Lunch. The crypt o hits the fan im Tyler Mathisen the dow down and off to the worst week in two years. Energy is getting walloped apple shares on pace for the worst week in more than three months bond yields, this is the story, folks of the week. Maybe the story of the year. The 30year bond yield now above 3 highest level since march. The benchmark ten year jumping to a fouryear high above 2. 8 Steve Liesman is the man and he is joining us for the hour thanks, tyler im steveliesman we begin with the market, selloff concerns about Rising Interest Rates a big reason why. Bob pisani is at the New York Stock Exchange where weve just crossed the down 400 park. We bottom but the bad news is were not rising were sitting near the bottom and paralleling the 10year yield. We hit the highs about 2. 85 that was about 10 00 eastern time and that was when the market essentially stopped going down you could see it moves sideways. Take a look at the s p 500 and weve been moving sideways since 10 00. B
Markets and the feds and beyond. Lets get to andrew with breaking news on valeant. Another turn, the drug maker says its ending its relationship due to the Specialty Pharmacy business practices. The company saying it has lost confidence in the ability to operate in a manner acceptable to valeant. In response it said it would shutdown operations as soon as possible. Cvs health care also dropped them. Cvs saying it will no longer use services after an audit found evidence of noncompliance. Now valeant has been facing a lot of pressure and is facing federal scrutiny as well on the drug pricing and distribution policies so this is a big issue. Also activist investor and one of the largest shareholders expected to hold a Conference Call discussing his firms investment in valeant. Philidor represented somewhere between 5 and 10 depending on whose math you were doing for valeant. This will be a direct hit on the company but does seem to be suggesting they take some steps. Another story, one o
Have we ever. There is a lot more coming up, though, here from carnegie melon. We have a couple of big interviews for you. Earlier i spoke with a major donor to the school, Hedge Fund Manager david tepper and asked him about the rumors he was in solar play sun edison yesterday. Here is what he had to say. People probably smoke a lot of marijuana out in your viewing audience and people on twitter because i dont understand where stuff comes from. I have never talked about stocks on this program. We havent had any big positions in my book for a year. I just was i mean, really truly there must be good gone cha coming into the country. We will have more on teppers comments. Was that a no . Well, but he said he hasnt had a big position in it. He seems pretty dismissive. The comments i think we have to let stand for themselves. By the way, cmu board member ray lane who is a Venture Capital giant Kliner Perkins is coming up in just a bit. Weve enjoyed your many interviews from carnegie melon t
One and youre protected. Sun screen that you drink . Lets get to it. Happy monday to you and yours. First from the fog fox news decree, this is the first time that the feds have charged foreign agents with cyberspying, an accusation the chinese Officials Say the United States made up. According to this indictment, Chinese Military officers hacked into an American Nuclear and industrial company, or series of themmajor players, including westinghouse, alcoa, some u. S. Steel. The feds report the hackers stole information like Product Design and confidential legal strategies to give Chinese Companies a leg up on their american competition. We must say enough is enough. This administration will not tolerate actions by any nation that seeks to illegally sabotage American Companies and undermine the integrity of fair competition in the operations of the free market. We have the fbis most wanted posters up on the wall in all, five members of chinas military face a long list of charges, includ
Excessive waits in albuquerque, new mexico. And the Washington Times says the president s Transition Team was briefed on va waiting times back in 2009. Reporter as pressure builds on a still silent president obama, the drip drip of scandal at veterans hospitals has turned into a gushing scream of allegations that have now reached 19 states, including new information first reported by fox by two patients who allegedly committed suicide waiting for care in west virginia. I knew the suicides were inevitable and worse than if they hadnt been treated at all. The Washington Times reported the obama team was warned by the bush team about the wait times at va hospitals. The fact then is candidate, senator obama identified problems within the va and committed hem receive to himself to making sure sure we enhance the budget. In fact, as a candidate, then senator obama told the vfw, it was a sacred trust to improve treatment for veterans. No veteran should have to fill out a 23page claim to get c