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whopperrito is worth your hard earned three bucks. th tyler, power lunch starts right now. it does indeed. thank you, brian. welcome everybody to power lunch. i m tyler mathisen. here s what else is happening at this hour. hillary clinton widening her lead over donald trump in some key battleground states. clinton now up double digits in colorado and virginia, according to a new nbc news/ the wall street journal /marist poll. parts of louisiana and mississippi under a state of emergency at this hour as torrential downpours trigger flash floods. and team usa continues to dominate at the rio games with 38 total medals, 16 are gold. and a lot of those by the most amazing athlete i ve ever seen, michael phelps. kayla. it has been fun to watch michael phelps. i m kayla tausche down at the new york stock exchange. we have three hours left in the trading week. stocks have been headed lower throughout the morning. dow down just about a third of 1%. the nasdaq down by ab ....
than the ipad. and about 48 hours to go until cnbc hosts the next republican presidential debate live in colorado. where do the candidates stand on the legalization of marijuana? and what does the booming industry want to hear from them? we ll speak with the ceo of one of the biggest pot dispensaries in the nation. we do begin though with the crisis engulfing one of the biggest pharmaceutical companies around. yes, we re talking about valeant and top brass is meteding with analysts today to discuss its about practices after questions were raised by a short selling research firm. the stock recovering from big losses earlier. it s only down by half a percent. let s get more with meg terrell with the latest. it was really valeant s moment of truth this morning. feedback from analysts at least initially has been cautiously positive. the stock recovering from being down 14% premarket to actually briefly turning green today after the conference call, now just down a lit ....
if it holds. it could lead to a rally of sorts, and that s exactly what s happened here in the last hour here. we have a sense this was coming from the european session. you would have gone through the news flow about aid for banco espirito, some of the geopolitical stuff that s extremely troubling. things would look different today. not the case. even oil s struggling to catch a bid. investors are awaiting a key earnings report from aig, due out in about an hour. it has a new ceo coming in less than a month and is trading at idiscount to peers. the numbers could definitely move the stock. we ll have the information first and your analysis right away. all right, also, the president taking more shots at some of his favorite targets, namely wealthy businesspeople. i mean, if you ve been watching television today, you know what he said. if you haven t, then you will hear more of those comments where he told ceos essentially to stop complaining. plus, we ll take a ....
here. that ipo pricing at $14 last night. but right now you cannot get it for that price because you can see there it s up to almost 24 bucks on the session. a huge move day one for the cloud company despite vocal skeptics. they re questioning their profitability. this feels like the debates we were having back in the 90s during the dotcom boom. i m not saying that s the case here, but off booming ipo with people wonder wrg is the money right now. another bombshell from the president s tax plan. president obama wants to challenge college change i should say college savings plans known as 529s so the gains would be taxed as regular income. right now they are taxed-free as you know as long as the money is used for a child s college education. the president says these plans only help rich people not the middle class and we will put it to the test coming up on today s closing bell. this was all part of the state of the union. making free community college. we have ....
biggest gain since june of 2012. crude prices rallying. now 6% as you can see to $47.41 on west texas crude. we ve given back some gains. the gains we saw on the settle. nevertheless, enough po move theto move the markets off the low. meanwhile, it s the hottest ipo we ve seen in some time. we re talking about shake shack. up 132% or nearly $28 from its opening price. the burger destination causing a big commotion in the neighborhood. these are the lines outside until just about an hour ago. they had set up pop-up locations for the ipo assignment. they were free, open to the public. we both couldn t believe how long this line was. look at it there. stretching all the way down broad street. the valuation i read for where we re trading on shake shack, 26 $27 million per outlet. not bad. we ll watch as they continue to expand. by the way, guys down here on the floor aren t too maple leaf. they didn t get those shake shack burgers. they didn t get them. jpmorgan was t ....