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Justice Department Sues S&P Over Mortgage Ratings

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    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 4:58
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This is this Imus in the morning.

-- -- -- -- Good morning everyone the Justice Department is -- Standard and -- for allegedly inflating its ratings of mortgage bonds that crashed in the financial crisis and cost investors billions.

In a court filing the government says it seeks monetary penalties from S&P and its parent company McGraw-Hill.

In the first US case against a credit -- ratings agency.

Over the housing meltdown that's and he says the lawsuit has no factual or legal merit.

Shares of McGraw-Hill plunged nearly 14% yesterday after the company said it was expecting that lawsuit.

President Obama set to meet with twelve CEOs at the White House this afternoon to talk about ways to improve the US economy.

-- president's guests will include Goldman Sachs chief Lloyd Blankfein.

Yahoo! is Marisa Mayer clouds -- felt about cola Coca Cola's -- chart Kent and -- my sick of United Continental among others.

The president expected to focus on overhauling immigration -- as part of a broader economic agenda as well as efforts to achieve balance deficit reduction.

The White House says the president is also set to meet with progressive in labor leaders this morning to discuss those same issues.

Liberty Global is considering making a bid for Britain's number two pay TV operator Virgin Media.

Virgin has confirmed that it's in talks with John Malone's cable group over possible deal.

Liberty is active in thirteen countries including eleven in Europe and recently increased its stake in a Belgian operator.

Virgin Media which has a market value of ten point six billion dollar sells cable TV.

Telephone and broadband Internet services.

It competes with UK market leader B -- -- which is owned by News Corp.

the parent company of the Fox Business Network.

And we have earnings in from -- -- -- -- busy auto parts company is reporting adjusted profit of ninety cents a share topping estimates for 87 cents.

Revenue was also -- -- three point 77 billion dollars analysts were expecting three point 76 billion.

Checking the markets now in Europe profit at BP fell from a year ago but still topped estimates -- UBS recorded.

A two billion dollar loss for the quarter after booking alive were fine eurozone -- on PMI and services were also better than expected but still -- Of what's considered expansion stocks are up across the board though London's up forty thing those Farris.

Frankfurt's up fifteen let's take a closer look now what's -- those markets with Peter Dixon global equity economist.

-- Commerce Bank in London Peter French president -- -- said that the eurozone currency.

Must develop an exchange rate policy to protect the currency from irrational movements what's your take on -- I mean Tbilisi -- like while the French -- -- because it basically says that so we don't trust the markets that the wide body and read what twelve house some state intervention.

Or or Fisher body of -- -- development how prominent guests to some extent he's responding to the concerns.

Of rising out of rising Euro which -- being traded volume weakening of other currencies but some.

Going to be honest unless the ECB steps -- -- stock split in the market with you as I can't see yet -- -- anybody can do about it right now.

And Peter news survey shows that Britain's dominant service sector return to growth in January and that optimism among companies.

Is up so let's say about the UK's chances of falling back into recession.

Well -- -- that old -- all that in January at least the the numbers will roll them back to the we've seen over the past couple of months so.

And we hope of getting get a positive led growth which in Q -- following.

He had been -- fourth quarter numbers so let's hope that we're not gonna get that so much for -- triple dip recession.

All right that's Peter Dixon at Commerzbank over London nice -- talk to Peter thank you.

And we -- earnings now from Archer Daniels Midland the grain trader and processor is reporting adjusted profit of sixty cents a share.

Topping the estimate by two cents revenue came in at two point a 24 rather point 92 billion dollars that also -- the -- that the 21 point 22 billion.

And shares of -- Brands fell more than 5% in extended trading after the fast food chains.

Fourth quarter profit was down from last year and the company said it no longer expects earnings growth for this year.

The parent of Taco Bell KFC and Pizza Hut.

Reported an adjusted profit of 82 cents a share down more than 5% from a year ago but in line with expectations.

Revenue four point 15 billion dollars just topped the estimate.

-- same store sales in China were hurt by negative publicity from a government review of its poultry supplies.

Though it says it no longer expects earnings per share growth this year due to continued negative same store sales.

And the expectation that it'll take time to recover consumer confidence.

Boeing meanwhile has asked US regulators for approval to conduct test flights of its 787 dreamliner.

-- investigators work to figure out the cause of recent battery issues on two of its jets.

The company submitted an application with the Federal Aviation Administration which says it's evaluating that request.

Imus in the morning continues right now on --

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