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tv   Street Signs  CNBC  April 26, 2021 4:00am-5:00am EDT

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people were bidding. they were buying. the economy was good. so, it was really the right time for rudy kurniawan, for him to come onto the scene 'cause people weren't asking too many questions, and they were raising their paddles a lot. and that meant profit. ♪ good morning welcome to "street signs." i'm joumanna bercetche along with julianna tatelbaum. these are your headlines a mixed session in asia as india battles for another record spike in covid cases and hospitals threatening to be overwhelmed. germany imposes fresh vihigh restrictions and italy has a
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lockdown shares of philips sink despite the profits in the second quarter as the ceo tells cnbc he is unsure what the second half of the year will bring. >> we are looking ahead at a strong second quarter, but the second half year, comparison is more difficult versus last yea all in all, low single digit growth is still a significant step up. and history is made as chloe zow wins best director and "nomadland" wins best picture and best actress for frances
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mcdormand. we will kick things off with the data that has come out for the month of april let's bring the main headlines to you the business climate index in april has come in at 96.81 versus the expectation of 97.8 disappointment with the business climate index. as for the current conditions index, it is 94.1 in april that is a miss against the forecast of 94.4 the expectation index coming in at 99.5 in april this is a substantial miss of 101.3. i would say putting those three together, it seems like every single one of those, the business and current and expectation index missed versus expec expectations this despite the strong data in germany for the flash pmi on
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friday still pretty strong numbers when it comes to manufacturing. the numbers to date coming in lower than expectation you can see a slight reaction in the euro trading on the back foot today to the tune of .10. i'm happy to bring in the president of the ifo institute sir, looking at the numbers, a disappointment versus the market ex expectations how does that compare to the numbers we saw on friday >> what we see is companies reporting a strong current business situation that is kind of comfortable, but expectations are slightly more piessimisic.
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and the shares are going down and the first vaccine and the second issue is delivery of the intermediate product semiconductors 45% of companies of manufacturing companies are reporting historic highs we never had this value of companies reporting problems with deliveries. this is serious. that is explaining why the values are lower >> one stock we are watching is vw the stock hit by supply chain issues with chipmakers it is affecting multiple industries is it fair to say when you think of the forecast for the german economy, the latest numbers show it will take a longer time for the german economy to get back to pre-covid levels now? >> i think this depends on how
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the delivery problems evolve over the coming weeks. if this continues to be a problem, yes, we may end up with slower growth. the other issue is the vaccines. if the progress with the vaccines continues currently the assumption in the forecast is it will be done in the summer if not, we have a problem and growth will, indeed, be significantly lower. i think we are not there yet >> sir, pretty staggering percentage there 45% of all manufacturing companies experiencing some kind of supply disruption what is the sense as to when the supply disruption will actually ease >> that's very difficult to predict. if the reason is that there is just strong demand worldwide as a result of the push into
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dig digit digit digitalization, it will ease if the industry is the reason this may take a longer time. more than just a couple of weeks. this is a reason for concern >> so, i guess, given the uncertainty around the supply disruption and originally slow pace of the vaccine rollout which is now picking up, what does this mean for business inve investment are we seeing german business become more confident of investment for the future? >> certainly, currently companies are worried. i would not expect companies to increase investment strongly there is expectation once the economy opens up, there will be
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consumption boom because people want to spend and travel and we have a factor that may hold back companies. particularly manufacturing companies are unlikely to invest strongly in the short-term in this climate they are likely to wait until the uncertainties are resolved sdpresolved >> one final question and an element that has come through this morning is the supply chain issue. one other characteristic on friday is the lead times are increasing, but prices are also going up do you see signs that german business is passing on higher prices to consumers? >> yes, we do see an increase in inflation, but the current interpretation is this is mechanic reaction to the decline last year in oil prices.
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i don't think we see massive price increases in consumer goods most probroadly, but thata certainly come. >> all right sir, thank you for joining us and running through the diet the president of the ifo institute. i want to bring you fresh news on moderna. the mrna vaccine that is used in the u.s. and now used in the uk. and the w.h.o. may soon give it emergency use in the next one to four days. this has been used by health regulators around the world. this would come from the w.h.o. which would pave the way for widespread use amid a range of countries, including developing countries around the world in terms of countries around the
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world in focus, one is sharply in focus that is india. cases in india have risen to record levels for the fifth straight day with almost 353,000 recorded infections today. that brings the total to over 17 million. deaths related to the virus have wr risen. prime minister modi says it has shaken the country his government asked twitter to remove the critical tweets over the handling of the pandemic we will have more later in the show joumanna >> we are all watching closely. investors are keeping a close eye. particularly as it pertains to the variants and possible ramifications. you can see the board behind me is mixed between green and red an hour ago, we were searching
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for direction. stoxx 600 is up .20% after declines last week all of the majors ending the week on the back foot. down from 1% to 1.5% we he a are starting off this w up a lot to watch out for the q 1 eurozone numbers and we have the fed meeting to watch out for and the slew of earnings with some of the european banks picking up momentum. other industrials we will get to in the show and the u.s. with a huge week with tech earnings all that coming up this week as for individuals ftse 100 is up .13%. and the mining companies pr propelled by the big bounce of
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co copper that is lifting the ftse 100 cac and dax are up as well you can see up .20%. this is despite the numbers we got now coming in slightly disappointing relative to expectation. of course, we talked about the strong manufacturing numbers on friday very interesting to hear the comments after speaking to the prof professor. 45% of german manufacturing companies are citing supply chain issues something to keep an eye on there if you are watching the european economy italy is up .20% a big sign up for the european commission of the italian recovery plan. up to 220 billion euro will be approved by the european commission we will talk more about that on the show and what it means for the italian economy.
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americans who have been fully vaccinated will be able to visit the eu this summer in an interview with the new york times, the president of the european commission cited the successful vaccination program and signalled tourists may require vaccine certification to travel this is good news to the airline industry particularly those that operate trans atlantic flights welcome for these economies reliant on tourism it will be good to hear american tourists can come and visit their shores again these are some of the major airlines in europe trading pos positive lufthansa up 4% in trading today. julianna thank you. welcome news for americans eager to get to europe as well let's dive into the single
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stock. philips reported a surge of first quarter up 74% to 362 million euro and beating he expec expectation. the ceo told cnbc his company is navigating challenges posed by the global chip shortage >> we are seeing some issues in dealing with that. one of our businesses in the de defribulator is seeing a shortage that is essential for the population for the latter part of the year, i think there is still unknowns on how the semiconductor market will cope. this is something where i'm very much on top of >> and nestle is in talks to buy
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all or part of the nutritional supplement maker bountiful company. it is owned by a private equity firm kkr. and tate & lyle is pushing into healthy foods the ftse 250 group is removing t from the beverage business. and auto in focus. vw says the chip shortage may hit the first three months of the year t the chip shortage is the largest threat facing the company. this as vw warned it does not
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have the capacity to make up for earlier losses during the year that stock is down 1% today in trading. coming up on "street signs." italy secures a deal for the eu for the $220 billion recovery plan we will bring you the latest details after this break
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welcome back to the show prime minister mario draghi submitted the plans for the country's 221 billion euro recovery package it will focus on the economy by investing in high speed rail and green energy details presented to the italian parliament today let's get to claudio it costs the job of the previous prime minister because there was so much debate of the recovery fund and how much everything would be disbursed what more do we know how the italian government is spending this money
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it is a lot of money >> certainly it is a big hurdle. a big objective to reach for mario draghi it is an important day this package is going to parliament if all goes well, on the 30th, within the deadline, it is expected to go to brussels the package aims mostly to also face the structure reform issues this is something that mario draghi's government has really stressed he wants to aim at improving the public administration and the justice and tax system which is important. bringing simplification for italy. this is important for italy which suffered during the pandemic and a long productivity and the need for the structure reform that is the base for the plan. also the investment that they will need to make.
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in particular focuses on digital and innovation and fighting of climate change the green revolution is getting 68 billion euro. then there is infrastructure and sustainability that is getting 31 billion euro. education and research and inclusion and health is getting 18.5 billion what this is concentrating on is helping the poorer regions 40% of the money is going to that area. as well as to women and to younger people that is also where unemployment numbers are high it is focusing on trying to improve structurally certain situations in italy that have been long coming
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also today, the eyes are also on the easing of measures which brings to the opening of restaurants. it is also the start to hopefully more easing of restrictions in a situation in which we are seeing rollout of vaccines pick up speed hopefully this is sort of a page turner and the beginning of a better time for italy. >> this is quite an issue for mario draghi dealing with the coronavirus and getting cases under control and the vaccine rollout and now the recovery thank you for giving us the overview let's bring in the chief european strategist from goldman sachs. great to have you with us on the show back in the day when draghi was ecb president, he spent a lot of time and i remember every single press conference, he would stress the need for structure reforms and eurozone economy now the prime minister of italy.
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one of the countries that is in most meet of restructuring he is basically handed a 200 billion euro check and announced a slew of measures to use the money on how much of a lasting impact do you think this will have on the italian economy over the medium turn >> we think it is a great opportunity for italy. the recovery fund is large in size as you said, 220 billion in total. that is 12% of gdp the plan is to spend this money on investment. it tends to have higher multiplier it tends to have sustained effects on growth. it also spread over a number of years which should make it helpful for italy support the recovery in the near term and all the subsequent years it should have a significant
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affect on the italian outlook. this money needs to be spent efficiently and timely and executed in the right way. that is really where the focus should be now. >> like every other country in the eurozone or all over the world, italy had to borrow significantly for the longer term response. the fiscal deficit is set to reach the gdp. debt-to-gdp numbers will rise to 60%. that is the second highest level ever for the italian nation. this comes at a time when eurozone is still facing record low or close to record low interest rates that helps the country, of course, continue to finance itself again, prime minister draghi knows better than anyone else that all of this is a function of prevailing interest rates do you think that italy will manage to bring down those debt
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ratios by the time the ecb will start thinking of moving interest rates higher or again r will they be dealing with the debt hangover? >> it is a huge amount of debt 160% of gdp. it comes with medium-term sustainability risks we actually think that the hurdle for the near term is pretty high. first of all, we expect the italian economy to rebound sharply as the reopening begins. we think that is the case for europe secondly, there is still a lot of support from eu institutions for italy and southern europe. the ecp which will run until june of 2022 of course, as we just said, the recovery fund. lastly, the political situation in italy is more stable than it
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has been in recent years when you put that together, we do think there is a high hurdle for near term sovereign stress it is a long road for italy ahead in reducing that debt to more normal levels >> jari, this is a big day for italy. i have to ask about the uk you have punching growth numbers looking through the research looking at 7.8% gdp growth this year which puts you well ahead of consensus which is 5.5% for this year. where is the delta what do you think consensus has wrong about the uk recovery outlook? >> i think it's a combination of things i think the uk economy is showing a huge amount of momentum now that reopening has started. so, all of the latest data
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points have surprised meaningfully to the upside the flash pmi for april. on friday was strong a big jump in retail sales the high frequency and mobility data is moving up rapidly with the reopening. we think the reopening is moving on track we will see further reopening on the economy in april and may that will unleash pent-up demand particularly in services that the uk has the level in the uk is still depressed in gdp terms that will look strong in growth terms. therefore, a sharp acceleration in the second quarter with a growth rate of 5.5% which is meaningful above consensus >> now, of course, the eu has been in the spotlight for
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lagging the uk when it comes to vaccination rollout. the vaccination rollout is picking up steam there i wonder if you share the same optimism for the eu as the uk if the vaccine rollout continues. we hear the eu may soon open travel for u.s. vaccinated people to come back to the eu. it seems like maybe there is room for surprising upside for the european growth. >> we very much think so the vaccine step up is very encouraging. if you look at the recent pace, it is almost twice as much as march. we have vaccine supply coming in we think the area will reach 50% of the population with one dose in june which is a couple of months behind the uk nonetheless, we think should also lead to very strong growth
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into the summer. we think the recent indicators in the area are encouraging. spot growth numbers are weaker than they are in the uk. i don't think that is hugely surprising with the restrictions in place the forward indicators are looking good as we go into may with the reopening starting and we move into summer, we will see a strong rebound in euro area growth >> jari, one final question to round up our discussion. we had the professor on a half hour ago now 40% of german companies are citing supply chain problems i wonder how long it will take for those issues to pick up in the economic data? we talk about the strength of the manufacturing sector and how it held up in the first quarter of the year. if all of the companies are
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facing potential issues when it comes to production and inventory and planning levels, it will start to have an impact on the data at some point. when do you foresee that happening? >> i think that's an important function of the reopening. i think as restrictions are in place, i think it is normal that supply is still constraint to some extent. as the reopening gets under way, we would expect that supply to open up and for demand to able to pick up meaningfully. it might have somewhat of a short-term effect on inflation in the near term as growth pick pick up and supply comes back gradually. we believe it will be short lived and the underlying inflation trend in the euro area is a significant one we expect a strong rebound in
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growth and relatively muted underlying inflation pressure during the recovery. >> jari, we will leave it there. thank you for joining us chief european economist from goldman sachs. we will take a quick break after a relatively under powered start to the year, tesla will jump start another rally for the carmaker we'll discuss next
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welcome back to "street signs. i'm julianna tatelbaum along with joumanna bercetche. these are your headlines european equity opens in the red after the mixed session in asia as india battles to control the spike in covid cases hospitalis are threatening to b overwhelmed. and the expectation is falling with the recovery in
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europe. >> and semiconductors with 45% of manufacturing companies reporting problems here. this is an historic high we have never had. shares in philips sink to near the bottom of the stoxx 600 despite profit jumping in the first quarter. as the ceo tells cnbc, he is unsure what the second half of the year will bring. >> we are looking at a strong second quarter, but the second half year, comparison is difficult from last year we are raising guidance which is still a significant step up you. and history is made as chloe chloe zhao is the first asian woman to win best director at the oscars and "nomadland" winning best actress for frances
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mcdormand. welcome back to the show let's check in on how european markets are faring you see across the board trading slightly above the flat line this after a week of declines last week. not a great week for equity or europe or u.s. over the weekend, we have watched the situation in india closely with the surging number of coronavirus cases there the health care system on the brink of collapse. investors are alarmed by the situation there and what it could mean, of course, for the rest of the the world. that is what we are watching ftse 100 after being in positive territory 20 minutes now and now negative
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down .10%. copper is continuing to have a good session xetra around the flat line the nubmbers coming in at expectation. manufacturing is in focus. the cac is slightly above the positive and ftse mib trading up .10%. we have talked about the italian recovery plan. 220 billion euro signed off on the european commission. they are evaluating the proposal from italy and should get a sign off in the next couple months. we are getting progress when it comes to the italian plan. it will be a boost for the italian economy. as for the dollar exchange trading close to the eight-week low. that is a continuous theme over
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the last couple weeks. you can see that is also transpiring today. the pound is trading firmer. $139.13. more and more analysts are getting positive on the uk economy. we had the goldman sachs analyst on the show. they are talking about the forecast and that is is growing the higher reopening for the rest of the year and still plenty of savings to be spent for the uk positive news for the british economy. the euro trading at $121 as for u.s. futures. big week for earnings. a lot of tech names to watch out for. apple, facebook, amazon, boeing, caterpillar. the fed meeting on wednesday will capture attention s&p and dow seeing mixed right
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now. a quick look at oil. brent is trading down 1% today this as a drop for demand out of india which is the third largest importer of oil. as i mentioned, we have watched the situation unfold there closely. it is beginning to impact the comm commodities. julianna on that moat, let's look at what is happening in india the international community is pledging supplies as the country battles the spike in cases hospitals are turning people away due to the lack of beds, oxygen and vaccines. germany, france and uk are promising supplies president biden says it is determined to help india in the time of need let's go out to cnbc tv in
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india. great to have you with us. give us a sense of how things are on the ground today after this weekend and how much hope there is on the hope of international supplies which is heading your way >> reporter: well, the situation looks quite grim like now. india reported over 352,000 cases. out of these cases, 1,300 peopl have recovered in the capital of delhi, 32,000 cases were reported in the last 24 hours with the positivity rate of 50%.
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according to sources, analysis delivered by prime minister modi has highlighted that they are expected to see the biggest jump in cases by the end of the month. cases are expected to see a fivefold increase. they are grappling with oxygen shortage overall, oxygen and medicines are being brought in to help the revenue department has decided to waive customs on alls the second wave of the coronavirus pandemic in india is likely to peak between may to
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june that is from the institute of technology there is a prediction that active cases could go up tenfold by mid-may there is a lot of support from the international community. u.s. and eu and uk have pledged support with supplies and oxygen and other supplies let's see how soon the supplies trickle down into the country to help battle the pandemic back to you. >> thank you the whole world will be watching thank you. investors are bracing for one of the busiest weeks and the earnings season with one-third of the s&p set to post results including the tech giants. tesla will report after the
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closing bell today followed by alphabet and microsoft on tuesday apple and facebook are due to wednesday. and away from big tech is boeing and caterpillar will outline the pressure from rising materials and transportation costs on wednesday and thursday amazon and twitter post numbers on thursday. exxon closes out the week on friday let's focus in on tesla earnings tesla will hope the latest earnings can recharge the rally it enjoyed over the recent years. a lack luster start to 2021 just over 3%. they will watch for the tesla delivery numbers having posted record deliveries for the first quarter. to help us get prepared for the numbers, let's bring in ceo and
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founder of my wall trstreet emmit, thank you for joining us. we have watched the automakers talk about the chip shortage and have seen it cap revenue to what extent do you expect tesla to have been impacted by the global chip shortage could they have been immune? >> thank you for having me yes, i think they are immune elon tweeted to that effect a couple of weeks ago. he alluded to the fact that they have overcome supply issues. in the quarter, we saw tesla deliver 185,000 vehicles compare that to others like vw and toyota and gm for frame of reference. they deliver between 550,000 and 650,000 vehicles tesla with 185,000 is very much, you know, in the same ballpark
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as the traditional manufacturers. i think they are well positioned for the year ahead >> a big part of how tesla has made money to date has been through selling carbon credits now we have seen the incumbents make bigger commitments and bigger advancements to offer their own electric fleets, surely that is poised to hit tesla given that is a revenue source for them moving forward what do you expect to see this quarter? is that a significant threat for the quarters ahead for tesla >> i don't tesla generates 17% of the revenue today from non-vehicle sales. for example, 7% of the revenue last year came from energy generation and storage 6% from services and merchandise and you said carbon credits is a
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large partyof the revenue. in the quarters and years ahead, we are looking at a business to grow the revenue lines last year, tesla closed the year with 3 gig watt hour generation. that will power about 1 million homes. the entire energy consumption of ireland is 27 gigawatt hours every quarter, tesla increases the ability to capture, store and distribute power which is a revenue line they are less dependent on the revenue lines of the other car manufacturers. >> even though, to julianna's point, in the absence of the carbon credits, the company would have posted a loss in the fourth quarter it is a huge boom for tesla and not where you think an automaker would derive a lot of revenue. it is a little bit cheeky of
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tesla. to julianna's other point, when he it comes to overall competition, you have vw and others going big in the space. investors are getting bullish about those companies to make a big dent in the electric vehicle industry how much of a threat does that post to tesla? >> it is always inevitable competitors would go electric. tesla had a ten year advantage in the space ten years ago, it was an investment in the electric car manufacturer today, it is an investment of 5 billion miles of autonomous drive data it has storage it has the sophisticated ai algorithm of all i think competitors fall into three categories the first is traditional brands we are all familiar with the second is new brands to us
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and then the hybrid which is traditional car manufacturers with a new brand for electric vehicles competition is inevitable because the future of all automotive transport is electric >> i know that you have held on to tesla stock for a long time now and a very profitable trade for you. i have to ask you in that time frame, elon musk is a cult figure a massive following on social media. he dabbles in space that is not necessarily to do with producing electric vehicles or spacex. increasingly getting vocal about cryptocurrency and dogecoin. self proclaimed meme king. as an investor in tesla, would you rather he quiet down on social media and focus on the job at hand? >> no, i actually wouldn't
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you know, genius rarely co conforms elon musk is a visionary you will see these people skew i take it as an entertainment source it hasn't hurt the performance over the years i rather elon musk be left to behave the way he wants because he is doing a lot of things right. if heexpresses himself in the ways, investors should ignore it >> all right emmet, great to hear from an investor what you think of his comments and what to expect. thank you for joining us on "street signs. still ahead on "street signs.
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a blockbuster night for the streaming giants at the academy aw awards we bring you the results after the break.
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welcome back to "street signs. it's a record year for streaming services at the academy awards broadcast by abc last night. netflix and amazon scooped nine awards this after the academy scrapped the requirement that movies must be released in cinemas to be eligible in a night of firsts, chloe zhao made history as the first asian woman to win for "nomadland." nbc's gina kim filed the report. >> reporter: a thoughtful, low budget film of life on the road scored big on the academy awards night. including best picture >> we give this one to our wolf.
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>> reporter: frances mcdormand made her way back on stage minutes later claiming her third career win as best actress >> i have no words >> reporter: "nomadland's" driving force does ch did chloe zhao. >> this is for everyone who had the courage to hold down the goodness >> reporter: a slight upset for best actor the british legend won his second career oscar for "the father." an award many expected to go to chad bozeman best supporting actor to daniel kaluuya. >> celebrate life. we're grieving >> reporter: and 72-year-old won supporting actress the first korean to win the award. >> i like to thank my two boys
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who made me go out and work. >> reporter: the awards were handed out in a smaller scale he vent as a result of the pandemic >> if things had gone differently this week in minneapolis, i might have traded in my heels for marching boots >> reporter: "two perfect strangers" won >> i ask you please not be indifferent. >> reporter: a call to action for hollywood's best gina kim, nbc news, los angeles. >> joumanna, i'm excited to watch the films. i have not watched many that were nominated that is not surprising given we have been home the past year i thought people might be interested frances mcdormand. incredible actress she joins one other living actor in winning the leading category three times. she and daniel day lewis
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the only two who achieved that joumanna, watching the coverage, my favorite moment of the night was riz ahmed straighten his wife's hair on the red carpet. >> obviously, i think one of the major developments is the fact that netflix scooped up so many awards seven awards it shows that as a company, it started off as a challenger with content. now has become mainstream. its ability to create an attract talent to work within netflix production is telling of the industry one final thought from me. i need to watch "nomadland." i did watch "promising young woman" on friday i texted my friends about watching it. it really resonated. it is such an intense movie and
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epic performance i recommend viewers to watch that's it for my oscar chat. let's look at u.s. futures to see how the week is sthaping up mixed picture after a week of declines last week big earnings week reporting this week including facebook and apple do not forget the fed meeting on wednesday as well. that is it for "street signs." i'm joumanna bercetche along with julianna tatelbaum. "worldwide exchange" is coming up next.
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with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.
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it is 5:00 a.m. in boston. here is the top five at 5:00 get ready. major companies are seeking for earnings. and bitcoin bouncing back. up a couple thousand as the bulls use the pullback to buy more some say another crypto that should be on your radar. vaccines keep booming. now j&j is getting approval as case


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