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tv   Markets Now  FOX Business  June 12, 2013 11:00am-1:01pm EDT

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the patriot act coming under intense scrutiny. the judge, and a napolitano, will tell us if we should scrap it or leave it alone. and why wall street cares about turkey. the protests putting strain on your investment. what happens if corporate america decides to get out. and the hack that hit the drudge report. a cyber attack with a twist you have to hear about, and you will later this hour with that and a whole lot more on "markets now." dagen: can you keep up with it all? connell: a busy day, a busy week. dagen: and you look dashing. connell: so do you. dagen: i know you worked very hard on that. top of the hour, stocks every 15 minutes. a little bit downmarket.
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what is up? liz: we have had more volatility lately and today is no different looking up, the fear index 1754. dow jones industrials down 17 points. we haven't taken out yesterday's loans but we are selling off a bit here. watch a mixed market after yesterday selling up 116 points. you have a big deal on cooper tire, watching hewlett-packard leading the way, microsoft and hewlett-packard positive comments from meg whitman. commodities are higher. connell: is all coming after the selloff yesterday but the big question out there for investors is related to the long-term outlook for the global economy and headlining this morning's "wall street journal" was a piece people have been talking about with the tectonic plates
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are shifting. we are starting to move away from the standard of the last few years the global economy relied on a few constaats the u.s. would print plenty of money, keep interest rates low, china would provide a lot of demand, vacuum up commodities. and japan was largely irrelevant. joining us now in the case we made all three of those things are changing. what we don't know is what that means. what do you think that means? >> w we're seeing volatility of extremely low levels. that has been our view in the short term, probably nothing sinister, but a bit of a pullback not only because of what we're seeing with my terry policies and the spread going up in the u.s. and globally but sentiment getting stressed with optimism being worked up.
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connell: a lot of people have made the same point. if you look at those three things he mentioned at the top, at some point the interest rate is going up to a normalized level, t some point japan showig signs of growth again, some point china slowing down to a level of growth. it is the interim, the timing between getting there from here that people are worried about. you do not seem that concerned, why? >> ben bernanke and the u.s. fed would like to see the patient act normally again. at some point you have to disconnect the patient from the tube, from the machines. the transition may be a little bit bumpy buu ultimately our economy is better off relating to what is going on in china, the u.s. economy will be a big beneficiary. one of the reasons the economy is going through a shift is
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because of pressure on wages. we have had none in the u.s. the story has longer legs longer term. the manufacturing renaissance which long-term will be to the benefit of the u.s. economy from other places besides china but china will be a big part of it. even if we have to go hrough some choppy times in the interim. connell: what else do you think are positives for us? >> housing is unequivocally a positive. it will cause some problems with housing but it is the real mortgage rate which drives demand. real gdp is the number we care about. when somebody goes to buy a house it is not just the mortgage rate that matters but what is happening to the price of the home we are borrowing to buy. the negative 7% because you have
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a 30-year fixed mortgage rate, 11% rate of depreciation in home. it still makes a tremendous amount of economic sense to purchase a home, i do not think we are at risk of mortgage rates causing a problem in housing in the near term. not just the u.s. fed, but global central banks across the world are loosening policy. and i think washington is less of a needle mover from a risk perspective. connell: not a huge negative. as always, thank you very much for coming on. dagen: national security and sector general testifying today, this as google and other tech sectors pushing the federal government to allow it to
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disclose the volume and scope of secret federal court orders for information from that nsa. connell: address and a big part of this debate seems to be bigger picture what should be done with the patriot act. judge and a napolitano here to discuss that with us. >> six different federal judges have found parts of it to be unconstitutional. there were two parts that offend the constitution. the permission hat it gives to federal agents to write their own search warrants, so if an fbi agent was looking for your bank records, the fbi agent could satisfy his or her superiors, those bank records would help them in some search for terrorist activity. they could deliver a national security letter. a search warrant in which one fbi agent authorizes another to search files to your bank.
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the first violation is it violates the fourth amendment by letting federal agents write their own search warrants. the second violation is it violates the first amendment because it doesn't let your bank tell you the feds have come calling. dagen: why is this going on, and not just the execuuive branch, it is congress and the court has upheld it. >> it has not yet been challenged, the court can only rule an issue brought before them in a real case. they cannot just say that is unconstitutional. the clause which triggered what happened revealed this past weekend is the one that permits federal agents to go before the secret court and instead of presenting evidence of probable
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cause, instead of presenting evidence whose information they wanted, the person whose information he wanted is a foreign person, the present evidence information they want is of an american who may talk to a foreign person. it is not probable cause of crime, it is probable cause of talking. that is what permitted the fisa court, that is what permitted them to sign a search warrant permitting the fed is to get the phone records of 113 million people when the feds have said we don't know who, but some may talk to bad people. dagen: there is the internet information, web searches and whatnot with foreigners and then there is the phone records. >> unless an american is prosecuted for a crime and evidence for the crime was uncovered from the search
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warrant, the lawful is will never be put before a federal judge. dagen: could it be admissible, do you think? >> no, i don't. the past 24 hours have filed lawsuits saying i am a verizon customer, verizon gave my record to the federal government, i have been harmed by this, i want this law invalidated. connell: thanks as always. dagen: breathtaking what is going on. onto the latest developments where the prime minister says there will be no tolerance for those beliefs are looking to harm that nation. more demonstrations overnight where protesters are accusing the administration. meeting with a group that can mediate with the protesters. connell: why do investors care about what is happening over
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there in turkey? >> wall street does care of what is happening and wall street because there are 1200 american companies that are currently operating in turkey up 50% since 2007, and the american business forum is saying 80 u.s. companies have operations there right now, american companies with interest valued more than $500 million including a companies like general electric, amgen and 3m. many of stability to keep making money there. turkey is also pretty dependent on capital inflows to finance the account deficit and trading lower, the weakest since january 2011. the weaker it is, the more expansive inflationary partners we may be seeing. as protest continues to spread across the country, watching holly prime minister reacts, what he does and analysts say
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what he does in the next few days will directly impact investor behavior. we can't forget turkey is a huge tourist destination. 36 million people per year travel there, international companies headquartered in the u.s. make a lot of money there in turkey. we will see a big dent in that number later this year. connell: thanks. dagen: more on this debate on a shift around the world in financial markets. when the federal reserve starts to back away from the cheap and easy money. what happens? the real action has been around the globe, who is watching it. the one dude you want to talk about bonds. they will tell you what he thinks. connell: a link on the drudge report hacks. the fingers point to guess who, the chinese. one of the men who discover the
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attack. dagen: more and more are quitting their jobs. this is actually a good thing for the economy. we will tell you why.
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connell: making money with our buddy, charles payne who is here revisiting an earlier stock. dagen: what's do you think of >> thh audience knows there has been a tug-of-war over herbalife. a complete sham, or people got it wrong and a stock that is completely undervalued. on paper seems severely under valued. if i have joined this, i'm
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getting very, very nervous if i'm not a professional who can lose a billion dollars fo to the megaphone can't get another billion. any investors who have been riding the roller coaster, i would stay in. anybody who can handle volatility, stay in because they are taking their best shot. one more good earnings report and the stock will go off. dagen: why even mess we stock being polled in so many directions? >> it is hard to find value, this is valuable for a reason. you're right, you'd better have some towns next to you if you're going to watch it tick by tic. connell: thanks, charles. dagen: shares of first solar not looking good.
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nicole: raising funds for corporate purposes. they have begun an offering of eight and a half million shares of a solar panel maker. they already had close to 88 million shares outstanding as of the beginning of may. they are putting out more shares to pay off whatever. general corporate purposes. in the meantime, first solar, down today, up 65% this year, back to you. dagen: thank you so much, nicole. connell: vanguard coming up saying treasuries could be the odd man out. dagen: how california pension crisis has many cities in a fiscal nightmare. and take a look at how world currencies are holding up against the dollar today.
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>> 21 minutes past the hour. cleveland kidnapping suspect has pleaded not guilty. accused of holding three women captive for nearly a decade and faces more than 300 counts of kidnapping, rape and murder. castro was arrested on may 6 after one of the women managed to escape. in boston now, the trial for james whitey bulger is now underway in federal court. he allegedly participated in 19 murders in the 1970s and 80s. as a fugitive for 17 years before he was captured in california in 2011, he has pleaded not guilty. in colorado, 100-degree temperatures and high wind fueling at least fo four wildfis across the state. more than 60 homes so far destroyed and more than 7000 people have been evacuated including 900 inmates at a state prison near colorado springs. those are your headlines.
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i talked to my mom and colorado, she says you can see the smoke for miles and miles away. a lot of folks nervous out there. dagen: as they should be. the yield on the 10-year treasury. why should we care? the whole worry was up yesterday. worries of when the federal reserve will that money gets more expensive sending assets around the world into a tailspin. not just bonds, but stocks, currencies, you name it. hard finding somewhere to hide. with vanguard, right here running fixed income at vanguard oversees $735 billion in money market and bond assets. good to see you,,in person. was there anywhere that was safe yesterday? and is this what we're going to be seen for months if not years to come?
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>> normally when you have a lot of volatility in the market where equities and corporate spreads trade off, have a safe haven bid for treasuries and for german and french bonds. it was student body, everybody was trying to get out regardless of what they own yesterday at least in the morning created a tremendous amount of volatility. dagen: is it all related to what the federal reserve will do with the bond buying program, and how heidi federal reserve will let longer-term interest rates get? >> it assumes the federal reserve is going to keep policy the same. i think the market has gotten ahead of itself in terms of when the fed is going to start to reduce or taper quantitative easing program. because at this point we still have fairly mediocre labor market growth and they have
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stated time and time again that will be the parameter they're going to look at in the absence of inflation. dagen: the market without the knowledge what you think of the fed for the volatility to ease. will it happen during the summer? >> the market will gradually ecause down. investor flows and mutual funds and small retail investor is scared right now. we're definitely seeing outflow. in that situation, wall street says do i want to position the bonds and take them on? they create more and more volatility. dagen: are you seeing a flow of money out of them and is it going to be stocks, or where is it going? >> a lot of it is going into the money market fund. dagen: that is absolutely
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incredible. is the money they're going to be on wall street to provide liquidity at all in the market? how are you going to get your arms around that? >> you structure the portfolio in a way you have more liquid assets in the normal market. at the end of the day nobody is% buying anything, the market locks up and freeze like after the default in 2008. i don't think we are anywhere close. dagen: are we at the beginning, we will see some sort of crisis related to significantly higher interest rates? >> wall street, its size and its ability to position bonds relative to the size of government has sadly declined over the last five years. we do get a move upward of rates
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where you may see life insurance companies. dagen: normally they are there. >> to fund a lot of the products higher interest rates is something they need, they have been suffering with low interest rate environment. you have to be careful. dagen: what do you like right now? anything you feel supremely confident owning? you are a worrier. >> i like investment-grade corporate bonds and an aftermarket tax basis there was a more attractive items. dagen: youuhave to come back more often. you are just write down the road in pennsylvania. thank you for the insight. connell: the golden state is not
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exactly shining when it comes to pensions. how some key california cities are doing much worse than you think. keep it here on "markets now." first, look at the market and the winners today on the s&p s&p 500.
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connell: happy half hour. here is what we have coming up on markets now.
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reports being traced back to china. california's pension crisis is set to unrivaled. elizabeth macdonald brings us a special report here in a couple of minutes. more americans are quitting their job and it is not a bad thing for the economy. dagen: i am out of here. stocks now. nicole petallides. nicole: this is a 43% premium deal. the stock today is up almost 41% at the moment. a $2.05 deal. a 42% premium to yesterday's close. the ten year chart, take a look at this chart. if you took it out and made it a 20 year chart, it is the most
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volatile crazy chart over that period of time. back to you. connell: let's talk about this. the new site drudge leading to a malware infected story. undetectable but antivirus software. we are joined by steve ward. thank you for coming on. first of, why does this look like the chinese? >> on this particular case, we are not convinced that it is china. most likely, corporate would be a russian business network. the tactic it sells has been
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employed in nation type of tax. the 2 million or more potential is on a daily basis. connell: hitting any of these, we do not necessarily go directly to the source. these places links to other stories. is that not safe? so many people get their news that way. i think that what this shows us is that the internet is not safe. mainstream america and the boardroom is really starting to wake up.
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what it boils down to is this. any time any of us go out onto the internet, we rely on these technologies like antivirus to protect us against these drive-by threats. those technology are antiquated. they are largely built around a tax that we saw ten-15 years ago. what we need to do is find ways put ourselves in bubbles so that anytime we run around on the internet, we are doing so in a malware airlock. we have to find new ways to solve this problem. connell: some are hidden better now. in your e-mail, it seems like it is easy to detect. in this situation, though, it is
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very easy to open one of these sites in the morning and you see something that is interesting and yoo click on it without thinking. >> there really is no way to know. that is the whole point of the attack sector. they are playing into human trust. injecting malicious code into a legitimate website and lurking and waiting and hiding for people to come by is the new mo of the adversary. it is about us coming to grips that we innovated our way into this mess and we have to innovate our way out. connell: ironic in some ways that this has something to do
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with the nra stories. where are we on this? >> i wish that i could answer that in the affirmative. defensively, we are in really good shape. one need only look at the news over the last 2.5 years. what you'll see is it is an absolute nightmare. no one, that i have seen has really done much more than give this lip service on june service. we are facing a threat. it is not in the form of dirty
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bombs. it is in the form of clicking on attachments. they are tricked into giving access to the corporate network. connell: important information, not necessarily encouraging. thank you very much. we appreciate it. >> thank you. dagen: a frightening morning, but an important one. california on the brink. a growing number of california cities are in worse shape than previously thought thanks to new changes coming in the ways that states and cities must account for growing pension costs. connell: here is elizabeth macdonald with more on that. we are talking about lost3 angeles. san jose, san francisco. what we did was we went to a
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state budget solution. they did the numbercrunching based on new technologies coming out of moody's. also, the government board is coming out with new rules by the end of this month. they are starting to roll them out nationwide. they have to do better at basically fixing the way that they report their pensions. this does not cover health care3 we are seeing los angeles having more to be owed to their government workers and their pensions. san francisco would all 5.3 billion more. san jose, 6 billion. we found in the state of california, a number of government retirees are getting big fat cash payouts.
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we found a retired librarian in san diego. a retired lifeguard 108,000 in pension and health care benefits. ninety-four government workers in the bankrupt city of stockton get 100k plus a year in pension. you will not hear, essentially, whether or not these cities are going bankrupt. they are doing what is called is technical balance. they are cutting back on city services. they are possibly merging the cities across the state of california. they are going to take on health care benefits for retired government workers. we are only talking about pensions now. this number will get bigger. it is about double what it is
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reporting for its pensions. connell: good reporting, as always by elizabeth macdonald. dagen: this is scary. more americans are quitting their jobs. economy.ould be a boost to our the former employee, ed snowden, he may have given these banded a black guy. a crucial reboot of the $25 billion gaming issue. we had lived to the gaming expo in los angeles. take a look at the treasury market. fourteen month high on the ten year yield. this is the thing that will tell you how rocky all the financial markets will be. ♪
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♪ lori: i am lori rothman with your fox business brief. a $3.5 billion stock repurchase. liberty expects to complete the repurchase program over the next few years. the network spokeswoman telling writers it is because of low consumer demand.
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they launched the 3d cable camera channel three years ago. according to amazon, as of yesterday afternoon, sales increased by more than 4000%. that is the latest from the fox business network. it giving you the power to prosper. ♪ you can't say 'one sizeits all'. it does't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and csider it carefully before investing. risk includes possible loss of principal.
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connell: quitting your job is not such a bad idea after all. most workers, when they quit their job would have a new position ready or they would feel confident that they could find a new job quickly. hiring has picked up. dagen: i am waiting.
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connell: nothing. that is it. dagen: stocks now. the market has been all over the place. >> if you can call swings heading back to normal. it should be expected. if we were volatile going into a massive bond buying program, it will be like that will become out. that is what you are seeing signaled by the market right now. from the equities standpoint, this will be a healthy transition for the market. >> interest rates have been fault for more than 30 years.
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i do not think anybody is prepared for what we could be facing for the next 30. >> you are right. the ten year yield right now is at an all-time low even though we have seen a spike up in the last week. that is where the market is heading right now if the fed and the other central banks were to get out of the way. quite frankly, i think that would be healthy with the economy. they would probably start making some moves with capital investment right now. dagen: thank you. connell: some companies are worried about the future of their billion-dollar federal security contracts. dagen: rich edson is down in @.c. following this story for us.
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>> concerned, perhaps four good reason here. they are working on legislation to reduce the number of contractors and their access to highly classified information. john boehner says he will look at the issue. nearly a half-million contractors havv government clearance. some in washington say despite the massive fleet, they expect the federal government to continue hiring contract there is. >> i do not see a major shift. it will shine, perhaps, a little brighter. maybe that is a good thing. in terms of long-term affects, i do not see any huge issues. >> e-mail contract there's
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typically earn higher salaries and government of employees, they do avoid long-term equipment like pensions. lawmakers have been debating the role of contractors since the sharp increase in their hiring in 2001. as for former contractor edward snowden, they say they spoke with him. he is saying his intention is to ask the courts and people of hong kong to decide his fate. he has faith in hong kong's rule of law. back to you. connell: okay. this is interesting. dagen: the largest gaming convention in the united states crucial to the game and business. we take you live to the expo. connell: let's take a look at some of the winners today.
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connell: that looks very fancy. companies showing off their new videogame consoles. this is the largest gaming convention that is held in the united states. dagen: you name it, robert gray has put his hands on it. >> call it world war see.
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obviously, we have microsoft, the xbox one, playstation four. both are coming out for the holiday season they will have some of the same offerings, but the big question, will consumers pay up? sony going for $100 less at the hundred dollars. some of the same things they will have is allowing streaming. you will be able to stream netflix. you'll be able to play online against other gamers. there will be more realistic graphics. some of the differences here besides the list price, it is always on.
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microsoft says you can actually turn it off. they are having mandatory daily online chickens. still unclear how that will be supported. that is causing a ruckus out in the gamer community. we will talk to the head of playstation north america coming up. dagen: good to see you. connell: thank you very much. good to see robert. when in dow, give them a show. connell: that is a good motto. words to live by as we wrapped things up. ms. and cheryl.
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new ideas, our weeklong series on innovation. stay with markets now. ♪ [ children shouting, laughing ] [ male announcer ] this could be the summer she jumps in the deep end... ...the summer you get him on that roller coaster... the summer you finally take that long weekend.
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[ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. cheryl: that dell pushing session lows. i am cheryl casone. dennis: moving down into negative territory. we have a portfolio manager who says not to worry. markets are heading higher. cheryl: what violence in turkey means to investors here in the united states. we'll ask him what he sees now.
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new ideas, our weeklong series on business innovation. why online ticket sales are up. we are coming up right now on the top of the hour. stocks now and every 15 minutes. we are pushing session lows. what are you watching? nicole: i am watching what some of the traders are looking at. some of them send out midday stocks. we are getting closer and closer. we've broke through yesterdays lows. we got closer to the 15,000 mark. we talked about the fact that the market has two immediate masters. you have been watching fox business, you know what they are. more specifically, again. they have been driving this market. that is something we are watching and keeping an eye on volume as well.
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right now, you can see that the dow is down 57 points. names like hewlett packer doing really well. bank stocks pulling back. the markets will continue to rise through year end. a slow but stable economy. dennis: a confident consumer is spending again. mike, slow but stable economy. when did that become a good paying? >> i think that it is a good thing right now. i really like a slow, stable gdp type of economy. you have growth, but you do not have inflation that is too high. i like the slow, but steady economy. i think that is safe. >> do you think it is the way a lot of fraidy cats think or do
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you think it is because we have a real healing in the economy? >> i think we are a lot better off now than we were three years ago. when you look at stocks on a five-year basis, we are barely up they way we were in 2007. if you look at the last five years, we have barely budged off the bottom. i think the economy is in much better shape. that is why i think valuations can rise in corporate earnings are doing well. as we digest these earlier gains through the summer, i think stocks will start to move higher in the latter part of the year. dennis: are you betting that the fed will not have to pull back on those policies? >> personally, i do not think that the fed will pull back on those policies.
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neither one of those are close. i think that the fed will continue on. they say that they will watch the data for the next several meetings. that takes us until the end of the year. i think that bond buying continues through year end. dennis: traders are wearing a bot that the fed could blow this. if the fed begins to taper against your expectation, is a worry that they will blow it in the economy will slow down or is there worries that they will not make money as easily with higher interest rates. if the fed tapers, they do so because the economy is strong. i think the concern is we have a lot of money being brought into the system. interest rates are low. i think they are selfish.
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i think they think it will be too hard for them to make money. let's talk about stock picks. microsoft is up 24%. now, you like to retailers, i believe it is. all that and fran. talk about all that. >> it is a true category killer. a stock that even though it is open lot today, it has not gone anywhere in the past year. it is a 20% go around on the sales and bottom line of earnings. they sell cosmetics. they kill it in that category. women of all democratics love it. they should have a much higher multiple evaluation. dennis: okay. you also have francesca. thank you very much for being with us today. >> thanks.
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cheryl: the nation of turkey erupted with antigovernment protest. now in the 13th day. threatening a critical supply room for our military and their regional wall. this was the scene last night. did you know that over 1200 u.s. companies have operations in turkey and for the past couple of years, the country has seen major investments from general electric, even dow chemical. what lies ahead of you? some clients were told to get out. rob, you're told to her client months ago to get out of turkey. you said do not be doing business there. what did you see then, what are you seeing now. >> thank you for having me on. the last time i did a telephone interview with you in venice was back in february 2011.
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anyway, what i saw happening in turkey was a decline in the economy and rising consumer debt which was extremely troubling. if it had not been for that $17 billion worth of gold they were exporting to dubai, the economy would not have at all last year. you know from reading our report the background of that is a foundation to a bad economy. >> a bad economy and also the unemployment issues that they are facing. the youth unemployment rate rivaled that. there are similarities that i wanted to ask you about. they are religious similarities. also, you have a president there, a prime minister, excuse me, that has really risen in
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popularity. now that economy is faltering. he has protest against him, does he stay in power. >> he is a very tough guy. he spent about ten and a half years in power. he wants to run for president in 214 and he wants to change the constitution against the presidencies power. he is a very tough guy. he is a big risk taker. he may push banks to the edge. he has already misinterpreted this protest. it has morphed into a protest at the auto graphic rule. he may be pushing too far and it may be happening as soon as this weekend. >> we are looking at some live pictures now. we are seeing massive crowds in the square. here is the thing with regards to turkey. we have seen the story play over
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and over. we have seen things happen like this. what does this mean for europe. is that a concern for businesses, in your opinion? >> it is a concern. >> the eu is turkey's largest trading port. that a client in the spread to turkey. it will become the transit hub for gas going into europe. turkey is alss a nato, a member of nato. it is an extremely important country it will have an impact on the entire region. the biggest casualty is the reputation of its economy, its political system.
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>> it has always been a relatively safe haven for u.s. investors. thank you very much for joining us. we will continue to monitor the situation. the director of the national security agency testified before the senate this afternoon as google wants to release information. cheryl: today's chap order question for all of you. should the patriot act below the loan? you can tweet us. we will be reading your answers coming up later on in the show. we will be talking about it with a former deputy assistant director of homeland security. first, let's take a look at oil. we will be right back. ♪ clients are always learning more
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knock that down down 70 right now. i wanted to show you something here. if you look at this chart right now, this is yesterday's chart for the dow. we are seeing this pattern. again, this is a one-day trade. we are seeing a lot of volatility. there are concerns about bank of japan. nobody knows this better than nicole petallides. she is standing by on the new york stock exchange. nicole: i wanted to take a look at tesla motors. we watch tesla so carefully. right now it is up about 5%. new target of $118.
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up from $70. it is well beyond $70. you can see it was a $20 stock. it was much less than that at one point. the wildcard for tesla was recently it was written that they need to find cheaper, more effective batteries otherwise this stock will plummet 50%. you know, that is something that is an overhang on this company. for today, a great move for tesla. cheryl: i am getting a thumbs up from charles payne. ♪ dennis: let's make some money with charles payne this hour. >> i guess we get so used to 100 points on the dow being big-time. one hundred moves really are not the end of the world i am wondering how the public will
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react when we get a real pullback. when we get a real correction. what i am seeing right now is more of a tempest in a teapot. i think regular trading, i think it is not as orderly as some people want. i do not think that people watching the show should batten down the hatchet and head for the hills. dennis: we had seven double digit moves on the dow. today, it will be eight days and 12. so far it has been for down and -@three of. the markets cannot up their mind. charles: this year has been remarkable. it comes to this. again, you have to get used to the point where 100 points is not necessarily the end of the world. 1500 points. if one avoids will scare the crap out of you, imagine if we
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have a regular pullback. what i am afraid of is if we do that and turn around, a lot of people will miss that. cheryl: a lot of people expect a 5% pullback. a strong year, a positive year, a good year for stocks. charles: that is the message i am trying to share with the audience right now. when we are dipping, if you are afraid of 00 points, people will not have the gumption. they will be afraid. i think we just need to set ourselves up for something a little bit more tougher than what we have actually gone through. accept it as part of the investment. dennis: wisdom from charles payne. thank you. cheryl: california back on the brink. fox business discovers a bigger
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fiscal crisis than previously thought. we will need more than a west coast minute for this one. elizabeth donald is coming up. dennis: the president of san diego on why his online tickets are up while the movie box office is down. ♪ my mantra?
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always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restoret levelsol in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as uneecd signs of puberty in children or changes in body hair or increased acnee in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and meditions.
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serious side effects could clude increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swling; enlarg or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about e only underarm low t treatment, axiron. how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need tonjoy all of these years. ♪
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cheryl: california on the brain. a growing number of california cities are a lot worse off than previously thought. here with more is elizabeth and donald. which cities are we talking about? >> los angeles, san jose, san francisco. these changes are coming by the end of the month. they are basically going to force cities and states nationwide to do a better job of reporting their pension costs. moody's is saying they are under reporting those amounts. we talk about los angeles. wow. l.a. has a 50% underfunded pension plan. they will owe 50% more to their
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government workers. what we found, to, across the board, california will owe $329 billion in pension costs alone. this does not even cover health costs for retired employees. cheryl: these numbers are excruciating to look at. they are spending the surplus. are they not aware? liz: that is a good question. the surplus will really be blown away. the media reports did not take into account the unfunded pension liabilities. what we foundd we found sanitation workers in l.a. getting $270,000 a year. we found 94 retirees, government
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retirees in the bankrupt city of stockton getting 100 a+. they are looking at 30 cities. the six pension reform seems to be, you know, the most horrible phrase ever if you live in california. elizabeth macdonald, thank you. liz: sure. dennis: new ideas. making money through innovation. i will look at a company that has revolutionized moviegoing. we are joined by the president of san -- fandango. >> we do not announce numbers.
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may was our biggest month ever on mobile. it is a big key trend for us. of 100% and mobile ticket sales. dennis: a lot of web companies having a hard time making that switch over to mobile. what did you do to make that go so smoothly? >> i think the company was really ahead of the curve and entering the mobile marketplace years ago. as early as the blackberry days. being right on top of it with iphone and android. we have really partnered with leading companies. we have just seen tremendous growth. dennis: we were running some impressive numbers. 41 billion unique visitors per month. that is kind of impressive. let's talk about an old steel. because you guys got your finger
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on the ticket purchases, what will happen? >> there is no option it will be huge. it will be among the biggest in movies this summer. we created a new index tool. we are measuring consumer sentiment. scored a 98 out of a total score of 100. dennis: do have kabul scores for ironman three? >> ironman three was way up there. there is no dow that man of steel will be a big one. dennis: you are on hundred 21,000 screens nationwide. how many thousand screens are you not on and how do you end up getting to them? >> about 39,000, almost 40,000
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screens in america. on a screen count, we have lots of growth ahead of us. we ticket 75% of the moviegoing public goes to the movies. obviously a lot of moviegoing in major markets. we really over index. there is room to grow and we continue to add new theater partners every day. dennis: you joined 2012 i am thinking the only reason you are there is because you would like to unlock that baby and spit it out as a privately held company. >> right now my goal is to grow the core business. we have a huge opportunity. we are a giant moviegoer destination. you will see original content that we have already started to create show up across our companies pop.
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right now i want to unlock the power in the company and see where we go from there. dennis: good answer. thank you very much. >> tank you for having me. cheryl: many new questions about the patriot act. dennis: today's question on twitter, should the patriot act be left alone, rewritten or thrown out? tweet us your answers. coming up, we will be talking about it all with a former deputy assistant secretary of homeland security. ♪ ♪ this is the tempur-pedic innovation lab. it's like a front row seat to our latest technologies. here is where our engineers do their constant improving. we have helped over 7 million people fall in love with their tempur-pedic. and now for my favore part of the tour.
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if you have high choleerol, here's so information that may be worth looking into. in a clinical trial versus lipitor, crestor got more high-risk patients' bad cholesterol to a goal of under 100. getting to goal is impornt, especially if you high cholesterol plus any of these risk factors
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because you could be at increased risk for plaque buildup in your arteries over me. and that's why when diet and exercise alone aren't enough to lower cholesterol i prescre crestor. [ female annor ] crestor is not right for everyone. like people with livedisease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines you're taking. call your doctor right away if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rar but serious se effects. is your cholesterol at goal? ask your doctor about crestor. [ female announcer ] if you can't afford your medicaon, strazene m be able to help. cheryl: exactly the bottom of the hour, stocks now with nicole petallides. what are you looking at? nicole: the first thing i want to note is what we are seeing here.
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take a look at an intraday chart on the s&p 500 sitting at 1616. when we talk about what we're seeing, a drop in the nikkei futures. we looke look at japan a lot la. that is what is happening with some algorithms incurring selling. that is what we saw here today. the defense contractors, national security has been front and center ever since we had leaks occurring this week pertaining to national security association. now house speaker john boehner evaluating if the defense contractors should have access to sensitive information. highly potentially dangerous information if it were to be leaked. for the most part down arrows, names like looking at some of these names, down one half of one .5%. that is where we have that up as well.
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cheryl: thank you very much. see you soon. dennis: nsa leaks backlash, google's chief press and the government to let google disclosed stats on how many accounts are released to the government and under what circumstances. microsoft and facebook supporting that idea. concerns on capitol hill as lawmakers: the question the patriot act. former deputy secretary of homeland security and visiting fellow at the heritage foundation. thank you for being with us. this idea because the guy who leaked that stuff is a government contractor or was was fired this week. we should cut back on all government contractors is kind of an impossible thing to do. don't you rely on it a lot? >> it is really the wrong answer.
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confusing the leak with the access or the people. he was an employee of the u.s. army, right? so what we need frankly is obviously good control, good training. maybe he was a bad apple, but worked for the cia for he moved down, as is the contractor problem is putting the forest before the trees. dennis: when you saw all these revelations come out, is this what you wanted to put out a huge net, all in all of the fish, all of the e-mails, all of the phone calls? is that what you wanted? >> i don't think that is what anybody wants. that is sort of overselling the programs in terms of their intent or their scope. it is true we need a lot of data
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to do big data analytics. there is no doubt at all this is the type of thing that leads to revelation of social network structures. the real question frankly is whether or not it is being misused, somebody is improperly using it. i must say i am surprised at the breadth and scope of this collection larger than certainly anything i was aware of when i was in congress. dennis: former deputy secretary of homeland security saying on fox business you were surprised at the breadth and scope of all of this surveillance going on. even with what you guys had anticipated. >> don't oversell me. i had classified intel programs, yeah. i would be surprised if had known about this program, honestly. dennis: thank you for being with
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us. >> thanks. dennis: i would not oversell it. cheryl: analyst and was a callie most important e3 expo in years. showing off the new video game consoles the largest gaming convention in the united states. who else gets to have all the fun today at that convention, our own robert gray at the e3 expo and we're talking sports, lovett, robert. robert: talking sports, talkkng shooters with the chief operating officer of ea. we're talking about world war c, as in councils. the same generation, the same year. this coming holiday, pushing 11 new titles including "battlefield. looking at it being played on the xbox one. how long until it starts to trickle to the bottom line, the games for the new council. as will be available for the old
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generations plus the new ones, how long before you see revenue and profit? >> the money comes the following year. sony and microsoft ca have to wk hard, we will see a lot of focus on getting the excitement and the hype of the playstation for in market this holiday. it will be holiday 2014. robert: aside from better graphics, what is the wow factor getting somebody to pay 400, $500 for a new council when existing generations are not too shabby? >> were looking at speeds its et times what we saw on xbox 360 and playstation 3. what you see is a rich frames per second, visual characterization almost cinematography levels like a movie. the featuressaround the game.
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a game like "battlefield" in particular, we are seeing two and a half million people play every day. robert: we are looking at shooter game here. we've heard a lot of violence, ea still using the weapons, what do you say to the critics of violence and video games? >> we're very proud of our ratings that allow parents to make a choice to allow consumers to know what is in the game, this would obviously be an m rated game. the education of gamers and parents. we do that better than anybody in the industry. robert: are the new games a lot more expensive to produce than the old ones? >> not a lot more. ea has built two game engines making us very efficient.
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this is built by the dice studio, you can see the smoothness, the video graphics. it is a real focal point for us to get started in the next generation. robert: thank you for joining us on fox business. back to you in the studio. cheryl: we will see you throughout the afternoon on fox business. thank you, robert. thousands of hotel stays, hundreds of spa appointments. countless dining experience, forbes travel guide ceo. coming up next. dennis: and 10-year treasuries, you'll hit a 14 month high yesterday. let's take a look at where they are now. ♪
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>> i'm tracy byrnes with your fox business brief. more homeowners are treading above water on the mortgages, as recovery in the house and lifted prices. 9.7 million owners owed more on their mortgage than their homes are worth. down from 10.5 million in the fourth quarter. with father's day this sunday, national retail federation says they're expected to reach $13.3 billion. a jump from last year. by comparison mother's day spending hit $20 billion. and believe it or not, new jersey topping the list of the most expensive states when it comes to car repair in 2012.
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hurricane sandy had car loans doubling the trips in mechanics last year. the cheapest state, vermont. it is the latest from the fox business network, giving you the power to prosper you s 4 cell phones and but one thinyou don't want to lose is any more teeth. if you wear a partial, you are almost twice as likely to lose your supporting eth. new poligrip and polident for partials 'seal and protect' helps minimize stress, which may mage suppoing teeth, by stabilizing your partial. and 'clean and protect' kills odor-causing bacteria. care for your partial. help protect your natural teeth. [ whirri ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ me announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there.
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call us. we can show you how at&t solutions can help you do what you do... even better. ♪ cheryl: forbes travel guide just out with the 55th edition of top-rated picks for travel around the world. joining me now, what is hot for the summer. forbes travel guide president and ceo. both of us spending our lives with our last names mispronounced. let's talk about this, i wasn't kidding, you have reporters spanning the globe, where are the hot spots right now? >> we just announced our latest installment of our star rated properties. london announced in april, six five-star locations.
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london, and off the of the olympics, those properties are performing excellently in the market. cheryl: the creaky hotel room is a thing of the past. what about the regions of the world? i know you are rating restaurants and hotels, but where are the top rated overall hashtag visit china? >> hong kong leads the world in the number of five-star. it is seven. we are very discretionary in our approach, but they lead the world are major international cities. cheryl: california has 12, hong kong has seven, singapore. it is the luxury travel. luxury travelers. what else is hot? talk about southern california. >> southern california's highest concentration of five-star. they perform from san diego up through los angeles, those
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properties deliver service some of the best in our portfolio properties. cheryl: hotel bel air, and the montage laguna beach. the resort at pelican hill. >> the grand delmar. all of those properties are performing phenomenal. dennis: it is rare to get a five-star rating. >> it is. cheryl: and you found one in rhode island. >> we did. the central detail and service for the guests. cheryl: there is also miami. what makes a five-star property? >> for us it is consistency and personalized service. our whole evaluation, technical
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execution, but if you can't get service right and the engagement with the guests come you don't make a five-star. that and consistency is what we see throughout our portfolio. cheryl: what about technology? a no business travelers are looking for technology, they want the top. lot in asia and tokyo. >> advancements in technology in room and with the consumer be a smart phone or tablet is really at a fast clip. cheryl: control new paragraph hotel room. >> allows the guests to communicate with the property at their pace when they want in the property responds with whatever mait may be with a personalized delivery of service but it allows the guests to do what they want. that is that kind of sense of luxury or luxury service we talk about. cheryl: interesting list. nice to meet you.
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dennis: it is a quarter on till. the nee york stock exchange, another roller coaster day on the market. where do you figure w we're goig by the end of the day? >> your guess is as good as ours. we're just in the early stages of it as people think central planners around the world will pare back what they have been doing from liquidity stimulus. they pulled back, we have a judge on the fundamentals. i daresay we will see when you take the makeup of some of the global economies around here, it will not be a pretty picture. that is what you are seeing the market reacts to right now. dennis: you have the yield on the 10-year treasury going up, but an interesting angle where rising interest rates could actually spur more home purchases and mortgage applications and that would be a good thing. >> the last four weeks of applications has been down, this week up 5%.
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the reason you see that is because people are rushing in to make that purchase, they have been hanging on and not doing it. you will see more activity. not only for retail consumers and investors, but business alike. if i knew my rates were going to go up, i would rush in right now and take advantage of the historical low interest rate environment. hire some people and spur my business core. if i have a call option things will not move up, i will wait a while to see what will happen to my business longer term. dennis: thank you very much. >> my pleasure. cheryl: we are using less oil than expected. this according to the energy department weekly inventory report. should oil futures be trading lower now? let's go to phil flynn. surprisingly not the reaction we thought we would get on the contraction today. phil: the never make it easy on us. a couple things going on with the market today.
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international energy agency. lower demand for the entire world, in the next few months increasing refinery runs can tighten supply. that is given the market a little bit of a boost. strong manufacturing data out of europe. we also have weather into play. it will be high wind, lots of concern people may top off their tank, giving support to gasoline and that is definitely keeping us up. you cannot forget about the geopolitical risk. a little worried about how that could all play out. a little more dangerous to be short when that is going on. cheryl: thank you very much. a gain despite the inventory we got. the life and career of former new york stock exchange ceo subject of our own charlie gasparino new book, "king of the club" creating buzz.
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charlie will be here to explain. here he comes. sleep, and lunesta zopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic tanng in it. when ting lunesta, don't drive orperate machinery until you feel fully awake. walking, eating, d driving or gaging in other activities while asleep whout remembering it the next day have been reported. lunesta should not be tan togeth with alcohol. abnormal behaviorsay include aggressiveness, agitation, halin depressed patients,on. worsening of depreion, including risk of suicide, may occur. alcohol may increase these risks. allergic reactions such as tonguer throat swelling occur rarely and may be fatal. side effects may include unpleasant taste, headache, dizziness and morning drowsiness. ask youroctor if lesta is right for you. then find out how to get lunesta for as low as $15 at lunesesta.m there's a land of restful sleep, we can help you go there,
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cheryl: so it came out in 2007, but charlie gasparino's book "king of the club" is creating buzz on the business blogs today. dennis: the life and career of former nyse ceo dick grasso and the buzz is whether we can soon see this work on the silver screen. we will write to the source of this. what is happening? charlie: i hope so. your lips to god's ears. we are in very early stage negotiations for a possible making that book into a movie. i can tell you it is going to happen.
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i was called by the business insider today, i sent them back what first came to my mind, from your lips to god's ears. there is buzz about it. i should have figured something would come out about it because dick grasso came up to me, i interviewed him something much more substantial than this thing, he said what is this nonsense, what is this trouble you are stirring up. he was not crazy about my work. it was pretty evenhanded. he said if anybody plays me, please make it be ben kingsley. i said how about danny devito? and then he rolled his eyes and walked away. there is a little buzz on twitter right now about the potential stars. it is funny, when he threw that out, a sscond before that had a
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conversation saying yes, it could be. but he wants ben kingsley. i was thinking danny devito. i happen to like him. the other question is figured large in dick grasso's professional life. was involved in the suit because he paved the way for all that money dick grasso got. the one that case, he should have one that case. there he is. dennis: i think that is a good choice. charlie: he actually sounds like him. the last time he was in something about five years ago in ""the sopranos"." cheryl: what do you think the chances are? it would be a great film. lienlyons on the floor, celebri. that whole event at the opening bell he created, which is a big
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part of the book he brought the exchange back? charlie: this book was published late 2010. i got great reviews. but the scandals after that, the financial crisis, lot of big stuff happen. although the new york stock exchange is no longer what it once was. now it is bought by a computer. dennis: why only now? charlie: that is a good question. i was more working on my day job. i think it is just like somebody that is possibly interested in it right now. i cannot value why come i cannot tell you it will happen. the early stages. put it to you this way, i am not buying a lot of stuff in anticipation. i'm not telling my wife to
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splurge. i am a cautious guy to begin with. cheryl: keep us posted. charlie: i can see dick grasso buying the rights to make sure that danny devito does not play him. dennis: make us all jealous. cheryl: major pension crisis coming this month, why things may be much thought. dennis: lou dobbs joins as the lawyer defends the company's role in the nsa snooping. white was such a surprise as anybody else. cheryl: the revolving door on wall street raises serious eyebrows. guess who's coming back with exclusive eyebrows. charlie gasparino. movie star.
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>> good afternoon, welcome to a brand-new hour of "markets now." adam: california on the brink. the latest coming this month as 30 cities risk that it downgrades. lori: the internet search engine google pushing back on the nsa spying program. lou dobbs is here as google defends its clash the mac record. adam: sony outmaneuvering microsoft. robert gray is live at the e3 gaaing expo with sony playstation ceo. lori: a live report from turkey as the prime minister says there will be no tolerance for those he believes are looking to harm the nation. let's get you updated on the stocks starting off the noon hour. that's the floor of the new york stock exchange to check in with nicole petallides. the dow off 57 points right now. nicole:


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