Every morning here since the election. Fiscal cliff, big, big issue. There are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. How big of a problem would that be . That would be a big problem. I actually still believe that those the democrats, the administration, republicans in the final analysis dont want to see that happen. They do understand that not only would that present a problem in the near term as we went over the cliff at the end of the year, but we still then have the whole debt ceiling fight that would transpire shortly into the new year. The issue isnt simply the negative result of going over the cliff, but its also that business, consumers, everybody continues to hold back on the uncertainty. And we believe the economy is pretty well positioned potentially in 2013 if we can put this behind us. So i think a lot of whats going on is what you would expect to see in this negotiation, very public
Getting reports on home sales. Andrew, good morning. All the way down at the stock exchange. Facebook shares getting a boost hitting record highs. The social times beating the street. The company says it saw an increase for both advertiseres and users during the Second Quarter. Well have more from analyst dean munser. Second Quarter Results fell a bit short. Cheaper Service Plans offered to customers without subsidized cell phone cut into margins. Were going to talk to an at t analyst in the next half an hour about that. There could be a bit of good news in there, too. Qualcomm Beat Estimates on the top and bottom line. The Current Quarter profit forecast came in below estimates. In unrelated news on the company, a Chinese State run newspaper reports china appss antitrust regulators report qualcomm has a monopoly. Also, gilliad, take a look at this, posting betterthanexpected earnings in revenue after the close. The company says its new hepatitis c drug has sales of 3. 5 billion in the
Schatzker. Im Stephanie Ruhle, a cosco member actually. Are you . Im. I dont get there very often. Maybe i am not getting my 50 bucks worth. Our guest host for the hour, greg fleming, the president of Morgan Stanleys wealth and Investment Management businesses. No question we need to start with the markets. Clearly there was a lot of volatility last week. Yesterday seen aims seemed a little better but the dow today atdown 106, it was down 150 one point. This is volatility. What does it say to you . One thing i will say is in the Fourth Quarter in particular in 2013, really throughout the year, it was a very strong year in equity markets and volatility was down significantly from 2012, down from 2011. 2013 was a very benign year. May be abnormally benign. There are a few things on the horizon, including the fed and taper and topics we will talk more about. And markets are a little more antsy. When you look at a morning like today, specifically why did features turn as negative as they d
the dow and the s&p each lost about 2%. but you can see the u.s. equity futures are indicated higher this morning. dow features up about 63 points above fair value. the s&p futures up by more than 657 points. and the nasdaq is up about 16.5 points. in asia overnight, stocks traded higher. the nikkei was up by 1.9%. the shanghai composite was up by about 1 is.5%. it did fall slightly from a three-week high that it hit on friday. the yen is once again within striking distance of the key 100 level against the dollar. it came ever so close. right now, it s at 99.78. it came as high at 99.88. traders are pointing to the weekend g-20 meeting in washington. the group s finance ministers did not directly criticize japan for pursuing an aggressive monetary policy. that decision gives the bank of japan the green light to go ahead with its currency depreciation plan. we re calling this a currency depreciation plan at this point. you watch the central banks around the globe and this has