First, markets close in two hours. Julie hyman has been watching the movement. Julie we saw a pullback from those record levels yesterday. , sort ofower volume feels like a sideways trading pattern. The nasdaq is down. 5 . Volume of 14 versus the 20 day average. You see the other groups seeing defensiveume groups seeing that pullback in particular. What is putting pressure on the s p 500 . It has a lot to do with earnings. Netflix beating estimates, but subscriber growth trailed estimates. Philip morrison seeing the pinch and the stronger dollar microsoft reports its numbers after the bell. Point wise committees are the three biggest drags. In terms of point winners, mitigating the drop we are seeing today, we have johnson and johnson after that beat estimates, raised its fullyear forecast. Because arising, linked to whats going on with mcdonalds japan for the company is selling pokemon toys. Facebook shares trading a bit higher as well. That is the balancing act today. Right now, the
Okay. First, thanks for having me. Yess the last five years one of the largest shareholders of williams. Most of the last two years was on the board and resigned in late june along with five other quality directors. Six resigned in total. A different view of the management, specifically the ceo and ability of the six directors who stayed to assist and hold that ceo accountable. In some id say very much a 1970s board where theres six directors whose qualifications i question. Gotten on beal loyal and supportive of the ceo, whose record failed to meet expectations. We went through a long engagement around strategic initiatives, on and off again deal with Energy Transfer. That deal did not happen. Then the board had to figure who was the right leader . The right question for a board to ask. There were six very accomplished directors including the only sitting ceo, the chair of the head of the safety committee, the head of the Strategic Review committee and two largest shareholders who fel
Thats the catalyst. Seems to be. This is fed fear front and center. Yes. I am very calmly panicking, scott, which i think is appropriate. No. Whats really going on, biggest decline for the tft going back to 2015. Not big. Less than 3 . Could be worse. Last night on the double line call probably were as widely heard and reported what he said, those who might have missed it. Im going to quote. Interest rates bottomed ebott. May not rightness near term as ive talked about for years, i think its the beginning of something and youre supposed to be defensive. Fine. You see this, people start to freak out or calling a growth scare, i find adorable. The reits will catch a cold. Utilities catch a cold. Thats a big area in the market. What happens if the overall market catch as cold . Tony dwyer suggested a correction. Could be 5 percent pr . I hope that happens. Let me finish my thought. Go back to prebrexit, june 2nd to fi june 22nd. You need fear in the market to work to the upside in the int
One full percentage point. Ugly for apple, not great for twitter. Come outperformance on the dax. Switch up the board just very quickly and get the other asset classes. The bti at 45 a barrel for the First Time Since november. Wti at 45 a barrel. The aussie dollar down by 1. 83 . Rba might cut rates again. There are the big moves in the wider market. Julie ton of earnings out today ton of earnings out today. Adjusted eps at . 45. Weve been talking about this story that comcast is in talks to buy dreamworks, according to the wall street journal. Glaxosmithkline in london ofting as well with core eps those two stories are very different from what we are seeing across the tech sector. Let me start with apple. Obviously come apple missed by a longshot. Even though we did expect apple revenue to fall. It fell for the first time in a decade. Smartphone sales were down. Analysts knew that was going to happen. A disappointing outlook for the current quarter. Apple tends to do that. They did no
Guidance and the intel look, and they say they will layoff 12,000 workers as they are going to be focusing more on the cloud. And they talked about the layoffs in an cnbc exclusive this morning. Have a listen. It is a mixture of the actions to what to do to drive the company in the drirection w want, and how to accelerate the change and growth eareas, and when we did that, it came out to the 12,000ish number. And he also talked about the pc slowdown which is an area where intel does plan to scaleback. The areas that are flat to down are tending to be those mid to lowerlevel system, and both laptops, and degsktop, and it does not mean ta we wont continue to support them or bring in new innovations, but it is just that we will scale that innovation relative to the growth. So we will slow it down, and we will as far as the amount of innovation going into the segments, but we will support them absolutely. And of course, jon fortt brought us that interview in the 7 00 a. M. Hour. And he see