Is two parts to that last night i focused on the major averages are not representative of the broader economy. Something held true today with the dow and s p losing 4. 4 and nasdaq sinking 5. 7 after the dollar skyrocketed something we warned about because the fed made it confusing how much they will keep helping the economy. The stronger dollar isnt great but the incredible v shape rally in the stock market doesnt jive with reality in a world where we still have double digit unemployment tonight, though, we need to talk about the other part of the sentence the stock market doesnt reflect Current Conditions emphasis on the word current why . The market is a forecast machine across the ball and supposed to be appearing six to nine months in the future. Maybe the economy is in rough shape. Let say they reflect next february so what are the odds the economy will be in much better condition by then because some people would say stocks are saying. Thats the key question. Tonight, i want to
Trump to not reappoint the fed chair. They are expected to meet today. Anna a warm welcome. Im anna edwards. Outlook 2017he sales, thirdonth quarter cells coming in at 13. 1 billion, roger with the 1. 4 billion the analysts had penciled in. The real question going into the numbers as to what extent can be success in newer multiple sclerosis meds offset cancer drugs . They are relying on new drugs to drive growth as the biggest medicines that have been treating cancer. We got diagnostic sales and other areas of the business being broken out here. Said it wouldy show a rise by midsingledigit percentages. Manus thats good to sap and their numbers. Revenue diet from sap, will be 23 point 4 billion to three 23. 8 billion. Lowerentally a little bit , 23 point or23. 8, the original guidance was 23 and three. New guidance for them. Sales outlook, strong business software, and what theyre trying to do is be focus come getting customers to focus come getting customers to of eight their sap. They
Europe right now. The bull market is not done. Theres no reason to believe it should be done at this point. Pete . I tend to agree with jon. But i think its getting fatigued. I think theres a little bit of tire. If it was a mile and youve run three lapse, were on that fourth lap and its hard to get that momentum back weve seen in the past. Some may be listening to this conversation and saying, look, guys, why are we talking about whether the bull markets dead, it was over already. Sectors biotech down 40 from the high. Energy, 36. Transports down 30. Financials, 23. Materials, 27. Hasnt the market been in a bear market . Well, we certainly pushed down pretty far. I think the reason people havent accepted weve been in a little bit of a bear market is the fact that this snapback has been so sudden. Its like that bear market lasted all of about two seconds. Look at the differences weve seen, judge, from that oil price of 26 to 37, volatility intersections across the board, from oil to s p
Down another 1. 7 to 39. 07. Also, the u. S. Governments Energy Information administration said stockpiles climbed by 9. 4 Million Barrels last week. A couple other stories were following. Starboard reportedly now ready to finally launch a proxy fight to remove yahoo s entire board. The furm has now been a vocal critic of the tech companys management, most recently asking yahoo to sell its core business. Starboard owns less than 1 of the company. The wall street journal saying they will nominate nine directors to yahoo s board. Also, yum brands is reportedly in talks with private equity firms kkr and hopu inforvestmen to sell a Minority Stake. Reuters reporting the possible stake sale values the China Business at about 10 billion. And app sl reportedly expanding its Payment System into mobile websites. Its going to do it later this year. Recode says the move will happen before the Holiday Shopping season. Apples Payment System will be integrated with its Safari Browser to allow purchas
Today encouraging the uk to stay in the european union. Former Central Bank President will join us with his reaction coming up. Valiant shares spiking on reports the company could have a new ceo. We have more coming up. Lets begin with the big earnings themes. Mcdonalds and tech, seuwere looking at the impact of tech earnings on these markets. Lets start with the industrials, bob. Three big industrials, all with modestly more positive commentary. Focus on that. I want to start with the ceo of General Electric. Conference call this morning came out. He acknowledged oil and gas was challenging. He went on to say aviation was showing strength. Healthcare was rebounding. Thats a strong word and china was showing improvement. Plenty of business to achieve our goals. This is more positive than a few months ago. Lets move on to caterpillar. Sales declined. But the ceo came on air this morning and said overall i think were close to the bottom. Thats a positive comment. This company has seen de