Stuffers, four names you might want to put on your list but we begin with big news of the day, boeing shares getting a pop thanks to the company firing its ceo phil he wilebeau is in chicago the details. The board of directors met over the weekend Via Conference Call and sunday night the boeing board said weve had enough of dennis muilenberg. They reached the decision sunday night to for him effective immediately. Basic at this it comes down to this a couple of things happened in the last two months that the board said weve had enough. The broken faa relationship which weve talked about and halting 737 max production, thats a a mop umtal decision boeing reached last week, one they never had before. The new ceo is the former executive chairman dave calhoun takes over as ceo and president effective january 13th whats his game plan, rebuild the faa relationship and to that end he called the head of the faa this morning and said we welcome rigorous oversight also a reset for the 737 max, t
With Steve Liesman and fresh comments frommed fed chairman. Jerome powell sieve times said Interest Rate policy depends on the Economic Data he added the economy is overall in good shape despite troubles on the horizontale many indicator show a strong labor market solid job gates. Unemployment at half century low and rising prime i age participation. There are risks. Prin will i from Global Developments growth around the world mass weakened the last year and a half and uncertainties apprehend trade and, brexit and other issues close risks whats did are does it mean for the outlook process . He appeared neutral about what the fed would do at the late october meeting. Markets took his comments as affirming expect aches for rate cuts jp morgan if the fed leadership wanted to push back gesticulate against expectations we think powell would have chosen language not calling out downside risk. Speaking in denver, the fed chair said the central bank will increase the size of the Balance Sheet
Head into the rest of earnings season i dont know if e. Theyre th bellwether, mel. Late night for us yankee fans oh, yeah. Im a new york fan, go yankees. But lets talk markets. We do what we need to do, as you know, mel. Are there Trading Opportunities . I still think they are citi was an interesting play tangible book is around 69. I think what youll see is a bounce after earnings on the back of that it trades anywhere from 85 of tangible book to 1. 2 i think thats whats going to happen now in terms of the bellwether for the broader market, i dont believe that to be the case. I think its all positioning. Weve all talked about that. I think positioning has been negative in the financials ive been negative in the financials i do believe estimates have come in enough that you can sort of walk over them so i think youll have a tradeable bounce in the financials but longer term i would not be there. Id be positive on the banks. Its hard to go into the Third Quarter. I think the expectation
Were close to setting a record for Second Quarter and they did that here are the important numbers people are focusing on this afternoon. Total deliveries at 95,200 the model 3 numbers, this was what everybody was focused on of all of these, 77,550 for some context here, wall street expected 74,100 so they blew past that number. Model s and x stronger than expected, coming in just over 17,000 theres good news regarding the backlog. In the release, tesla says orders generated during the quarter exceeded our deliveries, thus we are entering q3 with an increase in order backlog. Elon musk said for sometime theres not a demand problem now theyre saying there really isnt a demand problem we are seeing an increase in the number of orders that are out there. This is the chart that shows the increase in model 3 deliveries remember how it fell off in the First Quarter . Thats what sparked everybody saying, look, there might be a demand issue here, why are they not fulfilling as many deliveries