We saw the ceo by out 10 million worth of shares. The 10 year yields at 148. The worst performer today in the s p 500, tyson foods is cutting its outlook as a meat processor. We are going to be speeding with nomad foods and its ceo. We are going to be talking about meat substitutes. About u. K. Talk assets that are on the move. Lets take a look at what is happening with sterling. Being 120 yesterday on the cable rate, we have related to 122. In market starts to price the possibility that a no deal b rexit is off the table. We have seen a significant move in the gilt market. Bonds generally are on the move. Decent side move decent size move under the bond market. We are seeing a decent move to the upside when it comes to equities. Stark contrast to what we saw yesterday. There is the other bond market move we are seeing in your. The german tenyear moving five basis point. A massive move to the downside yesterday. Bouncing back today. Very different session today. Vonnie exactly. We are
Underneath we saw a radical devaluation of all sorts of stocks we were forced to reconsider how much well pay for a certain amount of stocks now and certain amount of growth now and how much we will pay in the future or do we sell . Most dramatic example. This morning an activist group Elliott Management took a 3. 2 billion stake in at t, gigantic, and sent a letter to the board of directors stock trading at just under 37 they think they can get it to 60 plus by the end of 2021 if the changes are made that will be huge. At t has been a real lager at t blames ill advised decisions by management, like overpaying for directv what would the failed acquisition of tmobile which ended up jump starting their competitor with a gigantic breakup. With some changes elliott argues at t can be worth a great deal more than its selling for they want the company to distract itself from side businesses cut the fat. Emphasize changes. Stop doing willynilly acquisitions at every turn put it altogether and
Since 1997, up 18 check out some of the biggest winners. Netflix up a whopping it . Boeing, up 7 . Oracle up 5 exxon up 4 . With stocks at record highs and the s p 500 surging 2 this week, guy adami, would you trade or fade this market . Trade it or fade it top of the show on friday. I got to be consistent, mel, and i will say fade it it has clearly been wrong now for weeks if not longer, but i will say fade it as we go into the next week, g20 i think will be a nonevent, which is negative. Fedex earnings next week i think will be negative, which is market negative. The fact that the vix is at these levels rallied today, 15 or so has been a level where the market has sis torically sold off from over the last year or so all of those things equal on top of which the run has been magnificent, too much too fast, i say trade it into next week. You are trading it . I would trade it. I cant think of a scenario that you would fade this rally. Really . No scenario . Not one single scenario . Wha
Dow down 37 points and the s p nudging back up towards the flat line at 2066 and change and nasdaq in Percentage Points the big lieutenantser, down twothirds of a point. Seven of the sectors are low for the year including staples, i. T. , financial, industrials, utilities and energy rounding out the bottom of the pack. Both down more than 9 year to date. Oil getting hit hard again today before staging a bit of a comeback. There you see its got modest losses right now. West texas intermediate at 51. 97. Ice brent crude at 56. 43, down 11 cents or about a fifth of 1 . And then ty yield falling enough that were starting to hear about lower mortgage rates. The tenyear right now earning 2. 221 . Euro Group Leaders meantime emergeing from a crucial summit on greece about one hour ago. The result nothing, according to reuters. Another meeting set for tomorrow. The eurozone summit is under way now. Yields meantime skyrocketing on the greek twoyear bond at 49. 5 . The etf that tracks greece all
Would it be a mistake right now . And we do expect big news from tesla during power lunch. It could move the stock. Mandy is off today but were happy to have melissa lee join us from the nasdaq. Well get down to her in just a moment. We begin with the big story on the American Housing market. Some really bullish new data but how bullish are they really . Diana olick in washington with the startling numbers. Di . Reporter well, tyler, its bullish depending on your take. Home construction took a big leap in june up nearly 10 from may but it was all driven by the multifamily apartment side. Renter nation rocks on. Singlefamily Housing Starts were down just under 1 in june from may, up 10 from a year ago but thats not really saying much given where we were a year ago. Multifamily is where the party is at. Starts up nearly 29 for the month, up 55 from a year ago. Thats where the good news is because weve been talking so much about skyhigh rents. More supply should help to ease that burden f