Host what is facebook trying to do and why . Guest the simple answer is that they are trying to create a Digital Currency that people can use across borders and a Digital Currency means not necessarily a theirment currency, but own private currency that people can use and ship to one another in different parts of the world. The reason why they are doing this is a little bit complex ause no one knows exactly they have explicitly said that they want to, and i am reading this because i think it is useful for the listeners to hear, to enable a simple, global currency and financial infrastructure that empowers billions of people. There are some financial motives as well. Host as far as the current system, what would facebooks plan do that others do not . Is planning to create this look currency and by doing so, have established a consortium of different kinds of larger, Global Technology companies and a couple of nonprofits. The global currency is called the libra currency and the consortiu
Former dallas fed president Richard Fisher is with us live and we are hours from a key report from netflix. Which way is this stock going to move the Investment Committee is ready to go. The Halftime Report starts right now. A lot of good questions there. Of course, its good to have you with us on this wednesday. We have a very good Investment Committee as usual for you jim leventhal, steve weis, jonny in najarian. Not for investors, not for today. Csx shares derailed. Investors suffering their worst day in more than a decade. A lot to unpack here lets get to frank who has been following the story since last night. You were just talking about economic indicators. The economy is strong. Retail sales strong. Unemployment at record lows. Inflation not a worry. But their new fears of a freight recession. Now csx, lowering guidance from 1 to 2 growth to a 1 to 2 decline, largely due to weaker demand for domestic and export coal and the everpresent trade tensions first half volumes fell 4 ce
The Senate Banking committee yesterday held a hearing on Digital Currencies and how they should be regulated. Well hear from witnesses from a Financial Services company, the Congressional Research service, and a law professor. This is about an hour and 25 minutes. This hearing will come to order. Last congress, this Committee Held two hearings examining the Digital Currency ecosystem. In those hearings we heard about some of the development that is have occurred within the Digital Currency marketplace since the creation of bitcoin in 2008. The potential benefits of Digital Currencies and the concerns about the value stability, fraud, and illicit uses, market manipulation, and privacy. Since then, facebook announced its intentions to launch a block chain system, lee bra, that will be comprised of financial and nonfinancial members including facebooks digital wallet service. Facebook including how they interact with u. S. And International Regulatory frameworks, the potential benefits an
On this afternoon. In asia, the nikkei was down the hang seng was up 0. 23 for european markets, the dax is slightly lower you see slight gains for the cac, the ftse 100, stocks in italy and in spain look at the Treasury Department. The tenyear is yielding 2. 090 . We have a very busy day going on in the markets. From wall street to washington, lets get you through the squawk planner. On the earnings front, three big banks on the docket starting with jpmorgan that will come at about 6 45 a. M we have Goldman Sachs coming in with its earnings. Those should be announced around 7 30 wells fargo earnings should cross the tape at 8 00 a. M Johnson Johnson will also report at 6 50 a. M. Eastern time well bring you a first on cnbc interview with the cfo right after that report. On the data front, we will be getting june retail sales, import and export prices as well that all hits at 8 30 a. M. The other big event on the planner is big tech is back in washington today the house judiciary subco
Jap japans exports fell 6. 7 in june, much more than expected. They were looking for a 5. 4 drop tex tend the bigger surprise drop was a 5. 2 drop in importeds versus the 0. 2 decline economists were expected the nikkei was down by 2 . Hang seng off by a half percent. The shanghai down by 1 . In europe, red arrows there as well spain off by 1 . Lesser losses for the other averages check out the treasury market. You will see that the treasury market this morning is showing the tenyear with a yield of 2. 054 United Health just reporting moments ago. Posting Second Quarter profit of 3. 60 per share. That Beat Estimates of 15 cents. Revenue came in ahead of wall street forecasts the Company Raised its fullyear forecast well talk about this more with ana gupte. Netflix shares are falling sharply this morning the Company Reported a drop of 130,000 u. S. Subscribers in the past quarter on the Conference Call Reed Hastings attributed the lower growth in part to its Program Lineup during the qu