You know its been a tough day in the markets when we bust out prince yep, investors were crying as the brandnew fed chairman, Jerome Powell testified before the House Financial Services committee for the first time in his new role and sounded hawkish than they were expecting sent the dow down 300 points steve. Cant get over the prince reference. Respect. Very cool. Heres the question will powell be singing a different do you know on thursday you know, thats possible fed chair j powell was doing just fine in the testimony until congresswoman maloney asked him what would change the rate hike forecast from three to four. He started by saying a strong economy. And heres what he continued with we have seen fiscal policy become more system you lative. I think each of us is going to be taking the developments since the december meeting in and the writing down our new rate paths before we go into the meeting and i wouldnt want to prejudge that. Jp morgan said todays comments appear to open the
Further support. A final deadline of sunday to prepare a new package of reforms as the block is prepared for a grexit. Microsoft is taking an ax to its work force again. The fresh layoffs will impact the hardware and smartphone business it acquired from nokia last year. In a surprise move barclays announced the departure of Anthony Jenkins. The search for a new ceo takes place. He said we are leaving value on the table and a new approach is required. He added that independent executives had concerned about jenkins leadership style for sometime. Shares under his tenure out performed all over u. K. Banks climbing 51 during that period. In the early years stock gains were boosted by the decision to side step government have since declined. Heres a few reasons why. In may 2014 a result of a Strategic Review lead to the bank cutting 9,000 job. In june 2014 the new York Attorney general opened a dark pools probe and in 2014 they were fined 2. 4 million for forex rigging. The change at the to
Well see if the fed numbers have any effect. In our road map this morning. Tesla slapped with a downgrade on valuation. Well hear about the companys future from the ceo. Microsoft set to cut more jobs. And apple watch sales plunge 90 . Well run through some of those numbers. First, futures are up sharply. Steps by chinese officials to stabilize markets and restore Investor Confidence failing to start the slide. A lot of the trading, brokerages people are obviously upset. Companies are being asked to buy their own shares in the national interest. Its getting interesting. I think that its terrible. I think that i want to be really clear about this because panic is a bad, not a strategy. Someone was saying on twitter, is it a falling knife . This is 100 signwayteinways coming at you. And this market is a little bit bigger than we thought. Its only 40 of the gdp but there are some horrifying statistics and these numbers are all phony. 74 of the stocks arent even trading. You cant get out o
Wave of consolidation in the Health Insurance industry. At t is on the verge of winning Regulatory Approval for its 49 billion takeover bid of direct tv. Bloomberg north the bloomberg report said many commissioners have voted to favor the deal. The Justice Department will not challenge the deal because it does not pose a risk to competition. Stephanie president obama will land in the country where his father was born, kenya. He left washington d. C. Last night. He is on his way to nairobi and will attend a Global Entrepreneurship conference, and meet with kenyas president. He will become the first u. S. President to visit ethiopia on sunday. A gunman opened fire in lafayette, louisiana in a Movie Theater. He killed two people and wounded nine others before killing himself. The shooter tried to escape but turned back when he saw police enter the theater. Governor bobby jindal spoke at a news conference. When these kinds of acts of violence happen in a Movie Theater, when there is no rea
Capital all coming to you less than 30 minutes from now. Between now and then we have news to bring you. Here are the top business headlines. I knew a. 2 stake in a natural gas company. Carl icahn a wellknown activist thinks this Companies Shares are undervalued. He wants talks with Company Management and might seek board seats. Shares are down 8 this year but in the premarket up 5 on the strength of this new stake taken by carl icahn. A new discount website is reportedly getting the Cold Shoulder from retailers the wall street journal says macys, amazon, home depot, are complaining about jet. Com they say theyll using links to their site without remission and companys are withdrawing products. Bank of america is planning on selling 1. 2 billion dollars of mostly illiquid home loans bloomberg reports there are selling five pools of nonperforming debt loans that have been modified and resumed payments and some have not defaulted. The move would extend a series of sales. A today matt a t