Jordan Horowitz, producer of the movie "La La Land," was forced to acknowledge the major error last night. Moonlight wins the Best Picture Oscar after a mishap that named La La Land the winner at the 89th Annual Academy Awards.

Here are some of the key stories CNBC is following this hour:

Top accounting firm PricewaterhouseCoopers is doing damage control this morning after an epic mix-up at the Oscars over the best picture award. Jordan Horowitz, producer of the movie "La La Land," was forced to acknowledge the major error last night. The actual winner for best picture was "Moonlight." Tabulators gave presenters Warren Beatty and Faye Dunaway the wrong envelope.