Transcript for Yahoo Buys Tumblr for $1.1 Billion
The opening bell and ABC news now read about putting this morning. Healthcare realty out there to get things -- -- -- -- -- -- For this Monday everyone on -- Cutler in New York futures slump this morning. Investors at a bit of a concern about quantitative easing slowing down a bit it's so want to bring in Matt -- from Yahoo! finance wrecked on the business headlines for that Monday morning in the start of the week Matt how are you today. Unbelievable then are you know I'm doing great detective endorsement for a Monday -- good good way to set in are sort of talk about the big news of the day Yahoo! your parent company making another big purchase toddler. Given the details on this one. Gets a billion wanting cash it's the seventh acquisition that our CEO our new CEO. Marissa Mayer has done its you know young and fast growing social media site. And it did -- is in the area of the business that most companies and media. Want to be hands so it was pursued by a number of tech giants. Yahoo! walks away with the prize -- let me ask you this because Marisa said in misses a quote from her -- not trying to -- -- to put anything together here. She said quote she promises not to screw this up now and that was in reference to some past deals. That -- a little south. But -- -- though it does not a real strong revenue generator so why the interest and for Yahoo!. That's about traffic. You know kids love is as simple as that it's all this pursuit of cool pursuit of the next thing. FaceBook is huge but it's in some circles not a schools that once was -- -- grandmothers on FaceBook. You don't want to be there and some of the people some of the users on Tumblr. Are grumbling that law and our corporate owned and this and that but the truth of the matter is they were always corporate -- -- just more invisible now it's public. There's more funding it gives them you know more reach more shelf life -- Forget to more people which theoretically should make the experience better and that's why Morrison's comments of we're not gonna screwed up -- keeping the team place. Are being day. Well OK so that's what she says but -- CEO David Carr obviously very happy with this -- he had a couple of choice words about his excitement which. We can't exactly -- it was the FCC might. Get on our backs a little bit but anyway he obviously had a great deal of excitement about this because this -- the company clearly he -- up from his parents' apartment and basically now it's hot commodity so what is his role going to be in the company. -- It's gonna run the thing -- -- there's 175 employees so they are all now are going to be wearing purple. Doing their thing run in the run on the site obviously -- be you know how could we integrate this how can we make it better -- we help you. Use in -- you know the size and experience in the existing infrastructure Yahoo!. And you know go from there but the you know he's he's on board. Chart a -- talk about Wall Street instrument because hedge fund manager Stephen Collins been subpoenaed in the investigation into his company SEC capital. What's going on what is he being alleged to have done. Well insider trading it's been. A long long news. Veto fight he's one of the most successful hedge fund managers of all time so. Always seen as the great untouchable but at the same time as like would be. You know that the great target and so there's been a huge investigation of -- ongoing it's been hot and -- -- fully cooperating Friday a story comes out says were. Not really fully cooperating anymore with the investigation. And then the announcement today that. Or not the announcement the story today that he might be subpoenaed. To testify which is you know -- much more grueling. Process to go in front of a jury have to answer just you don't god knows what question vs deposition controlled -- Conference -- -- some law office so it's sort of brinksmanship in a way between the two sides. If history is any judge of how these things work out. I'd bet heavy on the defense. Defense buys better lawyers than prosecution. Bomb and their track record has been horrible in terms of bringing down people. Their -- the -- -- short compared to. Those who walk. The way aren't actually see how that one's gonna play -- also want to ask you about Goldman Sachs the the rationale behind. -- pulling out of the industrial commercial bank of China -- all of a sudden this move now. Get us out right is he selves because they've held a thing for seven years. They're raising money cystic gets a good time -- cash out there's a lot of questions. About China's recovery. Depending on how you factor of their stake. They paid a one billion won I guess it was. In 2000. In six and their look at did look earlier this week to have billions give me 2006. And they're looking at possibly get away a billion -- -- by my math they've you know more than cut that investment and have but it sure that was a pre IPO purchase. You never know what China that's only caveat here you never know why. Somebody might do something right there -- one of the few that was able to buy this some Hong Kong traded. Bank with -- exposure to China seven years ago the past seven years for the Chinese indexes have not been good. And you know it's time to get out -- or maybe they're being told. Why do you say you never know what it -- is resistant potential -- and other institutions pulling out of China as well. That's if there that's of -- pulling out but I think -- -- you know a stake sale. Is not necessarily pulling out it's just sort of like OK well. We don't like banking anymore so you know they're they're not leaving China in any way shape or form mean China. Will be there whether they buy a -- cell bank by a factory car manufacturer real state sell short -- They do stuff all the time. I got to talking about -- because two weeks ago. If prices up to -- Falling and they really haven't slowed since that point overvalued or something else driving down those numbers. Or either you ask you wire goal wise old and so we're following right basically it's the in the inverse of fear you buy gold when you're worried about -- you buy gold when you worried about the dollar losing value by gold to some people say as a hedge against rampant inflation and so we had a huge dropping gold. For more than a decade -- out about two years ago year and a half ago and then. We've been dribbling lower ever since in the short term it's really accelerated here today now we -- in some. Technical issues where we're breaking down below. Previous levels that we had bounced off in that in the past and our look at that about a two and a half year low for both gold. And silver right now. And current law also -- coming out to other 787 dreamliner is coming off their hiatus the planes had some problems with their. Batteries catching fire smoking obviously -- not the best way to increased kind of hate when that the zeal of competence exactly -- your flight 30000 feet. So what kind of -- -- when what and it won't you know what kind of -- is gonna have I mean Natalie for Boeing but obviously also for united which obviously puts some of those planes in the air. -- it's are always referred to Boeing has like bawling like -- super ball kind of a thing and that's exactly. What they're hoping for but it hurts you know I mean the dreamliner was is still there -- big key product for -- You know years to come still huge back orders. Etc. and so one year when they started in did you sort of -- this thing to have this -- benched for I think it was a 123. Days going to be easy number. You know it's nice -- mean they can turn this around his a lot of press going on today of this first flight -- -- -- -- united flight on -- dreamliner again -- going from Texas -- to Chicago -- -- this base and you know so that the dreamliner is fixed but you know was -- once before but -- really -- so. We'll -- you know I -- That's something -- those dreams he little tweaking rank this right eventually -- -- from injuries. Show our. He would get the sleep at night injuries -- the sometimes in my very true varied sure you close your eyes and hope for a better scenario the next time around. What let's look at the four minutes ago the Dow is down about ten points at 151344. -- -- from Yahoo! finance have a great Monday -- zero.
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