Trades retailers rip higher. Shares of jcp jump 19 after the close. On stronger than expected sales and earnings. Its viewed as indication the chain may be turning around. Nordstrom stock rallied nearly 10 on successful Sales Numbers earnings that beat estimates. And, the burning cost of wildfires in california could reach the billion dollar mark. As fires rage through 10,000 acres in san diego county. Trader bob iaccino, of tethys partners leads the way on this friday. Good morning to you. Good morning. Well we definitely have some market weakness especially in tech and biotech but what are the opportunities out there that you would like to take advantage of as youre trading . You have to look at this market 2 ways youre either a bottom fisher, which im not and if youre going to be a bottom fisher youre going to do in the small caps and the biotech but you want to wait. You want to see what the Broader Market does. We have a technical correction in the russell 2000 down a little over
Ignitionrelated. You hit aied that if pothole, fairly common, or your knee bombs the key knee bumps the knee, it could switch your car off. Andering the power brakes power steering useless. It is a different switch but the same engineer designed it. That is why they have recelle 3. 16called these million vehicles, a total of recalls to more than 20 million so far this year today. That is more than two years of gm sales, and more than all of the u. S. Auto sales. We are hoping for about 16. 1 million sales for every company in this country this year. It is something gm has to get out of the way before mary barra testifies. They want to take a kitchen sink approach and make every recall possible. They will try to get him in, fix them. They have not made a dent in the first almost 2. 5 million cars they recall. They will start working before she goes in to get questioned so she can say we are doing as much as we can. Has been facing lawmakers and the press. She has been facing shareholder
Melissa so the herbalife battle continues. Carl icahn, gaining three additional seats on the companys board. The stock is up on news today. Does it hurt or help shareholders in the long run though . Here now are very own Charlie Gasparino. Jo ling kent from the wall street journal. We have James Freeman as well. What is ackmans next move . This is pretty powerful. Five seats on the board. Icahn or ackman . Melissa ackman. How does he respond . Icahn, start with carl. Carl now will be, will push management to be more aggressive to, addressing his concerns, what ackman has raised, that this is a illegal ponzi scheme and raised it enough where he has got, the ftc looking at it. Melissa right. Possibly state ags looking at it. I think you see much more concerted, tougher Defense Strategy out of herbalife right now which is basically laying back. Listen, they put out statements. Melissa it is hard to mount a defense. When you look at it, they do make money by virtue of setting up new dealer
Volatile day. The s p 500 currently sits down 1. 75 . Nasdaq touching correction territory earli earlier before bouncing a bit. S p 500 is not quite there yet. But were on that watch over the next 60 minutes as well. A couple other gauges to watch, the vix jumping to 31 even. We have the ten year which this morning that was the big headline. The key benchmark u. S. Interest rate falling below 2 for the First Time Since 2013. Oil falling briefly or flirting with 80 level before closing at 81. And gas prices are in free fall. The key question snou whether all of this will ultimately be supportive for the u. S. Consumer or signals more trouble ahead . The biggest outperformer, the vix. Ripping to day. The socalled fear gauge on wall street gives you an idea of where the sentiment is within this market. Its up 20 . That is quite a move. And thats not even at the highest levels of the day. The vix got above 30, a place it hasnt been in an awful long time. All of that helps to tell the story
Every story weve been told for the past three months has been, at its core, alive. George floyd was executed by racist cops on the street. If thats what they told us. Thats what everyone believed buried yet when the autopsy became public i might show that george floyd had lethal levels of fentanyl in his system among other drugs. Floyd said he couldnt breathe long before police landed on him as he was in fact sitting untouched in the back of the patrol car. The mob wasnt interested in hearing those details. They torched minneapolis. In kenosha, democrats told us that bloodthirsty cops just walked up and shot jacob blakee as he was trying to break up aat fight between two women. It was horrifying. But thats not what happened. Police arrived there after a woman called 911 to say blake was at her home in violation of a restraining order. That woman had previously accused blake of sexual assault. Blake fought with the responding officers, first cops tried nonlethal spores. That t didnt wor