Plus a mega deal in the oil industry. Chevron is buying hess. Were going to have the ceos of both Companies Joining us here at post nine momentarily. And one of apples largest suppliers, foxconn, reportedly being investigated by authorities in china. They are said to be conducting tax audit inspections and revving land use of foxconn subsidiaries. That is pressuring sales of apple a bit as we get started with trading 29 minutes from now. Carl . Actually, im going to send it to myself. Thank you, carl. We do start not with the markets itself but with that major deal in the energy sector. Chevron agreeing to acquire hess. Its an all stock transaction, valued at 171 a share before before we see chevron trade this morning. The ratio, 1. 025 shares of chevron and again were going to be speaking to both the gentlemen behind that deal very shortly. Jim, it follows, of course, exxon and pioneer. I am told, however, these two were talking long before that. At least they have been having convers
Doc, we go to november weve got two months where do you want to play ball for the last two months . I think you stick with the one that bring you, judge. In this case its technology thats where i want to be right now. Its where i am. Do i like a certain amount of material stocks right here as well, but i really like technology, and when this tax bill ultimately does pass, as i believe it will, and they are even talking about a bipartisan passing in the senate, if indeed that occurs, i think you get a significant boost from here. Okay. So on that note, why dont we take a check of where we are, right . We know that technology has had a great run to date. The tech sector is up 36 year to date. Bank of america with a note wondering if its too crowded. Its super crowded, they say is this still the place, steve, to be . I think it is. Dance with who brung you, as doc says. I think it is, and, you know, crowded is always a term i question because there are those many shares outstanding that e
Lots are saying that tomorrow seems pretty perilous. Former fbi director james comey testifying in front of the senate and based on his just released Opening Statements its not going to be pretty for the white house. We got the British National election where is the labor Party Looks Like it might have a chance of winning. Something that could send the british stock market and the pound plummeting and major European Central bank meeting in astonia where the economic expansion might merit the end of massive monetary stimulus. To the hand ringers will be out in full force. I bet the same people that told you to sell the last time trump was in trouble, the ones that think this rally is predicated on total trump policies. Trump stock. Will tell you to sell again. Im sure the same people that bolted when brexit occurred already have one foot out the door. I can promise you there are people that will genuinely flip out if the ecb does move the stimulus and to make matters worse throw this in
Shanghai composite down by a third of a percent. In europe, already seeing that there are some advances there with the dax up by 0. 9 . Cac in france up by 0. . Ftse up 0. 6 . Watching treasury prices. Tenyear yield on the treasury hit another two week low. We have been keeping an eye on crude oil prices. Yesterday down by nearly 3 , settled at 44. 67. This morning a gain of 20 cents to 44. 87. In political news, a stop gap spending bill that would prevent a Government Shutdown this weekend has stalled in the senate. A number of democrats voted against the measure because it does not provide money to fix Drinking Water problems in flint, michigan. Some republicans opposed the bill because of lack of zika funding, and oversight of the internet. Senate leaders said they would exemplmroplore an alternative. And John Williams argues the u. S. Economy can hahnal a rate hike, its hard to justify rates being so low. Williams addressed fears that a hike would cause volatility. He said an easy
Depravity for the white house stuart usama bin laden was wealthy. Of fort hood butcher had a job if i recall. He was a major in the army. Do you think the guy in copenhagen this last weekend when he pulled the trigger trying to kill a cartoonist, was he screaming jobs, jobs jobs . He was screaming stuart ralph peters 12 hours ago responding to the Obama Administrations suggested we could kill isis but give them jobs. Watch out. The colonel will be here in three minutes from now. Watch out. Lets deal with the markets. It is wednesday morning. The dow industrials holding to the guillotine thousand level. We are within striking distance with alltime highs for the dow. The s p is a little lower today but it reached 2100 yesterday. That is an alltime high. As for the nasdaq, closing in on 5,000, 100 points away almost back to dot. Com bubble levels. Mary kissel, wall street journal editorial board. Any similarity between nasdaq now and nasdaq 1999 . Tech bubble tend to start when you have r