Sir michael, thank you so much for joining us. Sir michael it is a pleasure. Emily you wrote this book with another sir, sir alex ferguson, the legendary former manager of manchester united. He is one of the revered names in football, or as we call it, soccer. What drew you to this project as a journalist turned tech investor . Sir michael i always followed united. Not as a raving fan. But as a young boy, i started to follow them and i followed them through the years. But then, working in Silicon Valley, working hard to help build sequoia, i was very curious about organizations that had succeeded for a very long time, and performed at an extremely high level. And particularly those organizations that had been run by one individual. And there just are not that many of them. Emily you both, in your careers, have been tasked with taking undervalued assets and making them profitable. Sir michael he grew up in scotland, and i grew up in wales. Both of us sort of have an outsiders mentality.
Often than not. I was looking at the research group. 68 of the time going back 50 it. S, we see past performance does not determine future results, but you do see that pattern. Highs of the session right now. Again almost across the board with the exception of utilities. Thanks and Technology Lead the upside. Consumer and discretionary also help leading the gains. A lower than average volume we have been seeing is starting to change a little bit today. It is about in line with the 20 day average. That has been lower than the past 100 day average. That we are catching up today has a lot to do with a surge in volume in energy names today. A 66 gain over the 20 day average. There has been quite a bit of volatility. Russia meeting with the heads of has createducers some volatility. Oil is also rising to the highs of the session. Energy movers that we are watching in terms of the individual stocks being affected by the gains. A lot of the Services Providers are gaining on the day. The s p 5
A meeting between president obama and raul castro. The president is expected to urge castro to seize the opportunity to improve u. S. Cuba relations by expanding human rights and Economic Opportunities. For the second time since friday, north korea has conducted Ballistic Missile tests in the sea of japan. Officials say kim jonguns regime launched five short range missiles today. Earlier this month, the United Nations Security Council enacted sanctions to punish korea for another Missile Launch as well as a nuclear test. The German Government says it took in 2 million refugees last year. A 49 increase compared to 2014. Of those 2 million, 860,000 have moved to other countries. Angela merkel has resisted measures to control migration such as putting a constraint on the number of refugees. ,lobal news, 24 hours a day powered by 2400 journalists in more than 150 news bureaus around the world. Im pimm fox. Matt thank you very much. Good morning. Take a look at markets in europe. The dax ha
They remain optimistic about the underpinnings of u. S. Growth. Less worried about risks posed by the global economy. Emily facebook hitting investors sweet spot with another glowing earnings report. Surging revenue and steady user growth. Mark zuckerberg has more to come. Paypal giving the markets a strong showing. Leading revenue and profits. How long can the company fend off the competition. Yahoo scores and narrow victory against activist investors. The company may have averted a boardroom showdown but is it speeding down the fast lane to a sale. Facebook shares surging after hours, the stock jumping as much as 9 off betterthanexpected revenue. The social network reporting quarterly revenue of 5. 4 billion, up 52 over the same order last year. A profit of 1. 5 billion. Positive engagement messaging. Steady growth in daily active users. The Biggest Surprise was a proposal for a new class of stock. Mark zuckerberg wants to issue a new class of nonvoting shares so he can continue to m
Activist attack on wall street. This time, United Airlines. Two hedge funds with stakes in united announcing they think the board stinks and they want its own birthdays. What is interesting im looking a the release from par capital and all item meter capital. They own united shares. And they say say we are not shortterm traders nor are we activists. Yeah, right. They are active right now on getting six people onto the board. Including Continental Capital gordon buffoon. There are not people who will argue that united lagged its competitors. Its performance over the last five years, it has been underperforming relative to its competitors. By the way what you are looking at right there those are members of a Teamsters Union protesting out the jp Morgan Transportation Conference Today where the cfo for United Airlines was giving a presentation to analysts. Here is lebeau talking about the Management Team performing woef woefully. If in a horse race and you are in fourth place you are not.