tv Markets Now FOX Business October 21, 2013 1:00pm-3:01pm EDT
administration. also, genie in a bottle, beer bottle that is. brewer mike brenner getting his wish after the 16-day government shutdown paralyzed his business. he is back to tell us how things are going on. lori: the lights are on but nobody is home. blackberry chandelier. check that out! how creative or creepy? this hour we'll introduce you to the designer of this blackberry chandelier. >> time for stocks now as we do every 15 minutes. let's go to the floor of the new york stock exchange and our own nicole petallides. stocks are coming back to even. >> really interesting as we see the market to the designside. we got a note from ubs floor trader art cashin calling it a monday meander. the dow is sitting at 16,400. s&p 500 as well -- 15,400. tech-heavy nasdaq is best of the three up one-third of 1% at
3925. we got in our existing home sales numbers. we did see, we did see the markets moving on that. as i said right back to the unchanged line of the we continue to follow earnings and we made it through a lot of our older stories such as government shutdown and the like. tomorrow we'll focus on the monthly jobs reports. of course report and we focus on earnings and watching both mcdonald's and hasbro on the heels of their numbers. mcdonald's came in and turned out their quarterly revenue missed. they had improved u.s. sales but abroad the global numbers were weaker. that is why they did not do as well as hoped. hasbro on the move. new high which is worth noting but strength outside the u.s. but not necessarily here at home or canada or australia. looking former to transformers and "spider-man." "transformers" and "spider-man", the movies. adam: thanks very much, nicole. lori: the debt crisis is for now out of the way.
our next guest urging investor turn their attention what he call as trifecta of bullish tailwinds jeff saut chief investment strategist for raymond james. welcome back to the show, from st. petersburg as florida. hi, jeff. >> hi,, lori. lori: what should investors focus on now. >> no surprised debt ceiling debate got solved in the last minute. similar to the fiscal cliff crisis. the media will turn their attention now to the potential crisis which is put off until late january, early february. now at least in the short term it is in the rear view mirror. i think the markets will focus on earnings which i think will come in better than expected in the aggregate. the economy, which numbers will not be paid much attention to over the next few months, except for tomorrow's employment report. then the federal reserve, i spot that one right. it was not larry summers.
it would be janet yellen all along. lori: you did. we'll give you credit for that. what risks do you see for the market? you expect a trifecta of bullish tailwinds to hit the u.s. equity markets, that is quite a statement. >> there is always the risk of a policy mistake out of d.c. beltway. always potential for black swan event. maybe they close the hormuz straits of iran. you can't expect a black swan event or policy mistake out of d.c. beltway. i think economy will lift up in 2014. i think it gets lifted up by a capital expenditure cycle. i was in detroit. gm and ford are running plants 24/7. they're wearing equipment out. i think you will get a cap-ex cycle boosting gdp to 3.4%. lori: we have another budget battle looming in january followed by another debt ceiling. you are chuckling, you know
where we are going with this question. should you close up the books and wait until next year. >> i don't think so. i made that mistake. i'm in baron's of sent 26th, 1987 predicting a waterfall decline. i basically shut the books and tried to right out rest of the year even after the crash and it was a huge, huge mistakes. the markets went trait back up. underinvested portfolio managers not just here but around the world will be forced to chase stocks for performance reasons, for bonus reasons and ultimately for job reasons and try to keep up with the joins. that would be the dow joneses. lori: that is very funny. my prior guest said emerging markets are coming back with the forefront with his interest in china. china heating up once again. what do you think about global opportunities? >> i've been pretty adamant china will not fall off a cliff. they're following the same biz model that brazil did in early 2,000s. they realize they have to create
domestic demand. like brazil did they raised interest rates a little. their currency lifted and i think they will make transition to create more domestic demand in china. emerging markets are pretty cheap. a lot trading at single-digit p-e multiples. we stepped out of emerging markets 18 to 24 months ago. i think they're worth looking at again. lori: as far as u.s. sectors anything emerging, jeff? >> i like railroad stocks. i like american industrial renaissance my friend rich bernstein basically pioneered the concept. i like energy independence theme. i like mass consumerisms theme. i like modern medicine theme. there are number of themes in slower growth economy i think will grow a lot faster than the overall economy the next year or two. lori: interesting you mentioned transports. dow transports are leading indicator to growth or contraction in an economy. if you're looking at transports can i interpret that to say you expect broader economic growth through the balance of the year into next? >> i do.
i do. 46% of s&p companies sales are from foreign or international and 40% are profits. as per capita incomes rise and emerging and front tear markets if you travel around the world as per capita incomes rise the people in the emerging and frontier markets want what we have. they want mcdonald's. they want kentucky fried chicken. they don't care about pepsi. they want coke. i think that is great long term. lori: and apple, with the ipad coming out tomorrow. american innovation, got to love it. we have to leave it there. thank you so much, jeff saut. >> my pleasure, lori. >> crude oil prices falling below $100 a barrel today, yippee, for the first time since july 2nd. with rising inventories and rising demand. fox business's phil flynn of price futures trading group is in the pits of cme. >> i love that yippee, dennis.
this is huge because the market is disconnecting from the rest of the commodities complex. supplies are surging. almost 4 million barrels in the oil inventory report. it is weighing on products like rbob and heating oil even though those supplies disappointed. if you look what is happening with oil it could be historic. don't just look at november. look at december. deer will assume the mantle as the front contract starting tomorrow. so december is, if december closes below $100, we cross the rubicon. there is no turning back. look at goldmarkket right now. gold is turning back up again. this market, of course it is focused on qe inlike oil. it is hopeful that the low rates and more quantitative easing will bring that market back up. silver is geting a nice bounce as well. back to you, dennis. >> thank you very much, phil. lori: so president earlier today defending the three-week old glitch-plagued health care exchange's website this morning
vowing that the problems with the site will get fixed. rich edson joins us live from the white house with more on the president's comments of the rich. >> good afternoon, lori. we still don't know how many people actually managed to get health coverage through the exchanging. the president is only acknowledging that thousands have been able to when they need to get millions. president saying in the rose garden short while ago, extolling virtues in the health care lawn. president campaigned on and we all heard before. only 15% of those who need insurance will get them through the online exchanges. for the problems, he says the administration is working on it. >> we have had some of the best i.t. talent in the entire country join the team. we're well into a tech surge to fix the problem and we are confident we will get all the problems fixed. >> in a statement house republicans led by eric cantor on this one saying the president is should immediately struck hhs secretary kathleen sebelius to testify in front of congress on the status of health care
exchanges. when you're unable to even access the obamacare website, waiving penalty for signing up should not be controversial. house republicans are holding a hearing this week. the hhs secretary kathleen sebelius scheduling conflict, gala in boston keeps her from attending that. others like senator marco rubio in florida, are warning consumers not to bother signing up but if they do keep a paper trail in case the irs comes after them for a penalty for not having health insurance. president obama, by the way we got this from the white house will be traveling to brooklyn later this week on friday. he will talk about the next generation of entrepreneurs that will need to have the skills to compete in the global economy. he will also attend fund-raising events up there ireyour way. back to you. lori: were you inviteed? i wasn't invited. rich? >> i wasn't. lori: really? that's a shocker. thank you, sir. see you soon. >> record settlement in the works. 13 billion-dollars price tag and the investor fallout as jpmorgan
gets ready to pay what may be the largest civil penalty ever, equal to more than half of the bank's 2012 profits. lori: tech high glass. a chandelier that has blackberry shining unfortunately and literally apple. >> sick days, snow days, smog days. air pollution shutting down an entire city, albeit in china, with pollution levels 40 times as what officials safe. -- deem safe. we'll tell you next. ♪ peace of mind is important when you're running a successful business.
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dennis: news alert. a hurricane watch is in effect for parts of mexico's west coast today. hurricane raymond is making its way toward acapulco which is still recovering from devastating floods last month that killed more than 150 people. current storm is carrying wind up to 75 miles per hour and is expected to gain strength before making landfall late tonight or early tomorrow. up to six inches of rain could coastal areas. we should note, no major oil rigs lie in raymond's path. lori: check this out. this is not some camera effect,
some seepia effect. air pollution virtually shutting down harbin, china. thick smog is responsible that is the air at ground level! thick smog closing area seals and airport causing huge traffic jams on a index that measures particles in the air the world health organization recommends no higher than 20. anything over 300, that's dangerous. the level there, some parts of the of city reaching 1,000. this pollution is expected to last 24 hours. dennis: wow. let's carbon emissions as we do in the u.s. as we do every 15 minutes let's check in with nicole petallides rat the new york stock exchange with today's winners. >> we're watching netflix later today. the stock is up over $16 at 350.08. that is a gain of 5%. the stock is hitting a all-time high which is worth noting. it's a real winner up 27% for
the year 2013. "house of cards" and others that they have a lost original programing and boosting what they offered to their subscribers. three emmys. "after the bell", we'll watch netflix and some others very closely in the 4:00 p.m. show as we get in the numbers, so obviously, by the way, the analysts, stearn agee wants them to beat out customer growth they expect. mkm says if they come in line showing you customer growth, buy it on a dip because it's a great one. back to you. dennis: thank you very much, nicole. >> time to make money in char payne. this hour he is looking at crude oil, natural gas profits with an independent energy company called kodiak. charles? >> i've been following kodiak for a long time, twice. this company has it going on. up in north dakota in the williston area. north dakota, 900,000 barrels per month that is highest ever. keeps breaking records month after month. we had another play, con anyone tall resources of the we took
profits but asking people to buy this one. makeing a technical breakout. revenues up year-over-year, 5% quarter over quarter. here is interesting thing, cap-ex, what they will spend on drilling, billion dollars for fiscal year. in 2009 they spent 27 million. imagine that you go from 27 million, to a billion dollars. they got 195,000-acres. all of this is low-risk stuff. they will be hitting it one after another, one after another, one after another. i think the stock will go to $20. dennis: kodiak moment. clearly. >> yeah, definitely is a kodiak moment. lori: how are they able to increase the drilling and exploration by such a huge amount? what is the motivation? obviously they have done their research. >> they have done their research. there is guy harold ham who runs continental resources. he is one who went to north dakota in the first place and had the big find. the government's official numbers for north dakota is probably 1/10 is really there. the industry knows it.
this is the moment in the sun. this is the kodiak moment as dennis said. lori: i should have been a geologist. >> my take away, i lived in minot, north dakota. i should bought a flyer, own lan, $5,000 worth. if i bought 10 grand worth, might be million dollars right now from the early 1980s. just that amazing. >> there i will will be population inflow in north dakota. >> there is always one. go to nvoiljobs.com. pages and pages. they can't fill all the jobs. 3% unememployment. absolutely amazing. lori: good news for local economy. let's hope a ripple effect for domestic energy. >> let's hope. see you guys. dennis: i'm sure you would have been a great geologist. lori: oh, you guys. speaking of money what is another trillion between friends? yes, i would share. the eye-popping numbers on the u.s. debt as it surpasses 17 trillion for the first time. dennis: spending may be the only thing back to normal after this
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>> 21 minutes past the hour i'm lauren green with your fox news minute. governor chris christie is abandoning his efforts to end gay marriage in new jersey a statement issued by his office says christie disagrees with the state supreme court but will do his unconstitutional duty to uphold the law. gay couples exchange vows in new jersey became the 14th state to recognize gay marriage. president obama addressed a problems with the government health care site a woman fainted behind the president. in reaction president obama said he obviously talked to too long. she was helped to her feet and escorted from the podium. a alligator at a wal-mart repeatedly opened the electronic doors. police tried to lure the animal away. eventually the alligator left the store and headed for 9 wood. no one was injured. those are the headlines on the fox business network.
now back to lori and adam. obviously didn't have any coupons. dennis: thanks very much, lauren green. a couple weeks back we brought you the story of a small biz owner struggling to get his operation off the ground in the face of that government shutdown. he is back to update us how things changed for him since the shutdown has ended. mike brenner is founder and master brewer at brenner brewing company. welcome, mike. you know, one thing that just shocked me in reading notes here, is that, 419 breweries opened across america last year and every single one of them needed federal approval for its license. i didn't realize that you need ad federal government's okay just to open up your business. they shut down for business themselves. that caused you a problem. how is that going? >> well it is actually gotten a lot better now that the shut down is over. i talked to a friend in chicago who just had his brewery approved this morning. we also ran, they called me last week, right after they got going again and helped me walk through
one of my applications. now that they're back in business, they're ready to help us again. dennis: typically average approval time the u.s. bureau of alcohol tax and trade bureau takes 75 days to approve a license. what did that lengthen you figure during the shutdown? how many days has your license taken for approval? >> well, my, my initial approval went through but the issue comes in to every single time you launch a new beer you have to wait for that label to be approved. so that adds on as every brewery in the country, like you said, 419 breweries opened in the last year. we almost 2500 breweries in america. that adds on to the process of everybody who is trying to launch a new beer this winter and next spring. dennis: so, mike, you first have to get federal approval to open up the brewery. but then anytime you introduce a new flavor you have to get federal approval for that? seems like a terrible up tryings on business. why should you have to get a
federal approval of a new flavor? >> well, i mean in general it is really for safety. if, you know, especially with all the craft breweries, we're trying to do innovative and exciting new things. things are adding wild ingredients and different fruits and flavors and experimenting with all sorts of amazing flavors. so i think in the end they're just trying to protect everybody. dennis: they're trying to protect us from what? if you're a businessman trying to sell beer, i'm thinking you will not sell us something itself is dangerous. i just don't understand. >> true. dennis: seems like government is in your face all the tile. what is the next step for you? have you gotten all the licenses need? are you open and pumping? >> well i'm not open quite yet. we're still finishing things up here. it will be a couple more months. but i'm ready to send in my labels for approval this week now that they're back open. that should hopefully go through quickly. like i said when i talked to you guys last time, i can't make sales until the labels are
approved. while the state would be happy to work with me to get beer on shelves, i really need federal approval. it is a little intrusive but it is something that is necessary unfortunately right now. dennis: let me tell you something, my friend, beer delayed is beer denied. thanks for being with us today. mike brenner. >> thank you. lori: theme of the whole day, beer delayed, beer denied. quote dennis kneale. now that the government is back up and running so too are our debts. according to the latest treasury statement the country's debt rose above $17 trillion for the first time, the day after president obama an congress agreed to the deal to reopen the government and allowed it to borrow more money. that agreement didn't set a new debt ceiling but allows the treasury to raise debt until february 7th. dennis: hmmm. i don't understand that. is there a ceiling or not a ceiling? we're now over $17 trillion. lori: that is the tally. that is what they say. i want to ban the phrase kick
the can doesn't road almost if we're exhaling and inhale to another spending battle to come first weeks of january. dennis: february. lori: you think they need to reset the law? it is constitutional that we have a debt ceiling. dennis: what i didn't understand why president obama and democrats if we increase the debt ceiling doesn't cost america one dime more. of course it costs you more when you borrow more money. you have to pay that back. lori: their argument we already, this is the democratic and president's argument we committed to all the expenses. dennis: yes. lori: so we have to therefore meet the obligations. >> which we stop committing to some expenses. lori: that is the goal, that is the committee. i don't mean to extend the conversation, committee will bipartisan sit down hammer a long-term budget with entitlement reform or tax reform. dennis: i have a lot of faith in because that has gone really well in the current climate. lori: i think this is a sign that government is working. a significant minority is being heard. dennis: okay. lori: a majority can't steam
roll over that minority. dennis: no. lori: apparently dysfunctional as the whole process is. dennis: let's steam onward. the obama administration making back more than half of the $24 billion cost of government shutdown in one fell swoop. lori: fox business correspondent charlie gasparino with this one. why he is calling jpmorgan's tentative deal with the government, jamie dimon's 13 billion-dollars -- ♪ [ bell ringing, applause ] 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...
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>> well, it is interesting, right? you're seeing the major market averages themselves going nowhere fast. you can see the moves are fractional at best with the dow down 7 points. the nasdaq is up 8 points and the s&p virtually on the flat line. however, we're taking a look at web md health corporation. it is hiting a new annual high dating back to 2011. this on the news that they are, now, this is along with carl icahn, they're buying back all the shares of the company that was owned by carl icahn and the affiliates. so this is a big deal here for the company. after the buyback, webmd expects 550 million in cash, cash equivalents and 650 million in convertible noteses outstanding. back to you. dennis: thanks very much, nicole. weill we're at it, we want to take a minute to thank all our fox biz listeners on sirius/xm radio. catch us on channel 113, plus i look much better on sirius. look for us while at work or on
the road. lori: face for radio? dennis: all that. lori: i disagree. 10 dallas cowboy stadiums. 130 private jets. 520 private islands of the those are a few of the things you could buy for the same amount of jpmorgan may be handing over to the u.s. government. charlie gasparino is here to discuss when we find out the -- >> you left out the most important expense. lori: shutdown, right. >> cost of government shutdown, $24 billion. lori: jamie dimon making up for half of that. >> 7 billion in real money going to the treasury. it is 4 billion going to, they say homeowners, but generally that money gets funneled to advocacy groups for homeowners. maybe acorn geting a couple billion dollars out of this. this is p significant. largest fine when it is done. some people are reporting that the deal is done. it's not. the biggest part of the deal involves the language and what type of concessions jpmorgan,
what they're going to concede that they have done. and that is the biggest part here. when that gets written, then this thing is done. that is what they're fighting over right now. this deal could cost jpmorgan $13 billion, or depending how much eric holder, forcing putting a gun to their head about, 2 could cost them $26 billion. we should point out most of the cases when banks settled with regulators they settle for a lot lower on that the future class-action suitses. now that we're in the mode going on here where companies being forced to fest up as part of, ness up. this deal could be very expensive for jpmorgan. i don't think jamie dimon will leave as ceo. there is chance there might be structural change. he might have to give up chairman. the bank, depending how the final thing is written, jpmorgan is very sound business. they make $20 billion a year.
they wiped out more than half a year's earnings with this. we should point out, generally when you get involved with protracted things with the government, there is structural problem, structural impact on the institution and i could see them scaling back pretty dramatically in certain areas. coy see them not getting involved in certain businesses, getting out of a lot more than they have done now. this is precedent-setting. i think it's, more than that it's a great story. here's a guy that ran a good bank. inherited two crummy banks based on what the government said, take it over during the financial crisis, bear stearns and wamu. lots of problems with those banks and he is being dinged for that. lori: which is mind-blowing because in a way you could interpret this, jamie dimon, jpmorgan, that the you did the government a huge favor during the throes of financial crisis take over troubled banks. what did he do wrong? he was critical care and obama-nomics as you put it in your "new york post" piece.
>> he was most effective critic, particularly in the business community, on president obama's economic policies. you notice how he is not talking about them much now even though we have an obamacare rollout where something as simple as a website doesn't really work. they're very good extracting, squeezing their enemies but they can't get a website to work in washington. i will say this, that is his biggest sin. listen, you don't have to be conspiracy theorist. look at confluence of factors. the minute he really started talking up about dodd-frank, president's signature financial reform law, the minute he started saying this is hurting the economy, preventing banks from lending is the minute he started coming under pressure. yes, some self-inflict wound, right? the "london whale" fiasco where he sort of minimized at first how much money they lost in that trading fiasco in the london office. but that is not like systemically scandals. that is not bernie, that is not what you tear down a big company and pretty good ceo about.
what you tear down when you are perceived as an enemy. american businesses have never been under, this just shows you that the obama administration is at war with american business. they have never been under assault with this before. lori: is this hypocritical, obama administration sets up consumer financial protection bureau to protect consumers but at the same time they're hurting jpmorgan shareholders with large fine and consumers too. >> you start whacking them with billion dollars a month. higher fees. lori: it will trickle down absolutely. >> it will always trickle down. i will say this about the market reaction. it is only off a few cents today. lori: we'll see if we can pop up the chart. >> i think investors are underestimating the impact here. we don't know all the details but, you know, dick bove, now up a little bit. essentially flat. dick bove made the best points, the point i made in the column and he came out and made the same point, depending on the legal language in this settlement, every investor in this stock needs to look at that
it could cost 13 billion or 26 billion. lori: investor fatigue playing the fact that is not affect in the the share price yet? >> i know what investors are saying, all things being equal, they can afford it. this is money-making machine. they make 20 billion in profits. class action lawsuits. citigroup paid marginal fines on enron and worldcom. paid huge class action, 4 and 6. 4 worldcom, 6 enron. i check my math but multiple billions for both. that was more than the regulatory fine. usually when the thing works out, you get dinged big-time here. lori: is he still a democrat, jamie dimon? >> he made it pretty clear that he didn't vote for this president. yes, he is still a democrat. lori: prosecution or persecution the government crackdown on jpmorgan and jamie dimon. tweet us on fox business, your responses coming up during the hour. dennis: home sales cooling after
>> i'm melissa francis with your fox business brief. world while shipments of tablets, phone, and pcs will grow by 4.5% this year from 2012. according to an industry research, gartner tablet shipments, are set to rise 53%. mobile phones by 3.7% this year. new study from opportunity nation found almost six million young adults are neither in school nor working. that is about 15% of folks ages 16 to 24. tonight at 5:00 p.m. eastern on "money," how does abercrombie & fitch ceo mike jeffries still have a job? from bad business decisions to even worse personal choices you have to wonder who thinks he should still be in charge. we'll have fun and debate it. shareholders beware. that is the latest from the fox business, giving you the power to prosper.
lori: existing home sales slip ad little in september as higher prices hurt affordability. it is also hitting homebuilder shares today. have a look. down across the board by 2%. 1.75. kb home off more than 3%. with the housing situation being a key metric for the feds, will the report give those who wanted a delayed taper more ammo? for that let's turn to peter barnes in d.c. peteer? >> hey, lori. economist for the national association of realtors, lawrence sun, think as softer housing market due to run-up in mortgage rates the past six months would delay tapering by the federal reserve. would likely delay a cut in the $85 billion a month in the qe bond purchases, but, for now it is kind of wait and see after september unit sales declined 1.9% in a bit of cooling after the fairly hot housing market over the summer.
sales came in at 5.2, a 5.29 million unit seasonally adjusted annual rate which was, about analysts forecasts that compares to sales of 5.39 million in august, which was the highest pace of sales in nearly four years. the median price of a home, fell again in september, back to below $200,000. came in about 5% lower at 199,200, compared to 210,000 in august. but that was still nearly 12% higher than september a year ago. now despite the september numbers, the housing recovery remains pretty strong and no surprise, realtors would like to keep it that way. >> if the fed decides to taper in a fast mode, then interest rates will be rising even faster and that will hamper the housing market recovery. so far we're seeing a good recovery. perhaps we want to see a soft landing regarding housing but we
don't want to see an abrupt drop. >> yun says he didn't see any impact of the government shutdown show up in september when it was looming but he says, if it does show up it will probably be in the october home sales. existing home sales report. lori. lori: peter, always a pleasure, thank you, sir. we want to bring attention to breaking news. fox news confirming that outgoing cath health and human services secretary kathleen sebelius, intends to testify before a congressional committee on the obamacare rollout as early as next week. as you know the president spoke tothis morning defending the rollout saying so far thousands of people have signed on the online exchanges. clearly we need millions of people for the policy -- dennis: yes. 7 million in the first six months to make the plan work they're saying. as we do at this time, every 15 minutes, let's to to the markets. keith bliss on the floor of the new york stock exchange.
thanks for being with us, keith. stoxx are looking for a pulse? >> not surprised that we'll flounder here for a couple of sessions. we're hitting resistant points of 1735 on s&p. we're digesting a whole slate of s&p 500 earnings. 10 companies are reporting today and this morning, later on in the week. we're moving into seasonally bullish time period for stocks in the november and december time frame. we're certainly keeping some powder dry as we even trade at the all-time high levels. dennis: follow your bliss. thanks for being today, keith. >> my pleasure. lori: if you've been waiting to trade in that old ipad, now is the time. with the new version likely revealed at tomorrow's apple event, ipad trade-ins are on the rise. values falling fast. companies like next worth, which buy used electronic device ons line. seen number of ipad trade-ins triple alone. last year's trade-in values fell
14% when the latest version of apple's tablet hit store shelves. we'll cover the event 1:00 p.m. eastern hour. can't wait to hear the latest and greatest for apple. dennis: chocolate-lovers nightmare. worries about the size and quality of cocoa bean crop as prices hit two-year highs. lori: are you in an old school romantic mood? we have the lighting fixture for you. the creative chandelier that has blackberry coming out of the dark. ♪
highs. some think that is the just the start. jeff flock at the national chocolate dessert show in chicago. when you send me the chocolates this christmas i will love them even more. >> that is the big buzz here. have you been in that role? i don't know, i have. this is the dessert and chocolate show. part of it is demand. i have a company that start ad year ago. kona bar. christian, tell me what it is all about? >> we make crushed kona coffee beans in everyone of the chock late bars. we have emphasis on south pacific flavors. >> this is part of demand for chocolate. we have the show, before it is even started here today. per capita consumption, by the way, u.s. market has a long way to grow. ireland, germany, belgium all do a lot more chocolate eating than the u.s. i have one product i want to show you, lori. this is chocolate lipstick, right? >> yes.
chocolate.colate lipstick. you put it on and lick it off. tastes delicious. >> who licks it off may i ask? person who is wearing it or -- >> could be both. person wearing it or someone else. >> you see why chocolate demand gross up here. incredible, guys. wish you were here. dennis: thanks very much, jeff flock. lori: yum. all right, might not be lights out for blackberry after all. new york city designer michael mchail put old blackberry phones to good hughes and use and transformed them to works of art. he is here to discuss his latest work. you took beat upblackberries which people tossed aside. >> in a drawer. lori: might have seen the best of its days behind it already and repurposing them to put it slightly. >> yes, we're making them. >> chandeliers. lori: what gave you that idea? >> i've been interested, blackberry is iconic form. it was in everyone's pocket just four or five years ago, seemed
like everyone had they are completely unused. no one i know uses them. they all still have them in a drawer. i felt, what a pity. such a design classic it, deserved a second life. dennis: the sad thing about what you're doing, i don't think you could actually cost out and do a very efficient job of making iphone chandelier, because iphones, fetch, $200, $300 used on the market. >> good point. dennis: is that a sad comment how worldless an old blackberry is deemed to be? >> i think a blackberry is more interesting. iphone, if you think about it, is a slate of glass. dennis: whereas blackberry is -- >> blackberry has got a keyboards. they are lit up. they're curved in an interesting way. you have got this thing in the middle which people are fascinated with. they take their thumb and they stroke it all day long. dennis: doesn't respond well. >> doesn't respond well. lori: does blackberry refract
light so it can illuminate a room, right? that is the practical purpose of this piece, right? >> it is both. it has light. i've taken my dream medical tool and kind of gutted blackberries i had. filled them up with high quality crystal, optically quality crystal. we put a led light in that. the screen itself has crystal that reflaks out into the room. lori: you're not just forgive me, hanging blackberrys by a strewn together, you're doing real work. >> no. actual work. it is real thing. lori: real creativity is going on here. >> yeah. dennis: you made only one so far. >> made one. sold immediately. we've got orders for a bunch more. we're looking for donations for blackberries. dennis: looking for donations. you want them free? you figure that is good for the profit margin. >> i think it is a good for the nation in the nail of art. lori: who is buying them? >> well we have a lot of interest in them. lori: from business, from tech community or from old --
>> when this became public recently we got, i don't know, we got inquiries saying i love it, i want it. the only clue who they are is the email addresses. and it is a lot of tech companies. so i have a feeling it is people who have a real interest in blackberry or blackberry's competitors who want these things. >> what will you do to top this now? what's next? >> good question. we're making, i'll tell you we're doing something, this is a little departure but we're 3-d printing a chandelier. that is coming june that is the latest and greatest technology. >> yeah. lori: amazing what you can 3-d print. it is such a technology applied to vast number of industry. >> amazing. we're to 3-d printing what we were to computing in the early '70s. lori: that is good comparison. thank you, michael. thanks for bringing your creativity. >> thanks, lori. lori: michael mccale.
prosecution or persecution. the government crack down on jpmorgan and jamie dimon. tweet us on fox business. our all-star panel will have their take and we'll reed it. tracy byrnes and ashley webster coming up next. those stories and more. stay with market now. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees.
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ashley: welcome back, everybody. i'm ashley webster. tracy: i'm tracy byrnes did the government's war on banks. what is going on? jpmorgan chase right to pay $13 billion to settle bad mortgages. elizabeth macdonald has been working this story and you will not believe how much government prosecution is costing banks and shareholders. ashley: twitter question with that in mind, prosecution or persecution. the crackdown on jpm and jamie
dimon. coming up. tracy: you know what is back? home flipping. figure out how you can profit from all of that i had to. ashley: and the new gold iphone. why apple employees from the very start refer to it as "the kardashian phone." that and so much more ahead on "markets now." tracy: that train wreck that you cannot stop watching. i had to admit. ashley: top of the hour, let's go to nicole petallides on the floor of the new york stock exchange. on the s&p, looking to add to friday's gains. nicole: we had two straight games for the dow in particular. the dow going back and forth. s&p 500 up against some resistance. we should say it has moved back into negative territory.
all three major indexes are not moving too fast. technology is helping the nasdaq composite along, that is why we are seeing up 1 quarter of 1%. the stocks are pulling back, the dow component, mcdonald's featuring this one right now as we take a look at the quarterly numbers. they saw improved sales in the united states. abroad and in the middle east, asia pacific, to the downside. had a quarterly revenue miss. the stock down three quarter of 1%. between mcdonald's, burger king and wendy's, wendy's is the best performer, and then wendy's and then mcdonald's. tracy: what is with the government war on banks? paying $13 billion to settle over bad mortgage bond.
you will not believe how much the government prosecution is costing banks and shareholders. elizabeth macdonald has been talking about this somehow on a plane home from vacation. ashley: never on vacation. liz: i might be george hamilton of fox business. tracy: i think you look fabulous. liz: thank you. we have been chasing jpmorgan's legal costs since 2008. shoddy mortgage bonds, other litigation expenses, foreclosures. with the 13 billion included, $34 billion climbing. with six of the nations, the six biggest banks in the country, look at this number. $137 billion is what the top six banks have been pang in legal costs since 2008. going back to jpmorgan chase. the controversy is this. they feel they have given the government cover in acquiring their sterns and washington mutual which were both insolvent
in 2008. essentially 80% of jpmorgan losses on mortgage bonds come from the bonds at bear stearns and washington mutual. where it stands right now, we could see an agreement this week or next. what is key is admitting to guilt. if they do that, it will open the door wider to places and lawsuits. the second thing is criminal probe still under way out of the sacramento offices of the attorney general for the state of california. washington mutual bond coming out of pennsylvania. the government said you take these, sacramento, take the jpmorgan owned bonds. and you take bear stearns. ashley: the hiring practices in asia. just a side note. stay right here. our twitter question, prosecution or persecution? the government crackdown on jamie dimon and kathleen and jp.
your options will be appearing at the bottom of the screen. let's ask former sec enforcement attorney now a partner and heavily financial services gro group. thank you so much for being here. you could argue that they are piling on, but jpmorgan is the first to admit we made mistakes. is it in between prosecution and persecution? >> the truth is always somewhere in between. it really is. jpmorgan has been a part of three other settlements in the last 12 to 15 months in 2012, one of five things for $25 billion, this year alone $920 million a large whale trading, 13 things with $9.3 billion settlement. this would be the fourth one in just a short timeframe. and what is hoped to be gained from this? we have to look at the corporate side or the individual sites. tracy: $13 billion fine.
$4 billion will be for mortgage relief to consumers. the 9 billion, does it go to investors such as hedge funds who invested in these bonds because the government takes that money? >> i don't know the answer to that question. the devil is in the details. potential criminal prosecution and jpmorgan pushing hard to enter into some sort of arrangement with the government. that is a very different concern. if you settled, everything is behind you. sailing forward as opposed to looking in the rearview mirror. tracy: i find it borderline ironic. we were talking jamie dimon to one of the most amicable during this whole crisis, did what he had to do, took one for the team with washington mutual, with bear stearns. now he seems to be the poster child. liz: also dodd-frank calling it idiotic. that has been the debate. is this political payback for jamie dimon?
ashley: he yelled a little bit in that process. he was the biggest opponent of all of the bank legislation. he set himself up. liz: talk about the acquisition with them. it has been standard practice to acquire failing banks for decades. now going forward, what do the banks say, yes, we will help you out, we will take you on to our balance sheets as rotten banks. tracy: does is open the floodgates for more of this was mark will we see mark checks like this to the government? >> it is like a real estate transaction. you look at it pretty more stress on banks to settle like jpmorgan was in their settlement. tracy: 13 billion is the going rate? liz: $11 billion they paid to generate this year. the overseers for fannie and
freddie, where are the penalties and fines slapped against these executives those companies? they brought onto their balance sheet the rotten bonds. they could have said no. the whole thing was income inequality like giving houses to people who don't deserve them. >> they want jpmorgan to implement its own policies and procedures in connection with the fha loans. one of the implications i am not seeing written about in the press is the ramifications to the corporate entity by admitting certain levels of guilt. it may preclude them from other such transactions going forward and impact the balance sheet going forward. liz: it will open the floodgat floodgates. >> 's representations warranty making mobile agreements. the legal expenses will shoot through the roof even further because you have to try to understand all the effects it has every agreement entered into
an ever very needs one these agreements revealed. ashley: we are already out of time. we did spend the next hour talking about this when we don't have the time. thank you for being here. appreciate it. tracy: this is why they need to be their very own personal attorneys and law firm. the housing market has called down cummings is a home sales fell for the first time in three months. rising rates may be hit this summer potential buyers. sales dropped 2% to an annual rate of 5.29 million in line with estimates. one segment of real estate heating up. high-end home flipping. chief economist with us now. let's first clear the air. just because you are home flipper does not mean this is a bad thing, right? >> nuc prices rise as much as they have in the past year and a half, we will see flippers. it does not mean you are in a bubble. prices are still roughly near long-term norms.
but because they are rising so fast, and opportunity for flippers. tracy: talk with a median home price up 11.4% year over year, so median price of a home still under $200,000 comes in at 199 has been rising. that is encouraging people to get out there and flip. >> people flip when prices are rising really rapidly. it does not sense to flip unless he can get a lot more when you're selling it after a short time from when you buy it. prices rising almost as fast as they were during the bubble even though the price levels are much lower than they were during the bubble. tracy: we are not at a bubble yet. i think this is good news. especially have activity. you need activity to get the people sitting on the bus to get out to the market. >> and also what we have seen with investors is investors have bought a lot of homes and rented them out. one of the needs they had a year or two ago was more rental homes
for people who lost their homes in foreclosure. a lot of the investor activity has created the rental supply, especially for single-family home in suburban neighborhoods were a lot of people who lost their homes to foreclosures wanted to live. tracy: there was a time you did the equation, it was a really tough decision. now it is skewing one way, isn't it? >> right now it is roughly 35% cheaper to buy than to rent nationally. remember, prices are still low relative to be long-term norms. even though interest rates are up from where they were a year ago, mid to low force, that is low by historical standards. during the bubble last decade they were in the 60s and in the 1990s. prices where they are today, making buying about a third cheaper for the nation nationally. tracy: where in particular, are
there certain regions of the u.s. you are seeing more high-end flipping than others? >> the high-end flipping is in places that are more expensive to begin with, but also places where there are fewer foreclosures than the has-been. about a year ago a lot of the flipping activity was foreclosed homes. a bargain because they had been foreclosed on. now with most states a lot of the way through the foreclosure crisis, the flipping is more concentrated on the high-end. >tracy: that is a time. i had to believe these people have cash, right? >> we are seeing an increasing share of all cash purchases. mortgage rates going up a bit, we market a bit more toward all cash. the bigger point with existing home sales report today is the shift away from distressed to conventional sales.
that is a really healthy sign of the market recovery and we look just at those conventional sales. set aside the foreclosures and the shorts, sales are up year-over-year. tracy: that is nothing but good news. from trulia, thank you for all of that, serbia did >> thank you so much. ashley: would be nice to come in with a wad of cash and say i will just buy it. president obama pushing for a big push to the obamacare website. we are live at white house straight ahead. tracy: while federal workers are back on the job, i had we will talk with a contractor whose employees are still suffering. ashley: in "tech minute," new warnings as twitter heads to the ipo. you should hear about this before considering buying in. tracy: and let's take a look at how oil is trading. it is down about $1.46. under $100 per barrel. that is near four-month lows.
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tracy: a quarter past the hour, we have to take a look at the market. nicole petallides on the floor of the exchange. what is going on? nicole: the markets are not doing too much. the dow is down 13 points. watching jcpenney in particular, another 52 week low today. down 5.5% sitting at $6.62 per share. the analysts says the company could seek bank of the protection next year. slashing the price target down to $1 from five, and says now the vendors and creditors and the like are getting nervous. they could be inaccurate and the findings could be inaccurate, however it really is weighing in on the stock today down 5.5%. back to you. tracy: hopefully i get the jacket before they shut the doors. he will outgrow it in a week. ashley: that is for sure. thank you, nicole. appreciate it.
time for charles and making some money. charles is hot, hot, hot. tracy: charles or the stock? charles: we have been talking solar a lot. everybody was like gave me a lot of grief. but the performance o of these things has been phenomenal. last week i was pounding the table on solarcity. from last monday into today it is up 35%. from october 9, up 36%. reading today is first solar. i have to tell you it is really interesting because this was $311 stock back in 2008, may of 2008. it has been substantially higher. if the militants traditional valuation metrics. 17 p/e is not bad. one times book. yet still 21% short position on it.
i think the shorts will continue to get killed. the third quarter is over. over 1000 megawatts. 39,000 megawatts projects in the pipeline in the next 10 years. that tax credit goes through the 30% tax credit goes through the end of 2016. tracy: what is the grudge with shortselling? charles: i think maybe high volatile stocks come down before. just the idea without any real government support, any government backing this would be a house of cards. the thing is though we are seeing governments around the world jump on the bandwagon, not off the bandwagon and these guys keep on getting more and more deals. they have the big utility projects. the big projects that get it back and forth for a billion dollars. those kind of projects. it took me a couple of years ago i started looking at them, i was reluctant because i didn't like the government aspects.
but i have made people a lot of money with these things. i don't like the business model with taking taxpayer money. don't hate the player, hate the game. ashley: charles payne, thank you. charles: you got it. tracy: he is right, you have to be a part of the game. ashley: you do. it should be completely solar panel. come on. tracy: how do you do it in alaska or england? ashley: a little tougher. tracy: high court ruling could mean you don't have to pay taxes on that amazon order. and the judge, andrew napolitano has the good news or not i had to. ashley: check out these pictures. all but shu shutting down one of china's largest cities. don't go jogging there. details in your fox news minute
middle school campus, but also the school building itself. officials say there is no further danger. thick smog covers one of china's largest cities close in the airport forcing schools to suspend classes. pollution levels in the northern city of carbon soared to record 40 times higher than national safety standards. the heating system for the city of 11 million is being blamed for the smog emergency. governor chris christie is abandoning his efforts to end a marriage in new jersey. the statement issued says christie disagrees with the state's supreme court but will do his constitutional duty to uphold the law. gay couples exchanged vows as new jersey became the 14th state to recognize a same-sex marriage. those are your news headlines. now back to tracy. tracy: laura greene, thank you very much. ashley: some breaking news for you. police investigating something foul that look like a grenade. found in a subway station at 42nd street and eighth avenue
not far from where we're sitting. local subway stations are being affected. something suspicious found in the subway. tracy: okay. the illinois supreme court has struck down a 2011 law commonlyd to as the amazon law. required out-of-state retailers to collect illinois sales tax from online purchases. judge andrew napolitano joins us now. banging his gavel and give his ruling on this. this to me is now going to become a state-by-state issue, that seems crazy. >> yes and no. and it's 98 the congress enacted a statute prohibiting the states from taxing internet sales. that statute has been extended, it expires and they reenacted. scheduled to expire in 2014. certainly democrats particularly the senator from the state of illinois has indicated he and
they will oppose extending it because they want the states to be able to collect taxes. however this tax is now unlawful in illinois, but lawful in new york. when the federal hiatus is removed, if the fed extended their ban on the state taxing internet sales, it won't matter that it is unlawful in illinois, but lawful in new york because no state will be able to collect it. ashley: will this all eventually end up in front of the supreme court? the amount of people who do work in the internet, will they take it up? >> if and when the congress lifts the hiatus. you have a federal issue. can the states tax and events that doesn't occur in their state? and you have different interpretations of that in question, different answers to it in different part of the countries is an indication the supreme court will probably rule. if the federal hiatus were
lifted, amazon in kentucky sending a book to you in new york or your cousin in chicago would collect a new york tax and remitted to new york and an illinois tax and remitted to illinois. rather than have 50 different tax rules, the court probably will weigh in. the march of history is toward taxing almost everything. with respect to state taxes, the federal rule, the supreme court rule has been there there must be a substantial but minimum contact between the event and the city. so if the book is in kentucky being mailed in chicago and the auditing amazon did was put it in the mail in kentucky, that is an insufficient basis for the state of illinois to tax it. tracy: it is confusing because on one hand they should be taxing the sale because they do it in brick and mortar.
but they will put all these small businesses and internet guys out of business if they do this. >> you are suggesting we raise taxes to keep people in business? tracy: the notion this is even a question. >> why don't we get rid of the taxes on the brick and mortar people? that will stimulate it. ashley: you are just about leveling the playing field. >> so do we add taxes or remove taxes? tracy: you know where the history goes. >> the history is a broader tax and a broader base for the tax. but if it were to be stopping to get rid of the sales tax on brick and mortar, you would see the economy go in overdrive. when it goes in overdrive more people earn money and when they earn or money they pay more income taxes. due to the government things that way? no. it wants the cash yesterday. ashley: and a napolitano for president, everybody. >> you're going to get me in trouble.
tracy: thank you, judge. federal workers gathering a paycheck. but we have a ceo next to says his workers are still suffering. tracy: plus, in your "tech minute," microsoft playback and update for windows after totally backfired. ashley: and set your button on your sirius xm radio to channel 113. tune in. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell.
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to help maintain healthy blood sugar levels. metamucil. 3 amazing benefits in 1 super fiber. tracy: 90 minutes until they close. look at your dow 30 now. more red than green on your screen. mcdonald's can't seem to what, europe, they should put the mcrib back on the menu if you ask me. jpmorgan one of your big losers as well.
nicole petallides on the floor of the exchange. watching or drinking starbucks, nicole? nicole: always drinking starbucks. at this time watching starbucks shares closely today. it actually hit and new high at 79.91. i'm here at starbucks on the floor of the new york stock exchange as we cover a very important story that turns out china's government controlled television broadcaster actually put together a 20 minute broadcast called starbucks, expensive in china. saying in china starbucks was charging the consumers more. starbucks had a rebuttal and said while they understand what they're saying, we understand the concern, but the figures quoted were not representative of the actual real numbers. this really is a he said she said. asked to you. tracy: thank you, see you in a
bit. some breaking news for you now. oil closing down $1.59. still under the $100 mark. $99.22 per barrel. ashley: thank you, tracy. the government may be back in business but not without lasting impacts. micro technologies forth to furlough its workforce during the government shutdown. if you combine that with sequestration and the dysfunction in washington costing the company's $6 million let's welcome back tony gimenez with micro technologies ceo and president. thank you for joining us. we talk about the lasting impact, government workers go back to work and get back pay. in oregon you get paid twice. tell me the impact on your company and your workers. >> the biggest impact is the uncertainty. the uncertainty you can't help but turn on the tv and have the
possibility of it happening again in january. particularly you hear folks like senator cruz talking about if it is within his capabilities he will do it again. once again, people particularly those like my folks who work for the federal government and support the federal government will be impacted. naturally back to work, but a two weeks backlog which means those of us who were out there supporting the federal government and many federal workers are waiting to get paid for the time we get in and the time we have invested in support the government. ashley: what kind of cost is it to you in money, is that accurate? >> it is actually impact of both the sequestration and obviously the government shutdown. it is not just two weeks of the government being shut down, but the impact of the government being at a point where they are cutting muscle rather than fat,
not taking a good look at what they are cutting and why they are cutting it. applying good, sound business practices to where it is being made and where it should not be made. that is the government shutdown, the other effects that have taken a place with sequestration and the government shutdown. you couldn't ask for a worse scenario. ashley: did he use their benefits, vacation time, how did that work? >> we supplemented that for those who did not have enough vacation time to be able to cash in their vacation or to be able to use what we call paid time off, pto. we advanced them and paid out of our pocket hoping obvious is and is the government had the ability, they would pay us.
we know the federal government is good for the money, but the concern is how long is it going to take and what kind of impact that will have on the cash flow. more importantly our productivity. worrying about whether or not they are in the right business supporting the federal government is good when it is good, but when it is not good, it is not the place you want to be. ashley: thank you so much for joining us. hopefully we will not be doing this again in three months time. >> i appreciate the opportunity to talk about it. thank you. ashley: thank you, tony. tracy: time for your "tech minute." microsoft has temporarily pulled windows 8.1 due to what it is calling "a situation." not the jersey shore kind. tablet users looking to upgrade ran into a boot configuration data air. have no fear, if you pre-ordered
the tablet for tomorrow you don't have to worry about the upgrade problem, those tablets will come with windows 8.1 preinstalled. fingers crossed it works. less than a month until the much-anticipated twitter ipo, investors may want to pay some attention. just over 1000 people were asked about their twitter habits. 36% of the people who have joined don't use it, 7% have shut down their account. no word if those 1000 people are from the senior home down the street. people have given up on twitter due to lack of friends and difficulty understanding how to use it. twitter is in the quiet. aheahead of the ipo. in the tech fun for you, the gold iphone 5s was a joke may the kardashian phone" by apple employees. that was not a serious codename, just a little internal joke. fox business cannot confirm what kind of iphone ca camera or the family are using, kim did have
an iphone 5 coated with gold long before apple's champagne model hits the market. i don't know. whatever. gold teeth, gold phones. keep it right here on fox business for complete coverage and analysis of apple's invitation-only event tomorrow at the time. ashley: the matter what, tracy, again we're talking about kardashian. president obama pushing for a big tech fix to the obamacare website. we are live at the white house next. to if you can't beat them, join them. why movie theaters are installing a texting section. [laughter]
>> i'm lori rothman with the fox business brief. alcoa and u.s. army have announced a degree from a deal. alcoa will create the world's single largest piece of aluminum home. to better withstand the growing trend of ied devices. testing underway in the trial of five former employees convicted in the ponz bernie madoff schem. he was interviewed an hour before resting him in december of 2008.
five ex-employees are accused of helping him duke investors out of billions. all five have pleaded not guilty. u.s. relators have possible break issues in genesis cars. the tsa has opened an investigation to about 40,000 hyundai cars for model year 2009. we will keep you posted. that is the latest from the fox business network, giving you the power to prosper.
tracy: president obama boney issues plaguing the health care website will be fixed adding no one is more mad than he is that it isn't working. rich edson with the details. rich: president obama saying thousands of people are signed up but will not give a specific number. refusing to give you specifics to the problems plaguing the website is not allowing folks to sign up for health coverage.
the president said the progress is unacceptable, the performance is unacceptable, however he sent the bulk of his speech selling his benefits. president obama: the fact is the product of the formal care act with those without health insurance is quality health insurance, it is affordable. that product is working, it is really good. and it turns out there is a massive demand for it. >rich: the response, if the president is frustrated, and it wasn't apparent today. americans are looking for accountability, but what the president offered today was little more than self-congratulation. republicans want hhs secretary kathleen sebelius to testify before congress and they want to intenintend the secretary and or hhs officials to testify before congress as early as next week. however nothing is confirmed. republicans in the energy and commerce committee want to hold a committee hearing this week to examine it and they say she is not going to that.
they want to testify this week. we are talking about maybe next week. back to you. tracy: you don't even know what to say about that. donald trump on fox and friends this morning said they should have hired google. he really is not wrong. eric schmidt could have done maybe a little better job. ashley: you think? more on obamacare because i know gerri willis has a lot to say about this. everybody wants it, it is wonderful, but you just can't get access to it. >> it could have been better than what they have here. it is not working. thousands, thousands from your eight, 9 million people visit the site on the first day and you cannot close the gap or get the deal done for those people? it is ridiculous. what i find so astonishing today. major problems with it, what is his premier program. does he apologize? the box does not stop there,
apparently, my friends. ever stops at the president's desk. as they are afraid of medicare recipients it will hurt them and their care. tracy:.com is not wrong. $600 million for something that is not working. you probably could've called anybody in silicon valley to do this for you and you would be up and running. gerri: you could have gotten gon free software off t when you dig into this what you find is what really people are signing up for in many cases, medicaid, not obamacare. you can do both. tracy: i have thousands of relatives, that means nothing to me. it is like a handful of people.
thousands? ashley: they are not using obamacare. at the end of the day how many people does he really have? they are going into old-fashioned medicaid. ashley: thank you very much. don't miss "the willis report" tonight right here on the fox business network. give her a call. tracy: not enough time in the hour. speaking of the hour, it is a quarter until. the floor of the new york stock exchange, joining us. the dow crossed the unchained lined 29 times today. what the heck is going on? >> when you are trading at all-time highs, you know i look at the spx, bumping into serious resistance when you get up there. the next move will be uncharted territory. we have been trading in an upward and downward trend channel positive weaning trends
channel, i don't suspect we will break out of that trend channel. next will be down slightly. if we go to the august lows we can have another leg down, but you are absolutely right, the underlying theme is we will tread back and forth as we digest the earnings reports coming out in the next week. tracy: thank you very much. ashley: could not come out because of shutdown. the revolt tv debuting. dennis kneale with a look at the business strategy next. tracy: why some movie theaters are changing their policy on texting. you may not need ads like these anymore. >> unfortunately the stain will not come out. when we made our commitment to the gulf, bp had two big goals:
help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. 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!
tracy: so the persona sean combs has been known as a puff daddy, p.diddy, now cable mogul. >> p.diddy does television. launching revolt tv today and 25 million homes served by comcast and time warner cable. revolt is billing itself as the espn of music tv. concerts, music videos and artist interviews. it will fill in music cap abandoned by mtv and vh1. he may not have been able to stage this revolt at all works not for government. comcast agreed to open up new
space on the cable dial for minority owned channels to any approval of the federal communications commission for comcast purchases of nbc universal. revolt tv promises thousands of online additions in search of new talent to play some of the videos and make the creator's famous but will not pay for any of it. the channel will follow young viewers ignoring basic tv viewing to tap in by smartphone and tablet. serving up anywhere and anytime. one of the first of the new channels being traded under comcast. my skin filmmaker robert rodriguez has a challenge in the works. tracy: like the new cool thing to do, get a channel. >> they want more minority programming. sean combs appears to youth of all colors. not like there will be a new voice out there. at least it will be owned by minority. ashley: from what you just read, they will give some music
artists up-and-coming artist opportunity to hit the big time. >> controversy already for content that is free of charge. the happy for anything you can get, it will lead to something else. look at what happened to him. ashley: he has done pretty well. tracy: there will be like vodka in every corner. >speaker that is what rap is fo. tracy: there you go. one we have seen ads asking people to refrain, pleasecome from texting during a film. i hate it. the fact people are texting. to be common courtesy to your fellow moviegoers. amc theaters considering welcoming them by des designatig the back row for texting. it would have soundproofing barriers to prevent the globe. and according to the uk sunday
times, regal entertainment are exploring options to deal with this cinema issue. tracy: first part of the problem is it is not good enough to keep your attention because you have to keep checking. ashley: why should you ruin it for them? tracy: i text when i take the kids to the kiddie movies. it gives me an opportunity to catch up. ashley: it is different if it is a grown-up movie. tracy: if tom cruise is on the screen, who is going to be texting? ashley: that is when i start texting. software giant sap, finding out about the collaboration with one of the most famous sports franchises in the entire world. liz claman coming up next on "countdown to the closing bell." stick around.
♪ liz: good afternoon, everybody. i am liz claman. it is the last hour of trading and you know what, we usually don't start "countdown to the closing bell" by mentioning something that is happening all the way until tomorrow but you can bet investors will be paying such close attention to the labor department december jobs number being released in the morning. why would mention something that is hours and hours away? the market are starved for some direction and earnings have kind of been a mix individualized bag. talk to get direction right now. fast food giant mcdonald's struck a bit of a still note after reported lower-than-expected revenue. mcdonald's has been too slow offering healthy options on its menus. the company saying it is just the economy, but right now here
is the stock down 1% at the moment, or $1.11 for mcdonald's. the three-year chart not very pretty. maybe we will get some rocket fuel. reporting quarterly earnings. we will bring those to you as soon as they break. a lot of people focus on netflix, but don't forget texas instruments. a good sense of what is happening. and you could argue oil is just a screaming message, the price of oil dropped below $100 per barrel for the first time since july, now 99.16. interesting to watch this one as it falls lower and lower. apple looking to plant its feet more firmly in the tablet market with an upgrade set of ipads set to be launched tomorrow. snagging an upgrade with nicole petallides on the new york stock exchange on apple. nicole: it is very exciting to watch apple.
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