Companies that operate domestically, you see it changing, with Companies Reporting earnings, showing a big improvement in earnings. And i think that will continue through this year. Bruce casman, you probably heard about the debt default or the failure to raise the debt ceiling as bringing about the possibility of economic catastrophe. His words. Do you see it that way . And would the failure to make good on the federal governments obligations even for a couple of days or hours, produce the economic catastrophe that so many seem to fear . I think we have to consider what actually happens. I think if we stop paying our bills and stop paying social security, defense spending, all the things that we do, we would over a period of a few weeks create a fairly significant economic damage that would be far worse than anything were seeing right now. A day or two itself probably wont be such a big deal. I think we have to recognize that. It is 3 to 4 gdp, to increase our debt. If we mention the
Summit in the mountains. A lot of fog, light rain. Drivers have their headlights on and it is slow going. The traffic is so bad we called in Sal Castaneda for an extra sift. Tell us where the real problem areas are. Reporter wherever it is raining is where traffic slows the most. You heard bill say in San Francisco, heaviest in the south bay. Pictures. Our camera might be wet in San Francisco. We will show it to you. Traffic is busy here. Tilting down to show us how busy it is. Something going on on the shoulder. Eastbound traffic is slow. Windy as well. To San Francisco. This might be a tough thing to see, 101 in San Francisco, if we could go to the camera. You can see how the traffic is slow. Camera is wet. You can tell what is going on. Very slow through San Francisco. As we look at the bay area, all the red, we had a lot of slow traffic and lot of incidents, too much to go into detail but the grade is also slow and contra costa county, 680. One more thing, that would be b. A. R. T.
Europe is down for the second consecutive day. Our road map begins with jcpenney, a pleasant october surprise as comp sales rise for the month. Trends look upbeat for the month and is giving the stock a big boost in the premarket. Deere jumps on quarterlies but lowes falls. And youre going to want to hear what yahoo Ceo Marissa Mayer had to say last night in San Francisco. Well have that for you. Shares of jcpenney up sharply despite a wider than expected quarterly lost. Mike ullman says penneys is encouraged by the open in november. Theyre talking 2 billion plus in liquidity, sequential increases in margins and comps. There was a whisper around they would lose 2. This is the agabeginning what i have would call the normalization of jcpenney. Theyre going to go back to being nothing, just another retailer. Theyll be like kohls. Well talk about jcpenney like kohls. Main thing is you want to buy pvh because they were the supplier that stuck with the previous guy. Notice i didnt call him c
Plenty to chew on this week. Although the big news of the morning well get to that. The ten year awfully close to the lows of the year. The 257 a lot of feds speak this we week. Europe is in the red are and dozens die in the ukraine. Fall out from the Massive Customer data breach continues. Warren buffet this morning explaining the vote around the Compensation Plan and more. First up greg steinhoffel is out. Target has named John Mulligan as ceo while the Company Searches for a new chief. But as time goes on, we are going to get down to the bottom of this. We are not going to rest until we know how that happened. But we are going to come out at the end of this a Better Company and we are going to make significant changes. Going to remain an adviser as the search going on. Im not sure he knew it was going to cost him his job. It has a good board. He has a good board and when this happened, it was surprising and very out of keeping with what we think of as target. Earnings per share boun
Futures indicate the s p likely to open above 2,000 today. The move comes after projections show the country is likely to miss its 2 inflation target. Walmart getting a jump on the Holiday Shopping season. The worlds biggest retailer cutting prices on more than 20,000 items tomorrow. Walmart also plans to open more checkout lines during peak times, and it may match instore prices with online competitors, but you have to ask for that. The change trying to reverse six straight quarters of stagnant sales in the united states. A familiar story, another management shakeup. Twitter names a new head of product, fifth in five years. Already this year, the c. E. O. Has replaced his c. F. O. And ousted the chief operating officer. Earlier this week, he spoke about his Management Team on bloomberg west. Management team has grown and evolved and changed over time, and i think that is always the case. I love the team we have in place. Weve developed all sorts of tremendous leaders across the compan