Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only
Does. Today it dnt. The Worlds Largest sportswear maker misd profit estimates for the first time in years. The company ramped up product laches andped up Product Development in an effort to generate more demand. All of that costs a lot of money. Its operations in china, well, many thought that would be the big ise. Actually they saw sales rise there. That caused some after hours trading tonight. Sarah ieisen starts us off. Reporter nike paintedlt another hhy picture of its conser in the report. From north america to china where there were questions about whether awf nd nationalistic attitude would hurt growth. Did not do that. More than 20 growth. Nikes home market continues to outperform peers up 9 on sales. The only weak spot in the nike report, profits came in a bit light. That was because nike is a big spender. Costs rose 10 . Ni spends on everything from athlete and celebrity endorsements to bigvents like the world cup. Its also had to spend as it transitions its business more tow
S p up six, nasdaq driving the gains were seeing today, up 83 points. All of this as the yield on the tenyear has pulled back after the adp report showed much less hiring than expected last month. Theres the tenyear just under 4. 75 and of course, we are now waiting for the Big Government jobs report on friday. Weve got all the market ripple effects covered. Bob pisani looking at what this could do to buybacks which has been a balloon under stocks for a long time. Diana olick on the impact on home builders. Rick santelli in chicago. Lets start with dominic chu on the dollar. The value of the u. S. Dollar has risen by roughly 10 over the last three months. And with an estimated 40 of s p 500 revenues coming from outside the u. S. , that rising u. S. Dollar could be a potential headwind for those u. S. Companies and their profits and revenue reports coming in the coming weeks and months, now, with regard to some of the companies that could face some of the biggest headwinds, we looked at
Nike on a downgrade from jpmorgan after those layoffs yesterday. Apple getting serious on content hiring two big time executives from sony. Well go live to miami ahead of the president s expected announcement on cuba this afternoon. We are getting some breaking news on whole foods. Holy cow. I heard you gasp just now. This is such a game changer amazon to buy whole foods. You know yesterday was a day for kroger that was tough today will be an even tougher day. This is a game changer this is it this is what everybody thought could happen they will now dominate food within the next two years. Wow. Just yesterday we were reading a piece in texas monthly, john mackey, basically going after activists saying theyre not interested in the long term. More interested in the short term stock was halted i would say about four or five minutes ago for news pending but this this is wow. A day well remember for a long time. Yes, we will. I guess mackie had enough of them hes one tough hes a tough guy,
Eveningsd the overall discourse into about eight 50minute podcast and also a radio broadcast, because of that were going to do bits of production right in front of you. You will see me saying things like, i will be right back. And i will not go anywhere. I will still be right here. And there will be times when we take breaks and i will ask for your spontaneous applause for atmospherics or when i introduce he debaters, etc. I will let you know ahead of time when i will be making that kind of request. If i need to do that, i will say put your hands together. Lets do that right now. Lets have one more round of applause. [applause] lives where true privacy can be found exist oddly enough on our smartphones, which are designed so when you put the phone on lock, no one can get past its encryption, not even apple with the iphone or google with its pixel. Which is great, right . But not if you are in Law Enforcement and you have reason to believe a bad persons phone contains secrets that can s