U. S. And turkey continues to heat up and its having an impact across all markets in turkey. Dollarlira is up by 2. 4 . We saw a 6 rally earlier during the thin liquidity trading but now we are well off the highs of that session. The stock market continues to get hit come off by 3 and airlines are really week in turkey. You wind up having a monster selloff happening in the bond market. Are seeingt, you some buying an outperformance in spain. David it is time for the morning brief. We have a big week ahead starting with a Parliament Meeting today. Tomorrow is the meeting with the imf and world bank. We will get Bank Earnings from jpmorgan and wells fargo thursday and on friday, we will get u. S. Economic data including cpi and retail sales. On top of all that, markets will continue to watch the growing tension between the united turkey. Nd over the weekend, both countries suspended granting of these is for one anothers us citizen to visit and the lira and turkish stock market took a hit
Everybody is trying to pick the bottom and its not working out so well. The proof is in what you get, right . What you get is when you find these earnings out and find out where they are, you look at somebody like macys. When you miss on the revenue as badly as they did, scott, they call themselves a transitional stock and they are. But they are still a ways away from the transition that they need to make to be competitive. Thats the problem they have got right now. When you look at look at those numbers. The same store sales numbers. Those were almost double as bad as expected. Its unbelievable how difficult it is right now in retail when youre not amazon. You want to talk numbers, doc. Sure. You saw macys is down 14 . Rubbing some salt in the wound, judge. Kohls down 6, nordstrom 7, macys 8. You can go down the list. Dillards 12. Overall retail sales are up but not at the retailers you named, judge. When we talk about easy comps and tough comps on the show all the time. These guys, m
Procter gamble, at t. I cant help but notice whats happening in the financials, as well. Well get into the down graids. But the financials, pete, kbe down more than 2 right now. Some of these regional names. Im not going to run through every name with you. But if you look at the kbe, it tells the story. Yeah. A lot of these regional names today are down more than 3 . Some as much as 5. And even the big names arent jpmorgan and some are down 1 . If you really look at the xlf, the bigcap financials, you get a nice picture of whats going on. Were still in that same range, scott. For the last month and a half or so, weve been in this range, and now we are pushing towards the lower end of that range. You look at the xlf pushing towards 23. I understand, i think the market right now, the selloff being started with when you look at some of the metals, pushed to the down side. The financials, absolutely, because they have performed extremely well, so there is profittaking. We have earnings tom
But that was seen as what the key proposition was for people, disappearing pictures pp, yeah. It is 11 00 a. M. On the east coast, 8 00 a. M. Out west, obviously. Dows down 28 points. The story of the morning remains the ipo of snap. Biggest tech ipo on the u. S. Exchange in almost three years. Pricing well above the range. And obviously, its going to open above that, as we are now looking at potential market caps in the range of 33, 34 billion. Sara eisen, david faber and myself at post 9 all morning long. Joining us at the desk, roger mcnamee, and eric capoue. Exciting day. Great day lets get your take on what appears to be pretty bullish action in the stock. What do you think people are responding to . The stock was way oversubscribed yesterday at the ipo. I think theres a lot of excitement about snap. I think snap is fun, clearly has a very engaged audience, and theres a new player that we now have a duopoly, facebook, google. I think theyll continue to do well, but now theres a ne
Best trade of the year, and as those stocks soar, Consumer Staples are selling off. So in a world where investors are hunting for income and appreciation, is energy the place to be . Pete, what do you say . I still there is room to the up side. I like the way energy is trading, and we get towards 51, some of the news pushing the Energy Stocks higher. I think its pretty interesting. You look at the xle today, as a matter of fact, up over 2 . Where has been by far the most active area in the options world over the next couple weeks, energy, baker hughes, halliburton. You look at the earnings report, very, very impressive. So do i think its over for energy . Absolutely not. I think were in a new range and i think right now were probably in the middle part. I think a little more up side. Where in energy would you go . Services, first of all. Halliburton the best of breed in that space. Schlumberger more global. If you listen, north america spend and margins going higher. And i think these