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This is rated Imus in the morning.
On the part.
Good morning everyone President Obama delivered his state of the -- address last night focusing on jobs energy and taxes.
Among other initiatives the president proposed implementing the Buffett rule Fox Business is Peter Barnes has the details.
Well President Obama hits the road this morning on a three day five state tour to sell.
The proposals in his State of the Union Address including his proposal to implement.
-- -- -- This is the tax proposal that would raise taxes on the wealthiest Americans.
Named after famed investor Warren Buffett.
Who complained that it was unfair that he paid taxes at a lower rate that has secretary.
Tax reform should follow the buffet wrote.
If you make more than a million dollars a year.
Usually not pay less than 30% in taxes.
And my Republican friend Tom Coburn is right Washington should stop subsidizing millionaires.
In fact if you're earning a million dollars a year you shouldn't get.
Special tax subsidies or deductions.
Republicans did not immediately embraced the idea.
It's absolutely so that everyone should contribute to our national recovery including of course the most affluent among us.
They're Smart ways and dumb ways to do this the dumb way is to raise rates in a broken grossly complex tax system.
Choking off growth without bringing in the revenues we need to meet our debts the president also asked congress to approve legislation.
The launch -- a big new mortgage refinance program.
But administration officials said the details and the cost would come in coming days back to you -- New York.
I Peter thanks and we're getting Herring did from United Technologies right now the companies reporting a profit of a dollar 47 cents per share.
EPS -- -- by a penny the essence for a dollar 46 the share.
Revenue came in -- 114.
Point nine up fourteen rather point 97 billion dollars the estimate there was for fifteen point 07 billion.
Apple shares meanwhile have surged more than 7% in the premarket this morning after the company blew past analysts' expectations.
With its fourth quarter is -- first quarter results rather yesterday Fox News is Robert -- in the newsroom with the details Robert we're seeing a lot of record highs in this report.
Yeah absolutely a lot of record highs record high for the stock in early trading as well Diane not yet take a look.
At the record sales and profits of about thirteen billion dollars in profit off just 46 point three billion.
In sales -- sales revenue some 73%.
As you mentioned very easily clearing the expectations on Wall Street.
In fact -- management on the conference calls and it can make you know five phones to meet the demand out there in the last quarter.
I mean they also said Dodd had -- a record sales vipers 37 million of them ipads.
Max all record levels iPod sales slipped a little bit just fifteen point four million but that was still better than analysts were expecting they're gross margins expanded.
As they at cost less to make their products and of course they were still getting this the same -- Price point.
And the forecast from apple which has historically come in with a low ball estimate coming actually above expectations on the -- so that's also helping propel the shares higher.
After the the miss the in the prior quarter of course is a lot of people put off clearly put off there iPhone purchases until the debut of the iPhone four -- which cannot in the last quarter.
As so it he saw that moving higher and again the stock moving higher in after hours currently trading about 420 bucks a share.
That will be sorry I was right close arsenic are currently up about 451 name change -- easily about twenty bucks higher than a year prior record high back to you.
Our average thanks.
Let's take a look at the European markets now -- reading of fourth court EU KG DP came in down zero point 2%.
That -- a bigger drop than what was expected meanwhile ericsson's profit was cut in half.
As the global slowdown reduce demand and that's also weighing on the markets you can see London Paris and Frankfurt are all down roughly thirty points there and with more on what's moving those markets joining me now is Commerzbank global equities economist Peter Dixon.
-- apple reported some record results yesterday as we just talked about with Robert how -- those numbers factoring into the European markets today.
Well you know to be honest I think -- EU European markets and if we're -- problems at moments.
The fact of the matter is that.
It looks like a lot of European investors taking even a profit they're using the perhaps bodies -- -- the UK to step out of this market.
It's you know that the but the moments it looks slightly going to happen one of those days -- nothing much is happening.
Alright Peter thanks.
Let's take a look at commodities -- oil and gold are both down oil down about seventy cents.
It's hovering around 98 dollars a barrel -- down roughly eight -- that 1655.
Coming up this hour Imus and -- -- -- New York Times best selling author Deirdre Imus and Fox News legal analyst -- -- -- -- online Imus in the morning continues right.
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