On this story. According to sec documents in my possession, documents right here, pierson sold 288,000 shares on june 30th for proceeds of 5. 7 million. That was filed and is publicly known. Then on july 1st, and this appears to be new. The motherload. 4. 1 million shares, with proceeds of 82. 8 million. There was another sale known by now some 411 million shares, total proceeds from all this, 96. 8 million. My panel with me, and kate on the case. Boy, interesting. I dont think the market knew or knows about this sale of the 4 million shares. Might explain, scott, why were not seeing a down tick in the stock price right now. Very interesting. I think on the one hand, pierson might be expected to want to liquidate holdings, no longer has skin in the game except as a matter of principle. A company he helped build, of course a darling of many hedge fund investors. Their benefit and litter detriment for some time. Sequoia as well. Popular stock for a period of time. Replaced by joseph popp
Were back. Back together. It literally feels like months. It has been. What Great Stories to cover. Absolutely. Well show you what theyre doing this morning. U. S. Futures under pressure after a selloff yesterday that sent the dow down a little less than 1 . Dow futures down. S p down 7. 6. Nasdaq down 22, but all the action has been in Government Bonds. A massive rush in into this safe haven treasury debt. Look at that 10year treasury note yield. We are in record territory. I think japans longterm bond went to zero this morning. It is unbelievable. Record bond buying across the board particularly out of uk. That out of fear, not confidence. I wonder when we get a moment that we think this is crazy. Every time you think that, it continues. Its the trade everybody has been wrong about. The reason we dont see it sell off is were not seeing inflation. I wonder if the uk will be the first one, not immediately, but with what youre seeing in the pound, do we see inflation pick up and if you
41 puts it in a socalled bear market. Alphabet shares on the rise. Energy giants on the move this morning after earnings, this, as oil sinks further into bear market territory. And, man, those exxon numbers werent good. And the dnc wraps up. Economic growth coming in well below consensus. 1. Versus 2. 6 expected. Gdp in europe disappointing overnight. S p and dow up a little bit. The best month since march but the first down week in five, perhaps. You had to go through a gauntlet. Apple. Facebook. Alphabet. And, amazon. And, i gotta tell you, 4 for 4 is pretty impressive. You see the nasdaq holding in there. Playing catchup. I didnt think we would go through the gauntlet unscathed. I felt one of them would screw up. I think the worst one was amazon and that was pretty great. It was not as huge an upside. And i have to tell you, their Conference Call has gone back to this opaque nature i cant stand. You know why the quarter was good . A fly wheel. Fly wheel . Thats like isnt that like p
Now. S. Lets check on the groebl markets this morning. Show you the action after stocks fell yesterday in the u. S. For the second day in three sessions. Looks like dow futures under a bit of pressure. Not a whole lot of action. S p futures down two as well. Nasdaq futures down five. Weve got a boat load of earnings, including several key dow components including mcdonalds and apple coming your way later. Fed kick off a twoday meeting. Weve got the 10year treasury note yield a bit lower this morning. 1. 54 so some buying off of a selloff particularly in japan overnight. Those stock mashlgts we just saw in the u. S. , yes weve seen them sell off a bit yesterday, but the dow and s p over 3 month to date. Nasdaq over 5 . Similar kind of moves in europe and asia so far this month so we have seen a bit of profit taking over the last couple of days. The ftse and cac are up 3 . The dax is up over 5 month to date. The fact were seeing a little bit of selling across the screens. Most part, hold