WSJ What’s News - What to Watch for This Earnings Season as Trump’s Tariffs Come Into Play

Episode Date: April 6, 2025

President Trump’s latest tariff policy announcement has rocked companies, markets and investment portfolios. To get into what they mean for Americans from Main Street to Wall Street, What’s News brings you an episode of our sister podcast WSJ’s Take On the Week, where co-hosts Telis Demos and Miriam Gottfried discuss tariffs, Trump’s trade war and the upcoming first quarter earnings season. Christine Short, head of research of Wall Street Horizon, which is part of the financial services company TMX Group, discusses how companies are dealing with tariffs. You can also listen to this episode on WSJ’s Take On the Week. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com. Further Reading To read more from our co-hosts, catch up on Wall Street Facing Toughest Test in Years and Banks Don’t Pay Tariffs, but Tariffs Will Cost Them. What to Know About Trump’s Latest Tariffs  A Market-Rattling Attempt to Make the American Economy Trump Always Wanted  For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Okay, Martin, let's try one. Remember, big. You got it. The Ford It's a Big Deal event is on. How's that? Uh, a little bigger. The Ford It's a Big Deal event. Nice. Now the offer? Lease a 2025 Escape Active all-wheel drive from 198 bi-weekly at 1.99% APR for 36 months with $27.55 down. Wow, that's like $99 a week.

Yeah, it's a, April 6th. I'm Alex Osala for The Wall Street Journal. This is What's News Sunday, the show where we tackle the big questions about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain what's happening in our world. This week, we're bringing you an episode of our sister podcast, WSJ's Take on the Week, where co-hosts and WSJ reporters

Telus Demos and Miriam Gottfried look at the role of the latest tariffs in the coming earnings season. There was only one word that seemed to matter to the markets this week. Tariffs. But how much will President Trump's new tariffs impact corporate earnings, and how are companies planning their futures around them?

WSJ's Take on the Week podcast spoke with Christine Short, head of research of Wall Street Horizon, which is part of the financial services company TMX Group. They discuss what tariffs will mean for companies and consumers. Hey everyone, I'm Telus Deimos. I write for the Wall Street Journal's Heard on the Street. And this is WSJ's Take on the Week, the weekly podcast where we give you a leg up on the worlds of money and investing. Each week, we bring you conversations with insiders and from inside the Wall Street Journal's newsroom about, well, mostly about tariffs, frankly. Frankly, frankly, we mostly talk about tariffs.

I will briefly reintroduce someone that everybody should be familiar with now, who is Miriam Godfrey, who is on her last guest hosting assignment before Gunjian Banerjee returns. But but first in our hearts still, Miriam, welcome again. It's great to be here, Telos, and I am very excited to talk to you about tariffs again. Yes. Well, this past week, there was obviously big, big news in the world of tariffs, the market's obsession. And it was, I mean, quite honestly, it was pretty dramatic.

I was like having trouble sleeping last night, just sort of thinking about how to pull it all together on today's podcast. We're recording this on April 3rd. The market has obviously reacted quite strongly, but I think the drama is even beyond. We'll talk about what's going on with stocks and earnings and things, but I think this is just like a kind of like – it just feels like one of those read about in your history textbook kind of moments, right? Regardless of what comes next, it just certainly seems like this announcement has kind of knocked everybody off their axis a little bit.

Miriam, can you take us through exactly what transpired last night? Because I think just setting it up, I think that this was beyond what people were saying, I guess depending on your point of view, best case or worst case scenario for tariffs would be what was ultimately announced was maybe even in excess of those scenarios. Yeah. I mean the administration did not hold back. I think there had been a view beforehand that they will either take the across-the-board tariff approach, one flat rate for every country to pay on imports, or there will be this reciprocal approach where we're trying to bring other countries into parity with what the US has

to pay. And in fact there was both. So we have first a 10% across the board tariff on all imports and then even higher rates on top of that for countries the White House considers to be bad actors on tariffs. And there will also be a 25% duty on all foreign-made cars which was sort of you know forecast. We kind of knew that was coming. Let's go to a clip from the announcement. We will charge them approximately half of what they are and have been charging us.

So the tariffs will be not a full reciprocal. I could have done that, yes, but it would have been tough for a lot of countries who didn't want to do that. So these are pretty extreme changes and the market reacted pretty dramatically right afterwards to this news. I mean, there are a lot of different products whose prices will likely be affected by these tariffs. Yeah, and it seems like, like you said,, you know both things happen, right? Even countries that have trade that the US has trade surpluses with will be paying a I think it's a 10%

10% is the proposal as it stands now as we record and then countries that had a trade deficit It seems like you know that the the journal had a story laying out, you know Basically the math they did which was like how big is the trade imbalance with the US? How much more do they buy from us than we buy from them? And then taking that amount and I think in some cases, basically dividing it by two and saying that's going to be the tariff. So those add up to big numbers. Yeah.

And that's why Trump positioned these numbers as being kind to other countries. We were being nice to them because we're not doing the full trade deficit. We're taking it and cutting it in half and then that's what we're charging them. But these are big numbers. These are big numbers and they're, you know, I can't tell you the number of products in my house that say made in Vietnam, made in China. You know, these are, this is where a lot of our goods come from today. Yeah. And we can and will have, you know, long discussions about the economics, you know, of

these things. You know, there are obviously people on both sides of the issue who feel very strongly that this is the right or wrong way to go about things. But in the meantime, let's talk about what the markets have been doing in reaction to that. And, you know, one thing that the markets have really been struggling with is not even so much what the tariffs are, but just the exact policies, but just that it is it is done and dusted in in the books. I perhaps the market now will at least have some certainty that, okay, maybe these tariffs will be slightly different, but that they will be dramatic and significant either way.

Because there are still some exceptions, right? I think that Canada and Mexico for now are not involved in this reciprocal regime. You know, whether or not those things stick around, we'll see. But it does seem like there's at least certainty that they weren't joking when they said that they wanted to do something very significant with tariffs, right? Yeah, that's right. I think that's true. And I think what people will look for now is whether some of these individual countries

decide to strike deals with the US to try to negotiate these rates down a little bit. I mean, that's what the goal of reciprocal tariffs, right, is just try to kind of bring people to the bargaining table and get something out of them. So I wouldn't be surprised if pretty soon we start to see certain countries coming forward with proposals that might appease the White House and get some of these tariffs to be modified. Yeah. And so, again, for the time being, here we are speaking the morning after the announcement

and the U.S. market is down by, it's down at this very moment by about 4%. We'll see how that plays out over time. But I think that next week people will be looking for those announcements. There's also the consumer price index update next week. We'll see if there's anything in that report that kind of gives us a little view of obviously one of the main concerns about tariffs is that it will raise prices here in the US, that we will all be essentially paying for these tariffs if they are passed along to us in the form of higher costs. And so we'll see in the CPI, which obviously will not include what's happening now, it's backwards looking.

However, we'll see if people have started to – if companies have started to raise prices on things ahead of tariffs, maybe as they have tried to buy things up that they want to hoard essentially before the price of them goes up, right? If you're buying raw materials and things like that, we'll see if those things start to filter through to prices. The most recent inflation reading we had, the personal consumption expenditures index, that was pretty hot. So I think people might be a little interested in what goes on with this consumer price index. That was pretty hot. So I think people might be a little interested in what goes

on with this consumer price index. Okay. Let's move on to the earnings front. The first quarter earnings report season is popping off this coming week. Miriam, which ones are you going to be watching closely? I'm really curious about Delta, which already lowered its guidance along with many other airlines. The amount that businesses and consumers spend on air travel I think is an indication of their sentiment, their optimism about the future, how much they believe they can shell out versus how much they have to save just in case things go wrong.

Aaron Ross Powell Absolutely, big consumer read there. And then I think one I'm watching is CarMax. They are the kind of car seller. They sell out of used cars. It's going to be super interesting I think to see what happens with them. Their stock has been a bit of a roller coaster lately because on the one hand, you know, if you tariff the importation of new cars or new car parts, that should I think a lot of people think make used cars.

Prices go up. So in theory that might be good for CarMax but in the immediate aftermath of the tariff announcement their stock was down so I think it will be really interesting to see what they say. Maybe that was just everybody selling off autos, who knows. Sell your winners. Maybe that's the old saying goes. So it will be interesting to see what they report and what they say and also how the

market reacts to it. But I want to step back a little bit on earnings given the environment that we're talking about here. Obviously, we know that there are worries about the economy amidst what's going on with tariffs and frankly other kind of big policy changes. There are recession risks that people are talking about. But that is not the same as saying how are companies themselves actually doing corporate earnings. Because as much as big companies collectively make up, you know, our economy,

you know, they employ us, we buy stuff from them, their fates and the economy's fate are not exactly the same. Tariffs could increase costs. Maybe companies pass along those costs to consumers. Maybe some companies raise their prices because other prices are going up and they end up making more money. That could at least improve profitability in the short term. We don't know. Absolutely. What if companies lay people off and improve their profitability that way, right? We could see a struggling economy, but companies doing okay to maybe well.

Or maybe not. At least in the short term. Because I think consumer spending is still an important part of the economy, and as that comes down, that will eventually affect companies. Companies need to sell stuff to someone, those someone's being you, me, people. Exactly. And then, does the market even care? Does the market care about how companies are expected,

their earnings are expected to perform? Because really, the market is sort of two things, right? One, it's a sort of prediction of what company earnings will be, and then also how much it values those company earnings and what kind of volatility it expects from those things. So, and there are times when companies have great reporters, they report big positive earnings and then their stock goes down. And that makes our jobs as

reporters interesting, but also difficult. Because we have to explain it. Because we have to explain why that happens. That brings us to our interview this week. We spoke to Christine Short. She is the head of research at Wall Street Horizon, a TMX group company. And she looks at earnings in really a mind-boggling level of detail. So she talked to us about what we should expect from earnings season, what impact tariffs could have. We looked at a bunch of different sectors, individual companies. It is a wide-ranging conversation and a user guide to the upcoming corporate earnings season.

Stick around for that. It's going to come right after the break. guide to the upcoming corporate earnings season. Stick around for that. It's going to come right after the break. With the Fizz loyalty program, you get rewarded just for having a mobile plan. You know, for texting and stuff. And if you're not getting rewards like extra data and dollars off with your mobile plan,

you're not with Fizz. Switch today. Conditions apply. Details at fizz.ca. Traditions apply. Details at phys.ca. Today in the studio, we are joined by Christine Short to talk about first quarter earnings, which kick off this coming week. She is the head of research at Wall Street Horizon, a TMX Group company.

Christine, welcome. Thank you so much for having me. So we are about to enter earnings season and tariffs are looming large. What does that mean for corporate earnings? Will some companies be able to pass these tariffs along and what kinds of companies will struggle to do that? Yeah, well, we heard about tariffs a lot in the last quarter in the Q4 reports. Once it was confirmed that President Trump was in office, we started to hear a lot more about

companies that how they would be impacted by tariffs, what they would do to either pass those on or move their production facilities and actually I will say in Q4 we saw the most tariff mentions even going back to the first Trump administration. So over half of S&P 500 companies mentioned tariffs. Most of those were to a negative degree. And so what most of them are saying is that they will be passing those on to the consumer, which was a bit surprising because some of these like big box retailers are these larger. These are the largest companies in the world. Right. But even the likes of

Wal-Mart said, look, we're going to try to price protect as much as we can. We are known for value. But even though we get two thirds of our goods are made domestically, we're still going to on that other third, we are still going to have to raise prices and those will pass on. So they were basically saying we're powerless against these tariffs. Like even we, these big companies can't really push back that much. Yeah. And the difference being from the first Trump term, the amount of tariffs, there's a higher percentage of tariffs and the timing wasn't a phase in. It was like going to happen all at once. And so that was something that companies said they were really going to face

challenges with because you can't move your supply chain immediately. That takes years, that takes lots of money. And even the companies that said, like Steve Madden, for example, the shoemaker said, we are going to try to move to some other places that aren't impacted by tariffs. But that's going to cost us a lot of money. And that's going to take some time.

And those costs will get passed down to consumers. So no matter what it was, we almost heard across the board that these S&P 500 companies, if tariffs are implemented, those will have to be passed on. So obviously we're looking at first quarter results. So these are how companies did in the first three months of the year when tariffs were nascent, right?

They were just beginning. So we might not see an actual like earnings hit from even companies that will be dramatically affected. We won't necessarily see it yet. So what kinds of things should we be looking for from earnings reports? You mentioned companies talking about tariffs. Is it forward guidance? What are other things that we might hear or see in earnings reports that will spark the market and move prices? That's a good point. Earnings season is always backwards looking, right? So while we care

about the results and stocks will often, you know, go up or down depending on whether companies beat or missed, it's really the forward-looking guidance that we want to be aware of, right? Because currently Q1 expectations are quite good. Their S&P 500 earnings per share is expected to increase 7% year over year. That's a long streak of increases, right? That is the seventh consecutive quarter. Revenue's a little lighter at 4% and that's the 18th consecutive quarter that we've seen

these constituents increase sales. And so neither of those numbers are to sneeze at. I'd say the one sort of worrisome trend is how analysts have ratcheted down specifically on bottom line estimates. That 7% I just mentioned back at of the year was expected to be 12%. Interesting, interesting. So they've come back in, they've pushed estimates down mostly for the first half of the year because of this uncertainty, and they're pushing most of the corporate earnings growth into

the second half of the year. But again, I've covered earnings seasons through the COVID lockdowns, through the subprime mortgage crisis. 7% is a great number. And as we know, where we start in the beginning of the quarter, we don't always end because a majority of companies beat because companies issue guidance that is very conservative. We know the game, they issue conservative guidance, hoping to under promise and over deliver. That's a way to get the stock to pop when you say, well, we beat, you know, we actually ended up beating on both of our metrics. What I will say is also somewhat worrisome is that more companies are issuing negative guidance for Q1 than we see historically. And so, like dramatically so, or just a little

bit. Yeah, I think that so currently, we've got 107 companies from the S&P 500 have issued guidance for Q1. 68 of those are negative, 30 something, whatever the differences are positive. We're running higher than the both the five year and the 10 year average at this point. So that's a little worrisome when you see breaking from some of the averages. But again, this is a little bit of a game corporations play. Tell us and I have both covered a lot of earnings reports and we know that sometimes the stock doesn't move in the way you expect it to. So do beats and misses really matter?

I mean, what should investors actually be looking for on an earnings report to tell them how the stock's going to move? Yeah, it's funny. I feel like I have been covering earnings for 15 years. I feel like at one point, though, it beat on the top and bottom line really mattered. I feel like it's mattering less because there are different KPIs for each company, right? If you're looking at-

KPIs are like numerical targets that people are looking at that might not be earnings, revenues, the big headline numbers. Right, and it may be company specific or like Netflix, it might be new additional subscribers, right, for some of the social media companies, it may be monthly active users or, and sometimes you don't, you have an idea, okay, for Apple, will it be iPhone sales? But each

quarter that target could also move. But yeah, so, and guidance is a huge piece of that. Back to your earlier question, Tellus, like the quarter's backwards looking, all of those metrics are backwards looking. It's guidance going forward that you really want to pay attention to. How does it compare to what analysts were expecting and how does it compare to prior guidance that the company issued? Investors really don't want to see, especially this very crucial quarter where there's so much uncertainty. They are not going to react well to guidance that is moving lower. Similarly, last year we saw, you know, price earnings ratios, valuations were so high that you had to be perfect, especially like the mega tech names, the mag seven. It was like investors really wanted everything to line up. A one penny beat wasn't going

to do it. You know, you really had to come and show that the strength was continuing because the price you're paying for these stocks have increased so much. Yeah. I want to ask you, you talked about this kind of, you know, expectations are changing. I feel like Delta and maybe airlines have been an interesting one, right? After the fourth quarter reports, Delta was very optimistic. They came out in January with positive indicators. You know, the stock was doing well. But then, you know, in recent weeks, Delta has lowered its first quarter outlook, citing reduced consumer and corporate confidence and economic uncertainty. So you know, that seems like a kind of a bellwether that, you know, people aren't, if people aren't

flying, they're probably tightening their belts in other ways too, right? Yeah, it's interesting you say that because CEO of Delta Ed Bastion had said back in January, this is going to be a record year, best year. So and then two months later, as you said, they issued guidance saying, well, actually, they pulled back earnings per share on the year fell from originally 70 cents to a dollar a share. And now they're down 30 cents to 50 cents a share. So that's a meaningful drop. And like you said, certainly a bellwether. They actually report on Wednesday. So before we even hear from the big banks, Delta comes out. And it's not just them. America lowered guidance last month. American Airlines.

Airlines lowered guidance last month. Southwest not only lowered guidance, revenue expectations are now 4%. They were 7. But they're also going to charge for check bags. They've never done that before. United didn't lower guidance, but at the JP Morgan industrials conference back in March, they echoed the same sentiment. We're seeing travel demand falling for government. So a lot of federal workers losing their jobs. So you're not seeing as much travel on that front, but also leisure travel. And like you said, you know, that was like a hotspot post-COVID. Everyone couldn't wait to get back out there. Revenge travel, yeah. Exactly.

And even as recently as January, that trend was expected to continue. So to see it drop so precipitously just in two months, to your point, means consumers are really tightening their belts on the things that they were willing to spend on. You know, the travel, the leisure, the experiences. We just saw this in the recent inflation report that dining, you know, going out to eat has fallen. And that was one area that certainly benefited. That had been a stalwart of consumer spending the last few years. What about another mode of transportation, which we can't really live without, which is cars? I think that's going to be a big focus in this quarter.

Gosh, that seems complicated to figure out with the tariffs on a car made here has imports, a car made over there has exports. It's so complicated. Can the automakers pass along these price increases? They've been struggling even before tariffs. So the big three here in the US struggling with competition, obviously the tariffs in a way meant to make that better.

But as you point out, the tariffs aren't only on the completed vehicle, which is for GM, Ford, Chrysler is completed here in the US. It's those parts that are coming from low cost countries here in the US, it's those parts that are coming from low cost countries, you know, abroad. And each of those will have a levy placed on them. And so the automakers have warned this will be disastrous for the industry. And on top of that, as you mentioned, not only will that drive up the cost of cars that they're already having trouble selling, but now we've got a consumer that's really holding back on big ticket purchases like automobiles, like you know appliances. And so it's

like a double whammy for that industry. And didn't President Trump explicitly warn the auto CEOs do not raise prices as a result of these tariffs? So the spotlight's kind of on them right now. I suspect there's a bit of negotiations going on in the background with regards to these tariffs and getting exemptions on those parts tariffs or certain, you know, low cost parts to. But again, we're kind of in this fog of uncertainty around what the tariffs are, what they're on, what the timing is.

But I have to imagine those CEOs are going to the administration and trying to negotiate those right now. Could there be companies that actually benefit from this dynamic right like we have say a company like CarMax right they report next week maybe you're gonna rush out and buy a used car right before you think the prices of cars are gonna go up if you think the price of auto parts are gonna go up maybe you rush out and you buy all of the parts you need you you know, now, right? You get a couple of windshield wipers. Well, maybe you should get those winter tires now before the price increases. So could there be companies that actually have great first quarters or have give strong guidance because of all this going on?

Because of the anticipation of tariffs. Yeah, in the short term, there could be strength. I mean, anecdotally, I will just say my sister-in-law was saying our car, we need a new car. I checked how much it would be to fix it. You know, it's like almost as much to fix it as it would be to just get a new one. I have to buy this now because I have read that I have six months until car prices, you know, the tariffs as we know impact every good differently. So when will those prices filter down to consumers? Well, if we're talking about produce, that's an immediate thing. You can't keep, there's no shelf life for bananas.

So cars, there's obviously an inventory that's already out there on the lot. So yes, I have heard this anecdotally from friends, from family members that are like, I better get my big ticket. I need a new washing machine. So maybe I get that now. So that's just in the short term. But in the long term, in the guidance we see, obviously these companies will be reflecting what's going to happen throughout this year and next year and likely will be a negative impact there. So in general, if tariffs do what I think the president and people around the administration intend, which is to reshore parts of American manufacturing and things like that, are there companies

whose shares or earnings might reflect that now or are we just in a long adjustment period and those benefits will be difficult to quantify or things that we might not see for a long time? Should we be thinking about that in earnings now or is it too soon? I think it's probably too soon. I think earnings and guidance are going to be a little murky this quarter. I mean obviously there are intended beneficiaries. I just saw US Steel got upgraded by a few analysts because they are set to benefit at some point. But we know they don't necessarily have the ability to create the supply needed, right, as tariffs are placed on steel imports from other places.

So there is going to be an adjustment period even for the beneficiaries. There's going to be a lot of demand, and they won't necessarily be able to keep up with that supply from day one. So again, I've already started to see it a couple weeks ago, Dollar Tree, for example, reported they're not one of the intended beneficiaries, but they gave guidance that excluded the impact of tariffs.

And I think you start to see a couple flavors of guidance this earnings season, those saying, here's our guidance, you know, not including the impact of tariffs. Maybe here is another metric that includes it. But I'd say for the most part, some of these companies will go the way of Dollar Tree and just say, you know, they will mention, hey, we know this is going to have to filter into our guidance at some point, but we're not ready to say what that impact is because frankly, we don't know. Some of them might be rewriting their guidance up until the minute before their earnings call.

I mean we've got some you know there's certainly news happening every day and you know like you said the situation might be changing day to day it might change the day before their earnings and they might be pulling an all nighter with the IR team to figure out what exactly they're they're willing to say about it. Are there any companies that stand to more or less directly benefit from tariffs? Are there people who, because of the impact that tariffs have on the price of imports that they compete with, maybe it's because of something that happens because of currency movements and things like that, are there any companies that are like tariff winners

that you would point out? In the long term, some of the materials names, certainly, you know, moving production back here leaves you with less of a choice. Materials that's like making basic stuff, right? The raw materials that go into things. Mining things, right? Yes. Okay. And then, you know, even on the consumer front, I think about a Walmart, right? They have

a, they've been doing pretty well. A large portion of their business is grocery. We all need groceries, right? That's why they've outpaced Target in the last year. They have more of an ability to negotiate and to stock those shelves before tariffs go into effect versus smaller businesses that don't have the warehouse space. I will say though even those costs I think kind of get passed down to consumer to some degree because you do have to pay to stock up and stash in your store things.

But those bigger box names there will be more pricing flexibility and Walmart has said they are trying to price protect for their consumers. Look they have benefited from inflation. They not only have their target group, but they have higher income groups moving into Target. It's a one stop shop. You can get your groceries. You can get your discretionary items. As people are trading down and looking for ways to save money, Walmart has been a winner. And again, because of their size and their ability to negotiate with suppliers, hold things in warehouses, I think they can price protect a little better than some of the smaller names in retail.

Interesting. Miriam, of course, we had an episode a couple of episodes ago, we talked about the difference between small companies and large companies with large companies having lots of ability to negotiate and other kind of levers that they can pull. It might be the smaller mid-sized companies that really feel the heat from tariff and trade policy. All right, Christine, we're gonna take a quick break, but when we come back, we've got one more question for you. So stay put.

["Tariff and Trade Policy"] All right, welcome back, Christine. In 30 seconds or less, is there a sector of the economy that will surprise the market this quarter? Yeah, I think I'm going to go with tech there just because it's gotten such a bad rap this quarter. So many of those Mag-7 names have fallen, but the base case remains the same. A lot of these names underlying fundamentals are still quite strong.

I still like Nvidia. Their sales for their Blackwell chip have come in about 3.6 million orders in the first ... Aaron Powell That's their most advanced chip. Okay. Christina Perris Their most advanced chip that they've recently launched. CEO Jensen Huang said the demand is crazy. And so I'm going to listen to things like that.

When the underlying fundamentals are still strong, they're still expected to post earnings and revenue growth over 60%. So I'd say you still see some winners in the tech space. AI isn't dead yet. Thanks, Christine. Thank you so much for having me. Yeah, thanks for being on. It was my pleasure. And that's everything you need to know to take on your week. The show is produced by Trina Menino,

Jessica Fenton and Michael Lavelle with help from Jess Jupiter. Michael Lavelle and Jessica Fenton are our sound designers. Michael also wrote our theme music. Aisha El-Muzlim is our development producer. Scott Salloway and Chris Dinsley are the deputy editors. And Philana Patterson is the head of news audio for the Wall Street Journal. For even more, head to wsj.com.

I'm Telus Demos. And I'm Miriam Gottfried. Until next time. So we're doing a podcast, huh? Oh yeah. It's like we do one every week. God, we do one every week. free until next time.