Defund the health care bill. Among our newsmakers on the topic this morning, we have former oh bam in omb director peter or zaszag. Then coming up at 8 30 eastern, we have former vice chair alice rivlin. And aei senior fellow Kevin Hassette. And in other washington news, the federal Housing Administration will likely soon take a cash infusion from the treasury. The agency needs help to cover losses from souring loans. Jcpenney looking to raise as much as 750,000 to 1 billion to build up its cash reserves. The retailer is leaning towards issuing new shares. But other methods of raising capital are erroredly on the table. Goldman sachs says it expects the retailers to move more slowly. Anyway, another hard hit stock this year, blackberry, we talked bit almost every morning. Fairfax financial says it is confident it can find the money to fund its 4. 7 billion for the smartphonemaker. But shares did fall yesterday on doubts about that bid. Meantime, tmobile, i dont know, becky, announcing
1. 5 and i shares russell 2000 up. Taking the cues from the fed. We are getting ahead of the fed and look at the next moves and next decision to make or not make a move. Members are speaking. Stocks are moving and is the fear fading . Stocks are up, but ebola still lurks and thats why we ask is the fear fading . New york state has designated eight hospitals as ebola centers, the ones that will be the Critical Care places should that disease appear in the empire state. We have the head of one of those today right here on power lunch. Lets go to where all of the action is. That is where we find sue. It is a big day to end the week. A big rally. It has been a wild week. Bob is going to join us in just a second to give us the play by play on this wild week. First to dominic chu on signs of why we may have hit a bottom. Bob is going to tell you about the play by play. If you look at the trading range for the dow it has been a wild wide. The downward trend is still in tact but maybe finding
On our hands right now. As you can see, the dow is coming down almost 52 points after the lows, and s p 500 to the negative as well down almost six points, and nasdaq to the negative as well. Boeing one of the pores performers of the dow today. The stock now down more than 2 as you can see on the strene. The story here, a boeing 787 dream liner catching fire this morning. No passengers on board, but the incident raises concern about dreamliner safety. Considering theres been problems in the past with the electrical system on the aircraft. Energy stocks notably weak, especially the big exploration and Production Companies even as oil prices are steady today. All three names in the red by a percentage drop, anyway, baker hughes, the worst performer now in the markets. Now, money continues to flow out of utilities, and its been that way, really, since the election back in november. Look at these names here, the stock at 29. 90. More than a 1 drop, and nrg and in the negative now as well a
Just got again knocked off that horse, get back on again imus, imus, imus in the morning less money in your wallet . A record amount spent on food stamps and spending, three big numbers that tell the stewart. Good morning, stuart is going to be back tomorrow, today here is the big story. 200 billion dollars, how much spending power the fiscal cliff bill takes out of our pockets accord to go Goldman Sachs. The combination of payroll tax cuts exspiring and higher rates on the wealthy hitting the economy hard. The second number, 80. 4 billion, now, thats a record amount of your money the feds spent on food stamps in the last fiscal year and the final number, thats zero. Thats how much in spending cuts president obama and democrats are willing to give in the next round of debt talks. But wait, theres more. Cash for clunkers, the grand plan to get the Auto Industry on track. Its not only bad for the economy, but hurt the environment as well. Varney company is about to begin. Karen anjeremia
Rails. Maybe the bulls are too complacent. Actually not paying up enough. Byebye byebye byebye. For stocks. Thats how you have to feel after this session. Where the dow is averaging up 19 points and s p edging up 0. 9 higher and nasdaq edging 3. 4 . Underneath, theres astonishment. Astonishment about the prices companies are paying for each other. Not the index buyers for the market. But what private companies are paying for other companies. Lets start with tyson foods. Theyre buying hillshire brands, theyre fattening meats and even more fattening pies. They launched its own bid for pinnacle hillshire foods. Jimmie dean, id like you to get to know wishbone salad dressing and sara lee, you met your competition. Both are moving to block this merger between hillshire and pinnacle. They wanted hillshire themselves apparently from before when hillshire launched its pinnacle bid. Tyson and pinnacle are titans of the fresh and fresher protein aisle. Youll see their stuff if you go to the supe