Low in the middle of november. Oil is slumping around five year lows. As a new month begins for the rest of the markets spending drops double digits this back friday. But online spendsing alone jumps more than 20 . Target, best buy, home depot, others go after tally target alibaba. L chinas official pmi slipped to 50. 3. Thats below forecast. The dow and the s p each finished the month up 2. 5 . Nasdaq up 3. 5 . Nasdaq, jim, within almost 5 of an alltime closing high. Can energy at 8, 9 of the index drag down the markets . Its funny you mention that because first of all i think friday was very exaggerated. Just kind of got to really take that whole black friday for oil with a grain of salt. I think it was really an anything but oil move on friday. Its like, look, just get me out of anadarko. I dont care. Get me out of some of these consho. Corrigo, get me out. What happens . What do we put it in . It never seems to go to cash. Lets just put it in land research. Lets go to kale. It was
It is cubist pharmaceuticals. Merck buying the company. Meg terrell was ahead of the story on friday telling us a deal was in the works. She is in San Francisco at one of the biggest cancer meetings of the year and scored a live interview with mercks ceo. Thank you so much. Lets bring in ken frazier, the ceo of merck. Thank you for joining us. Thank you, meg, for having me. Always good to be on cnbc. Well, so this is a big deal in a space that has been a tough area, antibiotics and a Huge Public Health need. Tell us why this makes sense for merck. Every year in this country about 2 Million People have a form of infection that is resistant to conventional antibiotics. About 23,000 of those people die. So these kinds of infections are critically important in our society. So this is a great opportunity for us because merck has been committed to the field of antibiotic research for 70 years. And cubist has also been a leader in this area bringing forward novel antibiotics that can be usefu
Exxonmobil and t. Boon pickens. Jcpenney getting a big downgrade. And more optimism for apple. Another analyst ups the price target. First up, one day after the dow closed at record highs, the private sector added 208,000 jobs last month. That was a bit below street forecast. Meantime, Oil Prices Rising slightly this morning but down almost 35 from six months ago. Last night on mad money, Oil Tycoon Boone Pickens says he expects crude to return to 100 a barrel. Take a listen. Weve increased production, a Million Barrels a year for the last three years. And that is remarkable. No place else in the world has that happened. So consequently, i think youre probably going to see opec do something in the First Quarter of next year as far as cutting production. But im not so sure how much they have to cut to get to where i said you would be in 12 to 18 months. Youll be back at 100 a barrel. Fascinating. There is a school of thought that when production responds, you will overshoot the opposite
Today alone. Brace yourself for more serious weather. Mudslides possible on the west coast. Rain and snow in the east. Lets go down to sue at the new york stock exchange. And you know we have another triple digit down day for Dow Jones Industrial. Part of that is linked to the drop in oil. Art cashin saying not only the Energy Stocks under pressure but that has spilled over to financial stocks. They are worried about the high yield debt that some banks own concerning energy. Right now the Dow Jones Industrial average off 103 points. The nasdaq is off 31. And the rus russell 2000 is off almost a third of a percent. Followed closely by the dow. Oil tanking hitting new lows of the trading session down almost 4 on wti and thats 3. 5 on brent. Bob pisani joins me on the floor of the new york stock exchange. Just the under pinnings of the market dont feel good today. Look at chevron. 50 of the 150 points in the down side. That is exxon and chevron. There are dozens of new lows in the Energy
By just three hours. Jamie dimon making personal phone calls to washington. More details emerging from the sony hack. What it means for sonys power now within the industry. Straight ahead, the ceo of adobe will join us after beating estimates. Stock is up nicely this morning. We start with the markets. Many mark harris head of Global Research joins us. As the price of Oil Continues to come down, are you reassessing the implications for more and more investors . Oil is linked into every market. Fx, emerging markets, we cannot escape the realities of oil hitting 58 on wti. My strategist has a very strong view. We will continue to see pressure through the first quarter. At that point, we are predicting and do expect that there will be more pressure on the saudis, at least at these levels to put that production in in a different way than they stated previously. How does that change your advice to investors . What does it mean for the market overall . I think the truth of the matter is, we