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Tom its simulcast on television and radio and we welcome all of you around the world and across the nation. If youre in that odd east coast october, its the density of fog, for those of you on radio across washington to boston, drive careful. The fog is never its like a london fog, jon, its so bad. Tell me london is gorgeous. Jon its got a london feel. London is always gorgeous, beautiful. What else do you want me to say. Tom thank you. N radio its a tapestry of gorgeosity. Jon the beautiful sky. Tom thats a postcard jon just put up. I really want to focus away from the market and data, futures negative, dow down, and we forget the claims are in this hour, this nation on a labor basis, theres no other definition, its not an opinion, its flat on its back and you bring that over to a debate tonight, do you think it will come up . Jon i think it will come up repeatedly, tom. At the opening of the hour, the professor said it perfectly. For people at the bottom who are really, really strugg ....
With so many businesses working remotely. One of the biggest work from home names is slack, which has seen a flood of new customers as remote work continues. Shares had been soaring, but got pummeled in the last few days after the Company Reported a miss on feelings expectations. Ceo of us to discuss the slack. This is a pretty big move and one of the biggest selloff of slack shares in particular since you have been a public company. What is your take . It gives the backdrop of a lot of volatility. I definitely think the billings missed you mentioned is important. We were a pretty young company, 6. 5 years old. We are coming into our sophomore year. There is rightfully a lens of skepticism on whether this growth is durable. Happened this quarter is different. We had the pandemic. Record unemployment. New paid 8000 net customers in the quarter. That brings the total to 130,000. 130,000 businesses, they are small and medium busine ....
From todays apple event we start with a major selloff in the financials the biggest driver in the market with the xlf falling more than 1. 3 citi dropping 7 today under pressure that regulators could crack down on the banks Risk Management systems the stock is now down more than 12 in the past two sessions guy . Dan nathan has been talking about this for a while one of the things weve said is todays banks are much different than ten years ago theyve become utilities you have to look at them differently and you have to factor in valuations much differently. Ill say this quickly about citi right now at 45 the stock is now trading 63 of tangible book, assuming that tangible book is accurate thats levels we last saw probably in the financial crisis these are trough valuations in terms of the price of tangible book i think Warren Buffett told you everything you need to know about ....
Major topics here were the protection of intellectual Property Rights and also chinas commitments to purchasing significantly more products from the u. S. Now this call was largely seen as a way to clear the air between the 2 countries to talk about how phase one of the trade deal has been implemented and then also to look at setting the stage for negotiations to go into phase 2 deal well rachel there seem to be a lot of remaining disagreements on the table from from both sides when it comes to social media platforms or is also on the Technology Front you mentioned intellectually intellectual property theft whats going on there where youre really seeing this latest fight over to talk and we chat ramp up in recent weeks and it seems to be sort of the last frontier in the trade war that were talking about now if we take a look at the timeline here where you see that followin ....
Ran out of ammo, no more stock left to sell the buyers ran right back in dow surging 440 points, s p pulled 2. 01 nasdaq soaring 2. 71 so how do we explain this incredible rebound as the averages gave up gains after trading . Its easy enough to argue things are better than we think and thats definitely a part of it not the whole thing. It doesnt explain the broad base of the rally. We had a dramatic decline in tech late last week and yesterday and the same stocks roared higher today. No surprise. Last night i told you the sell offs tend to last three days and tech bounces back. Thats exactly what happened what shocked me, though, the incredible buying in the industrial industrials, retailers and railroads. The last being really surprising in other words, we had a rally in both the covid stocks and recovery stocks when nearly everything goes up, youll hear people its the fed or people betting ochon a stimulus package those explanations miss the mark how do we figure out the driver . Fir ....