Every morning here since the election. Fiscal cliff, big, big issue. There are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. How big of a problem would that be . That would be a big problem. I actually still believe that those the democrats, the administration, republicans in the final analysis dont want to see that happen. They do understand that not only would that present a problem in the near term as we went over the cliff at the end of the year, but we still then have the whole debt ceiling fight that would transpire shortly into the new year. The issue isnt simply the negative result of going over the cliff, but its also that business, consumers, everybody continues to hold back on the uncertainty. And we believe the economy is pretty well positioned potentially in 2013 if we can put this behind us. So i think a lot of whats going on is what you would expect to see in this negotiation, very public
The full senate for final consideration. Steve liesman reported last week senator rand paul said he was thinking of putting a hold on yellens nomination unless a voet vote was loud on his proposal for more transparency on the fed. Beyond the fed, there are some other economic happenings. Namely, at 8 30 eastern time, we have two reports delayed by the Government Shutdown. First, we go the Consumer Price index. We also get retail sales. At 9 00, we have the s p caseshiller home price index. At 10 00, we get business inventories and Consumer Confidence. As fort corporate news, pfizer, etna, archer daniels, nokia and jet blue. By the way, stocks are coming off a flat session to start this week. The futures this morning, after all of that, youll see at least right now that the futures are indicated slightly higher. The dow futures up by about 23 points. S p futures up by about 2. 3 points. And, joe, ill send it over to you. Another uptake . Eight out of nine for the s p, i think, and the d
Month well below the forecast of 200k and the Unemployment Rate falling threetenths of a point but the decline was largely as a result of people, jim, who are leaving the workforce. Right. You called it an outlier a few moments ago. Outlier, but one thing i learned about the numbers is when you get an outlier, the market still trades off it. We can i say dismiss it and throw it away, bonds are soaring and Interest Rates are down. Maybe were in a bad news is good news moment because Interest Rates will come down. The last few mortgage numbers have been okay. The refis are bad. This is helpful for housing. But if we dismiss this number, then we should dismiss the 300,000 numbers. You cant play that game. You cant decide, you know, this number ill throw away. Its a real number and its a bad number. Well talk to secretary perez later in the area. The Participation Rate and the loafest since 1978 and the seasonal quirks, january, february can be weird. Not to excuse the number. No, no. Abso
Starbucks is boosting its forecast despite Slower Growth. Samestore sales cooled more than expected at Online Shopping kept consumers at home. And a boeing executive says the reliability of the 787 dreamliner is slowly improving, but it is still not at satisfactory levels. Boeings Vice President to services adds that the firm is working to improve the performance. The dream liners reliability rate is now at about 98 . And that means two out of every 100 flights is being delayed. Thats been happening with the markets, too. Over here, the market stays open until about 10 00, so we were able to have a couple of cocktails based on what was happening yesterday. It was down over 200 for a while, closed down sharply. I dont know what the malaise is at this point. Lets look at the futures this morning which are extending the action we saw yesterday. Down another 85 points. The revenue shortfall didnt help. China growth story. Car bombing in cairo. That was this morning. But yesterdays activity
Account information stolen during the target Security Breach is now being divvied off and sold regionally. Two mexican citizens were arrested at the u. S. Border in connection with 96 credit cards. Federal Officials Say there is no connection between those arrests and the retailers credit card data theft. Lenovo has reportedly in talk toes buy ibms server unit. And an experimental roach schizophrenia drug misses two gomes in late stage trials. Its kind of hard to read serious stories as the Peoples Court theme is playing here. You have to keep your game face on. It was a test of your professionalism. Its the equivalent of playing the super bowl in 20 below or Something Like that. You really did well with that, i think. Thats why im here. Ive got to ask you, theyre beating on the revenues, but missing on the profits . I dont remember ever seeing that. Usually its the reverse, right. The top line has been weak, the bottom line has been weak. They do every to offset to the to the bien lin