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With President Trump one year after the election on a day were all three major indexes hit three record highs dow up, s p gained 1. 4 , nasdaq up 2 . I think we got to take time and ponder the strengths trump is as pro business as it gets the s p rallied 21 since the election however the president has a lot less control over the economy than we like to pretend. The tax of germany rallied almost 28 kospi of South Carolina up 27 none of those are about trump right . Whether you got a Global Economic expansion stocks tend to run higher, regardless of the politics, style or substance of the leader the president s been a terrific salesman for international companies, best in my life time for certain. Making it clear that Foreign Countries want to appease him they ne ....
One minute youre yelling at them to get off their loins and then theyre taking over the world. I like them back home and youre yelling at them. Thats what happened today. Dow dipping 24 points and s p dipping and there are changes underneath. They are about the millennials. What do i mean when i say the kids are taking over . Theres a group of consumers that simply dont behave like any other. Im talking about these millennials. Many of the people who run companies these days, they have not a clue what the Younger Generation is up to or what they think is right or how theyre different from their parents. These millennials frankly, might as well be aliens clever, tricky aliens who arent bound by any of the traditional ways most people believe. Even if you can think like the millennial, it may not matter because of structural issues that prevent you from making changes at your company to please them. You may see the train coming ....
Heres the rub. It may feel familiar in terms of the magnitude of the decline to mr. Lundgren, but it isnt familiar when it comes to the reasons for the dropoff. The last time we had such a sharp decline in sales as lundgren talks about later in his Conference Call was after the fall of lehman brothers. Sales just stopped back then. That was the recessisi and then morphed inin the greatest recession. Were not experiencing anything like that cataclysmic systemic event right now. In fact, this is whats so hard to understand. Its just the opposite. Last friday we had the best employment report in ages. Less than a week ago. Were seeing meaningful wage growth, again a first. Unemployment belowow . If you didnt know a a better youd think its time for the band to strike up happy days are here again. Things abe so strong on the job front we can fully expect Federal Reserve to raise ....
Nasdaq also dipped 3. 2 . First let me just say the single biggest buzz on wall street today, the most salient gut wrenching story is this shocking decline in the business in the stock of the iconic retailer that is macys. While few people actually expected macys to do well in an environment where the globe seems to be warming right in front of our very eyes, todays sharp selloff on some really bad earnings kind of took our breaths collectively away. As the chairman and ceo said at the very beginning of his really i think very disconcerting Conference Call, we had a very tough quarter. We are clearly disappointed with the 3. 6 decline in Comp Store Sales of owned andndicensed businesses. And the 8 drop in earnings per share. We believe thathe retail industrys going through a tough period that we seem to experience Somethi ....