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tv   Bloomberg Markets  Bloomberg  May 29, 2015 2:00pm-3:01pm EDT

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as president of fifa. considering a run at goldman sachs, president gary cohen. the: we will take you to snl exhibit that opens on saturday. good afternoon. i'm mark crumpton here with scarlet fu. scarlet: let's get you a look at the markets on this friday afternoon. you have taken this big link down and then pared some of their losses. with the dow falling 150 points. take a look at what happened with humana. julie hyman has been calling --
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covering this all afternoon, but humana taking a big leg higher, up by 20% right now in intraday trading after reports that the company hired goldman sachs to sell itself. this is according to "the wall street journal." that has lifted other health-care shares as well. if you look at the 10 industry groups in the s&p 500, health care shares of the best warming, up .5 of 1%. the got a big lift on the report that humana is in play. mark: we will take a look at the top stories we are following at this hour. the united states was worse than first estimates. the economy actually shrank in the first three months. gdp in the u.s. fell at an annual rate of .7 of 1%. initial estimates that the economy had grown slightly. the reasons, bad weather and [indiscernible]
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gary cohen was on the shortlist to succeed mohamed el-erian. is considered a successor to lloyd blankfein. scarlet: the agency wants a lower -- to lower the mandate for corn ethanol this year. the proposed volume requirements will still provide incentive while technology when it calls real-world impediments in the marketplace. the epa said it will issue the standard -- final standard after receiving public comment. -- the state department said it is removing the island nation from its terror watchlist read it was designated the state sponsor of terrorism in 1982. countries like syria, iran, and sudan remain on the list. u.s. and cuban officials are appearing to reopen embassies in
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havana and washington once officials solve remaining points of contention. dennis has to has been charged in the hush money scheme. he is charged with withdrawing money in small amounts to avoid breaking banking laws. he paid a unknown person [indiscernible] the former home of michael jackson is a for sale and it is yours for $100 million. the 2700 acre estate once known as neverland ranch is located 130 miles northwest of los angeles. jackson about the property in 1988 and turned it into a combination amusement park and zoo. wastopped visiting after searched by police investigating allegations of child molestation. jackson died in 2009 at the age of 50. seth blatter you know what i am doing tonight. tonight at madison
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square garden. the winner advances to the stanley cup finals. that takes place tomorrow. this two teams played their game. those are your top stories. forng up, competition talent getting fierce as college grads born outside the u.s. have seen a faster wage increase over the last few years. a certain kind of college grad. mark: more on our top story on how he could have ended up at pimco. scarlet: we will hear from the founder of rent the runway. that story and much more coming up on the bloomberg market day. mark: fifa seth blatter is reelected for a third term. for more perspective, we are joined by jimmy conrad, a
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defender of the men's u.s. national team, briefly served as captain and played in the 2006 fifa world cup. he is with kick tv. also with this is brendan greeley who has been following this story. reaction, first off being elected. it took a second round. there was a lot of corruption that existed not only with fifa but all of its tentacles. it is said from a voter's perspective. you are voting for two different seniles of blatter, the old guy or the one who is the most corrupt. scarlet: a jordanian prince was in the running but he withdrew his candidacy. guest: he with drew when he -- he became clear he would not win a majority.
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that he got as many as 73 votes. i had a whip count before hand and my most generous estimate was 60. he had to have picked up some south american teams and perhaps even some central american teams to do that. were you surprised? will see what the repercussions will be. >> evidently the u.s. soccer asked that there would be a paper ballot so seth blatter could never know who voted for what. did you hear people saying things about him in the last two days that you had not heard them say before? >> what they were saying rung true. it is surprising to step up. atyou had the organization the best interest you should
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step down. it is not about you and your unchecked power. mark: last hour when all this news was breaking, he gave the best explanation i have heard iss week. i asked him, why this so important outside of the realm of sports, outside of the room of football or soccer and he said, is about power. is this about unchecked, unbridled power? >> no question. one of the things, the ioc would be another target. that is another organization that is a behemoth and can do what it wants without repercussion. it is hard -- sad to see that sepp blatter will stay in charge. scarlet: is the u.s. always going to be stuck in the group of death? >> i do not know what it is going to be. maybe we get half -- held hostage. if they do end up moving the
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tar,nament from connor -- qa england would be another nice spot for it. hopefully time heals someone's. if the authorities in the u.s. and whoever else is going to get involved in and of bringing these people and flipping them, sepp blatter will be in trouble to matter what. haveam assuming you contacts all over europe. what do they say about the u.s. stepping in here? >> everyone has stood up and applauded that we had like i said earlier, the bravado to step up and say, you know what? off and takes his shirt does whatever he wants. you have to take them with a grain of salt. with regard to the u.s., it was nice to see that we had enough hard evidence to say that we will get underneath sepp blatter and if we can flip those guys maybe we can get him. mark: sepp blatter is going to
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have another term. it -- does the discussion turned to who will succeed him? >> he is 79. hisaid that was going to be last at the 2011 elections. >> he did stand up after the vote was over and received people at the podium like a ca[ said it is mynd congress, have the right to make closing remarks. u.s.'s leadinghe role in advance or retard its efforts to promote soccer? >> i think it only helps. the fact that we are so engaged. it would be interesting to see how many viewers were tuned in to watch this high school balloting we did to get an election here. there were so many people who wanted to talk about it and if
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you want -- went on twitter it just let. there was a wildfire. mark: was there any chance that to belatter was not going reelected? >> i was not surprised. theseis -- they can turn top officials underneath him. >> do you think any confederations might pull out in protest? >> i do not know if they are ready to make that kind of statement just yet but that might be something we want to consider. separate have a alternate universe world cup. it would be like boxing. >> a little bit. mark: you made the parallel between fifa and the international olympic committee. according to federal prosecutors, this type of cooperation -- correction has been going on for generations. any red flags then? >> i would like to think there
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are a lot of red flags and that is where culpability could fall into some people who knew. a man in charge and sets up the rules of the game. you want to get in this game, the biggest game in the world, you have to play by sepp's rul es. it is frustrating. you seen any signs of corruption or wrongdoing when you were playing? grexit no, not when the games were being played. the pageantry felt real. there is no machinations. this is all the stuff, who could get in the tournaments. >> a lot happens in your post-player career. he briefly served as captain in played in the 2006 fifa world cup. what is it like? >> it is a dream. it reflects all the hard work you have put into it. mark: thank you. harvard'still ahead,
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class of 2015 way and on what they are doing after college and what they did in college as well. we will be right back. ♪
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welcome back to bloomberg market day. i am mark crumpton. scarlet: julie hyman has the latest on humana. this is sending the stock higher. ilie: you guys have fifa,
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have health care stocks. humana shares are soaring. we had an initial report from "the wall street journal" that the company hired goldman sachs to pursue a possible acquisition, by someone else. we are reporting that humana is looking into this possibility and that cigna had approached the company. humana shares surging tour record up 19%. they keep going up and up further. if you look at cigna shares we are seeing gains. cigna also rising to record. it is up by 5%. -- aetna is the other potential suitor. those shares up by 2%. we a lot of the other managed care names rises well on speculation on what other types of deals we could see in this industry. all pricing. it wanted to take a look at these various companies, compared with each other.
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technical snafu. we have a relative valuation of these companies. we have the estimated price-to-earnings ratio. so price is -- versus estimated ratings. the size of the bubbles have to do with how large the market caps of the companies are. all the biggest companies are clustered together with 5% to 10% estimate out -- estimated sales growth. aetna clustered is humana in here the middle. humana trading at a forward pe sales growth of around 10%. scarlet: julie hyman with the latest on humana.
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mark: let's take a look at the top stories. the death toll in and he is withering heat wave is more than 1800. temperatures have reached 116 degrees. water shortages are widespread. one third of the population lacks air conditioning and refrigeration because they do not have electricity. once again, time is running out for greece. the country has not said how it will pay almost $1.7 billion to the international monetary fund starting next week. the european creditors say they are not close to a deal that would unlock bailout funds. greece had claimed the solution could be reached by sunday. international creditors say grace must come up with x -- acceptable economic reforms before they agree to hand over more money. the silk road online drug peddling site faces a possible life sentence in prison. appearing before a federal judge in manhattan. he was accused of masterminding
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the cyber-bizarre where anonymous users could buy drugs, computer hacking tools, and fake id. deservesrs said he more than a 20 year minimum sentence. prosecutors accused him of collecting more than 18 billion -- $18 million in bitcoins while running the drag -- drug website. scarlet: if you were born outside the u.s. and you worry -- were a stem major, you're in luck. they earned higher wages than their american born worker counterparts four seconds -- for a second straight year. for this gap? one senior policy analyst said it is due to a disproportionate number of foreigners studying one of the stem disciplines. we know since the recovery from , those skills have
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been in high demand. goes back to the whole conversation about u.s. students, american students lagging behind in science and in math. about how their counterparts overseas in europe ended asia are either receiving more education, they are in school more hours when they are younger and all this other stuff like sleepovers and hanging out with your friends, not so much. scarlet: it's based to the way that we see -- teach science and math in elementary school. i have noticed that there are -- the math becomes a secondary thing. there are a lot of coaches teaching method the same time. we do not see a lot of emphasis on math the way we see for reading, writing, and the humanities. mark: if you get that education, that is dramatic.
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scarlet: wages for native or in college grants increased 3.6 percent from 2010 to 2014 but for foreign-born workers, with at least a bachelors degree, wages dropped 9.2%. mark: this segues into the immigration debate. those who are in favor of reform are saying that some of the students are coming to the u.s., they are getting this education but they are leaving or they are forced to leave and taking that education with them. a big gaphere is between those who are highly skilled and highly immigrant -- educated immigrants that come in thiss those who have education. it will continue to pop up over time. coming up on the bloomberg market day. w goldman summer to could have ended up with pimco. that is next. ♪
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scarlet: when pimco went looking for a new ceo it told to group -- goldman sachs. was according to people with knowledge of the matter. mary childs joins us now for more. how far did these discussions get, was it a real conversation or it is this more of a wish list? mary: they were saying who could be the right person, who could take us, mohammed money to go or bill might need to go. with are going to need someone who is a strong leader in who can take us forward and who might that be? it -- gary ended up being on the list because he is -- has a strong ratings background. if you have credibility with traders, you can lead. mark: is that why he could have been a good fit? ofy: you need that kind
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bulletproof credibility to say i understand your world, i know how it goes. and then you can do your job. if you do not have that credibility, i am sure they will chew up -- you up and spin you out. scarlet: what prevented this from happening? do we know? ofy: there were a lot events that may have precluded being able to move forward with any of this. before anything got out of hand, maybe they got distracted by the things that were happening within the firm and had to take a different course of action. was not some sort of formal negotiation. it was more like my let's have a talk. of "house am thinking of cards." and spinoing through falling. blackrock.bout
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seeingunds are withdrawals. when you have such a strong rally, all the index is doing well, if you're trying to you are tohe index, differentiate yourself, you're not buying the large cap stop -- stocks. mark: there was a rerun is asian of the bond -- reorganization of the bond unit. great jobhey did a turning around performance. they're are saying what can we do, there are -- they are three years into a five-year plan. they have moved offices and headquarters and they are trying to take traction in some areas.
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childs, author of two of the most read stories today. me forhat does it for this friday. the last friday in may. scarlet: we have much more coming up. unlimited access to clothes by top names in fashion. mark crumpton is a fan. that is next. ♪
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[baseball crowd noise] ♪ ♪ [x1 chime] ♪ ♪ [crowd cheers] oh! i can't believe it! [cheering] hi, grandma! ♪ scarlet: welcome back to the bloomberg market day. stories making news at this
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hours -- looking to benefit from san francisco's skyhigh housing prices that have resulted from the bay area tech boom. with a partner to develop a $150 million residential and retail project in oakland. blackstone and city view, started by a clinton housing official, bought the land in january. plans call for as many as 435 new rental apartments and 24,000 square feet of retail space. the u.s. national transportation safety board is investigating the crash of a prototype of a solar drone google plans to build. it was destroyed in a crash at the new mexico test site on may 1. the crash was a setback for google plans to use drones as a platform for delivering internet service for the sky. for the first time in more than two decades, chevrolet will build the camaro in the u.s. the company is moving reduction from canada to lansing,
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michigan. the plant will add 500 jobs. those are your top headlines. coming up in the next half hour, we have, live from new york, a saturday night live museum. it will display carefully curated history. oil jumping the most in weeks as a drop in stockpile could signal the supply glut is easing. details atng you the the commodities close. and watch out, facebook. google is jumping into virtual reality with a cheaper alternative to oculus rift. that am more, coming up on day."berg market you have an entertainment's obstruction on your television, so why not a subscription for your closet? that is what rent a runway hopes for. the cofounder was on bloomberg this morning. jennifer: 50% of a woman's closet is comprised by things that are worn three times or less. not just dresses. there are tops you wear for
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dates or things you wear to work, or you gain or lose weight. buyy don't we uy -- why not our genes or white blouses, but subscribe to have the rest of our closet on rotation? it is not just dresses. it is tops, jackets, whatever you need. >> i love the idea as a consumer, but how does it work for you? $99, you cannot even buy one work dress for that. jennifer: we run all the logistics behind our business, so we are able to make a nice margin on turning inventory and having that inventory look new. we understand the ip behind it soory, how to preserve women can wear it, and to make it look amazing over time. in total, you have raised $116 million. so, so impressive. what are you going to do with
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all that money? that is a lot of pressure. >> move in to men's suits. jennifer: i believe within the next five years, every woman in this country is going to have a subscription to fashion, and she is going to use it. >> that is a bit of a crazy -- every woman in this country is going to have a subscription to fashion in five years? jennifer: that is what i am aiming for. >> i am willing to make a wager for a nominal sum of money that that does not come true. >> if you look at the proliferation of music and spotify, just five years ago, people were buying songs on itunes. people were still buying cd's. anyone buyingw music, you would think they were insane. why would you do that, as opposed to have access to every song you wanted on the planet? whout there are more people listen to music in their car all day. my mom is not buying new blouses. jennifer: that is not true.
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the average american woman buys 64 new items of what -- of clothing a year, regardless of age. food, clothing, and transportation are things we do every day. we do not live in a nudist society. >> but a lot of those close are like a tank top from aeropostale. is that a runway item? of ther: the only part fashion industry that has grown the last 10 years is fast fashion, h&m and zara. h&m is a rental. $19.99, andp for you know that it will get destroyed in the washing machine after three wares. what if for the same price, i could give you something higher quality? you wear it three times, and it is gone. you do not have to have the junk in your closet you later have to throw out, donate, put in storage. one in every six families in the
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u.s. has a storage facility filled with clothes, regardless of income. >> that is an awesome point. when you think about -- >> i am not lined up against you on this one. >> i am with you. >> the one point i would make in addition is, i am not much of a fast fashion connoisseur. however, my girls are. my wife is. and what they love about shopping at a place like zara or h&m is the opportunity not just to find something you are going to wear three times and ditch or give away, if not throw in a dumpster -- but some of those things turn out to be memorable items. you are like, i bought it for $20 and i love it. i am going to wear it. that, you cannot do with your product. jennifer: that is exactly what we do. the brilliance of zara is, it is about the emotion of wearing something new. that is what rent the runway does. every time you put on a new top, a new pair of earrings, a new
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dress, it is the first time you are wearing it. you build a memory. you feel beautiful. >> you are in it to win it. jennifer: emotional depreciation happens after you wear something the first time. the 10th time, you never get the same high. scarlet: that was rent the runway ceo and cofounder, speaking with erik schatzker and stephanie ruhle. coming up, we take you back in through 40 years of s& ♪
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scarlet: i and scarlet fu. breaking news on american express. longtime employee of american express, recently the president, has died. a company statement saying that with the heaviest of hearts, an announcement he passed away. he was president since 2013. he started as an accountant in 1980, spent his career with the company. travel,d in business the commercial segment of the company. became global president in 2003. rose to vice president as was named president in 2013. he had a lot of followers of the company. -- hearts of mines and minds of many thousands. scarlet: sad news for the american express team and ed gilligan's family.
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note, it might be friday, so let's talk about saturday. "saturday night live," that is. an exhibition opened in new york to showcase 40 years of the iconic show, the longest comedy to stay on the air. i spoke with mark lack, the creative director of premier exhibitions, on how it all came together. mark: 40 years of amazing history. there has been talk over the years to create an exhibition that gives folks an inside look at this show. it is a unique part of television. scarlet: it certainly is. mark: it starts on monday. we switch it on at 11:30 saturday, but to understand how the show comes together every week and it's illustrious history, we thought it was time to put it on display and do this exhibition in new york. scarlet: it is a back story, and lorne michaels, the producer of participated.
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is he the control freak of the press? mark: he stepped aside, to make this an independent look at the show. we had access to the cast. some people putting it together has -- have been there all 40 years. set designer eugene lee started in 1975. the lighting designer has been there a long time. some amazing folks have been part of the show. that is the one thing that has remained very consistent. one of the pieces when you first walk in is a proposal from lorne from 1974. the show remained consistent. the changes the cast. that is what keeps the show young and relevant. scarlet: the process for creating the show -- the work begins on monday. that has remained consistent. take us through what you wanted
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to emphasize the process instead of some of the names. the process is where you focused on a lot of attention. the storyprocess is arc that connects everything together. i think we will have three generations coming to the exhibition, a daughter, mother, and grandmother, when you talk about 40 years. to lay out the show chronologically, you do not want to exclude somebody who was not at the beginning. you want it mixed throughout. the thing that keeps it together is this monday, tuesday when the writers get together and write the show. wednesday, the scripts are red for the first time. friday, rehearsals, sets being built, hair and makeup. it is amazing energy coming together for saturday night. scarlet: that was the creative director of premier exhibitions and the director of an exhibition opening up in new york. tina fey and amy poehler were a dynamic row when they held the weekend update desk. that pairing can be a reality again, and not just on netflix.
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you can get tina fey and amy poehler action figure dolls. speaking of dynamic duos, alix steel is on set with me now. x: i am a huge fan. if i could talk to tina fey on tv, i would die happy. it would be my most favorite thing. but i cannot get the doll because it is only at comic-con. scarlet: you can preorder it online while supplies last, so there is that option as well. available in july. i love the anchor pants. alix: we talk about how female comics -- we do not have a female late-night talk show host yet. but here are women who are not dressed like superheroes in crazy dresses. they are in pantsuits. they look like real women. tina fey is wearing her glasses. that is a great representation. in general, we have seen this with kids' dolls.
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i am elemental create a line of sports heroes for girls, but also for boys, based on characters like bravery. things like that. courage. ,hings like that instead of look at my super hot outfit, and i am going to fight crime. scarlet: the action figure set includes a foldout weekend update desk dire,. -- diorama. on a more serious note, alix is here to guide us through the close in commodities trailing. crude oil closing near its highs of the session. alix: at the most in almost six weeks. a couple things i noticed going on, you had the epa proposing lower ethanol mandates, the idea being maybe there is more room for gasoline versus athlon -- ethanol-bundle gasoline, meaning more demand for crude. i was looking at the phase two
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u.s. production story. last 30t highs over the years in terms of production, but the reason why is, alaska came back. we're not seeing new production come online. it was a recalibration of current production. it is a bit of a misnomer. the market reacting. scarlet: the market is incredibly efficient. we will talk about ethanol in the next hour. the recount also came out today. horizontal rigs, in the shale market, they are down by about nine. we saw the permian as well as the balkan continue to shed rigs. we saw editions in certain basins. the expectation is, if you cut enough rigs, we will see production come down. we have not seen the correlation yet. scarlet: alix steel sits next to me, so i saw her going through the research notes. you found a good one. alix: we are going to see a
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storage armageddon, said barclays. they saw storage peek at the end of april. they are bullish on storage stocks. these are called masters limited partnerships. they tend to be transport companies, but they on a lot of storage, 288 million barrels of u.s. crude storage capacity. that is 50% of total in the u.s. they have names like plains all american pipeline, magellan. these are going to be the guys that are going to benefit as we see storage rates increase, as we have seen increasing. we are now at $.45 per barrel. aarlet: this is obviously longer-term call. alix steel will be back in about 15 minutes to help take us through the close and talk more ethanol. in the meantime, let's look at the top stories crossing the terminal at this hour. the ford chairman says selling cars and trucks will not be enough to keep the automaker rolling in the next century. the carmaker is preparing for a future that includes self
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driving and shared vehicles. the great-grandson of henry ford said the company has to build great vehicles and also has to have the intellectual flex ability to navigate an uncertain future. amazon plans to expand its lineup of private label brands. it will offer a range of grocery items such as milk, serial, and baby food. the move is similar to what retailers have done with in-house labels. they generate bigger margins. morgan stanley getting a big upgrade from moody's. the company raised the long-term rating by two steps. this review takes into account new regulations that would help lenders weather emergencies. spectacular new view from the tip of manhattan. the new deck at one world trade center is now open to the public. the observatory occupies the top three floors of the 200 story
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tower. you can see 50 miles on clear days, sometimes looking down on clouds. those are your top stories. coming up, cardboard and cameras. how google is taking on facebook in virtual reality. ♪
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scarlet: google has just unveiled the jump, they go pro camera rig to support 360 degree video which will be available on youtube this summer. you can watch it for the price of $20 for a $20 piece of
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cardboard. take a watch. >> i am here at google and i am excited about this weird-looking thing. this is the new jump camera that google worked on with go pro. they essentially stacked 16 go pro high definition cameras on this circular rig. google is going to be having these at youtube studios so that video creators can take these out and shoot. you will be able to watch them on youtube starting this summer on your phone, using a device like this one. they announced this last year at google i/o. it is basically a piece of cardboard. you will be able to stick your phone inside, put it over your face like this, and then watch like i-reality videos, was talking about before. it is pretty wild. facebook spent about $2 million
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to buy oculus. you can buy one of these for about $18 today. cardboard thing and a uso looking camera competing? we find out this summer. scarlet: the ipo's were huge hits for silicon valley and wall street, but not all tech startups farewell when they go public. what happens when distinct corporate cultures collapse? michele miller writes about that in her fictional book "the underwriting," a corporate thriller about an ipo for a dating app. the book started as a weekly e series and got the attention of major publishers. now it is on its way to tv, and she joins me now. you graduated from stanford in 2006. you have been a management consultant in new york and europe. you were a jc morgan -- j.p. morgan banker. each culture do you feel more empathetic to? what is interesting to
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me is the relationship between the cultures. i find the clash of the suits versus the hoodies, in some ways, things are different, but in others they are so much the same, driven by power and ego. that is the relationship i wanted to explore. scarlet: which is more of a shark tank? michelle: it depends which type of shark you are talking about. wall street can be more in-your-face about it. some of the subtlety and power dynamics in silicon valley make it harder to identify. scarlet: everything is couched in "we want to make the world a better place." michelle: sometimes authentic, but can become a tagline. scarlet: at what point did you decide to write a book? were you looking around you and jotting down notes and ideas the whole time? michelle: i naturally am observant. i cannot help doing it, so i collected observations. i was riding in business school
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at stanford as a credit outlet, and fell in love with the capacity of stories to communicate an environment. we hear so much about wall street and silicon valley in a nonfiction way, which is helpful on one level, but it is hard to understand, what is it really like to be working in these environments? especially as an analyst or associate, which the book is told from the perspective of, the 35 and under. scarlet: why did you choose that demographic? michelle: i think the millennial ethos is right for expiration in fiction and is not covered in a way millennials are satisfied by, or a way that people who are not of that generation can understand. scarlet: tell me about your strategy to publish your writing. you effectively created your own startup with vc investors when you began writing. michelle: on an artistic level, it was a bit meta-. i wanted to create a startup like i was writing about, and, in an artistic way, appreciate
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this new world order. i have also really interested in the serial form. it is how dickens wrote. even "bonfire of the vanities" was originally invented it -- was originally in rolling stone magazine. scarlet: how did you adapt it? michelle: we cut out quite a bit. it started as 12 weekly episodes , free on the browser for half an hour, or you could buy it as a text or audio file. we did a deal with putnam and penguin. we had about 20,000 words. we amped up some of the characters. you envision this as a larger series, six books. do five: the plan is to or six. i thought of it as tv you can read. i think tv is such a special place right now. version ofthe characters. i think this book hopefully reads with the same pace. scarlet: why not go with
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hollywood? michelle: we are, but as an artist, it is fun for me to adapt it to different forms. start as a serial, moved to the book, and then get to television. each has different nuances. scarlet: i picked this book up yesterday on my commute home, and finished it at around 10:30 p.m. it was addictive. still ahead, a major roadblock for tesla. texas is giving tesla the boot. ♪
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scarlet: it is noon in san francisco, 3 p.m. in new york.
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afterany exploring a sale it was approached by sigma. alix: an face of scandal. tterbladder wins -- sepp bla wins the election as head of fifa. scarlet: former house speaker dennis hester indicted. the targets he dodged in banking law. hastert indicted. i am scarlet fu, here with alix steel. we want to start with humana, because that is what is moving. there was speculation that cigna might be a potential to acquire, and humana was exploring its sale after it was approached by cigna. this comes as


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