Wellcome to squawk alley for this thursday. Kayla tausche, and along with vanity fair correspondent nick out west. Good morning to you. Good morning. And now, redstone says that he no longer trusts the ceo, and he says that he is determined to trust in the company and not the shareholders to do the best for them. And so yesterday on fast money we spoke to tom freston. Well, the lawsuits and Everything Else has been a side show compared to the real story which is the fall of viacom from grace over the last several years that have been really one of the leading Television Networking companies in the business and now it is falling to a level below the peers on almost every metric plagued by all problems including the creative departures. And freston is outspoken, nick, and how does this move the ball forward . To what degree will we see any resolution in this saga . I, all i can hope for is that there is someone in that building with a video camera filming this whole thing, because it is
Goes. The european markets you ask, how did they fare . Lets take a quick look here. Theyre all in the red, though. Not too bad. As for the tenyear note yield and crude oil, the tenyear note inching up from yesterday and crude below 50 just hanging in there, wti down a little more than 1 . Lets get to our road map this morning. The ecb leaving Interest Rates unchanged and were live in vienna as opec leaders are set for a big meeting on production levels and teslas musk saying we could see an apple car by the end of the decade. Mario draghi holding a meeting now. He said he sees inflation likely to remain low or negative and sees the European Economic recovery proceeding at a moderate but steady pace. Nothing too surprising here, jim. Some are awaiting details on their ability to buy Corporate Bonds kicks in. Perhaps details will be shared there on what the plans are there, if any. Oil prices having moved up, the euro having moved lower seen as a positive but theyre still not really get
Restructuring and lowering guidance. Shares of valeant are down sharply this after an earnings miss and sharply lower guidance. Well give you the latest on the stress theyre feeling over at valeant. And the viacom saga continues. A hearing is taking place right now in massachusetts. Weve got the details. But first up, futures rising a day after comments from janet yellen propelled the s p to its highest level of the year. The fed chair expressing optimism about the economy and said she sees rate hikes ahead but gave no timetable for a tightening. If incoming data are consistent with labor Market Conditions strengthening and inflation making progress toward our 2 objective, as i expect, further gradual increases in the federal funds rate are likely to be appropriate and most conducive to meeting and maintaining those objectives. She did call the jobs number concerning, disappointing, raising questions. Feds going to wrestle with it and drop that phrase in the months ahead. Right. Well,
Administration, the u. S. Government regards britain as a likeminded partner. They are trying to ensure that the European Union maintains a transatlantic outlook in the open and free trading world to the world, so the diminution voice of britain in the European Union is going to be upset to the people of the u. S. And now, whether putin in russia would be celebrating this by the british people, and he said that he suspected that the kremlin would be calculating and less likely to maintain the robust sanctions against russia, and he was essentially explaining the point of view, because the u. S. , and the uk share the similar view s ts on foreign policy, it is important for the u. S. That the uk projects that view across europe and the geopolitical stage will be alter and something that we will have to the watch as the things develop. It is interesting as we caught up with Philip Hammond and moments before Prime Minister David Cameron announced the resignation, and Philip Hammond is one
Stocks the dow and s p are on pace for their best week since march. Were going to close out the month on tuesday. Were going to Start Talking about how to play this in june ahead of brexit and the fed, how to play it in a summer where stocks have alternated up and down for six years. But at the same time we have groups that have come alive. This tech rally is very real. It is broad based. Its chips. Its software. Its high growth. Its cloud. The bank rally is in its infancy. As we get closer to a rate hike, which i think we will get given the fact that these fed heads of carpet bombed us with the two to three, that bank group can get stronger. Net interest margin will go higher. Its very undervalued and i think it works. So right now and im not saying im sanguine because if we get a really weak employment number thats bad. Because theyll tighten into a weak employment number, but i like it. Were not focused on china as much. Oils reached a level where we dont have to worry about banks g