Donald trump. Theres a sense of optimism about stocks, and that optimism seems to extend to both republicans and democrats. Whether you love him or hate him, people are clearly buying stocks the way they used to before stocks became persona nongrata when it came to places where to your money. Magic wand was waved that removed the gloom, busted it, and its being transmuted into higher prices even without any facts behind this move other than the kind of throw the bums out logic that you get whenever the white house changes handing from one party to the other. But heres whats hard to argue with. Many of the biggest moves ive seen in my career started without any apparent basis in the facts. Prominent examples from my 36 years of investing. First was when Ronald Reagan was elected to the white house in 1980. Optimism ensued which coincided with the end of the great bear market in bonds, one that saw Interest Rates climb all the way to 14 . Now, at the time few on wall street believed that
Getting better . What if the Global Economy is truly gaining momentum . Hey, thats what were starting to hear, but few people seem to be listening. Im certainly paying attention, though. Especially as the dow reaches an alltime high for the first time in over a year. Hallelujah the s p sets a record close for the second day in a row. That was easy. Bold claim. Things might be Getting Better but how about i give you some evidence . I always tell you to listen to that alcoa conference call. So many uses. Alcoa is plugged into so many end markets. Better than any economist at any Brokerage House thats ever going to give you. Last night alcoa painted a truly remark bl picture of a world on the move. Ceo klaus klein fell has been talking about illuminizatoin. Replacing steel in car parts, expected to grow at a 20 climb at least until 2020. Kle kleinfeld knows about autos. Unequivocally bullish. Strong demand not just behind us, but ahead of us. Much more important, though, remarkable reads
Technology is lagging today. Weve got informationtechnology down about. 6 , paring its earlier decline, but still the biggest drag on the s p 500 as it is the heaviest weighted group. Consumer discretionary also lagging. Energy shares up 1. 7 percent and financials being led higher after those Goldman Sachs earnings. Alumina is a health care stock, but the company does make genetic sequencing machines, down 24 after preliminary earnings that missed estimates. Netflix down after its forecast for International Subscriber missed estimates. We have amazon and google also lagging today, perhaps because of their exposure to video as well. Announce that standalone Video Service and google the owner of youtube. Facebook with a price target related to facebook messenger, those shares up by 1. 4 today. Overall, the clients and technology today. Lisa talk about up and down energy. Wasnt it leading the gains earlier today . Julie because oil is getting a lift today. Up better than 3 , above 41 a b
This is antisnob stuff. The rich types dont use it. But priceline is the google of all things travel and all things eating too. I still want priceline to buy yelp, another stock. But the reiteration of priceline is beating, it keeps beating the numbers. Almost every time a report it gets hammered how many times have i told you to buy it when it gets hammered . You have to. Make no mistake about it. Its both a travel play and the online reservation system for all the frugal shoppers out there. It explains the gain over the ten years since googles become public. Theres one stock im hammering you not to trade, just to own. That stock is apple. Up 4485 in the period since google became public. I say just own it. Because wall street plays this quarterly parlor game i despise. Each time acting as if its going to live or die by some 90day period. The analysts upgrade, downgrade on iphone count. Apples overall performance shows how ludicrous that kind of notion is. Thats not how you judge appl
Welcome. Youre watching the pulse live from bloombergs European Headquarters. Were here in london. Im guy johnson. Im francine lacqua. It was a beat for barclays. An extra 750 Million Pounds were set aside for the currency probe. Anthony jenkins spokes to us first. This comes back to how do you reshape a beast . Do you cut off the legs . Do you cut off the head . What do you do . Jenkins is trying to put his stamp on this bank. He is dealing with expenses. He is dealing with legacy issues. When it comes to Foreign Exchange, that is a perennial issue. He didnt settle before christmas where he would have got a discount for doing so with a number of regulators. My question is should you gone with the rest of the crowd and taken that hit a little bit earlier. Did he make a mistake . He was quite optimistic though on the overall performance. We are required to provide what we can reasonably estimate at this time. I cant completely say that will be the end of the Foreign Exchange version, th