Strong earnings from disney could change the tone tomorrow, but we begin tonight with the 80 billion deal that seems to be dead. 21st century fox with drew the bid. Murdoch side timewarner management and the board refused to engage with the company or explore a higher offer and the bid drove 21st century fox shares lower under valuing the company and upsetting too many shareholders. Fox did approve a 6 billion stock plan. Shares dropped sharply after the announcement. Fox went the other way with shares spiking right after the news. Is the deal really dead . Lets get thoughts from tom edgen, hes a Senior Research analyst with the telse Advisory Group and follows media companies. Welcome, good to have you with us. Do you believe mr. Murdoch is going to go away permanently, and if so, why did he . I think the deal for timewarner is dead. You know, we werent sure about it to begin with. We had a 50 50 shot and thats essentially because to net that leverage was going to be too high. You kno
Now well get to business at hand this morning. If youre just waking up lets get you up to speed on the markets and whats going on in the futures. Looks like a little bit of a mixed morning. The dow might open slightly higher. Nasdaq would open marginally off and the s p well call it across the board. Well see how things play out this morning. Joe. It used to be mostly new york social sociallights wasnt it . Five years ago it became very strange that it became sort of a moment. Its almost like the white house correspondence dinner. Its for not nerds. For real celebrities. For actual celebrities. Very few cross overs for the two i would think. Probably a hand full. Maybe a hand full. Other big stories were watching today a packed earnings count are among the names set to post results today before the bell. Disney archer daniels, discovery, kellogg and bloomg brands and disney moving its release up to 8 00 eastern. So executives can attend a Memorial Service for survey monkey ceo who died
Im wolf blitzer in the situation room. Take a look at this. Weve got some live pictures coming in from inside the debate hall where were now just a few hours away from a truly historic debate between President Trump and former Vice President joe biden. Both men just arriving in cleveland, ohio, for their first faceoff of the campaign. The stakes clearly are immense. With each candidate preparing new barbs to get under the others skin. Were also told it could get rather personal. Tonights showdown will be the first general Election Debate in American History to take place during a pandemic. Precautions include social distancing between the candidates, no handshakes and the entire audience being tested for covid19. The coronavirus death toll, by the way, here in the United States is closing in on 206,000 with more than 7. 1 million confirmed cases. As dr. Anthony fauci is now warning that unfortunate mixed messages out of washington are hurting the credibility of potential vaccines. Near
To maintain its pledge of increasing Monetary Base at an annual pace of 600 billion to 0 700 billion. T well be watching very chosely. European trading, you can see the stocks there are off a little bit too. The worst performances the ftse 100, down over 1. 2 . Down about 80 points. The u. S. Equity futures here are looking like they are also indicated lower. The dow futures are indicated down by almost 60 points. S p futures off by just over 7 points, and, again, the decline we saw yesterday, the 93point drop, the worst performance we have seen since the end of june, june 28th, the last time we saw a move like that, which tells you how calm and fence sitting the position these markets have been to this point. Also today, the treasury will offer 20 billion in tenyear notes at 1 00 p. M. Eastern time. As for data points, the Mortgage Bankers Association Release at 7 00 eastern. Economists expect to continue to see downward trend in the rise in rates. Earnings front, ralph lauren, time w
Buy, neutral, comes after young sales in china disappointed on some can chicken issues there. Thats one to follow. Goldman downgrading shares of young. Linked in, buy ahead of earnings. Buy toll. Virtual, doc. Gap stores, 34. Long ieo and Energy Player etf. I think it goes higher. That does it for us. Dont forts to catch more fast at 5 00 p. M. , follow me on twitter and scott wapner cnbc. Power lunch starts right now. Indeed it does. Welcome to power lunch, everybody. Bulls, large and in charge. The dow trying to wipe out mondays triple digit loss. We have two breaking news stories this hour. President obama to speak in 15 minutes time. He will ask congress to come up with shortterm packages to put off automotiatic spending cuts. Hampton, we begin with you, Budget Office right now releasing its budget and economic outlook. Give us details. Reporter the Budget Office, assumes no change in current laws, 2013 fiscal year budget deficit, 845 billion. Cbo projects first time below 1 trilli