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tv   Bloomberg West  Bloomberg  December 9, 2015 11:00pm-12:01am EST

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angie: the australian dollar surged as job data smashed expectations. 71,000 people found work lowering the unemployment rate to 5.8%. 130,000 jobs added in two months, although some analysts doubt the data. fed cut the cash rate of her record low to two and a half percent. it is the fourth cut this year. governor wheeler signaled it should be enough to return inflation to its 2% target. the kiwi surged. oil has edged up six year plus
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lows as investors weigh the first decline in u.s. stockpiles in weeks. refiners reduce their tax burden, which is calculated on supplies as years and. market share is ahead of price. taking a look at the markets, closed for here is how they were trading in the morning session. singapore,icture in tokyo, and mumbai. tokyo stocks sinking for a third day as the yen surges the most in three months. .rude oil resumes its decline amid concerns over supply. back in 30 minutes. time now for "bloomberg west." ♪ emily: i am emily chang and you
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are watching "bloomberg west." coming up, this been cycle at yahoo!. the company changing gears again. they will hold onto alibaba core and spin off its business. apple changes channels. the company reportedly pulling the plug on plans for a live tv service, ramping up efforts to develop apps for tb providers. -- tv providers. if you work at a airbnb, they are shopping -- topping a new list of best places to work. lead. to the another change of course at yahoo!. the legacy oracle announced it is shelving plans to spin off the stake in alibaba, instead focusing on the possible spinoff of its core business and its stake in yahoo! japan into a separate, publicly traded company. marissa mayer said the move will give investors a better sense of the value of yahoo!'s core business.
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ask a large portion of our market is driven by our alibaba state. a separation will provide greater spent -- transparency to make sure that business operations are accurately valued. especially as we continue to improve products and operation. there seem to be more questions than answers following the announcement, including whether the spinoff is just a precursor to an outright fail. the managing director at rob's and humphrey joins us. and a managing partner, a series b investor in yahoo! one of my favorite headlines was, yahoo! has gifted us another year of confusion. bob, i will start with you. what is your reaction? it was ahought positive, defining moment, something they needed to do. the risks of going forward was too large. a $20 billion risk.
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even if the likelihood is small, 5-10%, you can't afford to take the risk. they had to pause the process. they made be going for a spin. we think a sale is more likely, a sale of the core assets or the company. we think that strategic alternatives will be pursued. emily: who would buy the whole company? of alibabaination and softbank. they would love to bring the shares back at alibaba. the vast value of yahoo! is alibaba and young japan. emily: eric, you have a less positive take. eric: they're back was against the wall. they should've announced this a few weeks after the irs made its ruling. it was clear that you can't take a 10-20,000,000,000 dollar risk -- $20 billion risk.
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why wait until the last moment? then, the disappointing part of the news today, there might be other reasons why, but why not just announce you will review your strategic alternatives? that could include a sale, or a merger, or you maintaining your core business. you have to announce to the shareholders that you will review this, because you will have to do this anyway at some point. why wait until your back is against the wall? emily: marissa mayer said on the call today that separating the core business from the alibaba stake is the key to the future of the corp. business -- the core business. >> the separation of alibaba stake will enhance our ability to attract, to grow revenue and user engagement, with more direct, measurable value creation. bob, how would you value
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the core business? bob: we put a number out there for investors. we think it is worth $6 billion-$8 billion. take their core, somewhere around $800 million, put a multiple of five or seven times, they also have other assets that include tumbler and ip. we think $7 billion-$8 billion. multiple may imply a low overall multiple, five times, which is manageable for a large strategic. mayor hasc, orissa restated her commission -- marisa miller -- marissa mayer has reinstated her commitment to the company. what is her future? eric: she has had three years to prove she can turn around the business. it is not rocket science. you have the core business that
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is still substantial, but it is been declining for a number of orders. you have to run the business for cash. ,hat is why the private equity that is what a strategic buyer would do. i doubt you need 10,000 people to run the business, or you need to rationalize this. it is a media business. you have to produce content that your audience wants. yes, you still have plenty of cash that you can do a strategic acquisition, but prove to the shareholders that you know how to run it. emily: you have been out there suggesting possible new ceos for yahoo!. do you think marissa mayer does stay on, or that sometime over the course of the next year, she leaves and is replaced? did --at will be decided by who buys the core asset. verizon expressed interest.
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they would probably bring in their own turnaround team. maybe at&t. the question would be, would as asa want to work president within a much larger company? that is a question she would need to address. we have publicly said we do not think it is likely that marissa mayer will be the ceo within the next 12 months. emily: the board has remained intact. one board member has stepped down as of today. stepped down i from yelp and i am focusing on my own company. eric, what do you imagine the next year looks like at yahoo!? will be talking about this over and over for the next 12 months until they give some sort of concrete decision? get: the board needs to real it this stage. they are working for the
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shareholders, and the shareholders have to be satisfied with the performance of the company. that is all they have to do. i believe, because the company is in silicon valley, they can do some sort of a hail mary and create new technology. they were talking about re-doing mail. abandon all hope that i will save the company. a process that is rigorous, that looks at maximizing the value of the assets, with an outside buyer or changing the way you manage them, that is the only, it is not complicated. this is the only thing they have to do. emily: marissa mayer has spent a lot of money. templer, bright role. was that a good strategy? should she have conserved cash? spent $7otal, she billion. she has taken her shots at the plate. when they made the bet's, they
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didn't execute the way they needed to do. there were other things that time she could've looked at. instagram, netflix, other players that were out there that could of been may be more creative. right now, tumbler has not worked out the way they wanted. emily: there is an interesting sidebar to this drama that i want to talk about. shares of yahoo! are down 10% in february -- since february of last year. it is not hurting marissa mayer's bottom line. i want to talk about why. the stock option she got last year had a strike price of $18.87 per share. 2012, sheoined in will continue to get options update price for the duration of her contract with yahoo! according to the bloomberg pay index, only one other executive has the same set up. the pay index tracks to hundred of the highest-paid u.s.
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executives. eric what is your reaction? does she deserve it? isc: if it pay-for-performance, the answer has to be oh p -- no. not be happy will with the proxy votes when it comes time to do that for the annual meeting. emily: bob, what is your take? your assessment of whether yahoo! is setting itself up for another proxy fight? bob: it is pay-for-performance. revenue is down 10%. it hasn't come through and the financials are their own metrics. whether it is mobile video, native, or social, you look at the data, it is just not there. you have a proxy contest and can start his early as february, i know investors are not happy with the performance. we could see a change then. emily: it sounds like you believe we will be playing with that over the course of the year. ,ou believe yahoo! is mostly
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the story is mostly written. and the ending is not great. how will it play out? have the core assets value. bob mentioned $8 billion. that is substantial value. the more you wait until you maximize the value of the assets, the more they will decline. there is real value there. nobody talks about the value of the stake in yahoo! it is not about the size of alibaba. it is valuable. a lot of the pieces in yahoo! are valuable, and need to be maximized. the board needs to get serious about analyzing, piece by piece, deciding where they belong. emily: bob, what will you be watching? bob: we will be looking for public interest from strategic, third-party, people who are interested in the asset. ultimately, comments from the company about exploring
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alternative options, as well. we do not think it is likely the end outcome will be a spin in 15 months or so. we think the most likely outcome will be a sale of the overall business. that could happen as early as the first half of 2016. emily: shaping up to be another event full yahoo! year. eric, thank you so much for weighing in. we'll be talking again soon, i am sure. coming up, will howard stern stay with serious xm? they?will they or won't apple's live tv service over? what is happening? we will discuss this with the researchers this hour.
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emily: iac continues to reorganize after the ipo. they have formed a new unit called iac publishing. it will be home to, the daily beast, and the point is to make the most successful advertising and data practices from each business available to the entire group and to reveal more detailed financial information about these businesses. according to the ceo, the four properties will make up about $300 million in sales in 2015 and are profitable. shares fell close to 2% in today's trade. liberty media ceo said yahoo!'s core business is not on his radar right now. that the reports like companies like verizon might be interested in buying yahoo! in interview on bloomberg, he said he focuses on subscription businesses.
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howard stern's contract is up for renewal. >> a lot of reasons why people subscribe to sirius xm. people love the genres of music. people love the duration. -- the cure ration. people also love the ease of use in the car, lack of commercials. they love exclusive content like howard stern. >> is he staying? >> we are optimistic we will continue to have howard. we have a lot of exclusive content. the nfl, major league baseball. we have bloomberg radio. >> you cannot make that much money on nfl or baseball. given how strong the nfl is. sirius xm may have been your best acquisition ever. >> we have been trying to get a handle on the department of justice's attitude towards mergers, whether that will be
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treated as a one-off. famously, the justice moved to reject the at&t-t-mobile deal. what are you looking at in terms of time warner and charter? what do you will have to do? >> there will always be discussions with the department of justice and fcc about why this is the public interest and why it is not anti-competitive. i think we have a very good case. i am optimistic we will move forward with the deal. >> do you know what you might have to get rid of to make the case bulletproof? >> i do not believe we will have to get rid of anything. that remains to be seen. >> really? i want to go back to sirius xm. they only have 30% of listeners. do you believe in the radio business? when i look at companies like i heart radio, they are not in the best position financially. why are you so positive about the radio business? >> people who are willing to pay
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a premium for a subscription, whether it be hbo or starz or showtime or sirius xm in the radio world. or people who are not willing to pay. whether that be pandora or i heart radio. radio listenership is strong. i heart has a strong balance sheet. >> i feel like that is been the narrative for the last seven years. i have paid for music my whole life. many people under the age of 25 don't know music costs money. >> we are probably targeting an older audience than that younger person who does not pay. people who buy new cars, the average age is early 40's. they are willing to pay good numbers. we have 29 million subscribers in united states. we will optimum -- we are optimistic. >> how do you grow? if you already have old people.
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>> young people do get older. they do get more wealthy. and they begin to pay, that is the hope. emily: coming up, with the price of oil plummeting, our tech stocks becoming the new save haven investment? that is next. in the latest episode of studio one we sit down with hollywood heavyweight troy carter. he had the foresight to invest in spotify when it was getting off the ground. we will bring you a sneak peek of that chat later this hour. ♪
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emily: oil is plunging, drillers are freefalling, and retailers cannot find the floor. how has the entire stock market managed to avoid caving in? the answer is tech stocks. shares of computer and software makers have surged in the last
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few months. why are investors coming back to check? joining us from new york is our stocks reporter. also with me is tom giles. he runs our technology coverage. i want to start with you. what sort of trends are you seeing? >> we have seen investors come back to tech, especially after the september 29 bottom. a large reason for that is because investors are chasing growth prospects. emily: what names specifically? tom: anna-louise pointed out , microsoft is a big part of it. a lot of optimism, an opportunity to show his stuff. a lot of enthusiasm around microsoft right now. we haven't seen that for many years. that is a big part of it. look at facebook, the facebook story is full and positive energy right now. there is a belief that mark zuckerberg and sheryl sandberg are doing the right thing.
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they are keeping people engaged. they have overcome all of the concerns about mobile. emily: anna-louise, talk about how what we are seeing in tech compares to the s&p? anna-louise: the s&p forecasts are calling for contraction in the current fiscal year. tech for earnings, i believe it is 12% growth. revenue, 4.7%. we are seeing higher growth prospects. one interesting dynamic is, we are seeing investors come back to tech. the tech group is beating the consumer discretionary group. that is been the leader in the market this year. emily: in an op-ed, an end to the tech bubble bait.
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he writes, this line of thinking ignores the value digital technologies have created. more importantly, it neglects digital technologies will create over the next decade. tom, our job as journalists are to cast a critical eye. some of them are private tech companies and we do not know how they are performing. what do you make of his comments? tom: he raises some really good points when you think about the long-term. all this talk about are we in a bubble, are we not in a bubble, it is not relevant. companies,ivate tech there are artificial valuations going on. we talk to entrepreneurs and they will admit some of these things are very artificial. they are made up. it is a temporary thing. you will start to see the valuations come down a little bit more and people will start focusing on, what is the core technology these folks are focusing on? what are the building, and will
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it change the way we do business and live our lives in the coming five years, 10 years, couple decades? i think that is what he is getting at in that discussion. emily: what trends will you be watching for in 2016? what should we be expecting? anna-louise: what we really need to watch is to see if there is follow-through. it's important to mention that the tech stocks were down 1.5% today, so they did hit a 15-year high on friday. whether or not we can see continuation of that remains to be seen. i am not saying this is necessarily a top, but some people may see today's weakness as indicative of something broader. we want to see more follow-through and see if we can form new highs. emily: always great to have you. thank you. watson called it.
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is it true? is the apple watch supposed to be the number one gift this season? a dive into the sales numbers, next. if you like bloomberg news, listen him a bloomberg radio app, ♪ sure, tv has evolved over the years.
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it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. angie: the australian dollar surged as job data smashed expectations. 71,000 people around work, bringing the unemployment rate down to 5.8 percent. 138,000 jobs have been added in two months. some analysts are skeptical about the data. >> we welcome the movement in the figures. we particularly welcome them from the interview of those australians who have found themselves unemployed and those businesses who are doing the things i need to do to grow businesses and bring people on board. this is encouraging prior to
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christmas. it is great to see the trend translating into people being in jobs. asie: oil has surged higher investors consider the first decline in u.s. stockpiles. they usually try to drain tanks to reduce tax burdens. opec prefers market shares to price. business software maker debuts on wall street later after selling shares above the range and being valued at $4.4 billion. in itsed $4.6 million ipo, selling at $21 a share. twitter and nasa are among its global customers. speak about the vw
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emissions scandal. it no longer faces damages of $2.4 billion as the discrepancies are improved -- unproved. let's check in on the markets in asia pacific. another down the day and the region. we had the shanghai composite up by 2/10 of a percent. kong andat in hong elsewhere. quite a lot of, the nikkei 225 down by 1% over the third straight day of losses. the stronger yen has weighed on next or companies. australia down by 1%. we have seen a bit of a rebound in bhp and rio tinto. new zealand shares closing lower by 2/10 of a percent. cutting interest rates there to record lows of two-on-one and a half percent.
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let's have a look at the australian dollar. the jobs number had a big spike when the data was released. up about 1% against the greenback, holding at 72.97. counting down to the reopen and hong kong and china at the top of the hour. emily: we are watching apple. they are setting the tone for the tech sector today. bloomberg confirmed a nonchalant remark made by les moonves. thatid at a conference apple had pushed plans to develop a live tv service on hold. that is different from the apple tv. this is a plan to sell a package of 14 or so channels for 30 to $40 a month. they reported the long-awaited service would not be ready until next year. joining me here in the studio is an asymco cofounder. great to have you here.
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are the most accurate apple analyst on the street. what do you think is really happening? is it on hold? is it dead. >> we cannot really be sure. the fact is it has always been a tough fit. we are seeing, apple is a devices company and the software company and a services company. aboute are talking distributing a huge amount of content. however, let's be clear, only to the united states, which is not the biggest market anymore. they would have to do deals, not just with individuals license holders, but on the global scale. it has never been that apple has launched products locally that much. it's a very tough fit for them. you can see the struggle they have been through for years now, trying to get these types of deals done. emily: apple tv is the new thing. just went on sale. we just got ours in the mail. is this a blow to the apple tv set-top box service? that you can't get this with
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your apple tv? >> in some ways, it is. that is the one product they have that needs a lot of content for it. that isn't normally an app. a are moving it into the app domain. that is one thing this new device has. it is serving up things like games, shopping apps. not having a broadcast or streaming service on top of that is a little bit of a knock against it. it has never been a big volume business for them. emily: we were looking at the billboards in san francisco. do you have any idea how well the apple tv is selling? ordering it, it literally arrived the next day. >> my understanding, it is not the sort of product that moves
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in the tens of millions. we have had 20 million, the only figure reported by apple, over a seven-year timeframe. that was last year. on the great quarter i would , think they do 2 million a quarter on a great quarter. a new product launch, they might do four. let's put that in context. the apple watch is selling 4-5. for the holiday, as many as 12. that is a brand-new product versus an eight-year-old product selling in the single digits. emily: let's move on to the watch. you are in town for a conference devoted to the watch. many hours of programming devoted to this one product. how well is it really doing? >> it is doing rather well. my estimation is 20 million in , the first 12 months. they sold between three and five per quarter so far. emily: that is a wide differential. >> we do not have actual figures
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from apple, so we have to read between the lines. the sales data is bundled into other things. i think it is safe to say about 3.5 million per quarter. that gets them to 7 million so far. the big question is what they will do this holiday period. the holiday is the biggest by far. i think doubling the holiday quarter will bring them well above 7 million. we do not know if it is a promotion they are running. or how many units they want to sell it that price. apple is likely to hold the line on their pricing. to haves it unusual best buy dropped the price of an apple product? >> they have done it with the ipad before. emily: is it because the merchandise is not moving? >> most of their orders are on demand. there is not a lot of inventory to worry about, i suspect. a lot of that is promotion and sales momentum. the watch has been doing well.
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we have heard a lot of positive results as far as the, you know, intent of purchase. 7% of adults estimated by i believe writers -- reuters -- they just ran a story where 61% of those who buy an apple watch are buying another one as a gift. we are seeing potentially over 10 million units this quarter. emily: what about ipad pro? >> that's hard to figure out how many they will sell. i have no handled on -- on that. i do carry one. we will not be able to get that data. we will know a little bit about the average selling price. given the launch. emily: apple is planning another event in march. we could see a second-generation watch? a new generation of the phone? what do you think?
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>> rumors, we do not know. emily: you are the smartest apple analyst on the street. >> i only work with public information. i try to analyze the likelihood of things happening. the likelihood of a new c product is very high. what will happen in march or not, i can't say. i think there has to be something at the lower end, as we have seen as long as the iphone has been around. there is likely to be something filling in the lower price points. as far as a new watch version, there will be a watch version next year. we don't know if that will happen in march. this is an unusual situation. we have only seen march events for brand-new products. for example, the first ipad and the first watch. emily: maybe a car? much further along than we thought. on that note, i do want to switch gears. pun intended. samsung says they will spend more energy on driverless technology.
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in a statement, they named a new vice president to head up the project. they are hoping to take market share from its south korean rival lg. they have already established a lead. of course, also apple, panasonic. they provided chips for dashboards. that brings us to the apple car. you were one of the first people to suggest that apple take this project on. what you know so far? >> i began talking about cars three years ago as an interesting topic for technology analysts. or, for observers. as the car business is due for a big shakeup, everyone recognizes this. as far as how it will happen, will do the leadership role apple is in a wonderful , position to have a big role because of its hardware chops, manufacturing scale, knowledge of integration systems in general. they are able to put their hands around the whole problem. that is the integration problem. i am very bullish on an apple car.
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as far as when, i think the more important question is how many rather than when. emily: how big is the market? >> how many units are they willing to ship? to make a really impact i think , they need to be targeting a million units a year. we have to put that into perspective. tesla is at 55,000 units after how many years? 4-5 years? i am thinking apple can get to one million units. emily: tesla makes cars. and the battery. it focuses on cars. and it has a huge head start. can apple really take on tesla? can apple make a car that much better than the competition? >> it is not a question of if. lamborghini makes good cars. but the only make 3000 a year. it is easy to make great supercars. whatever performance measure you want, but in very small numbers. the question is always about how many. it is easier to make a ferrari
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than to make a ford. from a mac -- a manufacturing point of view the investment , required to make a ford is in the billions of dollars. more than is spent on engineering a supercar. in that sense, i would say the performance is going to be adequate in terms of range. the question is only, will they set up the manufacturing capacity necessary to make a dent in in the -- in the market with over 80 million cars a year? emily: what else could apple disrupt? >> the wearables market in general is very exciting. that is a proxy for the internet of things. we have not seen a lot going on besides thermostats and a few watches. but the big question is, how many more devices can become "smart"? they will connect to the internet and have a software development environment. those are the three elements that make something smart. how many things can get injected? emily: what devices would make the most sense?
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>> something in your home beside your tbn thermostat. what about a clock, something that is a piece of furniture. decorative item that has intelligence. it could listen to your voice. we have seen some experiments going in that direction. i thought, why not a clock? just like you have a watch, you have a home clock. behind that facade is a very powerful supercomputer. and what would that do? it can do so many things. it can organize not just your family activities, but it could be a high of, something that goes against the grain of the cloud. a lot of the cloud mentality, let's push something into an anonymous server. how about having it in your home? emily: do you have any intelligence that this is -- >> none whatsoever. emily: i like your imagination.
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always great to have you in the studio. thank you so much for stopping by. coming up, adam factory ceo troy carter joins me on the latest episode of "studio 1.0." ♪
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emily: in the latest edition of "studio 1.0," i sit down with troy carter. founder and ceo of atom factory. he has had a colorful hollywood career, working with will smith. i spoke with him overseeing lady gaga's multiplatinum career as her manager for six years. you met lady gaga. she was an unknown. troy: she had just gotten dropped from def jam records at the time. this girl with huge, dark
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sunglasses and fishnet stockings and no pants. she and i were kindred spirits. we headed off. emily: no one knew who she was. you cannot even get "just dance" on the radio. you guys were playing clubs, multiple gigs a night pounding , the pavement. how did you finally break through? troy: she is probably the hardest working artist i have ever met. you could not find another artist who put in more hours, studied the game, studying the craft. from songwriting skills to piano , she was not a dancer when we met. she was behind the piano. she works so hard at the choreography. all of a sudden, she was a dancer. you wanted to compete on the highest level. emily: you guys started little monsters. i wonder how much that helped take her from here to international popstar. troy: you do not meet too many
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artists who understand digital and social in that manner. it was not us educating her. it was just as much as her educating us. i remember getting a phone call, she was watching "the social network" movie, and she said, i want to start my own social network. of course, i made a couple of phone calls. it was a collaboration. emily: this is another relationship that ended abruptly for you. what happened? troy: relationships change. you begin to know what you are really good at. i started looking at us as, i am really great at being an accelerator, we sign you as a kid and we go through 30 years, i do not even know if that is my personal ambition anymore. after working with gaga and
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going through that heartbreak of -- we worked incredibly hard to build this empire and all of a sudden, you get snatched out of it. it was a little bit hard. emily: troy carter, such a fascinating story. you can catch the full interview right here on bloomberg television,, and it is a podcast on itunes. facebook ceo mark zuckerberg is unfriending donald trump because of his controversial stance on the muslim community. on monday, trump called for a ban on muslims entering the united states. in a post today, zuckerberg voiced his support for muslims, saying i want you to know you are always welcome here and we will fight to protect your rights.
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coming up, google is no longer number one. why the search giant is number eight on this particular ranking list. when we come back. ♪
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emily: if you are looking for a job, how about booking a stay at airbnb? at the company itself. the home sharing service is top of the list of the best companies to work for. glassdoor releasing this list. the ceo told me today, everything there is about this year's list. thank you so much. it's great to have you here. airbnb tops the list this year. >> really interesting, first time on the list. first time at all. >> last year, they did not have enough reviews to make the methodology cut. but i think is interesting is a , big consumer brand, but not as well-known for their workplace. not like google or facebook.
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but it is a workplace we should be talking about because it is really interesting. it is an incredibly mission driven culture. they have a unique mission, which is to bring a sense of belonging to people everywhere. they do that for the intersection of adventure and travel. that is kind of, i would not have thought that. i would have thought they wanted to be the world's biggest lodger. they give everybody a $2000 credit to use on airbnb. all employees can travel the world. vacation days? >> i wouldn't be surprised. emily: you mentioned google and facebook. alphabet dropped. >> facebook last year was still in its post-ipo chop. what is coming through in the narrative this year, the company has settled in.
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it is solidly hitting on all cylinders. people are executing well. google, on the other hand, big. gone so people feel further away from their impact. they are pointing to the alphabet chop. emily: what are people saying about alphabet? it is confusing. it is breaking down the internal culture and cohesion. emily: how many companies are tech companies? it's a lot. >> 21 out of the top 50. emily: is that a new trend? >> it was 14 last year. a lot of oil and gas, retail. it's a broad list. i think it is because if you go to what makes a great company, the number one thing we see repeated again and again is a strong culture and a set of values that is driven home throughout the organization by a strong leader. that is more common in tech that
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-- than most other industries. emily: where is yahoo!? >> yahoo! continues to slide. marissa mayer, her honeymoon period continues to be over. it is a choppy time for them. emily: talk to me about the methodology a little bit more. you have a special algorithm by which you come up with this list. how does it actually work and how do you know it is an accurate representation of the workplace? >> it is pretty simple. 30 million people per month visit glass door. they use us to research companies, salaries, interview questions, or jobs. a meaningful number of those people tell us what it is like to work at their company. that is the only way this data set is built. we don't survey people are work with the companies. this is completely based on what the people, the employees in the company say about working there. we feel it is the best representation, the employee's choice awards for companies.
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>> the list is based on how many surveys? >> to be considered for this year, you had to have 75 reviews in the last 12 months alone. the algorithm looks at last year's ratings, ceo rating, and we begin to piece together what is a full narrative or the company? it is based on what the employees say. emily: what about twitter? >> twitter declined in the ratings this year. if you read the reviews, they are enjoying a jack dorsey return halo. it is loud and clear. employees are revitalized and excited to have him back. emily: we will see where twitter ends up next year. with jack dorsey back at the helm. that does it for this edition of "bloomberg west." we will see you tomorrow. do not miss this week's episode of "studio 1.0" with troy carter.
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