tv Squawk Alley CNBC August 5, 2016 11:00am-12:01pm EDT
pal, 13 years old a swimmer that will take part in the 100 meter backstroke and 1.5 million tickets remain unsold. most times at the olympic games the host country gets the share of the tickets but because brazil's interest in sports is so heavily centered around soccer it's tough to get interest in some of the other events. as a result, 240,000 tickets are are going to be handed out to underprivileged school children. so we're going to talk a lot about what the games mean for the world of sports and business and the brazilian economy undergoing tremendous economic and political upheaval. >> the opening ceremony tonight is usually the first of many spare no expense spectacles for the olympics. how different will tonight be for what we saw in london or beijing. >> they're going to do their best to put as much behind it. four hours long. fireworks, celebrities, history but they're operating on a
budget roughly one tenth of what london had when they staged their opening ceremony a big sense that there's so much of this money that could have gone to schools and hospitals and police and there's almost a sense of pride here tonight that the country is going to try to pose or put on a show and at the same time, recognize it's responsibilities to its people that have obviously been through a lot. >> we'll see you in a little bit and get a lot more this hour. facebook changing it's news feed formula to reduce clickbait. the new algorithm will punish publishers with exaggerated or misleading headlines designed to lure people into liclicking. it applies to text articles. it seems like a sensible decision but how much is art and
how much is science? >> it's hard because the people that write the headlines are super clever in how they do it. last night i was enjoying ufos over the st. louis arch. it's better if you don't have to waste your time looking at crap. google has done this in the past. everybody is trying to do this to create a better experience for users. >> totally hear you but what does it mean to certain publishers. i'm thinking of buzzfeed but others are down the line in terms of the type of traffic some of them are trying to get. >> no, it's more. there's other publishers that you're not thinking of. you don't think of as much. there's a lot more going on on facebook and it tends to stink up the news feed essentially. buzzfeed is very clever. i don't think they're trying to do clickbait necessarily.
a list of cute dogs is not clickbait necessarily. it could be enjoyable. they have to figure out what people like to readr o don't and there's lots of ways of how quickly they stay on and go off it a all kind of ways to figure that out. it's not going to be done by hand and have a taste thing by a bunch of facebook editors. >> but in terms of revenue model are there certain news organizations or publishers, let's call them content creators that will be clearly the net losers? >> you know, years ago it would have been demand media, if you remember when demand got hit by when google did the clean up they did a couple of years ago and there's lots of them. it just depends on how facebook employs the algorithm and it's the same as what happened in google. some people are going to get caught up in it and are badly judged and will suffer from it.
>> why not eventually. >> a difficult technological challenge. the look and feel of the news feed is critically important to facebook. it has to look like an enjoyable place to be and fun place to be. you'll still see your squirrel videos. don't worry about it. or cat videos. >> meanwhile, elsewhere, amazon unveiling the first in a planned fleet in an effort to control costs and expand the company's logistics operation. the boeing 767 is one of 40 jumbo jets amazon is leasing to supplement services already provided by upx, fedex and the u.s. postal service. it's billed as a supplement but is this the first step in replacing those carriers? >> no, it's a cost thing. this is the first one that they painted. they had a relationship with a bunch of private cargo services
so this is the first one they put the smile on and everything else and it's more of a public relations effort on behalf of amazon to talk about prime and how big it's gotten and they need more and more as it becomes more and more popular. they need more and more transportation and can't rely on outside vendors. seems basic to me. >> is this about putting pressure in term of priegs on fedex and ups to give them better pricing. you would assume correctly. i would assume that too. as things get closer and closer. >> he sold nearly 1 million shares of the company this week valued at more than $755
million. is there a newspaper that should be put on notice because of that kara? >> no, he doesn't sell a lot of the time. it's probably -- he's probably buying another rocket or something else that he wants to do. people periodically take money off the table and amazon has been doing great. has great results with amazon. web services and others and it's a great time to take some profits i guess. >> is this something that you look at -- is it a preprogrammed sale in terms of the day or does he say look at the price and say you know what, reasonable time to take some money off the table? >> i'm sure he's on a preprogrammed thing. i don't know -- it's a lot of stock. i don't know if this much stock is part of that. they may have added to it. typically most of the people are on preprogram sales. he has to be careful not to sell too much obviously. >> the question is whether other investors watching this should say to themselves maybe this is a good time to take money off the table too. >> maybe it is. >> he owns a lot of that company
so it's a small amount from jeff besos but still a lot of money to regular people i guess. >> $755 million is a lot to everybody ou there unless you're worth $67 billion. yahoo!'s head of public relations is stepping down today. what can you tell us about this. >> she's stepping down. she has been a very loyal lieutenant of marissa mayer and things are changing. she has moved on to another start up in new york and it's just a sign of the changing of the guard as this deal moves forward. and you'll see this as verizon and aol start to take over this company. eventually. not yet but when the deal is over. >> perhaps of course the largest question, where does marissa end
up do you think? >> where ever she wants. >> can she be negotiating wall street continuing to run the company? how does that work? >> i don't know. i think she can. she'll probably get a lot of offers. very smart woman. obviously was not a big success as ceo of yahoo! but that doesn't really matter. she has a lot of experience. she has gotten a lot of experience here. she can go to a vc firm. she can run another company. she is also very wealthy and making a lot of money here to invest. she has been an active angel investor. she can do whatever she wants i think on some level. >> we often talk about yahoo! and twitter in tandem, two companies that have been troubled in recent months. you have yahoo!'s pr team shuffling as you reported but then you also have twitter seeing a brain drain in pr. you reported that jim is leaving to go to sofi. twitter is still a public company. how do they rebuild that team? >> that's a good question.
jim has a terrific pr person. they had issues with their most recent pr person they hired. the woman taking over, she came from american express. an excellent pr person. i'm sure she will be able to bring in people. she was running marketing but she also has a pr background and these things happen with companies and pr is one of the areas that tends to get ignored but is critically important to many, many companies and sort of dismissed pr, but it's awfully important right now for companies like twitter, the public perception of it and a really great pr person is critical to that. they'll hire more people and they'll figure it out or they won't. they'll get bad pr and we'll see what happens from there. >> often times more important to play defense than offense in those situations. >> yeah. >> great weekend to you. we love you joining us today. >> thanks a lot.
>> a quick check on the markets. the dow is on track to finish the week. a fresh 2016 high. the s&p 500 hitting a record high. very close to the all time closing high. the major averages right now trading at -- we're looking at the dow up about 154 points. the s&p 500 up 16.5 points. all of that after that positive jobs news came out at 8:30 this morning. check out shares of apple because they plan to offer rewards of $200,000 to researchers and hackers that find critical security bugs in it's products. shares of apple up 1% year to date. that's new for them to do that thing. >> carl sits down with wppceo to get his take on the festivities and then the ceo of digital
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past. interest wrg the jobs are. leisure surging by 45 athousand. manufacturing construction combining for 23 and temper help a potential sign up by 17. you can't see right there but retail also up good. dear fed wake up and smell the job growth. a chance of a fed rate hike did rise for september. the chance is now 37% but that's up 10% for the morning and it goes along with a 10 basis point rise. strong job growth makes a rate hike possible in september but you have the bank of england about to embark on stimulus and europe and japan is still negative and the market is not the most probable outcome. i think fed is the -- september is the month where the fed tells us they're going to hike again. >> the good news can sometimes be bad news. what do you think? >> good news was good news this
time. >> so far. >> we now had two months of out performing expectations. do economists expect that that's the stretch we're going to keep seeing or there's always the chance for a may-hilike month t surprise people. >> economists are into this conception of regression to the mean and they don't think that average job growth is anywhere near this 250 for this particular economy. if you look at the past year of job growth what you'll see is you had a couple of soft months. may was soft. april was kind of on the weaker side and they see these last two months more as a bounce back. they do believe that over the next couple of months you'll have a reversion back to the 125 to 150 level. >> thank you for that. coming up when they return, he is going to join us. the executive is going to join carl down ahead of the olympics
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welcome back to squawk alley live from rio as we get set for the opening ceremony tonight. advertising of course a huge part of the olympics in rio. joining us this morning the ceo of wpp joins me here. >> good morning. magnificent. >> it's a gorgeous day. fantastic, yes. >> talk to me about how you see the interest in the games shaping up ahead of tonight. >> pretty good actually. >> obviously the media, we all blame the media. we have to live with you. just to keep you sane but the media of course are focused on the negatives and that's always the case as you move up. once the sport starts, i think the criticism will evaporate and visually this will be a stunning olympics. we have the president and a number of the broadcasters were
there. you're own network and others and they're aall very, very excited about how it will look on television with the backdrop of rio and others that are like it so this is very special. i've talked to people that have seen the rehearsals that say it's spectacular. so carnival will come again to brazil tonight. >> the economy is much different than it was when they got the bid. it's like buying a house and quickly losing your job. can they do this? can it be a poor man's olympics and still look good. >> that's a little bit of an american view of the world. there's other points -- infrastructure and investment is needed in brazil and the u.k. and the u. s. let alone brazil and this accelerates that infrastructure investment and drags them forward. so for example i was talking to
a number of people here in rio. 6,500 people here in brazil and a lot in rio and they made a very interesting point that a lot feel like some of this infrastructure investment is there and they're not allowed to use it during the games. only ticketed people but it's some of the infrastructure and there's a lot more to be done. the brazilian economy i think will take 2 to 3 years to recover. interesting we had a panel yesterday the head of coca-cola and visa and the investment and it's for example, eduardo from visa. and if demand is tickled up a bit you'll have quite a surge. coca-cola was quite bullish. i think we're probably in for a two to three year wait.
usually after an event like the olympics there's a slight relaxation and deflation and we saw that in spain for example in the early 90s. but longer term with 200 million people as the strongest economy our biggest market. followed by argentina or mexico or london and peru. >> certainly the stock market and reflected more optimism. no dou that. >> brazilian entrepreneurs have been selling businesses. one of the things that surprised me is as it's weakened and we have seen a flight of capital to places like miami and real estate investment the brazilian sbr entrepreneurs weakened their resolve a little bit and we stepped in and took control of
it we invested in two or three public relations and marketing companies and probably what we're doing. >> one last question on the u. s. election, prior to the last round of polling, how can trump be spending so little and be so close which raised questions about the effectiveness of political acts. >> can i go out on a limb? the result will show that he should have spent more. >> are you calling the race? >> well, as joe knows, i called the race since two years ago and last time i won my dinner with him. so we doubled up. so i got two dinners on this. i think that hilary will win but by the way, i don't think that should make people that are concerned about trump and some of the things that he says which i would say we all are, we shouldn't ignore the reasons why he is getting popularity and
it's the same thing down here in brazil with the populous move ms here. you see it in other parts of the world and spain and italy with the five stars movement. you see it in the u.k., you have to examine the reasons. the monetary policy taking interest will not work on its own. what has to happen is we have to have some infrastructure investment. not necessarily olympic games but if you're trying to position a country, the olympics, the world cup and formula one, i have to say that. those are the three global events and the investment in the olympics, $10 million direct sp sponsorship adds half a percent to the market. and on the euro cup, that adds half a percent. so if the world economy is going
at 3 to 3.5, it means that advertising spending, if advertising stays the same, proportion is going to grow 3.5 to 4. >> let's hope it does. >> we always love getting your insight, thank you. >> i'm always willing to do this. a private joke. >> kayla, back to you. >> all right. thanks so much, carl in rio. when we come back, jonathan bush weighs in on what his company is doing to fight the zika virus. also why he is not supporting donald trump. and ceo of hampton creek fires back against reports his company is secretly buying back it's own products to boost it's bottom line. squawk alley is back in a minute.
good morning, here's your cnbc news update at this hour. consumer reports is urging the justice department to hike compensation to 475,000 owners to volkswagen diesel engines and allow those that opt for a fix to reconsider that decision. it undervalues retail prices and the car may perform differently once it is fixed. the fda's regulation of tobacco products will become nationwide to all products.
that will prohibit the sale of these products to minors. a northern italian airport was temporarily shutdown after a cargo plane exited the runway and slid right through the airport fences on to a local road. there were no reports of injuries. and a 1938 addition of superman action comic number one sold at auction for $956,000. written by jerry segal it features superman lifting a car on its cover. it's considered the holy grail of comic books. only 100 copies are known to exist. no word on who bought it. that's the cnbc news update this hour. back down to squawk alley. >> i'll tell my husband my hoarding is an investment strad ji. >> you never know. >> thank you, sue. meanwhile we're countying down to the close and another strong session for stocks across the pond and the big focus in europe
continues to revolve and aggressive stimulus plan helping stocks extend their plans. and when we focus on the u.k. it's the banking stocks leading the way. hsbc and barclays up more than 1%. there's the growing expectations that the corporate lending scheme will boost loan growth that could ultimately provide a boost to banking profits. keep in mind not all financials are participating in today's rebound. royal bank of scotland posting a first half net loss of more than 2 billion and the u.k. lender abandoning it's plans. >> there was also talk it would sell this unit. it's been a very volatile week for the banking sector. it has come off of its lows. bank of england and further
signs of some the italian banks and up 4% in today's session. and best performing banking stocks and raising it's tooer one capital level. >> thank you for that. we got new data out on the fight against zika. the company reporting more than 1600 people requested a zika virus screening. that's up more than 2,000 last week alone partnering with authorities to help fight the virus before it spreads. jonathan great to see you, sir. >> happy summer if you're in there right now. 33126. a bad place to be if you're a woman of child bearing age. >> what are you numbers suggesting to you and how easy is it to do this now. >> you have to go to the public
health commission to get the test. the cdc is the reference lab. they as all good federal agencies will fax you your results in 2016. we're pushing them to get to two days. we found about 2,000 as you mentioned women and men who are risk profile and with our big clients down there, you know, florida womens is a huge group down there and that part of miami. we reached out to all of them and are driving them in for this test and are surveilling results to drive continuing care very early in the results all of them negative so far but a major up tick in the tests themselves over 300 a day now getting done. >> how wrongly are they being administered based on how many people are coming in with symptoms, earlier this week we couldn't get a test unless you
were pregnant. >> women of child bearing age in the u.s. goes to 45 years old and men who have been sexually active with women in that profile are all green lighted for the test so we're green lighted to reach out to them all and get them at home. and engage with the health care system to get this profile. >> the head of the cdc, we talked earlier this week about the test unto itself and why it hadn't been administered and there's been a lot of false positives. >> absolutely and most of these -- well, and you do follow up care. you have a relatively tight hot spot that can begin an epidemic. get in really hot and waste some money and it's 2,000 people that meet the top screen so it's not that big of a deal to go get
them and screen them in for the false positives and we'll get them and do continuing care until we see that they're negative. >> what would you say to congress which is currently on break without having passed a zika funding bill. do you need congress to pass this? >> we can move quickly. that's what i say. we have been monitoring zika since the beginning of the year. we monitor women of child bearing age on ace inhib tos. there's a bunch of things. a long tale of these things that the doctor and the community might not be up to date on that we can track more aggressively with the insight team. it's a cool thing to watch. you can watch all of these things that we're tracking but you don't need a big mandate. you don't need a big committee. if we waited until we got all of our client doctors to agree on the communication plan to their patients we would still be talk about it. >> jonathan, governor rick scott says florida is open for business. do you think it should be. >> yes, i do. this is a concentrated area.
it's a tiny little tip of what could be an iceberg but if we get it now it won't be. it will be a cocktail ice cube and melt away. >> i want to talk politics with you if we could for a little bit here. >> i love politics. >> given your last name but you have been a lifelong republican and from what i understand you intend to vote for donald trump. do you intend to vote for hillary clinton? >> i have not. i adopted a knew thesis. go with the nut on the right or the nut on the left when you can have the johnson. so i am focused on johnson and i'm hoping people pay attention to them at least to get somebody with a bright heart and an iq above 6 in the debate. >> isn't that a cop out though? >> i don't think so. i think like many things in our country, some natural resources need fracking and i think both parties need fracking. the democrats don't represent some sort of consistent ideal
that i can deal with and the republicans don't and i think this cycle i'm assuming goes to hilary in the end but what happens with the next cycle? i thought for sure there would be a restructuring on the republican party when obama was elected but then he did that stimulus package and everybody rallied behind the same tired republicans we thought we were going to throw out. we need to throw out republicans and come up with a consistent story about small government somewhere and it's harder and harder and harder. they can't be true to their philosophy because they don't want to miss out on permission to do this or that or this or that grant or whatever. >> you cited with republicans. and replace it with something much better. can you not get beyond the personality to vote on the
issues. and remembering something and it's the instant and do you think he's a whack job or nars cyst and it's an example. >> i believe that that it's more useful than destructive. i don't think the democrats are all that happy with their established party routines either and i think that a knew breath of fresh air. and i don't want the government in my bedroom. i can't imagine how you can afford to monitor everyone's bedroom if you wanted to. i need a small government that allows more access to opportunity. right now opportunity is morning in america if you're a rich guy that knows corporate lawyers but if you're not, if you want to be
a self-made man or woman it's impossible. that's numbing. creating trump followers. >> i don't blame the trump followers that must have. it's the land of opportunity. >> do you want to do something for the viewers here. >> the best people with the best brains have a good brain and the good brains are going to win big because we're going to keep saying it. it will be there because of the -- thank you very much. >> jonathan bush. >> i'll work on it and i'll be back. >> making america great. >> and the company is artificially inflating sales numbers is false. he joins us in a first on cnbc interview. stay tuned.
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coming up at noon, today's jobs report could be a game changer for the rally. techs on a tear from social media and the sector hits the highest level in 16 years and our pharma guru following the money today on the big stock moves in merck and bristol myers. we'll see you in 15. >> let's get over to the cme
group. >> well, of course it has to be about the jobs number and we already had a couple of guests that went in depth on some of the issues. now i had ed on today. the former chairman of the council of economic advisors under george w. bush and he brought up something that's been brought up a lot. now we had a lot of volatility of late, especially if you look at the number of 11,000 original. it's up to 24,000 now and then we popped up in june to 292,000. lots of volatility. so when asked about the number, he brought up that he has issue with the seasonal adjustments and a previous guest of ours has been talking at great length and past exchanges about that very seasonal issue. he sent me something i want to
throw on the screen the economy lost more than $1 million in july. it's converted to an increase of 255,000 by seasonal adjustment they added $2.4 million over the last year. this is a very weak job report. now everybody is entitled to their opinion on how they feel about the report but there's no doubting the fact that whether it's that's it that seasonal adjustments or steves of the world that brought this up regarding gdp that it is an issue but that doesn't mean the numbers don't have some significance and it's to that that i want to speak. i talked many times that over my years in this business, whenever friends or relatives say hey i think i should open a futures account i say listen, you just can't be a retailed day trader with your job looking at a screen once a day and think you're going to do a good job.
too much volatility. too complex. well, the issue here is similar with the fed. the fed needs to take a long view the way an investor needs to take a long view and understand the seasonalities and this was on his last appearance the point. the point is that if the fed looks at numbers lagging due to the issues in seasonality they need to rise above it and look at the moving averages, the trends or be cog anizant that there's a give and take to the numbers. the numbers are too weak to normalize and that's the issue. understanding how to put it in a plan from the central banking perspective. carl in rio, you lucky guy, back to you. >> very lucky, rick. thank you very much. when we come back we'll talk a lot more about what the olympics will bring over the next couple of weeks beginning with the
including a possible sale although no deal is in the car with any kind of certainty. an interesting move here shooting the stock higher by 9% in early trading. back to you guys. >> thank you so much. meanwhile, hafr on the creek is under pressure as all about quality control in buying back this $77,000 of product. what have your partners told you in the wake of this story? have you spoke ton walmart, safeway and kroger? >> well, given that we're talking about .012% of our sales, about $77,000 that had no impact on sales at all, we are rolling al with all of the retail partners right from the very beginning and fought to stay there. today doing really well and my
team's excited what we're doing and we stepped back and look at this. as i've said all along, the primary reason for doing this was qc, qa, data to back it up and important part, too, in the beginning folks call, say how much they were excited about the product. hundreds of volunteers all around the country calling saying how excited they are about it, and this is what we do. a mission much larger than myself and we'll always fight for t. on one hand you had employees buying up the product, as you say, for quality control purposes, but on the other hand, people instructed not to say they were employees, to act like customers, to call and try to drum up demand. was that about getting premiere shelf space? let them know retailers were interested in the product? what was the phone train for. >> you got to step back, say to yourself, from the grand context of it, any impact in sales first off, that helps you understand
the motive to it. it had no impact at all. ask yourself, why else would you want to do it? listen, in the beginning, unfortunately we had mayo breaking, lids falling off, labels screwed up. we ragtag team sitting around a wooden table trying to figure how to do it but people did call saying stoked about the company, stoked about the product. it didn't really have an impact what we're doing with retailers, as a young company you do everything to survive in the early days. of course, we didn't break any laws. we're open about everything. i'm so proud of what my company has built and what the early team did to make us who we are today. and, you know, we need to step back and look at the con texas why i'm glad to share it with you. >> josh, how did you account for those sales and how do you account for the acquisition of those bottles? >> well, of course, we expensed it. right? i mean, as one would expect. we expensed all of it. in op ex, one would expect one
to do. again, listen, we're not with all due respect to farmers markets, we're selling in thousands of stores all across the country. so this great mayo buyout of 2014 is reported by bloomberg, it was noted that hundreds of jars were not accounted for. we sell millions of jars. we sold millions of jars in 2014, and, again, of course, it was properly accounted for. everything we've done we've always been open about it, including this. the primary purpose was qa and qc and made us so much better. if i had to go back and do it again, i would do it again, of course. >> would you do it again, but the question issi isis, you wer fund-raising at the time and was it fully communicated to the people you were selling equity in your company to? >> that is why it is incredibly misleading. we started this in 2013. we started this in 2013.
and to some extent still do it today. so first off -- >> would still do today -- >> when a company starts it's always fund-raising. this was started in 2013. you can never know how a product is by looking at the manufacturer. it's impossible. we go to stores, we had people take a look at the products, we bring them back, assess the qa, qc. this is not an uncommon practice. it's very typical. to think this has anything to do with fund-raising is really pretty silly. look at the timeline and facts not the spin, it started in 2013. the bulk of it ended in 2014. we still do it today. we spent $77,000 on it. guys, we spend more in snacks this year than we spent in the entirety of the program. it's made us a better company. i couldn't be more pro of it. >> it is common practice for food companies to embark on
quality control missions, but usually they use third parties, use secret shoppers, not their own employees and don't issue e-mails that say things like, this will ensure we stay on the shelf to put an end to helman's factory farmed egg mayo. >> so two things. companies all the time do their work internally. some do internee, some externally. a lot of these folks who did work with us were contractors who did an awesome job. a number not only called stores, getting stores excited. we had hundreds of volunteers and an important part of it, i've said all along, haven't hidden in at all, we wanted to call to see right when we got on the shoelves could get momentum. turned out not at all, if you look at sales data and the primary purpose, qa and qc ma they'd us better. >> i'm confused. you just talked about getting the stores excited, and trying to get more -- that is at odds
with the other idea that you just spent the last five minutes talking about. >> no. it's not at odds at all. so the primary purpose of sending folks into the stores and cataloging the qa and qc was to fix labels, was to fix lids. was to send it in and make sure that it is proper and we're adjusting and fixes on the qa and qc. a secondary, much more unimportant reason that i've always been open about, right in the beginning, any way we could get a little lift, right when we anded, it turned out not to have any impact pat all and the primary purpose when we stepped out became qa and qc. a sales impact, we'd see it in data, right? and able to see if you bought it it impacted date da. do an objective analysis of the data, no impact. >> josh, we have to go. quick, a few seconds, i just want to ask, is this a practice that ended in 2014 or are you
still doing this today? >> there are elements we absolutely still do today. if we don't go to stores and take a luook at our products, that's expected. getting perfect as a young company is always what has to be done, and anyone would expect that would be the case. >> josh, appreciate you join us. josh tetrik from hampton creek. and the countdown to the 2016 olympic games is on. we'll be right back. [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
that jobs number, market high, guys, and then, of course, opening ceremonies tonight. i assume you'll all watch jrchlt . >> we will be. >> find out who writes the cauldron. great to see. 7:30 p.m. eastern time. that does it from "squawk alley" and from rio. over to scott wapner, the judge, and "the half." carl, thanks so much. welcome to the "halftime report." i'm scott wapner. top trade this hour, tech on a tear. the sector at its highest level in 16 years with stocks from social media to software off and running. with us for the hour today, jon