Stephen Schork on Oil: Supply Glut, Sees Oil Under $40 (Audio)

dollar rose, oil fell. Jim Bianco was the president and founder of Bianco Research, and minutes ago right here on taking Stock, he had this to say about the Federal Reserve and its data dependency report is Friday. Is that it all comes down to Friday's number one number that gets revised many times over the next several months. Is that what's going to drive the Fed into deciding whether

to raise rates or not raise raids. And that's not a very good way to do Paither the ten uere down to thirty seconds, yield one point five seven percent, SMP five hundred index down four to seventy six, and drop of two tents of one percent, the Dow down forty nine, a drop of three tents of one percent, and has stacked down two tenths of one percent. The Conference Board says consumer confidence increased to an almost one year high in August as Americans became more optimistic about

the labor market. Conference confidence increased to one oh one point one, the highest in September. From that, he's six point seven. Lynn Franco is Director of Economic Indicators at the Conference Board. She was also our guest right here today on taking stock. Well, we've seen sort of a combination of factors. We had a nice increase in the present situation component, and that's now at back to pre recession levels, so it's been sort of a long climb.

Expectations also gained some grounds, so I think overall consumers are feeling a lot more positive about business conditions and climate conditions. Uh, and the outlook ahead is a little bit improved as well. And today we had gold down thirteen dollars, the ounce declining one often again. Apple shares law today by eight tenths of one four oh two on Wall Street. Now, let's look at other news from around the world. A Bloomberg Radio Charlie. Thank you from

the Bloomberg news room. I'm Mark Crumpton. At the Eye, Director James Comy is again warning about the bureau's inability to access digital devices because of encryption. He made his comments today at a symposium in Washington. As we make it harder and harder for them to get physically into this country to kill people, to do damage, surely they are going to turn to try to come in as

a photon and doing damage through the Internet. Come also addressed concerns that Russian intelligence officials may be targeting the presidential election. Anonymous threats have forced the U. S. Department of Agriculture to close some offices. USDA spokesman Matt Herrick says they're working with the FBI, federal and local law enforcement to determine if the threats are credible, but for now, he says, workers at six locations in five states will

not report to those offices until further notice. The closures come after several anonymous messages raised concerns about the safety of U. S. D A personnel and facilities. Those offices are in Colorado, Connecticut, North Carolina, Maryland, and two in West Virginia. Amy Moore as Bloomberg Radio, the New York Health Department is making substantial changes to its medical marijuana program,

which has been criticized as being too restrictive. Those changes include expanding access to the drug, including allowing home delivery and enabling nurse practitioners to certify patients as medically qualified to use pot. Governor Andrew Cuomo's administration is expected to announce those changes today. Global News twenty four hours a day, powered by more than twenty d journalists and analysts in

over one countries. I'm More Crumpton, this is Bloomberg, Charlie, and we thank you, and again recapping a move law for equities, the DAL, the SMP, nestak All declining, SMP down four to seventy six, a drop today of two tenths of one percent down, Industrials down forty eight, a decline of three tenths of one percent. I'm Charlie Pellett and that's a Bloomberg Business flash. Move around. Motion creates the motion. The elite move move like they do. I've

never seen anyone move that back five people. Let's move like to get a purpose that he was called movers and shakers that costs a little moment. That name cracked me up. Bloomberg taking stock movers and shakers with Pim Fox and Kathleen as on bloom Radio Movers and Shakers. You know, if you look at the major market averages and those fractionally lower clothes which Charlie just read us the numbers on, it might mask the fact that there

was actually some more of a definitive move lower. I think in stocks, if you look inside the SNP five hundred one eighty seven gainers but three hundred fourteen losers of four stocks closing unchanged. Joining me, now, our stocks are, Dave Wilson, what are you kicking off with when it comes to moving and shaking? Well, since it was a down day, we might as well start with the stock that fell the most in the SMP five hundred, and

that would be hers. She And it was around this time yesterday we found out Models International abandoned its effort to buy the chocolate maker now her. She had rejected mondelies As in her initial offer about two months ago. Person familiar with the matter said Modeliese had proposed raising the offer by eleven dollars a share two hundred and eighteen dollars. Trouble is her she wanted at least a hundred and twenty five dollars, and we've seen this happen

before over the past. That get in then half where the trust that controls her she on behalf of the Milton Hershey schools set up by the company's founder. Just doesn't go along with the potential suitor and the latest set back hers she shares down almost eleven on the day, and I'll point out models up about four. Well, uh, you know what, I'm just gonna rubbing my eyeballs to

make sure I'm reading it correctly. When to look at Apricrombie and Fitch, the big teen retailer that is struggled with all kinds of things like dwindling mall traffic and a tourism slowdown that is hurt retailers that rely rely on the kind of large flag flagship locations in major cities that drives sales. Abercrombie and Fitch again, do tell

me the most in three years. The loss of the second quarter was twenty five cents a share excluding some items, after analysts had projected a loss of twenty cents on average. The company also plans to close more stores, extending a push that is shrunk to change US store based by a third in the past six years. Stage. So maybe down the road that will help Abercrombie and Fitch, but not so much today. How about Potash Corporate Saskatchewan. Now that's not a name of here every day. It is, though,

one of the biggest companies in the fertilizer business. And this is an industry that's been hurt by lower crop prices. Because farmers don't have as much money to spend, they don't need to buy as much fertilizer. Well, Potash Corp. Said today it's and talks with another Canadian fertilizer maker, Agrium, about what it called a potential merger of equals. People familiar with the matter set a deal maybe reached as soon as next week. Uh Potash Corps up twelve percent

in US trade and Agrium of seven percent. A couple of US fertilizer makers hire as well, CF Industries Holdings up four percent and Mosaic with a gain of almost nine percent. Well, you know, sounds me like you can can entice away in the CEO of one of your competitors. Investors can like it at least for a day or so. I'm referring to UH, United Airlines. It's hiring Scott Kirby.

He's going to be their new president. He's hiring Kirby away from American Airlines, and they're they're just all trying to increase the roster of executives who will have to contend with fair declines that are pushing industry to its worst returns in five years. Mr Kirby will join United Continental Holdings immediately. And this sudden move is filling a keyboid at United. It provides a potential successor who has

deep airline roots to uh do the company. Uh. The stock price for United Airlines is up eight good day for the airline stocks overall to American up about two and a half percent, Dealta up one point seven percent, in Southwest up two percent. Since you mentioned Abercromby, we might as well go down another apparel road and look at G three. Now. They have a number of brands, uh Bass Shoes, for example, and unfortunately the news was about as bad for them as it was for Abercrombie

when it came to earnings. G three with an unexpected loss for the fiscal second quarter revenue trailing. Analyst Savage esmates in Bloomberg survey G three's forecast for the third quarter in the year coming up shorter projections. You put that all together and the stock fell twenty point seven percent, just a bit more than just a quick comment on GAP. I feel kind of bad for them day because they had this big fire that destroyed their nine d square

foot distribution facility in fish Kill. Was ravaged by flames Monday night. Employees escape safely, so that's the most important thing. But they announced they were investing nearly a hundred million dollars in this facility and adding jobs, so investor is concerned about being able to ship things out online. The price of the GAP stock down four point three percent today. Let's take a quick look now at our Volatility Index

report brought to bias cboe VIS Options and Futures. Volatility can be harnessed with CBOVIS options in future associate disclosures and learn more at cbo dot com. Slash Powerful Outcomes VIX. Actually the VIC speaking out a small game that's at thirteen point oh four, up about a tenth of a percent, but still if you take a look at its long term average. It's well off the long term average of twenty and that makes people fret because quiet times like

this can be accompanied by extremes. Alright, Dave, you're up. Hi, My name is Dave. Just what do you think you're doing. We're going for the price Dave drumlow roll please as we're getting ready for his stock of the day from Dave Wilson Tech Data. Right. You know, some stocks Kathleen vance to arise even though they have little support from analysts, and indeed the technology product distributor tech Data is one example.

Now tech Data, they've been public for thirty years. Company shares trained on the ticker t e c D. They rose in each of the past three years and gained as much as percent this year. Yet data combined by Bloomberg shows animal was Cell. Ratings on tech Data out numbered buys three to two. As of yesterday, five other analysts had some version of the hole rating. The balance

shifted in tech Data's favor today. Bank of America Merrill Lynch raised its rating to neutral from the equivalent of Cell. The firm sided week recent weakness and the shares, which dropped as much as eighteen percent after sending a record in June. Now tech data climbed as much as seven percent. Today in the wake of Merrill's call, Stock closed with a game of four point three percent. That was the biggest advance pro tech data in the past three months. Alright,

check data. Dave Wilson, Stocks Editor his chart of the day. If you want to follow him Twitter, just check out at the one Dave Hey. You can follow me at Katheene Underscore Hayes Catheine with the k H A y s. But the most important thing of all taking stock. On Bloomberg Radio, We're gonna be looking at Core next. The price of the cbot reached its lowest since two thousand nine. Boy, what does that mean for farmers? We're gonna find out.

I'm Kathleen Hayes and this is Bloomberg. A look at corn, a look at soybeans, a look at the agricultural commodities industry. To find out where commodity prices are now and what investors are thinking about where they go next. That's coming up on Bloomberg Radio.