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Besides just Exxon and -- follow -- fellow energy companies -- Phillips.
Whether it's pass all of them been reporting earnings this week about profits plunging in some cases.
-- 76 -- and 80% in respectively in the past quarter but while these companies report major -- Look at it.
-- this week.
-- on the latest issue claims that the recession is over.
Citing positive news from home sales the stock market's rally and of course the flowing of unemployment claims which we'll get out just about a half hour.
However the president disputed magazine -- yesterday saying -- -- only starting to see the beginning of the end.
Joining me now for all of that is -- -- for Dow Jones Newswires David bars.
The CEO of investment advisory service -- third avenue management and Arianna Huffington the founder of the Huffington Post and author.
At the trough how corporate greed and political corruption are undermining.
America good morning everybody money -- again this morning carried out giving new instead newest player here since we've been sitting together I've been sitting with David Arianna throughout the morning.
Look only have right now is on the surface here it looks like it's an an earnings miss for Exxon perhaps not a big surprise.
We're in such a different place than we were a year ago when oil prices -- with a 150 dollars a barrel.
What does this suggest about the economy.
Like the most alarming things that -- and missed its earnings I mean it's no surprise and its earnings would be lower it's no surprise.
That its revenues would be lower were in the middle of a deep dark recession here.
But the fact that they can't manage expectations on Wall Street or even managed vehemence that they have to cost cutting.
To make those numbers match in the expectations or at least it was in a couple pennies of it.
Shows you just how troublesome the market is right now.
I you're talking about the news we cover I think when you're in the middle of -- deep.
Long protracted recession there's a temptation in the media -- -- look -- recessions all right because because it just goes comment.
There's one bad news development after the -- and editors of magazines and and an economist and and people off throughout the economy are are are so.
You don't want to say oh look it's over every little little positive sign you -- -- make such a big deal out of it because they've got no other mr.
Report David I think -- makes a great point -- changed and it's very very hard for corporations in this environment.
-- to really project where earnings are headed a lot of that has to do with the volatility particularly of oil prices right now.
It is that -- usual given how deep this recession is and president -- problematic or is it just the -- of the economy.
-- I mean as I said earlier predicting the future is it very difficult thing to do and people spend their time doing it.
Mostly get it wrong.
So we'd much rather focus on fundamentals I think -- -- noted is important the fundamental situation here is not good.
Even their ability to try and manage Wall Street failed.
And and this is sort of an indication of what has been going on the last few weeks that scare us quite frankly we're just looking at fundamental.
Deep down research on individual securities we're not seeing anything in the common stocks of companies that give us a reason to want to -- but we like credit.
I do want to mention by the way the bottom of the screen we've got Kellogg's MasterCard a couple different companies reporting for putting them on the bottom of the screen.
Arianna what -- what does it say because if you I'm sure of the call.
A year ago there was all of this war -- about Exxon and its profits and and what they're really giving this government and tax change and whether or not they were hurting the consumer.
-- it seems to where we arguing -- and half later since they're having that dialogue not too long ago went commanding it well -- -- at the consumer.
If you're not getting the benefit can it stay in this enterprise we don't have gas prices at gastronomic elevenths that we had -- -- that time you're describing.
But you know stating it would Don have -- actions that it would have been incredibly inefficient especially right now -- every penny counts.
So that is kind of ready dissing and it would be great just keep quiet on this much -- that.
Available supplies have not translated into lower prices sufficient enough prices so when you look at that made him leading X.
Which includes you know gas prices which includes an on -- month which includes a food prices have not about.
And they meet doing except we're confident that the Huffington Post their content they -- enemies having fix is in fact infinitely wise.
Because of that continent from there the unemployment rate you know a few mistakes that includes as we said -- on the linemen than people today's cars can be a powerful.
And it does bank -- that in -- Credit card default.
And growing number of -- crafted -- caused us so.
When Allen said that there isn't a lot of news for the plot but if I'm fortunate -- not to my -- -- -- -- some other news I think.
It'd be great if -- -- -- actually went out.
In the country and put fashion blog on this -- and see what's happening to the middle class because.
And economists are predicting that eight to ten million mob middle class that when I've gone to flying around from the floor -- can make a statement.
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