Last ten minutes or so and finally, optimism around the possibility of new stimulus. All of that helping the market up about 1 on the s p 500 as we stand. Coming up on todays show, big moves in the banks space and Goldman Sachs is bringing workers back to the office well talk about that with the president and ceo john waldron and Michael Novogratz will lay out the risks he sees. Mike santoli is tracking the Market Action and a pair of key faang names holding their annual meetings as tech underperforms today and mike, start us off with the Broader Market and the action were seeing right now. Yeah, so weve been talking about this rotational activity away from the big growth winners into all other areas of the market that are more sickly call and smaller. It is really happening in a benign way so far. Sometimes the baton can get dropped in the handoff but it is towards its highs so kind of stalled out at this area, but below the surface, equal weighted is up close to 5 so it is kind of st
Katie welcome to bloomberg markets. Take a look and we are on the back foot, the s p 500 up by. 3 . We are still above 5000 but we will see how long we hold that line area big tech not faring any better, nasdaq currently off by. 7 , a bit of a down drop now that we are through tech earnings. We wanted to take a look at the vix. It is moving higher but that handle not too impressive, training with a 13 handout on the vix but lets get back to earnings and t. J. Maxx. Discount retailer leading Sales Estimates in the Fourth Quarter but being overshadowed. We are joined now by simone foxman. How conservative was the guide . Simone that has been the reaction from citigroup, from bloomberg intelligence. They are looking for comp sales to rise to percent to 3 , both for their first order as well as their fiscal year. Compare that to what they delivered in the Fourth Quarter, comp sales rising 5 . They have been guiding much lower, a bit about expectations. The eating expectations and seeing gr
Darn stupid lately. Maybe President Trumps thrusts have thrown investors off their game. But im becoming increasingly aware information not being valued accurately day after day. Its a big factor in the rally. Dow up 8 points. S p back slid 0. 09 . Nasdaq declined 0. 08 which can only be regarded frankly as a successful consolidation of the recent run. Take last night. Take cisco, the giant networking equipment maker, morphing from a hardware to a software company. It reports revenues that look anemic, and the stock gets banged down instantly. Im sitting there, having done a ton of homework for tonights interview with the ceo, and i can see from the deferred revenues the real number, the real metric that matters in a software company, that its actually a much better than expected quarter, especially when you compare it to the previous one. Im aghast that once the stock does tick down, the journalists are out in full force. Theyre justifying debt klein in a selffulfilling miasma of repo
Overnight in asia, the nikkei was flat. The hang seng and the shanghai were slightly higher. In europe, in early trading right now, youll see there are mixed messages. For the most part the major averages are around the flat line. In italy things are down by 0. 9 . If you check out crude oil prices, right now it was up 1. 2 yesterday, giving back some of those gains this morning with wti at 54. 02. Lets get you updated on some big stories today. Earnings just out from Toll Brothers. The company earning 42 Cents Per Share in the first quarter. Revenue was better than expected. Home building deliveries about flat in dollar terms. Increased 12 in terms of units. The company says the average price of homes delivered declined due to changes in product mix. Carl icahn bought a large stake in bristolmyers squib. Its unclear how big his position is, but he sees the drugmaker as a potential takeover target. The report was released after they announced they would add three new Board Members and
Randgold in the first uptick of the day. The complexion is lower. Asia, making levels we havent seen since the year 2000. A couple of individual names. Some deals, Share Buybacks coming through. There is something good in the world when you get a takeover stock that opens up. Rexam, being taken over. The stock finished at 559. 5. Caroline hyde will take you through the details on that. Theres suggestion from the brokers that they may have antitrust issues. Nestle, one of the Biggest Food Companies in the world. Revenue missed the target of 5 . Caroline will take you through those numbers shortly. Swiss re, they are doing a buyback. Schneider doing a buyback as well netting himself 80 . They have restructuring charges in the united states. The dividend 4. 25 swiss franc. Theyve been doing a Share Buyback. The stock of 1. 12 . Rexam now up nearly 6 . Dividend is the story there. Youve seen a nice up left in nestle and rexam. The dollar it is going to be a dominant discussion. We had hans