[ applause ] any time you try to analyze winners, you have to eliminate the stocks that move because of other events. Oil and gas stocks had gigantic moves because of the turmoil in the middle east. So Many Companies can benefit from the increase in the worldwide price of oil. Second, were seeing the china plays move up. Its become quite obvious. Thats how copper stock like freeport or hefry machinery can rally. Those arent fiscal cliff stories. What are . What are fiscal cliff stories . How about the Home Improvement place . We can sit here and say that lowes rallied today because of reported better than expected quarter this morning. You can argue that Hurricane Sandy to augment earnings for the next year as were beginning to rebuild the coast. Many of the hardest hit areas arent even accessible to contractors let alone homeowners. However, i think that retail is the biggest winner if we hammer out a phased in group of spending cuts and tax increases. And the retailers that cater to
Foreheading higher into the close. The nasdaq gaining 0. 02 . Much of todays earlier market we get from the gloomy assessment. [ baby crying ]. The chairman said the economy isnt able to handle the spending cuts. We know those comments caused the pull of the intraday pullback. We did in the end rebound nicely. It was a huge victory for the bulls. The losses regardless of the cliff and its afterimagine we need to head off the personal Portfolio Management errors before they cost another dime for us. Today we got two examples of what could go wrong in banking. If you are like me, i have both and hq and pc household printer. To finish at 11. 71. Best buy. The big box retailer, i have not once but twice done in the last six months. Closed at 11. 96. Two household names that you have been lured into only to have hopes dashed into unmitigated disasters. The house of pain. What went wrong . Hewl hewlettpackard was an accounting scandal. Both seemed to shock investors however, if you watch thi
50 or 100 years. This is the real thing. And much of what went wrong on wall street could be traced back to something called credit default swaps. They were traded in a risky shadow market, and they were at the heart of the financial meltdown. [ticking] it has tentacles as wide as anything ive seen. I think, next to housing, this is the single most important issue in the United States and certainly the largest threat to the u. S. Economy. Meredith whitney was talking back in 2010 about a then looming financial crisis involving state and local governments across the country. It was a debt crisis which some people believe could derail the recovery and require another big bailout package that no one in washington wants to talk about. The day of reckoning has arrived. Thats it. And its gonna arrive everywhere. Time may vary a little bit depending upon which state youre in, but its coming. [ticking] welcome to 60 minutes on cnbc. Im steve kroft. In this edition, we look at three stories lin
Billion due to serious improprieties and misrepresentations and disclosure failures that occurred prior to its purchase by Hewlett Packard. In other words, its fraud. After autonomys founder and ceo Michael Lynch was fired by meg whitman, sources close to the company tell me a Senior Executive from autonomy came forward with evidence of widespread accounting misrepresentations that occurred before it was bought by hp. Hp began an investigation and concluded that these accounting improprieties inflated the value by 5. 3 billion. The ceo then relied on audited financials when making a bid to buy the company. Those financials were audited but there were plenty of investors out there who questioned autonomys growth rate. Sources close to the company allege that autonomy pursued a number of avenues to make margins, growth rate and overall value appear far higher than it actually was. The company was selling computer hardware. Desk top computers, its a Software Company at a loss to supplemen
The nasdaq down by about 12. Because of tomorrows holiday, you do have the Labor Department coming out, releasing its weekly jobless claims numbers today. We get them a day early instead of a day late. Also today well be getting Weekly Mortgage rates. And freddie mac will report on the Weekly Mortgage rate averages as well. Lets talk about the top Global Market story this morning. It is greeces International Lenders, which did not reach a deal, and now they wont be releasing that next bailout payment. Nearly 12 hours of talks failed to reach a consensus. The imf and the central bank all going to gather again on monday to try again, but this is not necessarily good news at all. Hostess brands will proceed with a plan to go out of business. The maker of twinkies says lastminute talks with the striking workers broke down yesterday, hearing with a bankruptcy judge set for 11 00 eastern time. Then we have another string of bad news. A bad development. A very bad development. I thought for s