Closing Bell
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A new chapter opened for Tokyo risk assets on Friday as the Nikkei index surged past the 13,000 mark after the Bank of Japan unleashed a monetary onslaught of $1.4 trillion in stimulus, but the rest of Asia's stock markets tumbled to multi-month lows.
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U.S. stocks continued their year-end rally, making slight gains today as investors await tomorrow’s Fed meeting – the last of the year. While a change is not expected tomorrow, the meeting could provide hints of the Fed’s intentions for the coming year.
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It’s a big week for brokerages. Goldman Sachs reports Q4 earnings on Tuesday, with Lehman Brothers and Bear Stearns reporting Thursday. Over the past three years, investors have enjoyed record earnings from this group – but could the best still be yet to come? On "Closing Bell," Maria Bartiromo discussed the possibility with Frederick Lane, chairman and CEO of investment bank Lane, Berry & Co. and Jeff Harte, managing director in Equity Research at Sandler O’Neill.
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Here's our last look at the markets today--U.S. stocks rallied modestly after a better-than-expected U.S. jobs report sparked the first weekly gain in equities in the last month. Also--market moving comments heard on CNBC today from Treasury Secretary Hank Paulson sent the U.S. dollar higher. Mary Thompson has all the winners and loser - she's CNBC's "Eye On The Floor."
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As we've been writing--CNBC pharmaceuticals reporter Mike Huckman has been reporting from Gaithersburg, Md--where the U.S. Food and Drug Administration has convened a panel to decide the fate of drug-coated stents. Johnson & Johnson and Boston Scientific – the two major producers of stents – have been eagerly awaiting a decision.
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There's late word from CNBC's Mike Huckman. He reported in "Closing Bell' that the FDA stent conference came out in support of drug-coated stents. There had been concerns the drug-coated stents caused blood clots--and the metal stents did not. But the FDA says the proof is inconclusive.
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A possible banking mega-deal is the talk of Wall Street today. Merrill Lynch is apparently telling clients that Bank of America is interested in acquiring Britain’s Barclays -- a move that would make Bank of America the world's largest bank. To some--the merger makes a lot of strategic sense because of the synergies both sides would bring to the table.
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Sirius Satellite Radio CFO David Frear was quoted on Wednesday saying a merger with rival XM would “be in the interest of shareholders.” He says there would be benefits to both investors and consumers and substantial cost savings. Chairman of XM Satellite Radio Gary Parsons was on “Closing Bell” today to give a definitive answer on whether this would actually happen.
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With an hour left in trading, the markets were up. A strong U.S. jobs report today counterbalanced less then stellar consumer sentiment. CNBC’s Mary Thompson reported from the floor of the New York Stock Exchange, saying that both Citigroup and McDonald’s were among the winners today. Mickey D’s hit a seven-year high on strong November sales.
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The major market indexes took a breather today – all closing modestly lower - in spite of a strong ADP report showing an extra 158,000 jobs added in the private sector in November. Mary Thompson sorted out the market activity – she’s CNBC’s “Eye on the Floor.” Investors are now looking to the jobs report to create some movement in the markets. That’s due out Friday.
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Fears about food safety in the U.S. are once again front and center. Taco Bell (owned by Yum! Brands) says its eight restaurants on Long Island, New York re-opened today following an outbreak of E-Coli bacteria. The company had voluntarily closed the restaurants for a day. Health authorities have not yet determined the cause of the outbreak--which may have sickened as many as 3 dozen people.
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As we've reported--New York became the first city in the U.S. to ban trans-fats in restaurant food. But the ban will affect companies with a reach far beyond the Five Boroughs. Wendy’s International, McDonald’s, Kraft and Kellogg will all have to adjust as a result – at least in the near term – at the expense of their P&L sheets.
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In the markets right now, stocks are modestly higher-- after a U.S. Labor Department report showed wages and benefits increasing at a much slower pace in the 3Q than previously expected. That eases inflation worries. Maria Bartiromo talked about the economic outlook with James Paulsen, Chief Investment Strategist at Wells Capital Management and Sam Stovall, Chief Investment Strategist at Standard & Poor's.
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Bristol-Myers got some good news Tuesday afternoon-- and CNBC's Mike Huckman had the story. A new report from the Journal of the American Medical Association says long term use of Plavix--reduces significant health risks. The JAMA report says that if patients stay on Plavix for two years--the drug will greatly reduce or eliminate heart attacks.
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Private equity is always looking for that major return on investment. The latest play: ski resorts. Large real estate holdings, a dedicated user base and free cash flow – all equal great opportunities for buyout firms. The latest potential target is Vail Resorts of Colorado. It hit an all-time high today of $45.66, closing up $1.68, or 3.8% – on talk of a buyout.
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U.S. stocks staged a powerful rally as another string of deals boosted momentum and sent a number of indexes to new highs. Mary Thompson is CNBC’s Eye on the Floor at the NYSE and had all the final details with a look at the markets on "Closing Bell." Today’s flurry of mergers and acquisitions exceeded $20 billion dollars.
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We've been telling you about Pfizer's troubles today--that it stopped development of what was supposed to be its blockbuster drug--torcetrapib. Unfortunate deaths during clinical testing forced Pfizer to cancel the drug. It was supposed to be the successor to Lipitor. And as a result of the failure--a question is being raised--will the failed tests change the way pharmaceutical drugs are approved?
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As we've reported --there’s been yet more consolidation in the banking sector. The big deal today of course involves Bank Of New York buying Mellon Financial in an all stock deal worth $16.5 billion. The acquisition creates the world's largest securities servicing and asset management company with more than $1.3 trillion under management.
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John Manley – Smith Barney private client strategist – was on “Closing Bell” with Maria Bartiromo this afternoon. He said there wasn’t much news to report outside of the M&A market – but there was a lot of money around – and that provides support for stocks. The money’s coming in from pension funds, large institutions, Asia and host of other places.
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Mergers and acquisitions momentum has driven the markets today. Four big deals were initiated: Bank of New York and Mellon Financial; LSI Logic and Agere Systems; Pilgrim’s Pride and Gold Kist; and Station Casinos got a buyout offer from a group including its chairman for $4.7 billion.
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Greetings from the Breaking News Desk. It’s one of the most exciting areas of CNBC and at the same time, the scariest. “Get it on” and “get it right” are our two most important and often conflicting requirements. That’s, in part, why I’ve subtitled our internal guide to working at this desk “How To Break News Before It Breaks You”.
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United States
Monday - Friday 3:00P ETEurope
Monday - Saturday 21:00 CETAsia
Tuesday - Saturday 04:00 SIN/HK
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Anchor of CNBC's "Closing Bell with Maria Bartiromo," and the nationally syndicated "On the Money with Maria Bartiromo."
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With almost 30 years experience in business television, Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."