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Youre watching First Business financial news, analysis, and todays investment ideas. Good morning. Its friday, january 11th. Im angela miles. In todays first look its an s p 500 hundred party the s p closed at a 5year high yesterday. Financial stocks were among the leaders. Just as wall street is making gains, American Express is sliming down. The Company Revealed its cutting 5,400 jobs. The stock edged up 1 on the news after the close. And Vice President joe biden says he will have recommendations on curbing gun violence by tuesday. John brady of rjobrien joins us now for a closer look at the market. This could get interesting today. The s p 500 crossing 1470. What does that mean to traders . I think from a technical perspective its suggests the market is strong. We are heading into earnings season, where earnings season expectations are rather modest given so much concern about the fiscal cliff last quarter. So, technically the market looks pretty strong. Now the hope is, of course,
Connell markets now begins with the news that is breaking. Charlie gasparino joins us from the newsroom. Charlie the little bit bored. It may happen. It is about 4000 people combined. Mergers are never easy. There are always synergies to be found. Publicly, they have said nothing. Spokespeople will not comment. In past segments, they have talked about synergies. Spitzer is contemplating fairly significant cuts. The numbers he is going around are pretty significant. Clearly, job cuts are in the air over there. This is pretty interesting. The New York Stock Exchange keeps a pretty large workforce. Ice is pretty thin. The New York Stock Exchange has a lot of duplication. Twenty lawyers doing the same thing. It is that duplication that he tends to take out as this merger progresses. It is set to close in the fall. After it closes, that is when you can see these job cuts. Large cuts, largely done at the New York Stock Exchange side. The combined cuts could be about 30 of the 4000 people at
And he will join us live from there starting tomorrow. Theres a lot of big guests lined up. Could be a lot of fun. Earnings central is in full swing today. Among the names that are reporting before the bell, we have dupont, Johnson Johnson, travelers and verizon. Four dow components before the bell even rings. Our newsmaker this morning is duponts ceo coming out want 8 00 eastern time. After the bell, Technology Takes center stage. We will hear from google, Texas Instruments and amd among others. And friday, the 49 mothership and it was good. Revenues above expectations. And also a little beat on the bottom line, but a lot of the different Business Segments doing well. All clicking and stock was up above 22. Comcast traded over 40. I saw that, too. And it makes you wonder if the Dow Jones Industrial average will follow the transports at this point. Why follow those two so closely . Comcast at 51 and 49 owners. Im hearing that dupont is hitting the wires right now, which is inconvenient
Building, which offset negative news from bank of america and citigroup. Gold and oil also gained groud following the attack in algeria at a natural gas plant. Intel took a revenue hit as earnings topped estimates. And today is the deadline to file caims under the National Mortgage settlement. The number to call and the email address are on your screen. Lets get a peek at the friday trade with john brady of rjobrien. Good morning, and the s p 500 above a fiveyear high, john. Can this last . What could hold it back . I think it is going to continue to last, and the reason is that the asset markets are moving in such a way where investors i think are just at the beginning part of selling bond funds and selling bonds to buy riskier assets in s ps and s p futures. So, for example, consider this at 182 yield on the 10year note, investors are paying about 54 times the coupon they will receive over the next 10 years, where if they go and buy the s p 500, they are paying about 14 times future