ASHLEY: I THINK IT’S A GOOD WORD
TO DESCRIBE IT AS WELL MARK
MAHANEY THANK YOU SO MUCH TAKING
US UP TO THE OPENING BELL ON
THIS FRIDAY, THANK YOU, MARK,
FOR JOINING US.
THEY ARE ALL CLAPPING AWAY.
>> [OPENING BELL RINGING]
ASHLEY: OF COURSE IN HALF AN
HOUR, FED CHAIR JEROME POWELL
WILL DELIVER HIS SPEECH.
WILL HE BE HAWKISH?
THE GENERAL CONSENSUS IS YES HE
WILL CONTINUE TO BE AGGRESSIVE
EVEN THOUGH THE LATEST NUMBERS
SHOW INFLATION IS EASING, STILL
HIGH, BUT STILL EASING JUST A
LITTLE BIT.
LET’S TAKE A LOOK AT THE BIG
BOARD, AS WE HAVE JUST GOT
UNDERWAY AND THERE YOU GO.
IN THE GREEN, THE DOW UP VERY
INITIALLY 44 POINTS, MORE GREEN
THAN RED LET’S PUT IT THAT WAY,
VERIZON, AMGEN ON THE BOTTOM,
AMEX, AND 3M ON THE TOP.
LET’S TAKE A LOOK AT THE S&P 500
AS WE SEE THE DOW UP ABOUT A TEN
TH OF A PERCENT, THE S&P
RIGHT NOW, BARELY MOVING UP ONE
POINT AT 4,200 EXACTLY.
LET’S TAKE A LOOK AT NASDAQ.
THE TECH EXCHANGE, IF YOU LIKE,
THE NASDAQ DOWN, WELL LET’S CALL
THAT UNCHANGED.
IT’S DOWN 3 POINTS, 12, 635 AND
TALKING OF BIG TECH LET’S LOOK
AT SOME OF THOSE NUMBERS AS WELL
THE BIG GROWTH STOCKS AS WE HEAD
INTO THIS LAST TRADING DAY OF
THE WEEK.
MIXED BAG, APPLE IS UP SLIGHTLY,
SO IS META, BARELY, MICROSOFT
BARELY UP, BUT AS YOU CAN SEE ,
ALPHABET MOVING LOWER, AMAZON
MOVING LOWER, VERY MIXED BAG, IN
FACT MORE IN THE RED THAN GREEN
NOW.
LET’S TAKE A LOOK AT WORKDAY IF
WE CAN.
THAT STOCK IS SOARING AFTER
BEATING EARNINGS UP NEARLY 8%,
BRING IN SUSAN LI.
WHAT ARE THE HIGHLIGHTS ON THIS
STORY?
>> GREAT SPRING TIME FOR
WORKDAY SO PROFIT AND SALES
DID BETTER AND YOU HAD THE HUMAN
RESOURCES FINANCING SOFTWARE
MAKER SEEING MORE CUSTOMERS ARE
SIGNING UP WHICH TELLS ME THAT
REMOTE WORK AND THE REMOTE WORK
TREND CONTINUES, SO AS A RESULT
YOU HAVE WORKDAY ISSUING AN UP
BEAT GUIDANCE FOR THE REST OF
THIS YEAR, THEY ARE GOING TO
MAKE MORE MONEY AND MORE SALES,
MAKES SENSE.
ASHLEY: YEAH, IT DOES.
STOCK UP NICELY AS WE SAY.
LET’S TAKE A LOOK AT BED, BATH
AND BEYOND.
SOME TALK OF A COMEBACK STRATEGY
>> WELL THEY ARE GOING TO
ANNOUNCE A NEW STRATEGY NEXT
WEDNESDAY, THEY SAY.
NOW THE COMPANY IS ON THE VERGE
OF GETTING A $400 MILLION LIFE
LINE IN THE FORM OF A LOAN,
ACCORDING TO THE WALL STREET
JOURNAL.
THE HOME GOODS RETAILER WE KNOW
IS IN TROUBLE.
THE STOCK IS DOWN 40% THIS YEAR,
BED BATH IS LOSING MARKET SHARE,
AND THAT’S AFTER TRIMMING BACK
ON THOSE 20% COUPONS THAT WE ALL
KNOW AND LOVE.
ALSO RYAN COHEN, GAMESTOP FAME
ACTIVIST INVESTOR SELLING OFF
THAT 10% STAKE LAST WEEK SO
LET’S SEE WHAT THEY SAY NEXT
WEDNESDAY.
THEY STILL HAVEN’T ANNOUNCED A
NEW PERMANENT CEO AFTER THEY
PUSHED OUT MARK TRITON, AND SOME
CALLED HIS TERM DISASTROUS
INCLUDING
AN ILL-ADVISED FOR EY INTO
PRIVATE BRANDS DURING A SUPPLY
CHAIN GLUTZ, WHICH DIDN’T HELP
WITH THE FOOT TRAFFIC IN THE
STORES.
ASHLEY: NO IT DID NOT.
LET’S TAKE A LOOK AT GAP.
WE’VE BEEN TALKING ABOUT THE
INVENTORY PROBLEMS FOR
RETAILERS IS IT THE SAME FOR
GAP?
>> YOU KNOW ACTUALLY I THOUGHT
GAP AND I THINK THE STOCK
REFLECTS IT, THEY HAD A BETTER
SPRING TIME THAN ANTICIPATED.
THEY MADE MONEY INSTEAD OF LOS
ING MONEY, IF YOU LOOK AT THE
ADJUSTED NUMBERS WHICH EXCLUDE
SOME OF THE INVENTORY NUMBERS,
AND THIS IS BECOME, ACCORDING TO
THEM, CONSUMERS ARE GOING BACK
INTO THE OFFICE, SO THEY NEED
DRESSY CLOTHES AND THAT’S WHY
THEY BUY THEM FROM BANANA
REPUBLIC.
DECEMBER FIGHT THE BETTER SPRING
, GAP IS SAYING THEY ARE
PULLING THEIR GUIDANCE FOR THE
YEAR.
OLD NAVY STILL A WEAK SPOT FOR
THEM, WE KNOW THAT.
INVENTORY LEVELS ALSO A CONCERN
GOING FORWARD, AND MAYBE LIKE
EVERYBODY ELSE THEY ARE JUST
WAITING AND HOLDING THEIR BREATH
FOR WHAT JEROME POWELL HAS TO
SAY IN JACKSON HOLE IN A FEW
MINUTES.
ASHLEY: YES, YOU’RE ABSOLUTELY
RIGHT.
OH, BY THE WAY, ELON MUSK, WE’VE
TALKED ABOUT THAT.
ELON MUSK PARTNERING WITH
T-MOBILE IS THAT RIGHT?
>> YEAH, SO IT’S A FLASHY
ANNOUNCEMENT LAST NIGHT.
I THOUGHT IT WAS GREAT.
SPACEX AND T-MOBILE OFFERING TO
CONNECT MOBILE PHONE SUBSCRIBERS
FROM T-MOBILE UP TO THOSE STAR
LINK SATELLITES AND THAT MEANS
THAT T-MOBILE USERS COULD GET
BETTER ACCESS TO CELL PHONE
RECEPTION IN MORE RURAL PARTS OF
THE COUNTRY, SO THINK OF OUTSIDE
OF THE CITIES.
NOW THAT MEANS THEY ARE GOING TO
CUT THE NEED FOR CELL TOWERS
WHICH HAVE BEEN LIMITING SINCE
YOU NEED PHYSICAL TOWERS NEAR
YOUR MOBILE PHONE IN ORDER FOR
THEM TO WORK.
SO STARLINK BY THE WAY, I THINK,
IS THE CROWN JEWEL AND A LOT OF
PEOPLE SAY IS A CROWN JEWEL IN
SPACEX WORTH A MAJORITY OF THE
SPACEX $100 BILLION
VALUATION.
I THINK STARLINK ON ITS OWN IS
WORTH $60 BILLION AND THAT’S
GOING TO BE A MORE, YOU HEARD
THAT FROM ELON MUSK.
IT’S GOING TO BE AN EVEN MORE
LUCRATIVE AND VALUABLE BUSINESS
THAN LAUNCHING ROCKETS IN THE
FUTURE FOR HIM.
ASHLEY: IMPRESSIVE INDEED.
LET’S TAKE A LOOK AT DELL IF WE
CAN.
THE COMPUTER FOLKS.
DOWN BIG, I THINK.
YUP, DOWN 8-POINT ABBY:% WHAT’S
THE PROBLEM?
>> QUARTERLY SALES WERE LESS
THAN ANTICIPATED.
WE KNOW PC SALES ARE SLIPPING IN
THIS RETURN TO WORK WE’RE A.
ALSO SOME REALLY TOUGH COMPARES
WHEN PEOPLE WERE LOCKED AT HOME,
SO THEY WERE BUYING PC’S AND YOU
HAD THIS RESURGE ENTERTAINMENT
PC BOOM.
YOU HEARD NVIDIA YESTERDAY
SAYING THAT GAMING FOR PC’S WERE
CHALLENGING AND TODAY WITH ALL
THESE REPORT CARDS COMING IN,
ASHLEY, WE’RE TRYING TO DECIDE
WHETHER OR NOT PEOPLE ARE GOING
BACK INTO THE OFFICE OR ARE
THEY STILL IN THAT REMOTE WORK
ERA.
STILL LOOKING TO WORK ELSEWHERE
OUTSIDE OF THOSE BIG CITIES.
ASHLEY: RIGHT.
LET’S TAKE A LOOK AT ULTA.
STU CALLS THEM THE BEAUTY PEOPLE
DID THEY RAISE THEIR GUIDANCE?
>> [LAUGHTER]
THEY ARE.
I DON’T KNOW IF YOU EVER PAR
TAKEN IN SHOPPING AT ULTA.
I KNOW WE ALL WEAR MAKEUP FOR A
LIVING.
ASHLEY: NO.
>> THEY ACTUALLY DID BETTER IN
THE SPRING TIME, BETTER SALES,
PROFIT, UPBEAT, OUTLOOK ON THE
RETURN TO WORK AND THAT
MEANS YOU NEED TO LOOK GOOD IN
ORDER TO SEE PEOPLE IN PERSON
ONCE AGAIN, AND THAT’S
CONTINUING A RECENT TREND WE’VE
SEEN AMONGST THESE BEAUTY-
RELATED COMPANIES AND OH,
BY THE WAY, MARY DILLON IS
MOVING ON TO FOOT LOCKER,
BECAUSE SHE’S BEEN SO GOOD IN
BOOSTING SALES IN AN ONLINE
E-COMMERCE ERA.
ASHLEY: WELL GOOD FOR HER.
ALL RIGHT, SUSAN GREAT STUFF AS
ALWAYS THANK YOU VERY MUCH.
LET’S TAKE A LOOK AT THE BIG
BIRD, LET’S TAKE A LOOK AT THE
BIG BOARD, THE BIG BOARD AND
TAKE A LOOK AT SOME OF THE
WINNERS THE DOW AS YOU CAN
SEE UP ABOUT 65 POINTS, BUT
LET’S TAKE A LOOK AT SOME OF THE
STOCKS SHINING IN THE VERY
EARLY GOING.
WELL, SALESFORCE.COM, JPMORGAN,
DOW, BOEING, 3M, JPMORGAN UP 1%
AND SALESFORCE UP JUST OVER ONE
AND ONE-THIRD PERCENT.
LET’S TAKE A LOOK AT THE S&P 500
GAINERS THIS MORNING.
EA, ELECTRONIC ARTS, IS ON THE
BOARD UP 4.5%, THE GAP WE
WERE TALKING ABOUT THEM THE GAP
IS UP WHAT 2%, ETSY, HOME MADE
GOODS UP ALSO 2%.
NOW, THE NASDAQ WINNERS EA AGAIN
OF COURSE COMCAST UP 1%, FOX
CORPORATION, YAY, UP NEARLY 1%
AND NETFLIX UP THREE-QUARTERS OF
A PERCENT IN THE EARLY GOING.
LET’S TAKE A LOOK AT THE 10 YEAR
YIELD.
WE HAVE SEEN THE YIELD COME BACK
A LITTLE BIT ALTHOUGH IT HAS
BEEN ABOVE 3%, DEPENDING ON WHAT
JAY POWELL SAYS TODAY, IT’LL BE
INTERESTING TO SEE HOW THAT
REACTS.
RIGHT NOW IT’S UP JUST A LITTLE
BIT JUST OVER 3%, 3.04%.
LET’S TAKE A LOOK AT THE PRICE
OF GOLD DOWN MARGINALLY, DOWN
FIVE BUCKS OR THEREABOUTS AT
1,765.
BITCOIN, THAT WAS PRETTY MUCH
UNCHANGED FOR MUCH OF YESTERDAY.
TODAY IT’S UP A LITTLE BIT, $175
AT 21, 740 FOR BITCOIN.
OIL, MEANTIME, STILL WAY UNDER
100 BUCKS WHICH IS GOOD NEWS I
GUESS IF YOU DON’T WANT TO PAY
HIGHER GAS PRICES DOWN JUST
SLIGHTLY OF $91.85 FOR A BARREL
OF CRUDE.
NAT GAS UP NEARLY 3% AT $9.65
AND TALKING OF GAS, LET’S TAKE A
LOOK AT THE AVERAGE PRICE FOR A
GALLON OF REGULAR ACROSS THE
COUNTRY.
YES, IT IS $3.86.
A WHOLE LOT BETTER THAN IT WAS A
COUPLE OF MONTHS AGO AND OH,
WHAT ABOUT CALIFORNIA?
TAXES AND REGULATION.
$5.28 THAT IS THE AVERAGE PRICE