What's Up On Wall Street - Andy Cinko, 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)
We're back pages and is the bad thing when somebody calls me. It's not a compliment and why did your voice raspy what did you do during the break at this is back. That's not a cop that no it's not married I'd really isn't so they don't I'll I'll talk about that later with with -- Set up the the -- for what we have okay well first of all we're giving away tickets before will watch down in Plymouth out of Plymouth masses is awesome. These tickets that were like fifty bucks apiece a pair of tickets when you hear the huge splash in the water -- of fifteenth text -- at 68680. And you text the word. -- -- OK that's it that's Horry in -- Barry is that new either. I hit it either way we got any single coming up we've got Jennifer faster talking about the red hot Condo markets also huge sports story. And -- captured the attention of the world and has the Triple Crown of the race caller -- a guy who's calling the race at the track to talk about that industry. And of course that's not picks coming up to. Well we also -- in -- single from Bloomberg News in New York Andy welcome to the show hurriedly. Very good morning I'm -- have been busy days he -- Yeah I had to you know be at the futures were down though before we got that unemployment report like I was watching you guys like 6 this morning in the futures are down a good hundred points -- So it seems like part of the decline were getting used the unemployment report a part of it's coming to Europe to. Correct beat Seattle where -- -- seeing a huge decline today board chairman stocks the Dax index currently is down two point 9% and have been down about three and a half percent. Earlier Barry and all of them have to do with the concerned that if there is going to be a bail out of Spain it is going to be a ballot of Greece. If there's going to be some sort of problem in the European might banking system it's gonna be the Germans were gonna have to pony up the money. In order to recapitalize the banks in order to help prop up Spain and Greece and anybody else who need help. So if you know as much as Germany had been somewhat immune. To the declines we have been seeing in the equity market in Europe that is not true today in where is being just hit across the the board Germany by far being the most trouble on the most problematic dropped today. All right let me ask you what that rate now do you can you tell us what the price to earnings ratio is on the S&P 500. You know battle Bloomberg monitor in front EA -- that's amazing tool. It is currently thirteen times trailing earnings and T and yelling and half board basis that. Just twelve point three. Twelve point three. You know because -- the problem we have is he got a lot of bad news coming out the Fed's going to be talking this month. But we don't have another earnings season starting till really mid July and earned straight what is it -- July 10 or -- like that. Yet there about -- when we'll start to get the first first wave of companies that have closed their books that the end is cute you know you'll get a few more before that you get companies. I think which ones they are. A couple of tech companies in there that that report put an out of cycle. You know we have not -- very definite drop but of course we don't really quite know what's happening in. In Europe that's the big wildcard you know these these price to earnings ratios we just talked about may not be very meaningful if Europe goes down hole. You know -- hundred dollars or 99 dollars and -- and 500 earnings estimates for this year it's -- disappear quite quickly. And why is gold go and apple oil is down three bucks a barrel almost 4%. Yet gold is up one and a half percent in those two usually move in in tandem -- And and golden had a very rough runs here you know you'd think that that with all the problems attendant in Europe that people are looking for a haven. That there's just. Part too much money flowing into the bond that they Germany and the US -- You would think gold would benefit here you know is really has not it's -- 16 -- announced this morning but you know looking at the chart. Boy it's been putting in lower highs and lower load. And no matter what the dollar does gold and they constantly. Be on the losing end of that trade and you know even yesterday very we felt very curious. Early on in the day it was probably I wanna say about 8 o'clock yesterday you know. Gordon jumped out to a session -- may be -- up like ten or fifteen dollars. What the space a few more minutes of the turned down and was down ten or fifteen dollars this has been acting. -- usual and very volatile I'm not sure what to make of that I haven't. Really mean anything that explains it but is if gold is insistent on the app that you would you would think it would be great deflationary. Conditions would be. Are perfect for gold but just not quite happening at the at the very curious about that at the moment. -- here in much in the way of complaints about gas prices being sticky on the way down -- a lot of feedback from our audience that. You know it were reporting that oil prices are down 23 dollars a barrel -- since March. Yet you know I go to the gas pump and ended down a little bit and he -- you know they're not down 1520%. They're down maybe. I don't know I I I don't even think they're down 10%. That. Well they they aren't moving down. You know quite steadily and given the drop we're seeing today is currently in -- -- -- the more you know this is my indeed indeed Bloomberg terminal. On a national average basis. Gasoline prices are currently down 8%. Since their peak which was just above 390. And April. Days. You know these things do not lose. They don't tendon. The rally and -- -- the -- slowly go up and slowly come down and -- that's what we're seeing. Happened here Barry you know. The give it time -- it will keep on going hey you know around back in the it's it's gotten down to about 340 refit the. A gallon and again after today's move it. Certainly gonna keep on going going down that we we could go on you in a very unusual way the gasoline prices drop all -- them. You know I'm trying to figure out here and I don't know often and be successful or not but of trying to figure out if this is a buying opportunity. For stocks. Is based on the information you gave me right twelve point one or twelve point three is the forward looking price earnings ratio. That's cheap and that's just an an inexpensive number if they in fact hit their earnings. Even when you look at it retrospectively. You looked at thirteen to one on a trailing basis. That would tell -- stocks are cheap the other thing that tells me stocks are artificially cheaper now as the fixes only run what maybe 2324. Noonan yeah but right. 45 at the moment. Is it now let's probably -- Mayo function of today's trading right now we're gonna rise in the -- so. We don't we hear an industry day I like I would the big boys do in the big hedge funds the the pension funds -- they. Are they selling on this the accuser is the volume extraordinarily heavy on stocks are now. -- These currently we -- retreated one point five billion shares on the on the US composite no it's not very heavy volume one -- -- I don't think anybody. Really knows what to do to your point yes stocks look cheap but that it's cheaper. Bonds look expensive but they can get even more expensive I mean Barry I think you have the a couple of months ago you know what's what's that targets for. Bond yields on the ten year outlook could possibly go and at that point with like two point 1% well this morning were below one point five wood is what. Many people were forecasting at the low it has gotten down to like one point 4%. Time earlier this morning so you know all the people out there who are putting money into their bond mutual funds they're making money. And there are probably very happy with that. And there's no real risk it seemed that the point that bond yields is suddenly got an issue hired -- on the flip side stocks you're going sideways. The Dallas morning actually just wiped out its gains where this year. After being up something like eight or nine or 10%. So. The way it. -- -- all -- view they have that she'd stick with what working at -- -- working great boxing you know okay -- they would cheap but it's kind of hard to say. If they will. Go back up you know China's economy is slowing Europe seemed like it on the verge of -- cataclysm all the we don't know what it might be or how it might unfold. Now now I gotta believe they're gonna resolve that bailout the banks and if they have to and me it's it's. You see 88 there in the same position we were in three or four years ago Andy it's cheaper to bail them out for Germany. Than it is to let him fail. You know if it fails a year of your talking about. You know the GDP in Europe shrinking by a 345%. A year for for a long time. Plans. Yeah they're -- unfortunately that can figure it doesn't seem to be any sort of workable. Pollution you know unlike here where was the president didn't you know and congress lawmakers and regulators make up together and discuss that you know -- -- the plan here's what we're doing we're calling it part. You gonna take the money you ought to take the money we're all gonna be happy to take effect at about two in Europe but everyday we're getting. Not only conflicting plans we're getting all the conflicting reactions to those plans to meet -- just. You know trial -- that that spoke they're putting out and you know we -- in the media are. Attempting to keep up with the all the different rainbows and flavors of reactions to those trial balloon and. And it's it's quite confusing and and and speaking to market participants they find it equally as confusing. And you know and confusion -- it's best to do a little as possible because you can you know trying to make it a directional -- here you're gonna get run over most likely. -- are able Andy thanks for your time I sure appreciate it. Bury you look at data cinco joining us from New York Bloomberg News and I just want to reiterate a couple stats from that interview one the yield on the ten year treasury right now 149 the price earnings ratio. On the S&P 500 looking forward twelve point 321. That is a very low price. On stocks they just be aware of that as you're making your investment decisions.
