And the deal is worth over 44 billion in stock it combines two of the largest providers to wall street and so far 2020s largest dollar wise deal plus, youve seen it on squawk box gm and nikola announce a smaller deal on fuel cell systems doesnt involve equity and well get to more of it why those shares are down so sharply by the way, jim, great to have you back. A lot to catch up on that we missed talking with you about over the last few days as for moderna, another monday here, jim, with 100 on severe and more discussion that come spring we may have nearly ten of these things to choose from. A remarkable moment because it is true this is warp speed and warp speed is run by the army and going to go to longterm care facilities at the same time it is going to go to Health Care Workers and i think the good news here is it will go to a lot of people that no one thought they could get to very early you shotgun the entire level of when you include modrna and dont even talk about j j i think
Thematic global team if you were looking for big tech to come to the rescue today, youre going to have to look somewhere else that is your picture right now with the nasdaq getting hit the hardest, down more than 300 points, 2 3 4 look, this is not what we wanted people like me have been talking about the broadening of the rally. You were getting that but this week youve had the down side, which we didnt want to see of tech giving up gains its been the whole week, right. Microsoft had a bad reaction to earnings having said all that, i dont think at all that youre supposed to throw in the towel on these big tech nailmes. I think their value iations arer the most part defendable and theyre trading on lack of fiscal stimulus and the virus surging as it is on the earnings number if you want to take apple, theres a reason why they underperformed on iphone sales people are saving you for the iphone 12. And amazon, they have a quarter every now and then where they say were going to spend a lo
Obstacles facing oil and gas and why the lock downs are a big deal but may not change much longer term. It is friday, october 16, and this is Worldwide Exchange. If i have it right, i think that is the black key and the song is 10 00 a. M. But were playing it at 5 00 welcome from yfr wherever in th world you are watching stock futures right now are in the green but lets be carefully here, they are basically flat. Dow futures are up 9 points, so in the green, yes, nasdaq up 22, but got a long i way to go the big money question on this bring is whether today will mark a rare four day losing streak for the nasdaq were down previous three sessions, although amazingly were still higher on the week outside of stocks, the big winner this week has been bitcoin. Thats right, up 4. 5 . Climbed earlier back above 11,500 bitcoin has been the winning asset class coming into a friday lets go around the world and it is looking like a nice session in europe as well. Lets ghets t get the trade, geoff c
Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end of the rage is not that good. If the facts change, could
They will go through the issues and this is television where tone, style, emotion are very important. My opinion, bidens job to survive 90 minutes, holding his focus to making sure there are no serious gaffes. The president will no doubt attack his style but not come across as a bully he doesnt want to stir up the sympathy vote. Heres another opinion, and absolute catastrophe the media will declare biden the winner. Lets get to the market, pretty much on hold maybe waiting for the debate the dow is down 11 points, the nasdaq 1026, 25, s p down near two. Not Much Movement, Speaker Pelosi has proposed a 2. 2 trillion dollars stimulus plan and the house may vote on it, a key point in Sticking Point contains 436 billion for state and local government, the republicans do not want that, and 25 billion for the airlines, 30000 airline furloughs on thursday if they do not get the money. Today is the day when Amy Coney Barrett goes to capitol hill and between nine republican senato senators, tha