we get to kate kelly. live on these factors and headlines. kate. >> that's right, carl. stock has been halted for a little while now pending news and they have just put out an announcement to say they're announcing the closure of the fortress macrofund. a lot of talk about this in the last 24 hours. this is a fund originally founded in an earlier version in 2002. >> he will retire by year's end, and it also says the repurchase of shares at a price of $4.50 will reduce the dividend paying share count by 13% related to all of this. three important components there. confirmation that a key fund is closing. mike novogratz to retire at year's end, and one can assume the terms of that departure are affecting the dividend of the company. we're likely to see a strong reaction in the market i would guess, carl. >> let's bring in our own eric. we're going talk about a number of things, but, first of all, eric, you used to work at fortress. what's your reaction to these headlines we're seeing out of that? >> well, it's a sad day for someone like me because i used to work there and

injuries on and you love the game. >> reporter: kate kelly, kpix5 news. >> the nfl is taking a number of steps to reduce head injuries on the field, but the league says in the past three years concussions are down 35% and the helmet to helmet hits are down by more than 40%. >>> season dose of the bay area today reached the 80s just two days shy of halloween. we will do it again tomorrow, but is in a significant change coming up as we approach -- there is a significant change coming up as we approach the weekend. we'll be working on super bowl l, no fog tonight, cool temperatures, santa rosa 46, fremont 56, all eight bay area super bowl trophies on display friday and saturday in vallejo. tomorrow night the stupor fright night along the water front along -- super fright night along the water terminal. by the time the raiders play in the afternoon there's a chance of showers and 60s. obviously you see a transition there from sunny and warm to not warm with a chance of showers. here's the sunny and warm with us two more days, active storm track up in the pacific northwest, they will get t

kate kelly is live in london. hi, kate. >> hey, tyler.nother active trading day again for glencore in london. right behind me, it operates a large office where the energy unit is based. that's drilling as well as marketing, buying and selling energy to customers all around the world. that trading unit in particular, as well as the company's old balance sheet is under scrutiny. the threat of default swaps which would pay the holders in the case of a drop. we did see some levity on news of thing are ing a ri kuing aril sale. that, plus a separate deal they're close the finishing, the sale of the so-called melt tall streaming business for about $1 billion is close to fruition. sometime in october. that will helped get their debt down. it stood at about $30 billion of late june. they're looking to get it to $24 billion by tend of the year. lower than that in 2016. the ceo and his top officials seeking so reassure equity and credit investors this week. an all-employee memo was sent out on tuesday. they have $13.5 billion in as yet undrawn cred

kate kelly joins us with the fallout. kate? >> mandy, i think this story is very interesting.st of all, we got headlines within the last hour or two as to what was actually happening. after about 12 to 18 hours of a lot of rumors and reports. the cio who has been a frequent guest on our air and in general on the hedge fund speaking circuit is stepping down at the end of the year. he will be taking some equity with him. his shares have been repurchased for $4.50 at a discount to the stock. he's also closing down the fortress macrofund which was a foundational fund for this company. an earlier version of it was born in 2002 under a different name. at their peak, they had $8 billion. recently, it's come to a billion and a half after a series of missteps in the market. they were down 1%. year to date through september though, down 17.5%. now just to put that in perspective, the average hedge fund not doing all that well either. it's down 1.5% roughly year to date according to hfr. the average macrofund is also in the red. but even by that measure, being down 18% is pretty bad. app

kate kelly is here with the fallout. kate, this is a very, very interesting story. >> it really is, tyler. this morning's news is the supreme court will not hear a central aspect of u.s. versus neuman. that was a blow for the justice department which was depending on this opportunity really to maintain a broader definition of what constitutes insider trading. if refusing to review a key tenet the justices left it to a new york appeal court to constitute what defines insider trading. one key element is a success insider trading case must show those who traded it had a, quote, meaningful personal relationship, unquote, with the provider of the tips and some benefit for the tipper, the provider of information, was also involved. now, that sets the bar higher in some of these cases given that there may not always be explicit evidence of all of that. and, you know, cash or a job offer, things that the provider of the information may want, aren't necessarily evident or existe existent. still on "quack on the street" earli earli

he tells caitlyn jenner kate kelly that his life is forever change because of football. >> reporter: wayne walker played pro football for the detroit lions as a star linebacker and kicker for 15 seasons. >> wayne walker was there helping to call the shots. >> bad news for the raiders tonight. >> reporter: when he retired from the nfl he spent the next 20 years at kpix 5 as our sports director. ♪[ music ] >> reporter: from racing cable cars up steep hills to engaging top athletes in competition, wayne would often take on a daunting sports challenge. but now my friend and colleague is facing what could be the biggest battle of his life. and it has to do with football. the game he loves to play. here's wayne in his own words. >> five years ago i was diagnosed with parkinson's which is a result of multiple concussions when i played. >> reporter: according to the cdc, playing in the nfl triples the risk that a player will die from a degenerative brain disease. this is especially true if the athlete played a speed position such as a linebacker. the evidence suggests the cause is day to rep

. >>> meantime new details on the ferrari ipo, so let's bring in kate kelly with that. >> so ferrari pricing at the top of the $4 range which was 48-52. if will be -- it will be priced at $52. raising under $900 million for the ipo. given it is a 10% float, that values the entire company at just shy of $10 billion over all. this is a very nice showing for ceo sergio markieon and many are excited because of the iconic brand status. it is multiple high compared to other automakers but within the luxury space, it sort of in line with other key brands. so they had nice momentum on the road from what i'm told the investment meetings were well attended. people were optimistic about it. and in a sign how well this went from the company and the underwriters perspective, robert frank and my colleague and i and others are already hearing complaints from the investor community about not getting allocations or being warned they are not going to get large share allocations. that is some indication of the feeling that the price -- or the stock will trade up in the after market tomorrow on the firs

our own kate kelly joins us now with gm ceo mary barra. interview you will see only here on cnbc. kate. >> hey, scott. thanks so much. mary barra, ceo of gm. thank you for joining us. it's really a pleasure to be talking with you. let's talk about why we're here. we're at the fortune most powerful women's conference. you'll be spending some time with high school students doing some mentoring. what is your philosophy on mentoring young women in particular those who might be interested in stem fields and engineering specifically, which is your background? is. >> right. i think, first of all, you want to create interest for everyone, for science, technology, engineering and math. it's so important. there's not a single industry that you can be involved in where technology isn't having an impact. science and math at that middle school, high school is so important because it's a foundation to take you wherever you want to go. that's my message for young women and young men. >> do you think schools are doing a good enough job teaching math and s

our kate kelly all over the story. today outside glencore headquarters in london with the very latest. kate. >> hey there, scott. yes, i'm here in london on burkely street where glencore operates where they do both marketing, the buying and selling of commodity products, to customers around the world as well as operating an energy unit that involves physical drilling as well. this is one example of their sort of hybrid nature as a business. they're both a miner and trader/marketer, which puts them in a unique position. not a great position, though, this week. shares today seesawing as they have for much of the week. this today on news that sovereign wealth funds appear to be interested in buying a minority stake in their agricultural business, which is something they like to see. they're on an ambitious debt reduction program, and that plus a metal streaming business sale that they're hoping to announce in the coming weeks in october for $1 billion or more could help them axhooe that end by the end of this year. they'r

kelly, good evening. >> reporter: good evening, kate.ratic primary has hit hit a point where hillary clinton is showing the confidence after having a couple of very good weeked for her campaign while bernie sanders is trying to show the energy behind his very big crowd means he could win here. as democrats came together for a massive pep rally. a raucous ritual to fire up iowa democrats. team bernie sanders decided the raw decibel level showed their organizing strength. clinton's campaign countered with a more subdued but eye-catching light show. sanders trying to prove he is the true progressive made clinton his target with a string of differences it would the iraq war to trade and gay rights. >> now, today some are trying to rewrite history by saying they voted for one anti-gay law to stop something worse. that's not the case. >> reporter: clinton, in front-runner mode -- >> sometimes you just have to let them hear you roar. katy perry, thank you for being here! >> reporter: her megastar supporter performed a free concert, then stayed

meantime, you heard -- i hope you heard kate kelly talking about ferrari. a lot of excitement down here. they're going to bring sports cars down. i understand vintage ferrari brands will be out. maybe pricing above the range. ferrari is not tip calf the ipo market. it is very unusual. you want to see what the ipo market is doing. look at the farm read. it priced 6 million shares at $8. now look where it's trading now. $6 and change. ferrari is a bit of an anomaly. we'll talk about that tomorrow and what is motivating all that interest in ferrari. back to you. >> all right. thank you very much. mid cap stocks have been outperforming most small and large cappers so far this year. dominick chu with the names that led the way. >> if you take a look at this the dow jones industrial average, bluest of blue chip. the small cap index is all down over 3%. then all of a sudden the mid caps hoeding up relatively low. they're down but only down 1%. if you take a look at some of the drivers behind perhaps the particular moves here, look at scotts miracle grow. one of th

every segment had record pre-tax profits. >> it's kate kelly here.ou elaborate a little on the issue of growth? was there something on the cost side that was particularly impacting your profits and how? >> there's really two items, kate. first, the bank loan growth was a lot higher than we expected, and the analysts. you book a reserve. that reserve alone was a couple cents a share above analysts' estimates. it was due to more loans booked than they had anticipated. and the other is there is higher i.t. costs of about a penny. the really, we think it's a very, very solid quarter. it was due mainly to better growth than we thought. >> i'm just curious. he sees pocket of concern in the credit market. auto loans were one thing he pointed out. i also know the occ is doing a review of oil and gas loans. how concerned are you about some of his remarks. do you think banks are under too much scrutiny given that in the aftermath of the financial crisis it was the opposite critique? it was that there wasn't enough lending going on. how do you react to those re

we'll go to kate kelly with a news alert. i think it might be on vrx. >> that's right, carl.ow did you guess? there is so much news coming out, and it's been down 30%. now their largest shareholder issuing a letter in defense of the company he is honest, driven. however, drug price hikes, which we know has been politicized as well as a real issue, lately, have created ill will. there seems to be no legal reason in ruane cunnif's eyes that have become controversial of late. a couple of things she suggest or have as concerns. they think sometimes doing everything legal to amp earnings does not create shareholder value. good reputation is critical here. finally, they talk a little bit about their rationale for owning a company like this, and they think it's a solid investment, and it will be going forward. however, they like to see some of the steps taken that they mentioneded, carl. some interesting points of data there from a major, major shareholder. we'll be hearing from bill abbingman of%ing square on this tomorrow. >> walt, overall, you seem to like it. >> if you are alrea

kate kelly has new information on the story and is outside the london office. kate. >> hey, carolyn. thank you so much. as you know, as you just eluded to its been a tough week with shares hitting an all time low. the highest since it's ipo. they have been working to convince the market and convince investors that they're moving ahead with a $10 billion debt reduction plan. a couple of details in terms of the asset sales they're planning. these are by product associated with two mines in peru. that's moving ahead nicely from what i'm told and they expect to announce a deal as early as october in the next couple of weeks of a billion dollars and a bit more than that. they're also actively working on a agri-business sale. unclear exactly what the price of that would be but if you figure on a $10 billion multiple which is what analysts and others have talked about it could be in the low billions of dollars. this is on top of suspending the dividend and taking other measures to reduce their debt t. goal to get the net deal from 30 billion earlier this year and 20 bi

our kate kelly is here with the details. he is a major shareholder.t's why he is on the offensive today, and it started a little after 9:00. last i checked it was still going. >> still going on. >> bill ackman style. >> it's been another long one. three plus hours at this hour. many people that ackman had a lot to explain. overall, he gave a lengthy defense of the pershing square investment and 21 million shares is one of the hedge fund's largest. based on another negative stock performance so far today, the firm has now lost, we calculated arks an estimated 1.7 billion dollars on paper. ackman said while he thinks valeant has under -- and even took a swipe at their p.r. firm, that it was a good business model with the superlative management team. they should have an investment grade status within five years. he argued, among other things, and was working to replace its specialty pharma business given the severed ties with -- here's what else he predicted near term. number one, more negative press. two, additional scrutiny for regulators and politicia

commodities business is hustling to reassure investors amid this wild ride in the commodities, kate kellyon special assignment in london to tell us what she's found so far. kate. >> reporter: bill, it was another active trading day here for glencore on the london stock exchange me. behind me is their berkley street office. they do production and marketing which we think of as buying and selling commodities to consumer -- or customers around the world. they were up a little bit in london trading today based on headlines that their agri business, grains business, might be edging closer to a sale to one or more sovereign wealth funds. they are look to go sell a 20 to 30% stake in the agricultural unit as an attempt to reduce their death, including an imminent sale that could be announced of their metal streaming business which could fetch a billion dollars or maybe a little more in the market and they have also taken a number of other measures including reducing the dividend. their debt position has been in focus for people in week, the ceo seeking to reassure employees as well as his offici

. >> kate kelly joins us now with the very latest. k you've seen his most recent investor letter. >> i have. just out, scott. >> glenview struggling somewhat this month. this year overall. last we're they were up 14.5% or so. this year, however, through the close yesterday they were down over 20%. that's obviously not good. in an apologetic letter to investors, robin sort of lays out his market view. it's interesting. he talks about what went wrong in the last 60 to 90 days. he says the august eyeragses in the market he thought were systemic rather than rotational. it's a rock bed of strength. now in retrospect that view seems like hubris, but he nevertheless makes the case as to why the holdings they have are still relatively low risk. this is managed care, hospitals, pharmaceuticals, among other health care names. you know, he kind of talks about what some of the continued advantages are of being in health care names like that. he says relative to global equities, it's low risk. it's low risk compared to cyclical risks that we see as

our kate kelly on those two big ipos. expected to price tonight.s the news of the day, of course. now netflix reporting a seven-cent earnings number. looks like it's just missing the consensus forecast. let's get straight out to julia boorstin. >> that's right, kelly. netflix earnings coming in line with the company's guidance at seven cents per share. that is a penny less than wall street analysts were forecasting. total revenue is coming in at $1.74 billion. that's a little bit light. analysts had been forecasting $1.75 billion. the most important number for netflix is, of course, the subscriber number. it's coming in just a hair stronger than expected. total net additions was 69.17 million. it's 70,000 stronger than expected. in the u.s., it's .88 million new subscribers. the international numbers are stronger than expected. 2.74 million international subscribers, which is heavier. looking at what is driving the lighter than expected results in the u.s., they say it's in part due to higher than expected involuntary turn. the inability to collect

. >> kate kelly, thank you for that. >> thank you. >> what do we make of these stocks here? any worth picking up? >> no. when you look at them, you see names like the fang stocks are the only things working here. a some point you have to have liquidation in these things. i don't think you necessarily need to try to catch any of these, particularly valeant. that looks terrible. >> speaking of valeant, that is one name that tripped up hedge funds. the stock tanking the second day in a row down 12% after a short seller sounded the alarm about the company's connection to a network of speciality pharmacies. doo biotech stocks use a similar arrangement? let's bring in resident stock therapist meg tirrell. they said speciality pharmacies aren't unique. it's just the financial relationship valeant may have with its speciality pharmacies that makes the difference. >> yeah. nonetheless, we are still seeing the pain of the scrutiny on the practice spreading throughout the speciality pharmaceutical space. speciality pharmacies and speciality pharmaceutical companies are two totally diff

we've gotten a little bit of the hedge fund perspective as well, and kate kelly, we're getting a littleit more of it right now from one of the biggest and best known hedge fund managers out there who sounds pretty bullish. >> that's right, scott. lee cooperman of omewmega advis, who we know well. the he has a 7-point rationale for why. here are key points that he makes. he says the valuations remain reasonable. he says that with rates so low, stocks are still more attractive than bonds. you know this. he has been saying it for quite a while now. he said trying to invest in u.s. paper these days is like bending down in front of a bulldozer to pick up a dime or words to that affect. >> he does think valuations are reasonable. one final point on market structure. he shares carl icon's concern, scott, about etf's and the unrestrained trading in etf's. he thinks the s.e.c. should take a look at the risks will. >> he has been critical of some of the strategies used by certain funds, about high frequency trading. thank you so much. why don't you react to what mr. cooperman and einhorn are sayi

you're watching "power lunch," where kate kelly is chuckling to herself off to the side.k after this. [female announcer] if the most challenging part of your day is the staying awake part, sleep train has your ticket to a better night's sleep. because when brands compete, you save during mattress price wars. save up to $400 on beautyrest and posturepedic. get interest-free financing until 2018 on tempur-pedic. plus, helpful advice from the sleep experts. don't miss mattress price wars at sleep train. ♪ sleep train ♪ your ticket to a better night's sleep ♪ . >>> this is your disaster du jour, relypsa pharmaceuticals. the company won fda approval for a drug to treat high levels of potassium. the stock is sinking because of a warning label the government will force them to put on the drug warning people to take it six hours away from other drugs. >>> let's get to sue herera with a news alert. >> and this concerns gnc and the stock has been under pressure for most of the day. the oregon attorney general has filed a lawsuit against gnc for selling nutritional supplements with

let's get to kate kelly with details. >> albertson's deciding to postpone its ipo further is hoping toet that deal done before thanksgiving. they spent last night and this morning trying to figure out if they could price tonight. hopefully, in their eyes, at least $20 per share level. the deal went out with a price target of $23 to $26. the momentum yesterday in light of the walmart store's renewed guidance that was negative was more like $17. essentially the deal sponsors weren't going to settle for that. they wanted a $20 price point. they are considering releasing updated financials as one way to improve investor comfort. they believe their perspective is valid. kroger which people consider to be a good comp to albertson's had an uptick today. general stock market conditions. optimism on this deal here. not clear if this market will tolerate anything less than an exciting and good fundamental story. >> it's unfortunate timing they were going to pick the very day walmart comes out with this, you know, huge announcement. we just don't see days like that for a stock like walmart that o

our kate kelly reported earlier on cnbc the expected price for albertsons, $20 a share. that is below the price range of $23 to $26 a share. and her sources were saying that one option was to delay it so we will wait and see if we do, in fact, get a press release that albertsons will trade tomorrow. but very bad indicator for the ipo market, melissa. and of course, the after-market trade with a lot of stock coming to the market will be something to watch tomorrow, whether there will be support for the stocks once they do trade. >> all right. kay lor, we're getting word that reuters is reporting that albertsons will not price tonight. that is according to reuters. we'll work to confirm that on our own. and kayla, in terms of first -- maybe abs is not a surprise, but in terms of first data, how should we look at that. it is not a venture capital backed company going forward and should we look at it as a sign to good public to raise the money or do we look at it differently because it is coming from private equity. >> not necessarily. you don't have a situation as stark as

kate kelly is on the fast line from a train. kate, thanks for joining us on the train and the connection may be -- we'll see how it goes. but in terms of brazil, do we know novo grates was in that more than summer of 2016. >> it is not sure how long he stayed in. buts it calls like that that caused the trouble to lent him to shut down the fund with multiple sources. fortress macro fund was conceived in late 2008 and at this point it has a a um of $1.6 billion down from over $8 billion in its prime. so far this year through august, they were down 13.4% and down last year. they've consistently been an underperformer. >> okay. obviously kate was phoning in and we'll see if we can reconnect with her. in the meantime, macro funds over all have had a difficult time. it is not an easy environment to call, tim. >> it is a tough environment. the currency moves an the volatility in the macro asset classes have been the most surprising. as far as brazil, you were going into the election, where there might be a push into the path. it went u

kate kelly, joining us with that.re a heblg fund manager ande before. >> think about the consensus rate and look at the dixie. closing at 94 and change. well below levels people thought they would be. and i think the volatility in the other asset classes. two to flat i think good for them. especially the way they are trading in the market. >> and let's switch to jp morgan. it is half-way through. let's get to kay lar in the newsroom who is monitoring the newsroom. what is the latest? >> a lot of talk on the call about a $2.2 billion one-time tax benefit related to the financial crisis that is muddying the numbers a little built. so hopefully we'll have more clarity on that. the executives lake and dimon talking on the call mostly about the strength of the business not surprisingly that loan balances are up across the board and talking in a very bullish manner as they often do about the strength of the u.s. economy. where the tone changed is when they started talking about the markets. in particular cfo marian lake sai

kate kelly is here set to break it down the four hour call. a loss at $4 an nur on this call. >> i haven't looked at that metric. it does appear they have the reverse midas touch here. a four hour investment call featuring a bathroom break and food delivery and no shortage of technical foul ups did little to assuage the market and established paper losses for pershing square. i shouldn't say the call established them. but today a loss of $2 billion on the name that is billion with a b. acman chided the company for having a poor p.r. strategy and underinvesting as well. and he said outspoken sellers and drug prices have paved the may for a market shellacking after the story of the last two weeks. he praised the management team and the low cost model. he said when a stock tanks 50%. you have two choices. sell because you didn't realize what you were buying or buy additional shares because it is so cheap and you still believe in it and he has gone in the latter direction having bought 2 million shares recently. and more revelations are expected o

we'll have much more on the story from kate kelly and the big political story of the morning, paul ryangoing to run for house speaker but only among certain conditions and among other things he said he would only take the job if the entire caucus unites behind him. >> if you can agree to these requests and if i can truly be a unifying figure, then i will gladly serve. and if i'm not unifying that will be fine as well. i'll be happy to stay where i am at the ways and means committee. >> ryan says republican versus until the end of the week to decide if they can agree on those terms. >> what do you think happens. the times is pointing to this as him stepping up but some were -- >> i'm annoyed. >> you're annoyed that he did that? >> no. i'll get to it. just sit back. you know how bipartisan i tend to be so i will trash the huffington post on any given day. drudge today. king paul everybody pledge your allegiance. dem favorite, obama's new partner. so here we go. >> the beginning of the end. >> no, just immediately it's freedom caucus-type rhetoric undermining, undercutting. he wants too mu

kate kelly joins us from -- is that why you are there, kate?'re powerful, but you're with fortune's most powerful women? covering or part of it? >> covering it, interviews, here with the ceo of duke energy, lynn good, and meeting a lot of fascinating business leaders who are female and media leeaders. lynn, thank you so much for joining us this morning. we chatted about the fact you have a female chairman as well as obviously a female ceo, unusual, if not the only example in the fortune 500. >> you know, we've been fortunate and focused on diversity at duke for a long period of time. i have three women on the leadership team as well as diverse members of the team so it's an important part of business today. >> absolutely. let's talk about the commodity picture because we spend a lot of time talking about the price of crude and what that means, certainly, for the shale drillers in u.s. and others. for you, though, cheap energy prices, namely natural gas and coal, are a benefit. talk about what this low price regime has been for your business? >>

. >>> albertson's hoping to bring the ipo to market after postponing at the last minute, and kate kelly now with the ipo blues. what's going on? >> well, e don't have the blues, app drew. >> the market does. will they come back? >> they are bummed. yes, the decision for one day postponement followed by resolution yesterday for a longer one was an indication of the tough market ipos are in now, single outlook for a company, walmart on wednesday, poisoned the well for many others. there was reason for encouragement yesterday, however, walmart stock's free fall from wednesday slowed down a little bit, and first data, the payment processor, $ 2.6 billion offer did well, opening above the offering price, granted, below the intended range, and closing at that same level. albertsons, considering pricing last night, which would have been just a one day delay, it was not enough to go forward. the company is focused on a price of $20 per share, and investor momentum remains somewhat below that. they'll look at a deal in the coming weeks and may issue additional financials to reassure investors, i

our kate kelly is there with highlights.ly, this was the first time we've heard from her since bill abbingman announced that stake. >> that's right. it was very interesting to hear what she had to say since that $5.6 billion announcement. she didn't really give us a lot of color on any other discussions with abbingman other than to say he has not asked for a seat on the board. activists generally, she spoke about nelson pelz and said it was tough to come to the decision to invite him to be on the board, but that he had been a constructive member. mentioned also as i said that abbingman had not asked for a board seat, but said also what has to engage with activists, you don't do that at your own peril. let's hear more about her words on activism in general as it applies to her company? take a listen. >> you have to engage with your shareholders. i spend a great deal of time with shareholders in the course of the year, and we have to listen to what they have to say. they're making significant investments in our stock, and in t

kate kelly has been looking into that for us. kate? >> hey, tyler. it's kind of interesting. i think we're at the point in the quality cycle for ipos where it's getting a little bit less attractive in terms of some of the stories that are trying to come to market and perhaps they're also asking for too dear a price while they're at it. last week a case in point. one of the 67 deals that has been pulled or delayed this year according to figures is the grocery chain albertson's where they sought to issue new shares at a range of $23 to $26 and got torpedoed by the reduced walmart guidance. that dropped price momentum way down from where it has been. walmart was certainly part of that say investors, but so was an overly ambitious price target for a highly leveraged company like albertson's. now they're waiting and seeing if they can do it sometime in november. first data did slightly better in part because of a more modest pricing plan perhaps. the company which at $2.5 billion was the year's largest ipo to date had a lot of shares they needed to sell, and they did so at $16. ag

kate kelly has some news on that. >> carl, good morning. big blow for u.s. attorney in the southern district of manhattan in that the supreme court is declining to hear a key insider trading case. the u.s. versus newman. this is a landmark insider trading case, in which on appeal a new york panel decided that insider trading would have to be a more narrow definition than relied upon in the 80 plus convictions for insider trading including some of former hedge fund managers. we're just learning that the supreme court which the department of justice asked to review a key aspect of the u.s. versus newman is declining to hear it. that, again, is a set back for the government and in the new york area we will defer to this higher court who had previously decided on a narrower definition. >> newman is affected, but also steinberg? >> michael steinberg, it would seem this is the final technicality that needed to happen in order for him to be a free man with no further danger of additional cases or additional liability. he would seem to be off the hook. of course, as

. >> kate kelly has reported that the team that's working with albertson's will try and price it today. it's price range was $23-26 this year. she reported price stock yesterday after the bell was still around $20 per share before they pulled it. some institutional investors had put orders in at $17 a share, which is so far below that. of course, it is a walmart story. albertson's is the number three grocery store in the united states behind kroger and walmart. going out on a day with walmart, gets $20 billion in market cap taken off. it is not a day when you can price. >> it wasn't a good day to pick to come public. that said, i have a hard time believing they are going to be able to get there tonight. based on what i have heard this morning from a couple of pms that have been called by the underwriters. it feels to me like they may push this thing. >> cramer likes it. great same store sales. they do have a lot of debt. it a it is a strong company with a lot of momentum. they have a very good competitive position. the question is, how tough this market is. what sort of risk appetite t

let's get over to kate kelly and she has caught up with mylan's ceo. >> yes, i caught heather bresh in she was questioned on stage on the hostile takeover of perrigo. i had a couple of follow-up questions. perrigo shareholders have been offered 2.3 shares of stocks in mylan if they go through with the deal. a call was held last night at 5:00 p.m. i asked her if it was effective in convincing people to support the deal. she said i think the call went great and we were able to do what we set out to do, and i think we were able to get the noise off the table and put the math that shows just a clear and compelling offer to perrigo shareholders. she also said i think there's going to be a lot of volatility in the health care market for a while. so i think as shareholders step back and say it would be better to be part of a larger base that could absorb that volatility, i feel confident we'll get the tenders. so feeling good about this vote that needs to come together. and finally a shout-out to cnbc in there. she spoke a bit about the company's inversion from being pittsburgh-based to dutch

i'm sure kate kelly and i will bring you updates.y interesting situation this morning. >> it is. this relationship has been a competitive advantage for them that they saw when they did the medisys deal. they used this channel themselves. to your point, it's not necessarily the 7% of revenues, it's how much of the growth was a result of those revenues as well and how quickly were they growing and thenning the company put better numbers up year over year. >> it's a question about this model of using specialty pharmacies. clearly the way that valeant worked with philidor raised questions. ackman saying on the call that they didn't know about the option to buy this that valeant acquired last year. you have to wonder will this stretch into the rest of the drug industry and the way they work with other pharmacies. >> thank you, meg. >>> want to get to eamon javers in washington with some breaking news regarding the white house and syria. >> breaking news from reuters. they're reporting that the obama administration is expected to announce

kate kelly is in london with more. kate, what have you got?glencore's london office. they have a large arm focussing on energy. they've taken a beating, and even this morning they've been seesawing and up on headlines about a possible sale -- of a partial sale of one of their units to sovereign wealth funds, but also in the red for periods of today. the deal which i speak is part of their overall debt reduction plan. what they would like to see happen is sell a 20% to 30% piece of their agricultural unit ideally to one or more sovereign wealth funds and reportedly we have -- they have interest, rather, so far from singapore, china, saudi arabia, and a canadian pension fund. it would appear that there are a good number of buyers that are taking a serious look. that's a deal that could be valued in the low billions of dollars and probably unlikely to get done until the first quarter of the new year. other things they're doing to get the debt down from $30 billion in net debt from the middle half of this year to the end of the year to $24 billion

kate? >> and kelly, i don't want to get all geeky on you here, because we both used to cover capitol hill togetherer's also delaying some of the votes for some of the other positions in the leadership. what's that all about? >> well, i think what it could do is, let's say they decide on the speaker nominee and that's set aside. and perhaps chaffetz, if he doesn't get the vote, might he be up for majority leader then? by doing it all in one day, basically you'd only be running for one slot. it will give extra time for republicans to settle amongst themselves who they want their leadership team to be. so giving more time is actually not the original strategy boehner had. he was really intending to do this quickly and move on. but there is this distress within the republican conference, saying, do we really just want the leadership to step up, each one moving up to the next chair, so to speak? or should there be new be ms who might better reflect the broader sensibilities of the conference. so it will be drama, for sure. >> kelly o'donnell, thanks so much. >>> and an update to the breaking news we've

kate kelly has been digging into it. >> tyler, some investors in argentina's distress bonds are over the moon about the surprise strong showing of the most conservative of the presidential candidates. bench mark bonds tied to argentina were surging this morning reflecting hopes that his willingness to overturn current policies might be allayed. one key issue, whether he would negotiate a settlement with the so-called holdout creditors plug a powerful hedge fund who have demanded full payment of months. daniel cioli was expected to take a bigger lead but macri proved the polls wrong delivering over 34% of the vote. that means that for the first time ever arjgentina will hold runoff election to determine the final winner. meantime, some investors believe argentine politics are so complex they can't assume anything in terms of a settlement with bondholders here. while others say macri's interest in resolving the impasse is definitely there. >> but either way we have to wait until the 22nd or later to find the final result here. >> we sure do. it's interesting, the polls were dead wrong.

kate kelly with the late snooes let's send it over to dominic chu for a news alert on gnc. >> the shares are halted again. they've been halted for six minutes or so, they are down 14, 15% heading into a halt. this time this halt is for news pending. again, there has been a request to halt the shares for pending news. we do not know what that news is yet. to recap the earlier headlines the oregon attorney general has filed a lawsuit against gnc for possibly knowingly selling drugs, again, supplements containing certain synthetic drugs as part of this particular case here. the shares spiked sharply lower on those headlines, now this halt is for pending news. we will bring that you news when it becomes available to us, guys. remember, the firm did already say that gnc does not comment on pending litigation so we will see if there's any news that come out of it. back over to you. >> unless gnc changed its mind and feels it needs to respond, thus the halt in the stock. dom chu, thank you so much. >> mcdonald's shares hit ago record after betting than expected earnings reassuring investors abo

joining today's panel we have evan knew mark and kate kelly and ryan larson and "fast money" trader timome one and all. evan, i will start with you, these earnings that we got yesterday from amazon, from alphabet, from microsoft specifically really seemed to be some sort of inflection point, don't they? with the cloud business and tech investing. >> i think it's been a great week for the market. i would remind you, kelly, in case you had forgotten that the s&p 500 basically flat for the year. >> better than down 7%. >> absolutely. much better than down but it's not like all of a sudden the market is up 10% for the year, it's flat for the year. what that masks is the tremendous performance that's underlying a lot of these big tech names. i'm looking here, you have amazon is up 92% year to date, google, alphabet up 35%, facebook up over 30%. even the ones that haven't performed, apple, which is up, you know, 6 or 8%. >> right. >> are people dissatisfied? that stock is up 75% from last spring or over 50% from last spring. my point is these are huge moves in the tech space, but what you see

kate kelly has the details. >> glencore chief is publicly challenged his competitors in mining to take out production during this slump. last night shutting down a half million tons of zinc production around the world. that fueled the biggest rally since 1989 jacking it up more than 10% ultimately to over $1,800 per ton on the london metal exchange. glencore shares showed optimism rising 7% in london. this is their attempt to at a turn around. in the past month it has a nounszed an ambitious debt re duks plan, new equity $2.5 billion worth and sales that are now underway of a portion of its agra business as well as metal streaming business, precious metals they find in some south american mines. investors have looked on this favorably but still concerned about the company's leverage levels. meanwhile in the so-called trading business where commodities like oil and metals are bought and sold in physical quantities, separate from what we do on the screens and what many of our viewers do, it's hurting other players, too. the u.s. oil giant chevron reportedly cutting 10% of its global supp

kate kelly is there. she is visiting the headquaters of glencore which has been slammed this week. 's a very important story. kate, you with us. >> hey, guys, i'm standing outside glencore's london office where their focus this week has been on their trading arm after the stock market and bond market with their credit default spreads as well. the key question is whether they have enough financing to stand them in good stead if we head into a further period of low commodity prices. they're really scrambling to reassure this market this week after shares hit an all time low on monday of about 67 pence on the london stock exchange. they're moving ahead with asset sales. one of which is the sale of their metal streaming business. these are by products from their metal business so they will be selling those to a partner. that could bring in a billion plus dollars. the other asset sale they're contemplating and hard at work on is a 20 to 30 peculiar stake in their agriculture business. this probably wouldn't happen until the third quarter of next year but the prone is it would bring in se

kate? >> all right. kelly o'donnell with the breaking nulls in washington, thank you for that.e right back after a break quick. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ [ birds squawking ] my mom makes airplane engines that can talk. [ birds squawking ] ♪ my mom makes hospitals you can hold in your hand. ♪ my mom can print amazing things right from her computer. [ whirring ] [ train whistle blows ] my mom makes trains that are friends with trees. [ train whistle blows ] ♪ my mom works at ge. ♪ >>> i feel wonderful! wonderful! >> all right. >> i feel free! >> yeah! >> that's jonny and his first moments as a free man as the judge threw out the conviction that kept him behind bars for 25 years. he was found guilty for playing a role in the september 1990 murder of brian watkins on new york city subway platform and maintained the innocence saying he was nowhere near the crime scene. he also said he was coerced into making a false confession. joining me now, nbc's lester holt whos