Nbc news reported late this afternoon that purduea pha is offering between 10 and 12 billion to settle mor than 2,000 lawsuits connected to its role in the crisis. Purdue pharma, you may know, is the maker of oxycontin, the powerful pain killer that has been at the center of the opioid epidemic. The reportede offer to set come one day after a landmark ruling against j j which, as we reported last night, was ordered to pay half a big tettle lies dolla half a bil dollars to the sf oklahoma for helping to ignite one of the biggest epidemics in his. Ylan moiy has the details from reporter Purdue Pharma and the family are negotiating to settle the lawsuit between them. About 2,000 cases were consolidated cn federrt in ohio, accusing the company of starting and susining the ioid crisis. Nbc reports purdue has proposed fili bankruptcy and restructuring into a forprofit trust. That trust would p out between 8 and 8 billion, including about 4 billion of inkind drugs to localgovernment, includin
Our road map begins with the global stock rally, rolling on dow 25,000 within striking distance that winter storm crippling the eastern u. S. Thousands of flights have been canceled and shares of macys are in focus, as the retailer announces some fresh store closures. We are close to a major milestone on the street. The dow is within 78 points of 25k. Thats a day after another recordsetting session for stocks this would be the fastest thousandpoint surge in history. We know about the law of large numbers, but were talking a little more than 30 days one day, its actually going to be in the front page. You know, look, other than the president s tweets about it, you really dont no ones really focused on this. Theyre more focused on bitcoin, tesla. This is remarkable last night i did a piece where i had to stick my hands into the cake because its not baked in so i think we blow through the number the only thing in my sights that may be negative is that we are going to get a trade decision
Ferro, alongside david westin. Joining us for the hour is megan greene, the chief economist. Coming up, we will break new highlights of that conversation vladimirian president putin and get to the commodity market as well. We want to get you up to speed on what is happening in Financial Markets worldwide. Byures are softer, negative 1 10 of 1 on the s p 500, down two points after a sixday winning streak on the benchmark in the United States, and in other record high close or tuesday. 25 ,ollar up more than and we are down to 2. 3 one on the 10 year, david. David lets get a look at what is happening outside the business world. Emma the girlfriend of the shooter in the Las Vegas Massacre has returned to the u. S. She arrived in los angeles last night and was met by federal agents. She had been in the philippines. Authorities have called her a person of interest. There are pictures showing the inside of stephen Paddocks Hotel room, rifles clearly visible. He meticulously planned the attac
Lag last years reports. What that means for the markets. Softbank buying arm holdings for 32 billion in cash. Well give you the details, some insight and context on this massive deal. Republican National Convention kicks off in cleveland. Whats on the agenda and what surprises could be in store . But first up futures on the rise to kick off the week. The dow and s p near alltime highs. Markets largely shrugging off the attempted coup in turkey and on a busy week of earnings, b of a beating on the bottom line, 36 cents versus estimates of 33. Deposits up 5. 8. Some of the metrics not matching those of its peers, jim. But still, this is a grind out quarter. Return on equity, getting double digit. What i liked best about it, really, this is kind of interesting, this is a company thats well ahead in mobile and you have an amazing decline in branches from 6,000 to 4600. Yeah. And that is because people are rapidly adopting mobile. Interesting brick and mortar story where you have still one
Europe right now. The bull market is not done. Theres no reason to believe it should be done at this point. Pete . I tend to agree with jon. But i think its getting fatigued. I think theres a little bit of tire. If it was a mile and youve run three lapse, were on that fourth lap and its hard to get that momentum back weve seen in the past. Some may be listening to this conversation and saying, look, guys, why are we talking about whether the bull markets dead, it was over already. Sectors biotech down 40 from the high. Energy, 36. Transports down 30. Financials, 23. Materials, 27. Hasnt the market been in a bear market . Well, we certainly pushed down pretty far. I think the reason people havent accepted weve been in a little bit of a bear market is the fact that this snapback has been so sudden. Its like that bear market lasted all of about two seconds. Look at the differences weve seen, judge, from that oil price of 26 to 37, volatility intersections across the board, from oil to s p