Yield . What are you guessing . Around 2 . Lets take a look and see if youre right. Yep, we manage no were at 1. 8. Pardon me for that for forgetting how low we had gotten over the last week or so in terms of what it does cost the u. S. Government to borrow for ten years. Still well better if you compare to france bore rogue. 635 or italy at 1. 6 . Road map this morning starts with Morgan Stanley suffering the same fate as breaththren. Well break down results for you. Johnson johnson posts mixed quarter. Hurt by what else strong dollar. And around the rest of the world, imf cutting its outlook. China posting its slowest growth since 1990. And qe that is certainly on the docket, isnt it for europe this week. Lets start with Morgan Stanley. Its the latest Financial Firm to miss on quarterly results, at least according to what the analyst whose follow the company had expected. In this case hurt by what appears to have been weaker trading revenue out of its fixed income unit excludeing ite
Good morning. Welcome to squawk on the street. Hope you all had a good christmas. Im melissa lee. Were live from the new york stock exchange. Jim cramer has the day off. The latest s p schiller home price report has been released. The results being shown at the bottom of your screen. David blitzer will join us with a closer look at the numbers in just a few minutes. Lets get a check on how were setting up on this day after Christmas Trading session. The dow looking higher by about 15 points. S p looking at about two points at the open. European markets closed on this day after christmas. The uk and france among those celebrating foxing day. We start off with, what else, retail. Dips in spending in the midatlantic and northeast regions. Luxury sales also weak. Were coming off the worst Christmas Eve for the dow since 2006. As the president cuts short his hawaiian vacation to deal with the fiscal cliff, just five days to go until we go over. Threatening both coasts with workers snubbing
Our road map starts in omaha where conagra is buying ralcorp. A deal worth 6. 8 billion including debt makes it the largest private label food manufacturer. Has it lit a fire under m a . Dont come in with a negative attitude when im positive. We want to talk about the wave of special dividends. It continues. This time Las Vegas Sands and dillards, nearly 60 payments pulling payments forward ahead of tax changes next year. The question is whos next . Greece gets the bailout payment as the eu and imf agree on terms of debt sustainability. Where does it leave the Greek Economy which has already shrunk by nearly a fifth . And Warren Buffett on tv this morning saying he wouldnt sell a single share of stock even if he was guaranteed the u. S. Goes off the fiscal cliff. Just wait until you hear who he thinks should be the treasury secretary. Well begin of course with the deal of the day. Conagra foods has agreed to acquire ralcorp for 5 billion. 90 a share in cash. 28 premium to the Closing P
I do worry about the work ethic thats kind of developing in this country. Food stamps up from 17 to 47. Social Security Disability 3 to 9. Unlimited unemployment benefits. I dont think that was the work ethic that our Founding Fathers thought about. I hope as we recover a number of things, well reestablish the need and interest in working. For me, as far as this whole sequestration goes, i think we need to differentiate between tax hikes and spending cuts. Last year it was tax heights that plunged into a recession. The fiscal cliff was a big deal. Sequestration is not a big deal, because Government Spending needs to go down. The market knows that. If they suspended it and pushed it off, it would probably be worse for the markets than actually having it go through. Gentlemen, thank you both for being here this morning. Its been wonderful. We appreciate it. Make sure to join us tomorrow. Right now its time for squawk on the street. All right. Good morning. Im david faber along with, yes,