Good morning, happy columbus day, and welcome to squawk alley. Im sara eisen here with dave faber. John fortt with us from San Francisco, as he mentioned, at the black enterprise tech conference carl has the day off also joining us, kara swisher. A lot to get to today, beginning with google revealing youtube, g mail, and other platforms were compromised by russian operatives in an effort to interfere with the 2016 president ial election. Doesnt seem the ads were bought by the same troll farm that bought ads on Facebook Facebook is confirming russianbought ads appeared on instagram. So far, certainly, the pressure on these companies to fight fake news and bad advertising is mounting, kara, what will be the impact and whats the reaction out there in Silicon Valley . Well, i think, you know, its interesting. As i said, they are doing the slow roll, they are finding them slowly, looking for them i appreciate how difficult it is to find these things among the billions of transactions that h
Comments from Steve Mnuchin about tax reform and stocks that investors are talking about. Tax reform or look out below is that what we need to start thinking about well, i think, number one, we dont want to pass a tax bill just to support the market markets are up 80 of the time, number two number two, its an irresponsible comment by mnuchin and number three, the u. S. Market is lagging other markets around the world, so theres no or very, very little expectation that a tax plan will occur and that it will occur thats going to impact this market. Heres Steve Mnuchin with these comments there is no question that the rally in the stock market has based into it reasonably High Expectations of us getting tax cuts and tax reform done it also has based into it amount mitchell on regulatory relief which they have begun to see, and theres expectations, so i think to the extent we get the tax deal done, the stock market will go up higher, but theres no question in my mind if we dont get it done
If youre an investor you want to always Pay Attention to what the news is and probably shouldnt discount anything, but the real question is do you react to it . So we actually went back and looked, every single iphone launch within lets say the span of six weeks there were supply chain rumors making their way to the sell side that generated either cautious notes. In other words, these things are never like, hey, were hearing great things about the next iphone, time to get in you almost never saw those headlines. All the headlines we found were this is a reason to be concerned, orders arent as strong as expected, this or that carrier. So if youve ignored them all, congratulations, youve made like 1,000 percent on your money. Right, but this, steve, is not only about maybe questions of the phone and the watch and this connectivity question all of a sudden crops up out of nowhere in china that could take what some say will be months to fix. Right well, they fix ds it in the u. S. I recall
Najarian many big names reporting as you can see on the board stock records set every day last week off to a pretty big day. 3m, gm, boeing, coke, bristol meyers, american airlines, alphabet, amazon, intel, a full swath of names that can really tell the next direction of this move. An incredibly important week, and, unfortunately, i have bad news for the bears out there, and that bad news is that buybacks so far in the first half of 2017 are down 16 relative to the buybacks in the first half of 2016 now, authorizations are up nearly 20 , so even if youre getting a pullback in selective sectors or the overall market. Those buybacks are coming in november before the end of the year, and its going to buffer any pullback. Josh, which names on this list are the ones that are going to matter the most thats sort of how we set up the conversation today i still think the texts are going to be the most meaningful for the overall averages just in terms of their sheer size and how important they b
Eisen, john fortt at post 9 of the new york stock exchange. Some outsized gains for the dow this morning on the back of 3m and kacaterpillar as earnings season kicks into high gear. Its the industrials taking us higher for that we turn to bob pisani on the floor bob . You want to know what a reflags trade looks like, you can see it today the earnings are in the industrials space and thats part of the reflation trade. This is what weve been talking about, Global Economy expanding, something caterpillar was emphasizing here i want to just show you something, because only half the dow stocks are up, believe it or not, only half the dow stocks are on the upside. The dow is up 0. 8 and the s p is essentially up 0. 2 thats a huge percentage difference and thats because a couple of companies as you heard from carl, are making the difference in the Dow Jones Industrial average some of the big names raising guidance, 3m look at that, up 14 points there. Caterpillar, put that together, youve got