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tv   Markets Now  FOX Business  December 4, 2012 11:00am-1:00pm EST

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back then, barack obama believed that lowering rates was good for the economy. dagen and connell, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour.
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we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p
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and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to imagine what a deal may look like. >> i think that is right. they have been adamant in saying we want more revenue. they have kept the rates down. they have had spending cuts. i think they will find a deal just over a trillion in revenue. dagen: it is a turnaround for the republicans to say that we will raise revenue. how they get to it is very different from anything we have
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heard from president obama. >> i think that the president and the democrats are dug in. they want to raise the marginal tax rates for the upper earners of america. they are willing to allow a deal to lapse rather than have the tax rate rise. connell: maybe there is not a deal taking shape. they could say something like, we will raise these rates, but instead of $250,000, it has to be $500,000 or $1 million. there are ways to play a round with this. >> i think the republicans would lose, frankly, being the majority in the house. if they go ahead and give the president and democrats what they want, speaker banners
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speakership could be in trouble. dagen: democrats, for the most part, on the social security issue said, no, that is not happening. >> it seems to be the holy grail for the democrats. i do not think they are willing to do it. dagen: you have to get over 500 or something like that. >> i think they are more willing to make a deal on medicare than they would on obamacare. connell: force social security, like you said.
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dagen: and the president's plan, they want more stimulus spenddng. long-term unemployment benefits. >> these do not work. what i think we have seen over the last 40-50 years is reducing the tax burden on employers and finding a way for the private sector to be creative. the reality is, if you keep that payroll tax down, that is keeping money out of social security. connell: great to see you, as always. dagen: little hope and improved
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job creation in this country. is that actually, follow me here, a good thing works like the dirty secret is, we cannot have an economy that grows too fast because interest rates will go off. be careful what you wish for. >> of course. it is wonderful. we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the
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cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no longer focuses on inflation, but on employment. that is why the unemployment rate will be ever more important today. next year, the federal reserve will be even more starvation -- we are going to push growth at
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any cost: the cost being inflation. at some point, the market will take point. we are going to have a lot of turmoil. we do not have a european crisis. we are certainly a candidate. higher rates will be in it. dagen: higher by how much quick select you have 1.6% on the ten year period >> in recent years, everyone has felt warm and fuzzy. let volatility go back to normal time. you do not need the chinese to dump their bonds.
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that is going to be a very rude awakening for policymakers and investors alike. your investments are at risk which means the dollar is at risk. dagen: axel, just to correct you, i never feel warm and fuzzy connell: rubbing elbows with the royals. dagen: ship her back to where she came from, baby. that is what i say. a big-ticket holiday. the cost of air travel skyrocketing. connell: we will get to that. get out of the markets and get out now. we have an investor coming on to make the case. first, let's look at the oil market today. down more than 1%. we will be right back. ♪ want to try to crack it? yeah, that's the way to do it!
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dagen: what is the first ord that comes to mind. yes, it does start with and a. try ambassador instead. she was a big fundraiser for the president, of course. raising over $500,000 for the campaign. she is not interested. she is very happy with her current job. flying this holiday will cost you more this year. it is $469. that is up 4% from last year. the $469 for ticket purchase in late november. if you bought in late october,
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the price is more like $400. the people of singapore are the least of emotional people in the world. 36% of people say they feel anything at all on a daily basis. that leaves the vast majority of the population of motion list. connell: they would just literally stare at you. dagen: they would lock me up. connell: a quarter past the hour. nicole petallides talking about toll brothers. nicole: toll brothers comes in here with numbers.
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we have had interest rates at rock-bottom levels since 2008. these numbers support a housing recovery. you had an analyst over at williams financial group that does not believe it is a trend line that can be carried in at the first quarter at the same pace. let's take a look at the dow, nasdaq and the s&p. the dow has moved into negative territory. all three are in negative territory. dagen: thank you. connell: get the government out of the market. that is a good question. we will talk about it coming out. also, low levels at the mississippi. first, let's talk about currencies. how they are faring against the dollar. we will be right back. ♪
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connell: breaking news from the white house. the governors are just finishing their meeting with president obama. let's listen to a bit of it live. >> we will be included to give our advice, opinion upon public our it will affect we also have ideas how we can save money. how we could be able to create more efficiencies and government and spending with some different demonstrations we have done in our very states. we plan on giving back with some of our suggestions and ideas. we appreciate their time today. statement we are not saying it to beat this plan or the plan. what we all agree on is something needs to get done. taxes on so many nano class americans can go off at the beginning of the yeaa if something is not done.
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with that, we would be happy to take some questions. >> with a be put off on discussion? did you encourage the president's tax plan to go off? >> we are not backing one particular plan or another. like i said a moment ago. none of us want to see taxes on middle-class folks go out. we think it would have a negative impact on our economy. we are not backing one plan or the other. >> i think what i heard and what we are giving the message today and we will give it that not only to the white house, the congress also, you have to come together and get this done. this impacts the economy.
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it is creating havoc with our economy and state. if they do not get it resolved, not only do we not have growth money which we are anticipating right now in utah, we could take as much of a $500 million loss in revenue streams because of not getting revenue. we are also saying that states are willing to do our part. we understand this will be a shared sacrifice asked you have to look at spending cuts. states are willing to do more with less. we are asking for more flexibility. it has been a common theme. take away some of the strings and we can do more with less. >> what exactly did you say to the president? >> well, and our case, we are here, not just as individual
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governors, really, our focus today was not to endorse a specific land, nor to dismiss a specific plan. we think it is important that we have a seat at this table and have points in it. concerns about the economy, concerns about the finances. really offering suggestions that we will follow up on as an organization. ways that we continue to highlight what is good for our state and finances. we are not elected to fix all the problems in washington. the president and the members of congress are here to do that. we are here to offer resources. [inaudible question]
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>> in our case, we talked about this just the other day. we felt it was imperative for us to focus on things republican and democratic alike. [inaudible question] connell: live coverage from the white house. the last speaker was scott walker. talking about the relationship between the local governments and the federal government over this fiscal cliff situation. our next guest is here to say, our point is, we need the government out of the markets and we need to get them out now. he is in d.c. today. what does that mean, you need to get the government out of the markets? >> you know the solution. they have to compromise.
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cut spending, cut entitlements and increase tax. that is the bottom line. there is just too much affecting this market. the word on the street is, by boehner, so read. we have to get the government out of the market. connell: you can see where the compromise could happen, if they wanted to make it happen. if they do, are you relatively optimistic about markets? >> yes,,we think so. the key word, it is actually risk to both sides of the market. that does not make sense. there is lots of risk to the upside. if somehow they do get it
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resolved, it will be a surprise to the market and the market should rally to the upside. everyone is looking forward to it. they will get it done. the question is when the stock. connell: they wait until after the new year. are we still the best of the bunch question that europe is still a mess. how is china doing? >> we are actually doing the best. just look at china. the chinese economy is actually not doing that well. there are a lot of complex. the new party just took over the control. there are a lot of things to figure out.
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the u.s. is in the best condition right now. we have to get past this fiscal cliff and move on. connell: we probably would be talking a lot more about china and the transition of power and how president obama is supposed to do without. when you say there are economy is not doing that great, does that mean it is in jeopardy of a tough all, or it will hang in there? >> i think it will hang in there. china, i think, will grow. reasonably, i have seen some analysts come out and be pretty bullish. their economy, the outlook is willing not that bright. although, they probably will not fall hard. china is sort of setting their status quo. i think the u.s., again, back to the u.s., they have to get their
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act together. connell: a few days after the end of the year. that is just silly, if you think about it. if we all know the answers, why do we have to wait until the new year. thank you very much. good to see you. dagen: as the nation waits on washington, what is really going on behind the scenes? brett fair on the timeline for a deal in d.c. the mississippi river will always have its own way. no engineering skill can persuade it to do otherwise. the river is doing just that. low water levels again threatening trade and commerce. we will take you there live. the decor ruling that has yahoo! yahoo! shareholders on the run. connell: time to go back to the new york stock exchange and get a check on the markets.
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nicole: let's take a look at a mover. stocks now every 15 minutes. we have a big winner here. big lots. the stock is up 7.8% right now. they have a list of headlines. that is some good news there. they raised their full earnings production. interestingly enough, their ceo is set to retire. he will be stepping down. he won't do so until a successor is found. they are on the search for a new ceo. as far as our major market averages, they are down fractionally. names that are under pressure include american express, at&t, hewlett-packard, i am sorry, that is home depot, and, also,
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jpmorgan. we were building into december, the month of december is the best performing month of the year. many know that. average returns are 1.7% to the upside. this date all the way back to 1950. december is a stellar year for the s&p 500. connell: a lot more still to come. we have this multibillion dollar judgment against yahoo!. investors now on the run. dagen: reggstering a record year taking a look at how the treasury market is holding up today. inflation. not so much. 1.61% on the ten year yield. ♪ and we can save you 10% on ground shipping over the ups store.
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>> it is fox business brief time. baxter and the national buying the swedish company. treating patients with chronic kidney disease. look at their stock price today. ps ent says restoring its distribution after the hurricane will cost as much as $300 million. that estimate does not include the potential cost of permanently repairing the infrastructure. soda stream kicking off its new global ad campaign. it will be a fresh take on the soda stream take.
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dagen: another day, another meeting. it still looks awfully wide in dealing with the looming tax increases and spending cuts. are they closer to a deal than we think? here to answer brett baier. he joins us from washington, d.c. was the white house or the democrats surprised by the republican proposal? >> dagen, i do not think that they were surprised. they knew another proposal would be coming back. they probably guessed that it would not include tax rate increases. that is the dance that is going
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on here. two scorpions dancing around each other waiting to strike. you know bowles said last night at an interview, i think you said it best, both sides would get killed by their base if the true deal was out right now. they would just get killed. dagen: do they know what the true deal is? >> no. i do not think they know yet. i think they know the framework of the true deal. they almost got there. they know what each side needs to happen for their faith to be semi- happy. they know where the red line is that at least they have talked about. i think until you get in that room and hammer it out, you do not know the parameters of where exactly that will be. i do not think you will get to
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that room until we get closer to the deadline, unfortunately. dagen: it has been almost three weeks since the president met with congressional leaders. time is of the essence here. what are the odds that you think this ends disastrously? >> you know, i put it at like 45%. this is my guess. there are people here in this town who think it is higher than that. i do not think so. we just that the house majority leader. a lot of this stuff is happening with staff. to hear republicans say there is not a lot of progress being made. democrats will say we know where, you know, things are going. democrats want to talk about the progress being made. republicans want to say this is going nowhere.
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eventually, you will get people into a room and you will hammer something out. i do not think either side wants to go over the cliff. i am not buying it. i think it is the president, the president goes over the cliff, the economy really does take a hit. he loses a lot of power. he has some other things that he wants to get done. dagen: if anything, you will likely see a reaction in the market. how big it will be, nobody knows. in terms of, will we still get a two-part deal? is that what we are expect things? >> yes. even speaker boehner has talked about how anything. , like tax reform, entitlement reform on a big scale, has to be
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done by the new elected congress in 2013. the end of this year. likely. again, i think it will. it will not be the whole enchilada. dagen: tax rates go up. you want to put odds on it? >> i think that is high. for some segment of the% population, the top earners, tax rates go up. i think the question is whether it becomes the cost is 1 million above or 500,000 above. at some point, the president will probably have to have that as part of the deal. tax rates in some way shape or form they go up.
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they will have to go up somewhat because he thinks that the election was a mandate anti-camp paint on that. dagen: lookout florida and nevada, because here they come. it was great to see you. thank you so much. please, watch, if you don't already. brett baier is on every weeknight. you cannot miss it. be well. connell: a couple other stories we may point out today that are worth talking a little bit about. 2012 best year in broadway history. the broadway league says box office is our reporting $1.4 billion in sales for the year. things not so good for retailers. shoplifters will cause losses. the shoplifting will add $98 to
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the average shopping bill. the top items targeted for sulfide on. -- shoplifters is women close and alcohol. dagen: yahoo! in hot water south of the border. the internet giant facing a lawsuit in a mexican court. it could end up costing billions of dollars. connell: shibani joshi lives in the newsroom with that story. shibani: billions of dollars at stake for yahoo!. they levied a fine on the company. here is what it could amount to. $2.7 billion. that is approximately 35% of the companies cash balances as of the latest 10q filing. here is exactly what happened.
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yahoo! breached a contract with the company who lost profits related to a yellow pages listing company agreement. this company no longer exists. an analyst found the ruling to be material for shareholders and issued a note to investors saying the following "it is not clear how the mexican court arrived at the $2.7 billion figure, but we believe shares good trade off modestly on the news. the selloff is being staved off today." they are trading higher today. about 1.78%. it is widely expected that yahoo! will appeal the decision. investors, i guess, hanging on a bit longer to the stock. seeing a nice pop of 20%. a recent share of buyback
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announcements. people waiting a little bit longer. connell: thank you, shibani. we have some new video straight out of missouri. interstate 70 across the missouri river. look at that. dagen: that is so cool. we just love stuff getting load up cd at least when it is on purpose. this is all part of a $63 million year-long project to replace that bird. it is pretty dramatic. dagen: stocks now and every 15 minutes. nicole: we will begin with oracle and carnival cruise lines. they will be paying their dividends in september for the next three quarters.
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the largest stockholder, he did not actually participate in deliberations. here is a look at some other names. we see them coming under some pressure. autozone missing revenue again. third quarter in a row. they talk about the fact of not only having fewer customers, but the warm winter is still lingering. the fact that people did not get the where and tear during the cold season so they do not run to the store to buy new parts. here is a look at the major market averages. back to you. dagen: and meltdown when it comes to the price of gold. sandra smith will tell you what is up in today's trade. connell: first, we will go to some of the winners we are seeing on the nasdaq today.
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the nasdaq down 11, as we speak. either way, we will be right back. look at us. aren't we pretty. [ laughter ] ♪ want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. whicis why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! h! [ giggles ] [ male announcer ] humana thanks the physicians nurses, hospitals, pharmacts and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company
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dagen: breaking news and live pictures coming out of egypt. riot police now using teargas all protesters demonstrating against president mohammad morici. thousands of protesters protesting against him.
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connell: the water levels on the mississippi river dropping to record lows. we find jeff flock with more. jeff: and extraordinarily difficult situation here. live pictures from the mississippi. we are on 24 barges and tow. this is the guy who runs this. extraordinary low levels. >> yes. this is the lowest levels we have seen in years. we are approaching record lows we have never seen. jeff: it is not enough to raise the levels, the rain we are seeing right now. >> it is pretty amazing what you can see at these low river stages. it is really amazing how low the water is. jeff: they have had to reduce
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the amount of cargo that they can ship. it is actually a fertilizer that in this middle part. the outside is actually empty barges to go upriver to bring grain back down. >> correct. jeff: how much of an impact puts back this is fertilizer for spring planting. >> salt for the roads we drive on to keep us safe. jeff: this is almost on navigable. >> if we don't get anything done, we will be off this river. jeff: they are asking the obama administration to blow up some rock formations that are now blocking areas of the river. it is a difficult situation. we will be here all day, by the
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way. connell: great story and even better pictures of it. we will shift gears here a little bit. talk about e-books. mcgraw-hill made an announcement of its education business. in doing so, it cited the high cost. our next guest launching a new product. it is called rent back. alan martin is here. good to see you. this whole idea, i thought that was pretty good news of what macgraw hill was doing. this trend is your trend now. >> e-books continue to fail to deliver value to students. the moment that e-books are valuable, professors should adoptive and students should buy them. one of them buys the content
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digitally. the other buys it physically. at the end of the class, the person who has the digital content has no resale value. connell: it souuds like you are giving me a sales pitch. that problem. >> the student who has the physical book has the opportunity to send the book to us. we will read that book out to students across the nation. we will give them the profit each and every time. it could have 80 or 90 or $100 in their bank account. connell: they could rent it out how they can't quit back the book is no longer usable. it could be $1.02 or three years. connell: at some point, the
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physical textbooks go away. >> we launched rental 5.5 years ago. very misunderstood at the time. three years ago we took it into the brick and mortar colleges. we were the first ones to do that. we focus on the student. they need to look at the student. the student is the customer. what will bring value to the student. connell: this should not take forever to do that. i founded this company as a college student. students want to be treated fairly. connell: that is interesting. a good conversation. alan martin, good luck with
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everything. dagen: gold falling below $1700. for the first time in almost a month. sandra smith has the answer in today's trade. sandra: it is down today on the fiscal cliff talks. a lot of analysts have been saying the buyers can start to stiffen at some of these technical levels. gold prices up about 9% so far this year. you could all facilities miner etf's. the gold miners etf, gd x, it is down a hefty 11% for the year. why hasn't it been tracking the price of gold? miners do better when gold prices go up.
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a lot of analysts are saying add this to your portfolio. this is the largest gold etf that actually buys the metal and stores it. you have been experiencing some of the 10% gains. it subtracts the price of the metal. the miners have not. here are a couple of examples. we will have more in the next hour. very, very low valued right now. very cheap stock. it is down double digits for the year. look at this year to date chart. underperforming the price of gold in a huge way. it's earning power still very strong. the recommendation is a buy rating right now. also, by the way, a new dividend, there are a lot of them here. we will take a look at ones that
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are valued the cheapest at this point. you can take advantage of the underperformance. around $1700 an ounce. dagen: thank you so much, sandra. maybe i can get my mouth to work by the end of the show. connell: you are fine. dagen: you are muttering under your breath every time i would mispronounce a word. connell: what was that? fiscal cliff fatigue is where we are going. cheryl and dennis are coming up next. they have a republican and a democrat on to ask them when we will get. so we can fix this and get back to business. dagen: we will bring you those live pictures from egypt where riot police are now using tear gas on protesters. ♪
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dennis: i'm dennis kneale. cheryl: i'm cheryl casone. the plan to tax the rich moves forward meeting with a group of governors. dennis: when will washington be serious about fixing the mess? we grill a democrat and republican in moments. cheryl: time to buy beaten down airline stocks, how much the average holiday ticket is going in. dennis: bacon scented facial cream and other bacon products right here. cceryl: stocks now, of course, every 15 minutes with nicole on the floor of the new york stock exchange, nicole? a lot of people love bacon. i once had a lip balm bacon. the movers on wall street, the dow jones industrials are the
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one index with an up arrow and s&p and nasdaq pulling back. the dow, yesterday, dropped 60 points, but as you can see, none of the three from the changed line. nasdaq just down over one-third of 1% on the day where the vix, the fear index, has an up arrow. everybody, obviously, focusing on washington, waiting on the news of the fiscal cliff. we know they will continue waiting. let's talk about a mover, metro pcs. we talked about potential takeovers, well, today looks less likely. they will make an offer for metro pcs because they are doing a deal with japan's soft bank corp.. ttat's why stock is down significantly over 7%. cheryl: thank you very much. we want to get back to breaking news weave within covering here on "markets now. " these are pictures from cairo, egypt. at this point, an estimated
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50,000 protesters are chaptering "down with morsi; down with the constitution." near the presidential palace, protesters broke through the police line, now pulled back, and riot police using tear gas against the crowd. they are protesting the declaration giving him nearly unrestricted powers. there's concerns about the stablization of egypt, which is not stable. dennis: we'll watch that throughout the show. the tax the rich fix continuing as he meets with democrats and republican governors. cheryl: rich edson is live from the white house with up to the minute details with this just concluded meeting, rich? >> right. a handful of republican and democratic governors submerging from the west wing after the meeting with president obama with the message to fix the fiscal cliff. the democrats and republicans refuse to either endorse or
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dismiss either of the plans out there. the one floated by the white house and the one that house republicans floated yesterday. that, of course, the latest plan in washington, $800 billion in tax revenue increases, a trillion cuts in spending, including entitlements. it's a plan that was partially taken from the former chief of staff for president bill clinton, one that the republicans put out yesterday, and it's one that democrats roundly rejected. >> republicans' plan, on the other hand, is more of the same. not only does it balance the budget on the backs of the middle class, but voids the promise to seniors with cuts to social security and medicare all to pay for handouts to the rich. at least we know where they stand. >> republicans are willing to make sure we don't go over the cliff, but, at the same time, don't harm the economy. what has to happen, the president needs to show leadership, sit in the room, stay here, get it done. that's why there was a proposal that's reasonable, meets his
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criteria. >> republicans say they have put a bipartisan plan forward. it's up to the white house to come back with their next proposal. the white house and democrats are saying republicans need to be willing to raise tax rates on families earning more than $250,000 a year as a prerequisite before talking about any of these structural changes that republicans want. back to you. dennis: thank you, rich edson, and the deadlock continues. when will both sides stop posturing and get down to serious negotiations? joined by republican congressman shawn duffy and democratic congressman jason altmeier. republicans willing to let us go encyst on raising rates on the rich? >> i think we have to say republicans have been willing to put a plan on the table, putting revenue on the table, $800
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billion, but talking about cuts of $1.4 trillion, but the president, i mean, listen, this $1.6 trillion tax increase with a $50 billion stimulus plan a is proposal sent to the house and senate last year in the budget, and jason, along with all the democrats in the house and senate voted against it. if we need a solution, we need both people willing to come to the table and negotiate. the president is trying to play good politics instead of putting forward policy. i want a plan that avoids the cliff going over it, but we need an honest negotiating partner to do it. dennis: you did not answer, sir. are the republicans truly willing to let us go off the cliff rather than raise rates on people who earn over 200k. are you truly willing to do that? >> i think we have to look at how this unfolds. i don't want to see us go over the cliff. i don't want to see tax rates go up. again, i'm not sitting in the white house, and i'm not sitting
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in the senate. i'll do everything i can to make sure it doesn't happen. dennis: i'll take that as a no. are the democrats truly willing to let us go over the cliff if the republicans refuse to raise rates on the rich? >> i think there's a constituency on both sides, republican and democrat, that would be willing to see that happen for ideological as well as political reasons. i think we both hope that that does not happen, and i think what he said is correct. the republicans did put forward a plan. it's a reasonable plan, but, look, i got news for you. this is a negotiation. they are not going to get everything they want, the democrats not everything they want. just having a plan on the table and criticizing the other side and walking away doesn't help anybody. dennis: it doesn't. how much of what we watch are just postturing posturing and knowing secretly you'll reach a
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settlement? >> we understand how important it is that we get a deal on this, but you have to step back and view what proposals are serious put out by both sides? might be partisan, but it's true. the president's proposal was not partisan. the democrats and republicans didn't vote for it. we'll go with bowles, a frame work he put out and make it our own and put it on the table and it's been rejected by the white house. listen, revenue should be revenue. talking about doing away with loopholes or raising tax rates, the next earned to raise the rate stifles growth, and the president, two years ago, greed -- agreed with the position that raising taxes stifles the economy. let's bring revenue with the loophole side. dennis: given that if we succeed innraising taxes on the rich, that's $80 billion a year, and
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government over spends by $1.1 trillion a year. is the raise on the rich a political punishment for the democrats so say, hey, we won, you lost. eat it. >> no, and on that point, i can't tell you how amused i am to hear the republican put out bowles as the model and the plan put forward. that, in total, in the plan, recommended raising the rates on the top bracket, allowing them to expire. to only take part of what he recommended and ignore the rest is not consistent with the fact, and there is a difference of opinion. nobody wants to see taxes go up. that's a fact. we all want to reduce the deficit, and if you look at where the tax rates were in the clinton administration with the highest and most sustained economic growth in the history of the country, that's where they went to and maybe there's a compromise there where they wouldn't even go that high, but to say they're not going to expire at all, we'll do what we have been doing, that's an unsustainable position. dennis: all right, you know
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what? i appreciate it, we have to wrap it up. i appreciate you both came on here together today. thank you very much for being here, and keep working at it. we need your help. >> have a good one. >> thanks. cheryl: more on breaking news from egypt. look at the pictures coming out of cairo. at this point, an estimated 50,000 protesters are in tahrir square chaptering down with morsi and the constitution. he rammed through a referendum, a draft constitution, supposed to be september 15th; we'll see, and groups, parties, just many members of the public in egypt taking part now. we learned moments ago that president morsi left the palace according to a report we just got in now. it also -- near the presidential palace, protesters broke through police lines, but they pulled back when riot police used tear gas. thousands of egyptians are
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incredibly upset about mr. morsi's declaration giving him nearly up restricted powers and basically leaving the former constitution aside, and the judges in egypt aside. dennis: dplok or the lack of -- democracy or the lack of it. cheryl: low levels on the mississippi threatening trade and travel and your wallet. dennis: bacon scented shave cream? yep, we got the inventer coming up. cheryl: okay. first as we do at this time, look at oil. we're going to be live at the cme with the why coming up next.
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dennis: more on breaking news egypt, 50,000 protesters, and reports that president morsi left the palace due to the protesters, and protesters broke through the police lines, but pulled back when riot police used tear gas. that might be what prompted the president to leave. they are protesting the declaration of the president giving himself unrestricted powers. to heck with the new constitution and all of that. stocks every 15 minutes. cheryl: phil flynn in the cme, and sandra smith watching gold
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drop, by the way, and annie -- and nicole on the floor. >> the major averages not too far off the unchanged line. we have seen accelerated selling in the last 15 minutes, and now down over a half of 1%, and dow jones down 10 points right now, not a big move, and names weighing on the dow, names like mcdonalds and home depot, and the fear index to the upside. there's a lot of concerns pertaining to washington and the fiscal cliff. we're watching any headline that comes out of washington because it can be a market moving event like last week when reid and boehner spoke. that jerks the market around one way or another. december is the best on wall street, the best of the 12 for s&p, but now it's lower one-third of 1%.
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that's the latest. phil, how is the cme? >> tell you what, the oil prices are really unmoved on the story out of egypt. traders watching that very, very carefully, but, today, the markets seem to be done on concerns about the swelling economy and the fiscal cliff, but this comes on a day when oil production in the united states hit another milestone. oil production last month hit the highest level since 1998, another step towards energy independence in the country, and another reason why oil prices are under pressure. the spread between the u.s. and europe, we're making a lot of progress on the oil production front, but across theeboard, we are seeing products really getting hit. oil, a feature today, down over five cents a gallon, and a lot has to do with the warm temperatures and slowing demand. other big news on europe, production coming back and crude pressing it down. the standard here, how the medal -- throwing it to sandra here, how
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the metals looking? >> gold and silver down, commodities in the red. gold, certainly, no two ways about it, a rough time of it lately. not just down $23 today, but dropping below the $1700 level, but despite that drop today, gold still up about 9%. so far this year, it's had a lot of volatility, but the same thing can't be said, guys, looking at gds, a come -- compilation of the mining stocks which we have in the portfolios. miners down 11% so far this year. not tracking the price of the yellow metal. barrens saying they are too cheap to ignore, and gold mining stocks just makes sense to own at these levels. if you are looking into the trade today, gold prices plunging, and shares lower. look at barret gold in the green down 25% this year, taking a plunge, but the price to
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earnings, just 10. it's cheap. overweight ratings, average price target is $51 and $34 today. prices beat up, but miners, they are a buy at these cheap levels, back to you. cheryl: that chart took my breath away. surprising. also thanks to nicole and phil. that surprises me, it does. dennis: breathtaking is something i had not hear applied to a stock chart, but that's -- cheryl: gold, gold, gold, and minerses is the easy play, gold. what do i know? dennis: speaking of money, charles payne joining us now. cheryl: the guy who picks stocks, which i don't do, has an alabama based company. >> off the conversation sandra had, you know, you use that -- i've been in the stock, pricing down, demand is down, but this is a stock that gets
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extraordinary volatile. 2008, $109 a share intt june. december, $17. by april of 2011, it was $138 a share. it's volatile. to my mind, it over reacts. insiders nibbling, not enough. sandra talked about it being ten, try four with this one. the idea is when do you pull the trigger? you know, pricing is down for this stuff, but long term investors want to look at it because it's the stock that makes a big pop. it could go 30 to 40 quickly, a downturn, but 30% move. dennis: wear your seat belt. cheryl: no intervention by the white house as ports in l.a. and long beach shut. dennis: the mighty mississippi, jeff flock on the river. >> dennis, they want intervention from the white house on this. look at the mississippi.
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we are live on the mississippi. dangerously low water levels. can washington help? we'll answer the question when we come back. stand by. ♪ twins. i didn't e them coming. i have obligations. cute obligations, b obligatio. i need to rethink the core of portfio. what i really need is sleep. introducing the ishares core, building blocks for the het of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishararesor a prospectus which includes investment objectives, risks, charges and expenses.
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>> 23 minutes past the hour, i'm heather nauert with the fox news minute. protesters breakthrough police lines, and protest near the presidential palace in cairo. sources telling us that president morsi left the palace following the clashes, and here's a live look at the chaos taking place there right now. an estimated 50,000 demonstrators are angry with the rushed constitution that some fear won't protect religious minorities and a recent move by president morsi that grants him near absolute power. a stern warning for syria as president obama tells al assad the world is watching and will be consequences if the regime resorts to the use of chemical weapons. this, after u.s. surveillance
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video shows forces preparing chemical weapons for use including nerve gas. drones missing in the middle east reporting that the islamic republic captured an unmanned u.s. surveillance aircraft after it entered iranian air space. those are your head lines. back to you. dennis: thank you very much, heather. water levels in the mississippi river near record lows. cheryl: who else other than jeff block trying to navigate his way. >> record low levels, cheryl and dennis. we are at a choke point. this is on board a tow boat, one going by here, we pulled off to the side because you can only get one set through at once. look in the distance there, there's a boat loaded with rock headed south. we're going north, and they can't get two buy. i have a 34-year veteran of the
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tow boat business. have you seen it this low, have you? >> one time back in 88, but not since then, no. >> you're to the point where this is about non-navigable; is that correct? >> close, yes. >> your are hauling a load of, what is this? i think it's fertilizers? yes. >> amazing how much stuff is transported up and down the mississippi, fertilizer, fuel, grain, obviously, and only the center barges is loaded out here, those low, and lower if you back out. i'll leave you with a picture of the mississippi. look at the traffic in the choke point. there'ssthree tows trying to squeeze by a very narrow mississippi river, and looking to the right, there's a beef on the beach. you never see that. we're 15 feet below what we should be. amazing.
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cheryl: live reports all throughout the afternoon. jeff, thank you very much. well, new tax rules to pay for obamacare. will your health care stocks -atch a cold? we have an analyst to talk about it coming up. dennis: sky high ticket prices for the holiday signals it's time to buy airline stocks. cheryl: winners winners and losn the s&p. cliff, apollo. we'll be right back. want to try to crack it? yeah, that's the way to dot!
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cheryl: details on breaking news from egypt. looking at live pictures right
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now from cairo. an estimated 50,000 protesters, right now, in tahrir square. president morsi left the palace. the protesters broke through police lines, but then they pulled back when riot police used tear gas. thousands of egyptians protesting the declaration giving him unrestricted powers, and, we'll, of course, continue to monitor news from egypt. dennis: you'd think that made traders oil. cheryl: the oil contacts, suez canal right there. dennis: stocks every 15 # minutes. >> when you talk about commodities, something else, gold, down twenty bucks. look here at the resource, an mtn, ticker symbol, like mountain. it's down 10% as they came out with the quarterly report.
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the stock at $50.58 # a share, but the ski resort posted higher operating costs, not good news, and revenue was flat in the quarter, soft for the season. what they are seeing here is numbers that really disappointed wall street, and, as a result, stock is selling off. the market cap is $2 billion, and year to date, the stock doing well, but, today, giving back a lot of that. what we see in egypt, the s&p 500 down one quarter of 1%. banking stocks lower. back to you. cheryl: thank you very much. the irs releasing new rules on new taxes to help pay for obamacare. is that going to help or hurt health care sector stocks? joining me from phoenix is the ceo of sure best capital management. robert, are you concerned about the health care sector? >> well, you know, i guess it depends on what part of the sector you're looking at.
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it's a by forkated market. looking at the operators like hca and tenant, they'll benefit from this from a standpoint of the people coming into the hospital now are going to have, you know, the ability to pay based off of obamacare so the debt burden's reduced, but if your medical device makers like striker and medtronic, they will be getting hit. this bill will be paid for by a 2.6% tax levied on them. ultimately, though, the biggest loser is the consumer looking at what price water house sayings. they pay $4,000 a year more the next seven years for the health care coverage to offset this. cheryl: medical devices up in cost as well. defib laters, everything. great point, robert. another sector, the financial sector. fox business reporting that jpmorgan in the cross hairs of a senate comment, carl levin, the
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senator, and curious if you have financials, and i know you never liked it in the past, but is it bad news for the group overall? >> yeah. we've been avoiding the group. the only way we play financials in the last two years is through the credit card issuers, visa, mastercard, american express. the big money center banks, like you said, in the cross hairs for awhile. dodd-frank is barely over a quarter of the way written, and i really think now with the current administration, scott brown losing his seat to elizabeth warren, i think the rest of the regulation is not favorable. you know, i just see a lot of head winds. we're avoiding financials all together. cheryl: she's been appointed to senate banking. good time for banks and those companies overall. >> perfect. cheryl: you're not a big technology investor, but, at the same time, there's been such a weird movement in apple. many saying apple is selling off, people dumping out of the
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dividend tax issue, but you stick with apple. are the concerns overblown, too worried about the dividends? >> you know, i like apple. if you take the lowest estimates @% the street now for apple next year, the stock's trading a little bit over 13 times next year's earnings. with the tax increases next year, listen l is the biggest beginner for people. it's about profit taking. analysts today thought apple could drop 50 #% to 70% in the next couple years which i think is crazy and had nothing to support that. if you have not owned apple, i think this is a great opportunity to step into the name. cheryl: you like disney as well. thank you very much from phoenix, thank you. >> thanks, cheryl. dennis: best year in broadway history was a play that good or ticket prices just that high? cheryl: i think it's both. the story you've been waiting
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for, bacon shaving cream. the creator of the product is here with that product. dennis, are you ready? dennis: first, take a look at at ten-year treasuries. from local communiti to local businses. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. the potential of yelp unlocked. nyse eonext. unlocking the world's potential. well, having a ton of locations doesn't hurt. and a santa to boot!
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[huckles ] right, baby. oh, sir. that is a customer. oh.sorry about that. [ male announcer ] break from the holiday stress. fedex office. you know how painful hearurn can be. for fast, long lasting relief, use doctor recommended gasco®. only gaviscon® for a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. >> your fox business brief, shares of oshkosh tumbling. now, icon, the company's largest shareholder criticized their executives for poor performance looking to replace its 13 #-member board of director. restaurants under pressure after warning its second quarter earnings will miss expectations. the company says the cost
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associated with the purchase of yard house, and, of course, the impact of superstorm sandy cuts into earnings by six cents. four square cracked the top three in mobile apps rankings. according to a report, the new york based software company landed behind only facebook and twitter in theerankings. that's the latest from the fox business network giving you the power to prosper. ♪
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dennis: more out of egypt. protesters lighting fires, an estimated 50,000 marchers. roiters reported that president morsi left the palace in the face was protests, left the residence, and protesters broke through police lines, and pulled back after the tear gas. thousands protesting morsi's declaration giving him nearly unrestricted powers.
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cheryl: west coast minute. upddte on a story we followed for you. the ports of los angeles and long beach shut right now as clerical workers enter the second week of striking. ten of the 14 terminals are shut because dock workers refuse to cross the picket line. ships idling outside waiting to be cleared to enter with some diverted now to panama. the national retail companies asking the white house to intervene. the fine for texting and driving may go higher in washington state because they can play claim to federal money. any state with the law gets a subsidy, and they could collect up a half billion dollars if the fine is up. right now, it's $124 for violation. finally, the las vegas sands treated 40 wounded veterans and theer families to a three-day holiday vacation. the chairman is giving them the private plane to fly them into vegas.
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there's rooms, a cook out from omaha steaks, and tickets to the tim hill and faith concert. dennis: there's nothing like waking up to the smell of bacon in the morning, and, now, thanks to the next guest, carry that smell all day op your face. cheryl: the co-founder of jad foods and maker of bacon shaving cream and other bacon themed products. shaving cream is the novelty, once a year, look what we made? >> smells great, probably taste great. you shouldn't eat it. that should be on the warning label. @%nnis: don't you think you'll be sued by someone who fries to eat it? >> more likely to be eaten by
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bears. dennis: i'd say you're wrong about that. cheryl: a lot of successful products about that. the bacon salt, i mean, are we in love with bacon? >> we're a bacon nation. we launched bacon salt, the first product five years ago, and won money on funded the company with that. launched baconaise, and crouton across the country. people love bacon. dennis: it disintermediates old bacos on your salad. >> not good for you. dennis: there's a feel for bacon. bacon is bacon, and you go for it. even if it kills you. >> that's a good point. we came out with a bacon coffin for last year for those who love it to death. cheryl: we have a picture. dennis: sold them? >> a couple, yeah, a guy in iowa
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and iowa. -- idaho, we are hitting the "i" states well. products are somewhat healthy. the bacon croutons are healthy, no ruers than regular cue tons. cheryl: adds flavor to everything. >> it's vegetarian and kosher. dennis: don't vegetarians like to avoid the word "bacon". >> they love it more than anybody. that turns them into a carnivores so this keeps them from jumping off the bus. cheryl: i have the bacon colt. i don't eat meat, so i use that. >> dennis: you have 17 products, six of them non-bacon, but you is a major going beyond your core competence, you have
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>> it's a hot new flifer. it's a thai hot sauce. dennis: nowhere near the bacon -- >> it's doing well, about to go in the cost plus markets across the country in five or six other stores. doing well. cheryl: working with other companies, joint initiatives with other large companies to get this stuff distributed; right? like those? >> we do. we have a bacon supflower seed. this is in 50,000 convenient stores doing very, very well, the top seller in the line. dennis: the bacon is fake? not real -- >> vegetarian. i'm a vegetarian too so believe it or not -- dennis: you copy the flavor artificially? cheryl: get the roses. >> bacon roses we made for the holidays. dennis: dlightful or creepy, i don't know which one. >> i prefer dlightful.
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dennis: bacon dee oh drant next. >> there you go. dennis: co-founder of -- cheryl: you want to keep the roses don't you? flying for the holidays cost more this year. the average domestic air fare for flights from the last two weeks of december are $469, a big jump from last year, a 4% jump. priceline says $469 is for tickets purchased in late november. if you bought in october, it was $430. the best deals are on the 17th and 18th or leave the 25th, the 27th, or as late as the 31st, and that with the other fees to fly, dennis, means airline stocks could be an interesting play going forward. dennis: the fact is at the holidays, it doesn't matter what happens to the pricement you're going to go travel to fight with the family. that's what the holidays are about. cheryl: to fight with your family?
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dennis: oh, yeah, and then they say, "oh, what's that supposed to mean?" nicole is watching pet oys. >> i just want a good time, no fights allowed on a good trip. pet boys, auto retailers, and parts, not doing too well here. manny mo, jack, the stock under pressure coming in with quarterly numbers with a charge that hitted stock here, and that's why we have the loss here in the shares. the auto parts retailer down 13%, obviously, a big move. they talked about weak performance of the auto parts retail business overall. we heard auto zone, for example, similar type business, talking about the fact that a warmer winter, less wear and tear on vehicles in which case you don't need the parts, and that lingers throughout the year in 2012. these are things they con tend with, and as we chatted, it's down 13%, so back to you as it's skating in the selling, back to
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you. cheryl: see you at the top of the hour. thank you, nicole. pandora reporting after the bell, but a ceo says he has a better way to bring you the music. dennis: first, today's winners on the nasdaq. ♪
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dennis: time for the media minute. when you thought america lost any claim to culture, these two comforting notes emerge. the first, lincoln is a hit.
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the historic film, directed by steven spiel berg, a huge explosive digital effects raked in over $80 # million, more than double for vampire hunter. they are making the dream works click to meet unexpected demand in alaska. there's this, 2012 was the best year ever for broadway. it just passed $1.1 billion, some 60% of the tickets went to a big player on broodway with lion king and mary poppins. panpandora reports earnings or e lack of them after the bell. the real problem? last year, its loyalty payments for music consumed half of revenue. they are pushing to slash the fees, but artists themselves are up in arms about it. cheryl: one of the services you want to work, but the numbers, as you said, we'll find out
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after the bell, the numbers are not working. dennis: and land based radio doesn't pay a thing, but pandora does. cheryl: they have never made a profit. why does the private company think they can? robert? >> thanks, cheryl. i'm with john, the ceo of tune-in, and, john, it's an app, it's on the web, basically allows you to listen to stations from all over the world. it's cool i can listen to music in prague or the tar hill sports network for the pregame. i can't do that locally, and i don't need a satellite radio to do so. the question is it's a crowded marketplace. how can tune-in stand out in the market place and make a living? >> one of the things that's different about us is we focus on radio. a lot of people are music recommendation engines so people like pandora or spotify is a cd
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experience. we are a radio in one place. tens of thousands of streams, music, news, talk, sports from around the world. >> no royalties? >> no, we don't broadcast anything. we a directory. google is for a web page, tune-in is to radio bringing the direct rich edson and all of the user experience, but we don't brood -- broadcast anything ourselves. >> service is free to use, you share the streaming avenue revenue with the stations themselves, and how do you make money, though? a larger audience to do so? you claim 40 million users now. >> radio fundamentally free. it's always high quality content, and it's always free. we make money in advertising. >> how do you lock in stations with long term agreements? and there's the iheart radio.
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>> broadcasters want the maximum number of users. if you're a web page, you don't say i'll pick between google, binge, or yahoo, you want every search engine. they want to be in every great app, and tune in is at the top. >> getting into cars, the tesla put you in there. how does it help the bottom line or spending money to get into these? >> 50% of all radio listening is in the car so because of that, that's where we want to be too. more and more, people are bringing connected experiences into the car, and that's because now instead of just accessing 70 local trees yal stations, it accesses 70 -- 70,000 stations. we're in tesla, ford, and mini and others. >> pandora's after the bell, wait and see if there's an ipo from you guys sometime soon.
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>> thank you vvry much. dennis: thank you, robert. well wolfgang puck, maroi and emeril lagaasse, all men, so why is it that easy bake ovens are marketed to little girls? a 13-year-old girl in new jersey is taking the oven to task asking for images of boys to be placed on packages and promotions and product colors other than pink and purple inspired by her brother's interest to bake with it. her petition scored 24,000 signatures on because people don't have enough to do. cheryl: i think being politically correct has gone too far. i'm sure her parents are behind every single piece of this. you don't know when you talk about when you're four. dennis: struck a blow for you have not ensured women are
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not gushed paid, but you feel better because of image. a change of words. cheryl: it's interesting to see what season they have this year. there's been a huge jump, record black monday and black friday3 and green monday. i can't talk. cyber monday, green monday is next when the shipping happens with ups and everything. anyway. actually shopped, have you bought anything? dennis: couple things, food shipping to relatives. cheryl: the ones you fight with. strike in the nation's busiest port complex costing the u.s. a billion dollars today. dennis: the executive director joining melissa and lori with the latest on the negotiations. male announcer ] this is e woods' first day of work. and his new boss toldim twongs -- cook what you love, and save your money. j doesn't knoit yet, butut he'll wk his way up from busser to waiter to chef befo opening a restaurant specializing in fish and me from the great northwest.
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he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last, whicisn't rocket science. it's just common sense. from td ameritrade.
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