tv Bloomberg Markets Bloomberg April 28, 2016 2:00pm-3:01pm EDT
>> lisa: welcome. david: the bank of japan surprises by holding up stimulus as the economy stalls. one surprise to many. lisa: how much is oil priced lunch the texas state economy. david: 10 million. that's of any videos snapchat users are watching per day. the company monetized the new content trend. what will it mean for the user experience? markets close in about two hours time visited julie who has a look at the latest. julie: we had a mixed picture today. we had overnight news about the bank of japan and then investors shifted their attention. we had so many deals coming out in the u.s. today, as well as so
many earnings. we are seeing the nasdaq with the lows of the session with the facebook effect dissipating. it was off slightly lower. all three major averages now the lowest of the session. unless something really, really dramatic happens in the next 24 hours today we are matching the second-longest bull run ever for u.s. stocks. tomorrow we will have surpassed it and be the second-longest bull run ever. here are the longest. the white line is the current run we have had a goes back to march of 2009. then you have the run in the 50's and you give the run in the 2000s. those of the various bull markets we have seen. this is the second longest stretch we have gone without a 20% decline or more. turning to some of the other assets. we saw the movement in the dollar after the bank of japan did not move in terms of adding or stimulus. the dollar going sharply down.
it looks even more sharp if you look at what happened versus the yen. if you look at the trade versus the japanese yen, the dollar goes sharply lower. the yen up 3% in the wake of that decision. i want to look at oil prices. there is a notable milestone for that today. going above $46 a barrel again. it helped in part by the weaker dollar as well as production that continues to go down in the united states. of 1.5%. $46 a barrel. we've had quite a recovery in the oil prices. david: we are in peak earnings season. the list of companies would take a long time at this point. julie: i mentioned facebook. that was the juggernaut of all the earnings reports we got. it was a strong report. earnings and sales beating estimates. shares rising to a record. there has been talk that facebook's tertiary products
like whatsapp have not even been monetized yet. there is more potential there. harman international is a disappointment. a maker of audio agreement coming out in missing estimates. then there are the largest deals. $25 billion acquisition of st. jude medical by abbott labs. $40gether today more than billion in announced deals were proposed deals in some of the cases. it has been a very busy day for us. the one that is not a done deal is the deal for medivation. let's check on the bloomberg first word news. john boehner is not hiding his contempt for ted cruz. in a speech at stanford university, the school's newspaper quotes him as calling cruz "lucifer in the flash."
"i have never worked with a more miserable sob in my life." cruz responded from indiana. >> when john boehner calls the lucifer, he is not directing that it may. he is directing that at you. what he is angry with me for is nothing i said to him. i never said much of anything. what he is angry with me about is standing with the american people, energizing and encouraging house conservatives to stand with the american people and actually honor the commitments we have made. mark: boehner described trump as a golfing and texting buddy. american to get their affordable care insurance will be getting more money that spending more money next year. insurers say that has been a financial drain for them. in virginia nine insurers on
healthcare.gov are asking for average price hikes ranking -- ranging from 9% to 37%. the turkish president's crackdown on the press to the turn today with a jail sentencing of two prominent columnists said to have reprinted cartoons from satirical magazine charlie hebdo. he has about 2000 insult cases pending against turkish citizens. he is also suing a german comedian for allegedly insulting him. islamic extremist linked to al qaeda murdered 11 people at charlie hebdo last year. north korea was unsuccessful in an attempt to lunch to suspected intermediate range missiles. that brings the number of apparent failures in recent weeks to three. a botched launch came a week before kim jong-un's regime was the hold its first party congress in 36 years.
global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. lisa, david, back to you. david: another surprise this morning. the bank of japan announced is holding up monetary stimulus. the governor is assessing the impact of negative interest rate. lisa: let's look at how effective the bank of japan's policies have been. some said they prompted others to lend more all say -- others say they are doing more job than good. joining us is an internationally renowned economist. professor ito, where do you stand on this? have negative rates been helpful or more harmful? >> i think it is helpful. that would stimulate lending at a lower rate to housing and businesses. we had not seen the quantities yet. i think the housing loans, the mortgage rate has been down. a lot of refinancing of
interest. and new takers. we have not seen that as an investment yet. against theticism negative interest rate japan. januarythe last time, 29 was the last time interest rate was introduced. yentwo business days the depreciated in the stocks went up, but there were other forces that came into the stock price went down. those long remember adverse effects after two days. i think we should assess those announcements in today's. -- wtwo days. the interest rate is a powerful tool and i don't know what he held up this time. david: it's a surprise to you he did not do it? let me ask you about what this
may say about the bank of japan. those that think the bank is taking a wait the approach. it's an example of how the bank may have exhausted all its options. >> the bank said they would wait and see because it takes time to get to the investment. critics say that it limits -- the limits are near. other policies are needed now. i think there are ways that mr. beoda has said he will not using the other policies, including the interest rate. that -- what he meant. it was not this time which was surprising. lisa: you said you think negative interest rates have generally been positive. there was a story on the bloomberg terminal that highlighted a chart i had.
it shows the amount of money that is making its way into the economy and it is just not making it into the consumer's pockets. what are you looking for to show that negative rates are actually working as you believe them to be? >> they cannot get to the pocket of the consumer. do is to lower the interest rate, flattening the yield curve, and affecting the long end of the yield curve that is relative of the housing investment and business investment. and other forces that have been keeping those that set of cap to those investments up. comfortable feel that prices are going up and they will do the investment. it's kind of circular. inflation has to be up and
investment. david: what do you think of the proposal last week that the bank was considering encouraging commercial lenders through negative rates? >> i was expecting those funding for lending should be negative interest rate. lendingal banks interest rates the company's. that makes sense. the european central bank is doing that also. lisa: do you come out in support of the idea of helicopter money for the bank of japan? we have to define carefully what helicopter money me. becauseal i am against that will take away the independence of the central bank. that would make things much more difficult at the exit time. david: thank you very much and we appreciate your time.
shares of apple are moving right now. we went to go to the market desk with more. julie: apple shares have been all in after carl icahn said he is exiting his apple position entirely. he left it in february, selling the shares. he said he make money and apple and that it's a great company but he is concerned about china. that is his main reason for selling. apple's most recent earnings report talking about a quarter decline. shares over the past two days of lost more than 7% because they fell yesterday after the earnings for work. that is the biggest today pullback we've seen since last august. you see the leg downward in the shares following the headlines coming out. apple has already had a negative start to the year. the shares are down by 8% since the beginning of two. 16/ -- 2016.
they had a run over the past couple of markets within a fallen since the earnings came out. i have been looking at the holders on the bloomberg to see where carl icahn stacked up. he called her some changes during his ownership of this apple shares, including for the company to return more cash to shareholders. you see some of the top holders. you have to go down to number 15 icahn. -- find he had about 45 million shares. in the most recent filing as of the end of december he sold 7 million shares but still held more than 45 million shares. that's the size of the exit we are talking about. the sale we are talking about from icahn of these apple shares. we will keep following apple shares and we will have more on bloomberg market coming up. ♪
♪ david: this is "bloomberg markets." u.s. annualized gdp growth at its slowest pace in two years. it may not be the best indicator of how the economy is doing. a professor at stanford university graduate school of business and a former economics adviser to president george w. bush joins the bloomberg team this morning. >> i don't think we're headed to a deep dark ugly place. i think obviously this is not a good number, it's a disappointing number. the good news is that they are not very good forecasters of future gdp growth. what everybody cares about is what does it say about where we're going next year. pasteality is if you look
-- at past gdp numbers to forecast the future, they are not very highly correlated at all. the best predictor of where we are going is the market. we have had a rough morning. if we look at the market over the past couple of month, that has been up pretty considerably. if you use those numbers of forecast gdp, we are looking at something in the order of 2.5%-3% which would not be bad. if we got 3%, that would be great. that's better than most of the recovery. the market tends to be looking toward. the gd number -- gdp numbers are looking backwards. i would like to see a better number but i am not totally dismayed by it. >> which market are you looking at? the treasury curve is been saying bad things about the economy for a while. a story related to a downturn in the economy, is that a good indicator? >> everything should be reflected in equity prices. the best indicator i think
again, and this is based on to get historical data, is the s&p 500. you really want to look at the change in the s&p 500. that's not a perfect predictor by any means but is the best predictor of where we are going in the future. it tends to incorporate most of the information we have out there. to the extent there are a lot of things going on in the economy. that tends to be the best summary measure. there are lots and lots of measures we can think about, but if i had to pick one, that would be yet. it's been a considerably. that is really the good news. is thehat extent extraordinary monetary intervention skew that as an indicator? >> i think it skews it to some extent, but not as much as we might think. the reason is if you think about equity prices, the way most of us think about this is is a reflection of long-term earnings, long-term future earnings.
the rates that are most relevant are not the short rates but the longer rates. tends extent that the fed to affect the short end of the long and. --end. while it's true the fed makes noises we see it reflected in the equity markets almost immediately, but those things tend tonight -- to die out over time. if elizabeth will be most influential in affecting equity markets, it tends to be longer rates. out they move but they are not living as radically. i think that if we think about that, the set is probably not going to have a major impact on that no matter what they do over the next few months. >> you talk about watching the stock market as an indicator. you mention the move we have seen. e off the midmov february low.
the market really is not moved that much this year. i think you have to be careful about reading too much into the marketplace right now. >> that is true. the reality is if you ask me whatever the forecasting in a couple of months ago, i looking at the market i would say things look terrible. the market have declined. in that sense you are right. that is why i like to take a somewhat longer review. i look at something at something like six months. the number i gave you, about 2.5% or 3% is the six-month movement. you are right. we have gotten back to where we were. the question you have to think about is his or anything in the world that really explains this kind of volatility that we have seen? the answer is no. there have not been significant changes that could explain this kind of change. the reason i say that is if you look at china and europe and oil prices, all those things can have an effect on markets. the reality is the way the
effect the real economy, in particular united states economy, is still relatively minor. if you add them together you are talking about 1% of gdp. 10%-15%like the kind of move it we've seen in equity markets. you can't just get there with the kinds of things we're seeing going on in the world. year --at was and was that was a former white house chief economist speaking with the bloomberg team this morning. still ahead, snapchat is looking to lure investors with high video viewership numbers. what do those numbers really mean? we will break it down for you next. ♪
biggest stories in the news right now. david: mark zuckerberg added his net worth in one morning been the first four months of 2016. a group of more than $4 billion, reaching $51.5 billion. his shares surged in new york that blew past estimates. his net worth as of wednesday evening had grown by $1.3 billion since year end. plushanglo american's london headquarters is up for sale. they are moving to lessig spence of offices. they had been looking to slash costs under the new ceo. is reportedly being offered for $216 million. david: the company behind "american idol" has filed for bankruptcy. the company which is to invite apollo global management and 21st century fox poses creditors
nearly $400 million. that is the bloomberg business flash. lisa: snapchat is having a video business boom. users are watching nearly 10 billion videos a day. david: they are sharing the story statistics with investors. his focus on certain people that create broadcast content. i want to bring in sarah frier in san francisco. talk to be more about the metric in used. --ebook makes a lot of places a lot of emphasis on time. with snapchat is percentage of users who are uploading content. why is that so important? snapchat was to present its users as creating content. they are making that content and sending it and sharing it and
broadcasting. it is important to note. facebook right now is focused on encouraging people to use live video. they just this year started emphasizing live video as a priority for the company and are trying to prompt users to use it. i don't know about your feet, but i have not seen it on my feet coming run facebook executive. they are emphasizing that everyone or the majority of people who use snapchat are curating content. one third of those people are broadcasting to a wider audience by posting to their snapchat stories every day. lisa: how did snapchat monetize this? that's an impressive number. sarah: they have gotten a lot of attraction with advertisers. they are the shiny new object in madison avenue. they have advertisements that slow to their discover products, which are like mobile magazines
that live on snapchat. people have one, espn has one, buzz feet has one -- buzzfeed as one. they have curators that taken the snaps that people create from around the world and put them in the stories about events like coachella, the music festival that went on earlier this month. david: thank you very much. that is sarah frier joining us from san francisco today. still ahead, the commodities close. a good day for oil. --lines to a five-month high it climbs to a five-month high. more "bloomberg markets" after the break. ♪
mark crumpton has more from the newsroom. secretary ash carter testified today before the senate armed services committee. the hearing dealt with mideast strategy id obama administration's efforts to counter islamic state. >> cyber operations in syria and iraq and my feeling about that was and is very direct, which is that we are bombing them and we are going to take out their internet and so forth as well. the modern world that is necessary to defeat an enemy. peace talks in syria appeared to have stalled. the united nations special envoy wants the u.s. and russia to revitalize a cease-fire that is all but collapsed. ended twol envoy weeks of negotiations without setting a deadline for them to resume. a senior u.s. official sends 16 military personnel including a general officer have been disciplined for mistakes leading to the bombing of a civilian hospital in afghanistan last year.
members received administrative punishments and no criminal charges were filed in connection with the u.s. airstrike in the northern city. 42 people were killed. the full report is expected to be released by the pentagon tomorrow. it seems republican donors aren't giving presidential hopefuls ted cruz and john kasich the funds they need to stop donald trump. the new associated press analysis of campaign finance records finds the donors who gave big talks to jeb bush and marco rubio have mostly disappeared from the political landscape. records show fewer than 3% of $2700 limit to bush or rubio also give that much to kasich or cruz. if they had donated at that level, cruz and kasich would have earned as much as $39 million more in their campaign coffers to compete with the deep pockets of mr. trump. draft is tonight. the new england patriots are the
only team without a pick on the first day. they had their 29th pick taken away along with $1 million as part of the penalty in the deflate-gate scandal. the oakland raiders owner says he wants to move the team to las vegas and he's willing to spend half of $1 billion for -- as part of a new deal for a stadium in the city. the raiders played in las vegas in an exhibition against houston in 1964 and said with help of building the stadium, it won't be another 50 years before they play there again. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. i am mark crumpton. lisa, david, back to you. david: commodity markets closing in new york. global production of soybeans will be smaller than previously expected after excessive rains hurt crops in argentina, according to the international grains council. soybean futures today are higher on the news. oil reached a five-month high in
w york. lisa: sticking with oil, the falling price of oil has been a crucial factor in many states, including texas, which has the economy12th largest paired it is a top state for oil production in the u.s. joining us is the texas state controller. start with just how important is oil to the economy of texas. >> oil is an important part of our state. if you go back to the 1980's when we had the last large oil bust, texas made a fundamental decision not to look at severance taxes on oil and gas revenues to continue to be a main part of our budget right back then it was roughly 28% of all taxes collected. at the height of the boom it was only 11% of our tax collection. today it's roughly about eight or at uc fundamental decision in the legislature back then and what we see today, those
revenues go into our state rainy day fund, economic stabilization fund. if you are one of those individuals that has lost your job or one of those companies, one of the 12 economic regions heavily dependent upon oil, it's very real. but as a state, texas is still posed to do very well compared to many states in our nation. lisa: i could not believe it was the world's 12th largest economy. glenn: in the 1980's we were 200. a $1.7to today, it is trillion economy. david: nonresidential fixed investment down 5.9% rate i mention a lot of that is in the energy sector. are you starting to see that slow down? glenn: we do see that. in texas in the last 12 months we have lost 60,000 jobs in the money sector and 40,000 jobs in the manufacturing sector.
overall across the state, we have still gained 185,000 jobs and our unemployment -- our rate in employment growth continues to be roughly a little over 1.6%. that makes us roughly around the middle of the pack. when you take into account how leader in oils a production, it shows how resilient our economy has become over the last 20-some-odd years. concerned are you about regional banks in texas that might have loans they have given to energy companies that are running into trouble? much more concerned about the companies themselves than i am for the financial institutions. the much larger financial institutions that have seen them tick up in their loan portfolio of oil and gas companies, but most of them have put funds aside in case of those losses, they have hedged against that already. i'm not as concerned as we saw in the 1980's with the snl issues, morenking
or less concerned about the individual who may lose their job. interestingly in texas, our economy is poised to continue to grow. a little more modest than what we have seen in the last several years. quantified how many people have been laid off as a result of the decline in oil prices and how much money as a state texas has lost? glenn: i have to do the revenue estimating for our state treasury and the cfo for the state of texas. last year when i revise those because ofoctober, the contraction in the oil and gas industry, that took $3 billion off of the table for severance taxes and another $1.6 billion in the two-year budget for sales tax. our $105 billion a year budget continues to function, and like our sister states, where you see they have possibly up to 28% of their budget is a hole because
of their reliance on severance taxes, we are not as reliant as we used to be. texas is open to do business. david: what are the challenges in maintaining that triple-a rating? glenn: making sure we tend to our balance sheet and our books, are long-term eye. we have a lot of people who move to texas. people continue to move to texas. some of our major issues are making sure we have infrastructure. our roads, our school systems, to make sure we have the stable workforce that people want to have in the future. we have a youthful population, and we also have a lower cost of living. to our as we tend long-term balance sheet, that will be the key to texas' success. lisa: after oil, what is the biggest industry? our number one industry is manufacturing.
the financing industry is 13.5% and oil and gas is 13.4%. that has contracted down to roughly about 10%. portion of our economy as a state, but it's much more dependent on one of these regions of oil and gas production. will talknext, we with senator susan collins, the lawmaker who led yesterday's hearing about valeant. ♪
now to the latest controversy over valeant and price increases in decades old prescription drugs. as the hearing was in progress, valeant announced in a regulatory filing that incoming than 67d be paid more million dollars, making him one of the highest-paid chief executives in the health care industry. joining us from washington is senator susan collins, who led the drug's price hearing strata did you hear what you wanted to hear? do you think the company is going to make changes? ollins: there were certainly expressions of regret for the first time yesterday, and i believe our investigation has put a real thought light on -- spotlight on valeant and the other companies that have been engaged in this kind of rice couching on drugs that have been thatd for decades, and
they had nothing to do with the development of. i'm going to take bill ackman at his words that the board is going to convene and have a discussion on its pricing strategy, and i hope that they are going to make some significant reductions in the prices of their medications, and get back to us on that. david: there is the backdrop of contrition, promises the company will change, then we get word of this pay package, $67.4 million. how does tasteful do you find that in light of the hearing you had yesterday? sen. collins: i find it completely distasteful, assuming it is accurate. got word about that and the hearing had adjourned and i got an e-mail telling me that, bill ackman said it was not accurate. i asked him to provide me with
further details. if it is accurate, it suggests that valeant still has a long ways to go. what does this indicate about the broader pharmaceutical industry? sen. collins: we have had three hearing so far. i suspect we will wrap up our work in a report. to press fori want legislative changes to prevent this kind of predatory pricing from occurring. theranking member of committee, senator claire mccaskill and i, have proposed a bill that would reform the process that is used by the fda. what we would do is we would fast-track drug applications from generic companies that would compete with these inopoly drugs, and get them a straight incentive in terms of another fast-track voucher as well.
we believe that would help use market forces to deal with what is a terrible market failure that is desperately hurting people who need these drugs and hospitals as well. david: there are few investors more prominent than bill ackman. in his opening statement yesterday he laid out his very impressive career in investing. as the here got underway, he said he did not do due diligence when it came to pricing -- with how valeant was pricing drugs. how believable is that to you? for someone who has had such a storied career, does it strike you as odd that he would not have done more due diligence? sen. collins: it does strike me as very odd. i was very surprised when he said that. it's very clear that valeant adopted a strategy, the central premise of which was to go after on whichades-old drugs the patents had expired, which are considered to be the gold standard for treatment, and
where there is no generic competitor, and purchase them and then send their prices skyrocketing. it seems difficult to believe that investors -- an investor who is known to be an activist investor, not a passive investor, would not know that that is a core part of the pricing strategy that accompany these investments so heavily. lisa: did you hear anything about yesterday's testimony that surprised you or that you did not hear in last week's closed-door testimony? sen. collins: the big change was in the attitudes of the people who testified from valeant, three people including mr. ackman. proposed all of these individuals and interviewed them at great length, reviewed hundreds of thousands of pages of documents, we did not hear
any expressions of regret. now, i'm glad they have changed their attitude and are now conceding that the price, the outrageous price tags were not justified. there is one really interesting study that was done when valeant was looking to acquire these two parts, medications. that if theysaid increase the price by 60%, they can more than recoup their investment and be very profitable. but they did not do that. instead they increase the price by over 320% in one case and over 700% in another. it's hard to conclude anything other than pure greed being at work here. lisa: senator susan collins, thank you. earnings and deals stealing the
spotlight today. there's a lot of it going on in the health care space. our senior market correspondent, julie hyman, has the spider sectors report. julie: more than $40 billion announced, the preponderance of them is in the health care industry. let's look at what is going on with the health care spider etf. it is only about 2/10 of 1%. the acquirers are falling. it is its largest ever acquisition. some investors had been clamoring for abbott to make a deal. it is pulling back by 2.5%. saint jude up by 20%. $85 a share is the price that abbott is paying for this particular deal, joining some of its larger peers like johnson & johnson in making acquisitions within the medical device industry. also, abv agreed to acquire
stemcentric. $5.8 million is the price on this. it is trying to lower its dependence on its top drug. i got 60% of its sales from that drug alone last quarter. abvie was lower earlier. the french drugmaker is trying to make an acquisition. it has privately approached metallization to buy it for 52.50 a share. this is not a done deal, it is an unsolicited offer. it is a premium of more than 50% of the two-month average of medivation prior to this offer being made. you can see it's trading higher than that offer price. there is some speculation about it getting other higher offers. as for some of the other movers we are watching within this
industry, we have these companies coming out with earnings. aetna raising its forecast because of rising premiums. we have cardinal health, it's operation margin disappointing. it is a drug distributor pulling down some peers. that company missing estimates. a lot going on. lisa: thank you. that brings the mergers and acquisitions to $1.4 trillion this year. coming up, a preview of earnings from amazon and linkedin, both set to report their latest results after the bell today. ♪
business flash. looking at the biggest business stories in the new right now. turn point brand setting its initial public offering of 5.4 million shares according to an fcc filing. ipoing point filed for the in november. lisa: an end of april target date missed to announce its sale to a chinese investment group. those familiar with the matter say the company may offer a lower offer than initially discussed greatly potential offer for the company has fallen share.t 100 -- $100 per the chipmaker reports earnings today after market close. ceo saide volkswagen he apologized in person to president obama for the company's diesel emissions scandal. vw's namesake brand suffered a fourth-quarter loss. market support measures linked
to the emissions issue. demand fell in brazil and russia. that is the bloomberg business flash. lisa: amazon and lake don due to report -- linkedin due to report earnings after the bell. linkedin is trying to broaden its user base beyond jobseekers. david: emily chang joins us from san francisco. the outlook presented in february was not the rosiest. what did he have to say? emily: linkedin has vastly underperformed the broader markets. jeff weiner was surprised. he said, of course that is confident in the core business. he spoke to all of the employees. million stock $14 bonus to try to help with morale. till, investors have not been
happy with the company. take a listen to what jeff weiner told me about that big stock plunge. >> it was a surprise. we were not expecting that kind of response. when you look at the core elements of our business, they remain healthy. if you look at north american field sales for our recruiter product, same-store sales growth there has are made consistent over the last few years. still theupdates fastest growing business we have at scale. the launch of our reimagine flagship operation on mobile, we have seen an acceleration in engagement on both mobile and desktop. the core elements of the business remain healthy. still talk to people like david kirkpatrick, who thinks linkedin is getting a raw deal here, that they are the biggest and basically only professional social network in the world -- it's not so much the talent solutions part of the
business, but the marketing solutions part of the business, where growth is expected to slow down. the native ad part of that business is very strong. there was a decline in desktop revenue on the marketing side, so that is something analysts will be watching today. lisa: what about with amazon? stocks are flat on the day. what are you looking for? of course, the cloud is king now when it comes to amazon. jeff bezos has said it will be a $10 billion business. we are expecting to see massive growth in the cloud. michael packer and alan at wedbush securities thinks that awf could grow at a 50% rate this year. amazon is investing heavily in other bets. they just started restaurant delivery. they are of course investing in same-day delivery, investing in
their grocery service. a mattern, it's always of how much are they investing versus how much are they taking in? be looking at their international business very closely. while north american sales are doing well, international has been running at a loss. are they going to invest more heavily in china and india and try to build up a customer base their? that said, people are very optimistic about their new product, amazon echo. it is a work in progress, but it is something to watch. david: that is emily chang. you can catch her tonight on "bloomberg west." ♪
david: u.s. gdp growth is at its weakest level in two years thanks to a consumer. hiking in june. the state of waste management. a ceo joins us on earnings and growth opportunities in his business. does america still run on duncan? many itemsed on boosting demand and where the company is looking to expand next. one hour from the close of trading, let's head to the market desk where julie hyman has the latest. so much central bank and company news as well. julie: an embarrassment terms of news. fall. seeing stocks