Platform, facebook shares are plunges as the cash cow of an advertising machine takes a public hit dow is down 750 coming up on todays show, a recession unlike any weve seen before the imf shocking the Investment Community with a huge negative revision to the forecast we have an exclusive interview with the managing director of the imf. You do not want to miss that lets focus in on the big stories with 59 minutes left of trading. Mike santoli following the plunge phil lebeau tracking the fall in Airline Stocks the ceos meet at the white house today. And meg terrell has the surge in coronavirus cases and rethinking of the reopenings happening across the country lets start with you, mike, on the selloff. What are you seeing . Well, sarah remember back in february, march, almost every friday it seems like the market backed off. A little nervous what might come over the weekend it feels familiar with that today. In the context of what june is, a corrective phase its been training in a rang
Mulan. Julia, you have a lot of color on this and i keep thinking back to when you brought bob on our show, and he talked act the challenges of reopening florida and california, but they have seen some change in that narrative. Yes, we just had disney say they going to delay the opening of the park. The decision was made after yesterday, the number of new indicatio indications peaked here in the u. S. Now the government is saying we cant tell you what the plan is going to be at i want to note that companies here in california were raising concerns saying they didnt think it would be necessarily safe to reopen the parks there was 17,000 employees saying they wanted him to reopen on opening the parks but business any really pointedd to the safety issues as a reason why theyre not moving forward, but look at the interview and the perspective on what it would take to reopen they have a long history of being really responsible we were the first group to close initially when covid first hit
As electric. One of teslas biggest goals straight ahead we start with the banks and the latest. Weve seen a flury of press conference from banks announcing plans for their dividends, one of those coming at a future date is wells fargo saying its third level will reduce from 51 cents a share, didnt mention what level it will reduce to, but that will come in with the announcement of july 14th earnings another company on the watch list for potential definitely dind watch is capital one with buffer of requirement of 5. 6 but no plan of what to do with its dividends in the press conference weve seen so far press release weve seen so far. Of the companies that have reaffirmed their dividends citi group Morgan Stanley golden Goldman Sachs bank of america. This based off the stress test last week. Jpmorgan have not issued a release yet. Not that weve seen, correct. Wells fargo started today up with an 8 yield so nobody thinks an 8 yield is what the ongoing yield is going to be for well to me t
Today in some of the comments out of retailers like burlington, anf, dollar tree, and Dollar General yes, if you look at the Dollar General, the numbers are just extraordinary i actually have never seen a Comp Store Sales number this good 21 versus 7 estimate. Dollar tree is going to be the one, david knows this well, people look like, you know what, now the dollar tree Family Dollar merger which had been so on the rocks, the judgment is its working and that stock could power much higher. Dollar tree. The opening trade is sapping the money out of tech. I dont know how much longer it can last thats such a great book in gary because he knows so much about what people are spending theyre essential because they have food, and i look at this market and i think how long with the dow up 4 can we actually say, hey, the reopening trade is just starting . Its already maybe too far too fast its very hard to figure, particularly because faang is being distorted by the president s tweets, facebook
Time now for our top market moving news from our new york team. Joining me Bloomberg Opinion columnist brooke sutherland. What were some of your Key Takeaways . Brooke i think what is interesting is target talks about First Quarter comparable sales being up, but nearly all of that was from digital. Digital comparable sales were 141 in the quarter. Those sales come at a cost. They are more expensive. The natural supply chain dynamics of delivering products to homes rather than having them purchased instore is more expensive for target, so you are seeing that market squeeze. Clothes,rent buying where target gets more of a higher profit margin. They were buying food any essentials. Is this a structural shift . Are people getting so used to ordering online that they will continue to order these items . They did also callout market share gains, which is key. Given Amazon Logistics troubles, are you going to be seeing customers rediscovering target and walmart, some of these longerlasting st