Theyve been performing. Interesting crop. Includes avis, carmax, and many others tivo. That was one, wow. Other big winners. Anyway, largest Ransomware Attack in interpret history, and looking to protect yourself, a new industry of Cyber Insurance is booming, and theres a lot of Cyber Security names which are rallying today. Well get you details. People discover that etf today. Oh, boy. Hack is having a day. Best day of the year smart right now. Meanwhile, Charles Bronfman has a new memoir about the empire, talking the family business, and his tremendous efforts in philanthropy. We got a lot of Great Stories to get to with Charles Bronfman here. Playing bernie and ruth madoff, joining us, and why de niro did not meet with bernie in person. Michelle did, and i dont want to tell it dont give it away. But de niro did not meet with him, and unclear if madoff will see this, of course, being on hbo. I cant wait. Saturday night. That movie on hbo saturday night. A move up in oil, 2 move highe
We start off with autos. Very bleak picture for auto sales in the month of may. Numbers tanking across the board. Gm and ford falling hard today. What are the dismal may numbers signaling . Autos, trouble. Autos have been a huge driver of gdp growth since 2009. Cash for clunkers. Then subprime loans exploding. Now, mike jackson was on cnbc back in january. Hes the ceo of auto nation, the largest car dealer. He said back in january that things were slowing down. Whats interesting is the automakers, they increased production. So now we have an inventory problem. We have almost three times as many cars in inventory as are being sold. At that level, thats the last time we saw that level was back in 2008. And that generally signals the peak of an auto cycle. We talked about the peak, but as that comes down and you start to see ford and gm start to take some production offline, if this really is peak auto, thats going to start hitting unemployment, thats going to start hitting gdp growth and
Lynch upgrading the stock to underperforming. Theyll release a statement about the potential buyout. Weve been watching the futures all morning. If you want to take a quick look, after yesterdays big pullback, some people thinking that was the beginning of the pullback, you will see the futures indicated higher. Up by almost triple digits. Dow up just by 84 points. We want to thank our guest hosts today. Great to have you guys. Thank you both. We dont necessarily come as a team, but sometimes. Now its time for squawk on the street. Futures higher trning, thats something the bulls might say, dont call it a comeback. Were still here. Im carl quintanilla, with melissa lee, jim cramer is here, and david faber. Europe stabilizing as service pmi showing overall slowing of contraction. In china, services pmi accelerating to 54. As markets climb back from the s ps worst day since november, is todays market going to demonstrate investors willingness to buy the shallowest of dips. The business t