LiveScience : Girding for Irma: 2 Nuclear Reactors in Florida May Close Ahead of

Girding for Irma: 2 Nuclear Reactors in Florida May Close Ahead of Hurricane --> Link : http://bit.ly/2gPtSkR

Workers at two nuclear plants in the potential path of Hurricane Irma are preparing to shut down reactors and ride out the storm.
At a news conference today (Sept. 7), Robert Gould, Florida Power & Light's vice president and chief communications officer, warned residents of southern Florida to expect to lose power if Irma scores a direct hit on the state this weekend.
"We have arguably one of the strongest grids in America, but no grid is designed to be able to withstand a Category 5 storm that has wind approaching 185 miles per hour [300 km/h]," Gould said. [Hurricane Irma: Everything You Need to Know About This Monster Storm]

Nuclear shutdown
Florida Power & Light operates two nuclear energy plants in South Florida that could be affected by Irma. One, the St. Lucie Power Station, is on Hutchinson Island near Port St. Lucie. The other, Turkey Point Nuclear Generating Station, is on the southern edge of Miami-Dade County.
During Category 5 Hurricane Andrew in 1992, the eye of that storm passed directly over the Turkey Point plant, Gould said. The storm caused $90 million in damage to the plant, including a smokestack cracked in half by the hurricane's winds, the Miami Herald reported. The plant was without external power for five days, according to the U.S. Nuclear Regulatory Commission.
However, "there was no damage to any of the nuclear components," Gould said at the news conference. [The 20 Costliest, Most Destructive Hurricanes in the United States]
Both nuclear plants are constructed with concrete and reinforced steel, and are "among the strongest in America and arguably the world," Gould said. Both are elevated to 20 feet (6 meters) above sea level and are equipped with multiple backup generators to keep the reactors cool in the event of a power outage. After the nuclear disaster at the Fukushima plant in Japan following the 2011 tsunami, Florida Power & Light improved safety at its nuclear plants, Gould said.
According to the FPL website, improvements included upgraded cooling equipment, diesel-fuel generators and pumps, and modernized communications (phone lines were lost at the plant during Hurricane Andrew). The plants' generating capacity will be shut down well in advance of the hurricane-force winds, Gould said, but final decisions on shutdowns are being withheld until the forecast becomes clearer. A skeleton crew of workers will ride out the storm at each plant, he said.
The Fukushima nuclear meltdown happened because the 49-foot-high (15 meters) tsunami caused by an undersea earthquake destroyed the power supply to three nuclear reactors. The reactors automatically shut down power generation when the earthquake hit, but the loss of backup generators meant that the radioactive fuel rods within the reactor could not be kept cool, causing the fuel to melt down.
There have not been cases of nuclear reactors damaged by hurricanes in the United States, but two plants in New Jersey — Oyster Creek and Salem — had to shut down in advance of Hurricane Sandy in 2012, according to the Union of Concerned Scientists.
Prepping the grid
As Hurricane Harvey demonstrated in Houston last month, electricity can be a major danger during storms. At least three people died in the city after being electrocuted by live wires in floodwaters, according to news reports.
Florida Power & Light has taken steps to build a more resilient grid, including replacing wood power poles with concrete ones, Gould said. Some of these concrete poles can withstand winds up to 145 mph (233 km/h), he said. Irma's sustained winds were blowing at 175 mph (280 km/h) as of 11 a.m. EST today (Sept. 7).
The utility will be monitoring substations, the facilities that alter voltage levels from high to low on the way to homes and buildings, at risk of flooding, Gould said, and may pre-emptively shut some stations to prevent water damage. These shutdowns should make it easier to restore power after the storm passes, he said. But from West Palm Beach south, it's been a decade since a significant storm cleared vegetation and tree branches, Gould said. Irma's winds will almost certainly do the job — sending branches and tree trunks into electrical wires.
"There may be situations where we will physically have to rebuild, not restore, the power system," Gould said. That could take days or weeks.
Gould advised Floridians in the storm's path to make backup plans if they have medical needs that require electric power; to comply with evacuation orders; and to be careful around electric wires both when preparing for the storm and in the event of flooding. People using generators should never do so indoors or near doorways, Gould said, as carbon monoxide "is a killer."
"This is a hurricane unlike anything we have seen approaching the United States, and while we have made these improvements to the electric system," he said, "there is just no way to hurricane-proof an electric system."

WSJ : Three Dangerous Words for an Investor to Buy Into: Inflation Is Dead

Three Dangerous Words for an Investor to Buy Into: Inflation Is Dead
If central banks can’t explain why the economic measure is so low, then why is there so much faith in their forecasts?

Bonds, equities and commodities appear to be sending contradictory messages about the economy, adding to the confusion from central banks struggling with the breakdown of their inflation models. However, the markets can be reconciled—and if they are right, the outlook is just dandy for Wall Street, if not so much for Main Street.

Unfortunately, the failure of central-bank models to predict the yearslong slowdown in global inflation leaves investors in the dark about the most important economic measure today and why it’s so low. If policy makers and economists can’t explain convincingly why inflation is where it is, why are investors putting so much faith in their forecasts of where it will go?

Start with what markets are telling us about the economy. Bonds have become significantly less optimistic this year, and this week futures traders started for the first time to price a—tiny—chance of a Federal Reserve rate cut at this month’s meeting. Yet equity markets are booming, with the S&P 500 just 1% below its all-time high. The price of copper has leapt by a quarter this year and industrial metals more broadly have jumped, suggesting robust demand.

So do the markets think the economic engine is purring along nicely or about to stall? Look below the hood and we can extract some consistency.

The place to start is with the bond yield curve, the extra yield on offer for holding longer-maturity Treasurys. The curve has been flattening and 10-year bonds now offer just 0.77 percentage point more than two-year bonds, usually a bad sign. Yet, while the outlook for growth may not be great, it doesn’t signal immediate trouble, either.


The yield curve is still only as flat as it was in March 2005, February 1996 or July 1988, each of which was followed by S&P 500 gains of at least 20% over the following two years, before recession hit. Recession eventually arrived, after the yield curve turned negative, but for now it’s consistent with the U.S. being in the late stages of the economic cycle.

“People look to the yield curve as the ultimate arbiter and it says you should be taking risk,” says Gregory Peters, senior investment officer of PGIM Fixed Income in New York.

Headline equities may not seem to fit this story, but look a bit closer and they do. The market is being held up by so-called growth stocks, less reliant on economic expansion for profits than on new technology and business models. The Russell 1000 growth index has outperformed value by 14 percentage points this year, an eight-month performance last beaten in the post-Lehman recovery and before that during the dot-com boom. Shares in big companies are beating small as well, which has happened in the late stages of previous economic cycles, too.

Metals are trickier, because they’ve changed from the days when investors used to joke that Dr. Copper was the only metal with a Ph.D. in economics. The rise in the price of copper and other industrial metals does tell us that the economy is picking up—but in China, not the U.S.

Krishna Memani, chief investment officer of OppenheimerFunds, says to stick with what’s worked: either look outside the U.S., or in the U.S., stick to larger growth stocks rather than shares dependent on faster economic growth.

“What the long end [of the bond market] is really telling you more than anything else is that inflation and inflation expectations are nonexistent,” he says. The Federal Reserve, he thinks, should “just sit back and enjoy” the prospect of growth without inflation.


The danger is that this low-inflation consensus has grown far too strong, on too little evidence. Sure, inflation has been weaker than economic models predicted for a long time. But without a decent explanation for why, forecasts of low inflation look like a classic case of recency bias, the tendency to look to the recent past for guidance.

The European Central Bank’s predictions on Thursday perfectly fitted the pattern. Eurozone growth this year is now forecast to be the fastest since before the 2008 crisis, while inflation was revised down and will probably reach the target of just under 2% only in 2020, ECB President Mario Draghi said.

Investors should examine their assumptions. How sure are they that they really understand what’s driving inflation? Adding together the effects of labor-market structures, globalization, declining union power, technology and monopolistic behavior, among much else, is something that’s proven too hard for central banks. Why trust their or anyone else’s predictions?

The markets want to believe the economy will stay in the sweet spot, growing just enough to avoid deflation concerns while avoiding pushing up inflation. But wanting something to be true don’t make it so. Investors should pay more attention to the risk of a less-perfect future, and the best way is to lighten up on the growth stocks, which have made them so much money recently, and hold fewer Treasurys than usual.

WWD : Fashion Faces a Still-Uncertain Second Half

Fashion Faces a Still-Uncertain Second Half
The NRF cut its forecast for 2017 while executives generally acknowledged a murky future at the Goldman Sachs retail conference.

Hope remains, but a little more air is coming out of the 2017 fashion forecast.

After some hint of rebound in second-quarter results — with signs of some momentum and slightly better foot traffic — the retail outlook remains plenty cautious for the second half.

The National Retail Federation cut its 2017 sales projection Wednesday given revisions to government statistics and weakness earlier in the year and executives speaking to investors at Goldman Sachs’ 24th annual global retailing conference in New York generally hedged on the future.

The NRF cut its 2017 retail sales forecast to an increase of 3.2 percent to 3.8 percent, down from the 3.7 percent to 4.2 percent rise previously projected.

“Meaningful revisions to retail sales numbers by the Census Bureau and similar revisions to personal income and consumption by the Bureau of Economic Analysis have both affected our forecast and have required us to adjust our 2017 sales projection,” said Jack Kleinhenz, the NRF’s chief economist. “While weaker-than-expected spending in the first quarter along with decelerating inflation has also contributed to the revision, NRF anticipates stronger sales heading into the fall and holiday seasons.”

The impact from Hurricanes Harvey and Irma did not play into the weaker forecast but the impact of the storms could still be felt. “It’s too soon to evaluate the impact they might have in retail spending,” Kleinhenz said.

Weather tracking firm Planalytics projected that Harvey and Irma combined could lead to $2.45 billion in lost retail sales.

Sales growth in 2017 is expected to largely come from companies such as Amazon, TJX Cos. Inc. and Home Depot, while department stores and fashion specialty stores muddle along.

At the Goldman conference, Frank Conforti, chief financial officer of Urban Outfitters Inc., said both the company’s namesake chain and Anthropologie were improving, but that third-quarter comparable retail sales were running down by low-single digits.

And even the near future is a murky.

“I don’t think holiday itself has performed as anybody has expected over the last several years,” Conforti said.

“For us how we’re planning our business is the environment itself,” he said. “It will be relatively consistent with what we’ve seen. If you’re getting it right from a fashion perspective and from an execution perspective, she is willing to pay for you product and she is willing to pay regular price. If you’re wrong, she is going to look for deal and there’s a lot of price sensitivity that’s out there.”

Conforti said it’s become difficult to predict how much of future business will come through e-commerce and how much will come through stores, making it harder to plan.

“[For] the next three years, I think we continue to believe that traffic itself will be challenged, and there’ll continue to be higher rate of demand online,” he said.

L Brands Inc. has been working on a turnaround, having seen its Victoria’s Secret sales decline for eight consecutive months. Company executives at the conference said things are looking up for the second half of the year, as Victoria’s Secret returns to a focus on constructed bras and cuts back on promotions and the constantly cited negative impact from the exit of apparel and swim wanes.

But L Brands’ major focus for the rest of the year, as well as the foreseeable future, is China, where Martin Waters, L Brands’ president of international, sees the most potential for growth.

Briefly discussing L Brands’ recent decision to buy back the rights to Victoria’s Secret in the country, Waters said. “China will be the biggest market on the planet.” By the end of this fiscal year, Victoria’s Secret will have 36 stores in 13 cities in China, and although it’s L Brand’s smallest market now, it has “the most potential,” according to Waters.

As for the U.S., even though Waters said Victoria’s Secret has seen “a difficult period, no question,” it’s still the benchmark for L Brands’ future plans and the company won’t be abandoning it or its stores anytime soon.

“For the naysayers…who think that retail is dead and having a base of stores is a millstone around your neck, I would tell you that we have about 2,700 stores in North America and about 32 stores of them are negative on a cash basis,” Waters said. “We’re not at all negative about the retail landscape, quite the opposite is true. We remain incredibly optimistic and we think that with the right brands, with the right emotional content, we can continue to grow this business.”

Earlier at the conference, PVH Corp.’s chief executive officer Emanuel Chirico said “trends in the business are better,” but acknowledged that the company was planning for more of the same for the second half, with trends from the first six months carrying though to the holiday season.

“It will be as promotional as last year,” Chirico said. “We don’t have a Pollyanna kind of projection, and I just don’t think that’s where it will be. I will say that open to buy dollars for the second half of the year in the department store channel have been shrunk pretty considerably, I’d say depending on the category anywhere from 3 percent to 10 percent. That will be healthy for gross margins as we get into the fourth quarter, particularly if these trends that we’re seeing in the business continue.”

Jeffrey Gennette, the new ceo at Macy’s Inc., was more bullish.

“I think the fourth quarter is where Macy’s really shines,” Gennette said. “When you look at our penetration in the fourth quarter versus most other retailers, it is a place where customers do come to. So when you look at our digital business, when you look at what we’re doing in our stores, in our new marketing campaigns, our new loyalty program, we feel good about the fourth quarter.”

>>> Europe Pre-Market Indications

BAML Indications:
ATLAS COPCO - We UPGRADE to Buy.Best positioned machinery name for IIoT(321)+1%
EXOR - We UPGRADE to Buy from Neutral rating, with a new PO of EUR62 (52.1).+1%
AIR FRANCE - Traffic increased by 3.4% and load factor improved by 1.5% (13)+1%
MINERS - Brent +0.8%, Copper unch and in OZ o/n: RIO -0.2% & BHP unch.......u/c
BRITISH LAND - £300mn 12 yr bond @ 2.375% - their avg cost is circa 3% (601)u/c
AHOLD - Management changes announced in Europe, won't move the dial (15.3)..u/c
EXPERIAN - Equifax hackers have accessed details of 143m US consumers (1505)-1%
AKZO - Cuts 2017 EBIT growth view; CFO is on leave on health growth (77)..-2-3%
GREENE KING - Soft update. Trading has weakened in H2, LFL sales -1.2 (635).-4%


Investec
UK
• BERENDSEN-Last day of dealings...........................................unch
• BRITISH LAND-Maiden £300m unsecured sterling bond. In line...............unch
• CAPE-Altrad offer (265p/sh) unconditional in all respects................unch
• DAIRY CREST-Pension update.Reduces cash contributions by £12m(2 yrs)......+1%
• DIAGEO-£1.5bn buy back starts today(announced in July)...................unch
• GREENE KING-Update. Trading since Juply has been weak.....................-5%
• NAHL GRP-Refinanced banking facilities. In line..........................unch
• RBS-CEO Ross McEwan a contender form CEO at Commowealth Bank of Aus(FT)..unch
• SAFESTYLE-Update.Another WARNING as order intake below forecasts.........-25%
• SANNE GRP-Multiple looks too rich despite growth prospects(Times).........-1%
• VODAFONE-To hire UBS,Deutsche for IPO of Vodafone New Zealand(Bloomberg).unch

Europe

• AIR FRANCE-Aug passengers +1.6%, load factor +1.5%........................U/
• AKZO-p/warning,to miss ebit gth targets.Will bid spec come back?..........-5
• NATIXIS-to buy remaining 40% of BPCE for €272m, earnings accretive........+1
• RUBIS-H1 ebit +10% YoY, sees profit growth sustained in H2................+1
• SAP-sees mkt cap 'not far off' €300bn by 2020. Bullish!...................+1
• TAKEAWAY.COM-Prime Ventures selling down via abb, deal size got cut.......-7
• UBS-sells stake in j/venture to HNA. Paid around €135m for it in 2007.....U/
• VIVENDI-said near deal with regulator over MEDIASET control...............U/
• VW-team working on non-core sales,mass mkt merger unlikely soon(WSJ)....-0.5

CS
Akzo Nobel -2-3% Co cuts 2017 EBIT growth to less than €100m
AMS AG -1% New Iphone suffering from production glitches (WSJ)
Banks -0.5% Further tightening in US and EU yields overnight
Burberry +1% CS u/g to o/p - management changes drive brand turnaround
Dairy Crest +1-2% Cash pension contributions cut by ~GBP12m Next 2 Yrs
Experian -2% Equifax hackers access details of 143m US consumers
Greene King -3-5% First 18 weeks lfl -1.2% against a market which was -0.7%
Just Eat +1-2% CS reit buy - Co only scratching the surface of potential
Miners unch Iron Ore -80 bps, Copper +20 bps. Sector marginal O/P in Oz
Munich re -1% US peers down a further 7% on hurricane damage estimates
Siltronic +1-2% Peer GLOBAL WAFERS (6488 TT) trading +5.1%
Swiss Re -1% US peers down a further 7% on hurricane damage estimates
VW +0.5% Co is working on deals for non-core assets (WSJ)

MainFirst Pre Mkt Indications

*AKZO NOBEL-Cuts Ebit Growth,CEO on leave due 2 health reasons.......-5% 
*ROCHE-Reports progress in Biomarker science in cancer...............+0.5%
*RUBIS-H1 Rev 1.82b(1.82),Ebit 177m(177),NI 139m(118),o/l inline.....+0.5% 
*VIVENDI-Near to deal to cut Mediaset stake,owns 28.8% - Rtrs........+1% 
*VW-Eyes sale of assets accounting for 20% of revs says WSJ..........+0.5% 
*INGENICO-Read across from Verifone(-5% a/h),Q3 Margin/EPS weak......-1% 
*DEL HERO-TAKEAWAY.COM ABB of 4.5m shs cut to 2.5m,priced at €37.....-1% 
*AIR FRANCE-Aug Passengers Capacity +1.6%,Grp Traffic +3.4%..........+0.5% 
*SAP-CEO sees co not far off €300b mkt cap by 2020 - WIWO............+0.5% 
*AMS/DIALOG-New iPhone may be delayed,due to production glitches.....-1%

(CS) Global Luxury Goods : Looking for the next brand turnaround

Looking for the next brand turnaround

* Assessing turnaround potential at six US/European luxury goods companies: With the success of Coach, Gucci and Calvin Klein, investors are looking for the next turnaround story in the soft-luxury universe. We believe companies that have seen declining sales, margin pressure and falling CFROI® largely as a result of brand fatigue and lack of cost discipline could qualify. In this report, we identify Burberry and Ralph Lauren as our top premium/luxury turnaround picks, while we remain positive on Tod's Group and cautious on Ferragamo, Hugo Boss, and Michael Kors.

* We look at seven factors: (1) the health of the underlying market, (2) brand value/equity currently discounted in the stock price, (3) the existing price/value proposition, (4) changes to management and creative teams, (5) the progress made so far regarding cleaning up distribution, (6) cost cutting potential, and (7) potential margin upside.

* We upgrade Burberry to Outperform (new TP 2,000p from 1,650p): We note Burberry has undergone the biggest management reshuffle since its 2002 IPO and we believe the brand is well placed to capitalise on the need for newness in luxury thanks to its apparel exposure. Margins are close to historical lows and the cost cutting plan in place should alleviate concerns about further earnings downgrades. With sell-side positioning the most negative it has been since 2009, we think this creates a buying opportunity.

* We upgrade Ralph Lauren to Outperform (new TP $111 from $91): We believe the company is on track to return to meaningful growth and margin expansion from FY19. This follows significant changes to management, visible efforts to reinvigorate the brand/products, cleaning up distribution and rightsizing of the cost structure.

* We remain Neutral on Hugo Boss, Ferragamo and Michael Kors: We believe Hugo Boss (new TP €65) still faces a challenging suit market and we think its current price/value proposition may not yet be adequate. We like Ferragamo in the long term but the transition phase is likely to hurt margins and trigger further earnings downgrades. We remain concerned about Michael Kors’ underlying brand health which is necessitating store and wholesale distribution rationalisation and a re-focus on pricing discipline. Moreover, we find cost savings targets relatively underwhelming.

>>> What to look at today - 8th of Sept. 2017

Dow -0.10% S&P -0.02% Nasdaq +0.07% Russell -0.25%
U.S. indices had a mixed outing on Thursday, settling near their unchanged marks despite another disappointing performance from the heavily-weighted financial sector (-1.7%) and risk-off signals from other financial markets.  European Central Bank announced its decision to leave interest rates unchanged. ECB President Mario Draghi added that the central bank will make a decision on its quantitative easing program later this year and risks to the outlook remain balanced. He also noted that the ECB is not targeting an exchange rate, but the level will factor into policy decisions. consumer discretionary and telecom services spaces finished solidly lower, dropping 0.9% and 2.1%, respectively, but the eight remaining sectors finished in positive territory with gains ranging from 0.1% to 1.1%. The influential health care and information technology sectors finished comfortably ahead of the broader market, adding 1.1% and 0.5% respectively. DISdropped 4.4% after CEO Bob Iger announced that the company's earnings per share for fiscal year 2017 will be roughly in line with the 2016 figure. In addition, the company said that its Marvel and Star Wars titles will go exclusively to its planned streaming service, which is set to launch in late 2019. Asian equity markets opened mixed in line with what was seen in the US trading session. September Nikkei futures and options settled at 19,279. In Japan, Q2 GDP growth was revised lower amid weaker CAPEX. According to the Japanese government, the downward revision in the GDP data was the largest under the current calculation method adopted in 2010. China’s Aug Trade Surplus was below ests amid weaker than expected exports and higher imports. Fed official Dudley commented earlier in the Asian session and did not repeat expectation for a rate hike this year. North Korea is still in focus following the nuclear test that it conducted last weekend. Earlier in the week, it was reported in the South Korean press that North Korea was said to be preparing another intercontinental ballistic missile (ICBM) launch and that it could come around Sat, Sept 9th.

Nikkei -0.74% Hang Seng +0.42% CSI -0.04% Shanghai +0.04% Shenzen +0.02%

Eur$ 1.2080 CNH 6.4525 CNY 6.4504 JPY 107.74 GBP 1.3140 CHF 0.9441 RUB 56.8366 WTI$49.23 +0.29%

S&P -0.23% EuroStoxx -0.29% FTSE -0.16% Dax -0.26% SMI -0.30%

Macro :
- White House Is Said to Be Considering at Least Six for Fed Chair
- PredictIt See Two-Horse Race for Fed Chair
- ECB Is Said to Study QE Options That Don’t Need Tweak to Rules

Keep an eye on :
- AF FP : Air France-KLM August Total Passenger Traffic 9.4M
- AKZA NA : Akzo Nobel Cuts 2017 Ebit Growth View; CFO On Leave of Absence
- AZN LN : AstraZeneca Rises on Expected FDA Duaklir Application
- BMS US : Amcor Is Said to Explore Takeover of Packaging Maker Bemis, Bemis Peers Rise After Amcor Is Said to Explore Takeover
- DENERG DC : Dong Will Offer Energy Management for Companies, Borsen Says
- ERA FP : Eramet Sets New SLN Cash Cost Target $4.0/lb by End of ’20
- ENX FP : Euronext Amsterdam Said to Seek Curbing Reverse Listings: FD
- IPR PL : Impresa Says Possible Bidders Interested in Magazine Portfolio
- KN FP : Natixis to Buy Remaining 40% of BPCE Assurances for EU272M
- RUI FP : Rubis First Half Net Income EU139 Mln
- SAN FP : Sanofi, Regeneron: FDA Gives Cemiplimab Breakthrough Status
- SDRL NO : Seadrill Raises North Atlantic Drilling RCF to $200M From $150M
- STM FP : STMicro to Replace Nokia in CAC 40, Euronext Says
- TEF SM : Telefonica Is Said to Seek Spectrum Discount in Mexico: Reuters
- TKWY NA : Takeaway.com Deal Size Cut, Orders Below EU37 May Miss: Terms

>>> Europe : Brokers Upgrades & Downgrades - 8th of Sept. 2017

>>> Up
* Drillisch Raised to Buy at Commerzbank, PT EU66
* Europac Raised to Buy at Fidentiis Equities, PT EU8.75
* Santander Raised to Overweight at Morgan Stanley

>>> Down
* Aeroports de Paris Cut to Underweight at Santander, PT EU133.50
* Axa Cut to Neutral at Citi
* BBVA Cut to Equal-weight at Morgan Stanley, PT EU8.30
* Glaxo Cut to Underweight at Morgan Stanley, PT GBP16
* Go-Ahead Cut to Underweight at JPMorgan, PT GBP13.55
* Grupo Financiero Galicia Cut to Underperform at Santander
* Lundin Mining Cut to Hold at Berenberg
* Outotec Cut to Hold at Kepler Cheuvreux, PT EU6.10
* Peugeot Cut to Underperform at Exane, PT EU16.50
* Vinci Cut to Equal-weight at Barclays
* Zurich Airport Cut to Hold at Santander, PT CHF248

>>> Initiation
* DSV New Overweight at JPMorgan, PT DKK510
* Enav New Buy at Insight Investment Research, PT EU5.30
* Engie New Hold at SocGen, PT EU15.30
* Leoni New Sell at UBS, PT EU39

>>> Call