Transcript for Syria Weighs In On The Markets
Hello everyone I'm tired and is in New York with this morning business report market started in the red this morning fears about a strike on Syria weighing in on investors here at home. Around the world at -- tell us what. That worry might lead to and break down the top business headlines of the -- am pleased to have Jeff MacKey from Yahoo! finance and that's good morning Jeff. -- -- -- Had he not gone wild welcome back now I -- -- advocacy. And and what -- time to return the president was just speaking in Sweden a few moments ago trying to convince Europe that a strike on Syria is justified. Yesterday it seemed like more congress members were on board what is system into the market. Well the market's getting a little skittish over this serious and understandably so. But here's what we have to separate. Human rights and and -- the agenda of the states from really what the market is looking for and what they'd want to see now strictly from a financial perspective. It's good it's bullish -- my opinion. That you're getting the Republicans on board -- -- as -- -- it reduces the chances that this debt ceiling debate is going to be an issue. That -- Tennessee's equestrian event that all the nightmares past come to visit us on -- DC. There's going to be a little horse trading going on on this thing just a president can get support on the Syrian issue. I think this is bullish for the market is gonna take its time deciding whether or not this is a good thing. The market wants a limited strike and they -- it over with now preferably yesterday. And that would at least get us out of the way I'm -- but then again we don't want -- DC to get a lot of attention otherwise because this budget thing has -- -- credit concerns about oil because it's here. -- -- -- doesn't have much of an impact out conventional wisdom says any time in the Middle East gets involved what you do is you -- oil. There's oil goes higher and and that's going to be an issue only about 3%. The oil wouldn't and score knotted the series not a big player is what amounts to -- got a straight or moves that's an issue. But the -- is not betting reliever that's going to be protracted problem on the -- -- -- does something extremely -- at which point. They're really going to incur the wrath of the -- at this point Syria kind of house where they want on the limited missile strike they'll be fine. So they're probably not going to upset the ship all that much fighters have increased industry's problems -- -- and trade deficit numbers out this morning renovation out. They show that exports are lousy because the rest of the world's following a Harvard -- -- okay because we're doing a little better than mat -- gap widened last month or July. It you know -- -- the street doesn't make too much of this -- it was to be expected we know that China is getting worse we know that Europe is not any great shakes. And you know the US consumer likes to buy stuff and so -- -- that. That the excuse of some problems -- budget exporting more goods and services but it was -- that it heads was not unexpected at least. Peso. Not a subject get credit rating agency Standard and -- is locked in a lawsuit with the US and give us an update on what's happening here. The US is suing Standard and -- for five billion dollars they're saying that the housing crisis involved some these ratings agencies. Actually kind of inflating the grades -- the -- debt offerings in fact exacerbating the financial crisis. What Standard and Poor's -- -- is that your selectively prosecuting us on this matter because we downgraded the United States in August of 2011. Wait what standard -- jumped on the US credit rating. And that was the first on their credit rating agencies has ever done something the US and -- last time all these budget issues were really on the front page of the State's. Both sides are right here -- Post -- are absolutely right and in my qualified opinion then and I actually -- a department. But the -- Arab force absolutely has a point that this is very selective because Moody's didn't get the -- None of the other agencies didn't Standard and -- operating in that -- environment are also saying. But hey it's our First Amendment right. -- giving campaign we said the US her rating has is worse now because we have these budget portfolios going on. We'll see how that plays out because it's justice not gonna -- -- -- -- not -- give up this case without taking a bite out of standard -- the truth there's ratings agencies in my opinion really shouldn't exist anyway so pox although house. Right JC Penney have some trouble for a narrow. -- -- back to school accidentally question is between allows -- cut. -- Cheryl Brady I can't even talk about what's going on the stores here's what's happening now. Hate it they're a -- Christmas is going to be terrible let's get back to school because that's a disaster and -- are you -- tweet. I'm not a between -- myself. But the -- T what happened there as they got a -- Blackmon had an 18% stake of pennies and the reason they -- so much even more than they used to. Is that ran ran into the ground he dumped its stake last week and a bunch of big week hedge funds are getting on board. Guys -- really know what they're talking about you you have Kyle bass is a big way down Texas. -- got guy who owns Barneys New York which also owns Lord & Taylor he's getting involved so you're seeing that state school adopt. By big players who know what they're talking about I think that's bullish for the company. But man they've got miles to go before they sleep for the companies and big big trouble and might just say they don't have anything in the stores right now that's gonna turn that around. The bullish argument is that having. Deep pocket investors on the pennies for -- lot of company and get through some these financing issues that they haven't survived to play another day. Chelsea and -- heading Frontline -- a penny that's nice to Colin. Yeah I -- -- it turns out they're kind of a mediocre department store chain but -- states could survive. News out of Detroit Chrysler is having a boost in sales that's good news right. That is good news that the car industries didn't en Fuego as we say and in my non Spanish speaking house. -- the car industry we're gonna get those results all day today Chrysler came up with 12% and sales improvement we've seen. Record in some cases sales going on cars and light trucks which is fantastic because we're not having just the last time numbers were this good. -- -- -- cash for clunkers that whole little stimulus thing that we had going on. That was last time numbers are this good and so it's nice to see good organic demand picking up on the automotive sector. That's organ watch those numbers today we'll hear from GM later Ford later the entire group. Comes out whether sales figures -- expected decreased wrong. What do you make you. I don't know if it's -- it's would you think I was cooler with with a big smile watching the big clunky armed sounded like a Wonder Woman died of on -- would you get want. Hi I'm on the fence and maybe other people aren't you -- -- -- right. Other huge is exerted -- enormous legacy of their there kind of Wonder Woman bracelets are there there he BC NFL quarterback what does big things. I'm not so sure you need it they gathered jury's out in terms of whether or not people want these things. But you know Woolsey did the folks have done -- things you're gonna put on a continuum where he got phones on the one -- kind of in a -- of many of Google glass on the other -- no one's gonna Wear those ridiculous on glasses. Spot watches or somewhere in the middle Woolsey -- -- -- maybe your Bible gone shopping together and we'll see people like them knowing that -- -- anything more Smart check accidentally. Out of finance thank you so much for joining us gonna take a look at the -- before we go -- -- almost sixteen point.
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