What's Up On Wall Street - Matt Nesto, Yahoo! Finance

Good morning and welcome back to the financial exchanges generous June very Armstrong it's gas Friday we got it all and got it all in its Friday -- for a long weekend. That's that makes it a pretty good week they would sell its markets. Market Dow is down 26 points S&P flat NASDAQ flat. Oil flat hit it's pretty much uneventful in gold is up seven dollars and 1564 today US. -- US is at the one point 752 that's flat as well well there's nobody working on Wall Street except for Matt -- -- he's got a Yahoo! finance a New York Matt welcome to the show are you don't. Mayberry could could be here do well. Anybody anybody working in New York today are you guys I'll take the day off and had they had engineer all right you're either Riviera the the Hamptons. We let them -- exactly. We have a -- try to get out here -- the train was half have become minimal we have a thing known as WF -- to work from home yes and a lot of act on that terrorists. People work and the lights are on the site is good. We're on top of it. Yeah you guys are doing not unlike on NASDAQ here you guys didn't crash a week ago you just are never. -- I don't askew I'm hearing this new terminology it's called Euro debt sharing. Or why would Germany partake in Euro debt sharing. I guess because. It's in their interest as to the euros stayed together another investor a lot of that'll be the only reason but. Say you lived in called the stack -- nice nice you know neighborhood in all the neighbors got together with their credit card bills. It's one big point big public out if you are the nicest house at the end of the street with the biggest -- they get a feel about that. We mean I got to pay my neighbors credit card bill absolutely competent. And again and at that but that's the that's what they're doing little caring that that's out there to culinary. To Lisa what do you think does it happen did they actually do this. Echoes -- point you know I mean -- the hole. You know if the whole neighborhood if -- go down then you know did Germany Q could move -- samarra mosque in the new time prime minister seems to think if he can. Turn Angela Merkel she has her own as much she might take -- did her best interest. She has her own political realities to deal with which are you know. German voters -- you know could not have a back office because there and I. They're not rather do that they've just digested east Germany you know you know they're they're tired and. It is is Greece closer now to leaving the Euro zone. Neatly and it's a week after asked last time but I mean do you think it -- error. Getting edging closer post -- to -- is it's bad for Europe and it's a disaster it's an unmitigated disaster for the Greek citizens. Yeah it seems there's definitely in the -- who don't want I mean it's it's like we're we're gonna believe will take you. To just say they're close served in the market the currency market certainly don't excited him and at the big move. That a big vote of the people missed the change of confidence if you -- that there. Stay in that something will go but I still think there's a degree of disbelief that. At the eleventh hour cooler heads will prevail in the -- putting together. See you think they do hold it together. While I don't think that's I mean say that's me interpreting the markets in the and and the and the -- is clearly weakening in the year on the English very short term -- state. Some stabilization there but you know the euros down below 125 vs the dollar. And the dollars gave -- -- Clearly you know not competent and Europe's ability that to solve their problems. Elvis that no doubt about that -- mean if the Euro do you think the -- can go lower than the 125 because it's been as high what was that. Was the peak of the Euro man like what 55 when sixteen. Yeah I was it was definitely -- it was almost -- 160. And then we're look at that. Currency strategist what follow -- -- eighteen of course is the next low point where we took O 125. So I -- back -- better than the two we almost two year low without point. While while they -- I I was reading the background of James crown I guess he was the head of JPMorgan's risk management committee. And you know up until now I've been kinda given the the senior management the benefit of the doubt but. It it occurs to me that you and I are both much more qualified to -- doing the job as head of the risk management committee and the guy they were paid a lot of money to do it. It's unbelievable I mean and these little these -- that are just coming out of -- have done a lot of people sank in -- The disclosure here isn't quite what we'd like it to be missed two billion dollar could be three billion could be seven billion. Dollar loss -- you know who was rather than -- but you're seeing you know terrorism. Museum curators -- -- entire turtle rescue of you know. The truth of the matter is. We don't now this is just selective disclosure and you know. There's there's one school spot where you you know that makes sense where he wanted to just. Closed down close ranks -- to probably move on as fast as possible but you have to make sure it's you have the confidence of the people of these sorts of things. Our you know undercut your efforts to move forward. Yeah they do and and -- does this does this make it harder for Jamie Dimon to survive. The is either going to be stockholders now saying okay we had enough you're out. He's he's -- -- is -- interest in the special week. If you well I think he can still. These still have the support of shareholders. I haven't heard. Really anybody's saying that. You know yet that you know -- -- his job is on the line I mean myself he has -- sport just because of that control of the company that he hasn't. -- -- -- personality in the in the -- both the industry in the business that is but you know what's interesting things can change. That Jamie Dimon who had that support was because he was the captain of the team he was that you meet for the whole industry he was the guy that had. You know the con artist to come -- releases. Report -- the the report card that these stress test from. The Federal Reserve a table for you and it caused the Fed -- -- he was the one that was pushing back. And play the -- thing you know you're -- -- that's right out of business and now you know that Jamie Dimon has gone and so if you if you're not leaving Mateen. I don't know who's got who would resurface. If you or surface you know take over that role. But I think you know in the foreseeable future he's not gonna go anywhere -- It shows that the banking system hasn't done a whole heck of a lot to cure itself and maybe it's still the old boys' club right the you know I -- I suspect what will learn is that you know James crown belongs to the same. Country club men's club or -- -- there's got to be some. Tied because Wyatt heck would you hire a museum curator to -- ahead of your risk management committee the largest bank in the country. Jacket the little creative there's no doubt about it I mean it's going to be there. That the fact that that that kind of the whole thing the fact that they really plays into that they have to the regulators is just unbelievable I mean that. This combined with the whole FaceBook Morgan Stanley IPO to sparkle. And need to have an an industry that just doesn't look like it's. You know serious about improving its reputation war making the path forward any easier. I mean the winner of all of this I think in the bizarre ways Goldman Sachs. They're out there outline. If you expect until but they'll screw up again the eighties -- -- on them they they they can't -- -- -- headlines for more than a -- too so it you know we had the had JPMorgan and had Morgan Stanley yet figure wells Fargo Bank of America so what you'll have a big bank in the headlines next week right. It's. Still going into next week's going to be all about the jobs number and you know and and in the month -- etc. But the burning question opener got a fallout then is whether -- -- -- -- anyway instructions by the FaceBook. I did I -- -- I MI BE you're right IE eight eat it went down and die and she sold it. Per she bought it over would you pay forty bucks a share. She sold it for 31 dollars this year and of course this is my fault the nine dollar lost and Morgan Stanley's not given me check they're given our everybody else's get a check. But I'm not getting in the money back from Morgan Stanley. Anchor now. Yeah now the density and it's not believe they are making it do you see that Matt they're they're given money there adjusting the share price for some of their -- -- I -- -- that a few notes -- to them. Mortgage. -- smorgasbord Morgan Stanley Smith Barney you know all the names all -- together yeah total were great guys they -- realize they're good guys. You would be here in the street or more are the Morgan Stanley brokers really ticked off about this because they are the ones for their clients are. -- really upsetting it was so bad. -- especially reach Elvis's the steals important out of the Florida actually ingested this is important. On -- retail level. You know the big boys institutions understand that. You know how of the process goes -- but for people. First timers -- put it on the water man this is has that ramifications for retail investors and if you look at retail brokers who were like don't even don't even think. But again it's stock on this thing for the entire month. And then in the waning days you're like okay we'll get some forms out there are some clients who are adjustable sequel to put in some indications that it in -- going to be getting some stock. When they you know group the deal raised the price and so suddenly there was stock available and if ever there was an indication. We start seeing him wide spread shares available for the little guy. -- rod yes yeah that that's about it you can put it in and I I I'd. Had people denied this but I think somebody propping up the stocks deal they it's that it's down a little bit today it's at 3216. But I can't believe this stock is not being propped up and I I think this could be could rapidly become 1520 bucks stock. He did I'm not that there -- -- -- there -- be you know I mean idol I think. It's a trade at these levels in you know the low thirties. But I you know appealed saying we don't have anything good to -- -- -- nobody is saying anything good about it media stocks awful but 2% right now. Well you know I think you have to start to take a look at it cautiously if you appear aggressive. -- try to traded him in a row we're out there about the whole that was the numbers were coming down. Morgan Stanley and other firms are lowering their numbers are gonna have a bad second quarter -- but I think that's. You know pretty well established means they have. You know of of a multitude -- you know put together and get get some momentum going but there are certainly clearly distracted and they way they started out there. Life as a public company. Is not the way they had play it does not following the script. -- and rumor has it they're considering moving over to the New York Stock Exchange away from the NASDAQ I would do that. If I were them I'd say -- the NASDAQ a movement over the New York Stock Exchange the way this thing was botched I mean -- -- That had to attribute it contribute to the the that -- handling of the IPO that didn't help the fact that it was thirty minutes late. You know what it's -- well and also you know and I and one of the problems designers -- it was a huge amount of cancellations and when that it was -- you could a lot of people put in -- limit orders that they have marketers had to put an. They have put a limit order. With the price is fixed or so people were scaling Belmont. You know bow bow -- right on top 384042. We know whatever. And that would. Well it was clear that the stock wasn't got to go to seventy. Then there was a whole scale cancellation. And so without that human in there to sort of make an orderly market. You know it gets a little crazy so. If we were leaving the NASDAQ at this point the damage is dark horses upon and so you know I mean. I mean -- -- focus CEO and NASDAQ. -- -- it's set aside ten million dollars but I heard that number is about 90% or like you know what it's irony today. Yup there's going to be a lot more on that hey we gotta run Matt thanks for your time as always. You are out of great the world that we kept YouTube into the barbecue that's Banesto from Yahoo! finance joining us today on the financial exchange.