David, great to have you with us. Nice to be here . In your view what the odds that valeant befaults because it cant meet the filing deadline for its annual report . I think there is a meaningful chance that it happens. A couple things that i would upon out here. Without knowing all the specifics of accounting issues this is a company that has made dozens upon dozens of acquisitions. The accounting is highly complicated some. He when it comes to default, you really cant rule anything out. I think thats one of the reasons the stock is down as much as it is. Why did it take you so long to downgrade the stock . Why wait for the stock to fall 45 , lose 10 billion in market cap to tell people to sell the sell when the issues, the accounting issues, the levels of tent you flagged in their report they existed long before todays Earnings Report . I would just like to point out that we went to a neutral on the stock from a buy over four years ago and were telling people to take profits then. An
Very excited. Again, we did hit 18,000. Pulled back a bit. I think the important think is were approaching the historic highs. With a historic closing high. That was way back on may 19th. Broad group of stocks leading, right now you have disney leading, and you have chevron and exxon. Along with jpmorgan when would a great week last week. Its a pretty broad advance. Energy is leading 3 1 advancing to declining, and its been marching forward throughout the morning. The volume is on the moderate side, the vix is declining, and Oil Volatility is declining. I think thats the big story. People keep asking me, why are we advancing today . The smart money was short oil into the doha meeting, widely expected there would not be any big agreements. You bet buy programs coming in, take a look at the sectors, energy are leading. That would support the idea, that we are getting some short coverings in the energy group. Back to you. Your other big story is, as, of course, bo been mentioned, crude bo
Oil, new highs for the year on brent as that doha meeting approaches this weekend. We begin with the markets and energy. Oil with a year to date high. Stock futures barely in the green. Alcoa out with results. Top line and outlook are dragging down the stock. And two big calls on starbucks and apple. One up. One down. More on those in a moment. Some breaking news from the imf. Downwardly revising its 2016 Global Growth forecast to 3. 2 citing uncertainty and a recovery hampered by weaker demand. The imf sees Global Demand picking up to 3. 5 for next year and forecasting the growth for the u. S. Down 2. 4. It believes longterm Growth Prospects are weaker, estimated to be only 2 . Theyve been a serial cutter in terms of Global Growth outlook. The imf has been saying no one should raise rates. They play a big role in yellens concern. More yellen than the rest of the people on the fed. The imf has been pretty right. When i saw this, we just saw this come over, i said i was hoping they woul
Boss, as martha tyler segui teie telling us in our cover story. Most people work in environments that are either mildly alienating to down right people feel exploited. Thats the words from the man who created fortune magazines best companies to work for lists. Companies like radio flyer, you know, as in red wagons. Ahead this sunday morning. You guys did a great job. A nail in that feature. What workers really want. And then there is those of us who just want a job. This morning we will catch one an old friend at cbs, newly arrived in this country whose American Dream is just now coming into focus. There are times when telling a persons story once just isnt enough. The story of iraqi camera man, amid hussein, immigrating to america is one such story. I still hope to find my real life as a camera man. Cowan later on sunday morning. It turns out hope can be a pretty powerful thing. Pop singer Christopher Cross said into and then out of our lives back in the 1980s, so where did he go . Se
Boss, as martha tyler segui teie telling us in our cover story. Most people work in environments that are either mildly alienating to down right people feel exploited. Thats the words from the man who created fortune magazines best companies to work for lists. Companies like radio flyer, you know, as in red wagons. Ahead this sunday morning. You guys did a great job. A nail in that feature. What workers really want. And then there is those of us who just want a job. This morning we will catch one an old friend at cbs, newly arrived in this country whose American Dream is just now coming into focus. There are times when telling a persons story once just isnt enough. The story of iraqi camera man, amid hussein, immigrating to america is one such story. I still hope to find my real life as a camera man. Cowan later on sunday morning. It turns out hope can be a pretty powerful thing. Pop singer Christopher Cross said into and then out of our lives back in the 1980s, so where did he go . Se