Skip to main content

tv   Markets Now  FOX Business  September 25, 2013 11:00am-1:01pm EDT

11:00 am
government run people could be the big losers in all this. connell mcshane will tell you what he thinks about adults who dressed up for halloween. that is all on this hour of markets now. ♪l: they go in the same category of people who wear other people's jerseys. [laughter] dagen: and there were moments he looked a little bit fuzzy. connell: let's go to nicole petallides on the floor of the new york stock exchange. nicole: dow jones industrials up
11:01 am
about three points. we will see if we can stop a major losing streak. you do see some action hovering and hugging the unchanged line. we see names like jpmorgan leaving the names on the dow jones industrials. we are watching apple pull back. dagen: to washington with less than a week of obama's health exchanges up and running. rich: the administration likes to say the fight over the health
11:02 am
care law over. it is not. they are releasing a new report shows eight does slow the increase of cost. the administration claiming 95% of consumers all have a choice of two or more health insurance companies. in texas, a family of four could pay $57 after tax credits for that bronze plan. premiums are higher in states with less competition. republicans, meanwhile, have a
11:03 am
different point of view. >> obamacare has not been fully implemented yet, but we can see the train wreck headed our way. rich: republicans point out that because health insurance premiums are lower than projected, does not make it low weight then they are now. they are just cherry picking information is what republicans claim. a recent fox news poll says seven out of ten voters are concerned. a majority wants to take healthcare system that 22009. most americans want to see it through. they do not want to see it through. october 1. we are almost there.
11:04 am
dagen: what about the filibuster that went all night long? rich: it is ted cruz making good on a political promise here. the senate will pass a government funding bill that will not defined the president healthcare law. dagen: i should have used filibustering as a joke rather than a technical word. it was interesting to watch. rich: it will and around noon. dagen: thank you very much. for the first time, we know how much insurance will cost.
11:05 am
you have standards for what health insurance will be. >> in some ways, people are having less choices. the government is mandating what insurance you get. you have to look at the value that people are getting. he is determining the value. dagen: that "wall street journal" report laid out some of what rich did.
11:06 am
you are supposed to have insurance through obamacare. if young people decide i am not buying insurance, come get me. the math simply does not work if you cannot get young people to sign-up for health insurance and pay for it. >> healthy people will say i would rather pay this relatively small fine then sign-up for this health insurance that i cannot afford. it is mandated to be more than what i need it to be for me. dagen: it depends on the state laws. you can get really bare-bones policy.
11:07 am
to that point and to the penalty that young people would have to pay, the gunmen would have to find you and thank -- make you pay it. >> it is not even that much of an issue. even if they hunt you down, it is not that much money overall. the mandate penalty is not enough to cover the cost. dagen: they reveal that there will be less choice in many instances within these health plans in terms of the doctors you can go to and the hospitals you can go to. there has already been that out in california.
11:08 am
again, that will be a wake-up call for people. cmac americans have wanted choice in healthcare. a majority of americans opposed this. now, majority of americans are against. dagen: there will be government subsidies. is there anyway to know know what the ultimate tally to the taxpayer will be? >> well, it it is going to be big. they say, oh, the subsidies make the premiums affordable. the people are you and me, the taxpayers. dagen: great to see you. thank you so much.
11:09 am
connell: in terms of the markets, history tells us investors may not care very much. we have a chief equity strategist with us now. what about the historical perspective. we have been through things like this before. >> when you look at the history, you know, you remember that as a great time for the market. what you don't remember are the two early shutdowns that didn't do anything. i think what we have to look at is ultimately, they will not shut the government down forever.
11:10 am
first of all, odds on both of those and is the debt ceiling much more important market wise? >> given where we have come from, it could lead to a temporary correction. we are looking at a temporary disruption i think i am listed as the high target on the street for next year. i just traveled for two days in the midwest and traveled with a lot of clients. the unique call here is that nothing is really different.
11:11 am
all the taper talked it was steeped in the yield curve. connell: you are polish then. it is a pretty good run. what is the difference between things are status quo and inflation is still low? >> you have to have a positive correlation. you will probably be plus or minus over the next two or three years. commodities are in a the client.
11:12 am
connell: do not be so insecure. we have plenty of people to make fun of before we get to you. [laughter] >> bring it on. connell: good to see you. dagen: remotes to your smart phone. one company that thinks it may soon have an answer to keeping you powered up. connell: china's online giant ready to skip over hong kong and come straight to the united states. dagen: adults and costumes are, well, exciting. connell: what take a look at oil.
11:13 am
♪ nascar is about excitement. but tracking all the action
11:14 am
and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. [ male announcer ] now, taking care of things at home is just a tap away. ♪ introducing at&t digital life... ♪ ...personalized home security and automation... [ lock clicks ] ...that lets you be cloto home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪
11:15 am
i'm, like, totally not down with change. but i had to change to bounce dryer bars. one bar freshens more loads than these two bottles. i am so gonna tell everyone. [ male announcer ] how do you get your bounce? [ woman ] time for change!
11:16 am
connell: amazon not backing down in the tablet wars. let's talk about that with nicole. the 20 let's take a look at amazon shares. right now, $315.22 a share. they are unveiling two new high definition tablets. if you are not good with technology, one of these may be the right tablet for you. there are so many other features.
11:17 am
big news for amazon and their kindle brand. dagen: i have my original one. i love that thing. nicole: my kids love it. they use it at school now, two. dagen: a new device called an ultracapacitor. the thing would only take about five minutes to charge and could outlast the life of a remotes. maxwell mouth target smart phones and tablet batteries as well. connell: that is actually a really good idea.
11:18 am
national retail federation saying americans are celebrating halloween this year are expected to spend about $75. about 158 million people plan to participate in what are described as halloween activities. that number is down from 170 million. dagen: our stage manager says well, you either dress up as an adult to go to a party or to trick or treat with your kids. both of those are unacceptable. connell: what are you dressed up
11:19 am
as today? [laughter] dagen: it you don't believe in dressing up for halloween if you are an adult. connell: people obsess about hollowing. that is just fine. dagen: that could have been me clean clothes that that poor man or woman had. connell: whatever. one stock lost to hong kong may soon be coming here to new york. ali baba. we will have that coming up.
11:20 am
dagen: neil cavuto is on capitol hill right now. you will join us live. take a look at how the greenback is holding up against the world currency. ♪ you know throughout history,
11:21 am
11:22 am
folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn. do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top.
11:23 am
♪ how did he not see that coming? what's in your wallet?
11:24 am
♪ >> 24 minutes past the hour. the cost of mailing a letter could soon be going up. the postal service has imposed a rate increase. if approved, the hike would go into affect in january. u.s. experts are helping kenyan forces search for bodies and evidence in the kenyan mall. the death toll is at 72. the top-level collapse in the middle of the building. the childhood home of the late nirvana singer is for sale. it is located two hours
11:25 am
southwest of seattle and comes complete. the house is assessed at less than $67,000. this piece is being listed for half a million dollars. that is the latest from the fox business network. connell: it looks like the twitter ipo is trending. people can bet on just about everything. a pat on the new york stock exchange landing the ipo, that would not pay big money. twitter would be 35-one.
11:26 am
was that up there? dagen: it yes, it was there, actually. e-commerce giant alibaba moving forward with his plans to go public in the united states. connell: jo ling kent is in the newsroom with more. >> this could be the biggest ipo since facebook. they have set their sights on new york. this is according to the "wall street journal." here is what you need to know about alibaba. it is basically that amazon and
11:27 am
ebay of china kind. the company dominates 80% of china's e-commerce market. a u.s. listing would come at a good time for chinese internet companies listed overseas. of course, yahoo! would get pretty nice windfall if this does go through. dagen: thank you so much. more on the standoff on capitol hill. the senate is set to move ahead.
11:28 am
of course, senator ted cruz has been on his seat for how many hours? neil cavuto is joining us live from washington coming up. connell: dennis kneale will be here talking about whether or not this will be a moneymaker for the network. here are a couple winters we are seeing today on the s&p 500. ♪ [ male announcer ] imagine this cute blob is metamucil.
11:29 am
11:30 am
11:31 am
d this park is the inside of your body. see, the special psyllium fir in metamucil actually gels to trap some carbs to help maintain healthy blood sugar levels. metamucil. 3 amazing benefits in 1 super fiber. connell: here is what is still
11:32 am
coming up for you today on markets now. we have neil cavuto standing by on capitol hill. we have judge andrew napolitano. bob geiger's, the agent of shield aired last night. dagen: jcpenney hitting a 12 year low. bill cole, that is rough. nicole: we are talking back to january of 2001. shareholders who have had high hopes. the latest is that a judge makes no ruling in the jcpenney, macy's, martha stewart case.
11:33 am
what is the deal? jcpenney says we will not even have martha stewart anymore. it is all piling up. connell: very aggravating. dagen: at the clock is finally winding down for senator ted cruz. harry reid is expected on the floor at the top of the hour. connell: there it is. moments ago, he offered the democrats a deal of sorts. neil cavuto is live today on capitol hill. he joins us from there right now. i could not believe that he was still talking when i woke up this morning.
11:34 am
what is next? it is a little bit, i guess, complicated. neil: it reminds me of gerri lewis. it is tiring. it is tough. he must be making an impact for senator durbin to come out. it has really gone unanswered by democrats. it must be registering. this offer that you alluded to where this may be cut off at 30 hours is not necessarily being accepted by the senate majority
11:35 am
leader. he may want to rob cruz of a record. he was challenging civil rights legislation at the time. that was then. this is now. to your point about whether this has any measurable impact, probably not. it does remind folks who are already not too keen on this healthcare law to be not to be all over again. dagen: at day by day we are getting details about the impact. we were talking about how much the health insurance will cost in these exchanges.
11:36 am
will i get a limited choice of doctors, a limited choice of hospitals? neil: an issue like this just sharpens that. nothing said or done today will make you like it any less or change your point of view. the dough funding of it will fail. the numbers simply are not there to torpedo this wall right now. the latest law, possibly. the idea that it could shut this off completely is another possibility. the government shutdown is looking a little bit more likely. we could see at least a partial
11:37 am
shutdown. by the way, i want to stress that whether cruz was talking or not, that was the same plan. connell: a lot of inside baseball back and forth on the party now. we are going to go to the senate floor in a moment. we will listen to the majority leader harry reid. before we do that, just click on the intrigue there. does that really mean a lot? neil: when we get these shouting matches, i think that there is a risk that it can lead to ill and bad feelings. to get through worse, we can do
11:38 am
that. i also remember ronald reagan and his first attempt to proceed a president. he failed, but he went on to win. i guess what i am saying here is that, yes, this provides great drama. it shows clear division. it is not the end of the world. dagen: neil, great to see you early this morning. we will see you today and tonight live from capitol hill at 4:00 p.m. and 8:00 p.m. eastern time. here some of his gas -- here are some of his gas, mr. paul,
11:39 am
mr. mccain, mr. warner. connell: day will convene with regular business heading into the 1:00 o'clock hour. i believe that senator cruz is back at it. he did voices earlier. he is speaking on the floor for the moment. we will keep an eye on what is happening in washington. judge andrew napolitano is coming up next. dagen: what audiences are getting with abc's. that with the new avengers series. will people tuned in? we will talk about that. connell: sandra smith is coming
11:40 am
up. we have a lot more on markets now. first, let's look at treasury yields. more to come. ♪ the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing.
11:41 am
♪ >> i am lori lori rothman with your fox business brief. all this new home sales rose.
11:42 am
orders for durable goods jumped. the expert tuition for orders to remain unchanged. the united auto workers trust has hired deutsche bank. fiat wants to buy shares. the two cannot agree on a price. that is the latest from the fox business network. giving you the power to prosper. ♪
11:43 am
connell: markets now continues. we want to get to this important jpmorgan story.
11:44 am
reports that the company is offering amounts to settle criminal and civil investigations. it is all about the mortgage-backed security activity that we reported on. judge andrew napolitano joins us right here right now. is there a danger in settling this? >> there is a danger in telegraphing this to the public. the government has really that it is looking for a number of clues to the 7 billion. this is not something that you want to do on the public stage now we know that jamie dimon is
11:45 am
willing to cough up a billion. if the numbers, outside of those parameters, it looks as if somebody caved. >> this was a nickname given to a traitor. the government has no interest. if the shareholders do not like the way management lost that money. they can both the board out. they lost 4 billion. what was accomplished by that?
11:46 am
this is an effort by the government, pure and simple. whether jamie dimon and jpmorgan are worthy of cannibalization is another story. they certainly are not the blame for the mortgage crisis and 2008. fannie mae and freddie mac are far more to blame. if the government came knocking and said, mr. mcshane, we are contemplating indicting you for at and you said, will you take a dollars? you would be indicted for bribing.
11:47 am
the government is just interested in ash. then it is interested in shifting the blame for its own incompetence to somebody else. connell: -- >> there is some culpability on jpmorgan's part. it may have caused people to have been foreclosed upon before they should have. there are errors in there. $7 billion worth of errors? the government wants another 7 billion? are they trying to help the
11:48 am
shareholders? dagen: judge, it was great to see you. it looks like he is up to no good. connell: what else do we have? dagen: gasoline prices have fallen for 24 straight days. connell: sandra smith joined us from the cme now. sandra: enjoy it while it lasts. twenty-four straight days gasoline prices have come down at the pump. the national average is $3.44 a gallon. that is down $0.10 from just a month ago.
11:49 am
this $3.40 for senate national average we are paying today is down $0.37 from where we were a year ago. they have switched from the summer blend to the winter blind which is cheaper. you also have a drop in demand. this is seasonal after the summer driving season. we are $103 versus $112 a barrel. it is expected to continue. they are predicting they will drop another 20-$0.25 from where they are now. if you were to look at the big
11:50 am
picture in history, we are still paying historically high prices. aaa says they have above 41,000 straight days. that has never happened before. prices have come down recently, but still high. connell: thank you sandra. dagen: i surprise we have done so well with these elevated gas prices. speaking of marveling at something, the agent of shield bearing finally. connell: denys deal will be here on whether this is a moneymaker. ♪ and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center.
11:51 am
hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans.
11:52 am
11:53 am
11:54 am
connell: synergy. abc and disney premiered this new show. dagen: "the avengers." dennis kneale is here with more. dennis: putting out some numbers. it looks like it is the best premiere of a new drama on network television in four years. that is pretty good. ceo came on air with us yesterday. he insisted -- listen to this. >> everyone think that this is something that was force-fed by the corporation. dennis: the chief would have been free to turn that down if he wanted. >> if he did not think it was good, yes.
11:55 am
it was my idea to do this series, so it would have been a bit harder. dennis:he highest grossing films of all time. they helped write and direct it. not a superhero in the cast. these are all regular human beings. that is kind of a trend. one of the guys was killed. speaking of no superheroes, there is a new show called -- it is in the comic folk superhero lane.
11:56 am
dagen: abc. it has nothing to do with it. connell: let's go. we will see you next hour. dagen: it just was not that funny. connell: i like the fact that he laughs at my job. dagen: he has ted cruz with about four more minutes. this marathon session of talking on the marathon floor. minute to minute coverage coming up with dennis and cheryl. connell: comparing outrage. big debate. markets now continues in just a moment. ♪
11:57 am
five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. [ male announcer ] now, taking care of things at home is just a tap away. ♪ introducing at&t digital life... ♪ ...personalized home security and automation... [ lock clicks ] ...that lets you be cloto home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪
11:58 am
11:59 am
she took an early spring break thanks to her double miles from the capital one venture card. now what was mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. rsons a and b are flying to the bahamas. how fast will they get there? don't you need distance, rate and... no, all it takes is double miles. [ all ] whoa. yeah. [ male announcer ] get away fast with unlimited double miles from the capital one venture card. you're the world's best teacher. this is so unexpected. what's in your wallet?
12:00 pm
dennis: ion dennis kneale. cheryl: i am cheryl casone. the fed is about to come off. after more than 20 hours senator ted cruz of texas ending his hijacking of the upper chamber. neil cavuto has his take on all this. >> congressman elijah cummings demanding robert benmosche resigned after comparing our rage of execs bonuses. we had the bidding that had. cheryl: he is the top chefs. dana burke is here. celebrity chef seemingly a dime a dozen but we will get his recipe for staying on top in a difficult business. that and more coming up as this hour of markets now begins. first we have breaking news,
12:01 pm
live pictures of the senate floor, senator ted cruz just ended his 20 our plus control of the senate chamber so here's what is going on. this is the new day, they have adjourned and become the new day. we will see what you are looking at. the prayer and the pledge and senator harry reid, takes the floor. he is going to vote on the continuing resolution to fund the government and will invoke cloture. that is going to be an 1:00 eastern. after the prayer and the pledge senator harry reid beginning the day and began a procedural vote at this point and this will take as into friday. the debate will go 30 hours on funding the government. this is the house resolution which the senate is expected to take on but struck out the language and this is presented ted cruz who got so emotional
12:02 pm
and passionate about this entire thing the house wants to the fund obamacare and the senate expected to strip out that one language and that is something senator harry reid can do. we wanted to show you these live moment in the senate as we have ended at this .20 hours of senator ted cruz of texas and his many filibuster. he took a few short breaks, he did dr. seuss, talked about star wars, a marathon session in the senate and it is all coming to the end. and it has been a very exciting day. dennis: who is in washington watching this drama? neil cavuto. did ted cruz move the needle on the obamacare debate? >> i don't think it will change the outcome of the senate with edible strip out that provision on health care and dump it in the house's laps.
12:03 pm
the reality is is altered anyway. and back when he was a filibustering, make a name for yourself and unite the party core behind you and this idea you are not going to accept something with a base event corps, very much offended by this health care law, possibly with this base, seven of ten americans details of which are coming today that there are the more for health-care coverage and even those who are paid at or below what they were if a smaller percentage of americans, and limit in their benefits, no less than the new york times. if ted cruz had done nothing but remind people what was going on think of what happens during a filibuster, not just networks like fox business the people switch around what is this guy doing? green eggs and ham? what is he doing? rally in dance the health-care law, that is the thing i'm worried about, my boss is
12:04 pm
cutting back on or looking kind of dicey for me and the kids. nothing more than reminds people of this collective and angst about this it served its purpose standby illustrate that by showing what the beside did challenge that type of view of this, getting senator durbin to challenge comments senator ted cruz was making. it is not going to move an eagle, it will go back on the house's left, get the health care thing out of it and it will be an abandoned budget resolution. the next issue that could come up senate monday when it is in the house's lab is whether it they do piecemeal continuing resolution that fund different aspect of a little bit at a time. it is half-assed but it is history. but this is what we were all about. with you like this or not filibusters do generate attention. in the mainstream media is
12:05 pm
interesting when a texas state senator rails against an abortion rights bill, in the texas legislature goes on 13 hours about it she is the hero. this guy in this the mainstream media railing against the health-care law is the zero. i will let you decide whether that is fair but filibusters are part of the process and they're not the end of the world. dennis: harry reid is calling what senator ted cruz did a big waste of time. give us the other side of that trade. lou: you could argue this is a big waste of time. i want to hasten to add, it has not changed the time line harry reid was working on, pushed back as late as we can in the senate, at the last possible minute, back in the house without the health care thing trying it on, put the pressure on them to put up something fast where the government shuts down, it is the republicans' fault, it will look
12:06 pm
horrible. be careful what you wish for because you end up getting exactly that. it might not be on the republican shoulders here. nothing senator ted cruz did was going to delay the timetable and nothing did. the eleventh hour dealsmaking will carry us into sunday and monday on the eve of what could be a partial government shutdown. roll their already exploring ways to shut down the government in increments, rolling shutdown. and it has happened 19 times since jimmy carter. dennis: there will not stage at down forever. who is on your show tonight from washington? lou: everybody and his uncle, john mccain criticized this process, rand paul himself who has been a big part of this process and a host of others, a big backer of republican candidates should be
12:07 pm
conservative and will give them the cash. rick santorum was one of the beneficiaries but lot more coming. dennis: we will be watching. it is top of the our stocks every 15 minutes, nicole petallides on the floor of the stock exchange jamming out there. nicole: a lot of that has to do with washington. we heard a government shutdown moving and weigh in on wall street because they want to know what is going to happen in that uncertainty and you see the markets are hovering around the unchanged line. it was about 20 points off of its earlier highs of the day, the dow is gaining 13 points, 0.1%. the tech heavy nasdaq is up 1/3% and in the meantime keeping a close eye on facebook whether it gets a $50 mark and watching apple which is still a winner after their new phone launch and we continue to watch other news
12:08 pm
as well. plenty of names on the dow doing very well. jpmorgan up, disney, there are plenty of winners. market taking it easy. cheryl: we will see when a few moments. the s&p, and the longest losing streak of the year. and one of the pressure of the market has been facing, other things at play, and why and joins us now. you say the slide in stocks over the past few sessions is no surprise and a piece of this certainly is what we are seeing in washington, correct? >> that is right. we certainly expect there will be some market weakness as we enter the last quarter of the year. we are seeing fewer new highs in the market, in the broader
12:09 pm
indexes, particularly weakness in the financial sector, even jpmorgan and goldman sachs, big-name in that sector even though they are up today. we have been reducing our financial exposure but there should be some technical weakness in the market because of the budget talks. watching to see that action, certainly in the fundamental bull market. cheryl: basically looking at a sector rotation, you have your eye on financials from a technical perspective of but what about other things we might be missing at this point if we are so focused as investors on what is happening in washington and distracted by the fed what about what is happening overseas? emerging markets, where the money could be made if we take our eye off the ball right now? >> we think the emerging markets should be something to keep an eye on. number one it has been a
12:10 pm
terrible performing area of the global markets this year. in fact a lot of investors are selling very emerging-market exposure and moving that money into u.s. stocks which have been performing much better. so there could be some great opportunities that will be created in emerging-market and we want to keep an eye on that area. cheryl: you have interesting domestic plays and one of them is that texas play where you are, where you are coming from and not southwest airlines and you say this is a value play so you certainly say this one and the other picked that you have, 30% to 40% upside on both of these stocks but talk about southwest. why do you believe in this? it has not been in favor with many investors. >> southwest airlines is out 13% this year. it is called all little bit we think because of the justice
12:11 pm
department challenge an american airline merger. it is a well-run airline and the airline business is fundamental. cheryl: stock is up 43% since the beginning of the year. and the stock is up 21%. >> they are both value stocks and growth stocks and we are very excited about celestial group, even though carl icahn recently sold the 15% stake which we think management of pain encouraged him to do, it is an accelerating growth stock on the revenue side and the earnings side. they are a global leader in organic food. that is an area of the food market that has been growing
12:12 pm
faster than the standard. cheryl: playing on that momentum as well. we love to have you back on the show. cheryl: congressman versus the ceo. top ranking democrat demanded aig ceo robert benmosche resign over controversial comments he made and liz macdonald has all the details in the bottom line. what is going on? liz: robert benmosche giving interviews to the wall street journal talking about the public outrage over the $415 million in bonuses paid at aig after it got the $1 billion bailout. and the outrage is about public interest to stir public anger and get everybody out there with pitchforks and hangman nooses compared it to what we did in the deep south.
12:13 pm
i think it was just as wrong that robert benmosche has apologized saying he didn't mean to offend anybody, poor choice of words, but rep elijah cummings, the ranking democrat of the house committee on oversight got him very upset comparing what is going on at aig to lynching, stabbing, burning where people were shocked in the deep south, here is what he is saying. if it is true he has demonstrated, quote, fundamental inability to lead the modern global company in a responsible manner and resigned immediately. dennis: he said something that upsets cummings doesn't mean he is incapable of running a big company. they did a pretty good job and aig paid back a surprising amount of the $180 million and what i want to do, upset about the racial angle or just upset that here's a guy criticizing
12:14 pm
washington which played a big role in causing a meltdown. >> the fact that robert benmosche is comparing the outrage basically to the deep south lynchings and the fact they got a big bailout and this was not the first time, in 2009 it would be better compared to outrage over overpaid underperforming yankee players than what is going on in the deep south where people were brutalized. robert benmosche said also too big to fail is working. the system has been fixed and is saying i got my $39 million compensation job with the bailout so bailout did save the system. dennis: i can tell but wonder if this was manufactured outrage aimed at beating up on the bankers again. jamie dimon was the one guy that criticized washington and facing seven probes offering $3 billion to cover settlement and the government says not enough.
12:15 pm
liz: you can't bring up jamie dimon. a lot of wall street workers could have taken the aig job. dennis: we got to go. we are in a hurry. the company that invented the office cubicle and the chair you may not be sitting in unless you are a company's chief. we are here with the ceo herman miller next. cheryl: watching gasoline prices moving lower across the country especially in california. sandra smith at the cme looks at some ways to go around gas prices. [ male announcer ] sheets or bar? how do you get your bobounce?
12:16 pm
bounce keeps my clothes fresh for weeks, even when they've been sitting in the drawer a long time. like those jeans you can't fit into anymore. that, i mean... [ male announcer ] how do you get your bounce?
12:17 pm
long-lasti freshness. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
12:18 pm
stuart: jimmy stewart and mr. smith goes to washington senator ted cruz ending is 21 hour marathon speech against obamacare and rich edson joins us with the first on fox business at work house republican about reveal the debt ceiling view, rich edson join us from the white house. rich: moving on to the next flight. republicans unveiling their bill to increase the debt ceiling
12:19 pm
some point this week. 01 year debt ceiling height through december 31st, 2014, 1-year delay of the health-care law, tax reform put on fast track, approval of the keystone pipeline and a real grab bag of economic proposals, choose from these policy options including offshore energy production, energy production on federal lands, eliminating certain provisions of the dodd-frank law, bailout fund for example, increases in medicare means testing, medical malpractice reform, a number of other republican proposals to put in this. they won't get all of this, this is their opening offer but the administration says they refuse to negotiate so the house will work on putting this through to the senate. earlier today the treasury secretary sending a note to the house speaker saying by october 17th they expect shouldn't have any more funds to keep government operating. for a starter from house republicans coming this week, the key on no one year debt limit increase through
12:20 pm
december 31st, 2014, tax reform on the tax -- fast-track and health care law and other options. dennis: thanks very much. rich: we were talking about this, gasoline prices. i wanted to show you a couple things, oil is up $0.03. take a look and natural gas, we are up as well slightly. again as we are seeing these are higher, show you something else if you look at the sectors and that is the big stocks you want to follow in the energy sector. you have a mixed bag, got to watch the sector as gasoline prices and oil begin to head down, we will get into that later in the show with sandra smith who has the trade, ways to make money but first let's bring in nicole petallides making some money, helping us make some money from the floor of the stock exchange. nicole: if you were shorting j.c. penney and not hot on the stock, had another 12 year low, below $10 a share. this has come out as the battle
12:21 pm
between macy's which originally had the deal but later made another deal and this is still going on, the judge said that there will be a ruling in a short time rather than a later time pertaining to this debacle. in the meantime those shares to the downside, j.c. penney new lows and goldman sachs accommodations of weak inventory rebuilding and underperforming in the department, just hit those liquidity levels and underperformed on the company. dennis: thank you. durable goods orders this morning reported in higher in the month of august expected to decline, a positive sign for companies like herman miller, creator of the office cubicle. jeff flock is at the herman miller design yard in holland, michigan. jeff: herman miller, did you ever wonder what the offices of the company that is perhaps the premier office furnituremaker look like? you need to wonder no more. i am here with the man who runs
12:22 pm
an all, brian walker, ceo of herman miller. since 2004. i got to ask what is going on in washington first? i know government is a big part of your business but more importantly stability in the market is a big part of your business. what about what is happening in washington? >> the general move on the budget to get the budget control cause the government by the industry is a big impact but more importantly our industry trains paula on business confidence, people are confident and have a long run they need a fair amount of time, build a new building, every time we go through one of these budget wrangling deposits business to get nervous and causes the industry to not get full growth potential. dennis: got some pictures of that but look in here first of all, the inventor of the office cubicle and i don't see any cubicles. where did they go? >> what we would all work station is alive and good. a big bank last night we were
12:23 pm
selling lots of them. what is changing as more and more people are integrating this idea of your work and life coming together. what we see is the office changing, the way places want to go, you hear about work clubs, things like starbucks, more and more companies have this combination. dennis: i am looking at what i see your corporate offices and everything you tell me that i see here you make. >> that is correct. >> amazing. >> we started our lives as a home furnishing company, do things in the technology realm, we have this ability to look across the entire floor plate from the things you do in casual meeting spaces to formal meeting space and individual workspace and private offices so we can do the holding. >> making the office more like home and home a little more like office. we will be here all day today. the next hour we will show you the lab where you test your furniture and put them through
12:24 pm
some amazing tests. >> herman miller products, we guarantee everything bumper-to-bumper because our customers want things that are going to last, that are durable and timeless. >> brian walker exclusively on the fox business network, one workspace. we should redesign our offices in new york. we got budget for that? dennis: i am sure we do. cheryl: coming up why the people of south africa may soon be quoting a number simpson's line donuts.
12:25 pm
12:26 pm
nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center.
12:27 pm
hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans.
12:28 pm
>> 28 minutes past the hour your fox news minute. ohio used its last available dose of the execution drug this morning to execute harry mcjr. who was convicted of killing a neighbor and a police officer responding to the shooting. he was the 26 person executed this year and the third in ohio. the cost of mailing a letter could soon be going up. the postal service has proposed a rate increase for services that would include raising the cost of a first-class lltter from $0.46 to $0.49. a preapproved would go into effect in january and would
12:29 pm
raise $2 billion in annual revenue. postal service expects to lose $6 billion this fiscal year. heading farther south, n.c. doughnut chain expanding to south america. it deals with the subsidiary to open 25 stores over the next five years. the chain has 800 stores globally and those are your news headlines on the fox business network. back to dennis. dennis: gasoline prices tumbling from 24 straight days to the lowest national average since january. the good news is more price breaks may head our way. sandra smith have played as in today's trade. sandra: economists are predicting gasoline prices at the pump are going to fall another 20 to $0.25 from where they are today. the national average $3.44.
12:30 pm
and if you go back your ago, around $0.37 as a national average so the trend certainly lower and crude oil prices come off of those two year highs in the syrian concerns that boosted prices, hundred dollars a barrel and we're back with breaking through the $100 a barrel mark and as that happens gas prices continued to come down, the 24 straight day, lowest price since jan. 30 first earlier this year. not only do we have record refining happening but less demand, the driving season is over and also shrinking crude-oil prices, how do you play this in the stock market? look at the oil companies. what happens is if you still have crude prices above $100 a barrel and gasoline prices getting cheaper, into their margins, something you want to know if you are hanging on to
12:31 pm
any of those big oil companies in your portfolio. this could boost them and be a negative for their earnings growth but that is the way to look at it but stock market nonetheless crude which had been higher earlier in the session now down on an inventory report we got this morning so that would be in line with the bearish sentiment as far as gas and oil prices. cheryl: fox business all-star showdown and we are days away from the beginning ofn showdown. oliver porche and robert luna will be back to go head to head with brand new stock picks and their reputation is on the line. q austin, the music, the winner. takes home this.
12:32 pm
this goes to the winner of the fox business all-star show down. noon eastern time fox business. dennis: the smell of victory and the shopping mall attacks at home, increased security for the christmas season a top security expert ahead of that. cheryl: california now the first state to have $10 an hour minimum wage. jerry brown signed a no go. be right back. ♪
12:33 pm
[ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines
12:34 pm
while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn.
12:35 pm
nicole petallides live on the floor of the stock exchange. and what is going on with the overall market and the dallas 18
12:36 pm
points and look at carnival cruise lines. and $32.94 is the current level. and they had a really tough year and they have been working on their pr for this past year, giving a warning going forward with yesterday and it continues to sell off. and a lot of the homebuilders do well and zynga continues to move higher 7%. apple is to the downside but the facebook and apple are having a good week on wall street and both are up 3% and apple has the new phone apps and everyone is battling the nine million units and these but getting closer and closer to the $50 mark. dennis: thanks very much. now all the latest on a terror attack on a shopping mall in
12:37 pm
nairobi. officials receiving forensic support for the u.s. britain and canada. and the president confering security forces killed 5 suspected terrorists and apprehended 11 more. the siege has left 70 dead and scores more injured and concerns malls and other soft targets at home go to a similar attack and brian finch about that and -- of paula stewart title. >> global securities attorney. dennis: what do you say? i think it is overkill of malls in tiny towns feel like they are vulnerable to a terror attack? >> first thing you need to think about is what kind of attack was this? basically a military operation. not the kind of thing you will see in the united states. if you read the initial reports terrorists crude served machine guns getting through porous border with automatic weapons and buying automatic weapons.
12:38 pm
and having enough explosives to implode them all when the security force came in and that is not what we will see in the united states. >> and shooting up some people. the fact that our nsa is looking at so much e-mail traffic and video chat. and whether the nsa, a big market in new york city. >> that we don't know whether they came across the or not or sharing information, and this is a larger point regarding the issue of ed snowden, nsa for years, to intervene on these on the front end. and the potential rollbacks in terms of their collection of information-have a erverse effect where if we have more privacy and decrease collection of information it could increase the likelihood of something happening not necessarily on the scale of what happened in kenya
12:39 pm
but could be something more dangerous than we would have liked. dennis: a prominent mall like mall of america in minneapolis monitoring the situation, time warner center mall in manhattan basically very upscale. if an attack happened where do you think most of the public blame would go on law-enforcement, preventing or knowing about it or the mall owner for not being secure enough and where should the blame go? >> obviously first and foremost from public relations perspective it will go on the mall owner, didn't have the right guards or cameras, that is not true. the mall for years have been ramping up, and the center for shopping security put out training courses. and rangers international, u.s. security associates worked with the department of homeland security. and to maintain an open shopping
12:40 pm
environment to the public. in reality if we suffer an event like this it would fall on the shoulders of the u.s. government because if you allow militants to coming, a choir at the weaponry, conduct a coordinated attack from multiple directions, that is the responsibility of law enforcement. dennis: good perspective, appreciate it. cheryl: you have probably seen him on television, maybe you have been to one of his restaurants, his town house may be. david brooks is going to be here. dennis: netflix about to face head winds. that story ahead in media minute. um... where's mrs. davis? she took an early spring break thanks to her double miles from the capital one venture card. now what was mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. persons a and b are flying to the bahamas. how fast will they get there? don't you need distance, rate and... no, all it takes is double miles. [ all ] whoa. yeah.
12:41 pm
[ male announcer ] get away fast with unlimited double miles from the capital one venture card. you're the world's best teacher. this is so unexpected. what's in your wallet?
12:42 pm
tracy: tracy byrnes with your fox business brief. united autoworkers hired. a bang to invite them and majority owner fiat, fiat wants to buy uaw trust shares and they can't agree on a place. the uw trust wants to sell its 41% stake in chrysler as an ideal. they rose 7.9% to a seasonally adjusted rate of 421,000, a strong rebound from the previous month, down by 4,000 to 390,000. the list of hip-hop, the
12:43 pm
wealthiest part. and fifty million of the past 12 months, jasey is second with forty-three million, dr. dray at third with forty million dollars. the fox business network giving you the power to prosper. is just a tap away. ♪ introducing at&t digital life... ♪ ...personalized home security and automation... [ lock clicks ] ...that lets you be cloto home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪
12:44 pm
cheryl: household names these days, the event keeps growing and growing. with 30 years of experience in the culinary world, eight restaurants and always on that joining me here. one of the interesting things about you is you are not stopping, it is cookbooks and new shows. the city is beside new york and the pressure to be on your game. is that competitive? >> it is competitive and when you get to a certain point, you have to grow and feed employees and the opportunities are there
12:45 pm
so we are expanding in this year, two in chicago, aspin is going to open in january and on 38th street in march. and other opportunities out there so we take the good deals. cheryl: and bloomingdale's, and you are famous for town house, and he to say this. and it is that 15%. and a food cost inflation, and the new health-care law. >> i get to it in a minute but as far as food costs we are at a site where we can afford to buy navarrone trucks and go to the market and cut out the middleman. the cost has gone down a couple of backups and we built a nice infrastructure with the new president and director of apps and we are running it like a company should be run and that
12:46 pm
takes awhile to get the shaft's mentality into the business mentality if you run it correctly. cheryl: speaking of health care one thing we're seeing are the big restaurant chains. is not the culinary expertise, the major chains are cutting back, the thing about hiring each staffing level because of the health-care issue. what are you doing? >> we have to roll with it. we have 600 employees. each employee will cost as $1,000 per employee with health care. the money has to come from support, raise prices, operate smarter and we can't avoid it. so we will see, roll with it as it goes. certain big companies try to cut hours and inject two jobs and we try to avoid that but we don't have all the answers. cheryl: one of the things entertainment weekly wrote about your gig on rob lowe, an opportunity, to miss the semi
12:47 pm
inappropriate quest, wrote about you. you have this whole personality going. >> the show is great. tonight is the finals. i made it to the last of the final, it was a great show, great to compete, great group of chefs on the show and it reminded me of why cooking is so much fun and challenging. cheryl: i want to show our viewers you have cooking with david bird, working on another cookbook and also -- >> opportunities to create products, smoked salmon, these are 20 years old. the beverage, out going free sparkling, and patent on dry aging be. so i try to keep my hand out and stay relevant. cheryl: the business of food. thank you for being here, nice to meet you.
12:48 pm
over to you. dennis: a fun segment. time for stocks, the stock exchange, the m e securities, mixed market, a lot of committed be out there, government shutdown. >> 100% right. not even like a lot of sellers and even the last four days, no buyers and no one wants to step up to the plate last four days. everyone is concerned about the debt ceiling and this uncertainty so as a result ago negative and we are down 11 points flat so everyone is on the sidelines. dennis: if government shuts down it will not shut down forever. thanks for being with us today. in your home they media minute. and it will face head wind and triple and comcast cable operator.
12:49 pm
and robert eiger on this show yesterday said netflix will have a tough time cornering the market. he said that to investors earlier in the day and disney was likely to make new of original shows for amazon and google. that means netflix can these higher costs for tv and the original shows and cable systems and amazon google fed up those prices. a new survey put cable systems on notice. 70% of the with which we could order cable, price waterhouse coopers report out today fines of 70% of us want to split up the cable, 65% would buy a ten channel for more, 69% basic cable, surprising almost 60% would buy sports and 72% said they would a $2 a month per show, 50% will pay $3 a month. channel. the overall debt that is that is a lot cheaper than the cab bill monthly really is which is why you are never going to see it happen. cheryl: so interesting, the emmys on saturday night with the
12:50 pm
post saying if you are under 31 watching this but this was back in the day we call it tv and all the choices you had. cheryl: millions of years gone. betting on twitter. dogsmakers picking gambles on when, where and how, twitter is going to go public and what the speaker is going to be think about it. we will discuss it. something you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ ...amelia... neil and buzz: for teaching us that you can't create the future...
12:51 pm
by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
12:52 pm
12:53 pm
cheryl: time for west coast minute and new video coming into fox business. governor jerry brown this hour signing a bill that raises the california minimum wage on a permanent basis. it raises the minimum wage from the dollar's brouwer to $9 per
12:54 pm
hour starting january 1st, 2014. in 2016 the minimum wage jumped to $10 per hour. this had widespread support from labor groups but business groups fought the measure. new measures coming in. and paparrazzi will stay away from the children of celebrities. spies like halley barry, jennifer gardner and even george clooney have waged war against what they call the stockarazzi but young children took up the fight in recent months. finally vegas oddsmakers are letting gamblers bet big on twitter. are you ready for this? sports book operators put the odds of twitter listing its stock on the stock exchange at 4-7 meeting they are favored by vegas oddsmakers. the odds on favorite for the ticker symbol is tw t r. just a little over p.w. i t. those are the top two.
12:55 pm
and a new kicker, that is your westcoast minute. you have your opinion which when it is going to be. dennis: bird is too of to state and nation known twitter. they don't want to limit that a lot of us on twitter are twits. cheryl: not i am encouraging anyone at home to gamble. if you want to gamble on this you could. i think d. w. t. r. is what they would do. it seems a little -- cheryl: very -- dennis: better stock than the actual stock. cheryl: i am listening to gas ball on that one. dennis: after what happened to facebook with nasdaq how would you defend going to the nasdaq again? much more on the vegas angle of the social media company's idea. adam and lori bring you on those
12:56 pm
calls. cheryl: back to the gambling that is happening in washington, less than six days until an official government shutdown. senator ted cruz's marathon speech and the new debt ceiling bill. our very own neil cavuto sitting down with adam and laurie with crazy back and forth happening on capitol hill. that has been happening for 22 hours. [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing.
12:57 pm
12:58 pm
[ male announcer ] at edward jones, nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar
12:59 pm
fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. lori: good afternoon. i am lord roffman. adam: i am adam shapiro. senator ted cruz marathon speech rally to defund obamacare.
1:00 pm
washington uncertainty weighing on stocks. if the s&p closes down today, it will be the third losing streak of the year. a different take on a way to fix america's debt problem. what is to blame on adding more than a trillion dollars in federal debt over the last ten years. right now, we want to check on how the markets are doing. nicole petallides will bring us up to speed. nicole: you did have a winning day. the dow is looking at the fifth day of


info Stream Only

Uploaded by TV Archive on