Future series, coming to you from cnbc one market in San Francisco. Weve gotten interviews about some of the most exciting tech stories in Silicon Valley coming up just in a few seconds. The dark real world, though, in the interim got in the way of the story. It got ugly fast today. Im talking about how two Great American industrials that we follow here on mad money, pbg and honeywell cut estimates ahead of their quarterly reports. In an across the board selloff, the averages spent most of the day in recovery mode. A wicked session turned relatively benign. With the dow dipping 28 points, s p declining. 3 . The warnings couldnt have come at a worse time, worse time for the industrials at least which have been rallying ahead of the soon to be released quarterly reports. Money flowed into other sectors as soon as the disappointments happened. Notably the bank and retailers once the cyclical smoke cleared. Despite a tepid payroll report, these two groups helped the market make a rebournd.
Lets look at that stock, nosedive here. Were deep in the red. Triple digit losses as brian mentioned on the Dow Jones Industrial average, down by 165 points. The s p 500, off the session lows by four points or two, 22 points the loss. Nasdaq feeling it down, down 1. 3 . Apple, a bright spot on the nasdaq, helping that index. Biotech down big time. It is down by 3. 5 . And, again, as we mentioned, apple is holding up. We should note too that telecom in terms of s p sectors, the only one in the green. Thank you very much, melissa. Good afternoon, everyone. Welcome. Im tyler mathisen. Here is what else is happening at this hour. The Supreme Court hearing the arguments in the long running patent dispute between apple, which had won at the lower court level and sam susung. Small Business Optimism taking a dip ahead of the election. Well have more on that in the next hour. And Tropical Storm nicole expected to strengthen over the next few days, could become a hurricane by tomorrow. Meantime,
Look at crude, which has been dictating terms for equities lately. Relatively unchanged on wti, about 50. 18 per barrel. For brent, 51. 88, barely higher. Rbob gas edging up a bit. Well get back to the markets in a bit. Breaking overnight, the u. S. Military launching tomahawk cruise missiles against radar sites in yemen after incidents earlier in the week where a navy ship was fired on from a rebel controlled area. Now to this mornings top story, embattled wells fargo ceo john stumpf is out retiring Effective Immediately. Tim sloan taking over the top job following the highprofile scandal involving their sales practices. News came out after the market closed yesterday. Looks to be up about 1. 5 in extended hours. Notably above 46, a level we havent seen in some time. Helping. Helping. Yeah. Wilfred frost spoke with tim sloan late yesterday and asked him if stumpfs departure was a necessary condition for the company to move on. I think johns decision to retire is one that, you know, is
And the cautiousness is on the investor side. Even numbers you put up beat down bottom line and topline. Join us live. You have heard by now what is twitter shares sinking after the Financial Times reported sales kbw says the biggest take away force is not interested in was that management doesnt know buying that company. We have confirmed that report what the Consumer Bank will look like in the future. Now and jim cramer spoke with sounds like a serviceoriented sales force ceo last week. Culture. That may be more wakovia import. You probably saw that here. Jim will join us with his take can you confirm that that kind on this latest news. A new study shows of transition is underway . Traditional sports are losing i can. In fact, we have announced that ground against e sports. We have the Boston Celtics in our retail bank we are moving player looking to diversify and much more to Service Orientation have become an esports team and going to be incentivising owner. That is diversification
Julia. Reporter well, netflix shares skyrocketing as much as 20 higher in after hours trading as its results blew apast expectations. Netflix beating projections on revenue, earnings and subscriber numbers with guidance for the Fourth Quarter also better than expected. On the call, investors will be looking to understand what drove these results and whether this kind of growth is sustainable. Some hot topics to watch in the video q and a just about to kick off now. The companys growing investment in original content production, which Reed Hastings said is less expensive than licensing a series or film. International growth in profitability is always in an area of interest. And we can look for some insight into the companys new china strategy. Hastings Just Announced they plan to license content to existing Online Service providers, rather than operating their own service in china. Theres always interest in Reed Hastings perspective on competition on the heels of Goldman Sachs recommend