Warrant that level down sharply today we know you have all the analysis covered well try to get some rest tonight guys see you tomorrow morning thank you very much. Welcome to fast money, im Brian Sullivan and your traders on this very important night tonight are tim seymour and guy adami. Well get to that in a second. A record day on wall street, and for many a day to forget all three major averages plunging more than 7 . The dow the biggest loser, falling 2,013. That is not a misquote, thats the largest point drop ever in one of the top ten biggest decleanings on a percentage basis ever the transports crushed, falling nearly 0 , their worst day since all way back in september of 2001 on 9 11. Todays losses fueled by that crude crash we just discussed. The snrg sector having its worst day as well. Oil losing a quarter of its value, crude is trading below 31 a barrel many oil and gas stocks down 30 and 40 today. As the market assesses many of these companies ability to survive in a low
Night . Tesla, elon musk says building an suv is very hard. Both of those Companies Join the parade of bigname brand losers we have seen this week. I have a winner for you, it will be you and i believe gas down again and another forecast under 2 gasoline next month by next month. Varney and company is about to begin. Just because iranian hardliners chance death to america does not mean that is what all iranians believe. If it those hardliners were most comfortable with the status quo, if those hardliners joy and didnt death to america had been as opposed to the deal, theyre making common cause with the republican caucus. Stuart you heard it. The president of the United States in my opinion reaching in new low campaigning iranians who cant get to america to republicans. John bolton joins us to talk about that later this hour. You are looking at the quick and loans arena deserted at the moment, wont be for long, the site of the Republican Debate tonight, the first begins eight hours from
Another 1 in europe, the impact of the euro, now it is 1. 20 yeah. Most of it happened friday i cant say it was that much of a move, felt like the cap stone of a huge move it was almost a parody earlier this year. Now at a buck 20 theres the euro, 1. 193 it was 1. 17 and change, just under 1. 18, then went up to 1. 20, led by a pound at some point, and all based on comments from jackson hole. Doesnt say things are awful, i guess the implication, take it another 10 higher. She didnt say things were great. People know all right. Well get to texas in a minute first, an important corporate story to tell you about after a bizarre ceo search, wasnt it . Finally chosen, uber has, expedia Ceo Dara Khosrowshahi to be the next chief executive, he has been with expedia since 2005, credited with expanding the global presence. He immigrated to the United States from iran in the late 70s. He says he was the truth pick for uber he has been very inquisitive, visionary, i guess barry diller met him whe
Impact and a price impact as you were talking about because here along the gulf coast and here in Southeast Texas in particular, there is some serious Refining Capacity down here. Were talking about some major refinery thats are off line now because of flooding, because of power failures and so on so were looking at the port arthur refinery. 603,000 barrels a day, largest refiner in the country, thats down this all told, the ones that you see on the screen, about a fifth of u. S. Refining capacity is off line and that is having the expected impact take a look at the scene right now in port arthur, texas. Rescues are still going on there is still flooding. Not far from that location is that motiva refinery which is shut down, they say, for a couple weeks but some analysts are speculating it could be long brer they finally get back in there and get it back up and running at full capacity and were just talking about refinery thats are off line there is also reduced capacity all over the p
Comes on the heels of a disappointing quarter that saw the firm notch its worst ever results in the commodities business they say this is kbws note today we have more questions than answers about the franchises health at this point in time. Should we . Well. You take one quarter two quarters of bad trading yeah, we can ask the question. I think the question is a little bit bigger than one or two quarters this is a firm that over decades has had a little bit of a tugofwar going between Investment Banking on one hand and trading on the other hand. Youve had a guy at the helm for ten years thats a trader extraordinaire in years past youve had Investment Bankers like hank paulson running the firm i think the question is where are the Investment Bankers picking up slack from the trading which in the last two quarters hasnt done so well is it time to rethink owning this stock it is time to rethink it but when you rethink it youll come out its 1. 2 times book value. It can get a little bit ch