We will ask a top housing regulator. A stunning revelation in the big Insider Trading trial. The insider trader was kicked out of law school for faking his grace. Happy friday, you are watching Market Makers. Is the us this morning bestperforming hedge fund 2013, larry robbins. His returns are nothing short of extraordinary. Welcome and thank you for joining us. 2013, you were the man but guess who is the man today . My partner Erik Schatzker because january 10 is his birthday. I think it is far more important than the jobs number. Its myact that birthday makes something out of a day that otherwise would be a massive disappointment. The jobs report was horrible. The u. S. Economy added 74,000 jobs in december, lower than the most pessimistic economists view. Can i get ready for knowing its your birthday . I get to kiss you. Michael mckee is here to talk about jobs. The topline number is kind of noisy. It gets revised month after month. 74,000, is there anything in there that makes it l
Im scarlet fu in for stephanie this week. We missed you yesterday. Tweet fromg in a stephanie. Actually, not between, but an update on her vacation. I hope shes having fun in florida. Weve had a good start so far. Maker of candy crush and has made its trading debut below its goal of 22. 50. Its ipo the midpoint of range. It gets almost 80 of its annual sales from candy crush. One of targets top executives will be grilled today. The retailers cfo will appear before a Senate Committee they will talk about opportunities to stop cyber thieves. Locklin looks to be Rupert Murdochs heir apparent. The appointment catapult them over younger brother james mahood will become coceo of his brother james, who will foxme coceo of the network. You have to know the gossip in order to urge the mechanics. Lets move on to what happened in Silicon Valley. Facebook is buying a Virtual Reality Gaming Company called oculus. Virtual Company Worth 2 billion. Here is cory johnson joining us from san francisco. W
See you late. General electric selling Home Appliance unit to Swedens Electrolux for over 3 billion in cash. First, big news from twitter on a potential new revenue stream. Julia boorstin joins us from los angeles with breaking news. Good morning. Good morning. Twitter is announcing a test of its buy now but allow users to buy products directly from a tweet, first big move into ecommerce. The idea to make mobile shopping quick and easy. So say renan can tweet a photo of the tour tshirt and say, buy now. Twitter saves the credit card information and shipping address, saying everything is encrypted and not shared without permission. There are products in price points of all kinds and offers of all kinds that work across the platform. Its not a flash sale platform. Certainly things will work better. Again the temporal nature of twitter makes relatioal time in wheelhouse. Twitter working with 19 partners. A number of artists including emin eminem, pharrell and rihanna. The Company Plans to
Advancing. 05 and the nasdaq climbing, i want to talk about whats become the mustown stock of this earnings season. Facebook. If you paid any attention to the market Coverage Today you probably heard someone say that facebook with the newfound 190 billion market capitalization after the 3. 69 rally is ridiculously overvalued. You heard it. I heard it snc you know how they slam it wait a second. They use brand name comparisons like, what do you mean its worth more than intel or oracle for heavens sake . Thats wrong like theyre indig minu nant about it. Its past merck some merck is now tied with pfizer . No way no relatively recent upstart can be worth that much, right . It just came public two years ago, right . Its crazy that its larger than so many american, established dut companies, right . Wrong wrong. Ill do the real analysis that Portfolio Managers use, let me first explain just how stupid this kind of compare son, reasoning really is. I remember in the miden 1980s i was, woing a
As we said, the tenyear getting awfully close to 2 . Inversion blowback. The killer here, shire down 25 and a lot of big event funds getting crushed. Earnings from bank of america, blackrock are out, both beating on the bottom line. Can financials lead the market higher . First up, new data adding to concerns about the economy. Stock futures extending their losses this morning after september retail sales fell more than expected, down 0. 3 . Thats excludeing autos. Sales declined 0. 2 . Also seeing a bigger drop in oil prices after that tuesday selloff. Thats crudes biggest oneday slide in almost two years. Oil is down 23 , jim, since june. Its cost opec hundreds of millions of dollars. Larry fink that morning saying he thinks gas prices are going to come down 30, 40 cents into years end. Gas prices are based on brent. Brent has come down a lot. I think thats a nice prediction. You need oil to go to 70 if that happens. Is oil possibly going to 70 . I had harold ham on last night, who a