Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end of the rage is not that good. If the facts change, could
Comes to the treasury market. The dollar taking it on the chin. Safe haven bid for the yen. Out yettting taken again after yesterdays slide, dragging Energy Equities with that uncertainty rains in the commodity. President trumps positive covid test and what is going on behind the scenes not the white house. Joining us is mario parker, Bloomberg White house reporter. What do we know at this moment . Mario everything is kind of unclear, given that the white house was taken by surprise with the president and first lady testing positive last night. We are starting to get some inckle sin some trickles in terms of who has negative results. We know that Jared Kushner and ivanka trump, two of the aides,nts other closest have negative tests, as well as his son barron. Right now we know that theres negative tests that have come in. We are not sure just yet how many other white house staff will be quarantined. Guy thank you very much, indeed. How on earth was the white house cut by surprise by th
For the rest of the year well get a bunch after the bell including netflix. President trump is set to meet with new York Governor Andrew Cuomo this afternoon key relationship for the country and our pandemic response, which has been marked by tension and cooperation in the last few weeks. Well bring you that as soon as it begins. Were expecting that within the hour ahead on todays show, a key move for earnings. Netflix, chipotle, Texas Instruments and snapchat gear up for results after the close. Full coverage of those names and ana analysis of the reports when they come out. And how volatility has impacted brokers. Well speak with chairman Thomas Peterffy after the numbers hit were down 2. 8 on the s p 500 oil very much in focus energy the best performing sector today, only down 0. 6 well dig into all of that coming up for you. Mike santoli is tracking that market selloff. We have got the cohead of oil trading, ben lucker, important guest to join us to discuss crudes unprecedented vol
Points it is now up 10 in the month of april, but still, down 15 on the year the nasdaq and Big Technology once again, the big winner it gained 1. 4 today, 6 from the nasdaq this week, and many of the most beatenup names and some of the ones exposed to the consumer and a shutdown economy riding the most rising the most on this friday well come, everybody i am Brian Sullivan and we have the great trader line urp. Guy adami, tim seymour, jeff mills will join us in moments. There is a lot to do, by the way and chew on from the macro standpoint, but well begin with a deep dive into one of the worlds most owned if not the mostowned stock in the world and that is apple. Goldman sachs on this friday says it is time to sell apples stock. They believe that iphone demand will continue to fall as consumers dry up and also this is interesting, guy adami, that lack of travel, the inability to physically be with each other might cause delays because engineers and product designers simply cant get to
Consumerfacing businesses and both are on the move in the afterhours session and we have Team Coverage to break down both of these reports and lets kick things off with csx with the call now under way and lets get to Frank Holland with the details. Melissa, shares of csx up, and something weve seen in a number of other companies and one of its competitors, union pacific. On that call the ceo says production demand was too hard to forecast in this covid19 environment. Also during the call the cfo kevin boone said the Company Raised 500 million in debt and the Company Believes it is in position for a potential recovery and maintaining a strong cash reserve. Our Liquidity Position is extremely strong with nearly 2. 5 billion of cash and shortterm investments at the end of march this represents multiples of what we would consider normal, targeted cash levels cash may be strong, but volumes are weaker year over year to start q2 its been seen in the three weeks since the First Quarter ended