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What's Up On Wall Street - Joe Deaux, The Street

Jan 14, 2013|

What's Up On Wall Street - Joe Deaux, The Street

Transcript - will not be 100% accurate

And -- -- 10 o'clock hour of financial exchange -- out. Filling in for Barry Armstrong alongside. June ninth and June. Lot of buzz this morning from that Detroit auto show that we've been talking about and a lot of buzz from this baby shower. Where people being getting arrested. Down in and was stowed and I believe. And -- and is -- -- -- -- -- Let's talk about the outer islands baby shower that actually he let's let aid. And there's. It's better than this completely nonviolent video that this principle made it has -- high school that has nothing wrong with it everyone is up in arms about except for the students who actually go to the school. We know the guy that said that this was great. Now while they like I mean he's NY and he makes videos like this sinking out of the blocks east is trying to say look I'm here. I understand you I'm on the same page well not that matches. Now I'm I'm in charge -- make a statement I -- denominator. And number nominated. In any case we are now joined by Joseph -- from thestreet.com. And Joseph how are you this morning. A great -- type guys do on. Doing pretty well here so let's let's take a look at what we have coming up this week the second week. Of fourth quarter earnings season a pretty big week with a lot of companies reporting who are you most closely watching this week. Well I think it's kind of the -- the banks though -- and a bunch of others were probably keep -- nine of them -- JPMorgan. USB on Wednesday Goldman Sachs is also the next day we got Bank of America coming out and then on Friday we've got. We've got more consistently so I think these are these the guys that were really looking out for this week to get defensive front door where the -- sitting -- 2012 was it was an interesting year we didn't end up as high as a lot of analysts had expected audience and -- It and leaving it this year we're already hearing about cutbacks more accurately just enough to cut back on last week. And the Bloomberg had originally reported about 16100 layoffs. So that's the question where we are these companies looking healthy are those are the cuts necessary kind of moving forward. Now Joseph we also got some news this morning and is this some a little intrigued by we got some news out of apple this morning. That they are actually putting orders for iPhone 5 parts so what exactly do you make of this right now. While the Wall Street Journal can mountains said this morning that sources that told them that there is going to beat a ball back in the -- the -- that they're creating on Italy I think there's as some competing theories out there that market theory is that this is bad news I mean we're seeing Apple's down about. -- little more than 3% this morning but on the other hand. You know some people pointed out that. Fourth quarter is always a -- quarter for apple it's it's the final quarter of the year it's also the holiday season when people are buying an icon. And then of course you're gonna have a drop back a while -- a lot of these these analysts and and reporters of course you have. Have dropped back from January to -- so this cutback is coming in the first quarter. I did you -- -- that you know Citigroup had said we don't think it was a huge demand market right now but. You know it is a worthy of a 3% drop archer. All right also awesome news coming out this morning from the Chicago fed the head of the Chicago fed. Coming out and stating their expectations for GDP growth. In 2013 this year as well as next year at 2.5. And 3.5 percent respectively is there anything of note in this announcement that you saw. And maybe scratch your head out a little bit. Well I was talking to local triggered this morning he said you know gold cup with a little more than ten dollars because Charles Evans Indians this in itself forum. And it basically is that we're gonna be continuation of of the evening and in the way he kind of raise it was he doesn't expect to. An increase of that Podgorica occurred to about 25 Keenan and still as many of you know at the Fed Funds rate right now kind of pegged to that this six point 5% Arnold wonder -- possibly be inflationary hitting about 2.5 percent. In which case we might also be a drawback in terms of quantitative easing so. I mean that that's kind of pretty important a little bit of information for people to be looking at especially if they're. If the treatment coal assets. And in the market of course reacts to everything that says these days. And we also had some European leaders come out this morning and said did it in their opinion. The worst is over for their debt crisis right now do you agree with that statement. You know I was talking to an analyst on Friday it was it. -- talking about the situation in Europe I mean we -- the ECB can't mountain essentially leave rates unchanged. Out of her general takeaway is that. Will work kind of out of the way out of the worst when he twelve was behind us. But that's still look at me. Mean it's great right she said the best way to describe it is a sluggish Klein. And in sluggish and slow. So you know is the -- over may -- but that doesn't that doesn't mean it's great that doesn't mean you know jump into it right. Now -- -- exactly so we'll see we'll still have some issues to work through there and I think those will continue through the end of this year but. Also -- looking ahead this week it's a quiet day for economic data today what data are you looking at this week that might be coming on the next couple days. Well tomorrow that you got three big ones to get Producer Price Index hitting retail sales of course that's big with December being a huge month for retail and finally -- the empire state manufacturing survey. -- then tomorrow also in Europe people should keep I would got CPI inflation report coming to -- the eurozone and so. I'm just trying to look for tomorrow there's enough for tomorrow for an entire week especially last week was kind of split this this is the big -- All right -- Joseph I appreciate you coming on with us this morning. And I certainly appreciate the insight into all this and we'll check in with you next week. As always struck take care. Thank you do that was Joseph -- from thestreet.com. Talking about all of the events going on in the markets today June taking a quick look at the markets right now. Down slightly the Dow down fourteen points S&P down four NASDAQ down sixteen so. Pretty quiet day for the most part to start off and I think a lot of folks are still looking -- little bit later in this week when we do have some of that economic data. As well on some of the earnings reports in particular the financials that Joseph mentioned. One we just spoke to himself pretty uneventful at least for today it'll -- the rest of the -- -- will what are we looking forward to there well again I think you're looking at those big financial earnings reports that are going to be coming out later this week you do have JPMorgan you have Goldman Sachs and really the banking sector is one that I think a lot of folks and investors are looking to in order to really gauge the health of this economy and see whether this. This rally that we've had over the last few months. Actually has some legs going forward or if we are gonna hit a little bit of a bumpy patch and and start to see this market have a little bit more volatility on a day to day basis. What does debt ceiling deliberation stuff happening is that before the end of the month because -- You know -- -- and some volatility right there will most likely see them start before the end of the month. The more that I look at this debt ceiling debate the more that I think it's going to have very little effect on the market actually and hopes on I hope you're right I think last time. I think you could see some small ups and downs I think you could see potentially maybe afford a 5% correction but looking. The overall trends that we're seeing in this market is everyone knows that that debates coming right now. And people are still moving money into equities at a pretty pretty steady -- so I I don't think. That this is a case where folks are gonna get spooked the way they did a couple years ago when this first happened and and the reason for his at the end of the day. We know that something has to get done. And we've already seen this before too we've seen how the market reacted we we know the worst that can happen and we know that it recover right after. I just I don't know if investors are going to take that chance of of being out of the market when we do get a solution here so I I just I don't know if they're gonna do the same thing that they did a couple years ago I think -- sentiment right now and I think there fate. Seems pretty strong -- this as they've weathered so much this economy is not. In terrible shape right now actually it's obviously if you look from an individual perspective obviously still a lot of folks out of jobs. But from a from a corporate perspective you look at the health of companies in the way that we're seeing economic growth at this point in particular. In sectors like housing that have been hit so hard. Were not in bad shape actually right now so I think. If if you had the characterized. I think the mood on Wall Street I think it's cautiously optimistic -- as opposed to the last couple years where it was more. Kind of waiting for the other shoe to drop I think. We're starting to move past that fine. So we'll see coming up we are going to be joined by Beth -- from the Boston Globe. Talking about some big changes happening at fidelity that's coming up right here on the financial exchange.