Transcript for Stocks Start the Week Heading Down
-- and Stephanie is not welcome to this morning's business report the market has opened and down joining in and discuss all the business headlines at this hour is -- rape and from Bloomberg TV. Allen happy Monday to you. -- at our -- yet it looks like -- markets are opening and down this morning does anything to do with a group of twenty summit that took place over the weekend in Mexico. You know it really to. As investors and traders telling us that they are reacting to that because -- -- the -- headlines coming out of there. Was you had a lot of the G-20 members and collectively as a group sank. We're not gonna commit any more funds right now the -- the -- an -- for the European debt crisis in -- there's more of a -- meeting -- there's more protection. From the racist in Greece and the other countries spreading. And then also you had cautious statements from Christine Lagarde for example the head of the IMAP. Talking about the risks to an economic slowdown one of the factors -- mention. Is what's been happening with oil prices you know it's not just here anymore at we have oil now as kind of that they -- -- that's been -- -- so what we're seeing right now. Is the Dow down six cents a percent the S&P down seven -- and the NASDAQ right now down eight tenths of a percent however -- is juicy -- pulling back a little this morning is it too early to say that that could affect prices at the pump. You know they are but what we want to remember -- -- decline we're saying it's ver percent right now -- -- still -- the average or the price for AM a barrel of oil. Above a hundred -- dollars that means prices are up 10% just since the year started. And as -- indicating here you know gas prices have really taken a hit because of that. So the average price per gallon according to AAA is 37. That's up almost thirty cents in just the past month so folks. Are really feeling it one of the concerns about the stock market a fact is really that economic concern that this is attacks are like attacks. On consumers and consumer spending so if prices keep falling in terms of that. Headline number for oil. We potentially will see it come down for gas prices to but the movement we're seeing right now again is just so a little bit in terms of that bad barrel price for -- OK let's -- to other headlines Berkshire Hathaway. Has picked a replacement for Warren Buffett when we find out who and does this mean. That the man we call Oracle of -- high is getting close to retirement. He says -- no. This is the Berkshire Hathaway letter here it's -- pages comes out annually it's a very closely read in the investment world. And right there on page one of this letter that was put out over the weekend. Buffett does say that the board has chosen -- successor. And that there are two backups but he goes on to say that neither he nor Charlie Munger -- -- -- vice chair of Berkshire Hathaway are going anywhere. He has said in the past that he intends to stay in the job. In till he dies or until the board tells and he's not capable. I'm doing the job any more now we now in the past year -- so. That Buffett has brought on some new investment. Leaders to Berkshire Hathaway but he's not saying if it's -- Or if it's CEOs of some of the business unit study has but he does say the folks are well known. In terms of their management style and kind of humid relationships style to the board members -- No word is he's way too young to retire -- -- asked. Look just came out -- good earnings before the bell haven't they do for the quarter yeah we've heard from Home Depot last week that things Ehrlich -- -- you know we've got some stability in the housing market. We know that January it was unseasonably warm in a lot of the country. -- that's being reflected in Lowe's earnings as well because they came in better than expected when you look at net income. He was up 13% and the other thing that's helping lows as -- solid and deep is the fact that. There's job creation on so we're seeing some people put some more money into home project specifically -- being helped by some of the outdoor projects because of the weather. OK best buy here is offering a rare sail on all of its ipads. -- We took a look at the best -- web site and there's fifty bucks off on the iPad two models. So it does come -- needed -- continued chatter in the Blogosphere about whether the iPad three is coming. And whether it's coming very soon and so nine to five Mac is one of the blogs out there today that's talking about. The fact they ain't that some of the iPad raiser -- currently being shipped to New York LA and Chicago under. Very tight security except. Is best -- trying to clear -- inventory. I don't know Molina with a -- -- -- -- -- something we down -- saying okay. Nokia and Microsoft are planning and you push against apple in the Smartphone market what's varying will now -- -- no -- -- Her soft laster announces very big -- high up here -- Nokia is going to be using the new micros windows platform coming out. Four Smartphones. Nokia we -- has really struggled they've not had hot hands at Microsoft we now -- not had the operating. Sits down. That's as attractive as Droid or what's being used for the -- So what's happening now there's a big on mobile conference going on this week in Barcelona so everyone's going to be there. And as part of this push that Microsoft and Nokia are making. The new information we're getting is that Microsoft's going to be going to 23 additional markets making push there was. A mobile apps -- and also cheaper Smartphones that might be more attractive for example. In the emerging markets -- for example Thailand and China are two of the markets that they're targeting and all of this again is because they're trying to win back some market share. From the Droid phones and from apple. Okay from -- to pets. PetSmart seems to be having some -- days why is this retailer in trouble. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But what's happening is you know typically this industry is recession -- -- not recession now in the economy's recovering. But what -- -- -- Is that consumers actually are more cautious in their spending -- and there's a research firm called -- back and they did a survey recently and they found. One in four of the folks they surveyed are spending less on their pets. And a lot of -- -- they surveyed are looking for bargains so what you're getting is company's light PetSmart and pet. Ewing promotions because they're trying to make sure they either get that business -- don't lose more business you. Target or Wal-Mart and Amazon has wag dot com. So obviously those folks are out there with a lot of promotions -- the pat retailers now are stepping in with some deals as well everyone wants a slice of this high apparently. Okay this is serious news we're supposed to be getting -- new numbers on pending home sales. At ten what are we looking for today on this rates -- according to the median estimate of economists we survey of 1% gain so -- looking for -- to give. That latest evidence of this stability and improvement in the housing market and and we got that again and in some recent reports McCain -- -- watching today -- you know really wanting to see what happens with stocks here because of these concerns and we want to remember you know we've had these levels with the S&P for example highest since the spring of 2008. So how much are these -- now on out of the G-20 in the -- and that's really -- -- fact that so. You know or hold steady here about three quarters of a percent lower here for the benchmark stock averages right Alan black -- and from Bloomberg TV thanks so much on have a greatly --
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