Home ONLINE SHOPPING FOR WOMEN Tech Shares Lead Wall Road Decrease as Bond Yields Rise

Tech Shares Lead Wall Road Decrease as Bond Yields Rise

Credit score…Leah Millis/Reuters

A tumultuous week in monetary markets left onlookers questioning whether or not the Federal Reserve had confirmed too little concern as longer-term rates of interest crept increased — and spurred hypothesis that the central financial institution’s management might have to talk out in opposition to the rise.

Yields on all however very short-term authorities debt have moved sharply increased in latest weeks, pushed partially by expectations that financial development will snap again after the pandemic. Fed officers had been sanguine as charges have moved up, pointing to the rise as an indication of rising financial confidence and taking part in down the chance of a sudden improve in borrowing prices.

Nonetheless, a sudden soar in charges on Thursday rippled by monetary markets, and analysts at Evercore ISI stated the Fed’s message would possibly change consequently. The soar in yields might make borrowing by the federal government, shoppers and companies costlier, slowing progress towards the Fed’s financial targets.

“The Fed management holds some duty for this, because the absence of any indication of concern or — extra appropriately in our view — central bankerly carefulness” in latest days “has been learn in markets as a inexperienced mild to ramp actual yields increased,” Krishna Guha and Ernie Tedeschi wrote in a response observe, capturing a story quick creating amongst monetary analysts.

Yields on the 10-year Treasury observe surged as excessive as 1.6 p.c on Thursday earlier than falling to 1.four p.c on Friday. That charge was beneath 1 p.c for a lot of 2020 and had been steadily rising this yr partially as buyers anticipate {that a} flood of latest authorities spending and the rollout of the coronavirus vaccine would result in quick financial development later this yr.

Regardless of a number of public appearances in latest days, central financial institution officers together with the Fed chair, Jerome H. Powell, and John C. Williams, the New York Fed chief, haven’t voiced issues over the shift in yields. Raphael Bostic, the Atlanta Fed president, stated Thursday afternoon that he didn’t but see the will increase as trigger for concern.

The change in yields has come partly due to development and inflation expectations and partly as a result of buyers have shut down trades and offered bonds amid the gyrations, stated Gennadiy Goldberg, a charges strategist at TD Securities. However the Fed’s professed consolation is including gas to the flames.

“There’s a variety of trepidation,” Mr. Goldberg stated, and whereas the Fed wouldn’t must do a lot to appease markets, “On the very least, they need to cease saying that the rise in charges doesn’t matter.”

Mr. Goldberg and different analysts anticipate that Fed officers might sign that they’re maintaining a tally of the state of affairs — which might suggest that they’re ready to behave if issues get out of hand. The Fed might shift the scale or type of its bond shopping for to assist maintain down longer-term yields, amongst different coverage fixes.

“A change of tone at the least appears warranted in our view and probably extra,” Mr. Guha and Mr. Tedeschi wrote on Thursday, a conviction they repeated in a observe on Friday.

DirecTV has been bleeding customers faster than most pay-TV services.
Credit score…Christopher Gregory/The New York Occasions

AT&T is promoting a part of its TV enterprise, which consists of the DirecTV, AT&T TV and U-verse manufacturers, to the personal fairness agency TPG in a by-product deal because it seems to shed belongings to take care of a burdensome debt load and give attention to its cellular phone and streaming companies.

The deal, which can give TPG a minority stake, values the TV enterprise at $16.25 billion — a couple of third of the $48.5 billion AT&T paid only for DirecTV in 2015.

AT&T carries $157 billion of debt, as of December, the results of megadeals together with its purchases of DirecTV and Time Warner, which it paid $85.four billion for in 2018. The leisure business has been disrupted by Netflix and an array of rivals preventing for viewers’ consideration, complicating plans for DirecTV, which misplaced greater than 3.2 million subscribers in 2020, and for HBO, thought of the crown jewel of Time Warner’s enterprise.

Buyers have apprehensive that AT&T will be unable to turn out to be worthwhile sufficient to handle the debt load. The corporate made about $53.Eight billion in pretax revenue final yr, that means it carries a bit greater than $Three of whole debt for each greenback of pretax revenue. Historically, AT&T prefers that ratio to be nearer to 2.5 to 1.

Underneath the phrases of the take care of TPG, AT&T will personal 70 p.c of the brand new stand-alone firm, which can go by DirecTV, and TPG will personal 30 p.c. The board of the brand new entity will embrace two representatives from every firm and the chief government of AT&T’s video unit, Invoice Morrow.

The businesses hope to repair challenges going through DirecTV — specifically a subscriber base that has been bleeding clients quicker than most pay-TV providers. Annual gross sales on the DirecTV group fell 11 p.c final yr to $28.6 billion, and working revenue decreased 16.2 p.c to $1.7 billion. The corporate can be relying on development of AT&T TV, the corporate’s new service that streams TV over the web to a set-top field.

“We actually didn’t anticipate this end result once we closed the DirecTV transaction in 2015, however it’s the fitting resolution to maneuver the enterprise ahead,” stated John Stankey, AT&T’s chief government, who as an government at WarnerMedia led each the DirecTV and Time Warner offers.

TPG has ample expertise with company partnerships, together with taking a joint stake in Intel’s McAfee pc safety unit and teaming up with Humana in its deal for the hospice supplier Kindred. It has owned elements of Spotify, Artistic Artists Company, the cable supplier Astound Broadband, and Leisure Companions, which offers software program to the leisure and video business.

AT&T has not dominated out extra divestitures.

As DoorDash’s orders grew, so did its losses.
Credit score…Sean Sirota for The New York Occasions

In its first earnings report as a public firm, DoorDash confirmed the way it has benefited from the pandemic even because it hinted that difficulties would possibly lie forward.

The supply firm on Thursday posted income of $970 million for the fourth quarter, up 226 p.c from a yr earlier, as whole orders jumped 233 p.c. The corporate’s fortunes have been buoyed by the pandemic, as individuals have stayed house to maintain protected from the coronavirus and have used DoorDash to order in meals and different objects.

But it additionally reported a lack of $312 million, in contrast with a lack of $134 million a yr earlier. The corporate, which went public in December, stated it had elevated spending on promoting, buyer recruitment, analysis and growth, and different bills. DoorDash stated it had additionally misplaced cash due to prices related to stock-based compensation associated to its preliminary public providing.

Extra necessary, DoorDash warned that its enhance from the pandemic would possibly fade. The widespread availability of vaccines within the coming months, the corporate stated, is prone to create “headwinds” to development.

“We anticipate declines in client engagement and common order values, although the exact quantity stays unclear,” the corporate stated.

The cautionary notes despatched DoorDash’s inventory tumbling almost 13 p.c in after-hours buying and selling.

Past the short-term impact of the pandemic, DoorDash faces different challenges. Restaurant house owners have complained that its charges, usually 30 p.c of orders, are too excessive to permit them to cowl their prices. Some cities, together with Cleveland, Denver and Chicago, have handed momentary measures to curb the charges that supply apps cost eating places in the course of the pandemic. DoorDash has responded by charging clients additional charges in these cities.

In an earnings name, DoorDash executives stated they had been specializing in long-term success and development. Tony Xu, the chief government, stated that even when eating places reopened, individuals had been prone to proceed to depend on DoorDash’s deliveries as a result of they’d turn out to be “habituated to a comfort economic system.”

“This enterprise is much more vital as we come out of the pandemic,” he stated.

An image of Brian Chesky, the chief executive of Airbnb, on the Nasdaq screen in Times Square on Dec. 10, the day the company’s shares began trading.
Credit score…Hiroko Masuike/The New York Occasions

Airbnb, which has confronted sky-high expectations since its blockbuster preliminary public providing in December, posted declining income and a whopping $3.9 billion loss on Thursday in its first earnings report as a publicly traded firm.

The corporate introduced in $859 million in income within the final three months of the yr, down 22 p.c from a yr earlier. Its loss was pushed by $2.Eight billion in prices related to stock-based compensation associated to its I.P.O., in addition to an $827 million accounting adjustment for an emergency mortgage it took out final yr to climate the pandemic.

Airbnb’s loss approaches the $5.2 billion misplaced by Uber in its first full quarter as a public firm and renewed questions on whether or not unprofitable tech start-ups can flip a revenue. Though most money-losing tech corporations say that they’re spending cash to gas quick development, Airbnb’s shrinking income makes that argument a tougher promote.

Airbnb introduced its declining income as a present of resilience in a yr when journey got here to a standstill due to the pandemic. Final spring, the corporate misplaced $1 billion in bookings, laid off employees and raised emergency funding in response to lockdowns and different restrictions. By the summer season, bookings had bounced again, although not sufficient to make up for the outlet in income.

In December, the corporate went public and raised $3.5 billion, valuing it at greater than $100 billion. Since then, its valuation has risen as excessive as $120 billion on investor expectations {that a} quick vaccine rollout would spur a brand new increase in journey.

Ron Josey, an analyst with JMP Securities, stated Airbnb’s income was increased than anticipated. That confirmed the corporate was able to take benefit when individuals start touring once more.

“No one is aware of how rapidly demand comes again,” he stated, however when it does, “Airbnb is a share gainer.”

Airbnb’s inventory rose 2 p.c in after-hours buying and selling.

But even when journey bounces again this yr, Airbnb faces challenges. Its hosts, who present its stock within the type of property listings, have turn out to be more and more pissed off with the corporate and are looking for to record their leases independently. Its issues with “occasion homes” worsened within the pandemic and the corporate has rushed out new guidelines. And regulators world wide proceed to scrutinize the “Airbnb impact” of turning housing inventory in residential areas into motels.

In a name with analysts, Brian Chesky, Airbnb’s chief government, stated the corporate’s precedence was to arrange for a rebound in journey with efforts together with advertising, recruiting hosts and enhancing its customer support.

“Journey is coming again,” he stated. “We consider individuals are craving for what’s been taken away from them.”


By: Ella Koeze·Information delayed at the least 15 minutes·Supply: FactSet

The S&P 500 had its worst single-day drop since late January on Thursday as main know-how shares fell and bond yields continued to rise.

The benchmark U.S. index fell about 2.5 p.c. Tesla was one of many S&P 500’s worst-performing shares, dropping Eight p.c. Apple, Amazon, Alphabet and Fb every dropped greater than Three p.c, and Microsoft fell 2.four p.c.

The drop got here as yields on the 10-year Treasury observe jumped to as excessive as 1.56 p.c, up from 1.38 p.c on Wednesday. The yield has risen every of the previous three weeks, and analysts at Financial institution of America raised their forecast, anticipating the 10-year yield to be at 1.75 p.c on the finish of the yr due to stronger financial development. Final month, they forecast 1.5 p.c for year-end.

That sudden soar might also mirror issues within the bond market about inflation, or that the rebounding economic system will immediate the Federal Reserve to chop again on its measures to bolster the monetary system. Both can be dangerous information for shares, and buying and selling has been turbulent all week as buyers react to the sudden strikes in bond yields.

Fed officers have usually dismissed the run-up in longer-term rates of interest as an issue.

“I’m not apprehensive about that — we’re going to maintain a watch out,” Raphael Bostic, president of the Federal Reserve Financial institution of Atlanta, instructed reporters throughout a cellphone name on Thursday. “I’m not anticipating that we’ll want to reply, at this level, by way of our coverage.”

Nor are Fed officers, who’re charged with conserving value good points gradual and regular, apprehensive about runaway inflation.

“With our economic system and the worldwide economic system nonetheless far beneath full energy, I anticipate underlying inflationary pressures to stay subdued for a while,” John C. Williams, president of the New York Fed, stated Thursday afternoon.

David Lefkowitz, a strategist at UBS, stated rising charges mirrored rising optimism concerning the economic system, which is usually excellent news for shares.

“Whereas very giant and speedy strikes in charges can create some short-term equity-market volatility, we might anticipate this to be very transient,” Mr. Lefkowitz wrote in a latest observe to purchasers.

However the improve in yields has prompted buyers to promote their high-flying know-how investments in favor of shares of corporations like banks and industrial corporations that would profit from development. That was evident in Thursday’s buying and selling, with the technology-heavy Nasdaq composite index falling 3.5 p.c, whereas the Dow Jones industrial common fared significantly better, with a decline of about 1.Eight p.c.

Jeanna Smialek contributed reporting.

GameStop One-Week Share Value

Shares of GameStop surged once more on Thursday, within the second straight day of risky buying and selling for the online game retailer that was on the heart of a buying and selling frenzy final month.

On Wednesday, GameStop’s shares doubled to $91.71, and the amount of buying and selling was greater than 10 instances the extent of the day past. By early Thursday afternoon, the shares had doubled once more in heavy buying and selling, to just about $185, earlier than tumbling late. The inventory nonetheless closed up almost 19 p.c, at $108.73.

As GameStop obtained off to a scorching begin, a few of the fashionable posts on Reddit’s Wall Road Bets discussion board, the place customers stoked final month’s wild rally, learn “ROUND 2!” and “THE COMEBACK!!!!!”

Different shares that lately captured the web’s consideration additionally rose in early buying and selling earlier than giving up good points: Shares of AMC Leisure gained 21 p.c shortly after the open and the headphone maker Koss was up about 90 p.c. However shares of the movie show firm closed down 8.Eight p.c, and Koss gave up most of its good points, rising simply 17 p.c for the day.

The 2-day surge by GameStop once more made it the middle of the market’s consideration, only a few weeks after a exceptional rally in so-called meme shares that created huge on-paper wealth for a lot of small merchants, and even made some into millionaires in the event that they offered excessive. Some notable hedge funds that had guess in opposition to the shares suffered painful losses in the course of the rally, which ended virtually as rapidly because it started — and left many retail buyers with substantial losses in the event that they obtained in late.

Final month’s rally had a sure logic: retail merchants pouring right into a small inventory to squeeze the hedge funds that had been shorting it, producing big good points and much more shopping for. However nobody knew precisely what resuscitated the frenetic buying and selling in GameStop this week.

One motive may very well be the departure of the struggling online game retailer’s chief monetary officer, in a transfer introduced earlier this week, market analysts stated. Others traced the beginning of the rise to a Twitter submit on Wednesday by the GameStop board member and activist investor Ryan Cohen. But it surely was unclear why the submit — a text-free {photograph} of a McDonald’s soft-serve ice cream cone — would have been seen as a sign to purchase.

Different analysts noticed a connection to some uncommon exercise within the choices market late within the day on Wednesday, when there have been a couple of larger-than-typical purchases of GameStop name choices — bets that the inventory value would rise sharply.

These purchases might have pressured the sellers that offered the choices to purchase shares. This can be a regular maneuver sellers make to hedge their positions, and because the recognition of buying and selling choices has exploded over the previous yr, some analysts have pointed to that dynamic as exacerbating the volatility of markets.

Some analysts posited that late-day choices purchases helped clarify the surge of buying and selling within the inventory towards the shut of buying and selling on Wednesday, in addition to in the course of the aftermarket session, when at instances GameStop was up one other 100 p.c.

“Whoever offered these calls merely didn’t have sufficient time to cowl their dangers within the common session, and should have felt it prudent to take action after the shut,” stated Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Conn.

Couple that with the already heightened curiosity in GameStop, he stated, and you’ve got the makings of a rally.

“GME was on everybody’s radar,” Mr. Sosnick stated, “in order that introduced out one other crop of speculators.”

Janet L. Yellen, the Treasury secretary, made clear that the United States was no longer taking an “America First” approach to its relationship with the Group of 20.
Credit score…Stefani Reynolds for The New York Occasions

Treasury Secretary Janet L. Yellen known as on members of the Group of 20 nations to coordinate on a worldwide vaccination marketing campaign, arguing in a letter on Thursday that containing the coronavirus pandemic is one of the best ways to assist the world economic system.

Ms. Yellen emphasised the significance of working by multilateral establishments and underscored the duty of wealthy nations to assist poor nations climate the general public well being disaster.

“A speedy and actually world vaccination program is the strongest stimulus we will present to the worldwide economic system,” she wrote.

The outreach was the most recent instance of the brand new tone being set by the Biden administration and represented a return to America’s management position within the G20, a gaggle of finance leaders from a few of the world’s largest industrial and rising economies, after 4 years during which the U.S. was usually an outlier on worldwide coverage issues.

“This can be a second made for motion and for multilateralism,” Ms. Yellen stated within the letter.

Ms. Yellen additionally warned G20 nations to not withdraw fiscal help for his or her economies too quickly and to take measure to make sure that staff and shoppers are benefiting from worldwide commerce.

“If there was ever a time to go large, that is the second,” Ms. Yellen stated, echoing the sentiment she has expressed to lawmakers in the US because the Biden administration pushes a $1.9 trillion financial reduction package deal.

In a notable shift from her predecessor on the Treasury Division, Steven Mnuchin, Ms. Yellen threw her help behind the thought of offering further emergency liquidity by the Worldwide Financial Fund’s Particular Drawing Rights to assist rising markets stabilize their monetary reserves. Mr. Mnuchin believed that this would offer little assist to poor nations and would danger turning the I.M.F. into one thing akin to a central financial institution.

Ms. Yellen stated on Thursday that the device might “improve liquidity for low-income nations,” however stated the G20 would want to work collectively to make sure it was deployed successfully and with transparency.

She acknowledged that extra work must be accomplished on fraught worldwide disputes such because the negotiations between the US and Europe on digital providers taxes, however she made clear that the US was now not taking an “America First” strategy to its relationship with the G20. She stated that the US would work to beat such disagreements by looking for “workable options in a good and considered method.”

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Katherine Tai Testifies Earlier than the Senate Finance Committee

Katherine Tai, President Biden’s choose for U.S. commerce consultant, testified earlier than the Senate Finance Committee on Thursday about alternatives to spice up the economic system by commerce.

Serving because the U.S. commerce consultant holds particular resonance for me because the daughter of immigrants. My dad and mom had been born in mainland China, and grew up in Taiwan. The immigration reforms set in movement by President Kennedy opened a path for them to come back right here as graduate college students within the sciences, they usually made essentially the most of their American alternative. That sense of pleasure and patriotism will floor me day by day if I’ve the honour to be confirmed as United States commerce consultant. I do know that the challenges forward are vital. Our first process might be to assist American communities emerge from the pandemic and financial disaster. U.S.T.R. has an necessary position to play in that effort. Working with Congress, the whole Biden-Harris administration and different nations, and trusted companions, U.S.T.R. will assist to construct out robust provide chains that can get our economic system again on monitor. In the long run, we should pursue commerce insurance policies that advance the pursuits of all Individuals.

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Katherine Tai, President Biden’s choose for U.S. commerce consultant, testified earlier than the Senate Finance Committee on Thursday about alternatives to spice up the economic system by commerce.Credit scoreCredit score…Tasos Katopodis/Agence France-Presse, by way of Pool/Afp By way of Getty Photographs

Katherine Tai, President Biden’s choose for U. S. commerce consultant, promised members of the Senate Finance Committee on Thursday that she would work with Congress to assist reinvigorate the economic system and aggressively implement American commerce guidelines in opposition to China, Mexico and different buying and selling companions.

As commerce consultant, Ms. Tai would play a component in finishing up a number of of the Biden administration’s key targets, together with serving to to revive American alliances overseas, difficult China’s unfair commerce practices and reforming and imposing American commerce guidelines to assist alleviate inequality and mitigate local weather change.

She would additionally play an necessary position in selections like whether or not to maintain former President Donald J. Trump’s tariffs on Chinese language merchandise, find out how to handle new digital providers taxes that overseas nations have imposed on American know-how corporations and whether or not to aggressively pursue new commerce offers.

In her testimony Thursday morning, Ms. Tai promised to make sure that buying and selling companions adhered to new commerce guidelines, together with the settlement that Mr. Trump signed with China final yr, and new measures included within the revised North American commerce deal, the United States-Mexico-Canada Settlement. On China, she stated her background difficult China’s unfair commerce practices within the Obama administration had given her data of “the alternatives and limitations in our current toolbox” and that she would discover “all of our choices” on enhancing the U.S.-China commerce relationship.

She declined to offer many specifics on the commerce insurance policies the Biden administration would pursue, saying as an alternative she would evaluate current tariffs and commerce negotiations. However she laid out a philosophy of commerce coverage that will help broader, extra equitable development and “acknowledge that individuals are staff and wage earners, not simply shoppers,” which she stated can be a big departure from the previous.

One of many challenges might be creating commerce coverage “to interrupt out of that sample, in order that what we’re doing in commerce is coordinated with what we’re doing in different areas, but in addition not forcing us to pit certainly one of our segments of our staff and our economic system in opposition to one other,” she stated.

Requested concerning the tariffs that Mr. Trump had positioned on overseas metals, Ms. Tai stated that tariffs had been “a reputable device within the commerce device field,” however that the worldwide metal and aluminum industries confronted bigger issues with overcapacity which may require different coverage options. She additionally stated that she was conscious of “the numerous issues” that had arisen with the method of corporations making use of for exclusions from the tariffs, and stated that reviewing that system with a watch to transparency, predictability and due course of can be “very excessive on my radar.”

Ms. Tai most lately labored because the chief commerce counsel of the Home Methods and Means Committee, the place she helped to barter reforms that introduced Democrats on board with U.S.M.C.A., which was negotiated by Mr. Trump. Earlier than that, she served in U.S.T.R.’s basic counsel workplace, the place she introduced a number of profitable instances in opposition to China’s commerce practices on the World Commerce Group.

If confirmed, Ms. Tai can be the primary girl of shade and first Asian-American to serve within the place.

Brian Armstrong, the chief executive of Coinbase, which revealed in a regulatory filing that it earned $322.3 million last year.
Credit score…Steven Ferdman/Getty Photographs

Coinbase, essentially the most beneficial cryptocurrency firm in the US, filed to go public on Thursday amid a surge in costs in digital cash.

It’s the newest milestone for Coinbase, which was based in 2012 as a web site for purchasing and promoting cryptocurrencies like Bitcoin and has now turn out to be a large within the business, with 43 million retail merchants and seven,000 establishments as clients. Its fortunes have soared together with the value of Bitcoin, which was buying and selling at greater than $51,000 apiece as of Thursday.

Coinbase pulled again the curtains on its funds in a submitting with the Securities and Alternate Fee, revealing that it earned $322.Three million final yr, on prime of $1.Three billion in income. That compares with a $30.four million loss atop $533.7 million in income for 2019.

The corporate makes cash from charges charged for buyer trades. In a letter to potential buyers, its co-founder and chief government, Brian Armstrong, warned that the corporate’s financials could also be risky, as a result of they’re tied to the generally whipsawing costs of cryptocurrencies.

The corporate drew controversy final fall when Mr. Armstrong instructed workers to depart their social activism out of the office. Present and former workers have additionally complained concerning the firm’s administration of Black staff.

The corporate is planning a direct itemizing, the place it merely places its privately traded shares onto a public inventory market — the Nasdaq, on this case — versus a standard preliminary public providing.

Such offers have gained recognition amongst know-how corporations lately for being an easier strategy to going public, particularly if they don’t want to lift cash. Final month, Coinbase stated it was pursuing a direct itemizing.

  • The chief government of Costco stated on Thursday that the retailer was elevating its beginning pay to $16 an hour. W. Craig Jelinek, the chief government, stated Costco, which already pays an hourly minimal of $15, had a few of the highest worker retention charges of any retailer. “This isn’t altruism,” Mr. Jelinek instructed the Senate Finances Committee. “At Costco, we all know that paying workers good wages and offering inexpensive advantages is smart for our enterprise and constitutes a big aggressive benefit for us.”

  • Goal stated on Thursday that it could roll out Apple retailers inside its shops, beginning with 17 places with plans for extra later this yr. The areas might be overseen by Goal tech consultants “who will obtain specialised coaching from Apple,” Goal stated, and the chain will carry extra Apple merchandise on-line. Goal has additionally struck new offers with Levi Strauss & Firm and Ulta as malls and shops proceed to wrestle.

  • MicroStrategy, the enterprise intelligence software program agency, introduced a $1 billion Bitcoin buy on Wednesday, bringing its whole spending on the cryptocurrency to greater than $2 billion because the summer season. MicroStrategy “stays targeted on two company methods,” its chief government, Michael Saylor, stated in a press release: increasing its software program enterprise and “buying and holding Bitcoin.” The corporate’s finance chief, Phong Le, stated Bitcoin investments complemented the software program enterprise “by enhancing consciousness of our model and offering alternatives to safe new clients.”

  • A broad promotional effort to fight Covid-19 vaccine skepticism started rolling out on Thursday, backed by the nonprofit promoting group Advert Council and a coalition of specialists generally known as the Covid Collaborative. The marketing campaign, “It’s As much as You,” encourages Individuals to hunt out information concerning the accessible vaccines. Public service bulletins will seem in English and Spanish on tv, social media and different platforms. Greater than 300 corporations, neighborhood teams and public figures contributed to the $52 million push, as did the Facilities for Illness Management and Prevention.



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