First lets go right to bob pisani for more on the market selloff today. We are off the lows but just barely 3366 was the low today, 3381 right now. Lets not quibble about a few points the damage is pretty widespread, but the general theme is cyclical stocks and stocks most associated with reopening stories are having a tough time of it. Energy, oil down about 3 at 1 , banks, which had a good time last week not starting off the week well, industrials, another cyclical group and defenses will sectors like utilities and staples all down sap dropped as much as 21 over in europe here they cut their revenue forecast for the full year they expect a fresh wave of lockdowns to hurt demand through the first half of 2021 first off, first half is alarming but just the idea that general airically t general ai generically, people are betting its a broader more than stock specific so we have no stimulus right now of any term, near term, long term, any term we have a reopening story thats going rather
Here the shares are down 8 right now. Thats not even the biggest point decliner in the dow. Which goes back to how low its share prices got. Exactly. At this hour the Senate Finance committee is beginning to mark up its tax reform bill well tell you whats at stake there and what could be the most contentious issues between the house and senate. Meanwhile, amazon is reportedly considering a freemium option for prime video. Wel n will netflix make a similar move lets get to our top story today, the big decline in ge shares Morgan Brennan has all the ugly details for us morgan reporter hey, bill, yeah, so ge cutting its dividend in half. Its only the third time since 1899 its cut that payout, this is the first time its done it notscenario. Thats only part of the story here big part of why these shares are falling 8 is the updated guidance new eps numbers for 2018 expected to be 1 to 1. 07 a share, reduced by half since the previous target and lower than consensus estimate 6 billion to 7 b
The eclipts is a big business story. Dozens of companies with offers. And if ever a die to buy solar stocks, buy. All of the angles covered for you coming up. Plus, treasury secretary Steven Mnuchin making a tax for tax reform tim pawlenty head of the Financial Services roundtable. What he wants to see in that plan coming up. And to our reporters covering the Solar Eclipse. Contessa brewer is in columbia, South Carolina and jane wells joins us as well but first to contessa. Reporter people are reacting now by leaving i can still see the sun partially occluded here. Its still a crescent as the moon moves out of its path and people are like, okay, been there, done that its hot outside, feels like its 15, 98 degrees with the humidity so theres been a lot of people taking a move on, but ill tell you what people paid a premium to be here i talked to people who have driven down from new york and people who drove over from macon, j. , ageorgia and all of were paying a higher price for hotels,