See the winds calming. All of that especially up in the hills and mountains. When that sea breeze will make its return in just a few minutes. Good morning. As you hit the roads expect brake lights. In accidents or incidents. Just the usual stuff as you make that ride westbound out of the east bay into San Francisco. Metering lights turned on just about 15 minutes ago and photograph sick starting to stack up. With restarting to see brake lights as you make your way westbound. Its a bit of a slow ride once you guest past the incline. Also couple of other hot spots. Chp working on an accident westbound 4. Right before port chicago. Traffic as you work westbound out of bay point and traffic is stacking up through the pass as you work westbound, 580 and wind advisory in effect for the antioch and benetia bridge. Live news desk and lets take a live look above Orange County. You can see this fire continues to rage through that area. Its the silverado fire it. Broke out monday morning. Quickly
Plus, the congressional hotseat next week. What the text ceos will face in the line of fire. A halfmising to deliver billion cars this year from tesla. As they rev up the next chapter. Tech earnings continue with intel reporting after the bell, a lackluster report for the comely. Shares are down. Abigail doolittle joining us now with more on todays market action. Give us the highlights. Abigail you were mentioning lackluster are not very exciting , they missed in a big way. The stock down about 10 in after hours, plus the forecast not so great. Interestingly, usually when this the stock is already down 10 on the year so really not a great quarter. The stock is getting hit more so after hours. ,here we have some strength at t beat top and bottom line estimates. The wireless business is strong. 8. 6 million active users, a fraction of netflix and disney. You see netflix still down after their disappointing quarter. , theiris riding high competition having a little bit of a tough time. So
Screen is driven by not the feds comments, a little boring with the zoom box or retail sales that we got or housing numbers. But what is happening at the mornings Research Meetings all over the country today where the down gained 37 points and the s p dipped and the nasdaq lost 1. 25 . More on that later today seemed like it was dominated by the fed in the amazing snow flake ipo and as someone that helped bring the microsoft ipo to goldman sachs, i know a big deal when i see one. More on the demons the deal unleashed. We had a nice rally going today and thats about what is going on behind the scenes every morning they have a meeting where they pitch the sales force on individual stocks and entire industries as buys or holds or very rarely sells after the pandemic got rolling, almost every piece of research that came out cut numbers. For individual companies and suggested the situation would get worse. The conclusion ive never seen so many sell eric men dae eric men dae er recommendatio
Of life. Billionaire investor bill ackman. Former House Speaker paul ryan to billy been. We even saw his fairness himself. Michael jordan investing in draftkings. Draft kings own ceo, you cannot deny they are so popular right now. Joe that is very true. The big question is and we will be talking about this more is this Blank Check Companies, thats the kind of thing you think about market forth, speculative mania. Me ending my money over to someone else and saying do something great with it. Great new way of financing that is superior to the ipo. You cannot deny how much has grown. Spac volume up 174 this year. Is up 13 . Secondary is down 7 . From a relative growth and financing vehicle, spacs are where its out. Romaine you also have to talk about relative performance. You have to take a look at what some of the spacs have performed. It has been a mixed bag. You have had some that have outperformed the s p 500. You can see churchill capital, that is the comparison with the s p 500, the
The 27,700 level. Remember, it was 18,000 on march 23rd. The s p, what, nearly 3400. New alltime high. The nasdaq well over the 11,000 mark. Who would have thought of that. Add it all up and yes, we are now in a brand new bull market. Heres another reason for the rally. Terrific performance from major retailers, target, out today with a blowout report. Online sales nearly tripled. It was targets best overall growth rate ever. That stock is going straight up. Add this to the numbers from walmart, home depot and its clear the major retailers won big by staying open in the lockdown. Really, though, kind of tough on the smaller operators. Got to get to it. The convention, boring in my judgment. Tv ratings way down. Wheres the excitement . Everything is on tape and the whole thing lacks the spontaneity of a live crowd. The performance of the old guard, bill clinton, john kerry and a grim chuck schumer. The bright spot was aocs oneminute appearance. She nominated Bernie Sanders. The democrat