tv Bloomberg Technology Bloomberg July 15, 2019 5:00pm-6:00pm EDT
earli?er life line screening. the power of prevention. call now to learn more. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." secretary steven mnuchin joins a line of critics of facebook's libra as the social network prepares to testify at multiple hearings this week. amazon enlists celebrities to push its products on prime day with credit -- competitors like walmart and target.
the chips are of the table. symantec and broadcom have halted deal talks. where does that leave them now? first, to our top story. the big story on capitol hill. tuesday and wednesday, they will facebook on libra. steven mnuchin taking aim at the social network. >> the treasury department has experienced -- expressed serious concerns that libra could be misused by money launderers and terrorist financiers. lyft also tuesday, representatives will defend their companies in front of the house judiciary in a hearing on antitrust. their goal is to convince lawmakers they do not stifle competition. we have charlotte from a nonprofit focused on
shaping public policy. before that, she worked at the federal trade commission. and we have ben brody. so many areas to keep track of. libra, antitrust hearings, and a google-specific hearing. give us a preview of what we can expect. >> we are working hard to bring it all to you. one of the things i have been looking at with google is the rising chorus there is anti-conservative bias by the major social media companies. you saw that in the white house summit last week. it is the focus of this hearing that will be held by senator ted cruz. you just had a request coming from senator cruz that the ftc look into how these companies are doing content moderation amid concerns of bias. you have that. and then we will have the antitrust hearing.
i expect a lot of talk about the nature of competition. i expect a lot of talk about startups, venture capital. do you start a company just so you can be acquired or because you think it is a great idea that needs to be in the world? all of those kinds of questions are what i expect to be dueling in different parts of the house tomorrow. emily: meantime, charlotte, you have the fine from the ftc that came down on friday. as far as we know, planning to find facebook $5 billion in a record privacy settlement. you have lawmakers saying this is a slap on the wrist. he called it a christmas presents a few months early. does the fine matter? >> it matters but not as much as the behavioral restrictions the ftc places on facebook as part of the settlement. we have so far not received
information about what those restrictions will be. that is what i think could affect facebook going forward. clearly, the fine is not having a big impact on them. emily: the treasury secretary really taking aim at facebook and libra and the broader crypto industry in general. take a listen to another portion of his remarks today. >> this is indeed a national security issue. the united states has been at the forefront of regulating entities that provide cryptocurrency. we will not allow digital assets service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities. meantime, the cocreator of facebook's cryptocurrency project submitted written testimony he plans to read
tomorrow at the hearing. he says i believe if america does not lead innovation in digital currency and payment, others will. if we fail to act, we could see digital currency controlled by others whose values are dramatically different. there is a bit of fearmongering here. do you think this argument will work with lawmakers that if we do not do it, somebody else will? >> i think on this issue, lawmakers are not going to be swayed. allusions to if we don't do it, china or russia will fill in the space. occasionally, that will work on the hill. i think there is a feeling in washington that facebook in particular has not been responsive to concerns. it has not sought what they need to know. even if they had the meetings, they did not get the kind of regulation and approval they needed and went out with this splashy announcement and did not
do the work beforehand. i think there is a lot of concern about the company we are seeing in all of these hearings. when you have that level of concern, you cannot waive it off and say trust us generally in washington. emily: we heard the ceo of facebook give the same argument broadly. to work atwho used the ftc, how are the agencies going to feel about that argument given the ftc has been assigned oversight of a potential antitrust investigation into facebook should such an investigation happen? >> i think the antitrust enforcers recognize competition is the best way for these companies to be effective and strong competitors against companies in other countries. we do not do the national champion thing in the united states. we have competitive markets. the antitrust agencies are tasked with making that happen. emily: what are we expecting in
terms of a result from these hearings this week? let's talk about the house antitrust hearing in particular. how will this move the ball in one direction or another? >> great question. this hearing is one in a series. impactst one look at the of the big platforms on news. i could see others coming down with small companies that have complained about some of the big companies and how they affect their work and startup culture. lawmakers andto the chairman of the committee and say, what do you think will come out? he says i do not know. it is difficult to know until we know what the problem is what the solution will be. he has leaned in the direction of saying there is bipartisan concern and maybe we could move some laws forward. some folks say they may be interested in doing that. you can tweak how mergers are
looked at. those sorts of things can change the competitive landscape even though they are little. that might be something the committee is looking to do. emily: in what direction is the ball going to go? some of these are shorter term sentiment issues. the antitrust investigation by the ftc could take five or 10 years. what do you see happening over the shorter term versus the longer-term? >> i think the role of the congressional investigation is important. antitrust can take a long time. these markets move quickly. what i am looking for from the congressional investigation is building a record for legislation that could happen more quickly than the antitrust investigations and certainly more quickly than future antitrust investigations. emily: after this week, what is next? >> then congress goes into the 2020 campaign
starts up. that is important to realize because a lot of the congressional work goes on hold after this recess. i think that is why you're seeing a flurry of activity right now, because people want to get things into the record. that is not to say they cannot pick them up in the fall and try to advance them, the right now is kind of the moment you have to seize the public's imagination and make your case. if you can get that out, maybe you can advance things in september, october, and november. if you can't, things might die. when you ask about antitrust, all these things tech is facing in congress, the question is, which one of them can rise above in the next few weeks? that is what i'm watching. emily: the presidential campaign will not go on hold. some candidates have made tech a
central part of their platform. thank you both so much for weighing in. we have full coverage of tuesday and wednesday's congressional tech hearings right here on "bloomberg technology." france and the u.k. are also looking at their relationship with big tech. the french have passed a digital tax despite pushback from the united states. alex webb reports from london. >> on july 11, french lawmakers passed a new digital sales tax 3%ich will see a levy of imposed on companies with revenue over 750 million euros in france. the huge change is it will be affecting revenue and not profit. the interaction with the customer has been a huge debate, whether the tax should be imposed on tech companies where they base, california, or where
they have the interaction with users. there is ongoing debate about how the u.k. has already put in place a similar process to impose this sort of sales tax. it has caused discontent in the u.s. and germany where they sell capital goods in the country but might sell additional services on top of it which would be subject to such attacks -- a tax imposed -- if imposed globally. the companies are concerned there is a lack of clarity in the french tax on what they need to be paying taxes on. either way, there will be a big tax bill going france's way in the near future. alex webb in london. emily: thanks. this year, amazon is celebrating prime day with help from hollywood. they are using star power to generate buzz amid increasing competition from rivals. we will head to seattle for that story next.
emily: amazon's fifth annual prime day is underway with more than a million deals on offer to prime members. shoppers will spend over 5.8 lean dollars over the 48-hour sale, up 11% from last year's event which was about half a day shorter. but the shopping extravaganza is battling increasing competition from rivals. includingetailers target, walmart, and ebay
staging their own sales to compete advertising they do not require a paid membership like amazon. highs andhat are the lows of the day so far? front, theelebrity big thing running into prime is what is new. they used prime day to sell gadgets in the past and to promote their acquisition of whole foods. the big thing this year is the celebrity emphasis. a very traditional marketing tactic but new to amazon where they have people like mark wahlberg selling protein power and kobe bryant selling deodorant. that is helping maintain buzz around the big event in its fifth year. emily: amazon opened a celebrity store a year ago. now they have all of these deals today tied to celebrities.
they are starting to offer special products. lady gaga will offer an exclusive beauty product line only on amazon. how big of a deal is that? >> there are two things amazon has been trying to push into. fashion has always been an achilles heel for amazon. they have tried to go into basics by getting into and non-fashion categories. they picked up bigger business than macy's doing that. some of this is to get into the fashion accessories business. they are starting to realize the millennial crowd, they're going to start looking at different ways to attract that crowd back to amazon. channely has been a that has been added for a while now. emily: what are the trends you're falling one -- following on this particular prime day?
over 48 hours. slightly more than last year. what is your take? >> prime day has typically been the biggest day of the year for amazon. this year, they expect that to be the same. one thing which has been counterintuitive we are seeing from amazon is a big push in packaged goods. this year leading into prime day, we saw a 300% increase in traffic and unit sales into consumer package goods categories which got into the whole foods acquisition like baby food and cereal boxes and things like that. i would imagine people buying more diapers and baby food on
prime day is not something you would think of. you would think of them buying tv's and things like that. it has been a big push. we think there is a big push to capture that $800 billion market of groceries. emily: there was a big technical glitch during prime day last year. so far today, i have seen some shoppers complain they could not add stuff to their carts. have there been hiccups? >> it looks like a small number here and there. nothing on the scale of last year. we were monitoring earlier. it seems to have faded. it does seem like whatever problems they had last year they have been able to avoid this year. that is a big deal when you consider competitors like ebay staged a crash sale, basically running --rubbing amazon's face in last year's failure and telling customers when amazon crashes, check out our deals and you won't have problems with our
site. emily: what is your take on some ' offeringsetitors over these two days? >> i think it is not giving amazon a run for the money. they are serving amazon by legitimizing prime day. it is not called a holiday, it is called prime day. emily: they do say you don't need a membership to access it. what is the incrementality they are able to get? maybe those who are not bigger spenders on e-commerce and things like that. folks amazon is trying to attract they have already done a great job turning into prime subscribers. every prime day, there is an agenda for amazon to recruit more prime subscribers. they are very successful doing
that year over year. thank you so much. we will give you the update tomorrow. netflix is due to report second-quarter results this week. it has just released a new season of " stranger things" but it is losing "the office." we will discuss next. we are live streaming on twitter. be sure to tune into tictoc on twitter. this is bloomberg. ♪
later this year. us from stamford, is anticut, to discuss audience data measurement expert. how the new take on season of "stranger things" and losing "the office" nets out? >> i think netflix is going to be fine. i am sometimes negative on netflix and people call me on it. i just think the future will be tough for them. they have made some wise decisions in terms of the money they have invested the past few years in terms of original content. obviously, "stranger things" is an example of that. their previous titles that have done well for them as well.
the problem is not just "friends." it is original movies from disney. it is the new original content from apple. i think they have never had so much competition in terms of known content that they have previously licensed as well as original content that will be pulled off their platform and go to competing platforms. emily: how does netflix fill the void? is it all about original content? can they fill it with original content? >> one thing netflix has benefited from even with the amount of money they're spending on original content is the first mover advantage they have had in terms of generating market share. the issue is there are more connected tv homes in the united states than homes with the cable box. the economies of scale have changed in that they are no longer differentiated or other services. i don't see them out spending
apple or amazon. i don't think original content can do it alone. i think they should invest in buying an existing content provider that has a library and fan base with a following. i think that is much more likely. the other thing people talk about less but will have a significant impact in terms of time spent on netflix is the growth of ad supported streaming like pluto tv recently acquired by five calm and others -- viacom and others. i'm a big believer in 2020 that netflix has to launch some sort of ad supported tear that they can feature the original content library on. emily: interesting. what will you be watching for on wednesday when the company reports? >> a couple of things. i will be looking more at the international number.
i think that is an area where they have more wiggle room in terms of the first mover advantage. in those markets, they don't have global international companies they are competing against. they are competing against incumbents in local markets. i think that number has to be very good to give them the headwinds that will help fend off competitors coming into the year --end of the year and into 2020. i don't think the domestic matter -- number matters much because the real competition is two quarters away domestically. emily: thank you so much for weighing in. coming up, will they or won't they? for now, broadcom and symantec won't. why they called off their deal talks. billionaire peter thiel says google's agreement to work closely with china is " seemingly treasonous." how this led to calls for the u.s. to probe the tech giant,
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this is bloomberg technology. i'm emily chang. it is the deal that is no more for now. symantec and broadcom have halted talks on the proposed merger. discussion sit in impasse after broadcom sought to reduce its offer by more than $1.50 a share. shares of symantec plunged broadcomgits, but still finished the day up. perhaps in part thanks to a financial times report saying they were still keen to do a deal with symantec. to discuss, we have mike and bloomberg tech's niko. mike, what went wrong?
mike: the main thing is the price. something came up in due diligence during the process in talks. they were close to a deal. they were expecting as early as tomorrow and something came up. broadcom says we want to pay less for it. symantec did not like that and said no deal. talks break down and not clear exactly where it goes from here. emily: the broadcom ceo has been notorious for making big bets, but this is the second or third big deal that has fallen apart for broadcom. is there something wrong with their strategy? niko: he has been thinking about how can i run broadcom similar to an equity play? he first went after the $500 billion chip market. bought other companies, cut expenses and created some industry power there. now he is thinking about how can we expand this beyond chips? software has been his bet,
particularly after the deal with qualcomm failed. that was over national security reasons. it was a messy situation, you covered it a lot. but in this case, i think broadcom is being quite savvy in saying to symantec this is really a buyers market in this case. symantec is a company that has been struggling for a long time. they want this premium, $28 is the threshold. whether symantec is worth more or less, for a long time, symantec was trading partly because there was an investigation over finances that ended in the company has to restate finances which is never good. lhere has also been torurmoi in the executive ranks. emily: the ceo left. and trying to mount a competing offer. where has that been? nico: it is unclear. now, the thing symantec wants is more money.
it seems a little bit less likely that this competing offer from the former ceo will pass because a company as big as broadcom is not meeting the threshold, then someone cobbling together financing from different places might also be under pressure, particularly if you take on debt for a deal like that -- this is not a company that is growing in terms of revenue and it is also not a company that is profitable, as a lot of other software companies. wanted.what ho hock tan emily: broadcom still dangling the carrot, saying they are still keen to do a deal. what could bring the two sides back to the table? mike: the one obvious thing is there might be some bruised ceo egos involved, there are investors who want their money. silverlake has representation on the board at symantec, as does star board.
that's going to create a real economic incentive that is going to get over some of the more human factors, if you will. as nico notes, it is a buyers market. and, symantec would not be the first company that said no, we demand this price and then be willing a little later after some more thought and ask a little less. emily: do we expect, let's say a company like broadcom, very ambitious, to continue to be inquisitive in other areas? nico: it definitely seems like it. the price broadcom would have paid for qualcomm was so huge, it would have halted to the top of list in terms of largest tech acquisitions of all time. ca technologies was about $20 billion last year. this would be around $17 billion, perhaps less. so, it definitely seems like hock tan has the power to do
something. the question is with reports that mcafee is looking into may be doing and ipo after being in private hands, whether broadcom sort of bigfoot's its way over to talk to mcafee to put more pressure. emily: mcafee has also struggled as a cybersecurity company. what other options does broadcom have? mike: you named one of them. mcafee. any company pursuing an ipo is looking for a dual track process. why go through the trouble of an ipo if you can sell the company for just as much money? certainly, broadcom has those options. as nico notes, if you are selling a company, you got the one car on the lot that you have to find so many that wants it. if you are buying a car or software company, you can look around a bit. maybe you thought you actually need a bicycle instead or can take public transit, but you have other options and that is
the market broadcom has. they are trying to build up some software, cybersecurity presence more than they have now. there are different things they can do, different ways to approach it. emily: you give me a great segue. thank you so much. some food delivery stories dominating the tech world today. the latest bloomberg intelligence report shows private funding has driven the valuation of online delivery companies near $100 billion. that is helping startups, while grubhub is seeing valuations fade. competition is fierce, all vying for customers. more consolidation in food delivery by next year. s, autonomousike robot delivery part of the food delivery business, there is one called bike lanes. it is a three wheeled vehicle touted as smaller and less
extensive than a delivery van. each unit costs $5,000. it is small enough to qualify under e-bike regulations, making it eligible for bike lanes. no word yet on whether it will annoy human bicyclists. instacart is getting skewered by some of its own full-service shoppers. for all the details, we have josh idols and who has an in-depth piece on bloomberg businessweek about what the shoppers have been experiencing. josh, give us some color here about just how difficult it is to be a shopper. says it iscart offering flexible work opportunities to independent contractors, but dozens of workers i spoke to say the company has a range of coercive tactics it uses to pressure them to accept work, even tasks that do not look very appealing based on the amount of money offered. for example, they say to get a
substantial amount of work, they need to get early access. a chance to sign up ahead of time to be available for certain shifts. but when the app presents them for a job, it has a bright except button but no decline button. if they don't want a job, they have to wait through four minutes of sonar sounds that people compare to a submarine sonar or a ticking time bomb. they said it freaks out there ir dogs. it haunts them in their dreams. four minutes of pinging. one of the things that drives some people working on the app crazy, along with punishments as they see it for rejecting jobs. the risk of losing your ability to preselect shifts that you want if you don't accept enough of a job that were offered to you. pestering messages workers get. messages, even phone
calls pressuring them to accept difficult tasks. that together makes working on the platform not the kind of flexible work people were signing up for. emily: four minutes of pinging sounds like a nightmare, but my question is are these apps actually worth it? as someone who has shopped on instacart before, my question is how much are these workers getting paid? it is really not that expensive to get the groceries delivered. i pay for the groceries on top of that. what does the instacart shopper make and how was that a valuable proposition? josh: they have weathered a series of controversies about how much they pay people. a recent one we reported on his their practice which has since ended of paying workers less because of money that was promised to that worker by a customer as a tip. that is something workers said amounted to stealing their tips. instacart says it changed that
policy and now guarantees seven dollars to $10 for the task of gathering and delivering food. workers say they should be paid more and, in fact, they were paid more before under the old system that instacart used before changes that were made last year. emily: now, the legendary demise of web van, the grocery delivery company that started at the time of the dot-com bust. we all know about that. this food delivery business now is global. it is not just groceries, restaurants and startups. companies as small as instacart and as big as amazon and walmart. is there a model that actually works?/ the uber eats model, for example? or is there something that actually makes this a valuable economic proposition for the people doing this work? josh: it is a highly competitive industry, as you said.
and one that may look very different in a few years. there is a real existential challenge for these companies which is that they rely on the ability to classify people as independent contractors, and thereby avoid liability and costs in terms of everything from sexual harassment protections to union organizing to overtime pay. there are limits in the law in terms of how much companies can control the workers in the way the work is done if they claim not to be employers. with california's state supreme court tightening the standard on that issue last year and legislators in california now moving to codify that ruling, this is immediate, major challenge for these companies that are already in fierce competition with each other. emily: josh eidelson continuing to cover these worker issues for us from d.c. thank you for your reporting. coming up, google is facing more
emily: bitcoin was on the move to start the week. the cryptocurrency dipped below $10,000 before bouncing back following another weekend selloff that sought some digital tokens plunged by more than 20%. cryptos are center stage as facebook prepares to testify at multiple congressional hearings and it will be on the docket at the g20 finance meeting as well. peter thielinvestor is taking aim at google.
in a speech sunday at the national conservatism conference in d.c., he singled out google for agreeing to work with china, while ewing -- letting a u.s. defense department contract lapse. he called on the fbi to investigate seemingly treasonous actions. youtube also coming under scrutiny with several digital video advertises citing out the company for squeezing out competition. joining us to discuss is lucas shaw and lizette. not surprising to hear controversial remarks from peter thiel, but this in particular is a new attack. the attack of silicon valley, and google in particular. lizette: it is not unusual for peter thiel to take a of loudrsial and kind stance on a lot of these things. he has called out a lot of things in the past. google,s one, he called commenting on this manhattan ai
project and asked the fbi and cia to not ask them gently about whether they are employee chinese nationals and taking a look at the work they are doing. work around potentially other toel's business ventures, assist with a digital dragnet of data mining and see where these connections lead. emily: he talked about how we should talk about google's ai project is a military weapon. colorful and such an indictment of google. number one, how many foreign intelligence companies have infiltrated your manhattan project for a.i. does google's senior management consider itself to be fully infiltrated by chinese intelligence? number three, is it because they consider themselves to be so thoroughly infiltrated they have engaged in this treasonous decision to work with the chinese military and not the u.s. military? does he have any evidence to put
this tough out there? lizette: that is a good question. i think his focus here, yesterday and moving forward has been on finding out the answers to these things. there has been a whisper network for years about different withctions of, you know, how thatovernments and information is shared. especially in a more open academic environment that google fosters. whether that is evidence or not, nothing that he presented yesterday. emily: lucas, youtube under increasing scrutiny as well. google and youtube facing potential antitrust issues. you have a new piece where you interviewed several of youtube's partners and former employees. what are they saying? lucas: dozens of people, both people who built businesses on techf youtube and ad
companies that compete with youtube all say the company has been anticompetitive and somewhat of a bully over the past 10 years. youtube is by far the largest online video site in the world. the ad business is as large as the u.s. it has had a habit -- there is not one move that youtube did that really wiped out the competition. instead, it brought a lot of people onto the site promising than a big audience. then, kind of put together a model where they made a lot of money and nobody else made much money because the profit margins are so slim. that was fine with youtube because of how much it controlled but it did not work for anyone else who was a bit smaller. emily: the doj is the agency that will have oversight over a potential antitrust investigation into google. the ftc is also probing allegations of certain issues at youtube.
where does that stand? lucas: the ftc, we are expect some kind of fine for a privacy violation in terms of kids programming in the next few weeks. i know a few of our colleagues thought it would come by now. ftc has been busy. they fined facebook last week for a lot of money. the doj process and the house judiciary committee is also looking into antitrust claims -- those i expect to be a lot longer. a year or two before we hear any kind of result. they are just reaching out to people about interviewing. i have been told by a few different sources that they have been reached out to, but they have not had to go in for any kind of interview. emily: all right, lucas shaw and lizette chapman. peter thiel is a facebook board member and google is a facebook competitor. still ahead, computer technology company dell saying it braced for the impact of the u.s.-china trade war, but so far, so good.
dell: the nikkei news says plans to move as much as 30% of notebook production away from china and avoid tariffs on u.s. bound goods. while cfo tom sweet declined to comment on the news, he told us the flex ability of the supply chain is helping the company manage the dynamics. tom: we have a global supply chain that has flexibility in it. we have 25 manufacturing facilities across the globe. we are balancing the needs of our customers with the environment we are in. i think we have done a nice job of balancing tariff dynamics and will continue to work our way through that. hopefully, the two governments will come to an appropriate agreement at the right time. >> what does that mean in terms of adjusting your supply chains?
you talked about 25 manufacturing sites, but when will you have to start adjusting prices or have you started doing so already? tom: well, if you recall, it is a great question -- if you recall, there have been three tariff lists that have come out that we have been able to navigate so far. by far, we have been able to mitigate the impact through shifts in the supply chain, working with our supply base. we have adjusted certain prices on a small minority of products as a result of our inability to mitigate it. while we have done some price adjustments, by and large, we have been able to offset the impact to date. paul: given the rhetoric around the trade war, have you detected any change in sentiment towards american products and companies such as dell in china? beenwe have certainly thoughtful about or worried about that, but to date, we have
not really seen an impact for our domestic china business. we have quite a large domestic business in china. the second largest market. it has shown good growth over the last number of years. we have been in china for over 20 years at this point. we're hopeful that the tensions will reside and allow companies like ours to continue to work in their respective markets. to date, no, we have not seen it impact to our local business. shery: you are seeing some impacts just from the cycle itself. you have talked about softness in china server markets. how is dell trying -- able to manag navigate that? tom: it is a great question. we're coming off the next ordinary strong -- an extraordinarily strong fiscal 2019 in terms of technology investment and spend.
we are in a long-term technology investment cycle. we have seen some softness in parts of the globe on servers as we have moved into this year. so, our balance and what we are driving right now -- we built the company to grow under various market circumstances and focusing on taking share and growing revenue, despite what the local circumstances might be. right now, our focus is let's drive growth where we can get growth. make sure we are balancing our growth and profitability, delivering the right results for our investors. emily: that was dell cfo tom sweet. a technical problem is to blame for a scrubbed moon mission lodge out of india. a successful mission would have made india the first country to land on the south pole of the moon. no word on the technical problem but the mission was scrapped 56 minutes before lunch. the next launch may be months away. only the u.s., china and russia
have managed a soft landing on the moon. finally, speaking of the moon and moon men, a facebook event is getting lots of attention for its focus on the extraterrestrial. 51,so-called storm area they cannot stop all of us event is set for september 20. that is near area 51, the secret military testing based that conspiracy theorists have long suspected was devoted to the study of extraterrestrials. it appears to be a job, but nearly one million people seem to be taking it seriously. local motels are being bombarded for increase of reservations. the air force issued a statement saying "area 51 is an open training range for u.s. and we discourage anyone from trying to come into the area." nevertheless, the internet is memeing out like crazy. that does it for this edition of bloomberg technology. we are livestreaming on twitter. check us out. follower global breaking news
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paul: welcome to daybreak australia. i am paul allen in sydney. shery: i'm shery ahn in new york. sophie: i'm sophie kamaruddin in hong kong. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering in the next hour. a rally for tech drives wall street to franchise on the start of a busy week for earnings and economic data. big banks reporting results. citi beat expectations but investors say it is a low-quality success. tain
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