And you pretty much feel like you got to let things ride. Its called a bull market. Over the weekend the air was thick with geopolitical risk. And a sense of global mayhem. The back drop is plain ugly. It seems to get uglier by the day but it cant seem to translate into overall stock market selling. It doesnt bring out the sellers. As the dow ended up gaining 22 points and the s p advanced 0. 3 and the nasdaq did decline. How can that be . How can all of that negative news not translate into people panicking or selling or running from unaring into or running into the exits . One is the biggest these days. Many companies are trying to create instant value for their shareholders and that Value Creation isnt tanging a vacation. It doesnt take a break because the israeli army is fighting in gaza. Lebanon embassy is being vaeked. In the old days i would say, or be at the Old Hedge Fund which i close and dont work at anymore i used to say what does all the geopolitical nonsense have with the
Stephanie ruhle is at the robin hood investors conference and she has some big interviews coming up but first we have some breaking news, existing home sales for the month of september are just out. This was a very disappointing report last month. Michael mckee is in the newsroom. I will give you some good news, existing home sales come in better than forecast. We thought we would get a 1 gain, instead we get a 2. 4 game. Over the last 30 or 40 years, the average has been about 5,280,000. We are not significantly below that level. A significant rise in singlefamily homes up 2 . This was still driven by the move into apartments. The other thing we want to point out is that the inventory of homes for sale drops, 5. 3 months. That is only about 6. 8 months. Not a lothat theres of inventory out there and that means prices are probably going to go higher. Michael mckee with the word on existing home sales. The robin hood Investor Conference in midtown manhattan is where some of the worlds b
You are watching Market Makers. I am excited today. In just one hour i will be heading to the Second Annual robin hood investment conference. After one week of complete market turmoil we have the biggest investors in the industry. How was your weekend . Stephanie went north of 59th street . Ask for food i will travel. I will travel. We have the top business story of the morning. Shares of ibm are falling, big news is that they will no longer reach their earnings forecast for 2015, they will come out with a new one in january. Ibm is struggling as the industry shifts to the Cloud Computing. Meanwhile the company has unloaded its moneylosing chip making unit. They will pay global boundaries 1. 5 ilya and dollars to take their business off of its hands. The chipmaker has been a drag on earnings. Venture capitalist Mark Andreessen has officially resigned from the order ebay. He says that their decision to spin off their paypal unit marks the right time for him to step down. He says he has
And Valeant Pharmaceuticals teaming up for allergan. Well explain. Novartis unveiling a Restructuring Plan amid a flurry of deals involving glaxo and lily totalling 28. 5 billion. Netflix says it will raise prices for subscribers as the jump in earnings pushes the shares in premarket and slew of dow components reporting, mcdonalds, United Technologies, we have it covered. Shares of allergan are surging as we said bill ackman backing pharmaceutical bid to acquire the maker of botox, valeant offering 38. 40 a share in cash. Since february, Ackmans Pershing Square amassed a 9. 7 stake in allergan, but all the discussion guys, today, is about the role of the activist investorer. The times calls it the boldest move yet from an activist. Absolutely. I hope to hear from david. We were going back and forth last night about how does someone kind of basically know theres going to be a bid and be allowed to accumulate stock. Classically that would be front money. If we had an sec that was on the
Ms. Nooyi, telling the story about her mothers response when she came home with a big promotion. Let me explain something to you. You might be president of pepsico, but when you enter this house, youre the wife, youre the daughter, the daughterinlaw, the mother, nobody else can take that place, so leave that damn crown in the garage. Leave the crown in the garage. It gets better, more brutal truth from pepsis ceo coming up this hour. First, sue, to you. Its great to have you back, ty. We really missed you. Glad to be back. We had a dip, but were still not far from historical highs. Right now the dow is down 61 points on the trading session. Bob pisani and seema mody standing by on the drop, but first to dominic chu, whos reporting on value picks. Perhaps, sue, remember with earnings season fast approaches, profits will be in focus, and what you pay is one of the main metrics that a lot of professionals use to find value. So we went hundred dollarsing for a lot of value plays that are t