In mystery name . We get a minneapolis appearance from pete. Look forward to that but beginning with this. Breaking news in retail, the gap scrapping plans to spin off old navy shares jumping on the news. Lets get to Courtney Reagan with the details. Gap, inc, reversing the decision to spin out old navy into a publicly traded company, increasing guidance for the full year and giving leadership updates and a surprise announcement in the last hours shares popping on the news, they were behind be pulled become a bit. But they nounsed the gap pick art feng was out the separation was first announced at the end of february 2019 interim ceo Robert Fisher said while the object he was of the separation remain relevant our board of directors concluded the cost and complexity of splitting into two quips combined with softer Business Performance limited our ability to create appropriate value from the separation gap, inc, now expecting fiscal full year sales and comps to come in at the higher end
They know nothing after a day where the nasdaq climbed. 30 , although we were much higher most of the day, this feels like one of the moments where the bulls are trying to have it both ways on a bunch of key issues. Thats not good. Some things are mutually exclusive. Today was a goodlooking day that was actually quite ugly yes, the inside didnt lock like the outside. And you know i dont think you should judge a book by its cover. I know hope springs eternal. But today we saw too much hope too much hope springing eternal. And some of these hopes simply cant be reconciled. So they wont work in the end. What do i mean you cant have the bank stocks keep going up while the financial tech stocks also go up its either one or the other, because Portfolio Managers only go all in on fintech when theyre scared to own the banks. You shouldnt have a rally in old tech coupled with a rally in new tech that doesnt work. They tend to trade in opposite directions today you had the soft goods stocks runn
Psychological five level last night before backing off. Investors closely watching the weekly close and what these moves mean for the yield curve. Mike santoli, cnbc markets commentator joins us. I did mention uninversion is happening for the wrong reasons. Exactly. Uninversion, in general, is not great. This time its happening because people are willing to sell the long end bonds. This time there is a little bit of a bid in the short end. You have had twoyear yields come down. All that being said, you know, the stock market is down a little less slightly than it was a few minutes ago. It was a very determined angle of descent down to 1 drop in the s p 500. It just seems like markets getting a little twisted up and risk averse in advance of the weekend. There actually is a little bit of a bid in treasuries. As soon as you get maximum afraid of 5 yields, we back off 5 yields. And its a matter of making our peace with it and why is it happening is part of the story. But just what the eff
Today . Speech therapy, trying to deal with the mutiny that was coming as a result of Bernie Sanders supporters who did not want to give in. After a storm calls for unity is the headline in the philadelphia inquirer. As the night went on it looked like the bernie supporters had finally calmed down. You heard john harwood report earlier about how Sarah Silverman told them they were being, quote, ridiculous. And that seems to have helped. Lets see what happens tonight with the big headliner. Former president bill clinton, historically hes always a crowd pleaser. But, guys, he has run into trouble with the black lives matter protests as hes been on the campaign trail a couple of times. But you can assume this is probably going to be a pretty friendly crowd tonight. Lets get over to brian and tyler back at cnbc headquarters. All right, michelle, thank you very much. So a ton in the Business World going on as well. Your power lunch menu seems very appropriate today because mcdonalds is the
Not to mention the fact that sentiment appears lower than its been in years. Blame it on slowing iphone sales or the watch, which hasnt been as big a blockbuster as some people had hoped. Ceo tim cook asked about it on 60 minutes sunday night. When we launch a product, were already working on the next one. Possibly even the next next one. So josh, you got cook on tax policy, you have sentiment negative. You have apple consistently defending the pipeline. You own the stock. Whats wrong with apple . Why are we talking about it over one month, a year, since the high is being down double digits . People forget, this is a stock thats prone to the sale cycle of new products like any other in history. When they do have a cycle, the stock acts very well. In the back half of a cycle, theyre just iterating old products, doesnt act quite as well. 2012 is a great year to re re reference. Were talking about this concept. 2013, rather. The russell 3,000 was up 40 and apple was flat to down the entir