Still positive on stocks and short bonds. Tepper telling me of the markets, quote, any comparison to past overheated markets are ridiculous look at where multiples and rates were in 1999 im not saying stocks are screaming cheap, but youre nowhere near an overheated market, he said. Tepper calling his short of bonds a hedge, a trade that is not working now, but that hopefully will tepper citing strong Global Growth and low bond yields as two of the principle reasons he sees more opportunity ahead in stocks telling me, quote, because world growth will continue to be good, earnings will be better and stocks are relatively cheap to Interest Rates asked where rates would begin to become concerning for him, tepper telling me, if rates go up a lot, the market would have trouble with that, but 50 basis points is not going to make a difference, he said. I asked him about his portfolio, his 13f revealing yet that he continues to like tech tepper owning positions in names like alibaba, afl belpha
Until he got on the board that he tried to leave the company in a position to recover starting with securing that Financing Deal last week. He told me he thinks they have excellent management and now an excellent board and that the investment was simply taking too much time that if shares could double t wouldnt move the needle enough to remain in the stock. Our josh brown was up tweeting about what he called the valeant depockal. What do you make of this story as we watch it unfold . Anyone who runs money will tell you the market gods do not like it when other traders take joy in the pain or the misery of someone who has just blown up or had a bad trade. I feel people who are in it and im sure they will be fine and it is a really, really bad loss. It is a debacle of a stock. It has been for some time, but, obviously, thats accelerated. Some will say as we look at this and ackman told me yesterday he didnt understand the issues at valeant and others say the writing was on the wall and i
As hr practices. Summer suedck last the vc firm Kleiner Perkins and cal field. She said she was preyed on by male colleagues and denied a promotion when she complained about it. Now, she is starting her own consultancy firm. She is starting a tech diversity advocacy group. Advising companies on hiring hr pay practices. After she left Kleiner Perkins, she was the interim ceo of credit. She is also on the board of clipboard and lehigh technologies and is now starting her own consultancy shop. Theyll miss an interview with the former Kleiner Perkins partner ellen pao about her new advocacy venture. That is one year after losing her discrimination lawsuit against the legendary the sea firm. Catch that today at 3 00 p. M. Eastern. We are halfway through a pretty brutal trading day. I want to head to the markets desk where Bloombergs Julie Hyman has the latest. It started in some areas of asia , spread to europe, european banks, and now spreading to the u. S. Economic orders we got in asia,
First day. Different story for valeant. The pharma giant taking it on the chin on a report by a short seller. Western digital buying sandisk. The tech stocks that could be next on the chopping block for the next to be acquired. And scott wapner just talked with carl icahn. Hes taking his activism to a whole new level and realm targeting Corporate Tax reform. But we begin with the red hot ipo of the day, shares of ferrari are revving higher on their first day of trading. A bit of a rally in stocks overall. Were sitting at 12,290 but just earlier today we cracked above that 17,300 mark for First Time Since the august flash crash. It seems like were tracking for the best percentage gains since october of 2011 for the dow and the s p, bob. S p is up 6 for the month. A little bit of a stealth rally. Really tina there, is no alternative, no other places to put your money right now. I want to start with the ferrari ipo. 48 to 52 was the price talk. It priced at the top at 52. It opened at 60.