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Galaxy note 7 phone amid all those reports. This is samsungs worstever recall and could cost the company as much as 17 billion. Not coincidentally, apple shares rallying, relatively speaking, top gainer on the dow. John, we sort of set this up in the last hour. Now were starting to put this in context of giant recalls and corporate crises in history. Its difficult to gauge. Smart phone is this unprecedented consumer product, and millions of units, highly profitable. Only a couple of companies in the industry have been able to consistently make profits at it. Apple and samsung. Now youve got samsung stumbling. Equity that could be lost. Google pushing in, competitors at the lower end trying to push up. And its q4. If youve got a premium phone, you can sell it. If you dont, you just cant sell it. How many people shift to a lower profit Samsung Phone . How many people abandon android or how many switch to another android provider . We ....
Pullback, joe, in what were seeing with the equity market. In a cases biggest decline in a month. We led in with carl saying that all three of the major averages have not closed down 1 . Yep. In a while. Now were threatening to do that today. Zoo fully and fairly valued. Weve said thats where the market is. The right thing to be doing right now is to look at petes world, look at options right now. Theyre incredibly cheap. Put the protection on. I might have bought some russell index puts because i do believe when you look at the marketplace right now, we forget the narrative of the political conversation from this weekend, and we go back to last week, says and you see a currency of a major country, a major economy that has the kind of crash that it did. You have to question if we had a liquidity issue for all asset prices in a correction, and i think the answer to that, scott, potentially is you have to worry about electric widty on the down side here. To your point, if the u. S. Dolla ....
27 states and one in particular, the uks David Cameron final remarks including from Angela Merkel that its important to only begin talks once meanwhile, president hollande Martin Schultz summed things up. I think we should not wait until the conservative property. But i understood they want to move forward to september, and i underunderstood the conclusions yesterday in berlin, september could be a trigger. Reporter so all 28 leaders are in a working session at the moments. We heard there from martin schulz, they dont expect negotiations until a new Prime Minister is in place. The working session goes on for about three hours, then a working dinner. I suppose the only remaining issue there is how many bitter ingredients are used by european chefs. Before you go, will, ....
Committed to it, simon. Stability is the first thing that you need, after you lose the bullish momentum you have carried in the marketplace since february, markets dont go straight, bullish to bearish in terms of trends. First thing you want is stability. So hang on. Isnt there a Short Covering element, when youve made so much on the shorts before you get to oh, i dont know necessarily that this was a market that can be described as short, just three days ago. A market that actually was very long and youre seeing positions being neutralized. So i dont know that thats the case. As i said, i think were in a little bit of a sideways range here and that might be the best you could hope for until we get to earnings. I think sentiment got very, very negative. The problem is, the brexit decision has left so many questions, and now you have this hope trade a second referendum. I think last week once we got the decision one way or the othe ....