Appropriation hearing but i believe the president has sent us two good nominees. We waited a long time on the vice chairman, supervision for the fed. I hope the hearing goes well and we can expedite these nominees and get them in place, thank you. Thank you, senator shelby. The hearing will come to order. We will consider the nominations for the comptroller of currency, joseph otting and Randal Quarles to be a member of the board of governors of the Federal Reserve system and vice chairman for supervision of the board of governors of the Federal Reserve system. Welcome to both of you and congratulations on your nominations to these offices. You have friends and family sitting with you and welcome them here as well. These positions are critically important to assure a safe, sound, vibrant Financial System. We are fortunate have two qualified individuals to consider for these posts. Joseph otting bring particular understanding of the Banking System from a long career in national service.
Shareholders. Why is this the right plan today . Its the right plan because General Motors stock is confronting a very unusual dynamic. It trades below its multiple in the s p 500. The pe is less than six. They pay out a dividend yield, which is more than 4 . Which puts it among the highest and further, theyre only paying out about a quouquarter of thei earnings, so its very unusual for such a high yielding stock. Which leads us to think theres some investors that just want it for the dividends and dont care about the other 75 of the earnings. And theres other investors that care about the earnings, but not about the dividend b and so, when you buy gm stock, youre just kind of stuck with half that you like and half you dont. So our idea to pay the same money to the same people just do it in two different sets, that way everybody can have what they want. It doesnt change anything else, but when you do some Pretty Simple valuation analysis, if you actually implement ed this plan, which w
Tripledigit gains for the dow, the s p and nasdaq are surging as well. Financials, industrials and the semis are among the best performing sections today. Check out the big movers at this hour. Footlocker is up more than 5 near session highs. Thats a big reversal from its premarket declines after the retailer warned. Then it got an upgrade. Its a very strange story, but the stock is up sharply today. Verizon under pressure after missing profit estimates this morning and snapon is rallying another 5 on its earnings beat today. Here is whats else happening at this hour, activists investor is turning up the heat in its fight with buffalo wild wings. Calling on that restaurant and chain to replace its ceo. The stock up over 5 right now as a result. And a day after being removed at fox news, our julia is reporting that bill oreilly is going to receive a maximum of one year salary as part of his exit. That salary has been reported somewhere between 20 and 25 million annually. And this is rea
500 take record highs once again yesterday. The nasdaq closing at the highest level of 2016. Overnight in asia, youll see the japanese market was higher by about. 6 . You can see there has been some pressure on stocks. This has come again as this terrorism story unfolds in france the cac is down by about. 6 . The ftse in london is down by. 25 . Weve also been tracking currencies. As the bank of england failed to lower rates as expected yesterday. We have seen a little bit of that play out in the currency markets. Today is dollars is down against the euro trading at 1. 11. Down against the pound. Take a look at whats been happening with crude oil. It zetd ld by about 2 . Its giving back some of that this morning. All right. Here are some of the otherle stories were watching today. Presumptive donald trump postponing the announcement of the running mate. Trump said he has not made his time decision. Well go inside the race for the white house at the bottom of the hour. China gdp for the
Change. I think the time is right to reexamine this. I think it can enhance competition in the market. Make the market open to more players. I think you can reduce financial risk for a lot of financial institutions. Now we have cfp be rules in place and the market is maturing i think its time to reengage in this discussion. Let me say one other thing that is not actually about compensation but i think is connected. Another thing that needs to be picked up is to pick up a continued to work on standardizing Mortgage Servicing data. Some of you may recall back in 2010 we started uniform Mortgage Data Program to standardize data. Whether it was appraisals, loan arbitration, so forth. On that agenda was Mortgage Servicing data. We think about these disclosures and we think about the credit investor, where this is all going, its important to pick up that difficult challenge of standardizing Mortgage Servicing data so this would help the market in Mortgage Servicing be more transparent and ea