A big upgrade. We will find out what makes it stick out in that big social media space. Plus, petes got a fast pitch on one medical device maker he says could be a home run. We will tell you what it is as he lays out the big case thats medical miracle mystery chart. In a special bonus hour of fast money at 6 00 p. M. Eastern time, we are taking your burning trading questions. Tweet us cbs fast money and you might get them answered here live on the show in the next hour we start with that monster rally on wall street today the s p up more than 1. 5 and the dow jumping over 400 points as you can see there the nasdaq also up nearly 2 leading those markets Higher Energy stocks, financialis and the small caps as well investors appearing hopeful a new deal for stimulus is town the pike markets still down significantly for the month. Does todays action give you a reason to perhaps be more optimistic and for that perhaps, guy, i will turn to you first. Welcome its always wonderful to have you
We start off with a major reversal on wall street. S p 500 gave up gains around 2 00 p. M. To finish close to session lows same for tech stocks you saw the same thing play out in facebook and netflix, both stocks starting strong, finishing around session lows. You can extend this to regional banks, health care, energy, small caps what does the action today tell you, guy adami its not encouraging. Im not going to make a deal out of today yesterday we had the show of hands. I dont think any of us were convinced by the rally ill continue to say a 30 vix suggests were going to see days of 1. 52 moves. I happen to think on aggregate its going to be lower im not trying to be all good morning and gloom, but the environment we find ourselves in in terms of a lot of Different Things as we head into the fall, on top of which an election is probably a coin flip, i dont think its particularly bullish for the Broader Market and especially on the back of a rally thats been historic karen i did raise
Big buy call on a burger joint you know there it is. Its yours mystery chart we start with a developing story on uber and lyft both stocks shooting higher after a Big Court Win in california deirdre bosa has more. Reporter until just a few hours ago it looked as those california riders and drivers would wake up tomorrow to a ride sharing blackout the court blinked, granting youtuber and ly e er uber and ln extension to continue to operate with drivers as independent contractors despite new regulation it is a win for uber and lyft in the shortterm it suggests that their threats to shut down service in california over the last week worked just hours before the extension, lyft told its drivers and riders it would be suspending services at midnight because the change would necessitate an overhaul of their entire Business Model and wasnt a switch they could flip overnight. In reality the writing has been on the wall for years. Uber and lyft used a tactic theyve used in other markets to avoi
The dow falling as much as 600 points before turning around and briefly going positive only to end the day down. 5 the nasdaq led the losses. What a session, guy, following yesterdays big selloff. What do you make of the action, guy . Interesting mel and i text before the show she asked if this was an old tie or a new tie i pulled it out for this fridays show. What do i make of this i mentioned im looking for an open lower spend the rest of the day rallying into a long weekend. We sort of got that. The late day selloff concerned me a little bit. Theres a rotation in the financials and the fact that the vix which spiked above 38 closed lower on the day i think you have something to think about for both sides of the equation, both bulls and bears as we head into this long hollywood weekend. What i thought was interesting about the session and maybe this is a head scratcher, is that bonds are selling off throughout the session and remain lower we got the yields going up to. 72 on the teny
Twist. Walmart teaming up with microsoft in a bid for the popular social media app both stocks rallying to new alltime highs on this news. Julia boorstin has the details. The news keeps coming on this one. Reuters just reporting tiktok engineers were told to make contingency plans should it need to shut down u. S. Operations they are preparing for various scenarios including a forced shutdown telling us they are simultaneously developing plans to make sure u. S. Employees continue to get paid on the heels of any outcome. Walmart is teaming up with microsoft to buy tiktok. Walmart telling us, quote, we believe a potential relationship with tiktok u. S. In partnership with microsoft could add this key functionality and provide walmart with an important way for us to reach and serve omni channel customers as well as grow our Third Party Marketplace and advertising businesses dan ives tells us, quote, we believe microsoft buying ticktoticktok would be like Christmas Morning coming early fo