Three hours. The Senate Committee on Health Education labor will come to order. Today is a busy day, as we all know. Republicans, democrats will be meeting in their caucuses so people will be coming in and out. I also think that this hearing is important enough that we extend the time for questioning from the usual five minutes to seven minutes, if thats ok with folks. Let me begin by welcoming the ceos of Bristol Myers squibb, chris berner, we thank you for being here. Ceo merck robert davis, we thank you for being here. And the ceo of Johnson Johnson Joaquin Duato for being with us this morning. Thanks very much. There is a lot of discussion in our nation about how divided our people are on many issues. And that is absolutely true, but on one of the most important issues facing our country, the American People whether democrats, republicans come in the pesco conservatives, progresses could not be more united. Issues. And that is absolutely true, but on one of the most important issue
Committee. This first portion is just under three hours. [inaudible conversations] the Senate Committee on health, education, labor and pensions will come to order. Today is a busy day. As we all know very important both will be taking place, republicans of knickers will be meeting in their caucuses so people are going to be coming in and out. I also think that this hearing is important enough that we extend the time for questioning from the usual five minutes to seven minutes, if thats okay with folks. Let me begin by welcoming the ceos of Bristol Myers squibb, chris berner, we thank you for being here. Ceo merck robert davis, we thank you for being here. And the Seahawks Johnson johnson Joaquin Duato for being with us this morning. Thanks very much. There is a lot of discussion in our nation about how divided our people are on many issues. And that is absolutely true, but on one of the most important issues facing our country, the American People whether democrats, republicans come i
The headlines driving the moves and the impact on all the miners im melissa lee, coming to you live from studio b at the nasdaq stocks ended the day in the red, but making a big comeback from their worst levels of the day. The dow down 700 points at the lows, ending the day off less than 400 the nasdaq down my that are 2. 3 at its lows, closing down just over half a percent. The losses coming after a softer than expected gdp report, but already, its looking like we are in for a big reversal tomorrow shares of microsoft and alphabet soaring. Go googles parent adding more than 300 billion in market cap after announcing its first ever dividend and a 70 billion stock buyback lets get more on the numbers with deirdre bosa. Hey, mel. The call is still under way. The q a should be beginning soon no surprise, the ceo spent a lot of time talking about his a. I. Strategy i want to highlight how the company says its navigating generative a. I. In search ads, its cash cow he says hes encouraged by
9 rally in the nasdaq. So its pretty reasonable to get some profit taking now that the Second Quarter has begun, isnt it . The selloff this morning was totally natural, and its something that needs to happen to shake out the weak hands, build a better longterm Shareholder Base for the bull. Whats unusual is the strong rebound we got this afternoon, which only allowed the dow to close down 13 points, s p to climb 6. 2 . Some stocks moved up gigant gigantically, especially the nasdaq stocks, at the same time, the economy may have had a weaker march than we would like. Perhaps because of the lack of progress in washington. So at the very least, we should probably give back some of these big gains, particularly the ones who to me seem artificial, motivated by buyers who moved the stocks themselves in order to enhance their First Quarter performan performance. One of my closest observers on twitter tweeted today that when i appeared on the Halftime Report that i sounded more bearish than i
Election or the overvaluation of stocks, and they just come in and buy buy buy their faves. Thats whats happening rights now with the dow gaining 168 points, nasdaq climbing. 93 today. Why the sudden love for the market . First, its december and december, we get what i used to call the Old Hedge Fund the era of good feelings. Thats when you get a tacit deal between Major Investment Firm Research Departments and large institutional shareholders. Its kind of like the deal my grandmother mary told me. If you dont have anything nice to say, dont say it except it applies to stocks, not people. Simply put, the analysts understand that it isnt worth rocking the boat and downgrading stocks at the end of the year when it could hurt the very accounts of the hedge funds and mutual funds that their firms cover. Whats the point of knocking down a stock now when it might damage the annual performance of the big bill payers . So if the analysts dont have anything nice to say, they shut up and save it