The dow now down 4 . Nasdaq giving up 181 points. We have full team coverage. Bob pisani clocking the action at the stock exchange. Bertha coombs at the nasdaq and Jackie Deangelis at the nymex. Lets start with bob. Apple helping to turn things around. Emwas typical. The big plunge and recovery we saw all within 15 minutes. Apple opening down from thursdays lows. Recovering and testing it around 9 45. Let me show you intraday full screen of what the day looked like for apple. It doesnt do justice looking at the chart. Close was 105. 76 friday. Within less than a minute we went to 92. Down 13. At 9 45, the whole thing turned around. Ten minutes later, apple up at 102. By noon after the 11 30 close in europe, it was up 108. These are large moves. Its hard to describe how weird today is. We have two new highs at the new york stock exchange. 1239 new lows. Those are very weird numbers. We have 160 stocks advancing. We have roughly 3,000 declining. You get an idea. You dont see these number
45 days. Have we gone too far too fast. We would agree. Currently it trades around 20 times ebitda and linkedin was originally approached to be taken out around 17 time answer ultimately got taken out at 21 times. Once something is broken, the bankers and the companies will look at 30, 60, 9day moving day averages before the news was broken. And if you look at those averages and put a 40 premium on that youd get to 25, 26 taken out. Thats 3 to 7 upside but the risk that you alluded to at the beginning. Show if something came out that a process was busted, was never occurring in the first place drop down to below 18, a 25 drop so we dont like the risk reward setup. Sure feels like were walking toward a deal but youre not convinced its going to happen. Yeah, were unclear is a deal is about to happen but more of what were trying to quantify is what is the risk reward for investors and whats the upside. The other thing we pointed out in a note yesterday, whats the boards responsibility. So
79. Our road map goes like this. Markets holding on ton a positive open payroll growing modestly in october. Unemployment rate dropping to a fresh sixyear low. Disney matched estimates with revenue beating forecasts. A slow advertising market. A fourth toy story movie will be released in 2017. Moments away from the exclusive interview from whole foods ceo. The october employment report showing businesses added 214,000 nonfarm jobs last month. The Unemployment Rate fell to 5. 8 as more people entered the labor force. That is the lowest Unemployment Rate since july 2008. Listen to Steve Liesman who owns this report. What i thought was most important was the august unemployment number that caused a tremendous decline in the stock market was revised back up to the average. What you have is more consistent less stop start. I thought begin the fact we had such big casino layoffs, the restaurant and retail numbers were strong. You didnt see oil weakness. It doesnt move the bond market. Its in
A tightening. We dont think theres an inflation problem or anything like that. On the one hand, asset purchases are still going to be continuing. Well still be building our Balance Sheet. The total amount of assets we acquire are probably more certainly monday than was expected in september 2012 or june 2013, so well have a very substantial Balance Sheet, which well continue to hold. And now weve clarified our guidance that we will be keeping rates low well past unemployment of 6. 5 . So, were trying here to get a high level of accommodation. It is true that the purchases are we view as supplementary to the Interest Rate policy. But again, the action today is intended to keep the level of accommodation more or less the same overall and enough to push the economy forward. Dow jones. In an earlier response you sort of laid out the argument or sort of explained why the committee didnt lower the 6. 5 unemployment threshold. Is that conversation over . Have you all put off the table changin
Ability to keep their kids on their Insurance Plan till theyre 26 1,000 500 discounts on Prescription Drugs for seniors on medicare. So, 85 of the population whether they know it or not over the last three years have benefitted from a whole set of the provisions of the law. By the way if it were to be repealed, you would be taking away all those benefits from folks who already are enjoying them. You had this subportion of the population, 15 , who either dont have Health Insurance or buying it on the individual market. And thats still millions of people. And what were doing is creating a marketplace where they can buy insurance and we can provide them some tax credits to help them afford it. The basic structure of that law is working. Despite all the problems. Despite the website problems, despite the messaging problems, despite all that, its working. And, again, you dont have to take my word for it. Weve got a couple Million People who are going to have Health Insurance just in the fir