it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we begin with stocks on a high note as the investors try to overlook the wall of worry futures are in the green. not done yet a trifecta of fed speakers giving a point of concern with the historic hiking cycle. debt limit meeting delayed janet yellen looks to take her warnings straight to the wall street. the regional bank reckoning appearing far from over after a brutal trading day for pacwest

the friday fallout coming up. later on, elon musk teases the pick for the ceo of twitter. it is friday, may 12th you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." hope your friday morning is getting off to a great start i'm frank holland. let's check on the u.s. stock futures in the green dow is looking like it would open up 150 points higher. s&p as nasdaq higher in the pre-market the nasdaq set to end the week positive this as investors digest comments from michelle bowman

bowman's tone making her the third fed speaker this week offering a different view of the central bank policy path forward. one interest rate trader saying it is looking at a pause at the june meeting we look at the benchmark right now at 3.41. a lot of movement with the 2-year treasury. that is down 8 points for the week this is below 4% we have seen a lot of people going to the bond market for safety when that yield goes down time for the check of the corporate stories with bertha coombs bertha, good morning >> good morning, frank the new york times and the wall street journal are reporting that nbc universal head of adver advertising is in talks to become the new ceo of twitter and linda yaccarino will bring

advertisers back to the platform this is after elon musk tweeted he found a new ceo to run the social media site with the start date in six weeks. musk will transition to executive chairman and nbc universal is the parent company of cnbc. we have reached out to yaccarino for comments janet yellen will speak with board members from the bank policy institute with the lobbying group headed by jamie dimon and jane frasier this comes after the meeting today with president biden and house speaker mccarthy was postponed until next week. tesla recalling almost every car it sold in china chinese regulators say 1.1

million cars tesla built in shanghai or imported since 2019 through april of this year will require an over-the-air update in order to fix the issue. frank. >>bertha, thank you very much. just one brick in the wall of worry for the market. the issues include the standoff over raising the debt limit and hard landing from the aggressive tightening cycle since the 1980s. we have been asking our guests on "worldwide exchange" where they are looking for portfolio protection >> i love short-term treasuries in that sense of 5/30. >> a lot of value. if you look at the industrials, you need to move away from growth and tech over to industrials. i think raytheon is great. >> we are overweight cash.

frank, we don't think investors are adequately compensated for taking on a risk-on strategy >> the type of company that can over earn dividend and grow dividend and balance sheet resources that will make it through multiple cycles to get through the downturn the larger firms is just playing defense. >> by pno means encourage to ge out of equity and shift asset allocation by not rush into the equity market right away dollar cost average. be selective about the names you pick and through doing that, that will allow significant level of protection. >> a lot of great ideas from our gu guests joining me now is jamie cox. ja jamie, good morning. >> good morning, frank >> i'm doing well. you heard a bunch of ideas with portfolio protection

i want to ask you. do you believe we're on the precipice of recession as an l - as a lot of people believe what are you doing to protect your portfolios? >> frank, we are at the beginning of the most anticipated recession in modern history. everyone expects recession that means most people already have portfolios prepared for it. you heard guests talk about lots of cash and short-term treasuries of the we see that in our investor portfolios. people are scared. scared of two things one is less about the recession, but more about the fallout from the potential debt ceiling problem where the u.s. government -- doesn't pay its bills on time. we understand having gone through that in 2011 and what happens to markets what i believe is a lot of people should invest more aggressively right now because

markets, i think, are adequately priced for a short and shallow recession. what markets are missing is in this particular cycle the that consumers are so strong and leverage is so low that it is possible that consumers are what bring us out of the recession quickly. consumer discretionary and tech. people should think six months down the road about when the consumer powers through what will be recession and what you see on the other side is strong housing and labor markets. a strong u.s. consumer can fix a lot of problems in the economy and we have that particular scenario manifesting right now you see it in the data consumers are strong >> you have a lot of faith when it comes to the consumer we keep hearing fed speakers sake saying there may be another rate hike coming. what do you believe will happen at the next fed meeting and if

there is a hike, does your thesis still hold true >> the data is still out i believe the fed will pause the reason i do is because they are giving us that indication. now the data that came in this week, ppi and cpi, are not so hot that the fed can justify a pause. in addition to that, the fed raised so far so fast that the tertrtiary effects only get wor higher the fed raises. i believe the fed will pause and they do not need to continue raising rates throughout the year i think most people, you know, markets think the fed will reverse course and cut rates in 2023 they are mistaken. i think it will be mid-2024 before that happens. >> jamie cox, we have to leave the conversation there you gave us picks of a.i. productivity gains and amazon

and meta. we have more to come and the one word that you need to know and the dire spending on the biggest players in the space my next guest says his customers are bucking that trend. more on elon musk and pick to run twitter and challenges she could face getting advertisers back on the platform later, treasury secretary janet yellen looks to circle the wagons ahead of the possible u.s. fed default hweave a very busy hour still ahead when "worldwide exchange" returns. work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential.

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time now for the big money movers we jump to the big stock stories of the morning apple will open the first online store in vietnam next week it is just weeks after the company opened the first retail store in india tim cook betting the fresh locations will do well with younger populations in countries with few iphones carl ichan's holding company buying back shares after losing a third of the val following the short seller hindenberg research

that's according to regulatory filings. and s&p global downgrading u.s. bancorp rating from a plus to a the bank may need to build capital to meet regulatory requirements by the end of next year interesting story there. u.s. bancorp up in the market now. ahead on "worldwide exchange," ryan reynolds backs out of the biddingar w the top trending stories when we come back on "worldwide exchange."

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kwelcome back to "worldwide exchange." the cloud computing market continues to ss to grow. gardner forecasting that i.t. spending will grow to $4.6 trillion this year not all companies are quite that optimistic reports from amazon, google and microsoft looking for ways to trim spending. those concerns are not hitting the next guest's company which beat on first quarter earnings and the global small businesses and startups will fuel the growth yancey spruill joins us this

morning. >> good morning, frank >> you beat on revenue what was the growth driver in the report >> the growth driver is the 700,000 total customers we serve around the world 150,000 are small businesses and emerging businesses and medium-sized businesses. we help them with the digital applications from media, stream and blogging and ecommerce that is the major driver and fuels our business and we are pleased to report the results for q1 >> we mentioned you forcused on sb which focus more on larger enterprises. when it comes to cloud spending, it slowed down year over year. still in the mid-20s for the first quarter of this year what are you seeing when it comes to demand from customers

not only for the current period, but the year ahead what are they saying about what they want? >> our customers and we survey and talk with them a bit they are optimistic. things are slowing we are growing slower. our guidance this year is low to mid-20s for 2023 some things are slowing, but the important thing is our customers are healthy. they are growing they are growing and expanding at slower rates from a year ago. they continue to innovate and offer services and engage with us to find out how best to use our cloud to help them achieve intermediate and long-t h-term goals. >> you talk about a.i. on the earnings call. you changed your pricing model recently how do you see a.i. impacting your business? is there an immediate impact some companies say it ready and

is your a.i. ready >> we have been spending a lot of time on a.i. and creating a solution that will help our customers drive sales and marketing productivity that is in the hopper for us we are looking at large language models and other large scale commute offerings. i want to say standard compute is not dying there will be advanced compute we talked about how we are exploring those areas. >> a possible banking crisis and possible recession and debt limit drirectly impact i.t.? >> we have seen a slowdown occurring with the war and interest rate changes and p inflation. all of the things impacting our customers which are global

70% of customers outside of the united states. we would expect if the macro slows, it impacts our customers. if you look at the data over long cycles of economic patterns, it is robust and durable. you tend to see in downturns, a rapid ex-ppansion of the busines formation. we had the highest transformation in the last couple years as the pandemic risen and receded. >> yancey spruill, thank you i appreciate you being here. >> good to be with you let's get a check of the headlines with phillip mena in new york with the latest good morning >> good morning, frank title 42 is no more. nbc news confirmed the first

group of migrants crossed the border 90 minutes after the policy ended the stern warning saying the border is not open those arriving without a lawfullawful pathway will not get asylum. former president trump will appeal the verdict against him in the e. jean carroll civil trial. the lawyer for the former president said he was confident the verdict would be overturned. an attorney for carroll did not request to comment. and the playoffs in phoenix. the nuggets struck gold in the first half leading by 30 at halftime a 32 point triple-double and 125-100. in philadelphia, the celtics on the ropes taking lead in the

fourth quarter tatum scored 16 of 19 in the fourth and bringing boston all the way back the celtics forced a game seven with the win 95-86 frank, back to you. >> the other one wasn't great, phillip. i'm a sixers fan sixers in seven. >> they won on the road last time they do it again, they move on >> thank you, phillip. straight ahead, strategy shift at meta platforms and mark zuckerberg's focus on a.i. rehe mmireminder, if you mi follow us on all of the podcast apps. we are sharing stories of aapi business leaders as we head to break here is the ceo mena shankarin >> as a woman of indian heritage

in the tech sector where funding is limited and more so in venture capital and recognition is minimal you have your power to believe in yourself and do not lose your vision or your mission because that's what makes you who you are and help yourself achieve all those goals by remaining as steady as you can and never quit going. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley.

it is 5:30 a.m. in new york city we are just getting started on "worldwide exchange. hitting the pause on the debt ceiling talks. the white house and congressional leaders punting the face-to-face meeting until next week. the clock ticking closer to default deadline. and fresh fed speak as other chief jumps on the more rates needed bandwagon and elon musk says he will shift into a new role at the social media platform. it is friday, may 12th you are watching "worldwide exchange" here on cnbc welcome back i'm frank holland. thanks for watching "worldwide exchange." let's check on u.s. stock futures. solidly in the green across the

board. the dow opening up 150 at the open the s&p and nasdaq also higher we are looking at the bond market the 10-year treasury is 10 basis points lower than it was to start the week at 3.40 the 2-year treasury is similar story, but also yield below 4% something we continue to watch when it comes to that. we are looking at the energy market let's start off with the wti crude. just above $70 a barrel. this morning, down almost 1% brent crude at 74.30. time for the check on the top stories with bertha coombs back with those. >> good morning, frank fed governor michelle bowman says more interest rate hikes by the central bank may be needed speaking in germany, bowman said

the fed may need to continue the tightening push if inflation remains high and job market strong bowman's comments make her the third fed head this week alone in offering a different view of the fed's policy path forward. one interest rate traders say includes a pause at the june rate decision. on the terminal banking sector, bowman said the fed should hire an outside party to take a closer look at the events that led to the collapse of silicon valley bank. speaking at the fed and banks policy meeting, they should lend the emergency lending which ticked up in the week ending may 10th up from $$81 billion the prior week meta reveals new tools and

services powered by a.i. to help advertisers. meta says the a.i. sand box is a testing playground for advertisers to tryout new a.i. powered tools to build and improve campaigns. meta says access to the features are available to a select view it will expand access in july. everyone is talking about a.i. you don't hear more about the metaverse from meta. >> the metaverse has almost disappeared. everything is a.i. interesting. i'm curious when it comes to the restaurants space. i'm sure there is something coming up soon bertha coombs. >> it will be easier to push out menus and things like that >> who knows it is everywhere bertha coombs, enjoy your weekend. turning attention to washington the debt ceiling negotiations. sources telling cnbc the meeting with president biden and

congressional leaders slated for today has been postponed until next week. this is after the tuesday meeting with little or no progress on the deal speaking yesterday, house speaker kevin mccarthy slammed the white house over the state of the talks. >> i have not seen a seriousness from the white house they want a deal it seems they want a default more than a deal >> and treasury secretary janet yellen confirming she will meet with wall street bankers in washington next week to discuss the standoff on the borrowing limit. for more, let's bring in brian gardner at stifel. he is the cohost of the potomac podcast. >> good morning, frank. >> janet yellen meeting with top bankers. does that influence the negotiations in a mentaningful way? >> i think this is something the treasury secretary has to do

keep in mind with mccarthy representing house republicans, they don't represent a lot of wall street districts. middle america rural areas. they don't want to hear from wall street. they want to hear from their community bankers and local folks. i think it is a check the box exercise it has to be done. i don't think it meaningfully moves the ball. >> that box will get checked next week. let's talk about the meeting that was delayed what does that delay say and are you expecting to see meaningful progress with the big decision makers get back in the room together after what mccarthy had to say >> there are mixed messages. the speaker was pessimistic in his comments at the same time, i think staff continuing to meet is a positive people should not lose sight of that staff can accomplish a lot outside of the principles

meeting. there are differences among the staff about what exactly the principles of mccarthy and the president and others are negotiating over there are questions there about how close or not close they are. i don't read that much into today's meeting getting postponed. it would not accomplish much keep the staffs working and the ball moving forward. they have a lot of ground to cover. it is not just the first week of june that people are focusing on memorial day comes before that the house and senate typically out of session right after memorial day i'm not looking the first week of june. i'm looking at friday the 26th, i believe, two weeks from today. 26th of may. i think that is really when they have to have something in place in anticipation of that following week >> here is the complicated question how serious is the risk of default when you really come down to it and if you do see june 1st come and we don't have

a deal and the consensus is there is enough money to pay certain things, but some things can't be paid? how does that influence the deal veterans payments and social security payments. how does that impact how the deal gets sorted out >> i'm going to differ between a technical default and actual default. the chances of a technical default where we get to the x date and the debt ceiling has not been raised is fairly high an actual default where the government delays a payment, a bond payment, whether principal or interest, i think that is long i think treasury can roll over debt they can issue new debt or roll over debt to pay bond holders of

the congress does grandmother miss her social security payment is the veterans payment delayed? does a government contractor vendor have their payments delayed and what does it mean to their business i think there are downstream effects. a lot of focus on the bond market and i don't want to dismiss that i think government is able to prioritize those enough that i'm confident there is not going to be a default it is the second and third stream and how it plays out. >> brian, i want to come full circle congress members are concerned about middle america the technical default impacts middle america how does this influence a deal past june 1st? does that move the cost cutting

off the table? some congress members cannot take the political hit of soldiers not getting paid or grandmothers not getting payments. >> if they get through the x date and some payments somewhere to somebody is delayed, that ratchets up the pressure that has not been felt on capitol hill yet they will cut a deal quickly i think there will be a capit capitulation they will quickly move to a deal face-saving deal the cuts won't be as steep as house republicans were asking, but they were never as steep as they were originally it will lean more in the democratic direction. >> we have to leave the conversation there brian gardner. >> thank you, frank. turning to the developing stories. we continue to watch pac west

sh shares sliding 18% yesterday it reported the bank was exploring a potential sale the share slide drags regional piers lower. zions and bank of hawaii sharply lower on the week. joining me now is cnbc.com banking reporter hugh son. hugh, what is playing out with pacwest? >> reporter: good morning, frank. what we're seeing here is a doom loop for mid sized banks what i mean by that is the stock decline after the first republic deal and jpmorgan chase took over the bank and shareholders were wiped out that stock decline leads to a disclosure of looking at option which is interpreted by the

market as a sign of weakness that leads to an actual slide of deposits with pacwest disclosed losing 10% of deposits from may 10th you have seen a concern go from theoretical to actual. a couple of weeks ago, nobody would have a conversation with pacwest and these are the people who cover the banks most closely in terms of risk here. that is the case now if you look at the quarterly filing, they said there is now increased risks about their future prospects in the business that's not something customers of the bank want to hear that is dire language coming from a bank. >> if you put money somewhere, you don't want to hear they will go out of business one thing i want to talk about

is the short interest in regional banking sector. p pacwest. how big of an influence is that? have you seen anything like this with short interest in banks >> reporter: it rises and falls. elevated short interest in silicon valley bank and first republic that was a profitable trade this year short regional banks and regional index this does have precedent a big debate as well on the one hand, you have people say they ban short trading for a spell in 2008 in that crisis they did not arrest the development of what was happening there. it didn't work we had jamie dimon speak yesterday to another outlet saying he suspects there is a possibility there is a market manipulation going on with short

interest those people should be looked at and punished >> something to watch. hugh, we have to get out of here what does this mean for the big banks? they continue to struggle with deposit outflows what does it mean? >> reporter: it means too big to fail and now they are in the best position to weather the coming storm theybenefit. >> hugh, thank you you will be back hugh son coming up on "worldwide exchange," mooelon musk lookingo hand over the reins at twitter as we head to break, twitter is facing competition from blue sky which saw 600,000 downloads in april a 606% increase from march

the jack dorsey platform is gaining popularity it lags behind twitter in total volume. and morning consulting points to a new travel trend starting to take shape among parents. wellness travel growing in the past year. people are opting for mental health get aways. and ryan reynolds not moving forward for the bid with the ottawa senators. he requested a window to complete the deal which was denied and that led him to pull out of the process "worldwide exchange" is back in a moment

welcome back to "worldwide exchange." time for the morning call sheet. we check on the upgrades and downgrades by firms you know we start with rbc upgrading barclays shifting from perform to out perform. calls the valuation a good entry point and stands to benefit from the structure hedge tailwinds. and mizuho downgrading twilio. it cites challenges and lower growth lastly, jefferies downgrading diageo from buy to hold.

shifting to another story. elon musk says he found someone to run twitter and musk tweeting i've hired a new ceo she will start in six weeks. this role will transition from executive chair overseeing product and software and systems operations musk has not named the person, but the new york times citing sources familiar with the situation reporting that lynn ya' -- linda yaccarino is in talks. she is rehearsing for nbc universal presentation on monday nbc universal is the parent company of this thnetwork. we reached out to yaccarino for comments let's talk more about this with

sara morrison. what does this mean about the advertising business for twitter this. >> we know gender and that she will start six weeks from ynow. other than that, we don't know how much power she will have and if she will use that power to put out a lot of fires that her boss has started one of those is the advertisers. they have fled the platform. maybe for good reason. if it is an ad executive, it is the ceo which shows he wants someone to get people back and maybe he cannot do that after the last six months sdplchlt w - months >> do you believe elon musk

would give control to somebody else and let them run the operations >> from what we have seen of how he has run the company so far, he doesn't seem to want to let go of any power. we have seen people with push back at all are the people who get pushed out i wouldn't expect the ceo to be somebody who really pushes back on him and somebody who carries out his vision, but can be the apparent adult in the room, maybe. i would expect somebody to align well with his values and carry out what he wants her to do and how he wants her to fill his vision. >> what is that vision we heard elon musk talk about the platform more popular than it has ever been we are seeing advertisers leave. i know journalists have gone off the platform there are questions of who is really who with the check system just in general, what is the

vision forward for the company >> he said he wants it to become a super app. there is more than social media posts. you have payments and messaging and whatever obviously, those are far in the future and what she will need t focus on is getting it to what it always has been a viable business model for that like you said, a lot of advertisers which were primarily how twitter made money have left you don't know if they will come back they have been threatened by the soon to be former ceo. he needs to get those back subscriptions for bluemonth. that hasn't worked out as well as he thinks it has. he needs to bring back that particular source of revenue and probably soon.

>> sara morrison, i appreciate your insight with the latest at twitter. ahead on "worldwide exchange," the one word every investor needs to know scott ladner lays out what he is looking for with overseas investment and portfolio protection as investors face a growing wall of worry. reminder, follow our podcast. if you miss "worldwide exchange" check us out on your podcast apps "wex" will be right back after this (neighbor) i got that deal too. (seth) oh hey, bragging buddies! (neighbor) my man! (cecily) this i don't need. (seth) you should give me a call! (vo) visit your verizon store and save big during our spring savings event. get the disney bundle with disney+, hulu, and espn+ included. all for just $35 a line. the savings you want. on the network worth bragging about. verizon

♪ old school wisdom, with a passion for what's possible. that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ welcome back time for what we call the "wex wrap-up. softbank testing investor appetite forearm ipo one could raise $10 billion when it debuts in september. and tesla recalling every

car sold in china. chinese regulattors say all will require an over-the-air update to fix the issue. and carl icahn's holding company authorizes a $500 million buyback. the first time the company has a formal repurchase since 1987. and s&p global dowgrading u.s. bank from a plus to a as it gains market share. and china's biggest chip maker is out with results and posting the sharpest revenue drop in more than a decade as weak demand for electronics is hitting the top line the company issuing a dim outlook for the year seeing no signs of the full market recovery apple continuing expansion in the asia pacific reegion

it will open the first store in vietnam next week. and macon y consumer figuret next week and a thrio of speechs from the fed heads we are awaiting the fed balance sheets which is out at 4:15 p.m. with that on tap, let's get a check of the markets and futures. futures in the green dow opening up 150 points higher s&p and nasdaq also higher joining to discuss the trading day is head is scott ladner. scott, good morning. >> good morning, frank. >> we ask the brightest minds to describe the trading day ahead scott, what is your "wex" word of the day >> i will go with under llevere

underleverered after the report, people were worried that credit conditions would be tightening in the country. tightening credit conditions typically leads to a severe recession and downturn and economic activity. what you need keep in mind is u.s. consumers are flush $800 billion of excess savings everybody has a job. everybody has wage increases and raises in terms of borrowing capacity or the need to borrow, the u.s. consumers and corporations can go 6 to 12 months without having to tap credit markets or tap leverage products. you know, the fact this report and credit standards are tightening may not be as

important as in the past we think that needs to be taken into account u.s. consumers and corporations are underlevered right now >> that's an interesting point, scott. at the same time, we have recession worries and possible debt limit worries when you talk to clients, what do you tell them about portfolio protection we had guests all week talking about protecting portfolios. what are you advising? >> for the time, frank, it does still make sense to play defense in the u.s. equity markets by that, anti-cyclical sectors communication services and fintech and things not tied to the economic cycle outside of the u.s., we think a better place for protection is in asian equity markets. in asia, those markets can

benefit from chinese consumers and chinese inflation and dollar which peaked because the fed is done. >> i want to run one more thing. bank of america flow data. one of the key findings of tech funds with $3 billion of inflows in the past week at the same time, $1.3 billion in inflows. which is better? growth or gold >> we're not big fans of gold. we do actually think the tech side of things for a while is crowded. things can remain crowded and get more crowded for a while i'm not saying that tech is the place to be the entire year. for the next month or two is the better play than gold. >> really? do you think growth is back in favor? meta shares doubled year to

date. >> yeah. we do. if the fed is done and we have seen peaked u.s. interest rates, that means multiples can expand from here. 2022 is multiples contracted and highly levered or valued firms in the tech space getting de-rated 2023 is disinflation the multiples reexpanding. in a here oppoen here oppoen -- opposite >> scott, you are saying not only a pause, but rate cut this year >> i think the rate cut call is ahead. we do feel strongly the fed has seen peak rates and the fed is really done. everything we have seen from the cpi and ppi reports this week is pointing in that direction

>> scott ladner, thank you for being here >> thanks, frank. futures are in the green this morning on this friday. watch the markets and see how they close for the week. that is it for "worldwide exchange." we have "squawk box" coming up next ading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

we moved out of the city so our little sophie could appreciate nature. of the market. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

good morning debt ceiling summit delayed. today's scheduled white house meeting postponed until next week we will tell you what it means for potential default or not elon musk says he found a new ceo for twitter and she'll start in six weeks we'll tell you what we know about the candidate that he reportedly picked. plus, hawkish comments from the fed official overnight michelle bowman says the central

bank should be prepared to keep raising rates. it is friday, may 12th, 2023 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we're live from nasdaq market site in times square i'm melissa lee along with kerjoe kernen and andrew and becky are off today. the s&p is looking to at 16. the dow up 140 points. the nasdaq is up 33. the nasdaq 100, joe, we are at levels since we have not seen since last year. >> bull market >> bull market >> it is >> for mega ca