Hi, everybody. Good afternoon. Welcome to power lunch. Im Tyler Mathisen. Stocks were rallying big earlier. But were now well off session highs. The dow had been up 162 points. And had wiped out its losses for the week. Now, not so much. It joined the s p and nasdaq in being lower for the week once again, despite the gains that you see over my shoulder there of 70 points for the dow. Financials, tech, materials, industrials among todays biggest gainers. Melissa . Thanks, ty. Im melissa lee. Consumer sentiment coming in weaker than expected. Goldman sachs winning a legal dispute with libyas sovereign wealth fund, a ruling that goldman did not abuse the relationship and force the fund into deals that the fund claims led to more than a billion dollars in losses. And the Obama Administration eliminating 100 limit on the value of cuban cigars but american travelers can bring back from the island. To the earnings for the big banks here, clearly the big story of the day. Jpmorgan, citi, wells
Its the xpi, the ibb, the ones were talking about, and theyre down 4. 13 . Many of them rebound the maybe 25 , 30 off of the bottom that is they put in right when that tweet came out. Of course, the stocks were under pressure. They have bounced a little bit. Lily is, like i say, about 50 cents or so off the bottom that it put in, and still well above where it was in the after hours the other day. I think this is a lot to do about nothing. We would all like to see many of the Health Care Costs come down. I dont know that he can just wave a magic wand and have that happen. Sure, but weve seen, steve, the power of of the bully pulpit. Yes. Especially on this issue. We had this debate on monday. You were here. I was. I think. Yes. I was. And i led it, if you recall. Yes. You were here, jim. And, you know, its like confucious says. You give a man a fish, he eats a meal. You know, you teach a man to fish, and he can eat for the rest of his life. Steve, the tweets dont matter. The tweets dont
It is currently below where it is trading now . Well, it is affecting the direction of the market that wanted to point higher. When it relate s s to apple wit sitting at 89. 80, and make the short trade and go against the big Balance Sheet . I am not sure it is something that you want to do, and if you believe it is the right move, you have to hope it is getting to 80 and not going to be buying back the stocks. And on the longer term basis, i believe in apple and the story and the the vision and the ecosystem. The question then becomes is it the moment to buy it, and obviously, given the tape today, it is not. So what do you do right here . If you dont own it, you get a box of popcorn and watch what is going on like a good movie, but if you own it, dont double down and panic. And josh, if you dont own it, shouldnt you buy it at 89 and change . Well, it is a question of the time frame, and you have a not so good year this year. But the question becomes how much of it is priced in. From
And in one weeks performance, and macys, and nordstroms and kohls all down double digits, and coming in short on the topline, and only macys beating on the bottom line. And jcpennys, and daillards ae down on the bottom line. And macys, and nordstrom put up the worst comparable sales in nine years, and jcpenney is also down, and jcpenney missed the comp sales estimate base wide margin, but it is holding the guidance due to the recent comp trends in the last two weeks in ape are ril. I spoke with Ceo Marvin Ellison on the phone, and he is interested in bringing in less weathersensitive categories, and rolling out appliance, and growing Sephora Beauty in more stores. He does not believe that the quarter is a reflection of those moving to the amazon, because he said that the customers feel good about their financial situation, but it is more of the lack of confidence in the future of the economy, and specifically the economy under a nonincumbent president. And thank you, courtney. The reta
Valued here, and maybe upside of 35, 36, but they took a hatchet to the earnings estimates to which they took a hatchet to earlier, so right now, you are seeing the slow death knell of the spiral of the Department Stores as there are so many alternative avenues, not just are from the shopping, and amazon is a big killer, but also from the entertainment, and they wont go away forever, but they have to shrink massive ly, and shrink the Square Footage. And Terry Lundgren has given up on the consumer spending, and fifth straight quarter of a sales drop. What can turn it around . Well, they have to see how the off brand is going the work for them, and it is working for others out there, and we know about the basically the tj maxxs of the world, and they are starting to the push, but, scott, to your point, they have to figure out something. They have to figure out talking about the store closings which is some of that, and that is affecting the revenue numbers quite frankly, but the samestor