conoco is up synovus now has oilsands. it doesn't necessarily matter if you go to $55 or $60 because you're betting on the value proposition for shareholders. you guys want different things. that was what was interesting about the deal. ryan: that, i think, is how it came together. it is now a very large canadian independent company. they wanted some opportunities outside the heavy oil to make their investments. that included part of our base and assets in canada. they have not been attracting investment in our portfolio but they will in the synovus portfolio. they have an opportunity to grow the country -- company as well. this satisfied a lot of issues we have and we are not exiting canada. we still have a position, but enlightened our position to allow see some things financially and make sure we get the flexibility. alix: how exposed argue to the oil price? it'sith the you care if $45, $60? ryan: we've had a lot of torque in our business to improving oil prices. that's all well and good. we know it today when prices re

conoco's management didn't say it point-blank on the call.ll that profitable at $50 a barrel. much better to take money, pay down debt and buyback stock instead of the nsaiers dirty oil around, the tar sands. much rather offload the barrels they produce a day and 1.3 billion barrels of proven reserves and double their money with stock buy back. taking the total down to $20 billion debt well ahead of the target the management just set in november. why not? with oil at these levels the goal conoco will obtain by p paying down debt will far exceed extracting oil. the tar sands just aren't worth it below 50 bucks. our go-to oil guy, rusty brazil estimates these days you need 90 to 1$100 a barrel oil in order o justify a greenfield oil sands investment, double recruits currently trading. for conoco, it makes more sense to invest the money in more lucrative of their own stocks since they reduced the supply. you have to assume the economics of world dutch shell's decision to offload much of its tar sands toil canadian natural resources for 7$7.5 bil

keep in mind that conoco wanted out of high price.utch wanted out of high price, they want to raise the dividends and buy back debt. conoco is buying back a lot of debt. they're well ahead of the november targets that they set. conoco, very forward thinking company here. >> ge, we haven't mentioned that name in a little bit. the sole bidders for a railway project worth $2 billion, building two rail lines, and connecting northern cities in nigeria. >> they've got the locomotives and the rail lines. the locomotive division was down like 40%. but a lot of people would say, jeff immelt, why do you headaan to the business that's like that? this gives him ammo to say, that rail as are not done. >> it met on the bottom line in terms of estimates. it was the cash flow numbers that were anemic. the inability to cut costs as much as the shareholders might have wanted. so they have committed to cutting as much as $2 billion in costs over the next two years i believe. >> that's the trying number -- they want that company less geared to doing the

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conoco is selling its $13.3 billion of canadian oil sands. that will make it the biggest shareholder of cenovus energy. but it plans to sell off those shares to raise cash for buybacks, and returning cash to shareholders. synovus energy-- shares lower. oil prices are higher after a news service reported opec is in talks to include all its members in extending cuts. according to this report, which cites the kuwaiti oil minister, kuwait and other countries support those cuts. that has a leg up in oil prices, which are now at 49.83 a barrel. i also want to check the dollar. there was a report on cnbc a short while ago that the trump administration is assessing the scope of its power to penalize countries this currencies it believes are undervalued. the whole discussion about labeling countries currency manipulators -- what power does it have? what kind of ability does it have to penalize those countries? in the dollarer index, although it is little changed. that is a situation to watch, if you get any more commentary. what is going on over in eu

conoco up 5%, oxy down more than 17%.han expected cash flow and production and morgan predicted this stock to -- to ramp production, the stock lost 9% in response. of course it seemed to catch a second win after trump's surprise victory, but even that flamed out by mid-december, when oxy bottomed out in september, even after the previous week forecast. more disconcerting, oxy spent a lot of money last year trying to boost its permian acreage. basically investors want oxy to start monetizing these assets, but instead management seems reluctant to do so. by the time we got to the beginning of march, oxy birm a battle ground stock. the same guy that downgraded occidental in december, he -- right now it sports a 4.8% yield, tempting, right? the truth is that the company is going to have a hard time, difficult trouble hitting it's growth targets unless crude oil bounces back over $60. even more he suggested it's going to be difficult for oxy to hit its growth targets and build growth at the same time. the last thing you want t

conoco phillips up 9%. that is the biggest rally in four months.e the news yesterday that conoco phillips is unloading some canadian reserves. ,nalysts are happy about that cheering that. it will probably pump up the stock buyback. vf corp. down by 3%. anthem gaining 1.3%. even if obamacare survives, some trouble still on the horizon. let's look at the government bond market starting with the u.s. two-year and 10 year yield higher on the day, seesawing in this range. green across the board. still kind of a predictable response there with the yield. a sharp pullback with a yields in 10 year south african debt. they have been getting slammed minister the finance looking to be fired. it has not happened yet. lots of stuff going on. today, people buying south african bonds. scarlet: in currency, the dollar is mainly higher there. it shrugged off an earlier debt. the u.s. looking how to penalize countries whose currencies are undervalued. overall, data driving the currency higher. south african turmoil going on politically. the rand recovering some of i

i got to tell you something, conoco philips pete najerian flagged it earlier this week.y have be swishy, nay might have found ground. i mentioned to tesoro on "fast money" an hour or so ago, i think tso gets $80. if you think oil is on its way back to $55, you play the levered names like a petroleum apc. >> one of the things i would point out is that when you are talking about refiners. one of the big things that happened when basically we saw brent trade over west texas, is that we have a flut of crude in cushing. mid-content refiners were able to benefit from. that now we are seeing the pipeline project. it looks like that will go through. where is that delivering crude from alberta? so that's the illinois refiners, refiners around cushing, oklahoma. now a lot of that can stream down to the gulf as well. i think both of those areas retypers are. >> they are trapped there. >> really? you have all these shares, it's a generational buy here. >> first of all, think about it. there were two things that were guaranteed when this year began. you have to own financials, becaus

this includes, relative to the truly big oil names -- conoco phillips. we also have marathon oil trading lower. we also have some of the natural gas stocks trading lower, including eog, and chesapeake energy. . those stocks have more sensitivity to central gas, and amazingly, natural gas is down 30% this year after last year's 60% gain. true volatility there. vonnie: yeah, so many factors plane into that. if you so much. we will check that and see you in a little bit. it's get back to this morning's nonfarm payrolls report -- u.s. employees -- employers added positions in february following an increase that is better than we have seen of 238,000 in january, the best back rise now since last july. what will it mean for the federal rates normalization path? diane, the founder joins us from chicago -- thank you for joining us. does this change coming in any way, your expectation for the normalization path? have: right now we still three rate hikes, and i would not be surprised to see more of the fomc participants at the meeting could you next or rate hike w

conoco phillips, pemex and bp. not just pricing but political strategy, border swruchlt tadju. plus earlier today, we did a live, exclusive interview with the chair of saudi aaramco, opec compliance, whether or not russia was cheating and maybe that $2 trillion ipo. a lot more to do. >> looking forward to it, brian. meantime, health care front and center today. house republicans finally unwrap their plan. president trump backing the proposal and taking a new swipe as well. drilling down on the gop's health care plan in a moment. let's start with the area of market that's moving the most. meg tirrell, pressuring bio tech stocks once again. >> the president wanting to remind people that drug prices aren't mentioned explicitly. no plan to lower drug prices, the president has not forgotten about it. check out the tweet. working on a new system where there will be competition in the drug industry. pricing for the american people will come way down. this follows a lot of comments going back to december, to january during the big jp morgan to last week, maybe softening a bit, maybe we

we have conoco selling some of it oil sands assets to novus energy.ue of $13.3 billion. this helps synovus double in size and helped conoco with debt reduction and increasing shareholder distribution. it is ramping up buybacks. -- andt sale in lower oil prices. cypress semi down by over 1.5%. it's at a premium despite lower margins. trades of 18 times higher than micr -- microchip makers. david: roger altman has been the pinnacle of power on wall street and washington. from the youngest ever partner at lehman brothers, two assistant secretary and deputy treasury -- deputy treasury of the secretary. thank you for being here. >> i don't know the guy you're talking about. david: i don't remember a time that the business community on has been this fixated on any president. let's talk about specifically tax reform. how important is that to the ceos you deal with? how fixated are they on what's going on? brexit -- unlike frexit where it's really carry on for the moment, there is a tremendous focus naturally on what will are one happen from a tax-cut or tax

ubs says the deelt allows conoco to cut the debt load and increase stock buyback programs. meantime, vf corp. lower, distributor of brands like northface and timberland had a five-year growth plan ahead of a meeting with investors today. they plan to increase earnings between 10-12% a year. it also expects to return $8 billion to shareholders in that time. that stock, though, down 3.7%. >> president trump plans to get tough on countries that gain currencies without calling them manipulators. there's more from washington. >> the administration is looking at ways to penalize countries that undervalue their currencies. this is a way for them to fulfill the president's promise on the campaign trail to talk about manipulation. the terms around this is restricted. they are looking for other ways to pile on the pressure by using existing powers. the agencies involved are the treasury and the commerce departments, also includes the national economic counsel, national trade counsel, and office the u.s. trades representatives. now the review comes as the white house begins speaking a

oil is up after collates -- -- alixake -- kuwait steel will be speaking with the conoco phillips ceo. the canadian reserves that is expected to accelerate payouts. i will be speaking to alan miller, chairman of universal health, one of the

a different story for conoco phillips of the stock rallied 5.5%. oil company is selling its interest in the oil sands should enter for more than $17 billion in cash and stock. shares of legg mason hired next to the trading after the cub and he says it is laying off 3% because of disruption in a money management industry. lauren: coming upcoming roadblock to donald trumps temporary travel ban as a judge in hawaii doubles down. here's a look at the national weather radar. severe storms continue to threaten this out. downed power lines. we will have the latest. a bit of a pullback yesterday for the dow up 42 points. dow futures down another 17. nasdaq futures down about three points this morning but the nasdaq up four days in a row. 6.5 points away from a record high. that is a good you are watching "fbn:am," your first look at morning markets and breaking news. lea: edified 15:00 a.m. in new york. let's say you caught up on what's happening now. another road lock for donald trump's travel ban. the order to freeze the band. the trump administration an

conoco resources, range resources, they upgrade all of them.anadian assets cenovus. they go 55 on chronicle, up 10% in the same call. they up the stories at a reasonable price. range resources sounds more attractive. >> third stock here, fedex updating the stock to be positive. they were poised for a right wing spread bright. >> it's like a red bull. >> what that means is a basic financial upside from earnings, cash flow, greater than the down side risk. it's an economic deterioration. but, anyway, they raised it to 237. >> the small cap aims iowa, the biotech company, a huge run after collapsing a year ago, suntrust updating it to a buy. they see further upside data driven from the melanoma treatment. in fact, new indication for the melanoma treatment is they did a higher stock price as well, that goes to 30 t. target is 30 ups with today's move, it's about another 23 to 25% upside. be careful the average target, analysts covered it at 2250, stocks ought 2350. >> the performance is tricky. >> "fast money" back in eastern times, discussion, it

conoco is enjoying the boost to income. of the last majors to release earnings, that combined with cost cuts and asset sales generated the first profit since the 2015 year. reported fourth-quarter earnings that beat estimates. the operator of food lion and stop & shop reduce costs in the u.s. to offset inflation. the chief executive orchestrated this merger between them to boost the presence in the united states. they are struggling with food deflation. shares are up today. today.buyers shares biggest a klein ever down by 6.7%. a 6.4%s, sold at discount. it will help bayer pay down debt. they have bigger things on the cards. the takeover of monsanto. the $60 billion takeover of monsanto. vonnie: thank you for that. in his first address to congress, president trump delivered broad promises. president trump: the time has come for a new program of national rebuilding. spent approximately $6 trillion in the middle east. all while our infrastructure at home is crumbling. with that $6 trillion, we could have rebuilt our country t

stocks investors should buy after this week's big drop for names like chevron, transocean, marathon, conoco and more. the halftime report is back in two minutes. with help from our advisor, we made it through many market swings. sure we could travel, take it easy... but we've never been the type to just sit back... not when we've got so much more to give when you have the right financial advisor, life can be brilliant. ameriprise what are you doing? getting your quarter back. fountains don't earn interest, david. you know i work at ally. i was being romantic. you know what i find romantic? a robust annual percentage yield that's what i find romantic. this is literally throwing your money away. i think it's over there. that way? yeah, a little further up. what year was that quarter? what year is that one? '98 that's the one. you got it! nothing stops us from doing right by our customers. ally. do it right. let's get out of that water. >>> you take a look at where it was tuesday. basically as you said at the top of the show as we broke 51, also reflected in the option of wti. it's just explod

in the past several weeks, some of the integrated especially the multi-nationals, exxonmobil, and conoco down rather dramatically from their highs and wonderful yield stocks. if you're in the market, if you feel like you've missed something and you want to buy a stock that has some time and history and pea nash to it. take a look at exon which is yielding 3.8%. yielding well over three and a half%. i think those make sense. and i think that it shall. >> so that leads me to my question, do these work if we get just a narrow range in oil for the next couple months which we could get, do they still work? >> first of all, i think this long-term trend, this sideways trend can continue for a long period of time, so even if crude oil stays within the 52 to $56 range i think given the fact that exxonmobil has fallen 10% from its highs, i think it's a great long-term investment. it ain't a trade. it's an investment. i think it makes sense for a longer term perspective. >> do you have any -- people said maybe rex tillerson leaving, do you think why exxonmobil went from 96 down to 81 in about a mon

the other big leader's conoco phillips after the energy leader agreed to sell some of its canadian assetsk, this is bloomberg. ♪ joe: this is a special "what'd you miss?" our dedicated to examining the global impact of populism. if you are new the bloomberg terminal, check out tv . check out our markets. great way to consume tv. scarlet: we saw five out of 11 sectors gaining. not as active as monday and tuesday were. scarlet: when nation that has faced political and economic instability is instability. the country is contending with a banking crisis, almost 12% unemployment, and voters were skeptical of the eu. they are flirting with the same kind of populism seeing gains elsewhere. former prime minister matteo renzi's democratic party as the runner-up coming in at less than 27 percent. we want to welcome now mario ofti, former prime minister italy. good to see you. thank you for joining us today. let's stay with the five-star movement because they are poised to perform well in the next election, whenever it will be held. why do you think mainstream parties in italy have lost public s

some big oil companies reacting , exxon,drop in oil conoco, chevron feeling the heat.ks today. alix: absolutely. thank you, julie hyman. our next guest joins us now. to drugthe potential the markets lower? for $45 is potential and dragging the market lower. will is 18% of the high-yield market. and you haveslides oil companies squeeze like late 2015 early 2016, it could be a drag for the market. oil will continue to head lower. there is way too much optimism, way too many speculative longs, too many people talking about how they can make money at $40. guess what, that's where we are going to go. alix: what is the trickle down? the bloomberg high yield energy index, the spread is only 509 basis points. i year ago it was 1400 basis points. what is the downside? where is the shakeout? >> you can see oil going to the low 40's. ultimately it will be a conviction level am a windows everybody give up on their bullishness. to get $26 last february that level. i don't think we need to go down that low. it will take a big toll on the high-yield market. energy is the largest sect

you on the flip side you see conoco fill limphillips higher. threatening to withhold federal funding from sanctuary cities? how will it impact cities like new orleans? the mayor of that city has been pushing back against the white house and we'll hear from him next. media company "buzzfeed" may go public next year. could it spur the next wave of ipos? that's coming up later on the "closing bell." >>> welcome back. so-called sanctuary city mayors met with department of homeland security in a closed door hearing today. it came on the heels of attorney general jeff sessions threat monday to pull money for state and local government that refuses to comply with federal immigration laws. some mayors insist they're not violating federal or state lawyer laws. one joins us now. mitch landrieu. >> thank you for having me. >> the immediate impact of the attorney general's announcement on new orleans is what? >> the first thing to understand about the entire debate is there's nobody who cares more about public safety on the streets of america than mayors a

the divestment is the conoco's history. h & m's first quarter profit fell less than expected.tock is not looking too good on that chart. conditions remain tough in many european markets. it plans to launch a new up market brand in the second half of the year. >> besides amazon s there any retailer working right now? >> i don't know. >> by the way, did you see jeff bezos is the second -- >> home gee depot. >> the second wealthiest person in the world. >> he is? >> yeah. number one is still gates i want to say. oddly enough. >> i don't think we know how much putin is worth. we'll have him on. >> we'll ask him. >> maybe geoff cutmore will ask the question. >> lawmakers in north carolina announcing late last night that they have reached a deal to repeal the controversial bathroom bill. that bill restricted restrooms transgender people can use. the new proposal would repeal the bill but leave state legislators in charge of policy on public restrooms. the legislation led to business boycotts and hurt the state's economy. a vote to repeal the bill expected today. the ncaa said make t

slightly down, but the big names including exxon, chevron and connick of the lips trading higher -- conocoscarlet: we will continue to talk about these markets. joe weisenthal will talk to us about the trump affect. oliver: all caps of stuff. it's been a busy 24 hours. highs trading at all-time whether it is a continuation of the trump rally or there's something else behind it. this is bloomberg. ♪ scarlet: this is "bloomberg markets." speech to aump's joint session of congress last night sounded a lot like a campaign rally. and collected delivery did win favor with some on both sides of the aisle. joe: that is the story that is saying today, that he sounded presidential. content was not really different. because people have such a low bar in terms of how they expect , heto talk and behave sounded like other presidents on a purely verbal sense. scarlet: would you truck up today's rally on what he said or the very fed officials who spoke last night? joe: they were hawkish and you would not think of markets responding to fed officials. it is plausible. it is plausible that if there's anythin

>> conoco phillips is selling a large chunk of its canadian oilsands assets to sin novis energy.ing because i just got a phone call and managed to put it down. i just managed to answer it before i got back on the air. ashley: you did, quite impressive. stuart: some lady wants to confirm my birthday. all right, all right, all right. meal kit company blue apron is getting ready to go public this year. they give you a box of everything you need for the evening mill. liz: i think that ashley used it. they ship around dinners and meals to customers around the world. a possible $2 billion plus ipo. stuart: 2 billion. liz: this is a burgeoning market. ashley: very competitive. liz: food in a box, good food in a box, ready to make. stuart: $2 billion. liz: valuation for this, goldman sachs, morgan stanley. stuart: where have i been? samsung unveiled the galaxy 8, and joining us editor, joining us, a quick list of what's new and what's good on the galaxy 8? >> there's three big things. one is the fact it's almost all screen upfront and all new design. it sort of gets rid of the buzzles yo