welcome to "street signs." these are your headlines a healthy set of numbers for roche. shares rise after the company raises its guidance on the back of a solid performance for some of its newer drugs >> we are only at the beginning. i see continued growth from the new medicines which help us offset and why we have raised our guidance for the full year. and airbus shares soar to a

record high after they double their profit in the second quarter thanks to cost improvements and faster deliveries shares in european automakers accelerate after u.s. levees are avoided for now as president trump and jean-claude juncker work towards zero tariffs. >> we agreed today to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods >> as long as we are negotiating, unless one party stops the negotiations, we will hold off further tariffs facebook sees 1$130 billion wiped off its market value in after hours trade as the social media giant warns that revenue will weaken in the second half and it is also losing european

users. welcome to "street signs." after that meeting with jean-claude juncker and president trump at the white house, it seems a bit of a peace offering on trade. that is lifting sentiment for european equities. stoxx 600 is higher by 0.5% as we speak let's break it down by the individual bourses here. if you look at the ftse 100, it's trailing ever so slightly in negative territory. elsewhere look at the german dax, powering ahead by 1.4%. getting a boost in earnings. look at the cac 40, it's higher by 0.7%. in italy, the ftse mib ticking

higher by 0.75%. autos are leading the charge today. a different story from what we saw yesterday. autos higher by 1.4% chemicals higher by 1% on the down side, we are watching a bit of weakness in technology keep an eye on that sector, we will get into the details of facebook in a second basic resources off 0.2% it was a strong rally on wall street the nasdaq hit a record high but could be due for a pullback today. you are looking at the implied open, down by 114 points the dow jones is still looking higher of about 40 points. s&p slightly lower let's talk about that drag on tech it's all about facebook. facebook shares have been plunging in extended trade falling as much as 24% at one point after the social network

warned about decelerating revenue growth the stock is poised to lose around 1$130 billion in market value in its biggest ever share price decline. facebook missed projections on revenue and global daily active users, particularly in europe where gdpr and the cambridge analytica privacy scandal impacted user engagement when it comes to the ad revenue, also below forecasts and the company expect revenue growth rates to decline by high single digit percentages going into the second half keep an eye on this trade when u.s. markets open. royal dutch shell announced a 5 $25 billion share buyback program which will see them purchase $2 billion of their ow shares each quarter. the figure missed market expectations you are seeing shares off 1.6% production also declined in the first quarter of 2018. speaking to cnbc earlier, the

ceo gave us his take on the firm's results >> our earnings are solid. there's a number of things in there. if you look at integrated gas, very good quarter. twice as good as the same quarter last year. upstream, good, solid quarter. four times as good as the same quarter last year. downstream is lower. bear in mind downstream had one of its best quarters in q2 now we see a tougher environment for refining and trading we saw higher costs this quarter and downstream as a result of a heavier maintenance program. then if you look in the oil markets, everybody will look at brent up by 50%. at the same time wti, to which we are exposed significantly, only up 40%. the gas market in canada, 50% down and 7% down.

so there are a number of moving parts that make our earnings harder to understand than we ourselves would like as well the key thing, of course, is all about cash if you look at cash flow performance, you exclude working capital effects, which are always there, we had an 11$11.6 billion quarter, that's the best quarter since the first quarter of '14 strictly speaking, you need to add back the cash that we put into the l & g hedging program, which is00 mi 8$800 million this gives me the confidence that we're at the point that we can start our buyback program. >> for more we are joined by jason gamel of jeffries.

the ceo going through some of the strength there's of this report we are getting a downtick in shares today do you think this is down to that profit miss >> i think you're right. the profit miss is the reason the shares are down. i actually agree with ben that the cash flow number is the more important one for determining how the stock will perform respectively i would concur it was a strong quarter in cash generation and that the commencement of the buyback program will be supportive for shares. we're looking at weakness in shell as a buying opportunity. >> making good on that long promised buyback program there were so many skeptics out there at the time, i don't think you were among them, here we have shell saying mission accomplished on that front >> mission at least started. what is helpful is they have essentially completed their divestiture program, raised $30 billion. they brought down debt and in the quarter gross debt was down

by 40 billion. i think ultimately the board agreeing to proceed with the buyback program is an endor endorsement of the financial strength of the company. >> when it comes to downstream side, we did hear pressure in refining do you expect this to remain >> refining margins are weak now. i think part of the problem that we're seeing is that there's been a pretty steep increase in oil prices and refine product prices as a result so there could be elasticity in demand kicking in. i do expect this is a transition period on refining we expect that the refine product markets will get tight moving into 2019 and remain so because of the bunker fuel standards that come into place in 2020. >> what is your best estimate here, we continue to hear ranges on both ends of the spectrum

>> in the near-term, i do think that the effects of the u.s. sanctions on iran have not been felt yet we believe oil prices will reach $80 in the next quarter, and we believe the fundamentals of the oil market are tight now and will be supportive of share prices for integrated oil companies in general and shell in particular. >> does that suggest we should continue to see an uptick in investment then? >> i think capital discipline is still the mantra i do think that the level of capital spend is going to remain flat, but i would also -- that is with 2018 levels moving forward, but there's also a lot of deflation that's occurred so activity levels can be up it's just that companies are spending capital on a much more efficient basis.

>> what kind of upside do you think there is for shell's price when it comes to the share outlook or do you think there is any upside >> we have about 30% upside from the share price to here. i think the share buyback program will be an important catalyst >> do you have a view on total also >> solid we have a buy rating on total as well cash flow was very strong in the quarter. i think they also took up their guidance for production growth this year to 7% from what had been 6%. they also commenced a buyback program. not necessarily same magnitude, but so far they spent about 600 million in share repurchases that's looking very solid for total. >> when it comes to anywhere in the sector you would be avoiding, what are your least preferred picks? >> we have an underperform on

revsol right now >> jason, thank you very much for your time today. speaking of total, let's give you more detail on those earnings shares have been trading higher. rising crude prices did give the french oil major a boost in the second quarter with a 44% jump in adjusted net profit and record quarterly oil and gas output the stock up about 1.6%. the company also said its cost cutting program is on track to beat the $4 billion target. let's check now on airbus shares they have hit a record high here up almost 5% after the french planemaker reported second quarter adjusted operating profit and revenue above expectations the firm shrugged offset backs on it's a320 aircraft.

airbus also reconfirmed its 2018 targets but said challenges remain to meeting the full-year delivery goal for the a320. let's give you a check on shares of valeo which have dipped sharply after cutting their profitability target for 2018 saying they expect new emissions tests to disrupt production at some carmakers the french firm did not say which firms would be impacted. valeo also saw a decline in the first half net profit with the figure falling to 463 million euros. valeo's ceo also forecasted cost increases from raw materials and tariffs for the second half of the year >> we need to protect ourself. we need to be able to offset those increases by the operational excellence in the first half of the year we've been able to do it

the reason why i said that we might see a slight decline in operating margin for the year is because of that. when we look to 2019, we confirm we should grow double digits bringing the attention to the broader auto sector, you can see green arrows across the board. a different picture from what we saw yesterday. a lot of this will be down to optimism on the trade front after that meeting between eu commission president, jean-claude juncker and u.s. president donald trump in washington, which proved to be a peace break through when it comes to an all-out full trade war. the lack of a mention and an agreement to work towards zero tariffs seems to be lifting optimi optimism you are seeing that lift some

stocks, even despite some companies with a profit fall we continue to see concerns reflected in earnings today. fiat chrysler, the big drag yesterday on the session yesterday it was off double digits, today up 4.4%. they also cited some tariff concerns and concerns about the china market in general. they along with gm and ford reporting in the u.s. auto session seemed to flag those concerns, because it was a bad day for the detroit big three, ford, general motors and fiat chrysler scaling back their 2018 earnings forecast due to rising prices for raw materials and sending shares lower the regularly scheduled earnings release from fiat

chrysler was overshadowed by confirmation of what we feared for days now, the passing of long-time ceo sergio marchionne. he was replaced as head of the carmaker over the weekend after complications from surgery caused his health to deteriorate suddenly his departure was planned for early 2019 after a decade as chief of the automaker tributes have been pouring in, even from u.s. president trump >> former fiat chrysler ceo and auto industry titan sergio marchionne died at the age of 66 he became the ceo of fiat in 2004, despite having no experience in the auto industry. he quickly became one of the most respected executives in the sector after engineering a recovery at the debt laden company. his career defining moment came during the financial crisis in

2009 when fiat took a controlling stake in chrysler, steering the american carmaker out of a government backed bankruptcy marchionne oversaw a sweeping turnaround at chrysler, within two years, the company exited chapter 11 and returned to profitability. in 2014, fiat chrysler made its debut on the new york stock exchange, and shortly after it announces a spinoff of ferrari which listed in 2015 marchionne, once an industry outsider, leaves behind a lasting legacy on the global lpe motive business that h heed to reinvent the more comfortable you are in it. and now there's a new way to smooth. introducing new venus platinum. a premium metal handle boosts control... to reveal up to 100% smooth skin. venus

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plus get $150 when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. roche raised its outlook for the second time this year. the firm easily beat expectations as new drugs helped first half sales rise 7% to 28.1 billion swiss francs core operating profit increased to over 11 billion swiss francs. joumanna joins us now in basel

it looks like there's nothing to complain about here. >> absolutely not. you mentioned this is the second revision they made this year, but overall the stock has been lacking its peers. before today the general sector was down 2%. roche down 7% to 8%. it does give you an idea of some of the concerns that investors had about roche and its trajectory going forward it's facing a lot of competition from bio similars on its three top-selling drugs. today the results are positive and the outlook is positive as well i had the chance to speak with the ceo a bit earlier, i asked where the optimism is coming from >> i'm pleased about the strong set of numbers we could deliver for the first six months and it's entirely driven by the uptick of our new medicines. the highlight was oculus, which

has been the best launch in the history of roche ever. and we are only at the beginning. so i see continued growth from the medicines which will help us offset, overcompensate for the entry of boy io similars. >> so a lot of optimism about their so-called new product launches he was talking about the multiple sclerosis drug there. said it was the best launch ever clearly positive about the trajectory of how the drug will be taken in the future also tacentric, another immune therapy drug growing 27% so the outlook for all of those new products is looking positive

offsetting some competition in the three best selling more generic drugs. if you look at it geographically, u.s. sales are growing at a much faster pace than europe. europe we're seeing declines of 7% again, that's due to the extra competition from cheaper generic drugmakers it's something bearing in mind especially in light of the u.s. administration's attempt and hand holding of the pharmaceuticals company and forcing them to announce no further price increases for the rest of the year you have to think maybe at some point they could see headwinds in that space. overall, beat on top line, beat on bottom line, positive outlook. it's no surprise shares are up 3% >> joumanna, thank you i know you're gutted not to be here because it's ecb day, even though where you are it looks much more pleasant than in the studio most of the bests we have coming

up are telling me it's going to be a snoozer another cnbc regular had said the most interesting thing might be what color tie mario draghi will wear. you have any bets on today >> you know, thank you for asking me that question. it's a question i like to answer at every decision time yesterday i would have gone with dovish blue. at the juncker meeting yesterday, i will have to go with purple. >> all right we'll put you down as purple we'll see what happens thank you very much for joining us telecom italia's main shareholder, vivendi, says it is concerned over the role elliott has at the firm calling it a big mess elliott trying to wrestle control away in may. i'm pleased to say that willem joins us in rome with a closer

look at telecom italia willem >> thanks. i had a chance to talk to the ceo of the company yesterday the first interview he has given since that change in control at the board in may one thing elliott has been pushing for ahead of that change was asset sales, they wanted to strip out the noncore assets that belonged to the conglomerate in italy. they are talking about that much more fervently than before the change of control at the board of directors also one other thing they talked about is when they spin off their network infrastructure business, that's subject to government approval, there's been talk from elliott they might want to sell a stake in that business or merge it with the other rival called open fiber. i asked about that possibility whether he thought it was viable here's what he had to say. >> any cooperation can be

positive on the country level, because we combine the efforts to be building in more areas and not overlap each other if you combine the efforts, today we are building on the same cities, almost in the same territories, it doesn't make sense from the country's point of view. if you can combine the efforts jointly we might have a win-win on the business side for both companies. at the same time by 2022, 2025, the eu puts certain ambitious goals on each one of those years. i think we're open minded for an institution to make sure we see one single network in italy. we would like to cooperate with that kind of statement and

intention. clearly we are open minded to continue such discussion and cooperatio cooperation. >> what he's made clear there is from the state's perspective it makes sense for the two broadband providers in italy to work together, if not necessarily merge. from a business perspective that remains to be seen whether that could be profitable if they were to spin off their own network and make that happen he also said many, mo months aft after that election they have no clarity from the government on what it means for telecoms generally. i want to look again at what's happening in the european auto space we're seeing a change in sentiment here green arrows across the board. german automotive association,

bva just said the last few minutes that the meeting between juncker and trump, that deal gives a real opportunity to avert trade tariffs and a trade war for the u.s. and the eu. coming up next as the ecb gets set to deliver its latest interest rate decision, we'll hear from sir christopher pissarides next.

welcome back to "street signs. these are your headlines a healthy set of numbers for roche. shares rise after the company raises its guidance on the back of a solid performance for some of its newer drugs >> we are only at the beginning. i see continued growth from the new medicines which help us offset the entry of bio similars, and why we have raised

our guidance for the full year. and airbus shares soar to a record high after they double their profit in the second quarter thanks to cost improvements and faster deliveries shares in european automakers accelerate after u.s. levees are avoided for now as president trump and jean-claude juncker work towards zero tariffs. >> we agreed today to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods >> as long as we are negotiating, unless one party stops the negotiations, we will hold off further tariffs facebook sees $130 billion wiped off its market value in after hours trade as the social media giant warns that revenue

will weaken in the second half and it is also losing european users. welcome to "street signs." keep an eye on the u.s. futures as we get closer to the bell there. nasdaq called to open about 114 points down. the dow jones up about 30 points, and the s&p down about 7 points expect some movement in shares today. in europe, earnings are front and center we're seeing momentum to the upside with the exception of the ftse 100 it's actually flat as we speak barely in negative territory the xetra dax pushing higher here by 1.3% earnings in focus. also relief over that meeting between jean-claude juncker and

u.s. president trump seeming to offer each other a peace branch for now looking at the french cac 40, it's higher by 0.66% the minute moving higher in a similar direction. let's look at the fx markets here euro just slightly weaker against the greenback as we await the ecb meeting. the dollar slightly weaker against the japanese currency at 110.770. sterling at 1,3182, and the yuan at 6.7820. an update from china, that beijing security bureau has come out with more details on the nature of the explosion outside the u.s. embassy sri jegarajah joins us from singapore with the latest developments there >> good morning. it's becoming clearer as to what happened here.

there was a statement released by the chinese police and the u.s. embassy there was one individual who detonated a bomb, they say, at approximately 1:00 p.m. today in the public space outside the u.s. embassy it's important to recognize that there was no compromise of security there was no one who really penetrated the perimeter of the diplomatic area. it's also important to remember that a lot of people typically gather around here because they come to the u.s. embassy tovisas and the area of the embassy also houses a number of other diplomatic missions including the indian embassy and in terms of the response from the u.s. embassy, local police did respond and other than the bomber there were no injuries on to the chinese police, they say the suspect of the incident near the u.s. embassy in beijing injured his hand

he has since been sent to hospital in other injuries are reported they are still investigating the incident there's no motive as of yet. in a separate incident, according to chinese media, a woman tried to douse herself in gasoline and set herself on fire near the u.s. embassy, but according to those reports and chinese media, she was taken away by police no discernible market reaction in mainland chinese equities which were also on the defensive when this news broke or in hong kong, which was also down as well for that matter i think it would be highly rash and highly speculative to assume that this was some kind of extreme backlash by the chinese public associated with the trade tensions between the chinese and u.s. chinese police are still investigating the motive for this incident. they do not believe there is --

let me rephrase that chinese police say there is no suspected motive outstanding as of yet, but it's under investigation. that's where we stand. i'm sure things will become clearer in the next cycle tomorrow at this point, no one was injured. this 26-year-old man, i believe, has been taken into police custody. that's where we stand. >> sri, thank you very much for bringing us clarity on the situation. shifting focus back to the ecb with the central bank widely expected to keep rates on hold today, all eyes will be instead on the growth outlook for the eurozone a recent slew of week data, a slump in consumer confidence and a fall in the ifo could give the ecb food for thought let's get out to annette

expectations are that nobody is expecting much from this meeting. we talked about the data, and on the other hand it looks like a good break when it comes to trade tensions between the u.s. and the eu how will this play into the timeline if at all >> actually without that agreement between the united states and europe on the trade issue, i think we would have expected more negative rhetoric coming out today from the ecb warning that trade escalation could mean a worsening of the economic scenario here for the eurozone i think now with that tentative agreement, people inside the ecb will be quite relieved they can stick to their more or let's overly optimistic outlook. that compares to economists and various investment banks who are more negative about the european economy than the ecb

looking at haven't economrecent indicators, it depends on which ones you look at the pmi came in still in quite an expansionary mode even though it was contracting a bit. it's still in expansion mode that's key for the ecb so what to expect from today not an awful lot, i guess. i think the focus will be on the rate guidance, because that was pretty new when they stepped out and said, listen, we keep rates at this level we are seeing current currently. i think people want to know more about what that might mean for the first rate hike, and another big area investors are in the market for and interested in are the reinvestments. for now the ecb is saying they keep on reinvesting the proceeds

from the balance sheet for an extended period of time. whether this could end before the first rate hike or not, that could make the market move or have a sizable impact. so that is mainly the key areas. it's not an awful lot, but still the press conference will be on at 2:30 local time >> yes we look forward to that. lock f look forward to you coming up on decision time. thank you very much forjoining us now for more i'm pleased to say we're joined by christopher pissarides from the london school of economics. it's a pleasure to have you with me today thank you for your time. let's pick up with what annette was discussing, some saying the ecb is being overly optimistic on its economic outlook. do you think they are? >> i don't think so. the european economy is still

coming out of its long recession. they are fairly resilient. they are advanced economies. they won't go back into recession now. there's not anything in the fundamentals indicating that we might be seeing that when we see some indicators turning negative, there are more deviations from the trend that may be corrected >> that being said, do you worry that the ecb risks getting behind the curve on inflation? >> again, no because inflation is still low i think it's important to provide enough liquidity in the market and in view of the italian situation, the other countries still need liquidity so i think i would hold things

the way they are the ecb already said there would be no interest rate hikes for another year it's maybe good to clear when the end of the summer is, whether it's the french or english, but again, if i were ecb i would be more specific about exactly where the date is. because it's so farinto the future other things will happen in the meantime that might make them change their mind or have flexibility to change their mind i think what we have now, what was said in june, it's a good thing to reinforce this time, say something positive about trade wars with the united states of course we have to wait and see if president trump changes his mind when eu walks away. we know it's not always

consistent in what they say about trade. overall i'm moderately optimistic about the european economy. i think the ecb is doing a good job. >> when you say they shouldn't really set a date, part of this is the issue, they want to see where inflation goes you spent a lot of your time studying labor economics in particular when you look at wage growth or the lack thereof, what do you think is behind this when we see not just in europe but more the united states, when the economy is going strong, look what's happening to employment in the united states, still wage growth is not where you expect it should be. why is that? >> that's something every economist should be thinking about. it's a combination of factors. that's why there's no immediate answer it's kind of a boring answer trade is a small factor. new technologies are a big factor the penetration of more automation, more computerization, digitalization into the workplace

that's benefiting higher skills than lower skills. the whole restructuring of industry away from manufacturing, so labor is not so well organized, that's having an impact. when you put those together, you know, obviously immigration in smaller countries may have an impact those are not bad things when you look at the fundamentals of the economy. if anything, a lot of them are good things, because it shows we are moving technology, we are becoming more advanced, immigrants are getting integrated into economies. there's good things. the action to counter balance and the low wage workers sinking into poverty or the working poor means fiscal policy, not monetary policy. >> that's something mario draghi has been asking for for so long.

we will talk to you more in a bit. be sure to tune in at 13:30 cet wh when i bring you the ecb decision and mario draghi's press conference. facebook shares plunging in extended trade following a warning about decelerating revenue growth we'll have the latest after this short break. /* with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. man: are unpredictable crohn's symptoms following you everywhere? it's time to take back control with stelara®. for adults with moderately to severely active crohn's disease, stelara® works differently.

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. the u.s. and europe reached a trade truce agreeing to suspend new tariffs while negotiations a deal. president trump and jean-claude juncker agreed while talks continue, the u.s. will not increase tariffs on european autos, while the eu will increase purchases of american agriculture and american energy projects speaking at their rose garden press conference, trump touted

working towards a common goal. >> we agree to work on zero tariffs, zero non-tariff barriers, an zero subsidies on non-auto industrial goods we will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products as well as soybeans. soybeans is a big deal and the european union is going to start almost immediately to buy a lot of soybeans. >> we are prepared to improve the overall system itself. this is why i came to washington

today, not to give unsolicited advice, but to offer increased cooperation. we will always keep dialogue open with all our partners and i believe instead of being destructive by measures and counter measures, we should focus on the real issues of global trade, of which there are many >> we are still with christopher pissarides on this issue of working towards zero tariffs do you think the two sides here will eventually agree to that? >> i think that they will agree. they should agree. the united states economies in the world most likely have the most to benefit from free trade between them the tariffs that president trump

talked about before, they have small inpact on trade relations between them they will be below 1% losses on gdp. and causing all this political uncertainty, exchanging words, it's unnecessary, even if you don't look at the economic benefits >> excluding autos will be a big one. >> out toes is a big one because it's one of the main traded manufacturing goods. i think they should abolish everything there will be political benefits, economic benefits for both economies there may be some small arguments for tariffs when you trading with economies that are very different with your own, but when trading with economies similar to your own, it's best to open it up and concentrate productions on things you can do best relative to your trading partners >> we're all hoping that the

agreement announced yesterday, this spirit of good faith and negotiating does hold. you did suggest that there's a possibility it won't if things don't go well from here. what does that mean for inflation as we await mario draghi's press conference later today? there's been so many questions around what tariffs, ultimately seen as a tax on goods, means as inflationary pressures >> the tar ref iffs we're talkig about are so small compared with the overall size of the economy, i don't think they're going to have an impact on the overall inflation rate they may affect some relative prices goods become relatively more expensive than other goods, but they're too small an item into the basket that is used to calculate inflation. when they look at the agreement

reached yesterday, though there's some uncertainty, don't take this as being ironclad yet, think more about what it will do to the real economy rather than what it will do to inflation if there's an impact on the exchange rate, it will be via the economy. that's where they should be concentrating. >> you're talking about a small fight here compared to what's going on at the moment between the u.s. and china, which is still unresolved how concerned are you about the global economic impact if we get the full blown trade fight that president trump has threatened with china >> that's much more of a concern because the impact on china is bigger, it's a much bigger trading nation than europe or the united states. and the chinese being so big and being so influential in asia, they will take advantage of that and exploit it politically they will try to make friends in asia much more than now. they will try to step into the

united states shoes as the leading economy in the world, the leading trading economy. president xi more or less said so at the davos economic forum that is rather dangerous politically as well as economically >> can they take on the burden, the economic burden, whether it's through not deliberately weakening the currency but tolerating the currency, putting pressure on the pboc to loosen policies, can the chinese policies withstand that blow >> i'm sure they can they've been growing 10 plus rates for 20 years or so now they slowed down to 6.5, they can slow down to 6 or 5.5 in a few years and go back. the economy still has a lot of growth momentum. where they're directing efforts now is technology advances, jumping on to being an economy

with technology, and they are succeeding because they have so many well qualified people and investment taking place. they will move ahead whatever the united states does i think the united states needs to cooperate with them rather thanning than antagonize them. >> christopher, thank you very much for your time today >> thank you sdmro speaki sdmro. speaking of the tech fight between the chinese and the united states, the chinese have not commented on whether or not the qualcomm deal has been approved qualcomm said it will drop the $44 billion deal for nxp, while the ministry said it was not an anti-monopoly issue and not related to trade frictions with the u.s. qualcomm shares have jumped in after-hours trading after reporting better-than-expected

quarterly results. they plan to repurchase $30 billion in stock shares are pointing higher by 6.5% the big story over night, facebook shares plunging in extended trade at one point they fell as much as 24% after the social network warned about decelerating revenue growth they have paired back that loss. facebook off 17% now in extended trade. the stock was poised to lose around 130 billion in market value in its biggest ever share price decline. now facebook has missed projections on revenue and global daily active users, particularly in europe where gdpr and the cambridge analytica privacy scandal impacted user engagement ad revenue also came in below forecasts and the company said it expected revenue growth rates to decline by high single digit percentages. that rattled some investors

there. the facebook fallout for the social network after hours slide set the scene for heavy losses across tech stocks we were talking about some records for big tech names previous to this report. head to cnbc.com for more on the expected collateral damage we'll keep track of this in the u.s. trading day ahead and for a look at the other u.s. markets ahead of that u.s.open, the nasdaq called lower by 117 points there the dow jones bucking the trend with an implied open of about 30 points to the upside, the s&p up abou about 7.37 points. i'm nancy hungerford "worldwide exchange" is coming up next. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers.

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it's 5:00 a.m. facebook is leading your top five at 5:00 shares of facebook are tanking the company reporting a big slowdown in user growth, more than 100 billion in value wiped out. facebook is the first of the f.a.n.g. stocks to plummet will it take down your market today or will this keep the dow higher president trump striking a new trade deal with the european union. qualcomm pulling the plug on a proposed $44 billion buyout after china slams the door on the deal. and shell announcing a massive buyback as