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  • FROM THE CLOSING BELL.

  • I AM SCARLET FU.

  • JOE: I'M JOE WEISENTHAL PILLAR

  • -- WIESENTHAL.

  • MATT: AND I'M MATT MILLER.

  • SCARLET: U.S. STOCKS CLOSING

  • LOWER THIS AFTERNOON AHEAD OF

  • JANET YELLEN'S SPEECH TOMORROW.

  • JOE: THE QUESTION IS, "WHAT'D

  • YOU MISS?"

  • SCARLET: THE WAITING THE SPEECH

  • TOMORROW.

  • AND WE SPEAK TO NARAYANA

  • KOCHERLAKOTA FOR THE NEXT HALF

  • HOUR.

  • JOE: PLUS, TURKEY EMERGING FROM

  • THE ATTEMPTED TO A STRONGER

  • POWER.

  • WHAT IS NEXT FOR ITS

  • RELATIONSHIP WITH THE U.S. AND

  • RUSSIA?

  • MATT: AND HELICOPTER -- COMING

  • TO JAPAN.

  • HE SEES THE DOJ ACTING AFTER THE

  • YEN'S GAIN.

  • SCARLET: WE BEGIN WITH OUR

  • MARKET MINUTE.

  • STOCKS CLOSING LOWER BEFORE

  • JANET YELLEN GIVING HER SPEECH

  • TOMORROW MORNING.

  • IF YOU LOOK AT THE INDUSTRY

  • GROUPS IN THE S&P 500, FIVE OUT

  • OF THE 10 ARE HIGHER OR LOWER AS

  • THE CASE MAY BE BECAUSE IT

  • FINISHED DOWN.

  • MATERIALS WHERE THE BEST

  • PERFORMERS, HEALTH CARE THE

  • WORST PERFORMERS.

  • OVERALL, THIS IS THE LOWEST

  • LEVEL SINCE AUGUST 4.

  • IT WE BEEN KEEPING TRACK OF HOW

  • LONG THE S&P IS TRADING.

  • WE HAVE HAD ENOUGH OF THIS.

  • 34 DAYS.

  • JOE: WITHOUT A 1% RANGE.

  • YES, IT IS QUIET.

  • MATT: THERE IS A LOT OF NEWS,

  • WHICH IS INTERESTING.

  • WE HAVE A LOT OF NEWS AND A LOT

  • TO TALK ABOUT ON THE MACRO LEVEL

  • AND THE COMPANY LEVEL, BUT THERE

  • IS NOT A LOT OF MOVEMENT IN

  • STOCKS OR BOND YIELDS.

  • JOE: VERY QUIET.

  • ONE LOSER TODAY WAS THE HEALTH

  • CARE STOCKS, OF COURSE AT THE

  • CENTER OF ALL OF THAT

  • CONTROVERSY.

  • MATT: I HAVE THIS OPEN TO SHOW

  • YOU THAT.

  • LET'S TAKE A LOOK AT THE LOSERS,

  • ABBOTT LABORATORIES.

  • INTERESTING THEY ARE DOWN,

  • BECAUSE THEY WERE UP EARLIER.

  • AND CARSON BLOCK SAID THAT THEY

  • ANNOUNCED SHORTING SAINT JUDE

  • AND THEY ARE LONG ABBOTT

  • LABORATORIES, BECAUSE THEY WANT

  • TO BREAK UP THE PURCHASE AND

  • THAT ABBOTT LABORATORIES

  • SHAREHOLDERS SHOULD BE RELIEVED.

  • MYLAN DOWN AGAIN TODAY.

  • IT HAD RECOVERED EARLIER IN THE

  • DAY, BECAUSE IT WAS CRUSHED OVER

  • THE WEEK.

  • BUT IT COULD NOT MAINTAIN GAINS.

  • IT IS DOWN AGAIN.

  • OPENING AND CAN

  • SEE THE HEALTH CARE STOCKS ARE

  • THE BIGGEST LOSERS OF THE DAY.

  • CONSUMER DISCRETIONARY'S ARE

  • ALSO BIG LOSERS.

  • JOE: A LOOK AT GOVERNMENT BONDS,

  • PRETTY QUIET FOR THE TREASURIES

  • TODAY.

  • OF COURSE, ALL THE ACTION ON

  • JANET YELLEN TOMORROW.

  • MODEST INCREASES IN YIELDS IN

  • THE TWO-YEAR AND THE 10 YEAR.

  • A LITTLE BIT OF FLATTENING.

  • SCARLET: IN TERMS OF CURRENCIES,

  • TAKE A LOOK AT THE SOUTH AFRICAN

  • CURRENCY.

  • THE PRESIDENT ISSUED A STATEMENT

  • OF FULL CONFIDENCE IN THE

  • FINANCE MINISTER, BUT THAT DOES

  • NOT DO MUCH FOR THE RAND.

  • WE SAW THE DOLLAR DROPPED VERSUS

  • THE RAND, BUT THEN WE SAW THE

  • RAND WEEKEND.

  • IT IS THE WORST PERFORMING

  • CURRENCY THIS MONTH.

  • THE SECOND WORST IS THE CHILEAN

  • PESO.

  • A GAIN THE MOST IN TWO WEEKS.

  • IF PROMPTED DOLLARS TO BE

  • TRADED.

  • AND THURSDAY IS TYPICALLY A GOOD

  • DAY FOR THE CHILEAN PESO,

  • BECAUSE THE MINING COMPANIES

  • SELL DOLLARS TO RAISE THE MONEY

  • AND FOR PAYROLL COMMITMENTS.

  • SEBASTIAN FOUND THAT TYPICALLY

  • THE PESO DOES WELL, GAINING ON

  • THURSDAYS AND FALLING THE OTHER

  • DAYS OF THE WEEK.

  • JOE: LET'S TAKE A LOOK AT THE

  • OIL MARKET.

  • , ALLW GAINS TODAY AND HOPE

  • THESE ABOUT PRODUCTION, BUT

  • HOPING IRAN COULD TAKE PART IN

  • CURBING OIL PRODUCTION.

  • WE SAW A GAIN.

  • WE WANT TO LOOK AT SOME

  • TECHNICAL THINGS HERE.

  • WE OF THE PURPLE LINE OF THE 50

  • DAY MOVING AVERAGE.

  • THE GREEN LINE IS THE 100 DAY

  • MOVING AVERAGE AND THERE SEEMS

  • TO BE RISK THAT THEY ARE GOING

  • TO CROSS BELOW THE 100.

  • EVENT.D BE A NEGATIVE

  • IT COULD BE NEGATIVE MOMENTUM.

  • MATT: LIKE A DEATH CROSS.

  • JOE: WE WILL KEEP AN EYE ON

  • THAT.

  • SCARLET: LET'S TAKE A DIVE INTO

  • THE BLOOMBERG CHARTS.

  • YOU CAN USE THE FUNCTION AT THE

  • BOTTOM OF THE SCREEN.

  • I AM LOOKING AT TREASURIES,

  • TALKING ABOUT HOW SLOW IT IS.

  • ANOTHER DAY OF LOOKING AT IT.

  • WE ARE LOOKING AT THE GREEN

  • CIRCLE RIGHT THERE.

  • IT IS A RANGE OF LESS THAN THREE

  • BASIS POINTS, THE TIGHTEST MOVE

  • SINCE IT JUNE.

  • IT IS ALSO THE SECOND SMALLEST

  • RANGE OF 2016.

  • THE SMALLEST WAS BASICALLY WHEN

  • IT WAS CLOSE.

  • THE YELLOW CIRCLES INDICATE WHEN

  • THE MARKET WAS CLOSED.

  • WE ARE TRADING IN THE SMALLEST

  • RANGE SINCE IN JUNE.

  • SO VERY LITTLE HAPPENING IN THE

  • BOND MARKET.

  • MATT: THAT IS CRAZY.

  • JOE: I AM LOOKING AT MY FAVORITE

  • CHART MY WHICH I DO MOST

  • THURSDAYS.

  • THE JOBLESS CLAIMS.

  • THIS IS THE NON-I JUST DID

  • VERSION.

  • -- NON-ADJUSTED VERSION.

  • YOU CAN SEE THE TREND, WHICH

  • CONTINUES TO BE LOWER.

  • WE ARE AT A FOUR DECADE LOW AND

  • WE GO LOWER.

  • THIS IS THE MOVING AVERAGE.

  • IT IS AT THE LOWEST IT HAS BEEN

  • SINCE THE CRISIS.

  • IT IS A STABLE TIME.

  • SCARLET: I ONLY LOOK AT THE

  • FOUR-WEEK MOVING AVERAGE NOW.

  • JOE: FORGET ABOUT THE WEEKLY

  • NOISE.

  • MATT: THE LABOR MARKET IS

  • STRONG.

  • I AM LOOKING AT INFLATION.

  • PRICE STABILITY IS THE SECOND

  • THING THAT THE FED WILL LOOK AT.

  • AND BY THE WAY, THIS IS 3034 ON

  • THE BLOOMBERG TERMINAL.

  • THE CLEVELAND FED CPI IN BLUE,

  • AND WE ALSO HAVE THE PURPLE

  • LINE.

  • AXES, SAYTWO SEPARATE

  • CANNOT REALLY SEE THE STRENGTH

  • OF THE WHITE LINE.

  • 3.6%TLANTA LINE IS SHOWING

  • GDP GROWTH ON THIS QUARTER, SO

  • IT LOOKS LIKE WE HAVE DECENT

  • GROWTH AT LEAST FROM THE ATLANTA

  • GDP FORECAST.

  • WE HAVE INFLATION THAT IS GOING

  • UP TOWARD A LEVEL THAT THE FED

  • SHOULD BE HAPPY WITH.

  • IT IS 1.6%.

  • AND WE HAVE A LABOR PICTURE AS

  • JOE SHOWED THAT IS FANTASTIC.

  • IF THE FED IS DATA DEPENDENT AND

  • IT LOOKS AT THE DATA WITH THE

  • TWO MANDATES, MAYBE IT SHOULD BE

  • NORMALIZING THE INTEREST RATES.

  • SCARLET: THAT IS WHAT A LOT OF

  • PEOPLE SAY.

  • LET'S GET TO BREAKING NEWS WE

  • HAVE BEEN FOLLOWING ALL DAY.

  • AND MATT REFERENCED IT EARLIER.

  • MUDDY WATERS TAKING ON ST. JUDE

  • MEDICAL.

  • THEY PUBLISHED A REPORT THAT

  • SAYS THAT THE PACEMAKERS ARE

  • EXPOSED TO HACKING BRONER

  • ABILITIES.

  • CARSON BLOCK SAYS THAT CHANGES

  • MUST BE HELD ACCOUNTABLE.

  • >> THIS APPEARS TO BE A COMPANY

  • THAT FOR YEARS HAS PUT PROFITS

  • BEFORE PATIENTS WHEN IT COMES TO

  • SEPARATE SECURITY.

  • TO WE THINK IT IS IMPORTANT

  • MAKE SURE THAT USERS ARE

  • NOTIFIED OF THE RISKS.

  • AND TO HOLD A PUBLIC THING

  • ACCOUNTABLE.

  • -- PUBLICLY ACCOUNTABLE.

  • SCARLET: THEY DISCOVER THE FLAWS

  • THANKS TO A SEPARATE SECURITY

  • FIRM.

  • HERE TO DISCUSS THE STORY IS A

  • FORMER -- ASSOCIATE.

  • BASED ON WHAT YOU HAVE HEARD

  • FROM THE IS YOUR REACTION TO

  • THESE ALLEGATIONS FROM CARSON

  • BLOCK?

  • >> I READ THE NOVEL.

  • IT WAS A FLASH IN THE PAN.

  • ISSUEERE REALLY IS AN

  • HERE, RATHER THAN PICKING UP THE

  • PHONE AND SHORTING THE STOCK,

  • YOU SHOULD CALL THE FDA.

  • SCARLET: IF THE RESEARCH FIRM

  • THAT FOUND THE LOOPHOLES

  • APPROACH THE FDA WITH FINDINGS,

  • WHAT WOULD THE RESPONSE HAVE

  • BEEN?

  • >> THEY WOULD HAVE EXPLAINED HOW

  • THEY FOUND THE PHONE OR BUDDIES,

  • WEATHER DATA WOULD TELL AND --

  • WHAT THE DATA WOULD TELL AND

  • THEN THE FDA WOULD'VE TAKEN

  • ACTION.

  • BUT NOW IT IS A MARKET STORY.

  • SUSPICION THATS

  • THE PUBLIC HEALTH IS NOT

  • PRIMARY, IT IS SECONDARY.

  • JOE: WHEN IT COMES TO GADGETS

  • AND HACK ABILITY OF GADGETS,

  • OBVIOUSLY MORE AND MORE OF OUR

  • LIVES ARE GOING TO BE IMPLANTED

  • DEVICES THAT ARE CONNECTED TO

  • THE INTERNET.

  • HOW ON THE BALL IS IN THE FDA

  • WITH THAT?

  • >> I WOULD NOT SAY THEY ARE ON

  • THE CUTTING EDGE OF TECHNOLOGY,

  • BUT THEY KNOW HOW TO RELATE

  • MEDICAL -- REGULATE MEDICAL

  • DEVICES.

  • HOW THEY BECOME MORE