Shortened day. S p running about 42 percent below the 10 day average at this time. All three major averages not much changed. If you take a look at my terminal and the sectors on the move. Some stocks are more resistant to economic weakness, telecom, staples, health care. Energy and Consumer Discretionary stocks remain lower. Energy has been weaker along with oil prices. Alix but because it is black friday, you are not going to draw a correlation. You are not going to go by consumer stocks. Julie true. Lets start with amazon. Very little changed today. Abouthave been talking all morning, you can not necessarily extrapolate thanksgiving or black friday sales to the entire holiday season. Role 43 yearoveryear. Amazon comparable sales, 29 . Big boost for amazon. I did want to mention a big news story. Is going to soon let prime members who use their Video Service tap into what would be like a bundle for the cable network. Interesting potential from amazon. Up 7 in terms of what we saw on
Nikkei. Overnight in asia not good. 2 drop wrapping up what is the worst week in three years. Of course concern about china in terms of exports or lack thereof. A look at europe where we also are going to see a good amount of weakness. The follow through as you might expect from here yesterday, a day in which we saw the s p down almost 2 and the nasdaq nasdaq down 3 . Lot more than that. Yeah. Lets get to our road map this morning as you might imagine. Does start with that meltdown if you want to call it that in the markets. Stocks slide around the world. You just saw. Is this the start of a correction . The tip of the spear, jpmorgan profits disappointing. Jamie dimon confident in the american recovery. How will the banks weak results drag on the market and other financials. The flip side wells fargo profits up 14 and those shares are rising. Another bad month for sales at gap. Gap discloses a 6 drop in march samestore sales after a disappointing february. Gross margins taking a hit.
See the difference . Germany, france, and the netherlands all beating the forecast. The Italian Government grew the 10th of the percent. Assuming there is still an Italian Government. More on that later. I dont mean to be so cynical. Chinas Consumer Prices, meanwhile, that rose about 2. 5 and Producer Prices fell 1. 6 . 8 30 a. M. In the u. S. , import prices and 915 a. M. , Industrial Production and Capacity Utilization and finally the university of Michigan Consumer confidence. That is actually a big deal. Earnings before the bell. Campbell soup. Mm mm good. Lets get to this quickly. Lots to talk about especially on Time Warner Cable and comcast bid futures are flat. 10 year yield floats above 2. 7. The euro stronger again off of the better gdp data. Out to 1. 38. Range stronger euro. Lets go to foreign exchange. Better thanvix, good . Gold launches over 1300 a share. And, scarlet, chocolates at 10 00 a. M. After bloomberg surveillance. Coco is up today. Are you going to buy scarlet
take the money and run or hobble and take the money. so mud flying at the farm. time now for the poly-sidebar. first public meeting over the weekend between mitch mcconnell and i want to say how nice it is to see jerry lundgren back in the game. he s taking orders on the obama campaign on how to run his daughter s campaign. if senator mcconnell had his way his version of kentucky health care for our seniors, grandmother, would be to walk it off. let s just tell it like it is. if the doctors told senator mcconnell that he had a kidney stone, he d refuse to pass it! i think she won with the best
0 they are really narrowing down the scope of the closings to north africa and the middle east although they also say they don t know where these attacks are being are going to take place. i think that is the assessment of the intelligence community that those are the likeliest places. but it should be added that they don t know what the target is. they can t certainly say that it s against the u.s. diplomatic post. it could be other western interests. for that reason both france and the uk have decided to keep their embassy in yemen closed through thursday. they are still trying to find out more about this but, so far, any further information about this has been elusive. as we have been listening to experts on the intel and richard haass talking about the fact this is the new normal, many of the elect officials coming out talking about the chatter reminds them of pre9/11. thj the su norm isn t this a real impact now? the fear that can be the fear outfit. also before 9/11, al q