Bank of america and wells fargo beat, jpmorgan falls short. Results from delta and intel. Both coming ahead of consensus. And the read on retail sales slightly below expect tatioexpet Doug Mcmillan giving a rosier assessment. Bank of america had good Third Quarter results. Wells fargo had a beat as well. Its loans helping to lift profits. And jpmorgan missing with its quarterly results. Jamie dimon spoke about his banks expenses on last nights Conference Call. I spoke my whole life on good expenses, bad expenses. Bad expenses are waste, things you dont need. We want expenses go up. We find marketing opportunities, well spend it. If the Investment Bank does better. Thats how we run the company. That wont ever change. Once again, jim, story is loan growth is good, but the trading revenues are challenging almost everywhere. Yeah. People will say when they listen to bank of america, which was an excellent quarter, okay . Bank of america is making money in that business, why shouldnt jpmorg
Points. Oil is about the only asset thats not participating today. In our road map this morning tech trifecta, amazon, microsoft beating expectations. And jack dorsey taking onethird of twitter shares and dishing them out to employees. Futures up sharply as Chinas Central Bank cut Interest Rates. Lowered by 25 basis points. Reserve requirement reduced by 50 basis points and comes a day after a rally which included a jump in the dow hints of further easing by the ebc. Look the communist mean business they wont let this economy slow that much more. They are trying to change thing. Were getting hints consumer is spending more in china. Chinese stock market, we used to talk about it every singling day, had a nice rally. Europe, draghidraghi. He manages to get the dollar to soar on just talk. Hes the pied piper of higher stock prices. Last night some quarters that are thinning like the new york mets. I talked to mr. October last night. Saw him at a party. The actual mr. October. Daniel murp
Due months chairman and ceo is stepping down after six years in the post and five months after winning that proxy battle against an activist investor. Freeport trimming its board and reviewing Strategic Alternatives for its oil and gas businesses. Pepsico lasting its full year outlook. First up, futures indicated near the flat line a day after the s p saw a fivesession winning streak. All the s p sectors finished monday in the green led by industrials, up almost 3 . Jim, from fridays low, the dow is up 762 points. This is a market where a lot of people were caught leaning the wrong way before this rally, carl icahn, very noted investor, sounded an alarm. I think people were short betting that the number would be strong on friday, and we would have this calamity that didnt develop. At the same time peoplecloses ye negative news out of china, and glencore was able go up large. Took a breather, now the earnings start. It used to be alcoa. Today its pepsico. And if you start with pepsico a
Crude that was the story yesterday. Look at that. You were just at 50. We were just pushing 50. You saw the latest caseshiller home prices, they were just released at the bottom of the screen. San francisco, denver, portland have the biggest home price gains. Lets get to our road map this morning. Earnings, earnings, earnings. Alibaba higher in premarket after profits and revenue beat expectations. Yahoo goes up when alibaba goes up. Mixed results in from dupont, ford and u. P. S. The cfos of u. P. S. Will be up later in the show to give us more insight. Pfizer, merck, bristolmyers all beating consensus and boosting fullyear guidance. Take a closer look at pfizer. Those were particularly good numbers. Lets start off with alibaba, up sharply in premarket. Posting better than Third Quarter results. Revenue up 32 . Strong growth across the board, particularly in mobile. Yahoo owns stake in alibaba, it will be putting that in a separate company, hence it goes up, almost as much as alibaba
Some very exaggerated moves. Even as the averages might not seem to be doing much. Dow dipping 42 points today. S p declining. 26 . Nasdaq losing. 09 . Its all underneath the surface. The moves were all over the map and the volatility was insane because the expectations are moving to be totally off base in so many different cases. The best example, twitter. Ive been telling people to cool it already about the stock. Dont get too excited about new features or the new jack dorsey regime because the ceo just got started. This thing cant be turned around that easily. I even lost my cool this morning. It says people should just give the guy a chance and not bet on the near term. No, expectations got ridiculously high. Many say jim if you do like three more periscopes cant that be additive to earnings . No. Guidance is weak. Things just got out of hands. Stocks can drop to the low 20s in august. Incredibly bizarre expectations for the Largest Company in the world, apple, which reporting this