Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that so
Good wednesday morning welcome to squawk alley. Im Caro Quintanilla with jon fortt. Deirdre is with us for the hour. Nasdaq is trying to come back after a couple of days of losses as we turn our attention once again to covid levels in the United States. Were going to start the hour, though, with alibaba, a big drop for the stock despite these new sales records on this singles day. Hi, eunice hey, carl live streamers in china are wrapping up whats been a very long day pitching to Chinese Consumers and it seems as though the efforts have paid off. For alibaba, the value of the orders that crossed the site have just come in at just shy of a 500 billion, about 75 billion u. S. Dollars these numbers cap an extended 11day campaign thats a little different this time around not the usual 24hour singles day shopping extravaganza. There were some interesting trends that we saw that were generally pandemic related, where consumers were looking to buy goods that they probably would be buying if th
And a lot of those stocks on fire. For some folks, that is all you need to move this market. Caroline it really does blow your mind. Taylor i will leave you here with three comments, not to cut you off, caroline. Jeffrey gold main and end cam partners are three analysts raising their prices on amazon. Almost a 2 trillion company can rise more than 5 on the day. Jeffreys, 3800 price target from goldman. Looking at 3350. Talking about the structural shift underway from these companies that are not just benefiting from a work from home environment, that is a permanent change that they see not going away. Caroline i take you or three, i raise you three. Im looking at morgan stanley, rbc, and socgen worrying about the complacency in the market. Looking toward the election we have in the u. S. , the risks as we get into august, september, and the turn we see in the market. Lets get the take from chief Investment Officer who is still with us. Is there complacency in this market . Brent maybe
Most confirmed cases of coronavirus around the world major developments giving investors something to be hopeful about. We need it well have more on that in just a moment i wouldnt mind seeing some w who der hors doeuvres behind you. Its cozy and homy i feel better already. Well have happy hour on friday. Crude oil crashing below 20 here its a problem for the energy complex. Overall its a bit more advancing stocks and declining stocks were not far from the highs today. This time exactly last week we were 34 off the historic highs. We hit february 19th that was the bot too mantom. A lot of people thought it was the bottom and we got smacked in face or prid we have seen lower volume on the day. Weintraday ranges. The vix has dropped below 60 im not saying its over im saying the market is acting a little calmer today than recently great news from abbott about a potential 15 minute test exxon is flattish today. Boeing, i cant describe it. It was 97 at the end of the week now its 140 it has
After we had support for the u. S. From the u. S. Congress for hong kong protesters. Potential for confrontation. Chinese officials waiting a trade deal. We got a glimmer, the vice premier was talking about being phaseent about signing a one trade deal with the u. S. Flummoxed by was the negotiating tactics of the other side. Hang seng 1. 5 down. The shanghai composite is also recovering. Ms asiapacific having its worst day in three months. Mitigated by the news coming from the vice premier. A quick look at whats happening elsewhere. Taking a look at how the needle has moved, 1. 73. More scope for Interest Rate cuts in australia, sending the 10 year yield down. Soybean futures, exports for grains in the u. S. Really sagging. We have seen a decline. That has been felt by whats going on with soybean and corn futures. They have been declining out of the last four sessions. Nickel. 9 down. This is a demand story. As we have a slowing global economy, much less of this will be required. It h