Wall Street Breakfast February 26: Market Attempts Rebound After Monster Selloff
welcome to ski health as Wall Street breakfast. Your daily source of market news and analysis subscribe to this podcast on Apple podcasts. Gulag casts specified and stitcher. Good Morning. Today is Wednesday February twenty sixth. And I'm your host. Steve Brown Wall Street breakfast is brought to you. By seeking out the premium unlocked the power of seeking Alpha through our articles data and advanced tools. Try it today. At seeking out the DOT com slash premium. Our top stories today. Marc attempts rebound after monster. Selloff too early to tell and handouts parts of Hong Kong stimulus leading. Today's news the Global Equity. Selloff is intensifying as the CDC warned the corona virus is likely to spread across the US amid increasing deaths and confirmed cases outside of China notably in Italy Iran Japan and South Korea while it's hard to quantify the economic impact of the virus. Investors are pricing in a slowdown in global growth as a sea of red flashed across trading screens in Europe and Asia overnight. Nearly six point three percent and an estimated one point seven trillion and value has also been wiped off the p five hundred over the last two days and US futures are pointing to another decline of about point five percent at the open with oil under fifty dollars per barrel gold up one thousand six hundred fifty one dollars. An ounce in other news reinforcing other central bank officials recent comments fed vice chairman. Richard Clarita said the central bank is keeping a close eye on how corona virus will affect the global and US economies. The outbreak luckily to have a noticeable impact on Chinese growth. He said at a speech in Washington DC The disruption there could spill over to the rest of the global economy so far he sees no need to change the Fed's current monetary policy which he feels is in a good place and should continue to support sustained growth and inflation returning to the feds. Two percents target Hong Kong has announced that one hundred twenty billion Hong Kong dollars or fifteen point. Four billion dollars worth of measures to support an economy that's been dragged down by political unrest and the new corona virus outbreak. One of the notable features is a payment of ten thousand Hong Kong dollars or one thousand two hundred eighty four dollars to each permanent resident of the city age eighteen or older aiding the population overwhelmed by heavy atmosphere. Financial Secretary. Paul Chen estimated. The deficit will reach an all time high of one hundred thirty nine point. One Billion Hong Kong dollars in Twenty Twenty Twenty. Twenty one and also flagged deficits for the next five years in a shock announcement late Tuesday. Bob Iger stepped aside as Walt Disney's chief executive officer handing the reins of the world's biggest entertainment company to theme parks head. Bob Shape while Agar will stay to direct the company's creative endeavors as Executive Chairman. Through two thousand twenty one. The News Confused Wall Street. Sending the shares down three point six percent Disney's future is supposed to be streaming not theme parks and media industry insiders almost unanimously expected streaming. Chief Kevin Meyer to be either successor. Keith block became co CEO alongside salesforce head. Mark Benny off less than two years ago. Though he's stepping down now block was widely seen as a potential heir to who founded the company in Nineteen Ninety nine and we'll continue as chairman as well as reporting for results that beat expectations. Salesforce said it would acquire cloud and mobile software company boss for one point thirty three billion in cash adding additional muscle to its cloud suite of Products Virgin Galactic for net loss widened seventy-three million from a year ago loss of forty six billion in the space companies first results as a publicly traded company. The space I said it received seven thousand nine hundred fifty seven registrations of interest in flight reservations during the quarter and we'll begin collecting thousand dollar deposits to secure a place in line seats become available while virgin galactic didn't offer any updates on its space flight timetable. It previously said it aimed for a first commercial flight later this year with Richard Branson on board virgin. Galactic is down six percent pre-market. It's the first time starbucks. The world's biggest coffee chain will offer an imitation meat product. The beyond Meat Sandwich. Which will be talked with? Cheddar cheese and egg on an artisanal. Bunn will be available at starbucks. Nearly twelve hundred copy shops across Canada on March third it comes as the company aggressively works to build out its food. Business which currently makes up at least twenty percent of revenue at company operated stores as well as a surge in popularity for alternative proteins looking to position itself in its fight against Amazon. Walmart is launching a new service that allows third party vendors to hire the big bucks retailer to store pack and ship items both sellers low storage and shipping bees and customers brand choice and easier returns will benefit from the new service. According to the company Walmart's online sales grew by thirty seven percent last year topping. Its own internal growth targets of thirty five percent. Panasonic plans to exit solar cell production Gigi New York. Though Tesla has informed the state you will have no bearing on its current operations. The firm has already secured over fifteen hundred jobs in the city of Buffalo clearing out. It's one thousand four hundred sixty commitment before April and thereby avoiding a forty one million dollar penalty the withdrawal puts a spotlight on Tesla solar business but also comes as the company diversifies its battery supplies to include South Korea's LG. Kim and China's Contemporary Emperor Takes Technology Panasonic will reportedly retain its battery. Jv With Tesla in Nevada streaming accounted for eighty percent of recorded music sales in twenty nineteen marking. The industry's fourth consecutive year of growth. According to a report from the Recording Industry Association of America in fact with revenue of eight point eight billion in two thousand nineteen streaming alone was large the entire. Us recorded music market in two thousand seventeen that includes premium subscription services like spotify Apple Music Amazon Music ad-supported on demand services such as Youtube and spotify's ad-supported tier and streaming radio services such as Pandora and Sirius. Xm The EU's Chief. Trade negotiator hopes to broker a mini. Deal with the US before Washington follows through with an increase in punitive tariffs on Europe's aircraft sector. They have given US thirty days of suspension of those tariffs on Airbus products. Which will give us that chance. Hopefully to make some sort of an agreement Phil Hogan declared with political goodwill on both sides can do a lot in a short period of time as of six twenty today. Us futures in crude oil are all set to open in the red with gold slightly up on today's economic calendar new home sales are out at ten am eastern. Time Wall Street. Breakfast is brought to you. By seeking Alpha premium. Unlock the power of seeking Alpha at seeking alpha dot com slash premium. If you enjoyed today's podcast please be sure to rate and review it below. Your feedback is deeply appreciated. That concludes today's most repurpose. Thank you for listening for the best investment analysis and news on the Web Dot Com. Subscribe to this podcast on Apple. Podcast Google podcasts. Spotify and stitcher sign up for other podcasts. Behind the idea I think for pace let's hope. Ups Canada investing podcast and Marketplace Roundtable. Almost ends as well have a great day.