I am Erik Schatzker, here, 10 00 in new york city. I am carol massar, everybody. Stephanie ruhle is off today. We have raking economic news. This is a gauge of the u. S. Manufacturing economy. Just coming in right now, 57 is so reading, the economists we surveyed were looking for 56. 8, so call it in line. Above 50, carol, indicates an expansion, so it is not the u. S. Manufacturing economy is on fire, but it is growing. For thers more evidence continuing growth of the u. S. Economy. With all that final reading on Third Quarter gps 4. 1 , surprising just about everybody. And that latest regan manufacturing up read on manufacturing up. Lets get to the news feed. Macys settled a legal dispute with martha stewart. Whether her company reached a contract buys selling items with j. C. Penney. The deal does not affect its claim against pennies. Cosmetics maker revlon shutting down its operations in china. Revlon has not been able to get much traction there. China accounts for just a tubing pe
Says why a speedy internet could mean big business for provo, utah. You are watching Market Makers. Good morning. I am Erik Schatzker. And i am stephanie ruhle. First, it is his birthday i am a huge done johnny cash fan. It is time for other news, top business stories around the world. The political crisis in the ukraine is spreading as gunmen seize the Parliament Building in the crimean region and russia has put fighter jets in the area on combat alert. The next Prime Minister of the ukraine believes that russia will never intervene on a military basis. The government has finally turned a profit on the bailout of freddie mac. Mortgage finance or will return 10 billion to the federal Treasury Department next month. All are required to return profits as a condition of their bailout. Freddie mac and fannie mae have billion in taxpayers have actually profited off of the bailout. Wall street has learned that you cant always take jamie diamond literally. Diamond dimon literally. They said,
On wall street. Yesterday we heard from j. P. Morgan and wells fargo. Brian moynihan is reporting a great Fourth Quarter. Scarlet fu has more in the newsroom. Break it down for us. Quarterly profit at bankamerica could quadruple in the Fourth Quarter thanks to approving credit trends. Relatively strong sales and trading numbers and a favorable tax rate as well. Earnings per share in the Fourth Quarter up . 29 compared to the consensus of . 27. Revenue coming in higher than anticipated, 21. 7 billion. Over the past month, eight analysts ratcheted it down. The bar was lowered. Pretax litigation expense. It is a noisy quarter because of these onetime items. A 2. 1 3 billion charge there. One investor who was on surveillance said he is not exactly sold on bankamerica yet, even though it is leveraging the bank economy. Because of the legacy issues that remain. Jpmorgan at ahead in terms of resolving the sales of defective mortgages leading up to the housing crisis. Rising Interest Rates hel