tv Bloomberg West Bloomberg December 27, 2013 12:00am-1:01am EST
>> live from pier 3 in san francisco, welcome to the late edition of "bloomberg west," where we cover the global technology and media companies that are reshaping our world. i'm emily chang. our focus is on innovation, technology, and the future of business. let's get straight to "the rundown." twitter is on a tear, soaring more than 25% in just the past week and topping 75 -- $75 a share or the first time, all of this for a company that has not yet turned a profit. and caught trying to game google search results. now out in a cold with links for the website buried below even
its wikipedia and facebook pages. and amazon and other web retailers fail to make good on christmas delivery promises. shippers cannot keep up with the onslaught of last-minute orders. we ask who is really to blame. first, to the lead. a christmas search for twitter as the stock topped $70 a share for the first time today, soaring more than 20% just this holiday week. shares rose another five percent today and are now up substantially since the ipo last month, giving twitter a market cap of more than or $.5 billion, greater than the market caps of long-established companies like delta airlines, best buy, and cereal giant kellogg -- a market cap of more than $4.5 billion. what is fueling the rise? could the microblogging service really be worth this much money? is this fair? >> i don't know about fair.
it is certainly exciting. it is unambiguously well past overdone, and these stories do not tend to end quite as smiley as they run, but it is a beautiful sprint we are seeing here that we are seeing if you are long or already own twitter. >> twitter's market cap is about the size of target, yahoo!, time warner. why is this happening now? >> twitter found a way to make facebook look cheap, which is a pretty tricky thing to do. a lot of folks want exposure to social. the world is waking up to the power of social and mobile advertising. twitter is native mobile and social and very exciting. it has it nor ms. promise -- it has enormous promise but literally has to do everything you and i can imagine perfectly for the next year and a half to grow into a tie. >> you have those saying this is based on height and not on fundamentals. would you agree? >> the fundamental story gets you into the mid or low 20's.
i don't think it gets you the rest of the way. heaven the times sales, when such minor names as google cannot get a but -- 70 times sales when such minor names as google cannot get above seven times sales, i don't think there's much of a real question there. >> is twitter like the anti- facebook option for investors? or are people investing in both of these companies? >> i think there's a lot of folks investing in both, but twitter has dodged a lot of the problems facebook had. they shut down pre-ipo trading and did a nice job there. they took a nice, cautious, seasoned approach to the ipo. a kind of built and built and built. they almost had a rebuilt like they sold off, only they never sold off. in fairness, twitter is a bit caught up, as is facebook, of late, in this general surge where assets literally cannot be it up fast enough for markets, ridiculously on days like this
with low volume. >> to uc -- do you see twitter sustaining? what happens after they support after they report earnings as a public company? >> i don't think that they settle out at this. i think they settle out at a much lower valuation, something more reasonable. maybe if you want to be aggressive, even as high as the higher 40's, but nowhere near where they are now. i think it's a great company with a bright future. i think the world is waking up to social, mobile advertising. twitter has been inventive with how it reaches people with those ads, but i think we are a year or two out from anywhere near the valuations we have seen tonight. i think that this is a high 20's to mid-30's story, and that is pretty which, -- pretty rich, by the way, given where they are. >> do you think once we see more numbers in 2014 the shine is going to wear off a bit, or do
you see investors continuing to feel optimistic about twitter's future? >> i think it is a great management team with a bright future, a lot of which they will execute on. it people stop and ask themselves if this is a $40 billion story, the only answer is no unless you are smoking something exciting. >> what about facebook? what is up for facebook in 2014? >> facebook is also a great story and connecting with the market. i think twitter will grow a good bit faster than facebook, and facebook has doubt a little bit far away -- has galloped a little bit far away from where it should be, although it is closer to where it should be than twitter. facebook is sitting around 148 times on a p/e multiple, which looks outrageous unless you look at twitter, which does not have earnings there. i think twitter has a more unique ad offering at this time,
but i think the need to return to earth and grow into the awesome stories that they both are. >> you think twitter will outgrow facebook i what measurement? users, sales, market cap? >> users, sales, not market cap for sure. facebook already has one billion users. twitter is about 1/4 of that. also, facebook has $7 billion in revenue, and twitter is obviously less than $1 billion in revenue. i'm not sure that it's an indictment of facebook to say twitter will grow faster. revenue basis, 80%-plus. facebook is too big to grow 80% revenue year over year. >> we will be watching. thanks so much for weighing in. >> thank you. >> try googling rack geni -- rap genius today, and you will have a difficult time ironing it. links today -- you will have a difficult time finding it. rap genius did not return our calls for comment. rap genius, a little-known startup.
we know a bit more about it because andreessen horowitz is a big investor, but basically they annotate music lyrics. what exactly did they get caught trying to do? >> i believe the word we are looking for -- or the latin phrase is quid pro quo. this is one of the oldest games in google books. if you are trying to promote your content or your site, you do artificial things to do -- get other people to put links on their post to send traffic to their site.
>> doesn't everybody do that? >> the idea is that google will find anyone doing it in a meaningful way, where there is any sort of significant bump in traffic. google will trace where these artificial bumps are coming from and shut the sites down. that does happen all the time. normally not to sites that are as high profile as rap genius, which in its field is very high- profile. >> the site did put out a statement saying they f---ed up. so they are sort of taking responsibility, but sort of not really. >> this is rap genius saying basically if everyone were operating on the same playing field, and that was the appropriate playing field, they would be doing better than everyone else. it's sort of like the steroids in baseball argument. i as a power hitter will might take steroids if no one else is, but since everyone else is, i have to just to keep the saying field level. that is essentially what the argument is. >> their goal is to annotate everything in the future. not just music, but they talk about poetry, wall street press releases.
horowitz is famous for including rap lyrics in his own blog posts. does this reflect poorly on andreessen horowitz? >> we do not know how tightly they are involved in the everyday decision-making and the strategy. what's interesting is that andreessen and horowitz are both founders of the browser, right? this is something that they know very well. whether or not they were involved in the decision-making, we do not really know. the idea of trying to annotate the internet is one that is very interesting. anything that could be put onto a site where someone could go through and manually -- and wikipedia, like fashion, provide meaning to things that are otherwise very subtle, this is an interesting idea. >> at one point -- at what point do they get out of the doghouse? what do they have to do to get onto google's good site again? >> this is sort of writing history in a way. how does a company that in its own field in its own department
is the leader, they get into the veritable doghouse, how they get out of it -- presumably, they will. otherwise it could be detrimental to the company. >> hugely. >> a huge number of searches on the internet are for rap lyrics, surprisingly. i just learned that today. >> i did not know that. >> and this is a popular site for people to go. people are getting there because they are searching or rap lyrics, not because they know of rap genius. if you cut off that engine, it could be really detrimental to the company's traffic. >> we will see if they work it out and how long that takes. thank you very much. it was not the grinch who stole christmas this year. people who did not get holiday deliveries on time are blaming amazon and ups, but is that fair? that's next. ♪
>> i'm emily chang, and this is "bloomberg west." amazon is scrambling to make good today, due to a rush of orders right before the holiday, causing some buddies like ups to be unable to deliver on time. amazon is offering refunds for shipping and $20 gift cards and also studying its shipping options. earlier, i spoke with wedbush securities' managing director, who covers amazon. i started by asking him who dropped the ball. >> amazon is a victim of its own success. amazon has kind of low us as consumers into believing we can wait until the last second -- amazon has kind of lulled us as consumers into believing we can wait until the last second. i did some shopping on sunday and was guaranteed delivery on tuesday, and lo and behold, they all showed up. i have no idea why i was shopping on sunday. amazon has trained me to believe it is ok to shop two or three days for christmas.
they are guaranteeing something they do not control, which is third-party carriers. the only way amazon can remedy this in the future is to negotiate capacity with the carriers, which means they have to forecast quite precisely they comedy packages they are going to ship or reserve excess capacity and pay ups and fedex for that excess capacity, but this will not happen next year. i will guarantee that amazon will plan better next year. when you read the amazon press release a few hours ago, they signed up a million prime members in the week for christmas. nobody signs up for prime until the time they are making that order on amazon. i think they had a surge of orders at the last second. i think they exceeded their own expectations, and they certainly did not plan very well with ups to manage capacity. >> do you think amazon should say, "look, we cannot get that to you in time for christmas," or "we cannot take your order
right now?" >> what troubled me was the number of parents tweeting that their kids had a bad christmas because the parents were so lazy and procrastinated as to order two days before christmas and then they blamed amazon. i think the parents are to blame. i bought one meaningful christmas present this year for my wife, and trust me, i ordered it two weeks before, and i still paid for today shipping -- to- day shipping just to be sure. i think it is bad planning on the part of the consumer, and it's kind of silly to rely on amazon, who has to in turn rely on ups and fedex. we all should order three or four or five days or get up off our butts and go out to a real retail store and purchase the item ourselves. we have become so complacent about amazon's ability to deliver that now we have this expectation that they will just do it no matter what. amazon is going to manage those expectations. i think what they are doing
today, though -- giving $20 gift cards, refunding shipping -- is really smart, consistent with their customer first focus. it's a great company that slipped up a little bit this week. >> jeff bezos, the ceo, of course, recently unveiled drones that would deliver packages to your house at some point in the future. everybody says this is years off if this ever happens, but what about amazon exploring its own delivery options and not having to rely on outside providers? there has been talk of -- this would not be incredibly straightforward, but by you and the u.s. postal service or taking a stake in ups. what about other options like that? >> i think amazon is doing it really stealthily with amazon fresh. as you get local grocery deliveries -- you have it in san francisco, and we have it in l.a. -- they can pat those trucks full of anything they have at amazon. they are building distribution
centers in place was -- places where they have grocery deliveries. no reasons why they cannot throw diapers and printers and tv's in those delivery trucks as well, so i think they will experiment in this types of markets, but the truth is that fedex and ups live and thrive because they are so good at this. amazon does not have critical mass every place to accommodate its own delivery fleet. i don't think we are going to see this before we see drones, and i think drones are probably 10 years off. >> that sony? managing director at wedbush securities. after gruber -- uber hiked prices during a recent snowstorm, some are bracing themselves for new year's eve. we will talk about their pricing policy during the winter months next. ♪
>> this is "bloomberg west." i'm emily chang. it's a story that has generated 20 unheated conversation -- uber charging several times the normal rate during a snowstorm on the east coast, sparking outrage among some passengers. the higher prices were due to the surge pricing policy where users pay more when demand is higher. in reaction, they told us surge pricing helps get more cars on the road quickly when demand outstrips supply, helping to guarantee the uber reliability users count on. a competitor to uber, sidecar, did not raise prices during the storm. the ceo joins us. this has been a hot topic of conversation during the holidays. why did you not raise your price during the snowstorm? >> sidecar is fundamentally different than uber.
we chose not to raise prices because we believe in certainty and allowing riders to know with lindy of advanced notice whether or not prices are going to be higher. unlike uber, which has built a fantastic elite limo on demand service with lots of professional drivers, sidecar has built a service that is everyday drivers and everyday riders, drivers using their own cars. >> uber also has a taxi service. you are raising prices on new year's eve. how is that any different than during a snowstorm? >> the big difference is there is lots of advanced notice that we know there will be massive demand on new year's eve. we expect this year it will be even more massive than in past years. because our drivers are -- you know they have other plans, other things they might want to be able to do, we give them
plenty of advanced notice. we give our writers plenty of advanced notice, and you know through the app how much it will cost before the beginning of the trip. >> right. uber has a pricing calculator, but it's a little bit more difficult. how will your prices compare on new year's eve? >> it will definitely be cheaper than uber. sidecar is an affordable option that is easy to use, and you know you have the prices at the front of the trip, but it will be higher than normal. >> how do you know it will be cheaper than uber? >> what we know from history, the way that uber has increased their prices dramatically -- sometimes seven times, sometimes 10 times their base cost -- we will be increasing, but no more than twice the base cost. >> how do you get drivers on the road during a snowstorm if you are not increasing prices? >> we have created an experience for drivers that anybody can become a driver, and it's made it very easy.
the same reason why we provide the cost up front, is because we require destinations. that also makes for a better experience for the driver. we have introduced features like commute mode where a driver can go to a location -- say, from here to the east bay because they work at pandora or something -- and only get rides that are going their way. these kinds of features make it you can get out during a snowstorm or during other times and give rides that are convenient to you. >> uber takes a 20% cut or thereabouts. what do you guys do? >> we do the same. >> i talked to a lot of my sidecar drivers when i'm in the car, and a lot of them work for different services at the same time. they say they make more money through uber. a lot of them prefer driving force uber. how do you respond to that? >> we found the drivers love the sidecar experience because it is
convenient, they do not have to have any shifts, and because they know where riders are going ahead of time. yes, it's true, when you are charging seven times the normal rate, drivers will end up making more during those periods of time, but our belief is that riders deserve transparency. they should know ahead of time how much the ride is going to be, and drivers deserve that same kind of transparency. >> how do you guys make money? >> we take the same 20% -- >> because they are making a lot of money. >> drivers get 80%. we take 20%, out of which we pay for insurance, credit card processing, as well as all the other costs of delivering that ride. it is the same mechanism that uber has done. >> we will be watching to see how it all shakes out on new year's eve. i know a lot of people will be needing a ride, so thanks for coming on and telling us all how it's going to work. twitter's ceo calling stanford's law fellow the caret top -- carrot of academic sources. that story next. ♪
>> you are watching "bloomberg west," where we focus on technology and the future of business. black hairy's cofounder -- blackberry's cofounder is ending his bid to take over the company. he has cut his ownership in the company to just 5%. he also ended a partnership with goldman sachs, which he had hired to help evaluate his options. the chinese mobile market could get a lot more competitive. the government has granted licenses to 11 private companies to start offering wireless services, including high china and ali baba affiliates. however, the companies will have to lease airwaves from china's three state-owned companies. microsoft has cofounder bought
an island back in 1992 and had been trying to sell it since 2005. now to our special year-end series, the bwest top five. as we wrap up 2013, we look at some of the top stories in tech gadgets over the past year and ahead to what we might see in the coming year. earlier today, i spoke with a stanford law fellow about the top tech trends of 2013, trends he says were overlooked by many in the technology industry. to start, he says computing is getting smaller and cooler. take a listen. >> the ipad mini -- about a year ago, people were laughing at it. now it is a runaway success. also, tablet numbers are now
trumping the pc's and desktops. my prediction is over the next three or four years, companies like dell, microsoft, acer -- all of these companies focused on big devices begin to struggle. another thing that is happening is the prices of tablets is dropping dramatically. there is an indian tablet available in the united states for $38. it will not be long -- within a year or two, i would hit you that jeff raises gets the bright idea of giving tablets away if people buy amazon prime -- jeff bezos gets the bright idea. >> this seems to me to be a trend every year. is this really something that has been overlooked?
are people focusing on the wrong things? >> yes, people do not understand how fast is are changing, how we are eclipsing the entire pc industry. who uses a desktop anymore? most people use either a tablet or a laptop, and even tablets are getting smaller. look how popular the mini is. my wife loves it. she swears by it. there is a big shift happening that we do not seem to realize. give it another 2.5 years, you will have billions of people coming online. in seven years, another 3 billion people coming online. this changes the world. it's happening faster than we can imagine. >> you say electric cars are finally proving themselves. they had a lot of problems this year. issues with cars catching fire. it was not an easy year. >> this idiot in the "new york times" tried trashing tesla by having his car run out of electricity just so he can have it towed, yet tesla defied the odds, and the stock price rose. a year ago, we were talking
about the end of electric cars, how they were a failure. now you have people fearing the rise of technology. i drive a tesla, so i'm biased, but i cannot drive a regular car anymore. it's like going back from an ipod to a cassette player, driving a regular car. soon we will all be talking about electric cars and wondering how we drove those old electric combustible vehicles. electric cars are happening. they are here to stay. -- wondering how we ever drove those old combustible vehicles. >> you say technology will revolutionize health care. there is still some doubt about whether that is even happening yet. >> again, we are pessimistic about it, but my iphone has a heart monitor on it, so i do ekg's all the time.
a few years ago, we could not have even imagined being able to second-guess our doctor. you would go to another doctor if you wanted a second opinion. now, we go online, we owe on social media to share our pains. we are downloading apps. many companies now have fitness contest that they have their employees compete with each other on how far they walked. the quantified self movement is gaining momentum, becoming part of our everyday lives. a lot more is happening in health care than we could imagine, and this is going to be transformative. there was an article about apple patenting an ekg sensor for their iphone. imagine every morning when you wake up, your iphone tells you that you need to do more exercise today. take some vitamin c tablets. imagine your smartphone now becoming your advisor, your
medical doctor. this is where we are headed over the next few years, and we do not seem to realize how it is creeping up on us. it will be a very exciting decade as far as medical technology. we will start preventing disease as opposed to worrying about curing it. >> stick around. we will have the rest of our ♪west top 5 after this break.
>> welcome back. i'm emily chang. just a few days left in 2013, and we are tracking the top five in tech for the year. earlier today, i spoke with vivek wadhwa about the trends he says were overlooked in the year. he says tablet prices will drop, maybe 20, and he also thinks electric cars are proving their worth, despite those tesla fires, and he mentioned technology is reducing the cost of health care, but what is on the rest of his list? take a listen.
number two -- robotics. we know google bought a number of robotics companies this year, but what are they going to do with them? >> when we were young, we used to watch "the jetsons" and we dreamed about rosie the robot and all these amazing advances that would happen. the reason why they have not happened is because the computer power required to do voice recognition and facial recognition was too great. my little iphone has more computing power than supercomputers had not too long ago. now we can build these sophisticated robots. if you look at first robotic, children are building robots -- high school kids are building sophisticated robots. in the next five or seven years, you will start seeing robots serving us. google is getting one leg up, buying all these robot technologies and building a self-driving car.
this era we dreamed about is about a decade away. the trend is happening right now. -- this era we dreamed about is about a decade away. google shows it gets it and it knows what the future is. this is a huge trend which is starting now. >> you think they will be using manufacturing on the production line? >> also in the home. -- you think they will be used in manufacturing on the production line? >> also in the home. i expect it will happen in the next decade or so. >> that's not far off. ok, this is your number one top overlooked trend of 2013 -- space is back. the space race is back. really? >> think about it -- india has now launched a spaceship to go to mars. china is planning a landing on
the moon. this is unimaginable. india and china going to the mars and the moon -- but these are stories of 2013 we did not report on. elon musk was able to send a rocket up to the space station and dock with it. on top of that, you have moon express talking about going and mining on the moon. you have planetary resources talking about mining asteroids. we do not seem to realize the magnitude of it. there is going to be a space race over the next few years, and a lot of amazing things are going to start happening when we have india and china going into the heavens. >> i cannot let you go without asking you about the top story of 2013, which in my opinion was the whole kerfuffle about twitter having a woman board member or not. now twitter has added its first woman to the board, but you were, of course, very vocal about them not having one.
the ceo sort of called you out on twitter, calling you the carrot top of academic sources. are you satisfied with the move that twitter has made now? do you think they have made good? >> they have done a lot of good, but the question is -- why don't they have 50% women? half of the population is women. the majority of their user base is women. why should therefore not be 50% women? what they did, i applaud them for. no complaints on that, but we need much more. this should not be a debate. we should not be discussing why there are not women in key positions. it should be a level playing field. we need to have when the doing what they do best -- innovating and doing sensible things -- we need to have within doing what they do best -- we need to have women doing what they do best, innovating and doing sensible things. every fortune 500 ceo is looking at his board wondering why they do not have more women. this is a good thing happening, and i hope to see a lot more of
it. >> the former ceo of pearson is a woman twitter recently added to its board, but that is not enough? you think they're board should be 50% women? >> yes. we should also have african- americans, latinos. we should have a diverse board which reflects the user base. ultimately, the board represents the interests of the public, of the users, of the consumers. it is not a boys land. it should not be a boys club protecting a small community. they should be looking after the interests of their consumers, and getting a more diverse board would he a good start. it happened because this boys club, this echo chamber -- they think it is ok to do things like this. it is not ok. silicon valley better wake up and start behaving in a more respectable, more balanced fashion. we need to have diversity on
>> i'm emily chang. this is "bloomberg west." beats by dre has had big success fusing urban hip-hop culture into headphones. a new start up is looking to do the same thing with personal care and beauty product. it's a high-end subscription shaving kit for men, the first product launched by tristan walker, who joins me now in the studio. welcome back to the show. good to have you.
shaving is a market dominated by the biggest companies in the world -- procter & gamble to name one. why this? >> a lot of the mass market products that exist today i cannot use, and that's a big function of my having curly hair. what a lot of the massmarketed product that a lot of us know of do is cut the hair underneath your skin. if you have curly hair, it will just grow underneath your skin, leaving you with things like razor bumps and irritation. >> who is your target audience? >> we like to say we are making health and beauty simple for people of color. when i think about the shaving- related issue, folks of color, black men, up to 80% of us have these issues. up to 30% of other men in other races have these kinds of issues. when i think about shaving products, specifically, we think about people of color. >> do you want this to be something everybody aspires to
buy? >> it is a problem everyone has. it just happens that people of color over indexed on this issue, but we think this is the best way for anyone to shave. >> i want to talk about the process of coming up with the idea. you were an entrepreneur for many months. there was a lot of pressure to come up with something big. how hard was it? >> it was difficult. i spent nine months thinking about the ambitious idea i wanted to pursue. it took me seven months to realize i probably should only the working on the thing where i had authenticity, where i wanted to fix my own unique problems, and thankfully, i found this one, and it was worth pursuing. >> bevel, your new shaving line, is about $30 a month, anyway you slice it. there are many cheaper options out there. how will you convince people to spend that much? >> i will say a couple of things. first, bevel provides the first complete shaving system geared toward reducing and preventing
razor bumps, which is a big problem that exists in the market. the second thing -- i challenge the assumption that we are expensive. on a dollars per share basis, we are incredibly competitive, not only with more premium brands, but even some of the downmarket rands as well -- downmarket brands as well. >> we talked about how most founders and executives are white males, while a large portion of their customers are african-american, latino. now that you are on the other side, what has the experience been like for you in terms of fundraising? do you feel as if you were treated differently? >> no, i think the great thing about my investors -- i have some fantastic ones with andreessen horowitz and others they saw the problem.
they saw a founder who was authentic to the problem he was trying to solve. for those folks who got it right away -- and it was fairly easy for me to do it. >> not everyone has the luck you have. >> that's true, but not everyone has the same idea and authenticity and the golf. >> something us you're doing is you're side project, which we have covered here, which makes an effort to get more blacks and latinos into the technology industry -- something else you are doing is you're side project your side project. >> this is a 20, 30-year plan. changes will not happen overnight. one thing we believe strongly is that you should not neglect what is the fastest growing demographic in the world and most culturally influential demographic in the world. it is going to take some time. silicon valley is getting there. >> i understand andreessen horowitz is doing its own networking events for african- american people. what are those like? >> they are fantastic. andreessen horowitz -- fantastic firm -- really cares about the
issue and bringing folks together collectively. it's great to see there are a whole bunch of folks who are super successful and look like me in the valley. it is really motivating for someone like me to pursue some of this. >> all right, tristan walker. you can pre-order now. walker and company brands. thank you for stopping by. more than 94 million americans are projected to travel this holiday season by plane, train, and automobile according to aaa, but how far are we from adding underwater travel to that list? maybe not as far as you might think. i recently got a list at an underwater machine that one day hopes to commercialize ocean travel. take a look. >> cabin pressure to 147. >> this is the deep flight super falcon, an underwater submersible that can go as deep as 1200 feet. >> still going down. >> what makes it really special are nearly nine-foot wings that help us live beneath the
surface. the master behind it is a marine engineer who has been building underwater vehicles for decades, like the mantis, which he actually piloted in the james bond film "for your eyes only." now his team builds personal subs for clients with the pockets. how much does one of these cost? >> they are handbuilt, so they are very expensive today. 1.7 million dollars. >> with a price tag like that, plus the full year it takes to build one, it's not a surprise there are only three currently flying the high seas. >> this was the first one to work in the workshop. it was for richard branson. >> what about elon musk? >> those guys that are going in space -- they are 180 degrees off course. everything we need for our future -- food, space, minerals is in the ocean.
>> he says what makes his design so special is the way it can fly around to move with the sea life. >> with richard branson in the back, i was supposed to be training him to fly. we were down off guadalupe, and right off that wing was a shark as big as we were. a big, great white shark. >> all right, let's try this. i feel like i'm in a sci-fi movie. for now, the deep flight submersibles are still a toy for the ultra-wealthy, but as the technology advances, hawkes and his team hope they will become a goto for commercial tourism. >> we do not have access to this climate, and now we are flying in that space. pretty cool. >> now it is time for the "bwest
byte," where we focus on one number that tells a whole lot. today, we have a special guest in town from new york. what do you got for us today? the bar is high. >> all right -- 23. >> what is that? >> the percentage of online sales that were made by an ios that were made by ios. basically, this holiday season, we saw more and more people out there using their phones to make purchases. 23% of those were made from an iphone device using ios. >> yet, android, i believe, was something like 4.6%. that is a huge difference. >> much, much smaller. even though this has the lead globally, those folks are not the ones actually making the purchases. an iphone users are bigger spenders. $93 versus about half that amount. >> we will see how the numbers
>> emerging stocks retreated for a second day. tumbled to aira record low after the prime minister's cabinet overhaul failed to calm investors. the deepening corruption probe had investors dumping turkish bonds of the fastest pace in two years. the rate is brought closer to policy makers target but also threatens to consumer spending power