Jan 10, 2013|
What's Up on Wall Street - Deb Borchardt, The Street
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Head over five years the financial exchange -- stop filling in for burial Armstrong with June night. And we are joined now by -- Borchardt from thestreet.com. And -- how are you this morning. I'm good how are you today. Doing pretty well and it's been a pretty good couple weeks in the market and in particular yesterday markets were up across the board so what was really leading the charge. For us stocks yesterday. Well we kept fairly positive result out of Alcoa which isn't. Considered the kickoff in earnings repeatedly that company comes out and get there they're -- they -- fairly positive things today. About their -- market which carry you know aerospace and airplanes in and all kind of you know Smartphone -- uses a little. And can go back and I got things kicked off with. Good bang. -- -- and it also in news yesterday something that we haven't seen in six months FaceBook closing above thirty dollars a share. What what is really behind this big move is this something that's real or is this something investors should actually be a little concerned about. No I think it is real FaceBook. Invited the president to amen to every event on January 15 they wouldn't say what it would about the get it common -- people were up -- And invited the press about there there's a lot of speculation there had been some talk about media FaceBook phone although that the general feeling that they wouldn't go that. In into a state football because that's at a crowded market but that maybe they're going to hook up split someone else. And do a very big book friendly solve. That it could be tempting. An announcement to do with advertising. But the general feeling was that this is something. There will be added that the the company and I think that that's what pushed the stock higher. And this little bit of a change for FaceBook actually being able to. Kind of get out in front of the press and and really control what they're doing here this this almost seems like they're taking a page out of Apple's playbook doesn't it. That's correct I think that they've not called nothing would be gained from being. -- know BC got an enclosed now because that's just invite criticism. And when you're very open and transparent. And I take some of that criticism away. And take some of the speculation away it doesn't help to have everybody you know pundit and and -- Speculating on what you may or may not be done. Its debut with apple apple is that -- -- on here we're working on big meeting in the period about their product before rolled out but otherwise they're pretty open. Actually talking with Deb Borchardt from thestreet.com. And -- We have weekly unemployment claims come out earlier this morning what did we see here and anything that's a cause for concern. In much I mean they didn't ride for at the four week average and that's what you really want a look -- don't wanna get caught up -- -- week to week number. Having that you know it's still a fairly. Low number and nothing to really get a that concerned about and that's why. The market hasn't really reacted to -- much to that. Because again I want to go up -- -- up small amount of -- to market street happy with Verizon data we got out of China that was really fairly good. And said that he made our markets jump a little bit this morning. As a result is being as good numbers out of China. Looking forward now we have a couple days left in the week are there any big earnings reports that you're looking forward to either today or tomorrow. Really to continue to start off this fourth quarter earnings season. Well you know we're going to be watching the Orwell are -- -- -- morning. There have been. Quite a few bank mortgage settlement -- going on. The general feeling was that they wanted to get those. Mortgage settlement is done in the fourth quarter get back to a point that there. Have more clear. You did understand earnings report going forward and kind of put them not behind them so we do have Wells Fargo. Coming up pretty well Fargo. They have a -- bank that is a little bit easier to understand and say as PD group. Or Bank of America which is so humongous and so huge -- had so many different businesses it's a little hard to understand. Well Nardelli is. A little bit more of at your bank mortgage and Umar. Did type of bank that you can really get a better idea of how. The economy is doing with regards to how -- and people on there Johnston and and that kind of thing folks. That's really going to be the big focus will be probably -- Wells Fargo on Friday. Absolutely and then some news out of Washington. Today as well President Obama is expected to named Jack -- as his nomination for Treasury Secretary today what can you tell us about him. Well he may have a contentious nomination process -- certainly not Republicans Bradley. And by going with him Obama has basically. Kind of put on his his boxing gloves and says I'm ready to go deep battle that this guy is going to be ready to play tough on the budget. And having said that -- they name. Not be real would destroy. The Republicans. He had already been confirmed twice before that it would be hard today. We could confirm him for these a previous position forward he wouldn't. And Office of Management and Budget for. Clinton and for Obama. Department that yes he's okay for that job and then not good job. But they are going to do. Not make it. Because they beat him. As a -- it doesn't opening night without. And that that is a little bit worried because as you know most of the American -- American -- these budget deal done. They want to not have to worry about the physical clips they don't have to worry about that at nine they wanted to play nine in the dam bond and it. Having Jack Luke and end. Could potentially put it back into view a device that situation and that's certainly not what we want to hopefully if he does get confirmed. -- role played night in the sand box for the Republicans. Absolutely all Deb I appreciate you coming home with us this morning and certainly we'll check in with you soon to keep us updated on the markets. Thank you to that was -- Borchardt from thestreet.com. Talking about. Essentially what's going on in today's markets as well as the big news out of Washington today. President Obama expected. To nominate his chief of staff grew rather Jack -- as is nomination for Treasury Secretary today that could be a little bit of about Elgin. And okay so we'll wait what's that supposed to have been doing and I I don't know if he's officially announced yet I think it's scheduled for sometime early this afternoon I wanna see either 130 year to somewhere in that. Ballpark on but I'm not sure exactly when the event is scheduled for so. Coming up we are gonna talk a little bit more about that nomination and what it could mean. For the upcoming negotiations. Regarding the debt ceiling as well as is where America's economy is going over the next couple years that's next. Right here on the financial exchange.