The Investment Committee is ready to go. Halftime report starts right now. Good to have you with us on this monday. Our Investment Committee, joe, josh, steve, jon, shannon is here, the chief Investment Officer at Boston Private Wealth begin with the markets stocks modestly lower. Now some key questions about whether there is enough momentum to carry stocks higher between now and the end of the year. Weiss, optimism is rising and has been and you can see it in a number of different ways, interest rate, 10year pushing 2 there are socalled unloved assets that have joined the rally according to some which is another bullish sign justified . Enough momentum to carry us higher i think there is. The seasonal trade is difficult to bet against, however i took off a little exposure and sold some of the smh. I kept adding to it and added through earnings, because i thought the semis would have good quarters and they did now that that fundamental part is over, im more in the Market Movement trade
Thanks are being with us for the first time ever. Guest my pleasure. Host i want to start and ask you, what exactly is the ftcs responsibility when it comes to telecommunications . Guest the federal trade commission has no jurisdiction over common carriers, although it can investigate and challenge conduct that the pilots is the antitrust laws or the Consumer Protection laws if it is a noncommentary activity thats undertaken by common carriers. The Net Neutrality debate took away jurisdiction from the federal trade commission for broadband isps when the isps were categorized under title ii as common carriers, and with the rolling back of the Net Neutrality regulations we do now i can have jurisdiction over broadband isps. Host define a common carrier. Guest im sure theres a very technical definition but it is an entity that falls within title ii of the ftc jurisdiction. Host with that be a landline phone company . Guest yes. Host when it comes to the Net Neutrality provisions or lack t
Some pessimism over in europe. The bond rally echoing what we saw yesterday in europe. Yields down by about four basis points. Bank earnings are kicking off this morning. Beats onp reporting everything except equities and trading. Sonali they did not be dont Equities Trading, but they did beat on fixed income, so that is good. They want to be the number one Equities Trading shop, so not beating there is not a great sign. Average loan growth a little sluggish. Jamie dimon put some notes of caution in the initial statement, saying that Consumer Sentiment might be strong, but generally a lot of weakening sentiment here. In the initial statement, they dont give the outlook for Net Interest Income. However, if they revise downward once again, they already revised downward last quarter, that could be a big deal as well. Alix Net Interest Income is 14. 23 billion this last quarter. Walk us through what we did now. Billion . Ed it to 57 to 57. 5he revised it they revised it from 57. 5 billion
President ial election and states are struggling to update election systems. What it means for voter privacy and Election Security. Uber is out with earnings and it is not a pretty picture. Shares falling in after hours training on monday after hours trading on monday. Growth bookings missed estimates. Also light of estimates, uber eats and platform consumers. In tom white,ng analyst with da davidson, who makes a market with uber and lyft. Someone said he is a little bit surprised by the reaction given that they are a little bit more positive than negative. When you look at the top line numbers, the revenue number was really strong. What the rates tell you is that uber is cutting down on subsidies and showing the improved take rates for both rides and eats. Rides growth, booking growth, Revenue Growth all in line is a sign that they are focused more on profitable Revenue Growth. Taylor tom, you can see the fullyear adjusted ebit are loss, how much is that an encouraging sign they are a
Good tuesday morning. Welcome to squawk alley. Im Carl Quintanilla here is jon fortt. Morgan brennan is at the International Astronautical congress more from morgan and amazons jeff bezos in a moment well begin with Wework Softbank plans to take control of that company valuing it between 7. 5 billion and 8 billion. A huge drop from where it was valued, also cutting adam newmans stake down to double digits good morning to our guests good morning. Mike, i know that youre f m familiar with softbank, softbank a big investor in uber why is softbank doing this with wework is this an existential moment for them are they at risk of this investment taking them under this is a real crisis for softba softbank the story the past few years is uber is a huge high point or low point, and wework and how they valued the company, but soft bank, a huge vision bank came flooding in giving companies that arguably shouldnt have been propped up more runway and a longer time to survive and vcs out here say th