tv Bloomberg Markets Bloomberg May 5, 2016 2:00pm-3:01pm EDT
from bloomberg world headquarters in new york city, good afternoon, everybody, and carol massar. crude higher but also giving up its gain. that wildfire in alberta may reduce production by more than one million barrels a day. engine resorts reporting a 61% .rop in net income that still came in ahead of estimates. the stock is pushing higher. the company's ceo joining us from las vegas. betting on the white house and having the means to do so -- donald trump hester did reaching out to republicans just days after becoming the presumptive gop nominee.
but will it be enough to win the general election? markets close about two hours from now. let's head to the markets desk. julie hyman has the latest. julie: now it's the third straight down day for the major averages. this would be the longest losing streak at going back to february before we be looking at the .argest two-day decline not only did things turned negative, they have kept going. we have seen declines accelerate to some degree. i want to run through some of the earnings with -- winners and losers we are watching today. let's start with a losers, since we are in the red now. l brands out with preliminary numbers that missed estimates. those are some of the worst percentage moves we are seeing today that are earnings related.
on the plus side, we have a techs of tax leading -- leading. we had some oil and gas losers and winners within that industry, earnings wise. that is the movers sunday earning front today. we are coming to a close. now what happens? actuallyocks have rally during earning season. it doesn't feel like it, right? we have seen an increase going back to when alcoa reported its numbers on april. a lot of the game came in the early part of the earning season and since then we have seen a decline. now the s&p is only up .25%. you can take a look at this one. in 2015, if you went long stocks at the
beginning of earning season, you would have done pretty well. this is something that kevin kelly of recon capital partners mentioned yesterday. now that earning season is coming to a close, there are some questions about whether that can continue. one of the things we have been that aret is etf flows smaller this time around versus prior recent rallies. the rally in 2014, $35 billion coming into stock tracking etf, and the rally we had last fall. $9 billion the current rally we had. this is one of the many things we have been looking at three dollars or renick had a great piece on the charts he is watching. and there's not a lot of confidence in stocks right now. carol: you see momentum slowing with those charts. let's check on the bloomberg first word news. hi, mark. mark: mitt romney, the 2012
republican presidential nominee, we'll skip the party's convention this summer in cleveland according to the associated press, which cites a romney aid. in march, romney delivered a blistering attack on trump, calling him a phony and fraud. trump criticized romney, calling him a choke artist for losing to president obama for years ago. the bush families closing ranks in refusing to endorse mr. trump for president. a spokesman for george h. bush says the nation's 43rd president won't be involved in the 2016 fall campaign even though he's endorsed the gop nominee in each of the last five election cycles. w. bush alsoe isn't supporting mr. trump. his refusal comes as no surprise. in february, trump accuse the 43rd president of not doing enough to prevent the 9/11 attacks. ae michigan house approved 500 million dollars restructuring plan for the detroit public school system.
it's designed to guarantee teachers are paid and the district pays off debt. teachers held a two-day stickout this week after learning the district would not be able to pay them this summer without emergency funding from the state. activists at the bbc say an airstrike has hit a refugee cap near the border with turkey. there are reports of 28 dead and dozens wounded. it's not clear who carried out the first airstrike. are at thenders site, extinguishing fires that he in the impacted zone. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. i am mark crumpton. carol, back to you. carol: mgm resorts international out with its latest earning results today. shares are higher. the company beat earnings estimates with a positive forecast for business in las vegas. someompany is facing challenges in china with net revenue down 26% year-over-year. joining us from las vegas is the
chairman and chief executive of mgm resorts international. nice to have you here. talk about the quarter. down, neted revenue income if you look year over year was also down a bunch. is it all because of china? >> china was down, and we had some gains last year and a higher tax rate this year that impacted net income, but the most of our money of course is made here in the united states, and we had a monster quarter here in las vegas, which is why we beat the streak. carol: can this monster quarter continue? >> it can. it is. strong april. we gave clear guidance in terms of the current quarter, and we see this las vegas market growing rapidly for all of our competitors as well as ourselves. it's a good time to be out in sunny las vegas. carol: i like las vegas too. it's a playground for adults.
macau, theto china, new resort, is it on track to open this year? >> we are going to open next year. we announced we will open in march of next year, and it is still on track for that timetable. macau has struggled, there's no doubt about it or it would have a below average quarter, but our margins are up. we have a great team over there. we are building a great team for mgm macau, which opens next year. we think 2017 will be up in the market. i think that mr. wynn's new property will do well. i think mgm will do well. i'm looking for a better 2017, and i'm glad i'm a las vegas-based company these days, because it's good here. a few years ago that wasn't the case, but i like it now. carol: that was going behind
china, though. is it just a case of the chinese economy slowing down and not as much demand, or a bit of oversaturation with everybody building up their? >> i think it's a market that is evolving away from a highly chunk it based transactional market to a broad-based hospitality market, which is --e mass focused, meaning which is a much better market. it's been a painful transition to go from the go-go, let's go, and the high junket market to more of the kind of market we've had here for decades in las vegas. that has been painful, and it hasn't helped that the global economy slowed down during that period of time. macau needsact that more rooms, needs more guestrooms. we will do better when we have more guestrooms. we right now today, even today, we rent hundreds of rooms at
competing hotels just to accommodate our guests. it's a growing market. it's amazing. sandsk that the las vegas win the properties -- i'm biased, but i think mgm will do well next year. carol: you're not worried about price competition with three casinos opening up in the area? >> no. what is occurring there is a maturation and a growing of the destination globally. there has been no price competition to date, and i don't expect it in the future. carol: let me ask you about the ipo of your mgm gross properties. 19, the stocks up 7.5% since then. didn't go as well as you had hoped it would? >> it is the largest ipo of the year. inis the third-largest ipo
world history. we tried to raise $1 billion. we had over $10 billion of demand. the price range was 18 to 21. it isced it at 21, trading up from there. it exceeded our expectations and we are very proud. mgmresorts owns 73% of growth properties. they have a great management team, the ceo and cfo there. kickinging forward to back and watching them make us a lot of money. carol: it sounds like a good plan. anything left in the restructuring of your balance sheet after this ipo? >> we also sold crystals at a remarkable 4.2% cap rate. that isa retail center, the largest retail sale in over a decade, we just close that
sale. the combination of that sale when we received $540 million dividend from that means we have reduced that dramatically. i predict we will be an investment grade rated company within the next two years. that's why i like going in on mgm stock. it's good to be us right now. carol: thank you. the chairman and chief executive of mgm resorts international. coming up in the next 20 minutes, is now a good time to snatch up turkish companies with all that turmoil in the country? what are some other global opportunities? is a labor -- on, market softening? what it says about the state of the economy ahead of tomorrow's very closely watched report. yielding 1.19.
now --overall stocks julie hyman has a check on some company moves. julie: we are seeing a mixed trade on the earnings front. i want to talk about some food related earnings we had today. weight watchers is one of those. the company rising about 3.3%, although you can see it's down above the highs of the session. shares were up as much as 16% and not in the regular session.
even viewed through that lens, it's quite a come down from those levels. the company said it saw a rebound in subscribers, that's a factor. subscribers up 5% globally, 3.1 million. it was following years of decline, so really a rebound for subscribers -- in subscribers for this company. we're watching on the food front, shares of whole foods today. these shares faring pretty well. the company is still seeing declines. it's been cutting costs to try to make up for that, and that's the reason the prophet came in above analysts' estimates. so well.ot doing first quarter sales missing estimates, weak performance in its u.s. morning foods division. shares falling by the most in more than 2 months. aboutnow they are down by 2.4%. finally, i want to and with kraft-heinz.
topping profits --estimates topping profits. apparently it is making new inroads with new condiments. carol: in terms of cereal, matt miller informing us ill earlier -- earlier that he's a lot of cereal. julie: he's the only one. carol: coming up, i want to talk about turkey. the prime minister has stepped down in ongoing unrest and for some political turmoil can mean market opportunity. he has seen his sovereign high-yield bond etf perform well. it's 85% invested in emerging markets that includes turkey. earlier today on bloomberg markets he shares with our own vonnie quinn. sorting bronze on value,
which we describe a sorting bonds on high nominal or real yield, so after inflation. historically that approach which pushes you towards these higher-yielding countries like turkey, they are often scarier, adds two percentage points a year. a lot of people in the forex world call it carry. it ends up with a much higher-yielding portfolio with countries that are a little bit scary like turkey. >> it was a 9.5% target yield. is that enough premium for the risk you are taking right now? >> i think so. you never just want to own one bond in one country. if you are in turkey -- own turkey or greece or russia, you don't know what's going to happen. one of the things we always tell people, it's not just about buying the highest yielders. you are also avoiding the lowest yielders. 70% of the world that -- debt
issued by five countries, that yields about 50 basis points. lots of europe has negative yields at this point. just moving away from the guilt -- low yielders towards the high yielders yields a much better portfolio. a potentially more hawkish fed, the maybe does deliver on rate hikes even more in 2016. >> historically if you look at a high-yield portfolio, that portfolio has similar volatility, a little bit higher drawdown historically than the traditional market cap or broad world portfolio. the average scenario where it's not any riskier, rising rates type of environment or even declining rate, is performed well over time in both scenarios. we think it's exceptionally well performed. it is spread between this
high-yield portfolio and a global portfolio. it is at higher levels within emerging market bonds. also emerging stocks a great place to be in 2016. stocks preferable on a relative basis to the united states? >> yeah, stocks is different. stocks in the u.s. are expensive, but it's not terrible. a lot of the developed world is quite cheap. european stocks in a lot of countries, emerging europe, but a lot of countries in europe are super cheap in the developed world, so you end up with a lot more in developed countries. the crossover in russia and brazil. we think this is one of the best opportunities in the cheap countries, so we have another etf that buys the cheapest countries in the world. as cheap as they have been since 2008, 2009, and all the way back to the 1980's -- it is an exceptional time for cheap equities. >> what are you seeing for the
u.s. dollar and how are you hedging in terms of currency risk when we see emerging-market currencies weakening? the u.s.now we say dollar is overvalued against most currencies, not terrible against some, but let's call it 10%. which has been hugely bullish for the past number of years, looks like it is starting to reverse in 2016. the u.s. dollar could be entering into a bear market. lastly, interest rates. lowerare some that are yielding, europe, japan, switzerland, and there's a lot that are higher-yielding. you have a little bit of a mix. in general, bearish on the dollar. >> that is the chief investment officer speaking earlier to buy quinn. -- bonnie quinn. ahead, is it time to get a little bit concerned about the u.s. labor market? ♪
carol: this is "bloomberg markets." the april jobs report is out tomorrow. bloomberg estimates the economy gained 200,000 jobs for the month. a senior economist is joining us now. there are so many different pieces to this report. what will you be watching specifically? >> definitely the headline numbers worth watching, non-farm payrolls number, we are looking for something slightly above consensus, above 125,000 jobs. we might see something stronger. carol: is a something about the april month? usually payrolls
jobs overshoot the consensus forecast. it might repeat, it might not. it is something to note. it's critical to watch the next few readings of payroll, not just because of the fed and what they will or will not do, but because it's really important for the consumer and to the extent which it can re-energize consumers and let them help the economy. carol: i feel like more and more individuals and investment strategists and so on are talking about the consumer, worried about the consumer. we know consumer spending has really propped up the economy as of late. what do we think specifically in terms of consumer details? consumer spending decelerate it a little bit in the beginning of the year and particularly in march we saw some weakness. we might see the rebound in the near term. some of the details of personal spending reports suggested that sales dropped, but we know they rebounded in april.
that will mean the rebound in april. in the see a rebound near term. looking at the broader picture, we might see some deceleration in terms of spending and details of that are telling us we are approaching the middle of this business cycle, probably. average hourly earnings another component of tomorrow's release from the government, that's also important. >> wages are key. not just because it really matters for inflation, but it gained also because it matters for consumer and how much they will be able to support consumption. carol: what does it all mean for the fed? our next meeting is mid-june. >> the fed is watching every single report. i hope they are not watching
each and every single jobless claims report every week. overall it seems like labor market data has held pretty well and it is solid improvement, but growth has decelerated for 3 consecutive quarters. at bloomberg intelligence, we are also expecting rate hikes sometime midterm and by the end of the year. shel probably possible, but seems a little bit not on the table. carol: yelena, thank you so much. still ahead, the commodities close. ♪
campaigns and outside political groups spent more than $690 million this season, a 50% increase over 2012. let's get more with mark crumpton. mark: the gap you mentioned is sure to widen. you still have not gotten the april spending numbers in as of yet. in other news, the turkish prime minister says he is stepping down and won't seek reelection at a party convention this month. i believe that instead of changing the associate, it would be more correct to replace the leader to maintain the unity and solidarity of authority. under these circumstances i am not considering to be a candidate on the next congress. mark: davutoglu said the decision was not his choice. many u.s.ines at airports are long and will get even longer the summer. officials warned that delays
will lead to missed flights and may even hurt the economy. lawmakers blame the transportation security administration, saying the agency did not anticipate growing traffic levels. the tsa says it is doing the best it can with the budget it gets from congress. the calendar says may 5, but it is cinco de mayo for anyone celebrating all things mexican. president obama is scheduled to hold his final single demaio reception at the white house. many have the impression that may 5 is mexico's independence day, but it's not. that day is celebrated on september 16. cinco de mayo is not even a federal holiday in mexico. global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. i'm mark crumpton. very much.k you commodity markets closing in new york. let's look at today's biggest movers. oil rising for the second time in two days. wti settling in about 1.25%.
this coming after data showed u.s. production fell the most in 8 months. investors watching those wildfires in canada. oilsands adducing region may affect more than one million barrels a day of capacity -- ca region,il-producing which may affect more than one million barrels a day of capacity. as for the metals market, copper falling to a two-week low. there are some are new to the about weak demand in china, which is the world's largest user. let's stick with copper for just a moment. last month the metal posted the biggest monthly gain in a year. as it falls for a third day, you want to take a closer look at why this rally may be possibly petering out. nice to have you with us.
what do you make of the recent trade? >> it's really interesting. throughout the first quarter this year, commodities enjoyed a boom and copper benefited from that. i think it broke expectations. during that rally, one of the things we said to our clients is watch out. there were signs of tentative stabilization in china. but there are also questions of momentum. i think what we are seeing now as we head into the summer months, that momentum is starting to stall. as a result, the metal complex is starting to fall. carol: there was a bloomberg story, i think in late march, and it talked about the practice of warehousing copper to engage in financial arbitrage. demand inn-flight a china is skewing, we think there's demand and it is sign of economic growth in china. the copper trade issue
continually comes up when you discuss the metal. it has to be put in context. china is using the metal and china's demand for the metal, demand, is real. they're using it in automobiles, apartment buildings, and air-conditioners. demand does tend to skew import results. in the first quarter, imports were really strong but we think they were boosted by this favorable arbitrage situation and not really as a result of end use demand. carol: something that caught my attentioncarol:, it takes a look at the price of copper and specifically the morgan stanley market implied a set rate hike. the expectations in what the fed will do. you can see they are closely correlated. the blue line, you are taking a look at the copper price and market implied pace of rate hikes is the white line. on theode 1215
bloomberg. they are closely correlated in terms of what the fed may or may not do. think the fed has had an outsized role on the copper price this year. when go back to march, china was on holiday, there wasn't a lot of data coming out. but we noticed when you follow on a day-to-day basis, copper was tending to trade at the inverse of what the u.s. dollar was doing. the strengthening of the dollar for the past couple of years has been a key story in the commodities world. it enabled commodity prices to fall lower. when we look ahead for 2016, how aggressive they decide to heed monetary policies will feed through to the copper price great if you see a dovish fed, you see copper rising. if you see -- carol: talk about the pressure coming from emerging markets.
>> it's been amazing. one of the things in commodities, the stories you hear is don't worry, emerging markets will save commodities. in 2015, russian demand for copper fell by 40%. brazil, the country of tomorrow by more thanopped 10%. what we saw last year and i think what we will see again this year, emerging markets have been disappointed. they have been failing to perform. carol: we know china is the outlier. what about brazil and russia specifically? 22 point 5 the million ton market. out of the number, china is about 10 million to 10.5 million tons. it is the expectations of growth
tomorrow, and that is where they have been disappointed. carol: six months from now, 12 months from now in terms of copper prices? >> re-think copper prices continuing to head lower. we think they end around $1.90. it's not a disaster for the copper industry, but it is still weaker prices ahead. carol: thank you so much. commodity research analyst joining us right here in our studio. a bit of a letter commodity story for you, -- lighter commodity story for you, a diamond the size of a tennis ball. a company under the largest diamond in a century. shares of the diamond producer rallied to a record on that news, up around 20%. as 40o expects as much percent of those proceeds to find its way to the company's bottom line, about $35 million
after taxes. a little data from the bloomberg diamond prices, have fallen about 8% this year. can you believe the size of that diamond? that's a big one. coming up in the next 20 minutes, after slogging through the primary without an official fundraising arm, donald trump named hisdue the -- financial chairman. we will have the details coming up. ♪
carol: this is "bloomberg markets." it's time for the bloomberg business flash. fannie mae will make a $919 million dividend payment to the u.s. treasury market after the mortgage finance giant reported a first-quarter profit, the company's net worth stood at $2.1 billion. disney ceo bob iger in a rare official meeting with the chinese president today, it comes a month before the opening of disney's $5.5 billion theme park and the chinese financial hub of shanghai. the shanghai disney resort is the company's first theme park
in mainland china. it will open on june 16. kobe bryant's farewell poem to basketball is getting the short film treatment. it's called "dear basketball" and scored by composer john williams. that is your bloomberg business flash. breaking news on saudi arabia, the saudi stock exchange hiring hsbc saudi arabia's fourth initial public offering. we talked about other firms that might be involved in it. now the donald trump is the presumptive republican nominee, he's expanding his efforts to unify the party but also fund raise. some are calling it a flip-flop after he originally campaign that he was the only candidate not taking large donations and because of that, he can shape up -- shake up washington.
newsy day. carol: talk to me about mr. trump. he kind of shunned the traditional way of fundraising and now it looks like he's part of that group. >> look, he said he was going to -- she did not have to spend for a much money. he did not really shun the traditional way of fundraising. he shunned fundraising entirely and was able to campaign on the basis of his fame and celebrity and dominating free media. he's now in a position where in order to do what is the most urgent thing he has to do, which is to try to unify the republican party, one of the things that is required is to do what nominees do, raise money for the party and for candidates and ask candidates -- it's difficult for trump to unify the party at all. for him to unify the party without taking on that normal function of a party nominee
would be almost impossible. on top of that, he's almost got a raise. somehow he's got to fund the general election campaign. field operations, advertising, data analytics, polling -- all of these things that have never been part of the trump campaign will cost a lot of money. he would lead himself in an uncompetitive situation if he were not to raise some money. he does open him up to charges of having flip-flopped, and it takes away the talking point, talking previously a point, which was i'm not beholden to any special interests, nobody buys and sells allld trump, i'm free of financial obligations. he will no longer be able to make that argument. carol:'s national finance chairman is a guy coming from goldman sachs, a hedge fund guy. these are the kinds of people he has eschewed. >> trump reserves the right to
change his mind. carol: it doesn't hurt him on the campaign trail? >> it may. the hard part for democrats, given that hillary clinton -- to make him pay for this of whoally, the fact your lead finance person's does not matter to most voters. the larger issue, is trump now part of the system he has criticized so intensely? that argument would have to be made effectively by his opponent , and the problem for hillary clinton is that she's part of that same system very for her to get into a fight with donald trump over whether he's taking big money when she is taking big money will be a difficult argument to prosecute. he will get criticized by the press for sure. whether this democrat can make that argument effectively for sure is another question. carol: they say he is close to signing a fundraising agreement with the rnc. was,e central question would trump be a normal nominee are not? saying, he's not
he's going to do what other nominees have done in the past. there's another question about mnuchin, whether he is effective in this role. put aside the question of whether the political upside or downside -- this is not someone who is a well-known republican bundler. moneysly he has a lot of and he's got the source associations, the goldman sachs association. his is not someone who in prior presidential cycles has been one of the huge names we have heard on the republican side. a big super pac player. the question is, will he do this job well? carol: does it say anything about the other folks that donald trump might ultimately bring into his inner circle, who if he makes it all the way to the white house might be part of his cabinet? >> the idea predicting anything that will happen, it is so far off in the future and he is so
unpredictable that who knows? there is no question there is a professionalization of donald trump. rick wiley, a big political figure in republican circles, has moved into that orbit. they will be hiring a bunch of people that are professionals and have never been part of trump's world before. this is another sign that this is happening. the running mate question is another thing. there's a huge political component to that. that is about sending a huge signal to the american voters and the republican party of how you make the first and most important big decision you make as nominee. that's why it gets so much attention. we don't know what trump is going to do. he's indicating he will either pick someone -- the choice seems to be between an elected official, a professional politician -- he is signaling that he is considering that seriously. there's another school of
wants to picke someone who is national security experience, because he doesn't. carol: it's interesting. thank you. you can catch john weeknights at 5:00 p.m. eastern on bloomberg's "with all due respect." julie hyman has a look at the retailers. julie: we are looking at the retail etf, which is falling among the most of these various sector etf's, down by nearly 2%. we have got an april sales for many of these retailers, and they are not looking good. -- the owner of victoria's secret down 11.5% after coming out with a luminary profit that missed estimates, but also talking about a 1% decline. to be veryving disappointing to investors today. some of the other companies coming out with april sales, all
of them missing estimates. estimates,e missing whether they rose less than estimated or fell more than estimated, depending on the case. buckle saw a 13% decline. all of them being punished by investors in today's session. there's a ripple effect even among those that did not report anything. gap in particular, not only seeing the stock fall, we are seeing the put call ratio go up today. you are seeing the put call ratio start to pick up. that is bearish puts outweighing bullish aclls, -- calls, leading up to monday's sales report. just wanted to mention dick's sporting goods today, that stock downgraded to an underweight morgan stanley. among other things, analysts are saying this company still has
carol: there are two tech companies in small-market cap. we're talking about jack dorsey's payment company square, and gopro, both reporting earnings after the closing bell today. both shares trading well over ahead.joining us from san francisco with the numbers and what you need to know is "bloomberg west" anchor emily chang. let's kick it off with square.
what should we be watching out for? emily: shares have been on a tear over the last quarter. we are expecting a loss of about six cents a share, $345 million or so in revenue. less quarter jack dorsey said we will be profitable by the end of this year. that's a different story than what is happening with twitter, where shares have plummeted. we saw their shares trading in tandem. now they have diverged, and doing shares have been well. twitter shares have not. it's leading to new questions, can he keep running both of these companies at the same time . there's no sign that will change anytime soon. another interesting business within square and square capital, this is something investors are very optimistic about. this is the process by which square makes loans to small and medium businesses. they have a lot of data about these businesses.
they can tell them in a matter of hours whether or not they qualify for that loan. foryst see huge potential square capital to boost square's overall business. i spoke to the head of square capital, who just moved over from yahoo! where she was ahead of --head of m&a. we talked about how wall street theset seem to understand new financial companies, whether it's square, lending club -- lending club shares have been battered as of late. take a listen to what she had to say when i asked her, does wall street understand square? >> i think financial technology is a relatively new thing. there is an evolution of kind of and appreciation for models that work and don't work in this business, and i do think there will be a bifurcation as we come through this credit environment of business models that have stood the test of time over the last cycle and are obviously evolving and our strong business models. to squaren it comes
capital specifically, the question is how do they scale that up and mitigate the risk. that is something they are very focused on. carol: is it a small part of the business right now? emily: it is less than 5% of the business, has the potential to be much bigger. the vast majority of the is typical card reader transaction, they take a cut of that and that's where the majority of the revenue right now comes from. carol: let's talk about gopro, stock down 40% this year. we have been watching it tumble. expectations going into this quarter are not very high. what should we be watching out for this one? it seems like every time they reported earnings the stock swings wildly. we are expecting a loss of $.60 per share, revenue $169 million. poor.have been they had to cut the price in half.
that might actually improve sales overall. revenue would not be as high because they cut the price in half. the other thing we will be looking at is there drone. it's called the karma quad copter -- copter. they say they will unveil it in the first half of this year. if there's any hint of a delay here, that could send stock swinging wildly. their next camera they will not unveil until later this year. there's a lot riding on this drone that some say isn't ready for prime time yet. those we will be breaking numbers down after the close. thank you, emily chang. catch emily weeknights. this is "bloomberg markets." ♪
♪ we are at world headquarters in new york. here is what we are watching at this hour. stocks are in the red giving of gains. but the expectation of tomorrow's jobs report is w eighing with weakness. clemens miles of ubs gives his perspective'. ferro calling an offer opportunistic. we are one hour from the close of trading. julie hyman has a latest. julie: we might be three in a row down. that is what we could be looking at today. we have stocks little changed here. but they opened up higher and