On the walls check out my twitter feed. See all the ridiculous speculative names people hope ill mention or pump same deal, no earnings, but right on stocks. These are textbook signs of what we call froth. Thats what this is. Its froth and you know what . All the froth got crushed today. Dow plunging 517 points, s p plummeting 117 , nasdaq nose diving 1. 55 not bad for an amateur so whats become too riskier let me give you an example last night kind of cool. We had novavax on, hottest stock on the market. Vaccine developer working on something for covid19 the stock runs from 18 to 40 in two days i cant recommend Something Like that thats this, you know, novavax is this, okay. Good guys, but it doesnt matter it actually managed to rally today. Maybe novavax wins the vaccine rate if they dont, the stock is going to get eviscerated id rather have you in something thats diversified glaxo, pfizer, j j same for biotech stocks. Anything related to ebola, flu, except regeneron they have little
Emergency Small Business fund, 75 billion for hospitals. The democrats claim its their victory and already, senator schumer is planning another 150 billion package, this one for local governments. Is all this enough . In my opinion, not if we dont get back to work soon. We have to open up the economy to avoid economic disaster. Elsewhere, the president says he will sign an executive order today suspending green card issuing for 60 days. This does not apply to guest workers or agricultural workers. To the markets. After two days of sharp declines, weve got an uptick. The dow looks like it will open with a gain of close to 400 points. That is 1. 7 . S p up 1. 8 . Nasdaq up 1. 6 . Green arrows across the screen. There are some standout stocks. Netflix nearly 16 million new subscribers. Their outlook, though, is cautious. We will get into that. The stocks down eight bucks, 1. 8 . Look at chipotle, doubling their online orders in the month of march. Chipotle is clearly a lockdown winner and
Good wednesday morning, welcome to squawk alley. Im carl quintanilla, obviously a big day for earnings were watching the hill, the ftc and facebook is the big news a News Conference on that 5 billion fine over data privacy issues is going to start in awe if moments. Were going to take you to washington when that begins, but the swirl of agencies circling the company, ftc, who knows what the doj has in mind and well get a clearer picture of what the quarter looks like tonight. I dont know why it feels like something shocking is happening. Weve known this fine is coming for a long time, a big fine, but somehow to see 5 billion written down then more interesting to me, the restrictions and the oversight, the committee within facebook that looks like maybe its been structured in a way where Mark Zuckerberg doesnt have total control over this piece, you know, the ftc making the case that Mark Zuckerberg has to certify this privacy compliance every quarter, and this time if he slips up, ther
Positive by 0. 5 . It is all about the calendar this week, all about the tech earnings. Tuesday, tomorrow, tesla. Wednesday, meta. Thursday, google and microsoft. Lisa its going to be interesting to see whether even a beat is a disappointment to market because so far that has been the tone. Weve gotten the biggest selloff going back to late 2022. Have we already priced out that potential disappointment set out for a positive upside surprise, or is this a pivot point at a time and a lot of uncertainty . Jonathan lets talk about tesla. Downline 2. 4 this morning. More than 40 yeartodate and we start this week with another round of price cuts. Annmarie a string of bad news is coming to tesla and some tomorrow they are supposed report first revenue decline in four years. A challenging Earnings Call for elon musk. Not just the cuts. Across the board, china, europe and the u. S. , but also the job cuts. The fact that they are trying to basically pin the future on this robotaxi that remains a
Sure it helped but we were roaring long before that, thanks in large part to efforts of two brilliant chief executive officers stocks were high dow and nasdaq and much comes to the performance of two stocks, cisco and walmart. Which pleasantly surprised us with their numbers these are both turnaround stories people nothing proves worth of a ceo like executing a turnaround. Doug mcmillon, took over three careers ago and led remarkable revolution at retail giant where 100 Million People shop each week, monster company. First thing he did, drop a bomb. Told us would spend as much as possible to take on amazon, seemed fanciful at the time but said do with service and better paid work force. Understood the weakness was keeping good people. Training new people is dead weight raised price they paid people. At the time viewed as heresy now seen as brilliant. Walmart still run with input of the walton family. They want to win phenomenal 50 online growth this company runs like walmart of old, th