Jim, its clear that even though we had some constructive things happen tactically yesterday, sounds like you dont expect this bounce to last for long were the most oversold weve been i guess you could go back some people say get some great stuff from mr. Williams who is one of my favorite technicians, larry williams. I want to point out, hes done work which says going back to 1933 this is one of the most extreme panics ever. He wants to buy panics on the other hand, you say whos there to buy i feel that were due for a bounce i dont know how much money there is there is to buy much more stock liquidity is a concern in every aspect of finance, at the same time any time you skip over the Public Health issues, you forget that right now strapped in san francisco, strapped in boston, strapped in new york maybe theres not just equipment. The nightmare is occurring what do we make then of stei stifel looking for a 15 rally, gun gundlach not shorting. Why are there these Little Pockets of not o
Street about the stock. Well debate. The Investment Committee is ready to go. Halftime report starts right now. Our Investment Committee at the table today, the Portfolio Manager at eaten vance. We begin where else . The market. Stocks have been ramping in the past 30 minutes, got above the closing high on the s p on a big day for the semis thanks to intel. All but hitting a new record, as well. Names like jp morgan, so many more hitting 52week highs today. We are about a point away from a new high. Is this the beginning of that longawaited ramp that weve been waiting so long for what drove the market was off to a decent start anyway and then the china news. Then the market went to hyperdrive. So if thats the case, if we have a meaningful agreement with china, we really dont know the details, that could, in fact, increase the trading range. So go through it. I thought there was a bias of the upside slightly. Some numbers are good, some are bad. Its very encouraging when you get a print
Off with what were calling the twin pillarsprosperity tech and bio tech. The s p tech bio sector. And bio tech breaking out, now up 22 , so do you stick with these groups of stocks how much higher can they go . Guy . I think you do. You stick with them for sure, but if youre asking would you rather i wasnt. Answer the question. Ten seconds in the show, youre coming at me. Felt like a would you rather to me im sor richl bio tech i think weve done a decent job. Said it needs to 300 steve has been talking about bluebird i think it was up 10 today, but all these names weve talked about in the immune other pi space, you saw it happen with gilead and kite. It open it is the flood gates for m a and a lot of these stocks valuation wise are still cheap not least of which amgen and celgene. It was a recent bid underneath the market. Bluebird was the next one. Juno as well so you see strength there. I think they both could. They both benefit from tax reform and they could have lack of inversions
Thats where we want to start with media mayhem that took wall street by surprise today it began with what we are calling disneys tragic kingdom. Ceo bob iger saying something sent down the stock midday and sent the stock into a frenzy julia has the details. Well, melissa, it was xhe comments bob as well as comcast executives first, disney shares took a hit. I think you have to look at the year as being roughly in line with eps basis, what we delivered in fiscal 16. Now, last year, disneys earnings were 5. 72 per share. 16 cents lower than consensus for this year according to tomp reuters. He attributed this years shortfall to a number of reasons including growth in nba rights cost lack of a big Star Wars Film as well as cost relating to buying more bam tech he also noted impact from Hurricane Irma there have been cancellations in orlando and the cancellation of three cruise sz and shortening of some other cruises. Then comments from a comcast executive sent shares of cnbcs Parent Compa
To break bread and suck blood with the president. President trump had a taste of the sweet bipartisan nectar after making the debt ceiling deal with chuck and nannes while the idea of crossing a 60 vote Senate Threshold to make cuts longterm is intoxicating by working with the dems, swap and spit with the people who would trade kidneys and grandkids for a majority in either chamber to kickstart impeachment proceedings. Fans of the president think its a stroke of genius for him to torture his own party by having pillow fights with the opposition, but the president is in need of a win any, compromise is worth the interparty bad blood and spent capital. After a botched and Embarrassing Health care loss, the president cant rely on Republican Leadership to deliver something as crucial as tax reform and that leaves people posing the wrong what if . The question isnt what if the president fails on taxes with republicans . Its what if he succeeds with democrats . Theres not a donkey in washing