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And germany markets there closed for a public holiday. Oil prices are rising this morning. A longterm bear at Goldman Sachs now says the market has ended two years of oversupply and flipped into a deficit. The firm says this allows or follows disruption supplies from nigeria, venezuela, the United States and you can see wti is up by about 2 points. We were at 30 now its back to 50 and youre doing the super spike. The super spike came out a while ago. Remember the London Office . The supply has been shrinking. Is it ready to go up to 60 or 70 . Because they already missed the move from 27 back to 50. Yeah. But remember the super spike, that came out of gold mans London Office at the time. Yeah, i guess. But goldman they have many analysts. Other analysts will say its goi ....
And you know, there really is an opportunity either around automobiles or Something Else that will create a next big thing, maybe not for a few years but i dont think at this point with a 2. 5 yield it makes any difference. The stock is up 3. 5 , the 13 filings are usually lagging indicators because the actions took place during the quarter. But you have icahn getting out, tepper getting out, berkshire getting in and we just got news that leon cooperman is getting in. Exactly. The buyers now, i think roger basically isolated the thesis here. Its not anybody who is claiming to have a great fundamental edge on exactly how many units are going to be sold or exactly what the trajectory of the next year or two will be for the business. Its about 45 billion or 50 billion in net income, give or take. It seems like a massive profit fool of a financially Stable Company and people are ....
There. The cac in france down by close to 1 . In italy the ftse was down by 2. 19 . The dax is off by just ov over. 60 . Also, well check out crude oil prices today. Crude oil after a big rebound you can see is down by 1. 25 . Wti for july, that is a new contract, is now trading at 47. 81. Okay. We have a big top story to talk about this morning. A potential deal, jer m bayer o a deal valued at 62 billion to buy monsanto. Lets talk to bayers ceo about th this, werner baumann, your decision came about how . Monsanto received a private offer from us. It was out in the open and we want to explain to the public and to shareholders what the content of the offer is and why it is so attractive to shareholders. Should we be taking your public stance as one where there are private negotiations are taking place, or should we take you going public to educate the public on what is going on and to put pressure on monsanto . Well, we are early days at this point in time. And we have submitted our of ....
Summertime. You have the lowest end of year target of the big firms on the street. Why . I do. Yeah. We have been pretty bullish for the last several years now since 2012, we have been pretty positive on the market. This is the first year where we are really seeing signs of things to worry about. Heres the framework. I feel like every time i look at updated charts theres a lot of signals that are at levels that have only happened prior to big market selloffs. For example, if you look at the distress ratio, a credit indicator we track, its at levels we havent seen without significant downside to stocks coming. When you look at percentage of companies forecasting negative earnings, thats at a level again thats never been seen without a bear market accompanying it. So lots of signals make me worry. Then on top of that, we are heading into a seasonally weak period, may to october is generally the weakest period for equity market returns and then you take that seasonal weakness, add on the ....
The dow yesterday. But these were some big swing as people were trying to digest what this means for potential for a hike. If we can. We can look at the prior day at some point. Watch the tick by tick for the day. I thought i saw most of the swings. Before too, yeah. Maybe it is going to be a monday up, tuesday down, wednesday up theres the tick by tick. But it was a fairly erratic day. By 210 it went from up over a hubs or 2 15 it was down over a hundred. Well continue to talk about this today but it does look like june is potentially a live meeting at this point. Also crude oil this morning. Another big swinger yesterday. Ended down after being up sharply. Down 2 . Lets talk about our top story this morning. An egyptian plane carrying 66 passengers on crew on a flight from paris to cairo disappeared this morning over the mediterranean. It was flying at an altitude of 47,000 feet when it disappeared in egyptian air space at 2 30 a. M. Loik local time. Hadley gamble joins on the squawk ....