tv Closing Bell CNBC November 1, 2013 3:00pm-4:01pm EDT
>> good morning. jim featherstone. at this time the lafd has treated seven patients, transported six to area hospitals. we have approximately 100 firefighters committed to this incident. as chief gannon said, this initially started around 9:20, 9:28 the first lafd resources were on scene. in terms of a more heightened awareness and coordinated effort citywide, the city's emergency operation center has been activated at level 1, has been for well over two hours now. so the city is standing tall and leaning forward to deal with any associated issues that happened outside of the actual l.a.x. property. >> thank you. next we'll hear from the chief of the los angeles police department, who's involved in this and some of the operations as well. chief charlie beck. >> very briefly. i want to command the men and
women of pd for their response to this situation. we have los angeles police department, tsa, fbi, laso and other agencies. we will treat this incident with the unified command. many, many details will not be given out at this point. we will not speak about the nature of injuries, we will not speak about the suspect. the investigation is being handled with the fbi with the cooperation of the los angeles police department. again, tremendous unified response. know that this region worries about its airport because of the complex issues involved with various jurisdictions. it was handled very well today. thank you. >> hold on, one second. we'll next hear from fbi special agent in charge. special agent to talk about the investigation. >> special agent in charge of
the fbi-b b-o-w-e-c-i-h. we're working with l.a. police department in respect to this investigation. the investigation is ongoing. i'm going to give you very little facts today, very few facts. we're working with the u.s. attorney's office as well as our partners. i'm not going to talk about the victims today. we still have people we have to be in contact with in the meantime. whoa are going to bring our resources to bear, which includes our evidence response team as well as any other necessary resources. at this point we do not see any additional threats here at the airport. finally, our last speaker is councilman mike bonnan's office. we want to thank him and his office. one last night i want to say, because we'll take questions
just after, i want to thank those officers from the los angeles departments, the police department here, whose heroic acts saved lives here today. >> good morning. i just want to reiterate something the mayor said and thank the first responders here today. lapd, los angeles world airport police, fire department, tsa, fbi. there's a natural instinct when you hear gunfire to flee or duck. those folks here coordinating, when they hear gunshots, they run towards them and save lives. to watch the unified command here today work together professionally and seamlessly is awe-inspiring. the people in los angeles are in very good hands. want to thank the public for their patience and cooperation. >> chief gannon to come forward now for any questions. >> reporter: they tell us they
have received -- they have two fatalities and one critical. can you tell us the number of fatalities? >> we don't know that yet. the fire department is rectifying all that information. >> can you tell us why the fbi is the lead agency? >> well, this is an airport that has federal jurisdiction. we have fbi assets on board. the investigative lead has been decided to be taken by the fbi. >> is the shooter a federal employee? >> i don't know. >> was he ever? >> i don't know. >> does the fbi know? >> did he indicate why he was doing this? >> not that i'm aware of. >> chief, there were earlier reports of multiple suspects, as recently as 10, 15 minutes ago. we saw a person in handcuffs. can you explain what we were seeing there? >> no. in a dynamic situation where things unfold so rapidly and many people come in, there is always chaos in any type of event like this. there's always the --
everybody's always thinking forward as to whether or not there's additional suspects. as we stand here right now, there is only one individual that is responsible for this as we know as that active shooter that was in our terminal. and i wanted to follow up a little on what the mayor said regarding the officers that went in after this individual. this individual was shooting as he went into the terminal. the officers didn't -- i repeat -- they didn't hesitate. they went after this individual and confronted this individual in our airport. and, unfortunately, it involved an officer-involved shooting but that's what needed to be done in that particular situation and that was heroic. we practiced to this, not more than three weeks ago. we took every one of our officers, our patrol officers and a couple hundred officers from the los angeles police department, and we practiced the
exact scenario that played out today. i was talking to the officers involved in this particular incident a few minutes ago. they said that that training was critical to how they responded to this. so, they're well-trained officers. and all of the agencies that came in, whether it's from los angeles county sheriff's department, lapd's on campus with us every day and works hand in hand, hawthorne, the sheriffs, everybody came in to help us get through this particular incident. and we appreciate their help. >> chief, how far -- >> the tsa agent, why are you not addressing that? why are you not -- you must have that information. >> no, that's -- >> he's putting an official on it. >> that's not true. one, i don't know that information at all. we have obviously trying to develop information on the suspect. that's the fbi's responsibility as well as help from the los angeles police department and their follow-up to the
investigation and is that will be determined. but if you're asking me whether or not that information is clear right at this point, i'm telling you it's not. that's the official word. that's the truth. >> i'm sorry? >> do you believe it might be a tsa employee? >> no. >> how far into the terminal did the shooter get? >> very far back into a terminal. there's a burger king quite aways away from the screening station and he was able to get back there. >> did it appear he was going -- >> i appreciate all the questions. we'll have more information here shortly. thank you. >> thank you. i know a lot of people have other questions. i'll say something in spanish for the spanish press that's here. we will give you as much information as we can release -- >> we're going to break in at this point. we welcome you to what is typically "closing bell" for this friday. i'm bill griffeth, along with kayla who's in for maria today. another shooting and tragedy this time at l.a.x.
we're still trying to get all the details put together here. >> one of the big concerns is how far the shooter was able to get into the terminal. we all travel at airports, bill, we go to airports often and just the idea this could happen at a place we deem so safe, so locked down is jarring, to say the least. >> we have all kind of information being disseminated. scott, what do you have so far? >> that is the issue here, trying to get all of this together and make it make sense. as we know from these public mass shootings we've seen in recent months and years, the information comes in and is often not accurate at first blush. what the los angeles county airport police are saying, patrick gannon, the chief, says that the suspect came into terminal 3 at l.a.x. with an assault rifle in a bag, began shooting. got through security and well
into terminal 3. as he said, well back into a burger king, which is far back there. the los angeles airport police -- fire department, i should say, which is responsible for the transporting the victims says there were seven patients, six transported to local hospitals. there was an officer-involved shooting. in other words, that's when the suspect was in law enforcement parlance neutralized by parent police. we do not know the condition of the suspect. nbc news is reporting, and airport officials are not confirming, that there is a dead tsa agent. the tsa's union is also saying one of its agents was killed in this incident and at least three others are injured. now authorities at l.a.x. are saying that, in fact, there were a total of seven injured, six seriously enough to be taken to local hospitals. the air traffic situation remains somewhat in chaos.
but there is a portion of the airport at least that is open and to some degree accepting flights. but there has been a ground stop under way for much of the afternoon. we're about three hours into this incident. again, still trying to get the details. one more, public mass shooting, at l.a.x., involving a semi-automatic assault rifle. the suspect is either in custody or dead, beginning on who you believe. that's not clear. seven people injured. six taken to hospitals. we'll continue to try to sort all of this out. back to you. >> scott, thank you very much. want to go out to jane wells, who's stationed just south of l.a.x. there overlooking the runways. jane, i keep thinking about, it's a very heavily trafficked area of los angeles anyway, but when i read they close freeway exits to those areas feeding
l.a.x., the 405 and 105, all exits are closed so people can't get to the airport, i mean, nobody's going anywhere right now. it's going to be gridlock, right? >> forget about it if you're headed this way. don't even bother. have i to tell you -- the air traffic i mentioned earlier may be a plane take off every five to ten minutes. it's slowed down precipitously. we saw an american airlines commuter, american eagle, take off and a small private jet take off. we haven't seen any large jumbo jets you would get on the south side of the airport for american, delta and united taking off. and, in fact, all of the -- i have seen take off -- >> we've been having connection -- jane, if you can hear me, every time you look away from the camera is when we
can't hear you. try looking our way when we come back to you next time around, as this situation continues to unfold right now. you know, understandably law enforcement officials do not want to give out too much information because there's an active investigation under way. >> the regional fbi director speaking at that press conference, he said, i'm hear to tell you, we don't believe there was any immediate threat. it's contained. it's a lone shooter but nothing else we can tell you at this time. i believe we have jane wells' shot back. we'll send it over to you, if we're able to hear you at this point. >> reporter: okay. i won't move. i'll stay static because of the technology we're using to try to get on live as soon as ssib only a few planes have been able to take off, a commuter american eagle jet, and a private jet. the pace of traffic that i mentioned earlier of takeoffs, one every five to ten minutes as
opposed to one every two minutes, has slowed precipito precipitous precipitously. delta jumbo jet taking off behind me. all the flights taking off that i have seen are from airlines on the south side of the airport. delta, american, united. the bradley terminal, where there are 747s and 777s stacked up behind me, not one is budging to go anywhere. we haven't seen any plane from the north side of the airport where southwest is, because that's where terminal 3 is. southwest is in terminal 1. no flights taking off from there. american airlines, pilots union has notified all inbound flights have been divert sod far. the mayor saying at this point it will be several hours before all the other terminals besides 3 will be opened and it will be an indefinite amount of time with the investigation being done and virgin and jetblue can reopen. >> a heavy traffic day around the country anyway, and now it gets worse with what's going on there at the number three airport in the country.
jane, thank you. we'll be checking back with you. >> you can think about jane's signal. that happens with a live view. with a lot of cell phones, a lot of people trying to reach their families with the situation evolving. as it became clear this was a tragic yet contained event the market stabilized in the last hour or so. the markets hit a low around 1:30 p.m. eastern when this news came out. the dow up by 60 point. nasdaq up by one point. the s&p up by four. the dow 15,605. >> so bob pisani on the floor. it's the first day of november, a new money. we typically get a new influx of money coming to the market but it hasn't been too heavy. >> no. there were a number of concerns. there's the dow jones industrial average. you can see just after noon, about 1:00 when this was announced, we saw a move to the downside. the market moved to the lows of the day. volume has not been particularly heavy today but it picked up at 1:00, when the market moved down. since then we have climbed up.
we lost about 20 points on the dow around 1:00 when we heard news of the shooting. now we have moved up about 15 points. i want to show the nasdaq. while the nasdaq moved down at the exactly the same time, the bigger damage was done earlier in the day as the ism came out and there were concerns the strong ism, good news for the economy, concerns the fed might start tapering as early as december. take a look at interest rate. the ten-year yield has been moving up the last several days. moving up again today as you saw, moved up around 1:00 as we heard news of the shooting. today the market much more defensive tone. you have utilities and health care stocks among the leaders. guys, back to you. >> thank you, bob. we'll be checking back. as we proceed on "closing bell" today. >> certainly an interesting day. we'll be following the developments out of l.a.x. the markets are about to close in about half an hour. with that much time to go, about 15,606 on the dow.
the s&p up by just four points. >> much more on the shooting at l.a.x. as we continue our coverage for this friday. ♪ ♪ hey [ male announcer ] when we built the cadillac ats from the ground up, to be the world's best sports sedan... ♪ ...people noticed. ♪ something like a phenomenon, baby ♪ ♪ you're something like a phenomenon ♪ [ male announcer ] the cadillac ats, 2013 north american car of the year. lease this cadillac ats for around $299 per month with premium care maintenance included. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts.
welcome back. as the market continues to trade the dow up by 50 point, we're following the shooting at l.a.x., los angeles international airport, as of of a few hours ago. phil lebeau is taking a look at the story. >> you're talking about the third largest airport in the u.s. for the most part, as we start to see airlines bring back flights, we've heard from different airlines around the country. out of dallas/ft. worth, american is telling people, wire in a hold, whether or not we bring back flights two, three hours from now. you're starting to see airlines away from terminal 3, they'll bring back flights first. the ones in terminal 3, it will be longer pp 37 you're talking about aljetblue, frontier, american. it will be a little longer. people are saying f they cleared the scene, we don't they start
opening this up for flights again. it's not that simple. they want to make sure, a, they can get everybody back through security not only at that terminal but the other terminals as well. b, they'll be cautious and slow bringing flights back to los angeles. >> if memory serves me, there were new regulations put in a few years ago about how long a jet could stay on the tarmac before it had to be taken back to the terminal. but i sges those are suspended. we're hearing anecdotal evidence from people on the tarmac, and they've been there for quite a long time. >> they'll waive it. first, they want to make sure it's safe and secure. for those on the plane, yeah, it's a pain in the neck. but unfortunately there's no place to bring them back to in terms of the gate because a lot of people evacuated certain gates or terminals and they have
to be brought back. it's easier to keep them on that plane. it's not fun but that's the way it is. this is an unusual circumstance. >> phil, thanks. we'll be checking back, as always. if you're just joining us, getting caught up on the day's news, what happened a couple of hours ago, about12:30 east coast time, 9:30 on the west coast, a single shooter we're told at this point, went into terminal 3 of l.a.x. and began shooting. seven patients taken to local area hospitals. we are hearing there is one person that was killed, probably a tsa officer. jeff price, former head of security at denver international airport and gary oliver, ceo of blg with over 35 years of commercial security service. thank you for joining us. jeff, what happened in a situation like this? walk us through when a shooter steps in. how is it possible he gets that
far into the terminal without being stopped? we heard he went past security and got to the burger king, for example. >> exactly. when you're coming into the airport, you're still coming into a public area. it's like walking into a shopping mall, like walking down the street. there's not any screening up until that screening check point. so, you're relying on active law enforcement, observant personnel, tsa personnel, airport personnel, to spot any suspicious activity up to that point. once the incident starts happening, that's when everybody started responding. in this case it sounds like a mobile incident rather quickly. >> we're looking at the map of terminal 3 right now. the passenger screening -- oh, my goodness. that's far away. where the word gates is in the upper right hand corner, i'm told that's where the burger king is. the passenger screening is to the far left up there. then they walk through the
corridor to get to the gates in the terminal. how would he get through with what we're told is an automatic rifle of some point. that's unbelievable. >> again, it's a public area. people walk into those areas all the time. up until that screening checkpoint, that's public space. if you put something -- >> i'm sorry, jeff. it appears -- i don't know if you can see that map, he got through screening and then goes through the corridor and then in the gates at that burger king. so he got through the area that would be the area where any weapon would be confiscated. >> well, based upon what we know right now, he started opening fire at the screening checkpoint. what's going to happen at that point is law enforcement will respond as quickly as possible to stop that incident. ultimately you don't want them to get all the way to the
aircraft. that's what you're trying to prevent. in this case, they did that. >> gary, i want to ask you because you have the commercial experience. after this there's the -- how would you advise an airport like l.a.x. or other airports in the country to ramp up their security in the wake of something like this? >> that's a very good question. the airport is a public place. one thing airports can do better is profile people even before they get to that tsa screening point. again, we've seen overseas, especially like israel and places like that, where they have rise to defense where people are actually checked before they get inside the airport building, whether by surveillance cameras, looking like this, acting out of the ordinary, carrying a bag, and what we think is camouflaged fatigues. >> you're at an airport.
isn't everyone carrying a duffel bag? he could have been an american citizen. we don't know that yet. isn't anyone carrying a bag? couldn't you essentially, to use your word, profile everyone who enters an airport? >> unfortunately, that's what has to happen? in this particular case we believe the guy was wearing camouflaged fatigues. unless he was military, that should cause some red flag. >> i have to go. jeff, i have to ask you to respond to that. you ran security at one of the largest airports in the whole country. i've been through denver recently. that's sprawling. how likely is that to happen logistically? >> logistically, it's difficult. mainly because of the scope of the united states being so large. so many passengers moving through the airport. aviation is the primary way we move through the country. the public observation, it's going to be -- l.a.x. is
outstanding. if you're going to do this at an airport, this is not the airport to pick because they do an outstanding job. >> gentlemen, thank you for your insights on this tragedy today. we have 25 minute left in the trading session. after a huge rally, some market watchers are warning a very dangerous stock buble is forming. a growing group of people say that's the case but are they right? >> we'll get back to much more on the shooting at l.a.x. and how we can prevent more tax like this from happen. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) ranked highest in investor satisfaction
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we continue to monitor the latest at l.a.x. we'll take you back there and keep a close eye on what's happening there. we're watching the stock market on this first day of the new month. dow up better than 18% this year with two months to go. some are talking about a possible equity bubble. maybe it's because of comments like bob doll whos, stocks for him, it's heads we win, tails we win. listen to bob. >> i don't want to act like it can win both ways but in a sense, i can. if they keep providing all this liquidity, that's great for the stock market. if they begin to taper, it will be because the economy is doing better and i get a either "e" on my earnings front. so, you know, i am reasonably
sanguine. >> peter shift says there's no free lunch. peter, you disagree with bob that it's a win-win situation and it's not a bubble. why is that? >> first of all, if the fed begins to taper, which i don't think it's going to do, we'll be back in recession. it's not going to be good for stocks. the whole rally is based on qe. that's why the fed's going to keep the monetary spigots open because they want to keep phoney recovery and keep inflating asset bubbles of the assets and real estate market. the problem for the market is the more the fed succeeds in pushing up the market now with qe, the further it's going to fall once the qe stops. because it has to end eventually. otherwise the dollar is going to collapse and it's not going to matter what your stock portfolio is worth because you're not going to be able to buy anything. >> peter, isn't the whole point that the fed says they won't step in until the economy on a
fundamental basis is better? >> it will never get better fundamentally until they stop qe. qe is preventing the economy from fundamentally recovering from the damage. the fed is going to keep doing it. again, it's like a drug. the qe keeps us high, but if we use the drug, we'll go through withdrawal. we'll never have a genuine recovery until the fed lets us have a genuine recession. the recession will be bigger in '08 and '09 because a lot of damage has been done structurally to the economy because the fed has interfered with recovery with all the qe. >> ron, i'm sure you're itching to get in. >> first of all, i don't agree qe is an art filler prop. the federal reserve has been battling a war against deflation. not only domestically but globally as well. an interesting chart i got today that shows eurozone inflation and the gold price. as you can see, inflation rates in europe are still falling.
they are also still falling here in the united states. so, the fed is filling a hole. letting a recession come through and bring prices of assets and other goods and services to market-clearing levels, something that was tried in the 1930s with disastrous results. >> no, it wasn't. >> sure, it was. peter, you and i disagree on history quite a bit, but -- >> no no, you're ignoring history and rewriting it. first of all, there's no war against deflation. they're trying to keep asset prices from coming down. that's not deflation. the fed is creating inflation. there is no worry about consumer prices going down. if consumer prices actually went down, excuse me, that would be a good thing. >> i think this could go on for a long time. ron, i want to ask you about a specific metric a lot of people have been talking about as one metric of why -- whether it's a bubble or not, what's going on in the equity market is worrisome. record amounts of debt being taken out by corporate america to buy back their own stock.
it's a leverage-fueled rally, even if it's not a fed-fueled rally. what do you make of that? >> i wouldn't go as far to say that. banks have had -- i should say, corporations have recapitalized their balance sheets. the cleanest we've seen since the 1950s. we've seen $2.5 trillion in reduction of outstanding shares and payouts and dif dens. corporations get rather large tanks tax advantages for borrowing that money pipt not the type of levered market we haven't seen in the past. it doesn't have the fundamental fingerprint. not a bubble at 15 times forward earnings. >> you were blindsided -- we were blindsided by the housing bubble in 2008. >> who was? >> you were just as sanguine in '07 -- >> no, i wasn't. just to clarify this -- would you please acknowledge from 2005 to 2007 i was warning about mortgages that were a bit frothy and a very v frothy housing
market. >> a bit frothy? that doesn't constitute a warning. >> i can acknowledge that and vouch for that. >> thank you. >> friday afternoon. you should go get a beer and make up. >> thanks, guys. appreciate it very much. about 235 minutes left to go in the trading day. the dow is near highs of the day near 15,6 13. >> much more on the shooting at l.a.x. we're going to hear from somebody who was at the airport during the attack. come on back here on "closing bell." ♪ ♪ here we are, me and you
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los angeles international airport trying to get operations running fully. a long way to go after that shooting incident about two hours ago. scott cohn runs down exactly what we know at this point. >> bill, it's going to be quite some time before they get operations back to normal at l.a.x., nation's third largest airport. authorities are being somewhat sparing in what facts they're giving. perhaps to troy to avoid some misinformation we've seen in the past. it unfolded three hours ago in terminal 3 at l.a.x. when an individual, now not believed to be a ticketed passenger, took an assault rifle out of a bag, began shooting at the airport screening area and then continued well into the
terminal. and we have a map at terminal 3 at l.a.x., including alegiant, frontier, jetblue. they got back to the burger king, almost to the gates, before he was reportedly shot by an l.a. police officer. we do not know the gunman's condition. reported to be a male in his 20s. the airport authorities say that seven people were injured. six of them transported to local hospitals. nbc news reports there's one individual dead, reportedly ts. official, but the tsa is not officially commenting on that. again, as we said, operations at l.a.x., as jane wells will tell you in a moment, are disrupted to say the least. some airports getting in on the
south side, but not on the north. >> scott, thank you. let's go to jane wells in los angeles just outside l.a.x. what's the latest? >> reporter: well, bill, something new. we have seen our first america virgin plane taxi by. i didn't see if it came in for a landing. virgin america is one of the airlines in terminal 3 where this incident happened and they're in shutdown for the foreseeable future. the aircraft just taxied by here and appeared to be going over to the imperial terminals. this would be progress if they're bringing it to the south side -- if they're bringing any planes from terminal 3 to south side of the airport to take off. virgin america released a statement earlier saying we are saddened by the events that took place at l.a.x. -- >> i thought that was my ear piece but we did lose jane wells
there again. we have somebody on the phone who is sitting on that runway at l.a.x. >> i believe his name is jan, do we have your audio? >> can you hear me? >> yes. were you in terminal 3? tell us about your whereabouts at the airport and what you've seen so far as an eyewitness. >> yeah. i was actually not in terminal 3. i was on virgin america flight roughly up near where the shooting was taking place. i was not there but we have been sitting on the plane for an hour and a half. >> what are they telling you? what have the pilot or flight attendants told you about what's going on? are you getting any guidance about when you may be able to deplane? >> yeah. i think they're slowly deplaning planes ahead of us. it's taken a while.
i think there's a procedure that needs to take place, that needs to be authorized by the city of los angeles. hopefully soon. >> did they tell you what happened? did they tell you about the shooting there in terminal 3? >> well, no. we were just told it was a breach of activity. no, they -- [ inaudible ] everybody was -- >> all right. as you can imagine, a lot of communication issues getting in and out of l.a.x. right now. that gives us a little insight into the many jets sitting on the runway or the tarmac unable to move going either to take off or to land. especially those that have landed already, like his virgin america flight, waiting to get to some terminal that will accept them so they can get off that plane. >> you imagine it will be very slow but sure as they know this was an isolated incident.
no serious threat that remains at l.a.x., so hopefully they'll start to see motion right now. right now we see the dow up 17 points, 15,617. nasdaq nearing the flat line and s&p up by just five point right now. >> volume has been light today. when we come back, we'll have more on the shooting at l.a.x. plus, will this latest incident force mall operators to increase their security practices. ♪ the world is changing faster than ever, creating new opportunities for those who stand ready to seize them. in a time when the biggest risk is playing it safe, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, our flexible, collaborative approach helps forward-looking companies not only run better, but run different...
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welcome back to los angeles international airport with jane wells standing by there. jane? >> reporter: bill, we are not seeing any pick up in the traffic in and out of this airport yet. in fact, if anything, it has slowed down. as i mentioned earlier, this would be the slow part of the day. this is ridiculously slow. >> all right. we keep trying. we're going to get more from her. >> a valiant effort. expecting around 3 p.m., ucla med center, where they are supposed to have brought victims, lone suspect in
custody. no actual status on the health or condition of the suspect but we have heard he's in custody. once we hear more about what was said at the ucla presser, we'll bring it to you. >> back to the markets. after big october gains, the green arrows are carrying into november, except for the nasdaq. dominic chu is breaking down some of the day's big movers. >> let's begin with the container store, which doubled in its value in its first day of trading. the retailer sells products ranging from laundry bags to luggage. time warner cable, it spiked late in the day amid talk charter communications would make a bid for the company possiblily by the end of the year. not all is well with wellcare health plans. lowering full-year guidance after beating street views in third quarter. they fired their ceo, replacing him on an interim basis with current chairman.
jcpenney moving higher after itg investment research lifted sales forecast citing improving sales trends in five of the last seven weeks. finally, call it a kodak moment. eastman kodak began trading on the new york stock exchange for the first time since emerging from 18-month bankruptcy process back in september. this year opened at $26.30, valuing the company at about $1 billion. that is before those sharing fell a little bit, kayla. back over to you. >> thanks. we're still looking for the close of trading. about 15 minutes toward the closing bell. dow is up 86 points, inching toward that high. the s&p is up by seven. >> we haven't been very nuanced in our market coverage today but art cashin and i were just talking. we are seeing something of a rollover out of riskier equity assets into more defensive issues. that seems to be where the rally is so far today. interestingly as we begin -- >> even on light volume. >> and on light volume as well. that's also significant.
when we come back, the latest on the shooting at l.a.x. plus, we're going to look at what this may mean in terms of heightened security. wouldn't you know, the new york city marathon is this weekend. and the holiday shopping season beginning about now as well. we'll talk about all of it. tdd#: 1-800-345-2550 trading inspires your life.
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ten minutes left in the trading session here. a pretty good rally. art cashin was telling me there is a about $1 billion to $1.5 billion of stock to buy going into the close. we may see more strength going in. let's get back to scott cohn with more information on the shooting although l.a.x. >> as we try to make this information concrete, we have the statement from the tsa. earlier this morning a shooting occurred at terminal 3 at l.a.x. multiple transportation security officers were shot. one fatally. so, there the tsa now confirming that one of its officers was killed. one of them injured. they say additional details will be addressed by the fbi and local law enforcement who are investigating. again l.a.x. authorities and the lapd have said that seven people were wounded in this shooting. six of them taken to local hospitals. we don't know if the seventh is the tsa officer who was killed.
we do not know the condition of the shooter. we do have the tsa confirming one of its officers was shot and killed this morning and a second was injured. back to you. >> scott, thanks very much. let's get back to the markets. >> not a bad first day of november, when you think of everything we've seen. a lot of naysayers were saying we could see a correction toward the end of the year after 18% gains on the dow, but for now, 80 points up. >> we'll talk about it. art cashin was just saying to me, he noticed they're getting out of the riskier equities and going into more defensive issues. you've seen that as well? >> absolutely. one thing that's not pointed out, first day the month, natural bid in the market because of money flows. we've seen it flow into mutual funds. russell 2000, last three days, down 2.5%, 3%. >> that's the small cap. >> right. but that was the leader coming in. that tells you money coming out of the game, whether you want to call it profit-taking,
realignment and more defensive positions where the larger caps are defensive plays. >> jen, what sector do you want to be in. >> we would pick tech sector, mega cap tech. it hasn't made a move this year. so we would look at companies like ibms of the world, cisco systems of the world. get good dividends as well as perhaps earnings lift if you get the global economy to move forward in 2014. that's a big if. >> you're looking at the lagg d laggards and hope they catch up. >> yeah. you look at cisco, for example, $6 cash per share, trading at $22. could earn around $2 a share. our price target is around $26. >> we had this bubble debate a little earlier. everyone's starting to develop a thesis on this. where are you and at what point do you think it would be the right time to start having that conversation? >> absolutely not a bubble on the equity side. we're far from it. if you look at the forward earnings on the s&p, basically
14.5, not even close to a definition. i've lived through times when we were looking at 20 times. so, it's really not a question for me. i would be careful being in any fixed income instrument. >> we have to go. very fluid situation out in los angeles. back to scott cohn with more details on the shooting. what do you have? >> from nbc news justice correspondent pete williams quoting officials saying the suspect arrested in l.a.x., 23-year-old paul anthony, a u.s. citizen and resident of the los angeles area, born in 1990. so, he is 23. officials say they do not believe, according to pete williams, he had any connection to the tsa. there had been speculation and reporting out there he might have been. they say the initial belief is he had strong anti-government views. that's based on some written materials that they say that he was carrying. this according to nbc news and pete williams.
again, the suspect paul anthony ciancia and we do not know his condition. back to you. >> thank you for that, scott. we have a lot more on the l.a.x. shooting. and on the markets as well as we're just nearing the close of trade today. the closing countdown will be on the other side of this break. >> we'll come back with the dow up 86 points. we'll hear from security experts on whether it's possible to prevent incidents like this at any crowded public place. at a ford dealer with a little q and a for fiona. tell me fiona, who's having a big tire event?
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about 2:30 left on the trading day. we had about 100-point gain on the open today and then it fell off. it doesn't appear the l.a.x. shooting had an impact. traders ask the question, could this be a terrorist situation? that doesn't appear to be the situation at all. we have come back here, for raefr whatever reason, up about 77 points on the dow right now. as ben was pointing out, and art cashin, one trend we've seen lately is as the blue chips are rising for the last few days, the small caps, the russell 2000, appears to be going lower. seems rotation is out of small caps into blue chips. today the russle is down 3 1/2 points. the yield on the ten-year note since the fed announcement on wednesday has gone up 10 basis point. it was at 248.
now up 14 basis points, up 2.68. what's going on here? what trend do you see as the market continues to go higher here? >> first of all, i think we sense that fed is putting a floor in this marketplace. any times there appears to be a substantial pullback, it stops dead in its tracks. that's a trend we've been seeing for quite some time. >> good news/bad news, then. good news, they're going to start tapering sooner rather than later? >> bad news is good news. i'm not sure good news is bad news at this point. >> what are you buying here? >> i think that rotation into the big cap stocks, it's legit. we have things coming up with the government again. things are keeping that in the back of their head that feel more comfortable in the big cap stocks. >> even if yield continue to rise in the treasuries. >> you have to keep your eye on that. one or two-day movement isn't necessarily a trend yet.
we'll see about that. >> thanks. have a good weekend. we're going to go out with a decent gain for the major averages as we start the month of november. we'll continue our coverage of the l.a.x. shooting and look at this market as we begin a new month on wall street. it's time for the second hour of the "closing bell." >> first day of trading in november is in the books. i'm kayla in for maria bartiromo. bill griffeth will rejoin me in a moment pop a day dominated with tragic events in los angeles, here's how we're finishing the day on wall street. dow giving back some to close at 68 points. nasdaq up 2.3 and s&p up about 5. we're still watching some developments out of l.a.x. we've been turning to l.a.x. all