In a little bit but tell me first about the conversation you had this morning with president elect donald trump when you informed him that you would no longer be building that plant in mexico. Well, we informed president elect trump and also Vice President elect pence this morning that we were going to be investing 700 million here in our plant in flat rock, michigan, adding 700 jobs on top of the 28,000 jobs that weve created over the past five years. And at the same time, told them we were going to be canceling our plant in mexico and the reason for that is that plant was we were going to produce the focus. Weve seen a market decline in demand for small vehicles. So were now going to produce the focus in an existing facility in mexico. Mark, what did the president elect say to you when you told him this . Well, over all both the president elect and Vice President elect pence were very happy that we were making these investments here in the u. S. And u. S. Workers. And we mentioned al
Gartman here to explain why one group of stocks are still rallying. But first we start off with the record highs and propelled by biotech up 8 more than double the gains in the health tech sector. That all as president elect trump is pushing for a quick repeal of obamacare and republicans in the senate and house maneuver to make it a reality. So what is behind this move . Is it too late to get in . No, i dont think it is. What is behind the move . What is behind the move is the fact that you havent heard politicians now effectively talkingabout biotech talk about it the last month. It hasnt been steadfast on everybodys radar screen. So thousand people are lonow pe valuation and maybe the companies are not left to dead. Ibb we talk about all the time. Look at all through 2016, how many times did to try to get through 250 on the down side . Probably four, five, failed to come so each time. Now its above the 280 level that weve talked about for the last year and a half. And i do think bar
Freeport mac up 16 and caterpillar up 16 . Target is still interesting. Mel, welcome back. Target had a great quarter. I know its not nearly as interesting as Goldman Sachs or freeport mac or caterpillar up 50 this year. But target to me seems like they got their they got their feet back underneath them and it manifested itself in the last quarter. The technology is much better. I think theyve separated themselves some walmart. Out of those four names, thats probably the name with the most up side right now. Anybody like target as well . I like target store. I think shortterm target is a name to own. Longterm investors can look at this tape and say, look, if everything pans out accordingly, to the plan, people are going to do fine. The market will continue according to the planning of the trump plan . Were trading on combinatiexs right now. Banks trading on expectations of dodd frank reform. Biotech names trading on expectations of better pricing. Move down the list. Expectations have
Remy stocks are up, and the pound is also up. U. K. Bans as from talking further about the referendum, that this is a snapshot of what the markets look like. 9 of for the dow, as well as the s p 500. The nasdaq up the most, 1. 1 . Lets look at what is happening with the s p over the course of the day so far. We are basically trading within a fairly narrow band, about 20 points or so. 2103 right here, about 27 points away from a record high, basically flying high. Lets look in my bloomberg with the s p 10 sectors. Again, a very broad rally across the board some from utilities, which are down. 3 . Up 1. 6 . S are materials up by 1. 4 . Energy up 1 because of oil and natural gas wells rising. A deeper dive into what is happening with the financials. Names arell, the big up. Citibank up by 3. 8 , its highest in about the past two weeks or so. Jpmorgan at its highest in about the past 10 days, up 2 . Wells fargo of more than 1. 5 . Materials are gaining, the top percent gainers right here.
Stand. The dow is down. About a 10th of a percent. What has been weighing on all of our minds is over in the u. K. , the latest brexit poll coming in 44 stay. 9 undecided. We are off of the session lows. Lets happen to bloomberg. Imap, looks like six of the 10 sectors are trading in positive territory. Health care has been the biggest leader for the day, up when 7 . Telecommunications about. 4 . Energy is lower. The Energy Sector is down about half a percent. Care, it turns out medicare spending did not go past certain targets and so the new Advisory Board was not triggered. Analysts thought that would be triggered. That is why we are seeing a leg up. Ofterms of over the course the day, with the s p intraday chart, we can see we had started up on general positive trajectory until the brexit poll came in. P. M. Marker. 1 up about. 1 . Lets take a look at some other stocks. Not related to brexit, these are the gun brands. I want to point out, smith wesson up 3 . Been 30 houston cuts have