What is behind this a rally . Can it continue . Good morning, gentlemen. Paul, ill start with you. Valuations getting stretched here im a little bit worried about the valuations in tech, and ive been at this game a long, long time. Fundamentals are okay. Fundamentals might even be accelerating a tad from last year but when you take a look at the valuations of some of the marquee names that you mentioned in the teaser, particularly tesla and apple, im worried interesting okay joel, how about you . Given some of the names we just mentioned, in your coverage universe, what do you like the most at these levels good morning. Thanks for having me on. Obviously with tech you want to be a lot more selective and who the winners and losers are going to be. I think apple is to the upside, but 13 times to 24 times the span of 12 months is getting a little rich. I think the 5g hype could get a little ahead of itself, especially 5g as a utility is limited in the foreseeable future i look for names i
Content, and digital assistants. We have highlights from the annual ces event in las vegas. We hear from the heads of micron, qualcomm, Verizon Media, and quibi. And Tesla Ceo Elon musk cuts a rug after delivering the first customer cars from the shanghai factory. Shares touch record highs. Our top story this week brought increased tensions between the u. S. And iran. Last friday, a military strike in Baghdad International airport took out one of irans top generals. Tehran responded by launching missiles at u. S. Interests in iraq. It all roiled the markets and created new fears of cyber warfare. CyberSecurity Firms like cloudflare and fireeye were up this week as a result. I was joined by marcus fwoler, the director of strategic threat at ai Security Firm darktrace, and our cybersecurity reporter kartikay mehrotra. Kartikay i think there is a significant distinction between irans conventional battlefield capabilities and where they are on the cyber front. They are never going to go to
Earths atmosphere. We will get details from microsoft president and chief legal august legal officer. We will look at what an internet pioneer sees in the decade to come. Now, after three years in the making, the u. S. And china signed phase one of the trade deal on wednesday. President trump and chinese vice premier put pen to paper for a deal that the president claims will have a Significant Impact on the tech world. Pres. Trump china has made enforceable commitments regarding the protection of american ideas, trade secrets, patents, and trademarks. They have also agreed to confront pirated goods, which is a big problem for many people in the room. Taylor those people in the room being those of the likes of executives from micron, qualcomm, ebay, and others. I spoke to the director of digital and cyberspace policy on the council of Foreign Relations in new york. And in washington, bloombergs eddie collins. We have learned that the u. S. And china have taken the first step to negotiat
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
Weve got record highs, dow surging. S p gaining. Nasdaq 1. 06 texas earnings forecast and yesterdays trade deal with china. At the same time individual companies are taking action to fight Climate Change in a way thats unprecedented these are issues that could hurt earnings per share yet the market doesnt seem to care. The market seems to like it. Its insane. For my entire life, especially the last 40 years, you have companies doing anything they could to make a profit and the government working to restrain them. It was the government that forced big business to care about clean air and clean water. Thank you richard nixon. We took it as a given companies would try to get away with anything they could to maximize profits for their bosses the shareholders this endless cost for growth, wall street didnt care at all it was amoral. And if you want to be a good investor, you ordered this stuff. But in eamon yumtal twist weve seen a shocking paradigm shift suddenly capitalism is trying to re