The red. Does tech stage a rebound in october . You have huge positions in the faangs what do you think . What matters to me is sales growth they have it we have started on the digital journey. Not just in america. Everywhere, europe, asia, south america. Its a theme we have been tau g talking about for six months be p the idea it will go away after the pandemic is resoevveverreson ever that is, is ridiculous. Remembering apple or amazon over its journey had multiple 20, 30 corrections. You just got to take a deep breathe. It will come back. Did those stocks get too ahead of themselves . No. I think apple is unique. Every name has a different issue. Theres still a little bit of Consumer Electronics associated with apple this whole idea of stay at home stocks, st stocks we are going through a fundamental change in our economy. I want to own them now after the election, next year and the year after that were only in inning three look at nikes earnings. They are almost 33 direct to consum
Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only
Nasdaq up more than three quarters . The industrials also back on track today. Is there any reason for worry apart from the fact. I worry when i dont worry. I think because you change months doesnt really change the na narrative. There are pockets of the economy that are doing well and recovering housing, auto, parts, consumers, manufacturing. Did you see the numbers . The new orders jumped 5 the ism was the best number since november 2018. Manufacturing is recoverying i would argue is in a v recovery you have pocket of the economy that are not doing well. That are struggling. We have a million job in initial claims thats why i think youre going to see a fiscal package. You still have a lot of trouble in things happening with regards to travel and leisure and restaurants and that sort of thing. I do think that you get the fiscal package i dont think the change is in terms of my investments because as you recover, the economy recovers you get through the elections. I think profits recov
Tom up mount marcy, down mount marcy, across saranac lake. Unbelievable. Jon ferro still on sabbatical. People say, why are you here . To be honest, its because i was moving. Theres a lot of that going on. While you were gone, we got some housing data. One of the things we got out there is a booming Housing Market with the haves. Lisa people who can buy houses will, although people who can be at work and avoid being tormented for being off for one week may do so. Maybe jon will prolong his vacation in order to not be lambasted for being on a sabbatical. What about you . Arent you going to do some portage . I heard you love that. Tom no, we are going to try to get the kids back to school and move forward. We welcome you back on bloomberg television, bloomberg radio. Everyone hearing about this challenge of virtual learning, back in the classroom. Simply getting people back to the office. The summary is it is not happening, is it . Lisa no. My youngest kid is beginning school today onlin
Jobless claims. President trump scrapped his g. O. P convention as the coronavirus rages. Concerns that big tech is on a bubble. Welcome today break europe. The results came out a few minutes ago. 650 million. T was an estimated loss of 250. 1 million. Equinor posted an unexpected Second Quarter profit. They are on track to deliver on their plan for cutting costs of 700 million. It cease 2021 capex at 21 billion. It sees 20222023 at an average of 12 billion. A clear beat in terms of Second Quarter adjusted net and profit. Keeping the dividend and keeping the fullyear capex guidance on change and on track for cost cutting. Those are the main lines coming through. Well speak the the c. E. O. Coming up at 7 00 a. M. U. K. Time. Japan is closed. China is bearing the brunt of the losses. Red on the screen in hong kong and australia. A little bit of a weaker yuan. An increase in tensions between the u. S. And china given the news around the order of the chengdu consulate. Take a look at what