Apple news today. Company getting a big investment from Berkshire Hathaway, the Ride Sharing Service he just invested in there could be looking for a u. S. Ipo. Shares of yahoo up on quicken loans founder part of a Consortium Bidding for the company. Warren buffett says hell back it. Major m a deals, pfizer making a 4. 5 million purchase. But first, Berkshire Hathaway has revealed a new 9. 8 million stake in apple. Meanwhile, apple ceo tim cook visiting china in an effort to reinvigorate sales in that country. Hes expected to meet with chinese officials and is already met with the president of didi just days after apple announced that billion dollar investment in the ride hailing startup. Met with some other startup creators as well, posted waebo which has gone viral already. I think the story is the app store. 7 billion in business that regular Chinese People have done on the app store. Between that billion and billion last year and i think what thats about is to say you may think tha
Brutal day for stocks. The dow and s p having their worst day in a month. Concerns there could be a fed bombshell tomorrow in the form of the minutes. Home depot sold off hard, and you have to wonder, is the market saying this is as good as it gets. We kick it off with dan, whos been bearish. Ive been skeptical. To me, ill just say this. Im not actually bearish. The market has been banging around 2050. For it seems like weeks. When you look at the s p 500 in particular, i think its just above an important year term Technical Support level. Thats about 2037. Thats the april low. I think you have room down to 2000. Thats no reason to run for the hills if you think about it. Its just a couple of whoa listen, im of the mindset, not too different from last may, weve been banging it around. It will take something somewhat external or miscue by the fed to break us out of the range one way or the other. The miscue could be the fed could be out of the picture here. Look over the last week or so
168 points to the down side. At the lows we were down about 185, 186 points. So were off the worst levels of the session so far. But an interesting carry through from yesterdays trade when it was all about the fed minutes and the idea. The possibility of a june rate hike from the Federal Reserve and that really drove markets kind of a little bit more towards the volatile side. Today, most is to the down side in terms of moves. You can see theyre off by 1 for the s p 500. Utilities and staples have taken up the lead if can you call it. That up about a quarter to a third of a percent. Theyre showing signs of life here in this particular down day. The financials are interesting to focus on because so many of them, including regional banks, were such big gainers in yesterdays trade. On the idea that Interest Rates could rise on the longer end and the shorter end and maybe expand the yield curve and give them a profit margin. The net interest margins, youll hear traders talking about financ
Retail sector is still under pressure. Pandora shares on the rise after activist Investment Firm calling for pandora to consider a sale. Stocks poised to open lower following mondays rally. Futures up 0. 4 as gasoline, medical care and food prices up. April Housing Starts up 6. 6. Well above expectations on a 3. 7 gain. Economy doesnt look too bad this morning, jim. No. A lot of that increase in cpi is gasoline has come up. Thats something that the market likes, which is the craziness of this market. Remember we go to 48 for oil yesterday, and we have an explosion. All the stocks of the companies that do poorly when oil goes higher, but thats all right because oil is meant to be a barometer. We keep telling ourselves that. At a certain point its not a barometer. At a certain point its back to the inflation rate. But at the same time i dont see a lot of strength. I just see a lot of no volume, algorithmic moves in the stock market. Yesterday was one of the worst examples of it because t
Daughter sherri and the ceo and leader of viacom Phillippe Dauman. This morning he has filed a lawsuit just moments ago along with George Abrams in the massachusetts probate and family Court Challenging changes purportedly made to the trust arrangements by an attorney claiming to represent mr. Redstone. In a legal complaint, these two gentlemen, mr. Dauman and mr. Abrams who again have been removed from the trust that oversees the stake in National Amusements that in turn controls viacom and cbs, they are going to the court saying they want immediate judicial relief and a court ruling to invalidate the purported removal of them by mr. Redstone as trustees of the trust and also invalidate the removal as well as directors of National Amusements. They would assume then want him, that is mr. Redstone, to be deemed potentially incompetent and not able to make decisions. And very harshly worded language, guys, that accompanies this lawsuit. In a press release i just received Phillippe Dauman