Wti is higher by 87 cents, 54. 27. Brent is higher as well, 92 cents. 57. 10 over in london. Nat gas is lower by 7 cents. Decline of more than 2 . Among the top corporate stories, kraft heinz is withdrawing its bid for a merger with unilever. Kraft worried that it would be too hard to negotiate after the Public Disclosure of its bid so quickly. A kraft spokesman said the company intended to proceed on a friendly basis but found unilever did not wanted to pursue a transaction. Restaurant brands is in advanced talks to buy popeyes. The deal will probably be valuing popeyes at 1. 7 billion. An announcement could come this week. Wandas proposed 1 billion acquisition of Dick Clark Productions is under pressure. Wanda is run by chinas richest man. It already owns Legendary Entertainment and amc entertainment. Reuters reports wandas deal for dick clark is shaky but not yet dead. Part of the problem is they cant get the money out of the country. By the way, on this kraft heinz deal tell us. It
Alibaba came public in 2014. Snap, and it went off like a snap, without a hitch. Believe me, it could have been dreadful. It could have been like the facebook deal. Boo which caused tremendous concern about the entire underwriting process. It could have been like twitter, which was way too hot, too soon. It could have been like zinga or groupon, two deals that spiked as only a small amount of stock was offered, socalled sliver deals and then cost aftermarket buyers loads of money. Instead the snap deal went off pretty much like clockwork. Congratulations, New York Stock Exchange. Causing nary a hiccup for the rest of the market. Dow sinking 113 points. S p backsliding 0. 59 . Nasdaq declining 0. 73 . The stock of snap, the company that has pioneered social picture messaging opened up at 24, a pleasant, not too hot, not too cold, gold i locks like 7 premium to its 17 ipo price. It went smoothly and while you may regard the stock as hopelessly overvalued, it could have played havoc with
Falling. The company slapped with sell ratings. Were are so many analysts so cold on the hottest ipo of the year . Well explain. First, White House Press Secretary Sean Spicer taking impromptu questions outside the white house moments ago, we go to eamon javers. Reporter thats right, scott, i had a chance just a few minutes ago to ask sean spicer here about a spears of tweets we get from President Trump just in the past hour. I believe we have some of those tweets loaded up. The president here talking about exxonmobil, touting that company for a 20 billion Investment Initiative that the white house says will create thousands of jobs in the gulf coast region. Interestingly, though, in the press release that exxon put out about this, you see there the president talking about jobs, jobs, jobs, thank you, exxonmobil, in the press release that exxonmobil put out about this, they say the series of investments began in 2013. So when sean spicer came out to take a few questions in the driveway
American express reports earnings after the bell, but critics say perks are not what they used to be and it is weighing on the dao component. We have a debate on it. How much the credit card craze is happening amongst millennials. Intense, yes. Thats ahead. We begin with ibms fall after reporting its 20th consecutive quarter of year on year revenue decline. The company cfo discussed that when we spoke to him after those results. That 20 quarter headline is probably not the framing that were thinking about. Were thinking about how do we continue to move the business and our clients to get to growth. Now, the portfolio, the portfolio will grow. I am confident that the ibm company will grow again, but it is taking you know, were taking time. Our baub pisani over by the trading post with more. It is weighing on the market today, bob . Great. Good to see you. Theres a new risk to the market and thats earnings risk. We havent had it before. Let me show you ibm. They normally do four million
50. 99. Of course it was the rise in rates, the rise in the dollar yesterday that really took stocks down. It did. You know, the fed tell you what im looking up right now. Are you on facebook . No, looking up a quick nate silver. Theres different places to look. You can look at the betting markets on the election. But the now cast nate silver is almost 90 for a Hillary Clinton win. Above 80 in the polls. That whole narrative that the market goes up when it looks like Hillary Clinton is going to win. Weve done it here on cnbc. People saying theyve seen this trend. I dont know what happened yesterday. I think it also, if you start to believe the senate and the house could both go because of the rifts in the gop, im not sure any of this has to do with the 200 points. I didnt think it does. If youre looking to tie anything to the election, theres something in it for everyone. You could say now if it was undivided government, you had a Hillary Clinton presidency in both houses of congress,