This means. Welcome to the show once again. Good to talk to you today. You with me . Can you hear me . I can hear you now. What are you making of this news. Im holding the suit in himy hands. Is a big deal. You have one of the largest mutual funds saying your business was a fraud for a period of time and that you cost us 70 billion as a group. So this is something weve warned about and this isnt playing around money. This isnt write a check and move on. This is big news. At the same time was any of this to be expected just given where the news flow around valiant and filla dor had been within the last 12 to 18 months. I think so. I think when you look at the news flow for the first half of this year, we knew there was a problem. We knew what they said and did may not have been matching up so the fact that there are already other lawsuits, this isnt the first lawsuit, but this is from a big named company thats not used to going after companies they invest in so im sure they didnt take i
One stock getting a big upgrade today thanks to, get this, brown shoes. Lace up, ladies and gentlemen. Power lunch starts right now. I cant get enough yeah, yeah and welcome to power lunch. Im melissa lee. Three hours left in the quarter and stocks are firmly in the green. Were just about two points off the session highs in the s p 500, which is higher by about. 9 . Financials really helping the lead, to lead the day, thanks to Deutsche Bank. Good news there potentially. Semiconductors a big standout. Theyre on pace to close out their best quarter in 13 years. I am brian sullivan. Here is what else is happening at this hour. Hurricane matthew strengthening. It is now a category 3 storm in the caribbean. It is expected to make landfall in jamaica by monday. Consumers getting a little swagger back last month. Consumer sentiment topping expectations. And your sweet tooth can celebrate. The peeps who make those marshmallow peeps going back to work. What is that sound . Dentists everywhere
It did drop from a nineyear high. That is the perspective that we have on that housing data. ,ome sales, the smaller portion the larger portion. All three averages were already trading lower, pulled down by Deutsche Bank and some of the other banks coming out of european trading. Youre going to get more detail from mark in a moment. The twoyear yield, we have been watching that as well in the wake of this report. It looks like it is Holding Steady down a basis point, 07. Oint 0. 74 the dollar showing some weakness although bouncing off the lows of the session, down 2 10 of 1 . Oil continues to be one to watch particularly this week. That meeting analogy years we have been talking so much about in recent days. About whether there is going to be a more formal meeting of opec members. Have beenia expressing willingness to cut its production or at least to have some sort of production target. It seems is contingent on irans willingness to do so. Oil has been rebounding on new hope surround
Names in business shoot from the hip. Mark in Silicon Valley, they are in their own world. Sen. Sanders this is a litmus test. I am worried about the future of american democracy. Howard they are scaring the hell out of people. Shery plus, conversations with highflying executives at the singapore airshow. It is all straight ahead on bloomberg best. Shery hello. I am shery ahn. Welcome to bloomberg best, a weekly look at the most important Business News, analysis, and interviews from Bloomberg Television around the world. Lets begin with a day by day review of the weeks top headlines. On monday, trading resumed in china following the Lunar New Year holiday amid new concerns over the stability of the yuan. A day of dramatic headlines here with china dominating the news. The pboc governor broke his long silence. What did he say . What was significant about it . His message in and of itself, i would not say we officially knew. He said we are not engaged in competitive currency devaluation.
Of chesapeake, the second today. Bob pisani on the floor. This is different. Im in front of the host for chesapeake. This is news pending. Recall earlier, these were halted for volatility. That is intraday volatility. And thats sort of a mechanical halt that happens. This is the news pending, so well find out what, if anything, the Company Might have to say at this point. I just want to mention whats going on with some of the overall market right now. Because were sitting not far from the lows for the day here. Sectors in terms of the declines were seeing, financials, consumer discretionary, tech and energy. And, of course, utilities down a bit, but not down nearly as much. Its been a remarkable time here. I want to put up some of the financials and show you. Were having rather notable declines, including Morgan Stanley and bank of america, some of the money center banks, weaker, 4 or 5 than the overall market and regional names, but not nearly as much. Ive also opinion been pointing o