Ecommerce the big baba breakout. We start off with the end of an era. Exxonmobil getting booted from the dow after nearly 100 years in the index exxons tenure as the longest serving dow component comes to an end on monday when salesforce takes its place. Exxons removal from the dow is nothing less than a remarkable sign of the times. Just seven yearsago it was the largest publicly traded company in the United States since then, shares have been on a steady decline exxon is down more than 40 in 2020, on pace for its worst year ever so is exxons removal from the dow a sign that big oil is dead money . Guy adami . I think so. Its something weve been saying for a while. I think they finally came to the realization that the worlds changed. Energy is not nearly as on the to the u. S. Economy as it was a decade or so ago i guess we have to make a choice between chevron and exxon. For whatever reason, im sure they obviously have their reasons, they picked exxon to remove i think exxons been in
Experts like to see but for most of the 14 days that has been the case. He did posit in these remarks to reporters we dont want to make the same flu mistake made in some parts of this country more than a century ago where parts were reopening a little early and things got worse and the flu hit all over again, in fact worse than the first go round. Were following that. Following what happens to airline stocks, taking it on the chin as one of the most biggest, prized investors says im out of here. These things dont look promising. Jackie deangelis with latest on the wall street front and how it is all connecting to the main street front. Reporter well talk with roche. Talking about a new Antibody Test approved by the fda to be used in the United States. The ceo of roche said this test is 99. 8 effective. You and i discussed the Antibody Testing how that will help get people back to work. The ceo of roche was on fox business this morning with maria bartiromo. He says there is high likelih
All of that leading to a stronger dollar and weaker commodities like oil. Under armour out with earnings as well. Lets get right to it. Their adjusted loss coming in 0. 34 a share, almost double what we had been expected. Net revenue for the First Quarter coming in at 930 million. That also came in light. They see a significant decline in revenue since midmarch, so no surprise there. Marriott coming out with their numbers as well. As you can tell, it is going to be bad. Marriott international looks at first court or revenue coming in of 4. 68 billion, a decline 6. 6 year on year. A really ugly number. They say they had liquidity about 4. 3 billion as of may 8, so obviously sustainability and solvency these kind of companies , especially hospitality, as well as airlines, really front and center. All of this really winds up depending on when the world can reopen. Lets get to all of our market movie news from new york. In london, u. K. Promised her Boris Johnson announced the first carefu
At 10. 01 per barrel. It did manage to scratch back about 126 of yesterdays 300 plus loss but energy has swamped the stock market over the past 48 hours, completely wiping out fridays 700 plus point gain for the Dow Jones Industrials. Right now we are looking at the dow swooning at the moment, down 562 points. Thats good for a 2. 33 loss. All three major indices are facing a second straight day in the red. Could a lifeboat arrive within just an hour or two . Word is congress is coming together as we speak to replenish the Small Business rescue plan with a fresh 310 billion round of loans. As some big banks, though, play favorites with the First Tranche of money, nontraditional lenders are fast gaining more respect. Weve got the chairman and ceo of one of them. He has already delivered 2 billion to Small Companies and is ready, willing and able to do it once again. Got to hear how hes doing it. And hollywood is on hold as the sopranos prequell sleeps with the fishes. Steph patt ernot is
So if you take a look at it youll see its more of a financial thing than in the oil situation. But surely note that month. B. S. E. Huge. Oil that is going to storage right now probably seen quite the bottom. Where we havent. Were going to. Beat oversupply situation with. Many months. I have to say in all seriousness that the collapse in oil prices is a danger for the Global Economy to be there certainly have plenty of oil. Also coming up another victim of the virus but there will be no drowning of tears in beer for 2020 the munich october fest is tapped out. Which is painful for us its a great pity because with many things this is not a normal year and this is. Were going to be the 1st. One to our viewers on p. B. S. In the United States and all around the world welcome we begin the day with the unexpected and unintended consequences of battling the coronavirus much about our world at the moment can be described as unexpected almost accidental who would have imagined just a few months