Wall Street Breakfast

GDP cools as firms prep for tariffs

30 Jan 2025

Contributed by Lukas

Q4 GDP rose 2.3% with business inventories rising. (0:15) UPS tumbles as it makes a deal with Amazon to deliver fewer packages. (2:54) Another TikTok ...

American Airlines jet, Army helicopter collide near Reagan

30 Jan 2025

Contributed by Lukas

American Airlines plane crash: Over 30 bodies reportedly recovered; Trump says collision should have been ‘prevented’. (00:22) Japan's Nissan (NSA...

Fed holds rates with little sign of urgency

29 Jan 2025

Contributed by Lukas

The FOMC votes unanimously for no change with inflation sticky. (0:15) Powell says he's had 'no contact' with Trump. (1:35) Nvidia facing new China sa...

ASML tops Q4 estimates, unveils 2025 outlook

29 Jan 2025

Contributed by Lukas

ASML surges as Q4 bookings soar on AI demand, China sales to see 'normal ratio' in 2025. (00:26) Microsoft (MSFT) said to be probing if DeepSeek impro...

Tesla, BMW drive into EU tariff battle

28 Jan 2025

Contributed by Lukas

Tesla (TSLA), BMW (BMWKY) challenge EU tariffs on China-made EVs. (00:25) EV success: Norway on track to be first country to go fully electric. (01:50...

DeepSeek deep sixes stocks

27 Jan 2025

Contributed by Lukas

AI stocks got slammed as the China app challenged cost and demand assumptions. (0:15) Bond yields plunge and cash moves to safety. (4:08) Analysts see...

China's DeepSeek outshines U.S. AI giants

27 Jan 2025

Contributed by Lukas

Chinese AI lab DeepSeek rattles Silicon Valley. (00:26) Meta offering creators deals to promote Instagram on other apps: report. (01:52) Diversified E...

Powell v Trump and megacap earnings

26 Jan 2025

Contributed by Lukas

Expect questions about Fed independence at the chairman's Q&A. (0:59) Apple, Microsoft, Met and Tesla report results. (3:10) Alphabet may be sitti...

Interesting earnings action coming

24 Jan 2025

Contributed by Lukas

Netflix's post earnings pop (0:45). Next week looms large in earnings (2:00) Contextualizing recent AI news (4:00). Upcoming Fed meeting will be a sn...

Allurion soars on balloon and GLP-1 study plans

24 Jan 2025

Contributed by Lukas

Allurion (ALUR) stock soars on weight-loss therapy update. (00:23) Stardust Power (SDST) breaks ground on Oklahoma lithium refinery. (01:22) OpenAI (M...

Don't call it a GE comeback

23 Jan 2025

Contributed by Lukas

GE Aerospace stock hits its highest level in more than 20 years. (0:16) What's up with Musk and Project Stargate? (4:44) Charts indicate bitcoin $150,...

EU weighs EV subsidies amid struggles

23 Jan 2025

Contributed by Lukas

EU weighs bloc-wide EV subsidies amid weak demand. (00:29) Nuclear stocks rally as South Carolina utility to reboot huge project to meet AI demand. (0...

Project Stargate is a go

22 Jan 2025

Contributed by Lukas

The big government push into AI begins with a name from 1994 and a home in Texas. (0:16) JPMorgan's Dimon OK with a little more inflation. (2:11) DIY ...

Netflix bills climb, shares rise

22 Jan 2025

Contributed by Lukas

Key takeaways from Netflix's (NFLX) fourth-quarter earnings as stock surges. (00:24) Space stocks soar on upbeat sentiment, Trump sets sights on Mars....

Google spinoff sees AI drug trials this year

21 Jan 2025

Contributed by Lukas

Isomorphic Labs expects clinical trials of AI-designed drugs in late 2025. (0:16) Apple cut to Sell at Jefferies. (2:16) MGM Grand Vegas set for major...

Trump mulls tariffs on neighbors

21 Jan 2025

Contributed by Lukas

Trump plans 25% tariffs on Mexico and Canada on Feb. 1. (00:24) Belgium said to begin probe into DRC's allegations of Apple using conflict minerals. (...

Netflix earnings in the spotlight

20 Jan 2025

Contributed by Lukas

Wall Street will closely watch the streamer's ad-supported subscriber numbers. (0:49) Bitcoin hits a new high ahead of Trump's inauguration. (0:32) Ti...

Can the bull market sustain itself?

17 Jan 2025

Contributed by Lukas

Getting into a richer data-driven environment with recent earnings (0:30). Positive blue chip results (2:30). TikTok ban coming? (5:50) Tech in the ti...

GM data deal hits a dead end

17 Jan 2025

Contributed by Lukas

FTC bans General Motors (GM) data sharing, says it sold driver information to third party. (00:27) U.S. Department of Energy finalizes $1.66B loan gua...

No landing in a growth world, corporate credit bullishness

16 Jan 2025

Contributed by Lukas

Eagle Point Founder and CEO Tom Majewski details the billions of CLO inflows into ETFs and what happens when that changes (0:15). No landing in a grow...

Costco stands firm on DEI

16 Jan 2025

Contributed by Lukas

Costco (COST) defends DEI efforts, touts benefits of staff diversity. (00:27) Famed short research firm Hindenburg Research shutting down. (01:35)  U...

Inflation data invigorates stocks, bonds

15 Jan 2025

Contributed by Lukas

Cool core CPI gives Fed more room to ease. (0:15) Wells Fargo, Citi pop after earnings. (2:56) Nvidia announces Quantum Day. (4:41)Show NotesThe Momen...

Saudi Aramco poised to bet on lithium

15 Jan 2025

Contributed by Lukas

Saudi Aramco (ARMCO) to boost lithium investments to build its own supply chain - report. (00:24) Elon Musk sued by SEC over delayed disclosures of Tw...

Microsoft in pole position for Agentic AI

14 Jan 2025

Contributed by Lukas

Morgan Stanley CIO survey says Agentic AI is underappreciated. (0:16) Wholesale inflation comes in cool, but markets are wary. (1:25) Meta to fire 5% ...

Pay to Stay: Starbucks refreshes store rules

14 Jan 2025

Contributed by Lukas

Starbucks (SBUX) makes more store changes as it looks to recreate its coffeehouse vibe. (00:28) Honeywell (HON) planning breakup under pressure from E...

Retail stocks punished after holiday updates

13 Jan 2025

Contributed by Lukas

As the ICR retail conference starts, most big names are seeing selling. (0:15) Oil keeps climbing on sanctions on Russia. (1:59) Nvidia hits out at ne...

Canada ready to counter Trump tariffs

13 Jan 2025

Contributed by Lukas

Trudeau says Canada ready with counter-tariffs if Trump starts trade war. (00:24) Europe’s largest pension fund sells Tesla stake over Musk's pay pa...

Big banks kick off earnings season

12 Jan 2025

Contributed by Lukas

JPMorgan, Citi, BofA, Wells Fargo, Goldman and more on the calendar. (0:17) Hot CPI could slash odds of rate cuts further. (1:49) L.A. wildfires could...

Intertwined markets and upcoming earnings

10 Jan 2025

Contributed by Lukas

Investors have had trouble getting started in 2025, but there's good data on the horizon (0:30). Economic concerns around Trump's tariff talk (2:30)...

Wildfire costs blaze toward historic highs

10 Jan 2025

Contributed by Lukas

AccuWeather updates California wildfire damage estimate to $135B-$150B. (00:25) Free speech vs. national security: TikTok heads to Supreme Court over ...

Nvidia pulls the rug out from under quantum stocks

08 Jan 2025

Contributed by Lukas

NVDA CEO Huang estimates 20 years before very useful quantum computers. (0:16) AMC CEO feels shareholder pain. (2:41) Sportsbooks hit as too many NFL ...

Shell lowers Q4 outlook, trims LNG output

08 Jan 2025

Contributed by Lukas

Shell (SHEL) cuts production forecast for LNG, warns weaker Q4. (00:22) Goodyear (GT) to sell Dunlop brand to Sumitomo Rubber in $701M deal. (01:33) D...

Aurora partners with Continental and Nvidia

07 Jan 2025

Contributed by Lukas

Aurora soars after unveiling driverless truck partnership with Nvidia (0:20). November JOLTS shows interesting mixed picture (1:50). Meta ending 3rd-p...

U.S. adds Tencent, Huawei to Chinese military list

07 Jan 2025

Contributed by Lukas

U.S. adds Tencent, Huawei to list of Chinese military companies. (00:25) Uber and Nvidia to collaborate for autonomous mobility. (01:49) U.S. natural ...

Fubo combines with Disney's Hulu + Live TV

06 Jan 2025

Contributed by Lukas

Deal to create new multichannel video distributor also settles litigation. (0:16) Nvidia gets another accolade. (1:58) Citi gets defensive. (3:28)Show...

Trudeau’s potential exit lifts Canadian dollar

06 Jan 2025

Contributed by Lukas

Canada's Trudeau expected to resign as ruling party leader this week - report. (00:22) Paychex (PAYX) in talks to buy smaller rival Paycor HCM (PYCR) ...

Jobs and CES lead another shortened week

05 Jan 2025

Contributed by Lukas

Payrolls seen up 150,000 for December. (0:37) AI, autonomous driving among big themes at Consumer Electronics Show. (3:13) The NFL owns TV. (4:37)Show...

Biden poised to block US Steel deal: report

03 Jan 2025

Contributed by Lukas

Biden to block U.S. Steel's sale to Japan's Nippon - reports. (00:26) Gannett (GCI), Reuters (TRI) to bundle content for US regional, local outlets. (...

Room for disappointments in 2025 and into 2026

02 Jan 2025

Contributed by Lukas

Kirk Spano shares why the stock market and Bitcoin are the most interesting things to talk about (0:30). President Trump is inheriting a really good e...

Alibaba sells Sun Art at $2B loss

02 Jan 2025

Contributed by Lukas

Alibaba (BABA) to sell stake in China's hypermarket chain Sun Art for $1.58B. (00:29) Brand prescription drugs to rise an average 4.5% in 2025. (01:39...

Tale of the tape for 2024

01 Jan 2025

Contributed by Lukas

The S&P rose 24% but limped to the finish line. (0:11) Investors see a tougher 2025 in store. (1:43) The most popular stories of 2024 (hint: quant...

Faraday Future surges with CES reveal ahead

31 Dec 2024

Contributed by Lukas

Faraday Future (FFIE) skyrockets with model reveals on tap for next week at CES. (00:29) Tempur Sealy (TPX) and Mattress Firm propose concessions to a...

Buckle up for the year of Grand Theft Auto

30 Dec 2024

Contributed by Lukas

GTA VI predicted to generate $3 billion in revenue. (0:15) Madison Square Garden called a best idea for '25. (2:39) Get Apple TV for free. (3:48)Show ...

South Korea orders Boeing 737-800 inspections after fatal crash

30 Dec 2024

Contributed by Lukas

South Korea to inspect Boeing 737-800s after deadly crash. (00:27) Snow Lake Resources drops, prices $15 million offering. (01:59) "Sonic the Hedgehog...

S&P up 25% heading into end of year

29 Dec 2024

Contributed by Lukas

The Nasdaq is up 30% and the Dow trails badly, up 14%. (0:34) Housing and manufacturing data dominate short week. (1:57) South Korea plane crash kills...

Netflix lights up Christmas with NFL ratings win

27 Dec 2024

Contributed by Lukas

Netflix (NFLX) dazzles with record-setting ratings for Christmas NFL games. (00:24) Rigetti (RGTI) leads quantum stocks higher as year-end surge conti...

Watch out for 'Returnuary'

26 Dec 2024

Contributed by Lukas

Holiday sales on record pace, but nearly $900B could be returned. (0:16) Roaring Kitty back again. (2:39) Investors should brace for post-inauguration...

Bain, KKR bids hit $7.6B for Seven & i non-core assets

26 Dec 2024

Contributed by Lukas

Bain, KKR bids reach $7.6B billion for Seven & i (SVNDY) non-core assets - Reuters. (00:24) Japan Airlines (JAPSY) hit by cyberattack, flights del...

Starbucks facing biggest barista strike yet

24 Dec 2024

Contributed by Lukas

Record number of unionized workers could walk out Christmas Eve. (0:16) American Airlines briefly grounds all flights. (3:24) Netflix gears up for NFL...

Biden to rule on US Steel takeover

24 Dec 2024

Contributed by Lukas

Biden to decide on US Steel takeover after CFIUS deadlocks. (00:22) Rocket Companies stock drops after CFPB sues Rocket Mortgages. (01:53) Abbott in s...

Nordstrom closes books on 53 years as public company

23 Dec 2024

Contributed by Lukas

The department store chain accepts at $6.5B buyout offer. (0:16) The Container Store files for Chapter 11. (1:15) U.K. looks to facial recognition to ...

Starbucks strike expands

23 Dec 2024

Contributed by Lukas

Starbucks (SBUX) union workers are now on strike in nine states. (00:21) Honda (HMC) and Nissan (NSANY) share details of merger talks; Mitsubishi (MMT...

All aboard the Santa Rally sleigh

22 Dec 2024

Contributed by Lukas

The holiday-shortened week will market the start of seasonal stock gains. (0:18) Costs soaring on ChatGPT improvement project. (4:06) How much did the...

REITs, interest rates and why retail isn't dead

21 Dec 2024

Contributed by Lukas

Christine Mastandrea, COO of Whitestone REIT, on managing interest rate strategies and why retail isn't dead.Show NotesFed's Hawkish Cut Hits Stocks H...

Stagflation ahead?

20 Dec 2024

Contributed by Lukas

Big news this week was the hawkish Fed announcement, which brings up worst-case scenario fear for the market, stagflation (0:50). Moving into AI 2.0, ...

Turmoil hits Capitol Hill; Trump threatens tariffs

20 Dec 2024

Contributed by Lukas

Turmoil hits Capitol Hill and stock futures tumble  (0:20). Trump threatens tariffs (3:55), and EU approves Nvidia's acquisition (5:00). Friday's big...

El Salvador bitcoin Utopia hits IMF snag

19 Dec 2024

Contributed by Lukas

Country will sell or discontinue wallet Chivo as part of deal. (0:16) GDP revised higher. (1:05) Micron stumbles and quantum computing stocks take bre...

Stock futures stabilize after sharp selloff

19 Dec 2024

Contributed by Lukas

U.S. stock futures stabilize after sharp selloff (0:28). Will Amazon strike during busy holiday season? (2:15) Micron shares slump 16% (3:45).Episode ...

Fed cuts rates, but Powell plays the Grinch

18 Dec 2024

Contributed by Lukas

Fed chief Jay Powell said quarter-point cut was close call. (0:17) Dot plot sees fewer cuts and higher inflation in 2025. (1:14) Stocks plunge as yiel...

Merger buzz powers Nissan, Honda

18 Dec 2024

Contributed by Lukas

Nissan (NSANY) and Honda (HMC) rally as investors see upside from potential powerhouse merger. (00:23) Spirit (SAVE) shareholders lose fight for compe...

Is the quantum trade eclipsing the AI trade?

17 Dec 2024

Contributed by Lukas

Quantum computing stocks are Wall Street's new momentum darlings. (0:15) Retail sales top expectations. (2:08) Meta updating Ray-Bans will live AI. (4...

TikTok CEO, Trump talk as ban looms

17 Dec 2024

Contributed by Lukas

TikTok (BDNCE) CEO meets Trump amid fight to block U.S. ban. (00:24) Alibaba (BABA) to sell Intime store chain for $1B booking loss on sale. (01:17) A...

The case for Apple as top pick for 2025

16 Dec 2024

Contributed by Lukas

Morgan Stanley cites largest device upgrade cycle ever. (0:15) 'Kraven the Hunter' flops. (3:32) BofA chooses top chip stocks. (4:03)Show NotesU.S. Co...

Wedbush boosts Tesla price targets

16 Dec 2024

Contributed by Lukas

Full speed ahead: Tesla (TSLA) lands higher price targets from Wedbush. (00:26) Lawmakers call on Apple (AAPL), Google (GOOG) (GOOGL) to prepare for p...

Fed cut baked in this week; what about '25?

15 Dec 2024

Contributed by Lukas

Quarter-point cut expected, but tariffs could boost inflation next year. (0:18) Micron set to report earnings. (2:14) Goldman's 12 Days of Trading. (4...

The world of funds and why U.S. is most attractive

14 Dec 2024

Contributed by Lukas

Dan Malone of Malone Financial talks to us about the world of funds and how he approaches international and U.S. ETFs (0:25). Low conviction on Irish,...

More of the same and what can't be ignored

13 Dec 2024

Contributed by Lukas

More of the same and why NASDAQ 20,000 can't be ignored (0:50). MVP of Q4 is Tesla (1:50). Uber, GM, and the future of the robotaxi race (5:10). AMD d...

Amazon, Meta back Trump inauguration

13 Dec 2024

Contributed by Lukas

Amazon, Meta donating $1M each to Trump inauguration as Big Tech seeks better ties. (00:21) EVgo surges after securing $1.25B loan facility from U.S. ...

Watchdog caps bank overdraft fees

12 Dec 2024

Contributed by Lukas

CFPB says banks must cap fees at $5. (0:15) Wholesale inflation heats up. (1:20) Nvidia loses Supreme Court decision on shareholder suit. (3:28)Show N...

Big Tech drives Nasdaq rally

12 Dec 2024

Contributed by Lukas

Behind the monster rally that drove the Nasdaq to 20,000. (00:24) Nvidia increases headcount in China to boost AI-driven car technology - report. (01:...

Fed cut assured despite stubborn inflation

11 Dec 2024

Contributed by Lukas

Odds of a rate cut next week spike, but inflation fight stalls. (0:15) Albertson's wants Kroger deal breakup fee. (4:06) Startup Ayar Labs gets cash f...

GM pumps the brakes on robotaxis

11 Dec 2024

Contributed by Lukas

General Motors (GM) ends robotaxi development to focus on AD for personal vehicles. (00:21) Bausch & Lomb (BLCO) falls amid report Blackstone may ...

McDonald's review bombed after UnitedHealth suspect arrest

10 Dec 2024

Contributed by Lukas

Google took down reviews posted after an MCD employee tipped off authorities. (0:16) Citi sees S&P 6,500 for '25. (1:26) Boeing up as 737 Max prod...

Taiwan Semi chips in big gains

10 Dec 2024

Contributed by Lukas

Taiwan Semiconductor's (TSM) November revenue surges 34%. (00:23) The Container Store (TCSG) shares to be pulled from NYSE. (01:23) Costco (COST) swit...

TikTok appeals for breakup lifeline

09 Dec 2024

Contributed by Lukas

TikTok files to block the forced sale until Supreme Court review. (0:15) Nvidia faces China monopoly probe. (2:03) Activist pushes for big changes at ...

Google Payment Counters CFPB Oversight with Lawsuit

09 Dec 2024

Contributed by Lukas

Google Payment (GOOG) placed under CFPB supervision, company hits back with lawsuit. (00:28) Apollo Global Management (APO) and Workday (WDAY)  set t...

CPI on tap with inflation fight looking to last through '25

08 Dec 2024

Contributed by Lukas

Retail inflation is expected to remain sticky, up 0.3%. (0:18) GameStop earnings will test the meme crowd. (2:31) Syrian government falls to rebels. (...

Handling volatility with long-term dividends

07 Dec 2024

Contributed by Lukas

Handling market volatility with long-term dividend growth investing. Prioritizing future dividends over immediate income, companies drowning in cash l...

Market drifting higher, punctuated by dramatic tech earnings

06 Dec 2024

Contributed by Lukas

Market drifts higher punctuated by dramatic tech stories (0:35). Mag 7 resurgence (3:30). The catalyst that took Bitcoin past $100,000 and what may be...

Lingerie, leggings and beauty wins

06 Dec 2024

Contributed by Lukas

Lululemon (LULU) delivers solid quarterly results, hikes FY24 guidance. (00:26) Ulta Beauty (ULTA) shines with solid Q3 performance. (01:55) Victoria'...

Airlines climb on upbeat travel trends

05 Dec 2024

Contributed by Lukas

American and Southwest get bullish for holiday demand. (0:15) Disney raises dividend. (1:53) Intel appoints two new board members. (4:26)Show Notes W...

Bitcoin tops $100K, Trump picks crypto ally

05 Dec 2024

Contributed by Lukas

Bitcoin (BTC-USD) crosses $100,000 as Trump picks crypto backer, Paul Atkins for SEC chair, Powell comments. (00:24) Shell (SHEL), Equinor (EQNR) to c...

UnitedHealth executive shot and killed

04 Dec 2024

Contributed by Lukas

UnitedHealthcare CEO Brian Thompson gunned down in Manhattan in 'targeted' attack. (0:15) Marvell stock soars on results. (3:19) Battle of the weight-...

Political turmoil sends South Korean markets sliding

04 Dec 2024

Contributed by Lukas

South Korea stocks fall as president faces impeachment threat after martial law chaos. (00:23) Enemies to friends? Mark Zuckerberg (META) wants 'activ...

AT&T predicts profit growth acceleration

03 Dec 2024

Contributed by Lukas

The telecom also outlines plans for $40B return to shareholders. (0:15) Job openings rise. (2:34) South Korean assets whipsaw amid martial law declara...

Super Micro clears misconduct cloud

03 Dec 2024

Contributed by Lukas

Super Micro (SMCI) jumps as internal review finds no misconduct; to replace CFO. (00:24) SpaceX considers tender offer that boosts valuation to $350 b...

Intel CEO steps down in surprise move

02 Dec 2024

Contributed by Lukas

David Zinsner and Michelle Johnston Holthaus will replace Pat Gelsinger. (0:15) Morgan Stanley adjust ratings on cybersecurity stocks. (3:22) OpenAI l...

Tavares exits as Stellantis sales slump

02 Dec 2024

Contributed by Lukas

Stellantis (STLA) CEO Carlos Tavares resigns amid sales slump. (00:25) Fidelity marks up value of its stake in Elon Musk's X by 32%: report. (01:32) B...

Jobs report is make or break for Fed move

01 Dec 2024

Contributed by Lukas

Nonfarm payrolls are seen up 200K for November. (0:18) Salesforce leads the smaller earnings parade. (1:11) Trump threatens BRICs over greenback. (2:5...

Black Friday: Online shopping riding high

29 Nov 2024

Contributed by Lukas

More than $6 billion was spent online on Thanksgiving. (0:16) Wedbush not fazed by FTC focus on Microsoft. (3:41) Canada joins push for Google breakup...

SEC rings the bell on 24X trading

29 Nov 2024

Contributed by Lukas

Trade around the clock: SEC approves the 24X National Exchange. (00:28) It’s official: Australia passes social media ban for kids under 16. (01:08) ...

Trump's tariff threats, Fed signals moderate pace

27 Nov 2024

Contributed by Lukas

Investors set aside Trump's new tariff threats (0:35), Fed signals moderate pace in cutting rates (1:30). No exemption for crude oil imports (4:00). U...

Liquidity is important and private credit is real

26 Nov 2024

Contributed by Lukas

Trinity Capital CEO Kyle Brown talks interest rates roller coaster and what that means for the financial sector (1:10). Liquidity is really important ...

Gold sinks

26 Nov 2024

Contributed by Lukas

Dow outshined both the Nasdaq and benchmark S&P 500 (0:30). Gold sinks by most in 4 years (1:11). Crude oil falls sharply (1:50) Trump prepares br...

Holiday-shortened week kicks off on positive note

25 Nov 2024

Contributed by Lukas

Dow, S&P, and Nasdaq advance while yields slide to start holiday shortened week (0:25) J.P. Morgan's top biotech picks and analyst focus list (2:1...

Nvidia's big buildup, then a shrug

22 Nov 2024

Contributed by Lukas

Nvidia earnings - big buildup, then a shrug (0:54). Is big pharma out of favor? (3:40) How long can Bitcoin's run can last? (4:30) Target's disappoint...

DirecTV drops Dish deal over debt dispute

22 Nov 2024

Contributed by Lukas

DirecTV scraps DISH acquisition on debt swap deadlock. (00:21) Reddit (RDDT) drops on report holder seeks to sell $1.2B stake. (01:19) Phillips 66 (PS...

Cutting the line? American Airlines says, ‘not today’

21 Nov 2024

Contributed by Lukas

American Airlines (AAL) rolls out software to call out gate lice ahead of holiday rush. (00:28) TikTok (BDNCE), Instagram (META), Snapchat (SNAP) on a...

Comcast eyes NBCUniversal cable spinoff

20 Nov 2024

Contributed by Lukas

Comcast (CMCSA) set to announce plan to spin off NBCUniversal cable TV networks. (00:25) Stellantis (STLA) delays launch of Ram electric pickup truck ...

Bullish trends, financials and infrastructure, Bitcoin break out

19 Nov 2024

Contributed by Lukas

Are the markets pricing in a Goldilocks scenario? Maybe so says David Keller, given the Fed rate cut cycle and economic outlook for 2025 (1:00). Why e...