Cramer, david faber coming to you live from separate locations this morning its risk off following those onemonth highs from yesterday empire and retail sales for march were abysmal the worst on record. Below Expectations Oil below 20 earnings from citi, goldman, bank of america showed the major banks are, as expected, bracing for a wave of defaults some more than others when you look at the percentage of the total loan book at jpm and city. Jpm is the one that people decided wasnt that great. When i look at it, i think it had to do with tone. Jpmorgan, the crucial lines were something that were uttered by jamie, which were, look, may is not realistic. It will be june, july. The problem with basing everything on that is that you dont realize these banks are much more much better prepared than we thought you have a citi thats down from its tangible book value, its actual youll have multiples that are incredibly low because people feel the dividends are in question yet you have a tremend
Vornado, Regency Centers and kimco down 40 this year on growing concerns about their tenants ability to pay rent as most nonessential retail remains shuttered across the United States back to carl eric, thank you very much good morning welcome to squawk alley. Im Carl Quintanilla with Morgan Brennan and jon fortt is back after a week off coming to you live from separate location. Major averages off of the morning lows dow was down 500, now down half of that. A big week of earnings, ibm tonight, netflix and others in the days to come and then, jon, oil is a major story as the front month contract does expire tomorrow. It is thats had a big impact on the markets overall. Im looking at all kinds of retail and ecommerce as well, making some strong moves in the past when i was off and over the past month as well, guys that is where well start this morning. Lets bring in heath terry, Goldman Sachs internet analyst good to see you. Yeah, good to see you too, thanks, jon. So as i was just sayi
Teams and teams and delivery of cars for 2020 and so forth. Were starting to get a clearer picture on whats happening in technology as well. This is a big earnings week in general but we got the alphabet earnings last night. And one of the stark things was the difference between direct response advertising and general brand advertising. We heard direct response is doing better we heard it from snap. Heres the general idea from alphabet, gives you a read through whats going to happen with facebook. There were other numbers that alphabet talked about that could have implications for apple, certainly for amazon and microsoft in their cloud numbers. So that data, that intelligence were getting not only for what happened in q 1 but the trends in beginning of q 2, morgan, are so important. Yeah, potentially read through for apple when we get those results after the bell tomorrow, too. We started the week talking about the outsized leadership of these names, microsoft, facebook, amazon, alpha
Work with you here in the congress. Eager to chat about your book, the case against socialism but maybe first reflect a little bit on the role that you have within the congress and within our party as an independent voice and as someone whos willing to strike out on issues that may be other republicans arent whirling to strike out on. Guest sometimes i think im a lonely voice but you know how it is in a house if you believed in balancedbudget or you believe we should spend less or have a limited Constitutional Government really controversial things like that, limited Constitutional Government but unfortunately we never get any of the other side but then we lose a lot on our side that could be better at it and i guess thats one of my frustrations but i tried very hard to have the same opinion whether republican president or democrat president that the constitution was specific. Spending power was ours but things like that that we should keep our hands on from a power to declare war is o
Hours in the Oval Office Last night. The gop plan proposing 1 3 of the 1. 9 trillion democrats are looking for. It was a very Good Exchange of views. I wouldnt say we came together on a package tonight. No one expected that in a twohour meeting, but what we did agree to do is to follow up and talk further. The devil of course is in the details. Theres plenty of kidisagreemen in the dollars in the plan. Its unclear how much republicans are willing to go up and biden willing to go down but a Top White House aide suggests not much. Everything here is to help people stop suffering from the pandemic. This will lift 4 million kids out of poverty this year. We are more than willing to keep engaging, but at the end of the day what the president and Vice President wont do is compromise their values or let the American People down. Democratic leaders in the house and senate have taken the first steps towards reconciliation, a Budget Maneuver that would allow the Biden Relief Act to pass with a s