And welcome to power lunch. Im melissa lee. All three major averages at session lows right now. S p 500 down almost 1 . The nasdaq the biggest loser of the three major indices. Were seeing the biggest oneday losses in fact in more than a month. And keeping an eye on the airlines, they are down big being led lower today by delta and thats Airline Index on pace for fifth straight down day. Michelle. Im michelle carusocabrera. Thanks, melissa. Heres what else is happening at this hour. Americans made more and spent more in june. The government reporting a 0. 4 increase in Consumer Spending. Thats the Third Straight monthly increase. Personal income up 0. 2 . The centers for Disease Control awarding 16 million to u. S. States and territories to fight zika. Thats in addition to 25 million in funds at the cdc awarded a month ago. And u. S. Automakers weighing in with disappointing results. All but toyota falling short of expectation. Fiat chrysler did manage a small increase in sales however
December. The road map begins with the markets climbing back. Dow and s p back for the year. Oil with a 4 handle. The bidding war for starwood. The hotel change taking a higher offer from chinese anbang. Now marriott has five days to respond. As twitter hits an anniversary, jack dorsey says where the company goes from here. The bidding war in process for starwood. The company that had reached a deal to be acquired by marriott some time ago for 0. 9 shares of marriott and 2 bucks per share, and a spin of this time rental business. Thats what im thinking of, right . This morning as we reported first and has been confirmed by the company, anbang, the Insurance Company from china, along with chris flowers and primavera, large equity firm in china have agreed to purchase starwood for 78 in cash this is 2 above the previous bid they made to buy the company, and a bid that has been accepted by starwood. Before starwood can sign that definitive agreement which has been fully financed, the deal
President obamas new round of sanctions, warning that measures would back fire and bring u. S. Russian relation toes a dead end, causing serious damage. As for the russian market reactions, take a look. Stocks in moscow were down sharply in early trading. You can see theyre down by 4. 3 . Later in the show, senator bob corker will be joining us. He is a member of the Foreign Relations committee. Hes been calling for tougher sanctions on russia. Well have more of that coming up. Right now, lets get over to andrew with more of todays corporate stories. Good morning, becky. Ge, former parent of this network, reportedly seeking buyers for appliance unit. It tried to do this back in 2008. It scrapped those plans, though, given the financial environment at the time. Ges Ceo Jeff Immelt promised investors to divert interests that arent seen as core. The company is set to post quart ily results before the bell toll. Well bring thou to you. If you have a dishwasher or a washing machine or you k
Season, jpmorgan and wells fargo out with mixed results and well tell you exactly what you need to know. Charter Communications Says it wants to buy time warner for 132 bucks in stock and cash and twrawrm says how about 160 . Well get a reaction and exclusively interview with tom rutledge in a few moments. Google is buying nest labs a maker of Smart Thermostats and smart smoke alarms for 3. 2 billion, it would be the second largest ever in googles history. First up stocks are trying to bounce back from that poor start to the week. The dow coming off its worst day since september and experiencing its first 1 drop in three months. S p and nasdaq posting their biggest drop in over two months and the Bank Earnings are in the spotlight, jpmorgan and wells fargo out with quarterly results. We can talk about the bank or some of the internals, the mortgage internals, theres a lot to talk about. All people seem to care about perhaps we are out of the banking wilderness and were going to begin t
Numbers here tomorrow. Apples worse day in seven months. Apple now moving higher in the premarket. Yum sales take a hit in china after food safety scares, numbers from costco, and nevada lays out the welcome mat for musk, the 5 billion factory going to the desert. Ecb cut Interest Rates to new record lows in effort to ward off deflation, lowering the rate by a tenth percent, and its rate on bank overnight deposits to negative. 2 . The president says the bank will purchase asset backed securities, and here in the states, adp says prooifts sector hired 204 thourks worker last month, below forecast, and the big jobs number, of course, tomorrow. Europe is the story. For those of us not well schooled, what does this mean . What this says, i think, is the german hold on the european economy, hoover style, worry about a balanced budget no matter what is broken by draghi who will take rates whatever it takes to get the economy moving. Germany, exact opposite. People are quick to say negative l