Palatine losing 9 today. Dominos is down 3. 3 . Is that the one where the guy ate like 40 pieces in 30 days . Joe that is the other one. Romaine lets dive deeper into the action. Mike the vix has clearly shot up a little bit below 12 before thanksgiving. Today, up to about 16. Any time it has risen this year, it has been sort of corresponding trade tensions ratcheting up. What is interesting is that moves in the fed have often echoed by risk reversals in the korean won. Volatility between puts and calls on that currency. This week is different in that the risk reversals have not really errored the move higher. You can see, the white is the vix. They risk reversals are the ones not really moving in lockstep. This was pointed out by a volatility specialist his interpretation is basically that this suggests that the pivot is increasingly moving to the u. S. Side of the trade war. Abigail we are just two days into the month of december on a trading basis and we are already looking at two down days. The s p 500 on the year, up when he in 2019, on pace for the best year since 2019. We are raising the question of too far, too fast. We do see some trade war related dance in may and august, along with late september and early october. Each one is smaller than the last. The current one barely showing at all. If we look at what history suggests, what we are looking at here in yellow for the s p 500, the gain for the rest of the year, the other 11 months up about half a percent. For the month of december, up more than 1 . History suggests that the s p 500 what we are really seeing here, smallcap stocks really outperform and come up more than 2 on average in december over the last 30 years. Taylor there is some good news and bad news. Where we are for 2019 and why that is near the bottom of your screen. It looks like we are going back to earnings revisions heading lower. The last two years, blue and yellow, we started to see earnings revisions moving upward. White looksre in like it is going back to the mean of where we were before tax reform. If there is any good news, it is that our analysts are reporting ,rowth yearoveryear in 2020 13 thirdquarter last year, in part given these low in 2019. Brent fromwith us, Northwestern Mutual in milwaukee, and bloombergs luke kawa. We ran the story today. It has been a rough year for a lot of equity oriented hedge funds, but one may be Silver Lining is that they did not lean too far into the cyclical rotation. What are people saying right now rotationsmuch these america ank of bank of america, what they were looking for, rest of world outperformance, even in an environment of u. S. Profits, exceeding rest of world if they know that strength and bounce back is being driven by u. S. Companies with a lot of foreign exposure starting to do well. Equities, that lean in. I think, by and large, as that ties into the value versus growth story, that is what people are sort of positioning themselves for more and more. Look at a day like this. The most Expensive Software companies up almost 2 on the day. Even in the midst of a bad day for stocks, some signs that even the bad data plays. Scarlet salesforce coming out with results. Eps, . 75. Usted analysts were looking for . 66. Front, 4. 5ue billion. Salesforceoutlook, sees fourthquarter revenue to 4. 7e from 4. 7 billion 5 billion. The stock moving up slightly. You are not getting too much of a reaction we had a pretty good idea of what it was going to say. Pipeline Software Stocks you mentioned. Workday also beat on some of the numbers. We will keep an eye on it. Scarlet do you buy that narrative that the rest of the world will outperform in 2020 and the rest will start trailing behind . We do. We have increased our cyclicality in the u. S. After decreasing it last year because we are kind of at the opposite point. Last year at this time, i mentioned the fed was raising rates. At the same time, small caps had come out of a period of outperformance because people thought they were safe from the trade war. This year, we do think the world is bottoming. Growth will pick back up. We do think that the fed is not going to hike given all the different exchanges between the president and the fed. Real negative Interest Rates are likely here. That is a conducive environment for small caps. We do think that the rest of the world is actually doing a bit better now in some circumstances. Not, it iseve it or actually hooking back up. We have moved towards that. Bottom line, i still think, no matter what the president says, you want a trade deal. Rest of thely, the world is pretty broad and that includes many different regions and economies. European stocks have done very well. When you look at the rest of the world, do you include em in their . What do you see as the opportunity . We lean more in the emerging market stocks. One of the fears we have is that europe could get that are but once the president finishes up with china perhaps, he may move on to europe kind of along the lines with something he has done in the past. We did not quite get into the china crosshairs until the usmca was negotiated. China came into this chopping block. Maybe moves towards europe. When you look at the inflation outlook, is this a time you want to be long commodities . The overall underlying as yours have not budged one bit. In fact, some of them have moved higher. What is lurking beneath the surface could be much higher than someone imagines. Ath stocks and bonds trading expensive levels, i dont the get hurts to have a third asset class that does well when inflation hits. We have looked at some sort of protection in the future if the narrative changes. Ism manufacturing overusly casting a pall the market. That to do onus on better. I continue to be surprised the ism continues to be straw that stirs the drink or gets all the attention. When you look at the one that does not belong here, it is clearly ism manufacturing that has set all the signals, both to the upside earlier and to the downside now. Andust seems like markets the rest of the world are telling a much different story. That more confuses me about that story. Romaine we want to thank brent from Northwestern Mutual. We also want to bring you some breaking news. Two enterprise Software Companies bringing earnings. Salesforce largely coming online, Third Quarter and First Quarter forecast on revenue, 4. 8 alien for the First Quarter, 4. 7 billion for the Third Quarter. Toenue target, 20. 8 billion 20. 9 billion. 938 on revenue. Revenue, 828 830 million. The full year subscription revenue of about 3. 09. That does it for the closing bell. Whatd you miss . Is up next where we will continue to discuss the nato showdown. This is bloomberg. Romaine live from bloomberg to new york. Here is a snapshot of how u. S. Stocks closed today. Trade down, bonds rally fears back in the market. U. S. Steel under threat as france becomes the latest trump Terror Threat target. Nato leaders gather in london with turkey topping the alliance s agenda. How democratic president ial candidate Elizabeth Warren could get a wealth tax past the u. S. Supreme court. Scarlet if a u. S. And china trade day is on your holiday wish list or trade deal, you may be disappointed. The president telling people in london today that he is in no rush. Pres. Trump in some ways, i like the idea of waiting until after the election for the china deal. They want to make a deal now. It has got to be right. Scarlet this comes 12 days before the white house is set to levy more tariffs on key imports things products and including smartphones and childrens clothing. We want to welcome Bloomberg News senior markets editor mike regan. Tom, let me start with you. Last we heard from the chinese side and u. S. Side before thanksgiving was that trade talks were in the final stage, President Trump was getting ready for a deal. What is the status of discussion . Are they in talks right now . At officialtinue level, although there is no plan at present for a seniorlevel facetoface meeting. I think the difficulty at this point, and it is really an extreme difficulty, is how to separate the negotiation noise from the policy substance. Of course, as we enter the final stages of negotiations, there will be brinksmanship. Both sides will be saying, we can step back from this. Theont need to do it or it abnormal thing in this case is that President Trump does it all in public. In past administration, that would be happening behind the scenes. Surprised ifl be those tariffs went into place. How much would you quantify the damage of the tariffs. Would we expect investment from the uncertainty . Hock the december 15 tariffs yet are damaging for a number of reasons. Firstly, they would leave all u. S. Sales to the u. S. Facing a punitive tax. Now, the u. S. L has been careful to exempt some of the most sensitive categories, things that consumers buy directly like childrens close, things Like Electronics where there is a considerable u. S. Interest. Companies like apple and qualcomm enmeshed in that supply chain. If we see the december 15 tariffs come in, we will see a marked negative impact. As you suggest, the tariffs themselves are just part of the problem. The additional cost and perhaps even the larger cost is the uncertain d. One of the successes of the last couple of months, with all of this optimism about a phase one deal, is that the uncertainty has come down, and that is why we have seen markets rising. In Business Confidence come back a little bit. If the 15th of december tariffs come, we will see a hit from the tariffs, the uncertainty will come back. That will be a negative for 2020 growth. Romaine it is not just about the tariffs, it is also about this idea of retaliation and the uncertainty around that. The financial times, many cs a fory many see as a proxy official policy, they released this blacklist, and there is a lot of speculation that this could be released soon. Tweetch does this type of and the concern about retaliation way on markets . It is all in the mix. I think tom makes a great point about the brinkmanship of both sides. I have not read art of the deal by trump but it is on my bedstand. He is like a poker player. Sometimes you are not sure if he is bluffing or if he really has the hand he claims to have. Aboutwe are only, what, 2 off the highs here . I think the market is getting a little nervous but still pricing in the fact that maybe this is a poker move and there is some bluffing on both sides. Thatpeoples base case was we would get the phase one deal and we would not see the december 15 tariffs on the remaining imports. I dont think anyone has that base case anymore. I think, as the days go by, we will have to really see how the market start pricing this in. Scarlet there is a change in tone in china. The reimposition of tariffs on brazilian and argentinian comes at a surprise. To tariffsthe threat on french imports . How is the market adapting or adjusting to that . Tariffs onboth the the brazilian and argentinian steel dollar figurewise, neither one of these is that big of a deal. We do not import that much steel and aluminum from those countries. There are brazilian steelmakers that sell a lot to the u. S. But they have plants in the u. S. Those are obviously not subject to tariffs. Symbolically, it is clear that tariff man is back. Trump clearly wants everyone to be reminded of the fact that he holds this big club that can be used whenever he wants. You also have to take the new fed meeting. It is a few days before those december 15 tariffs are threatened and trump clearly wants the fed to cut rates. Is that part of the motivation . Who knows. But that is something people are certainly speculating. Michael,k you, tom and breaking it down. Coming up, treasuries surging today as investors race investors brace for more trade faculties. Trade difficulties. This is bloomberg. Surging tuesday, driving yield down the most since august as abreast as investors brace for the possibility of more trade tensions. Katie, i guess it is not that surprising that we got a big treasury rally today. The weird part was yesterday when we got this first leg of a selloff, we did not get a treasury rally. Last two days, it is kind of like we had to compensate. What is the theme . Suddenly people realizing they wanted safe haven assets . Themes kind ofg causing a tugofwar in the market. Yesterday, it was interesting that we did not see yields drop further. We had such Strong Manufacturing out of china and europe, maybe this is the bottoming of that Global Growth slowdown. Today illustrated that trade is still in the driver seat when it comes to risk assets. Not only might we not see a trade deal signed until after the november elections, we might see that boost in tariffs in two weeks. Scarlet also, you have treasuries moving in tandem with global bonds. That seems to be a big influence and less of a kneejerk reaction. What would you say is the asset class leading the way . It is interesting that stocks really are not down that much. We saw a pig selloff this morning but they really paired this a big selloff morning they pared their gains. I think that speaks to the fact that treasury investors, for some reason the bond market is more cautious than the stock arc it. Stock market. They build and europe, then someone reverse in the u. S. Session. How it how do you make has been stretched across the curve . It seems like it has been more in that middle range, you have not been seeing people go super longduration. Is there something i can read through to equities and the correlation . When i talk to people, nobody really has their panic trades on right now. Part of that might be because treasuries have done so well. The correlation between stocks and treasuries has really lessened in the past few days, which i think speaks to the fact that trade is back in the driver seat. Bad fory, it is equities, good for bonds. Scarlet thank you very much. Now lets get you wake up check of the latest business flash headlines. Shares of General Electric falling for a fifth straight day, the longest losing streak since august. They are disappointed about the lack of a definite type definite timeline for the business to go public. Starbucks has a problem. The chain is replicating to fast growth in china and as a result is cannibalizing sales. Starbucks warned again that sales could rise as little as 1 this fiscal year. The cfo says the company has picked up the pace of new store development and with that comes cannibalization. He says it is intentional so they can grow total sales. Twitter Ceo Jack Dorsey is off to africa next year. He tweeted that he plans to live on the continent for 36 months. He hasnt said why. It coincides with a president ial Election Year which is going to be marked by hate speech and discourse. Does that mean that he will respond because he will be in africa that he will not respond because he will be in africa . 70th Birthdays Party devolves into a sparring match and President Trump emerging as the unlikely defender. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of wireless network, designed to save you money. Switch and save up to 400 a year. And now get 250 off google pixel 4 during Xfinity Mobile beyond black friday. Thats simple. Easy. Awesome. Click, call or visit a store today. Mark i am Mark Crumpton with bloombergs first word news. The house of representatives today released an impeachment report, outlining evidence of what it calls President Trumps wrongdoing toward ukraine, which will serve as the foundation over debate about whether mr. Trump should be removed from office. The report from democrats make the case that the president misused the power of his office and, in the course of the investigation, stonewalled the proceedings. Intelligence Committee Chair adam schiff spoke to reporters. Decide, givene to that the evidence of this misconduct is so clear and uncontested, are we prepared to just get over it comes to say that, henceforth, we must expect from this president and those who follow that there will be a certain amount of corruption in which the National Security of the country will be compromised, in which the oath of office will mean that much less, in which the belief of the rule of law in the United States will be that much left that much less. Is that what we are simply to get over or get use to . Statement, White House Press secretary Stephanie Grisham said, the report reads like the ramblings of a basement to provetraining something when there is nothing. Bloomberg Kamala Harris suspends president ial bid. The first term senator from california entered the race after earning recognition is a tough question or on the Senate Judiciary committee during confirmation hearings for Brett Kavanaugh and william barr. Pledgeder campaign, she to prosecute the case against President Trump. The president began his first of two days at the nato summit in london by rc criticizing Emmanuel Macron by harshly criticizing Emmanuel Macron. Micron said he stood by his comments about the health of the nato alliance. In 2014, before mr. Trump was elected on members agreed toward move spending agreed to move toward spending 2 of their gdp on defense by 2024. President trump again questioned the Alliance Members defense spending. President macron had this response. We were we are increasing our gdp. It is not just about money. [inaudible] mark president macron saying it is not just about money, we have to be respectful toward our soldiers. President macron also said that european nations should plague federal within nato to be less dependent on the United States. Should play a greater role within nato. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Breaking news here. Alphabet ceo larry page stepping aside. The person who runs the Google Sundar pichai, will effectively run all of alphabet now. They had that two ceo strategy. Larry page saying he will step down. This is a letter that larry page and sergey brin just made public. Pichai owing to take over both of these businesses. They say in the letter that they undar is the future of this company and they have kind of elevated him. Joe i think the perception, he has done phenomenally well. The letter is from sergey and nowy, that with alphabet fully established and others operating as independent companies, it is now time to simplify the management structure. Of course, they both stepped aside. Eric schmidt. They are used to handing over control to others when the time is right. As thee Sundar Pichai one. Scarlet Sundar Pichai, running google, basically the most profitable part of alphabet. Futuristic,t, the moon shot bets. That no one is really expecting to be profitable anytime soon. He was the one running the business that shareholders cared about. You have to wonder, larry page was not exactly a visible spokesperson for google the last several years, or for alphabet for that matter. He was not the face of the company the way that, say, Mark Zuckerberg is the face of facebook. Sundar was the one youve heard on the conference calls, really drilling the message. He became ceo in 2015 and the response was initially positive. Shares have basically doubled since he has been at the helm. Stockfter hours, the picking up just a little bit. Pretty marginal move. The reason it will be marginalized because he has been running the core business. Nonetheless, a little bit of an uptick. Maybe the simplification of the management structure. Expectation of more cost discipline. Course, may be some expectation that he would romaine in the letter here from larry, they are still going to be deeply committed and remain actively involved as board members, so they will at least have a presence based on the letter here. They will still be actively involved, maybe just not as much in the daytoday operations. Scarlet maybe they will continue to work on moonshot bets. I am looking at Sundar Pichais biography. Lifer extent that he is a at google. Before that, he was at Applied Materials and he was also a Management Consultant at mckinsey. He started off in product management, went over to chrome and apps, was Senior Vice President of android, then was eventually elevated to google before taking on alphabet as well this is who shareholders know best as the guy leading google and alphabet. Joe longterm these couple of days, doing phenomenally well. At times, some of the other tech rivals have fallen off their highs. This has almost been a Straight Line up, essentially since the ipo. How many times have people sort of declared the end of the advertising model, they will not do well on mobile, whatever it is. You see it right there, the stock just moves up. Romaine way back when, where they went public, the whole concern was no one knew how they made money, how they were going to make money. You just basically had this ad business. There was no sort of graphic. They evolved into a much broader company. Now we are talking about ai, the Cloud Business. They are spending a lot of money to be a leader in that. Interesting dynamic is that they seem to get a little blessed look scrutiny than, say, facebook or amazon these days in terms of controversies. On the other hand, they have more internal issues. They have had multiple times where employees went on strike recently. They fired at least one or a few people relating to issues with that strike. There was a great businessweek piece recently about issues with working with the federal government and the perception that people inside google were so antigovernment that they could not necessarily be trusted for contract. Not quite the same level of scorn as, say, facebook. Scarlet obviously, cinder p china obviously, Sindar Pichai has spent a lot of time answering to regulators, politicians, answering to the public. Obviously, big tech is under the microscope and these guys are getting called to capitol hill constantly. Now he will be the first line of the fence of defense for the company. You mentioned google has not been under the microscope quite as much as facebook. It will certainly have a lot to answer for. Romaine Cloud Computing is obviously a lot of that. During the last earnings report, they said they hired about 6500 people during the quarter. Almost all of those related to the Cloud Computing business. Joe it is a big bet for them. They should be bigger in this area than they are. Obviously, amazon is dominant. Microsoft doing extremely well. Google founded of the cloud era and they are perceived as being a little behind. It is Interesting Company stock continues to gain afterhours, not to about 1300 per share. Again, not a huge move, but obviously this is not the kind of Management Change scarlet it is not disruptive. Romaine we want to bring in somebody who probably knows a bit more about this than we do. Mark covers google. This does seem like a little bit of a surprise. Are you surprised by this and what kind of transition if any do you think there will be here . Mark the science of been here for a while. Larry insert a have receded from public life and certainly from the company. They stopped showing up to the regular all hands meeting this year. They put all of google in the hands of Sundar Pichai. The bigger question is sort of what it means for the structure of alphabet going forward. Ergey have been involved in biotech, health, self driving cars. They said today that these youanies will continue to without them. I was speaking with somebody at google recently. They have been absent, they kind of wanted them to either lead or leave it seems in this case that they left. Joe you mentioned the other businesses that alphabet has besides google. Could you see Sundar Pichai taking a look at them with fresh eyes . Maybe being a little more ruthless about which ones make sense . If you like Bloomberg News, check us out on the radio, the bloomberg app, bloomberg. Com, and in the u. S. , on sirius xm. Mark the cfo has been do that all along. I dont know what immediate changes that would bring. Initially, the alphabet structure was meant to be that there were a series of companies that were peers, google sitting next to waymo, and now that structure, the google ceo is now above the other ceos. It is this strange beast that the company has been for years now. Sort of resolving that Corporate Governance issue. But certainly, these Companies Reporting to their own board, the alphabet port, it will be an open question. Scarlet sergey brin and larry page will remain actively involved i dont know what that means . Does that mean that Sundar Pichai will have to check with . Hem on Big Decisions they remain big shareholders. We know, theys are still the largest private shareholders. Undar has checked in with larry. From what i can tell, i dont has been running every decision by him, and probably less so going forward. This is probably meant to be haveof a public facing, we now handed everything over to you now. Definitely a vote of confidence in Sundar Pichai now he has to deal with the and less of regulatory issues, internal tensions, and pushing this nearly trillion dollars business forward. Romaine given the size of the company, just how publicly wellknown the google print is, and the Political Climate we are in, you cannot just be a ceo here. You have to be a bit of a politician. 48 state attorney generals investigating google right now. Ofeats of other types antitrust investigation for investigation. Andadept is Sundar Pichai navigating that world here and in europe . Mark the other force here is eric schmidt, who is the former ceo and chairman, was for a time, much more comfortable being a political actor then certainly larry, and more so than Sundar Pichai. Sundar has a lot of deputies that handle that. Keith walker just tapped into that role. , when hef this job started it four years ago, it was directing products at search, android, exciting technological company. Now, there are much more bigger political battles and the job entails a much more diplomatic role. Joe when we were chatting earlier, we were discussing the google Cloud Business and the perception that maybe they should have been further ahead. People right now are very impressed with how amazon and microsoft are doing. What is the status of that business and is their perception that they are making inroads or competitive gains . Mark this is clearly what sundar has put a lot of his emphasis on, investing deeply in the Cloud Business. Four years ago, the company thought it was them and amazon. I think they have been surprised by the steady strength of aws and microsoft. They have grown at pace, the market is big, the google case they will make optimistically is that this market is so big that even if we are perpetually thirdplace, it is still a big enough chunk to diversify beyond advertising. Think they have at least shown some internal progress but they have not shown any big contracts, big wins, enough to really prove that this is going to be like the second leg in a dual system. Scarlet mark bergen, thank you so much for joining us. Bring from San Francisco on the ascendancy of Sundar Pichai to the ceo of alphabet. Now ceo ofai alphabet in addition to his role as Sundar Pichai of google. As well as ceo of google. Who will be his most important constituents . Employees, regulators, shareholders, customers . I think it is all of the above that makes the whole Stakeholder Group of everybody you have mentioned. Large Companies Like this do have an important responsibility. They are a large employer. They count a massive amount of the population as users. I think he has responsibility to everybody. Obviously, the stock has done phenomenally well in recent years. Investors seem unphased by this. In yourthe biggest risk view to the company right now, and where will be the key area focus . Ndar pichai has to to beggest risk seems this political backlash against Large Tech Companies that have really these leading tech inies like alphabet still call it google, they are counted on for many people who still use google search. The android install base, the Apple Install base. Announced acrosoft new phone coming out next year, a foldable type of tablet phone, that will use the android operating system for the first time. It is unfortunate that for whatever reason politicians are targeting these companies. I dont even think the population is concerned they are that big. They like the utility of the company. The one thing about google is that they are on the forefront of every important technological secular trend. Cloud, search, Autonomous Vehicle technology. They invest a tremendous amount of money in r d, what they call the other bets in new Startup Technology that could evolve into something big. I think they are doing a lot of things right. Romaine looking at the makeup revenue, we are still talking about a company that is largely dependent on advertising to generate the vast majority of revenues. How do you see, if at all, alphabets business broadening out a little bit so we see that percentage of revenue coming from advertising going down a bit and getting some percentage gains elsewhere. Ivan they want to continue to grow their cloud services. They will continue to grow search. They have implemented a natural Language Interpreter that will better optimize peoples verbal search. Scarlet we mentioned that the cofounders will remain at of, but certainly they are handing over the daytoday formally now to Sundar Pichai. Who will Sundar Pichai be relying upon . Certainly his ce his cfo will play a role but who will be his trusted lieutenants . Ofn they have a number capable people. All the different product lines. One of the most important product lines is mobile. Not only mobile search but the android operating system. More and more search is done from mobile. Timew that for the first on cyber monday. Purchasesber significantly exceeded desktop cyber purchases. People are using mobile devices while they are on the go. The mobile operating system remains very important. Joe you mentioned the challenges they will have to face with public backlash. They also have an internal backlash. We have more and more stories and reporting about frustration inside of alphabet, certain policies. We know there is tension, people have been fired. All or isworry you at it just part of doing business when you are that big and there is so much controversy . Is part ofnk it being a large company. They have 14,000 employees. That is a lot of people to damage. Theine you talk about business of android, doing well on that. They have had a couple of stumbles trying to get into the hardware space. If you look at some other, i guess you could say competitors and their ventures into hardware, do you think they need to put a little bit more attention on that or are they good to go their software and continuing down a, i guess, hardware road. Lookingthink they are to go on a more hardware road. They just purchased for it, and even though it was only a couple of billion dollars, not a lot of money to google, the next front to interactions is smart wearables. Especially for health care monitoring, which is one of the reasons they also bought fitbit. More and more, it will be happening on your wrist. I think that focus. Home automation, the Google Assistant powered home speaker, more and more things. In car voice interface. So, voice activated interfaces for technology, for search, is going to be a big area, and that is hardware driven. Romaine really appreciate you jumping on. Einset, a founder and a partner and ceo at tigress financial partners. Bloomberg technology will have more at the top of the hour. Joe alphabet has been helping companies go viral and all the best and worst days ad sent the luxury stock spiraling the most in two years due to backlash. It went viral on twitter. I kind of ignored it. Scarlet the new lead on the new peloton bike. That thethe outrage is husband would give his wife exercise bike equipment. I also heard people were outraged because she was already in shape before this. Maybe she is a triathlete or something. Out then the analysts came and said, dont sell peloton on the bd ad. I would not have expected it to be a market story but it became a market story. Joe do you think you will get a peloton for christmas . Scarlet they would be very met it would be very meta if you decided to get a peloton for your wife now. We want to make a correction. Bloomberg reported incorrectly on friday that Morgan Stanley let go retro traders as they reviewed a mismarking of traders let go four as they reviewed a mismarking of securities. They were either let go or put on leave. We apologize for the error. It is not a sprint before christmas. The house Judiciary Committee has scheduled its first impeachment hearing tomorrow. Joe tomorrow, i will be speaking with essential candidate, senator Elizabeth Warren, and 6 15 p. M. Eastern time. Romaine slack reports thirdquarter earnings after the bell. Scarlet that does it for whatd you miss . Romaine Bloomberg Technology is next with more on the alphabet, google story. Joe this is bloomberg. Riggs in santaylor francisco and this is Bloomberg Technology. Coming up a major shakeup at the top of alphabet. Google cofounders larry page and sergei brent are stepping down and sergey brin are stepping down. Plus, dorsey on the