Activision. Aig out with results after the bell. Earnings and revenue were a miss. This as carl icahn has taken that large stake calling for a breakup. Ceo Peter Hancock will join us at post nine in about a half hour from now to talk about the results and the activist. And a strange turn in the fight over the Keystone Pipeline. Transcanada, the Company Behind the project, now looking for a delay asking the government to suspend its application. First up, activision blizzard, the home of games like call of duty and world of war craft buying king digital, 5. 9 billion. A 16 premium to kings Closing Price on monday. Earlier on squawk, the ceo said its more about broadening the companys reach into mobile gaming. Mobile is important, but also attracting women to gaming is an important part of our strategy. With king, 60 of the audience is now female, which is a really great expansion opportunity for us. And theyre in 196 countries around the world which is something thats exciting. Combined
Some very exaggerated moves. Even as the averages might not seem to be doing much. Dow dipping 42 points today. S p declining. 26 . Nasdaq losing. 09 . Its all underneath the surface. The moves were all over the map and the volatility was insane because the expectations are moving to be totally off base in so many different cases. The best example, twitter. Ive been telling people to cool it already about the stock. Dont get too excited about new features or the new jack dorsey regime because the ceo just got started. This thing cant be turned around that easily. I even lost my cool this morning. It says people should just give the guy a chance and not bet on the near term. No, expectations got ridiculously high. Many say jim if you do like three more periscopes cant that be additive to earnings . No. Guidance is weak. Things just got out of hands. Stocks can drop to the low 20s in august. Incredibly bizarre expectations for the Largest Company in the world, apple, which reporting this
If congress does move on relaxing the u. S. Ban on exports of crude oil. Ill keep an eye on that story which the white house says they still prefer their administration to address. We take you live to the nymex for the latest shortly. And fitbit soaring again today on nufz a corporate account with target. We debate whether this stock is more than a fad bill. They order 335,000 fitbits theyre going to hand out to all target employees. Thats a lot. Plus mad money meets closing bell. Jim cramers going to join us today. Hell be live from the dream force conference out there in San Francisco. Hes with the ceo of Western Union coming up shortly here. But in the meantime lets get to the story of the day. Jackie deangelis joins us now from the nymex with this big rally on oil today. Jackie . Reporter good afternoon, guys. Thats right. A near 6 jump in oil prices today. We havent seen a move like this since august 31st. That was one of the days we popped 8. 8 . So these wild swings continue whe
From alibaba. Back on october 8th the stock up 67, down almost 50 from its highs leaving shareholders that bought it on the ipo and all the way up leading from the eye balls, founder urged investors to think longterm because the company is doing extraorornarily well. Since then alibaba stock has been off to the races. When the Company Reported a spectacular amount of money this morning, the stock immediately rallied six points right from the get go. However then alibaba sold off. In part because the market slid but also becausexpectations were easily trumped and there was a second more important consideration. The stock anticipated this good news so with a aexcessive move ahead of itselel the expectations were blown away the stock figured it out. I was convinced if you buy yahoo as a proxy for alibaba given its stake in the cocoany you get whats left of y yoo itself after it distributes its position to shareholders. Right now yahoo is being valued as though its worth next to nothing it
A cascade of sales but is producing the opposite this time around. And thats been the theme of this entire earnings season when it comes to the industrials, the banks, and oil stocks, a huge part of the market. That explains a lot of the moves weve been seeing today. Where is this counterintuitive pattern most evident . The Big International companies. The ones that make the heavy equipment and capital goods. Lets talk about a storied industrial, Emerson Electric. It reported one of the most sad sack numbers i can ever recall from what is a Great American powerhouse. Sales down 9 . Earnings share off 15 . Took my breath away. That wasnt enough. The ceo, a bankable fellow, took away any hope for the future of emerson stock when he said, we expect difficult markets to continue through at least the first half of fiscal 2015. I mean, are you kidding me . Thats awful. Devastating. But apparently not so awful to attract sellers or buyers either. Because Emerson Electric rallied a buck 29 tod