Welcome. Bill has the evening off. Well, wet. Made we made it through a week that stockminated by trade and goes were pretty much all over e place with ste sell offs and strong rallies, and today wasnt anyksifferent. Sttarted lower after President Trump said the u. S. Was not ready to strike a trade deal with china and then added to t tension by talking about Chinese Tech Firm huawei. Wre not going to do business with huawei. Were not doing business with them. I really made the decision. It is muchimpler not to do any business with huawei, so were not doingh business w huawei. That doesnt mean we wont agree to something if and when we t me de deal, but were not oing to be doing business with huawei. And stocks headed lower. The white house later clarified, saying it was only the government not buying from huawei, and with that stocks recovered a bit. The dow had been down about 280 points and then briefly went sitive, butnded down 90 to 26,287. The nasdaq droed 80 and the s p 500 was o
To report. Also trade representatives set to kick off a new round of china talks in shanghai. Earnings less than an hour away, well preview the key things to watch from that report with the stock up 800 on this 25 ipo price. Steve grasso from stewart frank, and a lot of moving parts, what do you do . It feels as if everyones on hold for the fed thats the most important thing thats happening right now earnings this surprised to the upside everyone usually, even last quarter, even was ready for a a into the earnings cycle. Steve is here with us for the full hour, and well be dissecting the market moves. Lets focus on the big stories the pharma deal, more fallout for boeing, and eamon javers. Viagra, lipitor, xanax and the epipen, pfizer is going to spin off or divest its up patent business and combine with mylan, and the new company will do about 20 billion in annual sales. It will get a new name and be domicile in the United States, a fact that could be attributed to u. S. Tax reform an
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