tv Markets Now FOX Business October 31, 2012 11:00am-1:00pm EDT
dagen: president obama set to arrive in new jersey to view the damage left by that storm. what does this all mean for next tuesday's presidential election? connell: we will talk about that and then he is the focus of debate with millions out of power. what needs to be done to keep people out of the dark in the future? dagen: it is the top of the hour right now. stocks now and every 15 minutes. something we have not been able to save for the last two days. last time the stock exchange was closed for two days for a storm, 1888. nicole petallides doesn't remember that day. nicole: our great-grandparent's when the new york stock exchange was closed for two days because of the weather and here we are for monumental opening. we are back in action. everything opened very smoothly, 90% of traders seem to be here. many are telling their stories of no power, trees falling. many of them are unshaven as
well but they are heros one way or another near the opening, and there are some issues that still remain for some individual brokers. not stocks that you follow but individual brokers. we do not have cellphones service and landlines are few and far between. trying to call somebody from here seems virtually impossible. there are some landlines. many of us are not able to make calls and use cellphones service and they're looking at hotels with internet service to do some trading with their guides so if you have a hedge fund you work closely with and trade for them and compete with goldman with those orders from a money manager, it is a competitive edge type of thing. let's look at home depot, the best performer on the dow jones industrial average. all the preparation that went into preparing a for hurricane sandy and we have home depot and
lowe's sending hundreds of trucks, items people need after the hurricane. trash bags, everything from chainsaws, everything for cleanup. tons of sales for that particular item, cleaning up the eastern seaboard. connell: a lot of challenges. good to see the market up and running. the chief economist's i age as global in sight joins us. lot of people talking over the last day or two about the economic impact of what we have all been through in the northeast. what do you think it will be? >> this is a unique storm. many of them are unique but this is particularly unique because of the impact it had on new york city and the fact that it has disrupted business and will continue to disrupt it for some time given the subway system downtown essentials paralyzed and will be for some days. you have a combination of
business disruption and the fact that some of the refineries have been affected on the east coast so you have the gasoline effect and price is up on gasoline and destruction and business as we put that together and it could lower fourth quarter growth as much as 1/2%. it will have an impact. it won't be horrible but it will be there. connell: it won't be positive. you see these things after a natural disaster, rebuilding, the construction industry will get a boost and that kind of thing. liz macdonald from fox business is reporting on this already. one of the things she said is it is not like -- using our money to pay for it, not like we're getting richer as a nation because of rebuilding its your taking government money giving it to a contractor or whatever the case may be. that has come up. >> it will have an affect on gdp growth but not right away. probably be first or second quarter you will see a little of that but you are right.
of the question is where the money coming from, is the insurance companies or taxpayer money, we don't have a sense of it but from an accounting perspective, it will bump up gdp growth a bit in the subsequent couple of quarters. connell: i wonder how much of a slowdown in the near-term we will see. tough to tell. you come to a place like midtown manhattan where we are broadcasting from ended is like any other day but a few blocks south once it gets dark you see a line, a line in the city with a tale of two cities. on the bridges you see lights on one side and darkness on the other side. up here there's commerce in midtown, people doing business, restaurants are open, people don't have power and doing this ourselves and everybody else we are here spending money, doing things, spending more time than we ordinarily would. how does that balance itself out in terms of people spending more money because they can stay at
home? >> it will have an effect in the sense of the balance you are saying. it won't all the negative. some businesses in the city north of the demarcation line will benefit. people will walk to a restaurant in the life zone away from the dark zone. it won't all the bad. connell: one other thing. don't know how much expertise you have on it but we cannot get lost in how much devastation has been done to the shoreline and the state of new jersey we are showing. those are pictures of atlantic city and the southern part of long island, similar pictures have been seen over the last few days. rebuilding from an economic perspective, how long does that take? >> the worst of it will be cleaned up by next summer one would expect, but you will still be able to see the effects of the hurricane even next summer. go to devastated areas, new orleans or the gulf coast or
whatever, you can see the effect that it is cleaned up and usable, you can go back and vacation there. i suspect business will come back but you will still be able to see the devastation. >> this is such a large population center. all the areas that were hit. thanks for coming on today. dagen: superstorm sandy and her half of destruction leaving behind the mega clean up. millions remain without power and it could be weeks before cities and towns are and running again. connell: talking about the shoreline so devastated jeff flock in jersey the last few days covering at all. jeff: merriman makes a great point which is this will come back. when i look at the boardwalk, you see it, buckling in this boardwalk, arcades are trashed, there is debris everywhere but there isn't just devastation. this is an katrina that watch everything away. these buildings still exist. there is a heck of a clean up here to do but this can come
back. a little worse down the beach in seaside heights and atlantic city but it will come back but look. look at this debris. junk everywhere. this is going to take a while. this is the roof of the tiki bar which is 300 yards up the beach. this was the roof of it and that is deposited here. i leave you with this shot at the atlantic ocean. it occurred to me today that as i look out there it is almost like nothing happened. the ocean is saying i was upset but i am calm now. i may not stay calm forever but you are good for while. connell: that pictures of beautiful and to come back to the isolation is jarring. what stood out to you today? today is the first day you had a chance to walk around the.
>> exactly. the first sunny day. the first real nice day. you hit it exactly right. the contrast in the devastation and the beauty. this is typically what we see after hurricane. took a couple extra days but i will say it can come back. it is -- everything isn't ruined like it was in katrina but it is a large piece of this country that has to come back. it is not a concentrated area. there's a lot of cleanup to do and it will take time. connell: thank you, jeff flock. dagen: nice to see the sun shining on your face, i have to admit. >> i love it. dagen: be saves. the airlines get back to the skies. peter barnes will have the latest on which airports are running. new york at la guardia airport still not open for business. connell: the other ones are getting back up and going through the area. the markets are up and running.
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dagen: hurricane sandy by the numbers. 20,000 flights cancelled this week. 2900 today alone. luckily washington's reagan national, new york's jfk and newark, all three of the airports are open again taking limited flights. power outages are rampant. 2.6 million homeowners in new jersey and also businesses without power, representing 65% of the state's total 2.1 million in new york, still in the dark and outages are spreading for illinois, kentucky and tennessee. superstorm sandy could cost $20 million in property damage. already that is $5 billion more than hurricane irene. guaranteed that number goes up and 10 to $30 billion more in
lost business. connell: let's talk about the new york stock exchange, one of the big story today that the exchanges back at it and open for the first time since hurricane sandy. close on monday and tuesday and early this morning nicole petallides had the chance to speak with c e o duncan neiderauer and asked if they could have opened the stock exchange earlier than today. >> we could have. it would have been irresponsible in light of what we know. we could have operated electronically and what the industry clearly told us on sunday was please don't open electronically because we have to put a lot of our people in harm's way so let's not do that. do i wish we came to a decision earlier? sure. but we all made the right decision. it would have been irresponsible and dangerous to be open monday and tuesday. dagen: coming up on quarter past the hour and want to do stocks now and every 15 minutes. back to nicole petallides to talk about that and gm today.
nicole: the play-by-play, the best decision of all for everybody but we are talking about ford and gm, up arrows today and 6.5%, general motors trading upwards of 7% and both of these coming out. board yesterday and today general motors beat the street. they could see weakness in europe but this does not come as a surprise. the u.s. automakers are having a nice showing on this first day of trading. certainly a monumental opening after being closed for two days and many of these have no self service or internet service but nyse systems able to trade electronically and full force smooth opening for the new york stock exchange. when i talked with duncan neiderauer and he talked about electronic opening the truth is these big companies, goldman sachs and j. p. morgan would
have to bring in someone somewhere even if we were trading electronically and just for keeping people lot of harm's way is what he meant when he talked about it being irresponsible to open any earlier than today. the pricing and trading done well but you need some human electronic trading which is why they made this monumental decision. dagen: thank you. connell: continuing coverage of the recovery from hurricane sandy. the markets are open for business. dagen: neil cavuto is always on the job. never leave the place. we are here and 2:00 and didn't go anywhere. he is standing by to talk about the recovery and the election.
>> 20 minutes past the hour your fox news minute. the death toll have sandy has climbed to 65. to the east coast folks of trying to get into a daily routine but nothing near normal. coastal homes and beach boardwalk are in splinters and hundreds of thousands in new york city area are without power. president obama is traveling to the garden state to meet with governor chris christie and victims of the storm. that is where the storm made landfall. the president canceled a third day of campaigning to focus on coordinating the storm responds. traffic returned to the streets of manhattan as presidents returned to work in the subway system remaining crippled. could be days before service is restored. some bus service has resumed its sunday schedule. in washington d.c. the metro returned to normal weekday schedule for the first week
following sandy. that is your fox news minute. connell: thank you very much. breaking news on the restoration of power since the storm. at the peak after sandy there were 8.2 million customers in different states had no power. the new number, 6.2 million without power. we're making progress slowly but surely. two million customers got their power back and bring the whole thing down state-by-state but just to give you an idea in new york there are 164,000 customers who had their power restored since the storm hit. new jersey where have the state doesn't have power 575,000 customers have had power restored. this is how is going to be and we see it in new york with the bus running and other things and the power slowly but surely digging ourselves out. dagen: almost four million people -- connell: a long way to go. dagen: speaking of trying to get
going hurricane sandy leaving thousands stranded at airports around the country. airlines being forced to cancel 20,000 flights just since sunday. connell: let's go to peter barnes with latest. peter: 19,600 flights canceled because of the hurricane to be exact since sunday including 2800 today and already 480 flights canceled for tomorrow. we want to show you this needs to let flighttracker24.com. the very few planes you see in yellow are on time. the orange ones are delayed and there's a lot more orange than yellow. there have been no promises from the airlines or airport officials i talked to today about when the system will return to normal. any predictions on when it will turn to normal.
washington airports did not shut down because of the hurricane, but they did stop flying out of here because of ground stops at other airports, mainly in new york. newark, kennedy and la guardia did close during the hurricane. newark and kennedy have reopened for some flights but la guardia remains closed with water on the runways. >> new york based airports are the ones with the limiting point. the third of all air traffic goes through those new york airports, newer, la guardia and jfk. getting the bent -- up and running in our priority. >> it is a domino effect. if the planes can't get to a major airport and major hubs like the ones in new york, the entire system gets set down work affected. they are trying to get the water off of the runways at la guardia and trying to pump it out but then after that, the faa has to
come in and inspect everything, inspect the equipment and the runways and do safety checks to make sure everything is ok for air traffic to concern out of la guardia and that could take some time. connell: some pictures from la guardia. good to see any flights getting out of kennedy airport because in terms of the geography, kennedy is not far from the rockaway beach and further away breezey point, hit really hard. kennedy airport is not far from there so it is good they got kennedy and running. dagen: if you are going to run the new york city marathon you have to have a way of getting the runners into the city and getting them here. not only outside the city but outside the country. and speaking of air travel, president obama boarding air force one to view storm damage in new jersey. what does this storm mean?
suspension of the campaign for a short time. what does it mean for next tuesday? connell: when the apple stores start to reopen in this city and other places in the northeast should you be running out to buy and ipad mini? walt mossburg with his review of that which is a canned miss. dagen: finally we get some trading on the s&p. [ engine revving ]
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dagen: it is almost 30 past the hour. little early today. always good to the early. stocks every 15 minutes. we have been talking about the airline's. what are the stocks doing? nicole: the stocks are mixed to the downside leading slightly lower and thousands of people have been stranded due to hurricane saying the. everybody here, people trying to reschedule flights and in some cases getting compensated. we will see if they have to pay -- depends when you reschedule. we heard from peter barnes that jfk and newark are trying to give ago in the opening with limited service but la guardia for example, main airport hindered in new york still closed. we are seeing the airlines and we will watch them very carefully but as you see, let's
take a look, the dow and the s&p and the nasdaq overall and we will cease and down arrows but as you can see, 0.2%, 1/2% in no way dramatic. and not far off of the unchanged line. all the concerns about what may or may not have happened at this open, monumental reopening of the stock exchange and gives us the opportunity to look at story stocks. connell: a short break from the hurricane taught, walt mossburg's ipad mini review is in. he said in the paper this morning apple pull off an impressive feat among other things. dagen: don't give away! walt is here. we don't need you to tell us anything about the review because walt is here to tell you. >> hey, guys. what is that? this is the ipad mini. that is mark zuckerberg. happens to be a picture i had. you can see i am holding it with
a few fingers. very thin. and you can kind of squeeze it in your jacket pocket. i had it there a minute ago. so apple has taken all the functionality and apps and user interface. nothing to learn here and moved it into something smaller and less expensive and that is the bottom line. it is thinner and lighter, and the google nexus 7 or the kindle fire hd 7, they have managed to put a 7.9 inch screen in this which gives it about 45% more screen area than those competing tabloids. dagen: does not have a screen of the bigger resolution of the
larger ipad. when the price came out i was shocked how much it costs. >> it is $3.49. this is apple. they do not -- they do not tend to go for low price. we will find out if that price is too high. but i will say that the materials here are what you would expect aluminum and glass, not plastic and that partly explains the price. i am sorry. i have a cold. dagen: if you have to cough go ahead and coffee. >> they insist they don't believe this is the price play. they believe this is not something that where you have to compete on the lowest price of a market. they have the ipad and everybody
knows what the ipad is and they sold 1 hundred million in two-1/2 years and they are delivering the i've had experience here in something smaller you can hold with one hand. dave: connell: you came on this morning take it out of your jacket pocket but can't fit it in. it is a little different. >> you can't -- you can do it. it is not as easy to do. i won't say it is going to easily whip in and out of a jacket pocket. you can hold this in one hand. it is about the width of the kindle fire, 7 inch. it has a 7.9 inch screen. that of the cool engineering
thing. it is significantly wider than the nexus 7, the google nexus of them although it is thinner and lighter, it is significantly wider. battery life, i was impressed. they claim 10 hours. i got 10.5 hours and that was playing videos back-to-back until it died. with e mail being collected in the background. i can say the battery life on this is going to please people who wind up buying it. the story is we make the ipad. the ipad has been the winner. we are going to give you a smaller version of what you already like. that is apple's line on this and every single ipad air when i tried on here worked just as you would expect on the ipad on a smaller screen. that is what they have got and what they delivered. we will see how people react.
dagen: it will fit perfectly into connell mcshane's pocket. very roomy. i am sure it will work just fine. connell: one person in america who has incurred that joke. dagen: it never gets old. >> i you guys ok? is everything ok? connell: we are fine. absolutely. compared to what most people i dealing with we are. dagen: extremely lucky. feel better. feel better. good to see you. connell: new jersey along the coast, president obama will be touring with chris christie reviewing the damage. neil cavuto will be with us in studio and we will talk a little bit about what this means for the election next week. dagen: you have three quarters
of refining capacity in the northeast shutdown because of this storm. will get the gas supplies. what does it mean for prices? can we learn any lessons from this in the road ahead? connell: look at the treasury market. 1.7% and the stock market up and running and we will be right back on markets now.
liz: i am liz macdonald. u.s. officials are looking at the u.k. bank's relationship was with certain third parties, supplying corruption law. federal officials are investigating if barkley's manipulated our prices in some parts of the country from 2006-2008. investors are bullish for k 2 interactive after the video game publisher posted better than expected second quarter results on strong sales of its border lands 2 game. it is lower at 2013 forecasts revising the release schedule.
the walt disney companies buying. thisfilm for $4 billion and began production of the new star wars trilogy with the first installment search to be released in 2015. that is the latest from the fox business network giving you the power to prosper. a little gassed out there. enough already. c'mon guys. next question. mr. lewis? what's your favorite color? what's my favorite color? yes. purple. what's your favorite animal? sea turtle. what's your bedtime? do you believe in space aliens? ...i love puppies. hash browns or home fries? home fries. do you like my dress? why can't you guys ask good questions like this? [ morgan ] for a chance to interview an nfl player and more, join visa nfl fan offers and make your season epic.
dagen: officials in the energy business and the government trying to assess all the damage done by hurricane sandy on refineries. the entire infrastructure that deliver oil and gas to businesses and individuals. joining us with his take is john hofmeister, former president of shell oil. do you have any sense how quickly these refineries will restart with 70% of refining capacity in this part of the country shutdown? >> ended the best of circumstances once you shutdown it takes between five and ten days to get up and running.
unless you find damage. if you have been flooded chances are you could have similar optical damage if your electricals were on the ground level so we don't know yet. i keep reading everything i can read to see what is being reported that something else to worry about our, our the porks damage? the northeast gets a lot of its fuel supplies from europe or the caribbean by ship and so if the ports are damaged with that huge surge, that could be another issue in terms of supply. normally there's a three to four week supply available and there shouldn't be an immediate outage of general supply but at the retail level or the depot level, if you don't have electricity you are out of business and that the strain on the stations that do have electricity so you are likely to see gas lines, likely
to see some mild spikeing in the gas price because of availability issues but i don't think this is a long-term issue. dagen: we have the colonial pipeline. maryland and virginia can get product by the pant -- plantation pipeline. does that help alleviate supply problems we might suffer? >> it helps but it is not enough. you have three sources on the east coast for supply. the colonial is one. the refineries are another and the imports are another. if any of those three is not available you're going to have constrained on supply. that doesn't prevent trucks from being utilized, with that of 500 mile radius of trucking product in. is very inefficient and adds to the cost but it is another way of meeting immediate needs. what i worry about the most after hurricanes over the years is the immediate desire of
retail customers to go out and fill up because everybody gets nervous. people know the electricity is rare so everybody is topping the. that creates the shortage. normal distribution supply but the gas line, that creates a shortage. dagen: a lot of people were out, people popping out their cars and trucks and suvs and filling up canisters for their generators so you got to drive around sunday night trying to find gasoline but big picture, this is an epic storm, superstorm. something we couldn't have planned for. what can we do as a nation in terms of the infrastructure particularly in this part of the country to prepare for another big one that could hit? >> for the northeast in particular the biggest issue the northeast has is the fact that
it is so dependent on other parts of the country. think about this. there has not been a refinery or new infrastructure in the northeast in probably 40 or 50 years and the population has doubled in that period of time so you just don't have the adequacy of supply like we had on the gulf coast. california has the same problem but they don't get hurricanes the way we do in the east. what it takes is more infrastructure, hardening of the infrastructure so the gulf coast has a huge the hardened infrastructure learning hard lessons of katrina and rita and i can and so forth so you have refineries that are more resilient because the east coast has had the storms i submit the refineries even while old are still saves but may not be as resilient as you would have on the gulf coast so that is something you could do. dagen: thank you so much, take
care. see you soon. connell: governor christie postpone halloween celebrations until monday. dagen: can't postpone the. let it go. connell: you don't want kids out in history with down power lines. president obama will be touring new jersey in those severely damaged areas over the next hour or so. dagen: stocks are trading again today. here are some that are gaining on the nasdaq. [ male announcer ] the markets keep moving.
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dagen: president obama expected atlantic city, new jersey to survey the damage left by hurricane sandy. connell: let's bring in the editor-in-chief of reason magazine who join this as a political commentator and time and again to talk politics, the president of the united states coming into new jersey, chris christie saying i don't care about the election, his words yesterday, and he does have a nice scenes to say about the president. does this affect the campaign at all? >> affects campaign discourse as much as anything else. the last couple days we have
seen some really silly attack on mitt romney and paul ryan all over twitter and in the media. mitt romney challenge by going to cut fema which is a made up talking point and it is silly the way we politicize every last detail of these things. i don't know if it will affect -- the biggest way will affect the campaign is in turn out. difficult for people to vote in these states and pennsylvania would be the most obvious place. dagen: the president gets to be just that for at least the last couple weeks. and prevent his opponent from going after in a way that he would. how does that not helped him? >> think about it as a resident of new york, the people who benefit from this politically are chris christie or michael
bloomberg or seem to be doing things. i don't care what the president says and i don't think you do either and don't care what mitt romney has to say about this and local information, when will the subway run on time. and receive that kind of benefit. mitt romney could still attack the president about benghazi. dagen: these are super. states. connell: all of us talking about the storm the last few days, politics are starting -- i can tell from my twitter feed that it was all storm and all sandy and today the latest polls coming and people having normal conversations. we have the power numbers this came out this hour, 13% of pennsylvania does not have power. regina is a swing state and 140,000 homes. do you think there will be enough effect in pennsylvania to affect the numbers?
>> it has to be in a place that is very close but early turnout will probably mitigate a lot of this. i know a lot of people when the storm was coming set i am going to vote early. much easier to do that than it was before so might have marginal impact. if this election is close we will not be looking at hurricane sandy but everything in ohio because that is where it is the closest. chances are a i don't think sandy will be a huge impact going in but we will see. this race has been crazy in many ways. dagen: friday too. >> coming out. dagen: the labor department has said it is coming out. latest i read was the non-farm payroll will come out friday as scheduled. connell: thank you. matt welch from reason magazine. traders in chicago have been on the job at the cme even though
it has taken until today to get things going following hurricane sandy. dagen: sandra smith is in the pits of the cme looking at what is moving today. sandra: such a good day, appears to be a very orderly return to the market's down here. they are happy with what has gone. we talked to terry duffy, executive chairman and president of the trading floor of the cme group which is the nynex in new york and asked him his thoughts
on whether it was necessary for these markets to close. >> it was necessary because of a catastrophic event we saw in new york. this is not something we see every day. you cannot put human life ahead of the markets, that is what is not important here. people did not have access to the marketplace to trade even electronically. you contrast automated but you need people to man those systems and that is important also.
sandra: i will hand it back to you. we will look at the top movers at the end of the next hour. connell: sandra smith in chicago. dagen: president obama is about ready to 4 storm ravaged new jersey. connell: we
turn it over to cheryl casone and dennis neil coming up. at atlantic city. such a mess. president obama in new jersey along with chris christie. top of the hour governor andrew cuomo, you will see it on fox business.
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tuesday's election as the president is set to return to the campaign trail tomorrow. dennis: 20,000 flights canceled. what airlines are doing to get you flying again. plus, the hit for airline stocks ahead. cheryl: i'm surprised by those performers today, dennis. we are back in business. nicole has you covered, lauren outside the exchange downtown, and robert grey in midtown, sandra smith in the pits at cme in chicago. we have robert luna of phoenix. nicole, to you first. >> this is a monumental opening here on the floor of the new york stock exchange, cheryl and dennis, after being closed two days after the hurricane. it's a smooth opening. looking at the dow, nasdaq, s&p. down arrows, nasdaq down a half percent. the s&p and dow selling off
slightly. we are seeing selling underway here in the lunchtime hour. as far as volume, that's a key factor. following that closely, 250 million shares changing hands. they said it was looking around 680 or 700 by the end of the day, about normal or slightly above normal. larry this morning, had an interview with him early on, noted that the orders in the building were 10% above friday morning's orders. we do have trading underway, a smooth opening, and so far, so good. back to you. dennis: thank you, nicole. over to lauren outside the new york stock exchange. what did it take to get up and running again? >> two backup generators and a small miracle. this area is desolate. we have people in pajamas who
live next to the building using our truck to charge their cell phones. that's interesting to see as well. i've been outside the new york stock exchange for much of the day, and i've seen a lot of traders outside, talking on cell phones as you can see in this video because they don't have secure phones inside. the connections are spotty as is the internet. that is something we noticed. also, officials are here and very present today at the new york stock exchange. that could be expected. like nicole said, it's a monumental day, smooth so far, but a lot to pay attention to into the close. a lot of the traders having trouble doing business. there's systems set up in the upper west side, free of damage from sandy and in certain other places where they have full access to the markets and viz the. back -- visibility. back to you guys. cheryl: thank you very much.
robert gray at the nasdaq. how is it there? >> pretty much without a hit, a choppy start here in trading terms and just volatility, orders coming in, we saw a quick move down followed by a quick move back up, and moving lower after that, and leading the way down today, big drag on tech is apple. it's down below $600 again, flirting with the two-day moving average. remember, this stock above $700 back on september the 12th when they unvail their iphone5 hitting record highs around that time, of course, also at the same time, the fed up vailed qe3. there's a move lower. facebook low as well. trading for the first time after the ipo in may. dennis: thank you, robert. going to the cme with our own sandra smith. what's moving here? >> a lot. notice if you look back into the deep corner, that was empty most
of the week, but it's filled again. that's the s&p 500 futures here in chicago, the largest one. interest rate futures back in trading. early closers. biggest movers are energy, metals, and grains are moving. gasoline up 2.7%. wheat prices also up a couple percent. silver up 1.77%. corn up as well, and crude oil a bounce. the reason why energy prices are up because they are aseesing the damages done to the refineries on the east coast as a result of the storm. the terminals in the new york harbor still shut down. there is a supply concern, and that is pushing up both crude oil prices as well as above gasoline prices. something consumers could see play out at the pump if this goes on longer. back to you guys. cheryl: sandra, thank you very much. we'll see you soon. how to make money on the markets
today, finally, i want to bring in david, point view wealth management president and robert luna, shore vest capital management ceo. robert, market participation. there are people manning the desks at the trading floors today, but limited staff, and there are connection issues. right now, communication issues. what do you make of the market? is it real? >> yeah, i mean, there's issues. like you said, there's no communications there on the floor. in general, i think volume is going to be light regardless this week. there's an election tuesday, uncertainty out there. you know, even without the storm, i did not expect a lot of market participation this week anyway. as far as the last two days, closing the markets, people expected a huge selloff today. that didn't happen. i think going into month's end, a lot of the big institutional money managers out there moving the market around are at the sidelines. there's low volume until the middle of next week. cheryl: david, nicole said it's
on par now. what do you think of it? >> no question about it, we urge people to stay on the sidelines unless they have to trade, but it's not going to be a non-participant market. we just had two days where the market was closed. people do need to make transactions. there's real estate deals pending, cars to be bought. also, a lot of institutions, they closed their books at the end of october. a lot of mutual funds. they want to do final positioning for the end of the month today. they want to take tax losses. it's not like there's no participation out there. the key watch word here is there's a lot of uncertainty as to the effect of the storm, and you don't want to trade when you don't know what you're doing. cheryl: robert, sectors i'm following are reagenting, and the airline sector, delta up. what do you make of the sectors we thought would sell off, we thought retail hurt, home improvement doing well, and airlines sell off.
what do you think? >> trying to get my arms around the airlines myself. i don't understand that. you saw initially on the open this morning kind of the playbook trade seeing the insurers like chub and offstate with exposure in that area selloff. you saw timber companies like plum creek take a big leg up as well as home depot. that trade somewhat reversed. i think a storm like this will definitely have impact in the short term, but as far as making long term fundamental decisions op what to do with the portfolio, this shouldn't have impact. the airlines, very surprising. i'm not sure why nay are trading up today. cheryl: also, market comem -- commentary, talking about the impacts on earning for the fourth quarter. what do you think? >> certainly not a positive, but, of course, from the investors' point of view, you decide when you trade based on what they tell you about the
fourth quarter. they don't know more than the next guy when the subways will be open. they are guessing versus the longer term view. for the most part, this will not have a long term impact. in terms of the airlines, i point out some of the european airlines like air france has much better than expected rurals suggesting that analysts have to ratchet up airline forecast giving a boost. cheryl: they charge me for every bag. before you let me go, asking you overall, what do you expect for us to see from now until the election with regards to trading? up or down? >> like i said, after today, closing out of the books, but volumes drop off tomorrow. the markets right now looking for clarity. there's, you know, a huge event coming up tuesday. we don't know who the next president of the united states is going to be. for people to make a big trade prior to that would be very surprising. i would expect low volume like the other guests said. if you don't need to make a
trade today or next couple days, sit back, wait, get clarity after the election. after that, we have a fiscal cliff issue to deal with. a lot going on. cheryl: david, quick. >> drifting down, too much uncertainty, in a correction from mid-september. cheryl: gentlemen, thanks from both of you. great commentary on a day like today. >> thank you. dennis: president obama due in new jersey in a half hour. the advantage of incumbency did the damage of sandy. cheryl: jeff locke doing incredible reporting from new jersey riding out the storm there. jeff? >> i hold in my hand a piece of the point pleasant beach boardwalk, this is a good part of it. look at this. president obama will look at this, and we'll have that up close and personal of what he'll see when he tours the jersey shore coming up here on the fox business network. ♪ [ male announcer ] do you have the legal protection you need?
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with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. two and a half hours to trade, back to business in u.s. markets, to the downside, but not seeing volatility we could have seen this morning. dow down 19 points, nasdaq down 17, and s&p down almost three.
we continue to follow the markets for all of you. dennis: president obama due in new jersey in a half hour to survey the damage. jeff lock is in not so pleas cant point pleasant, new jersey. jeff? >> look at the purple roofed building. that's martel's tiki bar. jimmy, give me a pan, if you will, on around. i want to show you how far that bar, the end of it, the last pavilion wound up. make a move around here, and you'll see past the ocean, just where this thing wound up. there were so many pieces of the beach and south jersey deposited. i'm over here on the boardwalk now. this is the roof of that bar that i'm standing in front of right now. look how far the ocean pushed this. you see the rope lights that are a part of the bar and even got,
well, if you had a drink there, you had it op a nice blue tile bar. that's the end of that. that's the end of a lot of it. look at the buckling in the boardwalk, the piles of sand that over washed it, and this, actually, is in better safe than the boardwalk at seaside heights and atlantic city, which you may know, the nation's first boardwalk, the birth of the boardwalk in atlantic city when years ago the folks who owned the train cars and hotel along the beach got tired of people tracking sand into the hotels and train cars, let's put a boardwalk there so people's feet will be clean when they get into the hotels and rail cars. that's a piece of history there as this one is here. it will come back. cheryl: one of the things tough to see in new jersey, jeff, so many residents stuck. i know the national guard on the
ground yesterday trying to get people out of the homes and in the shelters. is that effort still continuing today, or are pretty much residents evacuated now? >> we just saw at the other end of the island folks going house to house, fire department going house to house. there's people out here. hey, jimmy, spin back around, quickly as you can, we'll leave them with a shot of folks on bicycles. a lot of people, you know, they can't get the cars out. people traverse on bicycle, and that's what ewe see -- you see right there. people riding on the board walk, people still here, still hunkered down in here. dennis: thank you very much, jeff. a better day than yesterday. great work out there. we appreciate it. >> thanks, dennis, appreciate it. cheryl: stocks every 15 minutes, back to stocks now every 15 minutes. nicole, two new highs on a clothing deal. what you got? >> that's right.
we follow it often, but warner co group, names soaring right now when you look at the stocks. phil up almost 17% and the other 37%. pvh is actually buying worn co group in a cash and stock deal. warnaco known for lingerie and sports clothes. they are under one roof, good news for the retailers. a quick look at the dow, nasdaq, s&p closely. the fact, not so far off the change line, following the volume, which should be on par or slightly higher by the end of the day, and we've seen home depot doing well and insurers like travelers under pressure. back to you. cheryl: nicole, i know you talked with duncan live this morning on fox business. so many reports he asked the
firms there, the specialists, to come in with minimal personnel, but it seems busy down there. did he get more personnel that he wanted? >> i didn't hear about the minimum personnel. this is the first time i heard about that. i try to follow every moment. on the contrary, the floor feels full, feels like we're at 90% capacity. everybody came in, some way, shape, or form, some stayed over the weekend, others made it over the bridges and such. feels full here. cheryl: thank you very much. see you in 14 minutes. dennis: going to governor andrew cuomo from surveying damage of sandy. >> part of the island to westchester where they pointed out the sites in westchester county, then came down, looked at the tracks on the western side of the island, the cowrch coming down the hudson river.
the -- first, congratulate the first responders out there doing a magnificent job under difficult sishes. we should all be very proud. second, i thank the elected officials who have really performed admirably. county executive and westchester county executive balone and others, mayor bloomberg and his team, really been extraordinary. i believe this situation would have been much, much worse were it not for the outstanding local leadership we have. i want to thank them. our function now is to come up with a coordinated plan for the region, one that coordinated the assets and the best resources of the federal government, state government, and the local governments, new york city, and the county governments to make sure we are all being deployed as effectively as possible.
that's part of the function of today, to come up with a real reconstruction and recovery plan, long term plan that coordinated all the assets. particular thanks to our partners in the federal government, president obama, starting with president obama who has been on top of this situation, been very informed. i spoke to him several times myself. he wants to know what new york needs. he's been all over it. fema has been fantastic and responsive as someone was formally in the federal government, and working these types of situations. i have total respect for the job that fema's doing, and i thank them very much as well as the army corp. of engineers. as you all know, one of the major problems still is the water in the tunnels. the water has receded so when you drive around, it looks like
most of the water is gone, but the water filled the subway tunnels in many places, filled the brooklyn battery tunnel, and when the water fills the tunnels, that means con ed son has issues because the con edison's equipment is in the tunnel. getting the water out of the tunnels is one of the main orders of business right now, and the army corp. of engineers is very helpful in doing that. let me give you two updates. first, a transportation update. as you know, the new york city city busses at full service today. thank you, joe and your extraordinary team. there will be limited commuters rail service on long island north and the long -- on metro north and the lirr, begins at 2 p.m. today, and limited new york city subway
service, supplemented by a bus bridge which joe loda can give you more details on from brooklyn to manhattan will begin tomorrow. again, limited new york subway service substituted by a bus bridge from manhattan starts tomorrow. in service in manhattan below 34th street because there's no power for service below 34th street. three of the seven east river tunnels have been pumpedded and now free of water so that's good news. there will be more service, literally on a day by day basis as the mta works through this. i have had the good fortune of working closely with the mta team, and joe and his team have done magnificent service, and we thank them all very much. new yorkers have been great all through this.
the -- we're going to need patience and toller raps. traffic is very difficult for two reasons. we still have some passings that are closed. midtown tum still closed, ect.. there's a high volume of traffic in the city itself. many of the traffic lights are still out. there's a certain amount of confusion at the intersections. in terms of power, restoration, we are working very hard. that is going to be a situation that's also going to be developing on a day-to-day basis. con-ed giving updates. the westchester companies on long island where we have probably the greatest challenge from a power point of view. we have the new york state power authority that is deployed upstate utility workers to the down state area to help out manhattan, the island, and
westchester, and as of now, we have 1800 utility workers who listen coming into the down state area as we speak, primarily from upstate new york coming to help their neighbors in down state new york. we applaud nipa, and we thank those utility workers very much, but that is going to be, still, a day-by-day situation until we know how much power will be restored when. patience and tolerance on the traffic conditions and on the power restoration conditions. i'll assure you everyone is doing everything they can. they are all working very, very hard, but these are significant challenges we are facing. cheryl: a couple things, dennis, very important things we perked up when we heard. transportation services here in the city, in manhattan in particular, begin to slowly --
dennis: metro north and long island railroad at two o'clock today, and subway service limited tomorrow. you don't have to share a cab with strangers across the brooklyn bridge. cheryl: still not a lot of power in manhattan, a big problem, and that's why lauren is outside over at the new york stock exchange. expecting to see president obama within the next half hour landing in new jersey meeting governor christie. we'll show you that when it comes. for now, the effects that hurricane sandy has on the retail sector. look, this could impact the christmas holiday, and the spending there. people hanging on to money now because they have to rebuild? bert, principal of resource group, and thank you for your patience as we listened to governor cuomo. do you think that because i went out and spent $800 on a generator i'm not going to spend on christmas? >> completely correct. you convert from saving a home
or apartment and that goes away from christmas hanukkah spending. that's a $50 billion effect, retail and recessionary effect in the u.s. spilling into europe, asia for the next few years. cheryl: i've never been so interested in supply chain management until the last three days to be honest. how do you think nation's retailers are doing? shippers, everyone is paralyzed. where are we? >> sam walton went to the japanese just in time delivery model. back rooms in wal-mart, very little supply. they copied the wal-mart model. the stores can't restock. the wear houses are 150-300 miles away. as you and dennis reported, you can't fly in commercial freight. you can't ship to the ports.
yesterday, there were thousands of people looking to buy, but there were no bags in man halten or northern boulevard in long island. they streamed out of st. patrick's cathedral because there were no stores to go to. as a result -- cheryl: that hurts the bottom line. one of the thing that target did which was interesting, there was days to prepare for this. target got as many as supplies they could into the region aleast to get ahead of the storm. are they the true winner? >> they are. it's going to be wal-mart's worst nightmare. costco and the major supermarket chains, shop right, supervalue, struggling, were preparedded, fully stocked. the stores had inventory. those will win. as you said, when your present point with the generators, so many people doing that, saving money for home repairs, that's money beginning away from
holiday spending. it's going to be catastrophic for companies like jcpenney with this over their head. >> reporter: $800 for a generator, sorry, kids, no presents this year. we appreciate it. dennis: 20,000 flights canceled to avoid sandy's wrath. what airlines do to get you flying again. plus, the hit for airlines ahead. cheryl: election day back, up next, the china card. dennis: first, take a look at today's winner and lossers on the s&p. with the fidelity stock screener, you can try strategies from independent experts and see wh criteria they use. such as a 5% yield on dividend-paying stocks.
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dennis: hurricane sandy by the numbers. close to 20,000 flights canceled this week. 2900 today alone. washington's reagan national, new york's jfk and newark airports open again taking limited flights. sandy cutting power to 2.8 million utility customers, 2.6 million new jersey businesses and homeowners without power. 2.1 million still in new york, and outages spreading to illinois, kentucky, and tennessee. the super storm could cause $20 billion in property dj and $10 billion to $30 billion in lost business. cheryl: stocks every 15 minutes. we have you covered throughout the markets. nicole on the floor, robert at the nasdaq, and sandra smith in the cme in chicago. nicole, you first. >> underway, trading for the first time after being shut down for two days. traders showed up in droves. certainly, you see them all
here. seems like 90% of the traders here today. we have seen some accelerated selling in the last 15 minutes or so. when you look at the dow, the nays deployed, s&p, down arrows for the major averages, dow down, i don't have a big board, but i have talked with you, that's one of many issues still we're facing here on the floor of the new york stock exchange. while trading is underway, there's issues like no cell phone service, no interpret for the traders in which case they can't get data like news, how the averages are doing; right? they have to use other forms. those -- that's what we see here, 22 of the 30 dpow names are with down arrows. back to you. dennis: thank you, robert? >> apple trivials earlier, but microsoft, launched windows 8, and, of course, the surface tablet last week.
the stairs moving higher today. the first day a trade on microsoft. those products unvailed thursday, and, friday, on sale, and stocked closed for two days. microsoft bucking the down p trend here today. dell, of course, in the ecosystem offering some new offerings, if you will, pcs and the like, michael dell told me last week that they have not offered to people a real compelling reason to upgrade recently, but now they have thanks to windows 8. it's opened higher, hp not as well. ted meena jumping on earnings, beating on both profit and revenue. have not heard a lot of revenue beats this quarter. back to you. >> thank you. now heading to the cme in chicago with the pits there, and it's a lot, sandra? >> yeah, cheryl, big movers as traders return to the floor for full trading action today. everything's reopened in chicago, and, in fact, some of
the big movers here include the energy and grain markets. your top mover, gasoline, as these traders try to di jets refinery -- digest the refinery situation. six refineries shut down, two-thirds of production shut down during sandy. awaiting word for those to come back online. there's supply concern pushing prices up. wheat, soybeans, corn, prices returning. they have concerns about china now, small production. speculation they'll call the united states for more imports of our grains pushing prices up and prices, metals in focus, silver a top mover up nearly 2% in the trading session. things back in action here. it was really a seamless return to trading on the floor today. we have movers for you. dennis: we could use some seamless. thank you, sandra. six days until the election, we debate issues that matter.
today, debate this on china with author gordon chang and former state department donald gross. i'm a fan of you on the radio show, i hear you all the time. can we not afford to get tough with china because they own $1.5 trillion of our various assets and treasuries? >> well, china buys our debt because they have to, because they have an economy that's geared to selling things to the u.s.. last year, commie that's merchandise trades surplus against the united states was 195.5% of the overall surplus giving the united states leverage with china because china runs deficits with the rest of the world to run a surplus with us. we don't have to worry about china. dennis: i see. donald gross, the more you tell the chinese what to do, the more recalcitrant they get. >> the question with china and getting tough with china is look
at the issue and the overall context of the relationship. right now, primary focuses on strengthening the fragile u.s. economic recovery, the american growth rate at 2%, the chinese growth rate at 8%, and the fact is that u.s. trade with china's highly beneficial. china's helping us to pull out of the global economic crisis. as you probably know, china's america's third largest export market. it's the largest growth market in the world for u.s. goods and services so we have to address the serious trade issues we have with china, but do it in a way that doesn't disrupt the overall highly beneficial economic relationship that we have. dennis: right. how bad a violater is china? we're mad at them for protectionist policies, but george w. bush put limits on products, but we allow the
currency to get weak? >> yeah, well, china's run the largest program of manufacturing subsidies in the world, and they are not compliant with the world trade organization obligations. it's been encouraging property piracy matters. the international trade commission in 2009 said china's ip violations cost businesses $48 billion, and if china enforced intellectual property laws, american businesses would have employed 923,000 more americans in the united states. china has been the subject of the wto complaints, and it's lost all of them. clearly, we have a big issue with them. dennis: okay. someone to combat them, and i have not heard much from either side. thank you for being with us donald chang and donald gross. >> thank you. >> debate this, labors, unions, collective bargaining, brett
mcmahon of miller and long destruction, and bill dyne author of "state of the unions" here at noon eastern. cheryl: live at reagan airport in washington, d.c. where they are trying to get things back to normal. dennis: what your business can learn from the failure of circuit city next. cheryl: first, as we go to break, though, look at this. back in business. markets trading, and take a look at the 10-year treasury.
>> here's your fox business brief. hurricane sandy costs $20 billion in property damages according to ihs global insights and they expect up to $30 billion in lost business. marriot doubling in asia with the biggest push in china wanting to open 260 hotels in asia by 2016. that ranges from marriot, luxury, to the lower courtyard brand. boeing's delivery of two 787 dream liners taking longer than expected. they are not saying what's behind the delay or when they would be delivered to the united, the first u.s. customer. it's the first delay from the last one from three and a half
>> after two days of suspended trade, we're back in business. markets approaching the top of the hour, 20 minutes till right now, dow down, an escalation in selling 43 points. nasdaq lower as well. s&p lower as well. at the top of the hour, 1.4 billion trades trading at the stock exchange, average when it comes to volume. some of the guests saying you may see lower volume as we get in towards the election. dennis? dennis: at the peak, circuit city had over $12 billion in annual sales and more than 700 stores. then, the company spiraled into liquid dation. a former ceo of the electronics change, his own father founded, searches for answers. he detailed them in "good to great to gone: the 60 year rise and fall of circuit city."
thank you for being with us. we see best buy in the middle of offers, erst, and it's familiar. what was the biggest thing that went wrong that others could learn from? >> well, there's a series of things. we didn't take the competition seriously thinking our way of selling where people had to deal with salesperson and not pick it up and take it to the counter like a grocery store was absolutely necessary for profitability, but meanwhile, all around them, best buy and the mass merchants gained serious ground. one circuit city with a pick it up and take it out model. dennis: they were belly up before the rise of the showroom practice. look for a cheaper price online and get rid of the best buy purchase. what's your advice on how to get around showrooming?
>> that's a hard one. i mean, one thing, best buy is made an investment in the geek squad and services, and obviously, can't replace that over the internet. whether or not best buy can charge customers for objective advice which on and off doesn't provide is an open question. it's worth experiments to see whether customers value knowledgeable objective advice to pay for it and have that price applied to the purchase price if they buy it, but, otherwise, they would owe the campaign something trt advice they received. dennis: right. i see, okay. sandy is consuming our time. thank you for being with us here today. good luck with the book. thank youingthank youing if loo- thank you for looking at that. cheryl: breaks news with sandy. knight capital shutting down trading with power issues now.
they have to curtail trading along the lines of what many of the market making firms and investment banks told us throughout the day. there are communication issues, phones, fax, internet, you name it. still, sandy having a bit of an impact on trading. again, knight capital shutting down trading. we'll see if they get things powered back up. right now, a quarter til, and every 15 minutes, stocks, nicole on the floor, and you're following night news as well with more. >> i am. cheryl: go ahead. >> great headlines there. it's my understanding that's it's knight capital in jersey city to be specific. we certainly don't want to have any confusion with knight here on the floor of the new york stock exchange. we have, i'm standing next to them. these guys to the right, the designated market makers are trading successfully and very well. i can add, i see it here. it's my understanding it's it's jersey city that is shutting down. i wanted to make it clear it's
not all of knight trading that is shutting down. the stock, when i checked moments ago, still higher with an up arrow, and it remains to the upside, joe will check on that. i want to talk about, also, ford and general motors, ford up 5%, over 5%, and general motors also with an up arrow after the two of them came in with earnings over the last 48 hours. here we are, underway, trading underway, generators and all. no cell phones, no land lines for many, you we're underway. back to you. dennis: thank you, nicole. super storm sandy leaving thousands stranded in airports across the u.s.. peter barnes in reagan national at washington, d.c.. peter? >> well, hey, dennis. flightaware.com reporting that 19,600 flights canceled since sunday because of the hurricane including 2800 flights today. it is getting better.
flightaware.com reporting 480 flights canceled for tomorrow. i'll to show you, though, it's messy out there. flightradar24.com, this interesting visual tool. the yellow planes on this full screen are the ones on time. the orange ones are delayed. as you can see, looks like lemon peels floating in a bucket of orange juice there. now, washington reagan did not shut down during the storm, but the flightings out of here did stop because other major airports closed, and that grounded planes here, and we're talking mainly the new york airports, la guardia, kennedy, and newark, they handle a third of all u.s. air traffic in the united states. they were closed about -- newark and kennedy reopened this morning with limited service. la guardia remains closed with water on the runways. they have to get the water off, and then the airport officials and the faa have to inspect
everything which will take time. >> rt port authority working over time to get la guardia up and running for the airlines. there's issues with water on the runway. we have to ensure the faa inspects all systems to ensure safety. >> and i saw a couple of stories reporting that la guardia might open as soon as tomorrow trying to confirm that, but have not heard anything official on that from the faa or port authority of new york. that might sound optimistic based on the video i've seen. dennis: we could use optimism. thank you very much, peter barnes. speaking of air travel, we are standing by to show you the pictures as president obama deploys the powers of incumbency and tours hard hit new jersey. plus, what it means to tuesday's election. cheryl: once again, we can show you these stocks that are moving up and down.
capital. here's what they said about the slow.name in trading, and -- slow down in trading. it's not floor trading on the new york stock exchange, but the jersey city operation which makes sense because jersey city, hoboken underwater for two straight dies now. all computer interfaces with knight shut down, no new orders accepted electronic or by phone. telling climates at this point to have stock orders away from knight to a building emergency. we'll assume that has to do with the flooding happening over in jersey city as nicole mentioned earlier on. we'll keep you posted on the story. den depp the firm with the multihundred loss weeks ago, still recovering from that. president obama will be in new jersey in moments to survey the damage. matt, you know, hours after a u.s. ambassador was murdered, obama flew to vegas for a
fundraiser. hours before sandy struck, he decided to stay in the white house and monitor the storm. he's looking presidential. >> you sound cynical, sir. he's trying to look presidential before the election, and to benefit as much as he can, but a sitting president really is not going to have a lot of impact either on the actual emergency response or getting much political benefit from it, i don't think. the people who benefit from this is chris chris christie and micl bloomberg. cheryl: the current polling every day, getting the polls for the moes part during the economy, but the issue is the -- during the disaster, and the issue is still the economy. doing the voter have made up their mind? >> there's still undecided voters, believe it or not at this late breaking stage. they are more to vote on the economy or perceived ability of the candidates to do something about the economy going forward.
that's not going to be well for obama, but we'll see. dennis: governor christie, singing obama's praises and the liberal press loving that. that impact anything? >> i don't know if it has impact. it's a natural outgrowth. chuck schumer asking new york to be paid back 90% damage from the federal government. governors and mayors try to get maximum dollar from the federal government during natural catastrophes. i'm not sure going to effect the presidential race at this point, and i don't think necessarily the it's the only game in town. there's a slow drift of news about ben gay disci -- ben gay disci -- ben gay city. the name of the game comes down to ohio; right? dennis: markets open for
business, but two days in the dark, whand? cheryl: trading firm liquidness, ceo joining melissa and ashley next as "markets now" which is now trading continues. he loves. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.
dennis: a quick word about the broken window fallacy. number of public officials said there will be a building boom with a growth as we rebuild from the devastation. understand it never lives up to the growth without a disaster. it is nice to take a good view but doesn't work. cheryl: we are tracking transportation whether it is airport or subway or rail and getting services back and seeing a headline across the delta airline research operation thursday at la guardia so piece by piece. dennis: that means la guardia will be
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