Stock drop. First of all, paypals thirdquarter sales missed the estimates. Were the estimates missed the actual sales. It was the first report after its july separation of ebay. . 31 a share, some of the analysts were wrong. They guessed . 29 and 2. 28 billion, according to bloomberg. Paypal faces serious competition from square, android pay, apple pay. Big companies they are doing battle with now. Joining me to discuss what they mean, paul and tom. Tom, let me start with you. In the quarter, this was baked in after the company split. But they appear to be doing a little better, after the analysts try to understand the business. Tom here is what happened. Paypal split from ebay. What we thought was going to happen was that paypal was supposed to be this Growth Business that was supposed to take off. We have ebay numbers exceeding expectations. Paypal comes out of the gate and it kind of flopped. People are looking at take rate, the amount they take home per transaction, and they are se
Eric is out all week. Ive got an allstar cast of guest anchors. How was your weekend . Guest it was good. I played with my iphone. Pretty uneventful. I didnt even make it out of my house very much. Stephanie you didnt go see cinderella . i did not see it, but my kids did. The top business stories of the morning, for the first time in 11 days, Vladimir Putin has been found. He has been seen in public. He met with his counterpart from cargo stand. It not been seen and public since march fifth. That led to speculation about his health, even his grip on power. He has no problems. He today said it would be boring without gossip. Valiant has won the battle. And no international has withdrawn its rival bid. They make drugs for stomach disorders. They are all trying to find new drugs. There is a new ceo at sothebys. Tad smith will take over at the end of the month. Ruprecht had been pressured to create more money. Oil resumes its slide this morning. It had a six year low after falling 10 last
Nine percent, hitting a sixmonth low. The selloff comes after expenses rose 23 in the first quarter, limiting amazons profit. The ceo is pouring cash into the business for shipping and services, including media content, a new prime entry business, and cloud business. Microsoft takeover of nokia handset is official. The deal was completed today, seven months after the 7. 5 billion purchase was announced. May beal price slightly higher. Thousands of employees are transferring to microsoft as part of the deal. Heavy spending has investors questioning pandora despite a 169 gain in firstquarter revenue. Shares in the online Music Service are falling about 13 , the most since 2012 him after the company said it would spend aggressively this year to improve its service and fend off competitors like spotify, itunes radio, and others. Lead story of the day, elon musk, founder of spacex and tesla has called a mysterious press conference. Were waiting for him to speak at the National Press club in
Up 0. 08 . Any explanation for the underlying strength is pure supposition. We should be going down hard right now. Right here. As we did right about now, for every single federal level imbroglio since weve had so far. In other words this was the day they started versus the event. The october 1st date for when a Government Shutdown is supposed to be begin, it looms so large. There isnt a single sign that there will be a deal. None. We could be in for a prolonged period of rancor and indecision, both of which are bad for business. So how can we think this time will be different . Why arent we down, 4 , 5 , 6 , instead of a measly couple of down days . Let me give it a try. First, maybe the market is saying, there wont be a showdown. Maybe there are forces at work that we dont know about which will make the whole episode more benign than skeptics including me realize. Hard to believe anythings happened behind the scenes. But we never know with washington. Put that in. I dont know, 20 cha
Investors happened around 10 00 eastern time this morning. We had a pretty good rally on the open and then it just fell apart. The dow was up 75 on the open and then down triple digits much the of the day, but were coming back even though we had pretty decent earn from Johnson Johnson and verizon. A lot of the guys are starting to leave to get ahead of what could be nor thanksmore nasty weather. The dow is off about 41 points. Braving the storm and making his way to the New York Stock Exchange is johnson and johnson alex gorsky. A more modest outlook for 2014 is hitting this dow xlonant today today. Apple, a positive report on the company has investors optimistic. Its up 1. 6 now. So is wall street ready to love apples stock again . And is retaking 700 out of the question for this year . Not out of the question. Were at 550 today. Well take a closer look at one of the most owned and certainly one of the most interesting stocks out there, apple. Yeah. And weve got a ton of tech earnings