entertainment and gaming they tend to play games for years at a time. it's about keeping a loyal customer base entertain for many years and growing that business from that. >> you have a lot of users and a few pairs the payers? >> it is so efficient because 95 percent of people don't spending time, but that 1%-5% that does spend will play four years, they make it part of their daily routine. you do it every day as part of what makes for a great week. >> i read a story about a game company that had one player in japan that was spending $10,000 a month. they dedicated an employee to make sure that player was happy. the equivalent of vegas like someone in a private jet. >> it's just like the person who buys a luxury box at a 49ers game or someone who will pay for that front row c

zynga down about 14% and king digital up better than 21% and when you look at the high growth social media gaming names if you will investors look for three things. they want profits, sales but user growth and they clifred on all the three points but they also announced a buy back and 94 cent per share special dividend so things are looking better for king digital. >> they also of course look at what tech experts like yourself are playing regularly. which do you play the most? >> reason i was a candy crush user, if you will. but i had to delete it from my phone because it was too addictive. i'm not the only one. many others that are big gamers just talk about how it's so addictive you can't get away from it. >> i avoided starter so i don't go. >> what do you do? lacrosse? things british men do? >> none of those at the moment but when it comes to summertime. rocket internet shares are trading lower as investors worry about the country's rapid rate of cash expenditure. they raised under 600 million euros in the largest capital hike to fund global investment plans. they spent nearly all

take a look at what happened to zynga. zynga shares are down 15% today.182 million. $19 million less than analysts had expected. before you write zynga off like pac-man "the a-team" their ceo said 75% of their bookings will come from mobile delivery. i pity the fool who do not listen to him. >> sizes closing in on us troops in iraq. the militants gaining on the total control of a town. more than 300 us marines are stationed there. todd and giraldo are there to discuss. giraldo you were there on the base. this is '05. '04. let take a look. >> this is the country's wild west. literally. including the big, bad borders with libya, saudi arabia, and jordan. we flew out from al-assad from the troubled syrian border on a saturday morning to the region known as al kien. >> the saddest thing about that this is ground that we paid for with blood and treasure. and because the president did not leave a residual force behind, we have to reconquer it. now our marines are embattled encircled. and we cannot let it fall. like the town of kobani in syria, we have to make a

shares of zynga tumbling after analysts overestimated the rebound in the game maker. zynga was one of the leader in games played on facebook but now is trying to draw users on smartphones and tablets. for candy crush maker king digital, it's going much better. the company's results showed they were diversifying away from the top-selling game and having success with other games. groupon is trying to convince investors that it is experiencing a turnaround. sales were up 20% in the fourth quarter. shares falling. groupon blames the currency swings around the world for the forecast. dealmaking takes off. just weeks after reaching a deal to buy travelocity, expedia is at it again, striking a deal to acquire rival orbitz worldwide. $1.6 billion. expedia gears up to take on priceline answer new competitors. what does this mean? here to help us figure that out, mark mo heaney of rbc capital, and sam shane. i'm glad we had both of you here. the things driving this are the history of online travel and maybe the future of online travel. since you are the senior guy here, what do

they pick up and drop off workers from apple, ebay and zynga.they make around $40,000 a year and they have complained it is not enough money and they are struggling to support families. the union says they doubt the company will react negatively. >> i do not think they need the bad press of stepping on the little people that make the company's work. i doubt that that will happen. >> the focus will be on them and we will do what we need to do to pressure them into hiring people and getting decent wages. >> they contract with the tech company. and it is gorgeous outside right now. but that is about to change. it will be changing tomorrow and saturday, we will be tracking this system, not a major rain producer, but outside right now you can see towards oakland, there is lots of sunshine and lots of 60s out there for this hour. and a few neighborhoods will be on track to reach the lower 70s this afternoon. my storm tracker uses a storm to talk about in the north and towards eureka. also, we have a weather system bringing in cooler air beginning tomo

. >> zynga falling despite posting in line earnings.hat do you think sp. >> yeah. >> i think yours. >> josh? >> we're on a clock. this business is in bad shape. farmville is over, they haven't found something to replace it. i would steer clear. >> king digital soaring after reporting a ten cent earnings. >> i will do that one too. king is the opposite of zynga although off 8% from the highs of the morning. still having a great day. this company is making a ton of money but unfortunately they haven't found another product either so when candy crush runs out i don't know what they do next. >> american express down following a downgrade and price target. >> those reactions in response to the exclusive deal with costco but the lost of that deal doesn't mean all of costco's business is going to go away. the stock is trading as if all of costco's business will go away. unrealistic. hold or buy the stock. >> coming up part of some "saturday night live" most memorable sketch. jim brewer about 40 years of snl. first he's the man behind diapers.c

it is by zynga, and that is perked of farmville. these companies are countring the calories with free fitness. >> ate mindset shift from finance of the numbers, and having a high level of wellness internally for the people to be creative. it has allowed people to do what they need to do. >> and you have to have it become a lifestyle, and people here ley hereley and breathe nerd wallet. -- people here live and breathe nerd wallet. >> and so happier people work better. and she says that she can fit into that wedding dress. but there is a rule of thumb that forces your hand. >> well, it is super important, and it is all fun and games until the clothes don't fit. >> and now, on twitter, and google, and recently catching the attention of the internal revenue service. the irs would not comment on whether it will launch any imminent crackdown. >> you see, don't you feel better about the no free meals? >> i feel good, because we will stay thin. >> i am hungry. we had the cookie in the newsroom and the celebration. i had two. >> i noticed th

it is not looking good for zynga shares dropping 4%.ntly, candy crash other games we cannot say that. they are selling a lot more other games than they are candy crash. king digital is. they have another farm game and a pet game that people are playing. $364 million in revenue for a total of $560 million. that is impressive. alix: this is one of the most shorted stocks. betty: king digital is. alix: you could make the argument that the huge jump is about that. matt: a lot of shortselling is not bad if you are long on stock. the stock is down 36% since the ipo, then, boom, up 21%. betty: i was watching a woman play candy crusyh. if you do not play the game, it is bizarre. i do not want to play the game, because i do not want to get addicted. matt: it is very easy. betty: number six, american express tank after news the company is breaking off a 16 year relationship with cosco. amex will spend money for marketing a reward program to expand other parts of the business. we just had the store yesterday that amex is losing its sheen as this c

zynga, farmville down 16%.cutting 100 and 200 employees mostly in canada. we have much more. varney & company coming up on the fox network. stuart: really want to show you this video. this amputee veteran is rock climbing thanks to a robotic arm. it's the deka arm system fund by the department of defense. recommend necessaryreminiscent of the arm that luke skywalker received in star wars. the nickname is luke. check the share price of johnson & johnson. they're developing a product who is likely to get a disease. can you call this a real life product of youth? johnson & johnson. trying to identify something that identifies a disease before you get it and then kill it before you get it. (?) that's what they're doing. >> absolutely. stuart: how far along are we? >> let me give you a preamble. 16 million in profits last year. credibly successful. new hearing techniques will replace hearing aids. big pharma was getting involved. what i said to my producer, if big pharma is getting involved, it's actually going to h

--maÑana, los empleados que transportan a trabajadores de "yahoo", genen-tech "ebay" y la empresa "zynga votando respecto a su posible sindicalizacion. cesar ---otro departamento de policia del area de la bahia vuelve a ser acusado de brutalidad policiaca de parte de uno de sus agentes.. blanca ---en esta ocasion es otro funcionario de san francisco quien asegura tener pruebas del abuso del oficial hacia un hombre desamparado. roll stinger take 2 box ---sandra bermudez en vivo desde esa ciudad nos tiene mas detalles.. sandra. take sandra live sandra live (sandra on cam) una vez mas el un agente de la policia de san francisco esta en el ojo del huracan por un video que salio a la luz publica en el que se ve al parecer usando fuerza excesiva contra un indigente. (vo) el incidente ocurrio el pasado 11 de febrero en las calles cabrillo y la playa cerca de ocean beach .. las imgenes fueron captadas por las camaras de video vigilancia del sistema muni. todo comenzo cuando el oficial raymond chu respondio a un reporte de una persona que se habia quedado dormida en un camion. y en el video se pu

we look at that right now, groupon and zynga down 6.25%. and kraft foods has up arrows.ch the numbers close ahead of their numbers. >> groupon doing a billion worth of business and the stock is down? very interesting. keep it here for full coverage, groupon, aig and kraft after the bell, 24 minutes from now. >>> love could not break your heart but could break the bank. this valentine's day will be a record-breaking year with consumers spending nearly 19 billion dollars on jewelry, candy and stuffed animals and eating out. how much are jewelry retailers expected to spend and what are people buying? bringing in the ceo of berkshire hathaway owned helzberg diamonds, i'm so happy to see you. i thought to myself, we need to talk to somebody who sells diamonds at a fair price. diamond pricing seems so random. talk to the people who are one step out the door to buy something today. can they bargain at a store like yours? what should they be paying? >> buying jewelry at somewhere which offers a fair value which helzberg does. anyone that comes into our store will buy something r

as it has been for zynga. >> no no.his is a -- no brione's overvalued versus zynga. >> numbers are staggering when you look at uber at 40 billion or snapchat at 19 based on their most recent raising of funds and ability to continue to raise money in private markets at large amounts as we saw with facebook push off that go public. sometimes you push it off so much the growth curve changes dramatically. >> right. >> as it did for facebook after the ipo before they successfully transitioned to mobile and began a new phase. >> remarkable transformation. happened almost in no time. uber i struggle with as someone who loves uber and has the app, i understand uber is a game changer, whether it be in boston, my executive producer for "mad money" uses uber. what comes? a ford heavy duty 350 pickup truck. so these guys got horse sense, tough to bet against. >> reuters looks at whether the nasdaq is overvalued. >> reuters overvalued. >> argument is that valuations on a trailing p/e basis are 1/8 of what they were at the peak of th

let's talk about zynga, a company we don't talk about much, but the san francisco based company will be reporting its profits after the closing bell today. we'll watch that. expedia is buying orb ts. we continue to see consolidation here. they bought travelocity about a month ago and owns hotwire and hotels.com. just out of curiosity, i ran through a couple travel sites, including expedia and orbits came up with the same rate no matter. all of these companies are combining and we're seeing less competition, but they're all kind of churning out the same prices anyway. >> you know i thought i noticed that, too. >> yeah. >> the powerball numbers are out, and your lottery hopes and dreams may be dashed. three lucky tickets have matched the numbers on the largest jackpot in powerball history. we're shown where. >> the lines were long and excitement high leading up to last night's drawing. at stake the third largest jackpot ever. more than $564 million. >> for your winning powerball number? 19. >> three tickets, three winning tickets. matched those numbers. one sold in north carolina anoth

. >> and zynga had games like garmville, which has gained a new meaning with a new recipe book called farmville to table. >> they go beyond the choices of what to kunl sume. they also counter the calories with free fitness. >> it's a shift from my days in finance. having like a really high level of wellness internally allows people to be more creative and a safe space allows people to really do what they need to do. >> it has become a lifestyle, and people that work here live and breathe nerdwallet. yeah we're always really excited to hang out with each other. it's kind of crazy. >> inevitably they say there's a darwinian realization, better dietary input, better work out put. even without, say, that big life event, according to the tech wurkers, there is generally a rule of thumb that eventually forces your hand. >> it's super important. it's all fun and games until your jeans don't fit. >> now one question is are the free meals taxable? there were tech giants like google, facebook and twitter that offers the free perks capture the attention of the internal revenue service. the irs w

and zynga, the network in san francisco, with games like farmville, a term that's gained a new meaning employees with recipes dubbed farmville to table. perks go beyond offering choices of what to consume. companies counter calories with free fitness. >> it's quite a mind-set shift from my days in finance where it's all about number of excel spreadsheets you cranked out. having a high level of wellness internally allows people to be more creative and a safe space allows people to really do what they need to do. >> it has become a lifestyle. people at work here, live and breathe nerd wallet. yeah, we're always excited to hang out with each other. it's crazy. >> reporter: inevitably there's a darwinian realization, better dietary input, better work output. that's how she shed the unwanted pounds and fit in here wedding dress even without the big life event, according to workers, there's a rule of thumb that forces your hand. >> it's superimportant. it's all fun and games until your jeans don't fit. so -- >> one question, are free meals taxable? with tech giants like do. facebook, twitter

zynga stock down by 10%. it reported a break-even quarter that matched estimates but revenues were less than expected and the number of monthly active users also came in below expectations as did its first quarter eps guidance. you can see that big move to the down side. the up side mover, you can see king digital up 18% over 1.3 million shares of volume. the maker of candy crush saga hit the investor exacta here. better earnings, better sales, better monthly active users than expected. it said it will buy back $150 million in shares and pay a 94% share special dividend. hence that wave of green. five of five on that exacta. >> so it's the bad first. eps this quarter last year was 64 cents. it's 57 cents. that's the worst thing i saw. revenue beat was unbelievable. obviously dom just mentioned special dividend and stuff. as crazy as it sounds, it's really not that ridiculously expensive of a stock. tim was talking about it before. a huge short interest. i know it's up big in the after hours. there might be mo

here, zynga was moving lower to the tune of about, we'll see 10% now, 3.7 million shares. they reported earnings per share in line with estimates of flat. revenues estimates $182 million, 201 million was the estimate there. they did say that fourth quarter monthly active users were below estimates and q1 bookings guidance is also below analyst estimates as well. they also say that q1 earnings guidance is a loss of projected, loss of two to three cents a share. analysts were expecting a break even. that's the pressure here on zynga stock. king digital, candy crush, earnings of 57 cents per share. versus $520 million for the estimates who have beat on both top and bottom lines. and a 94 cent per share special dividend. we're turning cash to shareholders by a special dividends and buyback, a beat on top and bottom, and a buyback, and that's why those are up big. back over to you. >> candy crushed headlines. >>> nike and underarmor think tech is the future. do rivals have a plan to get on this? the ceo joins us next. also ahead -- >> people to want work for less money, i'll pa

zinga and -- >> zynga had a market cap of $14 billion. down 15%.sts expecting. missed by $19 million. groupon seems to turn itself around. [closing bell ringing] stock is up 7% today. liz, david. david: american express did slide but generally solid day. liz: a solid day. many dow components hitting very important highs as bells ring on wall street. stocks finished up at 18,018. dow jones did not quite hit the lifetime high of 10,053. russell 1000, 2000, and three thousand hitting record highs. s&p 500 at all-time high here. great day overall. david: happy friday. what a great way to end the week. "after the bell" starts right now. liz: this is good friday here. david: oh, yeah. we like it. let's get right to today's market action. we have brian boiof

we'll hear from zynga this afternoon, the san francisco company has not given us any good news in a veryg time. frankly we don't expect any today. >>> expedia is buying orbitz. we continue to see consolidation here. expedia bought travelocity a month ago and owns hot wire and hotels.com. we were talking earlier just out of curiosity ran some of the san francisco hotels, so i ran sir francis drake through. i came up with the same rate no matter what. while we're seeing consolidation, i'm not sure you'll see a lot of changes in prices or anything. pretty much the same. >> and that's what their consumers want. >> well, it looks like they're all the same. >> point of the exercise. thank you very much, scott. >>> 6:57. one final check of the day's top stories. two san jose police officers are on paid administrative leave this morning. they shot and killed a man wh a knife who broke into a home on the outskirts ofdown. police say that man, when he was asked to drop the weapon, charged at them with a knife. >> russia and ukraine have reached a ceasefire deal starting this weekend. previous truc

san francisco social game manger zynga buying former hits like "farmville" taking it on the chin todaysing its earnings estimates in the latest quarter. revenue was up 24% falling short of what was expected. also, offering lighter-than- expected guidance for the current quarter. the company does continue to move more of its sales from mobile devices looking for strategy games and a new version of "farmville" to try to reinvigorate interest in the company. but shares are diving early on. down 13%. >> stocks overall trying to nudge higher after yesterday's rally which was primarily predicated upon that new cease- fire in ukraine, although fighting still rages leading up to the implementation of that saturday. stronger gross domestic product numbers in germany helping out european markets so wall street following along to a degree. let's take a look at the big board see how we're doing. the s&p closed within two points of its all-time high that it reached back in december. the dow now up over 18,000. hasn't closed over 18,000 yet in 2015. but up over that mark right now. 34 point gain ear

chairs of zynga down. -- shares. they were once the leader of games played on facebook. problems moving to smart phones and tablets from their. president obama is hosting a conference on cyber security at stanford university. he wants to find a way for companies to share information about computer network threat. 4 big names decline, yahoos marissa mayer, facebook's mark zuckerberg, googles larry page and eric schmitt. apples tim cook is scheduled to speak. i send it back to stephanie ruhle. >> thank you, matt. normally we talk to steve pagliuca about bain. today we are talking about his true passion, he is co-owner of the boston celtics. why did you come this weekend? >> bain is actually a partnership. >> you do not have any players play, why is it so important to be here? >> this is when the whole nba comes here. we have a tech summit, we look at what is happening with all the sports and in media. it is a fantastic weekend celebrating the game midseason. >> the nba is flush with cash. >> when we bought the boston celtics the headline was, venture capitalist pay record

groupon, king digital and zynga. so let's get out to brian reynolds chief market strategist. over here in europe the big market mover has been that russia-ukraine ceasefire which will commence on february 15th. russia and ukraine did agreeing to end fighting in ukraine. how much do you think that will provide a boost to wall street today? >> well from a humanitarian standpoint this is terrific news. any time you stop fighting that's great. but ukraine hasn't been a big driver. the u.s. credit boom has continued no matter what has happened in the ukraine. it can cause slight ups and downs. it's a slight positive for stocks today. >> so you think you mentioned the u.s. credit boom. is that driving u.s. markets or fundamental growth? >> credit investors are buying bonds hand over fist. it took a little break when the drop in oil started to unnerve the credit market but in the last week as oil tried to put in a short-term bottom the credit market has opened up tremendously and february is off to one of its best starts ever. >> wouldn't you say that we are seeing fundamental stren

. >> we've got gaming companies reporting, zynga's down 13%. breakeven was a meet.s disappoint. king up 16%. a beating by 10%. >> candy crush, finally able to diversify. that was a disaster by the ceo. the company is making it back. a good quarter. >> a special dividend and a buyback. we're talking to strauss. >> strauss is a good guy whose stocks should be up. went to 31 and, boom back to 27. >> with all that and the dow's up about 14 points. let's get to bob on the floor. hey, bob. >> the nba people here talking about those two great shots. those two great shots they were something to talk about. talk ago something to talk about, we're waiting for new highs on the s&p 2090. if we closed over 2090 the old high historic but not here yet. take a look at sectors at new highs. the semi conductor index which i've been talk about, smv is the symbol there. the midcaps at historic highs. home builders and a 15-year high oil over $50. there's definitely been a growth bid to big had-cap stocks this week. i mean the growth part of the s&p 500 sector. take a look here. tech st

zynga, if you spent any time on a new york city subway makes sense at number one. >> right.e is up around 80% to 90%. you've got games, you've got weather, you've got maps, obviously social network ones leading in terms of their advertising, mobile tigzadvertising revenue generation. facebook and twitter generating in the neighborhood of 70% or 80% or more of ad revenues from mobile and growing as 60% to 70%. >> but still number facebook is 15 twitter ranked 12 behind tribune broadcasting. >> in terms of its percentage of time on mobile right. there's a lot of sites, remember. >> yes. >> that's the other reality. >> if i look at total digital population one is do do. two is yahoo! facebook. those guys' ability to monetize that is different if you look at marissa mayer. >> i think one of the ways to think about it is if you didn't have a well-developed advertising business before then mobile is all upside. but if you had a well-developed display business before mobile is a little threatening because the cpms or prices paid are lower than on display. i think they'll get higher

. >> mean while, the spokesman for representative bill high zynga criticized yellen withholding twiced us he never requested a meeting with the chair. the fed chair almost honors such requests from congress. we will ask these questions and more of loretta mester later today. i talked to our colleague, david wessel covered the fed for years, now at brookings. he said this is more partisan yesterday's hearing, than anything he could remember. >> that says a lot. thanks a lot. when we come back house oversight committee wants an explanation from the fcc from the net neutrality rules than will not come soon since the chairman refused to testify yesterday. jason chaffetz will join us live to explain why he's questioning the chairman's motives when "squawk on the street" continues. the lightest or nothing. the smartest or nothing. the quietest or nothing. the sleekest... ...sexiest ...baddest ...safest, ...tightest, ...quickest... ...harshest... >> that says a lot. the chairman's motives when commission set to meet later this hour to cast its all-important vote on the issue of net neutralit

. >> a couple other names here include -- on your short list are zynga and groupon. them together and as we look at nasdaq 5,000, do you see that index in danger of being overvalued? >> well, the smaller -- there are a lot of overvalued companies. generally if you have high market caps and no earnings or negative earnings it takes a big move to justify those prices, so generally that's what we're not attracted to. in our long/short portfolios we run long/short hedge funds and mutual funds. we own 300. those are a couple of names that rank quite low, meaning they're very high priced and lose nice amounts of money and their business models are suspect at this point. >> new longs for the funds orbital, viacom and she mentioned towers watson as well. why those right now? >> well -- >> other than the fact they're undervalued. >> stocks are not pieces of paper that bounce around. they're ownership shares of businesses and we value the businesses and buy them at a discount. that's what they are. there's a lot of noise that goes around them but they're ownership shares of bu

also shares of candy crush maker spiking on the other end of the spectrum and shares of zynga fumbling after they reported earnings and revenue that fell well short of expectations and groupon topping earnings as well but the forecast missed the expectations and they're citing unfavorable impacts of foreign exchange rates. >> we'll show you the other key markets in the morning. the price of oil at this hour is higher for wti. we were at 50 yesterday. we were coming off the bottom. brent is at $60.34 per barrel. the ten year yield, this is interesting to to watch. 2.00. so if you look to the right hand side of the chart the move has been higher even though not much head way yesterday. the dollar we have been talking so much about it in the wake of the earnings report and it's impact is weaker across the board this morning. we saw that yesterday too. 114 for the euro. 118 yen for every dollar. pound is going to cost you $1.50 5 3. the -- $1.53. >> back to becky and joe in pebble beach. you have a line up this morning. i need to hear joe about your playing. >> seema said he got a 69. >> t