Seeking benefits in a sign that economic pain of this pandemic is far from over tax according to an analysis but the chamber of commerce in 59 minutes left of trading in the day. The city says the tax could yeah, tiny leg lower. Result in companies wanting to leave the city and, guys, its down 0. 4 . Not just here in San Francisco only two sectors, energy and but also in seattle. Theres a proposal to tax big staples in the green still coming up, Digital Finance businesses to pay for covid19 company sofi landing the number relief back to you. I mean, could it could eight spot on this years disruptive 50 list encourage companies to leave the well spee with anthony noto worst case, of course, is something that is structured this way is it could encourage formerly of twitter, Goldman Sachs, and the nfl about his Companies Companies to companys efforts to take on the get rid of some of the lower big banks. Were looking forward to that paid workers one. First of all, lets focus on the big st
Season jpmorgan crushes estimates, citi and wells are mixed ahead of the open. Plus sustainability is becoming the new standard, blackrock ceo saying the Climate Crisis is about to trigger fundamental reshaping of finance. And the tesla rally rolls on shares now up more than 100 in the past three months alone. Well start with bank earning, jpm, chase, citi, each posting better than expected results. Wells fargo shares moving lower on its miss. New ceo charlie sharp our cost structure is too high and i believe there are many areas where we will be able to increase our rate of growth. Efficiency really the story on wells, jim well, i got to tell you, im a total believer in Charlie Scharf and what he did at visa hes the most technologically inclined ceo in the bank group it has the most opportunity after this washout it is a washout. I dont think charlie will waste any more time. He has to address these things and he will. In the meantime, jamie diamond, what can i say about jpmorgan . It
Day. Did chairman jay powell thread the needle. Thread the needle lets put it this way. When he opened the door to another round of quantitative dsh another round of getting the Balance Sheet back up to where it was, to me that was the reason why the market, the dow went down 170 to base cheh unchanged on the day in that regard maybe he said what the market needed to hear in terms of myself, you know, sometimes you have to be you have to be confident in views. But there is a fine line between confident and dog mattic ive been bearish month and a half two months. But when you see price action like monday where i thought the market would be down at least 300 dow 35, 40 s p handles down 10 you have to sat some point say the market seems to want to go higher grasso. The only concerning issue is what guy said, the Balance Sheet. Thats concerning. And the but if you were in the camp where you wanted lower rates. You got it if you were in the camp you didnt want extended lower rates you got t
The 10year treasury is yielyieldin 4. 19 . I believe these are sitting at high levels for yields for the year i had a computer problem before we started. Of course. Thats why i was asking you i was deferring. Lets look. It is clear it is high yields for the year if you look at that year to date that yield up 8 all of this is happening as we got stronger than anticipated adp numbers this week and the downgrade from fitch can i point out, becky, look at when this is higher than the last time which is back in march when we had the problem with the regional banks oh, thats very interesting too many alarm bells. We are back to the pressure on the banks. Now, they had a lot of time to get their act together they had the fed program to take their tired, poor, hungry and underfunded bonds to the fed and get 100 financing off that. It is an area where there was pressure on the bacnks. We have to watch the regional banks. I havent looked in a day or so. They were doing quite well and i dont know
Were pretty active in the investment committee. Amy raskin, i start with you. You sold nike. Yep. Seems to me from the notes here you had it. We trimmed half our position, we spoke about a couple months ago, but were done. The company is just not executing as well as it should. The brand is still great. We could come back to it at some point, but theyre not executing right now. China is a risk for them, and, so, were out of the position. The stock is down 14 year to date, down more than 20 over a year. They certainly have had what i think people would suggest is an innovation slowdown. Yep. The company sort of acknowledged that. They blamed remote work. Which was terrible. For that. Their competitors somehow figured it out. Hoka, on, new balance can you sort of go down the list lulu are rising competitors. Theyre all sort of part of the sell pie . All part of the sell pie. I really did not like the explanation we couldnt innovate over zoom. Everybody else sort of figured it out. They j