Good tuesday morning. Welcome to squawk alley. Im Carl Quintanilla here is jon fortt. Morgan brennan is at the International Astronautical congress more from morgan and amazons jeff bezos in a moment well begin with Wework Softbank plans to take control of that company valuing it between 7. 5 billion and 8 billion. A huge drop from where it was valued, also cutting adam newmans stake down to double digits good morning to our guests good morning. Mike, i know that youre f m familiar with softbank, softbank a big investor in uber why is softbank doing this with wework is this an existential moment for them are they at risk of this investment taking them under this is a real crisis for softba softbank the story the past few years is uber is a huge high point or low point, and wework and how they valued the company, but soft bank, a huge vision bank came flooding in giving companies that arguably shouldnt have been propped up more runway and a longer time to survive and vcs out here say th
China says unless you remove the december tariffs we dont have a deal otherwise. David dietze and kristen anderson, last but not least the wall street journal wealth reporter, veronica daguerre. David i will begin with you. One out of five s p 500 companies have already reported and 82 beating earnings estimates. 63 top line revenue estimates. So far, so good. What do you think . I generally agree with that. Remember the bar was set very, very low. Of course companies forced analysts to push down the ratings so it is easier to beat. Neil i thought i was only one who did that. Gave my parents d and fs and see cs would think i was genius. They learned from you. Expectations are very low. I am seeing pretty good beats. I like the fact revenue is coming up strongly. Remember that Information Technology sector that is really weighing down expectations for the s p 500. The rankandfile is doing extraordinarily well. Neil it is interesting, veronica, Biotech Sector on this stunning news out of
Charles british lawmakers voting just moments on the fate of the uk and e. U. Ashley webster in the thick of it with london. Go to it now, ashley . Hey, charles i hope your eyes wont glaze over too much. It is pretty simple. Coming up in the next several minutes the mps vote on withdrawal bill, Boris Johnsons plan with all the nuts and bolts in there, explaining exactly what his bill would do. It is 115 pages long. That will probably wont make it through, with brexit you never know. The second vote, half past 7 00, local time, 2 30 eastern. They will vote on timetable. They set three days to debate and decide on it on thursday. Opposition lawmakers three days for this massive bill is just not long enough. If they vote down that timetable, and the eu at the same time, says clearly you cant get your act together, well extend the deadline again, dont forget Boris Johnson sent them that letter even though he didnt sign it it, doesnt matter if all that happens, Boris Johnson said i will pul
The Ceo Mark Parker is stepping down, replaced by nike board minneapolis and service now ceo john donaho, marker will be the executive chairman we heard from parker exclusively on the closing bell. We have spent a lot of time over many months working on succession planning. So this is this is not something that happens in a matter of weeks. So its really unrelated to oregon project or other issues this is about me on the board really wanting to make the build on the momentum weve got. Add the horsepower, accelerate against our strategy and do it while im here and in a position to lean in and make this as successful as possible parkers departure comes a the dame the crow kevin planning leaving his post in the new year as well. Both stort sporting stocks time to lays up and buy or sit on the sidelines. Can you just say that. I just did. Do you have ears i do. It hurt my ears. Youre sproech so much smarter than that time to lays up and buy. Ha ha. Based on this mr. Donaho on the board of
Seeing retraction around the country. Born out nationally and philadelphia and new york, chicago. We had a private payroll report that looked pretty good on the surface. It confirms what is a slowing trend. Something in excess of 200,000 private sector jobs on average being gained each month in the latest period. A little more 120, 130,000. The pace slowing there. This is the same week we had forever 21, a big clothing retailer, following on the heels of others looking at outright bankruptcy filing or closing some stores. The pace there running 40 of where it was a yeargo. None of this means the economy is in question. The fact that by and large the fundamentals as they like to say in washington are sound. President seizing on something stuart just did, this ongoing impeachment mess is adding another wrinkle of uncertainty to markets. The who the president prefers him staying in power, than him or anyone else, Elizabeth Warren included, taking that power. We have all of this going on.