Welcome to power lunch. Im melissa lee. Lets take a check on the markets. Out of the gate pulling stocks lower, we hit threemonth lows on the dow, as well as the s p 500. We are off session lows now. The s p higher by about 16 points from lows today. Banks gets hit hard again. Third day of lossesment this of course ased of a slew of bank easternings that start tomorrow. One bright spot in narcotics. Utilities are holding up nicely. Up by 1. 8 at this hour. Thank you very much. Welcome, everybody. Heres what else is happening right now. Worlds longest reigning king has died passing away today at the age of 88. He took power back in 1946. Amazon hiring 120,000 holiday workers this year. Thats up 20,000 from just last year. And u. S. Jobless claims now at a 43year low. The 84th straight week that claims have come in below 300,000. Got a big two hours ahead and we kick it off with this big move down in the market. Though not as far down, bob pisani, as earlier today. Weve come back. Weaker
That s p 500 declined, nascar lostering with need on address an important question. Do we have too many of everything . It sure feels like that on a day like today. Too many stores, too many trucking companies, too many airlines, too many banks, and nothing can be done about it except survival of the fittest. For the longest time the free market took care of itself. The big fed on the small. We had rational markets based on companies able to combine and take out costs. But in the last couple years, the federal government has turns violently against these deals. Were starting to see the havoc as company that grow are no longer given higher priced earnings and the government has chilled the whole darn process. I think it is a back lash to the justice departments willingness to bless too many Airline Mergers with the straw that broke the camels back with the u. S. Airlines deal. That raised prices and it changed everything. It has been downhill for mergers ever since. Think about what has
[ inaudible ] im sorry. Can you just remind me . It was passed in 1902, made permanent in 1904 and it was repealed finally in 1943 during world war ii largely because china was our ally and yet when it was repealed it set a quota of 105 a year, so it was not really repealed. Its not until 1960 that immigration opens up for the chinese. 1882. Yes . So there were sympathetic views among the working class so the people who excluded wanted them excluded were not the working class or not voters, and was there anyone in china who had any voice, any power at all to respond. China at this point was an extremely weak country. It was on the verge of being dominated by japan. This is really when japans rise over asia is really just emerging. And china actually wants u. S. Friendship as a bulwark against the japanese and a lot of European Countries are going into china not to colonize it per se, but to force trade on them. So china is looking for u. S. Friendship to keep this open door, as its cal
Federal Health Officials rethinking the way theyve been trying to stop the spread of ebola. The problem is, they dont know how a nurse in dallas became infected, even though she was wearing protective year. Here is the cdc director. It doesnt change the fact it is possible to take care of ebola safely. But it does change substantially how we approach it. It looks like north korea has moved to quell all that. Peculation about kim jong un photos published today show the 31yearold north Korean Leader made his first public appearance in six weeks. He is seen walking with a cane. A south korean newspaper reported cam had been hospitalized after getting surgery on both ankles. For the third time in as many years, potential buyer has walked away from tmobile. Offer to buy majority stakes. Tmobile is the smallest of the four major u. S. Wireless carriers. It is the fastestgrowing of the bunch. Board members are divided over whether to sell. Wereday when stocks falling, extending their selloff,
Apple saying shares are massively undervalued. Recent history repeating futures pointing lower after a big recovery from a dramatic selloff tuesday. Alcoa and pepsi beating the street. Leadership, gap shares down. Murphy announcing he will be retiring. Carl icahn released an open letter to apple ceo tim cook saying the Company Shares are massively undervalued and should be trading at 203 a share now. Icahn expressed support for cooks leadership, urged him to accelerate the share buybacks. He would not tender a share if apple institutes a new Share Repurchase program. Calls cook the ideal ceo. Says this is not a criticism. A long letter about how the market is getting this wrong. I think you are right to say its about how Institutional Investors are underinvested in apple. He also says if you want to get those investors, you cant just keep doing what youre doing. Youve got to really create a short squeeze from the tender offer. Sell 25 million tvs. Its not scathing, but it says, all rig