Tesla shareholders vote on Musk’s pay: Market Domination Overtime
On today’s edition of Market Domination Overtime, Yahoo Finance’s Julie Hyman and Josh Lipton break down the market close and the trading day’s biggest stories.
The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) closed at record highs while the Dow Jones Industrial Average (^DJI) fell into the red. This comes off the back of the Federal Reserve leaving interest rates unchanged as inflation cools. BNP Paribas Managing Director and Senior Multi-Asset Specialist Mark Howard explains that while the Fed’s decision was noteworthy, May’s Consumer Price Index (CPI) “was the real mover” of markets. The report triggered a rally in tech stocks and relieved Treasury yields.
Oracle (ORCL) stock closed at an all-time high, boosted by its partnership announcement with Alphabet’s Google (GOOG, GOOGL) and OpenAI. Broadcom (AVGO) is also on the rise after reporting second quarter results that topped Wall Street estimates on both the top and bottom lines. The company also announced a 10-for-1 stock split and a quarterly dividend of $5.25 per share.
As Tesla (TSLA) shareholders are currently voting on CEO Elon Musk’s pay package valued at $46 billion, the California Public Employees’ Retirement System (CalPers) — which holds 9.2 million Tesla shares — disclosed it will vote against Musk’s compensation package. Yahoo Finance Legal Reporter Alexis Keenan explains what Tesla shareholders have to gain from approving the pay package and the reasons why shareholders would vote it down. Yahoo Finance shared a poll at the start of the trading week, asking whether Tesla shareholders should approve Musk’s pay package. Well over 400,000 respondents have participated in the poll, 96% of which voted “No.”
This post was written by Melanie Riehl
Video Transcript
There is the closing bell on Wall Street.
Now it is market domination over time.
We’re joined by Jared Bl to get you up to speed on the action from today’s session and an interesting session.
It was starting Josh with this morning CP I coming in milder than expected.
Good print there.
Second, good prints are showing momentum going in the right direction in terms of deceleration and inflation.
And then we got a fed that didn’t change rates and said we’re still waiting for more good data in that direction.
Exactly.
So the dow down about 36 points on the day after all of that.
But the S and P 500 up 9/10 closing at a record, the NASDAQ up 1.5% closing at a record.
I want to take a look at some other asset classes real quickly too because the 10 year note reflecting those sort of pulled back expectations for rate increases.
So off 11 basis points pretty big move there in the 10 year, the dollar down as well on the day and then just glancing at some other stuff, I know we’ve been watching Bitcoin not doing much went up and came back down again, I guess, and crude oil, uh trading a little bit higher.
And then the other thing I wanted to check real quick and this is something we were just talking about all the activity we’re seeing in large cap tech today.
It’s really interesting to see those moves.
Do you think Jay Powell sees this?
You know, he’s probably calm, cool, collected some places.
Kind of listen job well done.
I didn’t send the markets into a tizzy.
I’ve done that before, didn’t do it again.
I played a kind of closer listen as people like Rick Reader of Blackrock have pointed out this is sort of a double edged sword for the FED because the fact that stocks keep going up, the fact that also rates are still at relatively high levels means that the wealthiest Americans are worth more and have more to spend and can keep and can keep a, you know, a base under inflation maybe.
But I did want to point out as well.
All of these guys over here all closing records today, Microsoft Apple NVIDIA, even as regained its market cap position above Microsoft, all of them at Records arm which we were just talking about with Antoine a few moments ago at a record TSM Taiwan semiconductor at a record.
Wasn’t it interesting just to talk to the analyst?
I thought it would be kind of like what he called the second derivatives out of Apple’s keynote for NVIDIA for Arm, right?
Which in our arm record today was that record as well.
Exactly.
So a lot of activity in Big Tech as well for all of this.
Let’s go over to Jared now for a closer look at today’s action.
Well, thank you, Julie.
Let’s dick with the NASDAQ 100 bringing it behind me.
Uh I’m going to show you something interesting happened earlier today and then I’ll move on to our sectors but Microsoft lost the top spot.
It was Apple, they switched positions, something like that.
Uh I shouldn’t, I’m not going to be telestrater for the NFL here but you get my drift.
It changed by the end of the day.
So there’s gonna be some headlines probably as Apple reclaims that top spot and potentially loses it and we’re looking at the sectors as well.
Three sectors outperformed today tech by far and away, the leader up over two percent XL Y.
That’s consumer discretionary up 1% and industrials uh pretty close to that as well to the downside energy and staples both down over 1% and taking a look at our leaders, guess who the number one winner was home builders.
You don’t see that very often, but that is potentially an interest rate play.
Also taking a look at chip stocks.
So is number two regional banks, Korean stocks.
So a lot of broad strength but tending to be in some bigger names some bigger sectors.
And with home builder, we haven’t seen that in a while, so I’m, I guess I’m just a little bit surprised here, Jared.
Thank you.
Appreciate the update.
Federal Reserve dialing back its expectations for the number of rate cuts this year.
Now at one, it comes on the heels of a cooler than expected reading on consumer prices.
The S and P 500 NASDAQ closed at records.
Joining us now is Mark Howard BNP Pers managing director and senior multi asset specialist, Mark.
Thanks for joining us.
Thank you very much.
So we’ll start Mark.
Uh just the news that day, give us, give us your take mark on what the fed did and, and said today, you know, there’s a lot to digest unusual double header with CP I and the fed.
Um I think the bigger news day was frankly the CP I than the fed.
Uh the fed did have the information at its disposal that went into its projections and its dot plot.
But uh the real mover today as you saw in market action was CP I which helped long duration equities like the tech stocks.
You were just talking about brought yields down.
Uh 10 year treasury and two year Treasury all rallied.
Uh and it opened the door perhaps to a September uh rate cut.
But then the fed came in later and said, you know, not so much, it’s probably more like December.
So that was the, the narrative today, but it was a, a very positive day as you mentioned for, you know, most of the equity market, most of the bond market.
And uh and so that’s uh that sets a kind of a clear pace, uh clear path for the next month or two.
So you, so you interpreted uh Jay Powell’s commentary today to say it’s more likely December than September.
What, what was, what in his commentary sort of pushed you in that direction.
Well, it was, it, it was not just his commentary, but certainly Julie, he did make it clear that they’re not yet comfortable enough with um the sustainability of inflation readings down close to 2%.
Uh And you actually saw that in a revision upward of their core P ce forecast for the full year.
So that’s one indicator.
Uh The second was the change in that dot plot, that median dot plot and the fact that the overall board is now um the median is now for just one cut this year instead of previously they were looking for three.
So um when you, when you go from 3 to 1, uh you’re basically pushing everything back, they did add one to next year in their projections.
But as we all know, the out years are kind of highly su su suspect mark.
I’m just, when you think about the Fed’s path here, you know, whether they do one cut or two cuts or three cuts?
Does that, does that influence the impact mark?
How you think about the US stock market and kind of, you know, the neo to inter mere term?
Yes, it does because uh Josh, we’re at all time highs.
It’s not like we’re kind of treading along in the middle and the rate cuts are kind of a marginal thing.
The the valuation paradigm uh is somewhat based on the expectation that rates are not gonna go higher.
So if we entered the day expecting three cuts and we’re leaving the day expecting just one cut, then we’re that much closer to the rates, actually not getting cut at all.
And that, that matters to valuation, that matters to general sentiment.
Um But as I said before, it’s not just about the cuts, it’s about the data and the data are what are going to determine when the cuts come.
And the C PAC P I data was positive today, you know, we keep talking about the disconnect between the economic data and consumer sentiment, but I’m also curious about the semi disconnect between the market activity and market sentiment.
You just mentioned sentiment, stocks are records.
It doesn’t feel like a risk on environment like a super bullish environment right now or am I wrong?
Like what?
It’s interesting to see stocks continue to creep up without anything seeming to be fantastic.
Yeah.
No, that’s a, that’s a very fair assessment, Julie.
Uh there’s not froth in the markets we’re not seeing a lot of excesses in the form of, uh, I mean, there are a few, you know, meme stocks that are, you know, bouncing around, but by and large, we’re not seeing a ton of M and A, we’re not seeing a lot of equity offerings.
We’re not seeing, um, some of the signs that, you know, that, that give us a, a fear of froth.
It’s really just a solid economy with an expectation that rates are gonna come down.
Uh, and that, that will add a second leg.
And so evaluations are full.
Uh, but there’s not a ton of excess.
You’re absolutely right.
So does that mean though that if you do see a pick up in something like M and A, that then that can give another lift or some of those other elements you’re talking about not froth, but that can give another leg up to the market.
Most certainly.
I think, uh I think a lot of Wall Street is anticipating and hoping, uh, that we see a pick up in, you know, what we call animal spirits.
And the IP O market is an example.
M and A is another, the problem is that the, um, the elections in the US are kind of a, uh, an impediment to M and A.
And so that’s something where I think a lot of corporate execs are gonna wanna see, uh what is the most likely outcome with regard to tax policy?
In terms of the potential for incremental fiscal, will it be here?
Will it be there and importantly trade policy?
So if you want to embark on an M and a transaction, something strategic, those are important variables and you don’t want to enter into it just six months before the goalposts move.
So when, when you get those questions right now, mark from your clients about the election, I mean, first of all, how, how often you gain those questions and what, what are you telling them?
What’s your advice?
So um it’s a, it’s a terrific question and it’s not just about the domestic election, it’s uh you know, globally, there are important elections, Mexico, India, France, et cetera.
Um Clients are starting to ask more questions.
Uh But to be honest and we just had a big conference for our institutional clients on markets a month ago and um the focus was definitely on inflation, the fed uh A I things that are really tangible and investable today, but there’s a growing um awareness that the narrative may shift and that uh that, you know, electoral noise uh and the potential policy implications of one party or another um controlling Washington could shift, but people are not really putting on big trades that I’m seeing among major institutional investors yet.
But they’re starting to ask the question, they’re trying to anticipate, ok, which sectors may benefit or not benefit from anticipated poli policy changes.
And we’ll see um, you know, with the first debate coming up pretty soon, uh, more clarity around what some of those policies may be and mark, um, you don’t just focus on stocks, you focus on multi assets as your title implies.
What is the asset class that we’re not talking enough about right now?
Well, you know, I think, uh, commodities have taken a back seat and, uh, and, and people are not talking as much about commodities.
I think generally because the tech sector as you were just alluding to has stolen the show and the Fed has made the bond market kind of exciting.
Um But I think uh the credit markets uh have been chugging along have been generating solid returns and there’s a broad menu of opportunities and in traditional cash credit in private credit, in structured credit, securitized credit.
So the credit markets are another area I mentioned commodities because they’re at the foundation of a lot of the big themes that are happening, whether it’s around A I uh and the need for um more technological bandwidth, more data centers, more everything related to core A I, but also around energy transition.
There’s been a lot of focus on the different uh picks and shovels that go into energy transition, however you want to define that.
But at the foundation, there’s copper and there are other commodities that are really important to that.
So I think uh that’s another area where I think people are shifting their attention from the, you know, the the first order is NVIDIA, second order is Microsoft and Apple.
And then further down the line is the commodity complex and some of those companies uh have a lot to offer.
Thanks so much.
Good to see you.
Thanks for coming in.
We want to talk about another top trending ticker to see how it closed the day.
You know, we were talking all about all these large cap tech stocks that closed at records.
Here’s another one.
Oracle is leading the pack after announcing cloud deals with both Google and Open A I and those shares um closing at a record today with that big increase that we saw.
Now, we talked about the stock a little bit yesterday because it came out with earnings.
But what really got attention was the company’s partnerships that it just announced with Open A I, with Google, with Microsoft.
And so even though it’s, it’s results were sort of lackluster, people were really focusing more on that.
Yeah, and Larry Ellison never at a loss.
For words, Mr Johnson says the world’s largest cloud companies and the world’s most successful and accomplished A I companies choose to use Oracle cloud services and data centers.
Um Ever, of course, Kirk Murn, who, who knows the company very well covers it and the space Oracle’s position in the public cloud, he did tell clients this morning continues to get stronger and to your point, Julie he says that announcement that open A I is not gonna be using OC I only adds, he says to Oracle’s credibility as this kind of A I platform.
I think he just kind of saw investors react that Kirk, by the way, reiterated Apple for took his target to 160.
Yeah, and it sort of has to do with the sort of um different speeds of different parts of the business.
Bloomberg Intelligence saying that these deals are likely to accelerate growth in that cloud infrastructure business which could help offset a slot a slowdown in the broader cloud portfolio.
Larry Ellison.
So for Katz on the show, sure, that’s an open invitation, open invitation coming up with Tesla shareholders set to vote on Musk controversial pay package tomorrow.
What could be next for the CEO we’re gonna discuss with a shareholder when market domination over time returns to make a broad come out with second quarter earnings, the shares of a quick 8% because guess what another stock split from another big chip maker here and a quarterly dividend of 525.
A share of the company announcing a 10 for one forward stock split as it comes out with its earnings.
Let’s get to the earnings as well earnings per share of 1096.
Beating estimates by 16 cents a share net revenue at 12 point 4 $9 billion beating estimates of $12.06 billion as well.
So beating across the board here it looks like.
And the company also coming out with a full year revenue forecast for about $51 billion.
That’s above the 50 a half billion that analysts had been anticipating.
Now, I can’t remember who it was this week.
I’m sure you will remind me who said Broadcom was one of the other best ways to play A I in chips.
Um That this was a I remember, do you know who does pound the table on this name a lot?
And says that is our friend Stacy Razon and Bernstein.
Yes, I think that we did talk to him earlier that day and it’s always said to your point.
I mean, I Stacy’s been on the show and, and he’s been a believer for a while and has always said to us this is, you know, one of the top, in his opinion, top ways to play A I in the space.
Yeah.
Um um And if you look at the results here and what the company is saying in its statement, um They said the results were once again driven by A I demand and VM Ware.
Now this isn’t just a chip maker, we should say because um VM Ware is visualization software.
Um So the company’s software and chips here, but the company said revenue from our A I products was a record $3.1 billion during the quarter.
And infrastructure software revenue accelerated as well.
As more enterprises adopted the VM Ware software stack that according to Hakan, the president and CEO of the coming.
So they raised that guidance for 2024.
Yeah, to your point, Julie, it’s good because I think a lot of people still think Broadcom, they think semiconductors, wireless infrastructure networking, but you know, hoc 10 has moved them hard into higher margin software and look at that rea I mean, this stock was already a huge run into this print now higher.
And by the way quick uh note on the stock split here that will be effective as of July 15th on the open up trading.
Meanwhile, Tesla shareholders voting on CEO Elon Musk controversial pay pags.
You will get the results tomorrow afternoon.
Moments ago, Calpers, by the way, announced he had voted against it.
Yahoo Finance’s Alexis Keenan here discussed some of the pros and cons that shareholders are weighing Alexis.
Yeah, so kind of a mixed bag we getting from a variety of influential shareholders.
So it’s still kind of a wait and see even though Elon Musk teased us a little bit in that tweet or ex post saying that 90% of the retail shareholders that have voted so far wanted a yes for his pay deal.
So let’s kind of talk through the things that might be weighing on shareholders’ mind for the pay package against the pay package.
One big one, of course, incentivized Musk to stay as CEO of Tesla.
Um, there’s arguments, of course, uh for many years that he is essential to the company that his, he is anonymous with Tesla that he needs to be there in order for the company to be successful.
Long term.
Also, maybe avoiding a lawsuit from Elon Musk.
Now, I don’t know what nature that lawsuit might take, but if he’s not paid lawyers will think of something, Alex.
They, they’re creative, they’ll think of something and he has not been paid since 2018, since this is uh all performance based package.
So one could make the argument.
Perhaps we’ve got to be paid something.
We don’t know what that would look like in the future.
If this is turned down.
Uh Also looking back to 2018, the deal did get 73% of independent shareholder support back then.
So you could say that’s a relatively high number, even if you don’t like the way that the board processed the deal and served it up to shareholders.
And finally, uh on the, the side for the argument for pay, uh avoiding maybe a stock price decline.
There have been plenty of analysts that uh say if you don’t vote for it, that Tesla’s stock is going to suffer well, and it already has suffered.
Of course, it’s already gone down.
Ok.
So give us the other side, the other side, a no pay vote in favor of that theory.
Avoiding, let’s say shareholder litigation.
You could make the case that either way this vote goes, that shareholders are, some shareholders are not going to be happy.
They could say that there’s harm to the company’s value if it loses the 40 to 50 billion plus that it might have to pay Elon Musk.
If this deal is a yes.
Also maybe just punishing the board of directors for their approach to analyzing the pay deal.
The revote is recommend recommended by a one member compensation committee.
So, you know, that’s not necessarily a ton of detail though the company holds out that they did put this rigorous analysis to come up with this redo this copycat version of the 2018 deal.
Also preventing Musk from increasing his control of Tesla.
This would give him another approximately 12% of the company and he has said that he wants that at least 25% control in order to continue as he has been in the past and finally just, uh, diluting company assets.
That’s been one argument out there from some proxy advisers saying that, uh, they don’t want those assets to go toward Elon Musk or at least, maybe not in that volume.
Yeah.
All right.
Thank you, Alexis.
We wait and see viewers can head over to the Yahoo Finance home page by the way to vote themselves on if must pay package should be approved.
Currently, a whopping 96% Julie Hyman of voters are signing with.
No, look at that and there’s a lot of votes there as well.
What almost, I think more than 400,000 votes now, who, who knows who those people are actually shareholders, right?
Or if they’re representative, I mean, today we learned that one big shareholder was not gonna be paying for the pay package.
That was Calpers, the California uh retirement system.
There’s also Cal Stirs which represents some uh California state employees as well.
Between those two, the state of California overall has about 14 million in Tesla share.
So it is a significant voting block.
So you know, who knows, we don’t know how it’s gonna go, but there have been some big names like that significant shareholders that have come out and said they’re voting against it.
I think we’re gonna talk to another shareholder.
Yes, sir.
We are right now in fact, and while we’re awaiting this decision from Tesla shareholders on Elon Musk’s pay package, our next guest says it is a nightmare, lose, lose situation for shareholders joining us.
Now, Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management.
It is good to see you, Ross.
You like the folks at Calpers, you plan to vote.
No or if you already vote.
Have you already cast your vote?
No, got you.
So, so lay out your case for why you’re not approving this pay package.
I mean, it’s mostly have to do with the board of directors being so negligent and not only you know, not, you know, doing the compensation committee and the proxy and the way that typically compensation is done at every other public company other than Tesla is by independent committees of the board working with the ce to come up with a comp package that is two sided, this was not what happened at Tesla.
It was just Elon presenting his comp package and them saying sure and you know, when it gets shot down by the core because of the lack of corporate governance, then the response is, well, let us now explain how he came to this.
Let’s vote on this again.
Then we’re gonna go back and appeal and say, see the shareholders still want this and it doesn’t actually address the real issue, which is that still nobody negotiated with Elon on this pay package.
And it’s possible he would have agreed to maybe half the size of the pay package.
So let’s say 25 billion instead of 50.
And you know, that would have still been a massively excessive amount of compensation.
So, so that’s why I’m voting against it because I just think this caused more problems than it solves.
And, and I think the board should craft a real compensation package for Elon with an independent board.
The way that it is required by law when you say a real compensation package, Ross, any thoughts on what, what that would look like to you?
Well, you know, once again, I’m not against the basic structure of stock options and, and such.
And, you know, I don’t think Elon needs much incentive in the sense of he owns, you know, 80 or $90 billion worth of Tesla stock.
At the time of the comp package, he owned $10 billion of Tesla stock.
So he’s made about, you know, 70 to 90 billion in gains irrelevant.
So, you know, we throw around these numbers, but in the real world, the average American makes 65 $1000 a year.
And so when you actually think about that, we’re talking about a compensation package for the wealthiest person that’s ever lived.
It’s the stupidest thing I’ve ever heard.
Like it’s literally so dumb that this is the focus of Tesla and not selling cars as we get to the end of a quarter where they’re gonna miss all their numbers, miss all the numbers here.
But, but they did make their numbers during the period in question that we’re talking about Ross.
I I wanna talk about it from zero.
I mean, you may numbers from zero.
Yes.
So I mean, this is a legitimate carmaker.
Now at a time when you know, you go back in time, there were a lot of people who thought that Tesla wasn’t gonna make it.
But let me leave that aside, but we’ve all been from that including Elon.
Let me leave that aside for a moment because I am curious what you think would happen if indeed the nose like you succeed here, what then is the scenario?
Does, does Elon step back from the company, for example, does he take his A I tech to, you know, somewhere to one of his other properties?
Well, there’s two sides to this one is, I think he already has stepped back from the company and that’s been going on for two years now and then he just eliminated every meaningful executive at Tesla over the last six months.
So he put Tesla in a position where if we don’t fall for him and he, let’s say threatens to leave the company and leaves the company.
There’s actually nobody at Tesla to run it.
So he’s done this while the board is again, closed their eyes and been fine as he’s just let go, a ton of, you know, really talented long term executives at Tesla for one reason or another.
So, you know, Tesla is in a really bad position, you know, because Elon put Tesla in that position to the benefit of Xa I and X and his other investments.
So right now, he’s told us that he wants to build A I outside of Tesla.
He’s moving chips from Tesla to Xai I it seems like what there’s a disconnect between what’s actually happening, which is an absent CEO who’s doing what’s best for A I for him to control it versus what’s best for Tesla and the board of directors isn’t willing to step in and say, hey, you know, this isn’t what, what’s best for Tesla.
So the issue to me is if the vote fails, how is he gonna retaliate against Tesla?
I mean, this is absurd for somebody who’s the majority owner of the company.
I mean, it’s absurd conversation.
He should be doing what’s best for Tesla no matter what, you know, and Ross, besides, it doesn’t matter what the vote does, he’s got 80 90 billion in the company.
Well, so what’s the besides sort of further, you know, enabling the board in your view if he succeeds in this vote?
What are the other downsides of him getting this vote to go his way?
Well, I kind of think the vote’s about 5050 right now, like I would flip a coin, I don’t know what it’s gonna do.
Um If it does pass, you know, the good news is we can just go back to litigating this comp package as it, it will be re litigated.
I’m sure.
And the shareholders will be responsible for $25 billion of taxes on this that, you know, he’ll have to liquidate stock to pay and, and shareholders will bear that cost.
So as long as shareholders are fine with, you know, I when that happens, it will be a detriment to the, the value of the company.
So that’s, it’s really expensive to pay somebody $50 billion.
So, you know, that’s the shareholders paying them So, you know, does he deserve it or not deserve it?
You know, we could debate this till we’re blue in the face.
I don’t think anybody deserves $50 billion for running a company for five years.
But that’s just me, Ross.
When did you first get into Tesla?
I got into it in 20 it was 2014 when it was a $2.
That’s a nice, that’s a nice return under Mr Musk.
That’s right.
It’s a wonderful return and, and let’s not forget if it weren’t for the US government loaning Tesla money and if it weren’t for investors, like me and other institutional investors that stood by Elon through this period of time, Tesla would have gone bankrupt like five times and, and in 2018, in particular, I supported Elon at the most crucial time in Tesla history.
It was literally all these people on Twitter who think they are such big fans weren’t nowhere to be found in 2018 except for Ross Gerber.
And so, you know, I’m out there helping Elon and helping Tesla succeed.
Now, it’s a small part of the overall story for sure.
And Elon built a wonderful company, but as I said, he benefited the most of anybody from Tesla’s success and all of us, the rest of his shareholders rightfully benefit along with him and that’s how companies work.
But that said, um I, I think Elon deserves compensation.
I’m not saying he doesn’t deserve to be compensated.
What I’m saying is they need to go out doing these things the right way and the right way is by having a negotiation, that’s fair.
The typical CEO makes $20 million a year, but he’s not the typical CEO.
So let’s look at a guy like Steve Jobs when he came back to Apple, he got 7.5 million share option.
It was, the value was substantially less than anything.
Elon’s even looked at.
And you know, actually Steve Jobs, he didn’t have any stake really in Apple when he came back.
So it was like they had to give him incentive.
So, you know, there’s precedent for founder CEO S that are incredible innovators with option packages as well and, and I think the board should work hard to come up with something fair that will compensate Elon for the past and the future and be defendable in a court of law.
Well, we’ll see if that happens.
Ross.
Thanks a lot for joining us.
Great to catch up with you as always.
Thanks for having me and be sure to tune in tomorrow.
Young finance will be having special coverage of Tesla, the Tesla shareholder meeting as investors await the decision on Elon Musk’s pay package.
Be sure to tune in between 4 35 30.
We will be covering the shareholder meeting, we’ll be tracking the vote.
We’ll be talking to big investors like Cathy Wood who has been a porter of Elon Musk.
It will be quite interesting looking forward to it.
Yes, that is going to do it for today’s market domination over time.
Be sure to come back tomorrow at 3 p.m. Eastern for all of your coverage leading up to and after the closing bell.
But don’t go anywhere on the other side of the break.
It’s asking for a trend.
Stay tuned.
