Schwab Network

Can Bitcoin Hold Onto Store of Value Narrative?

02 Apr 2025

Contributed by Lukas

“You’ve got a foundation under gold,” says Dan Deming as the metal hits yet another new all-time high. “Silver’s holding in there…there’...

SPX Rallies & VIX Sticks, Watch for Retaliatory Tariff Price Action

02 Apr 2025

Contributed by Lukas

The SPX muscled gains heading into the close ahead of the Trump administration's tariff announcements. Kevin Green sees strength in today's pr...

Tech Opportunities Despite Sell-Off

02 Apr 2025

Contributed by Lukas

Lindsey Bell sees opportunity within growth stocks and discusses the Mag 7’s recent decline. She notes that while tech is taking a lot of blame for ...

Beyrich's Picks: ADT, DOW, PFE, AMCR, BERY

02 Apr 2025

Contributed by Lukas

Eric Beyrich says, “this is the time of year we actually thrive” as he looks at a low-bid, high-yield strategy. He compares the ratio of value to ...

Doll: Like Financials, Expecting Market Correction

02 Apr 2025

Contributed by Lukas

Bob Doll looks at the macro picture ahead of tariff announcements this evening. He’s focusing on companies with rising free cash flow and good retur...

SmartStop Self Storage CEO on Automating Business Post Covid and Dynamic Pricing

02 Apr 2025

Contributed by Lukas

SmartStop Self Storage’s CEO, H. Michael Schwartz, discusses why now was the time to IPO. He discusses the difference between American and Canadian ...

Belton: "Don't Think A.I. is Slowing" Despite "Violent" Selling Action

02 Apr 2025

Contributed by Lukas

John Belton expects the tech trade to rebound from current lows and sees A.I. pockets weathering a tariff storm. His data points to "overwhelming...

AAPL "Core, Safe Bet" in A.I., Apple Intelligence's Room to Run

02 Apr 2025

Contributed by Lukas

CFRA's Angelo Zino urges investors not to count Apple Intelligence out. He says international demand for Apple's (AAPL) A.I. service remains t...

RH’s ‘Setup’ into Earnings ‘Quite Good’

02 Apr 2025

Contributed by Lukas

Max Rakhlenko previews RH (RH) earnings after the bell. He expects a small topline beat in the quarter, but thinks there are questions around guidance...

Elon Musk Stepping Back from DOGE, TSLA Reverses Prior Selling

02 Apr 2025

Contributed by Lukas

Tesla (TSLA) was down more than 4% this morning after its first quarter deliveries came in vastly under expectations. Around lunch time, the stock soa...

"No Cracks" in NVDA Demand, PLTR Comparison & $112 New Resistance

02 Apr 2025

Contributed by Lukas

Kevin Hincks poses the question: what if Nvidia (NVDA) has a story similar to Palantir (PLTR)? He talks about how the company can capitalize on upside...

Ca$htag$: RH (RH)

02 Apr 2025

Contributed by Lukas

Megan Brantley from Likefolio charts their consumer sentiment data on RH (RH) ahead of earnings. She thinks investor sentiment is turning sour, but sa...

Landsberg’s Picks: XOM, CB, NEE, AXON

02 Apr 2025

Contributed by Lukas

Michael Landsberg expects “pretty good” earnings in the quarter but expects bearish-leaning outlooks. “We have not been buying the dips,” he e...

The Big 3: META, COST, VIX

02 Apr 2025

Contributed by Lukas

Market volatility has gripped trading action heading into today's expected announcement on reciprocal tariffs. Theotrade's Don Kaufman still b...

Tariff "Alarm Bells" for AMZN, AWS Growth Counterbalance

02 Apr 2025

Contributed by Lukas

Ron Westfall says Amazon (AMZN) will be the Mag 7 company that will suffer the most under tariffs. He points to the China trade as fundamental for its...

Oumi Co-Founder on why AI Transparency is the Future

02 Apr 2025

Contributed by Lukas

Manos Koukoumidis, co-founder of Oumi, a “fully open source” AI modeling company. It was launched 8 weeks ago by ex-Google and Apple engineers. He...

Options Trades: META and AAPL

02 Apr 2025

Contributed by Lukas

With investors searching for direction ahead of Pres. Trump's tariffs policy taking shape, Kevin Hincks examines 2 mega-cap tech names: Meta Platf...

TSM, WMT & JBHT: Charting Suppliers in A.I., Retail & Transit

02 Apr 2025

Contributed by Lukas

Today's Chart Master focuses on three key suppliers in their respective industries. Jenny Horne turns to Walmart (WMT) seeking assistance from Chi...

Sanders: Choose High-Quality Fixed Income Options with Credit Spreads Tight

02 Apr 2025

Contributed by Lukas

Mike Sanders looks at the bond market, expecting three rate cuts this year. “If the market was really pricing in a recession,” credit spreads woul...

Macro & A.I. Competition Weigh on SNOW Expansion Opportunities

02 Apr 2025

Contributed by Lukas

Macquarie initiated coverage on Snowflake (SNOW) with a neutral rating and $160 price target, not much higher than where the stock currently trades. A...

Four Catalysts for AVGO, UAL Downgrade, Goldman Sachs Reprices Payment Stocks

02 Apr 2025

Contributed by Lukas

While tariffs will take over today's market commentary, Diane King Hall turns to stock movers investors may have missed. On United Airlines (UAL),...

Bar Low for SPX, VIX Spike Possible on Tariff Commentary

02 Apr 2025

Contributed by Lukas

Tariff commentary from the White House will be key in today's price action, says Kevin Green. He highlights the scenarios where markets can rally ...

RH Earnings: Luxury Value for Investors?

02 Apr 2025

Contributed by Lukas

Seth Basham believes high-end furniture brand RH (RH) is undervalued. He notes risk in the company's "completely quiet" approach to some...

‘Stock Picker’s Environment’ as Economy Follows Natural Cycle Lower

02 Apr 2025

Contributed by Lukas

Edison Byzyka thinks there’s been “too much premature pricing” on tariffs. He points out the “uniformity” of market downside and thinks the ...

Markets Climb "Mount Everest of Uncertainty" Amid Looming Trump Tariffs

02 Apr 2025

Contributed by Lukas

ADP employment data showed stronger than expected job numbers that didn't do much to reverse negative market sentiment into today's trading se...

TSLA 1Q Deliveries Down 13% Y/Y, Stock Sells Off

02 Apr 2025

Contributed by Lukas

Breaking news hit Morning Trade Live as Tesla (TSLA) reported a 13% year-over-year drop in deliveries for first quarter. Jenny Horne notes the selling...

ETF Opportunities with T. Rowe Price

02 Apr 2025

Contributed by Lukas

David Giroux talks about recent fund launches, including a Capital Appreciation Premium Income ETF (TCAL) and the Priced Hedged Equity ETF (THEQ). He ...

Options Corner: AVGO Upgrade

02 Apr 2025

Contributed by Lukas

Broadcom (AVGO) has enjoyed a 300% rally over the last 3-years, but year-to-date it has slid alongside the overall tech sector weakness. Tom White loo...

Auto Tariffs: Temporary Pain for Longer-Term Gain?

02 Apr 2025

Contributed by Lukas

With a 25% tariff looming on imported vehicles, David Williams believes these are "temporarily strategic moves" to try and make a deal. Davi...

Brusuelas: You're Not Going to Get the Certainty or Clarity That You Want

02 Apr 2025

Contributed by Lukas

Joe Brusuelas says "when everything is an ongoing negotiation" there's uncertainty about how tariffs will be digested domestically and a...

Chart of the Day: JPM Earnings Ahead

02 Apr 2025

Contributed by Lukas

JPMorgan Chase (JPM) starts the trading day with a price target cut at BofA. The big bank has earnings coming up on April 11, so Ben Watson targets so...

Beneficiaries & Losers in Trump's Tariff Plan

02 Apr 2025

Contributed by Lukas

Kevin Green admits "nobody really knows" what to expect with today's highly anticipated tariffs announcement. From auto parts to lumber to copper, KG ...

Stock Market Morning Minute: AVGO, NVDA, SNOW

02 Apr 2025

Contributed by Lukas

Broadcom (AVGO) gets an upgrade to a Buy rating at Daiwa. Nvidia (NVDA) shares touched 6-month lows. And, Snowflake (SNOW) is listed among one firm's ...

Stock Market Today: RIVN & TSLA Rally, Airline Downgrade Plunge, JNJ Sinks

01 Apr 2025

Contributed by Lukas

Stocks closed mostly higher to start the second quarter ahead of expected tariff announcements from the Trump administration. Tesla (TSLA) and Rivian ...

Overlooked Stock: PRGS

01 Apr 2025

Contributed by Lukas

Progress Software (PRGS) popped after Monday's postmarket earnings report that George Tsilis says signals growth. He turns to how the company uses...

TSLA, BTC Guide Bulls Despite Bonds Saying Sell

01 Apr 2025

Contributed by Lukas

Bonds are about one rally away from getting OJ Renick's green light as Treasuries look near-panicked about the state of the economy. $TSLA and $BT...

Stagflation, Market Rallies, & More Possibilities: Eve of Tariff Certainty?

01 Apr 2025

Contributed by Lukas

Collin Martin and Nathan Peterson turn to today's Charles Schwab big picture. Collin highlights the market drop after today’s economic data, whi...

Equities Pricing in Volatility Crush While Bonds Price in Fear

01 Apr 2025

Contributed by Lukas

The SPX managed to inch higher heading into the end of the trading session. Kevin Green considers it a win for bulls but warns fundamentals need to sh...

Selling TSLA Puts, Tariffs vs VIX & NMAX 20x Rally

01 Apr 2025

Contributed by Lukas

Market Rebellion's Jon Najarian returns to Market On Close for an in-depth conversation on all the recent market movers. He expects the market to stom...

Macro Headwinds Hit Employers, Hiring "Can't Get Much Weaker"

01 Apr 2025

Contributed by Lukas

Morningstar's Preston Caldwell considers the latest JOLTS figure uneventful, citing lagging data and signs of balance through February. He sees a ...

Technical Tuesday: SPX, BJ, WMT

01 Apr 2025

Contributed by Lukas

Kevin Horner’s Technical Tuesday charts cover the SPX, BJ’s Wholesale (BJ) and Walmart (WMT). He sees a possible bullish divergence in the SPX but...

Diana Shipping (DSX) CEO on 20 Years on the NYSE, Navigating Volatility

01 Apr 2025

Contributed by Lukas

Semiramis Paliou, CEO of Diana Shipping (DSX), joins to celebrate the 20th anniversary of their NYSE listing. It specializes in dry bulk transport, in...

GoDaddy (GDDY) CFO on AI Integration and Transforming Entrepreneurship

01 Apr 2025

Contributed by Lukas

Mark McCaffrey, CFO of GoDaddy (GDDY), celebrates 10 years of NYSE listing and discusses the financials of the business. He talks about the spirit of ...

Companies "Can't Afford" to Cut CRWD as A.I. Space Swells

01 Apr 2025

Contributed by Lukas

Stephens initiated an overweight rating for Crowdstrike (CRWD), citing it is well-positioned in cybersecurity for the coming years. Caroline Woods tur...

Bitcoin Still a Risk Asset, Reserve First Step to Crypto Upside

01 Apr 2025

Contributed by Lukas

David Siemer will consider Bitcoin and other cryptocurrencies risk assets until there's more security backing them. The Trump administration's...

PYPL "Not in Last Place," Needs to "Pick Up Pace"

01 Apr 2025

Contributed by Lukas

"You can't guide weak in this environment," says LikeFolio's Landon Swan, pointing to weakening consumer sentiment as a headwind aga...

History Repeats Itself? 1930s Tariffs vs Today’s Auto Tariffs

01 Apr 2025

Contributed by Lukas

Sandra Cho and David Liu give their thoughts on auto tariffs. They discuss the uncertainty around the exact rate or the amount that car prices will ri...

Legacy Airlines vs Budget Airlines in Travel Slump

01 Apr 2025

Contributed by Lukas

Meghna Maharishi spotlights the airline sector after Jefferies downgraded DAL, AAL & LUV. She notes that reduced government travel is hitting reve...

Jessica Inskip's Technical Scans: RIVN, T, SLB

01 Apr 2025

Contributed by Lukas

Jessica Inskip returns to highlight stocks gaining attention in ways investors may have missed. She talks about Rivian's (RIVN) growing social med...

Recession Risks in 2025 & Is Market Pullback Over?

01 Apr 2025

Contributed by Lukas

Sam Stovall says growth is slowing and inflation is rising, adding that we might be headed for the dreaded “stagflation.” However, he thinks reces...

Bullish Options Trades in TSLA and GOOGL

01 Apr 2025

Contributed by Lukas

As Mag 7 stocks look to shake off 1Q weakness, Kevin Hincks provides 2 example trades in a pair of tech titans. Tesla (TSLA) will report 1Q deliveries...

Hedging Strategies During Energy Volatility, Tesla (TSLA) a Buy

01 Apr 2025

Contributed by Lukas

Chris Gersch looks at energy volatility as potential U.S. sanctions threaten global supply. “The market’s trying to find some way to create alpha,...

INTC Turnaround "Won't Be Easy," CHIPS Act in Balance

01 Apr 2025

Contributed by Lukas

New Intel (INTC) CEO Lip-Bu Tan shared cautious optimism for the company's outlook. At the Intel Vision conference in Las Vegas on Monday, Tan adm...

CMG "In Middle" of Tariffs, Consumer Spending & Sentiment

01 Apr 2025

Contributed by Lukas

Investopedia's Caleb Silver considers Chipotle (CMG) a barometer for the consumer. He urges investors to watch price action once tariffs come into...

Stocks on the Move: PVH Pops & Airlines Descend on Downgrade

01 Apr 2025

Contributed by Lukas

PVH Corp. (PVH), the parent company of Calvin Klein and Tommy Hilfiger brands, is back in fashion today as shares pop off of 2-year lows. Diane King H...

Wide SPX Range Intraday Ahead of "Liberation Day"

01 Apr 2025

Contributed by Lukas

Kevin Green and Oliver Renick kick off the new month and new quarter with markets on the edge ahead of upcoming tariff announcements from the Trump ad...

Tariffs Could Slow Global Growth; Social Impacts Hit Tourism

01 Apr 2025

Contributed by Lukas

Jeffrey Kleintop discusses the different paths tariffs could take tomorrow: broad brush vs specific strokes. He emphasizes that tariffs hurt everyone ...

OpenAI's Historic Value, TSLA 1Q Deliveries Looming

01 Apr 2025

Contributed by Lukas

After the A.I. private company's $40B funding round has closed, Sam Altman's OpenAI now wields a valuation of an astonishing $300B. Jenny Horn...

Tariff Uncertainty, Hard Data Ahead to Begin 2Q

01 Apr 2025

Contributed by Lukas

Kevin Hincks repeats this week's mantra of "peak uncertainty" as investors brace for any outcome in ongoing tariff negotiations for U.S....

Options Corner: META Outpaces Mag 7

01 Apr 2025

Contributed by Lukas

Reports have surfaced that Meta Platforms (META) is lobbying trade representatives to help fight regulatory pressures in the E.U. Diane King Hall and ...

Tariff Options Facing Trump, U.S. & Rest of the World

01 Apr 2025

Contributed by Lukas

Sandra Swirski says there are options on the table when it comes to the extent of the tariff policy rollout expected to be announced tomorrow. Sandra ...

Brigati: 'We Just Don't Know What's Going to Happen'

01 Apr 2025

Contributed by Lukas

Chris Brigati joins Diane King Hall at the NYSE set to discuss the state of the U.S. economy as investors anxiously await clarity on the Trump Adminis...

Chart of the Day: AT&T

01 Apr 2025

Contributed by Lukas

AT&T (T) was added to Goldman Sachs' U.S. Conviction List to start the new month. The firm holds a Buy rating and a $31 price target on the te...

Airlines Downgraded, OpenAI Valued at $300B

01 Apr 2025

Contributed by Lukas

Kevin Green kicks off the morning with a look at two very different parts of the economy: Airlines and A.I. The analyst at Jefferies downgraded Americ...

Stock Market Morning Minute: JNJ, DAL, MU

01 Apr 2025

Contributed by Lukas

Johnson & Johnson (JNJ) faces new legal obstacles in its baby powder lawsuit. Delta Airlines (DAL) and several competing airlines caught downgrade...

Stock Market Today: Tech Weakness, MRNA Year-Low, Gold All-Time High

31 Mar 2025

Contributed by Lukas

Stocks lifted themselves off session lows and closed mixed on the day, with the $DJI and SPX managing 1% and 0.5% rallies. Most tech companies were le...

Trading "Liberation Day:" Tariff Vol Should Be Priced

31 Mar 2025

Contributed by Lukas

Bonds and the dollar gave a nasty false signal to stock hopefuls like OJ Renick last Thursday, but he's still thinking it's easier to bet agai...

EARNINGS ALERT: PVH

31 Mar 2025

Contributed by Lukas

PVH Corp. (PVH) popped after hours thanks to bright spots in the apparel company's earnings. George Tsilis talks about the points giving the Tommy...

Uncertainty "Ping Pong" in Tariffs, Earnings & Sentiment

31 Mar 2025

Contributed by Lukas

Charles Schwab's Liz Ann Sonders notes the "wait and see" mode among investors and business leaders alike can pivot with this week's...

Turning Cautious on Gold as it Hits New Highs

31 Mar 2025

Contributed by Lukas

Scott Bauer discusses gold as it continues to hit all-time highs, saying he’s never seen action like this in his 35 years of trading. “It’s to t...

Discount Today's Price Action Due To Quarter End Mechanics

31 Mar 2025

Contributed by Lukas

"Anything can happen" in a market like this, says Kevin Green. He notes today's quarterly expiration driving much of the market volatili...

Petrides: Investors Aren’t Used to Markets Falling – Diversification is Key

31 Mar 2025

Contributed by Lukas

John Petrides thinks the DeepSeek shock drove investors to rebalance their portfolios outside of the U.S., since it proved that A.I. development is no...

Private & Public Credit Opportunities in 2025

31 Mar 2025

Contributed by Lukas

Joanne Bianco discusses private and public credit opportunities in 2025. She looks at flows and demand in the sector. She highlights BBB-rated compani...

PLTR "Incredible" Company, "Sick of" Valuation and A.I. Sentiment

31 Mar 2025

Contributed by Lukas

While his firm doesn't own Palantir (PLTR), Doug Clinton still calls it an "incredible company." His issue lies with the valuation, whic...

Bianco: Mag 7 Will Struggle, Fed Rate Hike Potential & Europe's Tariff Battle

31 Mar 2025

Contributed by Lukas

Jim Bianco argues that Europe will suffer more from President Trump's tariff policy than the U.S. He believes investors put too much focus on the ...

Miller’s Picks: MA, V, TDG, KNSL

31 Mar 2025

Contributed by Lukas

David Miller thinks we’ll be higher at the end of the year. His picks include Mastercard (MA) and Visa (V), looking at their “amazing” margins, ...

Ellerbroek: AMZN & PGR Great Plays in Tariff-Sensitive Economy

31 Mar 2025

Contributed by Lukas

Jed Ellerbroek says the U.S. economy holds up "reasonably well" against tariff headwinds. He urges investors to look at long-term portfolio ...

Options Trades: NVDA and PLTR

31 Mar 2025

Contributed by Lukas

Kevin Hincks is back and bringing the A.I. trade with him. As Nvidia (NVDA) and Palantir (PLTR) slide amid overall tech weakness, Kevin pieces togethe...

Ca$htag$: UPS (UPS)

31 Mar 2025

Contributed by Lukas

Likefolio’s Landon Swan talks sentiment data on UPS (UPS). He discusses FedEx’s (FDX) recent report and the tough economic conditions. He “likes...

Autonomous Driving Road to TSLA Success, Deliveries in Focus

31 Mar 2025

Contributed by Lukas

Morningstar's Seth Goldstein says Tesla's (TSLA) first-quarter vehicle deliveries will be the company's most important metric this week. I...

Mega Cap Software's "Mullet" Year: Growth Cut by Chop

31 Mar 2025

Contributed by Lukas

Jefferies expects a "mullet" year for U.S. software companies, expecting first-half chop and second-half flow. Caroline Woods takes a closer...

Healthcare Leading Next, Weaker Earnings Season

31 Mar 2025

Contributed by Lukas

Christine Short and Nick Raich talk expectations for the upcoming earnings season. Nick likes to use the “early reporters” as a barometer for the ...

OKLO & LB Key in A.I. Buildout, TSLA Valuation Drives Volatility

31 Mar 2025

Contributed by Lukas

Ivan Feinseth believes Mag 7 names like Nvidia (NVDA), Microsoft (MSFT) and Meta Platforms (META) will remain dominant despite the recent market pullb...

The Big 3: FDX, UPS, LULU

31 Mar 2025

Contributed by Lukas

Global shipping and retail take focus for Joel Hawthorne in today's Big 3. He explains why he leans bearish on FedEx (FDX), UPS Inc. (UPS) and Lul...

Nelson: Hiding in ‘Low Growth or No Growth’ Names Won’t Work

31 Mar 2025

Contributed by Lukas

David Nelson argues Trump is trying to “even the playing field” in international trade by imposing tough tariffs. While uncertainty will clear up ...

China’s ‘Sugar Rush’ Growth & Europe’s Projected Dominance

31 Mar 2025

Contributed by Lukas

Chris Watling charts earnings growth across the world, saying the “shape of global growth is going to change,” with overseas beginning to lead. He...

CRWD, Cybersecurity "Insurance Policies of the Future"

31 Mar 2025

Contributed by Lukas

Nathaniel Bradley believes growth is king, and cybersecurity stocks show lots of it in the coming years. At the front of the trend: Crowdstrike (CRWD)...

NFLX Defensive Play to Macro Headwinds & NFLX Options Trade

31 Mar 2025

Contributed by Lukas

Evercore ISI reiterated its $1,100 price target and outperformance rating on Netflix (NFLX) after the firm's U.S. and Japan survey tilted positive...

Rebalancing & Relentless Tech Selling Break Down SPX

31 Mar 2025

Contributed by Lukas

Quarter-end rebalancing comes as tariff uncertainty continues to slam the SPX, which has fallen 10% off its all-time high last month. Kevin Green poin...

TSLA & GOOGL Price Target Cuts: Analysts See Mag 7 Weakness

31 Mar 2025

Contributed by Lukas

Diane King Hall turns to a pair of price target cuts in Mag 7 giants as the market sells off. Stifel cut its price target on Tesla (TSLA) over reduced...

RKT Acquires Mr. Cooper, AAPL Fined $162M

31 Mar 2025

Contributed by Lukas

Rocket Companies (RKT) expands its reach in the real estate market. Jenny Horne talks about the company's acquisition of Mr. Cooper, which comes a...

"Week of Hard Data," Tariff Headlines to Dominate Markets

31 Mar 2025

Contributed by Lukas

A "busy week full of headlines" will consume investor activity this week, says Kevin Hincks. He joins Oliver Renick from the Cboe Global Mar...

Another 10% Pullback Ahead?

31 Mar 2025

Contributed by Lukas

Mike Block describes the economic “gloom” ahead of the April 2 tariff deadline. He thinks beta stocks could get a “squeezy rally” after the un...

Chart of the Day: CELH

31 Mar 2025

Contributed by Lukas

Shares of Celsius (CELH) have slipped lower over the past year. But, Rachel Dashiell looks at a possible change in the downtrend pointing to a basing ...

Options Corner: NFLX Ahead of Earnings

31 Mar 2025

Contributed by Lukas

Tom White is starting the week off with some Netflix (NFLX) and chill. Looking at the streaming stock's outperformance over the past year, Tom con...

Reinking: 'Caught Offside' by Tariff Sequencing

31 Mar 2025

Contributed by Lukas

Michael Reinking joins Diane King Hall at the NYSE set to discuss this week's volatility ahead of April 2nd. With tariff deadlines looming and inv...

Short-Term Negativity for Mag 7 Stocks

31 Mar 2025

Contributed by Lukas

Matt Tuttle thinks there's "so much more going on beyond" just tariffs. When discussing Nvidia (NVDA) and the Mag 7 big tech stocks, he ...

NVDA Weakness, Equities Under Pressure

31 Mar 2025

Contributed by Lukas

Nvidia (NVDA) shares fall to begin the week as investors gauge exposure to CoreWeave's (CRWV) IPO and overall tech sector weakness ahead of the Ap...

Stock Market Morning Minute: KLAC, AAPL, TSLA

31 Mar 2025

Contributed by Lukas

Tom White takes a look at a trio of pre-market movers ahead of Monday's open. Kla Corp. (KLAC) catches an upgrade from Morgan Stanley to begin the...

Stock Market This Week: A.I. Still Soft, Auto Tariffs & DLTR v. LULU

28 Mar 2025

Contributed by Lukas

Monday inspired hope for bulls with a strong rally that faded during the week, culminating in Friday's even stronger sell-off. Two big culprits be...