Transcript for Fiscal Cliff Fears; Groupon Problems; The Blues At Tiffany's
Your latest in business. See you. And you're watching live coverage of the opening bell on ABC news now ringing the bell this morning Berkshire hills Bancorp the company's slogan is America's most exciting. Bank we'll have to investigate what evidence they have. -- -- Thursday November 29. One and Tanya Rivero in New York. Futures were up again this morning on hopes that we will avoid that fiscal -- joining me now to discuss the top business headlines at this hour is Jeff -- co host a break out. On our partner Yahoo! finance welcome back Jeff -- seen -- -- great to see -- It's been first ever you my friend are America's most exciting person to talk to our own business -- expressed outrage in the opening -- but it's a little -- -- -- -- we should start our show one -- Najaf ringing the opening -- ourselves. -- and -- let's talk of New York Stock Exchange. All right so let's but the fiscal that this morning markets worldwide -- reacting positively since president Obama's noontime comments yesterday but. Are we really any closer to a deal between -- part. No not at all it's another is that their problem worse which adds that it would -- -- -- ink -- they -- for psychological experiments. That's what this news is there is no new was it's just all about the -- -- you look at ink blot -- not actually picture is just a lot of ink and we are actually having fiscal cliff notes. What does that kind of the same more blocks and -- -- terms -- it was the market's reacting welcomed the market wants to go higher here. There's not lotteries in the -- and that's good enough reason to rally the market is is kind of skewing higher into the holiday is not -- Santa Claus rally. I have nothing wrong bat and -- -- -- we got an economic data out within the past hour. Third quarter GDP has been revised to an annual rate of two point 7%. And weekly jobless claims came in at 393000. That's down 23000 from the prior week. What do you make -- these numbers. What Slade Tonya does not want it to be the Bosnia. All. You -- you're the buzz -- on mr. happy. -- -- to explain the numbers are not in fact better than expectations. The two point 7% was driven by a government spending and inventory build. So it it if you think about it about like buying and stuff and -- -- -- your garage. That's an inventory build means and you run out of inventory -- garage space -- things that that you can -- in there and some companies have got kind of spent. But they spent next month's inventory which -- they're not gonna bite them they're not gonna buy two quarters from now and we a look at the real data -- consumers are spending more businesses are spending. It's not there so this is actually it's a nice headline and lousy data the jobs thing we're at 393000. Jobless claims. You and I were talking went on his 360 for weeks and weeks and weeks and weeks it got little tedious we could use on that -- now because pushing for hundreds not -- -- not not good news and also not good news for Groupon CEO could be shown the door later today. And competitor living social is laying off 9% of its workforce so. This say about the business model is this not a good model. I don't know I don't think Groupon invented coupons and I'm not sure I believe -- existed prior to five years ago. There's no real -- there in terms of these businesses they're kind of the social media bubble -- I think that we -- before. Just as your online we we -- all in this in the ninety's we seem to want to learn every five years. Just as online doesn't actually make it a business model for bonds got a long way in terms just saying you know we're going to be -- organist and a bunch of coupons for -- don't want. If -- I signed up for Groupon with a dedicated group on account. They're sent me things like laser hair removal saying if things like -- stop. Hair removal really don't really seem to need that. The company doesn't have its finger on the pulse of the customers merchants don't want to use it. It's a problem I'm not sure fire Andrew Mason's gonna do anything unless some new guy has an entirely new business model accomplished but these companies -- stay away well it's not. Online companies that seem to be struggling that's going Tiffany's stock -- this morning as well down more than. 12%. Before the market opened I mean wouldn't you think this time of year is when everyone's. Scrambling to get those blue boxes. You know Tiffany had the stock have been buoyed by the idea that I was gonna buy you really nice -- you know Christmas and they not not happening. I don't know yet -- your coming in here -- buzz kill him for weeks Tommy Arcsight yard to see me. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And -- -- -- nice you know sales are down retail sales -- and weak across the board. And -- I'd like to say this is super high end you know -- has a lot of exposure two to foreign markets lot tourist exposure that all figures to be soft. But you know what target missed expectations too. Yuck it in a world where target mrs. Tiffany mrs. I'm not sure where you go on -- Macy's missed and so right there you have discount stores department stores and high end stores all missing. Yeah -- kind of feel a lot like a bad Christmas. I'm not good news going into the holiday season all right let's take one more look at that -- -- go look how well we're up about 56 -- -- now about -- he points. So I guess things could look up this morning coffee pot and our lives in two points every minute here tablet. It was a segment that causes technical as the markets on their shop and activities were quick outlet get -- -- a --
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