Decline. You can see we are looking at west texas intermediate trading for a 3. 48 83. 48. We will have the results in just a moment. General motors has unveiled its first all electric cadillac escalade. It is called the escalade i q. I caught up with the president of gm about the announcement. The current escalade, we sold over one million units. One out of every three of these suvs in this luxury segment is an escalade. We have an x successful brand and it is an on believable vehicle for General Motors but this is added business. We are going to be the first ones to bring it here with an iconic brand and this is in addition to the internal Combustion Engine escalade and you can see it in the next step of the deadlock the the design language of the escalade. The escalade standard of the world. Matt you already have the hummer, which is on the cutting edge of everything and early adopters who are waiting for a big electric vehicle, i assume went out and got that. Who is left to buy the escalade . The ultimate platform we are talking about as flexible and different from the suv offer from armor. Hummer. You will see it from the proportions here. It is a big arranged vehicle but it is 750 horsepower. The hummers are in the thousand house power horsepower. It is a different customer and different from a duty cycle standpoint but it is built on the 24 my pack mod pack. Matt there have been criticism has been criticism for the big facts. Packs. We are going to make everything from the bolts with an ltm based pack and we will bring it online to the equinox and the blazers are and they are right in the biggest segments of the world, price points that are the most affordable affordable, in the wheelhouse of those segments. Technology changes so anyone that thinks we will have the same Technology Year from now chemistry wise with our Battery Systems across the whole case industry, is a thinking about it right. Is not thinking about it right. In the telecommunications industry, there were people who were fearful about carper copper and that changed. I can tell you the history books will see this as just the first step. Matt you will bring out the silverado with a similar battery pack and range as an option taylor . Are you seeing as an option. The pricing, we are starting the silverado with the work trucks. Our pricing and letters and battery and range capacities and duty cycle capacity on silverado and sierra are going to be for everyones pocketbook. We know people want it for our work truck and our fleet so it will go through the all the way up through the rst. We will opt offer those things as options and cutting price means we did not see it right and i dont think that is true. We are right in the wheelhouse of what people can afford. Matt are these vehicles going to be profitable when you sell them . Yes. Matt are you going to be eight be able to make one million of them in 2025 . Electric vehicles. We are well on our track. We did 50,000 year in the first half of the year, that was our target and we did that. We have to bring you have to bring sale plans online. Our first plant in ohio is full capacity and running well. The second one will be in springville, tennessee right next to another of our facilities. The third one will be in michigan and we are doing the construction on that. Matt that was my interview with gm president mark royce. We were down on spring street in lower manhattan. You might have noticed the headlines on the auction for 10 year treasuries. We have been anticipating this and we had the three year option yesterday and there a 30 year auction tomorrow will stop ira jersey tomorrow. Ira joins us to talk about the success of this current option option and how much we expect this week. There is not quite a record but it is up there and much higher than a lot of astana going into the refunding announcement last week. Todays option was decent. They came in where traders thought at 1 00, under 4 . Importantly and this is the thing that is shocking or will give relief to people who are word the supply would not be taken down is that indirect vineyard bidders bought 72 of this option which is the highest this year. A strong option overall. Are you concerned about tomorrow because i know you are less concerned about the shorter end yesterday, the three year and today is in the middle but tomorrow, we get the long end option auction. That will be a test on how much derision or market risk investors want to take. Sumrall could be different than today one way or the other. With fields at 4 , yields at 4 , there are some investors like Pension Funds that need this kind of yield and want to lock that in before we get a slowdown and lower Interest Rates in the future. Will there be a buyer strike . We were worried the bond vigilantes would come up with the repricing we had last week after we got this supply announcement would set up these options to go ok so that is the reason why the auction is ok now but only because we have sold of 20 basis points from last week. Matt in terms of total supply this year, what are we expecting, over 1 trillion in the treasury . How can you unleash that were supplied without satiating the market . Ira it is 1 trillion just this quarter. [laughter] it would be a little over 1. 5 trillion for the calendar year. The way most of that action that happens is because of peoples t bills. The debt ceiling craziness is the Treasury Department news produced the amount of bills by hundreds of millions of dollars and they are replacing them in increasing supply. There is this concern and i think that is the answer, the question that still needs to be answered, this isnt the last time the treasury permit will increase option sizes option sizes auction sizes. This is only the first time the Treasury Department increased issuance in a couple years. Until we get through all of this supply increase, will there be the demand to take it all down . Based on todays option aucti on, the answer is yes but as time goes on, we will have to see the increase of demand to see the additional supply. Matt ira jersey there talking to us about the options auctions we are watching. Someone from citadel will join us to discuss the trading business and the rates picture. Bloomberg sonali basak blooms sonali basak will join us for the conversation. Somebody would ask her something and she would just walk right past them. She didnt know they were talking to her. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason weve been the brand leader for over 75 years. When i finally could hear for the first time, i started crying. I could hear everything. Call 1800miracle and schedule your free hearing evaluation today. Matt this is bloomberg markets. On the heels of that treasury penn, auction, lets discuss the trading rates with michael de pass. Sony bassett joined us as well sonali basak joins us as well. Tell us your thoughts on the amazing of supply we will get. More than 1 trillion will come this quarter. Is there enough demand for that . There are a couple things to consider when you look at the supply that is coming. It is significant, the first concern would be if theyre going to be a crowding out effect, is it going to suck capital away from Asset Classes . It doesnt seem to be the case. Credits credit spreads remain tight. As we continue to progress and the fed continues to unwind its Balance Sheet, there is concern around the intermediation capacity that exists in the market. Is there enough intermediation capacity to help absorb this supply and i think that is where there are number of changes that could be made to the treasury market that can really help with that. Central clearing, a move towards Greater Transparency so there is challenges ahead. What about the idea that the treasury partner has consistently increase the size of these issuances, the size on how much they will borrow. How much are they testing the market and at what point does some of this column break calm break . Michael we havent seen it yet so the supply is being absorbed for now and these things dont happen they tend to happen overnight. Similar to the qt argument when one of the common comments was, it was going to be like watching paint dry. The market seems wellequipped to handle it but we have to be cognizant of the fact that that may change quickly. Sonali you look at the 10 year and there is cooling but you think do you think that will be the consistent travel for yields or will they be more shocks there be more shocks to the upside . Michael you have very credible arguments being made on both sides are both higher rates and lower rates. The argument for lower rates would be, we have seen inflation, well off inflation, well off the highs inflation come well off the highs. The other argument would be the labor market remains structurally tight. Housing seems to have bottomed. You look at fiscal policy, remains expansionary. You dont there doesnt seem to be any significant imbalances in the economy so the idea of higher for longer is what plays out and when you look at what is priced into the bond market, we have 150 basis cash basis 150 basis points priced in. Matt there seems to be some debate about whether the term premium is correct. What do you think it should be . Michael it is an interesting question. The big challenge for the market is not only the amount of term premium but what is the neutral rate of interest and there are a number of factors contribute rating contribute into the environment certainly pre2008 and i think that is the biggest driver for the market. Sonali you talked about energy mediating about inner mediating concern enter mediating concerns intermediating concers. Concerns. Michael the amount of intermediation capacity in the system is not expanding. Sonali how big can you get . Im curious about your business because it is clear that you are in connect with the banks. How big have you gotten and who are you taking the share from . The institutional businesses have been a big focus for us over the recent years and if you take a step back, you look at Citadel Securities as traditionally being a Retail Market maker, over the last for years, we have transitioned to having a strong institutional present as well and that shows up in the fixed income space and in the last quarter, for the treasury business, we saw the most amount of volume out of all the dealers on the street. A senator king milestone for us and you look at another institutional business like are equities equity options auctions business, that is where we continue to grow. The success we have comes down to the fact that we are committed to being a market maker. I am not sure that our competitors feel the same way. I am not sure they have the same level of intensity and focus on marker marketmaking we have. Matt does regulation squeeze the banks and allowed you a more open door in . Michael i dont know if it is a regulation market, it is a commitment to processing flow. What you are seeing from our Bank Competitors is a bias towards the business fee business. Matt when i think of market makers, i think of people in new york and chicago but wall street is moving south. Citadel has led that move. Is your business moving down there . Michael we are in new york for now. Having a Global Presence is important. We have offices all over the world. For us as a rates trending business, york is the hub new york is the hub. Sonali i have been on this basis trading, walking down that line for a long time. There are a lot of concerns building in the trade in the market. How concerned are you about the dynamics between the features and spot arbitrage that has been building with a lot of leverage in the system . Michael the basis traded plays an important part in terms of fostering liquidity within the market. The trade is attempting to correct dislocations. Capital and Balance Sheet is being put to work and it helps with the liquidity and the intermediation of flow and of the market. There are certain components of the market that could be improved when you look at central clearing. The basis trading is a critical part to a healthy functioning market. Matt you have been in this business for almost two decades. We have seen amazing leaps in technology and i am thinking about ai right now. Since then, is that something you can use in your business as you are running this business, can you put a i to work . Michael there is a place for it and for us as a firm, what we focus on from a Technology Point of view is how can we utilize technology to become more efficient and more of active . And more effective . There will always be a need for humans. How can we get a human humans to focus on higher order, Higher Quality initiatives . Matt thanks so much for coming. Michael de pass from citadel and Bloomberg Sonali Basak with us. Rivian ceo doesnt see a need to raise capital before the end of 2025. More on that company as it reports its results. This is bloomberg. upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, and grow. Constant contact. Helping the small stand tall. One of the challenges where with where our plant is located is physically in the middle of the country and there are not a lot of of mark large markets immediately adjacent to it. As we are ramping, vehicles are aligned and they get inserted to railcars and that inserts many weeks of time where the vehicle leaves the plant to when the vehicle is delivered. Matt some of the rivian ceo interview on bloomberg television, you can check that out on bloomberg. Com. Shares of riverine rivian are lower. Lets talk about this and more with our bloomberg deep detroit chief. On rivian, they wont need to raise capital. How does their production look . Have they put the supply chain issues behind them . David they say they will go from a target from 50,000 to 52,000. That is not really pushing out a lot more. That is what investors are looking at when the shares are trading down. You are talking about a company that is still losing money. The ceo said there is a clear line of sight to profitability. It is not anytime soon and they are selling expensive pickup truck and suvs. It is not a big market for them or anyone right now. How quickly can they get to profitability and to the point where the cash flow they are cash flow positive . It doesnt say they are going to get into the black and stand on their own. It is a long horizon to profit in cash flow positivity for them and investors are taking a wait and see attitude toward the stock. Matt we are seeing these new ev startups and some of them you can count tesla among those but it is making 2 million the vehicles a year. How many do you have to make to be a viable, sustainable carmaker . As an ev maker, lets look at what General Motors is saying. Keeping in mind that gm has this huge infrastructure for the non ev parts already at scale like brakes and suspension parts. Gm says they are losing money on their ev programs but they will be profitable in 2025. To get there, they need to make one million vehicles which is bearable. Their goal. They said they will match their profitability of their internal combustion vehicles but only with thousands through the inflation reduction act. To get profitable, you need to be roughly one million according to gm. Gm has the advantage of having this huge infrastructure of part suppliers and other plants feeding into their assembly so they can scale up and make money. You are talking about a lot of value for any of these guys. It is probably years away. Matt thanks so much for joining us. David walsh is our burial bureau chief out of detroit on a day where there is ton of a ton of cargoes. I interviewed the president of General Motors and there is a lot of highpriced electric vehicles coming out and the demand of those seems high because there is not a lot of supply. When will be may be able to bring the prices down for the every man to afford them. We will talk to the ceo of the Energy Drink Company sells years to discuss earnings. Its an amazing thing when you show generosity of spirit to someone. And you want people to be saved and to have a better life, then you dont stop. We have been able to reach over 100 Million People impacted and affected, and at risk of hiv. The rocket fund takes all of the work that were doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. The idea that we have saved five Million Peoples lives, its overwhelming. Its everything. Matt jon welcome to bloomberg markets. Matt we are seeing big drops on the day, the s p 500 is off about one third of 1 so coming well of from midsession lows. The nasdaq has been down 1 . The u. S. 10year yield at four even. The dollar index coming back down. It is holding at 1230 and oral oil is rising to 83. 46. Oil has been putting pressure on the u. S. Markets and markets have had more chipmakers are bringing us down because tech is leading the way. Jon here in canada qamar benchmark tsx higher on the day because any Energy Stocks are outperforming and tech stocks have been struggling. You referenced that and since we are in earnings season and these are the Companies People are will are looking at to see growth in the portfolio, the growth outlooks some company were disappointing, whether it is a lift. Roadblocks roblox was a trend in the user numbers. Additional Payment Company in canada trades in new york with a disappointing outlook and the interest in the outlook for this he said to report Quarterly Results after the bell tonight and outside the bottom and topline performance, there is so much to think about, whether it is the possible of divestiture of key assets and what is happening to disney and the willingness to do streaming going forward. Matt we are going to talk about more right with bloombergs abigail doolittle. She is taking a look at the stock and the performance. Abigail even before we talk about earnings, disney talking about it an announcement. Disney and Penn National have struck a deal and disney is getting into the Online Sports betting and they will receive over 10 years 1. 5 billion by lending the disney betting name to Penn National. Earlier, disney was out more than 1 and investors are getting nervous now ahead of earnings. Penn Penn National, higher than draftkings. John nailed it in terms of the surface numbers dont matter much but when i say that, i get nervous because when people are focused on everything else, there will be a miss that will way weighg. You will want to know what is bob iger panic planning around media assets and they want to have an update on the 5 billion costcutting plan, the execution and where are they with it the relative to media assets, what a baby saying about espn, what will they be saying about espn, disney and the movie flops they have had. Bob iger does not need to give a plan on the assets tonight but to give a plan for a plan, there is an investor day in september. Interesting, as i dont often think about parts with the media piece but parks is key to operations. 30 of revenue and 70 of profitability. There are some signs that there may be weakness, that the revenge traveler leisure traveler are not so much there, one other thing we are looking for is Succession Plan to bob iger. When he first joined disney in 2005, the stock until the time he left the company in 2020 up 605 . He returned last year and it is down 10 but over this entire time period, over 250 . Jon helpful context and we will be watching all of those issues and as abigail was mentioning, the number the number of challenges bob iger is facing. One person commented on the tough task. This has to work on trying to figure out why they misfired so much on the film side. May be some leadership there. He has to work on getting espn to new partners. Maybe finding a partner to invest in espn and potentially getting that off to the books. He needs to figure out what to do with cable networks. Maybe he needs to sell though those and he has to work with content comcast to buy out the hulu 33 stake that is coming next year and has to worry about ron desantis in florida. Jon a ton of moving parts. Paul sweeney joins us to discuss. He covered the media for decades on wall street and now does it for us here in bloomberg. So much on bob igers plate. Where do you start . What do you care about him saying . Paul theres so much to do and i think he has to deal with a couple things and one of them it is one of them is espn. Because of Court Cutting, they have to make a critical decision and what to do with espn . Did you make it as streaming service and go over the top and if you do, how much will that cost you or do you find another owner for espn . That was once unthinkable and now it is front and center because when you say that and michael said it as well, does that mean selling espn . It could mean that and it could mean bringing in a partner and bob iger floated the idea of bringing in a Major Sports League like the nfl or nba as a partner there to get it off disneys books. Jon you alluded to this but the reality that for disney and the Bloomberg Intelligence team was talking about this, if they were to wait and to all of this on their own, the regulatory hurdles especially with what they want the disney brand to represent, may have been challenging even though the market is going toward Sports Betting so you have a parent here that serves some of disneys needs. Paul Sports Betting is one of the fastest parts of the gaming business. Period. The mobile Sports Betting is an extraordinary growth story. Disney needs access to the business. It is mickey mouse, you have to be careful about what you do with that brown bread brand. Maybe partnering with a thirdparty monetizes some of the espn brand but it gives you part a part of their business. This is a bigger step into what is aries a fastgrowing market. Jon the other factor is when you have so many sports rights changing hands and Technology Companies that are interested in that this is going forward, the idea that business going forward, the idea of more partnerships, the idea of more partnerships in a past fastchanging world is a possibility for disney . Paul i think it is and as recently as five years ago, we would not have said that but as Court Cutting continues to be a headwind for mabel networks for major networks, that pressures their revenue but their biggest parts, programming goes through the roof. Thats a tough Economic Situation soaked to the extent you can shoulder some of that with a partner, even walt disney would consider doing that. Paul sweeney walking us through what to expect from disney and you can watch and listen to me and paul every single day from 10 00 a. M. To 1 00 p. M. , it is streamed live on youtube and on bloomberg. You can check it out on bloomberg radio. The ceo of Energy Drink Company celsius joins us to talk about the stock. It is soaring in todays session. This is bloomberg. Welcome to the place where people go to learn about their Medicare Options before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Nows the time to plan ahead. Learn about an aarp Medicare SupplementInsurance Plan from unitedhealthcare. And how a plan like this helps you take charge of your health care with lower outofpocket costs. Heres why. Medicare alone doesnt pay for everything. Your deductibles and copays could add up to hundreds, even thousands of dollars a year. Everyones a little surprised to learn that one. Adding a Medicare Supplement plan helps pay some of what medicare doesnt. And that could mean fewer surprises and more predictable outofpocket costs. Call unitedhealthcare and ask for your free decision guide. 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Health happens now. Start your dnapowered Health Journey today with personalized insights from 23andme. Jon this is bloomberg markets. Time for the stock of the hour. Shares of celsius are taking off today and hitting a record, the Energy Drink Maker reporting strong results. They talked a lot about that partnership on their conference call. Matt taking what is an equivalent to 8. 5 state with a deal with convertible bonds into shares. Lets talk to the ceo of celsius. The stock is soaring. John fieldly joins us to talk about the success of the drink and how it translates into earnings and the bottom line. Thanks so much for your time. Fellas about the setup tell us about the financial setup of your earnings picture. John q2 was amazing in q1, we broke 200 million and eight revenue and q3, we broke 300 million. What is impressive, we exceeded not only our First Quarter this year, that achieved 200 million but all of 2021, we did 300 million so we just delivered all of 2021 in the Second Quarter this year so impressive. Financials are strong and we are seeing some margin improvements and gaining some leverage and efficiencies as we are scaling. It is exciting to be in the company and the brand is doing well. Celsius is performing well. A phenomenal quarter. Matt how much of this is due to your partnership with pepsi . How helpful has that been . John we started shipping our first case with pepsi in october 1 a we have been getting more distribution so we have been gaining more distribution. We have a really good distribution. We have 14 items in the average store and some more than others. We did really well in this years reset. Really excited to see, q2 was lack of fuel full quarter of the new distribution game and redeeming more cold availability each day and with the number three Energy Drink Brand within the overall category so we are excited and there is a ton of opportunity and runway ahead and we are Getting Started with our partner pepsi which shipped our first case in october. John when i your partners, is pepsi, but you had an endorsement deal like wellknown people with j paul. That came up with their conference call. Give us a sense on how partnerships can boost your sales especially when you have big events taking place involving people like jake paul. He has a tremendous athlete and had an amazing 10 rounds with jake es diaz. They announced we are no messy joining the team and that is exciting for us and we have the pfl. A variety of other partnerships within a variety of sports and health and wellness industries. Being a 95 ecg means the availability is pretty much through the country and prior to pepsi, we were regionalized and some of these bigger partnerships will build the brand and with the porter delivering over 300 million in revenue, we are working. We will do that with these great revenues partnerships and gain credibility. Has to do with apartment product it has to do with the product. Matt my producer pointed out that monster beverage is the best performer on the s p to since 2000, over 23 years and it shows these sports drinks can do and credibly well. You mention partnerships that are primarily in the u. S. , nascar and others. Our you looking to partner up with motor gp or other internationally focused sports to get your beverage out where red bull and others are . John we have and we started a partnership with f1 and fari for rory the rory ferarri. Health and wellness trends are not just in the u. S. These are Global Trends that celsius is delivering on. We were born in the health clubs. Here looking for bigger properties to leverage as we gain more opportunities internationally. Our biggest market is sweden and we have a 10 share in sweden. We have distribution in some asian markets. John i am putting the numbers jon i am putting the numbers together and he talked about the revenue you are generating and wall street is looking at full year numbers that would take the top line beyond 1 billion and matt was talking about monster which is in the 7 billion annual revenue but the company has been around longer. What do you think the plan is from here . You have this partnership with pepsi, do you see pepsi taking full ownership . Wall street is taking more notice on your business . John there are tons of opportunity. We are publicly traded so we are for sale every day of the week but in general, we are going for the long haul. We see big opportunities, where you see celsius, when you look at celsius at the runway ahead, we are seeing usage outside of traditional energy. 11 of the sales to pepsi is in the food service, not reported channels. Historically, it has been at a higher level than other energy drink friends in their portfolio. There is a huge opportunity to go after Food Services and College Universities is a big opportunity and that was not included in the quarter because they were closed for summer. We will be baked in college and universities. We graduated 170 students in our celsius u program. They are employees of the company and they will go back to over 17 universities and around the country to activate. We are excited about that, gaining distribution and in alternative channels. We are a solid number two in amazon and been big on the omni channel. Matt if i look across the product spectrum, you have celsius and stevia, celsius on the go. Are you looking at any other product categories that maybe we would not think of . John we always looking opportunities but it is timing and sequencing. We have so much opportunity with our core portfolio. The core line is put forward fruit forward. We have expanded our vibe line. We have a cosmic vibe line. A lemon line a lemon line that is refreshing. We are excited about the opportunity that lies ahead and partnering further with our pepsi partner. Jon i mentioned your partner jake paul. And his brother, there were headlines around a drink partnership he has and the concerns around things like caffeine levels in products and the fact that there is a targeting of younger consumers as well. Do you have any concerns as you are growing quickly that some people might be consuming these products and not fully aware of what is in the can . John know, we are staying behind that. That is 18 and up, that is who we market to, we market in the gyms and health clubs. A lot of target marketing is 118 and up, festivals and a variety of program so you dont target kids. We dont target kids. What separates us from the competition is our demographic has been 5050 malefemale. And 1845 plus in the category so we are ready new consumers in order demographic of consumers in the category for the first time. That is attracted to retailers. Is quite interesting. It is quite interesting. Jon we are seeing the stock reaction today, thanks for your time, john fieldly, ceo of celsius joining us today. Apple gets a big win in its fight with epic games over app store private policies. We will dive into tor this is bloomberg. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Jon time for todays for what its worth. A number 1. 1 trillion. Not all developers are happy with the fees that apple gets and that dispute has been at the center of a long legal battle between apple and fortnite maker epic. Rejecting the attempt to force a change to the App Store Payment practices. Matt i have been interested in this case for a long time and it has been ongoing. Jennifer rue as the best jennifer rie has the best take on the story. What is apple allowed to do on its own store and its own operating system that it sells on its own phones phones . Apple can keep charging the fees to its developers it chooses to charge. This is a long running battle and original Court Decision was in september 2021 and it has gone to the Supreme Court and all of this all that has happened here is the night circuit state and injunction said that apple had to get rid of apple has to allow developer developers to Committee Kate that they can buy the purchase somewhere else outside of apples app store. Epic is trying to get that on unstayed. They were unsuccessful but this is temporary. We are waiting to see what the Supreme Court does with the case and whether it takes it up. Jon what do you think the next steps from here would be in between that period . The next that would be apple there will be a briefing process and the court will probably decide whether they will take the case by november or december. If they pick up the case, it is more breathing in arguments and decision likely around june 2024. Matt thank you for talking to about this talking to us about this supreme Court Decision in the story about apple. We are looking that markets that are falling about where well off the session lows. The s p down less than 3 10 of 1 and the nasdaq falling two thirds. From R Matt Miller for jon erlichman, i am matt miller. This is bloomberg. Ahhhhhh crossborder sales . Ahhhhhh item classification . Ahhhhhh does it connect with acc. . Ahhhhhh ahhhhhh ahhhhhh youre concerned that its going to cost you money. To this day i only paid what i had to pay for the device. When i go back everything is covered. Theres so much youre missing by not having hearing aids. Well find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. Call miracle ear at 1800miracle and schedule your free, no obligation hearing evaluation today. Its an amazing thing when you show generosity of spirit to someone. And you want people to be saved and to have a better life, then you dont stop. The idea that we have saved five Million Peoples lives, its overwhelming. Its everything. Romaine leaders become laggards and the laggards become leaders. I am romaine bostick. I am katie greifeld, rather. I had to think about it but i am katie greifeld. Romaine i will let you be for now. The s p 500 is up 3 10 of 1 . The bond market is interesting. It