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 us banks hes obviously paring down exposures in banks i think that tells you a lot as well in terms of citi, its
Shift. Weve got another bonus hour of fast money tonight at 6 00 where we will be answering all of your burning trading questions. If youve got one, tweet us cnbcfastmoney. We start off with zoom zoom shares staged a gigantic really its 40 jump today now gives ut a market cap bigger than lowes, ibm and citigroup. It is about 3 4 of the size of cisco, which of course is a similar product and 83 times the revenue. What do you make of this giant move today its pretty incredible. I dont know how often weve seen a stock thats jumped by 40 in a single day. But it ran into earnings weve seen nothing but bullish paper in here for the entire year the interesting thing is when you look at the numbers, yes, the numbers were astounding. When you look at the revenue and the earnings beat, its incredible what stands out for me is i look at this company. You just wonder, theres not a short squeeze going on here. Its not a very large short position i think this is just an amazing stock. People look at
Phase four stimulus package of some sort or another two of the most beaten down sectors of all, energy and financials are todays best performers how about that well have more on that big move lar later, one pandemic thats surging. Scotts miracle grow we tend to our gardens stocks are staging an epic rebound. Lets get to dom on more of this midday comeback. From tylers kitchen to the main set to where you are, to behind me, we have the dow its green its not as good as it was the s p 500 slipping slightly to negative territory the red over there at the lows down about 458 points at the opening bell at the high, the green you saw in last hour we were up about 260 odd points there. Thats the intraday moves. Meanwhile the laggards, youve got industrials and real estate. If you look at the stocks that are really leading the charge, check out some of these. You can see wells fargo, capital one on the financial side of things as some optimism returns about maybe some Consumer Spending and pion
Closely. The treasury yields are probably the more important story were watching this morning. Lets take a look at that. Youll see the tenyear is yielding 1. 067 . Mike santoli point the twoyear at 0. 73 right now. Its been cut in half since valentines day. I think a lot of the push and pull of futures from when they opened last evening, are we going to get a surprise rate cut . Weve had Central Banks around the world comment on that. Its been stunning considering bond yields were already very, very compressed coming into this weekend and now weve just stretched the new lows. At one point 0. 69 , that still stuns me for the tenyear. Weve been continuing to watch these numbers drop rapidly this is the story people will watch closely. We should point out, stocks in shanghai surged overnight on speculation that authorities will stimulate the economy soon. As mike mentioned, theres talk of potential coordinated central bank move. Thats something our guest host talked about on friday, an op
Well, welcome, everyone. And good morning. We expect a few other members to arrive momentarily, but while were waiting, i think well begin with our Opening Statements. And id like to note that our committee is charged with overseeing the administration of federal elections. And todays hearing will help us fufill the responsibility by providing an opportunity to hear from the vendors of most of our countrys Voting Systems. This is the first time the ceos of the three major vendors have appeared together in a congressional hearing. The companies they represent provide at least 80 of the estimated 350,000 Voting Machines in use today reaching over 100 million registered voters. However, despite their outsized role and the mechanics of our democracy, some have accused these companies of obfuscating and others suggest theres an insufficient regulatory structure for the sector. In the committees may 2019 hearing on Election Security, Lawrence Norden wrote in his testimony, i quote, there are