tv Bloomberg Markets European Close Bloomberg October 11, 2017 11:00am-12:00pm EDT
this is the european close on bloomberg markets. ♪ mark: they top stories we're covering from a bloomberg and around the world. the spanish government turns up the heat on catalonia a day after they punted on their independence push. we will last -- ask david owen whether there will be spillover effect into the euro zone economy. the u.s. average is flirting with record highs, how high my the s&p 500 climbed in 2018? we will speak with jonathan who just-- golub increases target. the u.s. loses to trinidad and tobago in the world cup qualifying. trading,equities
, icks marginally -- top left dekes up 1.55% and the catalonia president stepping back from the immediate declaration of independence from spain. the euro rising for a fourth day. let's stick with the spain discussion. --se are the share prices this is since they result of the referendum a week last sunday with a today's of trading. last wednesday -- eight days of trading. in recenthey fared days. 4% since the ex down 7/10 ofib 1%.
leaving the legal base in catalonia and moving them elsewhere.just give president in process could lead to the assertion of direct control from madrid. ibex and index to watch. great chart. watch spanish companies with strong exposure to the domestic economy. --ood retailer topping 14% the index i want to keep an eye on is the white line, the morgan stanley domestic spain index has jumped 1.6% today. d in theover the perio
last month. given the fact that we have inflation but poor productivity, i probably would look at productivity and the fast disinflation in four years. central banks hiking rates with the economy some calling week with productivity week --weajk -- weak. hour 15 and below the g7 average. u.k., is that hikes rates in november, will do so from a position from weakness, rather than strength. 90 minutes into the trading day in the u.s., how is it looking? change across major averages although the dow and nasdaq slightly higher.
s&p trends very slightly lower. one subgroup of performing today is the transports. averages transportation up one half of the 1% and approaching again is record. it has to do with airlines in the wake of outlook from american and ual. today delta and jetblue offering their outlets with delta airlines saying fares will improve in all major markets. it says passenger revenue for each deceitful and one-mile or unit revenue is poised to gain in the u.s. in the fourth quarter. rising expenses will weigh on profit margins. jetblue had third corner unit revenue at the high end of its prior forecast. set to rise 0.9%. watching the processors, getting commentary from morgan stanley and wells fargo about them, paypal specifically upgraded to overweight from equal weight over morgan stanley.
the analyst there says the company has a long runway of high teens revenue growth. renegotiation,t the analyst says there is concerned about that that he thinks are unfounded. if the stock will never -- the stock will never be cheap again. lisa upgraded at -- these are upgraded at wells fargo. isa upgraded at wells fargo. i will send it back to you, vonnie. vonnie: time to check in on the first word news and courtney donohoe. >> firefighters have not contain any of the wildfires through northern california's wine country, they killed 17 people at least and destroyed 2000 homes, businesses, and other structures. four vineyards have been
destroyed in napa valley. president trump will make a case that corporate tax breaks will benefit middle-class wage earners. the president expected to say that the typical american household would get a "$4000 a race from the tax plan." as advisers say that on an annual basis the annual benefit is closer to $500. the iranian president says that if president trump goes ahead with his threats to take away the nuclear deal it will be a failure for america, not iran. the president said it would be clear which is the rebellious government and which is the site that violates international rules. mr. trump this week is expected to decertify the ironic compliance with the agreement. in the u.k. company chancellor philip hammond is preparing for a no deal brexit, he told lawmakers he will start releasing more money if there are not clear sides of progress and talks with the eu by early next year.
the u.k. wants to wrap up negotiations and move onto a trade deal. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe here -- i am courtney donohoe. this is bloomberg. mark: spain ready to take control of catalonia if the push for independence goes on. the prime minister said catalonia's efforts to break away from the rest of spain is fraudulent and fruitless. fairytale.a it is not free and will not be recognized by europe and the world knows it is very high-cost . it was a fraudulent referendum on the first of october and cannot go ahead by that amount of people. from let's get the latest maria in barcelona. what happens now? what a 24 hours in barcelona. yesterday, the catalonia
regional president may be symbolic move and said i am ready to set the mandate and for 10 seconds they were an independent republic but he said i will suspend this for talks. there is nothing to talk about that this is a fairytale and his signal is now i am ready to implement article 155. the socialist party just now saying we are totally ready to support rajoy. the liberals saying we need to do this and need to do it now as we have legal grounds. -- he needs tod explain what took place last night. this is a move to discredit the catalonia president who is facing pressure in catalonia. vonnie: politician fears or from whom -- peers or from home? a more of a cerebral debate?
question. a good i was at the catalonia parliament yesterday and when he said suspended, their faces drop, especially the more radical coalition partner. a lot of them say this is a complete betrayal and not what we agreed on. in the street, i was covering it and people were just -- they went from celebrating to being in tears. his base, the people who voted, now they feel this is a complete fraud. time is running out and he is running out of independent -- options. if he backtracks, his coalition will implode and if he continues with the republic, the spanish trimester will employ this article and he is out of government. mark: thank you from barcelona. how spain will clamp down on catalonia and its effect on the economy, let's bring in david owen.
do you worry about spain's prospect in the near term or think that the outperformance will continue? david: the outperformance will continue, whether we see a slowdown from growth to 3.5% to something closer to 2%, 2.5%. parallels québec where we had lotratism movements and a of business relocated out of montréal to toronto in 1970's before the first of their referendums. we have already seen some businesses, banks in particular, make the move. i will come back from the u.s. and i have three days seeing clients and people are pretty constructive on the eurozone. these were fixed income in the actors. -- investors. mark: they fixed income spaces where it tends to show, look at the sovereign debt crisis a few weeks ago, the spread which was 19 basis points last wednesday
at the height of concern that it points, down five basis elements of complacency? this: not worried at point. it is worried about an -- what happens to banks going forward, do they lose deposits? they concern in the banking sector, they are and -- dependent on ecb funding which requires the banks to be within the eu. one reason the banks will have to relocate. the spread between spain and italy has been -- spain is still trading and spain to germany still remains pretty tight. there is constructive options around the eurozone and the ecb still has backing in the system and buying bonds perhaps through next year. not a reason for the ecb to not taper that quickly and 2018 -- in 2018. vonnie: this chart has to do with catalonia, if you do not
mind. catalonia job creation versus spain job creation. we have a comparison, you see catalonia accounts for most of the region's export outside of spain. is that -- if all of the separatist movements do not create some economic havoc in general? david: we will have to look at the data over the next three to four months, the eurozone, more .essimism about spain growing optimism about the italian recovery. and also with france. much more optimism there. spain is an issue. it will remain an issue. it will keep rumbling on. it will not go away. if the eurozone carries on gathering momentum as a whole, that will give confidence, particularly in the fixed income
vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn. mark: live from london, i am mark barton. between jeremy corbyn and theresa may between the progress of brexit negotiations. >> everywhere you look, a government in chaos. on the most important issues facing this country, it is a shambles. brexit negotiations made no progress. >> we are not ramping up a no
deal scenario, we are actively working, actively working with the negotiations with the european union's to make sure we set up and get a good deal. >> this government is more interested in fighting amongst themselves than in solving the problem. >> if there is no deal, we will have to have arrangements with member states. >> the prime minister cannot leave and she should leave. -- lead and she should leave. brexithilip hammond says talks are hurting the u.k. economy. we are back with david owen from jefferies. hikeof the doubt is a rate in november, would it be from a position of weakness? david: the bank of england announced last year a whole bunch of measures. the rate hike was only one of --se in the bank of england
another round of qe and the term funding schemes, the banking sectors, those things for the equivalent of cutting the bank rate almost 100. -- the bankuch more cannot do anything about brexit. in terms of managing the process , that is up for the government and the chancellor. we have a budget coming up in a few weeks. saw, what was these that i the back has not raised rates when growth has not been .5% or 1987.ince at least -- 1997. why are they raising rates when growth is not trend level? david: i would not put words in their mouth but probably see growth close to .3 or at best --, growing at 3.4% just 3
.3% a quarter, a growing trend, before the financial crisis, in the labor market, very -- wages accelerating. based on a small sample of pay settlements. if late market data confirms the trend of wages getting firmer, another reason for them to go. vonnie: as we progress through the brexit channel and negotiating deals between britain and whoever else it may be, do you anticipate that currencies will move sharply? i am thinking the euro may come out of trade talks. david: yes, i would highlight, last friday, the u.k. data released, current account debt is wide now, almost five percentage points of u.k. gdp with traded yesterday saying a separate widening in the trade deficit in the u.k. in august. we rely on financing the deficits and they come through
foreigners buying the gilt market. , unless this current account deficit closes and quite quickly, the currency should trade lower anyway on economic fundamentals. vonnie: the british currency? david: yes. vonnie: what would that do to the euro and what factors does mario draghi have to be careful about in the next 6-8 months? david: the last thing he wants is a hard brexit before he leaves the ecb. see perfect world, he will a softening of qe in 2018 raise rates in 2019. ofleaves the ecb in october 2019 and he does not want a hard brexit worried has to solve that problem and do qe again. his interest -- in terms of the ecb, if the eurozone recovery continues to give legs and evidence core inflation picks up, some ground, that is in courage and.
they still -- that is encouraging. mark: you mentioned core notes, there your is a lovely chart -- i do not should super court inflation spooked the ecb? david: it is very intensive, they still have a bias to continue to want to do more. they need to get -- mario draghi talked about being a bumblebee that should not fly, he wants -- the bias here is doing more. not less in a sense. mark: does that derail the euro zone economy? to firet is beginning on all cylinders and there is more optimism about italy.
recoveries have a habit of disappointing eventually. theructural change in eurozone or adjusting a sickle go after them which will -- cyclical upturn? we are getting more encouraged by the eurozone. mario draghi has to keep doing tv for the first few months of 2018 -- qe for the first few months of 2018. vonnie: we speak next on liquidity. and roku. ♪
♪ live from london, i am mark barton with your link those minutes away. vonnie: live from bloomberg world headquarters, i am vonnie quinn. terry duffy says he moves -- the elaborated in an interview with our editor-in-chief. the marketgood for is making sure we do not limit participation to the marketplace, liquidity is critically important. participation, especially in times of stress, when things are like they are right now, with low ball and not much going on, in times of stress, you want to make sure everybody is in the marketplace that can provide -- >> dodd-frank or whatever. >> it would go through the volcker rule, a way was written,
i do notdvised, support that and i believe the banks should be allowed to prop trade. there is nothing wrong with it, as long as they are regulated like everybody else. their liquidity is critically important to the marketplace. and for the security of the marketplace. i did not -- i did not like to see them taken out of certain asset classes. you can prop trade in u.s. treasuries on the cash side, but not prop trade in the future side. on u.s. treasury's you some say that is not good, we are now -- we went from 47% of the u.s. treasury trade in the united states at cme, and now 87% of the trade on u.s. treasury market. when you look at counterparts in europe, 400% of the trade. we are starting to move forward in that direction. not sure if it is because of the loss or because of the efficiencies of liquidity. we should not have the banks
eliminated from the pools of liquidity because, even the we are not moving a lot right now, because that stress will come into the marketplace and he want those people in their vonnie: that was cme chairman and ceo terry duffy. sprint, thes on the proposed merger -- the push for the merger with t-mobile seems draw u.s. antitrust concerns according to people familiar with the matter. another run on the dream to create a u.s. mobile heavyweight but donald trump's u.s. chief what -- ♪ is this a phone?
see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. ♪ mark: live from london and new york, this is the european close. stocks finishing the wednesday session with little changed for the second consecutive day.
utility is best performance with basic resources the second -- the worst performer. president stepping back from an immediate declaration of independence from spain which was the big news of the last 24 hours. euros shrugging it off with no provocation and no unilateral declaration of independence from the catalonian president. a bit of relief pushing the .ssue two weeks into the future euro rising for a fourth consecutive today, the best run since september 17. stepping upy pressure on the secessionist government to back away from -- starting the process could lead to the assertion of direct control. analysts forecast the euro will pd the year at $1.18 -- financialnc has a--
this is the yield difference between spain and germany, 10 year yield difference, we were down as much eight basis points in the last half an hour. we have seen a widening -- a narrowing of the spread, 117. closer to wiping out the spread differential we witnessed since the referendum eight days ago. it blew out to 19 basis points last wednesday. coming in close to a handful of basis points as carles puigdemont said he wants talks with the government in madrid over the future of his region. the narrower since the end of september. 1.5% higherbex, today. the spanishibex, gave since the referendum. , lasty 9/10 of 1%
wednesday, at the height of concerns, the ibex down 4%. almost it has remade the losses from midweek last week, down 9/10 of 1%. what is happening? vonnie: u.s. stocks with little change. a little higher as we await the fed minutes later today. still trading your records with equities driving higher daily, resilience over the last year despite lack of legislation out of washington. something is perhaps that worries people and the latest to express those worries is nobel prize-winning economists richard thaler who told us yesterday why he is nervous. >> i do not know about you but i am nervous. it seems like when come investors are nervous, they are prone to being spooked and nothing seems to spooked the market. it just crawls up slowly but
surely. if it is all based on the expectations of some big tax cuts, shortly investors should have lost confidence that that was going to happen. given what has happened so far out of congress. vonnie: someone who is not so far all that worried is the credit suisse securities chief strategist at a target for the s&p next year, 11% gain from the 2017 target. you heard what jonathan thaler said, we have heard it, people are confused and do not know quite this grind upwards is happening in stocks and yet it keeps happening. >> i want to comment on this thought that the market is all about trump tax cuts. we have done work recently, what a basket of high tech companies are doing compared to the rest of the market.
they have been largely underperforming. they outperformed a little bit after the election and doing a little better but not a market being driven by a promise of change in washington, it is , courteconomics, the pmi economic looking indicators, not just better in the u.s. but everywhere and the earnings season looks good. i do not think this is about complacency, i think it is about these and fundamentals. -- these and fundamentals. -- these and fundamentals. -- decent fundamentals. vonnie: middle-class tax cuts would give middle-class tax people more to spend and more confidence in the economy, if that does not happen, we will not see a drop? >> if you think there is none of this in the market and that the market is not responding, the market should not be all that is what it, if it does not happen. i would argue that the guys who should be making a bet are people who believe that it is
going to happen, and it will be good for stocks. they should get in and buy a basket of high tax rate companies. i do not think the markets are at risk. i think people are missing the fact that, if this happens, think about the repercussions. you are juicing an economy that is his full appointment, 4.2 unemployment. andare likely to see pickup wage inflation which is not good for margins and the fed will likely get more involved. be careful what you wish for come in may seem a great to put money in people's hands but i am not sure this will be as wonderful for stocks as perhaps the pundits are saying. vonnie: even if we go along with your argument that this is not a tax reform market, not even a donald trump market, more a healthy economy market, we still have 50 points in the s&p 500 according to your target this year and a couple of hundred next year. where do you see the health of the economy for employment, which has been good all along and a little bit of
manufacturing take off? some of that because of the hurricane. ,> where we get the markets run 10 or 11%, two thirds of that is coming from earnings. revenues are healthy, should come in 4.5%, companies buying back 1.5%, that is 6% and energy has called says oil prices rising. that is 7% earnings number of the 10% or 11%. it is made in an little risk. the area i am more optimistic than others, pes will rise over the next year, even though they are high. people are troubled by something above average getting more above average. that is what i think will happen. the big reason is, recession or risks are low and when recessions are not on the horizon, multiple said to drift higher and volatility is low which tends to contribute and interest rates are low as a discount rate. everything points to higher valuations, even though it is
not a question of high, that is not the issue, it is where will they go next. mark: let's talk about sector leadership, given your are saying we have 10%, 11% annualized price trend over the next 15 months, which sectors will lead the way at which one will lag? >> by far the most exciting part of the market are what i would call newest economy companies. fang stocks ast an example but 10%, 50% of the market are innovative company in consuming every discretionary technology, they have done well in will continue to do well. this is not a sentiment driven story like in the late 1990's. this is companies delivering unbelievable earnings. that is the story. financials, i think they will do particularly well. a likelihood of less regulation rising interest rates, they should be a standout. stories, housing
and semi-character's look attractive -- semi conductors look attractive. large data centers are really driving success in the groups and i think it will continue. mark: i know you are u.s. but a question on europe, u.s. versus europe, u.s. has outperformed almost double in this year and in that 10%, 11% annualized return in the next 15 months, there's europe keep up or lag? >> i would defer to andrew who is our global guy. and general, if you have accelerated economy, that would tend to face -- they were non-us stocks because they have a digger weight in old economy and industrials and financials, which win on that trend. are saying a we real excel it -- read acceleration, that probably favors europe, i would rotate back to the u.s. if the economy slows down which is more service-oriented. vonnie: if there were to be
something that would derail this bull market, even no not a roaring bull, obviously a bull market, what would it be? >> the biggest concern i have is the labor market is really tight. strangeseen a very thing, and a tight labor market, an accelerated economy, and inflation is falling. that does not make a lot of sense and at some point you will see wages pick up. that will concern the fed. the risk is they become more aggressive. it will pressure profit margins and it will push interest rates broadly higher. if there was something that would undermine this, that would be it. vonnie: equity strategist have to change your outlooks completely, if we get some kind of tax reform pretty soon, and if somebody like kevin warsh chairs the fed. or does nothing change? >> the question on kevin, it is interesting, when you take someone and you put them in the
actual seat where they have to govern or run things, how different is policy going to be? guys in the fixed income world are much more nuanced from an equity perspective. the equity market will not be as concerned as perhaps the headlines are. your second question on taxes, i think you will see, if we get the tax to go through, a big jump in the market immediately on the optimism that this will make growth pick up and the result will be more inflation and a more aggressive fed. i would faded the trade after you get initial response. vonnie: jonathan, thank you very much. jonathan golub of credit suisse securities. let's check in on the first four news with courtney donahoe. >> justin trudeau each with president trump today and justin trudeau playing up the similarities between his policy objectives and the president,
the canadian leader arrived in washington just as the fourth round of talks on the north american free trade agreement begins. president trump says the deal may have to be terminated. the u.s. navy has fire the top two officers on the uss john s. mccain was quite a with an oil tanker, 10 sailors killed in the collision near singapore. the navy called the accident preventable and said the ship's captain and executive officer are being reassigned. northernires in california are likely to have a long-term impact on the state light -- wine industry with four napa valley vineyards having been significantly destroyed or damaged and the damage may be worsening and a beer -- neighboring sonoma county and people have died and 2000 homes, businesses, and other buildings destroyed. lawmakers in the u.k. tried to backtrack legislation that would cap household energy prices and the role for consumers is to benefit from limits this winter, this could take months to get a law passed in parliament and the
energy secretary is expected to publish legislation tomorrow that is a draft. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. not -- will usa was not be in the 2018 world cup. we will be asked about money next. this is bloomberg. ♪
scherzer kroger of more than 5% and considered selling its convenient stores. how big is this business? >> day on an absolute basis but not necessarily big when you compare it to kroger overall. the stock was briefly halted as kroger came out with a statement that clarified how big the businesses. $1.4 billion is the company's annual sales, the convenient stores annual sales come inside the convenient source which expands to $4 billion if you include the fuel because most are gas stations. it compares with kroger overall sales or than $100 billion. a relatively small part of the business. kroger has said it may be selling these businesses, which until today i did not know they had. not under the kroger name, other -- under other names like tom thumb, quick stop, 784 of these and the company is now higher goldman sachs -- hired goldman sachs to explore, they feel it
is they're all the addition as a management team to do this. you see the breakdown, not just tech program but overall in this country and chain stores versus single store operations. this isur people said an industry right for consultation because there are so many single stores and one analyst at jefferies said some of the possible buyers would be 7-eleven, a canadian chain, or caseys general stores. vonnie: why might kroger need to sell? >> part of the answer is the valuation they might set a part of the reason is that their core business, they are facing a number of different challenges. this is the same store sales of had,h at the company they three quarters of declining same-store sales last quarter, a recovery. still a lot of headwinds as amazon buying whole foods is one of them. also competition from discount -- european discount groups aldi
and others which recently entered the united states. we had seenmargins, little food inflation and not seeing these companies raise their prices because of competition also they were not raising prices. rover is looking for another way to get a boost. also a boost to its share price, shares down 41% this year going into today. they have this 5% gain today, but that is on the back of some pretty dramatic underperformance year to date. kroger is not alone as other supermarket chains experiencing similar headwinds but kroger is the biggest in the united states. mark: julie hyman with -- vonnie: julie hyman with our stock of the hour. team usa yesterday needed to tie againstesterday trinidad and tobago to advance to the world cup but it did not happen and for the first time
since 1986 team usa will be sitting out the world cup. >> not sure how he did it, a trick shot of sorts. it goes over tim howard and trinidad and tobago in front. vonnie: no words. how expensive is the loss? stocks saved 400 may dollars for u.s.-english rights for the next two were -- partners in the u.s., coca-cola, nike, are now sponsoring a team that will not be playing. bottom-lines? million numbers, $400 for the rights to play these games on fox. sponsorships. is it clear that because team usa is not in the world cup, people will not still watch? >> the last world cup where team usa did make a run in the world cup, espn ratings increased. if you are a fox executive, you
are disappointed that the u.s. team will not play. there is a lot of casual fans who would tune in to see the u.s. team play and may not tune in otherwise. when you have spent that kind of money on u.s. soccer rights and the u.s. team is not playing, it will affect the ratings to some extent. x is paying more than $400 million for the domestic english-language rights for the next two world cups. it is planning a lot of resources and russia 2018, isn't it? >> that is right, the fact it was in russia would be a challenge for the u.s. you are, because of the time zone change. you are compounding that with the fact that the u.s. team will not play. it remains to be seen but i think fox executives are probably wishing that the u.s. team was playing. vonnie: the last time there was a lot of added excitement from the usa and they playing.
still appetite for soccer among americans, whether argentina playing, brazil, other fantastic nations. discounttry and get a or will -- can they go back and renegotiate now that the u.s. team is not in? are the deals done? >> i am not sure. the way advertising normally works, tv networks guarantee an audience and when they fall short, they have to give away free commercial time. -- if you are a tv network and the ratings go down, you generally take a financial hit. if the u.s. team not being in the world cup affects the ratings, i think fox will see some affected their bottom line. , anie: on a separate note tweet earlier from the president donald trump, with all of these big news about nbc and the networks, what point is it appropriate to challenge their license? bad for country.
he is talking about the license the networks were given an order that day present news to the public. that is why they were given license is free of charge. can he take those licenses away? >> people are trying to figure that out. i saw a commissioner of the fcc sent out a tweet that said that is not how it works. these broadcast networks like nbc had to get these licenses renewed from time to time. i do not necessarily know to what extent the president can affect this. this goes back something president richard nixon used to do in a similar right when he had problems with the media. whether aclear president can't get the fcc to revoke these licenses. vonnie: fascinating. mark: great stuff. charts,p, battle of the
♪ mark: time for the global battle of a drug where we look at some of the most telling and compelling chart of the day. access these on the bloomberg by running the function feature. regina things off this -- christina. >> what they fear, investors are asking that ahead of the release of the fed minutes and judging by the low volatility in treasury yields, not much fear. ten-day historical volatility on the 10 year yields. we are at the moment -- lowest level in two years. 2016, what happened back then for treasuries, investors took it as a buy signal. treasury bond etf on the bottom panel, you see that it saw the best weekly gain in a while.
best weekly gain over the two-year time. we are seeing a repeat of that right now with the first weekly gain in about five weeks. that is a reminder that you cannot knock the appeal of a low volatility, especially when it happens to be the world's most liquid bond market. 359.k out this chart 9 mark: it is topical within minutes due. i like my topical. vonnie: it is a chart where you can tell a big story on it. , achart is a lot more simple simple chart having to do with nasa. -- peso. the 208 moving average. when we had a huge spike in the peso, up to 22, a lot of weakness for the peso in that spike.
it came back down when it look has notta -- nafta been. -- snuck in. hearing about this on several and stuff that may deter manufacturing and industrial's building in other countries and now seeing the peso at 18.83, meaning its 200 day moving average is going higher. see my chart on the bloomberg. -- i willwinner is let the clock take off. coming up, the house ways and means chairman talks to perform at 1:00 p.m. eastern at 6:00 p.m. in london. the winner is -- ♪
shery: here are the top stories we're following -- vonnie: here are the top stories we're following, president trump will meet with justin trudeau in the next hour, the fourth round of talks on nafta. much more in a live report. as regulators worldwide tackle the explicit growth of bitcoin, we will stick to the ceo of omega one. multiple challenges over legal accusations, what we are learning about the culture of the company that is now bringing it back down to earth. all that and a lot more in the next 60 minutes. halfway into the trading day. >> it could be the tightest trading range of the year. little