Bloomberg. Why two different stocks could start the burn power lunch starts right now thanks and welcome to power lunch, everyone stocks are retreating from their record highs were off the lows of the session today, but the dow still down about 200 points and the nasdaq getting hit the hardest down 1 today as some of the big e trades are getting dumped. Including the likes of Virgin Galactic and take a look at the tenyear yield sinking near the lows of the session and briefly touching lows of the year at 1. 257 for more, we go to bob pisani an the New York Stock Exchange. Bob. I think you had a good point there, kelly momentum is the issue. I want to show you the s p 500 we had a very short but shr sharp sell off right here. S p future, big volume in the emini futures. That tells you somebodys lightening up on their positions. Its the big momentum really associated with growth names you have Virgin Galactic, but look at the midday drop. Qi earnings have been low and we dont have a lot
Looking for continued strength. City did guide up to the higher end of the range for its credit card charge off portfolio. We are coming off extremely low levels that were unsustainable. Wells fargo is down in trading. Is that just because of the legal charges . Allison legal charges is part of it, also no visibility on operating charges. It is not surprising they are not giving any commitments at this stage. It is also not surprising that you would see a lot of charges as a new ceo comes in and tries to put the past behind them. I think the size of the legal charge was surprising to some. The question is is this it . Is there more to come . I was on and off the call so im not sure we have got a number for the losses beyond reserve or any indication on that front. The question is already getting the worst behind us. David often it comes to a reset with the new ceo. Thanks very much. Now we go to Brooke Sutherland on the boeing story. You have a great piece on the new ceo, calhoun. Broo
With a texas showdown between the Dallas Mavericks and the San Antonio Spurs as sharpshooter look at don church comes back with a bit. So an airliner has crashed on takeoff in kazakhstan killing at least 12 people the back jet came down near the airport smashing through a wall before hitting a house rescuers have worked in freezing temperatures to reach the 98 people aboard well start with this report from alexia brown. Emergency crews calm the wreckage of the airline a torn in half the main body of the back a jet barely recognizable its ria resting in a field the flight had just taken off from the airport bound for the capital no so tom survivors say passengers screamed as the plane started shaking then tilted a full smashing into a concrete faints and slamming into a 2 story house race queue. As worked in subzero temperatures to save dozens of injured including 8 children president kasim caiaphas formed a Government Commission and says anyone responsible for the crash will be in his
Make a deal. Futures lower on reports that china wants more talks before signing. The president s highly touted phase one. Plus, cash burn concerns. Wework director set to discuss two Financial Rescue options today. Facebook feud Elizabeth Warren says the social Network Takes money to promote lies and creates a fake ad to prove it. So investors trying to digest a lot of news surrounding the first phase of thattrade agreement between the u. S. And china. Market sentiment tempered by reports that beijing wants further talks before making a deal treasury secretary mnuchin was on squawk earlier this morning talked about just that. We made substantial progress last week in the negotiations. We have a fundamental agreement, it is subject to documentation and there is a lot of work to be done on that front but it includes intellectual property rights, it includes financial services, it includes currency and foreign exchange. And it also includes very significant structural issues in agricultu
Softbanks masason in favor of unseating. First Lady Melania Trump coming to the nyse, set to ring the opening bell to help highlight her be best campaign we start this morning with this ongoing drama, increase drama at wework. The company we followed closely in weeks past because of the expectation it would soon go public thats no longer the focus at least of the current stories involving the company. More so the future of its founder and ceo and Controlling Shareholder adam newman. This morning we can tell you much remains in flux at the company in terms of the future of its Senior Leadership with a number of significant Board Members and shareholders moving to oust mr. Newman as the companys ceo, move him into some sort of other more ceremonial position, nonexecutive chairman or something along those likes. As of early this morning, it was unclear what mr. Newmans future would be there is some division on the board, im told, by people familiar with the situation where representatives