The classic sell on the news and its not selling all that much on the news. No, and i dont think any of us were calling for a big selloff. I just thought that going into the event, judge, if you could sell at the money calls which i did at 160, at 162 and 164 you would have a cushion do we get into the 150s, could, maybe even the low 150s but im not calling for a 5 , 10 selloff. Im saying its going to be a flat period while we wait for the first phones to make it to market last two days of the quarter really even as, you know, gene munster was calling for a bigger pullback and even some of the things that linked out aday ahead werent even factual so we should have put a caveat out in the first place. Every time they have launched a product theres been an overreaction of what the stock has done in the aftermath of the launch is wall street saying they dont think its a good phone or they are not innovating anymore, et cetera, and i actually got so sick of listening to that as somebody wh
Next to be named. Meteorologists are monitoring tropical depression eight. To see if it might become Tropical Storm hermine. The depression formed yesterday and is expected to move toward the east coast by wednesday. Today marks the 11th anniversary of hurricane katrinas destruction across new orleans. The storm surge flooded 80percent of the city. More than 18hundred people died, tens of thousands of people had to be rescued, and 70 percent of the citys homes were destroyed. Right now. The company that sells epipens says its launching a generic version of the lifesaving drug. As Erika Edwards reports the move comes after a public outcry over the skyrocketing costs of epipens. pkg epipen being administered after enduring sharp criticism for dramatically raising its prices. Drugmaker mylan has announced its launching its own generic version of the epipen. The generic will be listed at 300 dollars. Thats half the cost of the mylans ceo released a statement reading in part that the generi
Even though it was disappointing, and the Unemployment Rate stayed flat, but he has some regulatory steps to announce in terms of going after Money Laundering and tax evasion, and remember that the trez is sure Ri Department has taken a series of steps on tax inversions and i dont know that the precise nature of what the president is going to announce, but that is the direction. And the president has been expre expressed what is termed a frustration that either he is not getting as much credit for what is taking place in the economy or the perception is out there that the perception is that the economy is worse off than in reality, and he expressed those concerns with our colleague Andrew Sorkin in a article last weekend with the new york times. And how is that factoring in . Well, the administration is claiming the longest streak of private sector job growth by month on record. So that is one of the things that he is going to be talking about, but in reality, the president has been ge
Image problem for gm. A new widely watched Industry Survey ranks gm the worst automaker. First to sue at the new york stock exchange. And we have a rally on the street, ty, the dow hitting an alltime high. Dow jones industrial average last traded up 92 points. We have been up triple digits several times during the says. Transports a new alltime high, a 1. 5 up for the trannies. The s p 500 intraday high up, nasdaq is up almost 1. 5 , so the transports outpacing it on a percentage gain, but not by much. A tenyear yield is down to 2. 64 . Bob pisani is here to gives you the trading action where the bulls are firmly in charged. Its an why are we you will today . We shouldnt be up. They hate this rally. Let me give you three or four reasons. Theyre very curmudgeony today. Theyve been that way for years. The biotech names, the nasdaq, internet index, a lot of shorting going on in that space when this kind of move happens, 2. 5, 3 , you get Short Covering going on. Theres been concerns about
Where the jobs are for the graduates of the class of 2014. First, to sue, who gave a very good commencement address at merritt a week or so ago. It was. It was a wonderful day for me, ty. We have breaking news on the fed an the economy in just under an hour from now. So were going to begin with the unintended consequences of the fed and its easy money policies. Yields in the benchmarks plunging 15 this year, now holding the 2. 60 . Mortgage rates at the lowest level in a year, but thats not helping housing. Diana olick has details on that. Hi, diana. Reporter hi, sue. The sxekdation was they lower rates would boost mortgage volumes, even if it was only refinances, but that did not happen form the average contract rate on a 30year fixed fell to 4. 26 last week. Thats the lowest in a year for the highest quality borrowers, the rates were nearing 4 . Jumbo and fha loan rates even lower, but no reaction on the application side. Refinances down 3 week to week, and applications to purchase a