Alley. Im john fortt here at post 9 with michelle carusocabrera, mike santoli, carl quintanilla, and sara eisen have the morning off. General electric, meanwhile, slashing its dividend in half. The first cut since the financial crisis, and its shaking up its core business shares sliding right now down more than 4. 5 Morgan Brennan is at ges investor day in midtown manhattan and joins us now ge cutting its dividend by 50 in what is from a dollars and cents perspective the biggest reduction ever by a company excludeing the financial crisis, but the street expected that thats not why shares are falling right now. Why shares are falling, because of the guidance, so new 2018 eps forecasts, a dollar to 1. 07 per share, Free Cash Flow 6 to 7 billion, also disappointing, lower guidance and as one analyst just pointed out to me, the 6 billion in Pension Funding next year is excluded from the disappointing eps forecast meaning, the numbers may be worse than the optics are suggesting so one key d
American airline shares up added to the s p at the end of the week. Well hear from ceo doug parker. Apple reportedly in talks with programmers about plans to launch Online Tv Service this fall. The end of an era, microsoft reportedly dropping the Internet Explorer brand. First up futures falling amid a slide in february housing results as the fed gets ready to kick off the meeting. Its the biggest miss on starts according to the spoke since 07. Holy cow. Hard to build a house in february. We were among the weakest countries in the world during the month of february. Its funny what the feds going to doen they look at february building homes fewer when we had half as many people in the country, household formation not good, rents going up. Its worrisome. Its worrisome. You cant lose housing. Housing punches above its weight as john stupmf would tell you. Looking past it . No. You dont need if they get rid of patient word its happening at a time i would like to see march data because ive
Alcoa is up right now. And it is 4 00 on wall street. Do you know where your money is. Hi, everybody. Welcome back to the closing bell. Im Maria Bartiromo on the floor of the new york stock exchange. The market closing lower for a second day in a row today as we kick off the Fourth Quarter earnings reporting season. Take a look at how were settling out on the street today. The Dow Jones Industrial average off the lows of the average with a decline on the session of 55. 75 , about onehalf of 1 . Volume not great. 562 million shares at the big board. S p 500 down five point, a third of a point at 1457 and the nasdaq composite gives up some ground to the tune of seven points. All the major averages ending off the worst levels of the afternoon. Market closing lower for a second day as earnings kicks into high gear. Alcoa reporting moments from now. Well have the moments on alcoa and tell you what that may mean for the rest of the earnings season. Mark newton is with me, a gray wolf executi
Fiveday losing streak yesterday. A lot more fed speak on the way today. Europe got some strong confidence numbers in both the u. K. And in italy, although that italian 10year ticking up yet again this morning. Our road map begins with jcpenney. A potential payout to top execs coming in much bigger than expected. 80 million should a sale to a buyout group be completed. And nike share higher premarket after its Quarterly Results outpace expectations. And on this day in 1993, david faber first clicked on his mick cr microphone on cnbc and the rest is history. I wondered if that was coming. Did you know it was coming . I thought maybe because they sent me a little pin. Did you know that was what happened at ten 20. Oh, 20 thats a fifth of a century. Thanks for reminding me. Jcpenney is offering 84 million shares at 9. 65 apiece. Of course this offering itself someone unexpected given what been a believe that it did not need to raise equity or need to raise any liquidity. Ceo mike ullman co
That. One thing that could derail that, the jobs report tomorrow morning, dont you think . I dont, because i dont think one number is indicative of a trend, and i think weve seen a nice steady upward trend in the job market that way. Hasnt been quite the recovery we want, but its been study. I dont suspect one number, even if it turns out to be bad, will torpedo the market. Three other investors in the program, and keep mentioning this because we saw the trend develop, they are all reluctantly long. Thats the term were using this hour. Are you reluctantly long . Im not reluctantly long, at this point i am. 14,2, day trade and hedge some of my exposure. The trend going on three, four months ago, time to get in. They are hanging in as long as it will take them there. Terry, thanks very much. Good to see you. Here we go. Third day in a row record highs with the Dow Jones Industrial average with a gain of almost 40 points. Stand by, very big addition of the second hour of the closing bell