22 Burst results for "Cme Group"
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"Company truly going up in smoke after this morning's earnings report we're breaking down the quarter with CEO Kim rivers. That's next much more fast money in two. Welcome back, pot sock true leave, tumbling today after reporting an earnings miss for its latest quarter, the company, though, did post record revenue for the year coming in at more than 1.2 billion in 2022. That's a 32% increase from the prior year. CEO Kim river joins us now with more on the results. Kim, we're great to see you again. Oh, great to see you as well. As I understand it, there's some inventory issues that still need to be worked out and that is putting some pressure on margins. And I'm wondering, we've heard that from the likes of target and Walmart. So I guess maybe cannabis is not an exception there, but how long will that take to work out and how will you unload that inventory? Yeah, I mean, I think for us it's a little bit different and that we had a very large scale facility come online during this year. And so we ran a production capacity in parallel for a little while while we got the kinks worked out of that of that facility, which is now coming online at a significantly lower cost per gram, which will flow through into this next year. Our plan is to be in a normalized state by the end of 2023. Florida has always been at the heart of the true leave story, Kim and a lot of analysts are saying that 2023 is going to be a setup for 2024. So what can you tell us in terms of what you're expecting and how this new facility that you're betting on is going to come online and help 2024? Yeah, I mean, so we've got a lot of moving parts across all of our markets and in Florida in particular where we have leading market share in retail present. What we're seeing again indicative of what we're seeing in consumer patterns across the board is we are seeing one customer retention, which is a great great news as we go through this cycle given the macro pressure. We're seeing increased traffic, but pressure on basket. And so we're seeing consumers trade down. So for mid tier primarily into our value segment, and we do have, of course, a number of offerings that value. So we are able to meet them where they are. But what that's doing is it's pressuring top line. So we indicated we think that Q one, for example, will be down. Call it mid single digits. But again, that customer retention number for us, which has been holding strong at 75 76% is key as we come out of what may be maybe not a recession here and as we see some relief on that wallet with a reminder that we're a cash only business. We expect to be set up nicely for that next phase of growth in 2024. We've been investing in a ballot initiative in Florida. We've passed a million raw signature count of 890,000 validated signatures that are required for recreational or adult use to be on the ballot in 2024. What that would do for the state of Florida is we would anticipate that that would be approximately a $6 billion market with a 138 million tourists in 21 million residents in our home state. So we're set up very nicely as I mentioned, we've got that capacity that's coming online at that lower cost per gram, along with well over a hundred store locations in Florida. Cam, good to see you. Thanks, Kim rivers. Tim quickly, what's the trade here? Well, true leaves got the highest operating cash flow or one of them in the industry. This is an industry that is going through some painful times on capital markets and access to capital. One of the great inconsistencies and if any of this is overcome in the next 18 months. And I think this could come from The White House. It doesn't require legislation. It's the inconsistency. The taxation and the sector is absurd. You can't legalize it and still treat it like it's a schedule one and that these drugs should not be served. So tough time for cannabis companies, but I tell you it truly and a handful of others are making it through. Up next, final trades. I know you know this. But just a reminder, do not miss CNBC's newest show last call with Brian Sullivan premiering tonight. 7 p.m. Eastern Time right here on CNBC. Wish Brian, the best of luck for this first. He doesn't need it. He's going to kill it. He's going to kill him. And he's got a great producing staff. Max Meyers. Founding producer of fast money. Yeah, is the grand poobah on that show. All right, time for the final trade. Let's go around the horn Tim. Good luck, Sally. Good luck, max. Altria does not need good luck. It's a great stock to own in this time. Chairwoman, same wishing the best for max and Brian. Mine is Uber. I like tonight's release that they are looking possibly to sell the freight business. It's been losing money, focus on what's earning money. Dan? Yeah, last call. I'm watching tonight. CME group, first time I bought it since that report a month ago, great report. It broke out of a four month range, so I added to it today. There was no enthusiasm. Yeah, last call. I'm watching. Watch last call tonight. It was the assault. Well, I'm gonna get a little enthusiastic. Because solely is our collective friend as is his team. Found me for the OA. I'm sorry to hear that. HCA, melman, breaking out here. Mad money is next last call but 7. See you tomorrow.
Crypto Banter
"cme group" Discussed on Crypto Banter
"That's the first time that that's reared its ugly head. For everyone that's wondering where we're getting these percentages. I just shared the tweet and the space. It's something that the CME group publishes is called the fed watch tool. It's extremely useful if you're trading anything related to the fed. Are you watching are you watching the Dixie? Because back at one O 5, I mean, that's quite like. It's quite heavy. Yeah, of course. I mean, we've been short gold now for the last hundred or so dollars on the way down. I mean, Dixie's completely relying on what's going to happen here. And also, look at the ten year, it's at 3.91. If that starts to inch closer to or above 4%, I mean, now that's a completely different narrative than a fed pivot, right? What about the fact that China is, I want to say in stimulus almost, I mean, China is not tightening anymore. I've been talking about the fact that Bitcoin is a very global asset and it doesn't matter where the liquidity is coming from in the world. It's a custodian of that liquidity. And so now you have this situation where you've got the ECB and the U.S. tightening. But at the same time, you've got Japan and China completely loosening or easing. And you're getting this very strange dynamic. I mean, are you seeing the same thing? Yeah. I mean, I think, you know, I think a lot of what's happening right now is that different parts of the market are showing different risk profiles, like you saw a crypto, for example, like you mentioned, it balance it came back. Bitcoin approached 25 K and started to fade. But at the same time, you have stocks off the highs, but then you have bonds. There's so many mixed signs. It's something that we've been talking about too. So I think that also has to do with liquidity. There's just different liquidity factors going on in different parts of the markets, especially when you start talking about stimulus and what's happening in China. So China reopening and there's just so many different headwinds in every market that I think that's why you're seeing these kind of mixed narratives around the board. Yeah. Hendrick, any views, any views that you've got on Bitcoin as a global asset being a beneficiary, a benefactor of global liquidity.
CryptoPotato
CME Group Records Increased Demand for Crypto Products Despite Bear Market
"8 p.m. Sunday, February 12th, 2023 CME group records increased demand for crypto products, despite bear market, the firm has seen significant demand for its crypto products since November, despite the bear market, according to the CEO
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"I don't think mister Khan has a clue what he's talking about. So I'm prepared to debate him at all costs or at any time, but you know, I don't appreciate that because he told me I was under overnight. He said that they do have capital. I said, they do not have capital under regulatory regime, but they don't have margin capital, which I'm holding an additional 200 billion that they don't. That's the capital I was referring to. He was not quite quick enough to understand that. When you take a look back, Terry at this whole thing, are you surprised by how many people got taken for this ride, but Sam bankman fried created, whether it be the investors in this thing, whether it be lawmakers, regulators, you name it. No, I'm not. No. When you have the greatest quarterback of all time in the supermodel life, doing a commercial picking up the phone saying, are you in? Are you in? Are you in? To me, it looks like a pump and dump scheme if you watch that commercial. And I watched it again today. People get very influenced by people like Tom and his wife and others, or his ex-wife. So no, I'm not surprised. And I'm not surprised by the baggy shorts and the big T-shirt because it's a gimmick in most people that we're a gimmick are also selling a gimmick. Terry, it's always great to get your take on things, especially from where you sit at the CME. Do you think every single regulatory agent so you should be ashamed of themselves at this point, whether it be the CFTC, whether it be the SEC. It seems like everybody fell asleep at the wheel. You know Melissa, I'll say this. It's too early to make those comments. There's going to be a lot of hearings going on in the future. Let's follow the money. Let's see who knew what, when and where. And then we'll draw those conclusions then. All right, well, we always like to talk to you, Terry. Always enjoy. And you know you're a fan of the show and you watch every single night and we get emails. Every single day from you. Every single night. You don't have a dummy. You don't have a dumb tonight, do you? Right here. Oh, you're right there. Sorry buddy. Sorry. And if we do get ro Khanna, we hope you'll come back because that should be an interesting congressman has to say for himself I'm not missing out the talk that a congressman myself. Jerry, thank you. Terry Duffy. All right, so he sniffed it out. Really? Early. Well, and he talked about though a collection of people around SPF that sent the signal that there was at least people that could help prime the pump of the system. But what I think is also interesting to hear Terry talk about is how, first of all, he's very much in favor of trading digital assets and that I think that his quote is something like one bad Apple doesn't spoil the bunch. And if anything, it really is the time for the real exchanges to step up. Yeah, I mean, which start to pick up. You know, what was interesting to me is that from my understanding is that Terry actually offered to help with risk management of this whole operation and was rebuffed quite profusely. And I think I was waiting for that. That is a red flag of all red flags. When you have someone that's so proficient at doing that, you're talking about the CME here, and you are looking to circumvent what is a tried and true situation when it comes to risk management. I think that was very telling. Full disclosure, Terry is a friend. I've known Terry since the late 1980s, just so he understand he watches the show, CME is a sponsor of our podcast. With all that said, wrote Khan is said to him, sir, you don't know much about cryptocurrencies. You're all pining about cryptocurrency. And you're giving false statements to Congress. That's patently false. He was telling Congress the truth. This is the same Terry Duffy, by the way, that sniffed out John corzine many years ago and warned people about them. So at some point, some of these geniuses should start listening to Terry Duffy instead of being, I want to say a word that I won't use, but instead of being rude to him, glib. Well, you know, guy and I were having this conversation with Terry, the weird behavior recorded. We almost kind of fell off our seats when he's telling us, okay. But here's the thing. And people will say, well, why didn't he say anything? He did. He went to Congress two months later, and I'm going to read from his testimony what he said. He said, FTX proposal is glaringly deficient and poses significant risk to market stability and market participants. That was in May of this year. I mean, he laid it all out. And if you didn't like the back and forth with him and ro Khanna, you could have read this testimony. Ahead of time, and it was all there. So again, kudos to Terry. Coming up, dear in our headlights. We're breaking down how options traders are playing the name ahead of earnings tomorrow. We'll
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"Back right after this. Welcome back to past one. Another check on the markets to say, all three major indices closing out in the green, the Dow jumping nearly 400 points in the S&P and NASDAQ both up 1.3%. They have to be closing above the 4000 mark for the first time in more than two months. And take a look at some of the stocks hitting all time highs today. Marathon Petroleum, TJX companies, Merck, among those names. China COVID policy is still weighing on Chinese tech stocks though. The K web down nearly 2% today's session. Day one of the FTX bankruptcy hearing in Delaware is the biggest crypto collapse on record, our eamon javers is there with the very latest. So aim and what you learned today. Well, Melissa, this was the day for the lawyers for John ray, the new CEO of FTX to explain what they know so far as they've been sifting through the wreckage of this company over the past couple of days. We learned a couple of new things, including that there are cyberattacks against this company and they're trying to defend against those by hiring a cybersecurity firm. They said they can't even name the cybersecurity firm because that firm could be attacked as well. So it sounds like an aggressive game of back and forth in cyberspace over these assets. Also, they're saying that a substantial number of the assets here are simply missing possibly stolen. They're still trying to get their arms around that information. And the lawyers here that we spoke to today, a number of them saying that they estimate this process which began in court today could go on for years, not just months because this is such a complicated and likely highly litigious bankruptcy. We saw a dispute today over the names of the customers of FTX. One of the big questions here was would those names become public, the company's lawyers argued in court that those names should be considered confidential, the U.S. side of this case argued no, no, those names need to be public. There needs to be transparency here. In the end, though, the judge sided with the company and said that those customer names will not be made public anytime soon anyway and the reason for that is because there's different regulation in Europe than in the United States on digital privacy. The argument was it would be unfair for European clients to be private and American clients to be public so they're going to keep them all private for now, but the judge reserved the right to change his mind on that. So if you have money on that exchange and you are one of those customers, your name will not come out in this bankruptcy at least not soon, Melissa, but that's still TBD over the long run. Back over to you. Thank you very much. Amy and jabber are outside the bankruptcy court in Delaware. One major exchange that you have suspected trouble FTX over 6 months ago. CME group CEO Terry Duffy says he told FTX founder Sam bankman free to face quote to his face. I should say, you're a fraud, you're an absolute fraud. That was back in March during a meeting with them. Duffy recounted this conversation just days ago with guy and Dan for their podcast on the tape. Terry Duffy is here now to take us deeper into that encounter. Terry, this is absolutely fascinating and what we're finding out now is no surprise to you months ago. How long did it take you to figure out this guy was a fraud? Well, melis I don't know if I knew he was a fraud right away. I just didn't know what his business was. Here he is, he's trading an inefficient arbitrage out of Hong Kong, making all this money supposedly. And the next thing I know he's going to buy a CME is going to buy Goldman Sachs and everybody else he's making all these different allegations that what he wants to do. So I met him, as you said, when I gave guy and Dan, the podcast the other day, but what is a really interesting is how this whole thing came about, which kind of got my interest up about he is a fraud. And I met earlier in the day with the head of the commodity futures trading commission, and I asked, why are you not dismissing this? Application out of hand. And he said, because under section 5 B of the commodity exchange act, which calls for innovation, he has to look at it. And I said to him, I said, you don't have to under the commodity exchange act, have to accept anything that's innovation that puts risk management at the back seat of this. And that's exactly what was going on. So right away, my suspicions were up at why is there so much pressure coming for this application. Then when I met with him, I knew right away I said, this is a joke. This is absolutely going north. And then you look who he's traveling with. He's traveling with Marc legion, a former chairman of the CFTC. Now, what was Mark doing for him? I have no idea. It was a credibility or just carrying his briefcase or I should say his backpack. And then he's got Ryan Miller. Ryan Miller is the former council at the CFTC and became general counsel of the CFTC. And this guy is sitting at a bar can barely pick his head up, saying to me, why don't you let us grow? I said he said he's worth 26 billion. I'm assuming you've been going pretty good here. So you can see there was so many different red flags. And then when I got the Washington, you're looking at people like my Conway, former head of the ad committee. Was an FTX lobbyist. And I heard all these different things coming out of members of Congress, were they putting pressure on the CFTC? I don't know, but I'll tell you what. There's a hearing come December 1st, and I hope someone has the courage to ask. Was anybody putting pressure on the CFTC to move forward with an application that could have put everything at risk? In Melissa, let me say one more thing. Which I think is really important. I told my team, this had nothing to do with crypto. What he wanted to do was he wanted to list all asset classes, mine, the intercontinental exchanges, and everybody else is under his model, which would have been, as I said, a biblical disaster. Is it your allegation Terry that for lack of a better term that he had lawmakers in his pocket? I mean, looking back on it, he was a major donor in the midterms. No, you're not saying that, because I mean, to put on the same place. $40 million a second largest donor. I want to know where the money came from. And that's what you'll be asking. Is that customers money or was it his? Is the $16 million house that his parents are living in? Is that custom money? Or did he make that? Where's all this money coming from? All the people, the ten people living in a $40 million condo. Whose money is that? Who's were money where they're spending unsuspecting clients commingling the funds? I don't know the answer to that. So I think a lot of questions need to be answered, but I did say in Congress, Melissa, right after UST collapsed in a lost 85%. I said, his proposal will do the exact same thing. I didn't know how right I would be in a very short period of time. You got reprimanded for your testimony in front of Congress. I got dead. Yeah, I got reprimanded by a guy that didn't have the courage to show up, but he had to come on a Zoom named ro Khan out of California. Tell me I didn't know what I was talking about.
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"Saying the group is ready to turn a corner analyst saying the group has already priced in a recession and that a potential end to the fed's tightening cycle in the first half of next year could be a positive catalyst. Pulte KB home in our KB home always said that already sorry. All rising video session. Katie home. That rose two also KBM. All right. Keep me closer. You've been negative, but can you see how this argument may hold up? At least around KB home. Yeah, yeah. It's a credible argument. I think a lot of times when you're talking about the debt of definity of the fed, a lot of the data is a bit lagging and you start to see these prices trough before the data trust. And so from that lens, I do think it makes a lot of sense. I will say that I do think some of the upside is also priced in. These names are up 2025% since that October trial. So I think some of the steam was a bit taken out here. And I would be a little cautious in terms of stepping in here. I think that the fed has kind of told us despite the wide range of fed commentary that we've gotten over the last 7 to ten days that we are probably going to be at this elevated level for protracted period of time. And so with the pivot off the table, I'm not sure I'm rushing into the builders. So it's fair. It could be as simplistic though as of rates come down. Home builders are at least going to find a floor. And a lot of these names are down 35 to 45% since this time last year, and it's still not, it's really not a demand for the problem with housing. Tim talks about it's a supply thing. So they have not felt the pressure yet the stocks have. So I think if ten year yields go to three and a half percent, I think you could trade these names from the long side. A lot of their inputs have come down also tremendously, but lumber, I mean, maybe wages have not. But there's some margin expansion there. Well, there should be. And so that should counterbalance at least where we talk about the velocity of the housing industry is going to grind has ground to a halt. And I do agree with guy though that there's a one brain cell trade attached to home builders that's fair. And I think the home builders who also are able to offer in many cases credit on their own. If rates come down a little bit, the question is, how promotional are they going to be? Yeah, we get asked questions all the time. Like what do you do in a declining rate environment or the knee jerk reaction would be if rates do come down being full, you're going to want to buy home builders, right? That's kind of one of the first things. And again, I don't know how you guys are feeling about the home lenders. We talked a lot about kind of this inverted yield curve and what it means for lending. We talked about net interest margins when rates started going up. I mean, when I think about the banks, which we have not talked about the banks in a very long time, really, since without performing the market since they're earnings. And again, you can pick as Carter says. You can pick your lines anywhere you want. And but at least banks have outperformed in an environment where the mortgage dynamics gotten worse, but lending spreads. The only reason I bring it up while she keeps coughing over. Keeps coming over. KB home. They're kind of discounting, possibly the home lending turning at some point, I guess. You start on air at 6 a.m. sometimes it to catch up. I know. Thank you. You don't realize it, and then all of a sudden you're talking KB Holmes and then you start. We are the one making fun
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"Welcome back to fast money earnings alert on Nordstrom shares of the retailer dropping despite a beat on revenue and profit adjusted earnings coming in at 20 cents a share 6 cents above estimates. Revenues fell by two and a half percent to $3.55 billion Nordstrom also reaffirming its revenue guidance for the year, but lowered its earnings outlook. Melissa revco has been listening in on the earnings call. Melissa so far, what are you hearing? I'm Lisa. I guess it's important to note that while it is a beat for Nordstrom, it had lowered its forecast during the summer. It was one of many retailers to do that. So it had a low bar to beat. It also had weakness despite the fact that it's in a lot of sweet spots for retail right now. Occasion wear, luxury, and off price. It's chain Nordstrom rack actually saw net sales drop by 2%. And again, we saw Ross and TJ Maxx put up pretty strong numbers in that category last week. The third thing that jumped out at me is that the companies said they are getting in a cleaner position with inventory and they're saying they feel prepared going to the holidays with some fresh merchandise gifts and apparel that people may want for holiday parties. It seems small. I mean, I associate Nordstrom with a higher end consumer. Is the message here that the higher end is hurting? You know, it is a little bit confusing because it conflicts with what we heard from Macy's a week ago. I spoke to Jessica net, the CEO of Macy's, and he was saying luxury was a real strength for them. But with Nordstrom, we're not hearing that as much. They talked more about how they're seeing a weakness among lower income consumers. And it seems that their luxury consumers and higher end consumers are not able to make up for it in the same way that the Macy's saw with Bloomingdale's. And there is an issue of calendar correct because their anniversary sale was like two weeks later or something. That was one of their excuses. Yes, that is definitely a dynamic. Another thing about timing that's interesting is that holiday shopping seems to be going back to more of a pre-pandemic cadence. So it did mention like we heard from a number of retailers, including Macy's and target and Kohl's that there was a slowdown in late October and early November and their anticipating a lot of sales to turn up closer to Black Friday. So a lot of anticipation is building for Black Friday going into cyber Monday because of that kind of low in sales. All right, Melissa, thanks. Melissa repco. What do you make of Nordstrom guy? A 180 basis point miss on operating margins is not good. The full year guidance given a 5 cent beat was not good revenue miss not good. I'll tell you what is good. Merchandise inventories up only half of 1% year over year. That's good. That should all go well for margins going forward. But this stock is in a 7 and a half year downtrend from February of 2015. Again, a series of lower highs and lower lows. And I think we just saw the same thing happen again. So I don't think you necessarily can own the stock despite what people say, it's cheap on valuation. Well, 15% short interest, you would have expected anything decent to pop the stock like it did abercrombie and American Eagle. And all these other and I know they're not a Nordstrom. But if you think about what's going on in the retail sector, a lot of these stocks have been targets. And they've been targets for a reason. And the fact that they cut their profit forecast, I think, is really what the profitability factor here is what's an issue. And I think Macy's would love to be considered as classy as Nordstrom's, but I think Macy's client base is very different. Macy's balance sheet is different. Macy's you can own here. And I think that was part of the difference here. But it was an interesting day for retail overall because this was a story of a ton of companies that were going to talk about best buys. Yeah, Best Buy, topping the tape today after the big box retailer posted better than expected revenue
CNBC's Fast Money
"cme group" Discussed on CNBC's Fast Money
"Was one year ago today that the NASDAQ hit its intraday high, climbing to a record of over 16,200. And what a year it's been since. The tech heavy index has fallen more than 30% from its peak. Outpacing losses in the Dow and S&P in that period. And take a look at some of the biggest stocks in the index or at least what had been the biggest stocks in the index. Meta losing two thirds of its value in the past year, Netflix Tesla, Nvidia, all cut in half, even Amazon down nearly 50%. With all major indices, while in the green today, closing near their highs of the session could we be setting up for a comeback rally into year end. It's a holiday season. We want to try and beat a little bit positive here. Before we go to the naysayers, the test guy, what do you think? Absolutely, the market's going to rip higher Ho Ho. Is it possible? Yeah, of course it's possible. Is it going to happen? I don't think it's going to happen. And if you go back to this time last year, we've made a series of lower highs and lower lows in the S&P, the NASDAQ, despite the fact that it's bounced over the last month ish. It's still expensive and in this environment, I think the overall market is so expensive. And don't look past the fact that now choose tens is approaching 75 basis points in version, probably on the way to 1%, which, again, a several time amount of economists, but they can't be particularly good. So the rally made sense, given what we saw, I want to say October 14th or so when the vix topped out at 35, but Tim will tell you what evicts of 21 the exact opposite now is true. Yeah, I'll just say this, those top 5 names that make up about 40% of the NASDAQ 100. You know what they are. They're Microsoft Apple, Google, Amazon, and Tesla, you just gave their performance to those over the last year. Here's the thing that's really important to me. All of them just guided lower for the quarter that we are in right now, okay? So they had kind of disappointing results in Q three and guided lower. And I guess I would say is like, we're just starting to feel the effects of these rate hikes as they move through the economy as we know we have a weak global economy. And so to me, I just don't think it's going to be a one quarter guide lower and we're out of this. So at the end of the day, these are the stocks that kind of led us in the bull market on the way up. They're starting to lead to the downside, but I would really follow the estimate revisions until they come down enough until valuations look reasonable enough. And until we have a good sense for what the economy is going to look in the back half of 2023, I think it's really hard to chase these stocks. They could rally a little bit more. But again, I just don't think they're going to have legs right now. The S&P is down 16% of the year. That does not seem to encapsulate encapsulate all that went wrong this past year. I get that you may not think that it's a one quarter guide down, but a lot is in the stock already. And we've been saying for a long time, Tim, you've been saying that you want to hear that guy down from these companies. Absolutely. You can move higher. We got it. So yeah, we didn't. I don't think the consumer is not dead. This is part of the problem. I mean, the consumers got a job that consumers spending, the consumer is working down their entire savings. So in fact, savings rates, we're all following this data or at 13 year lows. And so you have a case where it's really hard to see the economy fall out of bed when in fact the consumers doing okay. First of all, I think you want to buy semiconductors with both hands, especially at Taiwan Sammy. When you hear about that iPhone warning. But we haven't really gotten a warning at least in terms of shipments. Yes, we heard about some deceleration we've heard about some dynamics out of China, but to me, the obvious place that Dan brings up that the market is, we all know the market's very different. But you have to tell a different story around interest rates. We're 375 fed funds points from where we were a year ago and we're a place where we still haven't seen the impact of that fed funds. That's why this market is moving in phases. And it's why we've, I think, been quick to point out the trading ranges on the show. Look, 40, 65 on the S&P, there's no reason why we don't get there. Semiconductors, which gave you a 35% move off that CPI intraday low are holding in their fantastically. You really can't argue with the price action, but again, it's a market that's cashed up and sentiment's been awful. So speaking about what's been incorporated into the market, I think a lot of the bloat from loose monetary policy is what's really been baked in. And that's where we've seen this multiple compression. But as the other panelists have said, these guide lowers are really what's going to need to be priced in. And it's that E to that PE multiple that really needs to be factored in more. And that's going to be the second segment of what likely leads us lower. And speaking of the consumer. Sure, it's healthy, but we've all said, listen, what we want companies that can withstand inflation that can raise prices and that have strong balance sheet. Well, we are watching a consumer that has an eroding balance sheet. Yes, wages are growing, but probably two to 3% below inflation. You have a situation where they are Tapping into those savings. And you're watching credit card balances, climb as interest rates are the highest they've been in since at least I can remember. I don't know guy. But this sets up for a situation where we're talking about the health of the consumer. And I think that is very different than the propensity to spin. We are seeing a consumer that's willing to continue to fuel spinning with debt, but the capacity constraint will kick in at some point. Debt service and cost is definitely gone up. It's gone up for the consumer, but they haven't gone up as fully as one might think considering the rise in rates that we've seen. And that's simply because people have not moved. So as that starts to work through completely, that'll be even more costly for the consumer.
AP News
"cme group" Discussed on AP News
" 80s sports, I'm Mike greaves, the Viking 7 game winning streak comes to a screeching hot with the cowboys winning 40 to three in Minnesota as the Dallas defense limits the Vikings to 183 yards of offense, pleasing linebacker Micah Parsons. We're capable. We put them on to people want to come out and run the ball but we got buckle up on the shimmer they want to do. People are going to come up in Paris. We got to set the quarterback and get stops and do what we do best. The eagles rebound from their first loss of the season overcoming a ten point fourth quarter deficit to win 1716 at Indianapolis, quarterback Jalen hurts, scores the go ahead touchdown on a 7 yard run with one 20 remaining. We never wavered, I think, throughout the game. Again, there were things that did not go our way in terms of our execution and we put ourselves in a bad position, but, you know, we were never out of the fight. The Patriots stunned the jets ten to three when Marcus Jones returns a punt 84 yards for a score with 5 seconds on the clock. I thought they was going to go ahead and try to kick it out of bounds due to the time on the clock. But the first thing was trying to make sure that I followed my teammates blocker, then I seen a punter. And I was like, if I make a mist and I should be able to go to distance. Other winners in the NFL are the falcons ravens bills, commanders saints, lions, raiders, Bengals, and chiefs in the NHL, Columbus beats Carolina and Pittsburgh down Chicago on the court Kyrie Irving returns from an 8 game suspension in the nets one 27 one 15 win over the grizzlies, the guard scores 14 points. Just miss my teammates, mister coach and staff. The unprepared with them in the morning were in the rising and then carrying over to the game. So good. Phoenix Washington, the kings, Cleveland, Golden State Denver and the Lakers are other NBA winners in women's college troops. Number one South Carolina beats number two Stanford 76 71 and overtime, Lydia ko wins the CME group tour championship to earn LPGA player of the year honors. I'm Mike Reeves, AP sports.
AP News Radio
The latest in sports
"80s sports I'm Mike greaves the Viking 7 game winning streak comes to a screeching hot with the cowboys winning 40 to three in Minnesota as the Dallas defense limits the Vikings to 183 yards of offense pleasing linebacker Micah Parsons We're capable We put them on to people want to come out and run the ball but we got buckle up on the shimmer they want to do People are going to come up in Paris We got to set the quarterback and get stops and do what we do best The eagles rebound from their first loss of the season overcoming a ten point fourth quarter deficit to win 1716 at Indianapolis quarterback Jalen hurts scores the go ahead touchdown on a 7 yard run with one 20 remaining We never wavered I think throughout the game Again there were things that did not go our way in terms of our execution and we put ourselves in a bad position but you know we were never out of the fight The Patriots stunned the jets ten to three when Marcus Jones returns a punt 84 yards for a score with 5 seconds on the clock I thought they was going to go ahead and try to kick it out of bounds due to the time on the clock But the first thing was trying to make sure that I followed my teammates blocker then I seen a punter And I was like if I make a mist and I should be able to go to distance Other winners in the NFL are the falcons ravens bills commanders saints lions raiders Bengals and chiefs in the NHL Columbus beats Carolina and Pittsburgh down Chicago on the court Kyrie Irving returns from an 8 game suspension in the nets one 27 one 15 win over the grizzlies the guard scores 14 points Just miss my teammates mister coach and staff The unprepared with them in the morning were in the rising and then carrying over to the game So good Phoenix Washington the kings Cleveland Golden State Denver and the Lakers are other NBA winners in women's college troops Number one South Carolina beats number two Stanford 76 71 and overtime Lydia ko wins the CME group tour championship to earn LPGA player of the year honors I'm Mike Reeves AP sports
The Dan Patrick Show
"cme group" Discussed on The Dan Patrick Show
"Final hour on this Thursday, we'll hear from Mike shushes, the former duke head coach. An incredible LPGA season has led to this, the CME group tour championship, the best women in golf tee off to try to become champion November 17th through the 20th on NBC golf channel and peacock. We got poll question. We'll update that coming up. And we'll check in with the Buffalo Bills because there's a whole lot of snow headed that way. They're looking at the low end, maybe three feet, up to four feet, but I don't think there's any snow in the forecast for over the weekend when the bills are at home. The question is, are they going to have to move that game? 8 7 7 three DP show email address DP at Dan Patrick dot com. Twitter handle at DP show. We'll get to more phone calls coming up. We say good morning if you're watching on peacock or streaming partner, those chatting on chat roe operator Tyler standing by. Tonight, it'll be the Titans and the packers and I got the packers favored by three or three and a half. Also, SMU at tulane in case you want to watch some college football there. John Murphy, he's been calling the bills action radio play by play for 19 seasons now. We thought we'd check in with John to gauge what's in store coming up this weekend, John, what are the plans for the game? And is there a plan B right now? Well, there is a plan B, but it's not public right now. But yeah, the plans are 1 o'clock kick-off on Sunday. I just listened to a pretty respected weather forecaster here. You said, by Sunday, it'll be over. It won't be any new snow on Sunday. It'll be sunny actually on Sunday, but it's of course the lead up to Sunday, including starting tonight at 7 o'clock until maybe tomorrow evening, 7 o'clock. Thursday night into Friday, where there could be is what she's two to four feet of snow. So we'll see. What would be plan B in your opinion? Well, I mean, they have 8 years ago, the move to Detroit, right? And that's been talked about a lot. It was a pretty successful move, actually it was right around this time of year in 2014. There was a bad November snowstorm and the difference is that occurred on a Tuesday in the bills got out of here a little bit earlier than they would at this point, but they would go to Detroit and play that game. The lines are out of town. And so they would play at Ford field, the probably 1 o'clock on Sunday, the bills would lose that home game and actually the bills play Thanksgiving Day in Detroit also, you know, four days later, so maybe they say, I don't know. I haven't been a prize of what they're playing is and a million scenarios as to what could happen. Right now they're still planning on playing 1 o'clock on Sunday, but we'll see.
Bloomberg Radio New York
"cme group" Discussed on Bloomberg Radio New York
"Of the year by one measure and that is the percentage of stocks trading down on the day is more than we've seen so far this year So really true capitulation starting to become finally evident in the equity market If there is a silver lining it's that that would indicate where at least getting closer to bottom We are 5 seconds away We're going to let these numbers set along Caroline I think we're going to take our time and really breathe here because we're going to get a lot of soups a lot of headlines really crossing here But according to my measures we are seeing the biggest decline in the S&P 500 now since March 23rd of 2020 on that day that market had fallen more than 11 and a half percent but indeed today it is the market that is dropping about 150 points to about 3.9% lower on the S&P 500 a lot of numbers at least 250 of these really down more than 20% here from some of the record highs that we had on January 3rd of this year So that is really dragging down the markets of the lowest levels that we haven't seen since about January of 2021 What is so interesting Carol is the market the NASDAQ looks worse on the day about 4.7% but it actually is really only the worst day that I'm looking at since May of this year So you've seen tons of volatility within the equity market here within some of those big tech stocks And of course the Russell 2000 really focused when we think about the small cap domestic focused economy the concerns here about some of these recessionary fears that played out here within the small cap stocks today A couple of things you said Taylor that get my attention First of all you talked about volatility The vix closing at 34.34 so up about 6 and a half point but although we keep hearing people say well 40s is the new 30 when it comes to concerns In terms of volatility and what it says about maybe hitting some market capitulation you talk about big tech Microsoft meta Oracle Intel these are all among the big tech names that hit 52 week lows today guys in the session I don't know what's wrong with the vics frankly because the clear to me that the market is in distress I mean the sector performance alone tells you a lot about just how weak and how broad the market weakness has been over the course of today Intriguingly energy stocks some of the worst stocks in the market which is a very big shift in trend relative to where we've been all year the energy stocks leading the way finally some signs of capitulation there Utilities and real estate stocks also among the weakest stocks in the market those are typically more stable lower beta segments Just look at the losers the list of losers tends to be concentrated in year to date relative winners which is a very big signal to follow into tomorrow Yeah I think the energy I agree with you is certainly an interesting trade here and you do wonder what that says about concerns about the economy and to see that market which has been such an outperformer Hey when it came to decliners man there were so many to choose from on this Monday trade I'm going to take you to Tesla because I thought it was an interesting company story down about 7% in today's session following on a 3% decline come Friday Musk warning of Tesla's very tough quarter and an internal employee message to putting that out also want to mention Netflix It was down about 7 and a quarter percent even news that Squid Game will return for a second season was not enough to interest investors so that name was down As for gainers very few out there and I had to actually change it around as stocks went from green to red in today's session CME group is your top gainer in the S&P 500 There was an interesting story just talking about the money it makes an interest rate contracts and also energy contracts So maybe that is why there's some optimism in thinking about that name And then I had to go to the Russell to really find some outperformance a 126% higher in today's session We're talking about day one biopharmaceuticals ticker is dawn and this is a BioTech cancer company surging following some initial data from a pediatric brain tumor trial that a piper Sandler Alice said exceeds expectations So that really was some outperformance guys Meanwhile let's just take a moment to survey the damage that has been felt cross asset for our radio audience I'm looking at global macro movers There is only one area of green on the screen and it is the U.S. dollar index currently up more than a percentage point really the haven of choice on a day such as this when you see in other currency pairs the full felt hardest in some of these more emerging market related or indeed commodity focused global growth focus kind of commodity pairs so Australian dollar was weakening to the tune of almost 2% similar moves so that a kiwi over in New Zealand the British pound weakening by one and a half percent against the U.S. dollar really no place other than the U.S. dollar and sensitively at one point the Japanese yen but really the dollar the haven a choice on FX and that's as we look across the commodities again a sea of red we saw tiny two tenths of a percent higher on oil for example as we see once again that being the trade and in that being the inflationary pressure We see instead the rest of the commodity spectrum reflecting that global growth worry that we now have can we see the after effects of a Federal Reserve in central banks worldwide having to hike in the face of price inflation meaning global growth does indeed fall We look to see the likes of natural gas coming down here in the United States Steel prices off by 9 tenths of percent iron ore of basic percent We really saw metals and soft commodities fall in large part because of that strength of that U.S. dollar and a global sovereign bond picture that speaks to the yield pushing ever higher as we question where hawkish tones come from worldwide looking in Asia 22 23 basis point move on a two year Singapore debt We see in Europe Switzerland about 22 basis points Portuguese debt 27 basis points on your two year but of course mega moves in the US Treasury market as well Taylor Mega Caroline on the day and I just want to put this in perspective In the last 6 days the two year yield has jumped 68 basis points It's that just doesn't catch your attention I don't know what does on the day of course a lot of that move came today We just climbed 27 basis points It's effectively like a fed rate hike in one day It's really sort of when we're really focused here on the front end of that yield curve though of course every other portion of the old curve climbed at least 18 basis points or so 18 20 22 but really the bigger bigger moves really on the front end And Gina talked to us about sort of the impact that this has had finally maybe on the equity markets is maybe we're finally realizing the understanding of higher discount rates and the impact on present value Yeah I think we've been working into finding out what the impact of higher rates is on present value for equities all year with evaluation compression We've seen so far but now you've got 20% of stocks in the index trading with a single digit multiple So that's 20% of stocks in the S&P 500 trading below ten times forward earnings This is the type of valuation multiple or breadth decline in valuations that you typically don't see except for in periods of major distress So we are starting to see this priced in when you look further out though the bond market is sending a somewhat worrisome signal because the two year treasury two years from now those futures markets are anticipating that we'll see a two year treasury yield of 360 five So these are numbers we haven't seen in a long time in the equity market How much of.
Bloomberg Radio New York
"cme group" Discussed on Bloomberg Radio New York
"Yeah that natural gas definitely wacky and a spokesperson for CME group confirming a price jump of as much as 72% the most since the contract launched in 1990 the surge coming ahead of that February contract expiration So just keeping an eye on that Also keeping an eye on Apple a little bit lower today stocks down more than 10% so far here Tim in 2021 but this is going to be our big earnings report after the closing bell at least one of them But safe to say it's major weighting in terms of a lot of the indexes we follow So we're going to want to know what this company is Health of the U.S. consumer health of the global economy supply chains all that and more and to help us break it down and give us an idea of what exactly we should be looking for we're joined by on Iraq Rana Senior software and IT services analyst here at Bloomberg intelligence He joins us on the phone from Chicago on Iraq what's the most important number for us to watch with Apple earnings this afternoon It's always is the iPhone it will still be the iPhone and all it all depends on the supply chain today I don't think it's a demand issue the global economy is doing well There is no shortage of I would say disposable income on the high end but the problem is do we have enough thoughts to make these thoughts Yeah listen there's a couple of new Apple products that have come into my household and just like the last month or so so the demand is certainly there Having said that the stock is down You know we keep talking about this could be the company that first hits a $3 trillion mark in terms of market cap The longer term fundamentals look good for this company Exceptional I think this is one of the most stable technology companies that's out there because what's happening is they've created a massive ecosystem An ecosystem that's tied with payments that started with App Store that tied with advertising in the long run So there's so much to it because you have the phone as a means to do other things to be business productive to home productivity Healthcare IT So it is the center of I would say anybody's personal and professional life So it's a very critical piece of the entire technology ecosystem I have to say anytime I think I've lost my phone I think it's going to maybe break or I broke something or I'm like I gotta get it fixed because my life would stop That's why they have to find my phone function So you can go find that phone What you do lose it It's so true Hey what do you make Mark germin has a story on the Bloomberg Apple to let iPhones accept payments with a credit card tab I don't know What do you think of this These things are very incremental to the overall but it's important because see what happens is it makes the platform more sticky The more services you use the higher the propensity that you will never leave that ecosystem That is really the key for a lot of these features even the stuff like ice storage I know it sounds so boring but if you have all your pictures stored in one ecosystem why would you want to bother going somewhere else for like let's say a few $100 a year Or I'd say a few $100 for every two years or three years So this is why these tiny things are incremental They don't really move the needle for Apple frankly from a mathematical point of view But they do they do good stuff for the ecosystem and the strength of the ecosystem Because yeah and so speak to that a little bit because I think modern company history I can't think of a stronger ecosystem than network effects than what Apple has done That is the whole point because when you look at it if it was just a phone without anything you can't switch it over but now you have tying up with payment systems credit card you're going to look at it from your entire I would say if you are an App Store developer and you can get basically so much revenue generated from the stuff that you have written because people are constantly buying stuff within those apps They are buying stuff outside those apps So it is as you said one of the most stickiest ecosystems that we have ever come Just go about 25 seconds One question you could ask Tim Cook what would it be It's a supply chain Can you get it Can you get more iPhone ship next quarter Because if that's not going to happen then apple is going to have a bad year because then people will wait for the next 14 the iPhone 14 then All right yeah you gotta remember always those product upgrades and cycles On August thank you so much All of his research a must read for all of us here on the companies he follows Anagram he's seen your software and IT services analyst at Bloomberg intelligence on the phone from Chicago Well let's head to.
Techmeme Ride Home
"cme group" Discussed on Techmeme Ride Home
"Last segment speaks to a potential tech World War, one of zero sum games, battling it out, guns pointed at everybody's head sort of circular firing squad style as we've been discussing. So does this. Google Microsoft and Oracle have apparently been dangling offers to invest in startups, which, okay, you invest in a company. Maybe it's a winner and your investment pays off, most big tech companies have investment arms for this reason. But also, those three companies are locked in a heated battle to win potential clients to their cloud operations in order to beat the leader in cloud computing AWS. So talk about a win win win. Maybe your investment pays off down the road, but in the meantime, you encourage a young and growing company to become a client for your cloud services. Reminder that Google claims around 6% of the cloud market behind AWS at a 41% market share and Microsoft at 20%. Quoting The Wall Street Journal. With Thomas kurian serving as Google Cloud chief executive since 2019 after a long tenure at Oracle, the alphabet unit has been Tapping its $142 billion treasure chest of cash to make it more attractive to customers. Google has taken equity stakes over the past year in companies including Univision and CME group in turn winning multiyear commitments to its cloud service worth as much as $1 billion or more. The deals make Google among the most aggressive of several big companies seeking to gain ground on Amazon, the cloud market leader. Microsoft has also taken stakes in several startups as part of deals that entail them using its cloud. And Oracle last year tried to buy a major stake in TikTok as part of a deal to have the China owned social media app used its cloud service and cited the boost to its cloud business this month in announcing its biggest ever deal. The planned $28.3 billion acquisition of the medical records company Cerner corp. The nascent strategy has helped Google boost its market share in a huge and rapidly expanding industry that is key for its growth. Google now claims 6% of the cloud market up one percentage point from a year earlier, though it's still far behind Amazon's 41% and Microsoft's 20% share. No one wants to do this buying customers, but if you're number three or four, you have to be creative, said holger Mueller, an analyst at constellation research, who focuses on enterprise technologies. The investments underscore how tech companies robots cash flows.
Adams on Agriculture
"cme group" Discussed on Adams on Agriculture
"Hi this is mike adams. Thanks for listening to adams on agriculture. Join me monday. Through friday for the latest farm and agriculture news from around the world informing america's farmers and ranchers. This is a show produced by the american egg radio network. Here's your host. Mike adams low everyone. Welcome to aoa. Thank you so much for joining us letting us be part of your day. We appreciate that. You had a good holiday weekend. We're ready to go here. As we take a look at weather today harvest getting underway john barack. Dt an will join us. Give us a harvest forecast. Run talk with purdue egg economists michael lang meyer. Get the latest results from the produce. Cme group egg economy barometer. And ethan lane with the national cattlemen's beef association will join his talk about some legislative issues. All that coming up on today's program so glad that you're with us Can be an interesting week ahead. And we kind of set the stage. Sarah wyatt editor and president of agriculture communication. Sarah thank you for joining us. If you had a good holiday. I sure did mike. I hope you did as well sure did. And yeah a little bit of harvesting It's starting to pick up each day's we're heading into that busy harvest season. We urge everyone. Please be careful to have a safe harvest season. Well sarah also as harvest starts up We're kind of watching some infrastructure issues from the recent hurricane ida There's still some damage to be repaired that could slow things down a little bit but hopefully the good things are going to open up. Yeah mike as we reported from talking to some of the officials who are in that area They do hope to have the Traffic moved out at some of the damage. Barges out of the way Later this week but certainly you know. It's been a setback for those who are starting to harvest the south already one be products. It was Quite a bit of damage dot to cargill terrible there it just is a i guess a constant reminder that You mother nature is always going to be trying to challenge what infrastructure we do have and it can Certainly take precedence over our efforts.
Adams on Agriculture
"cme group" Discussed on Adams on Agriculture
"So basically. It's too late to start saving for retirement right. Not right starting to save. Even your fifties can really make a difference. Well right now. Saving seems hard to wrap my head around plus with the way this has been going. Hey listen it's okay. You still got this. Just go to aco retirement dot. Org it's an online tool from aarp. That can help you. Get your retirement savings on track. No matter your age it's free and only takes about three minutes. I like three minutes. Yeah at acl. Retirement dot org. You'll chat with otto the friendly digital retirement coach. Just answer a few questions and you'll get a personalized plan and tips to help boost your retirement savings tips. That are easy to understand. Tailored to your lifestyle are like that too. Plus it's sponsored by. Aarp so you know they got your back just head to acl retirement dot org and make your plan to start saving for retirement. Thanks that's ace your retirement dot. Org a message. From aarp and the ad council progressive farmer bring producers the best content in agriculture each day our editors post unique content to our website bringing you the latest news and information. You need for your day to day business decisions. Dt progressive farmer provide insights throughout the year. Two questions like what is the outlook for form. Yields and twenty twenty one will feed prices surge. What about land prices. And what's today's weather forecast permi- farm for more intelligence like this visit. Dt and pf dot com. Join us every tuesday for around. The table brought to you by. Chs as we examine how. The modern cooperative system solves today's biggest challenges. We'll be talking to h. s. experts and farmers and ranchers just like you and will learn how cooperatives apply innovation and technology to help co up owners get more value every day. So join us for around the table. Every tuesday or visit cooperative ownership dot com to learn more young farmers. Don't listen to the radio right wrong. In a recent survey seventy four percent of young producers said they get their most important agricultural information from their trusted farm. Radio station surprised. Don't if you think about it it makes perfect sense. Radio is the perfect companion because it goes with you everywhere. Whether you're in the shop on the combine or in the truck farm radio is right there with you. This message brought to you by the national association of farm broadcasting recently on adams on agriculture michael lang myer purdue ag economists when it get the latest numbers from the produce. Cme group egg economy barometer. Kinda give us an overview producers. You're obviously very concerned about input prices. We asked a very general question about whether they expected The prices paid index would include all the inputs used in production agriculture both for crop and livestock producers finished shortly that averages only increased about two percent for the last ten years. Twenty percent of those survey think that in the next year it's going to be less than two percents that means eighty percent of the producers. Think we're gonna see considerable input price inflation compared to what we've seen in the last ten years and it's not just cash rent fertilizer in particular but there's other input prices also that they're very concerned about and so i i think the combination of those two things it's creating a situation where the index is lower than certainly what it was in the spring of this year for the information important to rule america. Join us on adams on agriculture informing america's farmers and ranchers. That's our goal at each week. Day you get an hour of the latest takes from people who know agriculture. The policymakers and the people who the inside scoop on what's happening behind closed doors people who have their finger on the pulse of washington and agriculture around the world. A away is your daily source for all the information. You need to stay in the know informing america's farmers and ranchers aoa. You're listening to a. Oh a adams on agriculture. Hi this is. Mike adams you can rely on us for the latest farm and ranch news from around the world information. America's farmers and ranchers need to know on a now back to mike adams jesse allen here continuing with a live at the industry convention in nashville. We are at the. Us meat export federation booth would talking with the folks from us mef as well as the great folks at national corn growers association. Joining us here today and also here joining us. Today we have lance zimmerman with cattle fax lance grades. Have you on aol with the morning. Jesse thanks for the invite a lance. I know you guys outlook at the industry convention. Let's start there at love to hear some of the the results in some of the the hot too hot topics coming out of that discussion lands. Yeah absolutely You know we enjoy the fact that usually on the first full day of convention get the chance to be out in front of folks talk in the markets talking weather Talking domestic markets global and the like and so You know if. I was to summarize the session and show. Everybody wants to know two things. Okay what's the weather situation gonna look like for the next year. What's the market situation on the weather. Side dr douglas. He's been with us for forty five years It was kind of a big deal in this morning session that this was going to be his last time at convention so He has an immense respect for farmers and ranchers in the area. Thank them for all. They've done for him in forty five years. Likewise the crowd gave him a standing ovation at the end Just really good feel good moment and the audience But his message was probably one. That was still a little bit sober for guys. We all know we've been going through. A extreme drought through the western third to half of the united states up through the dakotas and the upper midwest His message was one that la nina conditions. Kinda created that probably gonna stick with us through the end of this year maybe even through the winter and early spring but some point in two thousand twenty two expects that weather channel turn and so A little bit sobering from the standpoint of we're going to be in a drought condition. Probably a little bit longer a little bit drier than we all want to be probably through this winter and see a transition next year on the market standpoint cattle producers. Yeah matsu frustrations over the last eighteen months. We all get that Emotions of ran pretty high with all the challenges. Cova brought us but our opinion is that the good times that we've seen here lately. can be sustained as long as demand continues to remain exceptional for beef as it has at retail. Certainly food service as we've reopened this economy. The caterpillars can have some confidence at the cattle market can have a firm footing under it. We still have some supply challenges but we think we can kind of work through some of those. Well you and i were talking a little bit before we got on air and looking at you know you obviously bring up the demand side on the markets and. That's a huge huge key. Also looking though it just how rangebound we've been here for the last couple of months and i think that's where some of the frustration is to not to mention packer marches and else for guys but just looking at these numbers. It seems like you. don't we've tried a couple rallies and it doesn't last very long. Then we pop right back down so that it was going along with the hog market and then when the hog market kind of fell apart cattle. Kinda just said we're going to settle into this range that i feel like that's got to be frustrating for some guys right now as well it is it absolutely is i mean bottom line and we've had discussions this week already about price discovery about market transparency The most important thing we need to realize it's been a part of these discussions packing capacity We have an industry that's hourglass shaped we have A large group of producers with cattle. That got a funnel through a very constricted processing segment with a small number of players We have the brick and mortar capacity to kill a a couple thousand headed day more than we are right now but the reality is we don't have the labor to get their trust me even the packers making a ton of money right now historically speaking They're equally as frustrated that they can't get the throughput they need to meet their customers needs and likewise restaurant food service retail. They're nervous because they see a situation. Where production actually last week was its lowest weekly production on holiday week since march They just can't get the throughput they need. These buyers are nervous. The products not going to be available. So you talk about the range-bound cattle market reality is. We still have a front end supply in these feed yards. That's market ready ready to go out to consumers. We can't get through it so in some respects packers kind of bid and a few dollars above break even giving cattle feeders a chance to make some money if they have a good corn position make quite a bit of money right now actually compared to what they had earlier in the year and even last year obviously But yeah you're right. This is a market very range-bound trying to get a handle on supply balance it with the good demand news. Everybody keeps hearing about An cattle producers can't help but feel like they're getting crumbs. They're happy where they are but they keep seeing it as a missed opportunity and we understand that when you talk about that corn position as well and obviously for our producers. I mean there's good prices on the board right now. Yes something for cattle producers. if they're feeding corn it could be a little bit of a tricky situation right now but as you alluded to there still is plenty of opportunity out there for profitability for smart about your market. Yeah you know. The the ruling cattle feeding right is usually by your profitability Both on the corner and the cattle side and last eighteen twelve to eighteen months have been tough on corn position for cattle feeders. Ben great if you're the one graze in the corn right Weren't situation right now with corn basically sitting there and the the lower end of the five dollar range Five five fifty in that area for a lot of producers. That's probably an area. Summer taken some positions on at least trying to establish a floor price. Yo megan sure they at least have some corn secured right now. And we'll see what happens as we near harvest time. See if we put in some harvest time lows but hopefully the worst of the weather threats are behind us on the corn side. And then we'll see what the cattle markets can do as we get better demander continued to see this better demand. Play out well one way or another. We're gonna make sure we get some cornfed beef out there. That's the whole absolutely. Yeah that's our. That's our marketing niche. And i mean that's played really well domestically forest for decades right and it's also playing really well for us from a global standpoint definitely lance. I appreciate your joining me here this morning on a and thanks for a few of those updates from the The outlook You guys had to here this morning. And i'm sure we'll talk again soon but for now thanks for the time for. Thanks jesse appreciate the time land with cattle. Fax joining us here on. Aol and that's gonna do it for the show. Today from the kennedy convention in nashville. Big thanks to our friends with the national corn grows association along with the us export federation as well as cattle facts. Joining us here today as well. Mike will be back with us tomorrow with a great show lined up for you from the studio. But for now from nashville. I'm jesse allen. In for mike adams.
Money For the Rest of Us
"cme group" Discussed on Money For the Rest of Us
"But there are many other industries that could participate. And if they get enough stakeholder pressure or government pressure you could see more pledges and more demand for these carbon offset projects and the credits but right now there's low prices because there's an excess supply of projects to research believes eventually as demand increases the simpler lower cost projects will be used up and there will be more expensive projects and that higher price of the allowances will facilitate more of those projects and facilitate companies by being willing to invest in emissions reductions. Because then it's cost competitive to do so. There is the possibility that some new technology will come along or something that will allow industry to reduce their carbon emissions to net zero without having to use voluntary carbon credits and then the demand for those credits could fall. We don't know right now. Though is investors. It's challenging to invest in the voluntary carbon credit market. There is not an exchange traded fund and the futures market is very very young because these are not commoditised. They're not just simply a emissions allowance the permission to pollute issued by a government marketplace. These are actual projects but there have been this year. Some futures markets established the cme group has launched to futures contracts. There's this cb l. global emissions offset futures and there's a nature based global emissions offset futures contract. That will come out next august. What are we buying. And selling with these futures contract well with the global emissions offset futures. it's a voluntary carbon offset credit that's been registered with three. Different registries verified carbon standard american carbon registry or climate action reserves. And so it's an actual project that's been registered. It's delivered in the future that particular credit and trade on an exchange right now. The price of that future contract is three dollars and ten cents for the july contract a year from now..
Adams on Agriculture
"cme group" Discussed on Adams on Agriculture
"And up and down a little bit of everything. Yeah and and you know you. You should probably expect that during a typical summer. right so Yeah it's been fairly typical. I mean most most of the areas that we need the rain though in the west bend just just dry and continued to be dry. The rain they get is just not near enough but for the rest of the country. You know it's typically what you'd find during the summer you get some good rainfall for a week or maybe even a couple of weeks followed by some pockets of dryness occasional showers moving through but for the most part. You're you're right. Most most of the growing areas is this year have been doing fairly well. Outside of that north western portion of the corn up. Okay you told us a little bit about to marry. It could get some rain this week. What about the rest of the midwest is coming week so that system moving through the northern tier of the country here Over the next couple of days will bring a cold front through the rest of the area. later this week into the weekend we kinda slow to move through the mid southern mid west and down to the southeast so we'll see additional periods of showers and thunderstorms build up your latest week into early next week As you move further south through the country again amounts are probably going to be fairly good. You know keeping up with Average or a little bit above Good one or two perhaps three or four and some areas That that could use it some. That kinda missed out on the weekend stuff and and a little bit from last week so Looking fairly favorable for rainfall as we go into next week across the eastern corn belt. Then you look at the west coast and you see drought and he and the east coast. You see flooding. Yeah that rich has been very stubborn out in the west. It's been strong and it's been stubborn. There's been a couple of Disturbances that have been able to kind of squeak through a couple of the weak spots. And that's what happened over this past weekend and what's going to happen here in the next couple of days. That ridge just will not give up There's a possibility that It may when we get into early. August where we kind of flip a little bit from a western ridge eastern trough to a western trough in eastern ridge. But that's going to depend on whether or not we can get thunderstorm. Clusters around You tropical indian ocean and western pacific flare up if we can get that to happen. Which models are suggesting will. We'll see the. He don't break down in the west and kind of shifted way to the east. Yeah how much. So i mean are we still looking at some really hot weather in the midwest or is this going to shape up to be a relatively mild summer. I in the eastern midwest. It's kind of questionable right now with that rich thing after the west. We're already kind of you know. Would you say behind on the heat. Potential for the summer across the eastern midwest but if we don't get that chance For the heat to return in august in early august you might end up rate at or a little bit below normal for the eastern midwest in terms of temperatures for the season. Yeah i mean. I realize summers far from over but for a lot of the midwest. We've been talking about well. It's going to be turning hot here for long or turning hot soon and here. We are approaching. Mid-july we're still you know. We're still waiting to see if that happens or not. Yeah the temperature that it's been trying but every time it does. He brings in showers and showers. Just been knocking them down Temperatures are still warm out there in the west they just have not been able to translate eastward that moisture's really cut it down. It's been it's been an interesting year. We're talking with john brenick. Dt dtm meteorologists. So john's you As you look at those dry areas The dakotas and parts of minnesota wisconsin even parts of iowa Y- you just can't break out of that pattern overnight. Obviously takes a long time and july august. Those aren't good times. be trying to break out drought. No that those are not in the summertime is not a time for the The typically drier parts of the country to get Loads of rain It's probably going to have to be fall or the winter time If we're going to see any breaks in the drought all right. So what else. Your long-term forecasts. I'm let you to look ahead to august. What do you see shaping up for august and so august. I think even if we do get the pattern change. We're still going to be above normal. In the western corn belt northwestern areas that remain dry and we'll see drier than normal conditions up there as well Towards the east. Like i said if we could get that heat wave coming in early august. That's probably the the best chance for heat. Otherwise we return kind of a normal or slightly below normal temperature profile for the eastern half of the corn belts here for august and our and you'd wetness likely okay. John thanks a lot. We'll check in again with you next week. Thanks mike take care john brennan. Dt in meteorologist all right up next. We'll go over the latest numbers from the purdue. Cme group egg economy barometer. Second month in a row that the numbers are lower. We'll find out Some of the reasoning behind that as we talk with purdue economists michael lang myer next also.
WGN Radio
"cme group" Discussed on WGN Radio
"The near future. The CME group launched ether futures Which the CIA, Mesa's says will provide investors more opportunities to place bets on that crypto. It is still unclear what's being what being listed on the C M E will mean to either it I'm sure not a source of intelligence on this one. But some analysts are saying that it expects they expect the initial trading volume for either to be quite low, and that's how Bitcoin futures started out. When CMA began offering those a few years ago. Did the pandemic lead you to board games did for a lot of us. Hasbro turned in its fourth quarter earnings report. Board game sales were up 21% in that quarter. The big sellers were monopoly Magic, the gathering card game along with Dungeons and Dragons. Chicago Board of Trade. Right now, we've got triple digits across the board for wheat, corn and beans. Soy beans are up 18 of three quarters sense at 13 85 a bushel Corn is up 14 and a quarter sense it. 5 62 and three quarters and weeks trading 12 and three quarter cents higher at 6 54 golds Having a good day up about 25 Bucks, announced $1838. And crude oil is the highest. It's been about a year up 1.85% right now. That's a dollar five higher at $57.90 per barrel, and that's your money on 7 20 WGN, and I'm don clipping on Chicago's very own 7 20 w GM, by the way, Steve Alexander just reminded me speaking of games that people are playing. Brendan. I played Jack's over the weekend when Jax You know the little jacks with the rubber ball? Yeah. Cleared off the kitchen counter. Wow. We had a lot of fun. And it was a good hand eye coordination we had last. You know, when you get to four disease, forget about it. It's hard to pick them all up before the ball hits was the last It was a lot of fun. I'm recommending Jax to all my patients who chew gum didn't cost a lot. Just clear off a space. You don't even have to get down on your hands and knees. That's where do you buy him? That's the problem. That's the problem, sir. I mean, when's the last time you saw Jax? But great school were the gift store in ST Josephs, Michigan a few weeks ago, and I just saw Jax. I said, I'm buying some jacks and the next thing you know, we're having a ball. So that's my recommendation. It's 11 await, carry Peck. That attorney that joined us a couple of weeks ago is going to be on again. Here in a minute. Wills, estates. Things like that. There's some questions that came in after he was on. I thought dog on it. I can't believe we didn't get to that. We'll get to that. After this. Enjoy. Thanks. He order breakfast at the McDonald's drive through. Tell yourself you'll wait to eat it at work, but it's.
NPR's Business Story of the Day
Investors Can Now Bet On The Future Of Water Prices In California
"This week in california. Water became a commodity. That means it can be traded now. Just like oil or gold. It's a testament to how important water is in a state that's suffering from droughts and wildfires. Here's npr's jim zarroli in california. Water is a source of great power and wealth a theme immortalized in the classic movie. Chinatown going to be a lot of irate citizens when they find out that they're paying for water that they're not gonna get all care she was to get you. Bring the water. La or ring eight water each year california struggles with months of dry weather followed by a few weeks of torrential rain and melting snow from the mountains. Patrick wolf overseas the nasdaq velez water. Index which tracks the price of water in the state there are periods of hydrological dry conditions for extended periods of time punctuated by periods of extremely wet weather when water is very plentiful but there can be years when no rain comes at all says ellen. Hanoch of the public policy institute of california. The next drought is always just around the corner. The impact of droughts were driven home recently when california suffered through its worst wildfire season in modern history. Four point three million acres burned in august and september of this year. It went on for weeks when the smoke cleared the. Cme group of financial exchange came up with a way to bet on the price of california water. Starting this week investors can buy and the right to purchase water at a particular price. The water that helps almonds and lettuce grow in the state central valley will be purchased like silver or or any other commodity. Elon hanoch says this may end up helping. Farmers protect themselves against sudden price. Changes what this could allow you to do is to lock in a price that covers your financial risk for a dry year when the water might become more expensive but most of people who end up buying and selling water contracts won't be farmers they'll be investors in new york and london and all over the world trading on the exchange. They'll never actually see the water they're buying their has betting on the future price and those bets can be very lucrative boss off send climate justice project director for the institute for policy studies says the whole notion of profiting off water. Sales is atrocious. What we need to be doing in ted is changing agricultural practices so they are not so what are intensive especially in up more arid regions and erin brockovich. Consumer activists played by julia roberts in the movie lamented in a tweet that her father had warned of the day when water would become a monetize commodity for california water. At least that's very much the case
CNBC's Fast Money
Market update
"This is this fast money. I'm Melissa Leo Traders on the Desk Tim Seymour Karen Feinerman Johnathan and guide Dommie just breaking a little while ago Oracle. CEO Mark Her taking a leave of absence due to health related reasons since the stock selling off after hours. Conference call expected within the hour. We'll keep you updated as the story develops then if you didn't know SAS. SAS stands for software off whereas service but it could soon stan for software as a source of pain down nineteen percents these scales Hong Kong stock exchange launches an aggressive thirty seven billion dollars bid for it wait for a London stock exchange. We'll get perspective from one of their biggest rivals. CME group chairman and CEO Terry Duffy joins US exclusively here here on set but I it's still on and we are talking about the great rotation so many here on this desk. I've been skeptical of maybe even Poo pooing at times the sector showing continuing strength the Russell banks retail just to name a few so what is going to make you a believer guy. It's a fascinating question. Market has an uncanny way not that I need help by the way of making me look extraordinarily silly and here we are as as we just heard within a percent suddenly all time high the S. and P. Five hundred and everything looks fantastic. When do I become a believer I. I don't know the answer that question but I'll say is the headwinds that exist in a couple of weeks ago looked really haven't gone away all that much. Yes rates have backed up a little bit. Probably a healthy move yes to go. Market is an exploding to the upside. Maybe maybe some of the concerns with the China deal situation of Hong Kong have abated but they haven't gone away. There's still there. The markets is looking pass them so I don't know how to answer that question because it concerns since I have. I don't think it get resolved in one day. Well I know how to answer the question like when the rest of believers simple when the rest of Maga- makes the new high and apple is on its way to doing that. It's about ten bucks from the all time highs last September. I'd love to see Google Amazon participate again. Those are three and a half trillion dollars. Dollars of mega cap the largest in the market the other one. You know you mentioned the Russell. I'd like to see the Russell breakout above the seven month range and really kind of get people thinking about okay well. Maybe small caps have digested a lot of the bad news in the ready to go a little bit so those are two areas. I want to focus on. I'm not so interested in seeing Alcoa rally twenty percent off. Its you know that doesn't really convey about too much yet. Karen you know I I love to buy when things are trading down into gers. I'm kind of more more inclined to sell. Some things are trading up and injures less. I talked about taking a little money off table selling by Selig's. JP Morgan calls I I why do on something like a united rental that has obviously participated to the downside heart and back to the upside hard. I still think it's attractive here name like Fedex that Tim and I talked about a lot. That's unknown news. Whatsoever is gone for line one forty nine to whatever one seventy one. I liked it higher than one seventy one so even though that one's up a lot. I'll hang onto things like that the vix today coming in a lot. I want to own volatility here because I think we are one tweet away from going back to those markets you you seem so fresh in my mind they could be any second week could be the Mcginn Tim even sort of on board the rotation since it. You pointed it out to sort of I don't WanNa say a believer Uber but you acknowledge. Its its presence here. Why don't you try to die down your gender. Your Rangers Rangers compatriot here well. He's missed. I've moved from three twenty five down to one forty five on the ten year in effectively six months. Maybe seven months was was was way way too. Excessive relative to the fundamentals in the US economy maybe not to the global economy and I continue to think that some of this rated namic was a function of buns pulling us down in a relative value trait. I think some small and this is not full. Reconciliation and Hong Kong has been important to set the tone tone for at least we're regionally. There's a little more stability going into October talks. Which I think are very important. Unfortunately I'm not sure what we're going to get out of that but then we had reaffirmation of the US S. consumer off a couple of data points and that's the ice and the services I assume which is really the backbone of our country not a manufacturing reading and so while we know the PM is going down down around the world. I think that's been part of the story. The most important from a market perspective is I think we've had these rotations many times in many cycles throughout the last last two years so it's easy to pooh-poohed at the market almost nothing but I actually think you know if if you look at where retail is retail underperform the S. and P. almost twenty percent for a year until suddenly it it makes a lot of that back up recently if you look at what's going on and transports and banks but the thing about it is that the valuations to me do make some sense and we sat around here and we talked talked about food stocks. We talked about restaurant stocks. We talked about things that really were tough to explain and I think the markets rationalization is that those things can only go so high and recession question is off the table for the next six months. That's where the central bank at your back. That's been the justification and it didn't happen three days ago. This happened three weeks ago. When when the rest of the world started rallying relative to our market. Thanks for educating us but do you think that was particularly bullish. When you're the president of the United States vote head Fed should go to lower grades two zero arowar negatively lower because to me that doesn't elicit a whole heck of a lot of confidence in this economy. Is Picking up because you saw good services number less so you're talking about psychology. Do you want one. I'm in an AP economics class again. I think we've got a case where the macro data doesn't add up to a market that should be falling off a cliff with soot and you just mentioned that the last two years the market hasn't done much because you said that you've acknowledged the fact that we've seen lots of rotation so you know the thing is here. We are three thousand the S&P eighty five hundred and we'll make a new high. Do you think we're going straight up. Do you think we're GONNA go to thirty thirty and then go straight up. Five seven eight percent not particularly weekly likely if you look at over the last two years when we made new incremental high. We've gone down a lot. I mean I don't think I don't think most of our audiences is making a call on the market out so and so I think people are investing in stocks. They are themselves rotating in and out the fact that the semi's which I think are again been an easy target of volatility and the volatility in that space has been enormous but semi's are to make another fresh high and semi's are still up almost now they make that fresh high. They'll be nine percent from June of two thousand eighteen when everyone everyone said that's it that's it. I'll take ten percent and I'll take ten percent of the time. We don't really ten percent to thirty percent drawdowns. I mean does that. Make aren't trading those drawdown. I look I understand those people another individual again. I understand statistics and I understand standard deviations and we are split up to tell me that that people should not have been investing in things that overall business you. Are you saying that because they went up a lot and they went down a lot. They were on investable during this period and I think most people aren't trading like that. What's the flip side to not believing in this rotation. What's it's the flipside to necessarily know if you don't believe that this rotation is for real. What did the market do the have. I've been training opportunities listen. I'm the first to tell you I mean I thought the market's going down for quite some time I don't hide from it but within the context of that we brought up some pretty good training opportunities we as a matter Arafat couple of weeks ago. We power pitched bank at a time when nobody likes you did if you recall that was pretty much universally th you know pooh-poohed you use that word but not me by the viewing audience and that's gone from six to one and a half. I think closes sixty nine today so within the context of being a non believer there are trading opportunities again by only the point is everything that got us down to where we were a month and a half two months ago have not gone away. It's gotten a little bit clearer but they haven't gone away and I think in a fifteen fixed accounts point. It's just too it doesn't make sense with the backdrop that that's out there right now all right well. Our next guest says the value rotation can continue and new highs are coming with it. Let's bringing Margaret Kalonovik global head of quantitative and derivatives strategy at J.P Morgan market's always great to see you so you have a bunch of skeptics on the dust in terms of this rotation so so what has to answer guys original question what has changed to make you believe that this value rotation is here. We'll first positioning is extremely low so if you look at the sort of hedge from equity exposure it's about zero percentile so close to all time lows match in two thousand eight. If you look at the individual investors a I will be our sentiment is basically similar to two two thousand eight so a lot of these early price in the market right like and positioning is very low then generally. There's upside. That's pure mechanics. This is not even a economics one to one so so so so that's that's something that we can sort of hold onto low positioning and then you had some positive things within mentioned already. You know so you have a services in us. You had a little bit on Brexit a little bit on a little bit on Hong Kong Essay are and then you had this October negotiations so if we we have like two to three weeks before October where we still have a buyback full force when the Biggs declined from twenty two to fourteen fifteen so all the sort of systematic folks who actually really ever and you have discretion investor who's basically zeroed invested in the market so that's what we think you can continue now why valutation can continue so people adds to market the first thing they will close the short while net positioning get zero percent but the gross positioning gross exposure according to JP Morgan prime is ninety nine percent out so you have like a massive longshore trade where people are super long low vault of quality momentum and growth and they're super short value so if they want to increase the increase the net exporter. I don't think they're going to triple quadruple on software and stuff like that. They'll close some of the energy oil than gas some of the some of the banks and other value stuff so we think that this can continue okay so it can continue in our view until October in October. Basically you have negotiations anything. Anything can happen right so if the negotiations blow up we go back. Even negotiations actually produce some results. I think this loss for a full year like in two thousand sixteen and Seventeen when when it lost more than eighteen months so that's very strategic trade so strategic is until October right and in October. I think we need to reassess. If there is actually progress towards its radio this can can be new two thousand seventeen eighty two thousand two thousand sixteen age seventy two kinloss another eighteen months if the if we have more of the same back you know back and forth tweeting and stuff like that then we go back to software guy thinks will when when you say we go back if there are stumbling blocks oxen trade does that mean that we re-test the ten year yield lows like legal retail would have on
The Steve Cochran Show
Experimental Transactions Test Crypto Limits
"Sponsored by cme group dotcom oil prices closed above seventy dollars a barrel oil futures remain above seventy a barrel in premarket trading mixed closing numbers today in asia higher trading so far this morning in europe a us futures pointing to modest opening gains on wall street wgn traffic and mary van pelt and edens looking good in both directions outbound outside of the kennedys up to half hour to o'hare and inbound twenty two minutes from the airport about eisenhower forty five from fifty three thirty two from mannheim heavy delays from mannheim into about harlem now inbound stevenson forty eight from.