Street our house in the middle of th street welcome to power lunch. As melissa points out, another string of record highs for averages any gains by dow, as in dam and s p 500 means a record close check out some of the big movers right now. Sea world is taking a hit. Reports the company is a takeover target. So why is it higher . We will explain later. Constellation brands, company beating east mates and raising the outlook. Constellation ceo joining cramer on mad money. The xlk is at a new 17year high paypal, apple, microsoft, alphabet all leading the way there. We are looking at shares of regeneron. News that we reported earlier he that u. S. Court reversed a ban on sales of the cholesterollowering drug, can you see shares up 3. 5 tyler, back to you thank you very much welcome to power lunch. Lets look at the dow. Major move that republicans passed a 4 trillion federal budget resolution. It is the first concrete step to tax reform for procedural parliamentary reasons. But there is a l
Shares of ge sinking premarket on the heels of the biggest decline in almost a decade John Flannery will join us later this hour. Hurricane boost for home depot, raises full year guidance reports. Buffalo wild soaring premarket, getting a buyout offer from york capital. Well talk about that in a moment 7 drop, the biggest one day fall since 09 on monday they outlined the turnaround plan and announced it is cutting its dividend in half. Were going to talk to John Flannery exclusively later this hour lots to get to on the portfolio, on the influence of trian and dividend itself and what the message is going to be from here. Totally agree i think there are some issues about the way they are going to build the cash flow issues about the way 2018 is supposed to go and yes, theres a bit of a truth in reconciliation needed about how the company could have been so wrong about its own numbers in 2017, about how to tend to switch to real acting as opposed to the suboptimal form of accounting. Th
The hang seng market was up and so was the shanghai. The dax was up by 1. 4 . The cac up by 0. 9 . The ftse up by a quarter percentage point. If you check out crude oil prices, youll see crude oil is under significant pressure once again today. Down 1. 38. Down below 47 a barrel. 46. 98 is where the july contract for crude is trading now. Lets get you through todays agenda about the labor market. May jobs report out at 8 30 a. M. Eastern time. Nonfarm payrolls forecast to ride by 184,000. Thats following an increase of 211,000 back in april. The u. S. Economy added jobs for 79 straight months. The Unemployment Rate expected to hold steady at 4. 4 . The lowest level in a decade. Russian president Vladimir Putin will be speaking in st. Petersburg at a forum alongside several other World Leaders including indias modi. The session will be moderated by nbcs megyn kelly. That begins at 7 00 a. M. Eastern time. A programming note, sunday night megyn kelly has an interview with the russian pre
Hello. Is this the right reaction . Last thursday, cyclicals began to rally. We questioned whether it was the time to make that rotational call. So far, the bond proxies, consumer staples, utilities, theyre outperforming the cyclicly oriented type names. You come in this morning, you question whether you want to get back where you have the exposure to the cyclicals. Ive stayed with financials. I think thats the right play. Then the other question is what do you do with global cyclicals, which have far outperformed domestic. Is there more runway there . Do global cyclicals continue to outperform . Thats the question. What is your answer . The answer to that for me is dont leave the financials. The financials remain the biggest source of opportunity, both on a valuation basis on opportunity to drive earnings growth. To me, thats the one i stay with. There are others that i think are suspicious and questionable. I like joes calls on cyclicals. Theres a big question we just dont know the a
Dropped and of course where we did it. The numbers so so with thanksgiving spending declining from a year ago. All this as socalled cyber monday is now in full swing. So spending down, but seems to be the prevailing thought. It could have been much worse. Well, yeah, that, and then theres some question about are sales that normally would have occurred at the mall or in a Department Store occurring for the same retailer but online. You keep in mind, people are sending out black friday email blasts the day after halloween these days. So it pulls some shopping forward, it pushes some back. Ive seen a study that shows the biggest shopping day is not only black friday but the 23rd of december. So i just think that shopping has changed. Consumer habits is not what they were in the 80s. Im not sure how reliable looking at any one day is as a gauge for anything. There were blowout black friday numbers in 2009 while the economy was still crashing. More people are spending online than they are i