The nasdaq off by 11. Take a look at at asia. Nikkei was down by a quarter percent. And the shanghai composite down by 2. 8 . In europe. Same trend weve seen. The dax is down about half a percent. The cac close to 1 . Ftsi down. 7 . And crude oil, wti is down slightly, at 44. 12. I dont think the market is ever going to go up until it stops raining. And it is 50 and raining for like the day in a row here. Only been five . Yeah and. Probably use some rain. These guys could use some. This is a worse story. Developing wild fire out of canada this morning. Officials warning the fires could spread even more because conditions are still tinder dry. At least 88,000 people have already been evacuated and more than 1600s and buildings destroyed. The fires could lead to 9 billion in insurance cost. In an area with the Third Largest oil reserves in the world and estimates suggest production cuts could wipe out canadas growth in the Second Quarter entirely. That is a big story. Also, stocks to watch this morning. Gopro, delaying the loss of its first drone device. Until the winter holidays instead of the end of june as targeted previously. Were going talk to an analyst about gopro in about ten minutes. Herbalife is in talks to saelt probe by the federal trade commission into business practices. Herbalife also reported First Quarter results that beat forecasts, posting first sales increase in six quarters. Some people struggling with an explanation of why it was updated it was total clear to me why it was this is not a existential threat. Not going to zero. This is not fraudulent, pyramid scheme shut down by regulators. This is pay 200 million. Do a couple of things. And by the way and when i was here yesterday watching that show i was just thinking about ackman. If you cant understand why the stock is up 8 look at what ackmans he was testifying a couple of weekss for valiant pharmaceuticals. Used that to Tell Congress he was testifying before you should be looking into the herbalife. He was using that time as the way of saying look at whats happening there. This is like slap on the wrist. Hes probably right i think the problem becomes from perspective if they settle on Something Like this it means there is not going to be additional. Existential threat to herb herbali herbalife. If that is the case, does it change the dynamic . There were questions about what bill was saying. First amendment or liable or slander or . [ inaudible ]. Worse than that there were questions early on about whether it could be determined if market manipulation if you are not telling the truth. Its a very complicated situation. I believe that i believe that he believed everything he said. And he actually remember he had some lawyers he had hired from was it a former sec commissioner who he had run through a lot of this or the former enforcement guy. Kuzami . Right. So he was pretty careful how he was going about this. He vetted it with someone who was in the know. But i wouldnt be surprised if they somehow get in the clear but then there are all sort of other new lawsuits that turn around on it. Just not going to walk away . I dont think so. Couple more headlines. Activision reporting First Quarter earnings and the raising full year outlook. Benefitting from growing Digital Games sales in the acquisition of digital king, maker of candy crush. And in todays jobs report lets get a check on the 10 year note. Yields have been under pressure for quite some time. You can see the 10 year note is still yielding 1. 747 . Even though expectations are built into the market and fed itself that well see additional rate hike this is year. Its been really hard to move these yields higher. Currency market and today it looks like the dollars down across the board. Gold prices this morning. Are you have just over 10 dollars. And take a look at the futures. Its been a little weaker. Right now the dow future down about 30. S p off 4 and the nasdaq down about 11. German bund is 16 basis points. How can you possibly build on yields here . Right. Just a couple of hours from the april jobs report. That is correct, its may right . Joining us now is michael i heard someone earlier he was supposed to go sullivan was supposed to go over there. But we came here so we set him up to be able to talk to wilfred. And i heard he because the claims number continued to be pretty good, i guess he wasnt talking about yesterdays though. Because these figures are before the most recent. You cant use that. Right. But claims are at 40 year lows or something. The way they do it is they say survey during the week. The numbers are for the 12th to the month. The numbers we saw will be inputs into the may data. Anything to indicate. I look at jobs as coincident at best is lagging. Will they start to be more synchronized though . I think it is mainly contemporaneous. There is some lag. We find a little of both. But historically when the labor market and activity data diverge better off listening to the labor market. It sends a better signal. As long as the jobs holds up it is evidence is it going to hold up we do . You think it is most likely outlier at absolutely. We take a very strong signal from the payroll data. Yes, if the payroll data is slow and gdp doesnt. Ill Say Something more negative. But if its just gdp has an off quarter but the payroll data holds up, that is a positive sign. Do you ascribe anything to an Election Year . Usually you dont see. I want that. 5 gdp out of the at way before the election. You cant really jigger the numbers i guess. But it always seem to coincide with that. Right now to your points earlier, i dont think the election is affecting activity or investment or sentiment at this point. We have to get a little further but yeah it will be a factor. We have a strong forecast. Were looking for 250 on the headline today. Were looking for better wage growth. And unemployment to fall. A bit of a trifecta report. I dont make any sort of forecast until i hear leisman. He does put some work into it. He has a model. Contrary. Youre not going to come one an easy guess . No. No no. Leisman. Its like everybody else. Like 150,000 one way or the other. Statistically speaking, 150 and 250 are the same. Doesnt make for good tv though. So you expect the gdp to start reflecting a strong jobs number. Does that mean a 2 2016 gdp . Q4 and q4, yeah. That is about where we come outen the numbers. Were thinking consumption will look a little better in the Second Quarter. Auto data reflects that. The retail sales next week should show that. If the dollar does stay more or less stable, oil is stable, then manufacturing and energy should be less of weight in the second half of the year so you could have something closer to two and a half going into the election. All right. Just like clock work. Michael thank you. Thank you. Bring an umbrella . We can lend you one. I didnt bring an umbrella. I was in the other part of the mid west this week but it was actually quite sunny. Rock island, illinois. I was back there doing some things with them for a few days. Come a long way. Something of yourself. What was your major . Economics, surprisingly. Finance and then i did grad school a at indiana. So it was good to go back and reconnect with some people who launched me on my way. It was a good time. Thanks mike. Politics. House Speaker Paul Ryan t highest ranking elected republican says hes not ready to get on board the trump train. More on the implications of all this. John. Good morning. This is a Big Development that says something about the struggle to unify the Republican Party nationally. Something about the challenge of holding on to republican control of congress in this year. And something about the nature of paul ryan individually as a political leader. But yesterday the chairman of the convention, the highest ranking republican elected official in the country said he was not ready to get behind donald trump and his fall campaign. To be candid im not ready right now. I hope to. And i want to. But i think what is required is that we unify this party. Now that provides cover for every republican member of congress who doesnt want to endorse donald trump, who feels pressure from independent, from democrat, from moderate republicans in their district. And donald trump didnt take kindly to it. He raised the stakes when he put out a statement a few hours later saying that hes not prepared to support paul ryans agenda. Maybe we can Work Together in the future. Now, here is why that is a problem. Paul ryan believes in his agenda more fervently than most political leaders so the disagreements he has with donald trump on trade, sbiemtment, who knows on taxes as donald trump said on our program the other day that he may alter his tax cut, raise that top rate. Paul ryan could not have liked those comments either. This indicates a challenge for donald trump that is going to exist throughout the year. In the most recent wall street journal poll he was only getting 72 of republicans supporting him. You cannot win in you are a polarized system with numbers that low. There is a way that republicans or conservatives are still trying to push trump into more palatable positions on a lot of things that they want. In fact i think you could sort of read between the lines with paul ryan. It was like im going to support someone who believes in the principles of the conservatives and the Republican Party. And until i can see that mr. Trump believes in these principles, im not going hold back. I saw Reince Priebus on too. Look. It is going to happen eventually. I dont know if he will. Yesterday he said he might support a minimum wage increase. Might bic a democrat more vice the [inaudible]. Challenge is every impulse that donald trump has displayed since rwrapping up the nominatin is to try to make himself more presentable to democrats. And there are so many layers to this. Paul ryan is someone who might ran for president himself in the future. There are a lot of cross pressures here. It is like stop the presses. 43 is not backing trump. He just humiliated his brother and said 9 11 was his fault. And two former president s, both bushes wont be there. Romney [inaudible]. They ran together. But in romney, i thought that was thrlow in warning i wish somebody had been there to warn us about romney to close the deal. And there was one other point i was going to make. I cant remember what it was john. Oh what you said about 2020. To have three straight administrations of democrat, usually the next administration is going to be republican. If hes thinking 2020 and im not going to tell you that in the back of his mind hes got a horse in the race. But if hes maintaining any notion for 2020 it would be much better for hillary to get elected than trump to get elected. And there is a huge impulse within an important swath of the party, especially a lot of republican donors and the so called republican establishment to say lets focus on making sure we a, hold the senate and b, at all costs hold the house of representatives, which the you get wiped out has the potential for flipping. It is not likely but it is not impossible either when you have the kind of margins that weve seen in some polls now. So paul ryan is protecting his members. Hes throwing out the sort of Conscientious Objector status as a safe harbor for people who dont want to come out and say quick that they are for trump. You know you say what kelly ayotte did the other day. Put out a statement saying she endorsed trump and clarified and said well im supporting trump but im not endorsing trump. Indicates the discomfort of a lot of these people in blue states and blue leaning districts. What is your best guest on Supreme Court appointments in this next term . 3, 4 . As many as five . So they you know, the whole thing, i dont know. It is an important election. And i dont know. Ryan will come around. But it is not helpful. In our polarized system, you have got to unify our party. Trumps got to figure out a way to get there. The rnc looked like it got caught totally off guard by this. He said reince didnt know it was coming ahead of time. I wish paul had been this tough on biden. In that debate. Really take a stand. Romney and him against president obama. But they are taking their stand now. Way to go. Anyway. Coming up when we return. More bad news for battered camera maker gopro. That stock falling. Down 75 since their 2014 ipo analysis. And later its time to pick your pony. Were going to tell you about nyquist . Nyquist. Theres two syllables. I know but it could be. New york kwis . The Kentucky Derby. Show me movies with explosions. Show me more like this. Show me previously watched. Whats recommended for me. X1 makes it easy to find what blows you away. Call or go online and switch to x1. Only with xfinity. Shares of gopro trading lower aft the Company Reported quarterly results. Camera maker delaying the launch of its first drone device until winter instead of june as previously targeted. Joining us is aaron murphy. A lot of disappointment around this stock. There has been for some time. What do you think caused the selloff last night . The delay in new products that we were expecting in the first half or the steeper than expected loss . I think it was actually more tied to the delay of the products. The fact they are delaying the drone having been in the pipeline well over a year now is concerned for us. And they did not change the full year guidance. So were still sitting on pins and needles waiting to see if they can even make this year come out in and of itself. Product delay is an issue but gopro also got beat up because maybe they put out that werent quite ready in the past so maybe it is better in the longterm for coming to market . Fair point if they are adding extra bells and whistles to the product. The broader concern is it seems from our perspective a little too late. The category has opinion on fire for a few years. But now what you are seeing you really started seeing in ernest since the winning of this year is price competition which is something gopro felt even starting last year. We are concerned about the timing when they are launching regardless just given the categorys competitive pressures. Is this a company you think can turn things around . It came out with great fanfare. Certainly disappointed since then. What is the end game . We are still fairly bearish. We still see downside here. There is value in the brand but in terms of where they are at right now we do think they have hit a wall in terms of the addressable market. There are a couple of new product this is holiday but our concern is they continue to lose market share and have really already hit that Tipping Point in terms of addressable market. The point at least a couple of years ago the company was talking about how it was going to be much more than just a gadget company. It was going to be a media company. All these channels on youtube and xbox. Is that still something you think is possible and something achievable . We havent seen them kind of proactively monetize that yet. There is great content that gopro users create. But the pathway to monetization is really we feel a little more bleak, particularly with the proliferation of what you are seeing on the smart phone side and just kind of how consumers are engaging in other aspects of sharing their lives whether snapchat or instagram. It seems a little harder to monetize the content they have helped create. At this point is market cap is about a billion dollars. This a statakeover target . The concern with that is it is a category we still feel is very much this decline. It is a product that there are other competitors in the space. And we still think there is value and thats where we kind of set our price from the brand itself. But from a category perspective i find it really challenging. Why do you think the category is challenged . Is it the millennial arent buying this . The teens arent buying it . The smart phones have better and better cameras . I think it is more the latter point. On the smart phone side you have clearly another pathway to the consumer to capture and edit content. And if you look at the traditional camcorder market its been in perpetual decline for several years now. I just dont know if there is much more to go beyond that as consumers go more towards just one device which is their smart phone. Aaron i dont want to miss this. Remember netflix used to send you dvds in the mail. No it is not that. What about vr . Is there anything they can ever do to somehow get into as the billion company. If its going to 40 billion you need to tell us now. Is there anything they can do in vr that . They made some ak sixes in the vr side. We dont have the visibility in what they are doing in vr yet but it is taubl inaudible. I think time will tell. The concern between now and then is they are starting to burn up a little cash and they continue to see declining market share in those categories. They have made some acquisitions. I think it is just too soon to tell. Thanks. We really appreciate it. Thanks for having me on. There is your money shot owe. Go porn. Its two letters. I dont know. Coming up embarrassed again. You know i dont get. I know you do. You will get embarrassed for both of us. Im not really embarrassed for you. Im embarrassed for me. Because youre sitting there. Facebook losing round one. Details straight ahead. And later, the americas cup is coming to new york for the first time in 96 years. That is kind of exciting and i did not know that. Well give you a look at what is being described as the lamborghini of the votes and a look at the s p winners and losers for yesterday. Going on . Oh hey allison. Im val, the orange money retirement squirrel from voya. Val from voya . Yeah, val from voya. Quick question, what are voya retirement squirrels doing in my house . Were putting away acorns. You know, to show the importance of saving for the future. So youre sort of like a Spokes Person . 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