It is up 3 today as a matter of fact. There we go. We begin with the Worlds Largest fund Company Turning to machines to pick stocks. Legalsly picker joins us at post nine with that story. Hey, guys. Stock pickers are out and machines in. Black rock is overhauling active management business, conceding beating the market is hard and expensive and computers can do a better job for less. The revamp affects 30 billion of black rocks five trillion dollars in assets to start. At a high level the plan involves adding more technology and data science to the art of portfolio management. That means fees will be sliced in half for customers, saving them 30 million annually. The firm says it also means that some Portfolio Managers will depart. The firm is offering new products including those under the advantage brand, which gives Retail Investors access to black rocks Quantitative Investment strategies. Keep in mind though this is still more handson than black rocks wellknown etf business. Some sa
Reform. It was about getting back to basics, investors turned their attention to upbeat reports on the economy, comments on Interest Rates from an influential member of the Federal Reserve and corporate profit t. Dow jones industrial average snapped an eightday losing streak rising 150 points, the nasdaq added 34 and the s p 500 was up nearly 17. Lets start with earnings. The end of the quarter is a few days away, already the expectations are high. Reporter the end of the First Quarter is just around the corner. The bulls are hoping a strong earnings season may provide a market stabilize tore what is likely to be a very rocky debate over tax reform and infrastructure spending. First earnings are expected to rise 10 from the same last year. That would be the best quarterly showing in six years, it might be better than that, the first 12 companies, micron, nike, oracle, theyve reported average earnings gained of about 12 . Those have also seen the best quarterly gains since the Second Qu
In the dow specifically. Does it continue into this new quarter . Look, i think its news driven at this point. Were done with the quarter, so that means earnings are coming up. I think the markets okay, so im going to let steve take it up. Earnings could break it out for positive news in terms of congress not being at a stalemate. Ab septembsent that, if you loo the indices, the quarter was even better than the 6 for the s p or worse, so youve got to be careful in your selection, more so now than at any time over the last five, six years. Big surprises this quarter. If i would have told you at the beginning of the quarter that tech and health care were going to lead the way and financials were going to be one of the laggards even though it was up, you probably would have told me youre crazy. I agree thats surprising. I dont think however that thats necessarily the trend. I do think financials will regain their mojo. I thought health care was undervalued for far lopger than it should ha
Points. The s p having the best day since march. This after treasury secretary Steven Mnuchin talked about tax reform. Heres that developing story. Melissa, treasury secretary Steven Mnuchin started to cool as part of the administrations plan for tax reform. He said that there are other ways to raise the 1 trillion in revenue that the adjustment board would have provided. He was careful to say hes not been taken off the table. The retailers got a bump off his comments. The xrt started climbing about 3 00 p. M. When mnuchins comments went live. Mnuchin has waffled on the request ein the past, always saying there is some concerns and that theyre studying it. Hes even raised the issue of how the curbs rency would adjusn this plan. At the very least, we have not yet seen the phenomenal plan that the president promised back in february. And democrats in the senate are lining up to oppose. So if there is no tax cut this year, is the hope of a tax reform enough to keep this rally going . Guy,
So without ibm, we could have a positive day theoretically. Can you make up an excuse, deuation in markets. Cloud and tech services. Can you find the good here . Theyre consist ept. Its tough to fibd a company that has lost money for 20, for five years consecutively. Over 20 consecutive quarters. There should be a premium for that. Its a Company Still in transition. However, their Growth Business is now just under i would say under siege but declining. Its not a stock i want to go after. It will always be cheap and until that transition is complete, which i dont think is soop, you dont want to go after it. Its got to bottom further. I dont know what b Warren Buffetts going to do about it ch hes there, hes in much higher prices. 170 in change was his cost base. Average price. 170. Ruined at this point. I agree with everything steve just said. From a trading perspective, if you were long the this name, the 200 200day active going back to a year, now thats backed to over a 200 day. Your r