Golden opportunity chris barone said this sector has been immune to market weakness hes going to tell us what it is. Later, were firing up the grill, because there a big Burger Battle brewing, three food stocks that have our traders licking their chops. Nice. Yes, like that . Hungry already we start with another rough day on wall street stocks falling across the board with the nasdaq and s p 500. Treasury yields tumbling the 30year note hitting its lowest level ever, like ever, and check out some previous high flying names like microsoft, apple, amd all pretty deep in the red today. So has the red hot momentum trade finally hit a giant red brick wall guys, the momentum names, those big tech plays, theyre over ill play your reindeer game. Ill say the answer is yes if you want a line in the sand, ill give it to you. It comes in the form of the tlt. Youve got to close above 150 even in the tlt which should make ten year yields, around 1. 4 , 1. 38, then the game is over you can hit a poin
Going to me on the phone is chuck grom, Gordon Haskett retail analyst. Joining me in new york is Lauren Goodwin, new york life multiasset per folio strategist, and Brooke Sutherland of bloomberg opinion. Give us a rundown of where walmart fell short. Brooke it was not great all the way around. The fourthquarter came in weaker than expected, and they called out unexpected softness in the weeks leading up to christmas, which is not what you want to hear from a major retailer. That is in line with what weve heard from a number of Different Companies that are not named amazon, which raises a lot of interesting questions about what the Competitive Landscape actually looks like. Also weighing on investors is the 2021 fiscal outlook, which was also weaker than expected on sales and profits. Alix the stock rating is heavy here in premarket. The bad news baked in. Is that is why is that why you have a buy rating here . Chuck weve had a buy rating for a while, not just here on the fourthquarter.
Good Tuesday Morning im Carl Quintanilla with Morgan Brennan and jon fortt at post 9 of the New York Stock Exchange markets reacting to the apple news over the weekend. A lot of news for the long Holiday Weekend coming in. Well e get right into that with apple it is sinking this morning and taking the dow down with it after warning its going to his Second Quarter forecasts on revenue due to cocid19, the coronavirus. Our guest joins us now good morning. You feel confident this is a shorterterm issue even though to my eye apple seems to be backing away from that shorter term position, explaining why its no longer sticking to its previous guidance saying its going to update us in april. What makes you still feel pretty good about the limited impact of this virus yeah, i mean, apple did say that but they also gave more color on the fact that overall theyre strong but theres no quantity final guidance so theres no help on the press release they gave. The Biggest Issue seems to be the supply
Cruise ship is being treated with an experimental drug made by Gilead Sciences. Hes in the Nebraska Medical Center in omaha. Overseas, virus cases linked to italy have spread to five other European Countries, and virus cases linked to iran have spread to iraq, afghanistan, kuwait, oman, lebanon and bahrain. Brazil is testing a man who recently visited italy. If a second test is positive, it would be the first case in latin america. Health secretary azar told congress quote, we cannot hermetically seal off the United States. The cdc says its not if it arrives, but when. Worldwide, economies are slowing, there is a fear of association with anyone who may have been in any way near a Virus Outbreak. Some borders are closing, flights canceled, hotels with any possible carriers, locked down. All right. Now lets show you the markets. Its all over the place. The dow at one point very early this morning was down over, well over 400 points. Now weve got a green arrow showing maybe a gain of 60 p
The markets are clearly telling us that the markets are not pricing in the worstcase scenario when it comes to iran, or at least Portfolio Managers not. Stoxx europe 600 gaining some 0. 6 . On bloomberg surveillance, we will be speaking to the president of euler hermes, Wilfried Verstraete. That discussion is up very shortly. Lets get straight to the blumberg first word news. In new york city, heres Viviana Hurtado. We begin with the first stage of the u. S. China trade deal, set to be signed next week. China says its top negotiator is visiting washington, d. C. It is the latest move towards a detente. Contradictory reports this morning are emerging about what caused the ukrainian boeing 737 to crash and iran. Initially blaming a technical issue, then an engine fire. Ukrainian embassy running out terrorism, but then it amended its statement to offer no comment on the cause. All those aboard the plane were killed in the crash. Hong kong preparing a bold plan to boost its economy, accord