Brace for a ‘gut check’ summer sell-off, Peter Boockvar suggests

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Investors may want to curb their enthusiasm for the market rally.

The Bleakley Advisory Group’s Peter Boockvar warns stocks are vulnerable to a 10% or more summer sell-off.

“That’s when the gut check is going to take place,” the chief investment officer told CNBC’s “Trading Nation” on Wednesday. “Right now, the market is ignoring all the bad news in the hopes that things obviously get better as we reopen.”

Over the next couple of months, Boockvar suspects the market will trade sideways. Once most of the economy reopens, that’s when he warns a wave of profit-taking will likely strike stocks.

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Paul Tudor Jones says companies can no longer exist just to maximize profits

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Longtime hedge fund manager Paul Tudor Jones on Wednesday critiqued the long-held belief that companies should exist for the sole purpose of generating profits.

Jones, whose remarks came during a JUST Capital event with CNBC’s Andrew Ross Sorkin, said it’s that philosophy that allows corporate boards to neglect issues of equity in the workplace and ultimately undermine the stability of broader U.S. society. 

“When you just look and say that the only thing that a company has to worry about is making a profit, it gives that company a pass not to pay attention to pay equity, not pay attention

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GrubHub, Tailored Brands, Delta and more

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Check out the companies making headlines after the bell.

Tailored Brands — Shares of the Men’s Wearhouse owner saw its stock soar 17% in extended trading after the company gave a business update following rumors that it was filing for bankruptcy. Tailored Brands said it had $201.3 million in cash and cash equivalents and that 44% of its stores are now open in the U.S. and Canada amid the coronavirus pandemic. The company also reported preliminary first-quarter revenue of $286.7 million, which the company said is down 60%. Analysts polled by FactSet had estimated $399.4 million.

Delta Airlines — The

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Stock futures flat following two days of losses for S&P 500 and Dow

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A man wears a protective mask as he walks past the New York Stock Exchange on the corner of Wall and Broad streets during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020.

Lucas Jackson | Reuters

Stock futures opened flat in overnight trading on Wednesday as investors evaluate the pace of economic recovery.

Futures on the Dow Jones Industrial Average rose just 8 points, and the S&P 500 and the Nasdaq 100 futures were also flat.

The moves in futures followed two straight days of losses for the 30-stock Dow and S&P 500 as investors

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