Keeping things unchanged. Strong showing for jpmorgan, Second Quarter revenue beating estimates. And awaiting the biggest po of the year. First lads for line. Stock set to open at record highs. The bank of england leaves rates unchanged but says stimulus is likely to come next month. Black rocks larry fink talked about the market rally this morning on squawk box sounding fairly skeptical. Take a listen. Here we are were seeing investors worldwide pausing, we have seen quite a large sum of money being pulled out of equities over the last year and yet we are at record highs. This rally in my mind is not i dont think we have enough evidence to justify these levels in the equity market at this moment. He does go on to say, jim, that if earnings come in above the minus 5 that everybody is expecting maybe some of these could be justified. Look, i spent all morning on this jpmorgan. Why . Because jpmorgan the largest bank, you have to stay focused on it. If jpmorgan is any precursor as was al
And so cold. Meanwhile jeff bezos is at amazon selling 7 million worth of his shares. That stock has reached a 3 trillion market kapp. Were going to have a stock brawl on what to do with amazon coming up. Everybody loves to debate amazon. Then theres the jobs report coming in this morning coming in below expectations. Does this guarantee a summer without a rate hike. Thats also coming up. But lets start, though, with the nasdaq on pace for its first threeweek losing streak since midjanuary. Bertha coombs running down some of the biggest losers for us, bertha. One of the biggest losers is apple as well as nasdaq has come off the lows. Take a look at apple trading low. Weve gotten a bit of a lift this afternoon as we receive a little bit of buying come in on facebook, amazon, and netflix. The usual fang names have been Holding Things up, but that move on apple, down for three weeks in a row, is really part of what is causing that downward plunge on the nasdaq. But a small cap here today
Brought to the up and rising stars on wall street and the legends out there. Kate kelly is here covering all the big movers out of the events today. Kate, we have a long list of movers to cover. Thats right. Maybe ill just start with carson block from muddy waters. He presented a short on bank of the ozarks. They were down 14 in the opening minute or two of the presentation. He thinks hes worried about the unfunded loans within the real estate portfolio among many other things. So that was a really interesting case. Creton polleymer. That is a chemical company. That is a pong position presented by david rosen. And that popped about 8 or 9 on his thesis. Way also heard a remarkable presentation from larry robins of Glenview Capital. He had a really rough 2015. Reportedly has had a rough start to the year, too. Hes known for his prowess at picking Health Care Stocks. If you like the fundamentals but not the stock price, hang in there. I have no actionable ideas today is what he said. Yea
Right now in the room across the way, governor christie is about to speak and be interviewed by our john harwood later in the day nelson peltz and scott walper is back. We have special guests as well. And so, hello to john, kate, josh. Three big themes from delivering alpha that i want to bring you up to date on. Number one, treasury secretary jack lew there should be a Corporate Tax rate. Maybe 28 as the basic rate for corporate earnings which would bring us back down more in line with some of our economic rivals. An hour ago, retire hedge fund manag manager druckenmiller said the mr. Fed is putting the economy at risk. If you like someone other things, actaviss is up. Citigroup that made news earlier this week with its settlement with Justice Department is down 4. 5 . Kate you led the questioning with one of the guys who has never been on television before, ken griffin of citadel. You hit him with the days breaking news which Andrew Ross Sorkin broke on the bid, the offer for time wa
Down big on new sanctions from the president yesterday. Road map begins with microsoft cutting a massive 18,000 jobs as part of restructuring focused on streamlines operations. Morgan stanley merely beating the street and blackstone trounss expectations. We will break it down for you. Hug it out. Icahn and ackman make up, but the highlights you did not see coming up. Microsoft announces a Restructuring Plan in the elimination of 18,000 jobs over the next year as they look to simplify operations and align the recently acquired nokia hand set business with the overall strategy. This is a charch of 1. 6 billion in the next four quarters. In an email, the ceo said, quote, as part of mod earnizing the processes, the disciplines change making the decisions to change are difficult, but necessary. Guys, the expectations had been for somewhere between 6 and 12. This is more. Yeah. Its about 18 of the pree nokia work force of 99,000. I think why people like this is because what these job cuts ar