Earnings are very important, bill. We get to see some big ones today. Lets see what we get tonight. Thanks for joining us here on the close. As we head toward the close. Towards the high with the dow up 51 points and it looks like the s p will finish higher. There it is, the ceo of activas ringing the closing bell here at the new york stock exchange. Stand by for the Earnings Report as we get to the second hour of the closing bell. And welcome back to the closing bell, everybody. Im mandy drury sitting in for maria bartiromo. Quite a crowd over here for activas. Dow closing at another fiveyear high. The blue chip index inching ever closer to an alltime high. Well, this is, despite the fact that apple continues its downward spiral. Just today alone its down by over 10 . This is how were finishing out the day. Kind of circling and digesting as we speak right now. The dow is up by 45 points who off the highs of the day the nasdaq is down and being dragged down by apple partly and the s p 500 did crack the 1,500 mark earlier on today, but it still managed to finish higher. Ever so slightly just sitting there at 14 and 94. Bill. Here we go. As we like to say in the news business. Stand by for breaking news. Any minute now we expect earnings from as we said microsoft and at t. Starbucks will bring you a little later. Well bring you the numbers the moment they are released. Lets zero in on trades trading session. The dow and s p getting closer to alltime highs but did see a little weakness. The nasdaq was stuck in the red today dragged lower by that horrendous day for apple. Joining us now is ben pace of deutsche bank, private Wealth Management and back with us is the cnbc contributor josh brown. Josh, what do you make of todays move and where do we go from here . The multibillion dollar question. As i had mentioned previously, i really think it would be great to see a pullback, so long as its not a company by a huge spike in volume and any kind of overly rattling headlines. Nothing really on the horizon that i think can really do that. For right now what you want to see is an orderly pullback. Maybe today was is beginning of that. Just dont know yet, but truthfully, tech looks pretty weak here. Thats an area i would probably lay off. I would focus on relative strength and the relative strength, health care, energy and industrials. All right. Ben pace, what about you . Weve all watched this market marveling as it goes Higher Feeling a little bit tired. What do you see going on . Considering with apple and how much its gone down. This is a pretty good market. The dow was up quite nicely, not as impacted by apple so i still think that socalled pain trade was up. The market want to continue to move up. Were constructive on the market longer term. You really have to respect these levels and how far its come and earnings are still growing rather slowly. Revenue is still growing rather slowly but still a pretty good environment. All right. Here we go. The first of the earnings out from microsoft. We were expecting 75 cents. Came in at 76 september, beating by a penny. The revenue was expected to be 21. 53 billion. We got 21. 46, so a little light on that. Lets bring in our guests. Max wolf from green press capital and david pearl next tomakers executive Vice President and cochief Investment Officer and jon fortt, anything to add on what were seeing so far in the early statements of the microsoft report with stock up half a percent . Yes, ive got a breakdown. 32. 5, 1 billion on revenue is what were getting on at t right now and 44 cents for the eps is what were getting for at t as opposed to the expectation of 45, so it looks as though revenue was a little bit higher than exed, but looks as if the eps was one sent shorter than expected. Well get back to microsoft right now and talk more about at t earnings in just a second. Dont you love it when they all come out at the same time. Why cant you corporate guys coordinate this a little bert on. Microsoft, what are you seeing there . Net income down from a year ago but heres the interesting thing. Windows, the Windows Division came in a bit stronger than many of the estimate that i had seen at 5. 8 billion. Server and tools comes in at 5. 1 billion. The business division, which had been strong comes in actually lighter than the Windows Division which is unpected for me. That at 5. 6 billion and Online Division and entertainment and devices at 3. 77 billoff. Expected to be down from last year because the xbox is a little bit long in the tooth. Net income at 3. 68 billion, down from 6. 624 a year ago. Okay. Operating expense guidance remains unchanged for the year. Bill . I would like to ask you a question about the shares of microsoft though. This is kind of a stock that has got a very large rise and kind of groundhog day for the shares. How does it extreme bigger . They have a product psych. Windows 1 has been slower because they didnt have the right hardware. Windows 8 is built for touch screens and most of the bcs that came out didnt have them. They will have them the rest of this year. Almost 90 of ultra books have touch, so they did pretty well actually on the windows side here, and by the way, on the office side. They may have missed because of an accounting treatment because office 2013 had a free upgrade program. Probably not just units but an accounting for giving the free upgrades. Okay. Looks like a pretty good quarter with low expectations but gets better all year because of a product cycle, and the stock is real, really cheap generating 3. 5 . The stock is still down after hours. Had a do you think about about it right now . Im not surprised it did miss the number and microsoft has a history of being hit hard when it miss eds its whisper number. 76 is halfway between the official guidance and whisper number which get you a lot of focus, a little bit too light on the rev side. I think its an interesting story and compel valuation. I think 2013 is make or break for microsoft. We need to see the service and the phones do well, but were getting indication that thats possible, if not intimate. Star cushion just out. They matched expectations on the bottom line. A penalty was the exact pigs. The tone line a little light. Looking for 3. 84 and they got 3. 80 billion. The stock right now down 1. 6 . Well get back to starbucks in just a few minutes here. Jon fortt, anything else to add on microsoft . Yeah. I would clarify that the server and tools came in at 5. 2 billion. I think i say 5. 1. Cash ball at 63. I would point out. The combination of server an tools was a bit weaker after the sideways on tuesday. I would also point out that microsoft is change this season. Historical for it to sail off. I dont know if theres any consolation. As youve been speaking, watching the fall on microsoft. Build the case. Why would you want to buy the stock. Again, big product cycle that just started and frankly the hardware wasnt there for the software. It starts this year with the new intel jobs chips. Is tablet that you can do work on. You want one with keyboard that does microsoft office, spread these the and they are coming out new low price and 10 pottery life and they are generating general cash. The story with microsoft is, that look, theres not a lot of downside. Nobody is really expecting blowout quarters for them at this point, so this number might just have been enough to keep the stock here. The big question is whats going to move this thing higher, a im not totally convinced that this product is going to do it. In the, that wasnt a calamitous stock over iter 2 those. Maybe this is the year it catches up and whether the touch screens will move the market. Guys . Got it. The surface has done well so far. Thank you, you guys. As we mentioned, its 2 down at the worst point and is now down 0. 7 of 1s. We were talking about microsofts earnings which came out at the same time as microsoft. Look like they were a scent light but lets get through more. Jackie dangelis digging through that release and instant reaction from compass. What did you think of the report . Im very pleased with at ts report. Revenues are out which is show me why they are a bit light on the just to reiterate what youve said. It was penny less in terms of the eps, but on revenues we were slightly higher and thats been positive for the stock, but also looking at the guidance that at t gave. They are saying for the 2013 eps, they are looking for the upper Single Digits or higher than that and looking for Revenue Growth exoceting 2 and a lot of investors concerned about ifoents given apples report. Activated 6. 8 billion ifoepts in the first quarter, versus 4. 7. Looking at the higherless the number coming out at 1. 19 . A little worse than expected, and the company saying they are expecting completion of its 300 million Share Repurchase as early as its up charginged, closed down a benny. Well be listening to the call to try to get more. Hear anything there that makes you like it more or less . This is going to be an ray maizing year for mobility and access so at t is well positioned on the public wifi said as well as mobility. They just had a record quarter from the issue of connecting all those mods and devices out there and how you create intelligent services. At t has the professional service, the managed service and the software and access which makes it very interesting for this discussion. Weve got to go. Thanks so much, both of you. Last but not least, is it percolating or dripping or stoemg or something . I would call it half cap. Certainly earnings as you mentioned earlier, bill, hit estimate at 57 cents kwoolg it a record, but the revenues on the top end came in a little light at 3. 8 billion. The street was looking for 3. 84 billion. Globally comp store growth was 6 which is now they are saying there are 12 consecutive quarters of comps exceeding 5 . In the americas it rode 7 , a little better than what the street was expecting. In europe it dropped 1 . And china and asia did the operating mar joins expanded to 16. 6 boston, and that is the better compared to 54. 4 the last summer. The operating margins were up and they reaffirmed guidance for this year and despite significant and other up expected cost pressures, they also sold a product. 16 margin is not bad for java and beans. Thank you. The companys less than stellar earnings of last night is taking a bite out of the nasdaq today. Issor a discussion on that coming up, and then later . I think the biggest danger is actually potentially a currency war. Well find out what billionaire investor george soros sees while someone else may not. Cnbc is coming up with a House Majority leader eric cantor is there and says the to leaders tax eswill not sigo up. Youre watching cnbc, first in business worldwide. We have had a busy, a barrage of earnings. Weve had microsoft and at t and starbucks, all posting their latest Quarterly Results minutes ago right here on the show. Lets get a roundup now that weve had time to digest and read through all the earnings action. Rights, bertha . Give it to us. Reporter not full digestion but a tummy still full looking at the numbers. Fiscal Second Quarter for microsoft beats by a penny. Street looking for 75 cents. Refnous more or less in line. Actually had missed on both the top and bottom line last quarter. Take a look at the reaction of the stock. Weve got microsoft here. There we go. Its still down, however. Sold 60 million windows 8 loy senses. No details on the surface sales. Thats Something Else people may ask on the license call. At t, strong on the bottom line, and actually missed on both the earnings for the same quarter last year. They said they saw smartphone fans, activated 18. 6 iphones and 26 were new at t sub subscribers. Timely, starbucks pretty much matched at 57 cents. Revenues a bit light. Operating margins came in at 7. 3 . China and asia same store sales better than expected. Sees fiscal 2013 Revenue Growth of approximately 17 to 13 and thats shy of what the street is look for. Thanks so much for rounding it all up. As you say, the digestion continues. The amazing thing about the louder stock market its all headed from the top of 705 a share all the way down to 450 today. A will losing 226 billion in market sap since its high with the dow now point away from it alltime. Hes not sure tim cook is getting it right. Todd hesselton, Senior Editor of mobile at technobuffy will. He says its just overaction. If you look at what tim is cook for. On the Conference Call he said in why wasnt apple able to put aside the case . If youre saying he cant get what hes known for right, and we have record sales of iphones. Right. Record sales, so clearly something is going right. Record sales but they are also below expectations and thats because they werent able to get the supply chain worked out and also because theres increased competition from the likes of samsung. Supply chain did get worked out. Possible that expectations were too high to begin with . This was a stock last career that could do no wrong and the expickses were possibly at the stage we dont do it rival. Injuriesors expects a lot more because they depend on innovation. People were kiss accounted on the sale numbers. Let are the the competitive land way. I feel like they are in fablet describe. Apple is not giving that to them. I dont think a lot of people want bigscreen phones. What is this galaxy note . Its huge. 5. 5 inches. I do agree. They need to get in and release more than one phone a year because ore ways they will get stomped by samsung. Be aggressive in china and areas where you can have access to 7. 5 million subscribers there. The feeling was that steve jobs was apple. Are you in denial at this point that losing such a i mean, how do you even quantify what he meant to that company in terms of innovation and operation that hes still gone. A design guru and going to kweet quality. What was steve jobs really good at . Not only innovation but attention to detail, and what is the best maps product on the iphone . Its not made by apple. Google maps. That was not good and we forget and did this on street signs yesterday. There were a number of apple flops that they swept under the carpet sdmt executive in charge is no longer with the firm. Very true, but what would have happened had steve jobs been there. Thats an open question. The ipad mini have sole. On i dont know and number one theres android, android is very, very popular shlgt particularly in southeast aya, almost the incumbent on that particular turf. Do you think iphone an apple will step on that turf . A hard question. Tim cook met with china mobiles chairman in early january, hopefully to work out some way to get on their proprietary network. Thats hard and apple will struggle against boegt phonemakers there. Has budget phones. Look at the iphone 4 and 4is, amazing products. They are also a year also and other companies are still going to deliver high wek. In terms of if you dont like at this point, who do you like . From samsung is the frontrunner. Apple said were just pulling the string. No way. Apple just sold 2 million apple tv units and they call that a hobby. We have to disagree on this one because, unfortunately, weve run of tv time. How familiar does this sound to you . Were not going to see higher taxes. I dont think anybody thinks its a good idea. But he said that before, right . And look what happened. House majority eric cantor speaking with maria from the World Economic forum in davos, spids land, x. Billion air investor george soros is sounding alarm on a currency war. He made big bucks shorgt the british pound. May want to pay close attention to what hes saying right now. Marias first cnbc interview on him coming up. Stay tuned. announcer at scottrade, our clients trade and invest exactly how they want. With scottrades online banking, i get one view of my bank and brokerage accounts with one login. To easily move my money when i need to. Plus, when i call my local scottrade office, i can talk to someone who knows how i trade. Because i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Awarded fivestars from smartmoney magazine. U. S. Fiscal policy, of course, a big matter of concern in davos this week at the World Economic forum. House majority leader eric cantor sat down with maria one day after the gopled house v e voted to temporarily lift the debt ceiling. Thanks so much, bill. We are talking economy and politics with representative eric cantor right now, and representative, great to have you on the program. Great to be here with you. Thank you so much for joining us. Lets get right to t. Yesterday or this week rather the house passed a debt limit extension until midmay. What does that buy us . Well, what is buys us is a time for this debate about borrowing and spending to really develop into what i hope will be a robust discussion that will yield some results. We know that for almost four years the United States senate has not passed a budget, and thats part of the problem thats been contributing to the outofcontrol spending in washington, and what weve said is we will extend the debt ceiling for three months to allow time for the United States senate to write a budget so we can then begin the discussions on how were going to repay this money that were going to borrow as well as begin to manage down the debt long term. Whats the realistic vision in terms of a budget . I mean, this senate will have its budget plan, the house will have its bucket . Should the people believe at some point soon we should get a budget for the country. I hope that we can. In the house were committed to producing a budget that will balance in ten years, and this will be a significant shift from the kind of budget that we have produced before. Were dealing with a new baseline after the cliff deal, and i think theres a growing urgency amongst the people in the country to say, you know what . Its time for washington to start living within its means and high time for the federal government to get control of the unfund liabilities in the entitlement programs the way so many private Sector Industries have done. Let me say on this tenyear idea for a moment. Youve got your skeptics out there who say theres no way well get rid to balance, get rid of the 16 trillion debt in ten years, senator schumer in response to the debt limit talks said the gop, this is a quote, the gop is in full retreat on fiscal policy. You know, first of all, i dont think thats kind of remarks are very helpful. I mean, we have done about two and a half years of very consistent work focused on trying to get the fiscal outlook straight. You know, all the talk here in davos when im asked whats going on in washington, is washington finally going to get its act together to fix the fiscal chal snengs. We heard the president in the inauguration, what was his take . His speech was aimed at a political constituency. I assume he felt he needed to address. Many of the things he mentioned arent going anywhere in the u. S. Congress and i think he knows that. I think that if we demonstrate the ability to move forward on some of the vexing issues that have really been dominating the news coverage, i think it will send a signal to so many people waiting to launch. As youve reported consistently, theres a lot of liquidity sitting out there on the sidelines waiting to be committed, and if we can demonstrate some leadership in washington, make decisions, finally make some tough decisions and it makes a great signal. Hopefully we can see some tax reform come out of this session in congress. Thats a big deal, as you know, for the competitiveness of the country and the confidence level of investors. Are we going to see higher taxes after we saw higher taxes at the beginning of the year . No, no, youre not, and i think the president probably does know that, but were not going to see higher taxes. I dont think anybody thinks that its a good idea to keep pay more taxes when you dont fix the spending problem. I cant tell you how many people have come to me that said, eric, if you fix the problem, i dont mind contributing more, but we havent even begun to fix the problem and thats the issue. On taxes, maria, i think we do have an opportunity to engage in that kind of discussion. Weve got this sequestration that will hit march 1st. We have a continuing resolution that will come at the end of that month. There are all kinds of trigger points, if you will, that will facilitate more of these discussions and hopefully will lead to a much broader solution than just going about these kind of discretionary cuts. Let me get your take on the low hanging fruit in terms of spending cuts. Medicare, medicaid, social security, health care costs, the drivers of the debt. What do you propose cutting . I mean, those are issues that have been out there. I think we note where both sides are. We eel have to come together and find some commonality and will there are some ways we can do it without offending principles on either side. I do also think in the nonhealth care entitlement area, youve got extraordinary growth in federal pension benefits. If you look to see the kind of pensions that federal employees, including members of congress get, there arent too many people in the private sector that get like kind of benefits and that ought to stop. Do you boston legal that you have to give on something . Were all about trying to give and cooperate, really. I think that, you know, the country i think maria, i think you know my wife. Weve been married 23 years. My wife diana, we are very different people we dont agree on everything, but we do. Weve raised a family. We continue to do so and you do it by setting aside differences, coming together with things that you have in common and producing results, and thats really the way i believe we ought to be acting in washington. Do you think we will get a budget, and whats the timing . I hope to get a budget, but i do think, maria, well get some agreement on spending levels. Going to get some agreement on how to bend the curve on entitlements. Representative eric cantor, thanks for joining us. Does that mean diana cantor is a democrat . Is that what he was getting at . Dont see eye to eye. Billionaire george soros hearts Ben Bernankes printing press. The policy pioneered by bernanke is the right policy. Soros speaking with maria in a first on cnbc interview from davos, and wait until you hear what hes warning about and is not spending all the debt. Remember this. Remember what his specialty is. Up next, nothing get our editor Robert Franks juices going that shows money migrating from high tax states to low tax states but thats the kind of guy robert is and the other man thats done all the Research Going back to 1995. Some of his findings may shock and amaze you. Were back after this. H fidelit, but we can still help you see your big picture. With the fidelity guided portfolio summary, you choose which accounts to track and use fidelitys analytics to spot trends, gain insights, and figure out what you want to do next. 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As you may know, Kansas Governor Sam Brownback and republican governors are seeking to eliminate the income tax in my familys home state. It seems farfetched, but before you dismiss this notion, listen to this staggering statistic. Between 1995 and 2010, millions of americans have moved between states. Taking with them over 2 trillion in adjusted gross income. Thats trillion with a t, right . Yes, it is. And some due to high income tax. Our next guest is here to break it all down for us state by state. Travis brown is the author of how money walks and surely it has been doing some big walking and also have robert frank who has been covering this story begins the beginning, but give us your story, your side of the story. Travis . Well, its quite simple. Millions of americans have been fleeing from high tax states or glocking to low cost states and our data covers 15 years by the United States census buro and Internal Revenue system. Do bomb their the tax policy and what you found is an all of lot of people, correlation is interest there. People move and taxes go up. Nine states today dont tax a personal income, states like texas on the map, that have had gains and the largest one to talk about is with florida, 86 billion thats moved over the last 15 years there, not just wealth but people as well, and on the flip side states that have had and recently increased their penal income tax rates like california have already been seeing a massive exodus of money and people. Well, you know what . Robert frank, just the other day, right, we were speaking about california with regards to Phil Michelson and the poe lengths he might see big dramatic changes in his wife. We dont expect a massive flight. I like this chart. Like my new angry birds could. Play with this at my desk for hours. Amazing what they put together here. Phil figure elson. Those rates from california are 13. 3 and look at these numbers. These outflows, 31 billion going out of california. This was up through 2010 so these tax increases that they just, we dont know what those with going to do. The Previous Research does show that theres conclusive evidence between the tax rates and the people move but what i do like is you do see a pattern. Take a look at new york, a net change of 58,000, almost all of that a lot of that to florida, this is a factor. People are retiring so we dont though what role taxes played but most of that money is going to florida. Ive got a question. You noted the paying rigs to florida, how much of that is demographic . People move to florida when they retire and i know dont have anik. Reporter by no means are we suggesting taxes are the only factor but it would also be equally wrong to suggest that they are not a big factor. Right. The data that we have on howmoneywalks. Com suggests its not just a retirement effect, not just a sunshine effect. Floridians are becoming residents and staying that way when they are also working and they are earning, because if they werent, they wouldnt show up with the data the last 15 years. Really one more important point. This does not show by health created by thats not in this map. We have factor in the home grown Wealth Creation in these states which is substantial. Got it. Travis brown, the book is called how money walks. Thank you. Robert, enjoy your new toy there. I will. Works or walks, whatever. Make a billion dollars and the memories last forever. George soros broke the bank of england and made a live short selling serling over the years and see what his positions are in his first ever centerpieces interview with maria coming up. [ cows moo ] [ sizzling ] more rain. [ thunder rumbles ] [ male announcer ] when the world moves. Futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with papermoney to testdrive the market. All on thinkorswim. From td ameritrade. [ male announcer ] you are a business pro. Omnipotent of opportunity. You know how to mix business. With business. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above. And still pay the midsize price. I could get used to this. [ male announcer ] yes, you could business pro. Yes, you could. Go national. Go like a pro. He, of course, a mysterious and powerful billionaire who you no known for supporting liberal causes but he dwand notoriety for leading a run on the british pound back in the 1990s, and that trade reaped him a cool billion dollars. Back then a billion was still a lot of money. Maria now in davos with george soros. Thanks so much, bill, and i am here right now with billionaire investor and lead foundation head, george soros here with me in davos. George, always nice to see you. Nice to see you as always. Thanks so much for joining us. Let me begin on europe. Europe seems to have taken to the back pages of the newspaper, not front and center more. Is that a reflect crop in your view that things have improved . Where are we in the debt crisis in europe . Well, i think germany has done what was necessary to al w allow to make it clear that the euro is here to stay, and thats been a tremendous relief for the markets. So calm has returned. The european banking system, the interbank market, has revived so theres a general sense of lets say almost euphoria that the crisis is over. I think that is somewhat premature. Because the fundamental internal inconsistencies in the distim have not been addressed, and actually, therefore, you face political dangers. The euro is transforming the European Union into something very different from the original conception which was a voluntary association of equal states, and instead of that, the financial created a twoclass system where the euro, the creditors and debtors and the creditors are in charge. The political situation i think is going to get worse. I think the next year, next two years perhaps, are going to be very cuffy if the European Union survives forever. I dont think europe can live politically with are a situation where theres are a center, namely germany, and countries like italy and spain are condemned to perpetual inferiority. I think the biggest danger is that its actually potentially a currency war because the rest of the world follows a different recipe from the germans. Germans believe in austerity, and and the rest of the world believes in quantitative easing. Right. Making money, throwing more and more money. At money. At the crisis, and actually that works. Now japan which has suffered from deflation now for a decade has also switched to quantitative easing, and that is now bringing down or has already brought down the yen, the value of the yen. Im glad you mentioned japan because were timely seeing some easeup on the japanese yen. Is that sustain schnabl does that continue . Certainly a determinant. This governor has to go to minimum wage it happen. Everywhere you look around the world theres austerity and debt. Were all trying to rep in the debt, each in the United States. Would you say we need to get our arms around the debt in the u. S. , rein things in, cut back, or do you agree that the way you feel about europe, no austerity, this is not the approach, applies to the United States as well . No, i think it applies to the United States because when you have unemployed resources, putting those resources to work the is really the first objective, and and you to reestablish growth for shrinking the debt. And so i think the policy basically pioneered by bernanke is actually the right policy. Youre not worried about the fact that the Federal Reserve has expanded its Balance Sheet so much, the ecb expanding its Balance Sheet so so much. Is there a down side risk there . There is a down side risk because once the economy gets going, then Interest Rates are going to take a big leap because this is a delicate twophase maneuver where first you throw more money at the economy and as the economy picks up, you have to take that money out. You are expecting that once we see a change in Interest Rates, that it happens fast, it happens furious. When would you expect a spike in Interest Rates . As soon as theres clear signs of pickup in the economy. Let me ask you, i know youre a press conference. Youre speaking later on this week about drug policy. Why is this topic one for you . The war on drugs has done much more damage than the drugs themselves. And we need a different approach. I think its also gaining ground in america because of the financial crisis where putting nonviolent offenders in prison is very expensive. In california, youre spending more on the prison system than on the education system. I find that totally unacceptable. Thats amazing. So i think theres change in the wind. George, good to have you on the program. Thanks very much. My pleasure. George soros joining us. Bill, back to you. Lets send it over to bertha coombs. To the mattresses. 9 1 2 position on this stock. Tempurpedic stopped expectations after a 9 move higher. They are the up another 18 here after hours. A multiyear high. Back to you. Wow, 17 bounce is good. Will the s p kick off the final day of the week above 1500 . Market pros will weigh in on friday mornings action next. All right. With 30 seconds on the clock all next guests will tell us how to be prepared tomorrow. Noah hammond, brian evans. Youre both on the clock. Noah, 30 seconds. What are you watching . Tomorrow were looking at the housing start numbers. Last month they were up 4. 4 to 377,000 new home purchases. The prior months, october was revised down by 7,000 home starts. And so as we look at the consensus estimates for decembers numbers, the number, consensus numbers coming in at 388,000, but thats a range of 374,000 to 406,000. So all the consensus estimates seem to be on the high end. For us thats important, the cycle is looking for inflationary environment ahead. Got it. Brian, youre up. 30 seconds. Go. Were in the middle of a big Earnings Reporting season with 63 new reports coming out tomorrow. Now, so far this week, more than 70 of the reports have exceeded expectations. This is important because this could be a precursor to a big rally as the Global Markets are already 20 undervalued based on earnings. Also going to be looking for apple to rebound. Its trading at less than eight times earnings, something weve rarely seen in a company that size. Finally on the bonds im looking for decreasing flows to continue into treasuries and mortgage back and increasing flows into high yield bonds. Very good. Thank you both, gentleman, for your thoughts tomorrow