The First Look - Janet Freund, Bloomberg News
Nov 19, 2012|
The First Look - Janet Freund, Bloomberg News
Transcript - will not be 100% accurate
Good morning and welcome to the financial exchange. -- thank you for stopping by and spend a little time with us June night in Barry Armstrong at your service for the next couple of hours. June this week has just got to be better than last week I Dow down 200 in 27 points last week I -- -- That was a bad week by any standard that now the best chance we have this week it's going to be a short week. Well yeah -- let's get it all in while we can't attract the election over now land you know some of the droppings from that if you will only be came out last week so hey guess what Mary -- Dow futures up right now 91 points. NASDAQ futures are up 23 S&P up ten oil trading up as well 1228667. -- US treasury at one point 613 on your that's a big jump he would Dow futures you -- or ninety point yes -- let's go to New York will talk to Janet throwing from Bloomberg News maybe she can shed some light on why futures are up ninety points before the market even opens in 24 minutes that morning Janet. Good morning Gary thank you for having me. Glad to -- today you know I am not looking a gift horse in the mouth but at ninety points is pretty good. Gala having a strong morning here and I think it have to it would sell off last week but we also have some positive news. Coming out of Washington where Obama expressed some confidence that he'll -- to deal with congress on a new budget yeah. And also there's the report -- -- and just a little bit ago that Egypt prime minister said Israeli and other -- may be near. And we little activity on that news as well. I'm sorry tell us again about the Middle East what's going on there they're standing down assembly suggesting. Well that there you know that they're looking to talk. About -- that it may be -- -- Pretty tough to talk about this truce when somebody's thrown bomb scare kids into -- -- -- crop. Merit pay and also we got an earnings announcement out of Lowe's did we not. We short dead lows reported a fight and beat the morning on better than expected -- -- out. The stock currently up five point 4% in the premarket. Which I find a little bit interesting given that they maintain their full year guidance. Five cent beat in the third quarter and keeping their your guide and -- looking here and people on their fourth quarter when they have their conference call at 9 AM. Little reminder Home Depot reported at -- raid last week. The conference call hopefully shed some light. Well it sure didn't end the damn thing about Lowe's and Home Depot that's really a demonstration of the construction sector isn't it I mean when you see those companies doing well when they're beating on their top and bottom line. That means people are building houses refurbishing office buildings and industry is good news across the board is not. It it it it should they got and that you know Beckett -- is being at home without being strong and that. So -- -- -- that good indicator of our industry construction and and retail sales. You know him though it is a like the news and evidently the stock market likes it too as were -- ninety points Janet thank you very much appreciate your time. That's Janet point from Bloomberg News okay -- we just learned why the markets -- the market -- three reasons one you've got. Geeks the potential for peace to break out in the Middle East I don't know by by about one I think Israel still reacts but that's just me talking about Hamas here these people really don't negotiate well. And number two. The president saying that there's going to be a deal done on the fiscal cliff we're gonna get confirmation on that we're gonna be joined by -- Arab men. Darvish for my chest economics he'll tell us the potential for a deal getting done. And third you've had some earnings right he would lows and you had Home Depot. Coming out saying hey you know it people are shop and in the shop and they excel. Those are the top three reasons as to why the futures are in positive territory this morning tell you where the future is not bright and it is. In the unions at hostess sad story and yeah. Hostess Wal-Mart just -- LA a dark -- on to the dart board. But you know what the good news is the twenty might not be going away and the end of the day and. The end of the year Betty I gotta tell -- and I don't know where you stand on this issue just from an opinion perspective -- You've got. 181000. Workers that have lost their jobs this is how many jobs were lost at. Hostess and those jobs are not gonna come back all the rumors and I'm reading June indicate those jobs -- good -- Mexico. And cures what -- the big dispute was about right and there's two sides to this equation. You had the unions and geez you know we don't wanna take any it did that the deal was yet taken 8% pay cut he wanted to keep your job. And host straight year working as a bakery were in as a driver in a year and some capacity hostess yet to take. An 8% pay cut the minions across the board writes I go -- from eighteen bucks an hour down right. And then in addition to the 8% pay cut -- he would pay 17%. More for your health insurance benefits. The union said no way we are not doing that especially when your overpaying your CEO -- your overpaying your executives we're gonna learn a lot about this. Because -- -- the labor movement is alive and well they looked at the elections in November is being an endorsement for the labor unions corporate America sand. Not so much you want the big bucks you want you eat you know with a take a pay cut will shutter down will sell it it will move it to Mexico -- gonna see this. Going on more and more so this leads to our question of the day. It sure does we want to know at 68680. Texas. Do you believe that unions have outlived. Their usefulness in OK so just give us your opinion and give us a reason where you're on the subpoena. I think yeah I think some of them house I think it depends on which one and the circumstances -- I don't think you can spread a blanket over all of -- -- dip into -- You waffling she flip flop flip flop. I'll I'll take a more I I think they have outlived the all of every single one every single agonizing thing especially the NHL players at -- -- -- all unions I think have outlived their usefulness I think they do more damage to the American worker today. And they do help the workers interviewed I read a lot about the story the worker appease the guys that were working for hostess they wanted to settle they wanted to take the percentage that. They wanted to take they were willing to pay more for their health insurance. The leaders of the union would not allowed to do something that's the thing maybe the if you are not happy union unite as well maybe restructured somehow and that's the problem that's what it's now. Mean it's it's been down so we disagree again that's -- Just latest -- and not -- that what's that what's the prize today given away at Turkey were a few days out from Thanksgiving and hopefully get this out to you you've got to listen. For the Turkey gobble between now at 11 o'clock when you do hear you call the number 8882052263. 88882. All ITT's it's money that collar. Password he married and our text number is 68680. The question is do you believe that unions have outlived their usefulness. I do believe I think the host the situation is a demonstration of that fact like to hear your opinions 68680. Will be right back with -- bear eventually learn about what this economy is Dylan is it move in the right direction or we slip in the wrong way that's next on the financial.