You're watching...
FBN’s Diane Macedo on the potential deal to save Knight Capital from bankruptcy after last week’s massive trading error.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Good morning everyone there maybe -- -- -- Knight Capital Group but it looks -- the trading firm lot to make some big adjustments after last week's -- trading error.
Sources tell our -- Charlie Gasparino the plan to save night from bankruptcy involves a deal with a group of creditors.
That would massively dilute existing shareholders.
Terms of the deal call for the issuance of convertible debt to a shareholder group.
That includes discount brokerage firm TD Ameritrade and get go which runs -- market making business similar to night.
Fox Business was first -- report last week that night was considering a convertible deal.
Official word could come before the start trading this morning trading error caused by a software glitch led to a more than 400 million dollar hole in nice balance sheet.
The deal follows days of negotiations between bankers and night officials including its chief executive Tom Joyce.
But Gasparino reports -- job may still be in jeopardy.
Because -- -- -- trade may have been preventable and the plan to rescue the firm could pressure nights already battered stock.
Let's take a look at markets this morning Asian shares closed higher in reaction to the stronger than expected US jobs report from Friday in corporate news -- Sony's ratings -- on review by Moody's for possible downgrade.
Markets in Asia though up across the board the Nikkei and -- both up about 2%.
Over in Europe stocks turned around from earlier losses.
After standard for downgrade fifteen of Italy's biggest banks and cut the ratings on fifteen more as we said stocks were done that he's been our -- -- -- -- London's up by about seven or eight points Frankfurt is up by thirty Paris is up by eleven.
Here in the US similar numbers -- across the board though not by much Dow futures are up by five BSB's up by two in the nasdaq's up.
By about ten this after stocks surged to end the week up after the US economy added 163000.
Jobs in July.
The Dow rallied one point seven hours and it -- -- of more than 200 points the S&P 500 and the NASDAQ rose about 2%.
There's a celebration at NASA's Jet Propulsion Laboratory California this morning as the most high tech Mars rover ever built.
Successfully landed on the red planet the rover sent back its first picture shortly after landing.
At two and a half million dollars curiosity is the most ambitious and expensive Mars mission yet.
Over the next two years admission will -- drilling into Iraq's scooping up soil and exploiting the planet's environment.
Berkshire Hathaway says its second quarter net profit fell 9% from a year ago due to losses on derivatives the company sold.
But the company and led by Warren Buffett says it's operating profit jumped 37%.
To three point seven billion dollars.
Thanks to a boost from the company's insurance operations business also approved of the conglomerates utility railroad manufacturing and retail.
