Outlier. That is the close from friday. Theyre having a bank holiday in the uk. Finally, take a look at where we are on crude. Its been sliding throughout the morning. Its been in focus for equities here in the u. S. And across the world. Wti just slipped below 47 a barrel. Its down 1. 5 . Brent is trading roughly lower by about the same. That is below 50 a barrel. Scott . Loud noises at Los Angeles International airport causing panic late last night as many confused the sounds for gunshots. Passengers at lax were seen running from terminals on to a tarmac after Police Responded to 911 calls from many locations about a shooting at the airport. Around 11 45 p. M. Eastern time. Police conducted two sweeps and concluded the reports were unfounded and there was no shooting. In business news. Look for personal income and spending. On tuesday, we get the home price index and august consumer confidence. Wednesday, its adp employment report. Chicago pmi and pending home sales on thursday. Look for the revised Second Quarter productivity and the ism Manufacturing Index. On friday, we close out the week with the august employment report. What do you mean jobs report already . Yeah. I was thinking that, too. I realized it was this friday. It was also i was also thinking august 29th, bummer. The end of summer. Reminds me of the sonnet, what you see in the leaves and what you see in me. Colors are changing, im getting wrinkly. I dont go back to school but i get that feeling, that dread. The pits. Exactly. Everybody says, i dont know who was here last week, it gets confusing. Was it you . You used to love going back to school for the close . Love it. The annual trip to targets to get the new lunchbox. Focus on the supplies. I dont care how many supplies you get, i dont care how many clothes you get theres nothing zero. After the summer. You get used to that the three months, remember when you were a little kid, three months was forever. Youre never going back to school. Stocks to watch today. I mentioned this at the open. Roche says that the fda issued an emergency use authorization for a viral test for zika. The test is easy to use and can allow doctors to quickly detect the virus. The mosquito bites. The mosquitoes love me. I dont know if its my blood she was somewhere i mean, summer up north in new hampshire. Thats fine. You get weird. They find me wherever i am. They find me. The guardian is reporting that mylans ceo sold 100,000 of her shares earlier this month for a profit of 5 million. It took place august 9th, really before any of the controversy. It was the same day that mylan reported earnings but before everything hit the fan over the price of epipens. Mylan says that the move was part of a predetermined stock sale which work really well for people that can always just fall back on that, right . Remember, it was the famous angelo ma zillow, remember him. It was all, no, no, no. Hard for me to say. That sounds like elmer if you had. Country wide. Elmer fudd. I know who he is. Im driving in my car, remember that . Do i want to what . Mansion and a yacht. My name is elmer j. Fudd, i own a mansion and a yacht. Do you remember that episode . No, i do not. Killed the rabbit. Killed the rabbit my name is elmer j. Fudd was he a millionaire . I thought he was a hunter. Probably he was that too. I better pull that up for you. The two of us together. Were tackling life ease deep questions on quack box. It is 6 00 a. M. , it is a monday. You look it up. Theyre jointly developed cholesterol drug met targets. Its intended for patients with my cholesterol who dont respond to statins which are the most commonly prescribed medicine for that condition. I tell you, the drug industry without dealing with cholesterol for 20 years, would they have sold anything else . Theyve really been whipping that i guess it does matter. Heart disease. I think theres a good linkage between high cholesterol and heart disease. Lipitor, i think of all of drugs selling epipens too. It wasnt as lucrative as for the last couple years. We mentioned mylan under fire for it its going to launch a generic epipen auto injector at a discount of more than 50 from the brand name product. The list price will be 300 for a twopack. Mylan expects to launch that product in several weeks pending completion of labeling revisions which is weird. Theyre launching a generic against their own thing. Just begs the question that i think its coming down at any time. Is this different than just cutting the price to 150 per epipen . How is it different than that when youre the company introducing the generic . Like folding, dont you think, wapner . Yeah. Theyve hiked the price twice in the last 12 months. A 15 each time. Weve talked about this. You need competition. You need competition or else theres no otherwise, you have to maybe you just need more or less. That doesnt equate how would you ever thats the whole idea of capital itch. You never know this is not capitalism. The Drug Delivery had they decide on every price, every product a Company Sells a pharaoh owe. Common sense decides at some point. Common sense should play a role in the conversation too. Id rather not leave common sense every Single Person has a different idea of common sense. Every Single Person has a different idea of fairness. Id rather have the market dictate how much you can charge. Who other than the ceo, the board and shareholders of mylan look at the price hikes and the ridiculously absorb tant price of the epipen and say thats cool. Measure margins. Theres no way that because theyre so good at making chips should charge a fair margin price is 10 . Unless the if intels guy was moral as all, theres no way hed sit there and charge 60 margins. And drugs cost pennies to make. Some of them 50,000. Theres so many things that go into it. Is there a difference because the income chip isnt saving your life . Theres no way that you can leave pricing to some type of subjective fairness analysis. Is has to be a did the cost of making an epipen go up 600 . The doing this to make a ridiculous point. You know im right about this. What dictates pricing there needs to be pushback. Just read there. There needs to be competition and innovation. Someone says i can make an epipen and make a decent profit for 80. Should it have been i dont know what how you decide. I know theres no competitors. Im going to jack the price up to outer space thats capitalism. Thats what you try to maximize profits. Thats something that all private companies try to do for shareholders. Maximize profits. Until it becomes where someone else comes in and says oh, no, thats way too much. Were going to do it for this much and somebody else comes in and weve got innovation, weve invested, were going to do it for this much. We have employees working harder and more productive. Were going to do it for this much. You cant expect people to say, whats a good price, 140, 380. I feel better if i charge 80. Its not the red cross. If you want all utilities maybe there should be zero profit. You pay your expenses and youre done. Im not saying theyre not valid points. Im saying, this is not the way that the best of capitalism is supposed to work. Im sorry, thats not it. Im not leaving people to decide whats right and whats wrong with this. You cant decide things like that. I think i dont think anybody needs to decide whats right or wrong. You look at the price hike of x 100 over what period of time of time it is and say really . Thats cool . Yes, shareholders. Shareholders until someone comes along and undercuts you you say that if youre of course they should. If youre a mylan shareholder and you see that this has happened and draws all this scrutiny, are you happy with that or say what is our ceo thinking. Thats not maximizing profits. Then youve gone too far. Are we there . Probably. Youre arriving at that point a different way. Youre still talking about maximizing profits. But the pr is hurting the companys ability for shareholders. Then you would if you want to go that route, thats fine. Capitalism needs to work with competition. Its the governments fault for not having more i dont know what fda was thinking about not allowing generics. I dont either. Blame them. Its always the government, you know that. I do. Im sending you the link to the elmer j. Fudd thing right now. He would not have become a billionaire without capitalism. This is my we are counting down to fridays jobs report. Joining us now it Deutsche Bank chief u. S. Economist and executive Vice President of northern trust. Good to have you both us. Joe, well start with you. Youre right here. Friday jobs report, sealed the deal for september. This friday. No. I mean, if the number is really strong. 300,000plus the Unemployment Rate falls. What if its 200,000. Thats strong. It is. Thats a good number. The fed looks at the market. Theyre hostage to markets. Its getting crazy. The market has been offsides on this all along. They have said the fed is not going to go. Fed funds futures going into friday were, i dont know what the numbers were. It was zero a month or so ago. The fed was saying on friday, the market is wrong. Fed has been wrong pretty much but the market has been saying the rate is about 1 . The feds have been saying 4 and reduced it to 3. 5 and put it to 3. Its kind of pathetic. The market is saying theyre going to go once this year, which i think is right. I still think december. December. Carl, what do you think . So im always confused when people say the markets are saying one thing or another. Who are these people. They think theres a 75 chance well get a rate increase by the end of the year. You have to be careful in inferring fed forecasts because trading is influenced by a lot of factors other than what Monetary Policy ought to be. That said, markets are not reacting in the manner you would expect after a strong employment report and some speeches. Theyve backed off chances that well get an increase at the end of the year. If the fed thinks the market misunderstands, theres a clear our economy is in fine shape. In order to avoid financial excess down the road, were going to remove excessive monetary accommodation. The market has been dictating to the fed all along. Kb what i said with joe, this is the first time to get the conversation back if you will. It one is dictating the other. It is ideal for markets. The market has though few surprises lead to greater financial stability. Which is what all banks are seeking. Its undeniable. Dictated to the fed. If you look back the last since at least bernanke can go back to greece. The fed has never moved on a hike without fed funds futures pricing Something Like 70 chance. This fed is led by the market perpetually. The fed has arguably little credibility. Doesnt matter what stan fischer says. When lease man interviewed him i thought that was sexist. The fed has always covered itself with the fact that its policy [ overlapping talking ]. Yellen, its what i was reading from different didnt do much on the talks. The thing, joe, is that yellen is super its yellen and dudley for the most part. Fischer has been perceived more hawkishly. When fischer came out so soon avielle ens talk on friday, they figure why do [ overlapping talking ]. Why not price it at minus 30e. We should go to negative profitability. Negative Interest Rates. Might as well go to negative probability. The fed will have a credibility problem again. [ overlapping talking ]. When leashman came out, he said yes and yes. Thats the way you should read yellens comments. Sure, absolutely. They probably think they can move in november or late october, which is absurd. Of course not. When you say strong employment report, i guess if the report is so ridiculously strong and the market prices are going to move, i guess they could go. This is sort of the supervised situation where the got the data. Its absurd. The economy is Strong Enough the economy stinks. I used to be bullish. The economy has grown barely above 1 . In nominal terms, shrinking. This is a horrible economy. Its hard to take 2 3 of the economy out of the equation. You got to remover the consumer. Weve had an inventory correction the last couple of quarters. Were seven years into an expansion. You would expect growth owe. [ overlapping talking ]. Weve had deleveraging going on at societies and globally at all levels. Thats held down demand. I dont think you can dismiss the demand side of whats going on. Right now, weve had great job creation. It creates a lot of demand to carry over to Consumer Spending. This is theres still potential momentum here. I also dont want to overplay the idea that even if the economy is weak, the reason we have low levels of Interest Rates are driving investors into places they dont normally go, could be a problem. There is a problem. We have house prices back to where they were in 2006. Commercial real estate was mentioned once again during jackson hole and in the fed minutes as a source of concern. Youve got equity valuations and im not an investment professional, so i dont play in that sand box. Some would say they have been pressed to multiples that are not natural for this point in the earnings cycle because investors are trying to avoid low Interest Rates and realize their yield objectives. Ziemt carl, thanks for joining us. Joe good to see you. Coming up, carl icahn and bill akman sparring over her balanceife. Donald trump looking to set up questions over his immigration policy. Giving a major speech on wednesday on the topic and in arizona. Were joined with a recap of the weekends top political stories when we return. [announcer] is it a force of nature . Or a sales event . The summer of audi sales event is here. Get up to a 5,000 bonus on select audi models. Carl icahn buying additional shares late on friday. The billionaire investor may have been interested in exiting in august. Jeffries and. Ubs were working independently to find investors. But nothing materialized. In a statement icahn denies he attempted to sell his stake, rejecting claims that were made in a squawk box interview here on friday morning that he had been offered some of icahns shares. Icahn didnt dispute he recently considered selling but blasted ackman saying, it amazes me a guy with no knowledge of my internal investment thinking believes hes in a position to go on television to tell the world what i am thinking. Were joined with more now. This was huge news on friday morning on this set. Really continued throughout the entire day. It did. I really cant believe the way the story continues to unfold. I think there are a couple of key points to bring up here. I think there are two issues. Joe and i were talking about this during the break. Number one, did carl try to sell and it sounds like he confirms at least considering sell for a moment in time there. Or was there something a little more nuanced going on, like the idea of soliciting bids for a block of shares as opposed to say outright, im unloading these, what can we do here. Lets play sound from ackman that clarifies this point. Were trying to take a block trade to take carl out. I said absolutely not. There were kind of everyone laughed about it. Then they said, obviously we can get carl out that, will help you. I said thats true. So what i said to him, i said, look, go find buyers for this thing. If you can find buyers, thats great. They went shopping, looking for potential buyers. Okay. So my read here, i think theres word parsing going on. Its clear that at least for a brief period, icahn acknowledges considering selling and apparently engaged jeffries and possibly ubs to help him out, see who was out there. Ackman was a possible phone call. Does ak man get in over his skis when he tries to say this is what carl is thinking and is carl right to shut him down in that regard. When someone sends a signal, that obviously tells the market something. If youre on the other side of the trade, youre going to interpret that as you will. To me, coming on air talking about that seems like fair game. Want to go a step further and buy more . We talk about how icahn has deep pockets, especially with the herbal life trade, ackman offended a lot of people going short and people took the other side even without strong convictio convictions. He did that as an owe he that was a total [ overlapping talking ]. There you go. The reason he did it. Look x ackman said he bought at 30. He doubles his money at 60. Thats all he had to say. For him to say this indicates that carl knows this is a scam and carl thinks this is toast and the Business Model is going to change because of this settlement, hes telling people carl, i dont think he wants to be seen as someone who just was expedient in a scam, took his double and then got out. I think carl has said this is a real company. Right. Hes on the board. He must think so. He doesnt think its a scam. Ackman went too far. He opened his big mouth and said look, carl thinks its toast. When i was watching, it was like he should have left well enough alone. Thats bilk bill, isnt it, scott . Talk his book, again. I wonder how the day would have transpired had there been no interview in morning . He might be out. The first question is, well never know in. Who leaked the story to the wall street journal. The mere existence of the story was going to spur this. I think at some point certainly ackman was going to weigh in and maybe icahn too. So you got to wonder, was that sort of a loose lip third party with no ax to grind. Was that one. Parties on either side. Again, we wont know. The mere existence of that story got the ball rolling. Youve seen ackman and how ruthless hes been talking about herbal life. Going on a podium on tv to get the narrative out that its a pyramid. Hes not pulled any punches. The latest thing is to say icahn agrees with me that its a pyramid. Its going to be toast. Even hes the last man standing, all the other guys are out. Icahn is now out. It was another way to drive the shares of herbal life down again. If he had strong conviction about the company and wanted to make it a longterm play, why would he briefly consider selling it . Hes already made it a longterm play. Its up like 75 . No question about it. Since he bought it. I dont think anybody could have predict add at the end of the day on friday given what happened on this show in the morning that icahn would have i saw that. I laughed. He could be out next week. Who knows with carl. Remember apple . That was like a week later it was going to a trillion dollar market capital. A week later, boy, im out imt carl is mercurial, right . Hes the most unemotional investor i dont know this was emotional on friday. On the fundamentals of the investment itself. But you can see obv