David, great to have you with us. Nice to be here . In your view what the odds that valeant befaults because it cant meet the filing deadline for its annual report . I think there is a meaningful chance that it happens. A couple things that i would upon out here. Without knowing all the specifics of accounting issues this is a company that has made dozens upon dozens of acquisitions. The accounting is highly complicated some. He when it comes to default, you really cant rule anything out. I think thats one of the reasons the stock is down as much as it is. Why did it take you so long to downgrade the stock . Why wait for the stock to fall 45 , lose 10 billion in market cap to tell people to sell the sell when the issues, the accounting issues, the levels of tent you flagged in their report they existed long before todays Earnings Report . I would just like to point out that we went to a neutral on the stock from a buy over four years ago and were telling people to take profits then. An
Very excited. Again, we did hit 18,000. Pulled back a bit. I think the important think is were approaching the historic highs. With a historic closing high. That was way back on may 19th. Broad group of stocks leading, right now you have disney leading, and you have chevron and exxon. Along with jpmorgan when would a great week last week. Its a pretty broad advance. Energy is leading 3 1 advancing to declining, and its been marching forward throughout the morning. The volume is on the moderate side, the vix is declining, and Oil Volatility is declining. I think thats the big story. People keep asking me, why are we advancing today . The smart money was short oil into the doha meeting, widely expected there would not be any big agreements. You bet buy programs coming in, take a look at the sectors, energy are leading. That would support the idea, that we are getting some short coverings in the energy group. Back to you. Your other big story is, as, of course, bo been mentioned, crude bo
Oil, new highs for the year on brent as that doha meeting approaches this weekend. We begin with the markets and energy. Oil with a year to date high. Stock futures barely in the green. Alcoa out with results. Top line and outlook are dragging down the stock. And two big calls on starbucks and apple. One up. One down. More on those in a moment. Some breaking news from the imf. Downwardly revising its 2016 Global Growth forecast to 3. 2 citing uncertainty and a recovery hampered by weaker demand. The imf sees Global Demand picking up to 3. 5 for next year and forecasting the growth for the u. S. Down 2. 4. It believes longterm Growth Prospects are weaker, estimated to be only 2 . Theyve been a serial cutter in terms of Global Growth outlook. The imf has been saying no one should raise rates. They play a big role in yellens concern. More yellen than the rest of the people on the fed. The imf has been pretty right. When i saw this, we just saw this come over, i said i was hoping they woul
Washingtgt d. C. And you arright, the teleprpterare out for donald trump as t speech will be script did to the best of ou recolltion. This would only be the sond ti donald trump has done such a thing d for this event i wi be foreigpolicy. Last i noticed on throad for the aipaspeech just a few weeks ago. I was speaking with a tmp Foreign Policy adviserrobably 20, 30 minutes or so ago and t adviser tolde this to be a speech touching upon gater things. Not necessary diminish a finer points in details, but rathea grander theme t donald trump sues Foreign Policy in t world surroundinthe United States. There will be donald trump touches upon issues th you would suspect. I n, isis russia and the like. I am also told that trump ll try to dtinguish what he sees the u. S. Role in the wor ass different fr how its been er the last 20 years or so whicwould also include the presidency of the last republican psident, george w. Bu esparzasoreign policy team, trump said earli t today that he would be r
This is real money. You are the most important part of the show. Tell me whats on your mind by sweeting me at ali velshi or hit me up at facebook. Com ali velshi. 13 years after alqaeda attacked america and after a decade of wars in iraq and afghanistan the Islamic State group has forced president obama to rally support from allies, congress, and the American People to destroy a group of brutal militants who have gained control over large parts of iraq and syria. The u. S. Will lead what the pentagon is now saying is a Broad Coalition to roll back this terrorist threat. Thats a quote. The president said this will involve, a comprehensive and sustained strategy. He said it wont involve American Forces on the ground but instead will rely on a, quote, steady relentless effort to take out isil wherever they exist using our air power and our support for Partner Forces on the ground, end quote. And part of the strategy will involve cutting off the groups access to money. Tonight the United S