The nasdaq was lower but it is catching up. And the dowup. 9 up by about as much. The dollar index is stronger. Still below 93. Two of the better performing stocks, brownforman which is the topperforming stock primarily thanks to a surge in spirits and of course, the Michael Jordan news. Rally,g with the equity citigroups Tobias Levkovich recently raising his target on the s p 500 to 3300. He joins us now by phone. Thank you for joining. We are a little bit higher than that right now. There is going to be a leg lower to this market. It is still going to hold up somewhat into the end of the year. We are not going to see a crash according to you. Tobias the best way to put this is the fed is going to prevent it in many respects in terms of policy initiatives where there is this fascinating feedback loop phenomenon where stock prices go down, he will start getting very worried. People will start getting very worried. It will ebb and flow. It is unlikely for the markets of the you about 40
Shift. Weve got another bonus hour of fast money tonight at 6 00 where we will be answering all of your burning trading questions. If youve got one, tweet us cnbcfastmoney. We start off with zoom zoom shares staged a gigantic really its 40 jump today now gives ut a market cap bigger than lowes, ibm and citigroup. It is about 3 4 of the size of cisco, which of course is a similar product and 83 times the revenue. What do you make of this giant move today its pretty incredible. I dont know how often weve seen a stock thats jumped by 40 in a single day. But it ran into earnings weve seen nothing but bullish paper in here for the entire year the interesting thing is when you look at the numbers, yes, the numbers were astounding. When you look at the revenue and the earnings beat, its incredible what stands out for me is i look at this company. You just wonder, theres not a short squeeze going on here. Its not a very large short position i think this is just an amazing stock. People look at
It is friday august 14th this is the appropriations and budget meeting im sandra fure. Fewer. Thank you for sf gov tv for broadcasting. Do have an announcement. In accordance with governor newsoms executive order no. N3320 declaring a state of emergency regarding the covid19 outbreak and mayor london n. Breeds proclamation declaring a local emergency issued on february 25, 2020, including the guidance for gatherings issued by the San Francisco department of Public Health officer, aggressive directives were issued to reduce the spread of covid19. On march 17, 2020, the board of supervisors authorized their board and Committee Meetings to convene remotely Via Microsoft teams and will allow remote Public Comment via teleconference. Visit the sfgovtv website at www. Sfgovtv. Org to stream the live meetings, or to watch meetings on demand. Members of the public are encouraged to participate remotely via detailed instructions on participating via you can call 14156550001 again 14156550001 me
Planning to take a trip. There were four indictments for take a look at what we have to look forward to. Bribery and conspiracy including and cheryls captain, a gun parts manufacturer, through local lawyers. Steve paulson is next with tearful weekend forecast. Rosen said the suspects made 90,000 bribe in exchange for up to one dozen concealed and carry gun permits for a security company. After submitting seven ccw license at a meeting, Martin Nielsen donated 45,000. The first half of that 90,000 to the Santa Clara County Public Safety alliance or psa. An independent Expenditure Committee supporting sheriff lori smith who at the time was flexed in a hardfought race for reelection. The sheriff, lori smith, has not yet commented on the indictments. The four defendants are set to be arraigned on august 31 extract the number of covid19 cases and test continues to rise in california. There are now more than 541,000 cases in our state which is up more than eight thousand cases at this time ye
Youl uber, spotify is testing new lows stephanie we were just talking before we got started this market has to give you a little bit of whiplash. Were up for a second straight day but hold your breath maybe things will change tomorrow. You cant get obsessed with it you have to either have to be a long Term Investor or day trade. Very difficult at this point look trade is obsessing everyone i cant wait for earnings. Im super excited to talk about banks. Im watching technology today. Technology is 26 of the s p 500 waiting. We have gotten a couple of surveys in the last couple of days that suggest i. T. Spending is slowly. 4 this year, 3. 4 next year you have to start to be more selective in technology. Again, a big component of the s p. I still think you want to be in semis, cloud and security. You want to be very specific on software and hardware. We had a lot of calls cash coming after the close last night two days in a row of gains and almost all sectors positive both days so within