What's Up On Wall Street - Steven Russolillo, WSJ
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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)
Well the stock market is a wee bit confused on Friday it was a 200 points but this morning June oh my -- down more than eighty. Yeah look at the Dow down and of course the NASDAQ is down nineteenth S&P 500 is down eight oil trading up nine cents to 871910. -- US treasury and it one point 45 that so low. Gold is trading down four dollars holding at 1588. If it's. If it's that whole retail sales. Numbers being down a point 5% well they didn't help that now are certain that is for certain. They our first guest this hour is Stephen Russell from the Wall Street Journal Steven welcome to the show hurry today. I am. And. Stephen let's move in the market today we see it down more than eighty points. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Com that would the third straight month of decline being. Prima that they are three straight month of declines the meat out of 1008 so I just yet another indication of the economy than blowing you do that in order. And it is to it doesn't one I think people. New article not quite awhile now wrote that the slowing down and a quarter net interest being -- an economist but. Haitians -- overall GDP growth is coming in. Our people are expecting now around one point five and which is pretty pretty bleak in pretty is just not a good number though. I think that the further indication of that. And now -- -- bubble question of what's next for the patent the in and try to boost growth here and more I think that does. Just yet another indication that. The may need to be a bit sooner rather later. Hey what would they do the Stephen I mean they've already committed to buying treasuries through the end of the year -- Like what other bullets to they have remaining in their chamber. Right it's a great question and I I don't all they do any other book but -- came back in you know if they did and now. Are we there yet and that they be impacted be minimal at. And -- there. You know who don't I think you know the old adage is you know don't bite the had a lot I would think that the bad would be able to -- -- then at some point but. Who knows that this planet it's going to be a very telling indicator when Bernanke speaks. And it's a money -- Coming up expecting to engage in what he does. Well he kind of job -- thing you know there's really not much what that -- believe that the congress needs to step up and actually I'm near or is he don't good. Sort of indicate that the president has pumping pumping war in. But of course I think I think that's the big question now Hitler really extend -- Is Stephen let's go back to the issue of retail sales numbers though gasoline prices have come way down. And gasoline factors into retail sales so is it possible. That if you took gasoline sales out of the retail sales number that the numbers actually health. The numbers albeit rarely -- yeah. Is that a possibility because we saw a declining gasoline prices by about fifty cents a gallon. At least up -- our -- anywhere from forty to fifty cents a gallon cheaper I'm wondering if the declining retail sales number perhaps. Had something to do with the fact that you had a big decline. In gasoline prices. Yes you know that's a great and that's you know it's evolved. Indicator with and that report though. Yeah you know that that's that's going it is part of it but also even if you strip that out -- the -- not a great border not report that. That was -- -- You know it will be used to -- there was -- -- the manufacturer -- -- it it was it the empire state reading for July and -- that -- that's a little bit better than expected. -- You know does that -- of Obama was urged unions so it's it's been pretty well over to this point that he can't slow down pretty -- in the month June. Whether there's any sort of up to hear. As you mentioned the lower gasoline prices at a mall and you know he would be opposed the the. Yeah I like I kind of wonder if -- maybe it's being over date. They I watched the Citigroup announcements. This morning they're up now why did you trading up 1% or 27 cents. With how strong was the number in the volume of shares at a few tracking with the volume the shares. If they've already traded more than 50% of their average daily volume so this stock is moving today a lot of trading going on -- Citigroup. Why the movement would it was the earnings palaces it's going to impact the stock long term. Out of bed. Let me of his earnings credit -- -- especially. In mind surged in and -- -- again today and Citigroup are you know that the that the report was mixed I would bet is dead. The headline figures PP Al but the and then Miami beat that's cowardly duke. All right and -- get up and down from a year ago revenue from a year ago I want promptly. Being in the -- terrible luck. I had it there and I'd less money the job. As long so. That's a bit and also people you know some resentment that were up one. At a faster rate. But what are so bad about the but it. -- these but again no. Profit and revenue. Dell and and even threatened JPMorgan but these numbers are beating expectation of the street in the in the short term that's a good sign. You know long term little piggy bank a level a long way do the comeback. Yet let me refer to them as the zombie banks and and I pray there's a lot of truth to that but. The one thing they have to acknowledges that every quarter that. You know it -- the zombies they're kind of walking around but -- they're writing off some of their bad loans and if the economy -- recovers again which that one would have to hope that eventually does. They they could and in fact be beneficiary of that recovery. Right and you have -- look at died mortgage business in general I mean -- JPMorgan wells and even sitting at are all being directed sort of you know the housing market. Starting will we come back now know one thing about market booming at all and that maybe. Years the way but it -- it's the bust is truly over and that things are starting to. A little bit. Don't be -- -- -- benefit -- the and you -- especially -- -- as a result on Friday. But. Even seeing it to a JPMorgan and then you're -- in that he. Those are definitely you know separate you can Iowa that -- -- out in my recovery is for real you. No matter how anemic it'd be deputies he is are very telling that will be in the hitter but he back. Well and maybe you'll avoid recession who knows that that credit card right out my fears that we enter into another. Really bad recession next year I could see this happening with the the -- healthcare debates tax rates going up. All the entitlement debates people are going to be just so. Paranoid to make a move they're not gonna do anything they're gonna freeze up in the -- on higher than not gonna wanna expand acquire. -- of the economy just -- it just stagnate and that's frightening prospect. Absolutely and especially in August as you would have to with the other fiscal -- come up there and talked and everything right it -- what is incentive. Or any sort of -- there's a growing at this point though. Yeah it you know hopefully you know hope we got cold tires they're -- and -- and out always a direct in there are there's the chance. All right good day and date -- Ers QB Stephen thank you very much for joining us we appreciate your time. Thank you.
