Apple Tops 700, FedEx Findings on Economy, Oil Flash Crash?

Aaron Task analyzes the morning business headlines.
3:00 | 09/18/12

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Transcript for Apple Tops 700, FedEx Findings on Economy, Oil Flash Crash?
Latest in business and finance. ABC news. Much mud covered the opening bell on ABC news now and -- If General David Petraeus director of the CIA. Celebrating the agency's 65 and a Mercury. Before heading the agency Petraeus or 37. Years in the army has been called one of our country's greatest jobs. Is now they're taking up the tree -- today Tuesday September 18 and Dan Butler New York. Futures were down ahead of the bell this morning and joining me -- to discuss the top business headlines at this hour -- task. Editor in chief Yahoo! finance -- also host the daily ticker -- -- good Monday good Tuesday morning to you how are you today and good morning are -- markets down. Excuse -- overall yesterday. Apple Stock though was sort of the -- that the deviant and all of this hit a new high mark -- over 700 dollars a share. It's incredible what apple has done means is phenomenal performance. The iPhone 5 is setting records in terms of the demand for the phone. This is a company that that's really hitting on all cylinders in this the stock is reflecting that and you know seven -- obviously a very big number. But when you look at that the stock on other valuation metrics like PE ratio -- what it -- given that casts an apple has the stock is actually cheat. So even though it's gone off huge way and you know can come back down anytime it still looks attractive. On a valuation basis I think it's gonna go higher. As pretty amazing US senate and I'm sure there's even something more to be set for ballot coal producer Alpha Natural Resources -- -- more than it is cutting 12100 jobs obviously significant. I'm out of work there as a sign of the economy but I also -- talk a little bit about the energy sector in general that because obviously when you're gonna be hitting something like a cold. Reduction. That's gotta have a bigger impact. -- -- I think it's really more about what's going on in the coal industry than the broader economy obviously the broader economy is still very. Sluggish and jobs judge -- and there but. Within coal demand for -- has really collapsed in part because of what the Obama administration. -- in the new regulations that they're putting around Cole an -- it is natural gas prices have plummeted. And so energy producers charges and -- users say you know what I would rather have natural gas. Produce energy than coal fired energy and so. Coal production it is really in a tailspin right now interest because obviously energy. Conservation. And energy production is always an issue that's being talked about in the election season has -- of course President Obama and Romney -- been talking about. I ask you mind. About it is in and -- he's been hammering Obama on this -- producing states like West Virginia and right or wrong it's definitely an issue that -- better for the Republicans right now than it does for the Democrats I wanted to ask you -- about FedEx because they have cut their outlook for the year what's the reasoning behind us. Right so this is a reflection of what's going on the broader economy is actually the second FedEx warned a week and a half ago. And then they still came at a disappointing the street this morning which is a really bad sign for the company and -- reflection of just a really sluggish global economy. Where you know -- -- they're still doing overnight shipping but maybe they're not doing you know first thing in the morning the you know the more higher end products that FedEx offers and it is seeing overall demand is down for what they offer and so this is definitely. A big sign that the global economy is not doing very well right now. If people aren't shopping people aren't -- in August upon -- a bit of a mystery yesterday there was a sudden drop in oil prices. What what caught was -- a mini flash crash I know no one ever likes to say that word but. Is -- much explanation behind this thing. There isn't a lot of explanation behind -- and and I have heard some traders say yes it was kind of a mini flash crash which is is a very scary to think about it basically you know you have the machines. The operating at such high frequency. You know trees and if something goes wrong there you get these sort of air pockets in the market. I have not heard any fundamental explanation for why all prices fell sharply as they did. And if you talk that your agency that over a lot of commodity prices came down in anticipation of this -- you don't know somebody. You know -- -- on copper that was paired with -- oil and copper was going down some it's an idea very out of oil but. Just the speed at which it happen in this size of the drop. It's definitely it was concerning to even the proves he -- this stuff which should be really worrying for the rest of us which is exactly to the point that so many investors will say professional obviously -- saying. -- investing is not for the faint of heart do not get into this to get something like this can possibly happen any time. Actually even more than more than ever it's not for the faint of heart yeah especially these markets are structured today. With all this computer -- going on you you never know you know somebody -- -- wrong button. Or -- there could be some -- out there that says you know sell everything tomorrow and the rest of us you know. Ten minutes leaders in what has happened. Writes another pushes -- to get back to the days we have all the traders on the floor -- up in different colored coats -- -- -- papers right yeah I don't know whether we're ever going back -- -- but they're there definitely is a little bit of a push and we need some human element -- -- kind of keep control over that computers are right -- -- -- Yahoo! finance -- thanks much have a -- Tuesday. Thank you to you.

This transcript has been automatically generated and may not be 100% accurate.

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