Thank very much. Were delighted to have you here today. My name is john hamre. Im the president at csis. And when we have events with outside groups like this we always start with a little safety announcement. I just want to you know louiewherever he is, he is responsible for your safety. And if something if you hear a voice saying we have to evacuate im not worried about the chairman well take care of him. We no know how to do that. But for everybody else the doors behind me take us down to the first floor. Two lefthand turns, a right hand turn to National Geographic well met there and i pay for everyones ticket to get into the show. Its not something going to happen. Weve not had a problem but we want you to know how to be prepared. Delighted to have you here but even more pleased we can welcome chairman jim risch to be with us today. He is the first guy ive met who is the by profession a forrester. He went to undergraduate as a forrester but quick found the calling and entered into
Your safety. And if something if you hear a voice saying we have to evacuate im not worried about the chairman well take care of him. We no know how to do that. But for everybody else the doors behind me take us down to the first floor. Two lefthand turns, a right hand turn to National Geographic well met there and i pay for everyones ticket to get into the show. Its not something going to happen. Weve not had a problem but we want you to know how to be prepared. Delighted to have you here but even more pleased we can welcome chairman jim risch to be with us today. He is the first guy ive met who is the by profession a forrester. He went to undergraduate as a forrester but quick found the calling and entered into politics, became a lawyer and entered politics. I was talking with with his wife vikki 34 elections theyve been through together. I mean, that ill tell you thats for good or worse for better or poor. Thats what means to be married 51 years and to go through 34 elections. And t
Remains solid. Joining us for the hour is stephanie link what do you think the theme is here we started the day up almost triple digits on the day then loss were down triple digits now were somewhere in the middle crazy with earnings nonstop. The theme today is the shift right back to growth from value. Thanks to paypal, thanks to microsoft, thanks to service now, and value is under performing because i think its all about 3m and what they said. Weak china, weaken you a, to no green shoots after yesterday where caterpillar gave us some hope and boeing gave us hope today took it all back some commentary from the industrials so far, honeywell last week as well, some of the commentary has been a little bit better around china so i wonder how much of this you think is 3m specific and where their end markets are focused versus the broader sector especially in electronics i do think they have high variable costs at 3m so they have some Company Specific issues. They didnt take production down
Up acronym for not as bad as fear while it seems to gain on the surface, the nasdaq rising 0. 40 , underneath there were some bewildering moves that remind us the market doesnt always behave the way we expect it to. In particular, a bunch of stocks rallied today, even though they reported what looked like simply awful numbers. If youre befuddled, you have come to the right place. How does the stock end up going higher in the wake of a seemingly ugly quarter, its all about my buddy, pal, friend nabaf. Let me show you how it works we start with the railroads. The railroads are the best example. All aboard this Morning Union pacific reported by what even by its own admission was a disappointing quarter. [ crying ] their sales were weaker across every single cargo line. Unreasonable downtown 20 . Premium, that includes the position down 9 , ag off 1 . Industrial down 1 the cause of this weakness some cargos have been troubled for a long time, like coal but most of them are just plain econo
But still red for each of the major indices. Joining us for the full first hour of the show Courtney Gibson from loop capital markets. Courtney, thanks for joining us. Whats your take on today . Investors in a sort of holding pattern, are they, until we get to the fed unbelievable holding pattern. I mean, volumes are down precipitously today. At least they were before i came on the show today. I talked to our equity desk at loop capital and in the u. S. Alone volumes were down somewhere near 30 and even in europe spain was down i think somewhere near 40 on volumes our desk flow today was down substantially as well. It looks and feels as though investors right now are really kind of sitting on their hands markets as you can see, dow down just slightly but recovering back to the highs of the session. Russell is lagging down 0. 7 utilities, real estate the bestperforming sectors. Energy and tech towards the bottom we have got apple down about 0. 7 , albeit higher for the week broadcom wei