Here in new york but the markets are a little soggy right now United Health, the biggest of the dow downers. Morgan stanley lowering its price target but keeping an overweight rating for United Health peleton shares are trading lower marking another disappointing ipo. Bob is looking at some of how the biggest names are performing the buying public is saying prices for ipo is too high even if its centered around sound concep concepts this process has begun several months earlier of 120 ipos that have gone public, 22 have broken their ipo price on the first day of trading. About half are still trading below their initial price. Many ipos started really strong but they have been slipping recently as the investors question the valuation had a great week it was up 26 . Its now 6 this week. Crowd strike was huge back inror months but its down 16 this week mpl peleton off the lows of the day and disappointing debut for the company that makes those bikes and treadmills and offers classes. In w
Well talk about that when power lunch begins right now welcome to power lunch. Im melissa lee. A wild day for the market. The dow now up, look at that, almost 400 points. 1. 5 wiping out yesterdays losses on track for its best day since may. The nasdaq is now up just about 2 as tech leads the charge higher. And check out shares of apple. Having the biggest impact on the dow, it is up about 4 its best day also since may. Kelly. Thanks. We begin with a phone call that turned the markets around. Kaley tausche has all the details of what took place the details we have about the call are coming from china actually commerce minister and hard liner jong chun, and leo ho were among principals from beijing along with Robert Lighthizer and Steven Mnuchin representing the u. S. Chinese tv said the u. S. Asked for the call, but declined to provide a readout or comment whether inperson negotiations in september were discussed. President trump on twitter implying there was a discussion of agricultur
Record sales for the most valuable company. And boeings billions, it is taking a 5 billion hit in the Second Quarter due to the worldwide grounding of what was its bestselling plane ever. And rate cut optimism. Stocks on track to open higher but on pace for worst week since may. Microsoft on track to open at a record high, market cap above a trillion dollars Quarterly Results beat expectations on cloud strength here is nadella on last nights Conference Call. Our commercial Cloud Business is the largest in the world, surpassing 38 billion in revenue for the year with growth margin expanding to 63 . Im proud of what we have accomplished over the last 12 months, and im energized by the tremendous opportunity ahead every day we work alongside our customers to help them build their own digital capability, creating new businesses with them, innovating with them and earning their trust. Cloud is a third of revenue and after at t they had quite the week. Yeah. I did something i never do i list
The president accusing Prime Minister theresa may of making a mess of brexit. He said the u. K. Will have a new Prime Minister soon, good news. In the markets, we are seeing risk off attitude. You want to buy the dollar. Equity futures down. 4 . Semis could get particularly hard. The chip guys have three months of inventory stacked up. Yields going nowhere in the u. S. Oil a bit firmer. You have some iran conflict there, the military playing hardball with bp. Altogether, it is a by dollar story, sell u. S. Equities buy dollar story, sell u. S. Equities. We are joined by Lisa Abramowicz and michael mckee. 72 hours, has a busy giving a speech to open this Boston Press Conference and then going down to d. C. Michael you dont have to pay any attention to boston. Towill be fed by satellite the conference. Tomorrow, you have to be sitting in front of your bloomberg terminal and watching jay powell. He has to ratify the idea of the month, which the markets are anticipating, or we will have in
Ceiling. They say the company pays men more than women, for the same work and want their lawsuit to be granted classaction status. But first, to our top story, billionaire terry may no longer be the chair of apples largest supplier but that isnt stopping him from trying to keep the relationship going for years to come. Hes stepped down from that role to focus on his campaign to become president of taiwan and he wants to make sure tensions between the u. S. And china dont force apple to leave the country. Speaking from the perspective of the republic of china ill plead with apple to come to taiwan. This comes after its said they were asked to shift from china to southeast asia. To discuss, we have venture partner munster and in l. A. , bloomberg text resident apple watcher. So there is some confusion about what terry gou said. He made some remarks and then later clarify them. What did he say and mean . The context here is very important. I think this might be getting a little blown out