The Fitst Look - Joanna Ossinger, Bloomberg News
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Tami Luhby, CNN MoneyTami Luhby, CNN Money
out there. All my family is out and Antarctica there in -- hockey players all these Bruins players that you love -- -- where you think they're from either from you figure from Massachusetts. What -- -- the American players on the crossed amber is here now so why. Why did you leave. My dad a transfer okay Kampman you'd still be their -- guys that are not facts you'd go back tomorrow -- if you. The problem is I'm not a good enough occupier he it to be. Saskatchewan. Produces more hockey players per capita than any other place in the world to -- a -- paid attention the past couple weeks. But supposedly the number one hockey player in the world it turns out. He's not that Iraqi player you know he is that it is just that the other Canadian playing against -- is a better player. -- birdie is a better player than Sidney Crosby . When he doing and you look at the game of hockey -- get ready looks at the offensive side of hockey chemicals that yet now it's a two -- game you gotta be of the play defense Sidney Crosby can't play defense he sucks and the defense he's he's he's a wimp. And he doesn't play. That's an uncle Chris Chelios . Give me a belt made him but he running each. Is. Like rich rich this is embarrassing to to stop that knowing that Jack and Roenick now. Wage on the island -- got your -- -- these. Players I sound yet I've actually her -- The hall of famers I mean it the best like Bobby or he's from Canada and -- now he's from Saskatchewan. Wayne Gretzky he's from -- In isolating it like that's your national sport that you didn't see any baseball players made it in the -
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
right now are taking a look at the waterfront -- the new real estate option. Then moving to a different officers bank put you know they want to establish -- -- exciting new abandoned building and so. The seaports and interest and opportunity that drawing a lot of companies trying to. Why I think I like the financial district to that what's the big attraction of the seaport area you name it may be a mess it's. Poll. It's cheap and it's that's the main thing is that you know right up there looking around at look at okay -- and I moved to and another office building downtown and I stay put. You know that the currently rate or should I mean he moved to the seaport there's a -
Shawn Kravetz, Esplanade Capital
Shawn Kravetz, Esplanade Capital
been and then. We'd like to buy the whole company and then negotiated transaction . Do you own any shares in the company now. We do we heard the second largest outside shareholder. The family owns roughly 90%. Of this company. DE Shaw. Very very large hedge fund in New York City is the largest outside shareholder and we are number two. Why panel why they're why they hesitating to solitude they must feel that the shares are worth Maurizio I think I can conclude. Well. I don't wanna speak for them but I suspect you're right on the money. They had no idea that and they know there's a lot of value there. And I guess they're confident that someday they will get that we would like to help shareholders get that values sooner rather than later. Because. We thought the assets -- well. You made the statement that you feel the -
What's Up On Wall Street - Andy Cinko, Bloomberg News
What's Up On Wall Street - Andy Cinko, Bloomberg News
we asked a question of the day which had to do with Social Security And collect your Social Security for retirement age or are you going to collect literally. 73%. Of Americans collect their Social Security early in the vast majority of cases I think that's a mistake but people do it for any reasons. When I came up with June and I think is a good idea for us to talk about is you know we're sitting here and and and acting all high and mighty. As it relates to this discussion about Social Security in the back the matter is we have access to tremendous resources on this topic whether the courts are now ski. Who worked for the departments of security for 37 years or whether it's Chris Farrell was a reporter for Bloomberg we have access to a lot of data. What I would like to do is make this information on Social Security Tips to maximizing -- worst Social Security benefits I'd like to make it available to our listening. I think it's they I think it's important. You know people refer to it I think some 97 -- as areas of securities of Ponzi scheme this. I disagree with you respectfully -- disagree with you but you know -- more importantly. Please educate yourself on Social Security Call this phone number it's 508591. 5444. Asked for the guide about Social Security tell the I would pay -- wanna learn more about Social Security Barry seems to know a lot you know why I read a -- I studied this stuff every day it's what I do for a living. 5085915444. Is the number you should call. Call them. Tell -- you're listening to the financial exchange and you want to learn more about how he can maximize your benefits. Out of Social Security I think you'll be glad you made the call I know I was glad when I read the report on Social Security Maybe a more informed consumer. 5085915444. Up next Sean Kravitz he's the president of a hedge fund. That has been trying for
Automatically Generated Transcript (may not be 100% accurate)
Good morning and welcome to the financial exchange it is Monday morning the 21 of may let's hope that this week. Is better than last week -- gotta tell you we're still. Kind of licking our wounds after that FaceBook IPO somewhat -- -- -- last Friday got to tell you very disappointing. And June and it Facebook's stock this morning it's down it's in the 36 dollar -- -- onsite training well below its IPO price. Com on oh goodness OK so what a lot of analysts were thinking about this FaceBook stock. Nine and has perhaps -- an end. Mark Zuckerberg Mary. Another eligible bachelor the market. You think -- screen not clear what it's like huge -- up 29 billion dollar and 46 billion dollar man when he ninth wealthiest man in the world yet it's not like he wasn't worth anything before she -- that but he said that he's been dating her. From before he he founded. -- college dorm saying it at Harvard and they weren't there -- look it up and Harvard and that's what I'm here I'm okay pattern of the Harvard grad and up and I know. That out publicly he has said. That he's been dating her since before. A number he he found -- maybe she gave me an idea for FaceBook you know on good ideas come from women is -- now -- -- got a future. -- well -- the futures last night at 930 when the Shanghai opened weren't positive territories I saw the futures up as many as 72 points. Earlier this morning at about 630. But it seems like they're dragging down but they still positive or they're still up but not bad actually for Monday morning opening Dow futures up 49 at NASDAQ up fourteen S&P 500 up six. And then you get the ten year US treasury up just slightly. It's sitting at one point 726. Oil both oil and -- are up slightly as well also looking -- and that gas prices down twelve cents them when they were a year ago varies some good news that is good news that is good news. They our guest is -- -- singer from Bloomberg television in New York in two and a welcome to the show are you doing today. They -- wire futures up this morning uses something coming out of Europe there's a G the G-8 summit was there's some success that the G-8 summit. Yet -- -- is the fact that everybody's talking about the -- crisis but back to third trying to keep Greece and the euros. That's kind of encouraged people also. Is premiere of China and went about and mountainsides it. They're going to try to stimulate the economy to emphasize growth. That's kept a lot of people. Optimistic about things. All right now we were following the FaceBook story on Friday with bated breath I mean we we just were watching it. And I got to tie yeah it was a shock to see that the IPO didn't go off until 1130 did that hurt the IPO the initial public offering -- share prices held back. Because the NASDAQ couldn't open up with trading at 11 o'clock. Probably not because that's on -- that packet not necessarily keeping people away from the IPO. But actually the underwriters Morgan Stanley came in and really supported the share price they did not let a couple of 38 on Friday and it was just it. Kept pressing down that they wanted to go and of course. Like he talked about this morning it is below the 38 dollars a share. So it really wasn't any great bargain then to get the shares at the initial public offering price of four 38 and -- is it is sounds like people are selling them. This morning. -- and actually it that they had been that the price because they wanted to get more of the founders it is held its bears and they figured that would do it. But if they had initially it they'd been boosting that range and so it some people are saying he'd probably could've kept that the dollar Q lever. He outgrow that -- if they really want it it to pop they should have sold them at thirty dollars a share in the and it might have been a fifty dollar stock you know that's a this thing if -- get greedy on they on the public offering price. Now the people because didn't a lot of Morgan Stanley clients load up on this they were able to buy a thousand shares or something like that. At the 38 dollar price of a big deal that -- at 36 dollar stock this morning. Right course some people want -- to be in basically at any point that range they. Yeah I'd say it's definitely not necessarily good passes it to be pricing -- lives. They played bring this up to speed on the JPMorgan story I -- I thought I saw or thought I read. That the London whale was related to Jamie Dimon somehow a -- is that inaccurate. Well this is actually this is another guy isn't -- -- other -- there -- so many -- it didn't Irving Goldman over the unit that villain in -- so he inherits. The chance suffering. More than two billion dollars entering office some people -- out saying it's up to five billion dollars. So and that guy was related it is the brother and and another guy who had there -- -- -- that to him. They -- that does -- APB's somebody's brother in law. But it. Yet there is. There are a lot of people involved in it but is there Irving Goldman has the key for it out there and he had come from Cantor Fitzgerald. Where he had been fired for money leaving about that prompted a regulatory. -- that -- a mystery as. -- -- -- So YE YC Jamie dime enabled the skate through this is -- good as Wall Street's golden boy still -- it why -- he taken more heat over this. You know it's pretty amazing how he's been able to keep out of that fray I think it's just that he came he was very direct about it so. Is he started it's I'm not criticism by criticizing himself that much greater I think by taking responsibility. And also use. Bin so well liked him he's. It in with the people in Washington. That I think it'd it would be -- -- -- -- and but it's it's been pretty surprising and that and orchestra. -- I just wonder if that will continue worth his days are numbered as the CEO -- it seems like he's -- try to -- got. A shareholder endorsement last week and didn't his listeners pay package of liked it makes a 23 million a year doesn't. Yeah I'll I'll be -- it makes so much music from and that I think is in the thirty million there's and shareholder return over the past years has been minus 27%. That a -- -- if there are doing well but. It'll be interesting to see if these losses is spiral because it. Eight we keep hearing reports that the losses going from Q billions of five -- in and they -- -- some of these positions that could be even more. -- here in the air would join our -- the idea is this the week where we snapped the losing speller is it gonna continue to be a down week I'm wondering. We've got a holiday week coming up -- holiday weekend I'm wondering if people sell their stocks because they don't wanna hold them over three day weekend. Well it it's possible although we have had a -- that makes like keep that in so it. It seemed like we might be getting -- the bottom at least temporarily. People were still happy with aid. -- quarterly earnings reports so a -- to get. A fair bit of bad news -- looks likely to come back especially since the politicians are talking about big Greek crisis and trying to resolve it. And that the 500 is at a price to earnings ratio of thirteen point one right now vs that this streak of 1964. As sixteen point four average. Is that trailing -- looking forward Joanna. Unit and trailing so looking forward the price earning ratios probably what in the elevens or welts. Yeah it is about eleven and so that is -- Yes there it is those stocks are looking to keep it directly. Now they are they are okay what Joanna thank you very much for your time I sure appreciate it. Take care did you did you get that June where she's talking about the PE ratio that's the price to earnings ratio it's it's a common. Measurement of weather stocks are expensive. Or weather stocks are cheap and looking forward the price to earnings ratio is eleven to one on the S&P 500. That is very inexpensive Internet stocks that means that they Archie -- doesn't mean that the selloff will not continue to. Lately I -- bacon they can always get cheaper. In until they get to zero they they can always get less expensive. But it would appear that stocks are inexpensive when you look at them on historical basis okay so good time to -- It might be if you've been sitting in cash what you might wanna do is start dipping your toe in the water you might have a long time to do it I mean that the thing to remember is. Stocks are cheap. But we're in a very tumultuous time in our world com and we're going into presidential election. Things it even though there inexpensive today agent they could get. Less expensive but if you're buying dividend payers if you're buying stocks that are paying for five. Maybe even a 6% dividend from what your like your less inclined to worry. About what the year -- Bynum at the very bottom of what. Well people who are already in sit back cross of their finger is -- now watching the ticker every day sales what do I do for this are all those people well if you need that money saved got -- tuition bill that you have to pay in August say receive got to college tuition bill of all the monies in the stock market. I don't know that I wouldn't get out now and use that money to pay for -- they would put the money to actually got a -- pay tuition bill or maybe got a wedding navy got -- June or July wedding in trying to work. And I don't know that I hold onto that money in the stock market. Because what if it goes down another eight could go down further urgent need to go down another 15%. And it does the and you gonna take a bath when it comes time to you know the season that winning.
