H&W in the Media
Larry Summers rages on Twitter against Fed rate hike
Stocks (^DJI, ^GSPC, ^IXIC) are up modestly at midday ahead of the big Fed announcement this afternoon, with energy (XLE) leading and the new real estate sector (XLRE) in the red. Keith Bliss of Cuttone & Co. joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance editor-in-chief, Andy Serwer and Kevin Mahn, CIO, Hennion & Walsh Asset Management.
Larry Summer’s Twitter rant against the Fed
Continuing our discussion of the Fed, we’re probably not going to get a rate hike today, and Larry Summers definitely wants it that way. Earlier today, the former Secretary of the Treasury went on an epic Twitter rant. His first of 11 Tweets said, “There are many reasons, each of which would be reason enough alone, for the Fed not to raise rates today.” His reasons range from problems in the job market, low price inflation and fear of another recession.
CEOs of Wells Fargo, Mylan Face Angry Lawmakers
It’s another day, another American CEO appearing before angry lawmakers on Capitol Hill. Tuesday it was Wells Fargo CEO John Stumpf facing questions about the bank’s creation of more than two million phony accounts. Senator Elizabeth Warren said Stumpf should resign and accused him of “gutless leadership.” Today it’s Mylan CEO Heather Bresch facing off with a House Committee probing the 500% increase in the price of EpiPen, the company’s lifesaving allergy treatment.
Chipotle launches campaign to win back customers
Now here’s another company with a BIG PR problem: Chipotle. The burrito chain today launched a marketing campaign aimed at convincing consumers its food is safe to eat. The print and online ads feature an open letter from Chipotle co-founder Steve Ellis. He also recorded a video. This of course follows E-coli outbreaks and other health issues that sent sales plunging.
Financial tasks to tackle this fall