Navigate . Well talk about all of that. Joining me, paul howard, scholar at man hat the hat tan institute. This is exposing a dirty little secret in the medical industry. Tell us about that secret. This is a open secret because in order to tell doctors about new products they have to get in to see them. Only time they can see the doctor is during lunch when they dont have patients. They buy them pizza and give them samples. Gerri were not talking about pizza here, right. Were talking about everything. Some doctors opinion leaders in the industry, they are paid consulting fees to talk about new products, go on lectures to do those kind of things. They get a lot of payments for that. A small number of doctors get very significant number of payments. Vast majority of doctors might get reprint or a piece of pizza. Those payments were north of 24 billion. So it aint nothing. It is pretty thorough going. If you look at the number of Drug Companies offering this, pfizer, astrazeneca, johnson
And formidable growth in the earnings reports, they may have to settle for something else. All that and more tonight on nightly Business Report for tuesday, october 14th. Good evening, everyone, stocks on wall street stabilized after a threeday selloff, but in the oil market prices fall, the biggest oneday drop in two years on the same day the International Agency once again lowered the Global Demand for next year. So if you want to understand the impact of a weak Global Economy just look at the prices, Domestic Crude Oil fell over 4 closing over 82 a barrel since 2012. Brent crude oil closed at the lowest level since 2010, tyler . All right, so why is oil lowering so much, there is a concern for investors who own oilrelated shares. Here is the Founding Partner with again capital, you again . Back. Nice to have you here. Very simply stated why are prices falling as much as they are, as fast as they are . It is a onetwo punch, tyler, part of it is the slowing economy in europe where the
Echoing numbers by other big banks. In goldmans case a fuelest best quarterly numbers in years, confirming the strategy of a Business Model critics said was too risk yip in the wake of the financial crisis. Investors, however, were expecting the strong numbers and after a recent runup they sent the stocks slightly lower. Mary thompson has the numbers. While in the midst of the l crisis Goldman Sachs numbers packed a punch. I thought the results were quite impressive. The new york based bank posted the highest quarterly revenue in four years and highest profit in five. Thanks to the profit in trading business which generated more than half of the billion dollars in revenue. On a call, ceo Harvey Swartz said the higher rates in the u. S. And lower rates in europe spurred clients to take action. The largest economies had a significant impact. All of the goldman businesses investment banking, agoet managements and the firms investment and lending portfolio contributed to the more than 2. 8
And the dow jones plunging nearly 280 points. The biggest one day drop across the globe. It started in china with a regulatory move and spread to europe on a new round of greek worries and found its way to the u. S. By the close the Dow Jones Industrial average sank to 17,826 and the s p 500 gave back 24 and it was a losing week for all of the averages. Bob sonny looks at the issues settling the market. A crackdown by the chinese and a greek exit from the euro put pressure on stocks today. It was a selloff on heavier than normal volume. All of the major indices were down as well as all of the s p 500. And the stocks in the internet and the solar space were down more. Everything down 2 to 3 and the biggest moves in greece russia italy and portugal. Everything is up doubledigits as the European Bank has sought to prop up the economy. T of the profit is locked up. A lot of the traders decided to lighten up. After the close in china, there was a crackdown in overthecounter stocks. This is
The indices ahead of the feds. Dia is down. You have the qqq, the qs down. 5 . The spy that tracks the s p 500 and that is lower. The iwm that tracks the russell 2,000 and that is down. There is the tenyear note, the yield at 2. 02. Gold up at 11. 53 an ounce. The euro is down i guess the euro is up against the dollar at 1. 06 and west texas crude is down another 2 . Look at that 42 quote on west texas crude. Lets get right to our senior economics reporter Steve Liesman on a roof somewhere in washington. On the feds roof. And i want to spend a minute because certainly someone just tuned in and said why are people spending all this time on the wort patient and why does it matter . And the reason why it matters so much is it gives the fed flexibility to hike Interest Rates. That word meant they would not hike Interest Rates for two meetings. It comes out as expected and gives them flexibility and begins a debate that has to do with valuing stocks and bonds over how quickly the hike rates