Morning. Education secretary rick perry calling it a deliberate attack on the Global Economy. Plus oxycontin maker, pharma filing for bankruptcy this morning. First up, though, a series of attacks on two of the Worlds Largest Oil Facilities in the news the u. S. Is rejecting that notion saying the scope and the precision of the attack suggests the launch was made by the houthis but, in fact, originated by iran. Iran calling the claims baseless and unacceptable guys, weve been talking all year long about what it could take to produce a true supply shock. I think theyll come back 5. 7 Million Barrels. Look theres a temporary inability to get permian oil. You can only ship so much. You have one harbor who can handle it, two others. Corpus christi not yet i guess what im saying it cant. Were pumping too much and it does remind you if we had even more pipelines, we could just turn the spigot on its not the Strategic Petroleum reserve. Its the permian. There are a lot of key questions. One,
On pharma. Eli lilly with earnings. Novo nordisk, the drug cutting risk of heart attack and stroke by 20 well talk to mr. Irgin and echo star ceo a day after s p and nasdaq broke the fourday losing streak, stocks back in the red financials in focus among laggards after moodys talking about Interest Rate and asset liability risk. Whats incredible is we just went through the quarters. With the exception of, honestly, key, the quarters were good. A lot of them had inflows. People thought there would be outflows david, when you see these kinds of downgrades, dont you see yes, yes, yes. Good, good, good. Done, done, done move on, move on, move on. You cant pay for this kind of analysis. No, you really cant. Its important because financials represent a huge part of the market, and if were going to have blending, we cant have as much lending thats kind of what were saying my problem with it is it doesnt jive with the facts. It was entirely possible, entirely possible we could have been in a s
Fivemonth wing strning streak o far. Its the busiest week of earnings season with more than 160 s p 500 constituents reporting. Merck, pfizer, uber, jetblue, marriott, caterpillar. Weve got a lot of different earnings reports to get to this morning. I mentioned caterpillar. It did top estimates also lower sales and potentially tighter margins in the Third Quarter. The companys ceo will join us later. That is just the bearish they had a great number. Well talk about the fact that they dont even have enough product. The bears like to get to it very early. This is routine. They did it before they took the stock down from 230 all the way down to 206. Jim, what we spoke listen, the bears didnt know what they were doing then the stock went straight up to 265 im absolutely happy to deal right at the front. 2 top line revenue growth, 22 . Thats called good. I didnt mean to get right into im not disputing its good it is good the only question is whether or not the stock has already accounted fo
Thats what im beginning to believe as i survey the sometimes massive destruction in stock prices that weve experienced in march and april. Of course we have a glorious lack of big picture economic information, getting some weaker labor numbers last week that could put the if hefed on a cout interest rates. Weve got a couple of fed officials lurking around, waiting to speak in public. Theres some Consumer Confidence along the way. Not to mention worries about disneys number. When you look at the survey, dow gaining 107 points, s p jumping, nasdaq jumping 1. 9 . You know we have moved on to an after math of a vicious selloff. A decline here might be occasion to bye bye bye. In other words, maybe the worst is behind us. Lets take the quintessential stock of the new year, lets take nvidia. I want you to think of the nvidia ark, it started on march 8th. Thats when it peaked and we got a strong report. Whats happened since then. Nvidia introduced incredibly revolutionary chip called blackwel
Hits stores worldwide. Tim cook at the building in midtown today, greeting people. Questions still remain. I read it there. What do you need . What kind of demand do you have to have . Never mind. Were keeping an eye on strikes. Hollywood strud yos and the writers are going to meet again today. Uaw preparing to possibly expand its walkout from detroits big three. Yeah. Lets begin with the markets after thursdays selloff, jim. Selling rosh hashana worked, sell yom kippur. Larry williams said, be careful, september is going to be terrible. He came to me this week and said, okay, cover your shorts yesterday, buy today. He looked at cycles for short, medium, and long, and they all say that today, next week, we bottom. Look, when you come in and you say septembers going to be awful and then suddenly you say its time to buy, i think that guy has gravitas. Okay. If you say so. He looks like harvey keitel. Winston wolf. Ill do a little keitel for you later. I got to hear him. 30 minutes. Ill b