Lower by 51 points. S p by 5, nasdaq giving up 14. Weighing on the dow, of course, is disney. Overnight in asia, the nikkei is managing to turn a little higher at the moment. The shanghai composite a little in the green. European equities, this one interesting to watch. A couple crosscurrents to watch. German dax down 1 . Frances cac, down almost 1 . And taking a look at crude, too. We got inventory numbers yesterday. After noon, well get more information this morning. Wti, that looks down its almost 1 . Hovering a little bit over the 44 a barrel mark. Brent for its part giving up about 0. 5 . Right around 45. A little higher as well, natural gas. Clerks our top stories, shares of dow component disney under pressure. Earnings falling short among the espn subscriptions fell and ad revenue dropped. Ceo bob iger discovering cordcutting answer the future of viewership on the conference call. Were also in discussions with a number of entities, some current distributors that are coming forwa
Meantime, a war of words on cnbc between j. P. Morgan head jaime diamond. Tell you whats behind that controversy thats been brewing for a while. After the bell, wilfred frost has an interview with bank of america ceo, Brian Moynihan. Stay tuned for that. Look forward to that very much. Now, the retail pain. Shares of coal sinking again. The hard times for traditional retailers might not be over anytime soon as amazon continues to outperform. They were out yesterday with a note reiterating the preaddition that amazon could become the top clothing Retailer Next year, 2017. How big of a threat is amazon to traditional retail . Lets bring in stacy and cou Courtney Reagan. We are getting horrible numbers from macys and kohls and others. Is everybody migrating to Online Shopping right now . You know, i dont think its just that simple here. Everybody is blaming amazon and saying, all of a sudden, what is changed . Amazon has been around for a while. The numbers are getting worse. Macys traffi
There. The cac in france down by close to 1 . In italy the ftse was down by 2. 19 . The dax is off by just ov over. 60 . Also, well check out crude oil prices today. Crude oil after a big rebound you can see is down by 1. 25 . Wti for july, that is a new contract, is now trading at 47. 81. Okay. We have a big top story to talk about this morning. A potential deal, jer m bayer o a deal valued at 62 billion to buy monsanto. Lets talk to bayers ceo about th this, werner baumann, your decision came about how . Monsanto received a private offer from us. It was out in the open and we want to explain to the public and to shareholders what the content of the offer is and why it is so attractive to shareholders. Should we be taking your public stance as one where there are private negotiations are taking place, or should we take you going public to educate the public on what is going on and to put pressure on monsanto . Well, we are early days at this point in time. And we have submitted our of
We saw the major indexes all down. European markets, yeah, kind of a down show there too, as you might have expected. Well call it what 1 more or less when you average it all together. As for tenyear note yield here in the states had a recent high yesterday i believe in yield 1. 81. And there is all important crude and brent both below 50. Lets get to our road map this morning. And it begins with jeff bezos making headlines at that code conference. Were going to have much more on his future at amazon, the retail stores, donald trump. Yeah. Plus a new month in the markets after that may rally. Stocks as you saw starting in the red. And a deal this morning, not that large a deal but an interesting one, salesforce buying a Software Company 2. 8 billion total price tag, had a lot of cash. Marc benioff going to join jim right here this morning. I will at least get to say hello to the bearded master, im hoping. Lets get to carl in california at the code conference where jeff bezos was making
Summertime. You have the lowest end of year target of the big firms on the street. Why . I do. Yeah. We have been pretty bullish for the last several years now since 2012, we have been pretty positive on the market. This is the first year where we are really seeing signs of things to worry about. Heres the framework. I feel like every time i look at updated charts theres a lot of signals that are at levels that have only happened prior to big market selloffs. For example, if you look at the distress ratio, a credit indicator we track, its at levels we havent seen without significant downside to stocks coming. When you look at percentage of companies forecasting negative earnings, thats at a level again thats never been seen without a bear market accompanying it. So lots of signals make me worry. Then on top of that, we are heading into a seasonally weak period, may to october is generally the weakest period for equity market returns and then you take that seasonal weakness, add on the