tv Whatd You Miss Bloomberg March 28, 2019 4:00pm-5:00pm EDT
china and u.s. trade deal we don't want to hang our hat on. maybe taking the long path. looks pretty. that is not euphoria in the market by any stretch of the imagination. but despite some of the nice data you were looking at. joe: what if you had days like this every day? it would turn into something. it would be a melt up. caroline: as we say, are since 2012. since-- best quarter 2012. let's dive in deeper. >> we have looked at this chart before. moving averages. over the last year, very reliable for the upside and downside. you'll also notice the s&p 500 tends to trade try to the top of it. up and down. we had the volatile fourth captured too much of the downside look at this year's best quarter since 2009,
upside to the breaking above it at one point on exuberant trading. there's an area of congestion unclear whether that will break upside or downside is that of lower highs and if it follows the pattern of top to bottom it may see consolidation back down 2750. >> thanks abigail. one of the weak spots we saw in the market today was telecom stocks. sprint, one of the biggest decliners down about 6% of a lot of this has to do with speculation that the sprint/t-mobile deal may not get approval. the market assumed these telecom including verizon and at&t would end up with more pricing power once that deal got approved. sprint t-mobile did the number three and number four wireless
carriers in the country and the idea that once they were combined they would have more pricing power is based into stock prices. the equity strategist said assumption of greater pricing power may not materialize if the deal does not go through. that was one of the big criticisms is that it would raise prices for consumers with the selloff today maybe gives an awkward confirmation. romaine.nks, now starting to really pay off, that is the up in quality trade. whether in the debt market or in equities. we've got as the curve has flattened and turned inverted that is the line you see on the inverted axis. the goldman sachs ratio of strong balance sheet to week, that has been on a tear. those highly levered high beta companies that were
outperforming. see at the same time is the investment-grade bond etf really starting to outperform high-yield. i think the tail end of that yellow line shows you where the up in quality trade runs into the read for yield. that's a time when the 10 year yield is plummeting and we see the outperformance of wally versus junk bonds stall out and that might be a sign in a young test in a low yield environment you still have to reach or return somewhere. back to you, caroline. caroline: thank you. alec.with us, gina and you put out some great research today and in some ways even tracking what's been happening in terms of small-cap versus large-cap. gina: it is an outperformance that is well overdue. following this as a confirming indicator. we looked for confirmations across various markets to get a sense of where we think large caps will go.
about three weeks ago large caps were making new highs. unconfirmed by small and mid-cap shares, so that gave us indication where large caps were reaching the top of their bands. small caps were not making highs through march they have been struggling to confirm this robust rally so now you have a bit of convergence which is healthy. you want to see convergence and you want to see all of the moving higher together to confirm a more durable advance. joe: one point you more talking about small caps being nice because they were not exposed to global weakness as much but in the end our small caps mostly about their beta to large caps versus any sort of fundamental differences? gina: i think that is part of the argument. the other argument for small caps over the last year was faster earnings growth. a very strong move in earnings as a result partially as a result of better growth but also
better tax reform and now small tax -- small caps earnings are much weaker. sort of the opposite scenario this year to last year. currency plays a part. but it's not the entire story. isc: one thought large small unfortunately for the small caps a have more financials and less tech and that has been a bad combo. when you have notable outperformance from tech and underperformance from financials that's a headwind for small. it is not a single factor model but it can be -- we're seeing that play out are you one of the things that's holding back small caps recently after a strong start to the year. caroline: breaking news when it comes to brexit. the leader of the opposition party, we been keeping an eye, told the prime minister he opposes her new plan for friday. we understand they spoke on the phone.
clearly an important vote goes on tomorrow. may be able to get more than 149 people, she has lost it twice. will her withdrawal agreement come through? -- gina:ng new but interesting new brexit plan. , your keeping an eye on the inverted curve yield. what does the past tell us about what happens when the curve inverts? alec: we went back and look at russell went out performance and the inversion of the three-month, 10-year yield curve we saw in the last couple of weeks and what we found is when when we look out 20 trading days , about a month we got an average of -40 basis point returned. slightly negative in the short-term. what was more interesting was that over 12 months, the average 12 month return for the russell 4000 is 4.2%, about half of what
au would expect over rolling period. the bull case, 1.5 year lag before recession or bear market starts, people are happy to shrug it off. i want to temper that by saying that may be true but that does not mean this is not a depressant on people's optimism and as a result it tends to compress returns. they may stay positive but they're likely to get smaller. romaine: as everyone knows it's really hard to predict a recession and even if you were to predict a recession with some tenderness he would not know where to get back in and there are numerous people who may have sold and missed the entire bear market and massive bull run after that. what is the right framework to think about from the investor perspective if they are concerned about the refresher unaware of all the pitfalls that can come of trying to predict -- gina:gina: i think there's no way to paint every investor with
one big brush. your risk tolerance -- if you are 20 years old and you're looking at growing a portfolio for the next 60 to 70 years, consider having how long we live -- considering how long we live recession is somewhat meaningless. if you're 67 and taking some risk you might want to consider things a little differently. it is difficult to answer that one big investor base. i do think in an inversion of the yield curve is one indicator and we have had these freak out over inversions in the curve for the last several months. broadou look across the landscape it seems incredibly unlikely we will fall into recession in the near-term. i love one of your indicators, joe. i don't know if i will be watching economic data. maybe market data. initial claims tends to lead to unemployment rate increasing
which is materially important so i do think you want to consider everything. not just one indicator. alec: i think we shall not make the only barometer about recession. a recession happening is unlikely. that does not mean you can't get mediocre stock performance so let's not equate stock performance with whether or not we have a recession. i think it's easy to say we will not have recession, harder to equitywill have healthy performance. it looks more likely to me that we will have middling, sloppy range bound type of equity. caroline: people talk about the u.s. economy to certain extent being affected what is happening outside the u.s.. should money being put to work elsewhere when you have the dollar the strong? alec: the dollar is a big part of that story. the bull case the fed gets more dovish. we don't think it happens. dovish fed has succeeded
installing the dollar but the rate in growth differentials are so much better in the u.s. than europe and japan that the dollar is not going down. emerging markets have stopped outperforming for equity and credit. turkey does not take into account -- look at turkey. that does not take into account the invariable blowups. help the not really emerging-market currencies sentiment relative to the dollar as well. i think, while the u.s. picture is not great, it is still the best house on a rough block. scarlet: always relative, isn't it. alec young ftse russell and gina martin adams. onoline: breaking news wealth cargo. the ceo set to retire saying we will have alan parker as the interim ceo and president. board -- what a torrid
time wells fargo has had. joe: and list scandal and churn. scarlet: he was the person who was supposed to clean every thing up. joe: numerous stories under his tenure so difficult times ongoing. scarlet: looking at the stock gyrate in after-hours trading. it is moving higher in after-hours trading. now trading above $50 a share so that would represent a 2% gain. caroline: they will look for external highs. onrlet: we will keep an eye wfc. we will also be watching and t's ipo pricing. this is bloomberg. ♪
♪ live from bloomberg world headquarters in new york. here is what happened in the u.s. market today. we've seen buying in the stock market. joe: the question is, what it you miss? caroline: lyft prices it shares .head of today's market debut the biggest listing of the year so far. trade talks could stretch for months as his administration challenges china on his geopolitical redline. minister putsime afterexit divorce deal
two resounding defeats. romaine: breaking news on wells fargo. tim sloan, ceo of wells fargo is going to step down. ingrid placed on an interim alan by general counsel parker and the company is saying it is going on the search for a permanent ceo. tim sloan stepping down. caroline: morgan stanley president is going to be retiring at the end of june we understand. this is set to be a retirement from morgan stanley. second best key top executives are leaving. come tell her to retire at the end of searchesme big news and big when it comes to key top banks. joe: trade talks between the u.s. and china. council director larry kudlow had this to say earlier.
driven.is not a time enforcement driven deal. things have to be done just policy- this is a enforcement driven deal. things have to be done just right. joe: let's get insight into the deal. rebecca harding, and independent economist specializing in trade and trade finance. what is your read of the state of play right now? possible extension coming to trade talks. does this signal the expectation they will get some sort of deal is correct? rebecca: i think what they are trying to do is focus of very much on the long-term goal, which is to recalibrate the way in which the global trading system is working. they will get a deal. it's going to take some time, but the key talent at the moment is to address issues of enforcement, issues of intellectual property and they are a long way apart from that.
this see the goal of achieving a deal is more important than trying to fix it quickly. romaine: when we talk about achieving a deal are we actually going to see some sort of tangible benefit, economic ,enefit on the u.s. side on -- or on the chinese side or will this be windowdressing? states arethink the very high on both -- the stakes are high on both sides. is important that to bear in mind. we will see a deal and there will be some benefits to the purchase ofs of u.s. cars. i think that is absolutely the case. we will also see some softening perhaps in the chinese stance around investments as well. from the u.s. perspective i think things are going -- the
reason this is taking so long is because president trump and his --otiating team have to be the chinese side can't be seen to be stepping down too much because it placed enormous store and that means building intellectual property, building on technology. that is something president xi will be key to hold onto. likely to see a lot of focus on what can be said to make sure both sides when in this particular -- both sides win in this particular game. caroline: what about ongoing monitoring of compliance? this is something trump has talked about. rebecca: tariffs are being used as a stick and a carrot if you like to keep everybody at the table. it is very likely they will stay there until some kind of enforcement deal is negotiated.
sentiment in the state at the moment, either the chinese are saying an awful lot of things and that those things are not necessarily being implemented or implemented in an enforceable way. and the important thing about this, it is circumventing some forhe structures enforcement that exist in the wto. it's actually taking the place of some of those arrangements that might be otherwise negotiated through the world trade organization. caroline: the conversation continues in beijing. rebecca harding, we thank you. across the board my comes the banks, tim sloan will be leaving as ceo of wealth far go. ellher of morgan stanley also retiring.
sloan, michel, how much of a shock is this? it was a couple of hours ago warren buffett was saying i'm 100% behind this man, as romaine pointed out. michelle: this is something people have been telegraphing maybe falsely, for a long time. wells fargo faced a lot of pressure during the house financial services committee to replace sloan. i am shocked it happened now. romaine: is there anything we can read into the fact that it is happening now and happening without a clear replacement in place? michelle: to me that does seem an indication it is them feeling the pressure from congress to do something to show they are actually cleaning up their act. romaine: so the view that they haven't is there is a culture of all kinds of problems and they are expected to keep popping up. the problems are not fixed? michelle: tim sloan was brought
in as a new face that was not related to these problems and the fact that we keep finding out new things i keep that led investors -- i think that led investors to be more wary and more pressure to replace him. caroline: very long serving man is going to be stepping down as global president, a bit of a straight shooter here. what does that mean in terms of his retirement? michelle: it's another one of the leftover leaders from the financial crisis stepping down. a 30 year veteran. he was not ceo but along with jamie dimon, some of the last people left at the banks that helped steer them safety after the crisis. romaine: we should not keep these people around for the next crisis? has beenriousness, he there for a long time. he was kind of the heir apparent . he is also in his 60's. the sense of a guy who may be sees the writing on the wall?
michelle: maybe he is going to run wells fargo. think after 30 years in the long time in the industry it's time to move on. joe: at a place like morgan stanley or any of these places, is there an expectation that it is time for an overall churn of the executive ranks? michelle: at wells fargo? joe: at all of these places, is the review that this is the point where these veterans who have been there for a long time you would expect to see more people leaving and an generation of new faces we have not been talking about? michelle: we see some of that for years. happening on a case-by-case basis across the banks but then you look at jpmorgan, the leader at the top has been there longest. longest standing ceo. i think what causes these trickles of changes, when there is either a power struggle or one person leaves obviously that means other positions are left to fill.
jared: it is not a complete surprise following tim sloan's testimony in front of the finance house committee although that was political theater in most investors took it for what it was i think the bigger question was when the comptroller of the currency came out and did a size wells fargo's effort in trying to resolve these problems and chairman powell last week with the federal reserve also came out and criticize their efforts. when your main regulators come out publicly not supporting the effort you are doing to correct theproblems it seems to us change at the top was going to happen. unfortunately terms loan is a wonderful guy, wonderful man but i think he saw the handwriting on the wall and decided to do what was best for the company. romaine: another resignation came out of the blue for us with colm kelleher. i'm wondering if you can give insight into why he is moving on
and what -- how the void will be filled at morgan stanley. gerard: morgan stanley has a deep bench, as do many of the large banks in the united states. i don't think it's as dramatic as the news with tim sloan, for different reasons entirely. stanley has done a very good job in recovering from the crisis. they have diversified their business mix. they are not as reliant on trading in the capital markets business as they were prior to the financial crisis and this has led them well particularly expansion into wealth management . i think they would probably have a more effective way of replacing the folks that do leave. romaine: we will have to leave it there. this is bloomberg. ♪ want more from your entertainment experience?
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isk: president trump accusing mexican and central american leaders of doing nothing to prevent illegal immigrants from coming to the united states. this tweet comes the day after his homeland security secretary met with some of those same leaders to hammer out an agreement aimed at reducing the number of migrants streaming north. the president reiterated his threat of shoving the u.s. mexico border. it's been revealed special counsel robert mueller's trump pressure report is more than 300 pages long. the newsletter fresh criticism from democrats arguing attorney general william barr's summary was greatly inadequate and the full findings must be released
quickly. the president took a shot at house intelligence committee chair adam schiff writing that knowinglynt two years and unlawfully lying and leaking . should be forced to resign from congress." republican members of the committee send a letter to shift asking him to step down. >> incompatible with your duty as chairman to the committee andh has the obligation authority to provide effective oversight of the u.s. intelligence community. we have no faith in your ability to discharge her duties consistent with your responsibility and urge your immediate resignation as chairman of the committee. schiff saidy angry he would not step down. >> what would be the proper adjective, shameful,
irresponsible? the republicans on the intelligence committee and the president to take the actions they have. they are just plain afraid. criticizeder pelosi william barr saying his report was condescending. she called bars decision to write the letter arrogant. the venezuelan government says officials closely linked to president nicolas maduro claim there are irregularities in juan guaido's financial records. he will continue his campaign to unseat maduro. global news 24 hours a day on air and on tic toc at twitter powered by more than 2700 journalists and analysts in more han 120 countries. i'm mark crumpton. this is bloomberg. caroline: it feels everyone is changing jobs.
campbell soup announcing a change at the top. the chairman is going to be retiring. less than a set to retire. cominglin -- going to be -- keith mclaughlin interim ceo for the company. come over from electrolux and now takes on the chairman role of campbell soup. lyft is the first ride-hailing service out of the gate to ipo. the capacity to play with companies like netflix. your to break down the numbers, man deep mandeep singh. a lot of enthusiasm but then you hear people when they talk about the numbers and they say a lot of losses still unclear on the business model so what explains that in your view, the company should of enthusiasm and concern
for the fundamentals. mandeep: if you look at where the investors are going they see this potential in the transportation market. trying to equate the disruptive have onber and lyft transportation and to what amazon did with e-commerce and no one seems to be focused on the bottom line at this point simply because the growth potential in this year ride-hailing market, ancillary services, see huge. -- it is huge. romaine: alphabet, google when it first came to market, there was an ability to model some sort of earnings or revenue growth forecast in a way that was in a more traditional manner. it seems like with lyft we can't really do that. mandeep: we have modeled revenue growth so they grew revenue 100%. we think for the next three years they should be able to
grow bookings and revenue at least 30%. if you look at the overall total vehicles of miles traveled in the u.s. it is for trillion miles traveled every year and ride-hailing is less than 2% of the total miles traveled. the potential is huge that way and you can model the top line. the bottom line is driven more by variables like insurance cost , processing costs, ground checking costs. difficult to model those for the next few years simply because they are in growth mode and i think it will take a while to stabilize that. joe: obviously the total potential market is gigantic. going back to the alphabet analogy, in those days we did not know how big this was going to be. ,t seems obvious in retrospect but there was more skepticism back then. mandeep: exactly. i think that is what is driving enthusiasm. people underestimated the top
line growth potential. we have come to a point where i think investors have seen disruptive impact, e-commerce companies have had, netflix has had, they are trying to see how big off the top line -- how big of a topline growth story this can be and how they can sustain. the consensus view, they will be a look to sustain topline growth of the next 45 years. caroline: great analysis. bloomberg intelligence. all executive shakeups we've seen so far. we've had of late the news coming that campbell soup's chairman is going to be retiring. les vinny retiring. be takingughlin will his overall position. morgan stanley global president also retiring. he is going to be stepping down. tim sloan ceo stepping down from
joe: president has turned his attention to health care. he emerges unscathed from special counsel robert mueller's 22 month-long probe. the president told reporters "republicans will be the party of great health care" before taking another swipe at the affordable care act. connor, an interesting time right now because obviously we have this administration trying to chip away at the existing health care regime.
democrats want to take it further expanding medicare for all. .ou had an interesting column the markets really do not see any inflation on the horizon but if we do get a new regime perhaps we could really see a different economic regime in addition to health care regime. connor: i think we have seen this diversion where you have week global data and a change in fed policy putting downward pressure on rates and the political discussion and debate is becoming more open to big deficits and big spending programs down the road. so even though we have gridlock and not a lot is getting done when that gridlock unlocks it seems like it will be a much different regime that we have had for a few decades. caroline: we have seen money moving into tips. preparing for inflation. some seeing the price targeting of the federal reserve could go as high as 4%. will we ever get to that full level inflation? will it take something like the gross amount of spending to get us to that height?
conor: in a developed country inflation is a political choice. reasons i think inflation has been low in the developed world is we have good governance. a policy choice by fiscal and monetary policy makers. the question is whether it is a full democrat or republican regime or two parties working together will they agree on higher inflation target? something to inflation down the road. romaine: i'm glad you use the phrase it as a political choice. particularly on the democrat side appeared to be seizing on that idea and saying if this is going to be a political choice let's push through our vision for whatever the future should hold and we see that crop up in medicare for all. i'm wondering is there a ideas,ld for where these these potential policies to start to have a fundamental
>> [indiscernible] >> while i can't tell you whether or not it had an impact on other countries including china. countries are reacting very well. we are doing very well in our trade talks and other talks with other countries. our country is doing great. ,f you look at other countries what's happening the economies of other countries we're leaving countries we're leaving the world economically -- we're leaving the world -- leading the world economically.
we are very happy. in 2020 to make sure -- >> the special olympics will be funded. i just told my people i want to fund the special olympics and i just authorized a funding of the special olympics. i think it is incredible and i just authorized a funding. i heard about it this morning. i have overridden my people. we are funding the special olympics. [indiscernible]
president trump: i hope she does well. i hope the brexit movement and everything happening there goes very well. theresa may is a very good woman. she is strong, she is tough and she is fighting. lot.e boris johnson a taken better care of puerto rico than any man ever. going ton dollars puerto rico. $29 billion to texas for the hurricanes. puerto rico has been taken care of better by donald trump than by any living human being. i think the people of puerto rico understand it.
you have america san juan that does not as you have a mayor and juan they are not spending the money wisely are you giving them more money than they've ever gotten and frankly the people of puerto rico, i have a great relationship with them and i think when it comes time, they do appreciate it. [indiscernible]
president trump: obamacare has been a disaster. romaine: you are watching president donald trump speaking to reporters outside the white house making some comments about brexit basically saying he wishes theresa may the best. we should point out earlier today president trump made some comments with regards to oil prices and took aim at opec for the second time this year basically saying opec should pump more oil. trump seemingly turning his attention to the uptick we've seen in oil prices and we want to talk more about that so let's bring in kevin book from clearview, a managing director at clearview energy partners, joining us from washington. cost comment earlier today and we saw a drop in oil prices but the most interesting thing was that by the end of the day oil prices had recovered and continue to push higher. gasoline continues to push higher. in this environment, do we have to start worrying about what the
effect of mrs. bush with the effect of this is going to happen on the consumer in the economy at this continues? kevin: high prices are challenging a different income levels for consumers. consumers do not like high gasoline prices and president trump trying to speak politically to folks that not want them to feel disadvantaged. economically we are getting closer and closer if we are not already at the white were of stream investment is a high prices is helping our economy more than consumption contention for gasoline is hurting it. joe: when it comes to consumers view of gas prices is it a linear relationship where as gas prices go up consumers feel the pain or is it a thing where it hits of threshold and consumers go from being fine with it to suddenly creating a problem when they see a new number they had not seen before?
kevin: the absolute price is not the right way to think about it in terms of consumer payments a question of how much of their disposable income is going to gasoline and there are threshold you cannot say it maps to a specific number a lot of it has to do with the pace of the acceleration but when the gasoline share of disposable personal income rises above 3% that is a significant impact. we are at 2.5% and that is about 44 basis points from a couple years ago but down by more than 1.5% from the peaks earlier in the decade. if you look at what it means it really means you have a certain amount of money and what you don't put in the tank you can put into your life. that is what consumers feel. prompts: certainly what trump to tweet about it. but how efficient has a tweeting become. kevin: -- how efficient has a tweeting become? maybe it is the implicit threat that the tweet carries.
a bill circulating in washington as it has ever years and 2000 called the no oil producing and exporting cartels act. it would outlaw opec and essentially take stocks out of the market such as opec provides the so that would lower prices substantially. it would create a lot of downward pressure for producers in this country. not come out has and supported the bill since he was president but he does seem to be referencing that there is a tool that could be made available to him and that gives traders pause when they are out in front of the long interest. romaine: we've been talking a lot about how this recent oil .ally was supply driven what are you looking at and seeing with regard to demand not just for crude but for the finished products with gasoline? kevin: particularly here in the u.s. is important to remember we are huge consumers of gasoline. 9.5 to 10 million barrel s 9.5 9.5 millionels --
barrels aion week. it is flattened out our consumption ease best even as vehicle miles continue to rise. even without price responses we are starting to lag relative to where we have grown on the trend and when you throw in price responses, which you can start to see in the numbers, you have a significant impact the global demand for gasoline compression. caroline: thank you kevin book. great to get your analysis. breaking news coming from lululemon. a block trade in that particular company. lululemon has hit a record high. romaine: a massive intraday gaining 14%. i just bought a shirt from them. it did not fit.
we are going to turn to some of the other news we've been getting this afternoon. the resignation pending of the ceo of wells fargo and the global president for morgan stanley. here to talk more about that is erik schatzker, who knows both of these gentlemen quite well. knows a lot about their careers. let's start with tim sloan. that did not seem to much of a surprise. maybe the timing to the little people off. erik: the timing more a little -- more aest a little -- imminentate retirement coming in june. if you think back to what happened at wells fargo since when the fake01 accounts scandal erupted6 it has been and never ending drumbeat of scandal after scandal in addition to the bogus accounts. we have had inappropriate mortgage fees.
people being put into carnage best into car insurance they did edt sign up for alter documents that spurred a justice department probe, incorrect pricing and fees for foreign in the wealth management business. people being foreclosed upon because of computer glitches. this stuff is almost beyond belief when it comes to a bank and while sloan has been insisting time and again he and the rest of his colleagues are doing the right things they ,rought in a new chairman they've turned over almost all of senior management, simply not enough. joe: what kind of experiences that person going to have to have? relevant experience someone could have to up a situation like that? erik: let's start with an excerpt. i think it serves to illustrate
something. an excerpt of a conversation i had with tim sloan in may of last year. short excerpt and i will explain why. are there aresay lots of things i wish we would have done differently over the last few years. over the last couple of years i think the changes we are making in the company to make sure customers are taken care of that we are fixing anything that we've broken and that we are building a better company by making these long-term decisions we are going in the right direction. erik: the reason we have an excerpt is to point out whoever takes his place is going to have to be more persuasive than that because tim sloan fair to persuade the fed there is a ban on growing the balance sheet. -- wells fargo has demonstrated an
inability. it's going to have to be someone with the kind of personality that can impress federal regulators institutional customers and consumers. who could that person be? there is a relatively short supply of available talent in the banking industry. we have seen the inability for jpmorgan to maintain a proper succession path ultimately for jamie dimon. all the people flagged as potential successors have eventually left. it's not clear. there was a challenging succession race goldman sachs. .arvey schwartz mentioned of the geithner lost out to david solomon for the ceo race at goldman. named as a potential successor had any number of institutions including wells fargo but the rubber against a candidate like harvey schwartz is he has no experience in the consumer business.
notwithstanding the fact that it is a giant corporate lender, principally a consumer bank. its single biggest business is underwriting consumer mortgages. caroline: amazing. romain pointed out he had 100% backing from none other than the oracle of omaha. roster of bank executives moving. just today morgan stanley losing its global president. erik: that is not a big deal. colm kelleher was a loyal number two did james gorman. the time was going to come when he would step aside to put someone in that place who perceived asll be the lightweight successor to james gorman. it was never going to be colm kelleher. there was an understanding between the two. it was just a matter of when. caroline: always great to get your inside knowledge.
♪ i'm emily chang in san francisco and this is "bloomberg technology." the day has finally come for lyft as it prepares to set a price for its shares before it hits the public market. plus antitrust lights shining on big tech. we speak to the louisiana attorney general for his take on what the state should be doing