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tv   Bloomberg Markets  Bloomberg  July 17, 2015 3:00pm-4:01pm EDT

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the utility giant con-edison. and: and after -- alix: after 15 years of marriage, paypal and ebay are going to split. arabia, the saudi changing food cold your is becoming a big problem. ♪ matt: good afternoon, i am matt miller here with alix steel. alix: let's go straight to a look at the markets on this friday. oh yeah, we're looking at a record a couple trevor google, but we are looking at a four day winning streak for the nasdaq, it is the longest since well,
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yesterday, actually. [laughter] alix: it is the longest four-day rally, but nevertheless, record levels on the nasdaq. matt: and also for google, it is having the biggest gains, and no matter which shares class you look at, they are having the sincet shares increase 2008. alix: we are at $15 billion ofed to the market cap google today. matt: isn't that the biggest gain in market caps ever? take a look at currencies here, you got some continued resilience. well here is, first of all, the pound. it is getting stronger. alix: the strongest level, i should point out, matt, since 2007. matt: it is getting some real strengths since the bank of england's saying they are starting to raise again and
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obviously, mario draghi talked about asset purchases, and the euro is i think showing some continued resilience, but we will talk about that later. 108.49. alix: but of course, you have the short turned -- term notes decreasing and janet yellen will an essay rate increase later this year. and there is the overwhelming approval to opening detailed negotiations on a bailout package for greece. lawmakers voted in favor and this was in abstention. and this is worth $94 billion, and before the vote, the german chancellor spoke in favor of the bailout. the alternative to this agreement would not be an ordered timeout for the euro,
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but foreseeable chaos. therefore, the advantage is --advantages clearly travail over the disadvantages. the promise of help on the way from its european neighbors, greek officials say the banks will we open on monday. these banks close 20 days ago. the greek prime minister was watching the vote in germany at his house in athens. they reshuffled the cabinet and they will keep the finance minister in place. his party is splintered after the vote on cutbacks and creditors. 38 members of his own party dissented including two cabinet ministers. matt: tesla ceo elon musk announced an upgraded battery pack for the model s that will make the car sell for $70,000,
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and then referencing the movie "spaceballs" he said that the model s is going to be upgraded and it will have ludicrous mode. it will go 0-60 in 2.8 seconds you -- g's geez on on you. this is going to get an upgraded battery pack for another car as well, and we will hear more from musk on monday. so there is a lot of news out of tesla, at first we were not excited, but then it was going to go ludicrous speed. "spaceballs.": recalls for ferrari
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airbags -- ferrari cars with to takatabags -- with airbags tribute this is from the 2015 model year. consumer confidence declined in july. there were concerns that global risks would fact the up -- would effect the american economy. consumers remained upbeat about otheremployment, and factors. matt: gas prices are driving a slight increase in the consumer price index. it rose about 3/10 of 1%. is only when food and energy prices are factored up. pump increasedhe and gas prices are rebounding after hitting a bottom in january. in a dramatic surge
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construction of apartment buildings. the commerce department is reporting today that this increased by 9.8%. this is an adjusted rate of nearly 1.2 million homes. this is the biggest jump of such buildings in 28 years. buildingexpect the economy will create a new wave of builders, but single-family houses slipped last month. nationwide it has risen 8.5%. alix: results from general are raising the low end of its industrial forecast. projection isgs up from $1.10. it is adjusting quarter top profit estimates and it is moving away from financing. ge is moving quickly to sell aspect -- sell assets from ge
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capital. matt: and that is just a look at some of the many top stories that we have for you today. alix: con-edison is just one of providers, itergy provides energy to new york, pennsylvania, and new jersey. matt: the ceo john mcavoy joins us now to discuss what is ahead for the company. thanks for stopping in, we really appreciate your time today, john. her style, the stories that we covered on energy, there is always the demand question. is the demand their -- demand there? what we are seeing in demand is different between electric and gas. demand is flat in this area and that is largely driven up by the success of our energy programs. we have been providing rebate programs for a customer's permit
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over 200,000 more customers have taken advantage of that we can keep demand flat. that is good for customers, good for demand, and good for the environment. we are replacing fuel oil return and- fuel oil alternatives that is very good economically because that means that gasoline will be much lower than fuel alternatives and also much better for the environment. much lower stocks and it is good for our business. focusedn edison is really in the new york area and the suburbs. do you feel, what kind of pressure do you feel to make another acquisition right now? john: we don't look at it as a pressure, but we do look at it as an opportunity. we have a financial profile that is low risk, very stable, largely predictable, we have had dividend increases for 40 16 a
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-- 41 consecutive years. will be ableere we to deliver value and if there are investors -- investment that we will want to take advantage of. alix: your dividend yield is sout 80 basis points higher, i am curious as to what your interpretation of that is? john: i don't think that it means either of those things, we have decided on a payout ratio of roughly 70%. this roughly keeps up with the rate of inflation. our investment profile shows that are investors like that. matt: i want to ask about infrastructure. that is a theme and we have been hearing a lot about the crumbling if the structure of in the -- infrastructure
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last year. we have not had any blackouts here in this incredibly dense city's as i moved back from england in 2007. how fragile is the infrastructure? john: we want to keep your experience exactly as it has been. we don't use the word fragile around our energy structure. systemst in our energy and there is a couple of main categories. first we reduce risk. risk related to replacement of gas lines and risk associated with physical security and cyber security and risk associated with major storms. we have not had a storm of the century in a number of years that we have not forgot the last , so we are increasing security with our system. matt: on all fronts, it has got to be incredibly challenging here, especially in manhattan. it is an incredibly dense area and the network has to be updated all the time, constantly, and the security network is one that you are probably paying more and more
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attention to? john: and that is why we have long term programs. we don't just try to do it in a year or two, our funding program is a four-year and $40 billion network. we do not want to let the system to get to the place where it is fragile but in fact we want to keep it strong. alix: the national transportation safety board did find con edison it responsible for that gas expulsion up in harlan that ended up killing eight people -- harlem that ended up killing eight people. did a verytsb copperheads of job. we don't agree with all of their conclusions but we support all of the recommendations for improving guest safety as well as a number of initiatives that were not mentioned as recommendations there. investigatorye authority over gas lines like this. seen how theybe
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want to enforce it. we have a number of lawsuits and claims of we will be working through the legal process and all of them. alix: how long do you think that is going to wind up taking you? john: based on history, it is not unusual for some of these lawsuits to last several years long. therealix: -- alix: is any possibility that that will have an effect on your dividends or cash flow? john: we need liability insurance to cover ourselves for incidents like this, i do want to forecast exactly how much there is or what a liability may be, but that has worked well for us in the past. alix: all right, well, thanks for joining us. i really appreciate it. john mcavoy, ceo of con ed. john: thank you so much. matt: we have so much more coming up on the "bloomberg market day." stay with us. ♪
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matt: welcome back to the "bloomberg market day." i am matt miller here with alix steel. alix: we are going to take a look at the markets with julie hyman. julie: we're looking at the major averages, of course, and i just want to point out the movements we have seen in the s&p 500 in the last hour or so. so here it is. in other words, we have seen a little bit of a pop up in the s&p and now we are a little bit tiny bit lower. that apparently we are still lower. but in other words, we could finish up on the day for the s&p 500. much like we have seen in the confirmations to the nasdaq if you look at what has happened in the s&p 500, there it are a lot of gains -- there are a lot of gains when it comes to google. take a look at my google terminal and we have a sort of breakdown on the movements. the reason i want to bring this to your attention, although it
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may be difficult to read, is that there are two big green bars. although them are google. this is something the math and i have been going back and forth about today. classes of google shares, both of them are included in the s&p 500 and in the nasdaq and in other industries for that matter. so the a shares are up, the c shares are up 15%, so the question is, why is that? if you put these two stocks together, you get the total market cap of the company, see you don't have the same effect of the two, but you need them both in the index to arrive there, if that makes any sense. hopefully matt -- matt looks still -- you understand what i'm saying? matt: i understand what you're saying. julie: but it is confusing comic because you initially see two of them. so that is what has converted it to the s&p 500 for today. i also want to update you on the shares of the maker of fertilizer. the shares are up nearly 10% and
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they are trading at a record, and that is after "the wall street journal" reported that a dutch company that also makes fertilizer that is smaller than , the two are in talks to make some sort of a deal. we will keep you posted on that. neither could be reached for comment on this story. one of the worst performers in -- s&p 500 is colbert a fund comerica. increasing its provisions for energy exposure. so it is kind of highlighting ae concerns for highlighting for energy companies at a time when energy companies are having trouble. are at $3.3 billion, so feeling the heat from that today, guys. that especially for a bank
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is not as diversified as compared to what that might have a smaller portfolio. those loans are coming up and october is good to be a big one. matt: i does want to point out that you need to include class b shares before including all of google, which were not listed. alix: thanks so much, julie. matt: nellis to look at the top stories crossing the bloomberg terminal in a last hour. there were 13 -- honeywell is topping is forecast in the second quarter, it is $.13 higher than the last quarter. alix: groupon is acquiring order up as it is getting broader e-commerce. onlinen an on-demand and shopping service and it is taking the place of grubhub in the online shopping space. cofounders larry --e answered he grinned --
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brin aree and sergey now $8 billion wealthier. 23% from the year today. there is a plan to bring up more restraint to spending as google got even richer today. and those -- alix: and those are your top stories. we are going to read those together. endmuslims celebrated the of ramadan. we are going to look at what they are eating and look at the bigger problem than they imagined. ♪
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matt: today marks the end of the islamic fasting month, ramadan, and muslims around the world will celebrate with sumptuous meals. alix: but in saudi arabia, the food culture is changing. it is the weekend in saudi arabia. town, the center of burger joints like this one are jumping. >> chicken, shrimp. >> the counter is a change -- chain from california and it came to saudi arabia in 2013 and recently acquired a second spot. what about burgers and saudis? >> saudi arabia has taken it to a new extreme.
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khaled is have british, half saudi. haved: you could actually a different burger once a day in a week, maybe even more, you could maybe even have it for two weeks? >> it wouldn't really be very good for you. khaled: you would need a doctor on call. while food is not that surprising here as mcdonald's opened here back in 1993, growing saudi waistlines have attracted serious medical concerns. >> i expect in the next five years or so that the obesity epidemic will continue rising. al-qahtani is a bypass
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surgery -- heart surgeon here and has performed double the amount of bypass surgeries here than he was last year. from recent studies show that more than one third of saudis are obese, but in a country where daytime are hot, people do not do a lot of physical activity. this man has not worked out in years, he says. he hopes stomach surgery will help him lose almost half of his body rate -- weight. >> do think there is too much fast food in saudi arabia today? >> yes. comef the companies here from america or from other countries. >> according to his doctor, the
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medical experts, and the equipment used to treat pain -- treat patients here, everything comes from overseas. increases andture you are [indiscernible] >> the answer for many saudi arabian citizens would basically be to make better choices. matt: wow, great stuff there. their -- i love that there are burgers and equipment to get rid of the fat there. matt: that is something that we are not very good at here in america, either. in regards to fast food and obesity. mcdonald's,look at there are huge company and they have hundreds of store chains. matt: i don't ever go to
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mcdonald's, but i probably eat a decent burger once a day? [laughter] the: once a day, you are worst. but if you live here in the u.s., we have more access to organic. matt: i always go with the or 10 at -- the organic burger with the organic they can and the organic cheese. alix: thank you for sitting here today with me, i appreciate it. lots more coming up on the "bloomberg market day." and new negotiations with greece on a new bailout package. we will have the details, next. ♪
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alix: welcome back to the bloomberg "market day." we want to get straight to a look at the top headlines this
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afternoon. l authorities are looking in the shooting suspect's to jordan. authorities say they want to see if he made contact with terrorist groups. in attacks killed 4 marines tennessee. the suspected shooter had at pistolwo long guns and a in the attack on military sites. some were purchased illegally. the 24 year old born in kuwait but was a naturalized u.s. citizen. his name was not listed on any federal watch. the attacks also left a police officer and other military member wondered. toors needed just 12 hours decide the case of the colorado movie killer. count one, murder in the we the jury find the defendant hilty of murder in the first degree after the
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liberation. killed 12s holmes people and wounded 70 in the attack three years ago this month. the jury rejected defense claims he was insane when he opened fire in the theater, and the same panel must decide if he will die for those crimes. nexts will return to court wednesday. a somber anniversary today in eastern ukraine. it's been exactly one year since a malaysian airlines passenger plane was shot down there, killing all 298 people on board. the ukrainian president is pointing the finger at russian president vladimir putin calling it a ruthless terrorist attack. he said the incident could not have occurred without a direct order from russia's top political and military leadership. russia denies any involvement. and a fractured neck don't suffered by former president george h.w. bush will be allowed to heal on its own. officials say his recovery could take three to four months.
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mr. bush was injured wednesday in a fall at his summer home in maine. he remains hospitalized in fair condition. mr. bush at 91 years of age is the oldest living former president. those are your top stories. coming up, paypal and ebay collet splits bill. we will hear from ebay's ceo on how the separation came about and what is next for the companies. oil companies raising dividends, luring investors despite slumping numbers. we will look at how markets p.m. at 4:00 nasdaq trading around its high. google having a monster run. that and much more coming up. as we have been discussing all day, german lawmakers overwhelmingly backed a new bailout plan or greece. the proposal carries a three-year aid package for greece worth $94 million, but imf chief is the lagarde says
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that is not enough to keep the region together and less greek creditors also lower the countries that burden to boost its growth prospects. earlier, bloomberg spoke about the outlook for the greek debt crisis. >> with the agreement between greece and europe calls for is a combination of policies that all fix greece's problems and financing path -- new financing and repayment terms that would go along with that, that would leave greece in a sustainable situation. that combination is what we always seek. we think there is a perhaps there is a path forward here, and we are trying to help greece and europe chart that path. greek payments will be consistent with its ability to pay. that can be achieved in a number
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of ways. we have structured our suggestions in terms of maturing periods and grace periods and low interest rates because we know that europe is more inclined to consider that an other ways to reduce debt burdens. words, there are ways of relieving the debt written on greece, like you said, grace periods, extending maturities, that could work, and if implemented, you believe would work? a debt we have put out sustainability analysis. we have done the math. we think it can work. : which way do you prefer never how would you do it? how would you go about it? >> what we suggested is what we prefer because we've suggested that in their legal structure, haircuts are not envisioned, so we have proposed an approach that we think is a practical one.
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erik: of the 300 20 billion euros in debt that greece owes to its creditors -- again, i do not want to put it into terms of reductions because it sounds like we're talking about a haircut. what is manageable? let's put it that way. if you think about it in mortgage terms, everybody who owns a house for the most part has a monthly nut, the amount of money they owed in service costs on their mortgage. what is manageable for greece? you put it the way we do. since greece will recover slowly and it will be some years before it can generate repayments, we are rochus on, as you put it, the annual debt service bill. we think there have to be many years of grace where there is not a principal repayment, and then a quite long, possibly even 60-year-long period overall for the repayment. looking at it that way, i think there is a way to match the annual repayment requirements with the greek ability to
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generate those payments. --k: are you optimistic angela merkel and her finance minister have ruled out haircuts, but what since have you gotten from the germans that they are prepared? the finance minister has suggested they have not, but what since have you gotten behind the scenes that they are prepared to consider some of these ideas? think there is a lot of confusion about terminology. they have made clear they do not consider haircuts something envisioned under european law. i think we can have a discussion about debt repayment terms. in fact, we had a discussion about this in 2012 where europe provided assurances to the imf that greek debt will be made sustainable. it was not a specific commitment, but now, there's going to be a need to be more specific. matt: what do you think about the idea that greece needs a timeout, that it needs to leave
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the euro zone and european currency for a short while before it can come back and? would that be at all possibility? europe and greece decided not to do that. floats the balloon. i'm not sure quite what he is intending, given that there is an agreement here to go forward. let me say that many advocate either temporarily or permanently. they argue for that because they know there will be a big depreciation and that greek wages would all. would helpobviously restore competitiveness, what really matters are greek policies. , andere were grexits greece granted wage increases to compensate, you would still end up in a messy situation. really, what matters, i think, is if greece adopt policies to fix its problems or not, not in
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or out. they have chosen in, and we will help them work on that approach. alix: that was david lipton, first deputy manager of the imf. coming up, ebay, paypal about to split up. we will hear from ebay's ceo, john donahoe. ♪
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welcome back. we are 15 minutes until the markets close. want to head over to julie hyman for more on yet another record for the nasdaq even though the
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dow and s&p not cooperating so much. julie: true. it has been an interesting day even though intraday, we have not had that many big moves. really interesting record we have been seeing. the s&p 500 and the green right now. finishes thatit way. the nasdaq in deed has been the big winner on the day because technology has been the big winner on the day. let's dig into that a little bit. take a look at my bloomberg terminal, which looks at the various sectors. technology is the green area we have in seeing and really has contributed to the gains in nasdaq and also stand the declines in the s&p and for the moment are keeping it in the green. use see the rest of things are red. financials are down today. we talked about america and some of the other banks trading lower. and technology, of course, and a lot of it has to do with google today. a shares of no 16%.
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the biggest one-day gain since 2000 eight and a record gain in terms of the value of the game today. ever in the s&p 500 in terms of the dollar value of the gain in google shares today. so many superlatives we could apply to google, in the wake of these earnings, but quietly -- more quietly, at least -- a .ouple of records facebook also been a record. amazon also at a record, so all of that is helping technology. on the other end of things, i mentioned energy stocks are lower. trailers are in particular lower. yesterday, conoco phillips at the same time it raised its dividend, also terminated a contract. drillers generally are weak today. transocean and diamond offshore also taking a pretty substantial hit. also not helping matters is the fact that oil in else's lower today pain -- lower today.
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has pared its earlier declines, but for the week it is definitely lower, and it's the third straight week we decline on theti lack of prospects for oil, aside from the iran agreement, which only adds supply. then gold is also notable today, trading at its lowest in five years. china came out with data about adding to gold reserves, so you would think that would be good news, but analysts are telling us that addition is substantially smaller compared to what some analysts were estimating. hence that decline. real yield, still -1.8%. that's all i will say about gold. now to a look at top stories making headlines -- hacking pays in frequent flyer miles. says it isines rewarding two hackers who helped find flaws in their security system. enough for miles is
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several first-class trips to asia or up to 20 roundtrips in the u.s. the awards were made under a security program united started in may. stay ant obama will special goodbye to "daily show" host jon stewart. this will be mr. obama's seventh appearance on the show. he has appeared twice as president and four times as presidential candidate and u.s. senator. last day as hostess august 16. a robot is beginning its hitchhiking journey across the united states today. it already has cut rides across canada and europe and now will be relying on the kindness of strangers in the u.s. it begins its journey in salem, massachusetts, with a goal of reaching san francisco. along the way, researchers hope it will stop at new york lost times square, mount rushmore, the grand canyon.
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good luck hitchhiking in new york city, buddy. do inng up is easy to silicon valley. ebay is on track to split with paypal tonight. the companies will operate under a five-year agreement that will guarantee a reliable source of revenue for paypal after the separation, but where did the idea to split actually come from, and why now? emily chang sat down with ebay ceo john donahoe. the verge ofon launching two companies. i feel proud of what we have accomplished over the last 10 years, and i feel proud of what both companies will come to us over the next five to 10 years. emily: is it a little bittersweet? john: we were just talking about the tradition of serving leadership inside of ebay. our founder did something very few founders do, which was he turned the ceo role over before the company ipoed and he became
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chairman and empowered meg, who served ebay's first decade a ceo, and then she empowered me 's serve as ceo over ebay second decade. it has not been quite a full 10 years, but now my job is to hand off the company in stronger shape than i inherited it, and we believed ebay and paypal are best positioned as two separate companies, so i will be handing off to devon and dan. it makes me proud we are able to continue that tradition. emily: it's a crazy coincidence that meg is going through a split at hp as you are going through this split here. what have you guys talked about? how much have you talked through the process? john: he had a funny phone call when i told her we were separating. i spoke for 10 or 15 minutes, and then she said they were doing the same thing. we were both trained as strategists and understand strategy has to be driven by an
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outside-in view of the world by markets, competition, customer needs, and those change. in certainly our case, and also in the case of hp, the decision to separate is a strategic one. at least in my case, we believe we can best positioned ebay and paypal for success this way. we have had some laughs, and i think that common grounding in strategy is at the foundation of both decisions. emily: tell me about the process. how did you come to the decision this was the best thing to do? john: i talked about this with the bore the first day i became cbo. i said we needed to look at how we can best position our businesses to be successful. we spent almost a year looking at it and came to the determination that while ebay and paypal still had synergies, skype did not.
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remember, we divested skype that at that time. but we agreed that every year, we would come back and look at ebay and paypal, and if and when we thought they could be more successful independently than together, we would act on that. last spring, as we did our forward-looking strategy process, by looking forward in what is happening in the world of payments and what is happening in the world of commerce, it became clear -- increasingly -- that particularly the world of through changeng and change that requires paypal to have complete strategic freedom to pursue its future and the world of commerce would allow ebay to be one of the winners. it was with a forward look we thought both businesses would be stronger and be set up to succeed over the next 3, 5, 10 years. emily: how much did carl icahn influence your decision, if at all? john: carl was a shareholder, but when he initially called to
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say we should separate, our plan at the time was not to do that, in what was aack short-term battle been, but the board has always looked at what is the right thing to do over the medium to long-term, not around the short-term. it's how we best position these businesses over the medium to long term. throughout that whole process with carl early on, i repeatedly said we would be open-minded and objective to do what we believe is right for the company over the medium to long-term, and that is what, in essence, we are doing with this separation. chang joins me from san francisco. great interview. looking forward to seeing the majority of it. a lot of talk about who could buy paypal and if it will stay independent. john donahoe seems to think that paypal at least in the short term will remain an independent
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company, though he did say they will keep their options open. remember, he remains on the paypal board and will remain chairman of paypal, but there are less than a handful of companies, probably, that could actually buy paypal at the market cap that we are potentially looking at. google certainly has the money. money, certainly has the and it would be a great entry point onto the international stage, as they have been trying to do, but there are also regulatory issues with both companies. it seems it would be difficult to get a deal done, despite some companies that may want to own paypal. in terms of the way this is going to play out, right now, we've been looking at the wind issued trades, trades that have already been executed but will only go through on the day of the split, which happens monday, and we are looking right now at a potential $48 billion paypal, 33 billion dollars for ebay. this could change over the weekend, but this is what we are using as a guide to see how these companies could open on
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monday. much.thank you so our coverage continues all day monday on bloomberg television and emily will take a closer look to show how companies like paypal are changing the way money moves all around the world. stocks are thel worst performing shares in the world, so why are investors turning to them for safety? ♪
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inx: oil prices may be stuck a slump, but some investors are not shying away him stocks because dividend yields on oil stocks are the highest since the financial crisis, and conoco phillips is the latest company to boost its payout, reasoning its dividend by a penny. joining me to discuss how this
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makes any sense is our bloomberg intelligence analyst. how is it possible that big oil companies continue to raise dividends, investors seem to not be that interested in their stock -- do they have enough money to cover it right now? vincent: dividends, share buybacks, capital repatriation, more broadly, is the domain of integrated players. while they, too, are experiencing this slower growth environment because of this significant decline in commodity prices, they likely have more financial flexibility than, say, their independent peers, given that set -- chevron and exxon are passed the peak of their spending cycle. exxon is expected to throw off dollars in free cash flow in 2015. $11 billion in free cash flow in 2016. on a relative basis, relative to the more independent players, the more independent peers, they
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seem to have more financial flexibility. look at the comparison between big oil like bp, like exxon, raising their dividends compared to the share price continuing to fall. is the only reason then you want to look at big oil is for the dividend? there's nothing else they offer? vincent: when we talk about big oil, we talked about the upstream segment and the downstream segment. the downstream segment tends to smooth out the earnings cyclic calla to because the lower are an inputces into their refining process, so it tends to smooth out the cyclicality in the earnings theess and sort of offsets upstream segment. alix: can these big guys cover their dividends? free cash flow for conoco is, like, negative or $.2 billion. -- negative $4.2 billion. vincent: when i look at the
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group of independent peers, it is cash flow negative -- that is correct. so that would the a difficulty, but if i look at exxon or likely, chevron will throw off about $1 billion of free cash flow in 2016. that is to be expected. and they are expected to cover -- free cash flow expected to cover their dividend by 2017. alix: good stuff. i bugged this guy all the time, and by the way, vincent is by far my best run here on bloomberg television. we're talking about the close, and you're looking at the nasdaq at a record level. we will break down why and take a deep look at the housing market. ♪
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alix: we are moments away from the closing bell. .oe: i am joe weisenthal
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you are looking at stocks closing now. ,he nasdaq at a record high nine out of 10 as of the sectors lower, not really keeping track with the nasdaq. joe: the question is "what'd you miss?". is the housing market getting mojo back? new home construction at second highest level. alix: one of biggest oil companies shifts course in gulf of mexico. what that move means? joe: china's government unleashes half $1 trillion to bolster stock market. alix: beginning with the markets. today was about tech. nasdaq at a record


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