norfolk southern didn't have to react to it. we could not make a trust structure successful without their cooperation. >> the statement that you made does not mention csx. what about csx? >> well, eric, we kind of turned that page. i don't see a lot of difference between the two. the opposition with norfolk southern i would presume that csx would have the same position that they had previously. unless somebody changes their mind or attitude, i would hate them to add, if you look at the statements of the so called big board in the u.s. i would say big four minus one now. they came out publicly against the merger after they had done theirs. it's fair to say in the -- matt rose has said, as i read his statements that me made -- he made public. merger could be a good thing. it's the timing issue. >> hunter, if that's the case if it's just a matter of timing you shown a willingness to go back at this more than once. can we safely assume that hunter harrison will try to find another way to buy norfolk southern or csx and create a tran

. >>> norfolk southern's jump in profit yesterday. did i mention apple? i'll tell you it's time to hitch a ride with norfolk. it's a critical new reality for the digital age. companies and governments spend their money on hack attacks. i have an under the radar screen name that's going to be down with all the other tech stocks. maybe you ought to think about it. stick with kramer. we need to be ready for whatever weather may come our way. my name's scott strenfel and i'm a meteorologist at pg&e. we make sure that our crews as well as our customers are prepared to how weather may impact their energy. so every single day we're monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. during storm season we want our customers to be ready and stay safe. learn how you can be prepared at pge.com/beprepared. together, we're building a better california. >>> if you want to know why the global economy is getting stronger. it's all about the bases, as in the basic material stocks. the stock market isn'

norfolk southern socks falling on the news.ulie: and canadian pacific getting a bit of a lift now that this is ending. canadian pacific up 4%, norfolk southern down about 1%. the nail in the coffin appeared to be the justice department. canadian pacific try to create a trust so that the ceo of canadian pacific would run northern pacific -- suffolk. these things were piling up, resistance to the deal happening. an analyst at callanan company said in a note, canadian pacific is walking away from a negotiating table which never really existed. , but the twoorts were never really insubstantial talks, so the question is what happens now. pacificast, canadian has held talks with csx, but those were also rebuffed. csx today is little changed. our analyst suggests the kansasng target could be city southern. we spoke to officials about whether they had a preference in either of those mergers. there is noaid favorite, both organizations in the east would work with our franchise. there is not a favorite. one has this advantage, what has t

is upesult, his company 4%, norfolk southern, down 2%.wo months after morgan stanley cut its price from $64,half, $232 now the lowest on the street. losinglyst says they are apparel market share for the first time in three years. thank you. abigail doolittle is live at the nasdaq looking at a couple of stocks moving in completely different directions. abigail: good morning. alphabet shares are trading higher after an upgrade from pivotal research. the analyst is making the call ahead of the company's earnings report later this month. he believes business trends are positive for the first quarter, expecting 16% year-over-year revenue growth. he has also raised his price target sharply with a long-term ascending channel, suggesting that google could trade toward those levels. direction,he other .n sus therapeutics revenues are likely to miss estimates by as much as 30%, citing a decline in prescription volume. nevertheless, they expect to remain profitable. a stunning amount of short interest on the stock. thank you. we are back with a luke

betty: speaking of widening, the two stocks of norfolk southern and canadian pacific are moving in oppositetions. looks like a merger no more between the two after canadian pacific was basically rejected three times by norfolk southern. the oj voicing their concerns about these two big -- doj voicing their concerns about these two big operators. even the u.s. army saying having these two railways operate as one could jeopardized national security. another loss for bill ackman. meanwhile, european markets done for the day. u.s. markets are still open. abigail doolittle has more on this rally we are trying to hold on. abigail: we do have the nasdaq higher but the gains have been really paired largely due to health care and biotech, especially in therapeutics. the company pre-announced a downside saying opioid scrutiny has hit one of the company's he drives in the first quarter. is a bad miss on the sales side. they are looking for the drug to come in as much as 30% of where analysts were looking for. they say this is very significant. and analyst says it could go to a year-over-year decline f

that does not make sense, or that would probably not be in the benefit of norfolk southern.y got norfolk southern shareholders to be on board with it, it looked like something regulators were going to block no matter what. the obamaen administration get stricter and scrutinize these really big mergers. harsher than they have been in the past. mmseen that and the general -- animus between the two, it never really got off the ground. discussedver really the issue. the said the offer was woefully inadequate, but they would not tell us what that meant. so we effectively saw the deck stacked against us and said, look, let's move forward. his is not the end of the world. scarlet: among the stocks moving is chesapeake energy. producerck deck pledges assets for eight $4 billion in credit line. line oft only is very credit that did not get cut, but it got access to $2.5 billion in first lane loans. what does chesapeake have to do to get this kind of --? cash? kind of >> the company said they are unwinding that credit line, it itld take a lot of gold -- would take collateral they pled

that does not make sense, or that would probably not be in the benefit of norfolk southern.ike a deal like even if they got norfolk southern shareholders to be on board with it, it looked like something regulators were going to block no matter what. over the last year, we have seen the obama administration get stricter and scrutinize these really big mergers. harsher than they have been in the past. between that and the general animus between the two, it never really got off the ground. it never made much progress. hunter: they never really discussed the issue. they said the offer was woefully inadequate, but they would not tell us what that meant. so we effectively saw the deck stacked against us and said, look, let's move forward. this is not the end of the world. scarlet: among the stocks moving is chesapeake energy. so we effectively saw the deck stacked against us and said, look, let's move forward. this is not the end of the world. scarlet: among the stocks moving is chesapeake energy. the shares are jumping by the most in the s&p 500. as the neck deck producer pledges

but first union pacific yesterday morning then norfolk southern gave you weaker revenues. they still made a ton of money. remember that word i taught you earlier this week? trough? how union pacific stock can increase $6 in two days and norfolk southern can jump 10% in a single session without being taken over. just on earnings. how about growth companies? doesn't matter how well or how poorly you did, your stock is most likely going down. i poured over that starbucks quarter from last night. my wife said why don't you go over to bed? no. i'm looking over starbucks to figure out what i missed. it's not bad. it was solid. we wish we were allowed to buy some for action alerts.com, my charitable trusts. reports say visa gave you a down beat outlook. it's the same outlook as the last quarter. it is true microsoft did flag the material slowdown. that was a bummer quarter. the parent of google didn't make enough money in mobile to make up aggressive spending or outlandish numbers of new hires. i thought they would be more disciplined. it didn't matter anyway. selling in good and

maybe buying smaller pieces of norfolk southern or other companies or perhaps looking at csx.ink there's definitely a chance that there will be m&a in the future. the distraction of this bumpy and and taking a run norfolk southern is gone for now and it seems to be all systems go because that distraction is removed. scarlet: what does the company do in the meantime? do they look at their share buyback program? : almost across the board. they are expecting a large buyback to get going in earnest. 2.8company put aside billion dollars for share buybacks and that program was moving in earnest. they did a lot for 2016 in the midst of this merger discussion and had about $1 million earmarked for share buybacks. that is expected to get higher whether it is city looking at how much leverage they might thew at it, he brings number to about $3 billion put toward share buyback. and there is the story of pershing square and what they might have to do to get their own books in order. pacific,9% of canadian so that enters that overall picture. thank you very much. we will hear from the ceo

canadian pacific ended the effort to merge with norfolk southern due to norfolk southern's resistanceg in premarket trading. >>> alibaba flexing muscles as the world's largest virtual shopping mall. has a bigger impact on retail in china than amazon does in the u.s. new book telling the story of the man behind alibaba. an inside look at jack ma's journey. joining us is duncan clark, founder and chairman of bda china and the author of this book, alibaba, the house that jack ma built. good morning to you. >> good morning, andrew. >> what's the most misunderstood thing about jack ma and alibaba. we talk about the company's size and scale but it's almost for us in the united states either too big to comprehend or i don't think we have a full appreciation of what's going on. >> to coin a phrase it's too big to nail because it is so huge in terms of everybody's daily life. chinese consumers have experienced consumption, many of them, through alibaba. off-line retail in china is pretty bad. first it was state-run stores which were poor and then it was property developers were trying to put u

. >>> no deal, canadian pacific walking away from the norfolk southern bid after norfolk resisted talks forever. >>> and another company reportedly enters the fray for yahoo!. the ted line for bids this week. stocks are looking to rebound for the worst week since february. alcoa due tonight. the president set to meet with fed chair yellen today to discuss the economy and wall street reform. and la and larry fink saying certain actionsi actionsi actionsi may lead to reduced spending and growth. an echo of what he's said in the past. >> right. i think that we're getting actual success in europe. no one seems to recognize that. i think three months from now, germany will say enough is enough. we want rates to go higher. germany will prevail. the numbers that i'm getting, car registrations, employment, pmis from europe, they're all strong. i think this is a backward looking letter. >> really? >> yeah. >> other than japan. japan, i don't know. i can't figure them out. nothing seems to work. >> ten-year negative 0.796 for the japanese ten-year. it is still negative. >> they should just go buy

decline in commodity price is what prompted the proposed merger between canadian pacific and norfolk southern. today the deal ended abruptly. canadian pacific said they will not pursue it. late last week we reported that the u.s. military had raised concerned that the deal could adversely affect the country's national defense. >>> in washington, jabnet yelle had a rear meeting scheduled with president obama. progress being made on reform in wall street. goldman sachs agreed to pay more than 5 billion dollar to federal charges of deceptive mortgage practices. similar to other deals, no individual bank employee is being held responsible. this is the fifth agreement reached by a panel put together. >> today he once again faced a grilling. >> some people have asked if this trust was legitimate, why did you schedule shares in january 2010. mr. speaker, i saw all the shares in my portfolio that year because i didn't want any issues about conflicts of interest. i did not want anyone to suggest that as prime minister i had any other agendas or vested interest. selling all my shares was the simplest w

rails are running hot, and that is after norfolk southern came out with its numbers, having its best d you can see the whole group here, csx, kansas city southern all gaining. visa lowering its revenue forecast, that's down about 3.5%. then there's valeant which is down over 80% over the last 52 weeks. the drugmaker seeking to awe point joseph papa at its new chief executive, and it could be as soon as next week, though they're not commenting. stocks soaring, up almost 8%. start your day at five a.m., we'll see you there. these guys represent blood cells. if you have afib not caused by a heart valve problem, pradaxa helps stop blood cells from pooling in the heart... forming a clot... which can travel to the brain and cause a stroke. pradaxa was better than warfarin at reducing stroke risk in a study. in the rare event of an emergency, pradaxa has a specific reversal treatment to help you clot normally again. pradaxa is not for people who have had a heart valve replacement. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke or blood clots.

. >>> the pentagon is raising concerns about the takeover bid between canadian pacific and norfolk southern. the issue rests on the voting trust canadian pa disk has as part of its bid and says it could affect national defense. the ceo would vote as part of that voting trust. >>> stocks fell as concerns about global economies resurfaced. investors sought safety fleeing stocks they rushed into government bonds as the price of oil fell and the japanese yen strengthened. by the closing bell the dow jones industrial average, which has been w down about 200 point this afternoon, lost 174 to 17,541. the nasdaq fell 72. and the s&p 500 declined 24. >>> you can often find china at the center of global growth concerns. while the recent economic data out of the world's second-largest economy has been better, those reports may not be telling the whole story. >> reporter: the six-week bounceback by the stock market has some investors wondering, what happened to the great wall of fears surrounding china? all the talk of a slowdown in the world's second-biggest economy and its effect on global growth. th

norfolk southern has until now rejected the potential deal. way, companies, by the have not done too badly, unless you look at value, it has dragged down the portfolio for the year. his holdings for the publicly traded company and the netherlands is. you can see the year to date down 32%. accent open the call by saying it has been a tough order. the drug's stick with thing. check out the stoxx 600 industry group. in the sectorocks are up 2.2%. of thehe scattering pfizer deal. it has many people scratching their head and asking who is next? game has includes shiite and astrazeneca. so, health care stocks are driving they stoxx 600 higher today. nokia is up 710 above the percent. it will reduce 40% of the workforce. that could be in the region of 10-15,000 employees. it is part of a plan to save $1 billion annually. another big story today is glencore, canada's biggest pension fund. they will buy a 40% stake in glencore's agriculture unit. i have done a lovely job for you. this is the big aspect of this world. how the miners performed since janu

as norfolk southern earned $129 per share. the street was looking for 97 cents.umber of people laid off, the average head count declined by about 1099 positions. this is not, this is a sad story that i'm telling. i'm not trying to -- just saying this is the correlation i came up. with union pacific was not much different. they will us that the total training was down 22% year over year. 22%. so despite almost every single cargo line being down, over the next two days the stock rallied through 83 to 89. on that best shot. not to be outdone. csx goes from 24 to 27 in large part because it is taking a tremendous. a cost. 13% head cap reduction there. fewer employees than last year. it has a terrific rally. second best performing group this earnings seasons, it is the banks. yeah. the banks. they've gone from 13 and change to 15. no coincidence they've cut that costs. bank of america's head count is down 7,000 year over year. morgan stanley took out a 27% head cut reduction in fixed income. awfully hard to make money there. goldman cut its force by 10%. jpmorgan adde

smallest dividends and the biggest dividend of their peers, the target, norfolk southern.able there. pamela ritchie, thank you so much for joining us. liberty candidate for joining us from toronto. tracy: coming up on "bloomberg markets," new data suggest that loan growth is hitting a plateau despite unprecedented stimulus measures. what will it take to get the euro area lending again? ♪ tracy: this is "bloomberg markets." i'm tracy alloway. scarlet: i'm scarlet fu. miss" on "what'd you yesterday, we spoke to steve and england are of citigroup and he explained the ecb's big lending problem ahead of tomorrow's meeting. stephen: they need to get stellar growth. they have long-standing economic issues. and it is the kind of mediocre growth we're seeing is not going to be enough. we expect that sometime in q3 they will come up with a further package. how effective the package will be -- they all have some degree of effectiveness. none of the countries that have gone into negative rates or where we have seen quantitative easing, in no case has there been a killer package that s

norfolk southern is up, with the news that it increased its cost-cutting goal by more than 50% and posted earnings that the estimates. union specific -- union pacific up 2.5%. a stephens analyst upgrading the stock. recognizes one of corporate a -- recognized as one of the best corporate citizens. carol: big moves. thank you so much. let's get to first word news. mark crumpton is at the news desk. it ispresident obama says up to british voters to decide if the country remains part of the european union. conference, the president made clear he is more than comfortable entering the debate and advancing the case for britain staying in the eu. president obama: i am not coming here to fix any votes. i am not casting a vote myself. i am offering my opinion. democracies, everybody should want more information, not less. mark: the president also discussed syria, saying he has always been skeptical of russia's activities in the country. rinse pre-does is calling on his support close ranks and the eventual nominee. he told party members that he is not giving ground on the possibility of a contested

it happened near newark avenue in a common area shared by csx con rail and norfolk southern railways no. injuries and no hazardous materials were involved. the authorities say that derailment posed no danger to the public. >>> prince's publicist tonight says the remains of the music icon have been cremated. his friends and family members held a private memorial service. among those spotted entering his home in minnesota, was his former percussionist sheila e.. gather to pay their respects. some clutched purple boxes handed out by prince's relatives and friends. inside are various pieces of clothing and memorabilia. >> so i have -- it looked like it came from his home. i'm just going to keep the that. just a book split then for some reason to -- booklet and then for some reason to me this fits my personality so well. >> this seems like something prince would do. >> there will be a musical celebration of his life when organizers have not yet announced the date for that event. >>> and tonight, here in new york city, the boss paid tribute to a prince. purple rain, purple rain >> bruce sp

norfolk southern. why is it working? because it managed to make so much on so little. in other words, it was a bad quarter, but boy, amazing how well it did. how well they did with such a bad quarter. it's like with union pacific this morning. union pacific had maybe the worst quarter of 2016. at least in terms of the numbers, cold down 40%. auto down, ag down, chemical down. intermodal was down. what did the stock do? it opened higher and continued to go higher. why? what's really going on here is that i think we are a moment where a lot of people are going to make mistakes. maybe it was a mistake union pacific went up this much but what happens when things get better? the mistakes, i think they'll take their cue from the action. action says all four of these stocks, you know what? every single one of these, they're washed up. you've got to get out of them. they are train wrecks. sell, sell, sell! i'm saying let's do thinking about that before you take such an action. i care if the company, not the stock, is washed up. as we sift through these stocks, i would rather t

it's not a lot cheaper, but it is cheaper than norfolk southern, and a lot cheaper than a name like kansashern. you get the point. i think what's happening is people are saying, all right. i know the things that have gone wrong and can go wrong, but there's a lot of up sides if things can turn just a bit better. >> it sounds like the company has always been very well managed. if you look at their earnings, they're printing since 2012 in between 11 and 12 billion in sales, so that's a sentiment think. i agree with guy, if you ever see a demand up tick, you would see a multiple expansion. >> we don't care that -- >> it's all relative. the first quarter volumes they firmed up in january, got better if february, year over year there's comps, csx to me has more pricing power than their peers, a lot cheaper. i this think the stock, the up side is limited. i think it can trade at 27, 27.50. >> the cost cuts shows good management trying to get their arms around the issue, and then if they get a bit of revenue increase, they'll get some operating leverage from that that they didn't have on the way

now it's still betting on a merger between canadian pacific and norfolk southern and it will get a votece and there's a proposal on the proxy and consider such a merger and holds canadian pacific and he also touched on the selling of a 20 million share block saying that the company had to adjust it's portfolio. they said it does remain a core holding. continue to be negative on herbalife. they continue to believe that it's a pyramid skeel acheme. that's a quick wrap up of what he had to say in his quarterly call. >> 3.5 years after that short was initiated we're still hearing about it. what's your deal with valeant. you are along the stocks. >> i think we spoke about it during the break, the fact that you can sell the 25 puts and we saw a lot of that on the desk. selling the 25 puts and buying 50 calls was very good. this is before today's news. is fact that he said listen the ceo search is not going to be months longer than that. it's going to be weak so for them to get it out by the end of the month, the fact that the ceo search is probably going to culminate in the next couple of wee

and look at union pacific and norfolk southern. how are they still able to fire people? >> it only wants to see those things because it knows it can't see the other. i mean, if you're telling me investors would not be happy with growth, of course they would. >> i know it's going to rain. >> thai saying we're not going to get growth so we'll figure out another way and withhold judgment. >> if you fire many people and the revenues have any inflexion, second half's going to be huge. i got to tell you when yo go over some of these quarters like caterpill caterpillar, the much maligned caterpillar, europe was better, china was better, baltic freight up today. i know a lot of people think chinese are stockpiling. i know, chinese aside from the military article is a little -- >> i remember teper talking about this some time back on "squawk box" saying i don't see top line growth and i don't think the margins can expand that much anymore for a lot of corporations based on productivity increases or cost cutting. what you're saying is they are. >> i think dave's wrong. >> and that

earnings, haynes was higher and talk about norfolk southern and amd. there is plenty of ways to get a read, just not consistent yet. there is boston beer for everybody on your screen down 11%. thank you for joining us on closing bell. that does it for us. "fast money" begins now. >> "fast money" starts now live from the nasdaq market overlooking new york times square. dan nathan, brian kelly, karen finerman and guy adome. alphabet missing and starbucks missing on revenue. that stock is falling. look at visa tanking after slashing guidance. cnbc team coverage throughout the hour in each conference call with the headlines as they break and sell off in the bond market is reeking havoc for several high-paying dividend stocks. could any names be worth buying now and later, bill acreman gave $100,000 to a business school student who pitched him on a stock so what was the stock? first, we start off with the after hours lug bath in technology. alphabet and microsoft. those stocks are tanking and looks similar to the bad news we saw out of net flex and intel. t

likely see a little more leverage to the bottom line here. >> what about the canadian pacific norfolk southern deal falling apart? i know you weren't completely surprised, but maybe by the timing. >> we thought that the transportation board was the regulatory agency that looksed a the railroads was going to come back with a negative ruling in may. we were a little surprised to see them pull the offer before that. unfortunately for cp, it seemed like the deck was a little stacked, particularly from a regulatory perspective or a washington perspective. we heard a lot of pushback from people like the doj and other senators and ultimately i think they took sort of the right move to step away, just given the fact it was probably going to go against them. so i think that was sort of our view there. >> all right. chris, i want to thank you for coming in today. >> thank you. >> good to see you. >> liz. >> oh, lynn cheney is his wife. >> running for the house. she did not -- she was going to run for the senate and didn't. i'm looking at your buddy denton. it's classic. she's described as the daughter o

we are seeing the rails decline even though norfolk southern got in under rate to neutral. canadian pacific in a filing said that it sold 1.4 million shares of the company. that appears the putting some pressure on canadian pacific as well. it a lot of different groups to choose from. tracy: thanks so much, julie. let us check on the bloomberg first word news. mark crumpton has more from the newsroom. mark: president obama has made it official. he is sending more u.s. troops to syria to fight the islamic state. the president spoke after visiting a trade fair in germany. 's small number of u.s. operations forces are already on the ground in syria and their expertise has been critical as local forces have driven isil out of key areas. given the success, the deployment of up to 250 additional u.s. personnel in syria including special forces to keep this momentum. he says they will not be leading the fight but training local troops. the administration will decide to release part of a secret chatter. that is according to bob graham. the documents may shed light on possible saudi

kansas city, norfolk southern, union pacific, all being -- i was going to use a railroad -- chugginglong higher? all right. alix: still ahead on bloomberg markets, result stocks are surging today with the impeachment rally living on. that how likely is the impeachment? how big of an impact could it have on the economy? ♪ scarlet: this is bloomberg markets. alix: brazilian stocks are hitting a 10 month high today as the impeachment rally lives on. traders are increasing be bets that the president will be forced out of office. at the same time, a shadow government is forming. brazil's vice president is drawing up plans for a transitional government. scarlet: joining us now from washington is monica de bolle. what is the per bob -- what is the probability that she could be impeached as early as boost weekend? monica: the probability has risen quite a bit. it has been changing and changing rapidly in the last two days. as of early this week, early this week there was a very important fact that happened -- a special commission has been set up in the lower house to put forth its recommenda

canadian pursuit to norfolk southern, which is down.here is deal talk among the rails that has not quite materialized here. that is part of the story. kansas city has certainly been mentioned as one of the potential deal targets. i want to take a look at the company segment revenue on the bloomberg. this is a chart that comes from bluebird intelligence -- bloomberg intelligence. intermodal, which means from rail to truck, different types of transportation here in blue. the total commodity group, not just energy there anin tank. pink. yes tina declining revenue -- you have seen a declining revenue. maybe we could see some improvement in these numbers in the second half. despite all this, shares are doing pretty well. scarlet: thank you so much, julie hyman. alix: i should've gotten that one. earnings plunged for 60% for the dow jones worst performer. goldman sachs doing the worsens lloyd blankfein became ceo in 2006. scarlet: bloomberg contributor bill cohen broke down the results earlier today. >> when the first quarter has the eighth l

want to mention after hours, boston beer down on its earnings, haynes was higher and talk about norfolk southern read, just not consistent yet. there is boston beer for everybody on your screen down 11%. thank you for joining us on closing bell. that does it for us. "fast money" begins now. >> "fast money" starts now live from the nasdaq market overlooking new york times square. dan nathan, brian kelly, karen finerman and guy adome. alphabet missing and starbucks missing on revenue. that stock is falling. look at visa tanking after slashing guidance. cnbc team coverage throughout the hour in each conference call with the headlines as they break and sell off in the bond market is reeking havoc for several high-paying dividend stocks. could any names be worth buying now and later, bill acreman gave $100,000 to a business s

. >> norfolk southern, union pacific, these companies made their numbers, expenses down 13, what a quarter. >> intel, caterpillar. >> by the way today the journal had a piece on p&g and the 10 billion they're going to save and the question is how you get there because they haven't delineated it the way they had the last $10 billion saving program so to speak. that will result in potentially some jobs. >> caterpillar call was very good, talked about china being good. i went over that caterpillar call, at one point generally positive -- this is a quote from the call, europe is much more positive. even in france. they used that term, even in france. the market went down badly at 4:00 a.m. because there were some numbers out of germany saying the economy's weaker in april. no kidding, the dollar got weaker in april. and the dollar is so important on a head-to-head basis. and phillip's number disappointing. >> and microsoft, google, heading into facebook and apple this week. >> well, i think they've derisked facebook to some degree. i don't think facebook's going to be -- you know, it's very in

for the week, norfolk southern higher an earnings beat. union pacific ceo said yesterday he sees more rock and lumber shipments ahead. it seems like the dirty industries are up today and the clean tech industries are having trouble. >> by the way -- let's not alarm anybody. valeant with a ceo shake up. >> that's right. pair go ceo is in tacks to join valeant as the new ceo. everybody, of course, is wondering who is that going to be. will they be able to find somebody with a lot of industry experience who can smooth things out. if you look at the way stocks are trading, you can see the uncertainty shifting. people say an experience industry leader like joe pappa would smooth things out and give people certainty about the future. but a lot of people are saying they just fended off that bid, arguing they would be better as an independent company. had a few disappointing quarters. the fact that pappa may leave before straightening that out doesn't make people feel good about the situation. that's why you're seeing the stocks trading as they ar

. >> next up, norfolk southern.re upgrading them to an outperform and raising the target price. management is ringing out costs and on track to hit targeted 70% operating ratio this despite the sharp declines we've seen in coal and the week volume backdr backdrop. improved foremanance, tightened capex could lead up to free cash flow which could open the door to more buy banks. >> swiss bank is in love with american railroads. ubs also upgraded the stock. next up, mat adore resources. imperial capital. starting coverage with an outperform and a $25 target. the company has prime basin assets and recent results compare well with peers, he said. expect overall improvement in well results and cost controls also matador has exposure in the hanesville play. $25 target on matador. 18% upside. >>> next up, biogen, raymond james is sticking about it strok buy rating. they posted eps that beat revenue in line. that happened last night. higher sales of the drug lowered expenses driving that quarter. the bar is exceedingly low a

my first speech i was assigned was to write the president's speech for the southern baptist convention meeting in norfolk, virginia in 1976. so you had me writing for an episcopalian. we were writing against jimmy carter who was a born again and loved by the southern baptist and he spoke and brought the house down so it was a tough assign: went down to norfolk, the president got up with my speech which had gone through ten drafts. he was about a minute and 30 seconds into the the speech and int interbankru int interrupted by applause and was interrupted 15 more times for applause. the washington times said it was one of the best speeches he gave. so we were together as speechwriter and client and went on successfully from that point on. i think understand audience analysis is critical it giving a good speech. air stallt says the strategies used in the speech should come from the audience. i did advance work. i talked to southern baptist preachers. i think adapting to the audience was the first step. the second step thad that made the president comfortable is the organization of the speech. people only re

my first speech that i was assigned was right to present speech for the southern baptist convention meeting in norfolk, virginia, in 1976. so here you have a catholic writer for an episcopal to speak in front of the southern baptist. it looked like the very difficult assignment. we were running against jimmy carter was a born-again and loved by the southern baptists, and he'd spoken there, brought the house down so as a very tough assignment. we went out in norfolk. the president got up with my speech which had gone through 10 draft. the art of writing is rewriting. he was about a minute and 30 seconds into the speech when he was interrupted by applause. it kind of threw him off. because lost is placed. got back on script. he was interrupted 15 more times by applause. the "washington times" wrote up the speech is one of the best that ford had ever given. suddenly ford, president ford and i were together as speechwriter and client, and it was unsuccessfully from that point forward. why did tha the speech resonateh the crowd? i think it's because i understood that audience analysis is critical to gettin

he currently serves on the boards of several companies including morgan stanley, facebook and norfolk southernhe's a southern adviser at bte capital partners. alan simpson is the former senator of wyoming. he chaired several committees including the nuclear regulation and committee on ageing. president obama appointed erskine and alan as co-chairs of fiscal reform. they crafted the simpson-bowles debt plan which hoped to reduce the country's deficit over a decade. thank you for being with us. >> thank you for having us. >> very nice. >> this conversation is one i felt was picking up a lot of steam. 2010, 2011, 2012, you sat down with us in 2012 but one that seems to have gotten lost in this presidential campaign cycle. i wonder if you can tell us where we stand now, if things have gotten better or worse since you first start this crusade. >> he can tell you. >> he does the numbers. i do the color. >> and the jokes from what we remember the last time. >> i want to say one thing to joe, i'm convinced joe didn't come down here to north carolina because he's afraid to play fwofl with me and i was

norfolk and southern and nse is the next one to report, the 21st. we're confident in earnings. you can look at that and say that stock is 81, $90 stock. >> boris, do you buy this? on the conference call, csx talked about there is so much in productivity gains that can be gone. they need to see recovery in volume, especially for coal. >> you look at technicals and it looks great. you look at fundamentals, and it is a completely different story. i wonder if this whole rally could just be a catch-up rally or the fact that energy prices have been so favorable to the transports. >> thanks, guys. find more market insights on tradingnation.cnbc.com. >>> more on this breaking story when "power lunch" comes right back. >>> and now, the latest from tradingnation.cnbc.com and a word from our sponsor. >> selling may go away. it is an old market adath you hear all the time but is there any truth to it? the period between may and september has been an underperforming period of time. don't let that divert you from your strategy. a better approach is to stick to yo

the first speech was the peach for the southern baptist convention meeting in norfolk, virginia. you had a catholic writing for an episcopalian writing for the southern baptist. we were running against jimp jimmy carter who was a born again and loved by the southern baptist. we went down to norfolk. the president got up with my speech which are gone through ten drafts. the art of writing is rewriting. he was about a minute and 30 seconds into the speech and interbankrupt -- interrupted by applause. it didn't happen much. he was interupted 15 more times. the "washington post" wrote up the speeches as the best speech ford written. we went on successfully together from there. why did that speech resonate with the crowd? i think it was because i understood audience analysis is critical to giving a good speech. the strategies used in the speech should come out of the audience so i did advance work on the audience. there were a lot of evangelical ministers there. i think adapting to the audience was the first step. the second step was the organization of the speech. he knew where he was

against jimmy carter who was born again and loved by the southern baptist and yet spoken there so was a very tough assignment raid we went down to norfolk. the president got up with my speech which had gone through 10 graphs -- drafts. he was one minute and 30 seconds into his speech and he was underpinned by applause. he kind of lost displays and got back on script and he was interrupted 15 more times by applause. the "washington times" wrote up this speech is one of the best afford it forgiven. suddenly president ford and i were together as speechwriter and client and it went on successfully from that point forward. why did that speech resonate with the crowd? i think it's because i understood that analysis is critical to giving it good speech. aristotle tells us that the strategies that you use in a speech should literally come out of the audience so i had done advance work on that audience. there were a lot of evangelical ministers there. i had talked to southern baptists preachers and i think adapting to the evidence was the first step. the second step that made the president comfortable i think was the organization of the speech.

my first speech that i was assigned was to write the president beach for the southern baptist convention meeting in norfolk, virginia in 1976. you had a conflict to speak in front of the other baptist and it looks like a very difficult time in. we were running against jimmy carter's who was loved by the southern baptist and hit up in there and brought the house down. so it's a very tough time in. we went down. the president got up with my speech which had gone through 10 drafts. the art of writing and he was about a minute and 30 seconds in the speech and he was interrupted by applause and a kind of threw him off because it didn't happen to him very often. he lost his place, got back on script. the "washington times" brought up the speech is one of the best ever given in suddenly president ford and i were together a speechwriter in the client. and it went on successfully from that point forward. why did that speech resonate with the crowd? i think i do hottie of mouth is is critical to giving a good speech. aristotle tells us strategies used in the speech should literally come out of the audience. i had do